UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05514    

                                         Wilmington Funds                                             

(Exact name of registrant as specified in charter)

Wilmington Trust Investment Advisors, Inc.

111 South Calvert Street, 26th Floor

                                                     Baltimore, Maryland 21202                                                     

(Address of principal executive offices) (Zip code)

Hope L. Brown

Wilmington Trust Investment Advisors, Inc.

111 South Calvert Street, 26th Floor

                                                 Baltimore, Maryland 21202                                                 

(Name and address of agent for service)

Registrant’s telephone number, including area code: 410-986-5600

Date of fiscal year end:  April 30

Date of reporting period: April 30, 2014

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

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

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

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

Wilmington Tax-Exempt Money Market Fund (“Tax-Exempt Money Market Fund”)

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	3
Portfolios of Investments	5
Notes to Portfolios of Investments	18
Statements of Assets and Liabilities	20
Statements of Operations	21
Statements of Changes in Net Assets	22
Financial Highlights	25
Notes to Financial Statements	31
Report of Independent Registered Public Accounting Firm	36
Board of Trustees and Trust Officers	37

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i

Dear Investor:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2013, through April 30, 2014. Inside, you will find a discussion of the factors impacting each fund’s performance during the reporting period, as well as a complete listing of each Fund’s holdings and financial statements.

The Economy and Financial Markets in Review

Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets over the 12-month reporting period.

The Economy

Compared to other animals, humans have an unparalleled ability to see what we wish to see. The tendency to interpret facts to suit our opinions is magnified in the financial arena. Most of the time economic data provides plenty of fodder for both bulls and bears.

We see enough positive news to argue that good times are about to roll...

• Despite weather-driven speed bumps in January and February, U.S. nonfarm payrolls expanded by 2.37 million jobs in the year ended April 2014 - the strongest gain since the period ended April 2006. April 2014 hiring came in unexpectedly robust, with job growth of 288,000, the highest since January 2012. Payrolls rose an average of 202,000 per month over the last six months, and by the end of April 2014, had recovered to within 113,000 jobs of the all-time high set in January 2008.

• Inflation remains under control. The Consumer Price Index for April 2014 was up 2.0% from a year earlier - the biggest year-over-year increase since July 2013 but below the 20-year average of 2.4%. Meanwhile, core CPI – excluding the volatile food and energy categories – was up 1.8% in April 2014, only slightly above the reading in previous months and also lower than the long-run average of 2.2%.

• While retail sales came in below expectations in April 2014, strong February and March numbers suggest consumers have come out of hibernation. Job growth and the “wealth effect” from stock returns have set the stage for spending growth.

... and sufficient worrisome news to justify caution.

• New-home sales have plummeted so far this year, while sales of existing homes have trended lower since last summer, even taking into account seasonal adjustments. Lenders have become more accommodating, yet credit remains fairly tight, as does the supply of homes.

• Two popular measures of consumer confidence, indices maintained by the Conference Boardⁱ and the University of Michiganⁱⁱ, have diverged somewhat in recent months. However, both indices report confidence fairly close to levels seen last summer despite improvements in the labor market, excellent stock returns, and an expanding economy. The early-May reading of the University of Michigan surveyⁱⁱ saw a 2.7% decline from April 2014 levels, while the consensus projected a 3.3% increase. One number does not a trend make, but the University of Michigan data can only be called disappointing.

ⁱhttp://www.conference-board.org/

ⁱⁱhttp://www.sca.isr.umich.edu/

Many of the recent problems stem directly from the harsh winter weather we have endured which pushed first quarter GDP down by 1%. We expect that a rebound from this will take place in the second quarter which should be followed by a resumption of modest growth rates in the 2.5 to 3.0% range. Given this outlook, we expect to see stocks outperform bonds but fears of a major rise in interest rates is also probably overblown.

The Bond Markets

In the year ended April 30, the Barclays U.S. Aggregate Bond Index¹ delivered a -0.26% return, with the majority of the bond market performing at a lackluster level. Blame Treasuries for the Aggregate Bond Index’s negative return, as the Barclays U.S. Treasury Bond Index² returned -1.59% for the year ended April. In contrast, Barclays indices for mortgage-backed, corporate, and municipal bonds all managed positive returns, albeit below 0.60%.

While the statements above are unequivocally accurate, investors who stop at the raw numbers will miss a big part of the picture - bond investors suffered their pain in 2013; so far, 2014 has proven friendlier.

PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)

ii

The 10-year Treasury bond yielded 1.70% at the end of April 2013 and ended the year at 3.04%. By the end of April 2014, the T-bond yield had fallen to 2.67%, and as of May 28th it yielded 2.44%. Corporate bonds have traced similar, if less steep, paths. These yields reflect a solid recovery this year, which in turn tells us that the Federal Reserve’s tapering of bond purchases hasn’t had the deleterious effect some pundits projected.

On April 30, the Federal Reserve (the “Fed”) Open Market Committee reduced its monthly bond purchases another $10 billion to $45 billion, down from $85 billion for most of last year. At this pace, the Fed may stop buying bonds before the end of 2014. While new Fed Chair Janet Yellen shocked the market in March when she said the Fed could start raising interest rates just six months after the end of quantitative easing³, subsequent statements suggest the central bank hasn’t set a hard target.

In recent months, the Fed has signaled expectations roughly in line with the consensus, which suggests the federal funds rate won’t rise until the second half of 2015. “Doves” continue to call the shots at the Fed, and it’s tough to predict how markets would react if the bankers changed their tone.

For the 12-month reporting period May 1, 2013 through April 30, 2014, certain Barclays indices performed as follows⁴:

Barclays     U.S. Aggregate     Bond Index	Barclays U.S. Treasury Bond Index	Barclays U.S. Mortgage- Backed Securities Index5	Barclays U.S. Credit Bond Index6	Barclays Municipal Bond     Index7
-0.26%	-1.59%	0.59%	0.41%	0.50%

The Stock Markets

Few investors who owned a diversified stock portfolio at the start of last May and held it through the end of April 2014 should complain. The S&P 500 Index⁸ of large-cap stocks returned 20.44% during that 12-month period. Most segments of the U.S. stock market shared in the wealth, with the small-cap Russell 2000 Index⁹ returning 20.50%.

Among large-cap stocks, growth slightly outperformed value. Smaller stocks showed more of a growth bias (Russell 2000 Growth Index¹⁰ up 21.46% versus 19.61% for the Russell 2000 Value Index¹¹). But when your lagging group manages an annual return of more than 19%, you’ve enjoyed a good year.

Even foreign stocks provided investors with solid gains – at least in developed markets. The MSCI All Country World ex-US Index¹² returned 9.76% over the last year, while the MSCI EAFE (Europe, Australasia, Far East) Index¹³ of large-cap and midcap stocks from developed markets returned 13.35%. However, the MSCI Emerging Markets Index¹⁴ delivered a -1.84% return.

Most of the stock gains racked up in the 12 months ended April 2014 came during the last eight months of 2013. The S&P 500 managed to set eight new all-time closing highs during the first four months of 2014, yet exited April up less than 3% from its level at the end of 2013. The sluggishness during this period has probably contributed to weakness in both consumer and investor sentiment.

The American Association of Individual Investors Sentiment Survey for the week ending May 21st, 2014, found 43% of investors neutral on the stock market, well above the long-run average of 31%. While bullishness has risen and bearishness fallen in recent weeks, percentages for both extremes remain below typical levels. The unusually large number of “neutrals” bespeaks a lack of confidence in the market, feelings not unexpected given lackluster year-to-date returns.

With the U.S. stock market looking for leadership, investors should keep an eye out for groups making strong moves. A large pack of investors uncertain about the market’s direction can quickly transform into a stampede – in any direction.

For the 12-month reporting period May 1, 2013 through April 30, 2014, certain stock market indices performed as follows:

S&P 500     Index	Dow Jones Industrial Average15	NASDAQ Composite Index16	MSCI All Country     World ex-US (Net)     Index
20.44%	14.44%	25.20%	9.76%

April 30, 2014 (unaudited) / PRESIDENT’S MESSAGE

iii

The Trust, with assets of $12.5 billion as of April 30, 2014, gives investors access to every major asset class and sector. Whether you are looking for a comfortable retirement, fund a child’s higher education, pursue tax-free income¹⁷, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds may provide you with the diversification, flexibility and professional management you need¹⁸.

Sincerely,

Sam Guerrieri

President

May 28, 2014

For more complete information, please download the Funds’ prospectus, which is available on www.wilmingtonfunds.com, or call 1-800-836-2211 for a copy. You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds’ prospectus, which you should read carefully before investing.

Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.

All investments involve risk, including the possible loss of principal. Equity Securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.

High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

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

1. Barclays U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays 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.

2. Barclays 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.

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

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

5. Barclays 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 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 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. 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.

9. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of the Index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure large stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The index is unmanaged and investments cannot be made directly in an index.

10. The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment.

11. The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment.

12. 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. The index is unmanaged and investments cannot be made directly in an index.

PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)

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13. 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. The index is unmanaged and investments cannot be made directly in an index.

14. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and investments cannot be made directly in an index.

15. 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.

16. 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.

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.

April 30, 2014 (unaudited) / PRESIDENT’S MESSAGE

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WILMINGTON MONEY MARKET FUNDS

Management’s Discussion of Fund Performance

Economic growth for the 12 month period ended March 31, 2014 was an unremarkable 2.3% as measured by the GDP (gross domestic product). The 1^st quarter growth rate of 2014 was 0.1%, which suffered harshly from the cold weather’s negative impact on the economy. Expectations are that economic growth will pick up for the remainder of 2014 as the weather improves. The labor market continued to heal from the financial crisis. For the past fiscal year, the unemployment rate fell from 7.5% to 6.3% the lowest level since the beginning of the financial crisis in 2008. The economy produced approximately 200,000 jobs per month which was a slight improvement from the prior year. While housing prices continued to move higher, new home sales slowed as higher mortgage rates and higher prices caused housing affordability to decline. Auto sales were the strongest since 2007 as consumer confidence continued to increase.

Inflation remained below the Federal Reserves’ (the “Fed”) speed limit of 2%; the core consumer price index is up 1.8% for the past year. Wage growth also remains anemic, increasing at only a 2% annualized rate over the past year as there are more workers than jobs to go around.

The Fed was the catalyst for higher long-term interest rates as former Fed chairman Ben Bernanke announced in May of 2013 that the Fed could begin tapering its asset purchase program in the fall of 2013. The Fed’s Open Markets Committee (FOMC) statement from their June meeting acknowledged that “the downside risks to the outlook for the economy and labor market as having diminished.” The Fed began to taper its purchases in December 2013 and has continued to reduce its purchases at each subsequent meeting. Currently, the Fed is purchasing $45 billion of securities per month, down from a peak of $85 billion per month. For the fiscal year ended April 30, 2014, intermediate interest rates are approximately one percent higher than where they started the fiscal year. The 10 year treasury yield at April 30 was 2.67%. The 2 year treasury yield rose only 0.2% during the same period to a yield of 0.42%.

The short end of the yield curve, however, remains anchored by the Fed’s commitment to maintain a highly accommodative monetary policy. At its April 2014 meeting, the FOMC reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate and that they anticipate that even after inflation and employment target are reached, that a below level target federal funds rate may be warranted for some time. Market indicators project the Fed to begin the normalization process in the latter half of 2015.

Looking forward, we expect economic growth to pick up from the weather induced slowdown of the calendar quarter ended March 31, 2014. We also expect inflation to remain benign and the Fed to continue to taper its asset purchase program and conclude its purchases by December, 2014. With respect to interest rates, we expect them to move higher in anticipation of the Fed raising short-term interest rates in the latter half of 2015 or in 2016.

On the regulatory front, the Securities and Exchange Commission (the “SEC”) continues its work on finalizing changes for money market funds. The SEC is considering two alternatives that can either stand alone or be combined. One alternative would allow

funds to offer a stable net asset value (NAV) but allow the imposition of liquidity fees and redemption gates. The second alternative would require prime and institutional tax-exempt funds to use a floating NAV. We expect the SEC to finalize regulatory changes sometime this summer. Regardless, we expect a long implementation period since the final rule changes are likely to significantly impact the structure and dynamics of money market funds.

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

	4/30/13		10/31/13		4/30/14
Federal Fund Target		0.00%-0.25%		0.00%-0.25%	0.00%-0.25%
3 Month LIBOR		0.277%		0.242%	0.227%
2 Year Treasury Note		0.22%		0.31%	0.42%
10 Year Treasury Note		1.70%		2.57%	2.67%

The following is a comparison of the performance of the Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund and Wilmington Tax-Exempt Money Market Fund versus their respective iMoneyNet and Lipper peer group average returns for the fiscal year ended April 30, 2014:

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

April 30, 2014 (unaudited) / ANNUAL REPORT

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

The Funds’ shares are not bank deposits and are not insured by, guaranteed by, endorsed by or obligations of the Federal Deposit Insurance Corporation, the Federal Reserve Board, any government agency or any bank.

Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

During the fiscal year ended April 30, 2014, Wilmington Funds Management Corporation voluntarily agreed to reduce their advisory fees and/or reimburse certain of the Funds’ operating expenses, or certain “class-specific fees and expenses” to prevent the Funds’ (or a class thereof, as applicable) current annualized yield from being below 0.01% (1 basis point) annually, and, effective November 26, 2013, to prevent the Funds’ (or a class thereof, as applicable) current annualized yield from being below zero. The fee waiver does not take into consideration acquired fund fees and expenses. Any such waiver or expense reimbursement may be discontinued at any time.

ANNUAL REPORT / April 30, 2014 (unaudited)

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SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2013 to April 30, 2014.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 11/1/13	Ending Account Value 4/30/14	Expenses Paid During Period1	Annualized Net  Expense Ratio
WILMINGTON PRIME MONEY MARKET FUND
Actual
Administrative Class	$1,000.00	$1,000.10	$0.64	0.13%
Institutional Class	$1,000.00	$1,000.10	$0.64	0.13%
Select Class	$1,000.00	$1,000.10	$0.64	0.13%
Service Class	$1,000.00	$1,000.10	$0.64	0.13%
Hypothetical (assuming a 5% return before expenses)
Administrative Class	$1,000.00	$1,024.15	$0.65	0.13%
Institutional Class	$1,000.00	$1,024.15	$0.65	0.13%
Select Class	$1,000.00	$1,024.15	$0.65	0.13%
Service Class	$1,000.00	$1,024.15	$0.65	0.13%
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class	$1,000.00	$1,000.00	$0.35	0.07%
Institutional Class	$1,000.00	$1,000.00	$0.35	0.07%
Select Class	$1,000.00	$1,000.00	$0.35	0.07%
Service Class	$1,000.00	$1,000.00	$0.35	0.07%
Hypothetical (assuming a 5% return before expenses)
Administrative Class	$1,000.00	$1,024.45	$0.35	0.07%
Institutional Class	$1,000.00	$1,024.45	$0.35	0.07%
Select Class	$1,000.00	$1,024.45	$0.35	0.07%
Service Class	$1,000.00	$1,024.45	$0.35	0.07%

April 30, 2014 (unaudited) / ANNUAL REPORT

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	Beginning Account Value 11/1/13	Ending Account Value 4/30/14	Expenses Paid During Period1	Annualized Net  Expense Ratio
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Class	$1,000.00	$1,000.00	$0.30	0.06%
Select Class	$1,000.00	$1,000.00	$0.30	0.06%
Service Class	$1,000.00	$1,000.00	$0.30	0.06%
Hypothetical (assuming a 5% return before expenses)
Administrative Class	$1,000.00	$1,024.50	$0.30	0.06%
Select Class	$1,000.00	$1,024.50	$0.30	0.06%
Service Class	$1,000.00	$1,024.50	$0.30	0.06%
WILMINGTON TAX-EXEMPT MONEY MARKET FUND
Actual
Administrative Class	$1,000.00	$1,000.10	$0.35	0.07%
Select Class	$1,000.00	$1,000.10	$0.35	0.07%
Service Class	$1,000.00	$1,000.10	$0.35	0.07%
Hypothetical (assuming a 5% return before expenses)
Administrative Class	$1,000.00	$1,024.45	$0.35	0.07%
Select Class	$1,000.00	$1,024.45	$0.35	0.07%
Service Class	$1,000.00	$1,024.45	$0.35	0.07%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period).

ANNUAL REPORT / April 30, 2014 (unaudited)

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PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Prime Money Market Fund

At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Other Commercial Paper		30.9	%
Certificates of Deposit		13.1	%
Financial Company Commercial Paper		12.5	%
Municipal Notes & Bonds		12.4	%
Repurchase Agreements		9.1	%
Asset-Backed Commercial Paper		8.2	%
Municipal Commercial Paper		8.0	%
Corporate Notes & Bonds		5.8	%
Other Assets and Liabilities - Net1		0.0	%2
TOTAL		100.0	%

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

(2) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description		Par Value		Value
ASSET-BACKED COMMERCIAL PAPER – 8.2%¿
Chariot Funding LLC
0.22%, 10/01/14—,W	$	25,000,000	$	24,976,625
0.22%, 10/15/14—,W		25,000,000		24,974,486
0.28%, 11/05/14—,W		25,000,000		24,963,444
0.28%, 11/14/14—,W		25,000,000		24,961,694
CIESCO LLC
0.18%, 6/05/14—,W		50,000,000		49,991,250
0.18%, 6/09/14—,W		30,000,000		29,994,150
CRC Funding LLC,
0.19%, 5/05/14		20,000,000		19,999,578
Metlife Short Term Fund LLC,
0.10%, 5/01/14—,W		29,556,000		29,556,000
Thunder Bay Funding LLC,
0.23%, 10/22/14—,W		50,000,000		49,944,417
TOTAL ASSET-BACKED COMMERCIAL PAPER
(COST $279,361,644)			$	279,361,644
CERTIFICATES OF DEPOSIT – 13.1%
Bank of Montreal, CHI
0.16%, 6/18/14		50,000,000		50,000,000
0.16%, 7/15/14		50,000,000		50,000,000
Bank of Nova Scotia, HOU
0.21%, 7/30/14		50,000,000		50,000,000

Description		Par Value		Value
0.22%, 10/01/14	$	50,000,000	$	50,000,000
JPMorgan Chase & Co.
0.27%, 5/06/14D		50,000,000		50,000,000
0.35%, 2/03/15		50,000,000		50,000,000
Toronto Dominion Bank, NY
0.15%, 6/09/14		50,000,000		50,000,000
0.21%, 5/18/14D		50,000,000		50,000,000
Wells Fargo Bank, NA,
0.27%, 5/01/14D		50,000,000		50,000,000
TOTAL CERTIFICATES OF DEPOSIT
(COST $450,000,000)			$	450,000,000
CORPORATE NOTES & BONDS – 5.8%
American Honda Finance Corp.,
Sr. Unsecured, 0.23%, 5/20/14D,—,W		25,000,000		25,001,111
Bank of America, NA,
0.21%, 5/19/14		50,000,000		50,000,000
IBM Corp.,
Sr. Unsecured, 0.88%, 10/31/14		50,000,000		50,163,722
Johnson & Johnson,
Sr. Unsecured, 0.33%, 5/15/14D		75,000,000		75,005,377
TOTAL CORPORATE NOTES & BONDS
(COST $200,170,210)			$	200,170,210

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 6

Wilmington Prime Money Market Fund (continued)

Description		Par Value		Value
FINANCIAL COMPANY COMMERCIAL PAPER – 12.5%¿
Bank of New York Mellon Corp.,
0.05%, 5/01/14—,W	$	100,000,000	$	100,000,000
Commonwealth Bank of Australia
0.23%, 5/21/14D,—,W		50,000,000		50,000,326
0.24%, 5/12/14D,—,W		50,000,000		50,000,000
PNC Bank, NA
0.24%, 7/01/14		25,000,000		24,989,833
0.26%, 9/10/14		25,000,000		24,976,167
0.30%, 10/17/14		50,000,000		50,000,000
Reckitt Benckiser Treasury Services PLC,
0.15%, 7/29/14—,W		55,000,000		54,979,604
Westpac Banking Corp.,
0.14%, 7/01/14—,W		75,000,000		74,982,208
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER
(COST $429,928,138)			$	429,928,138
MUNICIPAL COMMERCIAL PAPER – 8.0%¿
Saint Joseph County University of Notre Dame,
0.15%, 5/21/14		25,000,000		24,997,917
Salt River Project Agriculture Improvement & Power District
0.13%, 5/07/14		45,000,000		44,999,025
0.13%, 5/14/14		30,000,000		29,998,592
South Carolina State Public Service Authority,
0.17%, 7/14/14		38,876,000		38,876,000
University of California,
0.16%, 6/17/14		50,000,000		49,989,556
University of Chicago,
0.13%, 6/02/14		50,000,000		49,994,222
University of Utah
0.15%, 6/05/14		20,000,000		20,000,000
0.15%, 6/05/14		15,000,000		15,000,000
TOTAL MUNICIPAL COMMERCIAL PAPER
(COST $273,855,312)			$	273,855,312
MUNICIPAL NOTES & BONDS – 12.4%
Business Finance Commission Gulf Opportunity, MS, Revenue Bonds, (Series I), Daily VRDNs, (Chevron Corp., OBG), 0.07%, 5/01/14		37,180,000		37,180,000
Connecticut State Health and Educational Facilities Authority, Revenue Bonds, (Series T-2) Weekly VRDNs, (Yale University, OBG), 0.10%, 5/07/14		39,250,000		39,250,000
Loudoun County Industrial Development Authority, VA, Revenue Bonds, (Series B) Weekly VRDNs, (Howard Hughes Medical Institute, OBG)
0.06%, 5/07/14		65,000,000		65,000,000

Description		Par Value		Value
0.09%, 5/07/14	$	23,685,000	$	23,685,000
Lower Neches Valley Authority Industrial Development Corp., TX, Revenue Bonds, Daily VRDNs, (Exxon Mobil, OBG), 0.07%, 5/07/14		44,800,000		44,800,000
Mississippi Business Finance Corp., Revenue Bonds, (Series H) Monthly VRDNs, (Chevron Corp., OBG), 0.07%, 5/01/14		18,800,000		18,800,000
Private Colleges & Universities Authority, GA, Refunding Revenue Bonds, (Series 2005C-1) Weekly VRDNs, (Emory University, OBG), 0.11%, 5/07/14		43,295,000		43,295,000
Private Colleges & Universities Authority, GA, Refunding Revenue Bonds, (Series 2005C-5) Weekly VRDNs, (Emory University, OBG), 0.11%, 5/07/14		22,000,000		22,000,000
State of Texas, GO Unlimited Bonds, (Series B) Weekly VRDNs, (Multi-Mode Mobility Fund, OBG), 0.07%, 5/07/14		40,405,000		40,405,000
State of Texas, GO Revenue Bonds, (Series 2006A) Weekly VRDNs, (Veterans Housing Assistance, OBG), 0.11%, 5/07/14		34,805,000		34,805,000
University of Michigan, Refunding Revenue Bonds, (Series B), Weekly VRDNs (U.S. Bank, N.A., SPA), 0.10%, 5/07/14		56,300,000		56,300,000
TOTAL MUNICIPAL NOTES & BONDS
(COST $425,520,000)			$	425,520,000
OTHER COMMERCIAL PAPER – 30.9%¿
ABB Treasury Center USA,
0.15%, 6/05/14—,W		25,000,000		24,996,354
BASF SE,
0.10%, 6/02/14—,W		50,000,000		49,995,555
Caterpillar Financial Services Corp.,
0.10%, 7/02/14		30,000,000		29,994,833
Coca-Cola Co.
0.14%, 6/03/14—,W		25,000,000		24,996,792
0.17%, 7/08/14—,W		50,000,000		49,983,944
0.15%, 7/15/14—,W		25,000,000		24,992,187
CPPIB Capital, Inc.
0.14%, 5/21/14		75,000,000		74,994,167
0.15%, 7/02/14		25,000,000		24,993,542
General Electric Co.,
0.05%, 5/07/14		100,000,000		99,999,167
GlaxoSmithKline Financial PLC,
0.12%, 7/08/14—,W		75,000,000		74,983,000
Honeywell International, Inc.
0.13%, 6/19/14—,W		50,000,000		49,991,153
0.13%, 6/23/14—,W		45,000,000		44,991,387
Nestle Finance International Ltd.,
0.13%, 7/07/14		100,000,000		99,976,736

ANNUAL REPORT / April 30, 2014

7 PORTFOLIOS OF INVESTMENTS

Wilmington Prime Money Market Fund (continued)

Description		Par Value		Value
Novartis Finance Corp.,
0.06%, 5/05/14—,W	$	60,000,000	$	59,999,600
Pfizer, Inc.,
0.10%, 6/17/14—,W		25,000,000		24,996,736
Procter & Gamble Corp.,
0.10%, 6/12/14—,W		50,000,000		49,994,167
Province of Ontario,
0.11%, 7/07/14		49,235,000		49,224,920
Sanofi-Aventis,
0.09%, 5/12/14—,W		100,000,000		99,997,250
Toyota Motor Credit Corp.
0.22%, 7/02/14		50,000,000		49,981,056
0.22%, 7/07/14		50,000,000		49,979,528
TOTAL OTHER COMMERCIAL PAPER
(COST $1,059,062,074)			$	1,059,062,074
REPURCHASE AGREEMENTS – 9.1%
Credit Suisse First Boston LLC, 0.03%, dated 04/30/14, due 05/01/14, repurchase price $11,000,009, collateralized by a U.S. Treasury Security 4.38%, maturing 05/15/40; total market value of $11,221,666.		11,000,000		11,000,000
Deutsche Bank Securities, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $200,000,278, collateralized by U.S. Government Securities 0.00% to 7.13%, maturing 05/01/14 to 04/01/56; total market value of $204,000,113.		200,000,000		200,000,000
TD Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $100,000,167, collateralized by U.S. Government Securities 0.16% to 5.00%, maturing 06/03/16 to 12/01/42; total market value of $102,909,628.		100,000,000		100,000,000
TOTAL REPURCHASE AGREEMENTS
(COST $311,000,000)			$	311,000,000
TOTAL INVESTMENTS – 100.0%
(COST $3,428,897,378)			$	3,428,897,378
OTHER ASSETS LESS LIABILITIES – 0.0%**				61,709
TOTAL NET ASSETS – 100.0%			$	3,428,959,087

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

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 8

Wilmington Prime Money Market Fund (concluded)

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

		Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Commercial Paper	$	—	$	279,361,644	$	—	$	279,361,644
Certificates of Deposit		—		450,000,000		—		450,000,000
Corporate Notes & Bonds		—		200,170,210		—		200,170,210
Financial Company Commercial Paper		—		429,928,138		—		429,928,138
Municipal Commercial Paper		—		273,855,312		—		273,855,312
Municipal Notes & Bonds		—		425,520,000		—		425,520,000
Other Commercial Paper		—		1,059,062,074		—		1,059,062,074
Repurchase Agreements		—		311,000,000		—		311,000,000
Total	$	—	$	3,428,897,378	$	—	$	3,428,897,378

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

9

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Government Agency Obligations		79.7	%
Repurchase Agreements		16.5	%
U.S. Treasury Obligations		3.8	%
Other Assets and Liabilities - Net1		0.0	%2
TOTAL		100.0	%

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

(2) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description		Par Value		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 79.7%
FEDERAL FARM CREDIT BANK (FFCB) – 24.0%
0.04%, 5/07/14‡	$	50,000,000	$	49,999,667
0.04%, 5/13/14‡		95,000,000		94,998,733
0.04%, 5/14/14‡		50,000,000		49,999,278
0.04%, 5/16/14‡		32,000,000		31,999,467
0.05%, 5/28/14‡		25,000,000		24,999,062
0.05%, 5/29/14‡		50,000,000		49,998,056
0.05%, 6/03/14‡		25,000,000		24,998,854
0.05%, 6/04/14‡		25,000,000		24,998,819
0.05%, 6/23/14‡		25,000,000		24,998,160
0.06%, 7/30/14‡		100,000,000		99,985,000
0.09%, 8/04/14D		75,000,000		74,999,008
0.09%, 8/20/14‡		40,000,000		39,988,900
0.09%, 10/24/14D		42,000,000		41,998,944
0.11%, 5/15/15D		75,000,000		74,997,949
0.11%, 7/06/15D		100,000,000		99,979,861
0.14%, 1/26/15D		50,000,000		50,000,000
0.18%, 7/20/15D		66,800,000		66,862,274
1.63%, 11/19/14		40,000,000		40,328,929
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	966,130,961
FEDERAL HOME LOAN BANK (FHLB) – 28.3%
0.05%, 5/02/14‡		63,866,000		63,865,911
0.05%, 5/29/14‡		38,500,000		38,498,503
0.06%, 5/21/14‡		147,900,000		147,894,887

Description		Par Value		Value
0.06%, 5/14/14‡	$	77,285,000	$	77,283,235
0.07%, 6/04/14‡		75,357,000		75,352,138
0.07%, 6/13/14‡		87,200,000		87,192,410
0.08%, 5/16/14‡		75,000,000		74,997,656
0.08%, 7/18/14‡		19,900,000		19,896,551
0.09%, 5/15/14D		50,000,000		50,000,000
0.09%, 11/20/14D		50,000,000		49,998,582
0.09%, 11/21/14D		50,000,000		49,998,575
0.09%, 6/06/14D		50,000,000		50,000,000
0.09%, 7/16/14‡		87,500,000		87,482,583
0.10%, 9/03/14‡		38,000,000		37,987,465
0.10%, 9/05/14‡		25,000,000		24,991,622
0.10%, 7/29/14		25,000,000		24,999,194
0.10%, 7/21/14D		50,000,000		50,000,000
0.11%, 12/09/14D		100,000,000		100,000,000
0.11%, 2/12/15D		25,000,000		24,999,477
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	1,135,438,789
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) – 11.9%
0.05%, 5/01/14‡		21,000,000		21,000,000
0.08%, 8/04/14‡		60,000,000		59,987,333
0.08%, 9/05/14‡		20,600,000		20,594,186
0.08%, 9/22/14‡		25,000,000		24,991,700
0.09%, 6/18/14‡		24,851,000		24,848,018
0.09%, 9/08/14‡		46,500,000		46,484,888
0.09%, 9/15/14‡		30,000,000		29,989,725

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 10

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

Description		Par Value		Value
0.10%, 5/02/14‡	$	24,000,000	$	23,999,933
0.10%, 7/21/14‡		19,574,000		19,569,596
0.10%, 5/20/14‡		140,000,000		139,992,453
0.15%, 12/05/14D		25,000,000		25,006,615
0.75%, 11/25/14		40,000,000		40,141,066
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	476,605,513
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 15.5%
0.05%, 5/01/14‡		24,300,000		24,300,000
0.06%, 7/28/14‡		50,000,000		49,993,278
0.06%, 7/29/14‡		50,000,000		49,993,201
0.06%, 5/21/14‡		35,500,000		35,498,817
0.06%, 8/18/14‡		50,000,000		49,990,917
0.07%, 10/08/14‡		50,000,000		49,984,444
0.08%, 5/07/14‡		50,000,000		49,999,375
0.08%, 8/06/14‡		102,000,000		101,978,013
0.09%, 6/04/14‡		57,774,000		57,769,089
0.09%, 9/03/14‡		30,000,000		29,990,625
0.11%, 7/02/14‡		125,000,000		124,976,319
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	624,474,078
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $3,202,649,341)			$	3,202,649,341
U.S. TREASURY OBLIGATIONS – 3.8%
U.S. TREASURY BILLS – 2.5%
0.05%, 5/08/14‡		50,000,000		49,999,563
0.11%, 5/15/14‡		50,000,000		49,997,939
TOTAL U.S. TREASURY BILLS			$	99,997,502
U.S. TREASURY NOTE – 1.3%
2.25%, 5/31/14		50,000,000		50,089,844
TOTAL U.S. TREASURY OBLIGATIONS
(COST $150,087,346)			$	150,087,346
REPURCHASE AGREEMENTS – 16.5%
Barclays Capital, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $50,000,056, collateralized by a U.S. Treasury Security 2.88%, maturing 05/15/43; total market value of $51,000,009.		50,000,000		50,000,000

Description		Par Value		Value
Credit Suisse First Boston LLC, 0.03%, dated 04/30/14, due 05/01/14, repurchase price $39,000,033, collateralized by a U.S. Treasury Security 4.38%, maturing 05/15/40; total market value of $39,781,418.	$	39,000,000	$	39,000,000
Deutsche Bank Securities, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $250,000,347, collateralized by U.S. Government Securities 0.00% to 7.13%, maturing 05/28/14 to 09/15/60; total market value of $255,000,000.		250,000,000		250,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $100,000,111, collateralized by U.S. Treasury Securities 2.00% to 3.25%, maturing 05/31/16 to 02/28/21; total market value of $102,000,082.		100,000,000		100,000,000
TD Securities, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $125,000,174, collateralized by U.S. Government & Treasury Securities 0.00% to 6.25%, maturing 08/21/14 to 01/01/43; total market value of $128,269,094.		125,000,000		125,000,000
TD Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $100,000,167, collateralized by U.S. Government Securities 2.50% to 5.50%, maturing 01/01/28 to 01/01/44; total market value of $103,000,000.		100,000,000		100,000,000
TOTAL REPURCHASE AGREEMENTS
(COST $664,000,000)			$	664,000,000
TOTAL INVESTMENTS – 100.0%
(COST $4,016,736,687)			$	4,016,736,687
OTHER ASSETS LESS LIABILITIES – 0.0%**				974,263
TOTAL NET ASSETS – 100.0%			$	4,017,710,950

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

ANNUAL REPORT / April 30, 2014

11 PORTFOLIOS OF INVESTMENTS

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

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 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	$	—	$	3,202,649,341	$	—	$	3,202,649,341
U.S. Treasury Obligations		—		150,087,346		—		150,087,346
Repurchase Agreements		—		664,000,000		—		664,000,000
Total	$	—	$	4,016,736,687	$	—	$	4,016,736,687

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

12

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of   Total Net Assets
U.S. Treasury Obligations		47.9	%
Repurchase Agreements		51.9	%
Other Assets and Liabilities – Net1		0.2	%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description		Par Value		Value
U.S. TREASURY OBLIGATIONS – 47.9%
U.S. TREASURY BILLS – 15.9%
0.05%, 5/08/14‡	$	100,000,000	$	99,999,106
0.09%, 7/03/14‡		25,000,000		24,996,281
0.11%, 5/15/14‡		50,000,000		49,997,939
TOTAL U.S. TREASURY BILLS			$	174,993,326
U.S. TREASURY NOTES – 32.0%
0.25%, 5/31/14		50,000,000		50,007,378
0.25%, 8/31/14		50,000,000		50,028,122
0.38%, 11/15/14		25,000,000		25,036,730
0.75%, 6/15/14		75,000,000		75,064,042
2.25%, 5/31/14		50,000,000		50,089,844
2.38%, 8/31/14		25,000,000		25,188,499
2.38%, 10/31/14		25,000,000		25,284,427
2.63%, 7/31/14		50,000,000		50,319,457
TOTAL U.S. TREASURY NOTES			$	351,018,499
TOTAL U.S. TREASURY OBLIGATIONS (COST $526,011,825)			$	526,011,825
REPURCHASE AGREEMENTS – 51.9%
Barclays Capital, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $195,000,217, collateralized by a U.S. Treasury Security 1.50%, maturing 07/31/16; total market value of $198,900,097.		195,000,000		195,000,000

Description		Par Value		Value
Credit Suisse First Boston LLC, 0.03%,dated 04/30/14, due 05/01/14, repurchase price $45,000,038, collateralized by a U.S. Treasury Security 4.38%, maturing 05/15/40; total market value of $45,901,788.	$	45,000,000	$	45,000,000
Deutsche Bank Securities, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $225,000,313, collateralized by U.S. Treasury Securities 0.00% to 6. 88%, maturing 08/15/14 to 02/15/44; total market value of $229,500,075.		225,000,000		225,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $104, 000, 116, collateralized by U.S. Treasury Securities 0.00% to 2.00%, maturing 07/15/14 to 05/15/24; total market value of $106,080,001.		104,000,000		104,000,000
TOTAL REPURCHASE AGREEMENTS (COST $569,000,000)			$	569,000,000
TOTAL INVESTMENTS – 99.8% (COST $1,095,011,825)			$	1,095,011,825
OTHER ASSETS LESS LIABILITIES – 0.2%				1,728,619
TOTAL NET ASSETS – 100.0%			$	1,096,740,444

ANNUAL REPORT / April 30, 2014

13 PORTFOLIOS OF INVESTMENTS

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

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

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

		Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—	$	526,011,825	$	—	$	526,011,825
Repurchase Agreements		—		569,000,000		—		569,000,000
Total	$	—	$	1,095,011,825	$	—	$	1,095,011,825

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

14

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Tax-Exempt Money Market Fund

At April 30, 2014, the Fund’s geographical location classifications were as follows (unaudited):

	Percentage of
	Total Net Assets
Texas		26.1	%
Delaware		6.9	%
Maryland		6.0	%
Ohio		5.8	%
Mississippi		4.7	%
Illinois		4.6	%
Pennsylvania		4.5	%
Minnesota		3.8	%
Tennessee		3.7	%
California		3.6	%
Virginia		3.4	%
Missouri		3.1	%
Utah		3.0	%
Michigan		2.7	%
North Carolina		2.6	%
Massachusetts		1.9	%
Oregon		1.9	%
South Carolina		1.9	%
Wisconsin		1.9	%
Nevada		1.7	%
Arizona		1.6	%
New Hampshire		1.1	%
Idaho		0.9	%
Florida		0.7	%
Kentucky		0.7	%
Louisiana		0.5	%
Oklahoma		0.5	%
Other Assets and Liabilities – Net1		0.2	%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description		Par Value		Value
COMMERCIAL PAPER – 51.4%
ARIZONA – 1.6%
Salt River Project Agricultural Improvement & Power District, (Series C), (US Bank, LIQ), 0.06%, 5/08/14	$	8,400,000	$	8,400,000
TOTAL ARIZONA			$	8,400,000

Description		Par Value		Value
ILLINOIS – 3.9%
Illinois Educational Facilities Authority, (Northern Trust, LOC), 0.08%, 6/05/14	$	20,793,000	$	20,793,000
TOTAL ILLINOIS			$	20,793,000
MARYLAND – 6.0%
Johns Hopkins University, 0.06%, 6/05/14		12,000,000		12,000,000

ANNUAL REPORT / April 30, 2014

15 PORTFOLIOS OF INVESTMENTS

Wilmington Tax-Exempt Money Market Fund (continued)

Description		Par Value		Value
Montgomery County, MD, GO Unlimited Refunding Notes, BANs, (Series 10-B), (State Street, LIQ), 0.08%, 5/15/14	$	20,395,000	$	20,395,000
TOTAL MARYLAND			$	32,395,000
MICHIGAN – 2.7%
University of Michigan, 0.06%, 5/06/14		8,305,000		8,305,000
University of Michigan, (Series I), 0.07%, 6/09/14		6,365,000		6,365,000
TOTAL MICHIGAN			$	14,670,000
MINNESOTA – 2.1%
University of Minnesota, 0.09%, 6/16/14		11,000,000		11,000,000
TOTAL MINNESOTA			$	11,000,000
MISSOURI – 3.1%
Curators of the University of Missouri, (Series A), 0.07%, 6/11/14		16,400,000		16,400,000
TOTAL MISSOURI			$	16,400,000
NEVADA – 1.7%
Las Vegas Valley Water District, NV, GO Notes, (Series 04-A), (JPMorgan Chase, LIQ), 0.09%, 6/09/14		9,000,000		9,000,000
TOTAL NEVADA			$	9,000,000
NORTH CAROLINA – 2.6%
Charlotte, NC, Water and Sewer Systems, Revenue Bonds, (Wells Fargo, LIQ), 0.09%, 5/01/14		5,500,000		5,500,000
North Carolina Capital Facilities Finance Agency, Educational Facilities, (Duke University), Revenue Bonds, 0.10%, 5/06/14		8,500,000		8,500,000
TOTAL NORTH CAROLINA			$	14,000,000
OHIO – 3.3%
Ohio Higher Educational Facility Commission, (Case Western University), (JPMorgan Chase, LIQ), 0.11%, 6/12/14		3,500,000		3,500,000
Ohio Higher Educational Facility Commission, (Case Western University), (Northern Trust, LIQ), 0.11%, 5/12/14		14,000,000		14,000,000
TOTAL OHIO			$	17,500,000
SOUTH CAROLINA – 1.9%
South Carolina State Public Service Authority, (Series A), (JPMorgan Chase, LIQ), 0.10%, 8/06/14		5,500,000		5,500,000
South Carolina State Public Service Authority, (Series C), (US Bank, LIQ), 0.07%, 5/15/14		4,880,000		4,880,000
TOTAL SOUTH CAROLINA			$	10,380,000

Description		Par Value		Value
TENNESSEE – 3.7%
Metropolitan Government of Nashville & Davidson County, TN, (State Street/CalSTRS/Calpers, LIQ), 0.09%, 7/10/14	$	5,000,000	$	5,000,000
State of Tennessee, (Series 00-A), (TN Consolidated Retirement Systems, LOC), 0.10%, 5/07/14		15,000,000		15,000,000
TOTAL TENNESSEE			$	20,000,000
TEXAS – 16.9%
City of San Antonio, TX, Electric & Gas Systems, (Series A), (JPMorgan Chase, LIQ), 0.10%, 8/07/14		8,000,000		8,000,000
City of San Antonio, TX, Water Systems, (Series B), (Wells Fargo, LIQ), 0.10%, 5/20/14		16,000,000		16,000,000
Texas A&M University, (Series B), 0.06%, 5/07/14		17,000,000		17,000,000
Texas Public Finance Authority, (Series 2003), (Comptroller of Public Accounts TX, LIQ), 0.10%, 8/06/14		10,000,000		10,000,000
Texas Public Finance Authority, (Series 2008), (Comptroller of Public Accounts TX, LIQ), 0.09%, 7/08/14		10,000,000		10,000,000
Texas Technical University, (Series A), 0.08%, 6/09/14		9,795,000		9,795,000
University of Texas, 0.06%, 6/06/14		20,000,000		20,000,000
TOTAL TEXAS			$	90,795,000
WISCONSIN – 1.9%
State of Wisconsin, (Bank of New York, LIQ), 0.07%, 5/08/14		10,000,000		10,000,000
TOTAL WISCONSIN			$	10,000,000
TOTAL COMMERCIAL PAPER (COST $275,333,000)			$	275,333,000
MUNICIPAL BONDS – 8.3%¿
CALIFORNIA – 3.6%
California State, Revenue Anticipation Note, (Series A-2), 0.23%, 6/23/14		4,500,000		4,511,542
City of Los Angeles, GO Unlimited Notes, (Series C), TRANs, 0.18%, 6/26/14		15,000,000		15,041,784
TOTAL CALIFORNIA			$	19,553,326
IDAHO – 0.9%
State of Idaho, GO Unlimited Notes, TANs, 0.19%, 6/30/14		5,000,000		5,014,843
TOTAL IDAHO			$	5,014,843
OREGON – 1.9%
State of Oregon, GO Limited Notes, TANs, (Series A), 0.18%, 7/31/14		10,000,000		10,032,918
TOTAL OREGON			$	10,032,918

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

Wilmington Tax-Exempt Money Market Fund (continued)

Description		Par Value		Value
TEXAS – 1.9%
State of Texas, TRANs, 0.20%, 8/28/14	$	10,000,000	$	10,058,539
TOTAL TEXAS			$	10,058,539
TOTAL MUNICIPAL BONDS (COST $44,659,626)			$	44,659,626
SHORT-TERM MUNICIPAL BONDS – 40.1%
DELAWARE – 6.9%
Delaware State Health Facilities Authority, Refunding Revenue Bonds, (Series A), Daily VRDNs, (Christiana Care Health Services, OBG), 0.08%, 5/01/14		16,200,000		16,200,000
Delaware State Health Facilities Authority, Revenue Bonds, Weekly VRDNs, (Christiana Care Health Services, OBG), 0.12%, 5/07/14		4,000,000		4,000,000
University of Delaware, Revenue Bonds, Daily VRDNs, (TD Bank N.A., SPA), 0.09%, 5/01/14		16,660,000		16,660,000
TOTAL DELAWARE			$	36,860,000
FLORIDA – 0.7%
Orange County Housing Finance Authority, Revenue Bonds, Weekly VRDNs, (Fannie Mae), 0.10%, 5/07/14		3,710,000		3,710,000
TOTAL FLORIDA			$	3,710,000
ILLINOIS – 0.7%
Illinois Finance Authority, Revenue Bonds, (Series E-1), Daily VRDNs, (University of Chicago Medical Center), (JPMorgan Chase Bank N.A., LOC), 0.09%, 5/01/14		4,000,000		4,000,000
TOTAL ILLINOIS			$	4,000,000
KENTUCKY – 0.7%
Shelby County, Revenue Bonds, (Series A), Daily VRDNs, (U.S. Bank N.A., LOC), 0.08%, 5/01/14		3,870,000		3,870,000
TOTAL KENTUCKY			$	3,870,000
LOUISIANA – 0.5%
East Baton Rouge Parish, LA, Pool Control, Revenue Bonds, Daily VRDNs, (Exxon Mobil, OBG), 0.08%, 5/01/14		2,580,000		2,580,000
TOTAL LOUISIANA			$	2,580,000
MASSACHUSETTS – 1.9%
Commonwealth of Massachusetts, GO Limited Bonds, (Series B), Daily VRDNs, (U.S Bank N.A., SPA), 0.08%, 5/01/14		6,800,000		6,800,000
Commonwealth of Massachusetts, GO Unlimited Refunding Revenue Notes, (Series A), Daily VRDNs, (Wells Fargo Bank N.A., SPA), 0.08%, 5/01/14		3,500,000		3,500,000
TOTAL MASSACHUSETTS			$	10,300,000

Description		Par Value		Value
MINNESOTA – 1.7%
City of Rochester, Refunding Revenue Bonds, (Series A), Weekly VRDNs, (Mayo Clinic, OBG), 0.07%, 5/07/14	$	8,900,000	$	8,900,000
TOTAL MINNESOTA			$	8,900,000
MISSISSIPPI – 4.7%
Jackson County, MS, Port Facility, Refunding Revenue Bonds, Daily VRDNs, (Chevron Corp., OBG), 0.07%, 5/01/14		4,500,000		4,500,000
Mississippi Business Finance Corp., Gulf Opportunity, Revenue Bonds, (Series I), Daily VRDNs, (Chevron Corp., OBG), 0.07%, 5/01/14		2,200,000		2,200,000
Mississippi Business Finance Corp., Gulf Opportunity, Revenue Bonds, (Series A), Daily VRDNs, (Chevron Corp., OBG)
0.07%, 5/01/14		9,870,000		9,870,000
0.07%, 5/01/14		8,700,000		8,700,000
TOTAL MISSISSIPPI			$	25,270,000
NEW HAMPSHIRE – 1.1%
New Hampshire, HEFA, Revenue Bonds, Weekly VRDNs, (Dartmouth College, OBG)/(U.S. Bank N.A., SPA), 0.10%, 5/07/14		6,000,000		6,000,000
TOTAL NEW HAMPSHIRE			$	6,000,000
OHIO – 2.5%
Ohio State Higher Educational Facility Commission, Refunding Revenue Bonds, (Series B-4), Daily VRDNs, (Cleveland Clinic, OBG), 0.09%, 5/01/14		13,415,000		13,415,000
TOTAL OHIO			$	13,415,000
OKLAHOMA – 0.5%
Oklahoma State Turnpike Authority, Revenue Bonds, (Series F), Daily VRDNs, (JPMorgan Chase Bank N.A., SPA), 0.08%, 5/01/14		2,500,000		2,500,000
TOTAL OKLAHOMA			$	2,500,000
PENNSYLVANIA – 4.5%
Geisinger Authority, Refunding Revenue Bonds, (Series B), Daily VRDNs, (Geisinger Health Systems, OBG)/(U.S. Bank N.A., SPA), 0.08%, 5/01/14		12,200,000		12,200,000
Philadelphia Hospitals & Higher Education Facilities Authority, Revenue Bonds, Daily VRDNs, (Children’s Hospital, OBG)/(Wells Fargo Bank N.A., SPA), 0.09%, 5/01/14		12,020,000		12,020,000
TOTAL PENNSYLVANIA			$	24,220,000
TEXAS – 7.3%
Gulf Coast Waste Disposal Authority, TX, Revenue Bonds, Weekly VRDNs, (Air Products & Chemicals Project, OBG), 0.09%, 5/07/14		4,000,000		4,000,000

ANNUAL REPORT / April 30, 2014

17 PORTFOLIOS OF INVESTMENTS

Wilmington Tax-Exempt Money Market Fund (concluded)

Description		Par Value		Value
Lower Neches Valley Authority Industrial Development Corp., TX, Refunding Revenue Bonds, Daily VRDNs, (Exxon Mobil, OBG), 0.07%, 5/01/14	$	12,700,000	$	12,700,000
Port of Arthur Navigation District Industrial Development Corp., Revenue Bonds, Daily VRDNs, (Air Products & Chemicals Project, OBG), 0.10%, 5/01/14		1,000,000		1,000,000
State of Texas, GO Unlimited Notes, (Series B), Weekly VRDNs, (State Street / Calpers, SPA), 0.07%, 5/07/14		10,480,000		10,480,000
Texas Water Development Board, Revenue Bonds, (Subseries A), Daily VRDNs, (JPMorgan Chase Bank N.A., SPA), 0.09%, 5/01/14		11,200,000		11,200,000
TOTAL TEXAS			$	39,380,000
UTAH – 3.0%
City of Murray, Revenue Bonds, (Series C), Daily VRDNs, (IHC Health Services, Inc., OBG), 0.07%, 5/01/14		13,590,000		13,590,000

Description		Par Value		Value
Weber County Hospital, IHC Health Services, Revenue Bonds, (Series A), Daily VRDNs, 0.08%, 5/01/14	$	2,600,000	$	2,600,000
TOTAL UTAH			$	16,190,000
VIRGINIA – 3.4%
Loudon County Industrial Development Authority, Revenue Bonds, (Series D), Weekly VRDNs, (Howard Hughes Medical Center), 0.09%, 5/07/14		18,000,000		18,000,000
TOTAL VIRGINIA			$	18,000,000
TOTAL SHORT-TERM MUNICIPAL BONDS (COST $215,195,000)			$	215,195,000
TOTAL INVESTMENTS – 99.8% (COST $535,187,626)			$	535,187,626
OTHER ASSETS LESS LIABILITIES – 0.2%				1,061,934
TOTAL NET ASSETS – 100.0%			$	536,249,560

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

 Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

 Level 1 – quoted prices in active markets for identical securities

 Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

 Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

		Level 1		Level 2		Level 3		Total
Investments in Securities
Commercial Paper	$	—	$	275,333,000	$	—	$	275,333,000
Municipal Bonds		—		44,659,626		—		44,659,626
Short-Term Municipal Bonds		—		215,195,000		—		215,195,000
Total	$	—	$	535,187,626	$	—	$	535,187,626

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

18

NOTES TO PORTFOLIOS OF INVESTMENTS

D Floating rate note with current rate and stated maturity date shown.

‡ Zero coupon security. The rate shown reflects the effective yield at purchase date.

¿ The rate shown reflects the effective yield at purchase date.

W Denotes a restricted security, or a portion thereof, that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2014, these liquid restricted securities were as follows:

Fund	Amount	Percentage   of Total   Net Assets
Prime Money Market Fund	$1,194,243,440	34.8%

— Denotes a restricted security, or a portion thereof, that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities were as follows:

Security	Acquisition Date	Cost		Market Value	Percentage of Total Net Assets
Prime Money Market Fund
ABB Treasury Center USA	03/27/2014	$24,992,708		$24,996,354
American Honda Finance Corp.	03/14/2014	25,003,625		25,001,111
Bank New York Mellon Corp.	04/30/2014	99,999,861		100,000,000
BASF SE	04/16/2014	49,993,472		49,995,555
Chariot Funding LLC	04/04/2014	24,972,500		24,976,625
Chariot Funding LLC	04/15/2014	24,972,042		24,974,486
Chariot Funding LLC	02/10/2014	24,947,889		24,963,444
Chariot Funding LLC	02/19/2014	24,947,889		24,961,694
CIESCO LLC	03/11/2014	49,978,500		49,991,250
CIESCO LLC	03/17/2014	29,987,400		29,994,150
Coca-Cola Co.	02/14/2014	24,989,403		24,996,792
Coca-Cola Co.	01/08/2014	49,957,264		49,983,944
Coca-Cola Co.	02/27/2014	24,985,625		24,992,187
Commonwealth Bank of Australia	02/06/2014	50,000,000		50,000,000
Commonwealth Bank of Australia	02/25/2014	50,000,400		50,000,326
GlaxoSmithKline Financial PLC	04/04/2014	74,976,250		74,983,000
Honeywell International, Inc.	03/06/2014	49,981,042		49,991,153
Honeywell International, Inc.	03/05/2014	44,982,125		44,991,387
Metlife Short Term Fund LLC	03/27/2014	29,553,127		29,556,000
Novartis Finance Corp.	04/30/2014	59,999,500		59,999,600
Pfizer, Inc.	03/18/2014	24,993,681		24,996,736
Procter & Gamble Corp.	03/12/2014	49,987,222		49,994,167
Reckitt Benckiser Treasury Services PLC	04/29/2014	54,979,146		54,979,604
Sanofi-Aventis	04/02/2014	99,990,250		99,997,250
Thunder Bay Funding LLC	04/25/2014	49,942,500		49,944,417
Westpac Banking Corp.	04/16/2014	74,977,833		74,982,208
			$	1,194,243,440	34.8%

** Represents less than 0.05%.

ANNUAL REPORT / April 30, 2014

19 NOTES TO PORTFOLIOS OF INVESTMENTS

The following acronyms are used throughout this report:

BANs – Bond Anticipation Notes	LLC – Limited Liability Corporation
FFCB – Federal Farm Credit Bank	LOC – Letter of Credit
FHLB – Federal Home Loan Bank	OBG – Obligation
FHLMC - Federal Home Loan Mortgage Corporation	PLC - Public Limited Company
FNMA – Federal National Mortgage Association	SPA – Sales and Purchase Agreement
GO – General Obligation	TANs – Tax Anticipation Notes
HEFA – Health and Educational Facilities Authority	TRANs – Tax Revenue Anticipation Notes
LIQ – Liquidity Agreement	VRDNs – Variable Rate Demand Notes

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 20

April 30, 2014		Wilmington Prime Money Market Fund		Wilmington U.S. Government Money Market Fund		Wilmington U.S. Treasury Money Market Fund		Wilmington Tax-Exempt Money Market Fund
ASSETS:
Investments, at identified cost	$	3,428,897,378	$	4,016,736,687	$	1,095,011,825	$	535,187,626
Investments in repurchase agreements, at value	$	311,000,000	$	664,000,000	$	569,000,000	$	—
Investments in securities, at value		3,117,897,378		3,352,736,687		526,011,825		535,187,626
TOTAL INVESTMENTS		3,428,897,378		4,016,736,687		1,095,011,825		535,187,626
Cash		55,091		300,614		566,060		441,669
Interest receivable		354,311		951,766		1,226,639		667,205
Due from advisor		—		8,785		2,910		15,070
Receivable for shares sold		—		—		—		5,483
Other assets		18,702		16,073		13,835		10,862
TOTAL ASSETS		3,429,325,482		4,018,013,925		1,096,821,269		536,327,915
LIABILITIES:
Income distribution payable		32,669		33,234		1,310		5,476
Payable for Trustees’ fees		56		56		57		57
Other accrued expenses		333,670		269,685		79,458		72,822
TOTAL LIABILITIES		366,395		302,975		80,825		78,355
NET ASSETS	$	3,428,959,087	$	4,017,710,950	$	1,096,740,444	$	536,249,560
NET ASSETS CONSIST OF:
Paid-in capital	$	3,428,975,299	$	4,017,738,959	$	1,096,774,909	$	536,321,627
Undistributed (distributions in excess of) net investment income		(2,196)		868		1,202		(9)
Accumulated net realized gain (loss) on investments		(14,016)		(28,877)		(35,667)		(72,058)
TOTAL NET ASSETS	$	3,428,959,087	$	4,017,710,950	$	1,096,740,444	$	536,249,560
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets	$	325,696,024	$	1,673,462,145	$	782,359,677	$	39,961,990
Shares outstanding (unlimited shares authorized)		325,803,026		1,673,663,149		782,418,463		39,964,832
Net Asset Value per share	$	1.00	$	1.00	$	1.00	$	1.00
Institutional Class
Net Assets	$	46,861,299	$	83,595,438	$	—	$	—
Shares outstanding (unlimited shares authorized)		46,862,436		83,597,921		—		—
Net Asset Value per share	$	1.00	$	1.00	$	—	$	—
Select Class
Net Assets	$	2,312,799,727	$	889,157,968	$	314,374,766	$	421,579,175
Shares outstanding (unlimited shares authorized)		2,313,092,295		889,292,857		314,405,327		421,626,111
Net Asset Value per share	$	1.00	$	1.00	$	1.00	$	1.00
Service Class
Net Assets	$	743,602,037	$	1,371,495,399	$	6,001	$	74,708,395
Shares outstanding (unlimited shares authorized)		743,647,285		1,371,491,527		6,001		74,755,740
Net Asset Value per share	$	1.00	$	1.00	$	1.00	$	1.00

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

21 STATEMENTS OF OPERATIONS

Year Ended April 30, 2014		Wilmington Prime Money Market Fund		Wilmington U.S. Government Money Market Fund		Wilmington U.S. Treasury Money Market Fund		Wilmington Tax-Exempt Money Market Fund
INVESTMENT INCOME:
Interest	$	5,347,514	$	3,697,304	$	786,667	$	507,216
TOTAL INVESTMENT INCOME		5,347,514		3,697,304		786,667		507,216
EXPENSES:
Investment advisory fee		14,646,208		16,660,424		4,504,486		2,082,638
Administrative personnel and services fee		990,294		1,127,537		302,267		141,427
Portfolio accounting, administration and custodian fees		1,115,802		1,246,354		345,898		188,371
Transfer and dividend disbursing agent fees and expenses		242,176		10,389		3,463		28,283
Trustees’ fees		29,121		29,088		29,030		29,076
Professional fees		74,139		69,807		68,950		74,428
Distribution services fee—Administrative Class		931,922		4,726,870		1,887,114		108,566
Distribution services fee—Service Class		2,073,246		2,932,344		19,575		177,966
Shareholder services fee— Administrative Class		931,922		4,726,870		1,887,114		108,566
Shareholder services fee— Select Class		6,010,151		2,657,697		908,608		1,015,114
Shareholder services fee— Service Class		2,071,720		2,932,344		19,575		177,966
Share registration costs		45,929		39,378		18,106		29,946
Printing and postage		180,525		14,968		4,909		16,165
Miscellaneous		156,986		216,756		69,274		30,644
TOTAL EXPENSES		29,500,141		37,390,826		10,068,369		4,209,156
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(12,560,030)		(16,135,164)		(4,630,576)		(2,165,563)
Waiver of distribution services fee—Administrative Class		(931,922)		(4,726,870)		(1,887,114)		(108,566)
Waiver of distribution services fee—Service Class		(2,073,246)		(2,932,344)		(19,575)		(177,966)
Waiver of shareholder services fee—Administrative Class		(931,922)		(4,726,870)		(1,887,114)		(108,566)
Waiver of shareholder services fee—Select Class		(6,010,151)		(2,657,697)		(908,608)		(1,015,114)
Waiver of shareholder services fee—Service Class		(2,062,118)		(2,932,344)		(19,575)		(177,966)
TOTAL WAIVERS AND REIMBURSEMENTS		(24,569,389)		(34,111,289)		(9,352,562)		(3,753,741)
Net expenses		4,930,752		3,279,537		715,807		455,415
Net investment income		416,762		417,767		70,860		51,801
REALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(14,015)		(28,877)		(35,667)		—
Net realized gain (loss) on investments		(14,015)		(28,877)		(35,667)		—
Change in net assets resulting from operations	$	402,747	$	388,890	$	35,193	$	51,801

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 22

		Wilmington Prime Money Market Fund				Wilmington U.S. Government Money Market Fund
		Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2014		Year Ended April 30, 2013
OPERATIONS:
Net investment income	$	416,762	$	979,510	$	417,767	$	427,853
Net realized gain (loss) on investments		(14,015)		21,654		(28,877)		574
Change in net assets resulting from operations		402,747		1,001,164		388,890		428,427
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Administrative Class		(45,905)		(125,869)		(185,305)		(197,548)
Institutional Class		(6,629)		(12,238)		(3,738)		(6,344)
Select Class		(292,357)		(754,101)		(104,360)		(126,399)
Service Class		(90,184)		(84,286)		(115,104)		(91,136)
Distributions from net realized gain on investments
Administrative Class		(1,571)		(894)		(270)		(8,792)
Institutional Class		(230)		(88)		(3)		(226)
Select Class		(10,003)		(5,024)		(140)		(5,391)
Service Class		(3,844)		(1,673)		(161)		(4,055)
Change in net assets resulting from distributions to shareholders		(450,723)		(984,173)		(409,081)		(439,891)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		1,178,548,867		1,368,478,722		3,392,363,513		3,419,134,416
Institutional Class		424,008,347		385,385,435		81,575,282		12,210,854
Select Class		3,558,656,581		4,949,063,389		1,701,057,367		2,088,539,257
Service Class		2,787,041,927		2,804,259,105		2,235,776,360		1,772,162,761
Distributions reinvested
Administrative Class		13		—		4,115		7,512
Institutional Class		2,516		3,707		984		689
Select Class		49,715		126,135		1,539		2,223
Service Class		41,519		37,423		5,608		4,816
Cost of shares redeemed
Administrative Class		(1,235,605,494)		(1,450,444,013)		(3,604,090,252)		(3,335,058,329)
Institutional Class		(408,203,963)		(396,406,186)		(23,664,121)		(71,850,255)
Select Class		(3,773,941,923)		(4,845,914,825)		(1,976,283,004)		(2,137,295,307)
Service Class		(2,873,018,706)		(2,754,297,346)		(1,995,587,392)		(1,514,137,027)
Change in net assets resulting from share transactions		(342,420,601)		60,291,546		(188,840,001)		233,721,610
Change in net assets		(342,468,577)		60,308,537		(188,860,192)		233,710,146
NET ASSETS:
Beginning of year		3,771,427,664		3,711,119,127		4,206,571,142		3,972,860,996
End of year	$	3,428,959,087	$	3,771,427,664	$	4,017,710,950	$	4,206,571,142
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(2,196)	$	16,117	$	868	$	(8,392)

ANNUAL REPORT / April 30, 2014

23 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Prime Money Market Fund		Wilmington U.S. Government Money Market Fund
	Year Ended April 30, 2014	Year Ended April 30, 2013	Year Ended April 30, 2014	Year Ended April 30, 2013
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class	1,178,548,867	1,368,478,722	3,392,363,513	3,419,134,416
Institutional Class	424,008,347	385,385,435	81,575,282	12,210,854
Select Class	3,558,656,581	4,949,063,389	1,701,057,367	2,088,539,257
Service Class	2,787,041,927	2,804,259,105	2,235,776,360	1,772,162,761
Distributions reinvested
Administrative Class	13	—	4,115	7,512
Institutional Class	2,516	3,707	984	689
Select Class	49,715	126,135	1,539	2,223
Service Class	41,519	37,423	5,608	4,816
Shares redeemed
Administrative Class	(1,235,605,494)	(1,450,444,013)	(3,604,090,252)	(3,335,058,329)
Institutional Class	(408,203,963)	(396,406,186)	(23,664,121)	(71,850,255)
Select Class	(3,773,941,923)	(4,845,914,825)	(1,976,283,004)	(2,137,295,307)
Service Class	(2,873,018,706)	(2,754,297,346)	(1,995,587,392)	(1,514,137,027)
Net change resulting from share transactions	(342,420,601)	60,291,546	(188,840,001)	233,721,610

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 24

		Wilmington U.S. Treasury Money Market Fund				Wilmington Tax-Exempt Money Market Fund
		Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2014		Year Ended April 30, 2013
OPERATIONS:
Net investment income	$	70,860	$	108,337	$	51,801	$	54,459
Net realized gain (loss) on investments		(35,667)		927		—		—
Change in net assets resulting from operations		35,193		109,264		51,801		54,459
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Administrative Class		(49,725)		(83,683)		(4,701)		(4,657)
Select Class		(24,964)		(26,899)		(43,717)		(43,418)
Service Class		(775)		(959)		(7,768)		(6,438)
Change in net assets resulting from distributions to shareholders		(75,464)		(111,541)		(56,186)		(54,513)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		1,381,133,464		1,594,352,762		53,056,531		51,196,573
Select Class		1,042,795,413		1,501,944,043		458,963,075		703,446,996
Service Class		14,073,657		14,336,458		145,781,542		125,709,359
Distributions reinvested
Administrative Class		64		56		—		—
Select Class		4,664		6,105		555		787
Service Class		—		—		6,966		6,224
Cost of shares redeemed
Administrative Class		(1,425,848,702)		(1,676,554,899)		(51,777,880)		(54,025,509)
Select Class		(1,114,987,122)		(1,325,605,795)		(443,767,538)		(659,612,241)
Service Class		(24,102,195)		(13,211,001)		(128,504,675)		(125,669,590)
Change in net assets resulting from share transactions		(126,930,757)		95,267,729		33,758,576		41,052,599
Change in net assets		(126,971,028)		95,265,452		33,754,191		41,052,545
NET ASSETS:
Beginning of year		1,223,711,472		1,128,446,020		502,495,369		461,442,824
End of year	$	1,096,740,444	$	1,223,711,472	$	536,249,560	$	502,495,369
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	1,202	$	5,806	$	(9)	$	4,376
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		1,381,133,464		1,594,352,762		53,056,531		51,196,573
Select Class		1,042,795,413		1,501,944,043		458,963,075		703,446,996
Service Class		14,073,657		14,336,458		145,781,542		125,709,359
Distributions reinvested
Administrative Class		64		56		—		—
Select Class		4,664		6,105		555		787
Service Class		—		—		6,966		6,224
Shares redeemed
Administrative Class		(1,425,848,702)		(1,676,554,899)		(51,777,880)		(54,025,509)
Select Class		(1,114,987,122)		(1,325,605,795)		(443,767,538)		(659,612,241)
Service Class		(24,102,195)		(13,211,001)		(128,504,675)		(125,669,590)
Net change resulting from share transactions		(126,930,757)		95,267,729		33,758,576		41,052,599

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

25 FINANCIAL HIGHLIGHTS

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

WILMINGTON PRIME MONEY MARKET FUND
ADMINISTRATIVE CLASS	2014		2013		2012		2011		2010
Net Asset Value, Beginning of Year		$1.000		$1.000		$1.000		$1.000	$1.000
Income (Loss) From Operations:
Net Investment Income		0.000(a)		0.000(a)		0.000(a)		0.000(a)	0.000(a)
Net Realized Gain (Loss) on Investments		0.000(a)		0.000(a)		0.000(a)		—	—
Total Income (Loss) From Operations		0.000		0.000		0.000		0.000	0.000
Less Distributions From:
Net Investment Income		(0.000)(a)		(0.000)(a)		(0.000)(a)		(0.000)(a)	(0.000)(a)
Return of Capital		—		—		—		—	(0.000)(a)
Total Distributions		(0.000)		(0.000)		(0.000)		(0.000)	(0.000)
Net Asset Value, End of Year		$1.000		$1.000		$1.000		$1.000	$1.000
Total Return(b)		0.01%		0.03%		0.03%		0.04%	0.04%
Net Assets, End of Year (000’s)		$325,696		$382,757		$464,721		$416,387	$425,103
Ratios to Average Net Assets
Gross Expense		0.98%		0.97%		0.80%		0.75%	0.77%
Net Expenses(c)		0.13%		0.17%		0.16%		0.25%	0.26%
Net Investment Income		0.01%		0.03%		0.02%		0.04%	0.04%

INSTITUTIONAL CLASS	2014		2013		2012(d)
Net Asset Value, Beginning of Period		$1.000		$1.000	$1.000
Income (Loss) From Operations:
Net Investment Income		0.000(a)		0.000(a)	0.000(a)
Net Realized Gain (Loss) on Investments		0.000(a)		0.000(a)	0.000(a)
Total Income (Loss) From Operations		0.000		0.000	0.000
Less Distributions From:
Net Investment Income		(0.000)(a)		(0.000)(a)	(0.000)(a)
Total Distributions		(0.000)		(0.000)	(0.000)
Net Asset Value, End of Period		$1.000		$1.000	$1.000
Total Return(b)		0.01%		0.03%	0.01%
Net Assets, End of Period (000’s)		$46,861		$31,056	$42,072
Ratios to Average Net Assets
Gross Expense		0.48%		0.47%	0.46%(e)
Net Expenses(c)		0.13%		0.17%	0.16%(e)
Net Investment Income		0.01%		0.03%	0.04%(e)

SELECT CLASS	2014		2013		2012		2011		2010
Net Asset Value, Beginning of Year		$1.000		$1.000		$1.000		$1.000	$1.000
Income (Loss) From Operations:
Net Investment Income		0.000(a)		0.000(a)		0.000(a)		0.000(a)	0.000(a)
Net Realized Gain (Loss) on Investments		0.000(a)		0.000(a)		0.000(a)		—	—
Total Income (Loss) From Operations		0.000		0.000		0.000		0.000	0.000
Less Distributions From:
Net Investment Income		(0.000)(a)		(0.000)(a)		(0.000)(a)		(0.000)(a)	(0.000)(a)
Return of Capital		—		—		—		—	(0.000)(a)
Total Distributions		(0.000)		(0.000)		(0.000)		(0.000)	(0.000)
Net Asset Value, End of Year		$1.000		$1.000		$1.000		$1.000	$1.000
Total Return(b)		0.01%		0.03%		0.02%		0.01%	0.02%
Net Assets, End of Year (000’s)		$2,312,800		$2,528,068		$2,424,783		$345,931	$459,497
Ratios to Average Net Assets
Gross Expense		0.73%		0.72%		0.73%		0.75%	0.77%
Net Expenses(c)		0.13%		0.17%		0.16%		0.28%	0.29%
Net Investment Income		0.01%		0.03%		0.03%		0.01%	0.02%

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS 26

  WILMINGTON PRIME MONEY MARKET FUND (continued)

SERVICE CLASS	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Return of Capital		—			—			—			—			(0.000	)(a)
Total Distributions		(0.000	)		(0.000	)		(0.000	)		(0.000	)		(0.000	)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.01	%		0.01	%		0.03	%
Net Assets, End of Year (000’s)		$743,602			$829,547			$779,543			$217,836			$244,661
Ratios to Average Net Assets
Gross Expense		0.98	%		0.96	%		0.98	%		1.00	%		1.02	%
Net Expenses(c)		0.14	%		0.19	%		0.18	%		0.28	%		0.28	%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.03	%

(a)  Represents less than $0.001.

(b)  Total returns for periods of less than one year, if any, are not annualized.

(c)  The investment manager and other service providers voluntarily waived a portion of their fees.

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

(e)  Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

27 FINANCIAL HIGHLIGHTS

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

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
ADMINISTRATIVE CLASS	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Return of Capital		—			—			—			(0.000	)(a)		(0.000	)(a)
Total Distributions		(0.000	)		(0.000	)		(0.000	)		(0.000	)		(0.000	)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%
Net Assets, End of Year (000’s)		$1,673,462			$1,885,193			$1,801,115			$1,493,139			$1,582,317
Ratios to Average Net Assets
Gross Expense		0.97	%		0.96	%		0.79	%		0.73	%		0.74	%
Net Expenses(c)		0.08	%		0.15	%		0.12	%		0.25	%		0.29	%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%
INSTITUTIONAL CLASS	2014			2013			2012(d)
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.000)	(a)		(0.000)	(a)		(0.000)	(a)
Total Distributions		(0.000	)		(0.000	)		(0.000	)
Net Asset Value, End of Period		$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.00	%
Net Assets, End of Period (000’s)		$83,595			$25,683			$85,322
Ratios to Average Net Assets
Gross Expense		0.47	%		0.46	%		0.46	%(e)
Net Expenses(c)		0.08	%		0.15	%		0.13	%(e)
Net Investment Income		0.01	%		0.01	%		0.01	%(e)
SELECT CLASS	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Return of Capital		—			—			—			(0.000	)(a)		(0.000	)(a)
Total Distributions		(0.000	)		(0.000	)		(0.000	)		(0.000	)		(0.000	)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%
Net Assets, End of Year (000’s)		$889,158			$1,164,388			$1,213,146			$355,506			$496,004
Ratios to Average Net Assets
Gross Expense		0.72	%		0.71	%		0.72	%		0.74	%		0.75	%
Net Expenses(c)		0.08	%		0.15	%		0.12	%		0.26	%		0.32	%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS 28

  WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND (continued)

SERVICE CLASS	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Return of Capital		—			—			—			(0.000	)(a)		(0.000	)(a)
Total Distributions		(0.000	)		(0.000	)		(0.000	)		(0.000	)		(0.000	)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%
Net Assets, End of Year (000’s)		$1,371,495			$1,131,306			$873,278			$35,561			$35,502
Ratios to Average Net Assets
Gross Expense		0.97	%		0.96	%		0.97	%		0.98	%		1.00	%
Net Expenses(c)		0.08	%		0.14	%		0.13	%		0.25	%		0.30	%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%

(a)  Represents less than $0.001.

(b)  Total returns for periods of less than one year, if any, are not annualized.

(c)  The investment manager and other service providers voluntarily waived a portion of their fees.

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

(e)  Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

29 FINANCIAL HIGHLIGHTS

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

WILMINGTON U.S. TREASURY MONEY MARKET FUND
ADMINISTRATIVE CLASS	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.01	%		0.01	%		0.02%
Net Assets, End of Year (000’s)		$782,360			$827,103			$909,306			$676,070			$654,530
Ratios to Average Net Assets
Gross Expense		0.97	%		0.97	%		0.80	%		0.74	%		0.73%
Net Expenses(c)		0.06	%		0.14	%		0.06	%		0.16	%		0.22%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.03%
SELECT CLASS	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.01	%		0.01	%		0.02%
Net Assets, End of Year (000’s)		$314,375			$386,574			$210,231			$71,929			$141,648
Ratios to Average Net Assets
Gross Expense		0.72	%		0.73	%		0.73	%		0.74	%		0.74%
Net Expenses(c)		0.06	%		0.14	%		0.06	%		0.17	%		0.20%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.02%
SERVICE CLASS	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.01	%		0.01	%		0.02%
Net Assets, End of Year (000’s)		$6			$10,034			$8,909			$10,627			$10,755
Ratios to Average Net Assets
Gross Expense		0.97	%		0.97	%		0.99	%		0.99	%		0.98%
Net Expenses(c)		0.06	%		0.14	%		0.06	%		0.16	%		0.20%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.02%

(a) Represents less than $0.001.

(b) Total returns for periods of less than one year, if any, are not annualized.

(c) The investment manager and other service providers voluntarily waived a portion of their fees.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 30

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

WILMINGTON TAX-EXEMPT MONEY MARKET FUND
ADMINISTRATIVE CLASS	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.001
Net Realized Gain (Loss) on Investments		—			—			0.000	(a)		—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.001
Less Distributions From:
Net Investment Income		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.001)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.01	%		0.03	%		0.06%
Net Assets, End of Year (000’s)		$39,962			$38,684			$41,513			$33,322			$36,870
Ratios to Average Net Assets
Gross Expense		1.00	%		0.99	%		0.87	%		0.83	%		0.78%
Net Expenses(c)		0.09	%		0.16	%		0.23	%		0.39	%		0.45%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.03	%		0.06%
SELECT CLASS	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.001
Net Realized Gain (Loss) on Investments		—			—			0.000	(a)		—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.001
Less Distributions From:
Net Investment Income		(0.000	)(a)		(0.000	)(a)		0.000	(a)		0.000	(a)		(0.001)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.01	%		0.03	%		0.09%
Net Assets, End of Year (000’s)		$421,579			$406,386			$362,551			$108,802			$83,916
Ratios to Average Net Assets
Gross Expense		0.75	%		0.74	%		0.77	%		0.83	%		0.78%
Net Expenses(c)		0.09	%		0.15	%		0.23	%		0.39	%		0.41%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.03	%		0.10%
SERVICE CLASS	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000(a)
Net Realized Gain (Loss) on Investments		—			—			0.000	(a)		—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.01	%		0.01	%		0.03%
Net Assets, End of Year (000’s)		$74,708			$57,425			$57,379			$11,779			$18,949
Ratios to Average Net Assets
Gross Expense		1.00	%		0.99	%		1.02	%		1.08	%		1.04%
Net Expenses(c)		0.09	%		0.16	%		0.23	%		0.41	%		0.47%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.04%

(a) Represents less than $0.001.

(b) Total returns for periods of less than one year, if any, are not annualized.

(c) The investment manager and other service providers voluntarily waived a portion of their fees.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

31 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2014

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 23 portfolios, 4 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 19 funds are presented in separate reports.

Fund	Investment Goal
Wilmington Prime Money Market Fund     (“Prime Money Market Fund”)(d)	The Fund seeks to provide current income while maintaining liquidity and stability of principal.
Wilmington U.S. Government Money Market Fund     (“U.S. Government Money Market Fund”)(d)	The Fund seeks to provide current income while maintaining liquidity and stability of principal.
Wilmington U.S. Treasury Money Market Fund     (“U.S. Treasury Money Market Fund”)(d)	The Fund seeks to provide current income while maintaining liquidity and stability of principal.
Wilmington Tax-Exempt Money Market Fund     (“Tax-Exempt Money Market Fund”)(d)	The Fund seeks to provide current income that is exempt from federal income taxes while maintaining liquidity and stability of principal.

(d) Diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I, and Institutional Class. Class A and Class I are not available for the Funds. 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.

Computation of Net Asset Value – It is each Fund’s policy to maintain a continuous net asset value of $1.00 per share for each class. Each Fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that each Fund will be able to maintain a stable net asset value of $1.00 per share. The net asset value (‘‘NAV’’) per share for each of the Funds is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. Each Fund’s NAV per share is computed as of 4:00 p.m. (Eastern Time), on days when the NYSE is open for regular trading and the Federal Reserve Bank of New York (the ‘‘Fed’’) is open. In addition, the Funds may elect, in their discretion if it is determined to be in shareholders’ best interests, to be open on days when the NYSE is open but the Fed is closed or to be open on days when the Fed is open but the NYSE is closed, except for Good Friday.

Investment Valuation – The Funds use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act.

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund’s Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2014, there were no transfers between Levels 1, 2 and 3 assets and liabilities based on levels assigned to securities at the beginning of the period. Pursuant to the Funds’ fair value procedures noted previously, fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 32

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.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due or from the Fund.

At April 30, 2014, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

				Fair Value of
				Non-cash			Cash
	Repurchase			Collateral			Collateral
Fund/Counterparty	Agreements			Received			Received			Net Amount(1)
Prime Money Market Fund
Credit Suisse First Boston LLC		$	11,000,000		$	11,000,000		$	—		$	—
Deutsche Bank Securities, Inc.			200,000,000			200,000,000			—			—
TD Securities, Inc.			100,000,000			100,000,000			—			—
		$	311,000,000		$	311,000,000		$	—		$	—
U.S. Government Money Market Fund
Barclays Capital, Inc.		$	50,000,000		$	50,000,000		$	—		$	—
Credit Suisse First Boston LLC			39,000,000			39,000,000			—			—
Deutsche Bank Securities, Inc.			250,000,000			250,000,000			—			—
Merrill Lynch, Pierce, Fenner & Smith, Inc.			100,000,000			100,000,000			—			—
TD Securities, Inc.			125,000,000			125,000,000			—			—
TD Securities, Inc.			100,000,000			100,000,000			—			—
		$	664,000,000		$	664,000,000		$	—		$	—
U.S. Treasury Money Market Fund
Barclays Capital, Inc.		$	195,000,000		$	195,000,000		$	—		$	—
Credit Suisse First Boston LLC			45,000,000			45,000,000			—			—
Deutsche Bank Securities, Inc.			225,000,000			225,000,000			—			—
Merrill Lynch, Pierce, Fenner & Smith, Inc.			104,000,000			104,000,000			—			—
		$	569,000,000		$	569,000,000		$	—		$	—

⁽¹⁾ Net amount represents the net amount receivable due from the counterparty in the event of default.

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

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

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

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.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year or period, the Funds did not incur any interest or penalties.

ANNUAL REPORT / April 30, 2014

33 NOTES TO FINANCIAL STATEMENTS (continued)

Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales.

3. FEDERAL TAX INFORMATION

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to the tax treatment of expiring capital loss carryforwards, net investment losses and distributions recognition on income distribution payable. GAAP requires that permanent differences in net investment income and realized gains and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets and have no effect on the net assets nor the NAV of the Funds.

As of April 30, 2014, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the years ended 2013, 2012 and 2011, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

For the year ended April 30, 2014, there were no permanent differences identified and reclassified among the components of net assets.

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

	2014		2013
Fund	Ordinary   Income*	Long-Term        Capital Gains	Ordinary   Income*	Long-Term        Capital Gains
Prime Money Market Fund	$450,723	$—	$984,173	$—
U.S. Government Money Market Fund	409,081	—	439,891	—
U.S. Treasury Money Market Fund	75,464	—	111,541	—
Tax-Exempt Money Market Fund	56,186**	—	54,513***	—

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

**  Included in this amount is tax exempt income of $55,562.

***Included in this amount is tax exempt income of $54,513.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:

	Undistributed/	Undistributed	Other	Unrealized	Capital Loss
	(Over Distributed)	Long-Term	Timing	Appreciation	Carryforwards
Fund	Ordinary Income	Capital Gains	Differences	(Depreciation)	and Deferrals
Prime Money Market Fund	$30,474	$—	$(32,670)	$—	$(14,016)
U.S. Government Money Market Fund	34,102	—	(33,234)	—	(28,877)
U.S. Treasury Money Market Fund	2,511	—	(1,309)	—	(35,667)
Tax-Exempt Money Market Fund	5,467	—	(5,476)	—	(72,058)

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

At April 30, 2014, 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:

									Short-Term	Total Capital
	Capital Loss Available Through								Post-Effective	Loss
Fund	2016		2017		2018		2019		No Expiration	Carryforwards
Prime Money Market Fund	$	—	$	—	$	—	$	—	$14,016	$14,016
U.S. Government Money Market Fund		—		—		—		—	28,877	28,877
U.S. Treasury Money Market Fund		—		—		—		—	35,667	35,667
Tax-Exempt Money Market Fund		6,657		63,251		2,115		—	35	72,058

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 34

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 Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. At April 30, 2014, the Funds had no Post-October or Late Year losses to defer.

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

Investment Advisor – Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.

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

Prior to November 26, 2013, WFMC has voluntarily agreed to reduce its advisory fee and/or reimburse each of the Fund’s operating expenses, or certain “class-specific fees and expenses” to prevent each Fund’s (or class thereof, as applicable) current annualized yield from being below 0.01% (1 basis point) annually. Effective November 26, 2013, WFMC has voluntarily agreed to reduce its advisory fee and/or reimburse each of the Fund’s operating expenses, and/or certain class-specific fees and expenses, in an effort to maintain the current yield for each share class of the Funds at or above 0.00%. The fee waiver does not take into consideration acquired fund fees and expenses, taxes or extraordinary items. Any such waiver or expense reimbursement may be modified or discontinued at any time without notice.

Administrative Fee – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. WFMC in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.

Administration	Maximum  Fee		Average Aggregate Daily Net Assets of the Trust
WFMC		0.040%	On the first $5 billion
		0.030%	On the next $2 billion
		0.025%	On the next $3 billion
		0.018%	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

On September 30, 2013, the Board of Trustees voted to change the fee schedule for WFMC. Prior to October 1, 2013, these services were provided for at an aggregate annual fee as specified below.

Administration	Maximum Fee		Average Aggregate Daily Net Assets of the Trust
WFMC		0.033%	On the first $5 billion
		0.020%	On the next $2 billion
		0.016%	On the next $3 billion
		0.015%	On assets in excess of $10 billion

WFMC may voluntarily choose to waive any portion of its fee. WFMC can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2014, WFMC did not waive any administrative personnel and services fee.

Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Administrative Class and Service Class for the sale, distribution, administration, customer servicing and record keeping of these shares.

The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.

For the year ended April 30, 2014, no affiliates of the Advisor received these fees.

ANNUAL REPORT / April 30, 2014

35 NOTES TO FINANCIAL STATEMENTS (continued)

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Administrative Class, Select Class and Service Class to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T, an affiliate of the Advisor, has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the year ended April 30, 2014, M&T received a portion of the fees paid by the following Funds which are listed below:

	Shareholder Services
Fund	Fee
Prime Money Market Fund	$12,393

Other Service Providers – Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer and Principal Financial Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.

BNYM provides custody services to the Trust.

BNY Mellon Investment Servicing (U.S.) Inc. provides fund accounting and 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.

5. LINE OF CREDIT

The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion through March 10, 2014. Effective March 11, 2014, the LOC included a commitment fee of 0.10% per annum on the daily unused portion. The termination date of this LOC is March 9, 2015. The Funds did not utilize the LOC for the year ended April 30, 2014.

6. 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.

April 30, 2014 / ANNUAL REPORT

36

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF

WILMINGTON FUNDS

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund and Wilmington Tax-Exempt Money Market Fund (four of the series constituting the Wilmington Funds) (the “Funds”) as of April 30, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2014, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund and Wilmington Tax-Exempt Money Market Fund at April 30, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

June 28, 2014

ANNUAL REPORT / April 30, 2014

37 BOARD OF TRUSTEES AND TRUST OFFICERS

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 23 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.

INTERESTED TRUSTEES BACKGROUND

Name
Address
Birth date
Position With Trust
Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
R. Samuel Fraundorf, CFA, CPA*           Birth date: 4/64   TRUSTEE   Began serving: March 2012	Principal Occupations: President of WTIA. Other Directorships Held: None. Previous Positions: President of Wilmington Trust Investment Managements (“WTIM”) (8/04 to 1/12); Chief Operating Officer of WTIM (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08).
Robert J. Truesdell*   Birth date: 11/55   TRUSTEE   Began serving: December 2012	Principal Occupations: Group Vice President and Senior Investment Advisor for Wilmington Trust Wealth Advisory Services, M&T Bank. Other Directorships Held: None. Previous Positions: Bond Department Manager, M&T Bank (2/88 to 7/12); Group Vice President, Managing Director and Chief Investment Officer, WTIA (6/02 to 6/12) and WFMC (3/12 to 6/12).

* R. Samuel Fraundorf is “interested” due to positions he holds with WTIA. Robert J. Truesdell is “interested” due to the positions he currently holds with Wilmington Trust Wealth Advisory Services, M&T Bank, the parent of the Funds’ Advisor, and previous positions held with WTIA and WFMC.

April 30, 2014 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 38

INDEPENDENT TRUSTEES BACKGROUND

Name   Birth date   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Joseph J. Castiglia   Birth date: 7/34   CHAIRMAN AND TRUSTEE   Began serving: February 1988	Principal Occupations: Private Investor, Consultant and Community Volunteer. Other Directorships Held: Chairman (3/06 to 3/08), Trustee (3/04 to present) and Treasurer (3/10 to 3/12), Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 1/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman (5/12 to present), Director (1/08 to present), Read to Succeed Buffalo (1/08 to present); Director, Catholic Medical Partners (7/12 to present); Director, Roycroft Campus Corporation (8/12 to present). Previous Positions: President, Chief Executive Officer, Vice President, Treasurer, Controller and Vice Chairman, Pratt & Lambert United (manufacturing of paints, coatings and adhesives) (12/67 to 1/96); Chairman and Director, Catholic Health Systems of Western New York (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (health insurance provider) (5/92 to 5/07); Lead Director and Director, Energy East (gas and electric utility); Chairman and Director, Federal Reserve Bank of New York, Buffalo Branch.
Robert H. Arnold   Birth date: 3/44   TRUSTEE   Began serving: March 2012	Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present). Other Directorships Held: First Potomac Realty Trust (real estate investment trust).
William H. Cowie, Jr.   Birth date: 1/31   TRUSTEE   Began serving: September 2003	Principal Occupations: Retired. Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present). Previous Positions: CFO, Pencor Inc. (environmental project development); Vice Chairman of Signet Banking Corp.
John S. Cramer   Birth date: 2/42   TRUSTEE   Began serving: December 2000	Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present). Other Directorships Held: Director, Chairman of the Executive Committee and Chairman of the Compensation Committee of Chek-Med Corporation (6/03 to present). Previous Positions: President and Chief Executive Officer Emeriti, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania).
Daniel R. Gernatt, Jr.   Birth date: 7/40   TRUSTEE   Began serving: February 1988	Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present). Other Directorships Held: Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation.

ANNUAL REPORT / April 30, 2014 (unaudited)

39 BOARD OF TRUSTEES AND TRUST OFFICERS

Name   Birth date   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano   Birth date: 3/43   TRUSTEE   Began serving: March 2012	Principal Occupations: Consultant, financial services organizations (1997 to present). Other Directorships Held: Kalmar Pooled Investment Trust; The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (industrial furnaces and ovens). Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Richard B. Seidel   Birth date: 4/41   TRUSTEE   Began serving: September 2003	Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (1/96 to present); Chairman and Director, Girard Capital (broker-dealer) (1/10 to present). Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).

OFFICERS

Name   Address   Birth year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Samuel Guerrieri   Birth year: 1965   PRESIDENT   Began serving: December 2012	Principal Occupations: President and Chief Executive Officer, M&T Securities, Senior Vice President, M&T Bank.
Michael D. Daniels   Birth year: 1967   CHIEF OPERATING OFFICER   Began serving: June 2007	Principal Occupations: Chief Operating Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc., Administrative Vice President, M&T Bank. Previous Positions: Senior Vice President, MSD&T and MCA (2006 to 2007); Vice President, Calamos Asset Management (2004 to 2006); Vice President, JP Morgan Chase Bank (2002 to 2004).
Jeffrey M. Seling   Birth year: 1970   ASSISTANT TREASURER   Began serving: June 2013   VICE PRESIDENT   Began serving: June 2007	Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc; Assistant Treasurer, Wilmington Funds. Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank.
John C. McDonnell   Birth year: 1966   VICE PRESIDENT AND ASSISTANT TREASURER   Began serving: June 2013	Principal Occupations: Vice President, Wilmington Funds Management Corporation (2005 to Present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012); Audit Senior, Deloitte LLP (2004 to 2005); Assistant Vice President, 1838 Investment Advisors, LP (1999 to 2004).

April 30, 2014 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 40

Name   Address   Birth year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Hope L. Brown   Birth year: 1973   CHIEF COMPLIANCE OFFICER, AML   COMPLIANCE OFFICER AND ASSISTANT   SECRETARY   Began serving: December 2012	Principal Occupations: Vice President, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds. Previous Positions: Assistant Vice President, Lead Manager, Risk Management and Divisional Compliance for T. Rowe Price (2005 to 2010); Senior Compliance Officer, Manager of Compliance for RE Investment, Inc., RE Advisers, Inc. and the Homestead Funds (2001 to 2005).
Eric B. Paul   Birth year: 1974   VICE PRESIDENT   Began serving: June 2008	Principal Occupations: Administrative Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008.
Ralph V. Partlow, III   25 South Charles Street, 22nd floor   Baltimore, MD 21201   Birth year: 1957   VICE PRESIDENT   Began serving: June 2010	Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003).
Christopher W. Roleke   10 High Street, Suite 302   Boston, MA 02110   Birth year: 1972   CHIEF FINANCIAL OFFICER AND TREASURER   Began serving: July 2013	Principal Occupation: Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present). Previous Positions: Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
Lisa R. Grosswirth   101 Barclay Street, 13E   New York, NY 10286   Birth year: 1963   SECRETARY   Began serving: September 2007	Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present). Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).
Richard J. Berthy   Three Canal Plaza, Suite 100   Portland, ME 04101   Birth year: 1958   CHIEF EXECUTIVE OFFICER   Began serving: September 2007	Principal Occupation: Chief Executive Officer, Foreside Financial Group, LLC (7/12 to present). Previous Positions: President, Foreside Financial Group, LLC (5/08 to 7/12); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (6/03 to 6/06); Vice President, Bainbridge Capital Management (8/02 to 5/04).

ANNUAL REPORT / April 30, 2014 (unaudited)

41

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

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

Electronic Delivery

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

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

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

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

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

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

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

Householding

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

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

April 30, 2014 / ANNUAL REPORT

42

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

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

Information The Funds Collect:

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

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

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

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

Information Sharing Policy

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

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

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

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

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

Information Security:

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

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

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

Employee Access to Information:

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

Visiting The Funds’ Website:

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

ANNUAL REPORT / April 30, 2014

43

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

•  Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website.

•  We may also collect non-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party.

E-mail:

If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.

Surveys/Aggregate Data:

Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

Notice will be provided to you in advance of any changes that would affect your rights under this policy statement.

April 30, 2014 / ANNUAL REPORT

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Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”)

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

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

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

Wilmington Municipal Bond Fund (“Municipal Bond Fund”)

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

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

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	26
Portfolios of Investments	28
Notes to Portfolios of Investments	64
Statements of Assets and Liabilities	66
Statements of Operations	68
Statements of Changes in Net Assets	70
Financial Highlights	76
Notes to Financial Statements	83
Report of Independent Registered Public Accounting Firm	92
Board of Trustees and Trust Officers	93

[This Page Intentionally Left Blank]

i

Dear Investor:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2013 through April 30, 2014. Inside, you will find a discussion of the factors impacting each fund’s performance during the reporting period, as well as a complete listing of each fund’s holdings and financial statements.

The Economy and Financial Markets in Review

Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets over the 12-month reporting period.

The Economy

Compared to other animals, humans have an unparalleled ability to see what we wish to see. The tendency to interpret facts to suit our opinions is magnified in the financial arena. Most of the time economic data provides plenty of fodder for both bulls and bears.

We see enough positive news to argue that good times are about to roll …

• Despite weather-driven speed bumps in January and February, U.S. nonfarm payrolls expanded by 2.37 million jobs in the year ended April 2014 – the strongest gain since the period ended April 2006. April 2014 hiring came in unexpectedly robust, with job growth of 288,000, the highest since January 2012. Payrolls rose an average of 202,000 per month over the last six months, and by the end of April 2014, had recovered to within 113,000 jobs of the all-time high set in January 2008.

• Inflation remains under control. The Consumer Price Index for April 2014 was up 2.0% from a year earlier – the biggest year-over-year increase since July 2013 but below the 20-year average of 2.4%. Meanwhile, core CPI – excluding the volatile food and energy categories – was up 1.8% in April 2014, only slightly above the reading in previous months and also lower than the long-run average of 2.2%.

• While retail sales came in below expectations in April 2014, strong February and March numbers suggest consumers have come out of hibernation. Job growth and the “wealth effect” from stock returns have set the stage for spending growth.

… and sufficient worrisome news to justify caution.

• New-home sales have plummeted so far this year, while sales of existing homes have trended lower since last summer, even taking into account seasonal adjustments. Lenders have become more accommodating, yet credit remains fairly tight, as does the supply of homes.

• Two popular measures of consumer confidence, indices maintained by the Conference Boardⁱ and the University of Michiganⁱⁱ, have diverged somewhat in recent months. However, both indices report confidence fairly close to levels seen last summer despite improvements in the labor market, excellent stock returns, and an expanding economy. The early-May reading of the University of Michigan surveyⁱⁱ saw a 2.7% decline from April 2014 levels, while the consensus projected a 3.3% increase. One number does not a trend make, but the University of Michigan data can only be called disappointing.

ⁱhttp://www.conference-board.org/

ⁱⁱhttp://www.sca.isr.umich.edu/

Many of the recent problems stem directly from the harsh winter weather we have endured which pushed first quarter GDP down by 1%. We expect that a rebound from this will take place in the second quarter which should be followed by a resumption of modest growth rates in the 2.5 to 3.0% range. Given this outlook, we expect to see stocks outperform bonds but fears of a major rise in interest rates are also probably overblown.

The Bond Markets

In the year ended April 30, the Barclays U.S. Aggregate Bond Index¹ delivered a -0.26% return, with the majority of the bond market performing at a lackluster level. Blame Treasuries for the Aggregate Bond Index’s negative return, as the Barclays U.S. Treasury Bond Index² returned -1.59% for the year ended April. In contrast, Barclays indices for mortgage-backed, corporate, and municipal bonds all managed positive returns, albeit below 0.60%.

While the statements above are unequivocally accurate, investors who stop at the raw numbers will miss a big part of the picture – bond investors suffered their pain in 2013; so far, 2014 has proven friendlier.

PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)

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The 10-year Treasury bond yielded 1.70% at the end of April 2013 and ended the year at 3.04%. By the end of April 2014, the T-bond yield had fallen to 2.67%, and as of May 28th it yielded 2.44%. Corporate bonds have traced similar, if less steep, paths. These yields reflect a solid recovery this year, which in turn tells us that the Federal Reserve’s tapering of bond purchases hasn’t had the deleterious effect some pundits projected.

On April 30, the Federal Reserve (the “Fed”) Open Market Committee reduced its monthly bond purchases another $10 billion to $45 billion, down from $85 billion for most of last year. At this pace, the Fed may stop buying bonds before the end of 2014. While new Fed Chair Janet Yellen shocked the market in March when she said the Fed could start raising interest rates just six months after the end of quantitative easing³, subsequent statements suggest the central bank hasn’t set a hard target.

In recent months, the Fed has signaled expectations roughly in line with the consensus, which suggests the federal funds rate won’t rise until the second half of 2015. “Doves” continue to call the shots at the Fed, and it’s tough to predict how markets would react if the bankers changed their tone.

For the 12-month reporting period May 1, 2013 through April 30, 2014, certain Barclays indices performed as follows⁴:

Barclays     U.S. Aggregate     Bond Index		Barclays     U.S. Treasury     Bond Index		Barclays U.S. Mortgage-     Backed Securities     Index5		Barclays U.S. Credit     Bond  Index6		Barclays   Municipal Bond   Index7
	-0.26%		-1.59%		0.59%		0.41%		0.50%

The Stock Markets

Few investors who owned a diversified stock portfolio at the start of last May and held it through the end of April 2014 should complain. The S&P 500 Index⁸ of large-cap stocks returned 20.44% during that 12-month period. Most segments of the U.S. stock market shared in the wealth, with the small-cap Russell 2000 Index⁹ returning 20.50%.

Among large-cap stocks, growth slightly outperformed value. Smaller stocks showed more of a growth bias (Russell 2000 Growth Index¹⁰ up 21.46% versus 19.61% for the Russell 2000 Value Index¹¹). But when your lagging group manages an annual return of more than 19%, you’ve enjoyed a good year.

Even foreign stocks provided investors with solid gains – at least in developed markets. The MSCI All Country World ex-US Index¹² returned 9.76% over the last year, while the MSCI EAFE (Europe, Australasia, Far East) Index¹³ of large-cap and midcap stocks from developed markets returned 13.35%. However, the MSCI Emerging Markets Index¹⁴ delivered a -1.84% return.

Most of the stock gains racked up in the 12 months ended April 2014 came during the last eight months of 2013. The S&P 500 managed to set eight new all-time closing highs during the first four months of 2014, yet exited April up less than 3% from its level at the end of 2013. The sluggishness during this period has probably contributed to weakness in both consumer and investor sentiment.

The American Association of Individual Investors Sentiment Survey for the week ending May 21st, 2014, found 43% of investors neutral on the stock market, well above the long-run average of 31%. While bullishness has risen and bearishness fallen in recent weeks, percentages for both extremes remain below typical levels. The unusually large number of “neutrals” bespeaks a lack of confidence in the market, feelings not unexpected given lackluster year-to-date returns.

With the U.S. stock market looking for leadership, investors should keep an eye out for groups making strong moves. A large pack of investors uncertain about the market’s direction can quickly transform into a stampede – in any direction.

For the 12-month reporting period May 1, 2013 through April 30, 2014, certain stock market indices performed as follows:

S&P 500       Index		Dow Jones     Industrial Average15		NASDAQ     Composite Index16		MSCI All Country     World ex-US (Net)      Index
	20.44%		14.44%		25.20%		9.76%

April 30, 2014 (unaudited) / PRESIDENT’S MESSAGE

iii

The Trust, with assets of $12.5 billion as of April 30, 2014, gives investors access to every major asset class and sector. Whether you are looking to pay for a comfortable retirement, fund a child’s higher education, pursue tax-free income¹⁷, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds may provide you with the diversification, flexibility, and professional management you need.¹⁸

Sincerely,

Sam Guerrieri

President

May 28, 2014

For more complete information, please download the Funds’ 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 Funds’ prospectus, which you should read carefully before investing.

Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.

All investments involve risk, including the possible loss of principal. Equity Securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.

High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

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

1. Barclays U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays 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.

2. Barclays 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.

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

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

5. Barclays 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 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 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. 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.

9. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of the Index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure large stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The index is unmanaged and investments cannot be made directly in an index.

10. The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment.

11. The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment.

12. 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. The index is unmanaged and investments cannot be made directly in an index.

PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)

iv

13. 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. The index is unmanaged and investments cannot be made directly in an index.

14. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and investments cannot be made directly in an index.

15. 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.

16. 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.

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

April 30, 2014 (unaudited) / PRESIDENT’S MESSAGE

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WILMINGTON BROAD MARKET BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of -0.03%* for Class A Shares and 0.16%* for Class I Shares, versus its benchmark, the Barclays Capital U.S. Aggregate Bond Index**, which had a total return of -0.26%, and its peer group, the Lipper Corporate A-Rated Debt Funds Average***, which had a total return of -0.26%.

The bond market suffered its worst year since 1994 as interest rates rose, the economy continued to recover and the Federal Reserve (the “Fed”) began to taper its quantitative easing program. The corporate bond market continued to be a bright spot as investors sought higher yielding securities to lessen the pain of higher interest rates. For 2013, the corporate bond market posted its 4th best year as measured by excess return over U.S. Treasuries.

Economic growth for the 12-month period ended March 31, 2014 was an unremarkable 2.3% as measured by the GDP (gross domestic product). The 1^st quarter of 2014 growth rate was 0.1%, which suffered harshly from the cold weather’s negative impact on the economy. Expectations are that economic growth will pick up for the remainder of 2014 as the weather improves. The labor market continued to heal from the financial crisis. For the past fiscal year ended April 30, 2014, the unemployment rate fell from 7.5% to 6.3%, the lowest level since the beginning of the financial crisis in 2008. The economy produced approximately 200,000 jobs per month, which was a slight improvement from the prior year. While housing prices continued to move higher, new home sales slowed as higher mortgage rates and higher prices caused housing affordability to decline. Auto sales were the strongest since 2007 as consumer confidence continued to increase.

Inflation remained below the Fed’s speed limit of 2%; the core consumer price index is up 1.8% for the past year. Wage growth also remains anemic, increasing at only a 2% annualized rate over the past year as there are more workers than jobs to go around.

The Fed was the catalyst for higher interest rates as former Fed chairman Ben Bernanke announced in May of 2013 that the Fed could begin tapering its asset purchase program in the fall of 2013. The Fed’s Open Market Committee (FOMC) statement from their June meeting acknowledged that “the downside risks to the outlook for the economy and labor market as having diminished.” The Fed began to taper its purchases in December 2013 and has continued to reduce its purchases at each subsequent meeting. Currently, the Fed is purchasing $45 billion of securities per month, down from a peak of $85 billion per month. For the fiscal year ended April 30, 2014, intermediate interest rates are approximately one percent higher than where they started the fiscal year. The 10-Year U.S. Treasury yield at April 30 was 2.67%. The 2-Year U.S. Treasury yield rose only 0.2% during the same period to a yield of 0.42%. The short end of the yield curve remains anchored by the Fed’s commitment to maintain a highly accommodative monetary policy and a low Federal Funds rate, for some time after the Fed completes its asset purchase program.

The corporate bond market continued to benefit as investors sought higher yields. The average risk premium, as measured by the Barclays U.S. Corporate Bond Index declined by 34 basis points to 101 basis

points for the average investment grade bond over the past fiscal year. For the 2nd consecutive year, the market absorbed record issuance. In September 2013, Verizon issued a record $49 billion of bonds to finance its purchase of the portion of Verizon Wireless that it did not already own from Vodafone. The prior record corporate bond issuance came from Apple and totaled only $17 billion.

Looking forward, we expect economic growth to pick up from the weather induced slowdown of the quarter ended March 31, 2014. We also expect inflation to remain benign and the Fed to continue to taper its asset purchase program and conclude its purchases by December 2014. With respect to interest rates, we do expect them to move higher in anticipation of the Fed raising short-term interest rates in either 2015 or in 2016.

The Fund’s outperformance can be attributed to the decision to remain overweight with respect to the corporate sector of the bond market. One of the Fund’s guiding philosophies is to construct a portfolio with a higher yield than the benchmark. By having a larger allocation to the higher yielding corporate sector, the Fund was able to achieve this goal. The Fund also maintained an underweight allocation to the mortgage backed sector given that the Fed was reducing their purchases of these securities under their quantitative easing policy. The significance of the Fed buying less is that private investors must replace the Fed’s buying and we expect these investors to require a higher yield than the Fed. Over the past year, the corporate sector provided more excess returns than the mortgage backed sector. Thus, the decision to overweight the corporate sector while underweighting the mortgage sector aided performance.

Although the Fund maintained a slightly shorter average maturity for the portfolio versus the benchmark as interest rates rose last year, this strategy provided only minimal benefits. We did not want to be much shorter than the benchmark’s duration given the yield advantage provided by the steepness of the yield curve.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.53%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

April 30, 2014 (unaudited) / ANNUAL REPORT

2

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

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

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

GDP (gross domestic product) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

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

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

The Barclays U.S. Corporate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements.

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

ANNUAL REPORT / April 30, 2014 (unaudited)

3

WILMINGTON BROAD MARKET BOND FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Broad Market Bond Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”).²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-4.53%
5 Years	4.95%
10 Years	3.85%

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

Annual Operating Expense Ratio

Before Waivers	1.17%
After Waivers	1.00%

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

4

WILMINGTON BROAD MARKET BOND FUND – CLASS I

The graph below illustrates the hypothetical investment of $1,000,000^1.2 in the Wilmington Broad Market Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital Aggregate Bond Index (“BCAB”).²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	0.16%
5 Years	6.25%
10 Years	4.60%

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

Annual Operating Expense Ratio

Before Waivers	0.92%
After Waivers	0.65%

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

5

WILMINGTON INTERMEDIATE-TERM BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Intermediate-Term Bond Fund (the “Fund”) had a total return of -0.40%* for Class A Shares, and -0.09%* for Class I Shares, versus its benchmark, the Barclays Capital Intermediate U.S. Government/Credit Bond Index**, which had a total return of -0.24% and its peer group, the Lipper Short-Intermediate Investment Grade Debt Funds Average***, which had a total return of 0.24%.

The bond market suffered its worst year since 1994 as interest rates rose, the economy continued to recover and the Federal Reserve (the “Fed”) began to taper its quantitative easing program. The corporate bond market continued to be a bright spot as investors sought higher yielding securities to lessen the pain of higher interest rates. For 2013, the corporate bond market posted its 4th best year as measured by excess return over U.S. Treasuries.

Economic growth for the 12-month period ended March 31, 2014 was an unremarkable 2.3% as measured by the GDP (gross domestic product). The 1st quarter of 2014 growth rate was 0.1%, which suffered harshly from the cold weather’s negative impact on the economy. Expectations are that economic growth will pick up for the remainder of 2014 as the weather improves. The labor market continued to heal from the financial crisis. For the past fiscal year ended April 30, 2014, the unemployment rate fell from 7.5% to 6.3%, the lowest level since the beginning of the financial crisis in 2008. The economy produced approximately 200,000 jobs per month, which was a slight improvement from the prior year. While housing prices continued to move higher, new home sales slowed as higher mortgage rates and higher prices caused housing affordability to decline. Auto sales were the strongest since 2007 as consumer confidence continued to increase.

Inflation remained below the Fed’s speed limit of 2%; the core consumer price index is up 1.8% for the past year. Wage growth also remains anemic, increasing at only a 2% annualized rate over the past year as there are more workers than jobs to go around.

The Fed was the catalyst for higher interest rates as former Fed chairman Ben Bernanke announced in May of 2013 that the Fed could begin tapering its asset purchase program in the fall of 2013. The Fed’s Open Market Committee (FOMC) statement from their June meeting acknowledged that “the downside risks to the outlook for the economy and labor market as having diminished.” The Fed began to taper its purchases in December 2013 and has continued to reduce its purchases at each subsequent meeting. Currently, the Fed is purchasing $45 billion of securities per month, down from a peak of $85 billion per month. For the fiscal year ended April 30, 2014, intermediate interest rates are approximately one percent higher than where they started the fiscal year. The 10-Year U.S. Treasury yield at April 30 was 2.67%. The 2-Year U.S. Treasury yield rose only 0.2% during the same period to a yield of 0.42%. The short end of the yield curve remains anchored by the Fed’s commitment to maintain a highly accommodative monetary policy and a low Federal Funds rate, for some time after the Fed completes its asset purchase program.

The corporate bond market continued to benefit as investors sought higher yields. The average risk premium, as measured by the Barclays

U.S. Corporate Bond Index declined by 34 basis points to 101 basis points for the average investment grade bond over the past fiscal year. For the 2nd consecutive year, the market absorbed record issuance. In September 2013, Verizon issued a record $49 billion of bonds to finance its purchase of the portion of Verizon Wireless that it did not already own from Vodafone. The prior record corporate bond issuance came from Apple and totaled only $17 billion.

Looking forward, we expect economic growth to pick up from the weather induced slowdown of the quarter ended March 31, 2014. We also expect inflation to remain benign and the Fed to continue to taper its asset purchase program and conclude its purchases by December 2014. With respect to interest rates, we do expect them to move higher in anticipation of the Fed raising short-term interest rates in either 2015 or in 2016.

The outperformance of the Fund relative to the benchmark can primarily be attributed to the Fund’s overweight position in corporate bonds. Throughout the fiscal year, the Fund maintained a higher allocation to credit than the benchmark index. Excess returns for the Barclays U.S. Credit Index were a strong 1.19% over the fiscal year. Excess returns for credit were driven by the 5-10 year segment of the yield curve, significantly outperforming the 1-5 year segment. This was a modest drag on the Fund’s performance given the overweight to credit was heaviest in the 1-5 year part of the yield curve.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.89%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

6

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

GDP (gross domestic product) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

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

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

The Barclays U.S. Corporate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements.

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

The Barclays U.S. Credit Index comprises the U.S. Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities. The U.S. Credit Index was called the U.S. Corporate Investment Grade Index until July 2000, when it was renamed to reflect its inclusion of both corporate and non-corporate issuers.

ANNUAL REPORT / April 30, 2014 (unaudited)

7

WILMINGTON INTERMEDIATE-TERM BOND FUND – Class A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Intermediate-Term Bond Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”).²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-4.89%
5 Years	3.85%
10 Years	3.95%

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

Annual Operating Expense Ratio

Before Waivers	1.14%
After Waivers	0.95%

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

8

WILMINGTON INTERMEDIATE-TERM BOND FUND – Class I

The graph below illustrates the hypothetical investment of $1,000,000^1.2 in the Wilmington Intermediate-Term Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”).²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-0.09%
5 Years	5.12%
10 Years	4.66%

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

Annual Operating Expense Ratio

Before Waivers	0.89%
After Waivers	0.60%

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

9

WILMINGTON SHORT-TERM CORPORATE BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Short-Term Corporate Bond Fund (the “Fund”) had a total return of 0.68%* for Class A Shares and 0.90%* for Class I Shares, versus its benchmark, the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index**, which had a total return of 0.69%, and its peer group, the Lipper Short Investment Grade Debt Funds Average***, which had a total return of 0.58%.

The bond market suffered its worst year since 1994 as interest rates rose, the economy continued to recover and the Federal Reserve (the “Fed”) began to taper its quantitative easing program. The corporate bond market continued to be a bright spot as investors sought higher yielding securities to lessen the pain of higher interest rates. For 2013, the corporate bond market posted its 4th best year as measured by excess return over U.S. Treasuries.

Economic growth for the 12-month period ended March 31, 2014 was an unremarkable 2.3% as measured by the GDP (gross domestic product). The 1st quarter of 2014 growth rate was 0.1%, which suffered harshly from the cold weather’s negative impact on the economy. Expectations are that economic growth will pick up for the remainder of 2014 as the weather improves. The labor market continued to heal from the financial crisis. For the past fiscal year ended April 30, 2014, the unemployment rate fell from 7.5% to 6.3%, the lowest level since the beginning of the financial crisis in 2008. The economy produced approximately 200,000 jobs per month, which was a slight improvement from the prior year. While housing prices continued to move higher, new home sales slowed as higher mortgage rates and higher prices caused housing affordability to decline. Auto sales were the strongest since 2007 as consumer confidence continued to increase.

Inflation remained below the Fed’s speed limit of 2%; the core consumer price index is up 1.8% for the past year. Wage growth also remains anemic, increasing at only a 2% annualized rate over the past year as there are more workers than jobs to go around.

The Fed was the catalyst for higher interest rates as former Fed chairman Ben Bernanke announced in May of 2013 that the Fed could begin tapering its asset purchase program in the fall of 2013. The Fed’s Open Market Committee (FOMC) statement from their June meeting acknowledged that “the downside risks to the outlook for the economy and labor market as having diminished.” The Fed began to taper its purchases in December 2013 and has continued to reduce its purchases at each subsequent meeting. Currently, the Fed is purchasing $45 billion of securities per month, down from a peak of $85 billion per month. For the fiscal year ended April 30, 2014, intermediate interest rates are approximately one percent higher than where they started the fiscal year. The 10-Year U.S. Treasury yield at April 30 was 2.67%. The 2-Year U.S. Treasury yield rose only 0.2% during the same period to a yield of 0.42%. The short end of the yield curve remains anchored by the Fed’s commitment to maintain a highly accommodative monetary policy and a low Federal Funds rate, for some time after the Fed completes its asset purchase program.

The corporate bond market continued to benefit as investors sought higher yields. The average risk premium, as measured by the Barclays

U.S. Corporate Bond Index declined by 34 basis points to 101 basis points for the average investment grade bond over the past fiscal year. For the 2nd consecutive year, the market absorbed record issuance. In September 2013, Verizon issued a record $49 billion of bonds to finance its purchase of the portion of Verizon Wireless that it did not already own from Vodafone. The prior record corporate bond issuance came from Apple and totaled only $17 billion.

Looking forward, we expect economic growth to pick up from the weather induced slowdown of the quarter ended March 31, 2014. We also expect inflation to remain benign and the Fed to continue to taper its asset purchase program and conclude its purchases by December 2014. With respect to interest rates, we do expect them to move higher in anticipation of the Fed raising short-term interest rates in either 2015 or in 2016.

Over the course of the last year, the Fund continued to overweight higher yielding sectors of the investment grade corporate bond universe as the global search for yield continued unabated. The Fund maintained a high allocation to the finance sector versus the industrial and utility sectors relative to the Fund’s benchmark. This overweight was initiated given our expectation that the finance sector would revert to trading more expensively than its industrial counterpart; a trend that we viewed temporarily broken after the financial crisis. The Fund’s overweight in the finance sector was expressed by allocations to regional banks, insurance companies, and Real Estate Investment Trusts (REITs). Towards the end of the fiscal year, the Fund began to overweight bonds with maturities greater than three years as well as overweight investment grade floating rate notes (FRNs), anticipating a flatter yield curve. Concurrently, the Fund began to underweight the two years portion of the yield curve. This activity resulted in a “barbelled” portfolio structure. The Fund’s overweight in higher yielding corporates as well as the “barbelled” portfolio structure added to its outperformance. Over the course of the year, the Fund maintained a duration posture that was slightly shorter versus the benchmark index, as we anticipated a higher interest rate environment. Going forward, we expect a higher interest rate environment as well as a flatter yield curve. Therefore, we expect to continue to increase our allocation to FRNs, as well as to position the Fund’s portfolio in such a way as to benefit from a flatter yield curve.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -1.04%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

April 30, 2014 (unaudited) / ANNUAL REPORT

10

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

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

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

GDP (gross domestic product) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

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

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

The Barclays U.S. Corporate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements.

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

ANNUAL REPORT / April 30, 2014 (unaudited)

11

WILMINGTON SHORT-TERM

CORPORATE BOND FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Short-Term Corporate Bond Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BC1-3GCB”).²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-1.04%
5 Years	1.99%
10 Years	2.66%

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

Annual Operating Expense Ratio

Before Waivers	1.21%
After Waivers	0.86%

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

12

WILMINGTON SHORT-TERM CORPORATE BOND FUND – CLASS I

The graph below illustrates the hypothetical investment of $1,000,000^1.2 in the Wilmington Short-Term Corporate Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BC1-3GCB”).²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	0.90%
5 Years	2.59%
10 Years	3.05%

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

Annual Operating Expense Ratio

Before Waivers	0.96%
After Waivers	0.61%

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

13

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Short Duration Government Bond Fund (the “Fund”) had a total return of -0.47%* for Class A Shares, and -0.21%* for Class I Shares, versus its benchmark, the Barclays Capital 1-3 Year U.S. Government Bond Index**, which had a total return of 0.43%, and its peer group, the Lipper Short U.S. Government Bond Funds Average***, which had a total return of -0.18%.

The bond market suffered its worst year since 1994 as interest rates rose, the economy continued to recover and the Federal Reserve (the “Fed”) began to taper its quantitative easing program. The corporate bond market continued to be a bright spot as investors sought higher yielding securities to lessen the pain of higher interest rates. For 2013, the corporate bond market posted its 4th best year as measured by excess return over U.S. Treasuries.

Economic growth for the 12-month period ended March 31, 2014 was an unremarkable 2.3% as measured by the GDP (gross domestic product). The 1st quarter of 2014 growth rate was 0.1%, which suffered harshly from the cold weather’s negative impact on the economy. Expectations are that economic growth will pick up for the remainder of 2014 as the weather improves. The labor market continued to heal from the financial crisis. For the past fiscal year ended April 30, 2014, the unemployment rate fell from 7.5% to 6.3%, the lowest level since the beginning of the financial crisis in 2008. The economy produced approximately 200,000 jobs per month, which was a slight improvement from the prior year. While housing prices continued to move higher, new home sales slowed as higher mortgage rates and higher prices caused housing affordability to decline. Auto sales were the strongest since 2007 as consumer confidence continued to increase.

Inflation remained below the Fed’s speed limit of 2%; the core consumer price index is up 1.8% for the past year. Wage growth also remains anemic, increasing at only a 2% annualized rate over the past year as there are more workers than jobs to go around.

The Fed was the catalyst for higher interest rates as former Fed chairman Ben Bernanke announced in May of 2013 that the Fed could begin tapering its asset purchase program in the fall of 2013. The Fed’s Open Market Committee (FOMC) statement from their June meeting acknowledged that “the downside risks to the outlook for the economy and labor market as having diminished.” The Fed began to taper its purchases in December 2013 and has continued to reduce its purchases at each subsequent meeting. Currently, the Fed is purchasing $45 billion of securities per month, down from a peak of $85 billion per month. For the fiscal year ended April 30, 2014, intermediate interest rates are approximately one percent higher than where they started the fiscal year. The 10-Year U.S. Treasury yield at April 30 was 2.67%. The 2-Year U.S. Treasury yield rose only 0.2% during the same period to a yield of 0.42%. The short end of the yield curve remains anchored by the Fed’s commitment to maintain a highly accommodative monetary policy and a low Federal Funds rate, for some time after the Fed completes its asset purchase program.

The corporate bond market continued to benefit as investors sought higher yields. The average risk premium, as measured by the Barclays

U.S. Corporate Bond Index declined by 34 basis points to 101 basis points for the average investment grade bond over the past fiscal year. For the 2nd consecutive year, the market absorbed record issuance. In September 2013, Verizon issued a record $49 billion of bonds to finance its purchase of the portion of Verizon Wireless that it did not already own from Vodafone. The prior record corporate bond issuance came from Apple and totaled only $17 billion.

Looking forward, we expect economic growth to pick up from the weather induced slowdown of the quarter ended March 31, 2014. We also expect inflation to remain benign and the Fed to continue to taper its asset purchase program and conclude its purchases by December 2014. With respect to interest rates, we do expect them to move higher in anticipation of the Fed raising short-term interest rates in either 2015 or in 2016.

The Fund’s underperformance over the past fiscal year can be attributed to the decision to maintain an allocation to the higher yielding 3 - 5 year portion of the yield curve. As interest rates rose last year, these securities underperformed shorter maturity securities. Offsetting some of this underperformance was the Fund’s allocation to the higher yielding mortgage backed sector which provided excess return even with the Fed reducing its purchases under its quantitative easing program. The Fund also maintained a shorter duration strategy which aided performance slightly as interest rates rose last year.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -2.18%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

14

GDP (gross domestic product) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

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

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

The Barclays U.S. Corporate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements.

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

ANNUAL REPORT / April 30, 2014 (unaudited)

15

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Short Duration Government Bond Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital 1-3 Year U.S. Government Bond Index (“BC1-3GB”).²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-2.18%
5 Years	1.03%
10 Years	2.36%

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

Annual Operating Expense Ratio

Before Waivers	1.19%
After Waivers	0.89%

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

16

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND – CLASS I

The graph below illustrates the hypothetical investment of $1,000,000^1.2 in the Wilmington Short Duration Government Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital 1-3 Year U.S. Government Bond Index (“BC1-3GB”).²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-0.21%
5 Years	1.63%
10 Years	2.77%

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

Annual Operating Expense Ratio

Before Waivers	0.94%
After Waivers	0.64%

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

17

WILMINGTON MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Municipal Bond Fund (the “Fund”) had a total return of 0.37%* for Class A Shares and 0.55%* for Class I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 0.97%, and its peer group, the Lipper Intermediate Municipal Debt Funds Average***, which had a total return of -0.15%.

In 2013, municipal bond performance varied depending on investors’ position on the yield curve and portfolios’ geographic exposure. On the whole, municipals delivered at best tepid performance. Going into calendar year-end, investors seemed to be recovering from a dismal summer.

The first two months of 2014 produced remarkable returns, as the yield on the S&P Municipal Bond Index fell to 2.84% by the end of February from 3.31% at the beginning of the year. The broad index produced total returns of 2.11% and 1.26% in January and February, respectively, with price gains accounting for the bulk of those numbers. In March, the S&P Municipal Bond Index’s yield rose only three basis points (0.03%). Despite the slight rise, the benchmark produced a 0.13% return. In April, yields reestablished their downward march, with the S&P Municipal Bond Index ending the fiscal year at 2.71%. This downward march produced another month of strong performance for the S&P Municipal Bond Index at 1.20% and a 2014 year-to-date total return of 4.78%. Moreover, the robust start to 2014 lifted the index’s trailing 12-month performance into positive territory with a 0.47% return. Our benchmark Intermediate index also delivered unusually strong performance, with a 3.62% 2014 year-to-date return and a 0.97% return over the trailing 12-month period.

A slowdown in new issuance served as support in the early part of 2014, as state and local governments were slow to come to market with new deals. Through the end of March 2014, supply totaled approximately $62 billion, down 26% from the same period in 2013. Noteworthy is the drought in refunding supply, which stands at just under $18 billion versus last year’s $37 billion—a 52% decline. Issuance of bonds for new money dipped just 2% to about $31 billion. With most municipal governments having refinanced their eligible outstanding bonds over the past several years, the collapse in refunding issuance has acted as a support to prices thus far in 2014.

Regarding the performance of the S&P municipal indices, we have a brief comment on Puerto Rico. While the Commonwealth was a headwind for performance for most of 2013, the picture brightened during the first quarter of 2014. Puerto Rico represents nearly 2% of the S&P Municipal Bond Intermediate Index, and generated a quarterly total return of 4.69% and contributed almost 8 basis points of the index’s 3.62% return. We have stayed out of Puerto Rico in our centrally managed accounts for more than two years, viewing the problems as mostly socioeconomic, with likely long-range negative consequences. We still believe severe difficulties lie ahead for the Commonwealth and won’t try to market-time this segment. In our view, Puerto Rico remains an extremely volatile theater, though this may change in the future. We will continue to monitor the situation.

The Fund underperformed its benchmark, but outperformed its Lipper peer group. While the Fund and peer group performance are net of operating expenses, the benchmark returns reflect gross returns without any expense impact. The Fund’s higher quality positioning provided mixed results. An underweight to “A” rated bonds hurt relative performance, as “A” rated bonds in general outperformed the overall market. However, due to the poor performance of Puerto Rico bonds, “BBB” rated bonds underperformed the market and our significant underweight positively impacted relative performance.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.16%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

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

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

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

Income may be subject to the federal alternative minimum tax.

April 30, 2014 (unaudited) / ANNUAL REPORT

18

WILMINGTON MUNICIPAL BOND FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Municipal Bond Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the S&P Municipal Bond Intermediate Index².

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-4.16%
5 Years	4.04%
Start of Performance (12/19/05)	3.65%

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

Annual Operating Expense Ratio

Before Waivers	1.16%
After Waivers	0.87%

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

19

WILMINGTON MUNICIPAL BOND FUND – CLASS I

The graph below illustrates the hypothetical investment of $1,000,000^1.2 in the Wilmington Municipal Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the S&P Municipal Bond Intermediate Index.²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	0.55%
5 Years	5.25%
10 Years	4.19%

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

Annual Operating Expense Ratio

Before Waivers	0.91%
After Waivers	0.62%

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

20

WILMINGTON MARYLAND MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Maryland Municipal Bond Fund (the “Fund”) had a total return of -0.56%* for Class A Shares and -0.38%* for Class I Shares, versus its primary benchmark, the S&P Municipal Bond Intermediate Index** which had a total return of 0.97%, and its peer group, the Lipper Other States Intermediate Municipal Debt Funds Average***, which had a total return of -0.52%.

In 2013, municipal bond performance varied depending on investors’ position on the yield curve and portfolios’ geographic exposure. On the whole, municipals delivered at best tepid performance. Going into calendar year-end, investors seemed to be recovering from a dismal summer.

The first two months of 2014 produced remarkable returns, as the yield on the S&P Municipal Bond Index fell to 2.84% by the end of February from 3.31% at the beginning of the year. The broad index produced total returns of 2.11% and 1.26% in January and February, respectively, with price gains accounting for the bulk of those numbers. In March, the S&P Municipal Bond Index’s yield rose only three basis points (0.03%). Despite the slight rise, the benchmark produced a 0.13% return. In April, yields reestablished their downward march, with the Index ending the fiscal year at 2.71%. This downward march produced another month of strong performance for the Index at 1.20% and a 2014 year-to-date total return of 4.78%. Moreover, the robust start to 2014 lifted the index’s trailing 12-month performance into positive territory with a 0.47% return. Our benchmark Intermediate index also delivered unusually strong performance, with a 3.62% 2014 YTD return and a 0.97% return over the trailing 12-month period.

A slowdown in new issuance served as support in the early part of 2014, as state and local governments were slow to come to market with new deals. Through the end of March 2014, supply totaled approximately $62 billion, down 26% from the same period in 2013. Noteworthy is the drought in refunding supply, which stands at just under $18 billion versus last year’s $37 billion—a 52% decline. Issuance of bonds for new money dipped just 2% to about $31 billion. With most municipal governments having refinanced their eligible outstanding bonds over the past several years, the collapse in refunding issuance has acted as a support to prices thus far in 2014.

Regarding the performance of the S&P municipal indices, we have a brief comment on Puerto Rico. While the Commonwealth was a headwind for performance for most of 2013, the picture brightened during the first quarter of 2014. Puerto Rico represents nearly 2% of the S&P Municipal Bond Intermediate Index, and generated a quarterly total return of 4.69% and contributed almost 8 basis points of the index’s 3.62% return. We have stayed out of Puerto Rico in our centrally managed accounts for more than two years, viewing the problems as mostly socioeconomic, with likely long-range negative consequences. We still believe severe difficulties lie ahead for the Commonwealth and won’t try to market-time this segment. In our view, Puerto Rico remains an extremely volatile theater, though this may change in the future. We will continue to monitor the situation.

The Fund underperformed its benchmark, but outperformed its Lipper peer group. While the Fund and peer group performance are net of management fees, the benchmark returns reflect gross returns without any fee impact. The Fund’s higher quality positioning provided mixed results. An underweight to “A” rated bonds hurt relative performance, as “A” rated bonds in general outperformed the overall market. However, due to the poor performance of Puerto Rico bonds, “BBB” rated bonds underperformed the market and our significant underweight positively impacted relative performance. In addition, the S&P Municipal Bond Intermediate Index is national in scope and the MD portion of the benchmark index returned 0.61% for the 12-month period, underperforming the overall index.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -5.00%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

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

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

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

Income may be subject to the federal alternative minimum tax.

ANNUAL REPORT / April 30, 2014 (unaudited)

21

WILMINGTON MARYLAND MUNICIPAL BOND FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Maryland Municipal Bond Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the S&P Municipal Bond Intermediate Index.²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-5.00%
5 Years	3.15%
10 Years	2.97%

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

Annual Operating Expense Ratio

Before Waivers	1.20%
After Waivers	0.96%

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

22

WILMINGTON MARYLAND MUNICIPAL BOND FUND – CLASS I

The graph below illustrates the hypothetical investment of $1,000,000^1.2 in the Wilmington Maryland Municipal Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the S&P Municipal Bond Intermediate Index.²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-0.38%
5 Years	4.35%
10 Years	3.63%

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

Annual Operating Expense Ratio

Before Waivers	0.95%
After Waivers	0.68%

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

23

WILMINGTON NEW YORK MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of 0.04%* for Class A Shares and 0.30%* for Class I Shares, versus its primary benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 0.97%, and its peer group, the Lipper New York Intermediate Municipal Debt Funds Average***, which had a total return of -0.49%.

In 2013, municipal bond performance varied depending on investors’ position on the yield curve and portfolios’ geographic exposure. On the whole, municipals delivered at best tepid performance. Going into calendar year-end, investors seemed to be recovering from a dismal summer.

The first two months of 2014 produced remarkable returns, as the yield on the S&P Municipal Bond Index fell to 2.84% by the end of February from 3.31% at the beginning of the year. The broad index produced total returns of 2.11% and 1.26% in January and February, respectively, with price gains accounting for the bulk of those numbers. In March, the S&P Municipal Bond Index’s yield rose only three basis points (0.03%). Despite the slight rise, the benchmark produced a 0.13% return. In April, yields reestablished their downward march, with the Index ending the fiscal year at 2.71%. This downward march produced another month of strong performance for the Index at 1.20% and a 2014 year-to-date total return of 4.78%. Moreover, the robust start to 2014 lifted the Index’s trailing 12-month performance into positive territory with a 0.47% return. Our benchmark intermediate index also delivered unusually strong performance, with a 3.62% 2014 YTD return and a 0.97% return over the trailing 12-month period.

A slowdown in new issuance served as support in the early part of 2014, as state and local governments were slow to come to market with new deals. Through the end of March 2014, supply totaled approximately $62 billion, down 26% from the same period in 2013. Noteworthy is the drought in refunding supply, which stands at just under $18 billion versus last year’s $37 billion—a 52% decline. Issuance of bonds for new money dipped just 2% to about $31 billion. With most municipal governments having refinanced their eligible outstanding bonds over the past several years, the collapse in refunding issuance has acted as a support to prices thus far in 2014.

Regarding the performance of the S&P municipal indices, we have a brief comment on Puerto Rico. While the Commonwealth was a headwind for performance for most of 2013, the picture brightened during the first quarter of 2014. Puerto Rico represents nearly 2% of the S&P Municipal Bond Intermediate Index, and generated a quarterly total return of 4.69% and contributed almost 8 basis points of the index’s 3.62% return. We have stayed out of Puerto Rico in our centrally managed accounts for more than two years, viewing the problems as mostly socioeconomic, with likely long-range negative consequences. We still believe severe difficulties lie ahead for the Commonwealth and won’t try to market-time this segment. In our view, Puerto Rico remains an extremely volatile theater, though this may change in the future. We will continue to monitor the situation.

The Fund underperformed its benchmark, but outperformed its Lipper peer group. While the Fund and peer group performance are net of

management fees, the benchmark returns reflect gross returns without any fee impact. The Fund’s higher quality positioning provided mixed results. An underweight to “A” rated bonds hurt relative performance, as “A” rated bonds in general outperformed the overall market. However, due to the poor performance of Puerto Rico bonds, “BBB” rated bonds underperformed the market and our significant underweight positively impacted relative performance. In addition, the S&P Municipal Bond Intermediate Index is national in scope and the NY portion of the benchmark index returned 1.21% for the 12-month period, outperforming the overall index.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.49%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

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

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

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

Income may be subject to the federal alternative minimum tax.

April 30, 2014 (unaudited) / ANNUAL REPORT

24

WILMINGTON NEW YORK MUNICIPAL BOND FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington New York Municipal Bond Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the S&P Municipal Bond Intermediate Index.²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-4.49%
5 Years	3.11%
10 Years	2.94%

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

Annual Operating Expense Ratio

Before Waivers	1.21%
After Waivers	0.85%

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

25

WILMINGTON NEW YORK MUNICIPAL BOND FUND – CLASS I

The graph below illustrates the hypothetical investment of $1,000,000^1.2 in the Wilmington New York Municipal Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the S&P Municipal Bond Intermediate Index.²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	0.30%
5 Years	4.33%
10 Years	3.61%

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

Annual Operating Expense Ratio

Before Waivers	0.96%
After Waivers	0.60%

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

26

SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2013 to April 30, 2014.

Actual Expenses

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

Hypothetical Example for

Comparison Purposes

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

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

	Beginning  Account Value  11/1/13	Ending  Account Value  4/30/14	Expenses Paid  During Period1	Annualized Net   Expense Ratio2
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A	$1,000.00	$1,019.60	$4.91	0.98%
Class I	$1,000.00	$1,020.40	$3.26	0.65%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,019.93	$4.91	0.98%
Class I	$1,000.00	$1,021.57	$3.26	0.65%
WILMINGTON INTERMEDIATE-TERM BOND FUND
Actual
Class A	$1,000.00	$1,008.40	$4.58	0.92%
Class I	$1,000.00	$1,009.00	$2.99	0.60%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,020.23	$4.61	0.92%
Class I	$1,000.00	$1,021.82	$3.01	0.60%
WILMINGTON SHORT-TERM CORPORATE BOND FUND
Actual
Class A	$1,000.00	$1,006.10	$3.93	0.79%
Class I	$1,000.00	$1,007.00	$3.04	0.61%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,020.88	$3.96	0.79%
Class I	$1,000.00	$1,021.77	$3.06	0.61%

ANNUAL REPORT / April 30, 2014 (unaudited)

27

	Beginning Account Value 11/1/13	Ending Account Value 4/30/14	Expenses Paid During Period1	Annualized Net  Expense Ratio2
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND
Actual
Class A	$1,000.00	$1,000.50	$4.41	0.89%
Class I	$1,000.00	$1,001.80	$3.18	0.64%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,020.38	$4.46	0.89%
Class I	$1,000.00	$1,021.62	$3.21	0.64%
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A	$1,000.00	$1,025.50	$4.32	0.86%
Class I	$1,000.00	$1,026.80	$3.07	0.61%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,020.53	$4.31	0.86%
Class I	$1,000.00	$1,021.77	$3.06	0.61%
WILMINGTON MARYLAND MUNICIPAL BOND FUND
Actual
Class A	$1,000.00	$1,017.90	$4.70	0.94%
Class I	$1,000.00	$1,018.20	$3.35	0.67%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,020.13	$4.71	0.94%
Class I	$1,000.00	$1,021.47	$3.36	0.67%
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A	$1,000.00	$1,021.40	$4.21	0.84%
Class I	$1,000.00	$1,022.60	$2.96	0.59%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,020.63	$4.21	0.84%
Class I	$1,000.00	$1,021.87	$2.96	0.59%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period.

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

April 30, 2014 (unaudited) / ANNUAL REPORT

28

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		50.0%
U.S. Treasury		21.5%
Mortgage-Backed Securities		19.5%
Commercial Paper		5.0%
Collateralized Mortgage Obligations		2.7%
Government Agencies		2.3%
Enhanced Equipment Trust Certificates		0.7%
Asset-Backed Securities		0.6%
Cash Equivalents1		5.6%
Other Assets and Liabilities – Net2		(7.9)%
TOTAL		100.0%

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		0.9%
AA		5.2%
A		13.1%
BBB		32.0%
BB		2.3%
D		0.3%
Not Rated		12.1%
U.S. Government Agency Securities		20.5%
U.S. Treasuries		21.5%
Other Assets and Liabilities – Net2		(7.9)%
TOTAL		100.0%

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

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Par Value		Value
ASSET-BACKED SECURITIES – 0.6%
FINANCIAL SERVICES – 0.5%
LA Arena Funding LLC,
Series 1999-1, Class A, 7.66%, 12/15/26—,W	$	1,005,651	$	1,137,566
WHOLE LOAN – 0.1%
SLM Private Education Loan Trust,
Series 2011-A, Class A1, 1.17%, 10/15/24D,S,—,W		347,188		350,141
TOTAL ASSET-BACKED SECURITIES
(COST $1,352,839)			$	1,487,707
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.7%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 0.6%
Banc of America Commercial Mortgage Trust,
Series 2007-2, Class A2, 5.63%, 4/10/49D,S		102,969		104,803

Description	Par Value		Value
Extended Stay America Trust,
Series 2013-ESH5, Class A15, 1.28%, 12/05/31—,W	$	800,000	$	780,094
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2007-CIBC18, Class A4, 5.44%, 6/12/47		588,000		644,195
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	1,529,092
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.0%
Series 1988-23, Class C, 9.75%, 9/25/18		3,122		3,509
Series 2005-29, Class WC, 4.75%, 4/25/35		59,586		64,967
Series 2012-114, Class VM,
3.50%, 10/25/25		2,431,385		2,516,384
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,584,860
WHOLE LOAN – 1.1%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 2.93%, 2/25/34D,S		267,423		255,415

ANNUAL REPORT / April 30, 2014

29	PORTFOLIOS OF INVESTMENTS
Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.50%, 6/25/19	$	771,307	$	789,612
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.75%, 11/25/35D		751,158		675,742
WaMu Mortgage Pass-Through Certificates, Series 2004-CB1, Class 1A, 5.25%, 6/25/19		993,042		1,027,511
TOTAL WHOLE LOAN			$	2,748,280
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $7,095,586)			$	6,862,232
COMMERCIAL PAPER – 5.0%¿
COMMERCIAL PAPER – 5.0%
Johnson Controls, Inc., 0.18%, 5/01/14		3,000,000		2,999,985
Kroger Co., 0.18%, 5/01/14		2,500,000		2,499,988
Ryder System, Inc., 0.21%, 5/06/14		2,000,000		1,999,930
Sysco Corp., 0.10%, 5/01/14•,W		3,000,000		2,999,992
Weatherford International Ltd., Company Guaranteed, 0.65%, 5/01/14•,W		2,000,000		1,999,964
TOTAL COMMERCIAL PAPER			$	12,499,859
TOTAL COMMERCIAL PAPER (COST $12,499,942)			$	12,499,859
CORPORATE BONDS – 50.0%
AEROSPACE & DEFENSE – 1.2%
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16		1,735,000		1,852,575
L-3 Communications Corp., Company Guaranteed, 4.75%, 7/15/20		1,000,000		1,076,589
TOTAL AEROSPACE & DEFENSE			$	2,929,164
AUTOMOTIVE – 3.2%
Daimler Finance North America LLC, Company Guaranteed, 3.88%, 9/15/21•,W		250,000		266,077
Ford Motor Credit Co., LLC, Sr. Unsecured, 7.00%, 4/15/15		250,000		264,934
Ford Motor Credit Co., LLC, Sr. Unsecured, 3.00%, 6/12/17		1,200,000		1,253,300
Ford Motor Credit Co., LLC, Sr. Unsecured, 6.63%, 8/15/17		250,000		289,054
Ford Motor Credit Co., LLC, Sr. Unsecured, 5.75%, 2/01/21		500,000		575,302
Ford Motor Credit Co., LLC, Sr. Unsecured, 4.25%, 9/20/22		450,000		472,695
General Motors Co., Sr. Unsecured, 6.25%, 10/02/43—,W		2,000,000		2,197,500
General Motors Financial Co., Inc., Company Guaranteed, 2.75%, 5/15/16		600,000		612,000
General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17		300,000		321,375

Description	Par Value		Value
Harley-Davidson Funding Corp., Company Guaranteed, 5.75%, 12/15/14S,•,W	$	500,000	$	514,693
Hyundai Capital America, Company Guaranteed, 4.00%, 6/08/17•,W		250,000		267,099
Hyundai Capital America, Sr. Unsecured, 1.63%, 10/02/15•,W		250,000		252,849
Hyundai Capital America, Sr. Unsecured, 1.88%, 8/09/16•,W		575,000		584,021
Hyundai Capital Services, Inc., Sr. Unsecured, 3.50%, 9/13/17•,W		250,000		262,676
TOTAL AUTOMOTIVE			$	8,133,575
BEVERAGES – 0.1%
Diageo Capital PLC, Company Guaranteed, 3.88%, 4/29/43		390,000		362,397
BUILDING MATERIALS – 0.4%
Masco Corp., Sr. Unsecured, 4.80%, 6/15/15		1,000,000		1,039,159
CAPITAL MARKETS – 2.4%
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19		250,000		284,556
Charles Schwab Corp., Sr. Unsecured, 2.20%, 7/25/18		1,370,000		1,391,344
Charles Schwab Corp., Sr. Unsecured, 4.45%, 7/22/20		250,000		276,831
Goldman Sachs Group, Inc., Sr. Unsecured, 1.44%, 4/30/18D,S		1,850,000		1,877,765
Morgan Stanley, Sr. Unsecured, 1.51%, 2/25/16D,S		1,050,000		1,065,306
Raymond James Financial, Inc., Sr. Unsecured, 4.25%, 4/15/16		1,000,000		1,062,725
TOTAL CAPITAL MARKETS			$	5,958,527
COAL – 0.5%
CONSOL Energy, Inc., Company Guaranteed, 8.00%, 4/01/17S		1,125,000		1,170,000
COMMERCIAL BANKS – 4.0%
BB&T Corp., Sr. Unsecured, MTN, 3.20%, 3/15/16		700,000		729,975
Capital One Financial Corp., Sr. Unsecured, 2.45%, 4/24/19		750,000		752,802
Comerica, Inc., Sr. Unsecured, 3.00%, 9/16/15		1,300,000		1,342,582
Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		1,250,000		1,266,446
Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24		530,000		545,933
Fifth Third Bank/Cincinnati OH, Sr. Unsecured, 1.35%, 6/01/17		1,000,000		1,001,090
KeyBank NA/Cleveland OH, Sr. Unsecured, BKNT, 1.10%, 11/25/16		1,000,000		1,003,778

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 30

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Morgan Stanley, Sr. Unsecured, 1.09%, 1/24/19D	$	810,000	$	813,012
PNC Bank N.A., Subordinated Note, 2.95%, 1/30/23		350,000		339,641
PNC Financial Services Group, Inc., Subordinated, 3.90%, 4/29/24		1,500,000		1,501,449
Wells Fargo & Co., Sr. Unsecured, 3.68%, 6/15/16D		500,000		529,990
Wells Fargo & Co., Sr. Unsecured, MTN, 1.25%, 2/13/15		240,000		241,655
TOTAL COMMERCIAL BANKS			$	10,068,353
COMMERCIAL FINANCE – 0.1%
General Electric Capital Corp., Subordinated Note, 5.30%, 2/11/21		250,000		283,195
COMPUTERS – 1.2%
Apple, Inc., Sr. Unsecured, 1.05%, 5/05/17		1,580,000		1,583,561
Hewlett-Packard Co., Sr. Unsecured, 2.20%, 12/01/15		500,000		511,949
Hewlett-Packard Co., Sr. Unsecured, 3.00%, 9/15/16		500,000		522,564
Hewlett-Packard Co., Sr. Unsecured, 2.60%, 9/15/17		500,000		517,316
TOTAL COMPUTERS			$	3,135,390
CONSUMER FINANCE – 0.3%
American Express Co., Sr. Unsecured, 0.85%, 5/22/18D,S		655,000		659,635
DIVERSIFIED FINANCIAL SERVICES – 3.7%
Bank of America Corp., Sr. Unsecured, 6.50%, 8/01/16		1,250,000		1,396,630
Bank of America Corp., Sr. Unsecured, 2.00%, 1/11/18		1,275,000		1,280,645
Bank of America Corp., Sr. Unsecured, MTN, 1.32%, 3/22/18D,S		1,500,000		1,520,244
Citigroup, Inc., Sr. Unsecured, 1.25%, 1/15/16		500,000		503,314
Citigroup, Inc., Sr. Unsecured, 1.70%, 7/25/16		1,155,000		1,168,511
Citigroup, Inc., Sr. Unsecured, 4.45%, 1/10/17		250,000		270,239
Citigroup, Inc., Sr. Unsecured, 6.13%, 5/15/18		275,000		317,479
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39—,W		1,000,000		1,244,172
JPMorgan Chase & Co., Sr. Unsecured, 2.60%, 1/15/16		500,000		514,558
JPMorgan Chase & Co., Sr. Unsecured, 6.00%, 1/15/18		150,000		171,925
JPMorgan Chase & Co., Sr. Unsecured, 4.63%, 5/10/21		100,000		109,658
JPMorgan Chase Capital XXIII, Limited Guarantee, 1.26%, 5/15/47D,S		1,000,000		785,000
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	9,282,375

Description	Par Value		Value
ELECTRIC – 3.9%
Appalachian Power Co., Sr. Unsecured, 5.00%, 6/01/17	$	1,500,000	$	1,636,772
CMS Energy Corp., Sr. Unsecured, 4.25%, 9/30/15		2,000,000		2,090,981
CMS Energy Corp., Sr. Unsecured, 6.55%, 7/17/17S		300,000		347,701
Dominion Resources, Inc., Series A, Sr. Unsecured, 5.60%, 11/15/16		500,000		553,688
Dominion Resources, Inc./VA, Sr. Unsecured, 1.25%, 3/15/17		960,000		961,923
DTE Energy Co., Sr. Unsecured, 3.85%, 12/01/23		305,000		313,659
Entergy Corp., Sr. Unsecured, 5.13%, 9/15/20		1,300,000		1,423,380
Exelon Generation Co. LLC, Sr. Unsecured, 6.20%, 10/01/17		650,000		739,924
FirstEnergy Corp., Series A, Sr. Unsecured, 2.75%, 3/15/18		1,285,000		1,295,326
System Energy Resources, Inc., 1st Mortgage, 4.10%, 4/01/23		500,000		513,966
TOTAL ELECTRIC			$	9,877,320
ENVIRONMENTAL CONTROL – 0.6%
Waste Management, Inc., Company Guaranteed, 2.60%, 9/01/16		1,465,000		1,522,810
FOOD PRODUCTS – 0.5%
McCormick & Co., Inc., Sr. Unsecured, 5.75%, 12/15/17		500,000		575,204
McCormick & Co., Inc., Sr. Unsecured, 3.90%, 7/15/21		500,000		531,969
WM Wrigley Jr. Co., Sr. Unsecured, 1.40%, 10/21/16—,W		125,000		126,032
TOTAL FOOD PRODUCTS			$	1,233,205
FOOD RETAILING – 0.3%
Kroger Co., Company Guaranteed, 8.00%, 9/15/29		500,000		657,659
FOREST PRODUCTS & PAPER – 0.8%
International Paper Co., Sr. Unsecured, 5.30%, 4/01/15		2,000,000		2,086,071
HEALTH CARE PROVIDERS & SERVICES – 0.2%
UnitedHealth Group, Inc., Sr. Unsecured, 6.00%, 6/15/17		250,000		285,534
UnitedHealth Group, Inc., Sr. Unsecured, 3.95%, 10/15/42		290,000		270,102
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	555,636
HOME FURNISHINGS – 0.9%
Whirlpool Corp., Sr. Unsecured, 6.50%, 6/15/16		350,000		390,505

ANNUAL REPORT / April 30, 2014

31	PORTFOLIOS OF INVESTMENTS
Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Whirlpool Corp., Sr. Unsecured, 4.70%, 6/01/22	$	1,500,000	$	1,619,225
Whirlpool Corp., Sr. Unsecured, MTN, 5.15%, 3/01/43		210,000		220,929
TOTAL HOME FURNISHINGS			$	2,230,659
INSURANCE – 3.1%
American International Group, Inc., Sr. Unsecured, 3.80%, 3/22/17		1,000,000		1,071,443
Berkshire Hathaway Finance Corp., Company Guaranteed, 4.30%, 5/15/43		425,000		415,082
CNA Financial Corp., Sr. Unsecured, 5.75%, 8/15/21		1,000,000		1,160,599
CNA Financial Corp., Sr. Unsecured, 3.95%, 5/15/24#		950,000		971,499
Lincoln National Corp., Sr. Unsecured, 4.20%, 3/15/22		1,000,000		1,056,650
MetLife, Inc., Sr. Unsecured, 5.00%, 6/15/15		400,000		420,354
Principal Financial Group, Inc., Company Guaranteed, 3.30%, 9/15/22		250,000		246,341
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.00%, 5/12/16		1,000,000		1,042,956
WR Berkley Corp., Sr. Unsecured, 7.38%, 9/15/19		280,000		338,542
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22		1,000,000		1,056,051
TOTAL INSURANCE			$	7,779,517
MEDIA – 2.6%
CBS Corp., Company Guaranteed, 1.95%, 7/01/17		2,000,000		2,037,028
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.,
Company Guaranteed, 3.50%, 3/01/16		500,000		522,981
NBCUniversal Enterprise, Inc., Company Guaranteed, 0.78%, 4/15/16D,S,—,W		420,000		421,417
TCI Communications, Inc., Sr. Unsecured, 8.75%, 8/01/15		400,000		441,022
Viacom, Inc., Sr. Unsecured, 5.63%, 9/15/19		1,000,000		1,150,492
Viacom, Inc., Sr. Unsecured, 3.88%, 12/15/21		850,000		885,070
Viacom, Inc., Sr. Unsecured, 5.25%, 4/01/44		1,000,000		1,045,849
TOTAL MEDIA			$	6,503,859
METALS & MINING – 0.6%
Alcoa, Inc., Sr. Unsecured, 5.72%, 2/23/19		550,000		603,516
Barrick Gold Corp., Sr. Unsecured, 5.25%, 4/01/42		1,000,000		946,155
TOTAL METALS & MINING			$	1,549,671

Description	Par Value		Value
MISCELLANEOUS MANUFACTURING – 2.0%
Eaton Corp., Company Guaranteed, 4.00%, 11/02/32	$	400,000	$	393,126
GE Capital Trust I, Limited Guaranteed, 6.38%, 11/15/67D		1,000,000		1,111,250
Illinois Tool Works, Inc., Sr. Unsecured, 3.50%, 3/01/24		1,235,000		1,249,507
Ingersoll-Rand Co., Series B, Company Guaranteed, MTN, 6.02%, 2/15/28		900,000		1,018,653
John Deere Capital Corp., Sr. Unsecured, MTN, 1.40%, 3/15/17		250,000		252,592
Textron, Inc., Sr. Unsecured, 6.20%, 3/15/15		500,000		523,967
Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21		480,000		490,957
TOTAL MISCELLANEOUS MANUFACTURING			$	5,040,052
OIL & GAS – 5.1%
Anadarko Finance Co.,
Series B, Company Guaranteed, 7.50%, 5/01/31		1,000,000		1,337,329
Anadarko Petroleum Corp., Sr. Unsecured, 5.95%, 9/15/16		225,000		250,869
Canadian Natural Resources Ltd., Sr. Unsecured, 0.61%, 3/30/16D		1,000,000		1,001,718
Exxon Mobil Corp., Sr. Unsecured, 1.82%, 3/15/19		925,000		927,788
Husky Energy, Inc., Sr. Unsecured, 4.00%, 4/15/24		480,000		495,567
Murphy Oil Corp., Sr. Unsecured, 5.13%, 12/01/42		1,000,000		970,939
Nabors Industries, Inc., Company Guaranteed, 2.35%, 9/15/16—,W		800,000		817,973
Nabors Industries, Inc., Company Guaranteed, 4.63%, 9/15/21		500,000		525,328
ONEOK Partners LP, Company Guaranteed, 6.20%, 9/15/43		1,000,000		1,181,234
Pacific Gas & Electric Co., Sr. Unsecured, 3.75%, 2/15/24		615,000		626,180
Petrobras Global Finance BV, Company Guaranteed, 2.00%, 5/20/16		680,000		680,828
Petrobras Global Finance BV, Company Guaranteed, 2.59%, 3/17/17D		165,000		167,063
Phillips 66, Company Guaranteed, 2.95%, 5/01/17		1,250,000		1,309,575
Sempra Energy, Sr. Unsecured, 6.50%, 6/01/16		500,000		557,352
Sunoco, Inc., Company Guaranteed, 9.63%, 4/15/15		550,000		594,094
Transocean, Inc., Company Guaranteed, 4.95%, 11/15/15		450,000		477,666
Transocean, Inc., Company Guaranteed, 5.05%, 12/15/16		1,000,000		1,088,153
TOTAL OIL & GAS			$	13,009,656

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 32

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
OIL & GAS FIELD SERVICES – 0.4%
Weatherford International Ltd., Company Guaranteed, 6.00%, 3/15/18	$	1,000,000	$	1,143,929
PHARMACEUTICALS – 1.4%
AbbVie, Inc., Sr. Unsecured, 4.40%, 11/06/42		460,000		464,956
McKesson Corp., Sr. Unsecured, 1.29%, 3/10/17		460,000		461,198
Novartis Capital Corp., Company Guaranteed, 4.40%, 5/06/44		2,135,000		2,190,969
Zoetis, Inc., Sr. Unsecured, 4.70%, 2/01/43		400,000		408,002
TOTAL PHARMACEUTICALS			$	3,525,125
PIPELINES – 2.3%
Buckeye Partners LP, Sr. Unsecured, 2.65%, 11/15/18		1,145,000		1,143,108
Energy Transfer Partners LP, Sr. Unsecured, 3.60%, 2/01/23#		870,000		847,760
Enterprise Products Operating LLC, Series B, Company Guaranteed, 7.03%, 1/15/68D		2,000,000		2,282,500
Plains All American Pipeline LP / PAA Finance Corp., Sr. Unsecured, 3.65%, 6/01/22		1,000,000		1,024,740
Plains All American Pipeline LP / PAA Finance Corp., Sr. Unsecured, 3.85%, 10/15/23		400,000		404,798
TOTAL PIPELINES			$	5,702,906
REAL ESTATE INVESTMENT TRUSTS – 4.3%
American Tower Corp., Sr. Unsecured, 3.40%, 2/15/19		1,000,000		1,034,383
American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24		415,000		442,122
BioMed Realty LP, Company Guaranteed, 3.85%, 4/15/16		1,000,000		1,051,185
Boston Properties LP, Sr. Unsecured, 5.00%, 6/01/15		650,000		680,595
CommonWealth REIT, Sr. Unsecured, 6.65%, 1/15/18		500,000		557,984
Digital Realty Trust LP, Company Guaranteed, 4.50%, 7/15/15		1,000,000		1,033,558
HCP, Inc., Sr. Unsecured, 4.20%, 3/01/24		450,000		463,566
HCP, Inc., Sr. Unsecured, MTN, 6.30%, 9/15/16		500,000		560,934
Health Care REIT, Inc., Sr. Unsecured, 5.25%, 1/15/22		250,000		277,350
Mack-Cali Realty LP, Sr. Unsecured, 2.50%, 12/15/17		2,215,000		2,238,805
Mack-Cali Realty LP, Sr. Unsecured, 7.75%, 8/15/19		250,000		298,531

Description	Par Value		Value
ProLogis LP, Company Guaranteed, 2.75%, 2/15/19	$	450,000	$	457,083
ProLogis LP, Company Guaranteed, 3.35%, 2/01/21		1,245,000		1,255,586
Ventas Realty LP, Company Guaranteed, 5.70%, 9/30/43		380,000		440,620
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	10,792,302
RETAIL – 0.1%
CVS Caremark Corp., Sr. Unsecured, 5.75%, 6/01/17		244,000		276,685
TELECOMMUNICATIONS – 1.8%
Crown Castle Towers LLC, Sr. Secured, 4.17%, 8/15/17—,W		2,000,000		2,132,684
Verizon Communications, Inc., Sr. Unsecured, 1.00%, 6/17/19D		1,000,000		1,009,900
Verizon Communications, Inc., Sr. Unsecured, 6.40%, 9/15/33		1,260,000		1,524,136
TOTAL TELECOMMUNICATIONS			$	4,666,720
TRANSPORTATION – 1.1%
FedEx Corp., Company Guaranteed, 4.90%, 1/15/34		500,000		527,668
Norfolk Southern Corp., Sr. Unsecured, 5.90%, 6/15/19		250,000		291,990
Ryder System, Inc., Sr. Unsecured, MTN, 3.15%, 3/02/15		300,000		306,423
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/17		500,000		513,362
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/18		1,155,000		1,180,464
TOTAL TRANSPORTATION			$	2,819,907
TRUCKING & LEASING – 0.9%
GATX Corp., Sr. Unsecured, 3.50%, 7/15/16		1,500,000		1,579,524
GATX Corp., Sr. Unsecured, 5.20%, 3/15/44		640,000		680,995
TOTAL TRUCKING & LEASING			$	2,260,519
TOTAL CORPORATE BONDS (COST $121,388,983)			$	126,255,978
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.7%
AIRLINES – 0.7%
American Airlines 2011-1, Series A, Pass-Through Certificates, 5.25%, 1/31/21		406,070		442,363
Continental Airlines 2009-2, Series A, Pass-Through Certificates, 7.25%, 11/10/19		206,519		241,756
Delta Air Lines 2007-1, Series A, Pass-Through Certificates, 6.82%, 8/10/22		325,302		384,670

ANNUAL REPORT / April 30, 2014

33	PORTFOLIOS OF INVESTMENTS
Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Delta Air Lines 2009-1,
Series A, Pass-Through Certificates, 7.75%, 12/17/19	$	331,557	$	390,408
United Air Lines 2009-2A, Pass-Through Certificates, 9.75%, 1/15/17		300,487		345,748
TOTAL AIRLINES			$	1,804,945
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $1,569,935)			$	1,804,945
GOVERNMENT AGENCIES – 2.3%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.4%
1.25%, 10/02/19#		1,300,000		1,257,073
1.75%, 5/30/19#,∑		2,000,000		1,997,676
2.38%, 1/13/22		125,000		123,409
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	3,378,158
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.9%
4.88%, 12/15/16#		700,000		775,326
6.25%, 5/15/29		750,000		1,000,986
7.25%, 5/15/30#		400,000		587,337
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,363,649
TOTAL GOVERNMENT AGENCIES (COST $5,520,303)			$	5,741,807
MORTGAGE-BACKED SECURITIES – 19.5%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) –13.0%
Pool A13990, 4.50%, 10/01/33		73,582		79,676
Pool A93415, 4.00%, 8/01/40		3,668,460		3,855,599
Pool A93505, 4.50%, 8/01/40		3,233,054		3,477,581
Pool A97047, 4.50%, 2/01/41		2,287,828		2,458,720
Pool B17616, 5.50%, 1/01/20		96,320		98,617
Pool C00478, 8.50%, 9/01/26		24,604		28,252
Pool C01272, 6.00%, 12/01/31		61,729		69,346
Pool C03750, 3.50%, 2/01/42		614,970		624,746
Pool C04305, 3.00%, 11/01/42		4,185,134		4,078,040
Pool C09020, 3.50%, 11/01/42		4,597,838		4,669,590
Pool E09010, 2.50%, 9/01/27		1,853,057		1,869,201
Pool G01625, 5.00%, 11/01/33		87,282		96,016
Pool G02296, 5.00%, 6/01/36		514,763		566,113
Pool G02390, 6.00%, 9/01/36		18,500		20,760
Pool G03703, 5.50%, 12/01/37		58,968		65,201
Pool G04776, 5.50%, 7/01/38		217,073		239,478
Pool G05500, 5.00%, 5/01/39		1,706,877		1,877,145
Pool G06222, 4.00%, 1/01/41		3,510,652		3,679,867
Pool G07624, 4.00%, 12/01/43		2,008,939		2,107,735
Pool G08097, 6.50%, 11/01/35		33,708		38,233
Pool G08534, 3.00%, 6/01/43		870,270		848,001

Description	Par Value		Value
Pool G12709, 5.00%, 7/01/22	$	125,757	$	134,278
Pool G18497, 3.00%, 1/01/29		235,507		243,000
Pool Q08305, 3.50%, 5/01/42		1,674,307		1,702,790
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	32,927,985
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 6.3%
Pool 254007, 6.50%, 10/01/31		32,350		36,740
Pool 254759, 4.50%, 6/01/18		120,767		128,348
Pool 254833, 4.50%, 8/01/18		21,166		22,495
Pool 256515, 6.50%, 12/01/36		47,404		53,733
Pool 256639, 5.00%, 2/01/27		31,953		35,222
Pool 256752, 6.00%, 6/01/27		55,723		62,545
Pool 329794, 7.00%, 2/01/26		42,466		48,623
Pool 398162, 6.50%, 1/01/28		14,618		15,195
Pool 402255, 6.50%, 12/01/27		4,171		4,385
Pool 535939, 6.00%, 5/01/16		26,998		28,198
Pool 629603, 5.50%, 2/01/17		13,491		14,257
Pool 638023, 6.50%, 4/01/32		62,871		69,345
Pool 642345, 6.50%, 5/01/32		83,427		95,036
Pool 651292, 6.50%, 7/01/32		192,734		212,730
Pool 686398, 6.00%, 3/01/33		229,693		256,454
Pool 695818, 5.00%, 4/01/18		129,842		138,075
Pool 745412, 5.50%, 12/01/35		60,881		67,531
Pool 838891, 6.00%, 7/01/35		34,109		35,535
Pool 888789, 5.00%, 7/01/36		642,172		706,059
Pool 975207, 5.00%, 3/01/23		126,819		135,137
Pool AB1796, 3.50%, 11/01/40		1,639,040		1,671,218
Pool AB8997, 2.50%, 4/01/28		383,490		386,472
Pool AE2520, 3.00%, 1/01/26		1,112,113		1,152,901
Pool AH5583, 4.50%, 2/01/41		1,130,989		1,216,882
Pool TBA, 5.00%, 6/01/37		8,600,000		9,410,292
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	16,003,408
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.2%
Pool 2077, 7.00%, 9/20/25		14,959		16,945
Pool 354677, 7.50%, 10/15/23		34,929		39,706
Pool 354713, 7.50%, 12/15/23		23,010		26,157
Pool 354765, 7.00%, 2/15/24		50,647		57,697
Pool 354827, 7.00%, 5/15/24		43,620		49,551
Pool 360869, 7.50%, 5/15/24		27,977		28,905
Pool 361843, 7.50%, 10/15/24		16,547		16,994
Pool 373335, 7.50%, 5/15/22		11,061		11,385
Pool 385623, 7.00%, 5/15/24		51,414		58,570

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 34

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Pool 503405, 6.50%, 4/15/29	$	56,529	$	64,069
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	369,979
TOTAL MORTGAGE-BACKED SECURITIES (COST $49,130,316)			$	49,301,372
U.S. TREASURY – 21.5%
U.S. TREASURY BONDS – 4.2%
2.75%, 8/15/42		2,815,000		2,454,026
3.00%, 5/15/42		500,000		459,950
3.63%, 2/15/44		1,800,000		1,853,581
3.63%, 8/15/43		881,000		907,911
3.75%, 11/15/43#		365,000		384,649
5.25%, 2/15/29		500,000		631,421
5.38%, 2/15/31		600,000		775,052
6.25%, 5/15/30		500,000		699,941
6.38%, 8/15/27		450,000		622,276
7.50%, 11/15/16		300,000		351,641
8.88%, 2/15/19#		1,130,000		1,512,943
TOTAL U.S. TREASURY BONDS			$	10,653,391
U.S. TREASURY NOTES – 17.3%
0.25%, 5/15/16		195,000		194,284
0.63%, 8/31/17		1,810,000		1,785,050
0.63%, 9/30/17		750,000		738,374
0.75%, 12/31/17		500,000		492,020
1.00%, 5/31/18		3,100,000		3,054,773
1.25%, 10/31/18		2,085,000		2,059,487
1.25%, 1/31/19		250,000		245,809
1.38%, 9/30/18		1,240,000		1,233,350
1.38%, 2/28/19		2,500,000		2,469,428
1.50%, 12/31/18		2,486,000		2,475,401
1.50%, 1/31/19		9,400,000		9,349,661
1.63%, 3/31/19		820,000		818,559
1.63%, 8/15/22		6,000,000		5,618,578
1.63%, 11/15/22		1,928,000		1,796,407
1.75%, 5/15/22		380,000		361,067
2.00%, 11/15/21		1,000,000		976,107
2.13%, 8/15/21		3,750,000		3,706,091
2.25%, 7/31/18		500,000		516,927
2.50%, 8/15/23#		3,200,000		3,174,154
2.63%, 11/15/20		500,000		515,546
3.13%, 5/15/19		750,000		802,008
3.63%, 2/15/20		750,000		821,241
4.00%, 8/15/18		500,000		553,961
TOTAL U.S. TREASURY NOTES			$	43,758,283
TOTAL U.S. TREASURY (COST $54,108,462)			$	54,411,674

Description	Number of Shares		Value
MONEY MARKET FUND – 1.4%
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^		3,426,289	$	3,426,289
TOTAL MONEY MARKET FUND (COST $3,426,289)			$	3,426,289
TOTAL INVESTMENTS IN SECURITIES –103.7% (COST $256,092,655)			$	261,791,863
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.2%
REPURCHASE AGREEMENTS – 4.2%
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $2,515,402, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $2,565,706.	$	2,515,398	$	2,515,398
Daiwa Capital Markets America, 0.07%, dated 04/30/14, due 05/01/14, repurchase price $2,515,403, collateralized by U.S. Government & Treasury Securities 1.32% to 6.50%, maturing 06/01/17 to 03/01/48; total market value of $2,565,706.		2,515,398		2,515,398
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $2,515,401, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 05/06/14 to 07/15/32; total market value of $2,565,734.		2,515,398		2,515,398
Nomura Securities International, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $529,546, collateralized by U.S. Treasury Securities 0.13% to 6.13%, maturing 07/15/14 to 02/15/44; total market value of $540,136.		529,545		529,545
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $2,515,402, collateralized by U.S. Government Securities 0.25% to 6.75%, maturing 07/15/14 to 07/15/32; total market value of $2,565,714.		2,515,398		2,515,398
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $10,591,137)			$	10,591,137
TOTAL INVESTMENTS – 107.9% (COST $266,683,792)			$	272,383,000
COLLATERAL FOR SECURITIES ON LOAN – (4.2%)				(10,591,137	)
OTHER LIABILITIES LESS ASSETS – (3.7%)				(9,283,728	)
TOTAL NET ASSETS – 100.0%			$	252,508,135

ANNUAL REPORT / April 30, 2014

35	PORTFOLIOS OF INVESTMENTS
Wilmington Broad Market Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $266,683,792. The net unrealized appreciation/(depreciation) of investments was $5,699,208. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $7,767,652 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,068,444.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

  Level 1 – quoted prices in active markets for identical securities

  Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

  Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Securities	$	—	$	1,487,707	$	—	$	1,487,707
Collateralized Mortgage Obligations		—		6,862,232		—		6,862,232
Commercial Paper		—		12,499,859		—		12,499,859
Corporate Bonds		—		126,255,978		—		126,255,978
Enhanced Equipment Trust Certificates		—		1,804,945		—		1,804,945
Government Agencies		—		5,741,807		—		5,741,807
Mortgage-Backed Securities		—		49,301,372		—		49,301,372
U.S. Treasury		—		54,411,674		—		54,411,674
Money Market Fund		3,426,289		—		—		3,426,289
Repurchase Agreements		—		10,591,137		—		10,591,137
Total	$	3,426,289	$	268,956,711	$	—	$	272,383,000

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

36

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Intermediate-Term Bond Fund

At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		51.5	%
U.S. Treasury		26.0	%
Government Agencies		17.5	%
Mortgage-Backed Securities		2.4	%
Collateralized Mortgage Obligations		0.6	%
Asset-Backed Security		0.2	%
Cash Equivalents1		9.0	%
Other Assets and Liabilities – Net2		(7.2	)%
TOTAL		100.0	%

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

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

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

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		0.2	%
AA		22.6	%
A		11.7	%
BBB		33.1	%
BB		1.5	%
D		0.5	%
Not Rated		9.2	%
U.S. Government Agency Securities		2.4	%
U.S. Treasury		26.0	%
Other Assets and Liabilities – Net2		(7.2	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Par Value		Value
ASSET-BACKED SECURITY – 0.2%
WHOLE LOAN – 0.2%
SLM Private Education Loan Trust,
Series 2011-A, Class A1,
1.18%, 10/15/24D,—,W	$	347,188	$	350,141
TOTAL ASSET-BACKED SECURITY
(COST $347,188)			$	350,141
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.6%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.1%
Series 2005-29, Class WC, 4.75%, 4/25/35		129,102		140,763
WHOLE LOAN – 0.5%
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1,
2.75%, 11/25/35D		751,158		675,742
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $870,837)			$	816,505
CORPORATE BONDS – 51.5%
AEROSPACE & DEFENSE – 1.4%
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16		250,000		266,942

Description	Par Value		Value
L-3 Communications Corp.,
Company Guaranteed, 4.75%, 7/15/20	$	1,250,000	$	1,345,736
Northrop Grumman Corp.,
Sr. Unsecured, 1.75%, 6/01/18		425,000		421,045
TOTAL AEROSPACE & DEFENSE			$	2,033,723
AUTOMOTIVE – 0.9%
Ford Motor Credit Co. LLC,
Sr. Unsecured, 6.63%, 8/15/17		250,000		289,054
General Motors Financial Co., Inc.,
Sr. Unsecured, 3.50%, 10/02/18—,W		220,000		225,225
Toyota Motor Credit Corp.,
Sr. Unsecured, MTN, 2.05%, 1/12/17		700,000		719,832
TOTAL AUTOMOTIVE			$	1,234,111
BANKS – 4.2%
Bank of America Corp.,
Sr. Unsecured, 1.28%, 1/15/19		500,000		507,436
Bank of America Corp.,
Sr. Unsecured, MTN, 4.13%, 1/22/24		465,000		473,440
Capital One Financial Corp.,
Sr. Unsecured, 2.45%, 4/24/19		850,000		853,176
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		750,000		772,546
JPMorgan Chase & Co.,
Sr. Unsecured, MTN, 1.35%, 2/15/17		750,000		751,251

ANNUAL REPORT / April 30, 2014

37	PORTFOLIOS OF INVESTMENTS
Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Morgan Stanley,
Sr. Unsecured, 1.09%, 1/24/19	$	550,000	$	552,045
Morgan Stanley, Sr. Unsecured, 2.50%, 1/24/19#		325,000		325,429
SunTrust Banks, Inc., Sr. Unsecured, 2.50%, 5/01/19		900,000		902,109
US Bank NA/Cincinnati OH, Sr. Unsecured, BKNT, 1.10%, 1/30/17		750,000		753,364
TOTAL BANKS			$	5,890,796
BIOTECHNOLOGY – 0.2%
Celgene Corp., Sr. Unsecured, 4.00%, 8/15/23		250,000		257,456
CAPITAL MARKETS – 1.6%
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19		650,000		739,846
Goldman Sachs Group, Inc., Sr. Unsecured, 6.25%, 9/01/17		655,000		749,172
Goldman Sachs Group, Inc., Sr. Unsecured, FRN, 1.44%, 4/30/18D		750,000		761,256
TOTAL CAPITAL MARKETS			$	2,250,274
CHEMICALS – 0.7%
Ecolab, Inc., Sr. Unsecured, 3.00%, 12/08/16		450,000		473,448
Ecolab, Inc., Sr. Unsecured, 4.35%, 12/08/21		500,000		545,578
TOTAL CHEMICALS			$	1,019,026
COAL – 0.7%
Consol Energy, Inc., Company Guaranteed, 8.00%, 4/01/17		1,000,000		1,040,000
COMMERCIAL BANKS – 5.4%
Bank of Nova Scotia, Sr. Unsecured, 1.38%, 12/18/17		1,000,000		996,010
BB&T Corp., Sr. Unsecured, MTN, 3.20%, 3/15/16		1,000,000		1,042,821
BB&T Corp., Sr. Unsecured, MTN, FRN, 1.11%, 6/15/18D		500,000		508,419
Fifth Third Bancorp, Sr. Unsecured, 3.63%, 1/25/16		850,000		891,208
SunTrust Banks, Inc., Sr. Unsecured, 3.60%, 4/15/16		1,000,000		1,049,643
Wachovia Corp., Subordinated, FRN, 0.61%, 10/15/16D		750,000		748,697
Wells Fargo & Co., Sr. Unsecured, MTN, 3.50%, 3/08/22		750,000		771,346
Westpac Banking Corp., Sr. Unsecured, 2.00%, 8/14/17		825,000		841,356
Westpac Banking Corp., Sr. Unsecured, 4.88%, 11/19/19		750,000		841,227
TOTAL COMMERCIAL BANKS			$	7,690,727
COMMERCIAL FINANCE – 0.5%
General Electric Capital Corp., Sr. Unsecured, MTN, 2.30%, 4/27/17		750,000		774,705

Description	Par Value		Value
COMPUTERS – 1.6%
Apple, Inc.,
Sr. Unsecured, 1.05%, 5/05/17	$	825,000	$	826,860
Apple, Inc., FRN, Sr. Unsecured, 0.52%, 5/06/19D		940,000		940,695
Hewlett-Packard Co., Sr. Unsecured, 2.20%, 12/01/15		500,000		511,949
TOTAL COMPUTERS			$	2,279,504
CONSUMER FINANCE – 1.4%
American Express Co., Sr. Unsecured, 6.15%, 8/28/17		750,000		863,595
American Express Co., Sr. Unsecured, FRN, 0.83%, 5/22/18D		1,080,000		1,087,643
TOTAL CONSUMER FINANCE			$	1,951,238
DIVERSIFIED FINANCIAL SERVICES – 3.3%
Bank of America Corp., Sr. Unsecured, 2.00%, 1/11/18		250,000		251,107
BlackRock, Inc., Sr. Unsecured, 3.50%, 3/18/24		750,000		748,232
Citigroup, Inc., Sr. Unsecured, 1.70%, 7/25/16		250,000		252,924
Citigroup, Inc., Sr. Unsecured, 5.85%, 8/02/16		650,000		717,022
Ford Motor Credit Co. LLC, Sr. Unsecured, FRN, 1.06%, 3/12/19D		1,000,000		1,005,038
General Motors Financial Co., Inc., Company Guaranteed, 2.75%, 5/15/16		300,000		306,000
General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17		250,000		267,812
JPMorgan Chase & Co., Sr. Unsecured, 6.00%, 1/15/18		250,000		286,542
JPMorgan Chase & Co., Subordinated Notes, 3.38%, 5/01/23		855,000		818,844
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	4,653,521
ELECTRIC – 1.8%
CMS Energy Corp., Sr. Unsecured, 6.55%, 7/17/17		625,000		724,377
Exelon Generation Co. LLC, Sr. Unsecured, 6.20%, 10/01/17		200,000		227,669
Exelon Generation Co. LLC, Sr. Unsecured, 4.25%, 6/15/22		750,000		771,857
Pacific Gas & Electric Co., Sr. Unsecured, 3.75%, 2/15/24		845,000		860,361
TOTAL ELECTRIC			$	2,584,264
ELECTRONICS – 0.7%
Thermo Fisher Scientific, Inc., Sr. Unsecured, 2.25%, 8/15/16		1,000,000		1,029,921
FOOD PRODUCTS – 1.2%
Kroger Co., Sr. Unsecured, 1.20%, 10/17/16		500,000		501,455

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 38

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Mondelez International, Inc., Sr. Unsecured, 4.13%, 2/09/16	$	500,000	$	529,198
Mondelez International, Inc., Sr. Unsecured, 4.00%, 2/01/24		450,000		459,518
WM Wrigley Jr. Co., Sr. Unsecured, 1.40%, 10/21/16—,W		250,000		252,063
TOTAL FOOD PRODUCTS			$	1,742,234
HOME FURNISHINGS – 1.1%
Whirlpool Corp., Sr. Unsecured, 6.50%, 6/15/16		1,000,000		1,115,730
Whirlpool Corp., Sr. Unsecured, 2.40%, 3/01/19		220,000		220,106
Whirlpool Corp., Sr. Unsecured, MTN, 3.70%, 3/01/23		275,000		275,645
TOTAL HOME FURNISHINGS			$	1,611,481
INSURANCE – 3.3%
American International Group, Inc., Sr. Unsecured, MTN, 5.85%, 1/16/18		685,000		784,185
Hartford Financial Services Group, Inc., Sr. Unsecured, 4.00%, 10/15/17		750,000		809,271
Hartford Financial Services Group, Inc., Sr. Unsecured, 5.13%, 4/15/22		360,000		405,496
MetLife, Inc., Sr. Unsecured, 3.60%, 4/10/24		1,015,000		1,021,895
Prudential Financial, Inc., Sr. Unsecured, MTN, 6.00%, 12/01/17		650,000		748,635
WR Berkley Corp., Sr. Unsecured, 7.38%, 9/15/19		710,000		858,446
TOTAL INSURANCE			$	4,627,928
MEDIA – 2.9%
Comcast Corp., Company Guaranteed, 5.90%, 3/15/16		500,000		548,287
DIRECTV Holdings LLC /DIRECTV Financing Co., Inc., Company Guaranteed, 3.50%, 3/01/16		250,000		261,490
Time Warner Cable, Inc., Company Guaranteed, 5.85%, 5/01/17		750,000		849,283
Time Warner, Inc., Company Guaranteed, 5.88%, 11/15/16		890,000		996,383
Viacom, Inc., Sr. Unsecured, 3.50%, 4/01/17		750,000		799,140
Viacom, Inc., Sr. Unsecured, 3.25%, 3/15/23		650,000		636,326
TOTAL MEDIA			$	4,090,909
METALS & MINING – 0.9%
Alcoa, Inc., Sr. Unsecured, 5.72%, 2/23/19		1,100,000		1,207,032
MISCELLANEOUS MANUFACTURING – 2.4%
General Electric Co., Sr. Unsecured, 5.25%, 12/06/17		660,000		747,237

Description	Par Value		Value
Ingersoll-Rand Co., Series B, Company Guaranteed, MTN, 6.02%, 2/15/28	$	2,015,000	$	2,280,651
Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21		425,000		434,701
TOTAL MISCELLANEOUS MANUFACTURING			$	3,462,589
OIL & GAS – 4.6%
Anadarko Petroleum Corp., Sr. Unsecured, 6.38%, 9/15/17		695,000		804,185
BP Capital Markets PLC, Company Guaranteed, 1.85%, 5/05/17#		525,000		535,455
BP Capital Markets PLC, Company Guaranteed, 3.25%, 5/06/22		250,000		250,645
Hess Corp., Sr. Unsecured, 8.13%, 2/15/19		700,000		883,857
Husky Energy, Inc., Sr. Unsecured, 4.00%, 4/15/24		545,000		562,675
Marathon Oil Corp., Sr. Unsecured, 6.00%, 10/01/17		1,000,000		1,147,098
Murphy Oil Corp., Sr. Unsecured, 2.50%, 12/01/17		750,000		766,549
Petrobras Global Finance BV, Company Guaranteed, 2.00%, 5/20/16		230,000		230,280
Phillips 66, Company Guaranteed, 2.95%, 5/01/17		500,000		523,830
Sempra Energy, Sr. Unsecured, 2.30%, 4/01/17		800,000		821,844
TOTAL OIL & GAS			$	6,526,418
PHARMACEUTICALS – 1.9%
AbbVie, Inc., Company Guaranteed, 1.75%, 11/06/17		500,000		504,105
AstraZeneca PLC, Sr. Unsecured, 5.90%, 9/15/17		500,000		573,993
Bristol-Myers Squibb Co, Sr. Unsecured, 2.00%, 8/01/22		250,000		229,823
Express Scripts Holding Co., Company Guaranteed, 3.50%, 11/15/16		500,000		530,100
McKesson Corp., Sr. Unsecured, 3.80%, 3/15/24		325,000		327,060
Zoetis, Inc., Sr. Unsecured, 3.25%, 2/01/23		500,000		489,234
TOTAL PHARMACEUTICALS			$	2,654,315
PIPELINES – 1.1%
Buckeye Partners LP, Sr. Unsecured, 2.65%, 11/15/18		450,000		449,256
Energy Transfer Partners LP, Sr. Unsecured, 5.95%, 2/01/15		300,000		311,471
Energy Transfer Partners LP,
Sr. Unsecured, 6.70%, 7/01/18		300,000		349,698
Plains All American Pipeline LP / PAA Finance Corp., Sr. Unsecured, 3.85%, 10/15/23		500,000		505,998
TOTAL PIPELINES			$	1,616,423

ANNUAL REPORT / April 30, 2014

39	PORTFOLIOS OF INVESTMENTS
Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
REAL ESTATE INVESTMENT TRUSTS – 3.2%
American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24	$	505,000	$	538,004
Digital Realty Trust LP, Company Guaranteed, 4.50%, 7/15/15#		550,000		568,457
HCP, Inc., Sr. Unsecured, 4.20%, 3/01/24		540,000		556,279
Mack-Cali Realty LP, Sr. Unsecured, 2.50%, 12/15/17		250,000		252,687
ProLogis LP, Company Guaranteed, 3.35%, 2/01/21		500,000		504,251
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 3.13%, 11/30/15		965,000		1,002,087
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 2.70%, 4/01/20		550,000		545,274
Vornado Realty LP, Sr. Unsecured, 4.25%, 4/01/15		500,000		511,634
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	4,478,673
RETAIL – 0.4%
Walgreen Co., Sr. Unsecured, 1.80%, 9/15/17		500,000		505,249
TELECOMMUNICATIONS – 1.2%
Cisco Systems, Inc., Sr. Unsecured, 1.10%, 3/03/17		250,000		250,879
Verizon Communications, Inc., Sr. Unsecured, 2.50%, 9/15/16		250,000		258,791
Verizon Communications, Inc., Sr. Unsecured, 4.50%, 9/15/20		600,000		653,238
Verizon Communications, Inc., FRN, Sr. Unsecured, 1.00%, 6/17/19D		525,000		530,198
TOTAL TELECOMMUNICATIONS			$	1,693,106
TRANSPORTATION – 1.6%
CSX Corp., Sr. Unsecured, 4.25%, 6/01/21		500,000		539,282
FedEx Corp., Company Guaranteed, 4.00%, 1/15/24		500,000		516,299
Ryder System, Inc., Sr. Unsecured, MTN, 7.20%, 9/01/15		590,000		639,151
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/18		500,000		511,024
TOTAL TRANSPORTATION			$	2,205,756
TRUCKING & LEASING – 1.3%
GATX Corp., Sr. Unsecured, 3.50%, 7/15/16		615,000		647,605
GATX Corp., Sr. Unsecured, 1.25%, 3/04/17		640,000		637,898
GATX Corp., Sr. Unsecured, 2.38%, 7/30/18		625,000		629,419
TOTAL TRUCKING & LEASING			$	1,914,922
TOTAL CORPORATE BONDS (COST $71,280,437)			$	73,026,301

Description	Par Value		Value
GOVERNMENT AGENCIES – 17.5%
FEDERAL HOME LOAN BANK (FHLB) – 2.7%
Series 1, 4.88%, 5/17/17#	$	1,615,000	$	1,806,267
Series 917, 1.00%, 6/21/17		2,000,000		2,001,166
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	3,807,433
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 6.1%
1.25%, 5/12/17#		3,000,000		3,027,628
1.75%, 5/30/19#		2,400,000		2,397,211
2.38%, 1/13/22#		795,000		784,883
2.50%, 5/27/16		2,200,000		2,290,561
4.38%, 7/17/15		100,000		105,070
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	8,605,353
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 8.7%
1.25%, 9/28/16#		2,000,000		2,032,329
1.38%, 11/15/16		2,500,000		2,543,426
5.00%, 5/11/17		3,000,000		3,362,342
0.88%, 5/21/18		2,750,000		2,688,343
1.00%, 9/20/17		1,750,000		1,736,073
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	12,362,513
TOTAL GOVERNMENT AGENCIES (COST $24,459,086)			$	24,775,299
MORTGAGE-BACKED SECURITIES – 2.4%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.6%
Pool A18401, 6.00%, 2/01/34		80,255		90,108
Pool B19228, 4.50%, 4/01/20		47,118		50,238
Pool C90293, 7.50%, 9/01/19		141,171		159,829
Pool C90504, 6.50%, 12/01/21		45,891		51,780
Pool E83022, 6.00%, 4/01/16		11,795		12,166
Pool E92817, 5.00%, 12/01/17		123,257		131,068
Pool G01625, 5.00%, 11/01/33		87,282		96,016
Pool G02390, 6.00%, 9/01/36		32,375		36,329
Pool G08097, 6.50%, 11/01/35		54,548		61,871
Pool G08193, 6.00%, 4/01/37		92,733		104,001
Pool G11311, 5.00%, 10/01/17		68,539		72,883
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	866,289
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.5%
Pool 254240, 7.00%, 3/01/32		88,347		101,075
Pool 254833, 4.50%, 8/01/18		28,222		29,993
Pool 256639, 5.00%, 2/01/27		63,906		70,444
Pool 256752, 6.00%, 6/01/27		69,653		78,182
Pool 257007, 6.00%, 12/01/27		121,157		135,935
Pool 526062, 7.50%, 12/01/29		14,415		15,137
Pool 612514, 2.47%, 5/01/33D		67,187		70,951

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 40

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Pool 619054, 5.50%, 2/01/17	$	48,899	$	51,675
Pool 629603, 5.50%, 2/01/17		22,485		23,761
Pool 688996, 8.00%, 11/01/24		11,878		12,422
Pool 745412, 5.50%, 12/01/35		61,368		68,071
Pool 839291, 5.00%, 9/01/20		7,733		8,240
Pool AE2520, 3.00%, 1/01/26		1,410,714		1,462,453
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,128,339
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.3%
Pool 2616, 7.00%, 7/20/28		71,507		81,613
Pool 2701, 6.50%, 1/20/29		131,733		146,722
Pool 426727, 7.00%, 2/15/29		15,856		17,224
Pool 780825, 6.50%, 7/15/28		123,254		139,618
Pool 781231, 7.00%, 12/15/30		62,850		72,262
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	457,439
TOTAL MORTGAGE-BACKED SECURITIES (COST $3,220,193)			$	3,452,067
U.S. TREASURY – 26.0%
U.S. TREASURY NOTES – 26.0%
0.25%, 12/15/15		775,000		774,821
0.50%, 6/15/16#		1,000,000		1,000,704
0.63%, 12/15/16		500,000		498,955
0.88%, 1/31/18		750,000		740,258
0.88%, 1/31/17		4,000,000		4,011,658
1.00%, 8/31/16		1,750,000		1,767,379
1.00%, 5/31/18		1,000,000		985,411
1.00%, 9/30/19		1,000,000		957,000
1.25%, 11/30/18		1,540,000		1,518,512
1.25%, 1/31/19		1,450,000		1,425,695
1.25%, 2/29/20		1,500,000		1,442,076
1.38%, 6/30/18		2,500,000		2,497,127
1.38%, 5/31/20		1,250,000		1,204,471
1.50%, 8/31/18		1,750,000		1,751,824
1.63%, 8/15/22		500,000		468,215
1.75%, 5/15/23		500,000		466,346
2.00%, 4/30/16		600,000		618,889
2.00%, 7/31/20		1,000,000		997,490
2.00%, 11/15/21		500,000		488,054
2.00%, 2/15/22		1,000,000		972,987
2.13%, 8/15/21		750,000		741,218
2.63%, 4/30/16		485,000		506,407
2.63%, 8/15/20		750,000		775,073
2.63%, 11/15/20		500,000		515,546
2.75%, 2/15/19		1,500,000		1,579,396
2.75%, 11/15/23		750,000		758,127
3.63%, 2/15/20		500,000		547,494

Description	Par Value		Value
4.00%, 8/15/18	$	1,000,000	$	1,107,923
4.13%, 5/15/15		125,000		130,202
4.25%, 11/15/17		1,500,000		1,662,394
4.50%, 2/15/16		500,000		537,469
4.75%, 8/15/17		3,000,000		3,363,202
TOTAL U.S. TREASURY NOTES			$	36,812,323
TOTAL U.S. TREASURY (COST $36,551,908)			$	36,812,323
	Number of Shares
MONEY MARKET FUND – 1.6%
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^		2,310,279	$	2,310,279
TOTAL MONEY MARKET FUND (COST $2,310,279)			$	2,310,279
TOTAL INVESTMENTS IN SECURITIES – 99.8% (COST $139,039,928)			$	141,542,915
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 7.4%
REPURCHASE AGREEMENTS – 7.4%
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $2,503,930, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $2,554,005.	$	2,503,926	$	2,503,926
Daiwa Capital Markets America, 0.07%, dated 04/30/14, due 05/01/14, repurchase price $2,503,931, collateralized by U.S. Government & Treasury Securities 1.32% to 6.50%, maturing 06/01/17 to 03/01/48; total market value of $2,554,004.		2,503,926		2,503,926
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $2,503,929, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 05/06/14 to 07/15/32; total market value of $2,554,032.		2,503,926		2,503,926

ANNUAL REPORT / April 30, 2014

41	PORTFOLIOS OF INVESTMENTS
Wilmington Intermediate-Term Bond Fund (concluded)

Description	Par Value		Value
Nomura Securities International, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $527,130, collateralized by U.S. Treasury Securities 0.13% to 6.13%, maturing 07/15/14 to 02/15/44; total market value of $537,672.	$	527,129	$	527,129
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $2,503,930, collateralized by U.S. Government Securities 0.25% to 6.75%, maturing 07/15/14 to 07/15/32; total market value of $2,554,013.		2,503,926		2,503,926
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $10,542,833)			$	10,542,833

Description	Value
TOTAL INVESTMENTS – 107.2% (COST $149,582,761)	$	152,085,748
COLLATERAL FOR SECURITIES ON LOAN – (7.4%)		(10,542,833	)
OTHER ASSETS LESS LIABILITIES – 0.2%		251,540
TOTAL NET ASSETS – 100.0%	$	141,794,455

Cost of investments for Federal income tax purposes is $149,587,533 The net unrealized appreciation/(depreciation) of investments was $2,498,215. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,987,666 and net unrealized depreciation from investments for those securities having an excess of cost over value of $489,451.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Security	$	—	$	350,141	$	—	$	350,141
Collateralized Mortgage Obligations		—		816,505		—		816,505
Corporate Bonds		—		73,026,301		—		73,026,301
Government Agencies		—		24,775,299		—		24,775,299
Mortgage-Backed Securities		—		3,452,067		—		3,452,067
U.S. Treasury		—		36,812,323		—		36,812,323
Money Market Fund		2,310,279		—		—		2,310,279
Repurchase Agreements		—		10,542,833		—		10,542,833
Total	$	2,310,279	$	149,775,469	$	—	$	152,085,748

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

42

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short-Term Corporate Bond Fund

At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
Commercial Banks		12.4	%
Oil & Gas		10.2	%
Diversified Financial Services		8.3	%
Real Estate Investment Trusts		8.1	%
Pipelines		6.6	%
Electric		5.5	%
Pharmaceuticals		5.0	%
Insurance		4.8	%
Health Care Providers & Services		3.5	%
Media		3.3	%
Telecommunications		3.0	%
Capital Markets		2.8	%
Computers		2.7	%
Miscellaneous Manufacturing		2.5	%
Automotive		2.2	%
Food Products		2.2	%
Beverages		1.7	%
Forest Products & Paper		1.5	%
Retail		1.4	%
Transportation		1.3	%
Building Materials		1.2	%
Commercial Paper		1.2	%
U.S. Treasury Note		1.1	%
Trucking & Leasing		0.9	%
Aerospace & Defense		0.8	%
Commercial Mortgage-Backed Securities (CMBS)		0.7	%
Environmental Control		0.7	%
Metals & Mining		0.6	%
Auto Parts & Equipment		0.6	%
Electronics		0.6	%
Home Furnishings		0.5	%
Whole Loan		0.3	%
Chemicals		0.3	%
Consumer Finance		0.1	%
Federal Home Loan Mortgage Corporation (FHLMC)		0.1	%
Federal National Mortgage Association (FNMA)		0.0	%4
Cash Equivalents1		3.3	%
Other Assets and Liabilities – Net2		(2.0	)%
TOTAL		100.0	%

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

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

(3) 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		0.9	%
AA		3.5	%
A		31.8	%
BBB		61.2	%
BB		0.1	%
Not Rated		3.3	%
U.S. Government Agency Securities		0.1	%
U.S. Treasuries		1.1	%
Other Assets and Liabilities – Net2		(2.0	)%
TOTAL		100.0	%

ANNUAL REPORT / April 30, 2014

43	PORTFOLIOS OF INVESTMENT
Wilmington Short-Term Corporate Bond Fund (continued)

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 399251, 2.19%, 9/01/27D	$	57	$	60
TOTAL ADJUSTABLE RATE MORTGAGE (COST $57)			$	60
ASSET-BACKED SECURITY – 0.3%
WHOLE LOAN – 0.3%
SLM Private Education Loan Trust, Series 2011-A, Class A1, 1.17%, 10/15/24D,—,W		462,918		466,854
TOTAL ASSET-BACKED SECURITY (COST $462,918)			$	466,854
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.8%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 0.7%
Extended Stay America Trust, Series 2013-ESH5, Class A15, 1.28%, 12/05/31—,W		505,000		492,434
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CIBC18, Class A4, 5.44%, 6/12/47		587,000		643,100
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	1,135,534
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.1%
Series 2003-2632, Class A, 4.00%, 1/15/18		53,032		53,320
Series 2003-2649, Class KA, 4.50%, 7/15/18		123,029		128,246
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	181,566
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $1,368,191)			$	1,317,100
COMMERCIAL PAPER – 1.2%¿
OIL & GAS – 1.2%
Weatherford International Ltd., Company Guaranteed, 0.65%, 5/01/14—,W		2,000,000		1,999,964
TOTAL COMMERCIAL PAPER (COST $2,000,000)			$	1,999,964
CORPORATE BONDS – 95.3%
AEROSPACE & DEFENSE – 0.8%
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16		1,235,000		1,318,692
AUTO PARTS & EQUIPMENT – 0.6%
Johnson Controls, Inc., Sr. Unsecured, 5.50%, 1/15/16		1,000,000		1,079,121

Description	Par Value		Value
AUTOMOTIVE – 2.2%
Ford Motor Credit Co. LLC, Sr. Unsecured, FRN, 1.06%, 3/12/19D	$	2,500,000	$	2,512,594
General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17		200,000		214,250
Hyundai Capital America, Sr. Unsecured, 1.63%, 10/02/15—,W		250,000		252,849
Hyundai Capital America, Sr. Unsecured, 1.88%, 8/09/16—,W		400,000		406,275
Hyundai Motor Manufacturing Czech, Company Guaranteed, 4.50%, 4/15/15—,W		250,000		258,650
TOTAL AUTOMOTIVE			$	3,644,618
BEVERAGES – 1.7%
Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 0.62%, 2/01/19D		160,000		159,968
Diageo Capital PLC, Company Guaranteed, 0.63%, 4/29/16		475,000		474,841
Diageo Capital PLC, Company Guaranteed, 5.50%, 9/30/16		2,000,000		2,223,788
TOTAL BEVERAGES			$	2,858,597
BUILDING MATERIALS – 1.2%
Masco Corp., Sr. Unsecured, 4.80%, 6/15/15		1,000,000		1,039,159
Trane US, Inc., Company Guaranteed, 5.50%, 4/01/15		1,000,000		1,041,670
TOTAL BUILDING MATERIALS			$	2,080,829
CAPITAL MARKETS – 2.8%
Goldman Sachs Group, Inc., Sr. Unsecured, FRN, 1.44%, 4/30/18D		3,000,000		3,045,025
Raymond James Financial, Inc., Sr. Unsecured, 4.25%, 4/15/16		1,500,000		1,594,087
TOTAL CAPITAL MARKETS			$	4,639,112
CHEMICALS – 0.3%
Ecolab, Inc., Sr. Unsecured, 1.00%, 8/09/15		500,000		503,016
COMMERCIAL BANKS – 12.4%
American Express Bank FSB, Sr. Unsecured, BKNT, 6.00%, 9/13/17		1,400,000		1,610,677
BB&T Corp., Sr. Unsecured, MTN, 1.60%, 8/15/17		564,000		567,354
BB&T Corp., Sr. Unsecured, MTN, 1.11%, 6/15/18D		1,725,000		1,754,045
Comerica Bank, Subordinated, BKNT, 5.75%, 11/21/16		2,000,000		2,224,428
Fifth Third Bancorp, Subordinated, FRN, 0.67%, 12/20/16D		3,000,000		2,972,119

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENT 44

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value		Value
KeyBank N.A., Subordinated, BKNT, 5.70%, 11/01/17	$	900,000	$	1,015,623
KeyBank N.A., Subordinated, MTN, 5.45%, 3/03/16		1,000,000		1,083,722
National City Bank, Subordinated, BKNT, 0.60%, 6/07/17D		2,000,000		1,982,866
SunTrust Banks, Inc., Sr. Unsecured, 3.60%, 4/15/16		3,000,000		3,148,929
US Bancorp, Sr. Unsecured, MTN, 0.73%, 11/15/18D		430,000		432,626
US Bancorp, Sr. Unsecured, MTN, 0.63%, 4/25/19D		2,000,000		2,004,461
Wachovia Corp., Subordinated, 0.61%, 10/15/16D		2,088,000		2,084,372
TOTAL COMMERCIAL BANKS			$	20,881,222
COMPUTERS – 2.7%
Apple, Inc., FRN, Sr. Unsecured, 0.52%, 5/06/19D		2,300,000		2,301,702
Hewlett-Packard Co., Sr. Unsecured, 2.13%, 9/13/15		2,200,000		2,244,037
TOTAL COMPUTERS			$	4,545,739
CONSUMER FINANCE – 0.1%
Capital One Financial Corp., Sr. Unsecured, 1.00%, 11/06/15		150,000		150,459
DIVERSIFIED FINANCIAL SERVICES – 8.3%
Bank of America Corp., Sr. Unsecured, MTN, 1.32%, 3/22/18D		2,500,000		2,533,741
Bank of America Corp., Sr. Unsecured, MTN, 1.10%, 4/01/19D		2,000,000		2,008,226
Capital One Bank USA NA, Sr. Unsecured, BKNT, 1.20%, 2/13/17		1,900,000		1,898,003
General Electric Capital Corp., Sr. Unsecured, FRN, 1.23%, 3/15/23D		2,000,000		1,999,322
John Deere Capital Corp., Unsecured, MTN, 1.05%, 12/15/16#		2,500,000		2,514,176
JPMorgan Chase & Co., Sr. Unsecured, FRN, 0.87%, 1/28/19D		2,000,000		2,008,437
JPMorgan Chase & Co., Sr. Unsecured, GMTN, 1.10%, 10/15/15		1,000,000		1,005,810
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	13,967,715
ELECTRIC – 5.5%
Appalachian Power Co., Sr. Unsecured, 5.00%, 6/01/17		1,000,000		1,091,181
CMS Energy Corp., Sr. Unsecured, 4.25%, 9/30/15		2,000,000		2,090,981
Consolidated Edison Co. of New York, Inc., Series 05-C, Sr. Unsecured, 5.38%, 12/15/15		110,000		118,150
Dominion Resources, Inc., Sr. Unsecured, 2.25%, 9/01/15		2,000,000		2,042,588
Duke Energy Corp., Sr. Unsecured, 0.61%, 4/03/17D		1,750,000		1,756,417

Description	Par Value		Value
Entergy Corp., Sr. Unsecured, 4.70%, 1/15/17	$	2,000,000	$	2,158,501
TOTAL ELECTRIC			$	9,257,818
ELECTRONICS – 0.6%
Agilent Technologies, Inc., Sr. Unsecured, 5.50%, 9/14/15		1,000,000		1,061,962
ENVIRONMENTAL CONTROL – 0.7%
Waste Management, Inc., Company Guaranteed, 2.60%, 9/01/16		1,100,000		1,143,407
FOOD PRODUCTS – 2.2%
Kroger Co., Sr. Unsecured, 1.20%, 10/17/16		600,000		601,745
McCormick & Co., Inc., Sr. Unsecured, 5.20%, 12/15/15		2,000,000		2,149,315
WM Wrigley Jr Co., Sr. Unsecured, 4.65%, 7/15/15		690,000		722,446
WM Wrigley Jr. Co., Sr. Unsecured, 1.40%, 10/21/16—,W		160,000		161,321
TOTAL FOOD PRODUCTS			$	3,634,827
FOREST PRODUCTS & PAPER – 1.5%
International Paper Co., Sr. Unsecured, 5.25%, 4/01/16		2,250,000		2,426,052
HEALTH CARE PROVIDERS & SERVICES – 3.5%
UnitedHealth Group, Inc., Sr. Unsecured, 1.40%, 10/15/17		3,000,000		3,009,954
WellPoint, Inc., Sr. Unsecured, 1.25%, 9/10/15		1,000,000		1,009,516
WellPoint, Inc., Sr. Unsecured, 5.25%, 1/15/16		750,000		805,786
WellPoint, Inc., Sr. Unsecured, 2.38%, 2/15/17		1,000,000		1,029,195
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	5,854,451
HOME FURNISHINGS – 0.5%
Whirlpool Corp., Sr. Unsecured, 6.50%, 6/15/16		750,000		836,797
INSURANCE – 4.8%
American International Group, Inc., Sr. Unsecured, 3.80%, 3/22/17		1,000,000		1,071,443
Aon Corp., Company Guaranteed, 3.50%, 9/30/15		2,730,000		2,836,898
Hartford Financial Services Group, Inc., Sr. Unsecured, 4.00%, 10/15/17		1,750,000		1,888,298
Principal Financial Group, Inc., Company Guaranteed, 1.85%, 11/15/17		1,074,000		1,080,921
WR Berkley Corp., Sr. Unsecured, 5.60%, 5/15/15		1,150,000		1,203,043
TOTAL INSURANCE			$	8,080,603
MEDIA – 3.3%
CBS Corp., Company Guaranteed, 1.95%, 7/01/17		2,000,000		2,037,028

ANNUAL REPORT / April 30, 2014

45 PORTFOLIOS OF INVESTMENT

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value		Value
COX Communications, Inc., Sr. Unsecured, 5.45%, 12/15/14	$	2,000,000	$	2,059,846
Time Warner Cable, Inc., Company Guaranteed, 5.85%, 5/01/17		1,000,000		1,132,378
Viacom, Inc., Sr. Unsecured, 1.25%, 2/27/15		300,000		302,113
TOTAL MEDIA			$	5,531,365
METALS & MINING – 0.6%
Caterpillar Financial Services Corp., Sr. Unsecured, 1.75%, 3/24/17		1,000,000		1,018,665
MISCELLANEOUS MANUFACTURING – 2.5%
Eaton Corp., Company Guaranteed, 0.95%, 11/02/15		2,000,000		2,012,782
Textron, Inc., Sr. Unsecured, 6.20%, 3/15/15		2,000,000		2,095,867
TOTAL MISCELLANEOUS MANUFACTURING			$	4,108,649
OIL & GAS – 10.2%
BP Capital Markets PLC, Company Guaranteed, 0.78%, 5/10/19D		1,000,000		1,003,200
Canadian Natural Resources Ltd., Sr. Unsecured, 0.61%, 3/30/16D		1,000,000		1,001,718
Devon Energy Corp., Sr. Unsecured, 1.20%, 12/15/16		1,000,000		1,004,642
Diamond Offshore Drilling, Inc., Sr. Unsecured, 4.88%, 7/01/15		1,000,000		1,050,229
Exxon Mobil Corp., Sr. Unsecured, 0.92%, 3/15/17		575,000		575,323
Husky Energy, Inc., Sr. Unsecured, 6.20%, 9/15/17		1,000,000		1,141,850
Marathon Oil Corp., Sr. Unsecured, 0.90%, 11/01/15		1,810,000		1,816,981
Murphy Oil Corp., Sr. Unsecured, 2.50%, 12/01/17		1,000,000		1,022,065
Nabors Industries, Inc., Company Guaranteed, 2.35%, 9/15/16—,W		400,000		408,986
Petrobras Global Finance BV, Company Guaranteed, 2.00%, 5/20/16		285,000		285,347
Petrobras Global Finance BV, Company Guaranteed, 2.59%, 3/17/17D		335,000		339,187
Phillips 66, Company Guaranteed, 2.95%, 5/01/17		2,000,000		2,095,320
Pioneer Natural Resources Co., Sr. Unsecured, 6.65%, 3/15/17		1,000,000		1,139,792
Transocean, Inc., Company Guaranteed, 5.05%, 12/15/16		2,000,000		2,176,307
Valero Energy Corp., Company Guaranteed, 4.50%, 2/01/15		2,000,000		2,059,530
TOTAL OIL & GAS			$	17,120,477
PHARMACEUTICALS – 5.0%
AbbVie, Inc., Sr. Unsecured, 1.20%, 11/06/15		2,700,000		2,724,227

Description	Par Value		Value
Cardinal Health, Inc., Sr. Unsecured, 5.80%, 10/15/16	$	2,000,000	$	2,232,304
Express Scripts Holding Co., Company Guaranteed, 3.50%, 11/15/16		2,300,000		2,438,460
Zoetis, Inc., Sr. Unsecured, 1.15%, 2/01/16		1,000,000		1,007,600
TOTAL PHARMACEUTICALS			$	8,402,591
PIPELINES – 6.6%
Buckeye Partners LP, Sr. Unsecured, 5.30%, 10/15/14		1,700,000		1,734,591
Energy Transfer Partners LP, Sr. Unsecured, 5.95%, 2/01/15		1,000,000		1,038,236
Enterprise Products Operating LLC, Company Guaranteed, 3.70%, 6/01/15		2,500,000		2,583,811
Kinder Morgan Energy Partners LP, Sr. Unsecured, 5.63%, 2/15/15		2,500,000		2,598,512
Plains All American Pipeline LP / PAA Finance Corp., Sr. Unsecured, 3.95%, 9/15/15		3,000,000		3,135,205
TOTAL PIPELINES			$	11,090,355
REAL ESTATE INVESTMENT TRUSTS – 8.1%
BioMed Realty LP, Company Guaranteed, 2.63%, 5/01/19		1,000,000		999,345
Boston Properties LP, Sr. Unsecured, 5.63%, 4/15/15		1,000,000		1,048,037
Boston Properties LP, Sr. Unsecured, 5.00%, 6/01/15		1,000,000		1,047,070
Digital Realty Trust LP, Company Guaranteed, 4.50%, 7/15/15#		2,000,000		2,067,116
Health Care REIT, Inc., Sr. Unsecured, 6.20%, 6/01/16		2,071,000		2,293,594
ProLogis LP, Company Guaranteed, 6.13%, 12/01/16		2,077,000		2,352,722
Simon Property Group LP, Sr. Unsecured, 5.10%, 6/15/15		1,325,000		1,393,063
Ventas Realty LP, Company Guaranteed, 1.55%, 9/26/16		2,000,000		2,022,635
Vornado Realty LP, Sr. Unsecured, 4.25%, 4/01/15		435,000		445,121
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	13,668,703
RETAIL – 1.4%
CVS Caremark Corp., Sr. Unsecured, 1.20%, 12/05/16		2,200,000		2,215,725
Wal-Mart Stores Pass-Through Trust 1994, Series A-2, Pass-Through Certificates, 8.85%, 1/02/15		101,363		105,418
TOTAL RETAIL			$	2,321,143
TELECOMMUNICATIONS – 3.0%
Cisco Systems, Inc., Sr. Unsecured, 1.10%, 3/03/17		800,000		802,813

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENT 46

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value		Value
Verizon Communications, Inc., Sr. Unsecured, 1.00%, 6/17/19D	$	4,250,000	$	4,292,076
TOTAL TELECOMMUNICATIONS			$	5,094,889
TRANSPORTATION – 1.3%
CSX Corp., Sr. Unsecured, 6.25%, 4/01/15		265,000		278,551
Ryder System, Inc., Sr. Unsecured, MTN, 3.15%, 3/02/15		1,500,000		1,532,114
Ryder System, Inc., Sr. Unsecured, MTN, 3.60%, 3/01/16		400,000		420,297
TOTAL TRANSPORTATION			$	2,230,962
TRUCKING & LEASING – 0.9%
GATX Corp., Sr. Unsecured, 4.75%, 5/15/15		1,400,000		1,458,858
TOTAL CORPORATE BONDS (COST $158,986,285)			$	160,011,694
U.S. TREASURY – 1.1%
U.S. TREASURY NOTE – 1.1%
0.25%, 2/29/16		1,850,000		1,847,278
TOTAL U.S. TREASURY (COST $1,844,887)			$	1,847,278

Description	Number of Shares		Value
MONEY MARKET FUND – 2.0%
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^		3,373,402	$	3,373,402
TOTAL MONEY MARKET FUND (COST $3,373,402)			$	3,373,402
TOTAL INVESTMENTS IN SECURITIES – 100.7% (COST $168,035,740)			$	169,016,352
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.3%
REPURCHASE AGREEMENTS – 1.3%
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $1,000,002, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $1,020,000.	$	1,000,000	$	1,000,000
Nomura Securities International, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $167,931, collateralized by U.S. Treasury Securities 0.13% to 6.13%, maturing 07/15/14 to 02/15/44; total market value of $171,290.		167,931		167,931
RBC Capital Markets LLC, 0.05%, dated 04/30/14, due 05/01/14, repurchase price $1,000,001, collateralized by U.S. Government Securities 2.33% to 4.50%, maturing 02/01/24 to 01/01/44; total market value of $1,020,000.		1,000,000		1,000,000
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,167,931)			$	2,167,931
TOTAL INVESTMENTS – 102.0% (COST $170,203,671)			$	171,184,283
COLLATERAL FOR SECURITIES ON LOAN – (1.3%)				(2,167,931	)
OTHER LIABILITIES LESS ASSETS – (0.7%)				(1,174,616	)
TOTAL NET ASSETS – 100.0%			$	167,841,736

Cost of investments for Federal income tax purposes is $170,207,462. The net unrealized appreciation/(depreciation) of investments was $976,821. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,062,272 and net unrealized depreciation from investments for those securities having an excess of cost over value of $85,451.

ANNUAL REPORT / April 30, 2014

47	PORTFOLIOS OF INVESTMENT
Wilmington Short-Term Corporate Bond Fund (concluded)

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	60	$	—	$	60
Asset-Backed Security		—		466,854		—		466,854
Collateralized Mortgage Obligations		—		1,317,100		—		1,317,100
Commercial Paper		—		1,999,964		—		1,999,964
Corporate Bonds		—		160,011,694		—		160,011,694
U.S. Treasury		—		1,847,278		—		1,847,278
Money Market Fund		3,373,402		—		—		3,373,402
Repurchase Agreements		—		2,167,931		—		2,167,931
Total	$	3,373,402	$	167,810,881	$	—	$	171,184,283

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

48

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short Duration Government Bond Fund

At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Federal National Mortgage Association (FNMA)		45.7	%
Federal Home Loan Mortgage Corporation (FHLMC)		31.8	%
Federal Home Loan Bank (FHLB)		8.7	%
Government National Mortgage Association (GNMA)		6.1	%
U.S. Treasury Note		2.1	%
Whole Loan		1.7	%
U.S. Treasury Inflation Indexed Note		1.3	%
Transportation		0.6	%
Small Business Administration		0.2	%
Development		0.1	%
Cash Equivalents1		1.5	%
Other Assets and Liabilities – Net2		0.2	%
TOTAL		100.0	%

Credit Quality Diversification3	Percentage of Total Net Assets
AA		50.6	%
BB		0.4	%
D		1.2	%
Not Rated		2.1	%
U.S. Government Agency Securities		42.1	%
U.S. Treasuries		3.4	%
Other Assets and Liabilities – Net1		0.2	%
TOTAL		100.0	%

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

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Par Value		Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 26.5%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 9.4%
Series 1988-6, Class C, 9.05%, 6/15/19	$	8,754	$	9,456
Series 1989-112, Class I, 6.50%, 1/15/21		1,650		1,790
Series 1990-136, Class E, 6.00%, 4/15/21		4,528		4,913
Series 1990-141, Class D, 5.00%, 5/15/21		1,993		2,120
Series 1993-1577, Class PK,
6.50%, 9/15/23		68,550		76,340
Series 1993-1644, Class K,
6.75%, 12/15/23		58,538		65,041
Series 1994-1686, Class PJ,
5.00%, 2/15/24		7,548		8,094
Series 2004-2844, Class PV,
5.00%, 8/15/15		186,955		189,174
Series 2005-3062, Class LU,
5.50%, 10/15/16		2,329,784		2,414,289

Description	Par Value		Value
Series 2005-3074, Class BG,
5.00%, 9/15/33	$	347,956	$	353,191
Series 2009-3610, Class AB,
1.40%, 12/15/14		31,520		31,532
Series 2011-3799, Class GK,
2.75%, 1/15/21		280,415		286,588
Series 2012-K710, Class A1,
1.44%, 1/25/19		2,751,206		2,776,032
Series 3893, Class DJ, 2.00%, 10/15/20		2,735,474		2,785,183
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	9,003,743
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 9.9%
Series 1993-113, Class PK, 6.50%, 7/25/23		52,258		58,184
Series 1993-127, Class H, 6.50%, 7/25/23		49,256		54,627
Series 1993-202, Class J, 6.50%, 11/25/23		26,837		30,001
Series 1994-3, Class PL, 5.50%, 1/25/24		53,470		58,378
Series 1994-55, Class H, 7.00%, 3/25/24		55,641		62,919
Series 2002-52, Class QA, 6.00%, 7/18/32		25,410		27,294
Series 2002-94, Class HQ, 4.50%, 1/25/18		1,075,724		1,124,258

ANNUAL REPORT / April 30, 2014

49 PORTFOLIOS OF INVESTMENTS

Wilmington Short Duration Government Bond Fund (continued)

Description	Par Value		Value
Series 2003-3, Class BC, 5.00%, 2/25/18	$	768,922	$	818,896
Series 2003-45, Class AB, 3.75%, 5/25/33		6,437		6,493
Series 2009-70, Class NM, 3.25%, 8/25/19		1,762,657		1,819,063
Series 2011-66, Class QE, 2.00%, 7/25/21		994,622		1,004,036
Series 2011-71, Class DJ, 3.00%, 3/25/25		1,222,492		1,254,383
Series 2011-81, Class PA, 3.50%, 8/25/26		3,008,664		3,141,489
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	9,460,021
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 5.5%
Series 2005-44, Class PC, 5.00%, 12/20/33		1,083,538		1,135,234
Series 2010-17, Class K, 4.00%, 3/16/22		3,762,715		3,898,574
Series 2010-91, Class PA, 3.00%, 8/20/31		170,828		171,126
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	5,204,934
WHOLE LOAN – 1.7%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 2.68%, 2/25/34D		286,662		273,791
Banc of America Mortgage Securities, Inc.,
Series 2004-B, Class 2A1, 2.63%, 3/25/34D		211,183		201,573
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1,
2.72%, 11/25/35D		1,251,930		1,126,237
TOTAL WHOLE LOAN			$	1,601,601
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $25,506,294)			$	25,270,299
CORPORATE BOND – 0.6%
TRANSPORTATION – 0.6%
Vessel Management Services, Inc.,
U.S. Government Guaranteed,
6.75%, 7/15/25		479,000		564,112
TOTAL CORPORATE BOND (COST $479,000)			$	564,112
GOVERNMENT AGENCIES – 50.7%
FEDERAL HOME LOAN BANK (FHLB) – 8.7%
0.50%, 11/20/15		2,000,000		2,007,066
1.75%, 9/11/15		4,000,000		4,081,373
5.38%, 5/18/16		2,000,000		2,198,255
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	8,286,694
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 18.5%
0.50%, 5/13/16		2,000,000		2,000,330
0.63%, 12/29/14		3,000,000		3,010,277
0.88%, 10/14/16		3,000,000		3,017,054
1.00%, 3/08/17		3,000,000		3,017,977
2.00%, 8/25/16		1,000,000		1,032,584
4.75%, 1/19/16		1,000,000		1,076,101
5.13%, 10/18/16		2,000,000		2,214,713

Description	Par Value		Value
5.25%, 4/18/16	$	2,000,000	$	2,189,069
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	17,558,105
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 23.3%
0.38%, 3/16/15		4,000,000		4,006,915
0.38%, 12/21/15		3,000,000		3,002,442
0.38%, 7/05/16		2,000,000		1,993,177
0.50%, 5/27/15		3,000,000		3,011,233
0.50%, 3/30/16		5,000,000		5,004,721
2.25%, 3/15/16		5,000,000		5,169,834
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	22,188,322
SMALL BUSINESS ADMINISTRATION – 0.2%
Small Business Administration Participation
Certificates, U.S. Government Guaranteed,
Series 1996-C, 6.70%, 3/01/16		11,360		11,899
Small Business Administration Participation
Certificates, U.S. Government Guaranteed,
Series 1996-K, 6.95%, 11/01/16		122,507		129,493
Small Business Administration Participation
Certificates, U.S. Government Guaranteed,
Series 1996-L, 6.70%, 12/01/16		57,469		59,989
Small Business Administration Participation
Certificates, U.S. Government Guaranteed,
Series 1997-E, 7.30%, 5/01/17		2,810		3,016
Small Business Administration Participation
Certificates, U.S. Government Guaranteed,
Series 1999-I, 7.30%, 9/01/19		5,117		5,605
TOTAL SMALL BUSINESS ADMINISTRATION			$	210,002
TOTAL GOVERNMENT AGENCIES (COST $47,402,323)			$	48,243,123
MORTGAGE-BACKED SECURITIES – 17.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 3.9%
Pool 287773, 7.50%, 3/01/17		574		598
Pool 538733, 9.00%, 9/01/19		263		271
Pool A18401, 6.00%, 2/01/34		661,399		742,598
Pool C78010, 5.50%, 4/01/33		1,066,616		1,199,535
Pool C80328, 7.50%, 7/01/25		38,618		43,818
Pool G01425, 7.50%, 5/01/32		91,294		104,616
Pool G01831, 6.00%, 5/01/35		216,858		243,481
Pool G12709, 5.00%, 7/01/22		191,880		204,880
Pool G14695, 4.50%, 6/01/26		1,105,596		1,181,571
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	3,721,368
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 12.5%
Pool 202957, 8.00%, 8/01/21		3,486		3,675
Pool 252439, 6.50%, 5/01/29		38,271		43,417
Pool 255933, 5.50%, 11/01/35		214,116		237,436
Pool 323419, 6.00%, 12/01/28		65,826		73,978
Pool 334593, 7.00%, 5/01/24		72,664		82,043

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 50

Wilmington Short Duration Government Bond Fund (continued)

Description	Par Value		Value
Pool 39862, 9.75%, 9/01/17	$	5,033	$	5,284
Pool 436746, 6.50%, 8/01/28		47,261		50,474
Pool 440401, 6.50%, 8/01/28		165,876		187,298
Pool 485678, 6.50%, 3/01/29		38,331		43,868
Pool 494375, 6.50%, 4/01/29		17,693		18,698
Pool 545051, 6.00%, 9/01/29		114,335		128,352
Pool 625596, 7.00%, 2/01/32		16,918		17,709
Pool 725418, 6.50%, 5/01/34		187,896		213,394
Pool 833143, 5.50%, 9/01/35		1,189,847		1,321,853
Pool 843323, 5.50%, 10/01/35		101,755		112,837
Pool AE2520, 3.00%, 1/01/26		470,238		487,484
Pool MA0909, 3.00%, 11/01/21		1,016,349		1,065,087
Pool MA0921, 3.00%, 12/01/21		7,434,806		7,791,330
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	11,884,217
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.6%
Pool 1061, 9.00%, 4/20/23		16,451		17,141
Pool 1886, 9.00%, 10/20/24		1,246		1,320
Pool 188603, 9.00%, 11/15/16		4,666		4,798
Pool 208196, 9.00%, 2/15/17		7,271		7,483
Pool 306066, 8.50%, 7/15/21		4,692		5,375
Pool 307983, 8.50%, 7/15/21		16,254		16,729
Pool 341948, 8.50%, 1/15/23		9,065		9,310
Pool 346572, 7.00%, 5/15/23		10,082		10,768
Pool 484269, 7.00%, 9/15/28		44,778		48,639
Pool 581522, 6.00%, 5/15/33		229,763		259,918
Pool 592505, 6.00%, 4/15/33		151,537		162,487
Pool 780440, 8.50%, 11/15/17		1,132		1,258
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	545,226
TOTAL MORTGAGE-BACKED SECURITIES (COST $15,620,791)			$	16,150,811
MUNICIPAL BOND – 0.1%
DEVELOPMENT – 0.1%
City of Miami, FL, Rent Revenue,
Series 1998, (Lease payments guaranteed
by U.S. Government), 8.65%, 7/01/19		115,000		137,080
TOTAL MUNICIPAL BOND (COST $124,276)			$	137,080
U.S. TREASURY – 3.4%
U.S. TREASURY INFLATION INDEXED NOTE – 1.3%
1.13%, 1/15/21		1,100,000		1,262,152
U.S. TREASURY NOTE – 2.1%
0.88%, 4/15/17		2,000,000		2,001,460
TOTAL U.S. TREASURY (COST $3,191,875)			$	3,263,612

Description	Number of Shares		Value
MONEY MARKET FUND – 1.5%
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.01%^		1,410,998	$	1,410,998
TOTAL MONEY MARKET FUND (COST $1,410,998)			$	1,410,998
TOTAL INVESTMENTS – 99.8% (COST $93,735,557)			$	95,040,035
OTHER ASSETS LESS LIABILITIES – 0.2%				147,801
TOTAL NET ASSETS – 100.0%			$	95,187,836

ANNUAL REPORT / April 30, 2014

51 PORTFOLIOS OF INVESTMENTS

Wilmington Short Duration Government Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $93,735,678. The net unrealized appreciation/(depreciation) of investments was $1,304,357. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,735,662 and net unrealized depreciation from investments for those securities having an excess of cost over value of $431,305.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Collateralized Mortgage Obligations	$	—	$	25,270,299	$	—	$	25,270,299
Corporate Bond		—		564,112		—		564,112
Government Agencies		—		48,243,123		—		48,243,123
Mortgage-Backed Securities		—		16,150,811		—		16,150,811
Municipal Bond		—		137,080		—		137,080
U.S. Treasury		—		3,263,612		—		3,263,612
Money Market Fund		1,410,998		—		—		1,410,998
Total	$	1,410,998	$	93,629,037	$	—	$	95,040,035

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

52

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Dedicated Tax		15.5	%
Medical		14.6	%
General Obligations		11.8	%
Higher Education		9.4	%
School District		8.4	%
Transportation		7.9	%
Water & Sewer		7.8	%
Lease		6.6	%
Airport		5.2	%
Pre-Refunded/Escrow		4.5	%
Education		2.2	%
Water		1.8	%
Utilities		1.6	%
Power		0.5	%
Tobacco		0.5	%
Cash Equivalents1		3.5	%
Other Assets and Liabilities – Net2		(1.8	)%
TOTAL		100.0	%

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		22.0	%
AA		47.2	%
A		24.0	%
BBB		0.7	%
Not Rated		7.9	%
Other Assets and Liabilities – Net2		(1.8	)%
TOTAL		100.0	%

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

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Par Value		Value
MUNICIPAL BONDS – 98.3%
ALABAMA – 0.5%
MEDICAL – 0.5%
The University of Alabama, Refunding
Revenue Bonds, (Series A), 5.75%, 9/01/22	$	1,000,000	$	1,122,520
TOTAL ALABAMA			$	1,122,520
ARIZONA – 2.1%
LEASE – 0.5%
City of Tucson, AZ, Certificate Participation
Bonds, Public Improvements, (Series A),
(National Reinsurance), 5.00%, 7/01/21		1,000,000		1,088,080

Description	Par Value		Value
WATER & SEWER – 1.6%
Arizona Water Infrastructure Finance
Authority, Revenue Bonds, Water Utility
Improvements, (Series A), 5.00%, 10/01/23	$	3,000,000	$	3,454,110
TOTAL ARIZONA			$	4,542,190
CALIFORNIA – 11.2%
AIRPORT – 1.5%
San Francisco City & County Airports
Comm-San Francisco International Airport,
Refunding Revenue Bonds, 5.00%, 5/01/26		2,925,000		3,337,425
EDUCATION – 2.2%
Los Angeles Unified School District, CA,
Certificate Participation Refunding Bonds,,
(Series B), (Headquaters Building),
5.00%, 10/01/27		4,300,000		4,850,271

ANNUAL REPORT / April 30, 2014

53 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value			Value
GENERAL OBLIGATIONS – 1.7%
State of California, CA, GO Unlimited, Public
Improvements, 5.00%, 10/01/21		$	3,000,000		$	3,598,200
LEASE – 2.1%
Sacramento, CA, City Financing Authority,
Refunding Revenue Bonds, (Series B),
5.40%, 11/01/20			4,000,000			4,493,480
MEDICAL – 0.2%
California Health Facilities Financing
Authority, Revenue Bonds, (Series H),
(Catholic Healthcare West, OBG),
5.13%, 7/01/22			485,000			508,023
SCHOOL DISTRICT – 0.8%
San Ramon Valley Unified School District,
CA, GO Unlimited, Refunding Bonds,
5.00%, 8/01/27			1,450,000			1,688,090
WATER & SEWER – 2.7%
City of San Francisco Public Utilities
Commission Water Revenue, CA, Refunding
Revenue Bonds, (Series C),
5.00%, 11/01/27			5,000,000			5,846,850
TOTAL CALIFORNIA					$	24,322,339
COLORADO – 1.1%
AIRPORT – 1.1%
City & County of Denver Airport System
Revenue, CO, Refunding Revenue Bonds,
(Series B), 5.00%, 11/15/25			2,000,000			2,287,480
TOTAL COLORADO					$	2,287,480
DISTRICT OF COLUMBIA – 1.1%
DEDICATED TAX – 1.1%
District of Columbia, Refunding Revenue
Bonds, (Series B), 5.00%, 12/01/27			2,000,000			2,353,440
TOTAL DISTRICT OF COLUMBIA					$	2,353,440
FLORIDA – 0.5%
LEASE – 0.5%
City of Jacksonville, FL, Refunding Revenue
Bonds, (Series C), 5.00%, 10/01/26			1,000,000			1,143,610
TOTAL FLORIDA					$	1,143,610
GEORGIA – 2.8%
GENERAL OBLIGATIONS – 1.0%
State of Georgia, GO Unlimited, Refunding
Revenue Bonds, (Series C), 5.00%, 7/01/21			2,000,000			2,264,080
HIGHER EDUCATION – 1.0%
Fulton County Development Authority, GA,
Refunding Revenue Bonds, (Series A),
(Georgia Technology Foundation Inc., OBG),
5.25%, 11/01/24			1,750,000			2,194,535

Description	Par Value			Value
MEDICAL – 0.8%
Cobb County Kennestone Hospital Authority,
Refunding Revenue Bonds, 5.00%, 4/01/27		$	1,500,000		$	1,709,910
TOTAL GEORGIA					$	6,168,525
ILLINOIS – 1.5%
DEDICATED TAX – 1.5%
State of Illinois, Revenue Bonds, Public
Improvements, (National Reinsurance FGIC),
6.00%, 6/15/26			2,500,000			3,205,825
TOTAL ILLINOIS					$	3,205,825
INDIANA – 1.7%
GENERAL OBLIGATIONS – 0.7%
Indianapolis-Marion County Public Library,
GO Unlimited, Refunding Revenue Bonds,
(State Intercept Program), 5.00%, 1/01/19			1,270,000			1,473,124
MEDICAL – 1.0%
Indiana Finance Authority, Refunding
Revenue Bonds, (Series C), (Franciscan
Alliance Inc., OBG), 5.00%, 11/01/21			2,000,000			2,263,280
TOTAL INDIANA					$	3,736,404
MARYLAND – 1.1%
LEASE – 1.1%
County of Baltimore, MD, Certificate
Participation Bonds, Public Improvements,
5.00%, 10/01/21			2,000,000			2,367,120
TOTAL MARYLAND					$	2,367,120
MASSACHUSETTS – 1.3%
WATER & SEWER – 1.3%
Massachusetts Water Resources Authority,
Refunding Revenue Bonds, (Series B),
(AGM), 5.25%, 8/01/27			2,325,000			2,866,911
TOTAL MASSACHUSETTS					$	2,866,911
MICHIGAN – 7.6%
DEDICATED TAX – 2.9%
Michigan Finance Authority, Refunding
Revenue Bonds, (Series A), 5.00%, 7/01/18			3,500,000			4,066,370
Michigan Finance Authority, Refunding
Revenue Bonds, (Series B), 5.00%, 7/01/21			2,000,000			2,298,860
TOTAL DEDICATED TAX					$	6,365,230
MEDICAL – 0.6%
Royal Oak Hospital Finance Authority, MI,
Refunding Revenue Bonds, (Series D),
(William Beaumont Hospital),
5.00%, 9/01/20			1,200,000			1,390,356
SCHOOL DISTRICT – 1.5%
Ann Arbor School District, MI, GO Unlimited,
Refunding Revenue Bonds, (Q-SBLF),
5.00%, 5/01/17			1,000,000			1,123,690

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 54

Wilmington Municipal Bond Fund (continued)

Description	Par Value			Value
Lansing School District, MI, GO Unlimited,
Refunding Revenue Bonds, (Q-SBLF),
4.00%, 5/01/16		$	2,000,000		$	2,139,680
TOTAL SCHOOL DISTRICT					$	3,263,370
UTILITIES – 1.6%
Lansing Board of Water & Light, Revenue
Bonds, (Series A), 5.00%, 7/01/29			3,000,000			3,356,640
WATER & SEWER – 1.0%
Michigan Municipal Bond Authority, Revenue
Bonds, Water Utility Improvements,
5.00%, 10/01/19			2,075,000			2,205,517
TOTAL MICHIGAN					$	16,581,113
MISSOURI – 1.3%
AIRPORT – 0.5%
City of St Louis, MO, Airport Revenue,
Refunding Revenue Bonds, (Series A),
(Lambert International Airport), (AGM),
5.00%, 7/01/23			1,000,000			1,093,140
MEDICAL – 0.8%
Missouri State Health & Educational
Facilities Authority, MO, Refunding Revenue
Bonds, (Series A), (SSM Health Care),
5.00%, 6/01/28			1,500,000			1,689,780
TOTAL MISSOURI					$	2,782,920
NEVADA – 1.6%
DEDICATED TAX – 1.1%
County of Clark, NV, Refunding Revenue
Bonds, 5.00%, 7/01/18			2,000,000			2,309,480
SCHOOL DISTRICT – 0.5%
Washoe County School District, NV, GO
Limited, Refunding Revenue Bonds, (Series A), 4.00%, 6/01/18			1,000,000			1,108,150
TOTAL NEVADA					$	3,417,630
NEW YORK – 12.1%
DEDICATED TAX – 6.2%
Nassau County Interim Finance Authority,
NY, Refunding Revenue Bonds,
5.00%, 11/15/21			1,960,000			2,376,441
New York City, Transitional Finance Authority,
NY, Refunding Revenue Bonds, (Subseries
E), 5.00%, 11/01/22			4,125,000			4,912,999
New York Local Government Assistance
Corp., NY, Refunding Revenue Bonds, (Series A), (GO of Corp.), 5.00%, 4/01/19			1,500,000			1,778,220
New York State Dormitory Authority,
Refunding Revenue Bonds, (Series B),
(AMBAC), 5.50%, 3/15/25			1,750,000			2,205,455
New York State Environmental Facilities
Corp., Revenue Bonds, Recreational Facility
Improvements, (Series A), 5.00%, 12/15/21			2,000,000			2,143,740
TOTAL DEDICATED TAX					$	13,416,855

Description	Par Value			Value
GENERAL OBLIGATIONS – 0.6%
County of Sullivan, NY, GO Limited,
Refunding Revenue Bonds, 5.00%, 7/15/18		$	1,100,000		$	1,272,700
LEASE – 0.5%
Erie County Industrial Development Agency
School, NY, Refunding Revenue Bonds,
(State Aid Withholding), 5.00%, 5/01/18			1,000,000			1,148,730
TOBACCO – 0.5%
Tobacco Settlement Financing Corp., NY,
Refunding Revenue Bonds, (Series B),
5.00%, 6/01/22			1,000,000			1,121,080
TRANSPORTATION – 4.3%
Metropolitan Transportation Authority, NY,
Refunding Revenue Bonds, (Series E),
(Transit Improvements), 5.00%, 11/15/19			2,565,000			2,999,767
Metropolitan Transportation Authority, NY,
Revenue Bonds, (Series B), (Transit
Improvements), 5.00%, 11/15/29			3,000,000			3,368,730
Port Authority of New York & New Jersey,
Refunding Revenue Bonds, (Airport & Marina
Improvements), 5.00%, 12/01/23			2,500,000			2,987,650
TOTAL TRANSPORTATION					$	9,356,147
TOTAL NEW YORK					$	26,315,512
NORTH CAROLINA – 1.5%
GENERAL OBLIGATIONS – 1.5%
City of Charlotte, NC, GO Unlimited,
Refunding Revenue Bonds, (Series A),
5.00%, 7/01/18			2,745,000			3,191,639
TOTAL NORTH CAROLINA					$	3,191,639
OHIO – 3.1%
DEDICATED TAX – 0.8%
County of Hamilton, OH, Refunding Revenue
Bonds, (Series A), (AMBAC),
5.00%, 12/01/17			1,500,000			1,659,825
GENERAL OBLIGATIONS – 1.1%
Akron-Summit County Public Library, OH,
GO Unlimited, Refunding Revenue Bonds,
5.00%, 12/01/20			1,960,000			2,307,194
WATER & SEWER – 1.2%
Ohio Water Development Authority, OH,
Refunding Revenue Bonds, (Series C),
(Water Pollution Center, OBG),
5.00%, 12/01/20			2,275,000			2,729,454
TOTAL OHIO					$	6,696,473
PENNSYLVANIA – 19.4%
DEDICATED TAX – 0.6%
Sports & Exhibition Authority of Pittsburgh &
Allegheny County, PA, Refunding Revenue
Bonds, (AGM), 5.00%, 2/01/23			1,250,000			1,399,375

ANNUAL REPORT / April 30, 2014

55	PORTFOLIOS OF INVESTMENTS
Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
GENERAL OBLIGATIONS – 1.6%
City of Philadelphia, PA, GO Unlimited, Public Improvements, (CIFG), 5.00%, 8/01/23	$	1,000,000	$	1,049,440
City of Philadelphia, PA, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 9/15/21		2,040,000		2,342,675
TOTAL GENERAL OBLIGATIONS			$	3,392,115
HIGHER EDUCATION – 4.0%
Huntingdon County General Authority, PA, Refunding Revenue Bonds, (Series A), (Juniata College, OBG), 5.00%, 5/01/27		1,765,000		1,911,919
Lancaster Higher Education Authority, PA, Refunding Revenue Bonds, (Franklin & Marshall College, OBG), 5.00%, 4/15/18		2,350,000		2,517,108
Pennsylvania Higher Educational Facilities Authority, Refunding Revenue Bonds, (Drexel University, OBG), 5.00%, 5/01/18		1,000,000		1,140,730
Pennsylvania Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Ursinus College, OBG), 5.00%, 1/01/23		1,620,000		1,828,057
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University & College Improvements, (Drexel University College of Medicine, OBG)/(National Reinsurance), 5.00%, 5/01/27		1,250,000		1,357,025
TOTAL HIGHER EDUCATION			$	8,754,839
LEASE – 0.7%
Philadelphia Redevelopment Authority, PA, Revenue Bonds, Economic Improvements, (Series C), (National Reinsurance FGIC), 5.00%, 4/15/27		1,500,000		1,522,245
MEDICAL – 3.1%
Allegheny County Hospital Development Authority, PA, Revenue Bonds, (Series A), (UPMC, OBG), 5.00%, 10/15/22		1,430,000		1,679,807
Lancaster County Hospital Authority, PA, Refunding Revenue Bonds, (Series B), (Lancaster General Hospital, OBG)
5.00%, 3/15/19		1,485,000		1,637,628
5.00%, 3/15/23		1,770,000		1,927,813
Pennsylvania Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (University of Pennsylvania Health System, OBG), 5.00%, 8/15/18		1,200,000		1,376,232
TOTAL MEDICAL			$	6,621,480
PRE-REFUNDED/ESCROW – 4.5%
Bucks County, PA, IDA, Revenue Bonds, ETM, (Senior Lifestyles, Inc., OBG), 10.00%, 5/15/19S		4,775,000		6,817,029
Pennsylvania Convention Center Authority, Revenue Bonds, ETM, (Series A), (FGIC), 6.00%, 9/01/19		2,410,000		2,908,002
TOTAL PRE-REFUNDED/ESCROW			$	9,725,031

Description	Par Value		Value
SCHOOL DISTRICT – 2.9%
Hamburg Area School District, PA, GO Unlimited, Refunding Revenue Notes, (Series A), (AGM State Aid Withholding), 5.50%, 4/01/24	$	2,405,000	$	2,814,018
Pittsburgh Public Schools, PA, GO Unlimited, Refunding Revenue Bonds, (Series A), (AGM State Aid Withholding), 5.00%, 9/01/21		1,775,000		2,044,889
School District of Philadelphia, PA, GO Unlimited, School Improvements, (Series D), (AGM State Aid Withholding), 5.50%, 6/01/17		1,300,000		1,467,648
TOTAL SCHOOL DISTRICT			$	6,326,555
TRANSPORTATION – 2.0%
Pennsylvania State Turnpike Commission, PA, Refunding Revenue Bonds, (Series B), 5.00%, 12/01/21		1,400,000		1,594,628
Pittsburgh Public Parking Authority, PA, Refunding Revenue Bonds, (Series A), (National Reinsurance FGIC), 5.00%, 12/01/20		2,565,000		2,633,229
TOTAL TRANSPORTATION			$	4,227,857
TOTAL PENNSYLVANIA			$	41,969,497
TENNESSEE – 1.4%
GENERAL OBLIGATIONS – 0.8%
Metropolitan Government of Nashville & Davidson County, TN, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/01/17		1,610,000		1,829,057
HIGHER EDUCATION – 0.6%
Tennessee School Bond Authority, TN, Revenue Bonds, University & College Improvements, (Series A), (State Intercept Program), 5.00%, 5/01/19		1,035,000		1,218,185
TOTAL TENNESSEE			$	3,047,242
TEXAS – 14.6%
AIRPORT – 2.1%
Dallas/Fort Worth International Airport, TX, Refunding Revenue Bonds, (Series D)
5.25%, 11/01/23		2,500,000		2,968,875
5.25%, 11/01/26		1,410,000		1,629,904
TOTAL AIRPORT			$	4,598,779
HIGHER EDUCATION – 1.6%
Harris County Cultural Education Facilities Finance Corp., TX, Refunding Revenue Bonds, (Series A), (Baylor College of Medicine, OBG), 5.00%, 11/15/19		3,105,000		3,548,860
MEDICAL – 6.4%
North Central Texas Health Facility Development Corp., TX, Refunding Revenue Bonds, (Children’s Medical Center of Dallas Project, OBG), 5.00%, 8/15/18		1,000,000		1,152,150

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS  56

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
Tarrant County Cultural Education Facilities Finance Corp., TX, Refunding Revenue Bonds, (Series A), (Texas Health Resources, OBG), 5.00%, 2/15/21	$	5,000,000	$	5,503,350
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Methodist Hospital of Dallas, OBG), 5.00%, 10/01/25		6,110,000		7,088,455
TOTAL MEDICAL			$	13,743,955
SCHOOL DISTRICT – 2.7%
Mesquite Independent School District, TX, GO Unlimited, Refunding Revenue Bonds, (Series B), (PSF-GTD), 5.00%, 8/15/19		2,165,000		2,559,528
San Antonio Independent School District, TX, GO Unlimited, Refunding Revenue Bonds, (PSF-GTD), 5.00%, 8/15/21		3,000,000		3,183,480
TOTAL SCHOOL DISTRICT			$	5,743,008
WATER – 1.8%
City of Houston Utility System, TX, Refunding Revenue Bonds, (Series C), (Comb-First Lien)
5.00%, 5/15/21		1,250,000		1,497,100
5.00%, 5/15/23		2,000,000		2,422,340
TOTAL WATER			$	3,919,440
TOTAL TEXAS			$	31,554,042
UTAH – 1.2%
MEDICAL – 1.2%
County of Utah, UT, Revenue Bonds, (IHC Health Services Inc., OBG)
5.00%, 5/15/25		1,025,000		1,168,992
5.00%, 5/15/26		1,200,000		1,360,068
TOTAL MEDICAL			$	2,529,060
TOTAL UTAH			$	2,529,060
VIRGINIA – 2.2%
HIGHER EDUCATION – 2.2%
Virginia, College Building Authority, VA, Revenue Bonds, University & College Improvements, (Series A), (Public Higher Education Financing, OBG), 5.00%, 9/01/19		4,000,000		4,733,480
TOTAL VIRGINIA			$	4,733,480
WASHINGTON – 5.8%
DEDICATED TAX – 1.3%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, Transit Improvements, (National Reinsurance FGIC), 5.25%, 2/01/21		2,300,000		2,716,047

Description	Par Value		Value
GENERAL OBLIGATIONS – 2.8%
State of Washington, WA, GO Unlimited, Refunding Revenue Bonds, (Series R-C), 5.00%, 7/01/24	$	5,000,000	$	6,023,100
LEASE – 1.2%
Washington Economic Development Finance Authority, Revenue Bonds, Economic Improvements, (Washington Biomedical Research Properties, OBG)/(National Reinsurance)
5.00%, 6/01/23		1,510,000		1,637,036
5.25%, 6/01/21		1,000,000		1,072,830
TOTAL LEASE			$	2,709,866
POWER – 0.5%
County of Lewis Public Utility District No. 1, WA, Current Refunding Revenue Bonds, 5.25%, 10/01/28		1,000,000		1,187,700
TOTAL WASHINGTON			$	12,636,713
WISCONSIN – 1.6%
TRANSPORTATION – 1.6%
Wisconsin Department of Transportation, Refunding Revenue Bonds, (Series 2), 5.00%, 7/01/19		1,500,000		1,776,165
Wisconsin Department of Transportation, Revenue Bonds, (Series 1), (Highway Improvements), 5.00%, 7/01/22		1,500,000		1,743,435
TOTAL TRANSPORTATION			$	3,519,600
TOTAL WISCONSIN			$	3,519,600
TOTAL MUNICIPAL BONDS
(COST $204,453,726)			$	213,091,285
	Number of Shares
MONEY MARKET FUND – 3.5%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^		7,524,327	$	7,524,327
TOTAL MONEY MARKET FUND
(COST $7,524,327)			$	7,524,327
TOTAL INVESTMENTS – 101.8%
(COST $211,978,053)			$	220,615,612
OTHER LIABILITIES LESS ASSETS – (1.8%)				(3,984,638	)
TOTAL NET ASSETS – 100.0%			$	216,630,974

Cost of investments for Federal income tax purposes is $211,978,053. The net unrealized appreciation/(depreciation) of investments was $8,637,559. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $9,112,133 and net unrealized depreciation from investments for those securities having an excess of cost over value of $474,574.

ANNUAL REPORT / April 30, 2014

57	PORTFOLIOS OF INVESTMENTS
Wilmington Municipal Bond Fund (concluded)

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	213,091,285	$	—	$	213,091,285
Money Market Fund		7,524,327		—		—		7,524,327
Total	$	7,524,327	$	213,091,285	$	—	$	220,615,612

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT 

58

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Maryland Municipal Bond Fund

At April 30, 2014, the Fund’s sector classifications as follows (unaudited):

	Percentage of
	Total Net Assets
General Obligations		32.5	%
Medical		17.5	%
Transportation		16.6	%
Higher Education		10.4	%
Pre-Refunded/Escrow		6.0	%
Lease		5.8	%
Water & Sewer		5.5	%
Dedicated Tax		3.9	%
Continuing Care		1.4	%
Cash Equivalents1		0.9	%
Other Assets and Liabilities - Net2		(0.5	)%
TOTAL		100.0	%

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

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

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

	Percentage of
Credit Quality Diversification3	Total Net Assets
AAA		32.6	%
AA		41.5	%
A		10.1	%
BBB		1.4	%
Not Rated		19.9	%
Other Assets and Liabilities – Net2		(0.5	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Par Value		Value
MUNICIPAL BONDS – 99.6%
MARYLAND – 99.6%
CONTINUING CARE – 1.4%
Baltimore County, MD, Revenue Refunding Bonds, (Series A), (Oak Crest Village, Inc.), 5.00%, 1/01/22	$	1,200,000	$	1,254,480
DEDICATED TAX – 3.9%
Maryland State Department of Transportation, Revenue Bonds, Transit Improvements
5.00%, 2/15/28		1,375,000		1,576,767
5.50%, 2/15/17		1,740,000		1,953,689
TOTAL DEDICATED TAX			$	3,530,456
GENERAL OBLIGATIONS – 32.5%
Anne Arundel County, MD, Tax Allocation, Refunding Bonds, (National Business Park Project)/(County Guaranty), 5.13%, 7/01/28		2,200,000		2,217,116
Baltimore County, MD, GO Unlimited, Refunding Notes, 5.00%, 11/01/18		1,000,000		1,172,200
Baltimore County, MD, GO Unlimited, Refunding Notes, Public Improvements, 5.00%, 2/01/28		1,000,000		1,160,950

Description	Par Value		Value
Cecil County, MD, GO Unlimited, Public Improvements, (AGM), 4.00%, 12/01/16	$	1,000,000	$	1,089,850
Cecil County, MD, GO Unlimited, Refunding Bonds, 5.00%, 11/01/23		2,590,000		3,110,616
Charles County, MD, GO Unlimited, Refunding Bonds, 5.00%, 3/01/20		3,020,000		3,591,867
Frederick County, MD, GO Unlimited, Refunding Bonds, 5.25%, 11/01/19		1,500,000		1,800,795
Harford County, MD, GO Unlimited, Public Improvements, 4.00%, 7/01/20		2,000,000		2,247,820
Howard County, MD, GO Unlimited, Refunding Bonds, (Series B), 5.00%, 8/15/18		2,500,000		2,914,800
Montgomery County, MD, GO Unlimited, Refunding Bonds, (Series A), 5.00%, 7/01/21		2,000,000		2,427,940
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series A)
5.00%, 8/01/19		1,240,000		1,472,860
5.00%, 7/01/22		2,000,000		2,342,960
Prince George’s County, MD, GO Limited, Public Improvements, (Series A), 5.00%, 9/15/27		1,020,000		1,187,739

ANNUAL REPORT / April 30, 2014

59	PORTFOLIOS OF INVESTMENTS
Wilmington Maryland Municipal Bond Fund (continued)

Description	Par Value		Value
Washington Suburban Sanitary Commission, MD, GO Unlimited, Refunding Bonds, 6.00%, 6/01/18	$	1,000,000	$	1,199,310
Washington Suburban Sanitary Commission, MD, GO Unlimited, Water & Utility Improvements, 5.00%, 6/01/18		1,315,000		1,526,886
TOTAL GENERAL OBLIGATIONS			$	29,463,709
HIGHER EDUCATION – 10.4%
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Goucher College), 5.00%, 7/01/26		1,000,000		1,114,780
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series B), (Johns Hopkins University), 5.00%, 7/01/23		2,000,000		2,432,140
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Johns Hopkins University)
5.00%, 7/01/24		2,000,000		2,370,600
5.00%, 7/01/26		3,000,000		3,502,770
TOTAL HIGHER EDUCATION			$	9,420,290
LEASE – 5.8%
Maryland Economic Development Corp., Refunding Revenue Bonds, (Dept. Transaction Headquarters), 4.00%, 6/01/21		2,570,000		2,902,918
Maryland Economic Development Corp., Revenue Bonds, General Improvements, (Public Health Laboratory), 5.00%, 6/01/19		1,000,000		1,175,670
Maryland Stadium Authority, MD, Refunding Revenue Bonds, 5.00%, 6/15/17		1,055,000		1,193,353
TOTAL LEASE			$	5,271,941
MEDICAL – 17.5%
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Anne Arundel Health Systems)
5.00%, 7/01/22		1,000,000		1,156,480
5.00%, 7/01/25		1,000,000		1,124,640
5.00%, 7/01/26		1,100,000		1,227,072
5.00%, 7/01/27		535,000		592,170
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Greater Baltimore Medical Center), 5.00%, 7/01/25		1,015,000		1,148,503

Description	Par Value		Value
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Western Maryland Health System)/(National Reinsurance FHA 242), 4.00%, 1/01/18	$	1,935,000	$	2,022,404
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series C), (Upper Chesapeake Medical Center), 5.50%, 1/01/28		2,500,000		2,666,200
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, (Johns Hopkins Health System)
5.00%, 7/01/19		1,000,000		1,180,270
5.00%, 7/01/22		1,000,000		1,188,150
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, (Series B), (MedStar Health)
5.00%, 8/15/26		1,500,000		1,671,435
5.00%, 8/15/27		1,000,000		1,105,830
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, (Series C), (Johns Hopkins Health System), 5.00%, 5/15/28		675,000		770,013
TOTAL MEDICAL			$	15,853,167
PRE-REFUNDED/ESCROW – 6.0%
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Helix Health Systems, Inc.), (AMBAC), 5.00%, 7/01/27		3,630,000		4,270,622
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series A), 5.00%, 5/01/19		1,000,000		1,131,030
TOTAL PRE-REFUNDED/ESCROW			$	5,401,652
TRANSPORTATION – 16.6%
Maryland State Department of Transportation, Refunding Revenue Bonds
5.00%, 5/01/17		2,000,000		2,261,400
5.00%, 5/01/18		825,000		955,177
Maryland State Transportation Authority, Refunding Revenue Bonds
5.00%, 7/01/18		2,500,000		2,904,550
5.00%, 7/01/25		1,000,000		1,176,000
Maryland State Transportation Authority, Revenue Bonds, Highway Improvements, 5.25%, 3/01/18		3,520,000		4,079,046
Montgomery County, MD, Parking System Revenue, Refunding Revenue Bonds
4.00%, 6/01/16		1,440,000		1,545,854
5.00%, 6/01/21		1,820,000		2,172,680
TOTAL TRANSPORTATION			$	15,094,707
WATER & SEWER – 5.5%
Maryland Water Quality Financing Administration Revolving Loan Fund, Revenue Bonds, Sewer Improvements
5.00%, 3/01/20		2,525,000		3,021,794

April 30, 2014 / ANNUAL REPORT 

PORTFOLIOS OF INVESTMENTS  60

Wilmington Maryland Municipal Bond Fund (concluded)

Description	Par Value		Value
5.00%, 3/01/26	$	1,650,000	$	1,994,933
TOTAL WATER & SEWER			$	5,016,727
TOTAL MARYLAND			$	90,307,129
TOTAL MUNICIPAL BONDS (COST $87,960,865)			$	90,307,129
	Number of Shares
MONEY MARKET FUND – 0.9%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^		813,838	$	813,838
TOTAL MONEY MARKET FUND (COST $813,838)			$	813,838

Description	Value
TOTAL INVESTMENTS – 100.5% (COST $88,774,703)	$	91,120,967
OTHER LIABILITIES LESS ASSETS – (0.5%)		(414,397	)
TOTAL NET ASSETS – 100.0%	$	90,706,570

Cost of investments for Federal income tax purposes is $88,715,018. The net unrealized appreciation/(depreciation) of investments was $2,405,949. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,759,115 and net unrealized depreciation from investments for those securities having an excess of cost over value of $353,166.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	90,307,129	$	—	$	90,307,129
Money Market Fund		813,838		—		—		813,838
Total	$	813,838	$	90,307,129	$	—	$	91,120,967

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

61

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
Dedicated Tax		19.4	%
Lease		16.0	%
Transportation		16.0	%
School District		13.0	%
General Obligations		8.1	%
Water & Sewer		8.0	%
Medical		5.1	%
Pre-Refunded/Escrow		4.6	%
Higher Education		4.3	%
Power		3.4	%
Cash Equivalents1		1.0	%
Other Assets and Liabilities - Net2		1.1	%
TOTAL		100.0	%

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		22.3	%
AA		55.6	%
A		15.5	%
NR		5.5	%
Other Assets and Liabilities – Net2		1.1	%
TOTAL		100.0	%

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

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Par Value		Value
MUNICIPAL BONDS – 97.9%
NEW YORK – 97.9%
DEDICATED TAX – 19.4%
Metropolitan Transportation Authority, NY, Refunding Revenue Bonds, (Series A), 5.00%, 11/15/24	$	1,000,000	$	1,179,100
Metropolitan Transportation Authority, NY, Refunding Revenue Bonds, (Subseries B-2), 5.00%, 11/01/16		1,000,000		1,114,380
Nassau County Interim Finance Authority, Refunding Revenue Bonds, (Series A), 5.00%, 11/15/21		1,000,000		1,212,470
New York Local Government Assistance Corp., Refunding Revenue Notes, (Series A), (GO of Corp.), 5.00%, 4/01/20		3,000,000		3,600,150
New York State Dormitory Authority, Revenue Bond, University and College Improvements, (Series A), 5.00%, 7/01/28		1,000,000		1,148,450
New York State Dormitory Authority, Revenue Bonds, University & College Improvements, (Series A), 5.00%, 3/15/25		5,000,000		5,925,850
New York State Thruway Authority, Revenue Bonds, Public Improvements, (Series A), 5.25%, 3/15/23		2,500,000		2,843,075

Description	Par Value		Value
New York State Thruway Authority, Revenue Bonds, Transit Improvements, (Series A), 5.00%, 3/15/27	$	1,000,000	$	1,148,800
TOTAL DEDICATED TAX			$	18,172,275
GENERAL OBLIGATIONS – 8.1%
New York Municipal Bond Bank Agency, Refunding Revenue Bonds, (Subseries B1)/(AGM), 5.00%, 4/15/21		3,000,000		3,411,630
New York State, GO Unlimited, Highway Improvements, (Series E), (State Aid Witholding), 5.00%, 12/15/21		2,090,000		2,535,463
Westchester County, NY, GO Unlimited, Refunding Bonds, (Series A), 5.00%, 10/15/17		1,425,000		1,633,762
TOTAL GENERAL OBLIGATIONS			$	7,580,855
HIGHER EDUCATION – 4.3%
New York State Dormitory Authority, Revenue Refunding Bonds, University & College Improvements, (Columbia University), 5.00%, 10/01/19		1,865,000		2,220,600

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 62

Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
New York State Dormitory Authority, University & College Improvements, (Series A), (NATL-RE), 6.00%, 7/01/19	$	1,500,000	$	1,835,760
TOTAL HIGHER EDUCATION			$	4,056,360
LEASE – 16.0%
Erie County, NY, IDA, Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 5/01/17		1,400,000		1,577,170
Erie County, NY, IDA, Revenue Bonds, School Improvements, (Series A), (School District Buffalo Project)/(AGM, State Aid Withholding), 5.75%, 5/01/21		1,000,000		1,137,170
Erie County, NY, IDA, Revenue Bonds, School Improvements, (Series A), (School District Buffalo Project)/(State Aid Withholding), 5.00%, 5/01/23		3,000,000		3,469,080
Monroe County, NY, IDA, Revenue Bonds, School Improvements, (Series A), (Rochester School Modernization Project), 5.00%, 5/01/16		1,000,000		1,088,480
New York City, NY, Transitional Finance Authority, Building Aid, Revenue Refunding Bonds, School Improvements, (Series S-5), (State Aid Withholding), 5.00%, 1/15/27		2,770,000		3,168,187
New York State Dormitory Authority, Refunding Revenue Bonds, (AGM), 5.00%, 7/01/18		1,000,000		1,119,640
New York State Urban Development Corp., Refunding Revenue Notes, (Series B), 5.25%, 1/01/23		3,000,000		3,452,280
TOTAL LEASE			$	15,012,007
MEDICAL – 5.1%
Monroe County, NY, IDA, Refunding Revenue Bonds, (Highland Hospital Rochester Project), 5.00%, 8/01/22		1,000,000		1,041,120
New York State Dormitory Authority, Revenue Refunding Bonds, (Series A), (North Shore Long Island Jewish)
5.00%, 5/01/16		1,000,000		1,084,540
5.00%, 5/01/17		1,300,000		1,447,043
New York State Dormitory Authority, Revenue Refunding Bonds, (Series C), (Memorial Sloan Kettering Cancer Center)/(National Reinsurance), 5.75%, 7/01/19		1,010,000		1,211,303
TOTAL MEDICAL			$	4,784,006
POWER – 3.4%
New York Power Authority/The, Revenue Refunding Bonds, (Series A), (GO of Authority), 5.00%, 11/15/22		2,575,000		3,123,913
PRE-REFUNDED/ESCROW – 4.6%
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series Y), (CAPMAC - ITC GO of Authority), 6.13%, 1/01/21		3,500,000		4,333,245

Description	Par Value		Value
SCHOOL DISTRICT – 13.0%
Byram Hills Central School District, NY, GO Unlimited, Refunding Bonds, (State Aid Withholding), 5.00%, 11/15/17	$	1,000,000	$	1,153,010
Commack Union Free School District/NY, Refunding Bonds, (GO, State Aid Witholding), 4.00%, 11/15/21		1,625,000		1,824,111
East Meadow Union Free School District, GO Unlimited, Refunding Bonds, (State Aid Withholding), 4.00%, 8/15/18		1,385,000		1,555,410
Greece Central School District, NY, GO Unlimited, Refunding Bonds, (Series A), (State Aid Withholding), 5.00%, 6/15/18		1,000,000		1,155,220
New Rochelle City School District, NY, GO Limited, Refunding Bonds, (State Aid Withholding)
4.00%, 9/01/16		1,000,000		1,083,570
5.00%, 9/01/17		1,530,000		1,748,974
New York State Dormitory Authority, Revenue Refunding Bonds, School Improvements, (Series C), (State Aid Withholding), 7.25%, 10/01/28		3,000,000		3,673,290
TOTAL SCHOOL DISTRICT			$	12,193,585
TRANSPORTATION – 16.0%
Metropolitan Transportation Authority, NY, Revenue Bonds, Transit Improvements, (Series B), 5.00%, 11/15/22		1,000,000		1,123,800
Metropolitan Transportation Authority, NY Revenue, Revenue Refunding Bonds, Transit Improvements, (Series A), 5.00%, 11/15/25		1,405,000		1,614,837
Metropolitan Transportation Authority, NY Revenue, Revenue Refunding Bonds, Transit Improvements, (Series B), 5.00%, 11/15/29		2,000,000		2,245,820
Metropolitan Transportation Authority, NY Revenue, Revenue Refunding Bonds, Transit Improvements, (Series E), 5.00%, 11/15/28		2,000,000		2,254,520
Port Authority of New York & New Jersey, Refunding Revenue Bonds, Airport & Marina Improvements, (Series B), 5.00%, 12/01/23		4,000,000		4,780,240
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series B)
5.00%, 11/15/25		1,000,000		1,186,550
5.00%, 11/15/28		1,500,000		1,736,190
TOTAL TRANSPORTATION			$	14,941,957
WATER & SEWER – 8.0%
New York City, NY, Water & Sewer System, Refunding Revenue Bonds, (Series BB), 5.00%, 6/15/27		5,500,000		6,291,395

ANNUAL REPORT / April 30, 2014

63	PORTFOLIOS OF INVESTMENTS
Wilmington New York Municipal Bond Fund (concluded)

Description	Par Value		Value
New York State Environmental Facilities Corp., Refunding Revenue Bonds, NYC Municipal Water, 5.00%, 6/15/17	$	1,020,000	$	1,159,852
TOTAL WATER & SEWER			$	7,451,247
TOTAL NEW YORK			$	91,649,450
TOTAL MUNICIPAL BONDS (COST $87,314,908)			$	91,649,450

Description	Par Value		Value
MONEY MARKET FUND – 1.0%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^		937,761	$	937,761
TOTAL MONEY MARKET FUND (COST $937,761)			$	937,761
TOTAL INVESTMENTS – 98.9% (COST $88,252,669)			$	92,587,211
OTHER ASSETS LESS LIABILITIES – 1.1%				1,039,105
TOTAL NET ASSETS – 100.0%			$	93,626,316

Cost of investments for Federal income tax purposes is $88,190,366. The net unrealized appreciation/(depreciation) of investments was $4,396,845. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $4,586,789 and net unrealized depreciation from investments for those securities having an excess of cost over value of $189,944.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3			Total
Investments in Securities
Municipal Bonds		$	—		$	91,649,450		$	—		$	91,649,450
Money Market Fund			937,761			—			—			937,761
Total		$	937,761		$	91,649,450		$	—		$	92,587,211

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

64

NOTES TO PORTFOLIOS OF INVESTMENTS

D Floating rate note with current rate and stated maturity date shown.

¿ The rate shown reflects the effective yield at purchase date.

W Denotes a restricted security, or a portion thereof, that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2014, these liquid restricted securities were as follows:

Fund	Amount		Percentage  of Total  Net Assets
Broad Market Bond Fund	$	16,354,950		6.5%
Intermediate-Term Bond Fund		827,429		0.6%
Short-Term Corporate Bond Fund		4,447,333		2.6%

— Denotes a restricted security, or a portion thereof, that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities were as follows:

Security	Acquisition  Date		Cost		Market  Value		Percentage of Total Net Assets
Broad Market Bond Fund
Crown Castle Towers LLC		07/29/2010		$1,000,000		$1,066,342
Crown Castle Towers LLC		08/04/2010		1,003,370		1,066,342
Daimler Finance North America LLC		09/07/2011		247,588		266,077
Extended Stay America Trust 2013-ESH		01/25/2013		797,998		780,094
FMR LLC		10/28/2009		997,720		1,244,172
General Motors Co.		09/24/2013		2,000,000		2,197,500
Harley-Davidson Funding Corp.		11/19/2009		499,195		514,693
Hyundai Capital America		12/01/2011		248,878		267,099
Hyundai Capital America		09/24/2012		249,855		252,849
Hyundai Capital America		08/06/2013		574,666		584,021
Hyundai Capital Services, Inc.		03/06/2012		249,073		262,676
LA Areana Funding LLC		04/23/1999		1,005,651		1,137,566
Nabors Industries, Inc.		09/04/2013		799,536		817,973
NBCUniversal Enterprise, Inc.		03/20/2013		420,475		421,417
SLM Private Education Loan Trust		04/14/2011		347,188		350,141
Sysco Corp.		04/30/2014		2,999,992		2,999,992
Weatherford International Ltd.		04/30/2014		1,999,964		1,999,964
WM Wrigley Jr. Co.		10/17/2013		124,861		126,032
						$16,354,950		6.5%
Intermediate-Term Bond Fund
General Motors Financial Co., Inc.		09/24/2013		220,000		225,225
SLM Private Education Loan Trust		04/14/2011		347,188		350,141
WM Wrigley Jr. Co.		10/16/2013		249,722		252,063
						$827,429		0.6%
Short-Term Corporate Bond Fund
Extended Stay America Trust 2013-ESH		01/25/2013		503,736		492,434
Hyundai Capital America		08/06/2013		399,768		406,275
Hyundai Capital America		09/24/2012		249,855		252,849
Hyundai Motor Manufacturing Czech		04/15/2010		249,248		258,650
Nabors Industries, Inc.		09/04/2013		399,768		408,986
SLM Private Education Loan Trust		04/14/2011		462,918		466,854
Weatherford International Ltd.		04/30/2014		1,999,964		1,999,964
WM Wrigley Jr. Co.		10/17/2013		159,822		161,321
						$4,447,333		2.6%

ANNUAL REPORT / April 30, 2014

65 NOTES TO PORTFOLIOS OF INVESTMENTS

^ 7-Day net yield.

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

S 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:

AGM – Assured Guaranty Municipal	GO – General Obligation
AMBAC – American Bond Assurance Corporation	GTD – Guaranteed
BKNT – Bank Note	IDA – Industrial Development Authority/Agency
CAPMAC – Capital Markets Assurance Corporation	LLC – Limited Liability Corporation
CIFG – CIFG Assurance North America, Inc.	LP – Limited Partnership
CMBS – Commercial Mortgage-Backed Securities	MTN – Medium Term Note
ETM – Escrowed to Maturity	NATL-RE – National Public Finance Guarantee Corporation
FGIC – Financial Guarantee Insurance Company	OBG – Obligation
FHA – Federal Housing Administration	PLC – Public Company Limited
FHLB – Federal Home Loan Bank	PSF – Permanent School Fund
FHLMC – Federal Home Loan Mortgage Corporation	Q-SBLF – Qualified School Bond Loan Fund
FNMA – Federal National Mortgage Association	REIT – Real Estate Investment Trust
FRN – Floating Rate Note	TBA – To Be Announced
GMTN –Global Medium Term Note	UPMC – University of Pittsburgh Medical Center
GNMA – Government National Mortgage Association

April 30, 2014 Annual Report /

STATEMENTS OF ASSETS AND LIABILITIES 66

April 30, 2014	Wilmington Broad Market Bond Fund		Wilmington Intermediate-Term Bond Fund		Wilmington Short-Term Corporate Bond Fund		Wilmington Short Duration Government Bond Fund
ASSETS:
Investments, at identified cost	$	266,683,792	$	149,582,761	$	170,203,671	$	93,735,557
Investments in securities, at value (Including $10,319,033, $10,270,993, $2,094,269 and $0 of securities on loan, respectively) (Note 2)		272,383,000		152,085,748		171,184,283		95,040,035
Cash		1,496,055		—		—		—
Interest receivable		1,650,537		1,013,428		1,130,123		275,140
Receivable for shares sold		608,505		156,596		224,524		88,449
Receivable for investments sold		9,433,163		2,019,019		—		466
Other assets		8,647		10,955		9,304		9,384
TOTAL ASSETS		285,579,907		155,285,746		172,548,234		95,413,474
LIABILITIES:
Payable for investments purchased		21,828,593		2,663,762		2,300,000		—
Collateral for securities on loan		10,591,137		10,542,833		2,167,931		—
Income distribution payable		508,824		210,849		109,660		165,003
Payable for shares redeemed		63,351		20,909		62,589		6,716
Payable for Trustees’ fees		56		56		57		56
Payable for distribution services fee		1,238		1,123		563		1,777
Payable for shareholder services fee		495		450		—		—
Other accrued expenses		78,078		51,309		65,698		52,086
TOTAL LIABILITIES		33,071,772		13,491,291		4,706,498		225,638
NET ASSETS	$	252,508,135	$	141,794,455	$	167,841,736	$	95,187,836
NET ASSETS CONSIST OF:
Paid-in capital	$	246,268,964	$	138,048,900	$	166,253,964	$	94,442,951
Undistributed (distributions in excess of) net investment income		52,413		13,616		—		321,741
Accumulated net realized gain (loss) on investments		487,550		1,228,952		607,160		(881,334)
Net unrealized appreciation (depreciation) of investments		5,699,208		2,502,987		980,612		1,304,478
TOTAL NET ASSETS	$	252,508,135	$	141,794,455	$	167,841,736	$	95,187,836
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	5,983,112	$	5,278,679	$	2,784,911	$	8,000,767
Shares outstanding (unlimited shares authorized)		610,673		522,696		272,341		841,844
Net Asset Value per share	$	9.80	$	10.10	$	10.23	$	9.50
Offering price per share*	$	10.26***	$	10.58***	$	10.41**	$	9.67**
Class I
Net Assets	$	246,525,023	$	136,515,776	$	165,056,825	$	87,187,069
Shares outstanding (unlimited shares authorized)		25,589,703		13,510,717		16,137,293		9,156,045
Net Asset Value per share	$	9.63	$	10.10	$	10.23	$	9.52

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

** Computation of offering price per share 100/98.25 of net asset value.

*** Computation of offering price per share 100/95.50 of net asset value.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

67 STATEMENTS OF ASSETS AND LIABILITIES (concluded)

	Wilmington		Wilmington		Wilmington
	Municipal		Maryland		New York
	Bond		Municipal Bond		Municipal Bond
April 30, 2014	Fund		Fund		Fund
ASSETS:
Investments, at identified cost	$	211,978,053	$	88,774,703	$	88,252,669
Investments in securities, at value		220,615,612		91,120,967		92,587,211
Interest receivable		2,757,328		1,215,336		1,223,481
Due from advisor		490		—		—
Receivable for shares sold		163,671		130,994		98,112
Receivable for investments sold		2,425,148		3,444,480		—
Other assets		12,549		5,965		5,535
TOTAL ASSETS		225,974,798		95,917,742		93,914,339
LIABILITIES:
Payable for investments purchased		8,827,519		5,001,254		—
Income distribution payable		407,003		160,918		169,647
Payable for shares redeemed		52,485		1,126		69,664
Payable for Trustees’ fees		57		56		56
Payable for distribution services fee		3,511		5,682		4,993
Payable for shareholder services fee		—		681		—
Other accrued expenses		53,249		41,455		43,663
TOTAL LIABILITIES		9,343,824		5,211,172		288,023
NET ASSETS	$	216,630,974	$	90,706,570	$	93,626,316
NET ASSETS CONSIST OF:
Paid-in capital	$	207,582,272	$	88,679,858	$	91,362,074
Undistributed (distributions in excess of) net investment income		—		115,896		3
Accumulated net realized gain (loss) on investments		411,143		(435,448)		(2,070,303)
Net unrealized appreciation (depreciation) of investments		8,637,559		2,346,264		4,334,542
TOTAL NET ASSETS	$	216,630,974	$	90,706,570	$	93,626,316
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	17,128,430	$	27,734,240	$	24,300,831
Shares outstanding (unlimited shares authorized)		1,278,389		2,785,946		2,301,246
Net Asset Value per share	$	13.40	$	9.96	$	10.56
Offering price per share*	$	14.03***	$	10.43***	$	11.06***
Class I
Net Assets	$	199,502,544	$	62,972,330	$	69,325,485
Shares outstanding (unlimited shares authorized)		14,884,106		6,315,756		6,561,719
Net Asset Value per share	$	13.40	$	9.97	$	10.57

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

*** Computation of offering price per share 100/95.50 of net asset value.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF OPERATIONS 68

					Wilmington		Wilmington
	Wilmington		Wilmington		Short-Term		Short Duration
	Broad Market		Intermediate-Term		Corporate Bond		Government Bond
Year Ended April 30, 2014	Bond Fund		Bond Fund		Fund		Fund
INVESTMENT INCOME:
Dividends		$        1,627		$          479		$      1,100		$          264
Interest		7,308,279		3,919,540		2,449,090		1,648,814
Securities lending income		28,630		23,008		15,661		—
TOTAL INVESTMENT INCOME		7,338,536		3,943,027		2,465,851		1,649,078
EXPENSES:
Investment advisory fee		1,200,841		860,819		841,174		563,091
Administrative personnel and services fee		64,238		45,970		45,076		30,214
Portfolio accounting, administration and custodian fees		91,382		71,371		67,679		52,370
Transfer and dividend disbursing agent fees and expenses		104,688		16,623		105,804		28,093
Trustees’ fees		29,266		29,267		29,217		29,446
Professional fees		68,470		67,379		64,941		66,516
Distribution services fee—Class A		16,218		18,227		6,284		38,382
Shareholder services fee—Class A		14,878		15,457		7,245		38,382
Shareholder services fee— Class I		584,178		412,182		413,341		243,163
Share registration costs		23,036		25,330		19,924		24,392
Printing and postage		7,294		85		18,732		160
Miscellaneous		30,103		23,939		25,930		21,820
TOTAL EXPENSES		2,234,592		1,586,649		1,645,347		1,136,029
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(58,225)		(107,801)		(192,245)		(95,380)
Waiver of shareholder services fee—Class A		(9,745)		(10,936)		(7,245)		(38,382)
Waiver of shareholder services fee—Class I		(584,178)		(412,182)		(413,341)		(243,163)
TOTAL WAIVERS AND REIMBURSEMENTS		(652,148)		(530,919)		(612,831)		(376,925)
Net expenses		1,582,444		1,055,730		1,032,516		759,104
Net investment income (loss)		5,756,092		2,887,297		1,433,335		889,974
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		1,506,274		3,297,446		758,765		670,164
Net change in unrealized appreciation (depreciation) of investments		(8,193,649)		(7,248,008)		(767,735)		(1,932,852)
Net realized and unrealized gain (loss) on investments		(6,687,375)		(3,950,562)		(8,970)		(1,262,688)
Change in net assets resulting from operations		$    (931,283)		$(1,063,265)		$1,424,365		$    (372,714)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

69 STATEMENTS OF OPERATIONS (concluded)

			Wilmington		Wilmington
	Wilmington		Maryland		New York
	Municipal Bond		Municipal Bond		Municipal Bond
Year Ended April 30, 2014	Fund		Fund		Fund
INVESTMENT INCOME:
Dividends		$              1		$             —		$             —
Interest		6,613,257		2,415,116		2,587,531
TOTAL INVESTMENT INCOME		6,613,258		2,415,116		2,587,531
EXPENSES:
Investment advisory fee		1,156,510		479,961		490,830
Administrative personnel and services fee		62,156		25,833		26,450
Portfolio accounting, administration and custodian fees		94,212		46,636		35,693
Transfer and dividend disbursing agent fees and expenses		17,966		11,528		18,693
Trustees’ fees		28,619		29,214		29,462
Professional fees		73,521		62,059		62,413
Distribution services fee—Class A		44,422		72,584		64,932
Shareholder services fee—Class A		44,422		72,968		64,932
Shareholder services fee— Class I		533,831		166,492		180,482
Share registration costs		18,416		11,914		6,408
Printing and postage		147		486		5,180
Miscellaneous		25,541		17,567		18,838
TOTAL EXPENSES		2,099,763		997,242		1,004,313
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(66,489)		(42,050)		(114,787)
Waiver of shareholder services fee—Class A		(44,422)		(64,669)		(64,932)
Waiver of shareholder services fee—Class I		(533,831)		(166,492)		(180,482)
TOTAL WAIVERS AND REIMBURSEMENTS		(644,742)		(273,211)		(360,201)
Net expenses		1,455,021		724,031		644,112
Net investment income (loss)		5,158,237		1,691,085		1,943,419
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		405,169		(380,111)		(444,597)
Net change in unrealized appreciation (depreciation) of investments		(5,734,444)		(2,218,218)		(1,760,539)
Net realized and unrealized gain (loss) on investments		(5,329,275)		(2,598,329)		(2,205,136)
Change in net assets resulting from operations		$    (171,038)		$    (907,244)		$    (261,717)

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 70

	Wilmington         Broad Market Bond Fund				Wilmington Intermediate-Term Bond Fund
	Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2014		Year Ended April 30, 2013
OPERATIONS:
Net investment income (loss)		$    5,756,092		$     7,617,152		$     2,887,297		$    4,919,039
Net realized gain (loss) on investments		1,506,274		6,762,586		3,297,446		5,203,367
Net change in unrealized appreciation (depreciation) of investments		(8,193,649)		(1,719,094)		(7,248,008)		(2,460,544)
Change in net assets resulting from operations		(931,283)		12,660,644		(1,063,265)		7,661,862
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(150,759)		(181,722)		(109,480)		(205,115)
Class C		—		—		—		(10,329)
Class I		(6,144,802)		(7,984,284)		(2,990,544)		(4,848,047)
Distributions from net realized gain on investments
Class A		(97,771)		(135,577)		(195,175)		(180,045)
Class C		—		—		—		(16,895)
Class I		(3,020,042)		(5,425,335)		(4,510,730)		(3,368,228)
Change in net assets resulting from distributions to shareholders		(9,413,374)		(13,726,918)		(7,805,929)		(8,628,659)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		397,474		1,134,080		406,678		1,255,340
Class C		—		—		—		145,702
Class I		103,588,127		71,265,641		15,145,445		25,564,738
Proceeds from exchange of Class C for Class A
Class A		—		—		—		717,567(a)
Class C		—		—		—		(717,567)(a)
Distributions reinvested
Class A		202,092		255,335		262,321		318,516
Class C		—		—		—		24,258
Class I		6,401,734		9,463,910		5,381,943		5,278,968
Cost of shares redeemed
Class A		(1,289,768)		(2,851,238)		(4,718,243)		(5,457,857)
Class C		—		—		—		(817,746)
Class I		(128,571,321)		(96,483,813)		(77,116,045)		(81,789,148)
Change in net assets resulting from share transactions		(19,271,662)		(17,216,085)		(60,637,901)		(55,477,229)
Change in net assets		(29,616,319)		(18,282,359)		(69,507,095)		(56,444,026)
NET ASSETS:
Beginning of year		282,124,454		300,406,813		211,301,550		267,745,576
End of year		$252,508,135		$282,124,454		$141,794,455		$211,301,550
Undistributed (distributions in excess of) net investment income included in net assets at end of year		$          52,413		$        213,664		$          13,616		$          96,315

ANNUAL REPORT / April 30, 2014

71 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Broad Market Bond Fund				Wilmington Intermediate-Term Bond  Fund
	Year Ended April 30, 2014		Year Ended   April 30, 2013		Year Ended April 30, 2014		Year Ended April 30, 2013
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		39,734		110,462		39,572		117,911
Class C		—		—		—		13,556
Class I		10,775,486		7,064,293		1,480,562		2,403,713
Shares exchanged
Class A		—		—		—		67,154(a)
Class C		—		—		—		(67,009)(a)
Distributions reinvested
Class A		20,770		24,906		25,907		29,932
Class C		—		—		—		2,275
Class I		669,184		939,016		532,221		495,961
Shares redeemed
Class A		(131,826)		(277,557)		(461,039)		(514,348)
Class C		—		—		—		(76,818)
Class I		(13,300,706)		(9,563,559)		(7,515,739)		(7,680,421)
Net change resulting from share transactions		(1,927,358)		(1,702,439)		(5,898,516)		(5,208,094)

^(a)   On April 13, 2013, Class C shares of the Fund were terminated after the conversion to Class A shares of the Fund.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 72

	Wilmington Short-Term             Corporate Bond Fund				Wilmington Short Duration         Government Bond Fund
	Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2014		Year Ended April 30, 2013
OPERATIONS:
Net investment income (loss)		$    1,433,335		$    2,114,938		$       889,974		$    1,867,915
Net realized gain (loss) on investments		758,765		1,824,790		670,164		1,278,289
Net change in unrealized appreciation (depreciation) of investments		(767,735)		(333,334)		(1,932,852)		(1,438,262)
Change in net assets resulting from operations		1,424,365		3,606,394		(372,714)		1,707,942
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(21,534)		(35,543)		(207,774)		(325,374)
Class C		—		(508)		—		(5,073)
Class I		(1,585,102)		(2,151,733)		(1,603,615)		(2,289,679)
Distributions from net realized gain on investments
Class A		(26,033)		(7,776)		—		(92,383)
Class C		—		(797)		—		(2,856)
Class I		(1,316,952)		(463,007)		—		(505,332)
Change in net assets resulting from distributions to shareholders		(2,949,621)		(2,659,364)		(1,811,389)		(3,220,697)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		1,557,418		904,288		189,767		1,320,956
Class C		—		46,550		—		50,386
Class I		71,435,316		64,351,456		10,387,858		17,403,153
Proceeds from exchange of Class C for Class A
Class A		—		215,042(a)		—		480,225(a)
Class C		—		(215,042)(a)		—		(480,225)(a)
Distributions reinvested
Class A		28,820		30,304		143,801		277,192
Class C		—		598		—		5,458
Class I		1,857,787		1,553,005		824,377		1,449,747
Cost of shares redeemed
Class A		(1,897,685)		(6,950,038)		(12,153,718)		(4,555,497)
Class C		—		(179,893)		—		(504,605)
Class I		(89,330,926)		(73,425,311)		(32,191,213)		(58,941,821)
Change in net assets resulting from share transactions		(16,349,270)		(13,669,041)		(32,799,128)		(43,495,031)
Change in net assets		(17,874,526)		(12,722,011)		(34,983,231)		(45,007,786)
NET ASSETS:
Beginning of year		185,716,262		198,438,273		130,171,067		175,178,853
End of year		$167,841,736		$185,716,262		$  95,187,836		$130,171,067
Undistributed net investment income included in net assets at end of year		$                 —		$          24,473		$        321,741		$        450,252

ANNUAL REPORT / April 30, 2014

73 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Short-Term Corporate Bond Fund					Wilmington Short Duration Government Bond Fund
	Year Ended April 30, 2014		Year Ended April 30, 2013			Year Ended April 30, 2014		Year Ended April 30, 2013
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		151,906		87,780			19,832		135,272
Class C		—		4,505			—		5,184
Class I		6,975,513		6,243,916			1,084,517		1,780,447
Shares exchanged
Class A		—		21,187	(a)		—		46,460	(a)
Class C		—		(21,164)	(a)		—		(46,361)	(a)
Distributions reinvested
Class A		2,817		2,943			15,039		28,420
Class C		—		58			—		558
Class I		181,585		150,670			86,093		148,318
Shares redeemed
Class A		(185,398)		(675,978)			(1,272,808)		(467,422)
Class C		—		(17,441)			—		(51,669)
Class I		(8,698,195)		(7,120,728)			(3,357,418)		(6,024,162)
Net change resulting from share transactions		(1,571,772)		(1,324,252)			(3,424,745)		(4,444,955)

^(a)  On April 13, 2013, Class C shares of the Fund were terminated after the conversion to Class A shares of the Fund.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 74

	Wilmington Municipal Bond Fund				Wilmington Maryland Municipal Bond Fund
	Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2014		Year Ended April 30, 2013
OPERATIONS:
Net investment income (loss)	$	5,158,237	$	3,995,601	$	1,691,085	$	1,899,811
Net realized gain (loss) on investments		405,169		3,289,820		(380,111)		1,789,143
Net change in unrealized appreciation (depreciation) of investments		(5,734,444)		(1,338,347)		(2,218,218)		(267,207)
Change in net assets resulting from operations		(171,038)		5,947,074		(907,244)		3,421,747
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(355,276)		(203,271)		(482,317)		(540,025)
Class I		(4,799,158)		(3,789,729)		(1,277,303)		(1,361,347)
Distributions from net realized gain on investments
Class A		(160,333)		(27,705)		(239,214)		(131,453)
Class I		(1,925,141)		(3,351,722)		(545,426)		(280,965)
Change in net assets resulting from distributions to shareholders		(7,239,908)		(7,372,427)		(2,544,260)		(2,313,790)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		420,090		1,176,614		496,502		787,780
Class I		29,110,066		60,509,663		3,500,867		6,718,543
Proceeds from shares issued in connection with Reorganization (Note 8)
Class A		—		28,984,371		—		—
Class I		—		88,406,939		—		—
Distributions reinvested
Class A		364,230		129,119		571,528		512,136
Class I		2,755,866		3,959,423		673,628		418,813
Cost of shares redeemed
Class A		(4,519,792)		(9,244,980)		(5,713,236)		(4,271,066)
Class I		(73,438,014)		(49,863,029)		(12,278,316)		(9,869,369)
Change in net assets resulting from share transactions		(45,307,554)		124,058,120		(12,749,027)		(5,703,163)
Change in net assets		(52,718,500)		122,632,767		(16,200,531)		(4,595,206)
NET ASSETS:
Beginning of year		269,349,474		146,716,707		106,907,101		111,502,307
End of year	$	216,630,974	$	269,349,474	$	90,706,570	$	106,907,101
Undistributed net investment income included in net assets at end of year	$	—	$	(235)	$	115,896	$	68,422
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		31,677		85,294		49,659		76,733
Class I		2,196,580		4,390,600		352,443		654,857
Shares issued in connection with Reorganization (Note 8)
Class A		—		2,089,295		—		—
Class I		—		6,370,639		—		—
Distributions reinvested
Class A		27,613		9,410		58,022		49,811
Class I		209,590		285,685		68,550		40,517
Shares redeemed
Class A		(339,715)		(676,526)		(580,054)		(416,363)
Class I		(5,542,848)		(3,613,370)		(1,245,880)		(960,347)
Net change resulting from share transactions		(3,417,103)		8,941,027		(1,297,260)		(554,792)
See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

75 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington New York Municipal Bond Fund
	Year Ended April 30, 2014		Year Ended April 30, 2013
OPERATIONS:
Net investment income (loss)	$	1,943,419	$	2,288,998
Net realized gain (loss) on investments		(444,597)		1,653,399
Net change in unrealized appreciation (depreciation) of investments		(1,760,539)		(31,655)
Change in net assets resulting from operations		(261,717)		3,910,742
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(472,576)		(640,368)
Class I		(1,495,704)		(1,641,762)
Change in net assets resulting from distributions to shareholders		(1,968,280)		(2,282,130)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		59,253		567,278
Class I		13,374,234		18,652,117
Distributions reinvested
Class A		317,176		440,175
Class I		771,233		812,318
Cost of shares redeemed
Class A		(6,715,267)		(5,368,705)
Class I		(21,660,012)		(17,034,370)
Change in net assets resulting from share transactions		(13,853,383)		(1,931,187)
Change in net assets		(16,083,380)		(302,575)
NET ASSETS:
Beginning of year		109,709,696		110,012,271
End of year	$	93,626,316	$	109,709,696
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	3	$	24,864
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		5,721		53,037
Class I		1,281,297		1,742,747
Distributions reinvested
Class A		30,500		41,142
Class I		74,111		75,842
Shares redeemed
Class A		(639,851)		(502,211)
Class I		(2,086,881)		(1,592,521)
Net change resulting from share transactions		(1,335,103)		(181,964)
See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS 76

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

 WILMINGTON BROAD MARKET BOND FUND

CLASS A	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$10.19			$10.23			$10.16			$10.05			$9.24
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.20			0.23			0.32			0.38			0.39
Net Realized and Unrealized Gain (Loss) on Investments		(0.21	)		0.17			0.33			0.26			0.81
Total Income (Loss) From Operations		(0.01	)		0.40			0.65			0.64			1.20
Less Distributions From:
Net Investment Income		(0.23	)		(0.25	)		(0.33	)		(0.38	)		(0.39	)
Net Realized Gains		(0.15	)		(0.19	)		(0.25	)		(0.15	)		—
Total Distributions		(0.38	)		(0.44	)		(0.58	)		(0.53	)		(0.39	)
Net Asset Value, End of Year		$9.80			$10.19			$10.23			$10.16			$10.05
Total Return(b)		(0.03	)%		3.93	%		6.54	%		6.50	%		13.13	%
Net Assets, End of Year (000’s)		$5,983			$6,951			$8,431			$6,602			$6,289
Ratios to Average Net Assets
Gross Expense		1.15	%		1.17	%		1.25	%		1.28	%		1.26	%
Net Expenses(c)		0.98	%		0.99	%		1.00	%		1.00	%		0.84	%
Net Investment Income (Loss)		2.09	%		2.23	%		3.12	%		3.76	%		4.00	%
Portfolio Turnover Rate		113	%		106	%		93	%		128	%		142	%
CLASS I	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$10.03			$10.07			$10.01			$9.90			$9.10
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.23			0.26			0.35			0.41			0.40
Net Realized and Unrealized Gain (Loss) on Investments		(0.22	)		0.17			0.32			0.26			0.80
Total Income (Loss) From Operations		0.01			0.43			0.67			0.67			1.20
Less Distributions From:
Net Investment Income		(0.26	)		(0.28	)		(0.36	)		(0.41	)		(0.40	)
Net Realized Gains		(0.15	)		(0.19	)		(0.25	)		(0.15	)		—
Total Distributions		(0.41	)		(0.47	)		(0.61	)		(0.56	)		(0.40	)
Net Asset Value, End of Year		$9.63			$10.03			$10.07			$10.01			$9.90
Total Return(b)		0.16	%		4.32	%		6.90	%		6.93	%		13.39	%
Net Assets, End of Year (000’s)		$246,525			$275,173			$291,976			$209,386			$205,794
Ratios to Average Net Assets
Gross Expense		0.92	%		0.92	%		1.00	%		1.03	%		1.01	%
Net Expenses(c)		0.65	%		0.64	%		0.66	%		0.66	%		0.64	%
Net Investment Income (Loss)		2.41	%		2.57	%		3.47	%		4.12	%		4.21	%
Portfolio Turnover Rate		113	%		106	%		93	%		128	%		142	%

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

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

77 FINANCIAL HIGHLIGHTS (continued)

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

 WILMINGTON INTERMEDIATE-TERM BOND FUND

CLASS A	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$10.60			$10.64			$10.76			$10.63			$9.96
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.14			0.18			0.24			0.34			0.43
Net Realized and Unrealized Gain (Loss) on Investments		(0.19	)		0.13			0.28			0.24			0.68
Total Income (Loss) From Operations		(0.05	)		0.31			0.52			0.58			1.11
Less Distributions From:
Net Investment Income		(0.15	)		(0.19	)		(0.25	)		(0.35	)		(0.44	)
Net Realized Gains		(0.30	)		(0.16	)		(0.39	)		(0.10	)		—
Total Distributions		(0.45	)		(0.35	)		(0.64	)		(0.45	)		(0.44	)
Net Asset Value, End of Year		$10.10			$10.60			$10.64			$10.76			$10.63
Total Return(b)		(0.40	)%		2.90	%		4.96	%		5.51	%		11.33	%
Net Assets, End of Year (000’s)		$5,279			$9,730			$12,961			$6,744			$5,777
Ratios to Average Net Assets
Gross Expense		1.12	%		1.14	%		1.35	%		1.43	%		1.41	%
Net Expenses(c)		0.91	%		0.94	%		1.00	%		1.01	%		0.87	%
Net Investment Income (Loss)		1.38	%		1.69	%		2.22	%		3.18	%		4.23	%
Portfolio Turnover Rate		43	%		52	%		253	%		485	%		164	%
CLASS I	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$10.60			$10.65			$10.77			$10.64			$9.96
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.17			0.22			0.28			0.38			0.47
Net Realized and Unrealized Gain (Loss) on Investments		(0.18	)		0.11			0.27			0.24			0.67
Total Income (Loss) From Operations		(0.01	)		0.33			0.55			0.62			1.14
Less Distributions From:
Net Investment Income		(0.19	)		(0.22	)		(0.28	)		(0.39	)		(0.46	)
Net Realized Gains		(0.30	)		(0.16	)		(0.39	)		(0.10	)		—
Total Distributions		(0.49	)		(0.38	)		(0.67	)		(0.49	)		(0.46	)
Net Asset Value, End of Year		$10.10			$10.60			$10.65			$10.77			$10.64
Total Return(b)		(0.09	)%		3.15	%		5.33	%		5.96	%		11.62	%
Net Assets, End of Year (000’s)		$136,516			$201,572			$253,419			$107,625			$122,553
Ratios to Average Net Assets
Gross Expense		0.91	%		0.89	%		1.09	%		1.17	%		1.15	%
Net Expenses(c)		0.60	%		0.60	%		0.64	%		0.66	%		0.63	%
Net Investment Income (Loss)		1.69	%		2.03	%		2.58	%		3.54	%		4.49	%
Portfolio Turnover Rate		43	%		52	%		253	%		485	%		164	%

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

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 78

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

 WILMINGTON SHORT-TERM CORPORATE BOND FUND

CLASS A	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$10.33			$10.28			$10.29			$10.21			$9.89
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.07			0.09			0.12			0.16			0.21
Net Realized and Unrealized Gain (Loss) on Investments		0.00	(b)		0.08			0.03			0.10			0.33
Total Income (Loss) From Operations		0.07			0.17			0.15			0.26			0.54
Less Distributions From:
Net Investment Income		(0.08	)		(0.09	)		(0.12	)		(0.17	)		(0.22	)
Net Realized Gains		(0.09	)		(0.03	)		(0.04	)		(0.01	)		—
Total Distributions		(0.17	)		(0.12	)		(0.16	)		(0.18	)		(0.22	)
Net Asset Value, End of Year		$10.23			$10.33			$10.28			$10.29			$10.21
Total Return(c)		0.68	%		1.66	%		1.48	%		2.57	%		5.47	%
Net Assets, End of Year (000’s)		$2,785			$3,129			$8,912			$11,905			$5,461
Ratios to Average Net Assets
Gross Expense		1.19	%		1.20	%		1.37	%		1.45	%		1.49	%
Net Expenses(d)		0.83	%		0.86	%		0.86	%		0.86	%		0.92	%
Net Investment Income (Loss)		0.64	%		0.89	%		1.16	%		1.57	%		2.04	%
Portfolio Turnover Rate		196	%		110	%		73	%		142	%		81	%
CLASS I	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$10.33			$10.28			$10.29			$10.21			$9.89
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.09			0.12			0.15			0.18			0.23
Net Realized and Unrealized Gain (Loss) on Investments		0.00	(b)		0.08			0.03			0.10			0.32
Total Income (Loss) From Operations		0.09			0.20			0.18			0.28			0.55
Less Distributions From:
Net Investment Income		(0.10	)		(0.12	)		(0.15	)		(0.19	)		(0.23	)
Net Realized Gains		(0.09	)		(0.03	)		(0.04	)		(0.01	)		—
Total Distributions		(0.19	)		(0.15	)		(0.19	)		(0.20	)		(0.23	)
Net Asset Value, End of Year		$10.23			$10.33			$10.28			$10.29			$10.21
Total Return(c)		0.90	%		1.91	%		1.74	%		2.83	%		5.66	%
Net Assets, End of Year (000’s)		$165,057			$182,588			$189,176			$176,531			$108,636
Ratios to Average Net Assets
Gross Expense		0.97	%		0.96	%		1.11	%		1.20	%		1.22	%
Net Expenses(d)		0.61	%		0.61	%		0.61	%		0.61	%		0.71	%
Net Investment Income (Loss)		0.86	%		1.12	%		1.42	%		1.81	%		2.32	%
Portfolio Turnover Rate		196	%		110	%		73	%		142	%		81	%

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

(b) Represents less than $0.005.

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

79 FINANCIAL HIGHLIGHTS (continued)

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

 WILMINGTON SHORT DURATION GOVERNMENT BOND FUND

CLASS A	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$9.68			$9.79			$9.87			$9.90			$9.90
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.05			0.10			0.16			0.21	(b)		0.30
Net Realized and Unrealized Gain (Loss) on Investments		(0.10	)		(0.02	)		(0.02	)		0.00	(b)(c)		0.01
Total Income (Loss) From Operations		(0.05	)		0.08			0.14			0.21			0.31
Less Distributions From:
Net Investment Income		(0.13	)		(0.15	)		(0.22	)		(0.24	)		(0.31)
Net Realized Gains		—			(0.04	)		—			—			—
Total Distributions		(0.13	)		(0.19	)		(0.22	)		(0.24	)		(0.31)
Net Asset Value, End of Year		$9.50			$9.68			$9.79			$9.87			$9.90
Total Return(d)		(0.47	)%		0.82	%		1.40	%		2.10	%		3.15%
Net Assets, End of Year (000’s)		$8,001			$20,136			$22,874			$16,848			$10,680
Ratios to Average Net Assets
Gross Expense		1.22	%		1.20	%		1.27	%		1.36	%		1.36%
Net Expenses(e)		0.89	%		0.89	%		0.88	%		0.89	%		0.86%
Net Investment Income (Loss)		0.56	%		1.02	%		1.65	%		2.09	%(b)		3.04%
Portfolio Turnover Rate		27	%		31	%		131	%		255	%		164%
CLASS I	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$9.70			$9.81			$9.89			$9.92			$9.92
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.08			0.12			0.18			0.23	(b)		0.32
Net Realized and Unrealized Gain (Loss) on Investments		(0.10	)		(0.02	)		(0.02	)		0.00	(b)(c)		0.00(c)
Total Income (Loss) From Operations		(0.02	)		0.10			0.16			0.23			0.32
Less Distributions From:
Net Investment Income		(0.16	)		(0.17	)		(0.24	)		(0.26	)		(0.32)
Net Realized Gains		—			(0.04	)		—			—			—
Total Distributions		(0.16	)		(0.21	)		(0.24	)		(0.26	)		(0.32)
Net Asset Value, End of Year		$9.52			$9.70			$9.81			$9.89			$9.92
Total Return(d)		(0.21	)%		1.07	%		1.66	%		2.35	%		3.32%
Net Assets, End of Year (000’s)		$87,187			$110,035			$151,399			$83,037			$77,725
Ratios to Average Net Assets
Gross Expense		0.97	%		0.94	%		1.01	%		1.11	%		1.11%
Net Expenses(e)		0.64	%		0.64	%		0.63	%		0.64	%		0.65%
Net Investment Income (Loss)		0.83	%		1.27	%		1.85	%		2.34	%(b)		3.25%
Portfolio Turnover Rate		27	%		31	%		131	%		255	%		164%

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

(b) Net investment income per share and net realized and unrealized gain (loss) per share were (decreased)/increased by ($0.03) and $0.03, respectively, to reflect amortization adjustments and paydown losses. A corresponding adjustment was made to decrease the net investment income ratio by 0.27%.

(c) Represents less than $0.005.

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 80

For a share outstanding throughout each period:

 WILMINGTON MUNICIPAL BOND FUND^†

CLASS A	Year Ended April 30, 2014		Year Ended April 30, 2013		For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011		Year Ended June 30, 2010		Year Ended June 30, 2009
Net Asset Value, Beginning of Period		$13.75		$13.79		$13.18			$13.22		$12.64		$12.79
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.27		0.24		0.29			0.42		0.46		0.47
Net Realized and Unrealized Gain (Loss) on Investments		(0.23)		0.27		0.78			0.04		0.61		(0.10)
Total Income (Loss) From Operations		0.04		0.51		1.07			0.46		1.07		0.37
Less Distributions From:
Net Investment Income		(0.27)		(0.24)		(0.29)			(0.42)		(0.46)		(0.47)
Net Realized Gains		(0.12)		(0.31)		(0.17)			(0.08)		(0.03)		(0.05)
Total Distributions		(0.39)		(0.55)		(0.46)			(0.50)		(0.49)		(0.52)
Net Asset Value, End of Period		$13.40		$13.75		$13.79			$13.18		$13.22		$12.64
Total Return(b)		0.37%		3.74%		8.18%			3.56%		8.57%		3.04%
Net Assets, End of Period (000’s)		$17,128		$21,435		$708			$758		$579		$164
Ratios to Average Net Assets
Gross Expense		1.14%		1.13%		0.92%	(c)		0.86%		0.85%		0.87%
Net Expenses(d)		0.86%		0.86%		0.87%	(c)		0.86%		0.85%		0.87%
Net Investment Income (Loss)		2.00%		1.74%		2.56%	(c)		3.20%		3.55%		3.50%
Portfolio Turnover Rate		38%		38%		52%			30%		44%		19%
CLASS I	Year Ended April 30, 2014		Year Ended April 30, 2013		For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011		Year Ended June 30, 2010		Year Ended June 30, 2009
Net Asset Value, Beginning of Period		$13.76		$13.79		$13.19			$13.22		$12.64		$12.79
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.30		0.28		0.32			0.45		0.49		0.50
Net Realized and Unrealized Gain (Loss) on Investments		(0.24)		0.28		0.77			0.05		0.61		(0.10)
Total Income (Loss) From Operations		0.06		0.56		1.09			0.50		1.10		0.40
Less Distributions From:
Net Investment Income		(0.30)		(0.28)		(0.32)			(0.45)		(0.49)		(0.50)
Net Realized Gains		(0.12)		(0.31)		(0.17)			(0.08)		(0.03)		(0.05)
Total Distributions		(0.42)		(0.59)		(0.49)			(0.53)		(0.52)		(0.55)
Net Asset Value, End of Period		$13.40		$13.76		$13.79			$13.19		$13.22		$12.64
Total Return(b)		0.55%		4.06%		8.33%			3.90%		8.84%		3.27%
Net Assets, End of Period (000’s)		$199,503		$247,914		$146,009			$141,519		$166,253		$135,073
Ratios to Average Net Assets
Gross Expense		0.89%		0.90%		0.68%	(c)		0.61%		0.60%		0.62%
Net Expenses(d)		0.61%		0.61%		0.62%	(c)		0.61%		0.60%		0.62%
Net Investment Income (Loss)		2.25%		2.01%		2.80%	(c)		3.44%		3.79%		3.99%
Portfolio Turnover Rate		38%		38%		52%			30%		44%		19%

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

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

(c) Annualized for periods less than one year.

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

* Year end changed from June 30 to April 30.

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

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

ANNUAL REPORT / April 30, 2014

81 FINANCIAL HIGHLIGHTS (continued)

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

  WILMINGTON MARYLAND MUNICIPAL BOND FUND

CLASS A	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$10.27			$10.17			$9.77			$9.98			$9.50
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.16			0.16			0.34			0.36			0.38
Net Realized and Unrealized Gain (Loss) on Investments		(0.23	)		0.14			0.40			(0.21	)		0.49
Total Income (Loss) From Operations		(0.07	)		0.30			0.74			0.15			0.87
Less Distributions From:
Net Investment Income		(0.16	)		(0.16	)		(0.34	)		(0.36	)		(0.39)
Net Realized Gains		(0.08	)		(0.04	)		—			—			—
Total Distributions		(0.24	)		(0.20	)		(0.34	)		(0.36	)		(0.39)
Net Asset Value, End of Year		$9.96			$10.27			$10.17			$9.77			$9.98
Total Return(b)		(0.56	)%		2.92	%		7.71	%		1.54	%		9.24%
Net Assets, End of Year (000’s)		$27,734			$33,461			$36,079			$34,550			$42,303
Ratios to Average Net Assets
Gross Expense		1.21	%		1.19	%		1.36	%		1.38	%		1.38%
Net Expenses(c)		0.95	%		0.95	%		0.94	%		0.94	%		0.82%
Net Investment Income (Loss)		1.57	%		1.53	%		3.41	%		3.62	%		3.90%
Portfolio Turnover Rate		23	%		41	%		34	%		6	%		8%
CLASS I	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$10.29			$10.18			$9.79			$9.99			$9.51
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.18			0.19			0.37			0.39			0.40
Net Realized and Unrealized Gain (Loss) on Investments		(0.23	)		0.15			0.39			(0.20	)		0.48
Total Income (Loss) From Operations		(0.05	)		0.34			0.76			0.19			0.88
Less Distributions From:
Net Investment Income		(0.19	)		(0.19	)		(0.37	)		(0.39	)		(0.40)
Net Realized Gains		(0.08	)		(0.04	)		—			—			—
Total Distributions		(0.27	)		(0.23	)		(0.37	)		(0.39	)		(0.40)
Net Asset Value, End of Year		$9.97			$10.29			$10.18			$9.79			$9.99
Total Return(b)		(0.38	)%		3.31	%		7.89	%		1.90	%		9.33%
Net Assets, End of Year (000’s)		$62,972			$73,446			$75,423			$78,912			$85,039
Ratios to Average Net Assets
Gross Expense		0.96	%		0.94	%		1.11	%		1.13	%		1.13%
Net Expenses(c)		0.67	%		0.67	%		0.66	%		0.67	%		0.70%
Net Investment Income (Loss)		1.85	%		1.81	%		3.69	%		3.90	%		4.02%
Portfolio Turnover Rate		23	%		41	%		34	%		6	%		8%

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

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 82

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

 WILMINGTON NEW YORK MUNICIPAL BOND FUND

CLASS A	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$10.75			$10.59			$10.08			$10.25			$9.89
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.19			0.21			0.28			0.35			0.35
Net Realized and Unrealized Gain (Loss) on Investments		(0.19	)		0.16			0.51			(0.16	)		0.36
Total Income (Loss) From Operations		0.00			0.37			0.79			0.19			0.71
Less Distributions From:
Net Investment Income		(0.19	)		(0.21	)		(0.28	)		(0.36	)		(0.35)
Net Realized Gains		—			—			—			—			—
Total Distributions		(0.19	)		(0.21	)		(0.28	)		(0.36	)		(0.35)
Net Asset Value, End of Year		$10.56			$10.75			$10.59			$10.08			$10.25
Total Return(b)		0.04	%		3.48	%		7.99	%		1.83	%		7.28%
Net Assets, End of Year (000’s)		$24,301			$31,239			$35,099			$34,107			$40,748
Ratios to Average Net Assets
Gross Expense		1.21	%		1.20	%		1.36	%		1.40	%		1.40%
Net Expenses(c)		0.84	%		0.84	%		0.84	%		0.84	%		0.80%
Net Investment Income (Loss)		1.79	%		1.94	%		2.73	%		3.47	%		3.42%
Portfolio Turnover Rate		34	%		41	%		87	%		67	%		64%
CLASS I	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$10.76			$10.60			$10.08			$10.26			$9.89
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.21			0.23			0.31			0.38			0.36
Net Realized and Unrealized Gain (Loss) on Investments		(0.18	)		0.16			0.52			(0.18	)		0.37
Total Income (Loss) From Operations		0.03			0.39			0.83			0.20			0.73
Less Distributions From:
Net Investment Income		(0.22	)		(0.23	)		(0.31	)		(0.38	)		(0.36)
Net Realized Gains		—			—			—			—			—
Total Distributions		(0.22	)		(0.23	)		(0.31	)		(0.38	)		(0.36)
Net Asset Value, End of Year		$10.57			$10.76			$10.60			$10.08			$10.26
Total Return(b)		0.30	%		3.74	%		8.33	%		1.97	%		7.54%
Net Assets, End of Year (000’s)		$69,325			$78,471			$74,913			$68,919			$67,239
Ratios to Average Net Assets
Gross Expense		0.96	%		0.95	%		1.11	%		1.15	%		1.15%
Net Expenses(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.64%
Net Investment Income (Loss)		2.05	%		2.18	%		2.99	%		3.71	%		3.58%
Portfolio Turnover Rate		34	%		41	%		87	%		67	%		64%

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

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

83 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2014

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 23 portfolios, 7 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 16 funds are presented in separate reports.

Fund	Investment Goal
Wilmington Broad Market Bond Fund  (“Broad Market Bond Fund”)(d)	The Fund seeks to provide current income and secondarily, capital growth.
Wilmington Intermediate-Term Bond Fund  (“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”)(d)	The Fund seeks to provide current income.
Wilmington Short Duration Government Bond Fund  (“Short Duration Government Bond Fund”)(d)	The Fund seeks to provide current income and secondarily, preservation of capital.
Wilmington Municipal Bond Fund  (“Municipal Bond Fund”)(d)	The Fund seeks a high level of income exempt from federal income tax, consistent with the preservation of capital.
Wilmington Maryland Municipal Bond Fund  (“Maryland Municipal Bond Fund”)(n)	The Fund seeks to provide current income that is exempt from both federal and Maryland state and local income taxes.
Wilmington New York Municipal Bond Fund  (“New York Municipal Bond Fund”)(n)	The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes.

(d)  Diversified

(n)  Non-diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Service Class, Select Class, Administrative Class and Institutional Class are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

On April 13, 2013, Class C shares of the Intermediate-Term Bond, Short-Term Corporate Bond and Short Duration Government Bond Funds were terminated after the conversion to Class A of the Funds.

The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Investment Valuation – Fair value of the Funds’ portfolio securities are determined as follows:

•  investments in open-end regulated investment companies are valued at net asset value (“NAV”);

•  for fixed income securities, according to prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; and

•  for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Board of Trustees (“Trustees”).

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund’s Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2014, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. Pursuant to the Funds’ fair value procedures noted previously, fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 84

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.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due or from the Fund.

At April 30, 2014, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase Agreements		Fair Value of     Non-cash Collateral Received		Cash       Collateral       Received		Net Amount(1)
Broad Market Bond Fund
Citigroup Global Markets, Inc.	$	2,515,398	$	2,515,398		$—		$—
Daiwa Capital Markets America		2,515,398		2,515,398		—		—
HSBC Securities USA, Inc.		2,515,398		2,515,398		—		—
Nomura Securities International, Inc.		529,545		529,545		—		—
RBS Securities, Inc.		2,515,398		2,515,398		—		—
	$	10,591,137	$	10,591,137		$—		$—
Intermediate-Term Bond Fund
Citigroup Global Markets, Inc.	$	2,503,926	$	2,503,926		$—		$—
Daiwa Capital Markets America		2,503,926		2,503,926		—		—
HSBC Securities USA, Inc.		2,503,926		2,503,926		—		—
Nomura Securities International, Inc.		527,129		527,129		—		—
RBS Securities, Inc.		2,503,926		2,503,926		—		—
	$	10,542,833	$	10,542,833		$—		$—
Short-Term Corporate Bond Fund
Citigroup Global Markets, Inc.	$	1,000,000	$	1,000,000		$—		$—
Nomura Securities International, Inc.	$	167,931	$	167,931		—		—
RBC Capital Markets LLC		1,000,000		1,000,000		—		—
	$	2,167,931	$	2,167,931		$—		$—

⁽¹⁾Net amount represents the net amount receivable due from the counterparty in the event of default.

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

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

All Funds offer multiple classes of shares. Investment income, realized 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 daily and paid monthly.

ANNUAL REPORT / April 30, 2014

85 NOTES TO FINANCIAL STATEMENTS (continued)

Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax are necessary.

Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year or period, the Funds did not incur any interest or penalties.

When-Issued and Delayed Delivery Transactions – The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

The Funds may transact in “To Be Announced Securities” (“TBAs”). As with other delayed delivery transactions, a seller agrees to issue TBAs at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Funds agree to accept any security that meets specified criteria. For example, in a TBA mortgage transaction, the Fund and seller would agree upon the issuer, interest rate and terms of the underlying mortgages. The Funds record TBAs on the trade date utilizing information associated with the specified terms of the transactions as opposed to the specific mortgages. TBAs are marked to market daily and begin earning interest of the settlement date. Losses may occur due to the fact the actual underlying mortgages received may be less favorable than those anticipated by the Funds.

Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Fund’s restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Dollar Roll Transactions – The Short Duration Government Bond Fund, Intermediate-Term Bond Fund and Broad Market Bond Fund may enter into dollar roll transactions, with respect to mortgage securities issued by GNMA, FNMA, and FHLMC, in which the Funds sell mortgage securities to financial institutions and simultaneously agree to accept substantially similar (same type, coupon, maturity) securities at a later date at an agreed upon price. Dollar roll transactions, which are treated as purchases and sales, will not exceed 12 months. There were no dollar roll transactions outstanding during the year ended April 30, 2014.

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. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.

Investments purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”

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.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 86

At April 30, 2014, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of Securities on Loan		Cash Collateral Received(1)		Net Amount(2)
Broad Market Bond Fund		$10,319,033		$10,319,033	$—
Intermediate-Term Bond Fund		10,270,993		10,270,993	—
Short-Term Corporate Bond Fund		2,094,269		2,094,269	—
(1)Collateral with a value of $10,591,137, $10,542,833 and $2,167,931, respectively, has been received in connection with securities lending transactions. (2)Net amount represents the net amount receivable due from the counterparty in the event of default.

3. FEDERAL TAX INFORMATION

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to the tax treatment of expiring capital loss carryforwards, net investment losses, market discount reclass, discount accretion/premium amortization on debt securities, capital gain or loss as a result of paydown activity, and distributions recognition on income distribution payable. GAAP requires that permanent differences in net investment income and realized gains and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets and have no effect on the net assets nor the NAV of the Funds.

As of April 30, 2014, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the periods ended 2013, 2012, and 2011, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

For the year ended April 30, 2014, permanent differences identified and reclassified among the components of net assets were as follows:

Fund	Paid-in Capital		Increase   (Decrease)   Undistributed Net   Investment  Income		Accumulated Net Realized Gain (Loss)
Broad Market Bond Fund	$	—		$378,218		$(378,218)
Intermediate-Term Bond Fund		—		130,028		(130,028)
Short-Term Corporate Bond Fund		—		148,828		(148,828)
Short Duration Government Bond Fund		(1,434,935)		792,904		642,031
Municipal Bond Fund		—		(3,568)		3,568
Maryland Municipal Bond Fund		—		116,009		(116,009)

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

	2014				2013
Fund	Ordinary Income*		Long-Term     Capital Gains		Ordinary Income*		Long-Term     Capital Gains
Broad Market Bond Fund		$6,683,784		$2,729,590		$10,116,058		$3,610,860
Intermediate-Term Corporate Bond Fund		3,282,561		4,523,368		6,535,290		2,093,369
Short-Term Corporate Bond Fund		2,059,726		889,895		2,501,043		158,321
Short Duration Government Bond Fund		1,811,389		—		2,620,248		600,449
Municipal Bond Fund		5,640,269**		1,599,639		4,924,173***		2,448,254
Maryland Municipal Bond Fund		1,759,657**		784,603		1,901,372***		412,418
New York Municipal Bond Fund		1,968,280**		—		2,282,130***		—

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

**   Included in this amount is tax exempt income of $5,095,492, $1,759,657 and $1,968,280, respectively.

***Included in this amount is tax exempt income of $3,946,261, $1,863,194 and $2,282,130, respectively.

ANNUAL REPORT / April 30, 2014

87 NOTES TO FINANCIAL STATEMENTS (continued)

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed/     (Over Distributed) Ordinary Income		Undistributed     Long-Term     Capital Gains			Other     Timing     Differences			Unrealized     Appreciation     (Depreciation)			Capital Loss     Carryforwards     and Deferrals
Broad Market Bond Fund		$561,237		$	487,550		$	(508,824)		$	5,699,208		$	—-
Intermediate-Term Bond Fund		224,465			1,233,725			(210,849)			2,498,214			—
Short-Term Corporate Bond Fund		280,039			440,572			(109,660)			976,821			—-
Short Duration Government Bond Fund		486,744			—			(165,004)			1,304,357			(881,212)
Municipal Bond Fund		407,003			411,142			(407,002)			8,637,559			—-
Maryland Municipal Bond Fund		276,814			—			(160,915)			2,405,949			(495,136)
New York Municipal Bond Fund		169,650			—			(169,647)			4,396,845			(2,132,606)

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

At April 30, 2014, 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:

												Short-Term		Long-Term			Total     Capital
	Capital Loss Available Through											Post-Effective		Post-Effective			Loss
Fund	2015		2016		2017		2018			2019		No Expiration		No Expiration			Carryforwards
Short Duration Government Bond Fund		$129,435		$—		$—		$	—		$108,426		$628,801		$	14,550		$	881,212
Maryland Municipal Bond Fund		—		—		—			—		—		354,088			141,048			495,136
New York Municipal Bond Fund		—		—		—			1,688,009		—		444,597			—			2,132,606

The Funds did not use any capital loss carryforwards to offset taxable capital gains realized during the year ended April 30, 2014:

The Short Duration Government Bond Fund expired capital loss carryforwards in the amount of $1,434,935.

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

Investment Advisor – Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.

Fund	Advisory Fee Annual Rate
Broad Market Bond Fund		0.50%
Intermediate-Term Bond Fund		0.50%
Short-Term Corporate Bond Fund		0.50%
Short Duration Government Bond Fund		0.50%
Municipal Bond Fund		0.50%
Maryland Municipal Bond Fund		0.50%
New York Municipal Bond Fund		0.50%

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2015, 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.

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 88

	Contractual Expense Limitations
Fund	Class A		Class I
Broad Market Bond Fund		1.00%		0.65%
Intermediate-Term Bond Fund		0.95%		0.60%
Short-Term Corporate Bond Fund		0.86%		0.61%
Short Duration Government Bond Fund		0.89%		0.64%
Municipal Bond Fund		0.86%		0.61%
Maryland Municipal Bond Fund		0.95%		0.67%
New York Municipal Bond Fund		0.84%		0.59%

Administrative Fee – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. WFMC in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.

Administrator	Maximum Fee		Average Aggregate Daily Net Assets of the Trust
WFMC		0.040%	on the first $5 billion
		0.030%	on the next $2 billion
		0.025%	on the next $3 billion
		0.018%	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

On September 30, 2013, the Board of Trustees voted to change the fee schedule for WFMC. Prior to October 1, 2013, these services were provided for at an aggregate annual fee as specified below.

Administrator	Maximum Fee		Average Aggregate Daily Net Assets of the Trust
WFMC		0.033%	on the first $5 billion
		0.020%	on the next $2 billion
		0.016%	on the next $3 billion
		0.015%	on assets in excess of $10 billion

WFMC may voluntarily choose to waive any portion of its fee. WFMC can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2014, WFMC did not waive any administrative personnel and services fee.

Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Class A shares for the sale, distribution, administration, customer servicing and recordkeeping of these shares.

The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.

For the year ended April 30, 2014, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:

Fund	Distribution Fees
Broad Market Bond Fund		$11,360
Intermediate-Term Bond Fund		6,733
Short-Term Corporate Bond Fund		1,075
Short Duration Government Bond Fund		26,328
Municipal Bond Fund		37,167
Maryland Municipal Bond Fund		64,334
New York Municipal Bond Fund		57,375

Sales Charges – The Class A shares of all the Funds bear front-end sales charges.

For the year ended April 30, 2014, M&T received the amounts listed below from sales charges on the sale of Class A shares.

ANNUAL REPORT / April 30, 2014

89 NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Sales Charges                 from Class A
Broad Market Bond Fund		$	1,220
Intermediate-Term Bond Fund			966
Short-Term Corporate Bond Fund			395
Short Duration Government Bond Fund			332
Municipal Bond Fund			10,690
Maryland Municipal Bond Fund			2,072
New York Municipal Bond Fund			2,062

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Class A and Class I to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the year ended April 30, 2014, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder Services         Fee
Broad Market Bond Fund		$	3,644
Intermediate-Term Bond Fund			2,190
Maryland Municipal Bond Fund			7,720

Other Service Providers – Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer and Principal Financial Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.

BNYM provides custody services to the Trust.

BNY Mellon Investment Servicing (U.S.) Inc. provides fund accounting and 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.

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the year ended April 30, 2014 were as follows:

	Investments
Fund	Purchases		Sales
Broad Market Bond Fund		$213,117,313		$273,372,370
Intermediate-Term Bond Fund		52,346,635		117,414,666
Short-Term Corporate Bond Fund		164,653,505		185,757,428
Short Duration Government Bond Fund		26,515,499		27,601,100
Municipal Bond Fund		87,105,159		122,283,764
Maryland Municipal Bond Fund		21,347,360		31,087,303
New York Municipal Bond Fund		32,802,157		44,612,240

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2014 were as follows:

	U.S. Government Securities
Fund	Purchases			Sales
Broad Market Bond Fund		$	68,412,909		$	49,185,147
Intermediate-Term Bond Fund			20,200,545			20,429,612
Short-Term Corporate Bond Fund			157,239,805			157,547,531
Short Duration Government Bond Fund			2,000,703			27,548,882

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 90

6. CONCENTRATION OF RISK

Since Maryland Municipal Bond Fund and New York Municipal Bond Fund invest a substantial portion of their assets in issuers located in one state, they will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2014, 10.6% for Maryland Municipal Bond Fund and 45.6% for New York Municipal Bond Fund of the total market value of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of the total market value of investments insured by or supported (backed) by a letter of credit from any one institution or agency was 4.7% for Maryland Municipal Bond Fund and 25.7% for New York Municipal Bond Fund.

7. LINE OF CREDIT

The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion through March 10, 2014. Effective March 11, 2014, the LOC included a commitment fee of 0.10% per annum on the daily unused portion. The termination date of this LOC is March 9, 2015. The Funds did not utilize the LOC for the year ended April 30, 2014.

8. REORGANIZATION

REORGANIZATION - FISCAL YEAR 2013

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

The purpose of this transaction was to combine the three Funds with the same Investment Manager and with substantially similar investment objectives, policies, and restrictions. Due to the small size of the Acquired Funds, and the comparatively better prospects for asset growth of the Acquiring Fund, it was believed that the shareholders’ best interests would be served by reorganizing the Acquired Funds into the Acquiring Fund.

For financial reporting purposes, the Municipal Bond Fund was deemed to be the accounting survivor.

Wilmington Municipal Bond Fund	Value of Shares		Acquired Fund Shares Prior to Reorganization		Shares Issued by Acquiring Fund		Net Assets
Acquiring Fund
Wilmington Municipal Bond Fund		—		—		—		$156,582,398
Acquired Funds
Wilmington Pennsylvania Municipal Bond Fund		—		—		—		97,525,271
Class A shares in exchange for Class A		$9,118,331		861,667		657,281		—
Class I in exchange for Class I		88,406,940		8,351,297		6,370,639		—
Wilmington Virginia Municipal Bond Fund								19,866,040
Class A in exchange for Class A		19,866,040		1,787,700		1,432,014		—
								$273,973,709

The net assets of the Acquired Funds included net unrealized appreciation on investments of $7,032,753 and $1,288,589 and accumulated net realized gains of $1,384,529 and $239,773 for the Wilmington Pennsylvania Municipal Bond Fund and Wilmington Virginia Municipal Bond Fund, respectively.

The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined fund’s Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2012, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2013 would have been $5,548,565, $20,218,458 and $25,767,023, respectively.

ANNUAL REPORT / April 30, 2014

91 NOTES TO FINANCIAL STATEMENTS (continued)

9. SUBSEQUENT EVENTS

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

April 30, 2014 / ANNUAL REPORT

92

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF

WILMINGTON FUNDS

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Wilmington Broad Market Bond Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Municipal Bond Fund, Wilmington Maryland Municipal Bond Fund and Wilmington New York Municipal Bond Fund (seven of the series constituting the Wilmington Funds) (the “Funds”) as of April 30, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2014, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Broad Market Bond Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Municipal Bond Fund, Wilmington Maryland Municipal Bond Fund and Wilmington New York Municipal Bond Fund at April 30, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

June 28, 2014

ANNUAL REPORT / April 30, 2014

93 BOARD OF TRUSTEES AND TRUST OFFICERS

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 23 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.

INTERESTED TRUSTEES BACKGROUND

Name
Address
Birth date
Position With Trust
Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
R. Samuel Fraundorf, CFA, CPA*	Principal Occupations: President of WTIA.
Birth date: 4/64
TRUSTEE	Other Directorships Held: None.
Began serving: March 2012
	Previous Positions: President of Wilmington Trust Investment Managements (“WTIM”) (8/04 to 1/12); Chief Operating Officer of WTIM (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08).
Robert J. Truesdell*    Birth date: 11/55    TRUSTEE    Began serving: December 2012	Principal Occupations: Group Vice President and Senior Investment Advisor for Wilmington Trust Wealth Advisory Services, M&T Bank. Other Directorships Held: None. Previous Positions: Bond Department Manager, M&T Bank (2/88 to 7/12); Group Vice President, Managing Director and Chief Investment Officer, WTIA (6/02 to 6/12) and WFMC (3/12 to 6/12).

* R. Samuel Fraundorf is “interested” due to positions he holds with WTIA. Robert J. Truesdell is “interested” due to the positions he currently holds with Wilmington Trust Wealth Advisory Services, M&T Bank, the parent of the Funds’ Advisor, and previous positions held with WTIA and WFMC.

April 30, 2014 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 94

INDEPENDENT TRUSTEES BACKGROUND

Name
Birth date
Position with Trust
Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Joseph J. Castiglia	Principal Occupations: Private Investor, Consultant and Community Volunteer.
Birth date: 7/34
CHAIRMAN AND TRUSTEE    Began serving: February 1988	Other Directorships Held: Chairman (3/06 to 3/08), Trustee (3/04 to present) and Treasurer (3/10 to 3/12), Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 1/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman (5/12 to present), Director (1/08 to present), Read to Succeed Buffalo (1/08 to present); Director, Catholic Medical Partners (7/12 to present); Director, Roycroft Campus Corporation (8/12 to present).
	Previous Positions: President, Chief Executive Officer, Vice President, Treasurer, Controller and Vice Chairman, Pratt & Lambert United (manufacturing of paints, coatings and adhesives) (12/67 to 1/96); Chairman and Director, Catholic Health Systems of Western New York (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (health insurance provider) (5/92 to 5/07); Lead Director and Director, Energy East (gas and electric utility); Chairman and Director, Federal Reserve Bank of New York, Buffalo Branch.
Robert H. Arnold    Birth date: 3/44	Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present).
TRUSTEE
Began serving: March 2012	Other Directorships Held: First Potomac Realty Trust (real estate investment trust).
William H. Cowie, Jr.	Principal Occupations: Retired.
Birth date: 1/31
TRUSTEE    Began serving: September 2003	Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present).
	Previous Positions: CFO, Pencor Inc. (environmental project development); Vice Chairman of Signet Banking Corp.
John S. Cramer    Birth date: 2/42	Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present).
TRUSTEE
Began serving: December 2000	Other Directorships Held: Director, Chairman of the Executive Committee and Chairman of the Compensation Committee of Chek-Med Corporation (6/03 to present).
	Previous Positions: President and Chief Executive Officer Emeriti, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania).
Daniel R. Gernatt, Jr.    Birth date: 7/40	Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present).
TRUSTEE
Began serving: February 1988	Other Directorships Held: Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation.

ANNUAL REPORT / April 30, 2014 (unaudited)

95 BOARD OF TRUSTEES AND TRUST OFFICERS

Name
Birth date
Position with Trust
Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano    Birth date: 3/43    TRUSTEE    Began serving: March 2012	Principal Occupations: Consultant, financial services organizations (1997 to present).
	Other Directorships Held: Kalmar Pooled Investment Trust; The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (industrial furnaces and ovens).
	Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Richard B. Seidel    Birth date: 4/41    TRUSTEE    Began serving: September 2003	Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (1/96 to present); Chairman and Director, Girard Capital (broker-dealer) (1/10 to present).
	Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).

OFFICERS

Name
Address
Birth year
Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Samuel Guerrieri    Birth year: 1965	Principal Occupations: President and Chief Executive Officer, M&T Securities, Senior Vice President, M&T Bank.
PRESIDENT
Began serving: December 2012
Michael D. Daniels    Birth year: 1967	Principal Occupations: Chief Operating Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc., Administrative Vice President, M&T Bank.
CHIEF OPERATING OFFICER
Began serving: June 2007	Previous Positions: Senior Vice President, MSD&T and MCA (2006 to 2007); Vice President, Calamos Asset Management (2004 to 2006); Vice President, JP Morgan Chase Bank (2002 to 2004).
Jeffrey M. Seling    Birth year: 1970	Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc; Assistant Treasurer, Wilmington Funds.
ASSISTANT TREASURER
Began serving: June 2013    VICE PRESIDENT	Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank.
Began serving: June 2007
John C. McDonnell    Birth year: 1966    VICE PRESIDENT AND ASSISTANT TREASURER    Began serving: June 2013	Principal Occupations: Vice President, Wilmington Funds Management Corporation (2005 to Present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present).
	Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012); Audit Senior, Deloitte LLP (2004 to 2005); Assistant Vice President, 1838 Investment Advisors, LP (1999 to 2004).

April 30, 2014 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 96

Name
Address
Birth year
Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Hope L. Brown    Birth year: 1973	Principal Occupations: Vice President, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds.
CHIEF COMPLIANCE OFFICER, AML
COMPLIANCE OFFICER AND ASSISTANT    SECRETARY    Began serving: December 2012	Previous Positions: Assistant Vice President, Lead Manager, Risk Management and Divisional Compliance for T. Rowe Price (2005 to 2010); Senior Compliance Officer, Manager of Compliance for RE Investment, Inc., RE Advisers, Inc. and the Homestead Funds (2001 to 2005).
Eric B. Paul    Birth year: 1974	Principal Occupations: Administrative Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008.
VICE PRESIDENT
Began serving: June 2008
Ralph V. Partlow, III    25 South Charles Street, 22nd floor	Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present).
Baltimore, MD 21201
Birth year: 1957	Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003).
VICE PRESIDENT
Began serving: June 2010
Christopher W. Roleke    10 High Street, Suite 302	Principal Occupation: Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present).
Boston, MA 02110
Birth year: 1972    CHIEF FINANCIAL OFFICER AND TREASURER	Previous Positions: Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
Began serving: July 2013
Lisa R. Grosswirth    101 Barclay Street, 13E	Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present).
New York, NY 10286    Birth year: 1963	Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).
SECRETARY
Began serving: September 2007
Richard J. Berthy    Three Canal Plaza, Suite 100	Principal Occupation: Chief Executive Officer, Foreside Financial Group, LLC (7/12 to present).
Portland, ME 04101    Birth year: 1958    CHIEF EXECUTIVE OFFICER    Began serving: September 2007	Previous Positions: President, Foreside Financial Group, LLC (5/08 to 7/12); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (6/03 to 6/06); Vice President, Bainbridge Capital Management (8/02 to 5/04).

ANNUAL REPORT / April 30, 2014 (unaudited)

97

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

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

Electronic Delivery

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

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

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

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

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

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

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

Householding

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

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

April 30, 2014 / ANNUAL REPORT

98

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

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

Information The Funds Collect:

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

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

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

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

Information Sharing Policy

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

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

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

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

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

Information Security:

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

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

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

Employee Access to Information:

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

Visiting The Funds’ Website:

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

ANNUAL REPORT / April 30, 2014

99

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

•Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website.

•We may also collect non-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party.

E-mail:

If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.

Surveys/Aggregate Data:

Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

Notice will be provided to you in advance of any changes that would affect your rights under this policy statement

April 30, 2014 / ANNUAL REPORT

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Wilmington Large-Cap Growth Fund (“Large-Cap Growth Fund”)

Wilmington Large-Cap Strategy Fund (“Large-Cap Strategy Fund”)

Wilmington Large-Cap Value Fund (“Large-Cap Value Fund”)

Wilmington Mid-Cap Growth Fund (“Mid-Cap Growth Fund”)

Wilmington Small-Cap Growth Fund (“Small-Cap Growth Fund”)

Wilmington Small-Cap Strategy Fund (“Small-Cap Strategy Fund”)

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	18
Portfolios of Investments	20
Notes to Portfolios of Investments	78
Statements of Assets and Liabilities	79
Statements of Operations	81
Statements of Changes in Net Assets	83
Financial Highlights	86
Notes to Financial Statements	92
Report of Independent Registered Public Accounting Firm	101
Board of Trustees and Trust Officers	102

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i

Dear Investor:

I am pleased to present the Annual Report of Wilmington Funds (the Trust). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2013, through April 30, 2014. Inside, you will find a discussion of the factors impacting each fund’s performance during the reporting period, as well as a complete listing of each fund’s holdings and financial statements.

The Economy and Financial Markets in Review

Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets over the 12-month reporting period.

The Economy

Compared to other animals, humans have an unparalleled ability to see what we wish to see. The tendency to interpret facts to suit our opinions is magnified in the financial arena. Most of the time economic data provides plenty of fodder for both bulls and bears.

We see enough positive news to argue that good times are about to roll...

• Despite weather-driven speed bumps in January and February, U.S. nonfarm payrolls expanded by 2.37 million jobs in the year ended April 2014 – the strongest gain since the period ended April 2006. April 2014 hiring came in unexpectedly robust, with job growth of 288,000, the highest since January 2012. Payrolls rose an average of 202,000 per month over the last six months, and by the end of April 2014, had recovered to within 113,000 jobs of the all-time high set in January 2008.

• Inflation remains under control. The Consumer Price Index for April 2014 was up 2.0% from a year earlier – the biggest year-over-year increase since July 2013 but below the 20-year average of 2.4%. Meanwhile, core CPI – excluding the volatile food and energy categories – was up 1.8% in April 2014, only slightly above the reading in previous months and also lower than the long-run average of 2.2%.

• While retail sales came in below expectations in April 2014, strong February and March numbers suggest consumers have come out of hibernation. Job growth and the “wealth effect” from stock returns have set the stage for spending growth.

… and sufficient worrisome news to justify caution.

• New-home sales have plummeted so far this year, while sales of existing homes have trended lower since last summer, even taking into account seasonal adjustments. Lenders have become more accommodating, yet credit remains fairly tight, as does the supply of homes.

• Two popular measures of consumer confidence, indices maintained by the Conference Boardi and the University of Michiganⁱⁱ, have diverged somewhat in recent months. However, both indices report confidence fairly close to levels seen last summer despite improvements in the labor market, excellent stock returns, and an expanding economy. The early-May reading of the University of Michigan surveyⁱⁱ saw a 2.7% decline from April 2014 levels, while the consensus projected a 3.3% increase. One number does not a trend make, but the University of Michigan data can only be called disappointing.

ⁱhttp://www.conference-board.org/

ⁱⁱhttp://www.sca.isr.umich.edu/

Many of the recent problems stem directly from the harsh winter weather we have endured which pushed first quarter GDP down by 1%. We expect that a rebound from this will take place in the second quarter which should be followed by a resumption of modest growth rates in the 2.5 to 3.0% range. Given this outlook, we expect to see stocks outperform bonds but fears of a major rise in interest rates are also probably overblown.

The Bond Markets

In the year ended April 30, the Barclays U.S. Aggregate Bond Index¹ delivered a -0.26% return, with the majority of the bond market performing at a lackluster level. Blame Treasuries for the Aggregate Bond Index’s negative return, as the Barclays U.S. Treasury Bond Index² returned -1.59% for the year ended April. In contrast, Barclays indices for mortgage-backed, corporate, and municipal bonds all managed positive returns, albeit below 0.60%.

While the statements above are unequivocally accurate, investors who stop at the raw numbers will miss a big part of the picture – bond investors suffered their pain in 2013; so far, 2014 has proven friendlier.

PRESIDENT’S MESSAGE  /  April 30, 2014 (unaudited)

ii

The 10-year Treasury bond yielded 1.70% at the end of April 2013 and ended the year at 3.04%. By the end of April 2014, the T-bond yield had fallen to 2.67%, and as of May 28th it yielded 2.44%. Corporate bonds have traced similar, if less steep, paths. These yields reflect a solid recovery this year, which in turn tells us that the Federal Reserve’s tapering of bond purchases hasn’t had the deleterious effect some pundits projected.

On April 30, the Federal Reserve (the “Fed”) Open Market Committee reduced its monthly bond purchases another $10 billion to $45 billion, down from $85 billion for most of last year. At this pace, the Fed may stop buying bonds before the end of 2014. While new Fed Chair Janet Yellen shocked the market in March when she said the Fed could start raising interest rates just six months after the end of quantitative easing³, subsequent statements suggest the central bank hasn’t set a hard target.

In recent months, the Fed has signaled expectations roughly in line with the consensus, which suggests the federal funds rate won’t rise until the second half of 2015. “Doves” continue to call the shots at the Fed, and it’s tough to predict how markets would react if the bankers changed their tone.

For the 12-month reporting period May 1, 2013 through April 30, 2014, certain Barclays indices performed as follows⁴:

Barclays     U.S. Aggregate      Bond Index	Barclays U.S. Treasury Bond Index	Barclays U.S. Mortgage- Backed Securities Index5	Barclays U.S. Credit Bond Index6	Barclays   Municipal Bond   Index7
-0.26%	-1.59%	0.59%	0.41%	0.50%

The Stock Markets

Few investors who owned a diversified stock portfolio at the start of last May and held it through the end of April 2014 should complain. The S&P 500 Index⁸ of large-cap stocks returned 20.44% during that 12-month period. Most segments of the U.S. stock market shared in the wealth, with the small-cap Russell 2000 Index⁹ returning 20.50%.

Among large-cap stocks, growth slightly outperformed value. Smaller stocks showed more of a growth bias (Russell 2000 Growth Index¹⁰ up 21.46% versus 19.61% for the Russell 2000 Value Index¹¹). But when your lagging group manages an annual return of more than 19%, you’ve enjoyed a good year.

Even foreign stocks provided investors with solid gains – at least in developed markets. The MSCI All Country World ex-US Index¹² returned 9.76% over the last year, while the MSCI EAFE (Europe, Australasia, Far East) Index¹³ of large-cap and midcap stocks from developed markets returned 13.35%. However, the MSCI Emerging Markets Index¹⁴ delivered a -1.84% return.

Most of the stock gains racked up in the 12 months ended April 2014 came during the last eight months of 2013. The S&P 500 managed to set eight new all-time closing highs during the first four months of 2014, yet exited April up less than 3% from its level at the end of 2013. The sluggishness during this period has probably contributed to weakness in both consumer and investor sentiment.

The American Association of Individual Investors Sentiment Survey for the week ending May 21st, 2014, found 43% of investors neutral on the stock market, well above the long-run average of 31%. While bullishness has risen and bearishness fallen in recent weeks, percentages for both extremes remain below typical levels. The unusually large number of “neutrals” bespeaks a lack of confidence in the market, feelings not unexpected given lackluster year-to-date returns.

With the U.S. stock market looking for leadership, investors should keep an eye out for groups making strong moves. A large pack of investors uncertain about the market’s direction can quickly transform into a stampede – in any direction.

For the 12-month reporting period May 1, 2013 through April 30, 2014, certain stock market indices performed as follows:

S&P 500     Index	Dow Jones Industrial Average15	NASDAQ Composite Index16	MSCI All Country   World ex-US (Net)    Index
20.44%	14.44%	25.20%	9.76%

April 30, 2014 (unaudited)  /  PRESIDENT’S MESSAGE

iii

The Trust, with assets of $12.5 billion as of April 30, 2014, gives investors access to every major asset class and sector. Whether you are looking to pay for a comfortable retirement, fund a child’s higher education, pursue tax-free income¹⁷, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds may provide you with the diversification, flexibility, and professional management you need.¹⁸

Sincerely,

Sam Guerrieri

President

May 28, 2014

For more complete information, please download the Funds’ 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. Diversification does not ensure a profit nor protect against loss.

All investments involve risk, including the possible loss of principal. Equity Securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.

High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

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

1. Barclays U.S. Aggregate Bond Index is a widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays 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.

2. Barclays 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.

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

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

5. Barclays 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 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 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. 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.

9. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of the Index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure large stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The index is unmanaged and investments cannot be made directly in an index.

10. The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment.

11. The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment.

12. 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. The index is unmanaged and investments cannot be made directly in an index.

PRESIDENT’S MESSAGE  /  April 30, 2014 (unaudited)

iv

13. 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. The index is unmanaged and investments cannot be made directly in an index.

14. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and investments cannot be made directly in an index.

15. 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.

16. 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.

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

April 30, 2014 (unaudited)  /  PRESIDENT’S MESSAGE

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1

WILMINGTON LARGE-CAP GROWTH FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Large-Cap Growth Fund (the “Fund”) had a total return of 18.77%* for Class A Shares and 19.04%* for Class I Shares, versus its benchmark, the Russell 1000 Growth Index,** which had a total return of 20.66%.

The stock market has been on a steady upward trend since the end of the third quarter of 2011. There have been several small corrections along the way but the market has been remarkably resilient with each small correction a buying opportunity. While earnings and revenue growth have not measured up to the recoveries of the past, the Federal Reserve’s (the “Fed”) extraordinary monetary accommodation and reasonable valuations allowed the market (S&P 500 Index) to enjoy a 32% rise in 2013. The market dipped in May and June of 2013, when the first signs from the Fed appeared that accommodation was to have a limited life. As a result, interest rate sensitive equities took a hit and continued to lag into the year ended December 31, 2013. As the new year started, many of these interest rate sensitive companies moved higher as the strength of the global economy came into question putting the likelihood of higher interest rates a little less likely with the 10-Year U.S. Treasury dropping from 3.0% to 2.7%. U.S. earnings, as represented by the S&P 500 Index, continue to roll in ahead of expectations allowing earnings for the year to stay solidly in place versus a typical reduction of estimates as the year progresses.

With the diminution in expected growth rates and its effect on lower rates, the attractiveness of lower risk, lower duration equities with yield characteristics have been bid up versus their cyclical counterparts. Within the equity market, more value can be found with cyclical stocks with lower relative valuations versus defensive companies with higher dividend yields and higher historical valuations. If growth rates accelerate as expected this year with growth in government spending and an improving small business environment that were absent last year, a shift towards longer duration cyclical exposure would be expected. Valuations in the equity market are slightly ahead of their long-term averages with the exception of price-to-earnings (P/E) multiples that are benefitting from record margins. Even with a continuation of only modest mid-single-digit earnings growth, the stock market can continue to rise.

Sector rotation has occurred many times during this bull-run which is a healthy attribute of a long bull cycle. Early this year many of the best performing sectors of last year reversed course including very high valuation companies in the biotechnology and internet associated industries. Additionally, interest rate sensitive sectors like utilities and Real Estate Investment Trusts (“REITs”) performed strongly right out of the gate early in the year as the 10-Year U.S. Treasury started to decline as uncertainty about the healthiness of the economy came into question as weather related weakness hit expectations. Excesses in the economy are hard to find making it more likely that we are still mid cycle and not reaching the end of this economic cycle quite yet. While international difficulties are still in the news, the European economy appears to be on the mend but emerging market economies have some weak spots. The strength of the U.S. economy and increased accommodation abroad bodes well for the U.S. dollar which may put pressure on investments in emerging economies this year.

For the fiscal year, the largest underperformance came from the industrial, consumer discretionary and technology sectors while the consumer staples, energy and telecommunications sectors provided positive relative performance. The largest outperformance from individual holdings came from Apple, Gilead Sciences, Michael Kors and not owning Coca Cola and Verizon. The biggest detractors came from Target, Intuitive Surgical, Tile Shop, Pepsi, and not owning Facebook during the fiscal year.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 12.21%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share.

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

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

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

April 30, 2014 (unaudited)  /  ANNUAL REPORT

2

WILMINGTON LARGE-CAP GROWTH

FUND – Class A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Large-Cap Growth Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 1000 Growth Index (“Russell 1000 Growth”).²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	12.21%
5 Years	13.24%
10 Years	3.91%

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

Annual Operating Expense Ratio

Before Waivers	1.80%
After Waivers	1.42%

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

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

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

ANNUAL REPORT  /  April 30, 2014 (unaudited)

3

WILMINGTON LARGE-CAP GROWTH

FUND – Class I

The graph below illustrates the hypothetical investment of $1,000,000^1,2 in the Wilmington Large-Cap Growth Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 1000 Growth.²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	19.04%
5 Years	14.91%
10 Years	4.76%

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

Annual Operating Expense Ratio

Before Waivers	1.55%
After Waivers	1.04%

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

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

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

April 30, 2014 (unaudited)  /  ANNUAL REPORT

4

WILMINGTON LARGE-CAP STRATEGY FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Large-Cap Strategy Fund (the “Fund”) had a total return of 20.12%* for Class I Shares, versus its benchmark, the Russell 1000 Index**, which had a total return of 20.81%.

The Fund attempts to outperform the Russell 1000 Index by overweighting mega-cap, mid-cap, growth or value companies based on recommendations from the Wilmington Trust Investment Advisors, Inc. Investment Strategy Team (IST). During the period May 2013 through March 2014, the Fund was positioned to track a custom index of 65% mega-cap and 35% mid-cap companies. The Russell 1000 Index can be divided into the Russell Top 200 Index of mega-cap stocks and the Russell Midcap Index which represent the 800 mid-cap companies. The weight of the Russell Midcap Index has been approximately 31% of the Russell 1000 Index. Over this period, the Russell Top 200 Index returned 20.6%, and the Russell Midcap Index returned 21.3%. The tactical overweight to growth had a 0.1% impact on relative performance.

At the March 2014 meeting, the IST recommended a tilt toward growth companies and maintained the capitalization tilt toward mid-sized companies. The Fund was rebalanced to track a custom index incorporating both recommendations. For the month of April 2014, the Russell 1000 Growth Index returned 0.0%, the Russell 1000 Value Index returned 1.0%, the Russell Midcap Index returned -0.6%, the Russell Top 200 Index returned 0.9%, and the Fund returned 0.1%. The IST tactical asset allocation advice detracted 0.1% from excess return. The majority of the 0.7% underperformance over the twelve month period is explained by expenses and transaction costs.

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

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

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

The 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. The Russell Top 200 Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

ANNUAL REPORT  /  April 30, 2014 (unaudited)

5

WILMINGTON LARGE-CAP

STRATEGY FUND – Class I

The graph below illustrates the hypothetical investment of $1,000,000^1,2 in the Wilmington Large-Cap Strategy Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 1000 Index² and the S&P 500.²

Average Annual Total Returns for the Year

Ended April 30, 2014

1 Year	20.12%
5 Years	17.99%
10 Years	6.73%

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

Annual Operating Expense Ratio

Before Waivers	0.89%
After Waivers	0.26%

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

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

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

April 30, 2014 (unaudited)  /  ANNUAL REPORT

6

WILMINGTON LARGE-CAP VALUE FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Large-Cap Value Fund (the “Fund”) had a total return of 17.46%* for Class A Shares and 17.88%* for Class I Shares, versus its benchmark, the Russell 1000 Value Index**, which had a total return of 20.90%.

The strategy employed by the Fund is a quality oriented dividend growth strategy whose performance tracks more closely with the Fund’s alternate index, the NASDAQ US Dividend Achievers Select Index. The fiscal year performance for the Fund of 17.88% compares favorably to the 16.11% earned by the NASDAQ US Dividend Achievers Select Index.

The stock market has been on a steady upward trend since the end of the third quarter of 2011. There have been several small corrections along the way but the market has been remarkably resilient with each small correction a buying opportunity. While earnings and revenue growth have not measured up to the recoveries of the past, the Federal Reserve’s (the “Fed”) extraordinary monetary accommodation and reasonable valuations allowed the market (S&P 500 Index) to enjoy a 32% rise in 2013. The market dipped in May and June of 2013, when the first signs from the Fed appeared that accommodation was to have a limited life. As a result, interest rate sensitive equities took a hit and continued to lag into the year ended December 31, 2013. As the new year started, many of these interest rate sensitive companies moved higher as the strength of the global economy came into question putting the likelihood of higher interest rates a little less likely with the 10-Year U.S. Treasury dropping from 3.0% to 2.7%. U.S. earnings, as represented by the S&P 500 Index, continue to roll in ahead of expectations allowing earnings for the year to stay solidly in place versus a typical reduction of estimates as the year progresses.

With the diminution in expected growth rates and its effect on lower rates, the attractiveness of lower risk, lower duration equities with yield characteristics have been bid up versus their cyclical counterparts. Within the equity market, more value can be found with cyclical stocks with lower relative valuations versus defensive companies with higher dividend yields and higher historical valuations. If growth rates accelerate as expected this year with growth in government spending and an improving small business environment that were absent last year, a shift towards longer duration cyclical exposure would be expected. Valuations in the equity market are slightly ahead of their long-term averages with the exception of price-to-earnings (P/E) multiples that are benefitting from record margins. Even with a continuation of only modest mid-single-digit earnings growth, the stock market can continue to rise.

Sector rotation has occurred many times during this bull-run which is a healthy attribute of a long bull cycle. Early this year many of the best performing sectors of last year reversed course including very high valuation companies in the biotechnology and internet associated industries. Additionally, interest rate sensitive sectors like utilities and Real Estate Investment Trusts (“REITs”) performed strongly right out of the gate early in the year as the 10-Year U.S. Treasury started to decline as uncertainty about the healthiness of the economy came into question as weather related weakness hit expectations. Excesses in the economy are hard to find making it more likely that we are still mid cycle and not reaching the end of

this economic cycle quite yet. While international difficulties are still in the news, the European economy appears to be on the mend but emerging market economies have some weak spots. The strength of the U.S. economy and increased accommodation abroad bodes well for the U.S. dollar which may put pressure on investments in emerging economies this year.

For the fiscal year, the largest underperformance came from the consumer discretionary, consumer staples and technology sectors. The telecommunication and financial sectors outperformed during this period. Within consumer discretionary and staples sectors, Target, Philip Morris International and Pepsi were responsible for most of the underperformance. Relative outperformance came from Cardinal Health, Lockheed Martin, Schlumberger and by not having a position in AT&T.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 10.96%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmington.com or call 1-800-836-2211.

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

The NASDAQ US Dividend Achievers Select Index is comprised of a select group of securities with at least ten consecutive years of increasing annual regular dividend payments.

The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share.

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

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

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

ANNUAL REPORT  /  April 30, 2014 (unaudited)

7

WILMINGTON LARGE-CAP VALUE

FUND – Class A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Large-Cap Value Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 1000 Value Index (“Russell 1000 Value”).²

Average Annual Total Returns for the Year

Ended April 30, 2014

1 Year	10.96%
5 Years	13.48%
10 Years	5.04%

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

Annual Operating Expense Ratio

Before Waivers	1.46%
After Waivers	1.32%

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

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

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

April 30, 2014 (unaudited)  /  ANNUAL REPORT

8

WILMINGTON LARGE-CAP VALUE

FUND – Class I

The graph below illustrates the hypothetical investment of $1,000,000^1,2 in the Wilmington Large-Cap Value Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 1000 Value.²

Average Annual Total Returns for the Year

Ended April 30, 2014

1 Year	17.88%
5 Years	15.08%
10 Years	5.76%

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

Annual Operating Expense Ratio

Before Waivers	1.21%
After Waivers	1.04%

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

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

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

ANNUAL REPORT  /  April 30, 2014 (unaudited)

9

WILMINGTON MID-CAP GROWTH FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Mid-Cap Growth Fund (the “Fund”) had a total return of 14.64%* for Class A Shares and 14.86%* for Class I Shares, versus its benchmark, the Russell Mid Cap Growth Index**, which had a total return of 20.62%.

During the past fiscal year, the US equity markets staged a significant rally, driven by improving risk appetite from investors, which expanded valuation multiples, continued growth in corporate profits, and accommodative monetary policy. As valuation multiples increased, leadership in the equity market was driven in part by higher multiple, high momentum stocks. More recently, these momentum stocks have struggled under the increased uncertainty of monetary policy and geopolitical unrest. Despite these risks, overall corporate profits remain resilient and the broader market continues to move higher.

Our Fund has been positioned throughout the past five years of economic and equity market recovery to take advantage of a pro-growth environment. While we have generally benefited from this positioning, our primary objective is to identify companies that are best positioned to generate profitable growth throughout the cycle. We strive to invest in businesses with sustainable competitive advantages that produce growing cash flow and earnings through a durable economic business model. Our success or failure is rooted in selecting these companies and paying a reasonable price for this growth.

Our underperformance during the past fiscal year was concentrated in the last two quarters of the fiscal year. Performance was hurt by two primary effects. First, our investment discipline will generally steer us away from many of the high momentum names that propelled much of the benchmark’s performance over the past year. In addition, the portfolio included several stocks that disappointed our expectations, even though in several of these cases the company’s performance has been satisfactory, especially when viewed over a longer investment horizon.

The majority of the underperformance was attributable to adverse stock selection in the consumer discretionary, health care, and information technology sectors. In consumer discretionary, performance was negatively impacted by Tile Shop Holdings, Inc., which was a subject of a “short attack” in November 2013, Lululemon Athletica Inc., which up to this year had been a significant success for the Fund, and not owning Tesla Motors, Inc., a high multiple, momentum stock. Health care performance was hurt by Intuitive Surgical, a long-time successful Fund holding, as well as not owning Actavis plc and Illumina, Inc. Our tech holdings in Nuance Communications, Inc. and Citrix Systems, Inc., which we have since exited, along with ANSYS, Inc. and Aruba Networks, Inc. more than offset our success in Sourcefire Inc., which was acquired by Cisco Systems, Inc. The Fund generated positive performance in consumer staples, primarily by owning Keurig Green Mountain Inc., and energy, which was boosted by our positions in CARBO Ceramics Inc. and Whiting Petroleum Corporation, which incidentally was a notable underperformer last fiscal year.

The dispersion of short-term stock price movements seems to have increased as the equity market advances to new highs and benchmark leadership narrows. We cannot control short-term volatility in

our holdings. However, we are confident that the strategy most likely to generate superior performance over a cycle is to focus on the companies’ longer-term economic health and strategic positioning. Our fundamental approach emphasizes identifying and investing in companies with superior growth prospects and attractive valuations. While short-term underperformance is disappointing to us, we will stay with our disciplined approach and have conviction that, when implemented consistently and effectively, this strategy will pay off over time.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 8.33%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

April 30, 2014 (unaudited)  /  ANNUAL REPORT

10

WILMINGTON MID-CAP GROWTH

FUND – Class A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Mid-Cap Growth Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell Mid Cap Growth Index (“Russell Mid Cap Growth”).²

Average Annual Total Returns for the Year

Ended April 30, 2014

1 Year	8.33%
5 Years	17.74%
10 Years	8.53%

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

Annual Operating Expense Ratio

Before Waivers	1.56%
After Waivers	1.24%

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

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

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

ANNUAL REPORT  /  April 30, 2014 (unaudited)

11

WILMINGTON MID-CAP

GROWTH FUND – Class I

The graph below illustrates the hypothetical investment of $1,000,000^1,2 in the Wilmington Mid-Cap Growth Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell Mid Cap Growth.²

Average Annual Total Returns for the Year

Ended April 30, 2014

1 Year	14.86%
5 Years	19.26%
10 Years	9.32%

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

Annual Operating Expense Ratio

Before Waivers	1.31%
After Waivers	1.08%

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

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

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

April 30, 2014 (unaudited)  /  ANNUAL REPORT

12

WILMINGTON SMALL-CAP GROWTH FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, the Wilmington Small-Cap Growth Fund (the “Fund”) had a total return of 18.19%* for Class A Shares, and 18.49%* for Class I Shares, versus its benchmark, the Russell 2000 Growth Index,** which had a total return of 21.46%.

The stock market has been on a steady upward trend since the end of the third quarter of 2011. There have been several small corrections along the way but the market has been remarkably resilient with each small correction a buying opportunity. While earnings and revenue growth have not measured up to the recoveries of the past, the Federal Reserve’s (the “Fed”) extraordinary monetary accommodation and reasonable valuations allowed the market (S&P 500 Index) to enjoy a 32% rise in 2013. The market dipped in May and June of 2013, when the first signs from the Fed appeared that accommodation was to have a limited life. As a result, interest rate sensitive equities took a hit and continued to lag into the year ended December 31, 2013. As the new year started, many of these interest rate sensitive companies moved higher as the strength of the global economy came into question putting the likelihood of higher interest rates a little less likely with the 10-Year U.S. Treasury dropping from 3.0% to 2.7%. U.S. earnings, as represented by the S&P 500 Index, continue to roll in ahead of expectations allowing earnings for the year to stay solidly in place versus a typical reduction of estimates as the year progresses.

With the diminution in expected growth rates and its effect on lower rates, the attractiveness of lower risk, lower duration equities with yield characteristics have been bid up versus their cyclical counterparts. Within the equity market, more value can be found with cyclical stocks with lower relative valuations versus defensive companies with higher dividend yields and higher historical valuations. If growth rates accelerate as expected this year with growth in government spending and an improving small business environment that were absent last year, a shift towards longer duration cyclical exposure would be expected. Valuations in the equity market are slightly ahead of their long-term averages with the exception of price-to-earnings (P/E) multiples that are benefitting from record margins. Even with a continuation of only modest mid-single-digit earnings growth, the stock market can continue to rise.

Sector rotation has occurred many times during this bull-run which is a healthy attribute of a long bull cycle. Early this year many of the best performing sectors of last year reversed course including very high valuation companies in the biotechnology and internet associated industries. Additionally, interest rate sensitive sectors like utilities and Real Estate Investment Trusts (“REITs”) performed strongly right out of the gate early in the year as the 10-Year U.S. Treasury started to decline as uncertainty about the healthiness of the economy came into question as weather related weakness hit expectations. Excesses in the economy are hard to find making it more likely that we are still mid cycle and not reaching the end of this economic cycle quite yet. While international difficulties are still in the news, the European economy appears to be on the mend but emerging market economies have some weak spots. The strength of the U.S. economy and increased accommodation abroad bodes

well for the U.S. dollar which may put pressure on investments in emerging economies this year.

For the fiscal year, the Fund’s best relative performing sector during the year was the consumer discretionary sector due largely to outperformance in the media and specialty retail industries. Consumer staples also contributed positively to performance with particular strength in food product industry. Performance was hurt by the health care, financial, technology, and basic materials sectors. The biotechnology and internet software/services industry groups contributed the most to underperformance correcting significantly after a strong run in 2013. Consumer finance within financials and the chemical industry with basic materials were weak performers.

The Fund utilizes a quantitative approach to stock selection and portfolio construction. Factor preferences were relatively consistent for most of 2013 when high beta, low dividend yield, and low quality companies along with price momentum paid off well late in the year allowing the Fund to perform in line with its index for the period from April 30, 2013 to December 31, 2013. However, the start of the year brought about a rotation in factor preferences that caused the underperformance for the fiscal year as it takes some time for the portfolio to adjust to rapid changes in factor preferences. Stock selection is particularly difficult for the quantitative strategies in the biotechnology industry where many companies lack earnings and even revenues making valuation differentiation difficult.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 11.69%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share.

ANNUAL REPORT  /  April 30, 2014 (unaudited)

13

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

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

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

April 30, 2014 (unaudited)  /  ANNUAL REPORT

14

WILMINGTON SMALL-CAP GROWTH FUND – Class A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Small-Cap Growth Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 2000 Growth Index (“Russell 2000 Growth”).²

Average Annual Total Returns for the Year

Ended April 30, 2014

1 Year	11.69%
5 Years	15.42%
10 Years	6.10%

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

Annual Operating Expense Ratio

Before Waivers	1.81%
After Waivers	1.57%

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

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

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

ANNUAL REPORT  /  April 30, 2014 (unaudited)

15

WILMINGTON SMALL-CAP GROWTH FUND – Class I

The graph below illustrates the hypothetical investment of $1,000,000^1,2 in the Wilmington Small-Cap Growth Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 2000 Growth.²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	18.49%
5 Years	16.97%
10 Years	6.87%

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

Annual Operating Expense Ratio

Before Waivers	1.56%
After Waivers	1.35%

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

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

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

April 30, 2014 (unaudited)  /  ANNUAL REPORT

16

WILMINGTON SMALL-CAP STRATEGY FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Small-Cap Strategy Fund (the “Fund”) had a total return of 18.74% for Class I Shares, versus its benchmark, the Russell 2000 Index**, which had a total return of 20.50%.

The Fund attempts to outperform the Russell 2000 Index by overweighting growth or value companies based on recommendations from the Wilmington Trust Investment Advisors, Inc. Investment Strategy Team (IST). During the period May 2013 through August 2013, the IST style recommendation for domestic small-cap equities was to overweight value companies. The Russell 2000 Value Index returned 10.3% and the Russell 2000 Growth Index returned 17.8% during this period, so the style tilt had a -1.1% impact on relative performance.

At the September 2013 meeting of the IST, the team voted to reverse the style tilt for domestic small-cap portfolios. The Fund was rebalanced at the end of September to track a custom index of 65% Russell 2000 Growth Index/ 35% Russell 2000 Value Index. IST advice remained unchanged through the end of April 2014. During this period, the Russell 2000 Growth Index returned 3.1% and the Russell 2000 Value Index returned 8.4%. Over the seven month period, the tactical overweight to growth had a -0.7% impact on relative return.

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

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

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

ANNUAL REPORT  /  April 30, 2014 (unaudited)

17

WILMINGTON SMALL-CAP STRATEGY FUND – Class I

The graph below illustrates the hypothetical investment of $1,000,000^1,2 in the Wilmington Small-Cap Strategy Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 2000 Index.²

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	18.74%
5 Years	19.47%
10 Years	7.54%

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

Annual Operating Expense Ratio

Before Waivers	1.41%
After Waivers	0.34%

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

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

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

April 30, 2014 (unaudited)  /  ANNUAL REPORT

18

SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2013 to April 30, 2014.

Actual Expenses

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

Hypothetical Example for

Comparison Purposes

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

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

	Beginning Account Value 11/1/13	Ending Account Value 4/30/14	Expenses Paid During Period1	Annualized Net   Expense Ratio2
WILMINGTON LARGE-CAP GROWTH FUND
Actual
Class A	$1,000.00	$1,033.10	$7.16	1.42%
Class I	$1,000.00	$1,034.70	$5.25	1.04%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,017.75	$7.10	1.42%
Class I	$1,000.00	$1,019.64	$5.21	1.04%
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$1,077.30	$1.29	0.25%
Hypothetical (assuming a 5% return before expense)
Class I	$1,000.00	$1,023.55	$1.25	0.25%
WILMINGTON LARGE-CAP VALUE FUND
Actual
Class A	$1,000.00	$1,083.10	$6.77	1.31%
Class I	$1,000.00	$1,085.00	$5.38	1.04%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,018.30	$6.56	1.31%
Class I	$1,000.00	$1,019.64	$5.21	1.04%
WILMINGTON MID-CAP GROWTH FUND
Actual
Class A	$1,000.00	$1,005.90	$6.17	1.24%
Class I	$1,000.00	$1,006.80	$5.37	1.08%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,018.65	$6.21	1.24%
Class I	$1,000.00	$1,019.44	$5.41	1.08%

ANNUAL REPORT  /  April 30, 2014 (unaudited)

19

	Beginning Account Value 11/1/13	Ending Account Value 4/30/14	Expenses Paid During Period1	Annualized Net   Expense Ratio2
WILMINGTON SMALL-CAP GROWTH FUND
Actual
Class A	$1,000.00	$991.50	$7.26	1.47%
Class I	$1,000.00	$993.10	$6.13	1.24%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,017.50	$7.35	1.47%
Class I	$1,000.00	$1,018.65	$6.21	1.24%
WILMINGTON SMALL-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$1,026.30	$1.26	0.25%
Hypothetical (assuming a 5% return before expense)
Class I	$1,000.00	$1,023.55	$1.25	0.25%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period).

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

April 30, 2014 (unaudited)  /  ANNUAL REPORT

20

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Growth Fund

At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Information Technology		26.1	%
Consumer Discretionary		20.0	%
Industrials		15.2	%
Health Care		14.9	%
Consumer Staples		7.5	%
Financials		6.3	%
Energy		6.2	%
Materials		2.0	%
Cash Equivalents1		3.7	%
Other Assets and Liabilities - Net2		(1.9	)%
TOTAL		100.0	%

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Number of Shares		Value
COMMON STOCKS – 98.2%
CONSUMER DISCRETIONARY – 20.0%
AUTO COMPONENTS – 0.8%
BorgWarner, Inc.		3,410	$	211,897
DISTRIBUTORS – 0.7%
LKQ Corp.*		6,305		183,602
HOTELS, RESTAURANTS & LEISURE – 0.7%
DineEquity, Inc.		1,250		94,762
Panera Bread Co.*		555		84,898
			$	179,660
INTERNET & CATALOG RETAIL – 3.3%
Amazon.com, Inc.*		1,377		418,787
priceline.com, Inc. (The)*		313		362,376
TripAdvisor, Inc.*		1,200		96,888
			$	878,051
MEDIA – 5.5%
CBS Corp., Non-Voting		12,830		741,061
Comcast Corp.		10,265		531,316
Lions Gate Entertainment Corp.		3,650		96,835
Scripps Networks Interactive, Inc.		1,335		100,218
			$	1,469,430

Description	Number of Shares		Value
MULTILINE RETAIL – 1.8%
Nordstrom, Inc.		2,230	$	136,654
Target Corp.		5,626		347,406
			$	484,060
SPECIALTY RETAIL – 2.2%
Bed, Bath & Beyond, Inc.*		2,709		168,310
GameStop Corp.		2,800		111,104
L Brands, Inc.		2,320		125,744
Tile Shop Holdings, Inc.#,*		6,328		89,193
Vitamin Shoppe, Inc.*		1,780		85,226
			$	579,577
TEXTILES, APPAREL & LUXURY GOODS – 5.0%
Coach, Inc.		1,900		84,835
Lululemon Athletica, Inc.#, *		1,475		67,747
Michael Kors Holdings Ltd.*		4,522		412,406
NIKE, Inc.		8,363		610,081
PVH Corp.		1,250		156,963
			$	1,332,032
TOTAL CONSUMER DISCRETIONARY			$	5,318,309
CONSUMER STAPLES – 7.5%
BEVERAGES – 3.6%
PepsiCo, Inc.		11,232		964,716

ANNUAL REPORT  /  April 30, 2014

21     PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Growth Fund (continued)

Description	Number of Shares		Value
FOOD & STAPLES RETAILING – 2.5%
Costco Wholesale Corp.		2,980	$	344,726
Pricesmart, Inc.		705		67,708
Whole Foods Market, Inc.		5,067		251,830
			$	664,264
FOOD PRODUCTS – 0.7%
Keurig Green Mountain, Inc.		1,945		182,208
HOUSEHOLD PRODUCTS – 0.5%
Church & Dwight Co., Inc.		1,945		134,224
PERSONAL PRODUCTS – 0.2%
Herbalife Ltd.#		965		57,881
TOTAL CONSUMER STAPLES			$	2,003,293
ENERGY – 6.2%
ENERGY EQUIPMENT & SERVICES – 4.4%
Cameron International Corp.*		2,225		144,536
CARBO Ceramics, Inc.#		925		129,417
Core Laboratories NV		495		92,902
Schlumberger Ltd.		7,887		800,925
			$	1,167,780
OIL, GAS & CONSUMABLE FUELS – 1.8%
Cabot Oil & Gas Corp.		3,310		130,017
Southwestern Energy Co.*		3,350		160,398
Whiting Petroleum Corp.*		2,500		184,300
			$	474,715
TOTAL ENERGY			$	1,642,495
FINANCIALS – 6.3%
CAPITAL MARKETS – 0.7%
Raymond James Financial, Inc.		2,065		102,631
T. Rowe Price Group, Inc.		1,150		94,450
			$	197,081
COMMERCIAL BANKS – 0.5%
SVB Financial Group*		1,275		136,030
CONSUMER FINANCE – 1.5%
American Express Co.		4,713		412,058
DIVERSIFIED FINANCIAL SERVICES – 0.8%
IntercontinentalExchange Group, Inc.		395		80,754
MarketAxess Holdings, Inc.		2,200		118,536
			$	199,290
INSURANCE – 0.5%
Brown & Brown, Inc.		4,231		125,999
REAL ESTATE INVESTMENT TRUSTS – 1.2%
American Tower Corp.		3,964		331,073
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.1%
CBRE Group, Inc.*		5,925		157,842

Description	Number of Shares		Value
Realogy Holdings Corp.*		3,125	$	131,406
			$	289,248
TOTAL FINANCIALS			$	1,690,779
HEALTH CARE – 14.9%
BIOTECHNOLOGY – 5.5%
Biogen Idec, Inc.*		1,793		514,806
Celgene Corp.*		1,198		176,118
Cepheid, Inc.*		2,725		118,483
Gilead Sciences, Inc.*		6,420		503,906
Regeneron Pharmaceuticals, Inc.*		500		148,445
			$	1,461,758
HEALTH CARE EQUIPMENT & SUPPLIES – 3.0%
Alere, Inc.*		3,500		116,900
Intuitive Surgical, Inc.*		227		82,106
ResMed, Inc.#		3,060		152,541
Stryker Corp.		4,638		360,605
West Pharmaceutical Services, Inc.		2,220		96,304
			$	808,456
HEALTH CARE PROVIDERS & SERVICES – 3.6%
Express Scripts Holding Co.*		8,803		586,104
UnitedHealth Group, Inc.		4,861		364,769
			$	950,873
HEALTH CARE TECHNOLOGY – 0.5%
Cerner Corp.*		2,675		137,227
PHARMACEUTICALS – 2.3%
Auxilium Pharmaceuticals, Inc.*		2,550		57,400
Bristol-Myers Squibb Co.		7,954		398,416
Perrigo Co. PLC		1,150		166,589
			$	622,405
TOTAL HEALTH CARE			$	3,980,719
INDUSTRIALS – 15.2%
AEROSPACE & DEFENSE – 6.5%
HEICO Corp.		3,350		136,513
Precision Castparts Corp.		1,912		483,908
United Technologies Corp.		9,289		1,099,167
			$	1,719,588
AIR FREIGHT & LOGISTICS – 1.3%
United Parcel Service, Inc.		3,503		345,046
COMMERCIAL SERVICES & SUPPLIES – 0.9%
MSA Safety, Inc.		2,650		139,788
Waste Connections, Inc.		2,484		110,935
			$	250,723
ELECTRICAL EQUIPMENT – 1.2%
AMETEK, Inc.		3,025		159,478

April 30, 2014  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    22

    Wilmington Large-Cap Growth Fund (continued)

Description	Number of Shares		Value
Rockwell Automation, Inc.		1,300	$	154,934
			$	314,412
INDUSTRIAL CONGLOMERATES – 2.7%
Danaher Corp.		9,886		725,435
MACHINERY – 1.7%
Chart Industries, Inc.#, *		1,160		79,135
Cummins, Inc.		925		139,536
Graco, Inc.		1,900		137,750
Pall Corp.		1,100		92,565
			$	448,986
ROAD & RAIL – 0.9%
Kansas City Southern		1,100		110,968
Old Dominion Freight Line, Inc.*		2,200		133,386
			$	244,354
TOTAL INDUSTRIALS			$	4,048,544
INFORMATION TECHNOLOGY – 26.1%
COMMUNICATIONS EQUIPMENT – 3.2%
Aruba Networks, Inc.*		4,950		97,861
QUALCOMM, Inc.		9,654		759,866
			$	857,727
COMPUTERS & PERIPHERALS – 8.5%
Apple, Inc.		2,660		1,569,639
EMC Corp.		24,438		630,500
Stratasys Ltd.#, *		800		77,496
			$	2,277,635
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.3%
FEI Co.		1,050		83,496
IPG Photonics Corp.#, *		2,625		169,654
National Instruments Corp.		3,725		101,730
			$	354,880
INTERNET SOFTWARE & SERVICES – 4.3%
CoStar Group, Inc.*		655		105,383
Google, Inc.*		1,806		958,777
Xoom Corp.*		4,300		95,933
			$	1,160,093
IT SERVICES – 2.9%
Global Payments, Inc.		1,840		122,967
Mastercard, Inc.		8,671		637,752
			$	760,719
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.9%
Altera Corp.		3,890		126,503
Lam Research Corp.		1,750		100,818
			$	227,321

Description	Number of Shares		Value
SOFTWARE – 5.0%
ANSYS, Inc.*		2,212	$	168,798
Autodesk, Inc.*		2,875		138,057
Microsoft Corp.		4,969		200,748
Oracle Corp.		16,593		678,322
Red Hat, Inc.*		2,765		134,517
			$	1,320,442
TOTAL INFORMATION TECHNOLOGY			$	6,958,817
MATERIALS – 2.0%
CHEMICALS – 1.4%
Airgas, Inc.		950		100,947
Valspar Corp. (The)		1,450		105,908
WR Grace & Co.*		1,815		167,161
			$	374,016
CONTAINERS & PACKAGING – 0.6%
Crown Holdings, Inc.*		3,225		152,123
TOTAL MATERIALS			$	526,139
TOTAL COMMON STOCKS (COST $15,751,991)			$	26,169,095
MONEY MARKET FUND – 0.6%
Dreyfus Cash Management Fund,
Institutional Shares, 0.03%^		159,568		159,568
TOTAL MONEY MARKET FUND (COST $159,568)			$	159,568
TOTAL INVESTMENTS IN SECURITIES – 98.8% (COST $15,911,559)			$	26,328,663
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.1%
REPURCHASE AGREEMENT – 3.1%
Deutsche Bank Securities, Inc., 0.07%,dated 04/30/14, due 05/01/14, repurchase price $836,292, collateralized by a U.S. Treasury Security 2.50%, maturing 08/31/14; total market value of $853,016.	$	836,290		836,290
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $836,290)			$	836,290
TOTAL INVESTMENTS – 101.9% (COST $16,747,849)			$	27,164,953
COLLATERAL FOR SECURITIES ON LOAN – (3.1%)				(836,290	)
OTHER ASSETS LESS LIABILITIES – 1.2%				332,485
TOTAL NET ASSETS – 100.0%			$	26,661,148

ANNUAL REPORT  /  April 30, 2014

23     PORTFOLIOS OF INVESTMENTS

    Wilmington Large-Cap Growth Fund (concluded)

Cost of investments for Federal income tax purposes is $16,937,418. The net unrealized appreciation/(depreciation) of investments was $10,227,535. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $10,525,454 and net unrealized depreciation from investments for those securities having an excess of cost over value of $297,919.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	26,169,095	$	—	$	—	$	26,169,095
Money Market Fund		159,568		—		—		159,568
Repurchase Agreement		—		836,290		—		836,290
Total	$	26,328,663	$	836,290	$	—	$	27,164,953

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014  /   ANNUAL REPORT

24

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):

	Percentage of
	Total Net Assets
Common Stocks
Information Technology	21.9%
Consumer Discretionary	15.9%
Health Care	12.5%
Industrials	12.0%
Financials	11.3%
Consumer Staples	10.2%
Energy	7.4%
Materials	4.3%
Telecommunication Services	2.4%
Utilities	2.0%
Preferred Stock	0.0%3
Rights	0.0%3
Warrants	0.0%3
Cash Equivalents1	1.4%
Other Assets and Liabilities – Net2	(1.3)%
TOTAL	100.0%

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

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

(3) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Number of Shares		Value
COMMON STOCKS – 99.9%
CONSUMER DISCRETIONARY – 15.9%
AUTO COMPONENTS – 0.5%
BorgWarner, Inc.		7,980	$	495,877
Delphi Automotive PLC		9,800		655,032
Gentex Corp.		2,390		68,521
Goodyear Tire & Rubber Co.		9,160		230,832
Johnson Controls, Inc.		7,030		317,334
Lear Corp.		900		74,754
TRW Automotive Holdings Corp.*		1,410		113,294
Visteon Corp.*		1,500		130,215
			$	2,085,859
AUTOMOBILES – 0.6%
Ford Motor Co.		64,920		1,048,458
General Motors Co.		11,900		410,312
Harley-Davidson, Inc.		7,650		565,641

Description	Number of Shares		Value
Tesla Motors, Inc.#, *		2,700	$	561,303
Thor Industries, Inc.		280		17,044
			$	2,602,758
DISTRIBUTORS – 0.2%
Genuine Parts Co.		4,620		402,494
LKQ Corp.*		7,880		229,466
			$	631,960
DIVERSIFIED CONSUMER SERVICES – 0.2%
Apollo Group, Inc.*		2,487		71,775
DeVry, Inc.		2,020		90,961
Graham Holdings Co.		140		93,972
H&R Block, Inc.		10,260		291,589
Service Corp. International		4,170		78,271
Weight Watchers International, Inc.#		1,560		30,888
			$	657,456

ANNUAL REPORT  /  April 30, 2014

25     PORTFOLIOS OF INVESTMENTS

    Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
HOTELS, RESTAURANTS & LEISURE – 2.5%
Bally Technologies, Inc.*		700	$	45,577
Brinker International, Inc.		3,220		158,231
Carnival Corp.		3,820		150,164
Chipotle Mexican Grill, Inc.*		1,050		523,425
Choice Hotels International, Inc.		60		2,651
Darden Restaurants, Inc.		2,540		126,263
Domino’s Pizza, Inc.		2,200		163,636
Dunkin’ Brands Group, Inc.		3,900		177,489
International Game Technology		7,000		87,850
Las Vegas Sands Corp.		11,420		903,665
Marriott International, Inc.		6,972		403,888
McDonald’s Corp.		28,399		2,879,091
MGM Resorts International*		4,510		113,787
Panera Bread Co.*		845		129,260
Penn National Gaming, Inc.*		2,480		27,677
Royal Caribbean Cruises Ltd.		1,780		94,571
SeaWorld Entertainment, Inc.		100		3,006
Six Flags Entertainment Corp.		3,100		124,434
Starbucks Corp.		21,760		1,536,691
Starwood Hotels & Resorts Worldwide, Inc.		4,430		339,560
Wendy’s Co.		1,200		9,972
Wyndham Worldwide Corp.		3,460		246,836
Wynn Resorts Ltd.		2,620		534,192
Yum! Brands, Inc.		13,250		1,020,118
			$	9,802,034
HOUSEHOLD DURABLES – 0.5%
DR Horton, Inc.		1,470		32,752
Garmin Ltd.#		1,990		113,629
Harman International Industries, Inc.		1,180		129,340
Jarden Corp.*		4,340		248,031
Leggett & Platt, Inc.		3,670		120,596
Lennar Corp.		3,410		131,592
Mohawk Industries, Inc.*		850		112,548
Newell Rubbermaid, Inc.		7,820		235,460
NVR, Inc.*		130		140,010
PulteGroup, Inc.		10,140		186,475
Taylor Morrison Home Corp.*		3,400		72,114
Tempur-Pedic International, Inc.*		2,500		125,450
Toll Brothers, Inc.*		4,050		138,672
Tupperware Brands Corp.		1,100		93,401
Whirlpool Corp.		750		115,035
			$	1,995,105
INTERNET & CATALOG RETAIL – 1.7%
Amazon.com, Inc.*		10,730		3,263,315
Expedia, Inc.		3,120		221,489
Groupon, Inc.*		14,200		99,258

Description	Number of Shares		Value
HomeAway, Inc.*		3,200	$	104,384
Lands’ End, Inc.#, *		21		581
Liberty Interactive Corp.*		7,250		210,685
Liberty Ventures*		2,446		141,966
Netflix, Inc.*		1,700		547,468
priceline.com, Inc.*		1,530		1,771,357
TripAdvisor, Inc.*		4,420		356,871
			$	6,717,374
LEISURE EQUIPMENT & PRODUCTS – 0.2%
Hasbro, Inc.		3,490		192,857
Mattel, Inc.		12,350		484,305
Polaris Industries, Inc.		2,000		268,660
			$	945,822
MEDIA – 4.3%
AMC Networks, Inc.*		1,685		110,654
Cablevision Systems Corp.		6,540		109,218
CBS Corp., Non-Voting		17,030		983,653
Charter Communications, Inc.*		2,200		298,166
Cinemark Holdings, Inc.		4,500		133,290
Clear Channel Outdoor Holdings, Inc.*		500		4,010
Comcast Corp.		72,200		3,737,072
DIRECTV*		14,490		1,124,424
Discovery Communications, Inc.*		8,000		607,200
DISH Network Corp.		6,880		391,197
DreamWorks Animation SKG, Inc.#, *		2,490		59,835
Gannett Co., Inc.		3,290		89,389
Interpublic Group of Cos., Inc.		8,720		151,902
John Wiley & Sons, Inc.		2,100		120,666
Lamar Advertising Co.*		2,400		119,808
Liberty Global PLC		10,319		410,903
Liberty Global PLC*		10,319		396,559
Liberty Media Corp.*		943		122,317
Lions Gate Entertainment Corp.		900		23,877
Madison Square Garden Co.*		2,187		119,410
Morningstar, Inc.		1,100		80,663
News Corp.*		11,157		189,892
Omnicom Group, Inc.		7,990		540,763
Regal Entertainment Group#		770		14,476
Scripps Networks Interactive, Inc.		3,780		283,765
Sirius XM Holdings, Inc.*		69,200		220,748
Starz*		2,343		75,609
Time Warner Cable, Inc.		8,324		1,177,513
Time Warner, Inc.		9,596		637,750
Twenty-First Century Fox, Inc.		48,230		1,544,325
Viacom, Inc.		13,120		1,114,938
Walt Disney Co.		25,646		2,034,754
			$	17,028,746

April 30, 2014  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    26

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MULTILINE RETAIL – 0.8%
Big Lots, Inc.*		1,324	$	52,298
Dillard’s, Inc.		100		9,793
Dollar General Corp.*		10,800		609,552
Dollar Tree, Inc.*		7,262		378,132
Family Dollar Stores, Inc.		2,356		138,415
JC Penney Co., Inc.#, *		2,330		19,852
Kohl’s Corp.		2,410		132,044
Macy’s, Inc.		11,380		653,553
Nordstrom, Inc.		5,780		354,198
Sears Holdings Corp.#, *		70		3,067
Target Corp.		15,760		973,180
			$	3,324,084
SPECIALTY RETAIL – 3.2%
Abercrombie & Fitch Co.		2,400		88,224
Advance Auto Parts, Inc.		2,150		260,773
American Eagle Outfitters, Inc.		3,150		36,414
Ascena Retail Group, Inc.*		4,500		77,400
AutoNation, Inc.*		580		30,734
AutoZone, Inc.*		1,160		619,312
Bed, Bath & Beyond, Inc.*		6,990		434,289
Best Buy Co., Inc.		5,680		147,282
Cabela’s, Inc.*		2,100		137,781
CarMax, Inc.*		7,400		323,972
Chico’s FAS, Inc.		4,890		77,653
CST Brands, Inc.		1,718		56,058
Dick’s Sporting Goods, Inc.		4,500		236,970
DSW, Inc.		600		20,034
Foot Locker, Inc.		1,630		75,844
GameStop Corp.#		2,820		111,898
Gap, Inc.		10,290		404,397
GNC Holdings, Inc.		4,600		207,000
Guess?, Inc.		1,160		31,216
Home Depot, Inc.		43,140		3,430,061
L Brands, Inc.		8,050		436,310
Lowe’s Cos., Inc.		31,300		1,436,983
Murphy USA, Inc.*		1,387		58,947
O’Reilly Automotive, Inc.*		3,600		535,644
PetSmart, Inc.		3,760		254,477
Ross Stores, Inc.		7,480		509,238
Sally Beauty Holdings, Inc.*		4,700		128,827
Signet Jewelers Ltd.		1,420		143,874
Staples, Inc.		8,110		101,375
Tiffany & Co.		3,090		270,344
TJX Cos., Inc.		21,640		1,259,015
Tractor Supply Co.		5,000		336,200
Ulta Salon Cosmetics & Fragrance, Inc.*		1,600		140,336

Description	Number of Shares		Value
Urban Outfitters, Inc.*		3,760	$	134,063
Williams-Sonoma, Inc.		3,240		203,537
			$	12,756,482
TEXTILES, APPAREL & LUXURY GOODS – 1.2%
Carter’s, Inc.		1,400		103,124
Coach, Inc.		9,550		426,407
Deckers Outdoor Corp.*		400		31,580
Fossil Group, Inc.*		1,600		170,640
Hanesbrands, Inc.		3,500		287,315
Michael Kors Holdings Ltd.*		6,818		621,802
NIKE, Inc.		20,820		1,518,819
PVH Corp.		2,580		323,971
Ralph Lauren Corp.		1,800		272,466
Under Armour, Inc.*		4,400		215,116
VF Corp.		11,700		714,753
			$	4,685,993
TOTAL CONSUMER DISCRETIONARY			$	63,233,673
CONSUMER STAPLES – 10.2%
BEVERAGES – 2.7%
Beam, Inc.		1,660		138,560
Brown-Forman Corp.		4,897		439,359
Coca-Cola Co.		113,282		4,620,773
Coca-Cola Enterprises, Inc.		8,440		383,514
Constellation Brands, Inc.*		4,930		393,611
Dr. Pepper Snapple Group, Inc.		5,750		318,665
Molson Coors Brewing Co.		2,550		152,923
Monster Beverage Corp.*		3,668		245,609
PepsiCo, Inc.		45,699		3,925,087
			$	10,618,101
FOOD & STAPLES RETAILING – 2.2%
Costco Wholesale Corp.		12,260		1,418,237
CVS Caremark Corp.		14,900		1,083,528
Kroger Co.		16,936		779,733
Safeway, Inc.		3,150		107,289
Sysco Corp.		10,290		374,865
Walgreen Co.		23,220		1,576,638
Wal-Mart Stores, Inc.		36,533		2,912,045
Whole Foods Market, Inc.		12,340		613,298
			$	8,865,633
FOOD PRODUCTS – 1.6%
Archer-Daniels-Midland Co.		7,540		329,724
Bunge Ltd.		1,670		133,016
Campbell Soup Co.		3,656		166,311
ConAgra Foods, Inc.		12,930		394,494
Dean Foods Co		1,680		26,611

ANNUAL REPORT / April 30, 2014

27     PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Flowers Foods, Inc.		3,837	$	78,735
General Mills, Inc.		16,884		895,190
Hershey Co.		4,640		446,554
Hillshire Brands Co.		3,300		117,645
Hormel Foods Corp.		3,460		165,007
Ingredion, Inc.		970		68,336
JM Smucker Co.		2,799		270,607
Kellogg Co.		6,340		423,702
Keurig Green Mountain, Inc.		5,040		472,147
Kraft Foods Group, Inc.		15,262		867,797
McCormick & Co., Inc.		3,430		244,216
Mead Johnson Nutrition Co.		6,750		595,755
Mondelez International, Inc.		18,787		669,757
Tyson Foods, Inc.		3,300		138,501
WhiteWave Foods Co., Class A*		3,380		93,592
			$	6,597,697
HOUSEHOLD PRODUCTS – 1.5%
Church & Dwight Co., Inc.		3,872		267,207
Clorox Co.		3,468		314,548
Colgate-Palmolive Co.		28,176		1,896,245
Energizer Holdings, Inc.		990		110,573
Kimberly-Clark Corp.		9,440		1,059,640
Procter & Gamble Co.		27,106		2,237,600
			$	5,885,813
PERSONAL PRODUCTS – 0.3%
Avon Products, Inc.		13,970		213,462
Estee Lauder Cos., Inc.		6,780		492,025
Herbalife Ltd.#		3,460		207,531
Nu Skin Enterprises, Inc.		1,600		139,200
			$	1,052,218
TOBACCO – 1.9%
Altria Group, Inc.		57,250		2,296,297
Lorillard, Inc.		12,320		732,054
Philip Morris International, Inc.		47,960		4,097,223
Reynolds American, Inc.		7,440		419,839
			$	7,545,413
TOTAL CONSUMER STAPLES			$	40,564,875
ENERGY – 7.4%
ENERGY EQUIPMENT & SERVICES – 2.2%
Atwood Oceanics, Inc.*		550		27,258
Baker Hughes, Inc.		5,100		356,490
Cameron International Corp.*		5,880		381,965
Diamond Offshore Drilling, Inc.#		1,440		78,638
Dresser-Rand Group, Inc.*		2,070		125,111
Dril-Quip, Inc.*		1,500		169,680
FMC Technologies, Inc.*		7,560		428,652

Description	Number of Shares		Value
Halliburton Co.		24,630	$	1,553,414
Helmerich & Payne, Inc.		1,680		182,532
McDermott International, Inc.#, *		5,080		36,728
Nabors Industries Ltd.		2,530		64,566
National Oilwell Varco, Inc.		4,255		334,145
Oceaneering International, Inc.		3,680		269,670
Oil States International, Inc.*		1,360		132,110
Patterson-UTI Energy, Inc.		430		13,988
Rowan Cos. PLC*		3,240		100,181
RPC, Inc.		450		10,004
Schlumberger Ltd.		38,584		3,918,205
Seadrill Ltd.#		11,500		405,030
Superior Energy Services, Inc.		2,740		90,201
Tidewater, Inc.		1,660		84,544
Unit Corp.*		220		14,509
			$	8,777,621
OIL, GAS & CONSUMABLE FUELS – 5.2%
Anadarko Petroleum Corp.		5,450		539,659
Apache Corp.		3,573		310,136
Cabot Oil & Gas Corp.		14,280		560,918
Cheniere Energy, Inc.*		8,100		457,245
Chesapeake Energy Corp.		7,000		201,250
Chevron Corp.		18,800		2,359,776
Cimarex Energy Co.		950		113,164
Cobalt International Energy, Inc.*		8,700		156,600
Concho Resources, Inc.*		3,580		467,011
ConocoPhillips		12,460		925,903
CONSOL Energy, Inc.		1,800		80,118
Continental Resources, Inc.*		1,360		188,387
Denbury Resources, Inc.		1,815		30,528
Devon Energy Corp.		4,100		287,000
Energen Corp.		1,530		119,202
EOG Resources, Inc.		14,700		1,440,600
EQT Corp.		4,950		539,500
Exxon Mobil Corp.		43,183		4,422,371
Gulfport Energy Corp.*		2,700		198,909
Hess Corp.		2,990		266,588
HollyFrontier Corp.		2,340		123,061
Kinder Morgan, Inc.		17,005		555,383
Marathon Oil Corp.		7,330		264,979
Marathon Petroleum Corp.		3,065		284,892
Murphy Oil Corp.		1,950		123,688
Newfield Exploration Co.*		2,560		86,656
Noble Energy, Inc.		5,920		424,938
Oasis Petroleum, Inc.*		3,000		139,530
Occidental Petroleum Corp.		8,000		766,000

April 30, 2014  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    28

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
PBF Energy, Inc.		3,000	$	92,340
Peabody Energy Corp.		2,070		39,351
Phillips 66		5,530		460,207
Pioneer Natural Resources Co.		3,820		738,291
QEP Resources, Inc.		2,400		73,656
Range Resources Corp.		5,350		483,908
Sandridge Energy, Inc.#, *		730		5,008
SM Energy Co.		1,570		116,384
Southwestern Energy Co.*		11,728		561,537
Spectra Energy Corp.		5,300		210,463
Teekay Corp.		520		29,177
Tesoro Corp.		2,340		131,719
Ultra Petroleum Corp.*		300		8,940
Valero Energy Corp.		5,170		295,569
Whiting Petroleum Corp.*		1,800		132,696
Williams Cos., Inc.		13,350		562,970
World Fuel Services Corp.		2,100		95,634
WPX Energy, Inc.*		5,116		108,868
			$	20,580,710
TOTAL ENERGY			$	29,358,331
FINANCIALS – 11.3%
CAPITAL MARKETS – 1.6%
Affiliated Managers Group, Inc.*		2,070		410,274
American Capital Ltd.*		6,400		95,936
Ameriprise Financial, Inc.		3,840		428,659
Ares Capital Corp.		700		12,019
Bank of New York Mellon Corp.		10,870		368,167
BlackRock, Inc.		2,260		680,260
Charles Schwab Corp.		14,470		384,179
E*TRADE Financial Corp.*		4,900		110,005
Eaton Vance Corp.		4,970		179,268
Federated Investors, Inc.#		470		13,414
Franklin Resources, Inc.		11,540		604,119
Goldman Sachs Group, Inc.		4,290		685,628
Invesco Ltd.		5,570		196,120
Lazard Ltd.		3,550		167,028
Legg Mason, Inc.		1,110		52,048
LPL Financial Holdings, Inc.		1,100		52,085
Morgan Stanley		12,996		401,966
Northern Trust Corp.		2,580		155,445
Raymond James Financial, Inc.		2,110		104,867
SEI Investments Co.		2,440		79,007
State Street Corp.		4,520		291,811
T. Rowe Price Group, Inc.		8,280		680,036
TD Ameritrade Holding Corp.		2,150		68,585
Waddell & Reed Financial, Inc.		2,740		184,813
			$	6,405,739

Description	Number of Shares		Value
COMMERCIAL BANKS – 1.6%
Associated Banc-Corp.		5,285	$	92,752
Bank of Hawaii Corp.		770		42,481
BB&T Corp.		6,990		260,937
BOK Financial Corp.		320		20,934
CIT Group, Inc.		2,400		103,320
City National Corp.		940		68,216
Comerica, Inc.		1,230		59,335
Commerce Bancshares, Inc.		846		36,784
Cullen/Frost Bankers, Inc.		1,440		110,030
East West Bancorp, Inc.		2,500		86,275
Fifth Third Bancorp		11,100		228,771
First Citizens BancShares, Inc.		50		11,244
First Horizon National Corp.		6,384		73,352
First Niagara Financial Group, Inc.		10,030		89,468
First Republic Bank		1,800		91,368
Fulton Financial Corp.		7,410		90,328
Huntington Bancshares, Inc.		9,441		86,480
KeyCorp		11,570		157,815
M&T Bank Corp.§		1,610		196,436
PacWest Bancorp		1,339		52,716
PNC Financial Services Group, Inc.		5,360		450,454
Popular, Inc.*		800		24,720
Regions Financial Corp.		17,356		175,990
Signature Bank*		1,100		130,702
SunTrust Banks, Inc.		6,680		255,577
SVB Financial Group*		500		53,345
Synovus Financial Corp.		15,640		50,204
TCF Financial Corp.		4,310		67,667
U.S. Bancorp		18,520		755,246
Valley National Bancorp		5,622		56,332
Wells Fargo & Co.		45,305		2,248,940
Zions Bancorporation		890		25,739
			$	6,253,958
CONSUMER FINANCE – 0.8%
American Express Co.		27,660		2,418,314
Capital One Financial Corp.		5,700		421,230
Discover Financial Services		5,080		283,972
SLM Corp.		5,360		138,020
			$	3,261,536
DIVERSIFIED FINANCIAL SERVICES – 2.4%
Bank of America Corp.		99,990		1,513,849
Berkshire Hathaway, Inc.*		17,106		2,204,108
CBOE Holdings, Inc.		3,000		160,080
Citigroup, Inc.		29,502		1,413,441
CME Group, Inc.		3,100		218,209

ANNUAL REPORT / April 30, 2014

29     PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Interactive Brokers Group, Inc.		1,200	$	28,680
IntercontinentalExchange Group, Inc.		3,218		657,888
JPMorgan Chase & Co.		37,220		2,083,576
Leucadia National Corp.		3,310		84,471
McGraw Hill Financial, Inc.		5,940		439,144
Moody’s Corp.		6,940		544,790
MSCI, Inc.*		2,520		102,161
NASDAQ OMX Group, Inc.		530		19,557
			$	9,469,954
INSURANCE – 2.2%
ACE Ltd.		4,200		429,744
Aflac, Inc.		4,750		297,920
Alleghany Corp.*		256		104,443
Allied World Assurance Co. Holdings AG		930		100,152
Allstate Corp.		3,980		226,661
American Financial Group, Inc.		1,600		93,488
American International Group, Inc.		14,750		783,667
American National Insurance Co.		600		67,446
Aon PLC		8,500		721,480
Arch Capital Group Ltd.*		3,540		202,913
Arthur J Gallagher & Co.		3,880		174,678
Aspen Insurance Holdings, Ltd.		190		8,698
Assurant, Inc.		1,130		76,173
Assured Guaranty Ltd.		1,600		38,256
Axis Capital Holdings Ltd.		3,280		150,060
Brown & Brown, Inc.		2,170		64,623
Chubb Corp.		3,950		363,716
Cincinnati Financial Corp.		2,106		102,646
CNA Financial Corp.		1,050		42,997
Endurance Specialty Holdings Ltd.		2,000		101,640
Erie Indemnity Co.		670		48,005
Everest Re Group, Ltd.		270		42,668
Fidelity National Financial, Inc.		2,541		81,769
Genworth Financial, Inc.*		3,260		58,191
Hanover Insurance Group, Inc.		1,100		64,295
Hartford Financial Services Group, Inc.		3,290		118,012
HCC Insurance Holdings, Inc.		970		44,562
Kemper Corp.		370		14,582
Lincoln National Corp.		3,170		153,777
Loews Corp.		5,050		222,048
Markel Corp.*		80		50,074
Marsh & McLennan Cos., Inc.		11,240		554,244
MBIA, Inc.*		1,650		19,998
Mercury General Corp.		370		17,708
MetLife, Inc.		8,901		465,967
Old Republic International Corp.		6,600		109,296
PartnerRe Ltd.		970		102,238

Description	Number of Shares		Value
Principal Financial Group, Inc.		3,590	$	168,156
ProAssurance Corp.		500		22,710
Progressive Corp.		15,080		365,690
Protective Life Corp.		1,130		57,800
Prudential Financial, Inc.		8,030		647,860
Reinsurance Group of America, Inc.		1,690		129,640
RenaissanceRe Holdings Ltd.		20		2,024
StanCorp Financial Group, Inc.		40		2,444
Torchmark Corp.		1,130		90,061
Travelers Cos., Inc.		5,080		460,146
Unum Group		2,210		73,416
Validus Holdings Ltd.		170		6,302
White Mountains Insurance Group Ltd.		160		95,402
WR Berkley Corp.		3,580		158,379
XL Group PLC		2,520		79,002
			$	8,677,867
REAL ESTATE INVESTMENT TRUSTS – 2.5%
Alexandria Real Estate Equities, Inc.		740		54,627
American Capital Agency Corp.		1,600		36,336
American Tower Corp.		11,560		965,491
Annaly Capital Management, Inc.		9,650		111,457
Apartment Investment & Management Co.		3,970		122,395
AvalonBay Communities, Inc.		1,222		166,864
BioMed Realty Trust, Inc.		4,100		85,690
Boston Properties, Inc.		1,950		228,423
Brandywine Realty Trust		730		10,621
Camden Property Trust		170		11,643
CBL & Associates Properties, Inc.		5,000		90,850
Chimera Investment Corp.		15,700		48,513
CommonWealth REIT		2,542		64,592
Corporate Office Properties Trust		1,820		48,685
Corrections Corp. of America		4,047		132,742
DDR Corp.		2,800		48,076
Digital Realty Trust, Inc.#		3,760		200,784
Douglas Emmett, Inc.		10		276
Duke Realty Corp.		6,310		110,551
Equity Lifestyle Properties, Inc.		3,400		142,358
Equity Residential		3,050		181,292
Essex Property Trust, Inc.		1,073		185,908
Extra Space Storage, Inc.		2,200		115,126
Federal Realty Investment Trust		1,170		137,522
Gaming and Leisure Properties, Inc.		104		3,822
General Growth Properties, Inc.		4,843		111,244
Hatteras Financial Corp.		3,400		66,538
HCP, Inc.		5,670		237,346
Health Care REIT, Inc.		2,520		158,987

April 30, 2014  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    30

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Home Properties, Inc.		1,000	$	61,600
Hospitality Properties Trust		750		22,537
Host Hotels & Resorts, Inc.		8,640		185,328
Kilroy Realty Corp.		2,000		119,140
Kimco Realty Corp.		6,880		157,690
Liberty Property Trust		1,340		50,250
Macerich Co.		710		46,086
Mack-Cali Realty Corp.		2,330		47,462
MFA Financial, Inc.		13,600		107,848
Mid-America Apartment Communities, Inc.		1,800		125,370
National Retail Properties, Inc.#		100		3,413
Omega Healthcare Investors, Inc.#		4,100		142,598
Piedmont Office Realty Trust, Inc.		3,300		58,113
Plum Creek Timber Co., Inc.		5,170		225,412
Post Properties, Inc.		700		35,147
Prologis, Inc.		6,010		244,186
Public Storage		3,860		677,469
Rayonier, Inc.		3,915		176,567
Realty Income Corp.#		3,910		169,890
Regency Centers Corp.		2,060		108,006
Senior Housing Properties Trust		2,540		59,614
Simon Property Group, Inc.		7,133		1,235,436
SL Green Realty Corp.		790		82,721
Spirit Realty Capital, Inc.		13,000		140,010
Starwood Property Trust, Inc.		3,600		86,580
Tanger Factory Outlet Centers		3,100		110,608
Taubman Centers, Inc.		150		10,926
Two Harbors Investment Corp.		11,700		121,446
UDR, Inc.		2,580		66,719
Ventas, Inc.		6,766		447,097
Vornado Realty Trust		2,573		263,990
Weingarten Realty Investors		3,560		111,072
Weyerhaeuser Co.		18,510		552,524
WP Carey, Inc.		1,900		116,812
			$	10,048,426
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
CBRE Group, Inc.*		8,710		232,034
Forest City Enterprises, Inc.*		4,300		81,313
Howard Hughes Corp.*		658		93,936
Jones Lang LaSalle, Inc.		270		31,290
Realogy Holdings Corp.*		2,600		109,330
St Joe Co.*		2,820		50,337
			$	598,240
THRIFTS & MORTGAGE FINANCE – 0.1%
Hudson City Bancorp, Inc.		3,732		37,171
New York Community Bancorp, Inc.#		2,740		42,223
Ocwen Financial Corp.*		3,000		113,700

Description	Number of Shares		Value
People’s United Financial, Inc.		7,600	$	108,528
TFS Financial Corp.*		250		3,348
Washington Federal, Inc.		270		5,827
			$	310,797
TOTAL FINANCIALS			$	45,026,517
HEALTH CARE – 12.5%
BIOTECHNOLOGY – 3.4%
Alexion Pharmaceuticals, Inc.*		6,540		1,034,628
Alkermes PLC*		4,400		203,544
Amgen, Inc.		21,884		2,445,537
Ariad Pharmaceuticals, Inc.#, *		3,900		28,353
Biogen Idec, Inc.*		7,000		2,009,840
BioMarin Pharmaceutical, Inc.*		4,800		279,504
Celgene Corp.*		12,183		1,791,023
Cubist Pharmaceuticals, Inc.*		2,500		175,150
Gilead Sciences, Inc.*		44,354		3,481,345
Incyte Corp. Ltd.*		3,700		179,672
Medivation, Inc.*		1,800		108,378
Myriad Genetics, Inc.#, *		2,310		97,505
Pharmacyclics, Inc.*		1,300		122,954
Regeneron Pharmaceuticals, Inc.*		2,300		682,847
Seattle Genetics, Inc.#, *		3,400		130,832
Theravance, Inc.#, *		4,000		107,680
United Therapeutics Corp.*		1,340		134,013
Vertex Pharmaceuticals, Inc.*		7,683		520,139
			$	13,532,944
HEALTH CARE EQUIPMENT & SUPPLIES – 1.9%
Abbott Laboratories		16,409		635,685
Alere, Inc.*		2,650		88,510
Baxter International, Inc.		15,550		1,131,884
Becton Dickinson & Co.		4,860		549,326
Boston Scientific Corp.*		18,100		228,241
CareFusion Corp.*		4,900		191,394
Cooper Cos., Inc.		1,050		138,505
Covidien PLC		4,400		313,500
CR Bard, Inc.		2,280		313,112
DENTSPLY International, Inc.		3,670		163,792
Edwards Lifesciences Corp.*		3,886		316,592
Hill-Rom Holdings, Inc.		2,260		84,434
Hologic, Inc.*		8,040		168,719
IDEXX Laboratories, Inc.*		1,890		238,972
Intuitive Surgical, Inc.*		1,200		434,040
Medtronic, Inc.		10,460		615,257
ResMed, Inc.#		4,720		235,292
Sirona Dental Systems, Inc.*		1,700		127,874
St. Jude Medical, Inc.		7,370		467,774

ANNUAL REPORT / April 30, 2014

31     PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Stryker Corp.		7,300	$	567,575
Teleflex, Inc.		60		6,125
Varian Medical Systems, Inc.*		2,750		218,763
Zimmer Holdings, Inc.		2,310		223,608
			$	7,458,974
HEALTH CARE PROVIDERS & SERVICES – 1.9%
Aetna, Inc.		5,231		373,755
AmerisourceBergen Corp.		7,870		512,967
Brookdale Senior Living, Inc.#, *		4,570		145,509
Cardinal Health, Inc.		4,200		291,942
Catamaran Corp.*		6,712		253,378
Cigna Corp.		4,190		335,368
Community Health Systems, Inc.		146		5,532
Davita HealthCare Partners, Inc.*		6,388		442,688
Envision Healthcare Holdings, Inc.*		500		16,895
Express Scripts Holding Co.*		20,562		1,369,018
HCA Holdings, Inc.		3,600		187,200
Health Net, Inc.*		1,220		41,883
Henry Schein, Inc.*		2,460		281,006
Humana, Inc.		2,270		249,132
Laboratory Corp. of America Holdings*		2,710		267,477
LifePoint Hospitals, Inc.*		130		7,270
McKesson Corp.		6,500		1,099,735
MEDNAX, Inc.*		2,740		162,345
Omnicare, Inc.		1,959		116,110
Patterson Cos., Inc.		970		39,479
Quest Diagnostics, Inc.		1,850		103,471
Tenet Healthcare Corp.*		2,425		109,319
UnitedHealth Group, Inc.		10,320		774,413
Universal Health Services, Inc.		2,580		211,018
VCA Antech, Inc.*		870		26,648
WellPoint, Inc.		2,610		262,775
			$	7,686,333
HEALTH CARE TECHNOLOGY – 0.1%
Allscripts Healthcare Solutions, Inc.*		4,700		71,534
Cerner Corp.*		10,040		515,052
			$	586,586
LIFE SCIENCES TOOLS & SERVICES – 0.6%
Agilent Technologies, Inc.		5,490		296,680
Bio-Rad Laboratories, Inc.*		890		109,657
Bruker Corp.*		5,300		109,498
Charles River Laboratories International, Inc.*		1,920		103,142
Covance, Inc.*		1,940		171,263
Illumina, Inc.*		4,200		570,570
Mettler-Toledo International, Inc.*		920		214,470

Description	Number of Shares		Value
PerkinElmer, Inc.		870	$	36,514
Thermo Fisher Scientific, Inc.		3,920		446,880
Waters Corp.*		2,610		257,189
			$	2,315,863
PHARMACEUTICALS – 4.6%
AbbVie, Inc.		44,309		2,307,613
Actavis PLC*		5,816		1,188,383
Allergan, Inc.		8,800		1,459,392
Bristol-Myers Squibb Co.		43,400		2,173,906
Eli Lilly & Co.		14,990		885,909
Endo International PLC		5,210		327,943
Forest Laboratories, Inc.*		3,330		306,060
Hospira, Inc.*		2,270		103,966
Jazz Pharmaceuticals PLC*		1,800		242,820
Johnson & Johnson		34,420		3,486,402
Mallinckrodt PLC*		1,337		95,235
Merck & Co., Inc.		29,646		1,736,070
Mylan, Inc.*		12,630		641,351
Perrigo Co. PLC		4,260		617,104
Pfizer, Inc.		65,523		2,049,559
Salix Pharmaceuticals Ltd.*		1,600		176,000
Zoetis, Inc.		13,681		413,987
			$	18,211,700
TOTAL HEALTH CARE			$	49,792,400
INDUSTRIALS – 12.0%
AEROSPACE & DEFENSE – 3.2%
Alliant Techsystems, Inc.		220		31,728
B/E Aerospace, Inc.*		2,900		254,533
Boeing Co.		22,090		2,850,052
Exelis, Inc.		5,070		93,998
General Dynamics Corp.		2,810		307,554
Hexcel Corp.*		3,600		150,084
Honeywell International, Inc.		22,570		2,096,753
Huntington Ingalls Industries, Inc.		1,645		169,435
L-3 Communications Holdings, Inc.		610		70,376
Lockheed Martin Corp.		7,450		1,222,843
Northrop Grumman Corp.		2,770		336,583
Precision Castparts Corp.		4,190		1,060,447
Raytheon Co.		3,520		336,090
Rockwell Collins, Inc.		4,470		347,096
Spirit Aerosystems Holdings, Inc.*		1,940		58,258
Textron, Inc.		3,270		133,743
TransDigm Group, Inc.		1,890		336,174
Triumph Group, Inc.		1,500		97,215
United Technologies Corp.		24,560		2,906,185
			$	12,859,147

April 30, 2014  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    32

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
AIR FREIGHT & LOGISTICS – 0.8%
C.H. Robinson Worldwide, Inc.		4,384	$	258,218
Expeditors International of Washington, Inc.		7,280		300,227
FedEx Corp.		3,260		444,175
United Parcel Service, Inc.		20,750		2,043,875
			$	3,046,495
AIRLINES – 0.4%
Alaska Air Group, Inc.		2,200		206,976
American Airlines Group, Inc.*		3,200		112,224
Copa Holdings SA		720		97,402
Delta Air Lines, Inc.		17,520		645,262
Southwest Airlines Co.		9,730		235,174
United Continental Holdings, Inc.*		11,833		483,615
			$	1,780,653
BUILDING PRODUCTS – 0.2%
Allegion PLC		2,233		110,199
Armstrong World Industries, Inc.*		40		2,102
Fortune Brands Home & Security, Inc.		4,760		189,686
Lennox International, Inc.		1,490		124,907
Masco Corp.		9,130		183,422
Owens Corning		890		36,356
Smith (A.O.) Corp.		2,500		116,900
			$	763,572
COMMERCIAL SERVICES & SUPPLIES – 0.4%
ADT Corp.#		1,750		52,920
Cintas Corp.		1,520		89,574
Clean Harbors, Inc.*		1,300		78,000
Copart, Inc.*		5,280		191,506
Covanta Holding Corp.		5,900		108,855
Iron Mountain, Inc.		4,134		117,571
KAR Auction Services, Inc.		100		2,978
Pitney Bowes, Inc.		2,430		65,124
Republic Services, Inc.		5,140		180,363
RR Donnelley & Sons Co.		3,270		57,552
Stericycle, Inc.*		2,752		320,443
Waste Connections, Inc.		2,175		97,136
Waste Management, Inc.		4,440		197,358
			$	1,559,380
CONSTRUCTION & ENGINEERING – 0.3%
AECOM Technology Corp.*		1,800		58,356
Chicago Bridge & Iron Co. NV		3,482		278,804
Fluor Corp.		3,470		262,679
Jacobs Engineering Group, Inc.*		1,650		95,205
KBR, Inc.		2,070		52,516

Description	Number of Shares		Value
Quanta Services, Inc.*		5,010	$	176,753
URS Corp.		2,220		104,606
			$	1,028,919
ELECTRICAL EQUIPMENT – 0.8%
AMETEK, Inc.		6,780		357,442
Babcock & Wilcox Co. (The)		2,940		102,283
Eaton Corp. PLC		4,728		343,442
Emerson Electric Co.		16,890		1,151,560
Hubbell, Inc.		1,590		187,175
Regal-Beloit Corp.		600		44,838
Rockwell Automation, Inc.		4,620		550,612
Roper Industries, Inc.		2,800		389,060
SolarCity Corp.#, *		1,000		53,250
			$	3,179,662
INDUSTRIAL CONGLOMERATES – 1.5%
3M Co.		17,410		2,421,557
Carlisle Cos., Inc.		1,890		155,452
Danaher Corp.		7,880		578,234
General Electric Co.		99,220		2,668,026
			$	5,823,269
MACHINERY – 2.2%
AGCO Corp.		560		31,192
Caterpillar, Inc.		8,900		938,060
Colfax Corp.*		2,600		187,148
Crane Co.		350		25,455
Cummins, Inc.		4,920		742,182
Deere & Co.		11,350		1,059,409
Donaldson Co., Inc.		4,860		204,557
Dover Corp.		5,360		463,104
Flowserve Corp.		4,920		359,406
Graco, Inc.		2,140		155,150
Harsco Corp.		1,810		43,313
IDEX Corp.		2,120		158,088
Illinois Tool Works, Inc.		6,900		588,087
Ingersoll-Rand PLC		6,700		400,660
ITT Corp.		2,535		109,360
Joy Global, Inc.		1,080		65,210
Kennametal, Inc.		2,650		123,834
Lincoln Electric Holdings, Inc.		2,600		173,706
Manitowoc Co., Inc.		3,910		124,260
Navistar International Corp.*		1,680		63,722
Nordson Corp.		2,000		148,700
Oshkosh Corp.		990		54,955
PACCAR, Inc.		5,990		383,240
Pall Corp.		3,170		266,755
Parker Hannifin Corp.		2,300		291,824

ANNUAL REPORT  /  April 30, 2014

33     PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Pentair Ltd.		2,666	$	198,057
Snap-On, Inc.		1,780		206,480
SPX Corp.		1,230		125,263
Stanley Black & Decker, Inc.		1,820		156,320
Terex Corp.		2,030		87,879
Timken Co.		300		18,924
Toro Co.		2,340		148,684
Trinity Industries, Inc.		1,080		81,065
Valmont Industries, Inc.		1,060		157,845
WABCO Holdings, Inc.*		2,050		219,371
Wabtec Corp.		3,320		247,506
Xylem, Inc.		1,370		51,498
			$	8,860,269
MARINE – 0.0%**
Kirby Corp.*		1,500		150,930
PROFESSIONAL SERVICES – 0.5%
Dun & Bradstreet Corp.		930		103,007
Equifax, Inc.		4,060		287,489
IHS, Inc.*		2,140		258,148
Manpowergroup, Inc.		1,860		151,292
Nielsen Holdings N.V.		5,600		262,920
Robert Half International, Inc.		5,010		224,448
Science Applications International Corp.		1,257		49,023
Towers Watson & Co.		1,300		145,886
Verisk Analytics, Inc.*		6,000		360,540
			$	1,842,753
ROAD & RAIL – 1.3%
Avis Budget Group, Inc.*		3,600		189,324
Con-way, Inc.		1,840		78,163
CSX Corp.		18,800		530,536
Genesee & Wyoming, Inc.*		1,600		158,416
Hertz Global Holdings, Inc.*		12,550		357,298
JB Hunt Transport Services, Inc.		2,980		226,778
Kansas City Southern		4,000		403,520
Landstar System, Inc.		1,590		100,154
Norfolk Southern Corp.		4,160		393,245
Old Dominion Freight Line, Inc.*		2,800		169,764
Ryder System, Inc.		40		3,287
Union Pacific Corp.		13,760		2,620,317
			$	5,230,802
TRADING COMPANIES & DISTRIBUTORS – 0.4%
Fastenal Co.		10,360		518,829
GATX Corp.		90		5,907
MRC Global, Inc.*		100		2,919
MSC Industrial Direct Co., Inc.		1,390		126,573
United Rentals, Inc.*		2,600		243,958

Description	Number of Shares		Value
WESCO International, Inc.*		330	$	28,967
WW Grainger, Inc.		2,010		511,344
			$	1,438,497
TOTAL INDUSTRIALS			$	47,564,348
INFORMATION TECHNOLOGY – 21.9%
COMMUNICATIONS EQUIPMENT – 1.6%
Brocade Communications Systems, Inc.*		8,790		81,835
Cisco Systems, Inc.		53,220		1,229,914
EchoStar Corp.*		270		12,139
F5 Networks, Inc.*		1,710		179,841
Harris Corp.		2,040		149,981
JDS Uniphase Corp.*		5,850		74,119
Juniper Networks, Inc.*		10,440		257,764
Motorola Solutions, Inc.		5,790		368,128
Palo Alto Networks, Inc.*		1,800		114,444
Polycom, Inc.*		3,200		39,360
QUALCOMM, Inc.		50,600		3,982,726
Riverbed Technology, Inc.*		4,200		81,690
			$	6,571,941
COMPUTERS & PERIPHERALS – 4.2%
3D Systems Corp.#, *		3,000		142,020
Apple, Inc.		22,640		13,359,638
Diebold, Inc.		973		36,595
EMC Corp.		42,470		1,095,726
Hewlett-Packard Co.		19,490		644,339
Lexmark International, Inc.		2,230		95,890
NCR Corp.*		5,320		162,313
NetApp, Inc.		11,843		421,729
SanDisk Corp.		4,650		395,111
Stratasys Ltd.#, *		1,300		125,931
Western Digital Corp.		2,280		200,936
			$	16,680,228
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.5%
Amphenol Corp.		5,150		491,052
Arrow Electronics, Inc.*		1,340		76,045
Avnet, Inc.		3,060		131,978
AVX Corp.		200		2,670
Corning, Inc.		13,640		285,212
Dolby Laboratories, Inc.#		1,350		53,797
FLIR Systems, Inc.		3,390		115,396
Ingram Micro, Inc.*		100		2,696
IPG Photonics Corp.#, *		200		12,926
Jabil Circuit, Inc.		5,240		90,442
Knowles Corp.*		1,930		53,905

April 30, 2014  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    34

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
National Instruments Corp.		2,880	$	78,653
Tech Data Corp.*		1,700		106,233
Trimble Navigation Ltd.*		8,300		318,969
Vishay Intertechnology, Inc.		2,370		33,701
			$	1,853,675
INTERNET SOFTWARE & SERVICES – 3.9%
Akamai Technologies, Inc.*		4,850		257,389
AOL, Inc.		2,331		99,790
eBay, Inc.*		37,820		1,960,211
Equinix, Inc.#, *		1,890		354,961
Facebook, Inc.*		49,700		2,971,066
Google, Inc.*		15,770		8,370,243
IAC/InterActiveCorp		2,830		187,572
LinkedIn Corp.*		3,200		491,104
Pandora Media, Inc.*		4,900		114,758
Rackspace Hosting, Inc.*		2,800		81,256
Twitter, Inc.#,*		1,900		74,043
VeriSign, Inc.*		3,950		186,361
Yahoo!, Inc.*		8,490		305,216
			$	15,453,970
IT SERVICES – 4.6%
Accenture PLC		18,800		1,508,136
Alliance Data Systems Corp.*		1,790		433,001
Amdocs Ltd.		2,720		126,562
Automatic Data Processing, Inc.		14,030		1,093,779
Blackhawk Network Holdings, Inc.*		517		11,907
Broadridge Financial Solutions, Inc.		3,630		139,174
Cognizant Technology Solutions Corp.*		18,120		868,039
Computer Sciences Corp.		1,600		94,688
CoreLogic, Inc.*		680		19,060
DST Systems, Inc.		170		15,672
Fidelity National Information Services, Inc.		4,243		226,703
Fiserv, Inc.*		7,660		465,575
FleetCor Technologies, Inc.*		2,100		239,673
Gartner, Inc.*		3,500		241,290
Genpact Ltd.		6,500		109,590
Global Payments, Inc.		2,250		150,367
International Business Machines Corp.		27,900		5,481,513
Jack Henry & Associates, Inc.		1,900		104,804
Leidos Holdings, Inc.		2,200		81,928
Mastercard, Inc.		34,300		2,522,765
NeuStar, Inc.*		2,800		72,016
Paychex, Inc.		9,670		404,303
Teradata Corp.*		4,070		185,022
Total System Services, Inc.		4,520		143,600
Vantiv, Inc.*		3,900		119,925

Description	Number of Shares		Value
VeriFone Systems, Inc.*		2,600	$	86,944
Visa, Inc.		15,330		3,106,011
Western Union Co.		20,690		328,350
			$	18,380,397
OFFICE ELECTRONICS – 0.1%
Xerox Corp.		15,860		191,747
Zebra Technologies Corp.*		350		24,304
			$	216,051
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.0%
Advanced Micro Devices, Inc.#,*		12,850		52,556
Altera Corp.		7,030		228,616
Analog Devices, Inc.		8,820		452,378
Applied Materials, Inc.		32,580		620,975
Atmel Corp.*		11,220		87,179
Avago Technologies Ltd.		8,000		508,000
Broadcom Corp.		9,230		284,376
Cree, Inc.*		3,430		161,793
Fairchild Semiconductor International, Inc.*		1,810		23,041
First Solar, Inc.*		700		47,243
Intel Corp.		54,870		1,464,480
KLA-Tencor Corp.		1,850		118,381
Lam Research Corp.		2,480		142,873
Linear Technology Corp.		6,470		287,915
LSI Corp.		9,100		101,374
Marvell Technology Group Ltd.		3,330		52,814
Maxim Integrated Products, Inc.		11,220		363,977
Microchip Technology, Inc.#		5,900		280,486
Micron Technology, Inc.*		12,970		338,776
NVIDIA Corp.		6,080		112,298
ON Semiconductor Corp.*		10,570		99,464
Silicon Laboratories, Inc.*		1,380		62,031
Skyworks Solutions, Inc.*		4,800		197,040
Teradyne, Inc.*		3,450		60,962
Texas Instruments, Inc.		30,750		1,397,588
Xilinx, Inc.		8,100		382,239
			$	7,928,855
SOFTWARE – 5.0%
Activision Blizzard, Inc.		2,970		59,430
Adobe Systems, Inc.*		8,680		535,469
ANSYS, Inc.*		3,880		296,083
Autodesk, Inc.*		7,530		361,591
CA, Inc.		4,180		125,985
Cadence Design Systems, Inc.*		11,710		182,208
Citrix Systems, Inc.*		6,130		363,570
Compuware Corp.		1,080		11,189
Concur Technologies, Inc.*		1,100		88,517

ANNUAL REPORT / April 30, 2014

35     PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Electronic Arts, Inc.*		6,660	$	188,478
FactSet Research Systems, Inc.#		1,540		164,010
Fortinet, Inc.*		4,000		87,920
Informatica Corp.*		3,500		124,075
Intuit, Inc.		10,000		757,500
MICROS Systems, Inc.*		1,220		62,830
Microsoft Corp.		242,989		9,816,756
NetSuite, Inc.*		1,200		92,772
Nuance Communications, Inc.*		100		1,609
Oracle Corp.		95,900		3,920,392
Red Hat, Inc.*		6,230		303,090
Rovi Corp.*		1,650		36,779
Salesforce.com, Inc.*		17,080		882,182
ServiceNow, Inc.*		3,500		174,020
SolarWinds, Inc.*		1,300		52,416
Solera Holdings, Inc.		2,700		174,906
Splunk, Inc.*		4,300		234,651
Symantec Corp.		16,720		339,082
Synopsys, Inc.*		2,600		97,812
TIBCO Software, Inc.*		5,000		98,150
VMware, Inc.*		2,310		213,698
Workday, Inc.*		1,300		94,991
Zynga, Inc.*		15,000		60,750
			$	20,002,911
TOTAL INFORMATION TECHNOLOGY			$	87,088,028
MATERIALS – 4.3%
CHEMICALS – 3.1%
Air Products & Chemicals, Inc.		1,970		231,514
Airgas, Inc.		1,960		208,270
Albemarle Corp.		1,180		79,107
Ashland, Inc.		540		52,164
Cabot Corp.		460		26,588
Celanese Corp.		5,270		323,736
CF Industries Holdings, Inc.		723		177,258
Cytec Industries, Inc.		980		93,414
Dow Chemical Co.		15,250		760,975
E.I. du Pont de Nemours & Co.		26,830		1,806,196
Eastman Chemical Co.		5,688		495,823
Ecolab, Inc.		7,877		824,249
FMC Corp.		3,660		281,820
International Flavors & Fragrances, Inc.		2,900		285,708
LyondellBasell Industries NV		11,100		1,026,750
Monsanto Co.		15,750		1,743,525
Mosaic Co.		2,550		127,602
NewMarket Corp.		400		148,928
PPG Industries, Inc.		3,820		739,628

Description	Number of Shares		Value
Praxair, Inc.		8,250	$	1,077,037
Rockwood Holdings, Inc.		2,000		142,100
RPM International, Inc.		3,760		160,402
Scotts Miracle-Gro Co.		1,470		89,979
Sherwin-Williams Co.		2,858		571,143
Sigma-Aldrich Corp.		3,490		335,773
Valspar Corp.		2,720		198,669
Westlake Chemical Corp.		1,800		128,160
WR Grace & Co.*		2,900		267,090
			$	12,403,608
CONSTRUCTION MATERIALS – 0.1%
Eagle Materials, Inc.		1,700		141,661
Martin Marietta Materials, Inc.#		1,500		186,495
Vulcan Materials Co.		1,400		90,342
			$	418,498
CONTAINERS & PACKAGING – 0.5%
Aptargroup, Inc.		580		39,104
Avery Dennison Corp.		910		44,281
Ball Corp.		6,200		348,378
Bemis Co., Inc.		3,440		138,426
Crown Holdings, Inc.*		4,340		204,718
Greif, Inc.		270		14,631
MeadWestvaco Corp.		1,480		57,824
Owens-Illinois, Inc.*		3,380		107,416
Packaging Corp. of America		2,850		189,895
Rock-Tenn Co.		2,000		191,220
Sealed Air Corp.		7,500		257,325
Silgan Holdings, Inc.		1,900		94,525
Sonoco Products Co.		3,910		164,533
			$	1,852,276
METALS & MINING – 0.4%
Alcoa, Inc.		6,800		91,596
Allegheny Technologies, Inc.		2,650		109,180
Carpenter Technology Corp.		380		23,864
Cliffs Natural Resources, Inc.#		2,540		45,009
Compass Minerals International, Inc.		900		82,440
Freeport-McMoRan Copper & Gold, Inc.		10,465		359,682
Newmont Mining Corp.		5,570		138,303
Nucor Corp.		3,150		163,012
Reliance Steel & Aluminum Co.		750		53,115
Royal Gold, Inc.		400		26,480
Southern Copper Corp.		6,270		188,978
Steel Dynamics, Inc.		5,700		104,139
Tahoe Resources, Inc.*		5,800		129,340
United States Steel Corp.#		3,620		94,192
			$	1,609,330

April 30, 2014  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    36

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
PAPER & FOREST PRODUCTS – 0.2%
Domtar Corp.		900	$	84,024
International Paper Co.		13,540		631,641
			$	715,665
TOTAL MATERIALS			$	16,999,377
TELECOMMUNICATION SERVICES – 2.4%
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.0%
AT&T, Inc.		49,557		1,769,185
CenturyLink, Inc.		5,519		192,668
Frontier Communications Corp.#		10,500		62,475
Level 3 Communications, Inc.*		2,028		87,265
tw telecom, Inc.*		4,100		125,829
Verizon Communications, Inc.		120,100		5,612,273
Windstream Holdings, Inc.#		15,700		142,399
			$	7,992,094
WIRELESS TELECOMMUNICATION SERVICES – 0.4%
Crown Castle International Corp.		10,540		766,574
SBA Communications Corp.*		4,510		404,818
Sprint Corp.		11,460		97,410
Telephone & Data Systems, Inc.#		2,424		65,909
T-Mobile US, Inc.*		2,465		72,200
United States Cellular Corp.		90		3,739
			$	1,410,650
TOTAL TELECOMMUNICATION SERVICES			$	9,402,744
UTILITIES – 2.0%
ELECTRIC UTILITIES – 0.9%
American Electric Power Co., Inc.		5,390		290,036
Duke Energy Corp.		3,795		282,690
Edison International		3,320		187,779
Entergy Corp.		2,770		200,825
Exelon Corp.		8,199		287,211
FirstEnergy Corp.		4,626		156,127
Great Plains Energy, Inc.		1,720		46,148
Hawaiian Electric Industries, Inc.#		2,710		65,013
ITC Holdings Corp.		3,960		146,401
NextEra Energy, Inc.		3,340		333,499
Northeast Utilities		5,713		269,996
OGE Energy Corp.		3,020		112,737
Pinnacle West Capital Corp.		1,600		89,520
PPL Corp.		9,000		300,060
Southern Co.		10,381		475,761
Westar Energy, Inc.		2,960		106,205
Xcel Energy, Inc.		7,770		247,630
			$	3,597,638

Description	Number of Shares		Value
GAS UTILITIES – 0.3%
AGL Resources, Inc.		1,320	$	71,280
Atmos Energy Corp.		2,610		133,214
National Fuel Gas Co.		1,410		103,832
ONE Gas, Inc.		1,290		47,188
ONEOK, Inc.		7,160		452,655
Questar Corp.		6,500		157,820
UGI Corp.		1,890		88,244
			$	1,054,233
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.1%
AES Corp.		6,610		95,514
Calpine Corp.*		7,850		180,000
NRG Energy, Inc.		3,100		101,432
			$	376,946
MULTI-UTILITIES – 0.7%
Alliant Energy Corp.		2,000		116,960
Ameren Corp.		3,450		142,519
CenterPoint Energy, Inc.		4,760		117,858
CMS Energy Corp.		3,670		111,238
Consolidated Edison, Inc.		5,340		309,880
Dominion Resources, Inc.		4,170		302,492
DTE Energy Co.		2,200		171,908
Integrys Energy Group, Inc.		1,760		107,853
MDU Resources Group, Inc.		4,280		151,598
NiSource, Inc.		4,700		170,704
PG&E Corp.		3,120		142,210
Public Service Enterprise Group, Inc.		6,200		254,014
SCANA Corp.		3,140		168,555
Sempra Energy		3,250		320,483
TECO Energy, Inc.		430		7,723
Vectren Corp.		1,680		68,158
Wisconsin Energy Corp.		4,240		205,555
			$	2,869,708
WATER UTILITIES – 0.0%**
American Water Works Co., Inc.		1,690		76,946
Aqua America, Inc.		6,625		166,221
			$	243,167
TOTAL UTILITIES			$	8,141,692
TOTAL COMMON STOCKS (COST $253,327,412)			$	397,171,985
MONEY MARKET FUND – 0.1%
Dreyfus Cash Management Fund,
Institutional Shares, 0.03%^		233,002		233,002
TOTAL MONEY MARKET FUND (COST $233,002)			$	233,002

ANNUAL REPORT / April 30, 2014

37     PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
PREFERRED STOCK – 0.0%**
CONSUMER DISCRETIONARY – 0.0%**
SPECIALTY RETAIL – 0.0%**
OSH 1 Liquidating Corp.††		57	$	—
TOTAL PREFERRED STOCK (COST $132)			$	—
RIGHTS – 0.0%**
Celgene Corp.*		89		249
Community Health Systems, Inc.*		3,700		222
Fresenius Kabi Pharmaceuticals Holding, Inc.*,††		132		—
TOTAL RIGHTS (COST $142)			$	471
WARRANTS – 0.0%**
American International Group, Inc. CW21, Expire 1/19/21*		2,055		45,703
Kinder Morgan, Inc., Expire 5/25/17*		16,345		31,709
TOTAL WARRANTS (COST $48,690)			$	77,412
TOTAL INVESTMENTS IN SECURITIES – 100.0% (COST $253,609,378)			$	397,482,870
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.3%
REPURCHASE AGREEMENTS – 1.3%
Barclays Capital, 0.04%, dated 04/30/14, due 05/01/14, repurchase price $249,297, collateralized by U.S. Treasury Securities 0.00% to 3.63%, maturing 09/15/15 to 02/15/44; total market value of $254,283.	$	249,297		249,297
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $1,184,184, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $1,207,865.		1,184,182		1,184,182
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $1,184,183, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 05/06/14 to 07/15/32; total market value of $1,207,879.		1,184,182		1,184,182

Description	Par Value		Value
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $1,184,184, collateralized by U.S. Government Securities 0.25% to 6.75%, maturing 07/15/14 to 07/15/32; total market value of $1,207,870.	$	1,184,182	$	1,184,182
TD Securities (USA) LLC, 0.06%, dated 04/30/14, due 05/01/14, repurchase price $1,184,184, collateralized by U.S. Government & Treasury Securities 2.50% to 5.63%, maturing 01/15/15 to 02/01/43; total market value of $1,207,866.		1,184,182		1,184,182
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $4,986,025)			$	4,986,025
TOTAL INVESTMENTS – 101.3% (COST $258,595,403)			$	402,468,895
COLLATERAL FOR SECURITIES ON LOAN – (1.3%)				(4,986,025	)
OTHER LIABILITIES LESS ASSETS – 0.0%**				(76,353	)
TOTAL NET ASSETS – 100.0%			$	397,406,517

April 30, 2014  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    38

Wilmington Large-Cap Strategy Fund (concluded)

Cost of investments for Federal income tax purposes is $262,671,349. The net unrealized appreciation/(depreciation) of investments was $139,797,546. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $147,331,783 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,534,237.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	397,171,985	$	—	$	—	$	397,171,985
Preferred Stock		—		—		—		—
Rights		471		—		—		471
Warrants		77,412		—		—		77,412
Money Market Fund		233,002		—		—		233,002
Repurchase Agreements		—		4,986,025		—		4,986,025
Total	$	397,482,870	$	4,986,025	$	—	$	402,468,895
		See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

39    

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Value Fund

At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):

Percentage of
Total Net Assets

Common Stocks
Financials	24.9%
Health Care	16.5%
Industrials	15.1%
Energy	13.6%
Consumer Discretionary	9.4%
Information Technology	8.7%
Consumer Staples	6.8%
Utilities	3.1%
Materials	2.0%
Telecommunication Services	1.4%
Other Assets and Liabilities - Net1	(1.5)%
TOTAL	100.0%

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

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Number of Shares		Value
COMMON STOCKS – 101.5%
CONSUMER DISCRETIONARY – 9.4%
MEDIA – 3.1%
Omnicom Group, Inc.		7,604	$	514,639
MULTILINE RETAIL – 2.5%
Nordstrom, Inc.		6,706		410,944
SPECIALTY RETAIL – 3.8%
Dick’s Sporting Goods, Inc.		6,471		340,763
Lowe’s Cos., Inc.		6,471		297,084
			$	637,847
TOTAL CONSUMER DISCRETIONARY			$	1,563,430
CONSUMER STAPLES – 6.8%
BEVERAGES – 1.9%
PepsiCo, Inc.		3,680		316,075
FOOD & STAPLES RETAILING – 3.2%
Costco Wholesale Corp.		1,418		164,034
CVS Caremark Corp.		4,994		363,164
			$	527,198
TOBACCO – 1.7%
Philip Morris International, Inc.		3,368		287,728
TOTAL CONSUMER STAPLES			$	1,131,0301

Description	Number of Shares		Value
ENERGY – 13.6%
ENERGY EQUIPMENT & SERVICES – 3.0%
Schlumberger Ltd.		4,947	$	502,368
OIL, GAS & CONSUMABLE FUELS – 10.6%
Chevron Corp.		4,855		609,400
ConocoPhillips		6,975		518,312
Exxon Mobil Corp.		2,647		271,079
Occidental Petroleum Corp.		3,797		363,563
			$	1,762,354
TOTAL ENERGY			$	2,264,722
FINANCIALS – 24.9%
CAPITAL MARKETS – 2.6%
T. Rowe Price Group, Inc.		5,300		435,289
COMMERCIAL BANKS – 10.3%
BB&T Corp.		14,593		544,757
PNC Financial Services Group, Inc.		4,993		419,612
U.S. Bancorp		4,704		191,829
Wells Fargo & Co.		11,301		560,982
			$	1,717,180
DIVERSIFIED FINANCIAL SERVICES – 3.0%
JPMorgan Chase & Co.		8,839		494,807

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    40

    Wilmington Large-Cap Value Fund (continued)

Description	Number of Shares		Value
INSURANCE – 7.4%
ACE Ltd.		4,325	$	442,534
MetLife, Inc.		8,783		459,790
Travelers Cos., Inc.		3,559		322,374
			$	1,224,698
REAL ESTATE INVESTMENT TRUSTS – 1.6%
American Tower Corp.		3,163		264,174
TOTAL FINANCIALS			$	4,136,148
HEALTH CARE – 16.5%
BIOTECHNOLOGY – 1.5%
Amgen, Inc.		2,187		244,397
HEALTH CARE PROVIDERS & SERVICES – 2.8%
Cardinal Health, Inc.		6,635		461,199
PHARMACEUTICALS – 12.2%
Johnson & Johnson		6,354		643,597
Merck & Co., Inc.		9,041		529,441
Pfizer, Inc.		19,232		601,577
Teva Pharmaceutical Industries Ltd. ADR		5,251		256,564
			$	2,031,179
TOTAL HEALTH CARE			$	2,736,775
INDUSTRIALS – 15.1%
AEROSPACE & DEFENSE – 1.5%
Lockheed Martin Corp.		1,482		243,255
AIR FREIGHT & LOGISTICS – 1.9%
United Parcel Service, Inc.		3,290		324,065
AIRLINES – 1.5%
Delta Air Lines, Inc.		6,992		257,515
ELECTRICAL EQUIPMENT – 1.3%
Emerson Electric Co.		3,064		208,904
INDUSTRIAL CONGLOMERATES – 6.5%
Danaher Corp.		6,292		461,707
General Electric Co.		22,846		614,329
			$	1,076,036
ROAD & RAIL – 2.4%
Union Pacific Corp.		2,100		399,903
TOTAL INDUSTRIALS			$	2,509,678

Description	Number of Shares		Value
INFORMATION TECHNOLOGY – 8.7%
COMMUNICATIONS EQUIPMENT – 2.5%
QUALCOMM, Inc.		5,216	$	410,551
COMPUTERS & PERIPHERALS – 2.9%
Apple, Inc.		827		488,004
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.3%
Intel Corp.		9,645		257,425
Maxim Integrated Products, Inc.		9,164		297,280
			$	554,705
TOTAL INFORMATION TECHNOLOGY			$	1,453,260
MATERIALS – 2.0%
CHEMICALS – 2.0%
Air Products & Chemicals, Inc.		2,887		339,280
TELECOMMUNICATION SERVICES – 1.4%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.5%
Verizon Communications, Inc.		1,928		90,095
WIRELESS TELECOMMUNICATION SERVICES – 0.9%
Vodafone Group PLC ADR		3,917		148,689
TOTAL TELECOMMUNICATION SERVICES			$	238,784
UTILITIES – 3.1%
ELECTRIC UTILITIES – 3.1%
PPL Corp.		8,088		269,654
Southern Co.		5,413		248,078
			$	517,732
TOTAL UTILITIES			$	517,732
TOTAL COMMON STOCKS (COST $12,500,889)			$	16,890,810
TOTAL INVESTMENTS – 101.5% (COST $12,500,889)			$	16,890,810
OTHER LIABILITIES LESS ASSETS – (1.5%)				(244,100	)
TOTAL NET ASSETS – 100.0%			$	16,646,710

Cost of investments for Federal income tax purposes is $12,571,388. The net unrealized appreciation/(depreciation) of investments was $4,319,422. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $4,364,974 and net unrealized depreciation from investments for those securities having an excess of cost over value of $45,552.

ANNUAL REPORT / April 30, 2014

41    PORTFOLIOS OF INVESTMENTS

    Wilmington Large-Cap Value Fund (concluded)

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	16,890,810	$	—	$	—	$	16,890,810
Total	$	16,890,810	$	—	$	—	$	16,890,810

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

    42

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Mid-Cap Growth Fund

At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):

Percentage of
Total Net Assets

Common Stocks
Consumer Discretionary	21.7%
Information Technology	17.3%
Industrials	16.9%
Health Care	12.0%
Financials	10.8%
Energy	9.3%
Materials	5.9%
Consumer Staples	4.9%
Cash Equivalents1	8.8%
Other Assets and Liabilities – Net2	(7.6)%
TOTAL	100.0%

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Number of Shares		Value
COMMON STOCKS – 98.8%
CONSUMER DISCRETIONARY – 21.7%
AUTO COMPONENTS – 2.3%
BorgWarner, Inc.		145,170	$	9,020,864
DISTRIBUTORS – 1.9%
LKQ Corp.*		244,650		7,124,208
HOTELS, RESTAURANTS & LEISURE – 2.1%
DineEquity, Inc.		54,450		4,127,854
Panera Bread Co.*		24,550		3,755,414
			$	7,883,268
INTERNET & CATALOG RETAIL – 1.0%
TripAdvisor, Inc.*		48,925		3,950,205
MEDIA – 4.7%
CBS Corp., Non-Voting		156,050		9,013,448
Lions Gate Entertainment Corp.		151,000		4,006,030
Scripps Networks Interactive, Inc.		63,400		4,759,438
			$	17,778,916
MULTILINE RETAIL – 1.5%
Nordstrom, Inc.		92,000		5,637,760
SPECIALTY RETAIL – 4.6%
GameStop Corp.		123,300		4,892,544

Description	Number of Shares		Value
L Brands, Inc.		98,650	$	5,346,830
Tile Shop Holdings, Inc.#,*		262,613		3,701,530
Vitamin Shoppe, Inc.*		74,600		3,571,848
			$	17,512,752
TEXTILES, APPAREL & LUXURY GOODS – 3.6%
Coach, Inc.		79,300		3,540,745
Lululemon Athletica, Inc.#,*		65,900		3,026,787
PVH Corp.		56,300		7,069,591
			$	13,637,123
TOTAL CONSUMER DISCRETIONARY			$	82,545,096
CONSUMER STAPLES – 4.9%
BEVERAGES –1.9%
Keurig Green Mountain, Inc.		77,400		7,250,832
FOOD & STAPLES RETAILING – 0.8%
Pricesmart, Inc.		33,000		3,169,320
HOUSEHOLD PRODUCTS – 1.5%
Church & Dwight Co., Inc.		81,140		5,599,471
PERSONAL PRODUCTS – 0.7%
Herbalife Ltd.#		41,710		2,501,766
TOTAL CONSUMER STAPLES			$	18,521,389

ANNUAL REPORT / April 30, 2014

43    PORTFOLIOS OF INVESTMENTS

Wilmington Mid-Cap Growth Fund (continued)

Description	Number of Shares		Value
ENERGY – 9.3%
ENERGY EQUIPMENT & SERVICES – 4.3%
Cameron International Corp.*		95,500	$	6,203,680
CARBO Ceramics, Inc.#		39,530		5,530,642
Core Laboratories NV		24,550		4,607,544
			$	16,341,866
OIL, GAS & CONSUMABLE FUELS – 5.0%
Cabot Oil & Gas Corp.		139,100		5,463,848
Southwestern Energy Co.*		124,140		5,943,823
Whiting Petroleum Corp.*		106,300		7,836,436
			$	19,244,107
TOTAL ENERGY			$	35,585,973
FINANCIALS – 10.8%
CAPITAL MARKETS – 2.2%
Raymond James Financial, Inc.		86,400		4,294,080
T. Rowe Price Group, Inc.		48,300		3,966,879
			$	8,260,959
COMMERCIAL BANKS – 1.6%
SVB Financial Group*		55,400		5,910,626
DIVERSIFIED FINANCIAL SERVICES – 2.3%
IntercontinentalExchange Group, Inc.		18,900		3,863,916
MarketAxess Holdings, Inc.		91,200		4,913,856
			$	8,777,772
INSURANCE – 1.4%
Brown & Brown, Inc.		183,219		5,456,262
REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.3%
CBRE Group, Inc.*		260,550		6,941,052
Realogy Holdings Corp.*		135,150		5,683,058
			$	12,624,110
TOTAL FINANCIALS			$	41,029,729
HEALTH CARE – 12.0%
BIOTECHNOLOGY – 3.1%
Cepheid, Inc.*		106,500		4,630,620
Regeneron Pharmaceuticals, Inc.*		23,920		7,101,609
			$	11,732,229
HEALTH CARE EQUIPMENT & SUPPLIES – 4.9%
Alere, Inc.*		151,100		5,046,740
Intuitive Surgical, Inc.*		10,475		3,788,807
ResMed, Inc.#		116,235		5,794,315
West Pharmaceutical Services, Inc.		93,950		4,075,551
			$	18,705,413
HEALTH CARE TECHNOLOGY – 1.5%
Cerner Corp.*		111,850		5,737,905

Description	Number of Shares		Value
PHARMACEUTICALS – 2.5%
Auxilium Pharmaceuticals, Inc.*		110,700	$	2,491,857
Perrigo Co. PLC		49,625		7,188,678
			$	9,680,535
TOTAL HEALTH CARE			$	45,856,082
INDUSTRIALS – 16.9%
AEROSPACE & DEFENSE – 2.6%
HEICO Corp.		138,500		5,643,875
Precision Castparts Corp.		16,700		4,226,603
			$	9,870,478
COMMERCIAL SERVICES & SUPPLIES – 2.8%
MSA Safety, Inc.		104,800		5,528,200
Waste Connections, Inc.		115,091		5,139,964
			$	10,668,164
ELECTRICAL EQUIPMENT – 3.5%
AMETEK, Inc.		127,050		6,698,076
Rockwell Automation, Inc.		54,850		6,537,023
			$	13,235,099
MACHINERY – 5.2%
Chart Industries, Inc.#,*		51,550		3,516,741
Cummins, Inc.		39,500		5,958,575
Graco, Inc.		80,450		5,832,625
Pall Corp.		52,500		4,417,875
			$	19,725,816
ROAD & RAIL – 2.8%
Kansas City Southern		53,150		5,361,772
Old Dominion Freight Line, Inc.*		86,800		5,262,684
			$	10,624,456
TOTAL INDUSTRIALS			$	64,124,013
INFORMATION TECHNOLOGY – 17.3%
COMMUNICATIONS EQUIPMENT – 1.1%
Aruba Networks, Inc.*		219,135		4,332,299
COMPUTERS & PERIPHERALS – 0.9%
Stratasys Ltd.*		34,700		3,361,389
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.1%
FEI Co.		51,900		4,127,088
IPG Photonics Corp.#,*		112,810		7,290,910
National Instruments Corp.		151,800		4,145,658
			$	15,563,656
INTERNET SOFTWARE & SERVICES – 2.2%
CoStar Group, Inc.*		28,547		4,592,927
Xoom Corp.*		178,500		3,982,335
			$	8,575,262

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    44

    Wilmington Mid-Cap Growth Fund (continued)

Description	Number of Shares		Value
IT SERVICES – 1.4%
Global Payments, Inc.		77,850	$	5,202,715
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.6%
Altera Corp.		171,100		5,564,172
Lam Research Corp.		72,950		4,202,650
			$	9,766,822
SOFTWARE – 5.0%
ANSYS, Inc.*		94,066		7,178,176
Autodesk, Inc.*		125,300		6,016,906
Red Hat, Inc.*		116,150		5,650,698
			$	18,845,780
TOTAL INFORMATION TECHNOLOGY			$	65,647,923
MATERIALS – 5.9%
CHEMICALS – 4.2%
Airgas, Inc.		43,400		4,611,684
Valspar Corp.		60,200		4,397,008
WR Grace & Co.*		76,650		7,059,465
			$	16,068,157
CONTAINERS & PACKAGING – 1.7%
Crown Holdings, Inc.*		132,250		6,238,232
TOTAL MATERIALS			$	22,306,389
TOTAL COMMON STOCKS
(COST $271,533,204)			$	375,616,594
MONEY MARKET FUND – 1.2%
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^		4,447,858		4,447,858
TOTAL MONEY MARKET FUND
(COST $4,447,858)			$	4,447,858
TOTAL INVESTMENTS IN SECURITIES – 100.0%
(COST $275,981,062)			$	380,064,452

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 7.6%
REPURCHASE AGREEMENTS – 7.6%
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $6,854,053, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $6,991,123.	$	6,854,042	$	6,854,042
Daiwa Capital Markets America, 0.07%, dated 04/30/14, due 05/01/14, repurchase price $6,854,055, collateralized by U.S. Government & Treasury Securities 1.32% to 6.50%, maturing 06/01/17 to 03/01/48; total market value of $6,991,123.		6,854,042		6,854,042
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $6,854,050, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 05/06/14 to 07/15/32; total market value of $6,991,199.		6,854,042		6,854,042
Nomura Securities International, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $1,442,921, collateralized by U.S. Treasury Securities 0.13% to 6.13%, maturing 07/15/14 to 02/15/44; total market value of $1,471,778.		1,442,919		1,442,919
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $6,854,053, collateralized by U.S. Government Securities 0.25% to 6.75%, maturing 07/15/14 to 07/15/32; total market value of $6,991,146.		6,854,042		6,854,042
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $28,859,087)			$	28,859,087
TOTAL INVESTMENTS – 107.6%
(COST $304,840,149)			$	408,923,539
COLLATERAL FOR SECURITIES ON LOAN – (7.6%)				(28,859,087	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				161,054
TOTAL NET ASSETS – 100.0%			$	380,225,506

Cost of investments for Federal income tax purposes is $307,822,570. The net unrealized appreciation/(depreciation) of investments was $101,100,969. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $112,229,425 and net unrealized depreciation from investments for those securities having an excess of cost over value of $11,128,456.

ANNUAL REPORT / April 30, 2014

45    PORTFOLIOS OF INVESTMENTS

    Wilmington Mid-Cap Growth Fund (concluded)

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	375,616,594	$	—	$	—	$	375,616,594
Money Market Fund		4,447,858		—		—		4,447,858
Repurchase Agreements		—		28,859,087		—		28,859,087
Total	$	380,064,452	$	28,859,087	$	—	$	408,923,539

See Notes to Portfolios of Investments

See Notes which is an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

    46

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Small-Cap Growth Fund

At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):

Percentage of
Total Net Assets

Common Stocks
Industrial	25.7%
Information Technology	19.3%
Health Care	18.8%
Consumer Discretionary	16.6%
Consumer Staples	6.2%
Materials	5.0%
Financials	4.9%
Energy	2.4%
Telecommunication Services	0.7%
Utilities	0.0%3
Warrant	0.0%3
Cash Equivalents1	9.4%
Other Assets and Liabilities – Net2	(9.0)%
TOTAL	100.0%

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

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

(3) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Number of Shares		Value
COMMON STOCKS – 99.6%
CONSUMER DISCRETIONARY – 16.6%
AUTO COMPONENTS – 1.4%
American Axle & Manufacturing Holdings, Inc.*		5,529	$	97,587
Stoneridge, Inc.*		11,858		126,762
Tenneco, Inc.*		12,612		755,080
Tower International, Inc.*		6,997		194,587
			$	1,174,016
AUTOMOBILES – 0.3%
Winnebago Industries, Inc.*		12,171		290,887
DISTRIBUTORS – 0.9%
Core-Mark Holding Co., Inc.		9,685		780,030
DIVERSIFIED CONSUMER SERVICES – 0.4%
Education Management Corp.#,*		16,509		65,541

Description	Number of Shares		Value
Steiner Leisure Ltd.*		7,146	$	308,493
			$	374,034
HOTELS, RESTAURANTS & LEISURE – 2.2%
Cheesecake Factory, Inc.		9,438		423,672
DineEquity, Inc.		1,417		107,423
Life Time Fitness, Inc.#,*		10,334		496,032
Popeyes Louisiana Kitchen, Inc.*		3,667		139,713
Premier Exhibitions, Inc.*		55,016		48,034
Ruth’s Hospitality Group, Inc.		18,034		227,048
Sonic Corp.*		20,697		394,071
			$	1,835,993
HOUSEHOLD DURABLES – 1.0%
La-Z-Boy, Inc.		3,228		78,214
Libbey, Inc.*		8,575		228,695
Meritage Homes Corp.*		2,238		86,342

ANNUAL REPORT / April 30, 2014

47    PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
Ryland Group, Inc.		11,561	$	443,827
			$	837,078
INTERNET & CATALOG RETAIL – 0.8%
Blue Nile, Inc.*		4,275		148,471
HSN, Inc.		5,970		346,499
Orbitz Worldwide, Inc.*		19,948		146,618
Valuevision Media, Inc.*		15,226		71,258
			$	712,846
LEISURE EQUIPMENT & PRODUCTS – 1.3%
Brunswick Corp.		15,693		630,702
Marine Products Corp.		8,156		57,908
Polaris Industries, Inc.		2,883		387,273
			$	1,075,883
MEDIA – 2.5%
Entravision Communications Corp.		24,766		131,507
Lions Gate Entertainment Corp.		9,802		260,047
Loral Space & Communications, Inc.		4,073		293,215
MDC Partners, Inc.		15,033		367,106
National CineMedia, Inc.		3,831		58,193
Nexstar Broadcasting Group, Inc.#		9,802		390,610
Sinclair Broadcast Group, Inc.#		23,797		636,094
			$	2,136,772
SPECIALTY RETAIL – 3.3%
Aeropostale, Inc.#,*		5,314		26,411
Asbury Automotive Group, Inc.*		6,845		422,610
Cabela’s, Inc.*		3,709		243,347
Lumber Liquidators Holdings, Inc.*		3,892		339,227
Monro Muffler Brake, Inc.		6,907		389,555
Pier 1 Imports, Inc.		8,521		155,593
Select Comfort Corp.*		4,641		85,394
Tractor Supply Co.		11,565		777,631
Winmark Corp.		3,602		273,248
Zumiez, Inc.*		3,029		74,059
			$	2,787,075
TEXTILES, APPAREL & LUXURY GOODS – 2.5%
Quiksilver, Inc.#,*		14,153		90,862
Steven Madden Ltd.*		19,556		696,389
Under Armour, Inc.*		10,784		527,230
Wolverine World Wide, Inc.		30,655		861,405
			$	2,175,886
TOTAL CONSUMER DISCRETIONARY			$	14,180,500
CONSUMER STAPLES – 6.2%
BEVERAGES – 0.3%
National Beverage Corp.*		13,188		254,265

Description	Number of Shares		Value
FOOD & STAPLES RETAILING – 2.3%
Andersons, Inc.		12,791	$	796,751
Pricesmart, Inc.		5,096		489,420
Rite Aid Corp.*		50,503		368,672
SUPERVALU, Inc.*		42,463		296,816
			$	1,951,659
FOOD PRODUCTS – 2.2%
Darling International, Inc.*		14,455		289,245
Hain Celestial Group, Inc.*		2,776		238,792
J&J Snack Foods Corp.		5,851		547,654
Omega Protein Corp.*		24,369		276,832
Pilgrim’s Pride Corp.*		23,284		508,988
			$	1,861,511
HOUSEHOLD PRODUCTS – 1.1%
Spectrum Brands Holdings, Inc.		6,318		485,412
WD-40 Co.		6,813		496,259
			$	981,671
PERSONAL PRODUCTS – 0.3%
Nature’s Sunshine Products, Inc.		7,412		99,024
Prestige Brands Holdings, Inc.*		6,059		203,098
			$	302,122
TOTAL CONSUMER STAPLES			$	5,351,228
ENERGY – 2.4%
ENERGY EQUIPMENT & SERVICES – 1.3%
Dril-Quip, Inc.*		7,359		832,450
Geospace Technologies Corp.*		1,368		79,522
Mitcham Industries, Inc.*		10,328		142,526
			$	1,054,498
OIL, GAS & CONSUMABLE FUELS – 1.1%
Energy XXI (Bermuda) Ltd.#		850		20,340
EPL Oil & Gas, Inc.*		1,093		42,780
Kodiak Oil & Gas Corp.*		32,947		418,756
Oasis Petroleum, Inc.*		5,929		275,758
Rosetta Resources, Inc.*		2,270		107,462
Western Refining, Inc.#		2,280		99,180
			$	964,276
TOTAL ENERGY			$	2,018,774
FINANCIALS – 4.9%
CAPITAL MARKETS – 2.4%
AllianceBernstein Holding LP#		19,158		487,188
HFF, Inc.		12,489		424,626
Lazard Ltd.		8,019		377,294

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    48

    Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
Medallion Financial Corp.		34,454	$	468,574
Virtus Investment Partners, Inc.*		1,654		305,973
			$	2,063,655
COMMERCIAL BANKS – 0.1%
Glacier Bancorp, Inc.		2,952		75,748
CONSUMER FINANCE – 0.9%
Consumer Portfolio Services, Inc.*		17,500		122,150
First Cash Financial Services, Inc.*		13,528		659,761
			$	781,911
INSURANCE – 0.1%
First American Financial Corp.		3,631		96,585
REAL ESTATE INVESTMENT TRUSTS – 1.0%
FelCor Lodging Trust, Inc.		20,777		191,772
Geo Group, Inc.		3,875		129,929
Omega Healthcare Investors, Inc.#		5,732		199,359
Strategic Hotels & Resorts, Inc.*		30,562		329,764
			$	850,824
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%
Tejon Ranch Co.*		5,433		168,477
THRIFTS & MORTGAGE FINANCE – 0.2%
MGIC Investment Corp.*		19,049		163,821
TOTAL FINANCIALS			$	4,201,021
HEALTH CARE – 18.8%
BIOTECHNOLOGY – 6.6%
ACADIA Pharmaceuticals, Inc.#,*		9,927		199,830
Aegerion Pharmaceuticals, Inc.#,*		7,937		351,292
Alnylam Pharmaceuticals, Inc.*		7,335		363,303
Arena Pharmaceuticals, Inc.#,*		4,873		31,187
Array BioPharma, Inc.*		28,927		115,129
Celldex Therapeutics, Inc.*		11,076		166,140
Cubist Pharmaceuticals, Inc.*		4,872		341,332
Dendreon Corp.#,*		13,015		33,579
Exact Sciences Corp.#,*		1,795		21,540
Exelixis, Inc.#,*		22,600		80,004
Idenix Pharmaceuticals, Inc.#,*		4,704		25,919
Insmed, Inc.*		8,075		112,565
Intercept Pharmaceuticals, Inc.*		1,258		332,263
Intrexon Corp.#,*		25,606		483,441
Ironwood Pharmaceuticals, Inc.*		5,996		66,076
Isis Pharmaceuticals, Inc.*		3,891		103,539
Keryx Biopharmaceuticals, Inc.#,*		23,691		349,916
Novavax, Inc.*		60,467		264,845
Orexigen Therapeutics, Inc.#,*		21,967		123,455
Osiris Therapeutics, Inc.#,*		8,993		127,970
PDL BioPharma, Inc.#		23,613		200,474

Description	Number of Shares		Value
Pharmacyclics, Inc.*		1,875	$	177,337
Portola Pharmaceuticals, Inc.#,*		23,200		544,272
Puma Biotechnology, Inc.*		1,770		133,706
Raptor Pharmaceutical Corp.#,*		11,810		97,669
Sarepta Therapeutics, Inc.#,*		5,595		207,742
Seattle Genetics, Inc.#,*		3,491		134,334
Spectrum Pharmaceuticals, Inc.#,*		7,446		51,154
Synageva BioPharma Corp.#,*		1,766		152,529
Tetraphase Pharmaceuticals, Inc.*		21,489		230,792
United Therapeutics Corp.*		413		41,304
ZIOPHARM Oncology, Inc.#,*		3,065		11,034
			$	5,675,672
HEALTH CARE EQUIPMENT & SUPPLIES – 6.1%
ABIOMED, Inc.#,*		16,304		386,242
Align Technology, Inc.*		11,927		601,002
Anika Therapeutics, Inc.*		7,375		315,207
Cantel Medical Corp.		6,289		208,543
Cardiovascular Systems, Inc.*		12,972		372,945
Cynosure, Inc.*		14,052		344,836
Haemonetics Corp.*		7,913		240,239
Neogen Corp.*		17,644		737,078
OraSure Technologies, Inc.*		30,864		202,159
Sirona Dental Systems, Inc.*		2,362		177,670
Staar Surgical Co.*		5,510		93,725
STERIS Corp.		9,372		450,325
Utah Medical Products, Inc.		9,211		467,827
West Pharmaceutical Services, Inc.		14,790		641,590
			$	5,239,388
HEALTH CARE PROVIDERS & SERVICES – 2.7%
Accretive Health, Inc.#,*		7,558		60,842
AMN Healthcare Services, Inc.*		8,575		107,016
Centene Corp.*		4,895		325,028
Corvel Corp.*		19,672		895,863
Gentiva Health Services, Inc.*		6,768		50,963
HealthSouth Corp.		8,509		294,752
National Research Corp., Class B#,*		2,617		114,834
National Research Corp., Class A*		5,497		86,633
Providence Service Corp.*		9,959		404,435
			$	2,340,366
HEALTH CARE TECHNOLOGY – 0.4%
athenahealth, Inc.#,*		1,843		227,869
Cerner Corp.*		2,409		123,582
			$	351,451
LIFE SCIENCES TOOLS & SERVICES – 0.8%
Furiex Pharmaceuticals, Inc.*		2,184		225,760

ANNUAL REPORT / April 30, 2014

49    PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
Luminex Corp.*		2,656	$	51,022
PAREXEL International Corp.*		7,853		356,134
			$	632,916
PHARMACEUTICALS – 2.2%
Cempra, Inc.*		35,451		323,313
Jazz Pharmaceuticals PLC*		2,360		318,364
Pacira Pharmaceuticals, Inc.*		6,023		412,515
Salix Pharmaceuticals Ltd.*		6,392		703,120
TherapeuticsMD, Inc.#,*		15,915		66,843
Vivus, Inc.#,*		3,109		16,167
			$	1,840,322
TOTAL HEALTH CARE			$	16,080,115
INDUSTRIALS – 25.7%
AEROSPACE & DEFENSE – 1.6%
DigitalGlobe, Inc.*		4,246		126,446
GenCorp., Inc.#,*		17,118		300,592
HEICO Corp.		3,765		208,280
Hexcel Corp.*		11,862		494,527
Sypris Solutions, Inc.		17,292		52,395
Teledyne Technologies, Inc.*		1,830		169,934
			$	1,352,174
AIR FREIGHT & LOGISTICS – 0.9%
Park-Ohio Holdings Corp.*		10,409		607,781
XPO Logistics, Inc.#,*		5,673		153,965
			$	761,746
AIRLINES – 1.6%
American Airlines Group, Inc.*		7,711		270,425
Hawaiian Holdings, Inc.*		53,569		774,072
Republic Airways Holdings, Inc.*		17,576		146,057
Spirit Airlines, Inc.*		2,805		159,436
			$	1,349,990
BUILDING PRODUCTS – 1.8%
American Woodmark Corp.*		5,197		155,962
Trex Co., Inc.*		11,030		866,076
USG Corp.*		18,854		562,980
			$	1,585,018
COMMERCIAL SERVICES & SUPPLIES – 3.0%
Brink’s Co.		15,374		391,115
Healthcare Services Group, Inc.		13,903		404,577
Herman Miller, Inc.		471		14,521
Interface, Inc.		8,621		155,092
Knoll, Inc.		4,134		75,197
Mobile Mini, Inc.		5,897		260,529
SP Plus Corp.*		26,459		646,129

Description	Number of Shares		Value
Team, Inc.*		15,506	$	665,052
			$	2,612,212
CONSTRUCTION & ENGINEERING – 4.3%
Aegion Corp.*		21,789		555,402
Comfort Systems USA, Inc.		9,212		138,180
Dycom Industries, Inc.*		25,701		807,011
Furmanite Corp.*		43,362		454,434
Great Lakes Dredge & Dock Corp.		36,343		313,640
MasTec, Inc.*		11,734		464,432
MYR Group, Inc.*		3,833		89,922
Primoris Services Corp.		31,346		877,061
			$	3,700,082
ELECTRICAL EQUIPMENT – 1.4%
Acuity Brands, Inc.		5,169		643,902
Encore Wire Corp.		11,572		563,904
			$	1,207,806
MACHINERY – 1.2%
Blount International, Inc.*		5,669		63,323
Gorman-Rupp Co.		251		7,794
Meritor, Inc.*		24,443		290,138
Mueller Water Products, Inc.		14,709		134,146
Trimas Corp.*		8,680		311,265
Valmont Industries, Inc.		413		61,500
Wabash National Corp.*		13,872		185,330
			$	1,053,496
MARINE – 0.3%
Rand Logistics, Inc.*		40,001		248,406
PROFESSIONAL SERVICES – 4.6%
Advisory Board Co.*		11,339		649,271
Barrett Business Services, Inc.		6,942		349,946
Corporate Executive Board Co.		3,491		240,949
Exponent, Inc.		11,964		842,505
GP Strategies Corp.*		22,413		589,014
Kforce, Inc.		13,015		300,907
Navigant Consulting, Inc.*		26,986		453,365
On Assignment, Inc.*		5,568		194,880
Resources Connection, Inc.		20,339		276,814
			$	3,897,651
ROAD & RAIL – 1.3%
Genesee & Wyoming, Inc.*		1,630		161,386
Quality Distribution, Inc.*		50,166		630,587
Swift Transportation Co.*		11,698		281,337
			$	1,073,310
TRADING COMPANIES & DISTRIBUTORS – 3.7%
Aceto Corp.		29,885		653,884

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    50

    Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
CAI International, Inc.*		6,791	$	147,704
DXP Enterprises, Inc.*		5,857		663,071
H&E Equipment Services, Inc.		8,640		333,072
TAL International Group, Inc.		1,771		74,701
Textainer Group Holdings Ltd.#		10,284		404,161
United Rentals, Inc.*		9,371		879,281
Watsco, Inc.		199		20,479
			$	3,176,353
TOTAL INDUSTRIALS			$	22,018,244
INFORMATION TECHNOLOGY – 19.3%
COMMUNICATIONS EQUIPMENT – 1.6%
Alliance Fiber Optic Products, Inc.#		2,808		53,970
ARRIS Group, Inc.*		17,774		463,724
CalAmp Corp.*		13,625		241,844
InterDigital, Inc.		4,134		143,532
Ixia*		7,086		88,008
Tessco Technologies, Inc.		11,619		382,149
			$	1,373,227
COMPUTERS & PERIPHERALS – 0.6%
3D Systems Corp.#,*		6,075		287,590
Cray, Inc.*		8,509		244,293
			$	531,883
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.3%
Anixter International, Inc.*		7,015		687,330
Methode Electronics, Inc.		14,583		404,532
			$	1,091,862
INTERNET SOFTWARE & SERVICES – 3.7%
Blucora, Inc.*		3,935		75,749
Conversant, Inc.*		24,353		595,187
CoStar Group, Inc.*		3,419		550,083
LivePerson, Inc.*		5,338		52,846
OpenTable, Inc.*		2,893		194,294
Perficient, Inc.*		10,774		196,841
Spark Networks, Inc.#,*		12,396		56,154
SPS Commerce, Inc.*		3,046		157,783
Stamps.com, Inc.*		11,311		392,605
support.com, Inc.*		21,762		53,752
TechTarget, Inc.*		9,995		64,168
Textura Corp.#,*		22,476		400,298
Web.com Group, Inc.*		11,273		346,194
			$	3,135,954
IT SERVICES – 6.2%
Cardtronics, Inc.*		14,171		474,445
Computer Task Group, Inc.		12,064		190,732
CSG Systems International, Inc.		15,862		418,122

Description	Number of Shares		Value
Hackett Group, Inc.		19,018	$	114,108
Heartland Payment Systems, Inc.		8,809		360,640
iGATE Corp.*		26,580		972,828
Jack Henry & Associates, Inc.		8,845		487,890
Lionbridge Technologies, Inc.*		26,082		153,362
MAXIMUS, Inc.		19,852		845,100
MoneyGram International, Inc.*		30,176		398,323
ServiceSource International, Inc.*		30,656		191,293
TeleTech Holdings, Inc.*		5,183		125,066
Unisys Corp.*		16,870		411,122
WEX, Inc.*		1,311		125,817
			$	5,268,848
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.8%
Ambarella, Inc.#,*		7,240		179,914
Integrated Device Technology, Inc.*		8,250		96,277
Microsemi Corp.*		3,248		76,393
SunEdison, Inc.*		13,210		254,028
SunPower Corp.#,*		2,770		92,573
TriQuint Semiconductor, Inc.*		1,380		19,568
			$	718,753
SOFTWARE – 5.1%
ACI Worldwide, Inc.*		2,598		148,476
American Software, Inc.		6,969		67,181
ANSYS, Inc.*		2,716		207,258
Aspen Technology, Inc.*		3,615		155,409
Blackbaud, Inc.		5,779		175,971
CommVault Systems, Inc.*		1,755		84,942
Concur Technologies, Inc.*		4,015		323,087
Digimarc Corp.		3,345		110,452
Ebix, Inc.#		1,068		16,853
Fair Isaac Corp.		2,126		121,607
Glu Mobile, Inc.#,*		17,059		68,236
Manhattan Associates, Inc.*		31,588		995,970
Mentor Graphics Corp.		10,747		222,463
PROS Holdings, Inc.*		5,835		159,879
PTC, Inc.*		7,558		267,326
QLIK Technologies, Inc.*		9,902		217,646
Silver Spring Networks, Inc.*		9,947		149,006
Solera Holdings, Inc.		3,248		210,405
Symantec Corp.		14,076		285,461
Ultimate Software Group, Inc.*		3,111		372,169
VirnetX Holding Corp.#,*		1,195		18,821
			$	4,378,618
TOTAL INFORMATION TECHNOLOGY			$	16,499,145

ANNUAL REPORT / April 30, 2014

51    PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
MATERIALS – 5.0%
CHEMICALS – 3.1%
American Vanguard Corp.		3,041	$	54,160
Chase Corp.		1,994		62,093
Chemtura Corp.*		9,890		220,547
H.B. Fuller Co.		12,674		587,186
Hawkins, Inc.		983		35,585
Koppers Holdings, Inc.		11,430		488,061
Landec Corp.*		19,753		234,271
Marrone Bio Innovations, Inc.#,*		14,869		181,104
OMNOVA Solutions, Inc.*		20,404		186,084
Quaker Chemical Corp.		6,269		466,602
Zep, Inc.		8,143		140,792
			$	2,656,485
CONSTRUCTION MATERIALS – 1.2%
Eagle Materials, Inc.		9,115		759,553
Headwaters, Inc.*		21,932		273,711
			$	1,033,264
CONTAINERS & PACKAGING – 0.2%
Myers Industries, Inc.		7,665		143,335
METALS & MINING – 0.3%
Materion Corp.		8,901		299,519
PAPER & FOREST PRODUCTS – 0.2%
Neenah Paper, Inc.		3,242		163,300
TOTAL MATERIALS			$	4,295,903
TELECOMMUNICATION SERVICES – 0.7%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.7%
Atlantic Tele-Network, Inc.		5,798		343,068
Inteliquent, Inc.		20,148		274,819
			$	617,887
TOTAL TELECOMMUNICATION SERVICES			$	617,887
UTILITIES – 0.0%**
WATER UTILITIES – 0.0%**
Cadiz, Inc.#,*		4,279		27,514
TOTAL COMMON STOCKS
(COST $59,825,355)			$	85,290,331
MONEY MARKET FUND – 0.5%
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^		423,743		423,743
TOTAL MONEY MARKET FUND
(COST $423,743)			$	423,743
WARRANT – 0.0%**
Tejon Ranch Co., Expire 8/05/14		1,341		4,559
TOTAL WARRANT
(COST $8,046)			$	4,559

Description	Number of Shares		Value
TOTAL INVESTMENTS IN SECURITIES – 100.1%
(COST $60,257,144)			$	85,718,633
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 8.9%
REPURCHASE AGREEMENTS – 8.9%
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $1,808,045, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44;total market value of $1,844,203.	$	1,808,042	$	1,808,042
Daiwa Capital Markets America, 0.07%,dated 04/30/14, due 05/01/14, repurchase price $1,808,046, collateralized by U.S. Government & Treasury Securities 1.32% to 6.50%, maturing 06/01/17 to 03/01/48;total market value of $1,844,203.		1,808,042		1,808,042
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $1,808,044, collateralized by U.S. Government Securities 0.00% to 9.38%,maturing 05/06/14 to 07/15/32; total market value of $1,844,223.		1,808,042		1,808,042
Nomura Securities International, Inc., 0.05%, dated 04/30/14, due 05/01/14,repurchase price $380,631, collateralized by U.S. Treasury Securities 0.13% to 6.13%,maturing 07/15/14 to 02/15/44; total market value of $388,242.		380,630		380,630
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $1,808,045, collateralized by U.S. Government Securities 0.25% to 6.75%,maturing 07/15/14 to 07/15/32; total market value of $1,844,209.		1,808,042		1,808,042
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $7,612,798)			$	7,612,798
TOTAL INVESTMENTS – 109.0%
(COST $67,869,942)			$	93,331,431
COLLATERAL FOR SECURITIES ON LOAN – (8.9%)				(7,612,798	)
OTHER LIABILITIES LESS ASSETS – (0.1%)				(96,736	)
TOTAL NET ASSETS – 100.0%			$	85,621,897

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    52

    Wilmington Small-Cap Growth Fund (concluded)

Cost of investments for Federal income tax purposes is $67,996,772. The net unrealized appreciation/(depreciation) of investments was $25,334,659. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $28,723,756 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,389,097.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	85,290,331	$	—	$	—	$	85,290,331
Warrant		4,559		—		—		4,559
Money Market Fund		423,743		—		—		423,743
Repurchase Agreements		—		7,612,798		—		7,612,798
Total	$	85,718,633	$	7,612,798	$	—	$	93,331,431

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

53

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Small-Cap Strategy Fund

At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):

Percentage of
Total Net Assets

Common Stocks
Information Technology	18.6%
Financials	18.3%
Industrials	15.6%
Health Care	14.7%
Consumer Discretionary	13.9%
Energy	5.4%
Materials	4.9%
Consumer Staples	4.2%
Utilities	2.4%
Equity Funds	1.0%
Telecommunication Services	0.7%
Rights	0.0%3
Warrants	0.0%3
Cash Equivalents1	12.7%
Other Assets and Liabilities – Net2	(12.4)%
TOTAL	100.0%

(1) Cash Equivalents include investment in repurchase agreements.

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

(3) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Number of Shares		Value
COMMON STOCKS – 98.7%
CONSUMER DISCRETIONARY – 13.9%
AUTO COMPONENTS – 1.1%
American Axle & Manufacturing Holdings, Inc.*		5,005	$	88,338
Cooper Tire & Rubber Co.		3,846		96,727
Dana Holding Corp.		9,120		193,070
Dorman Products, Inc.		2,882		165,859
Drew Industries, Inc.		2,314		116,440
Exide Technologies*		5,202		1,040
Federal-Mogul Corp.*		1,805		31,082
Fuel Systems Solutions, Inc.*		566		5,932
Gentherm, Inc.*		3,357		122,027
Modine Manufacturing Co.*		2,335		38,481
Remy International, Inc.		980		25,990
Spartan Motors, Inc.		2,409		12,792
Standard Motor Products, Inc.		1,330		50,527

Description	Number of Shares		Value
Stoneridge, Inc.*		2,918	$	31,193
Superior Industries International, Inc.		1,546		32,682
Tenneco, Inc.*		5,780		346,049
Tower International, Inc.*		10		278
			$	1,358,507
AUTOMOBILES – 0.0%**
Winnebago Industries, Inc.*		2,745		65,606
DISTRIBUTORS – 0.3%
Core-Mark Holding Co., Inc.		573		46,149
Pool Corp.		4,855		286,542
VOXX International Corp.*		1,868		21,949
Weyco Group, Inc.		591		14,828
			$	369,468
DIVERSIFIED CONSUMER SERVICES – 1.2%
American Public Education, Inc.*		1,815		62,799
Ascent Capital Group, Inc.*		970		66,707
Bridgepoint Education, Inc.*		722		11,444

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    54

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Bright Horizons Family Solutions, Inc.*		1,230	$	50,159
Capella Education Co.		1,125		65,655
Career Education Corp.*		3,120		22,526
Carriage Services, Inc.		1,890		30,410
Corinthian Colleges, Inc.*		7,641		8,787
Education Management Corp.#,*		650		2,580
Grand Canyon Education, Inc.*		4,634		199,818
Hillenbrand, Inc.		5,310		161,424
Houghton Mifflin Harcourt Co.*		1,750		35,752
ITT Educational Services, Inc.#,*		2,060		55,620
JTH Holding, Inc., Class A#,*		1,150		31,280
K12, Inc.#,*		2,860		67,725
LifeLock, Inc.*		5,870		92,159
Lincoln Educational Services Corp.		1,680		6,854
Matthews International Corp.		2,432		98,131
Regis Corp.		3,038		39,919
Sotheby’s		6,642		279,363
Steiner Leisure Ltd.*		925		39,932
Strayer Education, Inc.		810		34,530
Universal Technical Institute, Inc.		901		10,821
			$	1,474,395
HOTELS, RESTAURANTS & LEISURE – 3.1%
Biglari Holdings, Inc.*		96		41,186
BJ’s Restaurants, Inc.*		2,410		68,805
Bloomin’ Brands, Inc.*		5,060		107,879
Bob Evans Farms, Inc.		1,926		90,272
Boyd Gaming Corp.*		6,240		73,757
Bravo Brio Restaurant Group, Inc.*		1,030		15,419
Buffalo Wild Wings, Inc.*		1,892		276,459
Caesars Entertainment Corp.#,*		4,350		80,344
Carrols Restaurant Group, Inc.*		1,060		7,113
Cheesecake Factory, Inc.		5,446		244,471
Churchill Downs, Inc.		1,362		119,624
Chuy’s Holdings, Inc.#,*		1,950		70,102
ClubCorp Holdings, Inc.#		1,520		28,637
Cracker Barrel Old Country Store, Inc.		1,852		175,458
Del Frisco’s Restaurant Group, Inc.*		880		22,889
Denny’s Corp.#,*		10,700		72,118
Diamond Resorts International, Inc.*		920		17,213
DineEquity, Inc.		1,112		84,301
Diversified Restaurant Holdings, Inc.*		400		2,004
Einstein Noah Restaurant Group, Inc.		704		10,813
Fiesta Restaurant Group, Inc.*		2,110		77,247
Ignite Restaurant Group, Inc.#,*		1,370		19,372
International Speedway Corp.		1,620		50,933
Interval Leisure Group, Inc.		4,200		108,234
Isle of Capri Casinos, Inc.*		2,451		16,667

Description	Number of Shares		Value
Jack in the Box, Inc.*		3,926	$	210,198
Jamba, Inc.*		1,908		21,102
Krispy Kreme Doughnuts, Inc.*		5,570		97,698
Life Time Fitness, Inc.#,*		3,127		150,096
Luby’s, Inc.*		1,420		7,696
Marcus Corp.		1,777		29,729
Marriott Vacations Worldwide Corp.*		1,160		63,197
Monarch Casino & Resort, Inc.*		928		14,885
Morgans Hotel Group Co.*		943		7,073
Multimedia Games Holding Co., Inc.*		2,730		79,716
Nathan’s Famous, Inc.*		350		17,248
Noodles & Co.#,*		400		13,116
Orient-Express Hotels Ltd.*		5,710		74,801
Papa John’s International, Inc.		3,372		147,896
Pinnacle Entertainment, Inc.*		5,527		128,613
Popeyes Louisiana Kitchen, Inc.*		2,235		85,154
Red Robin Gourmet Burgers, Inc.*		1,342		91,229
Ruby Tuesday, Inc.*		4,000		30,840
Ruth’s Hospitality Group, Inc.		3,480		43,813
Ryman Hospitality Properties, Inc.#		4,042		184,113
Scientific Games Corp.*		3,630		43,487
Sonic Corp.*		4,705		89,583
Speedway Motorsports, Inc.		371		6,748
Texas Roadhouse, Inc.		6,805		168,356
Town Sports International Holdings, Inc.		1,160		8,132
Vail Resorts, Inc.		3,670		254,074
			$	3,949,910
HOUSEHOLD DURABLES – 1.1%
Bassett Furniture Industries, Inc.		760		10,480
Beazer Homes USA, Inc.#,*		1,608		30,488
Blyth, Inc.#		1,970		18,459
Cavco Industries, Inc.*		775		60,411
CSS Industries, Inc.		98		2,349
Ethan Allen Interiors, Inc.		2,546		61,817
EveryWare Global, Inc.#,*		2,080		5,658
Flexsteel Industries, Inc.		720		24,710
Helen of Troy Ltd.*		1,683		105,524
Hooker Furniture Corp.		770		10,664
Hovnanian Enterprises, Inc.#,*		10,983		48,984
iRobot Corp.#,*		2,590		86,765
KB Home		9,320		153,873
La-Z-Boy, Inc.		3,556		86,162
LGI Homes, Inc.*		1,620		23,846
Libbey, Inc.*		1,430		38,138
Lifetime Brands, Inc.		1,330		25,403
M/I Homes, Inc.*		1,414		31,490
MDC Holdings, Inc.#		2,590		71,484

ANNUAL REPORT / April 30, 2014

55    PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Meritage Homes Corp.*		3,592	$	138,579
NACCO Industries, Inc.		146		7,824
Ryland Group, Inc.		5,011		192,372
Skullcandy, Inc.*		760		5,852
Standard Pacific Corp.*		8,330		66,557
TRI Pointe Homes, Inc.#,*		740		11,892
UCP, Inc., Class A*		1,310		18,537
Universal Electronics, Inc.*		528		19,721
WCI Communities, Inc.#,*		1,000		19,170
William Lyon Homes*		1,600		41,760
Zagg, Inc.#,*		380		1,653
			$	1,420,622
INTERNET & CATALOG RETAIL – 0.5%
1-800-Flowers.com, Inc.*		572		3,117
Blue Nile, Inc.*		1,102		38,272
FTD Cos, Inc.*		866		26,274
HSN, Inc.		3,620		210,105
Nutrisystem, Inc.		3,709		55,635
Orbitz Worldwide, Inc.*		2,819		20,720
Overstock.com, Inc.*		1,002		16,052
PetMed Express, Inc.#		2,767		36,220
RetailMeNot, Inc.*		560		16,694
Shutterfly, Inc.*		3,452		141,290
Valuevision Media, Inc.*		3,230		15,116
Vitacost.com, Inc.*		1,410		9,405
			$	588,900
LEISURE EQUIPMENT & PRODUCTS – 0.6%
Arctic Cat, Inc.		1,320		53,975
Black Diamond, Inc.*		930		10,369
Brunswick Corp.		8,481		340,851
Callaway Golf Co.		5,171		45,039
Fox Factory Holding Corp.*		1,100		18,689
JAKKS Pacific, Inc.		2,400		21,024
Johnson Outdoors, Inc.		120		2,512
LeapFrog Enterprises, Inc.#,*		2,207		15,118
Marine Products Corp.		1,100		7,810
Nautilus, Inc.*		1,930		16,077
Smith & Wesson Holding Corp.#,*		6,687		102,645
Sturm Ruger & Co., Inc.#		1,820		117,117
			$	751,226
MEDIA – 1.1%
AH Belo Corp.		2,340		26,933
Carmike Cinemas, Inc.*		1,590		47,159
Central European Media Enterprises Ltd.*		5,680		15,563
Crown Media Holdings, Inc., Class A#,*		7,280		26,062
Cumulus Media, Inc.*		7,170		45,960

Description	Number of Shares		Value
Daily Journal Corp.#,*		130	$	22,919
Dex Media, Inc.#,*		1,070		7,843
Digital Domain Media Group, Inc.*		1,470		7
Entercom Communications Corp.*		1,600		17,280
Entravision Communications Corp.		5,010		26,603
EW Scripps Co.*		1,440		24,667
Global Sources Ltd.#,*		619		5,503
Gray Television, Inc.*		4,420		49,725
Harte-Hanks, Inc.		196		1,576
Journal Communications, Inc.*		3,160		25,343
Live Nation Entertainment, Inc.*		7,696		160,692
Martha Stewart Living Omnimedia*		1,683		6,581
McClatchy Co.*		3,460		18,961
MDC Partners, Inc.		2,835		69,231
Media General, Inc.#,*		1,500		22,980
Meredith Corp.		1,710		75,360
National CineMedia, Inc.		4,182		63,525
New York Times Co.#		7,700		123,816
Nexstar Broadcasting Group, Inc.#		2,700		107,595
ReachLocal, Inc.#,*		260		2,600
Reading International, Inc.*		1,510		10,691
Rentrak Corp.*		800		45,592
Saga Communications, Inc.		230		10,189
Salem Communications Corp., Class A		2,100		18,501
Scholastic Corp.		1,556		51,208
Shutterstock, Inc.*		570		41,331
Sinclair Broadcast Group, Inc.#		6,988		186,789
Sizmek, Inc.*		687		6,581
World Wrestling Entertainment, Inc.#		1,017		19,832
			$	1,385,198
MULTILINE RETAIL – 0.1%
Bon-Ton Stores, Inc.#		990		10,890
Burlington Stores, Inc.*		1,130		29,369
Fred’s, Inc.		2,032		37,023
Gordmans Stores, Inc.*		160		718
Tuesday Morning Corp.*		2,200		30,756
			$	108,756
SPECIALTY RETAIL – 3.4%
Aeropostale, Inc.#,*		7,650		38,020
America’s Car-Mart, Inc.*		830		29,996
ANN, Inc.*		4,970		194,774
Asbury Automotive Group, Inc.*		3,024		186,702
Barnes & Noble, Inc.*		2,460		40,344
bebe stores, Inc.		2,446		12,352
Big 5 Sporting Goods Corp.		1,902		23,223
Body Central Corp.*		1,760		1,830
Brown Shoe Co., Inc.		3,535		83,391

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    56

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Buckle, Inc.#		2,275	$	106,902
Cato Corp.		1,503		42,820
Childrens Place Retail Stores, Inc.		1,918		92,064
Christopher & Banks Corp.*		2,560		15,974
Citi Trends, Inc.*		936		15,903
Conn’s, Inc.#,*		2,266		100,225
Container Store Group, Inc.#,*		1,060		29,245
Destination Maternity Corp.		830		20,468
Destination XL Group, Inc.*		2,440		13,176
Express, Inc.*		8,430		122,825
Finish Line, Inc.		4,104		112,983
Five Below, Inc.*		3,340		134,635
Francesca’s Holdings Corp.*		4,520		73,947
Genesco, Inc.*		2,391		182,601
Group 1 Automotive, Inc.		1,094		78,910
Haverty Furniture Cos., Inc.		1,437		36,701
hhgregg, Inc.#,*		715		6,163
Hibbett Sports, Inc.#,*		2,654		142,918
Jos A Bank Clothiers, Inc.*		1,750		112,962
Kirkland’s, Inc.*		1,590		27,205
Lithia Motors, Inc.		2,300		170,844
Lumber Liquidators Holdings, Inc.*		2,691		234,548
MarineMax, Inc.*		860		13,812
Mattress Firm Holding Corp.#,*		1,170		52,872
Men’s Wearhouse, Inc.		2,749		130,248
Monro Muffler Brake, Inc.		3,462		195,257
New York & Co., Inc.*		2,080		8,715
Office Depot, Inc.*		29,919		122,369
Outerwall, Inc.#,*		2,298		159,366
Pacific Sunwear of California, Inc.*		5,780		16,646
Penske Automotive Group, Inc.		3,310		151,797
Pep Boys-Manny Moe & Jack*		2,353		24,048
Pier 1 Imports, Inc.		8,760		159,958
RadioShack Corp.#,*		8,250		11,798
Rent-A-Center, Inc.		3,024		88,331
Restoration Hardware Holdings, Inc.*		1,570		97,952
Sears Hometown & Outlet Stores, Inc.*		370		8,736
Select Comfort Corp.*		4,770		87,768
Shoe Carnival, Inc.		1,233		28,162
Sonic Automotive, Inc.		2,778		67,617
Stage Stores, Inc.		2,248		43,117
Stein Mart, Inc.		1,890		23,625
Systemax, Inc.		272		4,703
Tile Shop Holdings, Inc.#,*		1,400		19,733
Tilly’s, Inc.*		710		8,023
Vitamin Shoppe, Inc.*		3,170		151,780
West Marine, Inc.*		1,550		16,585
Wet Seal, Inc.*		5,056		5,713

Description	Number of Shares		Value
Winmark Corp.		230	$	17,448
Zale Corp.*		2,200		47,058
Zumiez, Inc.*		2,103		51,418
			$	4,299,306
TEXTILES, APPAREL & LUXURY GOODS – 1.4%
American Apparel, Inc.*		8,370		5,410
Columbia Sportswear Co.		723		62,164
Crocs, Inc.*		7,590		114,837
Culp, Inc.		640		11,552
G-III Apparel Group Ltd.*		1,557		111,746
Iconix Brand Group, Inc.*		3,985		169,362
Kate Spade & Co.*		6,910		240,261
Movado Group, Inc.		1,045		41,048
Oxford Industries, Inc.		1,280		84,493
Perry Ellis International, Inc.		1,507		22,756
Quiksilver, Inc.#,*		11,440		73,445
RG Barry Corp.		990		18,097
Skechers U.S.A., Inc.*		2,603		106,697
Steven Madden Ltd.*		6,249		222,527
Tumi Holdings, Inc.#,*		5,750		117,415
Unifi, Inc.*		926		20,502
Vera Bradley, Inc.#,*		2,420		68,486
Vince Holding Corp.*		960		26,410
Wolverine World Wide, Inc.		10,152		285,271
			$	1,802,479
TOTAL CONSUMER DISCRETIONARY			$	17,574,373
CONSUMER STAPLES – 4.2%
BEVERAGES – 0.2%
Boston Beer Co., Inc.#,*		765		188,221
Coca-Cola Bottling Co. Consolidated		261		21,462
Craft Brew Alliance, Inc.*		1,300		19,461
National Beverage Corp.*		1,740		33,547
			$	262,691
FOOD & STAPLES RETAILING – 1.4%
Andersons, Inc.		1,492		92,937
Casey’s General Stores, Inc.		3,836		263,380
Chefs’ Warehouse, Inc.#,*		1,570		31,541
Fairway Group Holdings Corp.#,*		940		6,514
Ingles Markets, Inc.		1,040		23,910
Natural Grocers by Vitamin Cottage, Inc.*		510		18,156
Pantry, Inc.*		1,760		26,470
Pricesmart, Inc.		1,966		188,815
Rite Aid Corp.*		59,430		433,839
Roundy’s, Inc.		2,010		13,608
Spartan Stores, Inc.		1,934		41,658

ANNUAL REPORT / April 30, 2014

57    PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
SUPERVALU, Inc.*		15,800	$	110,442
Susser Holdings Corp.#,*		1,711		132,397
United Natural Foods, Inc.*		5,117		353,227
Village Super Market, Inc.		650		15,724
Weis Markets, Inc.		990		45,629
			$	1,798,247
FOOD PRODUCTS – 1.8%
Alico, Inc.		260		9,079
Annie’s, Inc.#,*		1,560		50,716
B&G Foods, Inc.		5,436		178,301
Boulder Brands, Inc.*		6,229		91,940
Calavo Growers, Inc.		927		28,820
Cal-Maine Foods, Inc.		1,422		84,794
Chiquita Brands International, Inc.*		3,621		41,569
Darling International, Inc.*		9,907		198,239
Diamond Foods, Inc.*		1,065		32,557
Farmer Bros Co.*		388		7,647
Fresh Del Monte Produce, Inc.		1,939		56,018
Griffin Land & Nurseries, Inc.		246		7,183
Hain Celestial Group, Inc.*		3,913		336,596
Inventure Foods, Inc.*		1,690		20,314
J&J Snack Foods Corp.		1,484		138,902
John B Sanfilippo & Son, Inc.		590		13,600
Lancaster Colony Corp.		1,712		162,435
Lifeway Foods, Inc.		1,310		19,663
Limoneira Co.		910		20,903
Omega Protein Corp.*		450		5,112
Pilgrim’s Pride Corp.*		5,910		129,193
Post Holdings, Inc.*		1,670		87,274
Sanderson Farms, Inc.		2,471		203,289
Seneca Foods Corp.*		420		11,928
Snyders-Lance, Inc.		3,191		84,753
Tootsie Roll Industries, Inc.#		1,578		44,484
TreeHouse Foods, Inc.*		3,162		236,644
			$	2,301,953
HOUSEHOLD PRODUCTS – 0.3%
Central Garden & Pet Co.*		4,214		34,850
Harbinger Group, Inc.*		2,990		34,863
Oil-Dri Corp. of America		160		5,362
Orchids Paper Products Co.		480		12,898
Spectrum Brands Holdings, Inc.		2,020		155,197
WD-40 Co.		1,544		112,465
			$	355,635
PERSONAL PRODUCTS – 0.4%
Elizabeth Arden, Inc.*		2,177		79,983
Female Health Co.#		3,250		24,570
Inter Parfums, Inc.		1,578		57,739

Description	Number of Shares		Value
Lifevantage Corp.*		14,420	$	19,900
Medifast, Inc.*		1,080		34,182
Nature’s Sunshine Products, Inc.		500		6,680
Nutraceutical International Corp.		460		11,463
Prestige Brands Holdings, Inc.*		5,417		181,578
Revlon, Inc.#,*		780		23,509
Synutra International, Inc.*		869		4,849
USANA Health Sciences, Inc.#,*		435		29,519
			$	473,972
TOBACCO – 0.1%
Alliance One International, Inc.*		2,000		5,140
Star Scientific, Inc.*		13,109		8,598
Universal Corp.#		1,312		71,596
Vector Group Ltd.#		4,380		93,294
			$	178,628
TOTAL CONSUMER STAPLES			$	5,371,126
ENERGY – 5.4%
ENERGY EQUIPMENT & SERVICES – 1.6%
Advanced Emissions Solutions, Inc.*		2,220		50,905
Basic Energy Services, Inc.*		2,022		53,421
Bolt Technology Corp.		800		13,504
Bristow Group, Inc.		2,181		167,501
C&J Energy Services, Inc.*		2,980		89,579
Cal Dive International, Inc.*		3,789		5,608
CARBO Ceramics, Inc.#		1,600		223,856
Dawson Geophysical Co.		773		21,845
Era Group, Inc.*		660		18,843
Exterran Holdings, Inc.		3,400		146,268
Forum Energy Technologies, Inc.*		2,950		88,087
Geospace Technologies Corp.*		1,152		66,966
Global Geophysical Services, Inc.*		490		40
Gulf Island Fabrication, Inc.		1,223		24,533
Gulfmark Offshore, Inc.		1,641		73,861
Helix Energy Solutions Group, Inc.*		5,440		130,778
Hercules Offshore, Inc.*		10,030		44,834
Hornbeck Offshore Services, Inc.*		1,908		79,048
ION Geophysical Corp.*		9,327		41,039
Key Energy Services, Inc.*		8,600		86,344
Matrix Service Co.*		1,613		49,955
Mitcham Industries, Inc.*		1,210		16,698
Natural Gas Services Group, Inc.*		704		21,606
Newpark Resources, Inc.*		6,822		82,137
Nuverra Environmental Solutions, Inc.#,*		820		13,948
Parker Drilling Co.*		5,634		37,353
PHI, Inc.*		935		41,888

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    58

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Pioneer Energy Services Corp.*		1,968	$	29,461
RigNet, Inc.*		980		45,825
SEACOR Holdings, Inc.		1,270		105,905
T.G.C. Industries, Inc.		1,260		6,376
Tesco Corp.*		2,340		46,800
TETRA Technologies, Inc.*		3,620		45,250
Vantage Drilling Co.*		7,760		12,959
Willbros Group, Inc.*		1,478		16,421
			$	1,999,442
OIL, GAS & CONSUMABLE FUELS – 3.8%
Abraxas Petroleum Corp.*		3,980		21,731
Adams Resources & Energy, Inc.		90		6,485
Alon USA Energy, Inc.		374		6,092
Alpha Natural Resources, Inc.#,*		12,030		51,729
Amyris, Inc.#,*		990		3,485
Apco Oil & Gas International, Inc.*		480		6,710
Approach Resources, Inc.#,*		2,950		61,212
Arch Coal, Inc.#		10,300		47,174
Athlon Energy, Inc.*		1,020		41,218
ATP Oil & Gas Corp.*		2,852		48
Bill Barrett Corp.*		3,095		73,290
Bonanza Creek Energy, Inc.*		3,020		146,832
BPZ Resources, Inc.*		3,943		10,646
Callon Petroleum Co.*		2,980		27,356
Carrizo Oil & Gas, Inc.*		3,806		209,406
Clayton Williams Energy, Inc.*		313		45,222
Clean Energy Fuels Corp.#,*		6,949		61,499
Cloud Peak Energy, Inc.*		3,370		66,355
Comstock Resources, Inc.		3,070		85,346
Contango Oil & Gas Co.		708		34,012
Delek US Holdings, Inc.		3,312		105,951
Diamondback Energy, Inc.*		1,870		134,528
Emerald Oil, Inc.*		2,347		16,593
Endeavour International Corp.#,*		2,243		7,716
Energy XXI (Bermuda) Ltd.		3,980		95,241
EPL Oil & Gas, Inc.*		2,170		84,934
Equal Energy Ltd.#		4,100		18,573
Evolution Petroleum Corp.		1,160		13,688
EXCO Resources, Inc.#		13,787		87,547
Forest Oil Corp.*		6,920		12,871
Frontline Ltd.#,*		2,000		6,800
FX Energy, Inc.*		6,870		38,815
GasLog Ltd.		1,170		31,333
Gastar Exploration, Inc.*		5,520		36,598
Goodrich Petroleum Corp.#,*		2,905		73,061
Green Plains Renewable Energy, Inc.		970		29,003
Halcon Resources Corp.#,*		14,321		79,052

Description	Number of Shares		Value
Hallador Energy Co.		1,410	$	12,916
Isramco, Inc.*		40		5,200
Jones Energy, Inc., Class A*		1,190		18,409
KiOR, Inc.*		1,360		830
Knightsbridge Tankers Ltd.		2,663		31,823
Kodiak Oil & Gas Corp.*		25,200		320,292
L&L Energy, Inc.#,*		4,530		2,945
LinnCo LLC		2		55
Magnum Hunter Resources Corp.*		12,220		103,870
Matador Resources Co.*		2,910		83,575
Midstates Petroleum Co., Inc.#,*		1,460		8,614
Miller Energy Resources, Inc.#,*		1,970		9,495
Nordic American Tankers Ltd.#		5,418		46,757
Northern Oil & Gas, Inc.#,*		4,280		66,040
Panhandle Oil & Gas, Inc.		586		25,696
PDC Energy, Inc.*		1,979		126,003
Penn Virginia Corp.*		3,904		64,963
PetroQuest Energy, Inc.*		5,960		35,879
Quicksilver Resources, Inc.#,*		7,430		24,222
Renewable Energy Group, Inc.*		720		8,474
Rentech, Inc.		17,580		37,270
Resolute Energy Corp.*		3,090		23,175
REX American Resources Corp.*		200		13,072
Rex Energy Corp.*		4,275		90,032
Rosetta Resources, Inc.*		6,248		295,780
RSP Permian, Inc.*		1,230		34,871
Sanchez Energy Corp.#,*		2,230		63,064
Scorpio Tankers, Inc.		9,070		81,721
SemGroup Corp.		4,210		268,935
Ship Finance International Ltd.		3,503		61,758
Solazyme, Inc.#,*		5,730		61,655
Stone Energy Corp.*		2,964		145,384
Swift Energy Co.#,*		1,270		15,659
Synergy Resources Corp.*		5,620		65,417
Targa Resources Corp.		3,480		375,805
Teekay Tankers Ltd.#		6,988		24,388
Triangle Petroleum Corp.*		4,250		40,885
Uranium Energy Corp.*		3,940		4,216
Ur-Energy, Inc.*		12,900		15,480
Vaalco Energy, Inc.*		4,677		43,122
W&T Offshore, Inc.		1,960		37,632
Warren Resources, Inc.*		2,930		14,855
Western Refining, Inc.#		4,315		187,703
Westmoreland Coal Co.*		140		4,145
			$	4,880,234
TOTAL ENERGY			$	6,879,676

ANNUAL REPORT / April 30, 2014

59    PORTFOLIOS OF INVESTMENTS

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
FINANCIALS – 18.3%
CAPITAL MARKETS – 2.4%
Apollo Investment Corp.		11,982	$	95,736
Arlington Asset Investment Corp.		670		17,721
BGC Partners, Inc.		11,960		85,753
BlackRock Kelso Capital Corp.#		5,140		46,671
Calamos Asset Management, Inc.		1,585		19,305
Capital Southwest Corp.		1,048		36,785
CIFC Corp.		1,380		10,640
Cohen & Steers, Inc.#		1,973		79,926
Cowen Group, Inc.*		5,765		23,694
Diamond Hill Investment Group, Inc.		360		42,739
Evercore Partners, Inc.		3,443		183,959
FBR & Co.*		557		14,371
Fidus Investment Corp.#		570		10,442
Fifth Street Finance Corp.		6,576		61,223
Financial Engines, Inc.		4,900		216,825
FXCM, Inc.		4,390		67,957
GAMCO Investors, Inc.		462		35,080
Garrison Capital, Inc.#		10		141
GFI Group, Inc.		6,051		22,510
Gladstone Capital Corp.#		1,822		17,619
Gladstone Investment Corp.		1,367		10,745
Golub Capital BDC, Inc.#		1,500		25,080
Greenhill & Co., Inc.		3,150		157,972
GSV Capital Corp.#,*		1,170		10,273
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,350		17,847
Hercules Technology Growth Capital, Inc.#		3,627		49,617
HFF, Inc.		3,580		121,720
Horizon Technology Finance Corp.#		850		11,135
ICG Group, Inc.*		1,924		39,211
INTL. FCStone, Inc.*		766		14,493
Investment Technology Group, Inc.*		1,950		40,248
Janus Capital Group, Inc.#		8,430		102,256
JMP Group, Inc.		590		4,077
KCAP Financial, Inc.#		1,700		13,549
KCG Holdings, Inc.		5,460		54,327
Ladenburg Thalmann Financial Services, Inc.*		8,830		24,106
Main Street Capital Corp.#		1,895		59,579
Manning & Napier, Inc.		1,080		17,950
MCG Capital Corp.		4,950		16,632
Medallion Financial Corp.		1,311		17,830
Medley Capital Corp.#		2,080		27,123
MVC Capital, Inc.		734		9,571
New Mountain Finance Corp.		2,660		38,065

Description	Number of Shares		Value
NGP Capital Resources Co.		3,107	$	21,159
Oppenheimer Holdings, Inc.		850		21,641
PennantPark Floating Rate Capital Ltd.#		1,240		17,236
PennantPark Investment Corp.		4,550		48,685
Piper Jaffray Cos.*		890		39,035
Prospect Capital Corp.#		16,809		181,705
Pzena Investment Management, Inc.		715		7,772
Safeguard Scientifics, Inc.*		1,135		23,846
Silvercrest Asset Management Group, Inc.		1,600		27,840
Solar Capital Ltd.		2,370		51,903
Solar Senior Capital Ltd.#		790		13,075
Stellus Capital Investment Corp.#		1,110		14,930
Stifel Financial Corp.*		3,596		168,185
SWS Group, Inc.*		1,777		13,168
TCP Capital Corp.		1,890		30,599
Teton Advisors, Inc.††		10		350
THL Credit, Inc.		800		10,744
TICC Capital Corp.		1,229		11,835
Triangle Capital Corp.#		1,406		36,654
Virtus Investment Partners, Inc.*		743		137,448
Walter Investment Management Corp.#,*		1,792		47,631
Westwood Holdings Group, Inc.		880		51,190
WhiteHorse Finance, Inc.		910		12,412
WisdomTree Investments, Inc.#,*		10,840		122,384
			$	3,083,930
COMMERCIAL BANKS – 5.1%
1st Source Corp.		1,188		35,034
1st United Bancorp, Inc.		740		5,417
Access National Corp.		1,910		28,172
American National Bankshares, Inc.		490		10,442
Ameris Bancorp*		1,760		37,435
Ames National Corp.#		761		16,613
Arrow Financial Corp.		942		23,578
Bancfirst Corp.		444		25,845
Banco Latinoamericano de Comercio Exterior SA		1,974		50,771
Bancorp, Inc.*		1,540		24,363
BancorpSouth, Inc.		5,180		121,005
Bank of Kentucky Financial Corp.		370		12,769
Bank of Marin Bancorp		310		14,077
Bank of the Ozarks, Inc.		3,132		187,607
Banner Corp.		880		34,795
Bar Harbor Bankshares		400		15,032
BBCN Bancorp, Inc.		4,411		67,974
BNC Bancorp#		1,190		19,397
Boston Private Financial Holdings, Inc.		4,698		58,772
Bridge Bancorp, Inc.		600		14,592
Bridge Capital Holdings*		300		6,720

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    60

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Bryn Mawr Bank Corp.		475	$	12,958
C&F Financial Corp.#		250		7,812
Camden National Corp.		713		27,215
Capital Bank Financial Corp.*		1,750		41,737
Capital City Bank Group, Inc.		951		13,219
Cardinal Financial Corp.		1,330		22,344
Cathay General Bancorp		4,422		104,359
Center Bancorp, Inc.		1,220		22,582
Centerstate Banks, Inc.		746		8,184
Central Pacific Financial Corp.		560		10,511
Century Bancorp, Inc.		410		13,735
Chemical Financial Corp.		1,738		48,786
Chemung Financial Corp.#		490		14,009
Citizens & Northern Corp.		831		15,573
City Holding Co.#		762		32,758
CNB Financial Corp.		910		15,033
CoBiz Financial, Inc.		1,980		19,879
Columbia Banking System, Inc.		3,259		80,888
Community Bank System, Inc.		2,114		78,620
Community Trust Bancorp, Inc.		928		34,215
CommunityOne Bancorp#,*		780		7,605
CU BanCorp.*		940		17,061
Customers Bancorp, Inc.*		1,370		30,181
CVB Financial Corp.		4,664		67,441
Eagle Bancorp, Inc.*		1,474		49,217
Enterprise Bancorp, Inc.		60		1,096
Enterprise Financial Services Corp.		1,260		22,516
Farmers Capital Bank Corp.*		630		13,161
Fidelity Southern Corp.		978		12,919
Financial Institutions, Inc.		873		20,210
First BanCorp*		4,230		21,742
First Bancorp		1,095		18,845
First Bancorp, Inc.		439		6,993
First Busey Corp.		4,391		24,150
First Commonwealth Financial Corp.		5,576		47,898
First Community Bancshares, Inc.		1,301		19,268
First Connecticut Bancorp, Inc.		1,340		21,239
First Financial Bancorp		3,455		55,936
First Financial Bankshares, Inc.#		2,941		173,666
First Financial Corp.		935		29,929
First Financial Holdings, Inc.		1,128		64,826
First Interstate Bancsystem, Inc.		1,240		30,864
First Merchants Corp.		1,795		38,090
First Midwest Bancorp, Inc.		4,151		67,952
First of Long Island Corp.		220		7,979
First Security Group Inc.*		7,590		14,421
FirstMerit Corp.		8,942		173,385
FNB Corp.		8,196		101,958

Description	Number of Shares		Value
German American Bancorp, Inc.		400	$	10,416
Glacier Bancorp, Inc.		3,901		100,100
Great Southern Bancorp, Inc.		490		14,048
Guaranty Bancorp		1,244		15,662
Hancock Holding Co.		5,458		184,098
Hanmi Financial Corp.		1,510		32,118
Heartland Financial USA, Inc.		1,203		29,233
Heritage Commerce Corp.		2,150		17,458
Heritage Financial Corp.		820		13,251
Heritage Oaks Bancorp*		2,670		19,785
Home BancShares, Inc.		3,064		97,159
HomeTrust Bancshares, Inc.*		1,540		23,516
Horizon Bancorp		580		11,594
Hudson Valley Holding Corp.		1,112		20,416
Iberiabank Corp.		1,954		122,907
Independent Bank Corp.		906		33,631
Independent Bank Group, Inc.		550		27,065
International Bancshares Corp.		3,072		70,533
Intervest Bancshares Corp.*		50		378
Investors Bancorp, Inc.		3,168		84,681
Lakeland Bancorp, Inc.		1,142		11,922
Lakeland Financial Corp.		1,015		37,149
LCNB Corp.#		780		12,480
Macatawa Bank Corp.#		3,050		14,854
MainSource Financial Group, Inc.		1,360		22,481
MB Financial, Inc.		2,925		78,507
Mercantile Bank Corp.		620		12,096
Merchants Bancshares, Inc.		290		8,430
Metro Bancorp, Inc.*		572		11,680
Middleburg Financial Corp.		690		11,958
MidSouth Bancorp, Inc.		820		13,710
MidWestOne Financial Group, Inc.		480		11,822
National Bank Holdings Corp.		1,130		21,651
National Bankshares, Inc.#		200		6,516
National Penn Bancshares, Inc.		6,541		63,906
NBT Bancorp, Inc.		2,230		50,510
NewBridge Bancorp*		2,720		20,917
Northrim BanCorp, Inc.		580		13,914
OFG Bancorp		1,954		33,335
Old National Bancorp		4,881		68,920
OmniAmerican Bancorp, Inc.		740		18,396
Pacific Continental Corp.		1,340		17,661
Pacific Premier Bancorp, Inc.*		1,340		18,291
PacWest Bancorp		2,396		94,331
Park National Corp.#		578		41,917
Park Sterling Corp.		3,640		23,769
Peapack Gladstone Financial Corp.		1,195		22,717
Penns Woods Bancorp, Inc.		160		7,040

ANNUAL REPORT / April 30, 2014

61    PORTFOLIOS OF INVESTMENTS

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Peoples Bancorp, Inc.		596	$	15,538
Pinnacle Financial Partners, Inc.		2,381		82,311
Preferred Bank*		650		13,943
PrivateBancorp, Inc.		3,570		98,425
Prosperity Bancshares, Inc.		3,005		177,295
Renasant Corp.		2,082		56,672
Republic Bancorp, Inc.		827		19,856
S&T Bancorp, Inc.		1,220		28,377
Sandy Spring Bancorp, Inc.		1,397		33,598
Seacoast Banking Corp. of Florida*		1,472		15,603
Sierra Bancorp		516		8,055
Simmons First National Corp.		856		30,953
Southside Bancshares, Inc.#		957		26,382
Southwest Bancorp, Inc.		1,132		18,904
State Bank Financial Corp.		2,320		38,466
Sterling Bancorp/de		3,654		43,702
Stock Yards Bancorp, Inc.		530		15,624
Suffolk Bancorp*		854		18,728
Sun Bancorp, Inc.*		1,460		5,548
Susquehanna Bancshares, Inc.		8,442		87,459
Taylor Capital Group, Inc.*		680		14,477
Texas Capital Bancshares, Inc.*		2,238		125,753
Tompkins Financial Corp.		710		33,469
TowneBank		31		478
Trico Bancshares		1,093		26,505
Trustmark Corp.		3,328		76,111
UMB Financial Corp.		1,904		111,784
Umpqua Holdings Corp.		9,798		162,941
Union Bankshares Corp.#		1,955		50,028
United Bankshares, Inc.		3,555		103,984
United Community Banks, Inc.*		2,044		33,011
Univest Corp. of Pennsylvania		853		16,813
Washington Banking Co.		920		15,824
Washington Trust Bancorp, Inc.		576		19,699
Webster Financial Corp.		4,710		141,959
WesBanco, Inc.		1,416		42,820
West Bancorporation, Inc.		1,097		15,917
Westamerica Bancorporation#		1,823		92,645
Western Alliance Bancorp*		4,691		108,221
Wilshire Bancorp, Inc.		3,780		37,800
Wintrust Financial Corp.		2,033		91,119
Yadkin Financial Corp.*		1,060		20,299
			$	6,471,400
CONSUMER FINANCE – 0.5%
Cash America International, Inc.		1,686		73,425
Consumer Portfolio Services, Inc.*		20		140
Credit Acceptance Corp.*		668		87,855

Description	Number of Shares		Value
DFC Global Corp.*		3,338	$	31,110
Ezcorp, Inc.*		3,449		35,973
First Cash Financial Services, Inc.*		2,679		130,655
First Marblehead Corp.*		508		2,672
Green Dot Corp.*		1,290		22,407
Imperial Holdings, Inc.#,*		2,330		15,588
JGWPT Holdings, Inc.*		1,580		22,389
Nelnet, Inc.		1,152		48,684
Nicholas Financial, Inc.		1,080		16,978
Regional Management Corp.*		650		9,971
Springleaf Holdings, Inc.*		1,000		22,980
World Acceptance Corp.#,*		944		68,534
			$	589,361
DIVERSIFIED FINANCIAL SERVICES – 0.3%
California First National Bancorp		150		2,224
Gain Capital Holdings, Inc.		1,370		13,837
MarketAxess Holdings, Inc.		3,407		183,569
Marlin Business Services Corp.		480		8,242
NewStar Financial, Inc.*		1,174		13,407
PHH Corp.*		3,347		79,558
PICO Holdings, Inc.*		1,290		29,993
Resource America, Inc.		1,290		10,978
			$	341,808
INSURANCE – 1.8%
Ambac Financial Group, Inc.*		2,410		72,734
American Equity Investment Life Holding Co.		3,553		82,856
AMERISAFE, Inc.		1,082		46,147
Amtrust Financial Services, Inc.#		2,682		103,713
Argo Group International Holdings Ltd.		1,443		64,098
Baldwin & Lyons, Inc.		402		10,456
Citizens, Inc.#,*		1,867		12,266
CNO Financial Group, Inc.		11,480		198,030
Crawford & Co.		1,767		20,179
Donegal Group, Inc.		940		13,874
eHealth, Inc.*		1,804		75,570
EMC Insurance Group, Inc.		510		16,825
Employers Holdings, Inc.		2,527		51,424
Enstar Group Ltd.*		729		94,114
FBL Financial Group, Inc.		553		24,725
First American Financial Corp.		6,600		175,560
Global Indemnity PLC*		524		14,043
Greenlight Capital Re Ltd.*		1,520		48,382
Hallmark Financial Services*		1,837		15,431
HCI Group, Inc.		970		37,520
Health Insurance Innovations, Inc. #,*		1,970		19,877
Hilltop Holdings, Inc.*		3,151		70,393
Horace Mann Educators Corp.		2,174		65,372

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    62

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Independence Holding Co.		400	$	5,224
Infinity Property & Casualty Corp.		698		44,791
Investors Title Co.		10		708
Kansas City Life Insurance Co.		370		15,385
Maiden Holdings Ltd.		2,512		29,642
Meadowbrook Insurance Group, Inc.		4,025		22,540
Montpelier Re Holdings Ltd.		1,944		59,448
National Interstate Corp.		519		14,542
National Western Life Insurance Co.		165		38,486
Navigators Group, Inc.*		716		40,791
OneBeacon Insurance Group Ltd.		2,090		32,270
Phoenix Cos., Inc.*		421		18,532
Platinum Underwriters Holdings Ltd.		1,470		92,184
Primerica, Inc.		3,350		153,732
RLI Corp.		2,132		91,804
Safety Insurance Group, Inc.		654		35,126
Selective Insurance Group, Inc.		2,953		67,742
State Auto Financial Corp.		638		13,053
Stewart Information Services Corp.		969		29,555
Symetra Financial Corp.		4,820		99,581
Third Point Reinsurance Ltd.*		1,370		21,427
Tower Group International Ltd.		4,920		12,103
United Fire Group, Inc.		1,365		37,974
Universal Insurance Holdings, Inc.		2,460		35,990
			$	2,346,219
REAL ESTATE INVESTMENT TRUSTS – 6.4%
Acadia Realty Trust		3,455		93,734
AG Mortgage Investment Trust, Inc.		520		9,199
Agree Realty Corp.		979		29,243
Alexander’s, Inc.		236		81,599
Altisource Residential Corp.		2,590		72,831
American Assets Trust, Inc.		1,750		59,412
American Capital Mortgage Investment Corp.		2,930		58,014
American Realty Capital Properties, Inc.		17,740		232,217
American Residential Properties, Inc.#,*		980		17,611
AmREIT, Inc.		1,750		29,155
Anworth Mortgage Asset Corp.		6,881		37,157
Apollo Commercial Real Estate Finance, Inc.		640		10,886
Apollo Residential Mortgage, Inc.		1,530		24,709
Ares Commercial Real Estate Corp.		1,830		23,351
Armada Hoffler Properties, Inc.		1,420		13,746
ARMOUR Residential REIT, Inc.		22,340		94,722
Ashford Hospitality Prime, Inc.		882		13,530
Ashford Hospitality Trust, Inc.		4,410		45,247
Associated Estates Realty Corp.		3,474		58,294
Aviv REIT, Inc.		800		21,112
Campus Crest Communities, Inc.		2,970		25,572

Description	Number of Shares		Value
Capstead Mortgage Corp.		4,690	$	59,938
Cedar Realty Trust, Inc.		3,966		24,550
Chambers Street Properties		14,310		111,475
Chatham Lodging Trust		1,140		23,176
Chesapeake Lodging Trust		2,380		64,236
Colony Financial, Inc.		3,330		72,427
Coresite Realty Corp.		1,940		59,015
Cousins Properties, Inc.		8,677		100,914
CubeSmart		7,054		131,204
CYS Investments, Inc.		9,360		80,496
DCT Industrial Trust, Inc.		15,705		122,813
DiamondRock Hospitality Co.		10,947		134,320
DuPont Fabros Technology, Inc.		4,445		107,702
Dynex Capital, Inc.		3,960		33,977
EastGroup Properties, Inc.		2,924		184,943
Education Realty Trust, Inc.		6,421		65,494
Ellington Residential Mortgage REIT#		1,030		16,830
Empire State Realty Trust, Inc.		5,130		78,489
EPR Properties		2,999		160,776
Equity One, Inc.		3,762		84,758
Excel Trust, Inc.		3,390		42,782
FelCor Lodging Trust, Inc.		8,240		76,055
First Industrial Realty Trust, Inc.		5,582		102,541
First Potomac Realty Trust		4,184		54,518
Franklin Street Properties Corp.		5,247		63,908
Getty Realty Corp.		1,437		27,188
Gladstone Commercial Corp.		1,150		20,286
Glimcher Realty Trust		12,345		125,796
Government Properties Income Trust		2,320		59,044
Gramercy Property Trust, Inc.#		2,850		14,877
Healthcare Realty Trust, Inc.		6,906		173,686
Hersha Hospitality Trust		12,978		75,402
Highwoods Properties, Inc.		6,185		249,565
Hudson Pacific Properties, Inc.		3,420		80,541
Inland Real Estate Corp.		7,105		74,247
Invesco Mortgage Capital, Inc.		6,580		109,689
Investors Real Estate Trust		6,057		52,817
iStar Financial, Inc.*		5,580		82,919
JAVELIN Mortgage Investment Corp.#		270		3,567
Kite Realty Group Trust		7,030		43,586
LaSalle Hotel Properties		5,841		193,220
Lexington Realty Trust		11,211		120,630
LTC Properties, Inc.		3,082		119,058
Medical Properties Trust, Inc.		9,065		122,378
Monmouth Real Estate Investment Corp.		1,802		16,921
National Health Investors, Inc.		2,854		176,063
New Residential Investment Corp.		14,390		87,779
New York Mortgage Trust, Inc.		2,900		21,373

ANNUAL REPORT / April 30, 2014

63    PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
NorthStar Realty Finance Corp.		15,760	$	252,475
One Liberty Properties, Inc.		1,180		26,113
Parkway Properties, Inc.		2,880		54,317
Pebblebrook Hotel Trust		3,080		106,075
Pennsylvania Real Estate Investment Trust		4,051		67,044
PennyMac Mortgage Investment Trust		4,230		99,151
Physicians Realty Trust		1,520		20,854
Potlatch Corp.		3,291		125,815
PS Business Parks, Inc.		1,949		167,166
QTS Realty Trust, Inc.		1,000		27,250
RAIT Financial Trust#		5,577		45,620
Ramco-Gershenson Properties Trust		3,794		62,525
Redwood Trust, Inc.#		5,539		120,750
Resource Capital Corp.		8,450		46,475
Retail Opportunity Investments Corp.		3,420		53,489
Rexford Industrial Realty, Inc.		1,380		19,624
RLJ Lodging Trust		6,730		179,489
Rouse Properties, Inc.#		1,520		25,521
Sabra Health Care REIT, Inc.		2,653		79,510
Saul Centers, Inc.		1,128		51,764
Select Income REIT		1,070		32,935
Silver Bay Realty Trust Corp.#		1,669		25,002
Sovran Self Storage, Inc.		3,307		251,001
STAG Industrial, Inc.		1,720		40,472
Strategic Hotels & Resorts, Inc.*		16,990		183,322
Summit Hotel Properties, Inc.		4,370		39,592
Sun Communities, Inc.		3,531		160,908
Sunstone Hotel Investors, Inc.		10,624		152,029
Terreno Realty Corp.		1,530		27,953
UMH Properties, Inc.		410		4,039
Universal Health Realty Income Trust		1,687		71,579
Urstadt Biddle Properties, Inc.		2,565		52,352
Washington Real Estate Investment Trust		4,632		113,299
Western Asset Mortgage Capital Corp.#		2,885		42,611
Whitestone REIT		1,480		20,764
Winthrop Realty Trust		2,820		39,198
ZAIS Financial Corp.		840		13,852
			$	8,061,245
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.4%
Alexander & Baldwin, Inc.		2,540		94,767
AV Homes, Inc.*		512		8,771
Consolidated-Tomoka Land Co.		290		11,464
Forestar Group, Inc.*		2,258		38,499
Kennedy-Wilson Holdings, Inc.		3,930		85,831
Tejon Ranch Co.*		1,398		43,352
Zillow, Inc.#,*		2,150		233,705
			$	516,389

Description	Number of Shares		Value
THRIFTS & MORTGAGE FINANCE – 1.4%
Astoria Financial Corp.		4,080	$	54,101
Banc of California, Inc.		500		6,285
Bank Mutual Corp.		3,500		21,070
BankFinancial Corp.		1,681		16,541
BBX Capital Corp.*		1,100		20,603
Beneficial Mutual Bancorp, Inc.*		3,030		39,511
Berkshire Hills Bancorp, Inc.		951		22,282
BofI Holding, Inc.*		1,300		104,793
Brookline Bancorp, Inc.		4,008		36,393
Capitol Federal Financial, Inc.		7,420		89,337
Charter Financial Corp.		1,446		15,906
Clifton Bancorp, Inc.		1,067		12,367
Dime Community Bancshares, Inc.		1,703		27,759
Doral Financial Corp.#		884		8,451
ESB Financial Corp.		1,872		23,625
ESSA Bancorp, Inc.		70		727
Essent Group Ltd.*		1,280		24,128
EverBank Financial Corp.		5,080		95,098
Federal Agricultural Mortgage Corp.		340		12,097
First Defiance Financial Corp.		550		14,861
First Financial Northwest, Inc.		990		10,098
Flagstar Bancorp, Inc.*		1,350		23,760
Flushing Financial Corp.		1,594		30,637
Fox Chase Bancorp, Inc.		980		16,346
Franklin Financial Corp.		620		12,375
Hingham Institution for Savings		230		15,987
Home Bancorp, Inc.*		710		14,377
Home Federal Bancorp, Inc.		653		9,828
Home Loan Servicing Solutions Ltd.#		3,530		78,190
HomeStreet, Inc.		280		5,085
Kearny Financial Corp.*		19		277
Meridian Interstate Bancorp, Inc.*		220		5,559
Meta Financial Group, Inc.		530		22,212
MGIC Investment Corp.*		26,655		229,233
NASB Financial, Inc.#,*		630		15,032
Northfield Bancorp, Inc.		3,745		48,573
Northwest Bancshares, Inc.		4,768		63,367
OceanFirst Financial Corp.		758		12,295
Oritani Financial Corp.		2,960		43,897
PennyMac Financial Services, Inc.		870		13,807
Provident Financial Holdings, Inc.		550		7,739
Provident Financial Services, Inc.		2,995		52,053
Radian Group, Inc.		12,186		170,360
Rockville Financial, Inc.		1,562		20,556
Territorial Bancorp, Inc.		730		14,936

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    64

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Tree.com, Inc.		700	$	20,356
TrustCo Bank Corp.		8,150		53,872
United Community Financial Corp.*		3,600		11,988
United Financial Bancorp, Inc.		1,410		24,872
ViewPoint Financial Group, Inc.		2,981		77,715
Walker & Dunlop, Inc.*		510		7,997
Westfield Financial, Inc.		714		4,891
WSFS Financial Corp.		448		30,294
			$	1,814,499
TOTAL FINANCIALS			$	23,224,851
HEALTH CARE – 14.7%
BIOTECHNOLOGY – 4.9%
ACADIA Pharmaceuticals, Inc.#,*		6,840		137,689
Acceleron Pharma, Inc.#,*		570		19,579
Achillion Pharmaceuticals, Inc.#,*		12,150		34,627
Acorda Therapeutics, Inc.*		3,723		131,980
Aegerion Pharmaceuticals, Inc.#,*		2,820		124,813
Agios Pharmaceuticals, Inc.#,*		720		30,283
Alnylam Pharmaceuticals, Inc.*		5,600		277,368
AMAG Pharmaceuticals, Inc.*		1,880		34,329
Amicus Therapeutics, Inc.*		90		200
Anacor Pharmaceuticals, Inc.*		1,690		27,834
Arena Pharmaceuticals, Inc.#,*		20,320		130,048
Arqule, Inc.*		3,040		4,925
Array BioPharma, Inc.*		12,253		48,767
AVEO Pharmaceuticals, Inc.*		1,390		1,710
Biotime, Inc.*		4,930		12,769
Bluebird Bio, Inc.#,*		1,210		23,958
Cell Therapeutics, Inc.#,*		11,400		33,630
Celldex Therapeutics, Inc.*		8,483		127,245
Cepheid, Inc.*		6,807		295,968
Chelsea Therapeutics International Ltd.*		9,820		47,922
ChemoCentryx, Inc.*		1,310		7,179
Chimerix, Inc.*		360		6,955
Clovis Oncology, Inc.*		1,610		87,053
Coronado Biosciences, Inc.#,*		1,460		2,540
Curis, Inc.*		7,270		16,430
Cytokinetics, Inc.*		2,700		12,285
Cytori Therapeutics, Inc.#,*		2,187		4,943
Dendreon Corp.#,*		13,300		34,314
Durata Therapeutics, Inc.#,*		1,920		25,997
Dyax Corp.*		12,411		82,037
Dynavax Technologies Corp.*		21,410		34,898
Emergent Biosolutions, Inc.*		2,141		56,437
Enanta Pharmaceuticals, Inc.#,*		610		22,698
Enzon Pharmaceuticals, Inc.		1,860		1,656
Epizyme, Inc.#,*		490		10,692

Description	Number of Shares		Value
Esperion Therapeutics, Inc.#,*		1,440	$	19,858
Exact Sciences Corp.#,*		7,330		87,960
Exelixis, Inc.#,*		18,302		64,789
Galena Biopharma, Inc.#,*		10,700		26,215
Genomic Health, Inc.#,*		2,150		56,416
Geron Corp.*		7,057		13,973
GTx, Inc.#,*		9,050		13,937
Halozyme Therapeutics, Inc.#,*		8,851		65,940
Harvard Apparatus Regenerative Technology, Inc.*		162		1,401
Hyperion Therapeutics, Inc.#,*		650		16,016
Idenix Pharmaceuticals, Inc.#,*		10,752		59,244
ImmunoGen, Inc.#,*		7,168		92,754
Immunomedics, Inc.#,*		5,690		23,955
Infinity Pharmaceuticals, Inc.*		4,980		48,655
Insmed, Inc.*		3,950		55,063
Insys Therapeutics, Inc.#,*		735		30,179
Intercept Pharmaceuticals, Inc.*		720		190,166
InterMune, Inc.*		9,366		300,461
Intrexon Corp.#,*		860		16,237
Ironwood Pharmaceuticals, Inc.*		9,300		102,486
Isis Pharmaceuticals, Inc.*		11,082		294,892
KaloBios Pharmaceuticals, Inc.*		5,710		12,962
Karyopharm Therapeutics, Inc.#,*		720		19,318
Keryx Biopharmaceuticals, Inc.#,*		7,910		116,831
KYTHERA Biopharmaceuticals, Inc.#,*		1,220		39,784
Lexicon Pharmaceuticals, Inc.*		26,690		41,103
Ligand Pharmaceuticals, Inc.*		1,725		108,968
MannKind Corp.#,*		14,837		97,182
MEI Pharma, Inc.#,*		2,390		18,690
Merrimack Pharmaceuticals, Inc.#,*		9,360		41,090
MiMedx Group, Inc.#,*		7,550		43,639
Momenta Pharmaceuticals, Inc.*		4,560		52,075
Nanosphere, Inc.*		8,570		14,655
Neurocrine Biosciences, Inc.*		7,737		108,473
NewLink Genetics Corp.#,*		1,400		30,800
Novavax, Inc.*		19,653		86,080
NPS Pharmaceuticals, Inc.*		8,492		226,057
OncoGenex Pharmaceutical, Inc.*		1,200		4,656
Onconova Therapeutics, Inc.#,*		1,180		6,584
Opko Health, Inc.#,*		19,530		161,513
Orexigen Therapeutics, Inc.#,*		10,575		59,432
Osiris Therapeutics, Inc.#,*		1,764		25,102
OvaScience, Inc.#,*		1,790		14,535
PDL BioPharma, Inc.#		13,936		118,317
Portola Pharmaceuticals, Inc.#,*		660		15,484
Progenics Pharmaceuticals, Inc.*		5,326		18,801

ANNUAL REPORT / April 30, 2014

65    PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Prothena Corp. PLC*		1,260	$	27,720
PTC Therapeutics, Inc.*		1,270		24,816
Puma Biotechnology, Inc.*		2,280		172,231
Raptor Pharmaceutical Corp.#,*		5,790		47,883
Receptos, Inc.*		690		23,315
Regulus Therapeutics, Inc.#,*		3,340		23,814
Repligen Corp.*		3,990		63,242
Retrophin, Inc.*		1,400		20,006
Rigel Pharmaceuticals, Inc.*		3,111		9,955
Sangamo Biosciences, Inc.#,*		6,205		85,877
Sarepta Therapeutics, Inc.#,*		3,720		138,124
SIGA Technologies, Inc.#,*		1,840		5,281
Spectrum Pharmaceuticals, Inc.*		2,850		19,580
Stemline Therapeutics, Inc.*		480		7,349
Sunesis Pharmaceuticals, Inc.#,*		4,130		21,187
Synageva BioPharma Corp.#,*		2,080		179,650
Synergy Pharmaceuticals, Inc.#,*		6,660		29,903
Synta Pharmaceuticals Corp.#,*		6,050		25,471
Targacept, Inc.*		60		266
TESARO, Inc.*		960		23,962
Tetraphase Pharmaceuticals, Inc.*		1,770		19,010
Threshold Pharmaceuticals, Inc.#,*		5,060		20,746
Trius Therapeutics CVR*,††		1,740		—
Ultragenyx Pharmaceutical, Inc.*		530		20,553
Vanda Pharmaceuticals, Inc.#,*		4,000		55,720
Verastem, Inc.#,*		1,300		10,855
Vical, Inc.*		1,980		2,237
XOMA Corp.*		7,450		33,078
ZIOPHARM Oncology, Inc.#,*		7,320		26,352
			$	6,152,669
HEALTH CARE EQUIPMENT & SUPPLIES – 3.9%
Abaxis, Inc.		2,321		94,256
ABIOMED, Inc.#,*		3,872		91,728
Accuray, Inc.#,*		8,742		73,433
Align Technology, Inc.*		7,081		356,812
Alphatec Holdings, Inc.*		8,380		11,313
Analogic Corp.		708		53,157
AngioDynamics, Inc.*		989		13,292
Anika Therapeutics, Inc.*		970		41,458
Antares Pharma, Inc.#,*		12,950		36,001
ArthroCare Corp.*		2,490		120,840
AtriCure, Inc.*		2,380		36,652
Atrion Corp.		170		49,016
Biolase, Inc.#,*		488		942
Cantel Medical Corp.		2,989		99,115
Cardiovascular Systems, Inc.*		2,040		58,650

Description	Number of Shares		Value
Cerus Corp.#,*		7,370	$	31,912
CONMED Corp.		1,943		90,019
CryoLife, Inc.		1,550		14,074
Cutera, Inc.*		3,130		32,270
Cyberonics, Inc.*		2,750		162,690
Cynosure, Inc.*		975		23,926
Derma Sciences, Inc.*		930		9,616
DexCom, Inc.*		7,423		240,802
Endologix, Inc.*		5,860		74,305
Exactech, Inc.*		622		13,821
GenMark Diagnostics, Inc.*		2,950		26,402
Globus Medical, Inc.*		5,300		129,426
Greatbatch, Inc.*		1,731		79,678
Haemonetics Corp.*		5,510		167,284
HeartWare International, Inc.#,*		1,640		139,334
ICU Medical, Inc.*		1,247		69,558
Insulet Corp.#,*		4,881		183,672
Integra LifeSciences Holdings Corp.*		1,427		65,043
Invacare Corp.		1,684		26,607
Masimo Corp.		5,531		148,010
Meridian Bioscience, Inc.		4,384		87,548
Merit Medical Systems, Inc.*		2,560		32,947
Natus Medical, Inc.*		2,423		60,163
Navidea Biopharmaceuticals, Inc.*		14,400		24,048
Neogen Corp.*		3,439		143,664
NuVasive, Inc.*		2,830		95,399
NxStage Medical, Inc.*		6,061		69,338
OraSure Technologies, Inc.*		3,017		19,761
Orthofix International NV*		1,521		45,934
Oxford Immunotec Global PLC#,*		1,180		21,122
PhotoMedex, Inc.#,*		670		10,124
Quidel Corp.*		2,907		62,355
Rockwell Medical, Inc.#,*		3,150		32,004
RTI Surgical, Inc.*		4,370		18,791
Spectranetics Corp.*		4,028		85,635
Staar Surgical Co.*		4,280		72,803
STERIS Corp.		6,260		300,793
SurModics, Inc.*		1,650		35,904
Symmetry Medical, Inc.*		3,028		25,011
Tandem Diabetes Care, Inc.*		920		16,164
TearLab Corp.#,*		3,130		13,522
Thoratec Corp.*		5,710		187,174
Tornier NV*		1,880		31,904
Unilife Corp.#,*		9,460		30,745
Utah Medical Products, Inc.		300		15,237
Vascular Solutions, Inc.*		2,120		46,449
Volcano Corp.*		5,169		90,768
West Pharmaceutical Services, Inc.		6,190		268,522

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    66

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Wright Medical Group, Inc.*		1,950	$	53,333
Zeltiq Aesthetics, Inc.*		1,960		35,848
			$	4,898,124
HEALTH CARE PROVIDERS & SERVICES – 3.0%
Acadia Healthcare Co., Inc.*		3,800		159,676
Addus HomeCare Corp.*		610		13,188
Air Methods Corp.		4,033		224,517
Almost Family, Inc.		1,148		24,648
Amedisys, Inc.*		1,516		20,663
AMN Healthcare Services, Inc.*		5,138		64,122
Amsurg Corp.*		2,510		108,708
Bio-Reference Labs, Inc.#,*		2,508		63,703
BioScrip, Inc.#,*		4,050		28,026
Capital Senior Living Corp.#,*		3,018		74,635
Centene Corp.*		5,437		361,017
Chemed Corp.		1,955		162,793
Chindex International, Inc.*		861		20,518
Corvel Corp.*		1,170		53,282
Cross Country Healthcare, Inc.*		884		6,268
Emeritus Corp.*		4,116		122,780
Ensign Group, Inc.		1,889		80,282
ExamWorks Group, Inc.*		2,960		108,928
Five Star Quality Care, Inc.*		2,940		14,200
Gentiva Health Services, Inc.*		2,977		22,417
Hanger, Inc.*		2,703		93,713
HealthSouth Corp.		8,074		279,683
Healthways, Inc.*		3,750		67,500
HMS Holdings Corp.*		9,267		149,847
IPC The Hospitalist Co., Inc.*		1,770		71,685
Kindred Healthcare, Inc.		2,485		62,374
Landauer, Inc.		1,186		51,283
LHC Group, Inc.*		547		11,367
Magellan Health Services, Inc.*		1,375		79,365
Molina Healthcare, Inc.*		2,742		102,551
MWI Veterinary Supply, Inc.*		1,340		209,898
National Healthcare Corp.		700		38,311
National Research Corp., Class A*		630		9,929
Owens & Minor, Inc.		4,206		141,069
PharMerica Corp.*		2,479		67,404
Providence Service Corp.*		1,060		43,047
Select Medical Holdings Corp.		3,720		51,931
Skilled Healthcare Group, Inc.*		649		3,349
Team Health Holdings, Inc.*		6,890		334,027
Triple-S Management Corp.*		941		14,096
U.S. Physical Therapy, Inc.		1,202		37,082
Universal American Corp.		3,043		21,818
USMD Holdings, Inc.#,*		240		3,024

Description	Number of Shares		Value
WellCare Health Plans, Inc.*		2,340	$	157,880
			$	3,836,604
HEALTH CARE TECHNOLOGY – 0.8%
athenahealth, Inc.#,*		3,590		443,868
Computer Programs & Systems, Inc.		873		55,112
HealthStream, Inc.*		1,870		42,355
MedAssets, Inc.*		5,379		122,803
Medidata Solutions, Inc.*		5,320		193,169
Merge Healthcare, Inc.*		720		1,642
Omnicell, Inc.*		3,098		82,035
Quality Systems, Inc.		3,896		57,544
Vocera Communications, Inc.*		2,700		41,175
			$	1,039,703
LIFE SCIENCES TOOLS & SERVICES – 0.5%
Accelerate Diagnostics, Inc.#,*		1,382		25,470
Affymetrix, Inc.*		3,494		25,960
Albany Molecular Research, Inc.*		1,610		25,857
Cambrex Corp.*		2,284		46,799
Fluidigm Corp.*		3,040		114,182
Furiex Pharmaceuticals, Inc.*		710		73,393
Harvard Bioscience, Inc.*		650		2,743
Luminex Corp.*		4,358		83,717
NeoGenomics, Inc.*		5,920		19,595
Pacific Biosciences of California, Inc.*		1,160		5,127
PAREXEL International Corp.*		5,649		256,182
Sequenom, Inc.#,*		5,922		16,167
			$	695,192
PHARMACEUTICALS – 1.6%
AcelRx Pharmaceuticals, Inc.#,*		1,790		19,368
Akorn, Inc.*		6,660		167,965
Ampio Pharmaceuticals, Inc.#,*		3,220		19,610
Aratana Therapeutics, Inc.#,*		1,070		14,745
Auxilium Pharmaceuticals, Inc.*		4,971		111,897
AVANIR Pharmaceuticals, Inc.*		16,460		81,971
BioDelivery Sciences International, Inc.#,*		2,450		21,829
Cempra, Inc.*		1,500		13,680
ContraVir Pharmaceuticals, Inc.#,*		656		1,227
Corcept Therapeutics, Inc.#,*		8,370		36,995
Depomed, Inc.*		5,000		70,050
Endocyte, Inc.#,*		2,480		44,913
Horizon Pharma, Inc.*		4,500		63,810
Impax Laboratories, Inc.*		3,940		103,031
Lannett Co., Inc.*		2,310		79,764
Medicines Co.*		6,499		172,873
Nektar Therapeutics*		9,672		113,839
Omeros Corp.#,*		2,690		33,302
Pacira Pharmaceuticals, Inc.*		2,980		204,100

ANNUAL REPORT / April 30, 2014

67    PORTFOLIOS OF INVESTMENTS

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Pernix Therapeutics Holdings*		1,740	$	8,369
Pozen, Inc.*		725		6,061
Questcor Pharmaceuticals, Inc.		5,069		416,570
Relypsa, Inc.*		640		14,291
Repros Therapeutics, Inc.#,*		1,950		32,897
Sagent Pharmaceuticals, Inc.*		1,210		25,035
Sciclone Pharmaceuticals, Inc.*		2,900		13,862
Sucampo Pharmaceuticals, Inc.*		892		6,164
Supernus Pharmaceuticals, Inc.*		3,500		28,735
TherapeuticsMD, Inc.#,*		9,780		41,076
Vivus, Inc.#,*		9,876		51,355
XenoPort, Inc.*		2,584		10,491
Zogenix, Inc.*		10,000		24,400
			$	2,054,275
TOTAL HEALTH CARE			$	18,676,567
INDUSTRIALS – 15.6%
AEROSPACE & DEFENSE – 1.6%
AAR Corp.		2,266		58,689
Aerovironment, Inc.*		824		27,826
American Science & Engineering, Inc.		694		46,637
API Technologies Corp.*		3,490		7,957
Astronics Corp.*		1,360		77,683
Cubic Corp.		988		46,861
Curtiss-Wright Corp.		2,506		160,234
DigitalGlobe, Inc.*		3,817		113,670
Ducommun, Inc.*		760		18,445
Engility Holdings, Inc.*		1,190		51,932
Esterline Technologies Corp.*		1,797		195,909
GenCorp., Inc.#,*		5,069		89,012
HEICO Corp.		6,636		367,104
Innovative Solutions & Support, Inc.		2,190		14,739
KEYW Holding Corp.#,*		3,500		44,975
Kratos Defense & Security Solutions, Inc.*		3,161		22,822
LMI Aerospace, Inc.#,*		657		8,961
Moog, Inc.*		2,986		195,434
National Presto Industries, Inc.#		312		22,545
Orbital Sciences Corp.*		2,951		86,759
Sparton Corp.*		940		25,530
Taser International, Inc.*		4,951		79,959
Teledyne Technologies, Inc.*		2,604		241,807
			$	2,005,490
AIR FREIGHT & LOGISTICS – 0.5%
Air Transport Services Group, Inc.*		2,530		19,810
Atlas Air Worldwide Holdings, Inc.*		1,454		50,875
Echo Global Logistics, Inc.*		1,770		34,621

Description	Number of Shares		Value
Forward Air Corp.		3,061	$	135,388
Hub Group, Inc.*		3,392		151,453
Park-Ohio Holdings Corp.*		800		46,712
UTi Worldwide, Inc.		9,130		89,383
XPO Logistics, Inc.#,*		2,742		74,418
			$	602,660
AIRLINES – 0.6%
Allegiant Travel Co.		1,464		171,947
Hawaiian Holdings, Inc.#,*		2,443		35,301
JetBlue Airways Corp.*		15,804		124,931
Republic Airways Holdings, Inc.*		3,621		30,091
SkyWest, Inc.		2,533		29,383
Spirit Airlines, Inc.*		6,240		354,682
			$	746,335
BUILDING PRODUCTS – 0.9%
AAON, Inc.		2,607		73,908
Ameresco, Inc.*		770		4,936
American Woodmark Corp.*		1,375		41,264
Apogee Enterprises, Inc.		2,740		87,050
Builders FirstSource, Inc.*		5,290		41,526
Gibraltar Industries, Inc.*		2,030		34,672
Griffon Corp.		2,619		27,866
Insteel Industries, Inc.		2,540		52,273
NCI Building Systems, Inc.*		1,752		27,401
Nortek, Inc.*		1,000		82,160
Patrick Industries, Inc.*		630		25,244
PGT, Inc.*		3,830		38,109
Ply Gem Holdings, Inc.*		800		10,200
Quanex Building Products Corp.		1,963		36,983
Simpson Manufacturing Co., Inc.		2,711		88,894
Stock Building Supply Holdings, Inc.*		1,260		21,811
Trex Co., Inc.*		1,649		129,479
Universal Forest Products, Inc.		1,206		60,891
USG Corp.*		7,870		234,998
			$	1,119,665
COMMERCIAL SERVICES & SUPPLIES – 2.4%
ABM Industries, Inc.		3,249		88,015
ACCO Brands Corp.*		6,260		38,374
Acorn Energy, Inc.#		1,070		2,482
ARC Document Solutions, Inc.*		1,068		6,835
Brink’s Co.		4,110		104,558
Casella Waste Systems, Inc.*		1,130		5,763
Ceco Environmental Corp.		1,051		16,700
Cenveo, Inc.#,*		593		1,832
Compx International, Inc.		70		644
Courier Corp.		1,194		17,349
Deluxe Corp.		4,485		246,451

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    68

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Encore Capital Group, Inc.*		2,215	$	95,732
EnerNOC, Inc.*		1,694		39,978
Ennis, Inc.		1,079		16,142
G&K Services, Inc.		1,174		62,152
Geo Group, Inc.		5,336		178,916
Healthcare Services Group, Inc.		6,915		201,226
Heritage-Crystal Clean, Inc.*		550		8,800
Herman Miller, Inc.		5,375		165,711
HNI Corp.		4,063		143,139
InnerWorkings, Inc.*		3,370		24,264
Interface, Inc.		5,345		96,157
Intersections, Inc.		40		225
Kimball International, Inc.		2,450		41,062
Knoll, Inc.		4,842		88,076
McGrath RentCorp		1,400		44,212
Mobile Mini, Inc.		2,208		97,549
MSA Safety, Inc.		3,203		168,958
Multi-Color Corp.		701		24,430
NL Industries, Inc.		42		421
Performant Financial Corp.*		940		8,187
Portfolio Recovery Associates, Inc.*		4,967		283,864
Quad/Graphics, Inc.		1,270		27,496
Schawk, Inc.		1,443		28,860
SP Plus Corp.*		1,718		41,954
Steelcase, Inc.		4,440		73,171
Sykes Enterprises, Inc.*		2,282		45,161
Team, Inc.*		1,914		82,091
Tetra Tech, Inc.*		3,594		103,040
TRC Cos., Inc.*		320		1,898
UniFirst Corp.		1,108		106,634
United Stationers, Inc.		2,038		76,486
US Ecology, Inc.		1,664		74,298
Viad Corp.		1,055		24,318
West Corp.		1,040		25,324
			$	3,028,935
CONSTRUCTION & ENGINEERING – 0.8%
Aegion Corp.*		2,473		63,037
Argan, Inc.		810		21,684
Comfort Systems USA, Inc.		2,191		32,865
Dycom Industries, Inc.*		2,197		68,986
EMCOR Group, Inc.		3,652		167,955
Furmanite Corp.*		2,481		26,001
Granite Construction, Inc.		2,110		78,872
Great Lakes Dredge & Dock Corp.		4,706		40,613
Layne Christensen Co.*		520		9,058
MasTec, Inc.*		5,354		211,911
MYR Group, Inc.*		1,100		25,806

Description	Number of Shares		Value
Northwest Pipe Co.*		501	$	17,921
Orion Marine Group, Inc.*		1,648		19,331
Pike Electric Corp.		1,200		11,520
Primoris Services Corp.		3,300		92,334
Sterling Construction Co., Inc.*		1,705		13,094
Tutor Perini Corp.*		2,661		78,766
			$	979,754
ELECTRICAL EQUIPMENT – 2.0%
Acuity Brands, Inc.		4,383		545,990
American Superconductor Corp.*		815		1,043
AZZ, Inc.		2,454		106,553
Belden, Inc.		4,134		305,131
Brady Corp.		2,579		66,512
Capstone Turbine Corp.*		25,640		52,818
Encore Wire Corp.		1,217		59,304
EnerSys, Inc.		3,537		239,030
Enphase Energy, Inc.#,*		2,220		16,761
Franklin Electric Co., Inc.		5,112		197,681
FuelCell Energy, Inc.#,*		23,764		53,944
Generac Holdings, Inc.		5,290		311,475
General Cable Corp.		2,740		70,199
Global Power Equipment Group, Inc.		1,070		18,757
GrafTech International Ltd.#,*		7,260		81,385
II-VI, Inc.*		2,784		40,090
LSI Industries, Inc.		1,963		14,938
Polypore International, Inc.#,*		4,770		165,424
Powell Industries, Inc.		369		23,365
Power Solutions International, Inc.#,*		310		25,653
PowerSecure International, Inc.*		2,160		48,017
Preformed Line Products Co.		194		11,593
Revolution Lighting Technologies, Inc.#,*		2,690		7,828
Thermon Group Holdings, Inc.*		2,710		64,552
Vicor Corp.*		689		5,760
			$	2,533,803
INDUSTRIAL CONGLOMERATES – 0.1%
Raven Industries, Inc.		3,622		111,920
Seaboard Corp.		17		41,446
Standex International Corp.		638		37,878
			$	191,244
MACHINERY – 3.5%
Accuride Corp.*		6,660		37,562
Actuant Corp.		3,930		133,070
Alamo Group, Inc.		599		31,819
Albany International Corp.		1,740		62,605
Altra Holdings, Inc.		2,573		87,894
American Railcar Industries, Inc.		559		38,817
Ampco-Pittsburgh Corp.		556		11,137

ANNUAL REPORT / April 30, 2014

69    PORTFOLIOS OF INVESTMENTS

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Astec Industries, Inc.		1,291	$	51,575
Barnes Group, Inc.		2,615		100,730
Blount International, Inc.*		4,370		48,813
Briggs & Stratton Corp.		2,318		49,536
Chart Industries, Inc.#,*		2,979		203,227
CIRCOR International, Inc.		988		80,235
CLARCOR, Inc.		5,128		296,193
Columbus McKinnon Corp.*		1,605		42,516
Commercial Vehicle Group, Inc.*		1,480		14,371
Douglas Dynamics, Inc.		1,430		24,124
Dynamic Materials Corp.		675		13,635
Energy Recovery, Inc.#,*		2,459		12,565
EnPro Industries, Inc.*		1,507		107,313
ESCO Technologies, Inc.		2,072		69,246
ExOne Co.#,*		400		13,816
Federal Signal Corp.*		6,479		98,351
FreightCar America, Inc.		1,033		27,127
Global Brass & Copper Holdings, Inc.		910		14,433
Gorman-Rupp Co.		1,537		47,724
Graham Corp.		545		16,263
Greenbrier Cos., Inc.*		1,160		60,830
Hardinge, Inc.		900		12,024
Hurco Cos., Inc.		510		13,597
Hyster-Yale Materials Handling, Inc.		796		76,726
Hyster-Yale Materials Handling, Inc. Class B		216		20,820
John Bean Technologies Corp.		2,890		83,781
Kadant, Inc.		714		24,811
LB Foster Co.		606		28,694
Lindsay Corp.		1,228		108,224
Lydall, Inc.*		580		13,578
Manitex International, Inc.*		1,410		23,209
Meritor, Inc.#,*		4,780		56,739
Middleby Corp.*		1,884		475,672
Miller Industries, Inc.		460		8,910
Mueller Industries, Inc.		5,332		154,308
Mueller Water Products, Inc.		17,170		156,590
NN, Inc.		1,760		34,443
Omega Flex, Inc.		150		3,026
PMFG, Inc.*		1,007		5,710
Proto Labs, Inc.*		1,480		89,599
RBC Bearings, Inc.*		2,487		154,841
Rexnord Corp.*		3,880		103,751
Sun Hydraulics Corp.		2,037		83,273
Tecumseh Products Co.*		1,460		8,775
Tennant Co.		1,751		111,696
Titan International, Inc.#		5,085		89,038
Trimas Corp.*		4,340		155,632
Twin Disc, Inc.		493		14,262

Description	Number of Shares		Value
Wabash National Corp.*		4,600	$	61,456
Watts Water Technologies, Inc.		2,004		106,613
Woodward, Inc.		6,901		309,372
Xerium Technologies, Inc.*		1,600		21,600
			$	4,406,297
MARINE – 0.1%
International Shipholding Corp.		755		20,340
Matson, Inc.		4,090		96,892
Scorpio Bulkers, Inc.*		4,470		40,007
			$	157,239
PROFESSIONAL SERVICES – 1.4%
Acacia Research Corp.#		2,990		47,960
Advisory Board Co.*		3,626		207,625
Barrett Business Services, Inc.		790		39,824
CBIZ, Inc.*		2,967		25,427
CDI Corp.		1,603		24,558
Corporate Executive Board Co.		3,430		236,739
CRA International, Inc.*		717		15,609
Exponent, Inc.		1,237		87,110
Franklin Covey Co.*		350		7,094
FTI Consulting, Inc.*		2,450		84,035
GP Strategies Corp.*		1,510		39,683
Heidrick & Struggles International, Inc.		1,080		20,358
Huron Consulting Group, Inc.*		1,602		114,062
ICF International, Inc.*		1,047		40,802
Insperity, Inc.		2,241		71,846
Kelly Services, Inc.		917		19,312
Kforce, Inc.		2,533		58,563
Korn/Ferry International*		2,724		79,132
Mistras Group, Inc.*		2,080		47,237
Navigant Consulting, Inc.*		3,602		60,514
Odyssey Marine Exploration, Inc.#,*		11,090		24,287
On Assignment, Inc.*		4,445		155,575
Pendrell Corp.*		2,700		4,455
Resources Connection, Inc.		2,635		35,862
RPX Corp.*		2,140		35,053
TrueBlue, Inc.*		3,941		105,422
VSE Corp.		336		20,990
WageWorks, Inc.*		2,730		115,670
			$	1,824,804
ROAD & RAIL – 0.6%
Arkansas Best Corp.		1,246		49,117
Celadon Group, Inc.		1,638		37,690
Heartland Express, Inc.		4,288		93,307
Knight Transportation, Inc.		5,177		122,850
Marten Transport Ltd.		1,078		25,290

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    70

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Patriot Transportation Holding, Inc.*		250	$	8,720
Quality Distribution, Inc.*		1,100		13,827
Roadrunner Transportation Systems, Inc.*		1,620		39,901
Saia, Inc.*		1,903		78,347
Swift Transportation Co.*		7,670		184,464
Universal Truckload Services, Inc.		380		9,371
Werner Enterprises, Inc.		2,961		75,802
YRC Worldwide, Inc.#,*		1,880		42,168
			$	780,854
TRADING COMPANIES & DISTRIBUTORS – 1.1%
Aceto Corp.		1,663		36,386
Aircastle Ltd.		4,585		80,558
Applied Industrial Technologies, Inc.		3,940		188,805
Beacon Roofing Supply, Inc.*		5,444		193,698
CAI International, Inc.*		940		20,445
DXP Enterprises, Inc.*		880		99,625
H&E Equipment Services, Inc.		2,995		115,457
Houston Wire & Cable Co.		1,199		14,940
Kaman Corp.		2,622		110,045
Rush Enterprises, Inc.*		2,190		70,299
TAL International Group, Inc.		2,339		98,659
Textainer Group Holdings Ltd.#		1,344		52,819
Titan Machinery, Inc.#,*		1,470		25,931
Watsco, Inc.		2,383		245,235
			$	1,352,902
TRANSPORTATION INFRASTRUCTURE – 0.0%**
Wesco Aircraft Holdings, Inc.*		2,010		40,723
TOTAL INDUSTRIALS			$	19,770,705
INFORMATION TECHNOLOGY – 18.6%
COMMUNICATIONS EQUIPMENT – 1.9%
ADTRAN, Inc.		5,741		128,771
Alliance Fiber Optic Products, Inc.#		850		16,337
ARRIS Group, Inc.*		11,501		300,061
Aruba Networks, Inc.#,*		10,415		205,905
Aviat Networks, Inc.*		3,568		5,388
Bel Fuse, Inc.		1,217		26,482
Black Box Corp.		1,078		22,918
CalAmp Corp.*		3,390		60,172
Calix, Inc.*		2,114		18,624
Ciena Corp.*		9,080		179,512
Comtech Telecommunications Corp.		1,219		38,703
CyrusOne, Inc.		1,240		24,800
Digi International, Inc.*		812		7,194
Emulex Corp.*		3,130		22,379
Extreme Networks*		5,086		29,092

Description	Number of Shares		Value
Finisar Corp.#,*		5,020	$	131,273
Harmonic, Inc.*		4,982		35,023
Infinera Corp.#,*		9,956		89,206
InterDigital, Inc.		4,398		152,699
Ixia*		5,305		65,888
KVH Industries, Inc.*		690		9,322
Loral Space & Communications, Inc.		1,261		90,779
NETGEAR, Inc.*		2,427		78,392
Numerex Corp.*		770		7,893
Oplink Communications, Inc.*		811		13,901
Parkervision, Inc.#,*		11,130		50,753
PC-Tel, Inc.		1,620		13,365
Plantronics, Inc.		3,736		162,778
Procera Networks, Inc.*		1,760		16,298
Ruckus Wireless, Inc.*		5,020		52,459
ShoreTel, Inc.*		2,830		21,367
Sonus Networks, Inc.*		13,800		45,126
Tessco Technologies, Inc.		620		20,392
Ubiquiti Networks, Inc.#		1,530		59,257
ViaSat, Inc.*		3,892		249,905
Westell Technologies, Inc.*		3,290		10,725
			$	2,463,139
COMPUTERS & PERIPHERALS – 0.5%
Cray, Inc.*		3,330		95,604
Datalink Corp.*		1,130		14,509
Electronics For Imaging, Inc.*		4,068		153,730
Fusion-io, Inc.#,*		6,980		60,237
Hutchinson Technology, Inc.*		3,460		9,619
Imation Corp.*		2,508		10,835
Immersion Corp.*		2,027		22,986
QLogic Corp.*		3,860		44,699
Quantum Corp.*		7,940		8,575
Silicon Graphics International Corp.*		2,110		25,489
Super Micro Computer, Inc.*		1,488		30,296
Synaptics, Inc.#,*		3,453		214,604
			$	691,183
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.6%
Aeroflex Holding Corp.*		760		5,814
Agilysys, Inc.*		1,540		19,312
Anixter International, Inc.*		2,405		235,642
Audience, Inc.*		1,230		14,145
Badger Meter, Inc.		1,378		68,280
Benchmark Electronics, Inc.*		2,670		61,891
Checkpoint Systems, Inc.*		1,693		21,620
Cognex Corp.		9,180		316,067
Coherent, Inc.		2,584		154,291

ANNUAL REPORT / April 30, 2014

71    PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Control4 Corp.#,*		400	$	7,064
CTS Corp.		2,338		41,593
Daktronics, Inc.		3,008		39,164
DTS, Inc.*		1,787		33,256
Electro Rent Corp.		824		13,308
Electro Scientific Industries, Inc.		1,343		11,389
Fabrinet*		1,030		22,248
FARO Technologies, Inc.*		1,693		67,551
FEI Co.		4,162		330,962
GSI Group, Inc.*		2,140		25,980
Insight Enterprises, Inc.*		2,730		71,308
InvenSense, Inc.#,*		5,360		115,401
Itron, Inc.*		2,070		78,660
Kemet Corp.*		3,580		17,936
Littelfuse, Inc.		2,225		201,474
Maxwell Technologies, Inc.*		1,618		24,367
Measurement Specialties, Inc.*		1,581		101,737
Mercury Systems, Inc.*		2,865		39,995
Mesa Laboratories, Inc.		210		17,997
Methode Electronics, Inc.		3,227		89,517
MTS Systems Corp.		1,550		99,929
Multi-Fineline Electronix, Inc.*		653		8,084
Neonode, Inc.#,*		2,160		11,556
Newport Corp.*		2,832		52,902
OSI Systems, Inc.*		2,009		112,122
Park Electrochemical Corp.		1,152		30,712
PC Connection, Inc.		319		6,383
Plexus Corp.*		1,798		75,372
Radisys Corp.*		2,062		6,598
RealD, Inc.#,*		4,730		51,841
Richardson Electronics Ltd.		1,100		11,022
Rofin-Sinar Technologies, Inc.*		1,723		38,251
Rogers Corp.*		992		59,540
Sanmina Corp.*		5,090		103,073
ScanSource, Inc.*		1,541		59,190
Speed Commerce, Inc.*		5,240		17,292
SYNNEX Corp.*		1,802		121,419
TTM Technologies, Inc.*		2,379		18,770
Uni-Pixel, Inc.#,*		960		5,251
Universal Display Corp.#,*		4,277		111,416
Viasystems Group, Inc.*		20		240
Vishay Precision Group, Inc.*		480		7,790
Zygo Corp.*		1,700		32,708
			$	3,289,430
INTERNET SOFTWARE & SERVICES – 2.9%
Angie’s List, Inc.#,*		3,720		42,073

Description	Number of Shares		Value
Bankrate, Inc.*		2,130	$	37,318
Bazaarvoice, Inc.#,*		3,220		21,638
Blucora, Inc.*		3,174		61,099
Brightcove, Inc.*		3,470		29,911
Carbonite, Inc.*		1,390		13,747
ChannelAdvisor Corp.*		590		15,482
comScore, Inc.*		3,345		104,799
Constant Contact, Inc.#,*		3,373		87,226
Conversant, Inc.*		7,069		172,766
Cornerstone OnDemand, Inc.*		4,200		154,392
CoStar Group, Inc.*		2,752		442,769
Cvent, Inc.*		580		15,967
DealerTrack Holdings, Inc.*		4,408		201,402
Demand Media, Inc.*		1,480		6,157
Demandware, Inc.*		1,630		80,897
Dice Holdings, Inc.*		5,110		39,091
Digital River, Inc.*		2,061		31,513
E2open, Inc.#,*		1,590		27,459
EarthLink Holdings Corp.		4,880		16,641
eGain Corp.*		1,140		7,456
Endurance International Group Holdings, Inc.#,*		1,940		24,541
Envestnet, Inc.*		2,080		76,648
Global Eagle Entertainment, Inc.*		2,000		22,060
Gogo, Inc.#,*		1,180		15,954
Internap Network Services Corp.*		905		6,082
IntraLinks Holdings, Inc.*		1,670		15,280
j2 Global, Inc.		4,185		194,017
Limelight Networks, Inc.*		4,342		8,988
Liquidity Services, Inc.*		2,560		44,160
LivePerson, Inc.*		6,830		67,617
LogMeIn, Inc.*		2,380		108,171
Marchex, Inc.		35		324
Marketo, Inc.*		630		17,098
Millennial Media, Inc.#,*		3,360		21,470
Monster Worldwide, Inc.*		6,150		42,374
Move, Inc.*		3,820		40,836
NIC, Inc.		6,093		111,746
OpenTable, Inc.*		2,400		161,184
Perficient, Inc.*		2,246		41,034
QuinStreet, Inc.*		1,450		8,845
RealNetworks, Inc.*		719		5,421
Reis, Inc.*		1,290		21,233
SciQuest, Inc.*		2,220		53,236
Spark Networks, Inc.#,*		3,390		15,357
SPS Commerce, Inc.*		1,390		72,002
Stamps.com, Inc.*		1,400		48,594

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    72

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
support.com, Inc.*		7,661	$	18,923
TechTarget, Inc.*		1,335		8,571
Textura Corp.#,*		470		8,371
Travelzoo, Inc.*		900		16,146
Tremor Video, Inc.#,*		2,240		10,102
Trulia, Inc.#,*		2,488		84,592
United Online, Inc.		619		7,335
Unwired Planet, Inc.*		6,333		14,439
VistaPrint NV*		3,400		134,198
Vocus, Inc.*		994		17,872
Web.com Group, Inc.*		3,750		115,163
WebMD Health Corp.#,*		3,260		143,733
Wix.Com Ltd.*		890		18,236
XO Group, Inc.*		2,034		21,601
Xoom Corp.*		830		18,517
Yelp, Inc.*		3,130		182,542
Zix Corp.*		9,150		30,012
			$	3,704,428
IT SERVICES – 2.4%
Acxiom Corp.*		5,441		153,654
Blackhawk Network Holdings, Inc.#,*		2,040		48,940
CACI International, Inc.*		1,473		102,594
Cardtronics, Inc.*		4,370		146,308
Cass Information Systems, Inc.		1,018		51,419
CIBER, Inc.*		3,842		16,597
Computer Task Group, Inc.		1,430		22,608
Convergys Corp.		5,840		125,794
CSG Systems International, Inc.		3,000		79,080
EPAM Systems, Inc.*		2,140		66,618
Euronet Worldwide, Inc.*		5,166		237,584
EVERTEC, Inc.		2,190		51,553
ExlService Holdings, Inc.*		3,245		91,817
Forrester Research, Inc.		1,335		47,299
Global Cash Access Holdings, Inc.*		2,961		19,543
Hackett Group, Inc.		1,523		9,138
Heartland Payment Systems, Inc.		3,939		161,263
Higher One Holdings, Inc.*		3,830		22,942
iGATE Corp.*		4,018		147,059
Lionbridge Technologies, Inc.*		7,710		45,335
Luxoft Holding, Inc.		810		21,862
ManTech International Corp.		1,571		46,863
MAXIMUS, Inc.		6,828		290,668
ModusLink Global Solutions, Inc.#,*		1,459		5,894
MoneyGram International, Inc.*		1,507		19,892
Planet Payment, Inc.*		8,550		22,487
PRGX Global, Inc.*		1,750		11,253

Description	Number of Shares		Value
Sapient Corp.*		11,770	$	191,498
ServiceSource International, Inc.*		6,220		38,813
Syntel, Inc.		1,505		120,882
TeleTech Holdings, Inc.*		1,218		29,390
Unisys Corp.*		2,851		69,479
Virtusa Corp.*		2,659		87,667
WEX, Inc.*		4,066		390,214
			$	2,994,007
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.7%
Advanced Energy Industries, Inc.*		3,282		71,810
Alpha & Omega Semiconductor Ltd.*		1,770		12,744
Ambarella, Inc.#,*		2,080		51,688
Amkor Technology, Inc.*		6,054		48,129
ANADIGICS, Inc.*		4,640		5,800
Applied Micro Circuits Corp.*		7,114		69,077
Axcelis Technologies, Inc.*		11,400		20,406
Brooks Automation, Inc.		4,644		47,508
Cabot Microelectronics Corp.*		2,191		95,024
Cavium, Inc.*		5,344		226,425
Ceva, Inc.*		1,832		29,733
Cirrus Logic, Inc.*		4,300		95,890
Cohu, Inc.		2,163		22,279
Cypress Semiconductor Corp.		13,530		128,129
Diodes, Inc.*		3,335		87,944
DSP Group, Inc.*		1,625		12,935
Entegris, Inc.*		8,590		95,263
Entropic Communications, Inc.*		3,240		11,956
Exar Corp.*		3,780		40,900
FormFactor, Inc.*		2,571		14,783
GSI Technology, Inc.*		440		2,794
GT Advanced Technologies, Inc.#,*		12,324		204,702
Hittite Microwave Corp.		3,198		189,833
Inphi Corp.*		1,560		23,072
Integrated Device Technology, Inc.*		7,680		89,626
Integrated Silicon Solution, Inc.*		2,410		34,849
Intermolecular, Inc.*		140		381
International Rectifier Corp.*		4,660		121,346
Intersil Corp.		6,780		83,665
IXYS Corp.		1,532		16,530
Kopin Corp.*		3,008		9,806
Lattice Semiconductor Corp.*		8,270		69,633
LTX-Credence Corp.*		1,643		15,822
M/A-COM Technology Solutions Holdings,
Inc.*		1,040		18,210
MaxLinear, Inc.*		1,840		14,481
Micrel, Inc.		5,246		52,250
Microsemi Corp.*		8,632		203,025

ANNUAL REPORT / April 30, 2014

73     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MKS Instruments, Inc.		2,859	$	80,481
Monolithic Power Systems, Inc.		3,487		129,368
MoSys, Inc.*		5,350		20,919
Nanometrics, Inc.*		1,090		17,723
NeoPhotonics Corp.*		460		2,654
NVE Corp.*		299		15,700
OmniVision Technologies, Inc.*		3,381		66,031
PDF Solutions, Inc.*		2,690		50,491
Peregrine Semiconductor Corp.*		1,490		8,001
Pericom Semiconductor Corp.*		513		4,140
Photronics, Inc.*		2,660		23,089
PLX Technology, Inc.*		2,973		17,243
PMC - Sierra, Inc.*		14,990		102,532
Power Integrations, Inc.		3,124		147,547
Rambus, Inc.*		10,630		128,517
RF Micro Devices, Inc.*		26,650		224,926
Rubicon Technology, Inc.*		702		7,111
Rudolph Technologies, Inc.*		2,417		22,019
Semtech Corp.*		6,400		153,472
Sigma Designs, Inc.*		1,225		4,618
Silicon Image, Inc.*		6,775		38,008
Spansion, Inc.*		3,340		59,552
SunEdison, Inc.*		26,690		513,249
SunPower Corp.#,*		4,340		145,043
Tessera Technologies, Inc.		2,536		55,614
TriQuint Semiconductor, Inc.*		10,235		145,132
Ultra Clean Holdings*		470		4,004
Ultratech, Inc.*		2,761		73,498
Veeco Instruments, Inc.*		2,580		95,383
			$	4,694,513
SOFTWARE – 4.6%
ACI Worldwide, Inc.*		4,184		239,116
Actuate Corp.*		2,873		16,175
Advent Software, Inc.		3,104		89,457
American Software, Inc.		3,494		33,682
Aspen Technology, Inc.*		9,370		402,816
AVG Technologies NV*		2,660		49,822
Barracuda Networks, Inc.*		780		20,147
Blackbaud, Inc.		4,222		128,560
Bottomline Technologies, Inc.*		3,807		120,453
BroadSoft, Inc.*		2,620		66,496
Callidus Software, Inc.*		3,920		37,416
CommVault Systems, Inc.*		4,471		216,396
Comverse, Inc.*		1,563		38,981
Cyan, Inc.#,*		460		1,923
Digimarc Corp.		1,130		37,313

Description	Number of Shares		Value
Ebix, Inc.#		3,358	$	52,989
Ellie Mae, Inc.*		2,680		65,365
EPIQ Systems, Inc.		1,991		25,465
ePlus, Inc.		210		10,508
Fair Isaac Corp.		3,754		214,729
Fleetmatics Group PLC*		1,870		56,156
Gigamon, Inc.#,*		850		13,404
Glu Mobile, Inc.#,*		7,070		28,280
Guidance Software, Inc.*		680		6,263
Guidewire Software, Inc.*		4,710		177,850
Imperva, Inc.#,*		2,060		47,133
Infoblox, Inc.*		5,370		105,359
Interactive Intelligence Group, Inc.*		1,423		89,037
Jive Software, Inc.*		2,230		16,680
Manhattan Associates, Inc.*		8,500		268,005
Mentor Graphics Corp.		5,768		119,398
MicroStrategy, Inc.*		929		112,808
Mitek Systems, Inc.#,*		3,400		11,084
Model N, Inc.*		850		7,659
Monotype Imaging Holdings, Inc.		3,558		93,967
Netscout Systems, Inc.*		3,391		132,113
Pegasystems, Inc.		3,638		60,282
Progress Software Corp.*		3,834		82,278
Proofpoint, Inc.*		2,040		51,898
PROS Holdings, Inc.*		2,166		59,348
PTC, Inc.*		12,117		428,578
QAD, Inc.		607		11,563
QLIK Technologies, Inc.*		9,030		198,479
Qualys, Inc.*		2,060		39,737
Rally Software Development Corp.*		630		8,240
RealPage, Inc.*		4,350		77,213
Rosetta Stone, Inc.*		750		8,933
Seachange International, Inc.*		1,480		13,868
Silver Spring Networks, Inc.*		1,360		20,373
SS&C Technologies Holdings, Inc.*		5,960		231,963
Synchronoss Technologies, Inc.*		2,559		77,896
Take-Two Interactive Software, Inc.*		7,851		160,003
Tangoe, Inc.*		3,620		54,445
TeleCommunication Systems, Inc.*		7,060		18,003
Telenav, Inc.*		770		4,720
TiVo, Inc.*		9,360		111,010
Tyler Technologies, Inc.*		3,199		261,198
Ultimate Software Group, Inc.*		2,617		313,072
VASCO Data Security International, Inc.*		1,185		13,521
Verint Systems, Inc.*		5,507		241,041
VirnetX Holding Corp.#,*		3,970		62,528

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    74

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Vringo, Inc.*		5,130	$	20,982
			$	5,784,177
TOTAL INFORMATION TECHNOLOGY			$	23,620,877
MATERIALS – 4.9%
CHEMICALS – 2.4%
A Schulman, Inc.		1,898		68,176
American Vanguard Corp.		2,894		51,542
Arabian American Development Co.*		1,710		18,690
Axiall Corp.		3,830		178,478
Balchem Corp.		2,850		176,557
Calgon Carbon Corp.*		5,111		102,373
Chase Corp.		760		23,666
Chemtura Corp.*		9,970		222,331
Ferro Corp.*		6,902		89,588
Flotek Industries, Inc.*		4,290		120,163
FutureFuel Corp.		620		12,443
H.B. Fuller Co.		5,409		250,599
Hawkins, Inc.		940		34,028
Innophos Holdings, Inc.		2,085		117,677
Innospec, Inc.		2,110		90,857
Intrepid Potash, Inc.#		3,850		62,755
KMG Chemicals, Inc.		770		12,020
Koppers Holdings, Inc.		2,244		95,819
Kraton Performance Polymers, Inc.*		2,140		55,747
Landec Corp.*		2,617		31,038
LSB Industries, Inc.*		1,331		50,831
Marrone Bio Innovations, Inc.#,*		1,060		12,911
Minerals Technologies, Inc.		1,730		102,918
Olin Corp.#		6,635		186,444
OM Group, Inc.		1,506		44,111
OMNOVA Solutions, Inc.*		4,500		41,040
Penford Corp.*		1,200		15,120
PolyOne Corp.		9,912		371,403
Quaker Chemical Corp.		842		62,670
Sensient Technologies Corp.		2,622		141,719
Stepan Co.		1,568		90,677
Taminco Corp.*		800		16,072
Tredegar Corp.		1,810		37,666
Zep, Inc.		1,904		32,920
			$	3,021,049
CONSTRUCTION MATERIALS – 0.3%
Headwaters, Inc.*		7,855		98,030
Texas Industries, Inc.*		2,150		186,405
United States Lime & Minerals, Inc.		246		13,299
US Concrete, Inc.#,*		1,020		25,112
			$	322,846

Description	Number of Shares		Value
CONTAINERS & PACKAGING – 0.3%
AEP Industries, Inc.*		517	$	18,416
Berry Plastics Group, Inc.*		4,940		111,101
Graphic Packaging Holding Co.*		19,590		200,993
Myers Industries, Inc.		1,732		32,388
UFP Technologies, Inc.*		580		14,709
			$	377,607
METALS & MINING – 1.1%
AK Steel Holding Corp.#,*		9,180		64,260
Allied Nevada Gold Corp.#,*		4,290		14,543
AM Castle & Co.*		70		860
AMCOL International Corp.		1,660		76,111
Century Aluminum Co.*		2,020		27,775
Coeur Mining, Inc.*		8,770		75,948
Commercial Metals Co.		6,720		129,024
General Moly, Inc.*		2,460		2,706
Globe Specialty Metals, Inc.		3,750		72,675
Gold Reserve, Inc.#,*		2,870		8,610
Gold Resource Corp.		4,370		20,146
Handy & Harman Ltd.*		730		16,505
Haynes International, Inc.		574		30,451
Hecla Mining Co.#		24,228		74,380
Horsehead Holding Corp.*		2,628		40,971
Kaiser Aluminum Corp.		1,001		70,470
Materion Corp.		2,062		69,386
Midway Gold Corp.*		9,790		8,953
Molycorp, Inc.#,*		4,990		23,703
Noranda Aluminum Holding Corp.		870		3,089
Olympic Steel, Inc.		625		16,475
Paramount Gold & Silver Corp.#,*		18,720		18,907
RTI International Metals, Inc.*		1,582		44,549
Schnitzer Steel Industries, Inc.		1,420		39,859
Stillwater Mining Co.*		5,344		84,328
SunCoke Energy, Inc.*		2,830		59,062
Universal Stainless & Alloy Products, Inc.*		746		26,774
US Silica Holdings, Inc.#		2,370		107,053
Walter Energy, Inc.#		5,080		36,576
Worthington Industries, Inc.		4,929		181,387
			$	1,445,536
PAPER & FOREST PRODUCTS – 0.8%
Boise Cascade Co.*		880		22,018
Clearwater Paper Corp.*		1,874		115,045
Deltic Timber Corp.		1,185		71,989
KapStone Paper & Packaging Corp.		8,420		222,120
Louisiana-Pacific Corp.*		12,586		206,285
Neenah Paper, Inc.		901		45,383
PH Glatfelter Co.		4,743		121,041

ANNUAL REPORT / April 30, 2014

75    PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Resolute Forest Products, Inc.*		3,440	$	61,370
Schweitzer-Mauduit International, Inc.		2,378		103,776
Wausau Paper Corp.		5,170		61,833
			$	1,030,860
TOTAL MATERIALS			$	6,197,898
TELECOMMUNICATION SERVICES – 0.7%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6%
8x8, Inc.*		7,210		69,937
Atlantic Tele-Network, Inc.		700		41,419
Cbeyond, Inc.*		2,039		20,166
Cincinnati Bell, Inc.*		12,380		41,473
Cogent Communications Group, Inc.		5,033		173,488
Consolidated Communications Holdings, Inc.#		4,772		95,058
Fairpoint Communications, Inc.#,*		1,780		24,279
General Communication, Inc.*		1,642		17,142
Hawaiian Telcom Holdco, Inc.*		550		14,641
HickoryTech Corp.		2,470		29,319
IDT Corp.		1,300		20,592
inContact, Inc.*		4,410		36,382
Inteliquent, Inc.		1,440		19,642
Iridium Communications, Inc.#,*		1,760		11,739
Lumos Networks Corp.		1,737		22,946
magicJack VocalTec Ltd.*		620		10,962
ORBCOMM, Inc.*		2,560		16,051
Premiere Global Services, Inc.*		2,460		31,291
Straight Path Communications, Inc.*		165		1,155
Towerstream Corp.#,*		3,390		6,272
Vonage Holdings Corp.*		4,750		18,240
			$	722,194
WIRELESS TELECOMMUNICATION SERVICES – 0.1%
Boingo Wireless, Inc.*		1,190		7,854
NII Holdings, Inc.*		10,100		8,685
NTELOS Holdings Corp.#		1,647		22,712
Shenandoah Telecommunications Co.		2,366		66,319
USA Mobility, Inc.		1,488		25,489
			$	131,059
TOTAL TELECOMMUNICATION SERVICES			$	853,253
UTILITIES – 2.4%
ELECTRIC UTILITIES – 1.1%
ALLETE, Inc.		2,396		124,017
Cleco Corp.		3,505		184,188
El Paso Electric Co.		2,300		86,986
Empire District Electric Co.#		1,636		39,788
IDACORP, Inc.		3,092		173,585

Description	Number of Shares		Value
MGE Energy, Inc.		1,708	$	65,280
NRG Yield, Inc., Class A#		1,670		71,543
Otter Tail Corp.		2,330		68,269
PNM Resources, Inc.		4,407		121,986
Portland General Electric Co.		4,647		155,535
UIL Holdings Corp.		2,836		104,166
Unitil Corp.		810		26,892
UNS Energy Corp.		2,375		142,643
			$	1,364,878
GAS UTILITIES – 0.7%
Chesapeake Utilities Corp.		570		36,058
Delta Natural Gas Co., Inc.		330		6,293
Laclede Group, Inc.		1,718		81,450
New Jersey Resources Corp.		2,447		121,689
Northwest Natural Gas Co.		1,648		72,957
Piedmont Natural Gas Co., Inc.		4,294		153,682
South Jersey Industries, Inc.		2,111		121,277
Southwest Gas Corp.		2,658		146,217
WGL Holdings, Inc.		3,360		133,694
			$	873,317
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.2%
Atlantic Power Corp.#		3,710		11,019
Dynegy, Inc.*		5,660		161,027
Genie Energy Ltd.		1,200		9,720
Ormat Technologies, Inc.		850		22,678
Pattern Energy Group, Inc.		840		22,512
			$	226,956
MULTI-UTILITIES – 0.2%
Avista Corp.		3,668		117,926
Black Hills Corp.		2,408		139,062
NorthWestern Corp.		1,909		92,357
			$	349,345
WATER UTILITIES – 0.2%
American States Water Co.		2,134		64,788
Artesian Resources Corp.		630		13,873
California Water Service Group		2,380		53,550
Connecticut Water Service, Inc.		363		11,797
Consolidated Water Co. Ltd.		907		10,539
Middlesex Water Co.		991		20,147
Pure Cycle Corp.#,*		3,800		21,318

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    76

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
SJW Corp.		968	$	26,359
York Water Co.		1,140		22,811
			$	245,182
TOTAL UTILITIES			$	3,059,678
TOTAL COMMON STOCKS
(COST $105,473,564)			$	125,229,004
INVESTMENT COMPANIES – 1.0%
EQUITY FUNDS – 1.0%
Firsthand Technology Value Fund, Inc.#,*		620		12,127
iShares Russell 2000 Index Fund#		11,400		1,276,572
TOTAL EQUITY FUNDS			$	1,288,699
TOTAL INVESTMENT COMPANIES
(COST $1,317,956)			$	1,288,699
RIGHTS – 0.0%**
Cubist Pharmaceuticals, Inc.*		3,645		1,053
Forest Laboratories, Inc.††		845		—
Leap Wireless International, Inc.*,††		4,140		10,102
TOTAL RIGHTS
(COST $16,404)			$	11,155
WARRANTS – 0.0%**
Magnum Hunter Corp., Expire 8/08/14††		1,281		—
Tejon Ranch Co., Expire 8/05/14		118		401
Vector Group Ltd., Expire 7/31/14††		3,960		—
TOTAL WARRANTS (COST $702)			$	401
TOTAL INVESTMENTS IN SECURITIES – 99.7%
(COST $106,808,626)			$	126,529,259

	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 12.7%
REPURCHASE AGREEMENTS – 12.7%
Barclays Capital, 0.04%, dated 04/30/14, due 05/01/14, repurchase price $808,313, collateralized by U.S. Treasury Securities 0.00% to 3.63%, maturing 09/15/15 to 02/15/44; total market value of $824,479.	$	808,312	808,312
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $3,836,361, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $3,913,082.		3,836,355	3,836,355
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $3,836,359, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 05/06/14 to 07/15/32; total market value of $3,913,125.		3,836,355	3,836,355

Description	Par Value		Value
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $3,836,361, collateralized by U.S. Government Securities 0.25% to 6.75%, maturing 07/15/14 to 07/15/32; total market value of $3,913,095.	$	3,836,355	$	3,836,355
TD Securities (USA) LLC, 0.06%, dated 04/30/14, due 05/01/14, repurchase price $3,836,361, collateralized by U.S. Government & Treasury Securities 2.50% to 5.63%, maturing 01/15/15 to 02/01/43; total market value of $3,913,084.		3,836,355		3,836,355
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $16,153,732)			$	16,153,732
TOTAL INVESTMENTS – 112.4%
(COST $122,962,358)			$	142,682,991
COLLATERAL FOR SECURITIES ON LOAN – (12.7%)				(16,153,732	)
OTHER ASSETS LESS LIABILITIES – 0.3%				361,303
TOTAL NET ASSETS – 100.0%			$	126,890,562

ANNUAL REPORT / April 30, 2014

77    PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (concluded)

Cost of investments for Federal income tax purposes is $124,137,196. The net unrealized appreciation/(depreciation) of investments was $18,545,795. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $25,662,386 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,116,591.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	125,228,654	$	350	$	—	$	125,229,004
Investment Companies		1,288,699		—		—		1,288,699
Rights		1,053		10,102		—		11,155
Warrants		401		—		—		401
Repurchase Agreements		—		16,153,732		—		16,153,732
Total	$	126,518,807	$	16,164,184	$	—	$	142,682,991

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

    78

NOTES TO PORTFOLIOS OF INVESTMENTS

^ 7-Day net yield.

§ Affiliated company. See Note 4 in Notes to Financial Statements.

†† Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2014, the value of these securities amounted to:

Fund	Amount		Percentage of Total Net Assets
Wilmington Large Cap Strategy Fund		$—		0.0	%**
Wilmington Small Cap Strategy Fund		10,452		0.0	%**

# 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	REIT – Real Estate Investment Trust
LP – Limited Partnership
PLC – Public Limited Company

ANNUAL REPORT / April 30, 2014

79 STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2014	Wilmington Large-Cap Growth Fund		Wilmington Large-Cap Strategy Fund			Wilmington Large-Cap Value Fund
ASSETS:
Investments, at identified cost	$	16,747,849	$	258,595,403		$	12,500,889
Investments in securities, at value (Including $815,189, $4,730,001 and $0 of securities on loan, respectively) (Note 2)		27,164,953		402,468,895	(a)		16,890,810
Cash		—		128,470			—
Income receivable		8,486		323,281			8,363
Due from advisor		—		—			882
Receivable for shares sold		288		19,967			30
Receivable for investments sold		774,136		—			—
Other assets		10,582		4,630			9,118
TOTAL ASSETS		27,958,445		402,945,243			16,909,203
LIABILITIES:
Payable to custodian		392,958		—			180,779
Payable for investments purchased		—		128,470			—
Collateral for securities on loan		836,290		4,986,025			—
Payable for shares redeemed		14,055		334,262			30,724
Payable for Trustees’ fees		56		57			56
Payable for distribution services fee		3,784		—			1,114
Payable for shareholder services fee		2,422		—			1,839
Other accrued expenses		47,732		89,912			47,981
TOTAL LIABILITIES		1,297,297		5,538,726			262,493
NET ASSETS	$	26,661,148	$	397,406,517		$	16,646,710
NET ASSETS CONSIST OF:
Paid-in capital	$	25,003,997	$	244,468,017		$	14,737,599
Undistributed (distributions in excess of) net investment income		—		457,163			—
Accumulated net realized gain (loss) on investments		(8,759,953)		8,607,845			(2,480,810)
Net unrealized appreciation (depreciation) of investments		10,417,104		143,873,492			4,389,921
TOTAL NET ASSETS	$	26,661,148	$	397,406,517		$	16,646,710
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	18,295,568	$	—		$	5,395,817
Shares outstanding (unlimited shares authorized)		1,938,834		—			405,999
Net Asset Value per share	$	9.44	$	—		$	13.29
Offering price per share*	$	9.99**	$	—		$	14.06**
Class I
Net Assets	$	8,365,580	$	397,406,517		$	11,250,893
Shares outstanding (unlimited shares authorized)		875,417		23,006,789			842,817
Net Asset Value per share	$	9.56	$	17.27		$	13.35

(a) Includes $196,436 of investments in affiliated issuers.

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES (concluded) 80

April 30, 2014	Wilmington Mid-Cap Growth Fund		Wilmington Small-Cap Growth Fund		Wilmington Small-Cap Strategy Fund
ASSETS:
Investments, at identified cost	$	304,840,149	$	67,869,942	$	122,962,358
Investments in repurchase agreements, at value	$	28,859,087	$	7,612,798	$	16,153,732
Investments in securities, at value (Including $28,177,954, $7,457,211 and $15,739,643 of securities on loan, respectively) (Note 2)		380,064,452		85,718,633		126,529,259
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		408,923,539		93,331,431		142,682,991
Cash		28,184		—		—
Income receivable		140,320		20,086		64,672
Due from advisor		—		—		4,961
Receivable for shares sold		2,621,904		4,220		26,894
Receivable for investments sold		413,103		—		815,437
Other assets		16,943		8,156		5,019
TOTAL ASSETS		412,143,993		93,363,893		143,599,974
LIABILITIES:
Payable to custodian		—		—		495,759
Payable for investments purchased		2,660,999		—		—
Collateral for securities on loan		28,859,087		7,612,798		16,153,732
Payable for shares redeemed		243,201		45,765		3,696
Payable for Trustees’ fees		56		56		56
Payable for distribution services fee		12,174		8,224		—
Payable for shareholder services fee		36,145		7,655		—
Other accrued expenses		106,825		67,498		56,169
TOTAL LIABILITIES		31,918,487		7,741,996		16,709,412
NET ASSETS	$	380,225,506	$	85,621,897	$	126,890,562
NET ASSETS CONSIST OF:
Paid-in capital	$	276,281,340	$	60,705,603	$	106,574,488
Undistributed (distributions in excess of) net investment income		(327,157)		(353,137)		131,708
Accumulated net realized gain (loss) on investments		187,933		(192,058)		463,733
Net unrealized appreciation (depreciation) of investments		104,083,390		25,461,489		19,720,633
TOTAL NET ASSETS	$	380,225,506	$	85,621,897	$	126,890,562
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	57,959,635	$	39,072,399	$	—
Shares outstanding (unlimited shares authorized)		3,291,091		1,815,253		—
Net Asset Value per share	$	17.61	$	21.52	$	—
Offering price per share*	$	18.63**	$	22.77**	$	—
Class I
Net Assets	$	322,265,871	$	46,549,498	$	126,890,562
Shares outstanding (unlimited shares authorized)		17,751,713		2,086,674		8,796,330
Net Asset Value per share	$	18.15	$	22.31	$	14.43

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

81 STATEMENTS OF OPERATIONS

Year Ended April 30, 2014	Wilmington Large-Cap  Growth Fund		Wilmington Large-Cap  Strategy Fund		Wilmington Large-Cap Value  Fund
INVESTMENT INCOME:
Dividends	$	654,828(a)	$	7,849,709(a)(b)	$	2,810,904(a)
Securities lending income		21,578		42,862		16
TOTAL INVESTMENT INCOME		676,406		7,892,571		2,810,920
EXPENSES:
Investment advisory fee		472,783		2,012,495		602,419
Administrative personnel and services fee		14,735		108,797		22,083
Portfolio accounting, administration and custodian fees		26,487		151,963		56,053
Transfer and dividend disbursing agent fees and expenses		97,372		10,885		76,678
Trustees’ fees		29,178		29,188		29,219
Professional fees		61,375		82,833		63,175
Distribution services fee—Class A		45,750		—		14,577
Shareholder services fee—Class A		45,636		—		13,516
Shareholder services fee— Class I		93,178		1,006,245		199,737
Share registration costs		21,189		16,852		14,605
Printing and postage		13,939		6,190		10,150
Miscellaneous		14,108		88,538		17,897
TOTAL EXPENSES		935,730		3,513,986		1,120,109
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(183,826)		(1,501,493)		(100,529)
Waiver of shareholder services fee—Class A		(18,304)		—		(5,834)
Waiver of shareholder services fee—Class I		(85,831)		(1,006,245)		(104,292)
TOTAL WAIVERS AND REIMBURSEMENTS		(287,961)		(2,507,738)		(210,655)
Net expenses		647,769		1,006,248		909,454
Net investment income (loss)		28,637		6,886,323		1,901,466
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		21,167,128		53,552,193(c)		26,298,220
Net change in unrealized appreciation (depreciation) of investments		(9,084,782)		13,297,909		(13,661,541)
Net realized and unrealized gain (loss) on investments		12,082,346		66,850,102		12,636,679
Change in net assets resulting from operations	$	12,110,983	$	73,736,425	$	14,538,145

(a) Net of foreign withholding taxes withheld of $245, $2,626 and $5,936.

(b) Includes $9,548 received from affiliated issuers.

(c) Includes $43,169 gain on sales of affiliated issuers.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF OPERATIONS (concluded) 82

Year Ended April 30, 2014	Wilmington Mid-Cap  Growth Fund		Wilmington Small-Cap  Growth Fund		Wilmington Small-Cap Strategy     Fund
INVESTMENT INCOME:
Dividends		$2,651,112(a)		$1,487,571(a)		$1,296,772(a)
Securities lending income		390,291		152,224		216,491
TOTAL INVESTMENT INCOME		3,041,403		1,639,795		1,513,263
EXPENSES:
Investment advisory fee		2,896,371		1,146,443		587,132
Administrative personnel and services fee		92,881		36,091		29,692
Portfolio accounting, administration and custodian fees		117,961		61,229		113,566
Transfer and dividend disbursing agent fees and expenses		214,987		186,253		8,679
Trustees’ fees		29,268		29,265		29,272
Professional fees		71,670		62,554		68,379
Distribution services fee—Class A		150,386		100,672		—
Shareholder services fee—Class A		149,947		97,331		—
Shareholder services fee— Class I		697,881		234,103		266,878
Share registration costs		22,969		20,205		21,484
Printing and postage		24,154		17,148		5,394
Miscellaneous		31,115		19,094		36,783
TOTAL EXPENSES		4,499,590		2,010,388		1,167,259
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(264,258)		(54,187)		(633,503)
Waiver of shareholder services fee—Class A		(126,535)		(64,590)		—
Waiver of shareholder services fee—Class I		(336,594)		(122,858)		(266,878)
TOTAL WAIVERS AND REIMBURSEMENTS		(727,387)		(241,635)		(900,381)
Net expenses		3,772,203		1,768,753		266,878
Net investment income (loss)		(730,800)		(128,958)		1,246,385
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		28,351,232		28,438,977		14,611,525
Net realized gain (loss) on foreign currency transactions		—		—		(18)
Net change in unrealized appreciation (depreciation) of investments		16,167,784		901,718		(805,797)
Net realized and unrealized gain (loss) on investments		44,519,016		29,340,695		13,805,710
Change in net assets resulting from operations	$	43,788,216		$29,211,737		$15,052,095

(a) Net of foreign withholding taxes withheld of $5,376, $3,762 and $736.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

83 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Large-Cap Growth Fund				Wilmington Large-Cap Strategy Fund
	Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2014		Year Ended April 30, 2013
OPERATIONS:
Net investment income (loss)	$	28,637	$	341,706	$	6,886,323	$	7,328,253
Net realized gain (loss) on investments		21,167,128		4,081,645		53,552,193		13,948,281
Net change in unrealized appreciation (depreciation) of investments		(9,084,782)		(1,350,720)		13,297,909		34,752,819
Change in net assets resulting from operations		12,110,983		3,072,631		73,736,425		56,029,353
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(114,149)		(5,852)		—		(944)
Class I		(227,880)		(79,133)		(6,931,023)		(7,318,547)
Distributions from net realized gain on investments
Class A		(1,227,840)		(1,579,653)		—		—
Class I		(2,237,110)		(5,786,413)		—		—
Change in net assets resulting from distributions to shareholders		(3,806,979)		(7,451,051)		(6,931,023)		(7,319,491)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		390,663		253,460		—		40,894
Class I		3,894,243		10,388,386		16,030,887		48,465,457
Proceeds from exchange of Class A for Class I
Class A		—		—		—		(71,512)	(a)
Class I		—		—		—		71,512	(a)
Distributions reinvested
Class A		1,289,239		1,541,369		—		944
Class I		2,192,435		5,219,589		2,105,697		2,465,687
Cost of shares redeemed
Class A		(2,268,617)		(2,625,380)		—		(9,294)
Class I		(55,286,456)		(39,496,341)		(87,245,073)		(74,891,786)
Change in net assets resulting from share transactions		(49,788,493)		(24,718,917)		(69,108,489)		(23,928,098)
Change in net assets		(41,484,489)		(29,097,337)		(2,303,087)		24,781,764
NET ASSETS:
Beginning of year		68,145,637		97,242,974		399,709,604		374,927,840
End of year	$	26,661,148	$	68,145,637	$	397,406,517	$	399,709,604
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	—	$	341,701	$	457,163	$	502,727
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		41,931		30,523		—		3,295
Class I		418,640		1,233,597		1,018,939		3,620,752
Shares exchanged
Class A		—		—		—		(4,623)	(a)
Class I		—		—		—		4,623	(a)
Distributions reinvested
Class A		136,860		197,616		—		71
Class I		229,865		663,275		132,729		187,578
Shares redeemed
Class A		(243,010)		(315,072)		—		(698)
Class I		(5,680,707)		(4,693,783)		(5,469,888)		(5,690,589)
Net change resulting from share transactions		(5,096,421)		(2,883,844)		(4,318,220)		(1,879,591)

(a) On April 13, 2013, Class A of the Large-Cap Strategy Fund was terminated after the conversion to Class I of the Fund.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 84

	Wilmington Large-Cap Value Fund				Wilmington Mid-Cap Growth Fund
	Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2014		Year Ended April 30, 2013
OPERATIONS:
Net investment income (loss)	$	1,901,466	$	1,787,956	$	(730,800)	$	132,698
Net realized gain (loss) on investments		26,298,220		10,280,175		28,351,232		7,738,830
Net change in unrealized appreciation (depreciation) of investments		(13,661,541)		1,036,364		16,167,784		18,624,339
Change in net assets resulting from operations		14,538,145		13,104,495		43,788,216		26,495,867
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(144,074)		(63,452)		—		—
Class I		(1,485,675)		(1,735,768)		—		—
Distributions from net realized gain on investments
Class A		—		—		(2,327,727)		(2,239,956)
Class I		—		—		(10,267,019)		(9,036,430)
Change in net assets resulting from distributions to shareholders		(1,629,749)		(1,799,220)		(12,594,746)		(11,276,386)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		221,097		258,300		2,487,859		3,853,332
Class I		7,113,354		28,166,748		112,488,819		61,439,480
Distributions reinvested
Class A		136,894		61,515		2,105,354		2,060,452
Class I		781,544		1,063,341		9,019,417		8,109,967
Cost of shares redeemed
Class A		(1,695,947)		(927,691)		(9,357,996)		(12,309,078)
Class I		(130,253,518)		(54,085,694)		(68,975,454)		(70,635,840)
Change in net assets resulting from share transactions		(123,696,576)		(25,463,481)		47,767,999		(7,481,687)
Change in net assets		(110,788,180)		(14,158,206)		78,961,469		7,737,794
NET ASSETS:
Beginning of year		127,434,890		141,593,096		301,264,037		293,526,243
End of year	$	16,646,710	$	127,434,890	$	380,225,506	$	301,264,037
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	—	$	—	$	(327,157)	$	(272,627)
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		17,831		24,650		141,838		266,791
Class I		584,330		2,701,379		6,143,384		4,131,878
Distributions reinvested
Class A		10,829		5,812		118,879		146,339
Class I		64,167		100,572		494,215		560,468
Shares redeemed
Class A		(133,277)		(88,890)		(531,685)		(839,784)
Class I		(10,231,320)		(5,101,040)		(3,786,555)		(4,725,079)
Net change resulting from share transactions		(9,687,440)		(2,357,517)		2,580,076		(459,387)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

85 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington Small-Cap Growth Fund				Wilmington Small-Cap Strategy Fund
	Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2014		Year Ended April 30, 2013
OPERATIONS:
Net investment income (loss)	$	(128,958)	$	231,629	$	1,246,385	$	814,296
Net realized gain (loss) on investments		28,438,977		1,385,443		14,611,507		5,895,696
Net change in unrealized appreciation (depreciation) of investments		901,718		11,305,096		(805,797)		2,022,351
Change in net assets resulting from operations		29,211,737		12,922,168		15,052,095		8,732,343
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(28,448)		(185,121)		—		—
Class C		—		(1,318)		—		—
Class I		(105,552)		(571,237)		(1,238,125)		(763,725)
Change in net assets resulting from distributions to shareholders		(134,000)		(757,676)		(1,238,125)		(763,725)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		665,356		591,874		—		—
Class C		—		9,481		—		—
Class I		9,672,535		15,999,615		70,925,875		26,614,352
Proceeds from exchange of Class C for Class A
Class A		—		299,066(a)		—		—
Class C		—		(299,066)(a)		—		—
Distributions reinvested
Class A		27,356		172,046		—		—
Class C		—		1,161		—		—
Class I		47,825		284,137		264,230		188,667
Cost of shares redeemed
Class A		(4,416,047)		(6,344,652)		—		—
Class C		—		(20,041)		—		—
Class I		(90,049,853)		(45,935,744)		(30,600,036)		(11,259,397)
Change in net assets resulting from share transactions		(84,052,828)		(35,242,123)		40,590,069		15,543,622
Change in net assets		(54,975,091)		(23,077,631)		54,404,039		23,512,240
NET ASSETS:
Beginning of year		140,596,988		163,674,619		72,486,523		48,974,283
End of year	$	85,621,897	$	140,596,988	$	126,890,562	$	72,486,523
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	(353,137)	$	(417,631)	$	131,708	$	83,347
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		31,085		36,338		—		—
Class C		—		545		—		—
Class I		451,386		943,603		5,024,347		2,267,147
Shares exchanged
Class A		—		15,564(a)		—		—
Class C		—		(16,152)(a)		—		—
Distributions reinvested
Class A		1,204		10,582		—		—
Class C		—		74		—		—
Class I		2,032		16,903		19,044		17,227
Shares redeemed
Class A		(207,755)		(384,759)		—		—
Class C		—		(1,387)		—		—
Class I		(3,900,870)		(2,706,593)		(2,137,886)		(1,019,535)
Net change resulting from share transactions		(3,622,918)		(2,085,282)		2,905,505		1,264,839

(a) On April 13, 2013, Class C of the Small-Cap Growth Fund was terminated after the conversion to Class A of the Fund.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS 86

For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON LARGE-CAP GROWTH FUND
CLASS A	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$8.55			$8.97			$9.54			$8.09			$5.80
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		(0.02	)		0.00	(b)		(0.02	)		(0.05	)		0.00	(b)
Net Realized and Unrealized Gain (Loss) on Investments		1.62			0.40			(0.41	)		1.51			2.29
Total Income (Loss) From Operations		1.60			0.40			(0.43	)		1.46			2.29
Less Distributions From:
Net Investment Income		(0.06	)		(0.00	)(b)		—			(0.01	)		(0.00	)(b)
Net Realized Gains		(0.65	)		(0.82	)		(0.14	)		—			—
Total Distributions		(0.71	)		(0.82	)		(0.14	)		(0.01	)		—
Net Asset Value, End of Year		$9.44			$8.55			$8.97			$9.54			$8.09
Total Return(c)		18.77	%		5.39	%		(4.36	)%		18.00	%		39.52	%
Net Assets, End of Year (000’s)		$18,296			$17,131			$18,738			$22,790			$20,790
Ratios to Average Net Assets
Gross Expense		1.85	%		1.80	%		1.66	%		1.66	%		1.64	%
Net Expenses(d)		1.42	%		1.42	%		1.42	%		1.42	%		1.29	%
Net Investment Income (Loss)		(0.26	)%		0.04	%		(0.20	)%		(0.58	)%		(0.06	)%
Portfolio Turnover Rate		10	%		49	%		83	%		61	%		83	%
CLASS I	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		8.64			$9.02			$9.56			$8.09			$5.80
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.02			0.05			0.02			0.02			0.01
Net Realized and Unrealized Gain (Loss) on Investments		1.62			0.40			(0.41	)		1.47			2.29
Total Income (Loss) From Operations		1.64			0.45			(0.39	)		1.49			2.30
Less Distributions From:
Net Investment Income		(0.07	)		(0.01	)		(0.01	)		(0.02	)		(0.01	)
Net Realized Gains		(0.65	)		(0.82	)		(0.14	)		—			—
Total Distributions		(0.72	)		(0.83	)		(0.15	)		(0.02	)		(0.01	)
Net Asset Value, End of Year		$9.56			$8.64			$9.02			$9.56			$8.09
Total Return(c)		19.04	%		5.92	%		(3.96	)%		18.40	%		39.72	%
Net Assets, End of Year (000’s)		$8,366			$51,014			$78,505			$123,247			$121,608
Ratios to Average Net Assets
Gross Expense		1.60	%		1.55	%		1.41	%		1.41	%		1.39	%
Net Expenses(d)		1.04	%		1.04	%		1.03	%		1.03	%		1.10	%
Net Investment Income (Loss)		0.21	%		0.52	%		0.20	%		0.25	%		0.14	%
Portfolio Turnover Rate		10	%		49	%		83	%		61	%		83	%

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

(b) Represents less than $0.005.

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

87 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period:

WILMINGTON LARGE-CAP STRATEGY FUND†
CLASS I	Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009
Net Asset Value, Beginning of Period		$14.63			$12.84			$12.13			$9.39			$8.61			$12.28
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.27			0.26			0.16			0.20			0.10			0.12
Net Realized and Unrealized Gain (Loss) on Investments		2.65			1.79			0.71			2.72			0.79			(3.68	)
Total Income (Loss) From Operations		2.92			2.05			0.87			2.92			0.89			(3.56	)
Less Distributions From:
Net Investment Income		(0.28	)		(0.26	)		(0.16	)		(0.18	)		(0.11	)		(0.11	)
Total Distributions		(0.28	)		(0.26	)		(0.16	)		(0.18	)		(0.11	)		(0.11	)
Net Asset Value, End of Period		$17.27			$14.63			$12.84			$12.13			$9.39			$8.61
Total Return(b)		20.12	%		16.25	%		7.32	%		31.24	%		10.28	%		(28.94	)%
Net Assets, End of Period (000’s)		$397,407			$399,710			$374,903			$429,467			$118,102			$131,692
Ratios to Average Net Assets
Gross Expense		0.87	%		0.88	%		0.74	%(c)		0.69	%		1.01	%		1.18	%
Net Expenses(d)		0.25	%		0.25	%		0.25	%(c)		0.25	%		0.93	%		1.00	%
Net Investment Income (Loss)		1.71	%		1.99	%		1.70	%(c)		1.72	%		0.99	%		1.27	%
Portfolio Turnover Rate		29	%		24	%		19	%		39	%		160	%		224	%

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

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

(c) Annualized for periods less than one year.

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

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

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 88

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

WILMINGTON LARGE-CAP VALUE FUND
CLASS A	2014		2013		2012		2011		2010
Net Asset Value, Beginning of Year	$11.61		$10.61		$11.47		$9.85		$7.03
Income (Loss) From Operations:
Net Investment Income (Loss)(a)	0.26		0.12		0.06		0.01		0.04
Net Realized and Unrealized Gain (Loss) on Investments	1.75		1.00		(0.86	)	1.64		2.83
Total Income (Loss) From Operations	2.01		1.12		(0.80	)	1.65		2.87
Less Distributions From:
Net Investment Income	(0.33	)	(0.12	)	(0.06	)	(0.03	)	(0.05	)
Return of Capital	—		—		—		—		(0.00	)(b)
Total Distributions	(0.33	)	(0.12	)	(0.06	)	(0.03	)	(0.05	)
Net Asset Value, End of Year	$13.29		$11.61		$10.61		$11.47		$9.85
Total Return(c)	17.46	%	10.65	%	(6.94	)%	16.79	%	41.02	%
Net Assets, End of Year (000’s)	$5,396		$5,928		$6,038		$7,315		$6,606
Ratios to Average Net Assets
Gross Expense	1.61	%	1.46	%	1.42	%	1.43	%	1.42	%
Net Expenses(d)	1.31	%	1.29	%	1.29	%	1.31	%	1.15	%
Net Investment Income (Loss)	2.09	%	1.12	%	0.56	%	0.09	%	0.41	%
Portfolio Turnover Rate	17	%	93	%	37	%	26	%	29	%
CLASS I	2014		2013		2012		2011		2010
Net Asset Value, Beginning of Year	$11.65		$10.65		$11.51		$9.88		$7.05
Income (Loss) From Operations:
Net Investment Income (Loss)(a)	0.27		0.15		0.09		0.05		0.05
Net Realized and Unrealized Gain (Loss) on Investments	1.79		1.00		(0.86	)	1.63		2.84
Total Income (Loss) From Operations	2.06		1.15		(0.77	)	1.68		2.89
Less Distributions From:
Net Investment Income	(0.36	)	(0.15	)	(0.09	)	(0.05	)	(0.06	)
Return of Capital	—		—		—		—		(0.00	)(b)
Total Distributions	(0.36	)	(0.15	)	(0.09	)	(0.05	)	(0.06	)
Net Asset Value, End of Year	$13.35		$11.65		$10.65		$11.51		$9.88
Total Return(c)	17.88	%	10.91	%	(6.65	)%	17.08	%	41.23	%
Net Assets, End of Year (000’s)	$11,251		$121,507		$135,556		$175,440		$156,442
Ratios to Average Net Assets
Gross Expense	1.28	%	1.21	%	1.17	%	1.18	%	1.17	%
Net Expenses(d)	1.04	%	1.04	%	1.00	%	1.02	%	0.99	%
Net Investment Income	2.22	%	1.39	%	0.85	%	0.48	%	0.57	%
Portfolio Turnover Rate	17	%	93	%	37	%	26	%	29	%

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

(b) Represents less than $0.005.

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

89 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON MID-CAP GROWTH FUND
CLASS A	2014		2013		2012		2011		2010
Net Asset Value, Beginning of Year	$15.96		$15.21		$16.21		$12.24		$8.37
Income (Loss) From Operations:
Net Investment Income (Loss)(a)	(0.06	)	(0.01	)	(0.07	)	(0.11	)	(0.05	)
Net Realized and Unrealized Gain (Loss) on Investments	2.40		1.38		(0.25	)	4.08		3.93
Total Income (Loss) From Operations	2.34		1.37		(0.32	)	3.97		3.88
Less Distributions From:
Net Investment Income	—		—		—		—		(0.01	)
Net Realized Gains	(0.69	)	(0.62	)	(0.68	)	—		—
Return of Capital	—		—		—		—		(0.00	)(b)
Total Distributions	(0.69	)	(0.62	)	(0.68	)	—		(0.01	)
Net Asset Value, End of Year	$17.61		$15.96		$15.21		$16.21		$12.24
Total Return(c)	14.64	%	9.55	%	(1.55	)%	32.43	%	46.30	%
Net Assets, End of Year (000’s)	$57,960		$56,837		$60,666		$63,168		$40,438
Ratios to Average Net Assets
Gross Expense	1.52	%	1.56	%	1.57	%	1.62	%	1.62	%
Net Expenses(d)	1.24	%	1.24	%	1.24	%	1.24	%	1.13	%
Net Investment Income (Loss)	(0.34	)%	(0.08	)%	(0.47	)%	(0.85	)%	(0.51	)%
Portfolio Turnover Rate	32	%	36	%	44	%	34	%	56	%
CLASS I	2014		2013		2012		2011		2010
Net Asset Value, Beginning of Year	$16.40		$15.59		$16.57		$12.49		$8.54
Income (Loss) From Operations:
Net Investment Income (Loss)(a)	(0.03	)	0.01		(0.04	)	(0.07	)	(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments	2.47		1.42		(0.26	)	4.15		4.00
Total Income (Loss) From Operations	2.44		1.43		(0.30	)	4.08		3.96
Less Distributions From:
Net Investment Income	—		—		—		—		(0.01	)
Net Realized Gains	(0.69	)	(0.62	)	(0.68	)	—		—
Return of Capital	—		—		—		—		(0.00	)(b)
Total Distributions	(0.69	)	(0.62	)	(0.68	)	—		(0.01	)
Net Asset Value, End of Year	$18.15		$16.40		$15.59		$16.57		$12.49
Total Return(c)	14.86	%	9.70	%	(1.40	)%	32.67	%	46.37	%
Net Assets, End of Year (000’s)	$322,266		$244,427		$232,860		$187,207		$143,594
Ratios to Average Net Assets
Gross Expense	1.28	%	1.31	%	1.33	%	1.37	%	1.36	%
Net Expenses(d)	1.08	%	1.08	%	1.06	%	1.06	%	0.96	%
Net Investment Income	(0.19	)%	0.08	%	(0.30	)%	(0.54	)%	(0.33	)%
Portfolio Turnover Rate	32	%	36	%	44	%	34	%	56	%

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

(b) Represents less than $0.005.

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 90

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

WILMINGTON SMALL-CAP GROWTH FUND
CLASS A	2014		2013		2012		2011		2010
Net Asset Value, Beginning of Year	$18.22		$16.62		$18.20		$14.48		$9.99
Income (Loss) From Operations:
Net Investment Income (Loss)(a)	(0.07	)	(0.00	)(b)	(0.08	)	(0.21	)	(0.12	)
Net Realized and Unrealized Gain (Loss) on Investments	3.39		1.69		(1.50	)	3.93		4.61
Total Income (Loss) From Operations	3.32		1.69		(1.58	)	3.72		4.49
Less Distributions From:
Net Investment Income	(0.02	)	(0.09	)	—		—		—
Total Distributions	(0.02	)	(0.09	)	—		—		—
Net Asset Value, End of Year	$21.52		$18.22		$16.62		$18.20		$14.48
Total Return(c)	18.19	%	10.21	%	(8.68	)%	25.69	%	44.94	%
Net Assets, End of Year (000’s)	$39,072		$36,269		$38,439		$47,884		$41,276
Ratios to Average Net Assets
Gross Expense	1.66	%	1.71	%	1.64	%	1.67	%	1.70	%
Net Expenses(d)	1.46	%	1.47	%	1.44	%	1.45	%	1.30	%
Net Investment Income (Loss)	(0.34	)%	(0.01	)%	(0.54	)%	(1.43	)%	(0.98	)%
Portfolio Turnover Rate	37	%	142	%	561	%	393	%	635	%
CLASS I	2014		2013		2012		2011		2010
Net Asset Value, Beginning of Year	$18.85		$17.16		$18.76		$14.89		$10.26
Income (Loss) From Operations:
Net Investment Income (Loss)(a)	0.00	(b)	0.04		(0.05	)	(0.12	)	(0.10	)
Net Realized and Unrealized Gain (Loss) on Investments	3.49		1.75		(1.55	)	3.99		4.73
Total Income (Loss) From Operations	3.49		1.79		(1.60	)	3.87		4.63
Less Distributions From:
Net Investment Income	(0.03	)	(0.10	)	—		—		—
Total Distributions	(0.03	)	(0.10	)	—		—		—
Net Asset Value, End of Year	$22.31		$18.85		$17.16		$18.76		$14.89
Total Return(c)	18.49	%	10.47	%	(8.53	)%	25.99	%	45.13	%
Net Assets, End of Year (000’s)	$46,549		$104,328		$124,964		$148,560		$130,502
Ratios to Average Net Assets
Gross Expense	1.42	%	1.46	%	1.39	%	1.42	%	1.45	%
Net Expenses(d)	1.25	%	1.25	%	1.21	%	1.24	%	1.17	%
Net Investment Income (Loss)	0.01	%	0.21	%	(0.30	)%	(0.81	)%	(0.84	)%
Portfolio Turnover Rate	37	%	142	%	561	%	393	%	635	%

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

(b) Represents less than $0.005.

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

91 FINANCIAL HIGHLIGHTS (concluded)

For a share outstanding throughout each period:
WILMINGTON SMALL-CAP STRATEGY FUND†
CLASS I	Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009
Net Asset Value, Beginning of Period		$12.30			$10.59			$10.70			$7.90			$6.57			$9.16
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.16			0.18			0.09			0.11			0.09			0.05
Net Realized and Unrealized Gain (Loss) on Investments		2.14			1.70			(0.10	)		2.80			1.32			(2.60	)
Total Income (Loss) From Operations		2.30			1.88			(0.01	)		2.91			1.41			(2.55	)
Less Distributions From:
Net Investment Income		(0.17	)		(0.17	)		(0.10	)		(0.11	)		(0.08	)		(0.04	)
Total Distributions		(0.17	)		(0.17	)		(0.10	)		(0.11	)		(0.08	)		(0.04	)
Net Asset Value, End of Period		$14.43			$12.30			$10.59			$10.70			$7.90			$6.57
Total Return(b)		18.74	%		18.07	%		0.06	%		36.96	%		21.47	%		(27.72	)%
Net Assets, End of Period (000’s)		$126,891			$72,487			$48,974			$127,968			$99,057			$62,938
Ratios to Average Net Assets
Gross Expense		1.09	%		1.32	%		1.16	%(c)		0.96	%		1.07	%		1.61	%
Net Expenses(d)		0.25	%		0.25	%		0.25	%(c)		0.25	%		0.25	%		0.75	%
Net Investment Income (Loss)		1.17	%		1.60	%		1.17	%(c)		1.18	%		1.14	%		0.81	%
Portfolio Turnover Rate		47	%		42	%		10	%		48	%		84	%		205	%

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

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

(c) Annualized for periods less than one year.

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

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

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 92

Wilmington Funds

April 30, 2014

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 23 portfolios, 6 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 17 funds are presented in separate reports.

Fund	Investment Goal
Wilmington Large-Cap Growth Fund (“Large-Cap Growth Fund”)(d)	The Fund seeks to provide long-term capital appreciation.
Wilmington Large-Cap Strategy Fund*(“Large-Cap Strategy Fund”)(d)	The Fund seeks to achieve long-term capital appreciation.
Wilmington Large-Cap Value Fund (“Large-Cap Value Fund”)(d)	The Fund seeks to provide long-term capital appreciation and secondarily, current income.
Wilmington Mid-Cap Growth Fund (“Mid-Cap Growth Fund”)(d)	The Fund seeks to provide long-term capital appreciation.
Wilmington Small-Cap Growth Fund (“Small-Cap Growth Fund”)(d)	The Fund seeks to provide long-term capital appreciation.
Wilmington Small-Cap Strategy Fund*(“Small-Cap Strategy Fund”)(d)	The Fund seeks to achieve long-term capital appreciation.

(d) Diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Service Class, Select Class, Administrative Class and Institutional Class are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

On April 13, 2013, Class C shares of the Small-Cap Growth Fund were terminated after the conversion to Class A of the Fund.

On April 13, 2013, Class A shares of the Large-Cap Strategy Fund were terminated after the conversion to Class I of the Funds.

The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Investment Valuation – Fair value of the Funds’ portfolio securities are determined as follows:

• for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;

• in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;

• investments in open-end regulated investment companies are valued at net asset value (“NAV”); and

• for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Board of Trustees (“Trustees”).

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (“NYSE”). In computing its NAV, the Funds value foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value.

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund’s Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2014, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based

ANNUAL REPORT / April 30, 2014

93 NOTES TO FINANCIAL STATEMENTS (continued)

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.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.

At April 30, 2014, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

			Fair Value of
			Non-cash		Cash
	Repurchase		Collateral		Collateral
Fund/Counterparty	Agreements		Received		Received		Net Amount(1)
Large-Cap Growth Fund
Deutsche Bank Securities, Inc.		$    836,290		$    836,290		$—	$—
		$    836,290		$    836,290		$—	$—
Large-Cap Strategy Fund
Barclays Capital		$    249,297		$    249,297		$—	$—
Citigroup Global Markets, Inc.		1,184,182		1,184,182		—	—
HSBC Securities USA, Inc.		1,184,182		1,184,182		—	—
RBS Securities, Inc.		1,184,182		1,184,182		—	—
TD Securities (USA) LLC		1,184,182		1,184,182		—	—
		$ 4,986,025		$ 4,986,025		$—	$—
Mid-Cap Growth Fund
Citigroup Global Markets, Inc.		$ 6,854,042		$ 6,854,042		$—	$—
Daiwa Capital Markets America		6,854,042		6,854,042		—	—
HSBC Securities USA, Inc.		6,854,042		6,854,042		—	—
Nomura Securities International, Inc.		1,442,919		1,442,919		—	—
RBS Securities, Inc.		6,854,042		6,854,042		—	—
		$28,859,087		$28,859,087		$—	$—
Small-Cap Growth Fund
Citigroup Global Markets, Inc.		$ 1,808,042		$ 1,808,042		$—	$—
Daiwa Capital Markets America		1,808,042		1,808,042		—	—
HSBC Securities USA, Inc.		1,808,042		1,808,042		—	—
Nomura Securities International, Inc.		380,630		380,630		—	—
RBS Securities, Inc.		1,808,042		1,808,042		—	—
		$ 7,612,798		$ 7,612,798		$—	$—

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 94

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-cash Collateral Received		Cash Collateral Received		Net Amount(1)
Small-Cap Strategy Fund
Barclays Capital		$    808,312		$    808,312		$—		$—
Citigroup Global Markets, Inc.		3,836,355		3,836,355		—		—
HSBC Securities USA, Inc.		3,836,355		3,836,355		—		—
RBS Securities, Inc.		3,836,355		3,836,355		—		—
TD Securities (USA) LLC		3,836,355		3,836,355		—		—
		$16,153,732		$16,153,732		$—		$—

⁽¹⁾ Net amount represents the net amount receivable due from the counterparty in the event of default.

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 (except Large-Cap Strategy Fund and Small-Cap Strategy 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 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, if any, 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

Real Estate Investment Trusts – The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

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.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year or period, the Funds did not incur any interest or penalties.

Warrants and Rights – Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Board of Trustees’ approved fair value procedures.

Lending of Portfolio Securities – The Trust has entered into an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and

ANNUAL REPORT / April 30, 2014

95 NOTES TO FINANCIAL STATEMENTS (continued)

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. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.

Investments purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”

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.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts received and create one single net payment due to or from the Fund.

At April 30, 2014, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of Securities on Loan		Cash     Collateral     Received(1)		Net Amount(2)
Large-Cap Growth Fund		$      815,189		$      815,189	$—
Large-Cap Strategy Fund		4,730,001		4,730,001	—
Mid-Cap Growth Fund		28,177,954		28,177,954	—
Small-Cap Growth Fund		7,457,211		7,457,211	—
Small-Cap Strategy Fund		15,739,643		15,739,643	—

⁽¹⁾ Collateral with a value of $836,290, $4,986,025, $28,859,087, $7,612,798 and $16,153,732, respectively, has been received in connection with securities lending transactions.

⁽²⁾ Net amount represents the net amount receivable due from the counterparty in the event of default.

3. FEDERAL TAX INFORMATION

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to the tax treatment of expiring capital loss carryforwards, net investment losses, the “mark-to-market” of certain passive foreign investment companies (PFICs), losses deferred due to wash sales, and utilization of earning and profits distributed to shareholders on redemption of shares. GAAP requires that permanent differences in net investment income and realized gains and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets and have no effect on the net assets nor the NAV of the Funds.

As of April 30, 2014, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the periods ended 2013, 2012, and 2011, as well as the current year, remain subject to examination by the Internal Revenue Service.

For the year ended April 30, 2014, permanent differences identified and reclassified among the components of net assets were as follows:

Fund	Paid-in Capital		Increase (Decrease)  Undistributed Net Investment Income		Accumulated    Net Realized Gain (Loss)
Large-Cap Growth Fund	$	10,882,474		$  (28,309)	$	(10,854,165)
Large-Cap Strategy Fund		—		(864)		864
Large-Cap Value Fund		19,020,574		(271,717)		(18,748,857)
Mid-Cap Growth Fund		(676,270)		676,270		—
Small-Cap Growth Fund		(193,452)		327,452		(134,000)
Small-Cap Strategy Fund		—		40,101		(40,101)

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 96

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

			2014						2013
	Return of		Ordinary			Long-Term			Ordinary			Long-Term
Fund	Capital		Income*			Capital Gains			Income*			Capital Gains
Large-Cap Growth Fund		$—		$	342,029		$	3,464,950		$	84,985		$	7,366,066
Large-Cap Strategy Fund		—			6,931,023			—			7,319,491			—
Large-Cap Value Fund		—			1,629,749			—			1,799,220			—
Mid-Cap Growth Fund		—			—			12,594,746			—			11,276,386
Small-Cap Growth Fund		—			—			134,000			757,676			—
Small-Cap Strategy Fund		—			1,238,125			—			763,725			—

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

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:

	Undistributed/							Late Year			Other		Capital Loss
	(Over Distributed)		Undistributed		Unrealized			Ordinary			Timing		Carryforwards
Fund	Ordinary Income		Long-Term Capital Gains		Appreciation			Deferrals			Differences		and Deferrals
Large-Cap Growth Fund		$        —		$  2,846,323		$	10,227,535		$	—		$—		$(11,416,707)
Large-Cap Strategy
Fund		455,206		12,685,749			139,797,545			—		—		—
Large-Cap Value Fund		—		—			4,319,424			—		—		(2,410,313)
Mid-Cap Growth Fund		—		17,570,880			101,100,969			(327,157)		—		(14,400,526)
Small-Cap Growth Fund		—		5,353,233			25,334,659			(301,593)		—		(5,470,005)
Small-Cap Strategy
Fund		142,143		1,628,136			18,545,795			—		—		—

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

At April 30, 2014, 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:

								Short-Term	Long-Term	Total Capital
	Capital Loss Available Through							Post-Effective	Post-Effective	Loss
Fund	2016		2017		2018			No Expiration	No Expiration	Carryforwards
Large-Cap Growth Fund		7,611,138		3,805,569		$	—	$—	$—		11,416,707
Large-Cap Value Fund		1,333,381		666,690			410,242	—	—		2,410,313
Mid-Cap Growth Fund		—		13,039,596			1,360,930	—	—		14,400,526
Small-Cap Growth Fund		3,646,670		1,823,335			—	—	—		5,470,005

The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2014:

	Capital Loss
	Carryforwards
Fund	Used
Large-Cap Growth Fund		$  3,805,569
Large-Cap Strategy Fund		38,402,939
Large-Cap Value Fund		5,708,921
Mid-Cap Growth Fund		3,259,899
Small-Cap Growth Fund		22,327,433
Small-Cap Strategy Fund		12,806,893

ANNUAL REPORT / April 30, 2014

97 NOTES TO FINANCIAL STATEMENTS (continued)

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 Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. Post-October, Post-December and Late Year losses deferred to May 1, 2014 are as follows:

Fund	Ordinary   Post-December   Losses	Short-Term   Post-October/   Late Year Losses	Long-Term   Post-October/     Late Year Losses
Mid-Cap Growth Fund	327,157	—	—
Small-Cap Growth Fund	301,593	—	—

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

Investment Advisor – Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.

Fund	Advisory Fee     Annual Rate
Large-Cap Growth Fund	0.85%
Large-Cap Strategy Fund	0.50%
Large-Cap Value Fund	0.70%
Mid-Cap Growth Fund	0.85%
Small-Cap Growth Fund	0.85%
Small-Cap Strategy Fund	0.55%

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2014, so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below.

	Contractual Expense     Limitations
Fund	Class A	Class I
Large-Cap Growth Fund	1.42%	1.04%
Large-Cap Strategy Fund	N/A	0.25%
Large-Cap Value Fund	1.32%	1.04%
Mid-Cap Growth Fund	1.24%	1.08%
Small-Cap Growth Fund	1.47%	1.25%
Small-Cap Strategy Fund	N/A	0.25%

Administrative Fee – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. WFMC in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.

Administrator	Maximum Fee			Average Aggregate Daily Net Assets of the Trust
WFMC		0.040	%	on the first $5 billion
		0.030	%	on the next $2 billion
		0.025	%	on the next $3 billion
		0.018	%	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

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 98

On September 30, 2013, the Board of Trustees voted to change the fee schedule for WFMC. Prior to October 1, 2013, these services were provided for an aggregate annual fee as specified below.

Administrator	Maximum     Fee	Average Aggregate Daily Net             Assets of the Trust
WFMC	0.033%	on the first $5 billion
	0.020%	on the next $2 billion
	0.016%	on the next $3 billion
	0.015%	on assets in excess of $10 billion

WFMC may voluntarily choose to waive any portion of its fee. WFMC can modify or terminate its voluntary waiver at any time at its sole discretion. For the period ended April 30, 2014, WFMC did not waive any administrative personnel and services fee.

Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Class A, for the sale, distribution, administration, customer servicing and record keeping of these shares.

The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.

For the year ended April 30, 2014, 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		$39,808
Large-Cap Value Fund		11,503
Mid-Cap Growth Fund		95,913
Small-Cap Growth Fund		36,793

Sales Charges – The Class A shares of all the Funds bear front-end sales charges.

For the year ended April 30, 2014, M&T received the amounts listed below from sales charges on the sale of Class A shares.

Fund	Sales Charges     from Class A
Large-Cap Growth Fund		$  5,923
Large-Cap Value Fund		2,542
Mid-Cap Growth Fund		14,541
Small-Cap Growth Fund		6,713

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Class A and Class I shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the year ended April 30, 2014, 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	$	31,116
Large-Cap Value Fund		101,260
Mid-Cap Growth Fund		352,441
Small-Cap Growth Fund		123,542

Other Service Providers – Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer and Principal Financial Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.

BNYM provides custody services to the Trust.

ANNUAL REPORT / April 30, 2014

99 NOTES TO FINANCIAL STATEMENTS (continued)

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

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

Other Affiliated Parties and Transactions – Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Funds’ distributor. Transactions with affiliated companies during the year ended April 30, 2014 are as follows:

	Balance of			Balance of
	Shares Held	Purchases/	Sales/	Shares Held	Value at	Dividend	Realized
Affiliated Security Name	4/30/2013	Additions	Reductions	4/30/2014	4/30/2014	Income	Gain/(Loss)
Large-Cap Strategy Fund:
M&T Bank Corp.	3,410	—	1,800	1,610	$196,436	$9,548	$43,169

Certain Funds effect trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the year ended April 30, 2014 were as follows:

Fund	Commissions
Large-Cap Growth Fund	$	8,642
Large-Cap Strategy Fund		57,756
Large-Cap Value Fund		51,178
Small-Cap Growth Fund		236,863
Small-Cap Strategy Fund		74,682

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations U.S. Government Securities, and in-kind transactions, for the year ended April 30, 2014 were as follows:

	Investments
Fund	Purchases		Sales
Large-Cap Growth Fund	$	5,578,371	$	59,618,584
Large-Cap Strategy Fund		115,218,950		183,599,773
Large-Cap Value Fund		14,632,425		138,309,920
Mid-Cap Growth Fund		139,767,448		108,498,160
Small-Cap Growth Fund		49,124,457		130,319,839
Small-Cap Strategy Fund		91,124,781		50,537,902

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 through March 10, 2014. Effective March 11, 2014, the LOC included a commitment fee of 0.10% per annum on the daily unused portion. The termination date of this LOC is March 9, 2015. The Funds did not utilize the LOC for the year ended April 30, 2014.

7. LEGAL PROCEEDINGS

The Funds are subject to claims and suits that arise from time to time in the ordinary course of business. For example, certain creditors of Tribune Co., which has recently emerged from bankruptcy, have filed actions against former Tribune shareholders, (collectively, the “Lawsuits”) who tendered their shares when Tribune went private in 2007 as part of a leveraged buyout (“LBO”). These creditor plaintiffs seek the return of all proceeds received by the former Tribune shareholders. The Tribune-related actions are currently pending in the U.S. District Court for the Southern District of New York in a Multi-District Litigation (“MDL”). There are thousands of defendants in the MDL, including the Large-Cap Strategy Fund and the Mid-Cap Growth Fund. The suits all seek the same thing: disgorgement of the amounts received by the former Tribune shareholders as part of the LBO, but by different legal theories. Although management currently believes that the resolution of the claims against the Funds, individually or in the aggregate, will not have a materially adverse impact on the Funds’ financial positions, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters could change in the future.

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 100

Litigation counsel to the Large-Cap Strategy Fund and the Mid-Cap Growth Fund in the Lawsuits does not believe that it is possible, at this early stage in the proceedings, to predict with any reasonable certainty the probable outcome of the Lawsuits or quantify the ultimate exposure to the Large-Cap Strategy Fund and the Mid-Cap Growth Fund arising from the Lawsuits. Until the Large-Cap Strategy Fund and the Mid-Cap Growth Fund can do so, no reduction of their net asset values will be made relating to the Lawsuits. However, even if the plaintiffs in the Lawsuits were to obtain the full recovery they seek, the amount would be less than 0.5% of each of the Large-Cap Strategy Fund and the Mid-Cap Growth Fund’s net asset value at this time. Neither the Large-Cap Strategy Fund nor the Mid-Cap Growth Fund can predict what their size might be at the time that the cost of the Lawsuits might be quantifiable and thus potentially deducted from their net asset value. Therefore, at this time, those buying or redeeming shares of the Large-Cap Strategy Fund and the Mid-Cap Growth Fund will pay or receive, as the case may be, a price based on net asset value of the Large-Cap Strategy Fund and the Mid-Cap Growth Fund, with no adjustment relating to the Lawsuits. The attorneys’ fees and costs relating to the Lawsuits will be taken as expenses by the Large-Cap Strategy Fund and the Mid-Cap Growth Fund as incurred and in a manner similar to any other expense incurred by the Large-Cap Strategy Fund and the Mid-Cap Growth Fund.

8. SUBSEQUENT EVENTS

On May 22, 2014, WFMC and WTIA, recommended, and the Trustees approved the liquidation of the Large-Cap Growth Fund and the Large-Cap Value Fund. Effective upon the close of business of the New York Stock Exchange on May 22, 2014, the Large-Cap Growth Fund and the Large-Cap Value Fund no longer accepted purchase orders of any kind. On June 20, 2014, the liquidation date, each Fund made a liquidating distribution to its remaining shareholders equal to each shareholder’s proportionate share of the net assets of the respective Fund in complete redemption and cancellation of the fund’s shares held by each remaining shareholder, and then dissolved.

9. FEDERAL TAX INFORMATION (UNAUDITED)

Complete information regarding the tax status of distributions will be reported on Forms 1099.

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended April 30, 2014, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:

Fund
Large-Cap Growth Fund	100.00	%
Large-Cap Strategy Fund	99.68	%
Large-Cap Value Fund	43.00	%
Small-Cap Strategy Fund	59.74	%

For the year ended April 30, 2014, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 15%:

Fund
Large-Cap Growth Fund	100.00	%
Large-Cap Strategy Fund	100.00	%
Large-Cap Value Fund	52.73	%
Small-Cap Strategy Fund	62.33	%

If the Funds meet the requirements of Section 853 of the Code, the Funds will pass through to shareholders credits of foreign taxes paid.

ANNUAL REPORT / April 30, 2014

101

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF

WILMINGTON FUNDS

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Wilmington Large-Cap Growth Fund, Wilmington Large-Cap Strategy Fund, Wilmington Large-Cap Value Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small-Cap Growth Fund and Wilmington Small-Cap Strategy Fund (six of the series constituting the Wilmington Funds) (the “Funds”) as of April 30, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2014, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Large-Cap Growth Fund, Wilmington Large-Cap Strategy Fund, Wilmington Large-Cap Value Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small-Cap Growth Fund and Wilmington Small-Cap Strategy Fund at April 30, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

June 28, 2014

April 30, 2014 / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 102

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 23 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.

INTERESTED TRUSTEES BACKGROUND

Name   Address   Birth date   Position With Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
R. Samuel Fraundorf, CFA, CPA*	Principal Occupations: President of WTIA.
Birth date: 4/64
TRUSTEE	Other Directorships Held: None.
Began serving: March 2012
	Previous Positions: President of Wilmington Trust Investment Managements (“WTIM”) (8/04 to 1/12); Chief Operating Officer of WTIM (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08).
Robert J. Truesdell*   Birth date: 11/55   TRUSTEE	Principal Occupations: Group Vice President and Senior Investment Advisor for Wilmington Trust Wealth Advisory Services, M&T Bank.
Began serving: December 2012	Other Directorships Held: None.
	Previous Positions: Bond Department Manager, M&T Bank (2/88 to 7/12); Group Vice President, Managing Director and Chief Investment Officer, WTIA (6/02 to 6/12) and WFMC (3/12 to 6/12).
*     R. Samuel Fraundorf is “interested” due to positions he holds with WTIA. Robert J. Truesdell is “interested” due to the positions he currently holds with Wilmington Trust Wealth Advisory Services, M&T Bank, the parent of the Funds’ Advisor, and previous positions held with WTIA and WFMC.

ANNUAL REPORT / April 30, 2014 (unaudited)

103 BOARD OF TRUSTEES AND TRUST OFFICERS

INDEPENDENT TRUSTEES BACKGROUND

Name   Birth date   Position With Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Joseph J. Castiglia   Birth date: 7/34	Principal Occupations: Private Investor, Consultant and Community Volunteer.
CHAIRMAN AND TRUSTEE   Began serving: February 1988	Other Directorships Held: Chairman (3/06 to 3/08), Trustee (3/04 to present) and Treasurer (3/10 to 3/12), Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 1/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman (5/12 to present), Director (1/08 to present), Read to Succeed Buffalo (1/08 to present); Director, Catholic Medical Partners (7/12 to present); Director, Roycroft Campus Corporation (8/12 to present).
	Previous Positions: President, Chief Executive Officer, Vice President, Treasurer, Controller and Vice Chairman, Pratt & Lambert United (manufacturing of paints, coatings and adhesives) (12/67 to 1/96); Chairman and Director, Catholic Health Systems of Western New York (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (health insurance provider) (5/92 to 5/07); Lead Director and Director, Energy East (gas and electric utility); Chairman and Director, Federal Reserve Bank of New York, Buffalo Branch.
Robert H. Arnold   Birth date: 3/44	Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present).
TRUSTEE
Began serving: March 2012	Other Directorships Held: First Potomac Realty Trust (real estate investment trust).
William H. Cowie, Jr.	Principal Occupations: Retired.
Birth date: 1/31
TRUSTEE   Began serving: September 2003	Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present).
	Previous Positions: CFO, Pencor Inc. (environmental project development); Vice Chairman of Signet Banking Corp.
John S. Cramer   Birth date: 2/42	Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present).
TRUSTEE
Began serving: December 2000	Other Directorships Held: Director, Chairman of the Executive Committee and Chairman of the Compensation Committee of Chek-Med Corporation (6/03 to present).
	Previous Positions: President and Chief Executive Officer Emeriti, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania).
Daniel R. Gernatt, Jr.   Birth date: 7/40	Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present).
TRUSTEE
Began serving: February 1988	Other Directorships Held: Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation.

April 30, 2014 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 104

Name   Birth date   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano Birth date: 3/43 TRUSTEE Began serving: March 2012	Principal Occupations: Consultant, financial services organizations (1997 to present).
	Other Directorships Held: Kalmar Pooled Investment Trust; The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (industrial furnaces and ovens).
	Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Richard B. Seidel Birth date: 4/41 TRUSTEE	Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (1/96 to present); Chairman and Director, Girard Capital (broker-dealer) (1/10 to present).
Began serving: September 2003	Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).
OFFICERS
Name   Address   Birth year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Samuel Guerrieri Birth year: 1965 PRESIDENT Began serving: December 2012	Principal Occupations: President and Chief Executive Officer, M&T Securities, Senior Vice President, M&T Bank.
Michael D. Daniels Birth year: 1967 CHIEF OPERATING OFFICER Began serving: June 2007	Principal Occupations: Chief Operating Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc., Administrative Vice President, M&T Bank.
	Previous Positions: Senior Vice President, MSD&T and MCA (2006 to 2007); Vice President, Calamos Asset Management (2004 to 2006); Vice President, JP Morgan Chase Bank (2002 to 2004).
Jeffrey M. Seling Birth year: 1970 ASSISTANT TREASURER Began serving: June 2013 VICE PRESIDENT Began serving: June 2007	Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc; Assistant Treasurer, Wilmington Funds. Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank.
John C. McDonnell Birth year: 1966 VICE PRESIDENT AND ASSISTANT TREASURER Began serving: June 2013	Principal Occupations: Vice President, Wilmington Funds Management Corporation (2005 to Present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present).
	Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012); Audit Senior, Deloitte LLP (2004 to 2005); Assistant Vice President, 1838 Investment Advisors, LP (1999 to 2004).

ANNUAL REPORT / April 30, 2014 (unaudited)

105 BOARD OF TRUSTEES AND TRUST OFFICERS

Name   Address   Birth year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Hope L. Brown Birth year: 1973 CHIEF COMPLIANCE OFFICER, AML COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2012	Principal Occupations: Vice President, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds. Previous Positions: Assistant Vice President, Lead Manager, Risk Management and Divisional Compliance for T. Rowe Price (2005 to 2010); Senior Compliance Officer, Manager of Compliance for RE Investment, Inc., RE Advisers, Inc. and the Homestead Funds (2001 to 2005).
Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008	Principal Occupations: Administrative Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008.
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore, MD 21201 Birth year: 1957 VICE PRESIDENT Began serving: June 2010	Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003).
Christopher W. Roleke 10 High Street, Suite 302 Boston, MA 02110 Birth year: 1972 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: July 2013	Principal Occupation: Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present). Previous Positions: Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
Lisa R. Grosswirth 101 Barclay Street, 13E New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007	Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present). Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).
Richard J. Berthy Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007	Principal Occupation: Chief Executive Officer, Foreside Financial Group, LLC (7/12 to present). Previous Positions: President, Foreside Financial Group, LLC (5/08 to 7/12); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (6/03 to 6/06); Vice President, Bainbridge Capital Management (8/02 to 5/04).

April 30, 2014 (unaudited) / ANNUAL REPORT

106

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

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

Electronic Delivery

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

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

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

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

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

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

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

Householding

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

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

/ April 30, 2014

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.

April 30, 2014 /

108

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

• Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website.

• We may also collect non-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party.

E-mail:

If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.

Surveys/Aggregate Data:

Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

Notice will be provided to you in advance of any changes that would affect your rights under this policy statement

/ April 30, 2014

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Investment Advisor Custodian Wilmington Funds Management Corp. The Bank of New York Mellon 1100 North Market Street One Wall Street Wilmington, DE 19890 New York, NY 10286 Sub-Advisor Distributor Wilmington Trust Investment Advisors ALPS Distributors, Inc. 111 South Calvert Street 26th Floor 1290 Broadway, Suite 1100 Baltimore, MD 21202 Denver, CO 80203 Co-Administrator Fund Accountant, Co-Administrator, Transfer Agent Wilmington Funds Management Corp. and Dividend Disbursing Agent 1100 North Market Street BNY Mellon Investment Servicing (U.S.) Inc. Wilmington, DE 19890 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

Wilmington Multi-Manager International Fund (“International Fund”)

Wilmington Multi-Manager Alternatives Fund (“Alternatives Fund”), formerly Wilmington Rock Maple Alternatives Fund

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

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

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

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

        CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	23
Portfolios of Investments	25
Notes to Portfolios of Investments	83
Statements of Assets and Liabilities	86
Statements of Operations	88
Statements of Changes in Net Assets	90
Financial Highlights	93
Notes to Financial Statements	99
Report of Independent Registered Public Accounting Firm	115
Board of Trustees and Trust Officers	116
Board Approval of Investment Advisory Agreements	120

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i

Dear Investor:

I am pleased to present the Annual Report of Wilmington Funds (the Trust). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2013, through April 30, 2014. Inside, you will find a discussion of the factors impacting each fund’s performance during the reporting period, as well as a complete listing of each fund’s holdings and financial statements.

The Economy and Financial Markets in Review

Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets over the 12-month reporting period.

The Economy

Compared to other animals, humans have an unparalleled ability to see what we wish to see. The tendency to interpret facts to suit our opinions is magnified in the financial arena. Most of the time economic data provides plenty of fodder for both bulls and bears.

We see enough positive news to argue that good times are about to roll ....

• Despite weather-driven speed bumps in January and February, U.S. nonfarm payrolls expanded by 2.37 million jobs in the year ended April 2014 – the strongest gain since the period ended April 2006. April 2014 hiring came in unexpectedly robust, with job growth of 288,000, the highest since January 2012. Payrolls rose an average of 202,000 per month over the last six months, and by the end of April 2014, had recovered to within 113,000 jobs of the all-time high set in January 2008.

• Inflation remains under control. The Consumer Price Index for April 2014 was up 2.0% from a year earlier – the biggest year-over-year increase since July 2013 but below the 20-year average of 2.4%. Meanwhile, core CPI – excluding the volatile food and energy categories – was up 1.8% in April 2014, only slightly above the reading in previous months and also lower than the long-run average of 2.2%.

• While retail sales came in below expectations in April 2014, strong February and March numbers suggest consumers have come out of hibernation. Job growth and the “wealth effect” from stock returns have set the stage for spending growth.

... and sufficient worrisome news to justify caution.

• New-home sales have plummeted so far this year, while sales of existing homes have trended lower since last summer, even taking into account seasonal adjustments. Lenders have become more accommodating, yet credit remains fairly tight, as does the supply of homes.

• Two popular measures of consumer confidence, indices maintained by the Conference Boardⁱ and the University of Michiganⁱⁱ, have diverged somewhat in recent months. However, both indices report confidence fairly close to levels seen last summer despite improvements in the labor market, excellent stock returns, and an expanding economy. The early-May reading of the University of Michigan surveyⁱⁱ saw a 2.7% decline from April 2014 levels, while the consensus projected a 3.3% increase. One number does not a trend make, but the University of Michigan data can only be called disappointing.

ⁱhttp://www.conference-board.org

ⁱⁱhttp://www.sca.isr.umich.edu

Many of the recent problems stem directly from the harsh winter weather we have endured which pushed first quarter GDP down by 1%. We expect that a rebound from this will take place in the second quarter which should be followed by a resumption of modest growth rates in the 2.5 to 3.0% range. Given this outlook, we expect to see stocks outperform bonds but fears of a major rise in interest rates are also probably overblown.

The Bond Markets

In the year ended April 30, the Barclays U.S. Aggregate Bond Index¹ delivered a -0.26% return, with the majority of the bond market performing at a lackluster level. Blame Treasuries for the Aggregate Bond Index’s negative return, as the Barclays U.S. Treasury Bond Index² returned -1.59% for the year ended April. In contrast, Barclays indices for mortgage-backed, corporate, and municipal bonds all managed positive returns, albeit below 0.60%.

While the statements above are unequivocally accurate, investors who stop at the raw numbers will miss a big part of the picture – bond investors suffered their pain in 2013; so far, 2014 has proven friendlier.

PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)

ii

The 10-year Treasury bond yielded 1.70% at the end of April 2013 and ended the year at 3.04%. By the end of April 2014, the T-bond yield had fallen to 2.67%, and as of May 28th it yielded 2.44%. Corporate bonds have traced similar, if less steep, paths. These yields reflect a solid recovery this year, which in turn tells us that the Federal Reserve’s tapering of bond purchases hasn’t had the deleterious effect some pundits projected.

On April 30, the Federal Reserve (the “Fed”) Open Market Committee reduced its monthly bond purchases another $10 billion to $45 billion, down from $85 billion for most of last year. At this pace, the Fed may stop buying bonds before the end of 2014. While new Fed Chair Janet Yellen shocked the market in March when she said the Fed could start raising interest rates just six months after the end of quantitative easing³, subsequent statements suggest the central bank hasn’t set a hard target.

In recent months, the Fed has signaled expectations roughly in line with the consensus, which suggests the federal funds rate won’t rise until the second half of 2015. “Doves” continue to call the shots at the Fed, and it’s tough to predict how markets would react if the bankers changed their tone.

For the 12-month reporting period May 1, 2013 through April 30, 2014, certain Barclays Indices performed as follows⁴:

Barclays U.S. Aggregate Bond Index	Barclays U.S. U.S. Treasury Bond Index	Barclays U.S. Mortgage-Backed Securities Index5	Barclays U.S. Credit Bond Index6	Barclays Municipal Bond Index7
-0.26%	-1.59%	0.59%	0.41%	0.50%

The Stock Markets

Few investors who owned a diversified stock portfolio at the start of last May and held it through the end of April 2014 should complain. The S&P 500 Index⁸ of large-cap stocks returned 20.44% during that 12-month period. Most segments of the U.S. stock market shared in the wealth, with the small-cap Russell 2000 Index⁹ returning 20.50%.

Among large-cap stocks, growth slightly outperformed value. Smaller stocks showed more of a growth bias (Russell 2000 Growth Index¹⁰ up 21.46% versus 19.61% for the Russell 2000 Value Index¹¹). But when your lagging group manages an annual return of more than 19%, you’ve enjoyed a good year.

Even foreign stocks provided investors with solid gains – at least in developed markets. The MSCI All Country World ex-US Index¹² returned 9.76% over the last year, while the MSCI EAFE (Europe, Australasia, Far East) Index¹³ of large-cap and midcap stocks from developed markets returned 13.35%. However, the MSCI Emerging Markets Index¹⁴ delivered a -1.84% return.

Most of the stock gains racked up in the 12 months ended April 2014 came during the last eight months of 2013. The S&P 500 managed to set eight new all-time closing highs during the first four months of 2014, yet exited April up less than 3% from its level at the end of 2013. The sluggishness during this period has probably contributed to weakness in both consumer and investor sentiment.

The American Association of Individual Investors Sentiment Survey for the week ending May 21st, 2014, found 43% of investors neutral on the stock market, well above the long-run average of 31%. While bullishness has risen and bearishness fallen in recent weeks, percentages for both extremes remain below typical levels. The unusually large number of “neutrals” bespeaks a lack of confidence in the market, feelings not unexpected given lackluster year-to-date returns.

With the U.S. stock market looking for leadership, investors should keep an eye out for groups making strong moves. A large pack of investors uncertain about the market’s direction can quickly transform into a stampede – in any direction.

For the 12-month reporting period May 1, 2013 through April 30, 2014, certain stock market indices performed as follows:

S&P 500 Index	Dow Jones Industrial Average15	NASDAQ Composite Index16	MSCI All Country World ex-US (Net) Index
20.44%	14.44%	25.20%	9.76%

April 30, 2014 (unaudited) / PRESIDENT’S MESSAGE

iii

The Trust, with assets of $12.5 billion as of April 30, 2014, gives investors access to every major asset class and sector. Whether you are looking to pay for a comfortable retirement, fund a child’s higher education, pursue tax-free income¹⁷, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds may provide you with the diversification, flexibility, and professional management you need.¹⁸

Sincerely,

Sam Guerrieri

President

May 28, 2014

For more complete information, please download the Funds’ 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 Funds’ prospectus, which you should read carefully before investing.

Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.

All investments involve risk, including the possible loss of principal. Equity Securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.

High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

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

1. Barclays U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays 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.

2. Barclays 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.

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

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

5. Barclays 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 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 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. 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.

9. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of the Index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure large stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The index is unmanaged and investments cannot be made directly in an index.

10. The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment.

11. The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment.

12. 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. The index is unmanaged and investments cannot be made directly in an index.

13. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed

PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)

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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. The index is unmanaged and investments cannot be made directly in an index.

14. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and investments cannot be made directly in an index.

15. 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.

16. 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.

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.

April 30, 2014 (unaudited) / PRESIDENT’S MESSAGE

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WILMINGTON MULTI-MANAGER INTERNATIONAL FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Multi-Manager International Fund (the “Fund”) had a total return of 10.53%* for Class A shares and 10.73%* for Class I shares, versus its benchmark, the Morgan Stanley Capital International – All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US)** which had a total return of 9.76%. The appreciation of the U.S. Dollar detracted 0.50%, as the MSCI ACWI ex-US in local currency terms, returned 10.26%. The MSCI ACWI ex-US is a free float-adjusted market capitalization index that is designed to measure developed and emerging market equity performance, excluding the U.S. On a net-of-fees basis, overall manager selection had a meaningful positive effect and overall tactical asset allocation decisions had no material impact on the Fund’s relative returns.

On a global level, the greatest single contributor to the world ex-U.S. performance during the period was economic growth in the world’s largest economy, the U.S. However, in many markets local economic and political conditions were prevailing influences.

It is notable that developed countries significantly outperformed emerging markets during the period. The MSCI World ex-US Index (Net, USD), a proxy for developed country large/mid cap equity returns, returned 13.1% in U.S. Dollar terms, while the MSCI Emerging Markets Index (Net, USD) lost 1.8%. Moreover, within each group, developed and emerging, there was significant variation across markets, as local conditions were varied.

Within developed countries, there were two significant trends during the period. The first trend was the substantial recovery of Italian and Spanish equity markets, mirrored to a lesser degree in northern European markets. The second trend was a slight retrenchment of Japanese performance after a strong surge in equity prices during the prior period of May 2012-April 2013.

Italy produced an equity return of 38.9% while Spain produced an equity return of 36.0%. The backdrop for these strong equity returns is a significant economic recovery after several years of sharp fiscal austerity related to the Eurozone debt crisis. In particular, Spain has seen some recovery in its struggling housing market and in its banking sector.

To a significant degree, the recovery in the Italian and Spanish equity markets has been assisted through the actual and implied supports offered by the European Central Bank (ECB). Clearly, the ECB’s actions have had impacts on European bond markets, as yields for Italian and Spanish sovereign bonds have returned to levels last seen before the Eurozone debt crisis.

Through intra-European Union trade and financial linkages, Italian and Spanish economic recovery benefitted the economies and equity markets of France and Germany, with whom they share the Euro currency. Moreover, pro-business German Chancellor Angela Merkel was re-elected in September 2013, while socialist French president Francois Hollande softened his anti-business policies in response to a March 2014 loss of seats in local elections. Germany returned 26.9%, and France returned 25.5% during the period.

The UK returned 18.4% during the reporting period. Its performance may have matched that of Germany or France except

for the impact of weak commodities prices on some of the large commodities producers listed on their market and concerns about the possible outcome of a forthcoming Scottish referendum on independence from the UK also played a role.

The Japanese equity market lost 3.7% during the period. In the six months prior to the current reporting period, the Japanese equity market surged on news of the election of Shinzo Abe as Prime Minister and the announcement of quantitative easing and a weak-Yen policy, aimed at supporting exporter competitiveness. Subsequently, during the current reporting period, Japanese equity market attention turned toward the increasing of consumption taxes, in order to raise new revenues to reduce the government’s large fiscal deficits. The specter of higher taxes stopped the boom in equities and led to slight retrenchment. Additionally, as a result of the Russia-Ukraine conflict, capital flowed into the Yen- considered a “safe haven” currency, preventing further beneficial depreciation. Looking forward, Japanese equity markets are confronted by a number of tough challenges, namely poor demographics, high debt, and a potential maritime conflict with China.

The significant recent underperformance of emerging markets is due in part to the increase in U.S. long-term interest rates following the Fed’s May 2013 pre-announcement of potential tapering. Higher U.S. interest rates, plus a booming U.S. equities market, prompted outflows of capital from many emerging markets. This adversely impacted emerging market returns in local currency terms. Moreover, such outflows led to currency devaluations, which further adversely impacted returns in U.S. Dollar terms.

Two of the most adversely impacted countries included Brazil, which lost 11.3% during the period, and India, which managed to eke out a positive 1.3% after an intra-period plunge. It is notable that toward the end of the reporting period, both countries were facing nationwide elections. In the case of India, it appeared that a pro-business candidate, Marenda Modi, would become prime minister, while in the case of Brazil the current socialist president, Dilma Rousseff, would be re-elected.

Another factor impacting the adverse performance of emerging markets was the Russia-Ukraine conflict, which erupted during the first quarter of 2014. Although Russian equities market performance had already been deteriorating in 2013, it significantly worsened during the first quarter of 2014 as a consequence of the conflict. For the entirety of the reporting period, Russia lost 14.3%.

The Chinese equities market lost 1.3% during the period. While the new government appears to act decisively in response to short-term crises, such as recent defaults among non-bank lenders, its long-term economic policy priorities remain murky. There is widespread distrust of the accuracy of Chinese official data reporting. Moreover, the Chinese government seems pre-occupied with non-economic issues, such as maritime claims in the East and South China Seas. Chinese companies are finding it difficult to make long-term investment decisions under such conditions of uncertainty.

It is tempting to describe the relatively weak performance of China and some other emerging markets during the reporting period as an

April 30, 2014 (unaudited) / ANNUAL REPORT

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aberration in a long-run trend. After all, emerging markets have higher GDP growth rates than developed countries. However, the fact is that lackluster emerging market equity returns have been a persistent phenomenon. Over a trailing five year period, emerging markets returned 11.08% versus 13.45% for developed markets.

A likely explanation is structural: companies in many emerging markets face greater constraints than their developed-country counterparts in their efforts to expand profit margins. Labor markets in many emerging markets have tightened, placing significant pressure on wages. Moreover, infrastructure building – highways, ports, airports, power plants, water systems – has not kept pace with business and consumer demand. While businesses in developed countries are perfecting highly-automated “just-in-time”, their counterparts in emerging markets are often struggling to obtain raw materials on-time, keep the power on, and deliver products on-time to their customers.

Among emerging markets, there are two countries where infrastructure is closer to the standards prevailing in developed markets: Korea and Taiwan. Were it not for some technical characteristics of their stock exchanges and securities regulation, MSCI would label them as “developed”. Indeed, both countries posted significant equity returns during the reporting period, partly on the strength of U.S. demand for electronic components and products. Korea posted a 9.46% return and Taiwan a 7.46% return.

The Fund allocates assets between developed and emerging markets based on the advice by Wilmington Trust Investment Advisors Investment Strategy Team’s tactical asset allocation recommendations. At the end of the period had a 72% allocation to developed large-cap countries, 12% to developed small-cap countries, and 16% allocation to emerging markets. This allocation was in place for the last eight months of the period. In addition, the current allocation to developed large-cap countries was 50% value and 50% growth. At the start of the period, the Fund’s assets represented a 67% allocation to developed large-cap countries (50% value / 50% growth), 0% to developed small-cap countries, and 33% allocation to emerging markets. This starting allocation was in place for the first four months of the period. The Fund’s overweight allocation to emerging markets during the first four months of the period had a negative effect as noted above by the large difference in returns between developed countries and emerging markets. The tactical allocation to developed country small-cap equities, not represented in the Fund’s benchmark index, and underweight allocation to emerging markets both had a positive effect in the last eight months of the period. In total, there was no material impact on the Fund’s excess returns from these various tactical asset allocation recommendations.

On October 15, 2013, the Fund added Oberweis Asset Management, Inc. (“Oberweis”) as a new sub-advisor managing a portfolio of developed country small-cap equities. Oberweis actively selects stocks by exploiting the inefficiency regarding ‘Post-Earnings Announcement Drift’, whereby investors systematically under-react to changes in company business fundamentals when these changes are contrary to their existing prior beliefs. This drift results in stock prices continuing to drift for a long period (9 to 12 months) after the earnings surprise announcement. Their portfolio will usually have 70-85 individual positions, and the active share is generally greater than 90.

As of the fiscal year end, the Fund currently had a sub-advisor lineup consisting of the following asset managers: Baring International Investment Limited (“Barings”), Dimensional Fund

Advisors LP (“DFA”), LSV Asset Management (“LSV”), Northern Cross LLC, Oberweis, Parametric Portfolio Associates LLC (“Parametric”), and Wilmington Trust Investment Advisors, Inc. (“WTIA”). WTIA allocates assets of the Fund among the sub-advisors.

The developed country large-cap growth portfolio managed by Northern Cross outperformed the MSCI World ex-US Growth Index (Net, USD). Most of the relative positive attribution was a result of their persistent large underweight allocation to Japan, the worst-performing developed country, and not owning any names in Australia, the second worst-performing developed country. They also experienced strong positive stock selection in European financials such as Intesa Sanpaolo, AXA, BBVA, and Lloyds.

The emerging markets portfolio managed by Parametric outperformed the MSCI Emerging Markets Index (Net, USD). The main positive drivers in explaining their relative results were their structural underweight to Brazil, investments in non-benchmark countries such as the United Arab Emirates and Qatar, and their overweight allocation to Poland. Their underweight allocations to Korea and Taiwan had the most meaningful negative influence on relative returns.

The developed country large-cap value portfolio managed by DFA outperformed the MSCI World ex-US Value Index (Net, USD). Their portfolio’s relative performance was driven primarily by the specific industries and countries owned as a result of their portfolio construction process. At the sector level, the portfolio’s emphasis on deep value stocks in financials and consumer discretionary contributed positively to relative performance. The exclusion of real estate investment trusts from the portfolio also positively contributed to relative performance. From a country perspective, overweight allocation in France and the Netherlands had a positive impact. However, an underweight allocation in Spain, one of the best-performing countries over the last 12 months, was one of the few negative contributors to relative performance.

Since Oberweis was added to the Fund in October, their portfolio outperformed the MSCI World ex-US Small-Cap Index (Net, USD). Looking at countries, they experienced strong positive stock selection within Japan, Denmark, Norway and Canada while experiencing weak stock selection in the U.K. From a sector perspective, the portfolio experienced strong positive stock selection within consumer discretionary, industrials, health care, and energy.

The developed country large-cap value portfolio managed by LSV was in line with the MSCI World ex-US Value Index (Net, USD). As they try to keep their portfolio both sector- and country-neutral, stock selection typically explains their relative results. Though they experienced strong stock selection in Japan, their relative returns were tempered by weak stock selection in consumer staples.

The developed country large-cap core portfolio managed by Barings trailed the MSCI World ex-US Index (Net, USD). The reasons for the relative underperformance were due to a mix of regional allocation and weak stock selection. They spent most of the year being substantially underweight the Pacific ex-Japan region, as they had concerns about the Australian economy. This decision had a positive influence, as the Australian market underperformed the international equity market. However, their underweight position in Continental Europe was detrimental to relative performance as they owned

ANNUAL REPORT / April 30, 2014 (unaudited)

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very few names in some of the best-performing countries in the region such as Spain and Italy. Finally, their lack of ownership of many of the best-performing industrials also was a key factor in explaining their results.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 4.49%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

*** The MSCI EAFE Index (Europe, Australasia, Far East) (Net, USD) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consisted of the

following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and it is not possible to invest directly in an index.

MSCI Emerging Markets Index (Net, USD) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

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

MSCI World ex-US Growth and Value Indices (Net, USD) are free float-adjusted market capitalization weighted indices that are designed to measure the equity market performance of developed markets excluding the U.S. market. MSCI uses a two dimensional framework for style segmentation in which value and growth securities are categorized using a multi-factor approach, which uses three variables to define the value investment style characteristics and five variables to define the growth investment style characteristics including forward looking variables. The objective of the index design is to divide constituents of the MSCI World ex-US Index into respective value and growth indices, each targeting 50% of the free float adjusted market capitalization of the underlying market index.

The MSCI ACWI ex US Small Cap Index captures small cap representation across 23 of 24 Developed Markets countries (excluding the US) and 21 Emerging Markets countries*. With 4,168 constituents, the index covers approximately 14% of the global equity opportunity set outside the US. The International investing involves special risks including currency risks, increased volatility of foreign securities, political risks and differences in auditing and other financial standards.

April 30, 2014 (unaudited) / ANNUAL REPORT

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WILMINGTON MULTI-MANAGER INTERNATIONAL FUND — CLASS A^†

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Multi-Manager International Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the MSCI ACWI ex-US.²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	4.49%
5 Years	10.74%
Start of Performance (12/19/05)	2.98%

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

Annual Operating Expense Ratio

Before Waivers	1.81%
After Waivers	1.51%

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

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

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WILMINGTON MULTI-MANAGER INTERNATIONAL FUND — CLASS I^†

The graph below illustrates the hypothetical investment of $1,000,000^1,2 in the Wilmington Multi-Manager International Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Morgan Stanley Capital International All Country World Index ex-US (Net, USD) (“MSCI ACWI ex-US”).²

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	10.73%
5 Years	12.21%
10 Years	6.49%

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

Annual Operating Expense Ratio

Before Waivers	1.56%
After Waivers	1.38%

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

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

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WILMINGTON MULTI-MANAGER ALTERNATIVES FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Multi-Manager Alternatives Fund (the “Fund”) had a total return of 2.74%* for Class A Shares and 3.01%* for Class I Shares, versus its benchmark, the HFRX Global Hedge Fund Index**, which had a total return of 3.23%.

Fund Highlights

The Fund’s performance met objectives relative to the benchmark and the expectations of the portfolio management team. Manager cross correlation was low and return attribution was well diversified from both a strategic and geographic standpoint. The Fund’s annualized volatility for the fiscal year was 3.06%, the realized beta to S&P 500 was 0.16, and the realized correlation to the Barclays US Aggregate was 0.00.

Performance by Strategy

Long/short equity was the largest contributor to the Fund’s performance. Calypso Capital Management, LP (Calypso), our European manager was again the best performer in the Fund. The manager skillfully rotated into consumer-sensitive names in Southern Europe as it became clear that the European Central Band (ECB) was willing to take increasingly pro-active measures to ensure the stability of sovereign finances and foster growth. TIG Advisors, LLC (TIG) also posted strong gains for the year, primarily from idiosyncratic trades in smaller names in broadcasting and technology. Madison Street Partners, LLC (Madison) performance was buoyed by an advancing US equities market, where the manager skillfully moved net and gross exposure to damper volatility and reduce beta. The only long-short manager to detract from performance during the year was ADAR Investment Management, LLC (ADAR). Performance was down very modestly due largely to losses on a single position, Tower Group International. The firm was a specialty insurer who received a negative opinion on their reserves while in the process of re-domiciling in Bermuda. In April, we added Loeb King Capital Management (Loeb King) as a sub-advisor to the Fund. They manage a concentrated global catalyst driven long/short equity strategy that uses position level hedging (including options) to reduce risk. Since funding the strategy has contributed positively to performance. During the year, the Fund ended its sub-advisory relationship with ADAR and Madison.

Our event driven strategy, accessed through the Arbitrage Fund, posted modest gains. Over the last twelve months we have seen a large uptick in deal activity, especially hostile deals and those with topping bids, which act as a tail-wind to the strategy. At the same time, the low-levels of implied volatility reduced hedging costs on the options portfolio.

Our corporate credit strategies contributed positively to returns. Both allocations remain focused on short-duration high yield credit. Acuity Capital Management, LLC (Acuity) continues to invest primarily in credits from smaller high yield issuers where they expect the bonds to be called or refinanced in the near term. The strategy generates substantial current income and the price appreciation from calls and spread compression adds to total return. The allocation to the Osterweis Strategic Income Fund also contributed to performance as they continued to exploit the technical cheapness of near-maturity bonds due to selling pressure from benchmark driven, long-only money managers.

Options arbitrage, managed by Parametric Risk Advisers, detracted modestly from performance. Over the year, S&P equity volatility both implied and realized traded at historic norms. While the structural inefficiency that manager exploits persisted (namely that investors over pay for implied volatility relative to the realized volatility they experience), the nearly uni-directional move up in the S&P 500 outweighed this inefficiency. The strategy met management’s expectation for this market environment.

In September, P/E Global LLC (P/E Global) was added as a sub-advisor to the Fund. The manager trades currency futures using an adaptive systematic model that incorporates yield curve inputs. The global macro strategy has shown low correlation to the Fund’s other strategies and has acted to curb volatility meaningfully. Historically, the strategy has performed exceptionally well in equity market sell-offs, as shown in January of 2014. The strategy has detracted from performance since funding, as a result of its long-dollar positioning.

Commentary & Outlook

We remain constructive on both equity and credit markets. Despite an unusually cold winter, the US economy continued to grow and show modest job gains in the first quarter, while corporations posted stronger than expected results. Given corporate balance sheet’s sizable cash positions and divergent global growth, we expect corporate activity to remain strong supporting the event driven strategy. Much of the concern in 2014 year to date has focused on the risk posed by the Federal Reserve’s (the “Fed”) tapering its quantitative easing program. While the Fed had previously committed to not raising the Fed Funds rate until unemployment dipped below 6.5%, given the low levels of inflation, the Central Bank has dropped the threshold commitment, delaying the markets expectation of monetary policy “normalizing”. This, coupled with a demand for lower-risk yield generating assets by aging demographics should provide support to US Treasuries and credit products. As Central Banks adopt less interventionist policies towards the currency markets, we would expect our global macro strategy to outperform as markets revert to trading on fundamentals. We will continue to run the Fund with the aim of generating absolute returns without sensitivity to macro factors by being well diversified from an exposure and thematic standpoint.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -2.94%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

ANNUAL REPORT / April 30, 2014 (unaudited)

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

Beta is a measure of a portfolio’s volatility, or systematic risk, in comparison to the market as a whole. A beta below 1 indicates less volatility than the market; a higher beta indicates more volatility.

Investing involves risk and you may incur a profit or a loss. Investments such as mutual funds which focus on alternative strategies are subject to increased risk and loss of principal and are not suitable for all investors. Diversification does not ensure a profit or guarantee against a loss. There is no assurance that any investment strategy will be successful.Any investment in the Fund should be part of an overall investment program rather than, in itself, a complete program. Because the Fund invests in underlying mutual funds or other managed strategies, an investor in the Fund will bear the management fees and operating expenses of the “Underlying Strategies” in which the Fund invests. The total expenses borne by an investor in the Fund will be higher than if the investor invested directly in the Underlying Strategies, and the returns may therefore be lower.

The Fund, the Sub-Advisers, and the Underlying Strategies may use aggressive investment strategies, which are riskier than those used by typical mutual funds. If the Fund and Sub-Advisers are unsuccessful in applying these investment strategies, the Fund and you may lose more money than if you had invested in another fund that did not invest aggressively. The Fund is subject to risks associated with the Sub-Advisers making trading decisions independently, investing in other investment companies, using a particular style or set of styles, basing investment decisions on historical relationships and correlations, trading frequently, using leverage, making short sales, being non-diversified, and investing in securities with low correlation to the market. The use of leverage may magnify losses.

The Fund is also subject to risks associated with investments in foreign markets, emerging market securities, small cap companies, debt securities, derivatives, commodity-linked instruments, illiquid securities, asset-backed securities, and CMOs. Please see the prospectus and summary prospectus for information on these as well as other risk considerations.

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

April 30, 2014 (unaudited) / ANNUAL REPORT

8

WILMINGTON MULTI-MANAGER ALTERNATIVES FUND — CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Multi-Manager Alternatives Fund (Class A) (the “Fund”) from January 12, 2012 (start of performance) to April 30, 2014, compared to the HFRX Global Hedge Fund Index.²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-2.94%
Start of Performance (1/12/12)	1.57%

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

Annual Operating Expense Ratio

Before Waivers	4.27%
After Waivers	3.11%

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

9

WILMINGTON MULTI-MANAGER ALTERNATIVES FUND — CLASS I

The graph below illustrates the hypothetical investment of $1,000,000^1,2 in the Wilmington Multi-Manager Alternatives Fund (Class I) (the “Fund”) from January 12, 2012 (start of performance) to April 30, 2014, compared to the HFRX Global Hedge Fund Index.²

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	3.01%
Start of Performance (1/12/12)	4.36%

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

Annual Operating Expense Ratio

Before Waivers	4.02%
After Waivers	2.86%

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

10

WILMINGTON MULTI-MANAGER REAL ASSET FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Multi-Manager Real Asset Fund (the “Fund”) had a total return of -3.46%* for Class A Shares and -3.20%* for Class I Shares, versus its benchmarks, the Barclays Capital World Government Inflation Linked Bond Index (hedged, USD) (Barclays World GILB Index)** and its Blended Index which had total returns of -4.86% and -2.35%, respectively.

The Blended Index is currently a mix of 50% Barclays World GILB Index, 35% S&P Developed Property Index**, and 15% Dow Jones-UBS Commodity Index (“DJUBSCI”)**. During this period, the Fund’s underlying managers and investments outperformed their individual benchmarks while tactical asset allocation decisions at the Fund level to underweight global inflation linked bonds (ILBs) and overweight real estate related securities were slightly negative over the course of the fiscal year, though positive since being first initiated during February 2013. One cannot invest directly in an index.

The Fund allocated 10% more than its blended benchmark to public real estate securities during the spring/summer of 2013 up until the end of August 2013 when the overweight was reduced to 5% and the difference re-invested in global ILB’s. The initial movement to real estate came in response to annualized real yields on ILB’s breaching the -0.2% level. Following a sell-off in the bond market that began in April 2013, the Fund began shifting some assets back to ILB’s as real-rates moved close to +0.4% at the end of August.

The Fund’s current weightings of 45% global ILB’s, 40% real estate related securities and 15% commodities reflecting a continued 5% overweight to real estate reflects our belief that a slowly growing economy, low interest rates, available financing and restrained inflation may benefit real estate to a greater extent than ILB’s or commodities.

Real yields on ILB’s rose during the fiscal year from -0.4% to +0.1% as measured by the Barclays World GILB Index with the bulk of the increase coming in May and June of 2013 following comments from Ben Bernanke on the likelihood of the Federal Reserve starting to wind down their latest quantitative easing program. The long average maturities of ILB’s are particularly sensitive to changes in overall interest rate levels and led to a -4.9% return during the fiscal year in that asset class. The Fund’s overall ILB allocation outperformed the index -4.6% vs. -4.8%. The portfolio of developed-and emerging-market ILBs managed by Pacific Investment Management Company (“PIMCO”) outperformed the Fund’s ILB benchmark during this time (-4.4% versus -4.9%) despite a structural allocation to emerging market ILBs which fell -7.8% as measured by the Barclays Emerging Market GILB Index (hedged, USD)** on rising real yields and capital flight from emerging markets. The portfolio of global, developed-market ILBs managed by HSBC Global Asset Management (“HSBC”) outperformed its benchmark during the period (-4.4% versus -4.9% for the Barclays World GILB Index).

Global real estate securities were down -1.5% during the fiscal year, measured by the S&P Developed Property Index, as real estate markets weighed the rise in interest rates against continued recovery in the operating characteristics of most properties. Performance was widely varied geographically led by Europe (+19.7%), the US (+0.6%)

and Asia-Pacific (-10.65%). The Fund’s overall real estate allocation outperformed the index -1.4% vs. -1.5%. The portfolio of global real estate securities managed by EII Realty Securities (“EII”) returned -1.2% during the period while the portfolio of global real estate securities managed by CBRE Clarion Securities (“CBRE”) also returned -1.2%. Both beat the index performance of -1.5% primarily due to holdings of cash in a down market.

Finally, commodities proved to be the best and only positive performer among the three asset classes for the fiscal year ending up +3.2% as measured by the DJUBSCI. Commodities had been solidly negative in 2013 before seeing significant jumps in early 2014 on a combination of supply disruptions that affected numerous commodities forcing spot prices, and index values, higher. The combination of declining central bank influence on markets as the Federal Reserve began to steadily remove quantitative easing and idiosyncratic performance among unrelated commodities has caused commodity allocations to resume their historical role as a diversifier for portfolios normally composed of financial assets.

The Fund’s overall commodity allocation outperformed the index +3.8% vs. +3.2%. The PIMCO CommoditiesPLUS Fund (the “PIMCO Fund”) was added at the start of the fiscal year and outpaced the DJUBSCI, returning +7.2% vs. +3.2%. The Credit Suisse Commodity Return Strategy Fund (the “Credit Suisse Fund”) trailed the DJUBSCI (+2.1% versus +3.2%). The Fund also had exposure to the Deutsche Bank Liquid Commodity Index-Optimum Yield Diversified (“DBLCIOY Diversified”) index** via holdings of the PowerShares DB Commodity Index Tracking Fund. During the period the Powershares Fund underperformed the DJUBSCI (+0.5% vs. +3.2%).

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -8.80%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

11

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

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

Barclays Capital Emerging Market Government Inflation-Linked Bond Index measures the total return performance of inflation-linked

bonds from the major emerging market countries. The index includes government debt, i.e. direct obligations of the state issuer, Quasi-government and corporate debt is not included in the index.

Deutsche Deutsche Bank Liquid Commodity Index-OptimumYield-Diversified Excess Return^TM reflects the performance of a basket of futures contracts relating to 16 of the most heavily-traded and imported physical commodities.

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

April 30, 2014 (unaudited) / ANNUAL REPORT

12

WILMINGTON MULTI-MANAGER REAL ASSET FUND — CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Multi-Manager Real Asset Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the Barclays Capital World Government Inflation-Linked Bond Index (“BCWGILB”)² and the Real Asset Blended Index.^2,3

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-8.80%
5 Years	7.19%
Start of Performance (12/19/05)	3.85%

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

Annual Operating Expense Ratio

Before Waivers	1.67%
After Waivers	1.39%

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

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

13

WILMINGTON MULTI-MANAGER REAL ASSET FUND — CLASS I

The graph below illustrates the hypothetical investment of $1,000,000^1,2 in the Wilmington Multi-Manager Real Asset Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the BCWGILB² and the Real Asset Blended Index.^2,3

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-3.20%
5 Years	8.69%
10 Years	8.28%

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

Annual Operating Expense Ratio

Before Waivers	1.42%
After Waivers	1.14%

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

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

14

WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Strategic Allocation Conservative Fund (the “Fund”) returned 1.60%* for Class A Shares and 1.85%* for Class I Shares, versus its benchmarks, the Barclays Capital U.S. Aggregate Bond Index and the Conservative Blended Index**, which returned -0.26% and 2.28%, respectively.

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

Over the past year, the Class I Shares underperformed the Conservative Blended Index by 0.43%. During the period, tactical decisions added approximately 0.6% to relative performance, with manager selection adding an additional 0.25%. Netting fees charged by the Fund and the various mutual funds employed by the Fund yielded a 0.43% underperformance for the fiscal year. During the year, the Fund faced an environment that witnessed the beginning of stimulus tapering by the Federal Reserve, continued reductions in the growth outlook for emerging markets, and questions of the sustainability of domestic growth in the face of tapering of quantitative easing. In this environment of tepid growth with low inflation, equities outperformed bonds and inflation hedges. The Fund benefitted from an overweight of equities funded principally from an underweight of inflation hedges and core bonds. Partially offsetting the benefits of this overweight to equities was an early overweight of emerging market equities, and a tactical position in emerging market debt. Emerging markets appeared attractively valued at the beginning of the fiscal year, but struggled in the face of downward growth revisions. The Fund exited the emerging market debt position, and trimmed the position in emerging market equities to a neutral weight over the course of the year.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be

worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -3.97%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

15

WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND — CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Strategic Allocation Conservative Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”)² and the Conservative Blended Index.^2,3

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	-3.97%
5 Years	5.99%
Start of Performance (12/19/05)	3.26%

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

Annual Operating Expense Ratio

Before Waivers	1.98%
After Waivers	1.53%

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

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

16

WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND — CLASS I

The graph below illustrates the hypothetical investment of $1,000,000^1,2 in the Wilmington Strategic Allocation Conservative Fund (Class I) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the BCAB² and the Conservative Blended Index.^2,3

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	1.85%
5 Years	7.45%
Start of Performance (12/19/05)	4.21%

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

Annual Operating Expense Ratio

Before Waivers	1.73%
After Waivers	1.28%

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

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

17

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Strategic Allocation Moderate Fund (the “Fund”) had a total return of 7.34%* for Class A Shares and 7.76%* for Class I Shares, versus its current benchmarks, the Russell 3000 Index, Barclays Capital U.S. Aggregate Bond Index, and the Moderate Blended Index**, which had total returns of 20.78%, -0.26%, and 7.72%, respectively.

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

Over the past year, the Class I Shares performed approximately in line with the Moderate Blended Index. During the period, tactical decisions added approximately 0.6% to relative performance, with manager selection adding an additional 0.9%. Netting fees charged by the Fund and the various mutual funds employed by the Fund yielded a modest outperformance for the fiscal year. During the year, the Fund faced an environment that witnessed the beginning of stimulus tapering by the Federal Reserve, continued reductions in the growth outlook for emerging markets, and questions of the sustainability of domestic growth in the face of tapering quantitative easing. In this environment of tepid growth with low inflation, equities outperformed bonds and inflation hedges, and the Fund benefitted from an overweight of equities funded principally from an underweight of inflation hedges and core bonds. Partially offsetting the benefits of this overweight to equities was an early overweight of emerging market equities, and a tactical position in emerging market debt. Emerging markets appeared attractively valued at the beginning of the fiscal year, but struggled in the face of downward growth revisions. The Fund exited the emerging market debt position, and moved to an underweight position in emerging market equities over the course of the year.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of

taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 1.47%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

18

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND — CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Strategic Allocation Moderate Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”)², the Russell 3000 Index² and the Moderate Blended Index.^2,3

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	1.47%
5 Years	9.34%
10 Years	3.69%

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

Annual Operating Expense Ratio

Before Waivers	2.18%
After Waivers	1.57%

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

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

19

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND — Class I

The graph below illustrates the hypothetical investment of $1,000,000^1,2 in the Wilmington Strategic Allocation Moderate Fund (Class I) (the “Fund”) from June 11, 2010 (start of performance) to April 30, 2014, compared to the BCAB², the Russell 3000 Index² and the Moderate Blended Index.^2,3

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	7.76%
Start of Performance (6/11/10)	8.72%

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

Annual Operating Expense Ratio

Before Waivers	1.93%
After Waivers	1.32%

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

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

20

WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2014, Wilmington Strategic Allocation Aggressive Fund (the “Fund”) had a total return of 11.84%* for Class A Shares and 12.11%* for Class I Shares, versus its benchmarks, the Russell 3000 Index**, MSCI All Country World ex-US Investable Market Index**, and the Aggressive Blended Index**, which returned 20.78%, 10.16%, and 13.07%, respectively.

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

Over the past year, the Class I Shares underperformed the Aggressive Blended Index by 0.96%. During the period, both tactical decisions and manager performance contributed modestly to overall Fund performance, with expenses charged by the Fund and the various mutual funds employed by the Fund more than offsetting the benefit. During the year, the Fund faced an environment that witnessed the beginning of stimulus tapering by the Federal Reserve, continued reductions in the growth outlook for emerging markets, and questions of the sustainability of domestic growth in the face of tapering of quantitative easing. In this environment of tepid growth with low inflation, equities outperformed bonds and inflation hedges. The Fund benefitted from an overweight of equities funded principally from an underweight of inflation hedges. An early overweight of emerging market equities, which appeared attractively valued, detracted from performance as growth prospects dimmed. Throughout the period, this allocation was reduced, and exited the period as an underweight position. During calendar year 2013, in a scarce growth environment, investors favored growth equities over value. In a sudden and dramatic shift marked by Fed Chair Janet Yellens’ March 2014 speech, which reaffirmed the pace of stimulus tapering, the market shifted preference from growth to value. The Fund’s tactical overweight of growth equities penalized performance in this period.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total

return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 5.73%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. MSCI All Country World ex-US Index (ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the large-cap and mid-cap equity market performance of developed and emerging markets excluding the U.S. market. The MSCI All Country World ex-US Investable Market Index (ACWI IMI ex-US) is designed to also include the small-cap equity market performance which is not included in the ACWI ex-US. The ACWI ex-US and ACWI IMI ex-US Indices consisted of 45 country indices comprising 22 developed and 23 emerging market country indices. The Aggressive Blended Index is calculated by the investment advisor and represents the weighted returns for the following indices: 48% Russell 3000 Index; 32% MSCI All Country World ex-US Investable Market Index; 7% HFRX Global Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill Index. The indices are unmanaged and it is not possible to invest directly in an index.

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

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

21

WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND — CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Strategic Allocation Aggressive Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the Russell 3000 Index², the MSCI All Country World ex-US Investable Market Index (“MSCI ACWI ex-US Investable Market Index”)² and the Aggressive Blended Index.^2,3

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	5.73%
5 Years	12.37%
Start of Performance (12/19/05)	3.75%

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

Annual Operating Expense Ratio

Before Waivers	2.12%
After Waivers	1.69%

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

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

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

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

April 30, 2014 (unaudited) / ANNUAL REPORT

22

WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND — CLASS I

The graph below illustrates the hypothetical investment of $1,000,000^1,2 in the Wilmington Strategic Allocation Moderate Fund (I Shares) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the Russell 3000 Index², the MSCI All Country World ex-US Investable Market Index (“MSCI ACWI ex-US Investable Market Index”)² and the Aggressive Blended Index.^2,3

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2014

1 Year	12.11%
5 Years	13.95%
Start of Performance (12/19/05)	4.71%

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

Annual Operating Expense Ratio

Before Waivers	1.87%
After Waivers	1.44%

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

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

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

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

ANNUAL REPORT / April 30, 2014 (unaudited)

23

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 Novem-ber 1, 2013 to April 30, 2014.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 11/1/13	Ending Account Value 4/30/14	Expenses Paid During Period1	Annualized Net Expense Ratio2
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND
Actual
Class A	$1,000.00	$1,041.20	$7.54	1.49%
Class I	$1,000.00	$1,041.30	$6.88	1.36%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,017.41	$7.45	1.49%
Class I	$1,000.00	$1,018.05	$6.80	1.36%
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND
Actual
Class A	$1,000.00	$1,003.70	$13.12	2.64%
Class I	$1,000.00	$1,005.30	$11.88	2.39%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,011.70	$13.17	2.64%
Class I	$1,000.00	$1,012.94	$11.93	2.39%
WILMINGTON MULTI-MANAGER REAL ASSET FUND
Actual
Class A	$1,000.00	$1,024.60	$6.43	1.28%
Class I	$1,000.00	$1,025.80	$5.17	1.03%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,018.45	$6.41	1.28%
Class I	$1,000.00	$1,019.69	$5.16	1.03%
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND
Actual
Class A	$1,000.00	$1,013.00	$4.49	0.90%
Class I	$1,000.00	$1,014.30	$3.25	0.65%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,020.33	$4.51	0.90%
Class I	$1,000.00	$1,021.57	$3.26	0.65%

April 30, 2014 (unaudited) / ANNUAL REPORT

24

	Beginning Account Value 11/1/13	Ending Account Value 4/30/14	Expenses Paid During Period1	Annualized Net Expense Ratio2
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND
Actual
Class A	$1,000.00	$1,026.00	$4.22	0.84%
Class I	$1,000.00	$1,027.60	$2.97	0.59%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,020.63	$4.21	0.84%
Class I	$1,000.00	$1,021.87	$2.96	0.59%
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND
Actual
Class A	$1,000.00	$1,030.90	$5.19	1.03%
Class I	$1,000.00	$1,032.40	$3.93	0.78%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,019.69	$5.16	1.03%
Class I	$1,000.00	$1,020.93	$3.91	0.78%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period).

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

ANNUAL REPORT / April 30, 2014 (unaudited)

25

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager International Fund

At April 30, 2014, the Fund’s sector classifications and country allocations were as follows (unaudited):

Common Stocks	Percentage of Total Net Assets
Financials		23.7	%
Industrials		14.4	%
Consumer Discretionary		10.6	%
Materials		9.8	%
Consumer Staples		8.9	%
Energy		7.6	%
Health Care		7.3	%
Information Technology		4.8	%
Telecommunication Services		3.4	%
Utilities		2.2	%
Software		0.0	%3
Commercial Banks		0.0	%3
Investment Company		2.4	%
Call Warrants		1.0	%
Preferred Stocks		0.9	%
Real Estate Investment Trusts		0.6	%
Certificates		0.3	%
Rights		0.0	%3
Cash Equivalents1		9.0	%
Other Assets and Liabilities – Net2		(6.9	)%
TOTAL		100.0	%

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

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

(3) Represents less than 0.05%.

Country Allocation	Percentage of Total Net Assets
Common Stock
United Kingdom		14.4	%
Japan		12.4	%
France		10.6	%
Switzerland		8.9	%
Germany		7.0	%
Canada		5.0	%
Sweden		3.6	%
Australia		3.1	%
Spain		2.4	%
Italy		1.9	%
Netherlands		1.7	%
Denmark		1.5	%
China		1.4	%
Hong Kong		1.3	%
Taiwan		1.3	%
Belgium		1.2	%
Singapore		1.0	%
South Korea		1.0	%
All other countries less than 1.0%		13.0	%
Investment Company		2.4	%
Call Warrants		1.0	%
Preferred Stocks		0.9	%
Real Estate Investment Trusts		0.6	%
Certificates		0.3	%
Rights		0.0	%3
Cash Equivalents1		9.0	%
Other Assets and Liabilities – Net2		(6.9	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Number of Shares		Value
COMMON STOCKS – 92.7%
ARGENTINA – 0.1%
Adecoagro SA*		5,500	$	49,061
Arcos Dorados Holdings, Inc.#		6,100		55,571
Banco Macro SA ADR*		1,600		48,896
BBVA Banco Frances SA ADR*		2,720		26,656
Cresud SACIF y A ADR		2,226		26,868
Grupo Financiero Galicia SA ADR		4,320		58,147
MercadoLibre, Inc.#		940		87,674
Petrobras Argentina SA ADR*		19,536		107,057
Telecom Argentina SA ADR*		4,350		88,610

Description	Number of Shares		Value
Transportadora de Gas del Sur SA ADR		10,400	$	27,456
TOTAL ARGENTINA			$	575,996
AUSTRALIA – 3.1%
AGL Energy Ltd.		4,217		61,780
ALS Ltd.		3,085		21,495
Alumina Ltd.*		31,910		40,020
Alumina Ltd. ADR*		4,000		19,840
Amcor Ltd.		41,581		397,489
AMP Ltd.		10,091		47,341
APA Group		5,889		36,436

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    26

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Arrium Ltd.		266,400	$	294,507
Asciano Ltd.		34,831		175,056
ASX Ltd.		1,019		33,644
Aurizon Holdings Ltd.		14,150		68,093
Australia & New Zealand Banking Group Ltd.		13,852		443,576
Bank of Queensland Ltd.		8,684		98,906
Bendigo & Adelaide Bank Ltd.		50,517		540,167
BHP Billiton Ltd.		12,699		445,349
BlueScope Steel Ltd.*		20,120		120,933
Boart Longyear Ltd.#, *		48,400		12,815
Boral Ltd.		21,033		111,180
Brambles Ltd.		12,481		109,339
Brickworks Ltd.		1,116		13,903
Challenger Ltd.		51,900		339,915
Coca-Cola Amatil Ltd.		1,210		10,398
Cochlear Ltd.		324		17,665
Commonwealth Bank of Australia		6,729		493,221
Crown Ltd.		3,732		55,611
CSL Ltd.		3,320		211,057
Domino’s Pizza Enterprises L		28,100		516,875
Downer EDI Ltd.		63,750		295,526
Echo Entertainment Group Ltd.		18,904		49,524
Fairfax Media Ltd.		52,075		47,410
Fortescue Metals Group Ltd.		6,140		28,805
GPT Group		8,152		29,687
GrainCorp Ltd.		3,989		32,833
Harvey Norman Holdings Ltd.		9,633		29,353
Incitec Pivot Ltd.		36,866		98,635
Insurance Australia Group Ltd.		19,936		106,308
James Hardie Industries PLC		2,466		31,431
Leighton Holdings Ltd.#		17,845		316,307
Lend Lease Group		55,659		669,606
Macquarie Group Ltd.		15,073		807,960
Metcash Ltd.		50,197		129,639
Mineral Resources Ltd.		109,500		1,182,046
Mirvac Group		19,153		31,138
National Australia Bank Ltd.		25,578		838,794
Newcrest Mining Ltd.*		17,105		166,215
Orica Ltd.		19,680		399,841
Origin Energy Ltd.		31,484		435,803
OZ Minerals Ltd.		15,767		53,903
Primary Health Care Ltd.		11,418		49,748
Qantas Airways Ltd.*		37,254		42,223
QBE Insurance Group Ltd.		12,221		131,471
Ramsay Health Care Ltd.		1,156		48,122
Rio Tinto Ltd.		12,367		708,866
Sandfire Resources Nl*		8,029		42,367
Santos Ltd.		39,329		502,377

Description	Number of Shares		Value
Seek Ltd.		75,600	$	1,174,282
Sims Metal Management Ltd.*		5,437		49,449
Skilled Group Ltd.		87,000		221,454
Suncorp Group Ltd.		32,826		397,048
Tabcorp Holdings Ltd.		22,564		77,978
Tatts Group Ltd.		32,697		91,734
Telstra Corp. Ltd.		10,691		51,845
Toll Holdings Ltd.		11,181		54,948
Transurban Group††		8,432		56,180
Treasury Wine Estates Ltd.		10,695		37,855
Vocation Ltd.*		147,100		327,973
Wesfarmers Ltd.		28,848		1,144,615
Westpac Banking Corp.		12,489		407,471
Woodside Petroleum Ltd.		8,079		306,219
Woolworths Ltd.		7,507		260,269
WorleyParsons Ltd.		919		14,352
TOTAL AUSTRALIA			$	16,716,221
AUSTRIA – 0.6%
Andritz AG		569		35,314
Buwog AG*		365		6,702
Erste Group Bank AG		55,353		1,857,643
Immofinanz AG		7,310		27,098
OMV AG		10,903		509,981
Orora Ltd.		12,817		16,551
Raiffeisen International Bank Holding AG		12,079		381,239
Recall Holdings Ltd.*		2,496		10,504
Sydney Airport		9,172		35,958
Telekom Austria AG		6,978		69,219
Voestalpine AG		6,212		283,539
TOTAL AUSTRIA			$	3,233,748
BAHRAIN – 0.0%**
Al-Salam Bank		226,000		141,521
Gulf Finance House EC*		226,300		40,603
TOTAL BAHRAIN			$	182,124
BELGIUM – 1.2%
Ageas		5,970		256,632
Anheuser-Busch InBev NV		40,174		4,371,876
Belgacom SA#		407		12,456
Delhaize Group SA ADR		9,600		179,328
Delhaize Group SA#		7,345		545,577
Groupe Bruxelles Lambert SA#		603		60,961
KBC Groep NV*		6,166		375,623
Mobistar SA#, *		1,115		21,726
Solvay SA		2,050		331,902
Telenet Group Holding NV*		726		42,550
UCB SA#		2,066		169,368

ANNUAL REPORT / April 30, 2014

27    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Umicore SA#		1,261	$	61,799
TOTAL BELGIUM			$	6,429,798
BOTSWANA – 0.1%
Barclays Bank of Botswana Ltd.		100,300		48,838
Botswana Insurance Holdings Ltd.		60,900		74,481
First National Bank of Botswana		274,700		109,580
Sechaba Breweries Ltd.		61,203		152,292
Standard Chartered Bank Botswana Ltd.		41,700		55,956
TOTAL BOTSWANA			$	441,147
BRAZIL – 0.8%
ALL America Latina Logistica SA		17,200		67,728
Ambev SA		43,575		317,566
Banco do Brasil SA		8,167		86,038
Banco Santander Brasil SA		11,000		73,407
BB Seguridade Participacoes SA		6,000		70,636
BM&FBovespa SA		21,807		111,297
BR Malls Participacoes SA		5,800		50,151
BRF SA		6,756		152,709
CCR SA		18,800		147,382
Centrais Eletricas Brasileiras SA		9,100		31,833
CETIP SA - Mercados Organizados		5,500		69,732
Cia de Saneamento Basico do Estado de Sao Paulo		9,000		85,368
Cia Energetica de Minas Gerais		2,768		21,290
Cia Siderurgica Nacional SA		10,200		39,432
Cielo SA		14,266		248,819
Cosan SA Industria e Comercio		1,200		20,445
CPFL Energia SA		4,800		40,406
Cyrela Brazil Realty SA Empreendimentos e Participacoes		7,500		45,442
EDP - Energias do Brasil SA		10,300		45,177
Embraer SA		11,800		101,661
Gafisa SA		28,700		46,852
Itau Unibanco Holding SA ADR		96,572		1,579,918
Localiza Rent a Car SA		5,040		75,382
Lojas Renner SA		2,500		72,788
Marfrig Alimentos SA*		14,350		26,773
MRV Engenharia e Participacoes SA		6,800		21,592
Natura Cosmeticos SA		3,600		61,998
Oi SA		9,480		9,566
PDG Realty SA Empreendimentos e Participacoes*		31,200		19,030
Prumo Logistica SA*		13,400		6,911
Souza Cruz SA		7,600		69,737
Tim Participacoes SA		12,106		65,315
Totvs SA		4,400		72,204
Tractebel Energia SA		4,800		70,523
Ultrapar Participacoes SA		3,000		74,834

Description	Number of Shares		Value
Weg SA		5,070	$	60,938
TOTAL BRAZIL			$	4,160,880
BULGARIA – 0.0%**
Central Cooperative Bank AD*		20,482		20,687
Chimimport AD*		10,600		16,450
Doverie Holding AD*		11,040		9,318
Olovno Tzinkov Komplex AD*,††		900		93
Petrol AD*		37,250		111,124
Sopharma AD Sofia		14,000		43,800
TOTAL BULGARIA			$	201,472
CANADA – 5.0%
Agrium, Inc.		6,726		645,998
Air Canada*		33,200		229,603
Alimentation Couche Tard, Inc.		4,200		118,369
Athabasca Oil Corp.*		3,780		28,073
Autocanada, Inc.		9,400		600,338
Badger Daylighting Ltd.		6,800		236,996
Bank of Montreal#		3,900		268,824
Bank Of Montreal		600		41,364
Bank of Nova Scotia		7,095		431,118
Barrick Gold Corp.		51,844		905,714
Barrick Gold Corp. (2024644)		3,275		57,160
Baytex Energy Corp.#		436		18,147
Birchcliff Energy Ltd.*		26,200		303,820
Black Diamond Group Ltd.		4,300		135,193
Blackberry Ltd.*		12,417		94,822
Blackberry Ltd. ADR#,*		8,604		65,907
Bombardier, Inc.		85,500		344,013
Bonavista Energy Corp.#		1,621		25,467
Brookfield Asset Management, Inc.		2,553		107,170
CAE, Inc.		1,400		18,483
Cameco Corp.		1,611		34,291
Canadian Imperial Bank of Commerce		7,000		624,096
Canadian National Railway Co.		5,890		345,001
Canadian Natural Resources Ltd. (136385101)		21,257		866,648
Canadian Natural Resources Ltd. (2171573)		5,353		218,115
Canadian Pacific Railway Ltd.		427		66,673
Canadian Tire Corp. Ltd.		6,273		616,111
Canadian Utilities Ltd.		1,396		51,571
CCL Industries, Inc. Class B		4,800		436,447
Cenovus Energy, Inc.		6,295		187,520
Cogeco Cable, Inc.		10,300		563,843
Constellation Software, Inc./Canada		1,649		365,216
Crescent Point Energy Corp.#		2,822		114,806
Dollarama, Inc.		3,800		316,051
Dorel Industries, Inc.		8,700		311,789

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    28

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Eldorado Gold Corp.		2,689	$	16,388
Eldorado Gold Corp.		910		5,551
Empire Co. Ltd.		8,000		506,036
Enbridge, Inc.		5,558		268,202
Enerplus Corp.		1,090		24,176
Ensign Energy Services, Inc.		2,332		36,702
Fairfax Financial Holdings Ltd.		450		196,209
Finning International, Inc.		1,116		30,139
First Quantum Minerals Ltd.		8,534		169,971
Franco-Nevada Corp.		1,300		62,660
Genworth MI Canada, Inc.		1,061		37,220
Gildan Activewear, Inc.		600		30,672
Goldcorp, Inc.		15,542		384,198
Goldcorp, Inc.		6,240		154,114
Husky Energy, Inc.		7,400		241,839
IAMGOLD Corp. (2446646)		8,028		27,980
IAMGOLD Corp. (450913108)		8,324		29,051
Imperial Oil Ltd.		2,819		137,651
Industrial Alliance Insurance & Financial Services, Inc.		1,794		74,065
Intact Financial Corp.		1,031		67,699
Kinross Gold Corp.*		14,013		56,893
Laurentian Bank of Canada		5,700		244,839
Linamar Corp.		21,100		1,056,299
Loblaw Cos. Ltd.		310		13,477
Lundin Mining Corp.*		15,100		77,150
Magna International, Inc.		10,290		1,008,111
Manulife Financial Corp.		37,395		702,147
Metro, Inc.		5,700		351,346
National Bank of Canada		10,600		439,938
Nevsun Resources Ltd.		26,700		96,710
New Gold, Inc.*		3,377		17,069
Onex Corp.		500		28,557
Open Text Corp.		17,300		853,122
Painted Pony Petroleum Ltd.*		58,500		604,188
Pan American Silver Corp.		600		7,773
Pan American Silver Corp.		589		7,633
Parex Resources, Inc.*		34,300		342,984
Pembina Pipeline Corp.#		1,266		49,748
Pengrowth Energy Corp.#		6,876		44,667
Penn West Petroleum Ltd.		3,500		31,710
Penn West Petroleum Ltd. (B63FY34)#		6,303		56,989
Potash Corp. of Saskatchewan, Inc. (2696980)		2,536		91,671
Potash Corp. of Saskatchewan, Inc. (73755L107)		28,289		1,022,930
Power Corp. of Canada		1,700		47,865

Description	Number of Shares		Value
Power Financial Corp.		3,300	$	104,836
Precision Drilling Corp.		3,100		40,300
Precision Drilling Corp. (B5YPLH9)		59,900		778,774
Ritchie Bros. Auctioneers, Inc.		500		12,495
Rogers Communications, Inc.		1,391		55,244
Royal Bank of Canada		5,300		353,720
Sandvine Corp.*		38,800		138,059
Saputo, Inc.		800		42,779
Secure Energy Services, Inc.		27,200		487,890
Shaw Communications, Inc.		13,300		322,170
Sherritt International Corp.		44,900		190,079
Silver Wheaton Corp.		1,891		41,942
SNC-Lavalin Group, Inc.		800		36,290
Sun Life Financial, Inc.		3,587		121,416
Suncor Energy, Inc.		45,696		1,762,718
Talisman Energy, Inc.		23,990		247,987
Talisman Energy, Inc.		4,244		43,841
Teck Resources Ltd. (2879327)		4,400		100,280
Teck Resources Ltd. (878742204)		11,509		262,060
TELUS Corp.		2,362		83,227
Thomson Reuters Corp.#		8,175		295,883
Tim Hortons, Inc.		800		43,881
Toronto-Dominion Bank		6,610		318,001
Tourmaline Oil Corp.*		1,041		53,900
TransAlta Corp.		8,900		108,727
TransCanada Corp.		2,048		95,444
Transcontinental, Inc.		18,800		273,925
Valeant Pharmaceuticals International, Inc.*		2,239		299,412
Vermilion Energy, Inc.#		982		65,341
West Fraser Timber Co. Ltd.		8,200		366,589
Yamana Gold, Inc.		20,386		152,702
TOTAL CANADA			$	26,849,008
CHILE – 0.4%
AES Gener SA		53,119		28,572
Aguas Andinas SA		57,100		35,226
Antarchile SA		5,564		73,463
Banco de Chile		842,020		108,189
Banco de Credito e Inversiones		2,004		110,809
Banco Santander Chile		876,218		52,953
Banco Santander Chile ADR		3,592		87,178
CAP SA		2,590		38,832
Cencosud SA		25,800		85,961
Cia Cervecerias Unidas SA ADR		2,500		58,925
Cia General de Electricidad SA		7,900		37,102
Colbun SA		160,447		39,698
Corpbanca SA		6,076,800		70,002

ANNUAL REPORT / April 30, 2014

29    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Empresa Nacional de Electricidad SA ADR		2,800	$	123,396
Empresas CMPC SA		40,150		89,372
Empresas COPEC SA		14,546		187,672
Enersis SA		404,755		130,912
ENTEL Chile SA		3,669		45,042
Latam Airlines Group SA		5,926		90,425
Parque Arauco SA		33,651		60,228
Quinenco SA		31,602		70,008
SACI Falabella		21,748		185,006
Sociedad Matriz SAAM SA		373,941		30,220
Sonda SA		49,407		114,268
Vina Concha y Toro SA ADR		1,100		46,090
TOTAL CHILE			$	1,999,549
CHINA – 1.4%
Agricultural Bank of China Ltd.		132,000		55,334
Anhui Conch Cement Co. Ltd.		15,000		55,721
Baidu, Inc. ADR*		1,500		230,775
Bank of China Ltd.		384,000		168,896
Bank of Communications Co. Ltd.		78,800		48,990
Belle International Holdings Ltd.		55,000		56,965
Brilliance China Automotive Holdings Ltd.		28,000		43,266
Byd Co. Ltd.#,*		6,000		32,310
Chaoda Modern Agriculture Holdings Ltd.*,††		98,140		—
China Agri-Industries Holdings Ltd.		145,000		57,978
China CITIC Bank Corp. Ltd.		42,000		25,028
China Coal Energy Co. Ltd.#		75,000		40,533
China Communications Construction Co. Ltd.		96,000		62,779
China Construction Bank Corp.		452,810		312,466
China COSCO Holdings Co. Ltd.*		135,500		53,655
China Eastern Airlines Corp. Ltd.*		74,000		22,812
China Gas Holdings Ltd.		506,000		822,345
China Life Insurance Co. Ltd.		42,000		108,238
China Longyuan Power Group Corp.		37,000		38,084
China Mengniu Dairy Co. Ltd.		15,000		77,100
China Merchants Bank Co. Ltd.		23,052		41,151
China Merchants Holdings International Co. Ltd.		18,000		56,301
China Minsheng Banking Corp. Ltd.#		60,000		60,364
China Mobile Ltd.		54,000		513,327
China Modern Dairy Holdings Ltd.*		486,000		208,117
China National Building Material Co Ltd.		34,000		32,145
China Oilfield Services Ltd.		16,000		38,138
China Overseas Land & Investment Ltd.		20,320		49,850
China Pacific Insurance Group Co. Ltd.		18,800		58,925
China Petroleum & Chemical Corp.		235,800		208,337
China Railway Construction Corp. Ltd.		29,400		24,307

Description	Number of Shares		Value
China Resources Enterprise Ltd.		26,000	$	73,946
China Resources Land Ltd.		28,000		57,640
China Resources Power Holdings Co. Ltd.		39,600		99,601
China Shenhua Energy Co. Ltd.		32,000		86,677
China Southern Airlines Co. Ltd.		81,000		24,134
China Telecom Corp. Ltd.		202,000		103,697
China Unicom Hong Kong Ltd.		54,652		83,885
China Windpower Group Ltd.*		1,556,400		102,382
China Yurun Food Group Ltd.#,*		106,000		50,997
CNOOC Ltd.		150,000		248,035
COSCO Pacific Ltd.		38,000		50,876
Ctrip.com International Ltd. ADR*		1,600		74,784
Datang International Power Generation Co. Ltd.		132,000		49,205
Dongfeng Motor Group Co. Ltd.		30,000		40,011
Great Wall Motor Co. Ltd.		10,000		45,273
Guangzhou Automobile Group Co. Ltd.		64,974		65,536
HC International, Inc.*		32,000		73,882
Hengan International Group Co. Ltd.		6,500		68,455
Hi Sun Technology China Ltd.*		616,200		131,936
Industrial & Commercial Bank of China		455,000		271,136
Inner Mongolia Yitai Coal Co.		13,200		16,592
Intime Retail Group Co. Ltd.		35,000		34,355
Jiangxi Copper Co. Ltd.		20,000		33,020
Kingboard Chemical Holdings Ltd.		136,200		259,647
Kunlun Energy Co. Ltd.		28,000		43,700
Lenovo Group Ltd.		40,000		45,505
NetEase, Inc. ADR		1,300		88,517
New Oriental Education & Technology Group ADR		2,600		62,920
Parkson Retail Group Ltd.		84,000		24,595
PetroChina Co. Ltd.		196,000		227,021
PICC Property & Casualty Co. Ltd.		20,000		26,364
Ping An Insurance Group Co. of China Ltd.		11,000		81,369
Qihoo 360 Technology Co Ltd. ADR*		700		59,066
Shandong Weigao Group Medical Polymer Co. Ltd.		64,000		64,388
Shanghai Electric Group Co. Ltd.		90,000		35,290
Shanghai Industrial Holdings Ltd.		13,000		40,243
SINA Corp.*		900		43,020
Sinopec Shanghai Petrochemical Co. Ltd.		81,000		19,746
Sohu.com, Inc.#,*		700		38,619
TCL Communication Technology Holdings Ltd.		255,000		272,006
Tencent Holdings Ltd.		5,800		361,483
Tingyi Cayman Islands Holding Corp.		14,000		38,914
Want Want China Holdings Ltd.		65,000		101,948
Wumart Stores, Inc.#		27,000		26,502

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    30

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Yangzijiang Shipbuilding Holdings Ltd.		28,000	$	24,567
Yantai Changyu Pioneer Wine Co. Ltd.		9,100		22,571
Yanzhou Coal Mining Co. Ltd.		40,000		30,130
Youku Tudou, Inc. ADR*		1,300		28,977
Zijin Mining Group Co. Ltd.#		90,000		21,940
ZTE Corp.#,*		11,440		23,343
TOTAL CHINA			$	7,602,683
COLOMBIA – 0.2%
Almacenes Exito SA		7,203		109,724
Banco de Bogota SA		2,448		88,360
Bancolombia SA ADR		2,100		119,553
Cementos Argos SA		7,800		43,499
Corp. Financiera Colombiana SA		1,700		32,866
Ecopetrol SA		64,690		120,423
Empresa de Energia de Bogota SA		67,410		55,346
Grupo Argos SA		5,900		64,954
Grupo Aval Acciones y Valores		107,700		73,132
Grupo de Inversiones Suramericana SA		3,700		72,182
Grupo Nutresa SA		8,078		113,375
Grupo Odinsa SA		6,073		24,931
Grupo Odinsa SA*		183		741
Interconexion Electrica SA ESP		13,178		61,788
Isagen SA ESP		48,800		79,755
TOTAL COLOMBIA			$	1,060,629
CROATIA – 0.1%
Atlantska Plovidba DD*		262		16,113
Ericsson Nikola Tesla		200		58,941
Hrvatski Telekom DD		5,250		150,387
Koncar-Elektroindustrija DD		720		85,367
Petrokemija DD*		1,500		16,901
Podravka DD*		1,000		51,384
Privredna Banka Zagreb DD		830		65,928
VIRO Tvornica Secera*		370		33,442
Zagrebacka Banka DD*		3,000		15,252
TOTAL CROATIA			$	493,715
CZECH REPUBLIC – 0.2%
CEZ AS		14,700		441,976
Komercni Banka AS		1,400		322,595
New World Resources PLC*		17,370		10,928
Pegas Nonwovens SA		1,790		53,846
Philip Morris CR AS		180		95,050
Telefonica Czech Republic AS		9,102		137,890
Unipetrol AS#,*		15,059		104,936
TOTAL CZECH REPUBLIC			$	1,167,221
DENMARK – 1.5%
AP Moeller - Maersk A/S Class A#		280		667,212

Description	Number of Shares		Value
AP Moeller - Maersk A/S Class B		50	$	113,383
Carlsberg A/S		3,041		303,817
Coloplast A/S		685		57,474
Danske Bank A/S		16,125		455,576
DSV A/S		1,213		40,471
H Lundbeck A/S		1,328		38,705
Novo Nordisk A/S Class B		88,605		3,997,107
Novozymes A/S		1,740		83,345
Pandora A/S*		20,700		1,392,441
TDC A/S		21,759		204,244
Tryg A/S		98		9,308
Vestas Wind Systems A/S*		18,235		809,390
William Demant Holding A/S#,*		139		12,445
TOTAL DENMARK			$	8,184,918
EGYPT – 0.3%
Alexandria Mineral Oils Co.		6,200		68,861
Commercial International Bank Egypt SAE		76,155		407,425
Eastern Tobacco		3,670		87,461
Egyptian Financial Group-Hermes Holding*		45,180		82,848
Egyptian Kuwaiti Holding Co. SAE*		49,173		51,632
ElSwedy Electric Co.		14,834		71,973
EZZ Steel*		42,100		99,850
Juhayna Food Industries		63,000		110,491
Orascom Telecom Holding SAE*		324,755		240,523
Orascom Telecom Media & Technology Holding SAE*		224,975		40,452
Oriental Weavers		8,100		56,350
Sidi Kerir Petrochemicals Co.		30,650		85,640
Six of October Development*		8,300		30,961
Talaat Moustafa Group		110,187		140,730
TOTAL EGYPT			$	1,575,197
ESTONIA – 0.1%
AS Merko Ehitus		4,300		46,770
AS Tallinna Vesi		5,400		99,639
Nordecon AS*		12,000		16,315
Olympic Entertainment Group AS		42,630		111,780
Tallink Group AS		198,320		214,608
Tallinna Kaubamaja AS		11,600		80,466
TOTAL ESTONIA			$	569,578
FINLAND – 0.3%
Fortum OYJ#		7,574		170,961
Huhtamaki OYJ#		19,100		501,613
Kesko OYJ		1,647		67,269
Kone OYJ#		3,700		158,205
Neste Oil OYJ#		921		18,911
Nokia OYJ*		8,722		65,282
Nokian Renkaat OYJ		1,315		52,213

ANNUAL REPORT / April 30, 2014

31    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Stora Enso OYJ#		21,130	$	215,317
UPM-Kymmene OYJ#		12,909		225,657
Wartsila OYJ Abp		1,520		84,646
TOTAL FINLAND			$	1,560,074
FRANCE – 10.6%
Accor SA		27,650		1,351,812
Air Liquide SA		13,217		1,890,501
Alstom SA		14,045		575,206
APERAM*		37,600		977,558
ArcelorMittal		11,750		190,808
ArcelorMittal, NY Reg. Shares#		20,624		335,140
Arkema SA		2,400		267,603
AtoS*		272		23,483
AXA SA#		224,476		5,847,026
BNP Paribas SA		34,554		2,593,946
Bouygues SA#		6,213		279,404
Bureau Veritas SA		1,528		46,637
Cap Gemini SA		405		28,605
Casino Guichard Perrachon SA		1,573		200,226
CGG SA Sponsored ADR#,*		1,200		20,640
Christian Dior SA#		241		49,534
Cie de St-Gobain		54,148		3,306,874
Cie Generale des Etablissements Michelin		1,176		143,573
CNP Assurances		7,090		163,381
Credit Agricole SA*		47,368		746,204
Danone SA#		32,520		2,398,395
Dassault Systemes SA*		446		54,840
Edenred		1,941		65,463
Electricite de France SA		24,507		939,922
Essilor International SA		22,789		2,437,297
Eutelsat Communications SA		577		19,796
GDF Suez#		40,166		1,012,787
Gemalto NV		596		66,728
Hermes International		4		1,405
Iliad SA		79		21,317
Imerys SA		6,400		561,776
JCDecaux SA		26,075		1,068,974
Kering		249		55,065
Lafarge SA		5,629		514,248
Lagardere SCA		2,100		87,913
Legrand SA		29,827		1,924,189
L’Oreal SA#		14,443		2,484,645
LVMH Moet Hennessy Louis Vuitton SA		7,143		1,404,717
Metropole Television SA		132		2,828
Natixis		49,439		350,971
Orange SA		54,358		880,452

Description	Number of Shares		Value
Pernod-Ricard SA		23,868	$	2,864,624
Peugeot SA*		11,715		207,304
Plastic Omnium SA		12,400		421,476
Publicis Groupe SA		1,378		117,382
Renault SA		7,439		723,982
Rexel SA		4,686		118,320
Sa des Ciments Vicat		165		14,318
Safran SA		1,839		123,599
Sanofi		18,256		1,976,045
Schneider Electric SA		51,849		4,859,045
SCOR SE		15,827		577,594
SES SA		19,457		732,742
Societe BIC SA		157		20,819
Societe Generale SA		25,475		1,583,352
Sodexo*		699		75,350
STMicroelectronics NV		16,726		160,020
Suez Environnement Co.*		2,225		43,679
Technip SA		714		80,335
Thales SA		6,500		413,464
Total SA		32,079		2,291,102
Ubisoft Entertainment*		49,600		924,151
Valeo SA		3,200		438,357
Vallourec SA		1,590		93,982
Veolia Environnement SA#		6,814		127,053
Vinci SA#		9,172		691,463
Vivendi SA		51,743		1,388,331
Zodiac Aerospace		1,495		49,685
TOTAL FRANCE			$	56,509,463
GERMANY – 7.0%
Adidas AG		6,434		686,692
Allianz SE		30,723		5,321,541
Aurelius AG#		7,700		285,866
BASF SE#		7,762		898,424
Bayer AG#		8,973		1,244,867
Bayerische Motoren Werke AG		12,754		1,595,665
Brenntag AG		209		37,796
Celesio AG*		1,825		63,272
Commerzbank AG*		16,913		300,459
Continental AG#		451		105,648
Daimler AG		66,295		6,137,438
Deutsche Bank AG		18,619		820,393
Deutsche Bank AG Registered Shares		5,954		262,155
Deutsche Boerse AG		10,519		770,392
Deutsche Lufthansa AG#		5,417		135,876
Deutsche Post AG		3,459		130,216
Deutsche Telekom AG		7,569		126,903

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    32

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Duerr AG		200	$	15,771
E.ON AG#		42,803		818,589
Fraport AG Frankfurt Airport Services Worldwide*		520		38,372
Freenet AG		28,800		995,494
Fresenius Medical Care AG & Co. KGaA		15,431		1,060,774
Fresenius SE & Co. KGaA		14,468		2,198,903
GEA Group AG		1,277		57,127
Hannover Rueck SE		364		33,890
HeidelbergCement AG		3,724		323,008
Henkel AG & Co. KGaA		1,303		133,735
K+S AG#		760		26,576
Lanxess AG		790		60,061
Linde AG		16,172		3,353,087
Merck KGaA#		487		82,124
Metro AG*		7,844		313,412
Muenchener Rueckversicherungs AG#		6,344		1,464,982
Osram Licht AG*		1,048		54,857
ProSiebenSat.1 Media AG		1,194		52,204
Rheinmetall AG		4,100		272,035
RWE AG		15,705		598,851
SAP AG		60,710		4,888,469
Siemens AG		3,113		410,287
Suedzucker AG#		10,789		229,909
United Internet AG		702		30,133
Volkswagen AG		2,985		797,187
TOTAL GERMANY			$	37,233,440
GHANA – 0.1%
CAL Bank Ltd.		498,146		151,380
Ghana Commercial Bank Ltd.		92,696		131,347
HFC Bank Ghana Ltd.		160,050		70,693
Produce Buying Co. Ltd.*		288,000		15,265
Standard Chartered Bank Ghana Ltd.		13,200		88,482
TOTAL GHANA			$	457,167
GREECE – 0.2%
Alpha Bank AE*		75,400		72,910
Dryships, Inc.#,*		13,900		40,588
Ellaktor SA*		8,300		43,757
Folli Follie SA*		800		27,747
Frigoglass SA*		3,182		18,409
GEK Terna Holding Real Estate Construction SA*		7,360		38,393
Hellenic Petroleum SA		3,284		28,111
Hellenic Telecommunications Organization SA*		10,000		159,406
Jumbo SA*		4,495		72,651
Metka SA		1,500		26,845
Motor Oil Hellas Corinth Refineries SA		4,200		52,908

Description	Number of Shares		Value
Mytilineos Holdings SA*		3,042	$	27,137
National Bank of Greece SA*		15,500		60,211
OPAP SA		10,400		165,927
Piraeus Bank SA*		39,200		92,453
Public Power Corp. SA		5,900		89,138
Titan Cement Co. SA*		3,548		111,736
Viohalco SA*		4,300		26,947
TOTAL GREECE			$	1,155,274
HONG KONG – 1.3%
AIA Group Ltd.		148,000		717,766
ASM Pacific Technology Ltd.		1,100		12,230
Bank of East Asia Ltd.		13,200		54,397
Cathay Pacific Airways Ltd.		10,000		18,883
Cheung Kong Holdings Ltd.		155,000		2,638,996
Cheung Kong Infrastructure Holdings Ltd.		3,000		19,580
CLP Holdings Ltd.		9,000		71,973
Dah Sing Financial Holdings Ltd.		49,044		218,558
Galaxy Entertainment Group Ltd.		4,000		31,395
Hang Lung Group Ltd.		10,000		54,238
Hang Lung Properties Ltd.		162,000		481,636
Henderson Land Development Co. Ltd.		19,927		118,745
HKT Trust / HKT Ltd.		346		362
Hong Kong & China Gas Co. Ltd.		53,625		123,671
Hong Kong Exchanges and Clearing Ltd.		4,200		75,680
Hongkong & Shanghai Hotels		6,000		8,776
Hopewell Holdings Ltd.		10,000		34,438
Huabao International Holdings Ltd.		692,000		327,571
Hutchison Whampoa Ltd.		25,400		347,274
Hysan Development Co. Ltd.		8,000		34,206
Kerry Logistics Network Ltd.		2,500		3,676
Kerry Properties Ltd.		5,000		16,413
MTR Corp. Ltd.		5,500		20,750
New World Development Co. Ltd.		147,217		151,908
Orient Overseas International Ltd.		2,500		11,931
Sands China Ltd.		22,000		160,610
Shangri-La Asia Ltd.		8,857		14,600
Sino Land Co. Ltd.#		48,000		71,818
Skyworth Digital Hldgs Ltd.		486,000		232,564
Sun Hung Kai Properties Ltd.		26,165		329,553
Swire Pacific Ltd.		3,500		40,404
Wharf Holdings Ltd.		23,000		160,939
Wheelock & Co. Ltd.		29,000		119,322
Wynn Macau Ltd.		20,000		78,809
Xinyi Solar Holdings Ltd.*		637,500		171,032
TOTAL HONG KONG			$	6,974,704
HUNGARY – 0.2%
Magyar Telekom Telecommunications PLC*		81,250		115,754

ANNUAL REPORT / April 30, 2014

33    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
MOL Hungarian Oil & Gas PLC		4,913	$	282,197
OTP Bank PLC		18,150		345,671
Richter Gedeon Nyrt		18,510		316,865
TOTAL HUNGARY			$	1,060,487
INDIA – 0.2%
GAIL India Ltd. GDR		1,770		65,826
ICICI Bank Ltd. ADR		3,600		153,612
Infosys Ltd. ADR		6,000		322,260
Reliance Industries Ltd. GDR•,W		11,800		365,800
State Bank of India GDR		850		58,183
Tata Motors Ltd. ADR		2,390		89,434
Wipro Ltd. ADR#		7,400		88,504
TOTAL INDIA			$	1,143,619
INDONESIA – 0.5%
Adaro Energy Tbk PT		719,000		73,694
AKR Corporindo Tbk PT		143,500		59,205
Aneka Tambang Persero Tbk PT		221,500		22,511
Astra International Tbk PT		309,500		198,766
Bank Central Asia Tbk PT		215,500		205,034
Bank Danamon Indonesia Tbk PT		81,122		28,698
Bank Mandiri Persero Tbk PT		206,500		175,484
Bank Negara Indonesia Persero Tbk PT		142,000		59,139
Bank Rakyat Indonesia Persero Tbk PT		231,500		198,231
Bumi Resources Tbk PT*		1,083,000		19,109
Charoen Pokphand Indonesia Tbk PT		200,000		65,216
Gudang Garam Tbk PT		18,000		87,964
Indo Tambangraya Megah Tbk PT		21,000		46,272
Indocement Tunggal Prakarsa Tbk PT		48,000		91,130
Indofood Sukses Makmur Tbk PT		148,000		90,248
Indosat Tbk PT		70,500		23,842
Kalbe Farma Tbk PT		870,000		116,261
Lippo Karawaci Tbk PT		501,000		46,367
Perusahaan Gas Negara Persero Tbk PT		345,500		159,131
Semen Indonesia Persero Tbk PT		100,500		129,086
Surya Semesta Internusa Tbk PT		410,000		29,434
Tambang Batubara Bukit Asam Persero Tbk PT		54,500		46,550
Telekomunikasi Indonesia Persero Tbk PT		1,302,500		255,171
Unilever Indonesia Tbk PT		24,000		60,719
United Tractors Tbk PT		75,500		141,707
XL Axiata Tbk PT		70,000		31,332
TOTAL INDONESIA			$	2,460,301
IRELAND – 0.7%
Bank of Ireland*		122,676		48,165
CRH PLC		86,463		2,505,074
CRH PLC ADR		2,171		63,567

Description	Number of Shares		Value
Icon PLC		9,100	$	352,807
Kerry Group PLC		1,457		115,016
Permanent TSB Group Holdings PLC*		38,000		5,035
Perrigo Co. PLC		274		39,692
Smurfit Kappa Group PLC		20,900		464,944
TOTAL IRELAND			$	3,594,300
ISRAEL – 0.2%
Bank Hapoalim BM		49,877		281,491
Bank Leumi Le-Israel BM*		55,972		218,842
Teva Pharmaceutical Industries Ltd.		10,501		523,457
Teva Pharmaceutical Industries Ltd. ADR		700		34,202
TOTAL ISRAEL			$	1,057,992
ITALY – 1.9%
Assicurazioni Generali SpA		4,642		108,386
Atlantia SpA		1,615		42,011
Banca Monte dei Paschi di Siena SpA#, *		101,271		33,705
Banco Popolare Sc*		2,148		44,223
Brembo-SpA		24,100		891,045
Enel SpA		161,381		912,134
Eni SpA		34,214		888,102
ERG SpA		35,000		604,051
Exor SpA		1,244		56,746
Fiat SpA*		7,913		95,290
Finmeccanica SpA*		5,982		55,231
Industria Macchine Automatic		3,800		186,626
Intesa Sanpaolo SpA*		814,640		2,780,264
Luxottica Group SpA		672		38,476
Mediobanca SpA*		2,499		27,667
Pirelli & C. SpA		67,781		1,135,952
Prysmian SpA		1,573		40,896
Saipem SpA*		1,916		51,302
Telecom Italia SpA*		220,025		281,899
Telecom Italia SpA ADR		4,715		60,541
UniCredit SpA		152,271		1,360,468
Unione di Banche Italiane SCPA		42,922		408,498
TOTAL ITALY			$	10,103,513
JAPAN – 12.4%
ABC-Mart, Inc.		100		4,485
Aeon Co. Ltd.		14,700		169,812
Aeon Mall Co. Ltd.		440		10,475
Ain Pharmaciez, Inc.		5,800		255,011
Aisin Seiki Co. Ltd.		12,300		434,323
Ajinomoto Co., Inc.		6,000		88,150
Alfresa Holdings Corp.		900		55,989
Amada Co. Ltd.		8,000		57,828
Aoyama Trading Co. Ltd.		400		9,918

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    34

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Asahi Glass Co. Ltd.		40,000	$	226,536
Asahi Group Holdings Ltd.		3,100		85,448
Asahi Kasei Corp.		29,000		197,144
Asics Corp.		2,000		38,910
Astellas Pharma, Inc.		50,000		556,071
Autobacs Seven Co. Ltd.		1,200		18,557
Azbil Corp.		800		18,131
Bank of Kyoto Ltd.		4,000		32,552
Bank of Yokohama Ltd.		23,000		115,410
Benesse Holdings, Inc.		400		15,200
Bridgestone Corp.		5,300		189,739
Brother Industries Ltd.		21,600		301,493
Canon Marketing Japan, Inc.#		1,600		25,760
Canon, Inc.		4,000		125,789
Casio Computer Co. Ltd.#		4,200		47,901
Central Glass Co. Ltd.		82,000		268,695
Central Japan Railway Co.		500		61,329
Chiba Bank Ltd.		13,000		82,526
Chiyoda Corp.		2,000		26,781
Chugai Pharmaceutical Co. Ltd.		2,700		68,058
Citizen Holdings Co. Ltd.		10,300		75,561
Coca-Cola West Co. Ltd.		1,400		24,348
COMSYS Holdings Corp.		3,000		49,151
Cosmo Oil Co. Ltd.*		12,000		22,419
Credit Saison Co. Ltd.		1,500		31,897
Dai Nippon Printing Co. Ltd.		12,000		108,221
Daicel Corp.		4,000		33,413
Daido Steel Co. Ltd.#		5,000		24,405
Daihatsu Motor Co. Ltd.		2,000		33,081
Dai-ichi Life Insurance Co. Ltd.		4,600		63,622
Dainippon Sumitomo Pharma Co. Ltd.		1,400		21,239
Daishi Bank Ltd.		6,000		21,656
Daito Trust Construction Co. Ltd.		600		60,977
Daiwa House Industry Co. Ltd.		3,000		50,560
DCM Holdings Co. Ltd.#		28,600		193,306
Denso Corp.		14,100		641,592
Dentsu, Inc.		36,600		1,503,594
East Japan Railway Co.		9,000		656,106
Eizo Nanao Corp.		9,500		256,933
FamilyMart Co. Ltd.		300		12,457
FANUC Corp.		22,700		4,085,490
Fast Retailing Co. Ltd.		500		155,377
Fuji Heavy Industries Ltd.		1,000		26,263
Fuji Media Holdings, Inc.		1,800		30,301
FUJIFILM Holdings Corp.		15,300		395,089
Fujitsu Ltd.		23,000		134,983
Fukuoka Financial Group, Inc.		33,000		134,601
Geo Holdings Corp.		20,000		182,912

Description	Number of Shares		Value
Glory Ltd.#		1,200	$	30,940
Gree, Inc.		900		8,768
Gunma Bank Ltd.		9,000		47,802
H2O Retailing Corp.		2,000		15,083
Hachijuni Bank Ltd.		10,000		54,580
Hakuhodo DY Holdings, Inc.		2,100		16,289
Hamamatsu Photonics KK		300		13,498
Hankyu Hanshin Holdings, Inc.		33,000		180,760
Hino Motors Ltd.		19,000		250,149
Hirose Electric Co. Ltd.		300		42,285
Hiroshima Bank Ltd.		4,000		16,433
Hisamitsu Pharmaceutical Co., Inc.		300		12,559
Hitachi Chemical Co. Ltd.		2,200		32,343
Hitachi Construction Machinery Co. Ltd.		600		11,133
Hitachi High-Technologies Corp.		900		20,565
Hitachi Ltd.		84,000		597,330
Hitachi Metals Ltd.		38,000		515,166
Hitachi Transport System Ltd.		1,300		19,913
Hokkaido Electric Power Co., Inc.#,*		7,300		44,628
Hokuhoku Financial Group, Inc.		29,000		55,881
Honda Motor Co. Ltd.		6,400		211,591
House Foods Corp.#		1,600		26,605
Hoya Corp.		1,500		44,222
HULIC Co. Ltd.#		3,700		44,479
Ibiden Co. Ltd.		6,300		113,448
Idemitsu Kosan Co. Ltd.		1,200		26,468
IHI Corp.		21,000		83,602
Inpex Corp.		18,800		273,628
Isetan Mitsukoshi Holdings Ltd.		8,900		110,559
Isuzu Motors Ltd.		95,000		551,034
Ito En Ltd.#		100		2,137
ITOCHU Corp.		61,800		691,536
Iyo Bank Ltd.		6,000		53,935
J Front Retailing Co. Ltd.		7,000		44,368
Japan Airlines Co. Ltd.		600		31,046
Japan Aviation Electronics Industry Ltd.		50,000		850,981
Japan Tobacco, Inc.		103,800		3,407,373
JFE Holdings, Inc.		15,100		279,151
JGC Corp.		14,000		453,270
Joyo Bank Ltd.#		9,000		43,752
Juroku Bank Ltd.#		3,000		10,476
JX Holdings, Inc.		124,980		647,913
Kajima Corp.		5,000		19,025
Kamigumi Co. Ltd.		4,000		38,108
Kanamoto Co. Ltd.		28,000		879,151
Kaneka Corp.		9,000		52,819
Kansai Electric Power Co., Inc.*		10,600		88,752
Kansai Paint Co. Ltd.#		2,000		27,994

ANNUAL REPORT / April 30, 2014

35    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Kao Corp.		4,100	$	154,279
Kawasaki Kisen Kaisha Ltd.		21,000		42,109
KDDI Corp.		20,300		1,080,574
Keikyu Corp.		4,000		33,178
Keio Corp.		5,000		35,360
Keisei Electric Railway Co. Ltd.		1,000		8,696
Keyence Corp.		430		165,653
Kinden Corp.		3,000		27,583
Kintetsu Corp.		12,000		42,138
Kobe Steel Ltd.		23,000		30,146
Koito Manufacturing Co. Ltd.		28,100		612,381
Komatsu Ltd.		41,300		909,743
Konica Minolta, Inc.		8,500		78,902
K’s Holdings Corp.		1,000		29,021
Kubota Corp.		10,000		128,527
Kuraray Co. Ltd.		4,500		50,487
Kyocera Corp.		9,700		456,085
Kyocera Corp. ADR		200		9,428
Kyowa Exeo Corp.		16,100		208,189
Kyowa Hakko Kirin Co. Ltd.		5,000		56,928
Kyushu Electric Power Co., Inc.*		6,900		69,584
Lawson, Inc.		500		34,724
LIXIL Group Corp.		19,200		507,630
M3, Inc.		51,100		700,760
Makita Corp.		400		21,206
Marubeni Corp.		97,000		647,078
Marui Group Co. Ltd.		5,100		45,246
McDonald’s Holdings Co Japan Ltd.#		300		8,301
Medipal Holdings Corp.		4,550		63,909
Megmilk Snow Brand Co. Ltd.		17,500		232,112
Minebea Co. Ltd.		93,000		752,296
Ministop Co. Ltd.#		9,600		145,453
Miraca Holdings, Inc.		3,400		147,327
Mitsubishi Chemical Holdings Corp.		32,500		130,019
Mitsubishi Corp.		72,900		1,303,479
Mitsubishi Electric Corp.		55,000		625,666
Mitsubishi Estate Co. Ltd.		11,000		248,975
Mitsubishi Gas Chemical Co., Inc.		2,000		11,542
Mitsubishi Heavy Industries Ltd.		21,000		110,510
Mitsubishi Logistics Corp.		1,000		14,339
Mitsubishi Materials Corp.		32,000		92,649
Mitsubishi Tanabe Pharma Corp.		3,200		43,821
Mitsubishi UFJ Financial Group, Inc.		487,494		2,584,455
Mitsui & Co. Ltd.		46,092		653,272
Mitsui Chemicals, Inc.		18,000		43,840
Mitsui Fudosan Co. Ltd.		6,000		177,297
Mitsui OSK Lines Ltd.		28,000		93,393
Mizuho Financial Group, Inc.		621,500		1,215,826

Description	Number of Shares		Value
Mochida Pharmaceutical Co. Ltd.		3,000	$	211,278
MS&AD Insurance Group Holdings		10,900		244,153
Nabtesco Corp.		1,000		21,509
Nagase & Co. Ltd.		3,000		36,739
NEC Corp.		60,000		168,435
NET One Systems Co. Ltd.		57,800		469,818
NGK Insulators Ltd.		30,000		566,049
Nikon Corp.		2,800		43,903
Nintendo Co. Ltd.		500		52,526
Nippon Electric Glass Co. Ltd.		15,000		73,214
Nippon Express Co. Ltd.		20,000		94,488
Nippon Meat Packers, Inc.		2,000		34,646
Nippon Paint Co. Ltd.		2,000		30,909
Nippon Paper Industries Co. Ltd.#		7,400		135,066
Nippon Shokubai Co. Ltd.		1,000		11,513
Nippon Steel & Sumitomo Metal Corp.		178,340		467,503
Nippon Telegraph & Telephone Corp.		17,000		941,331
Nippon Yusen KK		41,000		111,087
Nishi-Nippon City Bank Ltd.		44,000		99,849
Nissan Motor Co. Ltd.#		42,000		360,287
Nisshin Seifun Group, Inc.		7,150		83,155
Nisshin Steel Holdings Co. Ltd.		10,415		106,763
Nisshinbo Holdings, Inc.		3,000		25,676
Nitto Denko Corp.		900		38,822
NKSJ Holdings, Inc.		9,100		226,888
NOF Corp.		42,000		290,859
NOK Corp.		500		8,177
Nomura Holdings, Inc.		26,900		154,714
North Pacific Bank Ltd.		8,800		35,636
NTN Corp.*		31,000		106,128
NTT Data Corp.		1,700		65,765
NTT DoCoMo, Inc.		62,800		996,348
NTT Urban Development Corp.		600		5,270
Obara Group, Inc.		24,000		899,105
Obayashi Corp.		15,000		96,689
Odakyu Electric Railway Co. Ltd.		6,000		52,643
Oji Paper Co. Ltd.		39,000		163,653
Onward Holdings Co. Ltd.		2,000		13,440
Oriental Land Co. Ltd.		500		74,852
ORIX Corp.		1,600		23,115
Otsuka Corp.		300		35,477
Otsuka Holdings Co. Ltd.		17,200		495,130
Panasonic Corp.		5,800		63,483
Paramount Bed Holdings Co. Ltd.		7,200		216,912
Rakuten, Inc.#		2,300		29,741
Rengo Co. Ltd.		7,000		31,291
Resona Holdings, Inc.		153,200		782,222
Ricoh Co. Ltd.		18,400		211,474

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    36

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Rinnai Corp.		200	$	16,628
Rohm Co. Ltd.		2,400		114,442
San-In Godo Bank Ltd.		2,000		13,185
Sankyo Co. Ltd.		700		27,970
Sankyu, Inc.		44,000		167,418
Santen Pharmaceutical Co. Ltd.		400		17,841
SBI Holdings, Inc.		4,210		47,974
Secom Co. Ltd.		1,400		80,561
Seiko Epson Corp.		16,400		446,915
Sekisui Chemical Co. Ltd.		2,000		20,287
Sekisui House Ltd.		13,400		160,824
Seven & I Holdings Co. Ltd.		1,600		63,086
Seven Bank Ltd.		1,000		3,785
Shiga Bank Ltd.		4,000		21,832
Shimamura Co. Ltd.		100		9,312
Shimano, Inc.		300		29,931
Shimizu Corp.		18,000		101,942
Shin-Etsu Chemical Co. Ltd.		2,900		170,139
Shionogi & Co. Ltd.		1,700		29,765
Showa Denko KK		19,000		25,275
SMC Corp.		10,000		2,374,432
Softbank Corp.		6,100		452,868
Sojitz Corp.		30,900		48,661
Sony Corp.		23,300		408,408
Sony Financial Holdings, Inc.		2,500		40,055
Sumco Corp.#		8,300		63,649
Sumitomo Chemical Co. Ltd.		37,000		138,612
Sumitomo Corp.		47,100		611,354
Sumitomo Electric Industries Ltd.		17,700		244,287
Sumitomo Forestry Co. Ltd.#		800		8,138
Sumitomo Heavy Industries Ltd.		8,000		33,961
Sumitomo Metal Mining Co. Ltd.		38,000		572,778
Sumitomo Mitsui Financial Group, Inc.		30,300		1,195,283
Sumitomo Mitsui Trust Holdings, Inc.		134,000		551,807
Sumitomo Realty & Development Co. Ltd.		3,000		116,203
Sumitomo Rubber Industries Ltd.		2,500		34,699
Suruga Bank Ltd.		1,000		17,137
Suzuken Co. Ltd.		1,700		61,192
Suzuki Motor Corp.		8,400		216,502
Sysmex Corp.		800		25,314
T&D Holdings, Inc.		10,100		120,427
Taisei Corp.		3,000		13,880
Taisho Pharmaceutical Holdings Co. Ltd.		200		14,731
Takashimaya Co. Ltd.		5,000		47,342
Takeda Pharmaceutical Co. Ltd.		14,000		628,279
Takeuchi Manufacturing Co. Ltd.		3,500		101,575
TDK Corp.		3,100		132,205
Teijin Ltd.		12,000		29,462

Description	Number of Shares		Value
Tobu Railway Co. Ltd.		7,000	$	34,235
Toho Co. Ltd.		300		5,778
Tokai Rika Co. Ltd.		900		15,635
Tokio Marine Holdings, Inc.		51,100		1,504,984
Tokyo Broadcasting System Holdings, Inc.		700		7,600
Tokyo Electric Power Co., Inc.*		29,100		109,870
Tokyo Tatemono Co. Ltd.		3,000		23,886
Tokyu Corp.		12,000		75,473
Toppan Printing Co. Ltd.		14,000		96,268
Toray Industries, Inc.		6,000		39,145
Toshiba Corp.		10,000		39,126
Tosoh Corp.		16,000		61,036
TOTO Ltd.		1,000		14,134
Toyo Ink SC Holdings Co. Ltd.		1,000		4,079
Toyo Seikan Kaisha Ltd.		3,300		49,031
Toyo Tire & Rubber Co. Ltd.		62,000		461,505
Toyota Motor Corp.		60,300		3,253,433
Toyota Tsusho Corp.		3,700		97,318
Tsumura & Co.#		300		7,119
Ube Industries Ltd.		15,000		25,383
Ulvac, Inc.*		20,400		386,310
Unicharm Corp.		800		43,351
UNY Group Holdings Co. Ltd.		6,000		38,676
Ushio, Inc.		2,400		31,340
West Japan Railway Co.		7,300		295,827
Yahoo Japan Corp.		7,700		33,441
Yakult Honsha Co. Ltd.		400		21,597
Yamada Denki Co. Ltd.		28,000		103,252
Yamaguchi Financial Group, Inc.		13,000		119,782
Yamaha Corp.		1,900		25,424
Yamaha Motor Co. Ltd.		3,800		58,616
Yamato Holdings Co. Ltd.		1,100		22,617
Yamato Kogyo Co. Ltd.#		700		20,157
Yamazaki Baking Co. Ltd.		3,000		36,621
Yokogawa Electric Corp.		700		9,552
Yokohama Rubber Co. Ltd.		40,100		358,109
Zenkoku Hosho Co. Ltd.		19,400		433,979
TOTAL JAPAN			$	65,938,992
JORDAN – 0.1%
Arab Bank PLC		22,464		273,483
Arab Potash Co.††		2,100		82,748
Bank of Jordan		8,070		28,494
Capital Bank of Jordan		23,325		61,273
Jordan Ahli Bank*		19,180		35,215
Jordan Petroleum Refinery Co.		3,218		17,452
Jordan Phosphate Mines		1,700		16,807

ANNUAL REPORT / April 30, 2014

37    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Jordan Steel		8,559	$	10,638
Jordan Telecommunications Co. PSC		4,950		21,393
Jordanian Electric Power Co.		12,017		45,824
Middle East Complex for Engineering Electric and Heavy Industries PLC*,††		60		9
TOTAL JORDAN			$	593,336
KAZAKHSTAN – 0.1%
Halyk Savings Bank of Kazakhstan JSC GDR		10,490		94,410
Kazakhmys PLC*		27,568		110,825
Kazkommertsbank JSC GDR*		28,000		61,600
KazMunaiGas Exploration Production JSC GDR		9,600		142,848
KCell JSC GDR		8,400		126,840
TOTAL KAZAKHSTAN			$	536,523
KENYA – 0.1%
ARM Cement Ltd.		52,600		51,687
Bamburi Cement Co. Ltd.		6,600		12,895
Barclays Bank of Kenya Ltd.		135,900		26,552
East African Breweries Ltd.		25,180		84,792
Equity Bank Ltd.		141,500		62,204
Kenya Airways Ltd.*		154,800		22,239
Kenya Commercial Bank Ltd.		170,300		95,905
Kenya Power & Lighting Ltd.		58,087		9,947
Nation Media Group Ltd.		16,244		57,314
Safaricom Ltd.		782,500		117,811
Standard Chartered Bank Kenya Ltd.		10,458		37,019
TOTAL KENYA			$	578,365
LATVIA – 0.0%**
Latvian Shipping Co.*		36,206		25,919
LEBANON – 0.1%
Solidere GDR#,*		19,314		249,151
LITHUANIA – 0.0%**
Apranga PVA		22,400		86,393
Invalda Privatus Kapitalas AB*,††		7,855		30,404
Lesto AB		19,018		22,664
Lietuvos Energijos Gamyba AB		10,949		8,993
Litgrid AB		8,818		7,768
Panevezio Statybos Trestas		16,900		22,977
Pieno Zvaigzdes		10,687		26,540
Siauliu Bankas*		61,853		24,885
TOTAL LITHUANIA			$	230,624
MALAYSIA – 0.7%
AirAsia Bhd		27,300		18,559
Alliance Financial Group Bhd		28,800		39,511
AMMB Holdings Bhd		18,600		40,897

Description	Number of Shares		Value
Astro Malaysia Holdings Bhd		39,600	$	40,382
Axiata Group Bhd		51,400		105,932
Batu Kawan Bhd		7,300		43,547
Boustead Holdings Bhd		17,400		29,573
British American Tobacco Malaysia Bhd		1,800		33,735
Bumi Armada Bhd		35,400		43,362
CIMB Group Holdings Bhd		32,500		74,744
Dialog Group Bhd		46,700		51,341
DiGi.Com Bhd		35,500		60,227
Felda Global Ventures Holdings Bhd		27,800		38,480
Gamuda Bhd		47,300		66,775
Genting Bhd		426,100		1,278,756
Genting Malaysia Bhd		44,500		57,507
Hong Leong Bank Bhd		6,400		27,438
IHH Healthcare Bhd*		39,600		48,628
IJM Corp. Bhd		24,060		47,007
IOI Corp. Bhd		37,780		57,847
IOI Properties Group Bhd*		51,089		41,929
KLCC Property Holdings Bhd		11,200		22,842
Kuala Lumpur Kepong Bhd		5,700		42,242
Lafarge Malayan Cement Bhd		16,000		44,538
Magnum Bhd		36,500		33,756
Malayan Banking Bhd		37,590		113,961
Malaysian Resources Corp. Bhd		26,900		12,933
Maxis Bhd		23,100		49,164
MMC Corp. Bhd		24,100		20,665
Muhibbah Engineering M Bhd		32,000		28,418
Petronas Chemicals Group Bhd		53,700		110,672
Petronas Dagangan Bhd		8,200		76,086
Petronas Gas Bhd		6,200		44,618
PPB Group Bhd		8,100		40,829
Public Bank Bhd		12,900		79,561
RHB Capital Bhd		18,000		45,696
Sapurakencana Petroleum Bhd*		79,917		105,479
Sime Darby Bhd		124,646		360,331
Ta Ann Holdings Bhd		19,008		24,448
Telekom Malaysia Bhd		22,900		43,479
Tenaga Nasional Bhd		28,525		103,950
UMW Holdings Bhd		15,400		50,744
WCT Holdings Bhd		40,786		28,102
YTL Corp. Bhd		57,476		28,338
YTL Power International Bhd*		37,501		18,030
TOTAL MALAYSIA			$	3,775,059
MARSHALL ISLANDS – 0.0%**
Diana Shipping, Inc.#,*		2,211		24,896
MAURITIUS – 0.1%
CIM Financial Services Ltd.		191,700		50,693

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    38

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Lux Island Resorts Ltd.		7,000	$	9,349
MCB Group Ltd.*		38,600		281,606
New Mauritius Hotels Ltd.*		18,900		54,586
Rogers & Co. Ltd.		7,100		46,286
State Bank of Mauritius Ltd.		3,060,000		105,235
Sun Resorts Ltd.*		24,969		33,264
TOTAL MAURITIUS			$	581,019
MEXICO – 0.8%
Alfa SAB de CV		100,800		266,278
America Movil SAB de CV		651,224		656,563
Arca Continental SAB de CV		10,200		64,867
Cemex SAB de CV*		306,128		388,897
Coca-Cola Femsa SAB de CV		8,700		97,475
Compartamos SAB de CV		108,000		188,382
Empresas ICA SAB de CV*		20,800		37,235
Fomento Economico Mexicano SAB de CV		30,400		276,191
Grupo Aeroportuario del Centro Norte SAB de CV		5,400		19,788
Grupo Aeroportuario del Pacifico SAB de CV		14,700		88,485
Grupo Aeroportuario del Sureste SAB de CV		2,300		28,148
Grupo Bimbo SAB de CV		43,000		118,587
Grupo Carso SAB de CV		20,100		102,415
Grupo Elektra SA de CV		1,460		41,799
Grupo Financiero Banorte SAB de CV		59,900		397,830
Grupo Financiero Inbursa SAB de CV		86,100		220,536
Grupo Mexico SAB de CV		66,221		199,431
Grupo Televisa SAB		32,000		209,668
Impulsora del Desarrollo y El Empleo en America Latina SAB de CV*		28,295		65,121
Industrias CH SAB de CV#,*		7,500		39,785
Industrias Penoles SAB de CV		3,930		91,497
Kimberly-Clark de Mexico SAB de CV		22,000		57,410
Mexichem SAB de CV		29,605		110,317
Minera Frisco SAB de CV*		16,600		30,351
Organizacion Soriana SAB de CV*		10,800		31,295
Promotora y Operadora de Infraestructura SAB de CV*		10,400		145,236
TV Azteca SAB de CV		95,000		51,920
Wal-Mart de Mexico SAB de CV		85,200		215,560
TOTAL MEXICO			$	4,241,067
MOROCCO – 0.1%
Attijariwafa Bank		2,400		93,805
Auto Hall		3,700		39,669
Banque Centrale Populaire		2,450		56,978
Banque Marocaine du Commerce et de l’Industrie		100		9,722
BMCE Bank		2,000		51,448

Description	Number of Shares		Value
Cie Generale Immobiliere		190	$	16,880
Douja Promotion Groupe Addoha SA		7,120		52,697
Holcim Maroc SA		240		48,827
Lafarge Ciments		460		84,278
Maroc Telecom SA		10,200		124,648
TOTAL MOROCCO			$	578,952
NETHERLANDS – 1.7%
Aegon NV		82,714		749,911
Akzo Nobel NV		3,155		242,884
ASM International NV		1,500		65,542
ASML Holding NV		2,365		194,994
Delta Lloyd NV		3,924		103,190
European Aeronautic Defence and Space Co. NV		10,768		739,329
Fugro NV#		1,474		97,575
Heineken NV#,*		34,905		2,421,268
ING Groep NV*		137,463		1,951,906
Koninklijke Ahold NV		35,524		685,296
Koninklijke Boskalis Westminster NV		1,191		67,465
Koninklijke DSM NV		3,682		263,992
Koninklijke KPN NV*		31,271		111,149
Koninklijke Philips NV		19,298		617,788
PostNL NV*		49,500		217,146
Randstad Holding NV		480		27,906
Reed Elsevier NV#		1,890		38,558
TNT Express NV		9,904		89,174
Unilever NV		6,274		268,830
TOTAL NETHERLANDS			$	8,953,903
NEW ZEALAND – 0.0%**
Auckland International Airport Ltd.		17,439		59,700
Contact Energy Ltd.		8,921		43,771
Fletcher Building Ltd.		316		2,684
SKYCITY Entertainment Group Ltd.		3,557		12,974
TOTAL NEW ZEALAND			$	119,129
NIGERIA – 0.1%
Dangote Cement PLC		25,500		35,875
Ecobank Transitional, Inc.††		7,768		—
FBN Holdings PLC		629,542		55,489
Guaranty Trust Bank PLC		576,410		94,113
Lafarge Cement WAPCO Nigeria PLC		36,300		24,516
Nestle Nigeria PLC		7,636		49,433
Nigerian Breweries PLC		70,380		65,714
Oando PLC		308,975		30,773
UAC of Nigeria PLC		84,600		29,785
Unilever Nigeria PLC		79,800		23,595
United Bank for Africa PLC		812,013		34,118

ANNUAL REPORT / April 30, 2014

39    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Zenith Bank PLC		535,775	$	75,706
TOTAL NIGERIA			$	519,117
NORWAY – 0.7%
AKER Solutions ASA		954		15,271
Atea ASA		13,300		152,705
DNB ASA#		9,287		164,202
Hexagon Composites ASA*		68,000		420,975
Nordic Semiconductor ASA*		53,100		297,466
Norsk Hydro ASA*		22,820		122,118
Orkla ASA#		4,345		35,882
Seadrill Ltd.		3,421		119,418
Statoil ASA#,*		37,064		1,124,833
Statoil ASA ADR		1,988		60,574
Storebrand ASA*		10,389		58,234
Subsea 7 SA		5,418		108,373
Telenor ASA		7,363		172,794
Yara International ASA		17,306		816,929
TOTAL NORWAY			$	3,669,774
OMAN – 0.1%
Bank Dhofar SAOG		49,343		42,294
Bank Sohar		98,203		57,902
BankMuscat SAOG		53,380		85,963
Dhofar International Development & Investment Holding Co.		27,390		37,848
Galfar Engineering & Contracting SAOG		77,326		49,408
National Bank of Oman SAOG		54,311		41,192
Oman Cement Co.		32,940		66,393
Oman Flour Mills Co. SAOG		16,000		26,265
Oman Oil Marketing Co.		7,300		42,757
Oman Telecommunications Co. SAOG		31,500		121,909
Renaissance Services SAOG		11,992		20,931
TOTAL OMAN			$	592,862
PANAMA – 0.0%**
Copa Holdings SA Class A		1,530		206,978
PERU – 0.2%
Alicorp SA		57,000		172,573
BBVA Banco Continental SA		14,125		27,470
Cia de Minas Buenaventura SA ADR		5,000		65,000
Cia Minera Milpo SAA		34,893		27,467
Credicorp Ltd.		2,410		359,693
Edegel SAA		37,100		34,358
Ferreycorp SAA		84,705		50,687
Grana y Montero SA		32,600		115,189
Luz del Sur SAA		12,200		40,196
Minsur SA		35,670		22,615
Sociedad Minera Cerro Verde SAA*		1,400		31,990

Description	Number of Shares		Value
Sociedad Minera el Brocal SA		4,000	$	10,686
Southern Copper Corp.		6,359		191,660
Volcan Cia Minera SAA		131,613		49,692
TOTAL PERU			$	1,199,276
PHILIPPINES – 0.2%
Aboitiz Equity Ventures, Inc.		31,200		39,612
Alliance Global Group, Inc.		57,000		39,828
Ayala Corp.		5,620		78,665
Ayala Land, Inc.		94,700		63,941
Bank of the Philippine Islands		27,653		56,323
BDO Unibank, Inc.		16,262		32,192
Energy Development Corp.		411,750		51,630
International Container Terminal Services, Inc.		16,400		39,768
JG Summit Holdings, Inc.		37,500		42,564
Jollibee Foods Corp.		27,600		106,487
Manila Electric Co.		6,210		39,115
Metro Pacific Investments Corp.		190,000		21,608
Metropolitan Bank & Trust		12,157		23,098
Philex Mining Corp.		216,150		43,443
Philippine Long Distance Telephone Co.		1,800		116,285
San Miguel Corp.		13,000		24,349
Semirara Mining Corp.		14,190		130,823
SM Investments Corp.		6,262		101,838
SM Prime Holdings, Inc.		200,750		73,491
Top Frontier Investment Holdings, Inc. Npv*		1,300		2,727
Universal Robina Corp.		22,900		74,998
TOTAL PHILIPPINES			$	1,202,785
POLAND – 0.4%
AmRest Holdings SE*		2,700		72,966
Asseco Poland SA		7,073		105,126
Astarta Holding NV*		2,300		31,146
Bank Pekao SA		2,850		182,476
BRE Bank SA		390		63,762
Budimex SA		730		33,948
Cyfrowy Polsat SA		6,760		45,883
Eurocash SA		4,940		65,184
Getin Noble Bank SA*		54,005		65,641
Grupa Lotos SA*		2,600		33,491
ING Bank Slaski SA*		2,000		89,839
Jastrzebska Spolka Weglowa SA		1,300		17,862
Kernel Holding SA*		4,220		39,069
KGHM Polska Miedz SA*		3,080		111,342
LPP SA		50		129,473
Lubelski Wegiel Bogdanka SA		700		28,611
Netia SA*		39,573		70,712

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    40

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Orbis SA		1,520	$	19,680
PGE SA		27,800		192,823
Polski Koncern Naftowy Orlen SA		7,040		105,333
Polskie Gornictwo Naftowe i Gazownictwo SA		37,780		58,773
Powszechna Kasa Oszczednosci Bank Polski SA		21,090		289,081
Powszechny Zaklad Ubezpieczen SA		1,220		172,947
Synthos SA#		11,480		18,049
Tauron Polska Energia SA		47,180		83,369
Telekomunikacja Polska SA#		26,910		91,903
TVN SA		6,950		37,807
TOTAL POLAND			$	2,256,296
PORTUGAL – 0.1%
Banco Espirito Santo SA*		15,937		28,213
EDP - Energias de Portugal SA		28,687		139,296
EDP Renovaveis SA		10,506		71,959
Jeronimo Martins SGPS SA#		1,290		22,559
Portugal Telecom SGPS SA#		13,660		56,853
TOTAL PORTUGAL			$	318,880
QATAR – 0.3%
Al Meera Consumer Goods Co.		1,000		50,181
Barwa Real Estate Co.		4,800		49,439
Commercial Bank of Qatar QSC		2,300		43,147
Doha Bank QSC		3,322		59,216
Gulf International Services QSC		3,625		89,608
Industries Qatar QSC		4,900		239,559
Masraf Al Rayan		14,500		192,359
Ooredoo QSC		3,140		126,778
Qatar Electricity & Water Co.		1,738		87,023
Qatar Gas Transport Co. Nakilat		14,200		93,605
Qatar Islamic Bank		2,200		52,026
Qatar National Bank SAQ		3,750		195,696
Qatar National Cement Co.		1,520		59,283
Qatar Navigation		1,703		45,839
TOTAL QATAR			$	1,383,759
ROMANIA – 0.1%
Banca Transilvania*		298,163		167,330
Biofarm Bucuresti		481,487		45,171
BRD-Groupe Societe Generale*		68,300		176,268
OMV Petrom SA		1,206,500		171,726
Transelectrica SA		2,450		14,278
TOTAL ROMANIA			$	574,773
RUSSIA – 0.7%
CTC Media, Inc.		1,700		14,739
Federal Hydrogenerating Co. JSC ADR		105,160		159,843
Gazprom Neft OAO ADR		1,400		27,832

Description	Number of Shares		Value
Gazprom OAO ADR		72,510	$	523,522
Globaltrans Investment PLC GDR		7,280		69,306
LSR Group GDR*		17,440		52,146
Lukoil OAO ADR		6,600		348,810
Magnit OJSC GDR		7,200		338,760
Mail.ru Group Ltd. GDR*		3,190		86,672
MMC Norilsk Nickel OJSC ADR (B114RK6)		7,210		129,996
Mobile Telesystems OJSC ADR		9,500		159,220
NovaTek OAO GDR		900		92,970
Novolipetsk Steel OJSC GDR		2,800		32,508
Pharmstandard OJSC GDR*		3,313		25,692
Rosneft OAO GDR		15,500		97,232
Rostelecom OJSC ADR		4,343		56,459
Sberbank of Russia ADR		49,830		420,067
Severstal OAO GDR		5,880		41,395
Sistema JSFC GDR		5,500		130,900
Surgutneftegas OAO ADR		13,470		94,021
Tatneft OAO ADR		4,000		137,200
TMK OAO GDR		4,860		38,637
Uralkali OJSC GDR		5,000		110,750
VimpelCom Ltd. ADR		4,500		37,800
VTB Bank OJSC GDR		42,550		90,121
X5 Retail Group NV GDR*		3,800		66,804
Yandex NV*		6,000		159,000
TOTAL RUSSIA			$	3,542,402
SINGAPORE – 1.0%
CapitaLand Ltd.		58,000		148,042
City Developments Ltd.		4,000		34,553
DBS Group Holdings Ltd.		92,000		1,243,104
Global Logistic Properties Ltd.		17,000		38,646
Golden Agri-Resources Ltd.		126,000		61,307
Jardine Cycle & Carriage Ltd.		1,000		37,417
Keppel Corp. Ltd.		74,900		629,096
Keppel Land Ltd.		9,000		24,838
Noble Group Ltd.		66,000		67,648
Olam International Ltd.		22,000		39,132
Oversea-Chinese Banking Corp.		19,000		146,247
Overseas Union Enterprise Ltd.		8,000		14,485
SembCorp. Industries Ltd.		5,000		21,417
SembCorp. Marine Ltd.		4,000		12,986
Singapore Airlines Ltd.		14,000		115,913
Singapore Exchange Ltd.		11,000		60,716
Singapore Press Holdings Ltd.		8,000		26,737
Singapore Technologies Engineering Ltd.		20,000		60,940
Singapore Telecommunications Ltd.		55,000		168,023
United Overseas Bank Ltd.#		116,000		2,013,369
UOL Group Ltd.		12,000		61,450

ANNUAL REPORT / April 30, 2014

41    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Vard Holdings*		155,000	$	119,307
Venture Corp. Ltd.		5,000		30,589
Wilmar International Ltd.		27,000		73,223
Wing Tai Holdings Ltd.		107,000		170,695
TOTAL SINGAPORE			$	5,419,880
SLOVENIA – 0.1%
Hutchison Port Holdings Trust		25,000		17,000
Krka DD Novo Mesto		2,680		236,285
Mercator Poslovni Sistem*		622		65,151
Petrol DD Ljubljana		210		81,285
Telekom Slovenije DD		800		146,504
Zavarovalnica Triglav DD		3,470		110,676
TOTAL SLOVENIA			$	656,901
SOUTH AFRICA – 0.9%
African Bank Investments Ltd.#		36,266		42,986
African Rainbow Minerals Ltd.		2,100		39,465
Anglo American Platinum Ltd.*		800		38,021
AngloGold Ashanti Ltd.*		5,430		97,999
Aspen Pharmacare Holdings Ltd.		3,332		88,671
Aveng Ltd.*		21,500		46,186
AVI Ltd.		5,800		31,981
Barclays Africa Group Ltd.		7,500		109,786
Barloworld Ltd.		7,800		84,973
Bidvest Group Ltd.		8,170		224,043
Discovery Ltd.		7,999		69,342
Exxaro Resources Ltd.		4,100		55,877
FirstRand Ltd.		45,190		166,061
Foschini Group Ltd.#		4,400		45,378
Gold Fields Ltd.		15,890		66,623
Grindrod Ltd.		17,500		41,419
Growthpoint Properties Ltd.		19,600		45,272
Harmony Gold Mining Co. Ltd.*		8,390		27,737
Impala Platinum Holdings Ltd.		7,674		86,365
Imperial Holdings Ltd.		3,900		72,636
Kumba Iron Ore Ltd.#		1,560		55,478
Liberty Holdings Ltd.		3,300		39,532
Life Healthcare Group Holdings Ltd.		10,800		42,880
Massmart Holdings Ltd.#		3,274		43,335
MMI Holdings Ltd.		22,679		56,910
Mr. Price Group Ltd.		2,100		31,598
MTN Group Ltd.		39,160		784,689
Murray & Roberts Holdings Ltd.*		26,380		61,684
Nampak Ltd.		15,000		55,891
Naspers Ltd.		4,471		421,580
Nedbank Group Ltd.		2,600		55,643
Netcare Ltd.		12,300		29,813
Pick n Pay Stores Ltd.		8,300		47,328

Description	Number of Shares		Value
PPC Ltd.		10,921	$	31,765
Remgro Ltd.		5,090		102,400
Reunert Ltd.		12,650		82,967
RMB Holdings Ltd.		7,800		37,374
RMI Holdings		17,600		50,188
Sanlam Ltd.		19,700		105,330
Sasol Ltd.		7,180		402,859
Shoprite Holdings Ltd.#		3,920		65,463
Sibanye Gold Ltd.		14,690		37,980
Standard Bank Group Ltd.		13,540		177,710
Steinhoff International Holdings Ltd.		27,000		140,152
Tiger Brands Ltd.		2,090		55,851
Truworths International Ltd.#		4,900		39,287
Vodacom Group Ltd.		10,520		125,444
Wilson Bayly Holmes-Ovcon Ltd.		4,800		62,041
Woolworths Holdings Ltd.		7,280		49,477
TOTAL SOUTH AFRICA			$	4,773,470
SOUTH KOREA – 1.0%
BS Financial Group, Inc.		3,215		49,160
Cheil Industries, Inc.		890		56,761
Coway Co. Ltd.		1,510		119,099
Daewoo Engineering & Construction Co. Ltd.*		4,364		36,152
Doosan Heavy Industries & Construction Co. Ltd.		1,030		34,689
E-Mart Co. Ltd.		421		96,154
GS Holdings		1,300		60,515
Hana Financial Group, Inc.		2,898		101,947
Hyosung Corp.		550		39,229
Hyundai Department Store Co. Ltd.		430		55,347
Hyundai Glovis Co. Ltd.		270		63,626
Hyundai Heavy Industries Co. Ltd.		297		55,617
Hyundai Mobis		363		103,634
Hyundai Motor Co.		990		220,362
Hyundai Steel Co.		690		45,074
KB Financial Group, Inc.		2,873		97,871
KCC Corp.		120		59,692
Kia Motors Corp.		1,355		75,139
Korea Electric Power Corp.		3,540		135,324
Korea Zinc Co. Ltd.		200		65,905
Korean Air Lines Co. Ltd.*		644		20,754
KT Corp.		2,531		80,341
KT&G Corp.		800		64,105
LG Chem Ltd.		418		106,391
LG Corp.		1,030		57,316
LG Display Co. Ltd.*		2,660		70,664
LG Electronics, Inc.		770		51,194

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    42

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
LG Household & Health Care Ltd.		150	$	68,518
LG Uplus Corp.		2,560		25,147
Lotte Chemical Corp.		380		59,944
Lotte Shopping Co. Ltd.		190		58,841
Macquarie Korea Infrastructure Fund		5,769		35,732
NHN Corp.		197		140,701
OCI Co. Ltd.*		270		47,295
POSCO		860		255,928
Samsung C&T Corp.		850		53,305
Samsung Card Co. Ltd.		1,000		36,243
Samsung Electro-Mechanics Co. Ltd.		270		17,298
Samsung Electronics Co. Ltd. GDR		983		1,277,624
Samsung Fire & Marine Insurance Co. Ltd.		380		90,100
Samsung Heavy Industries Co. Ltd.		1,680		45,849
Samsung Life Insurance Co. Ltd.		1,300		120,904
Samsung Securities Co. Ltd.		1,240		47,222
Shinhan Financial Group Co. Ltd.		4,050		176,377
SK Holdings Co. Ltd.		1,543		273,269
SK Hynix, Inc.*		2,590		100,637
SK Innovation Co. Ltd.		600		68,518
SK Telecom Co. Ltd.		520		107,442
S-Oil Corp.		740		43,256
Woori Finance Holdings Co. Ltd.*,††		2,990		33,711
Woori Investment & Securities Co. Ltd.		6,468		54,583
TOTAL SOUTH KOREA			$	5,260,506
SPAIN – 2.4%
Abertis Infraestructuras SA		1,408		31,655
ACS Actividades de Construccion y Servicios SA		11,679		500,262
Almirall SA*		15,300		256,203
Amadeus IT Holding SA		1,985		82,493
Banco Bilbao Vizcaya Argentaria SA		380,432		4,668,315
Banco de Sabadell SA		49,403		167,921
Banco Popular Espanol SA		66,439		488,522
Banco Santander SA		358,821		3,567,800
CaixaBank		13,658		83,183
Gamesa Corp. Tecnologica SA*		38,200		378,979
Grifols SA		850		45,401
Iberdrola SA		109,825		767,160
Inditex SA#		1,681		252,220
Mapfre SA		23,156		97,501
Red Electrica Corp. SA		1,048		86,190
Repsol SA		31,896		858,466
Telefonica SA#		31,553		528,364
TOTAL SPAIN			$	12,860,635
SWEDEN – 3.6%
Assa Abloy AB		2,996		158,596

Description	Number of Shares		Value
Atlas Copco AB Class A#,*		103,829	$	3,005,232
Atlas Copco AB Class B#,*		3,785		102,801
Axis Communications AB#		6,700		199,799
Boliden AB		30,037		456,408
CDON Group AB*		191		778
Clas Ohlson AB		27,100		598,082
Elekta AB#		2,432		34,036
Getinge AB		2,202		64,717
Hennes & Mauritz AB#		3,398		138,382
Hexagon AB		2,016		64,242
Hexpol AB		5,000		472,148
Holmen AB		1,517		53,473
Husqvarna AB Class B		77,300		641,967
Investor AB		68,423		2,646,548
Kinnevik Investment AB		901		31,663
Lindab International AB*		33,900		422,303
Meda AB		57,175		1,023,526
Millicom International Cellular SA		224		22,151
Nordea Bank AB		66,592		962,185
Saab AB#		13,800		422,349
Sandvik AB		90,543		1,277,617
Securitas AB Class B#		25,700		310,074
Skandinaviska Enskilda Banken AB		50,282		692,497
SKF AB		4,302		111,153
SSAB AB Class A*		65,766		570,959
SSAB AB Class B#,*		1,865		14,052
Svenska Cellulosa AB		6,557		183,635
Svenska Handelsbanken AB		3,560		178,651
Swedbank AB		13,390		355,641
Swedish Match AB		1,376		47,170
Tele2 AB		3,815		48,698
Telefonaktiebolaget LM Ericsson ADR		5,941		71,233
Telefonaktiebolaget LM Ericsson Class A#		1,060		12,194
Telefonaktiebolaget LM Ericsson Class B		43,604		526,424
TeliaSonera AB		57,588		417,681
Trelleborg AB#		1,475		31,441
Volvo AB		165,109		2,602,761
TOTAL SWEDEN			$	18,973,267
SWITZERLAND – 8.9%
ABB Ltd.		107,244		2,576,001
Adecco SA		2,765		231,071
Aryzta AG		2,543		234,767
Baloise Holding AG		4,451		541,140
Barry Callebaut AG		34		46,165
Bucher Industries AG		1,200		389,956
Cie Financiere Richemont SA		34,744		3,525,326

ANNUAL REPORT / April 30, 2014

43    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Clariant AG		6,591	$	129,708
Credit Suisse Group AG		63,440		2,011,828
Fischer (Georg) AG*		1,033		818,090
Forbo Holdings AG		799		826,599
Geberit AG		219		72,983
Givaudan SA		43		67,767
Helvetia Holding AG		600		298,262
Holcim Ltd.		33,183		3,038,915
Julius Baer Group Ltd.*		11,542		539,658
Lonza Group AG		551		57,567
Nestle SA*		50,871		3,927,604
Novartis AG*		80,947		7,017,675
OC Oerlikon Corp. AG		1,761		28,013
Pargesa Holding SA		785		71,177
Partners Group Holding AG		162		44,324
Roche Holding AG		20,634		6,048,826
Schindler Holding AG (B11TCY0)		380		58,807
Schindler Holding AG (B11WWH2)		347		52,911
SGS SA		43		107,243
Sika AG		13		52,570
Sonova Holding AG*		100		14,430
Sulzer AG		391		60,154
Swatch Group AG		730		468,225
Swiss Life Holding AG		10,442		2,565,118
Swiss Re AG		18,922		1,652,262
Syngenta AG*		7,520		2,978,606
Temenos Group AG*		16,600		594,137
Transocean Ltd.#		654		28,168
UBS AG		185,838		3,885,262
Wolseley PLC		1,290		74,510
Zurich Financial Services AG		7,938		2,273,798
TOTAL SWITZERLAND			$	47,409,623
TAIWAN – 1.3%
Acer, Inc.*		73,870		45,621
Advanced Semiconductor Engineering, Inc.		37,804		43,815
Asia Cement Corp.		42,177		55,448
Asustek Computer, Inc.		4,700		48,560
AU Optronics Corp.*		147,126		55,541
Catcher Technology Co. Ltd.		9,438		79,541
Cathay Financial Holding Co. Ltd.		65,219		92,004
Chang Hwa Commercial Bank		83,611		48,592
Cheng Shin Rubber Industry Co. Ltd.		26,358		75,588
China Development Financial Holding Corp.		192,750		55,212
China Steel Corp.		127,679		107,181
Chunghwa Telecom Co. Ltd.		72,024		224,673
Compal Electronics, Inc.		59,736		42,629

Description	Number of Shares		Value
CTBC Financial Holding Co. Ltd.		149,106	$	88,630
Delta Electronics, Inc.		22,888		140,217
D-Link Corp.		36,046		23,575
E.Sun Financial Holding Co. Ltd.		42,000		25,382
Far Eastern Department Stores Co. Ltd.		68,887		64,101
Far Eastern New Century Corp.		23,795		24,348
Far EasTone Telecommunications Co. Ltd.		42,000		90,821
First Financial Holding Co. Ltd.		92,018		53,935
Formosa Chemicals & Fibre Corp.		37,198		89,922
Formosa Petrochemical Corp.		28,990		72,864
Formosa Plastics Corp.		59,601		153,552
Foxconn Technology Co. Ltd.		20,947		52,024
Fubon Financial Holding Co. Ltd.		71,314		92,100
Giant Manufacturing Co. Ltd.		14,000		109,411
Hon Hai Precision Industry Co. Ltd.		93,639		268,532
Hotai Motor Co. Ltd.		7,000		82,058
HTC Corp.		9,465		48,582
Hua Nan Financial Holdings Co. Ltd.		72,717		40,936
Innolux Corp.*		49,877		17,177
Largan Precision Co. Ltd.		1,000		62,421
Lite-On Technology Corp.		34,230		52,255
MediaTek, Inc.		11,082		173,214
Mega Financial Holding Co. Ltd.		76,175		58,270
Nan Kang Rubber Tire Co. Ltd.*		15,599		17,718
Nan Ya Plastics Corp.		55,597		121,696
Novatek Microelectronics Corp.		10,145		46,865
Pegatron Corp.		42,990		65,130
Pou Chen Corp.		37,157		47,249
President Chain Store Corp.		7,496		55,727
Quanta Computer, Inc.		16,571		45,436
Realtek Semiconductor Corp.		14,315		40,815
Shin Kong Financial Holding Co. Ltd.		68,453		20,719
Siliconware Precision Industries Co.		36,000		52,752
SinoPac Financial Holdings Co. Ltd.		64,559		28,754
Synnex Technology International Corp.		23,941		37,222
Tainan Spinning Co. Ltd.		115,165		77,417
Taishin Financial Holding Co. Ltd.		112,962		51,248
Taiwan Cement Corp.		62,057		98,435
Taiwan Cooperative Financial Holding Co. Ltd.		144,983		77,057
Taiwan Fertilizer Co. Ltd.		16,000		31,790
Taiwan Mobile Co. Ltd.		27,874		89,904
Taiwan Semiconductor Manufacturing Co. Ltd.		111,911		439,150
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		90,307		1,815,171
Tatung Co. Ltd.*		245,916		77,770

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    44

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
TSRC Corp.		18,700	$	27,433
Tung Ho Steel Enterprise Corp.		37,476		31,956
Uni-President Enterprises Corp.		76,755		129,882
United Microelectronics Corp.		110,000		47,536
Walsin Lihwa Corp.*		120,000		39,340
Wistron Corp.		33,621		28,056
Yuanta Financial Holding Co. Ltd.		104,172		51,917
Yulon Motor Co. Ltd.		49,640		77,095
Zinwell Corp.		22,435		22,994
TOTAL TAIWAN			$	6,652,966
THAILAND – 0.4%
Advanced Info Service PCL		23,300		174,246
Airports of Thailand PCL		7,000		42,182
Bangkok Bank PCL		12,100		70,671
Bangkok Dusit Med Service		89,000		40,705
Bangkok Expressway PCL		24,400		25,825
Banpu Public Co. Ltd.		29,000		26,885
BEC World PCL		18,000		30,454
Berli Jucker PCL		60,600		89,421
Big C Supercenter PCL		12,200		71,632
Bts Group Holdings PCL		134,400		34,680
Bumrungrad Hospital PCL		16,000		48,455
Central Pattana PCL		54,000		75,510
Charoen Pokphand Foods PCL		91,300		76,177
CP ALL PCL		98,600		127,973
Electricity Generating PCL		8,600		34,947
Glow Energy PCL		9,100		21,864
Hana Microelectronics PCL		113,100		112,716
Indorama Ventures PCL		46,100		33,905
Intouch Holdings PCL Class F		17,200		41,459
IRPC PCL		269,900		30,693
Kasikornbank PCL		16,600		100,800
Krung Thai Bank PCL		93,750		52,437
PTT Exploration & Production PCL		26,409		130,168
PTT Global Chemical PCL		24,800		53,455
PTT Global Chemical PCL (Foreign)		1,681		3,623
PTT PCL		13,500		130,578
Ratchaburi Electricity Generating Holding PCL		19,500		32,088
Siam Cement PCL		4,700		63,325
Siam City Cement PCL		1,000		11,928
Siam Commercial Bank PCL		23,600		120,698
Thai Beverage PCL		242,369		114,061
Thai Oil PCL		15,800		25,511
Thai Union Frozen Products PCL		20,664		44,700
TMB Bank PCL		302,900		21,529
Total Access Communication PCL		18,100		69,637

Description	Number of Shares		Value
True Corp. PCL*		184,000	$	38,381
TOTAL THAILAND			$	2,223,319
TUNISIA – 0.0%**
Banque de Tunisie		7,750		46,000
Carthage Cement*		21,000		41,373
Ennakl		4,230		24,869
Poulina Group Holding		7,600		24,718
Soc Tunisienne D’Assur Reass*		230		20,499
Societe Moderne de Ceramique		11,100		19,856
Tunisie Profiles Aluminium		7,500		19,795
TOTAL TUNISIA			$	197,110
TURKEY – 0.5%
Akbank TAS		41,103		143,463
Akenerji Elektrik Uretim AS*		1		—
Anadolu Efes Biracilik Ve Malt Sanayii AS		7,963		95,222
Arcelik AS		9,420		57,995
BIM Birlesik Magazalar AS		5,520		127,442
Coca-Cola Icecek AS		2,500		58,547
Dogan Sirketler Grubu Holding AS*		85,907		29,293
Dogus Otomotiv Servis ve Ticaret AS		6,600		24,974
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		53,700		70,191
Enka Insaat ve Sanayi AS		27,960		84,747
Eregli Demir ve Celik Fabrikalari TAS		72,356		100,402
Haci Omer Sabanci Holding AS		24,348		102,625
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS*		82,673		59,121
KOC Holding AS		34,628		154,644
Koza Altin Isletmeleri AS		2,800		27,913
Koza Anadolu Metal Madencilik Isletmeleri AS*		11,200		13,579
Petkim Petrokimya Holding AS*		16,518		23,468
TAV Havalimanlari Holding AS		9,700		77,635
Tekfen Holding AS		18,500		46,698
Tofas Turk Otomobil Fabrikasi AS		6,100		37,266
Tupras Turkiye Petrol Rafinerileri AS		7,536		169,525
Turk Hava Yollari		22,042		70,462
Turk Telekomunikasyon AS		25,727		77,124
Turkcell Iletisim Hizmetleri AS*		26,668		155,344
Turkiye Garanti Bankasi AS		56,023		205,090
Turkiye Halk Bankasi AS		13,054		87,169
Turkiye Is Bankasi		30,292		71,299
Turkiye Sinai Kalkinma Bankasi AS		34,937		31,603
Turkiye Vakiflar Bankasi Tao		22,040		46,031
Ulker Biskuvi Sanayi AS		6,181		47,128
Yapi ve Kredi Bankasi AS		28,578		59,415

ANNUAL REPORT / April 30, 2014

45    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Yazicilar Holding AS		6,080	$	55,285
TOTAL TURKEY			$	2,410,700
UKRAINE – 0.0%**
Avangardco Investments Public Ltd. GDR*		3,100		27,885
Ferrexpo PLC		26,750		65,759
MHP SA GDR		4,100		48,216
TOTAL UKRAINE			$	141,860
UNITED ARAB EMIRATES – 0.3%
Aabar Investments PJSC*,††		83,600		—
Abu Dhabi Commercial Bank PJSC		49,070		103,806
Abu Dhabi National Hotels		50,000		43,562
Air Arabia PJSC		146,400		52,614
Aldar Properties PJSC		73,140		80,051
Arabtec Holding Co.*		111,186		270,931
DP World Ltd.		10,600		196,100
Dubai Financial Market		56,800		56,136
Emaar Properties PJSC		71,960		213,552
First Gulf Bank PJSC		23,660		111,763
National Bank of Abu Dhabi PJSC		29,445		114,238
Union National Bank PJSC		37,126		72,777
TOTAL UNITED ARAB EMIRATES			$	1,315,530
UNITED KINGDOM – 14.4%
3i Group PLC		43,635		279,810
Aberdeen Asset Management PLC		7,766		57,273
Admiral Group PLC		27,674		653,209
Aggreko PLC		1,822		48,512
Ahli United Bank BSC		77,175		62,047
Alent PLC		17,900		96,107
AMEC PLC		28,457		593,375
Anglo American PLC		79,875		2,133,488
Antofagasta PLC		1,765		23,453
ARM Holdings PLC		11,008		165,692
Ashtead Group PLC		46,600		688,048
Associated British Foods PLC		2,442		122,496
AstraZeneca PLC		30,213		2,379,169
Aviva PLC		81,319		721,502
Babcock International Group PLC		46,362		934,630
BAE Systems PLC		90,500		611,197
Banco Santander SA - Temp Line*,††		5,725		56,924
Barclays PLC		255,478		1,087,857
Barclays PLC ADR#		48,929		837,175
Barratt Developments PLC		1,885		11,760
BG Group PLC		210,187		4,251,436
BHP Billiton PLC		23,337		756,124
BP PLC		211,194		1,780,038

Description	Number of Shares		Value
BP PLC ADR		56,228	$	2,846,261
British American Tobacco PLC		21,798		1,257,577
Britvic PLC*		66,000		807,338
BT Group PLC		262,983		1,636,206
Bunzl PLC		1,783		50,605
Burberry Group PLC		2,540		63,684
Carnival PLC ADR#		2,155		86,006
Centrica PLC		117,643		655,470
Chemring Group PLC		46,900		177,376
CNH Industrial NV		2,965		34,553
Cobham PLC		6,837		35,635
Compass Group PLC		14,382		228,741
Computacenter PLC		23,040		253,242
Croda International PLC		858		37,317
Dairy Crest Group PLC		13,900		108,402
Debenhams PLC		148,800		201,489
Diageo PLC		128,201		3,934,040
Direct Line Insurance Group		73,100		308,924
Evraz PLC*		15,456		25,130
Experian PLC		24,737		474,458
Fresnillo PLC		17,676		254,122
G4S PLC		8,277		32,981
GKN PLC		108,933		706,259
GlaxoSmithKline PLC		60,298		1,661,483
Glencore Xstrata PLC		454,873		2,446,091
Grainger PLC		29,000		104,537
HSBC Holdings PLC (0540528)		120,677		1,230,853
HSBC Holdings PLC (404280406)		33,408		1,714,499
HSBC Holdings PLC (6158163)		48,400		490,995
IMI PLC		2,116		53,590
Imperial Tobacco Group PLC*		2,627		113,413
InterContinental Hotels Group PLC		1,584		53,970
International Consolidated Airlines Group SA*		4,810		32,818
Intertek Group PLC		1,153		56,572
Investec PLC		3,817		33,609
ITV PLC		21,905		67,311
J Sainsbury PLC		99,935		566,424
Johnson Matthey PLC		1,139		62,942
Kingfisher PLC		52,509		370,670
Kuwait Finance House		27,120		80,077
Lloyds Banking Group PLC*		3,196,328		4,066,916
Lloyds Banking Group PLC ADR#,*		82,972		428,965
London Stock Exchange Group PLC		2,311		70,702
Meggitt PLC		6,123		49,281
Melrose Industries PLC		8,062		38,862
Mitie Group PLC		40,200		215,905

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    46

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Mondi PLC		9,300	$	154,272
National Grid PLC		11,377		161,450
National Industries Group Class H		55,400		50,256
Next PLC		1,639		180,426
Old Mutual PLC		140,824		474,819
Pace PLC		57,500		354,060
Pearson PLC		90,194		1,688,815
Petrofac Ltd.		2,059		50,512
Playtech PLC*		18,000		202,708
Plus500 Ltd.		105,600		1,026,082
Premier Foods PLC*		201,280		195,408
Prudential PLC		42,717		979,790
Randgold Resources Ltd.		3,232		260,839
Reckitt Benckiser Group PLC		27,966		2,254,637
Reed Elsevier PLC		3,692		54,356
Resolution Ltd.		142,233		716,352
Rexam PLC*		4,216		35,307
Rio Tinto PLC		4,800		261,322
Rolls Royce Holdings C Shares*		34,801,408		58,758
Rolls-Royce Holdings PLC		259,712		4,604,202
Royal Bank of Scotland Group PLC ADR*		21,776		221,244
Royal Bank of Scotland Group PLC*		4,992		25,184
Royal Dutch Shell PLC		71,311		2,824,046
Royal Dutch Shell PLC ADR		7,962		626,928
Royal Dutch Shell PLC (B03MLX2)		22,154		877,886
Royal Dutch Shell PLC ADR (780259107)#		23,933		2,025,928
Royal Dutch Shell PLC Class B		47,677		2,028,535
SABMiller PLC		5,890		320,267
Sage Group PLC		11,021		79,343
Schroders PLC		648		27,965
Severn Trent PLC		2,536		78,998
Shire PLC		17,316		987,598
Smith & Nephew PLC		4,929		76,522
Smiths Group PLC		1,864		42,015
SSE PLC		2,269		58,422
Standard Chartered PLC		12,627		273,207
Tate & Lyle PLC		30,682		363,141
Telecom Plus PLC		8,800		229,999
Tesco PLC		111,217		550,095
Tullow Oil PLC		7,765		115,371
Unilever PLC		6,914		308,648
Vedanta Resources PLC		4,126		65,902
Vesuvius PLC		33,100		233,044
Vodafone Group PLC		297,479		1,124,813
Vodafone Group PLC ADR		23,770		902,309
Weir Group PLC		1,346		61,132
Whitbread PLC		1,014		69,851
WM Morrison Supermarkets PLC*		188,245		638,522

Description	Number of Shares		Value
WPP PLC		47,874	$	1,029,774
TOTAL UNITED KINGDOM			$	76,608,683
UNITED STATES – 0.5%
Freeport-McMoRan Copper & Gold, Inc.		77,704		2,670,687
TOTAL COMMON STOCKS
(COST $410,099,436)			$	494,223,192
INVESTMENT COMPANY – 2.4%
DFA International Small Cap Value Portfolio		597,274		12,841,383
TOTAL INVESTMENT COMPANY
(COST $10,768,843)			$	12,841,383
PREFERRED STOCKS – 0.9%
BRAZIL – 0.8%
AES Tiete SA		3,080		24,256
Alpargatas SA		10,197		50,168
Banco Bradesco SA		138,212		2,051,718
Bradespar SA		2,600		22,691
Braskem SA		3,300		22,481
Cia Brasileira de Distribuicao Grupo Pao de Acucar		823		38,973
Cia Energetica de Minas Gerais		12,676		95,450
Cia Energetica de Sao Paulo		3,500		40,906
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		5,760		23,637
Gerdau SA		10,000		60,052
Itau Unibanco Holding SA		20,390		335,330
Itausa - Investimentos Itau SA		33,224		146,023
Klabin SA		43,000		43,969
Lojas Americanas SA		6,022		45,778
Marcopolo SA		33,800		62,150
Metalurgica Gerdau SA		3,500		25,602
Oi SA		17,000		16,316
Petroleo Brasileiro SA		56,059		413,576
Telefonica Brasil SA		4,910		103,320
Usinas Siderurgicas de Minas Gerais SA*		5,800		22,734
Vale SA		23,741		281,943
TOTAL BRAZIL			$	3,927,073
CHILE – 0.0%**
Embotelladora Andina SA		10,300		41,437
Sociedad Quimica y Minera de Chile SA		3,740		119,248
TOTAL CHILE			$	160,685
COLOMBIA – 0.0%**
Grupo Argos SA		2,418		26,645
Grupo Aval Acciones y Valores		84,500		57,160
TOTAL COLOMBIA			$	83,805
CROATIA – 0.0%**
Adris Grupa DD		579		28,018

ANNUAL REPORT / April 30, 2014

47    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
GERMANY – 0.1%
Bayerische Motoren Werke AG		1,210	$	119,019
Henkel AG & Co. KGaA		1,401		156,019
Porsche Automobil Holding SE		1,198		131,883
Volkswagen AG#		901		242,625
TOTAL GERMANY			$	649,546
PHILIPPINES – 0.0%**
Ayala Land Voting††		178,200		400
RUSSIA – 0.0%**
Surgutneftegas OAO ADR		9,400		67,210
TOTAL PREFERRED STOCKS
(COST $4,538,923)			$	4,916,737
MONEY MARKET FUND – 2.0%
Dreyfus Cash Management Fund,
Institutional Shares, 0.03%^		10,658,757		10,658,757
TOTAL MONEY MARKET FUND
(COST $10,658,757)			$	10,658,757
RIGHTS – 0.0%**
AUSTRALIA – 0.0%**
Transurban Group*,††		1,960		768
BRAZIL – 0.0%**
Ambev SA*		60		7
Klabin SA*,††		260		93
TOTAL BRAZIL			$	100
BULGARIA – 0.0%**
Petrol AD Sofia*,††		37,250		—
EGYPT – 0.0%**
Egypt Kuwait Holding Co.-Rts*		7,684		1,306
ROMANIA – 0.0%**
Transelectrica SA, Expire To Be Determined at RON 10.00*,††		2,450		50
SPAIN – 0.0%**
Banco Santander SA#,*		36		8
TAIWAN – 0.0%**
e. Sun Financial Holding Co. Ltd.*,††		3,825		412
UNITED KINGDOM – 0.0%**
Babcock International Group*		1,838		12,413
TOTAL RIGHTS
(COST $7)			$	15,057
CALL WARRANTS – 1.0%
Citigroup Global Markets -
Bank Alfalah Ltd., Expire 1/20/15*,•,W		129,000		35,477
Boubyan Petrochemicals Co., Expire 3/24/16*		37,700		100,587
DG Khan Cement Co. Ltd., Expire 1/17/17*,•,W		43,500		38,773

Description	Number of Shares		Value
Fauji Fertilizer Co. Ltd., Expire 1/17/17*,•,W		37,000	$	42,558
Hub Power Co Ltd./The, Expire 1/17/17*,•,W		69,299		40,350
Lucky Cement Ltd., Expire 1/20/15*,•,W		23,200		83,652
MCB Bank Ltd., Expire 1/20/15*,•,W		46,530		133,317
Mebanee, Expire 7/27/2014*		19,800		83,116
Mobile Telecommunications Co., Expire 3/24/16*		73,500		169,957
National Bank of Pakistan, Expire 1/20/15*,•,W		55,000		31,924
Nishat Mills Ltd., Expire 1/17/17*,•,W		18,900		22,124
Oil & Gas Development Co. Ltd., Expire 1/20/15*,•,W		43,200		110,459
OTC Pharm, Expire 5/23/14*,††		3,313		6,175
Pakistan State Oil Co. Ltd., Expire 1/17/17*,•,W		13,090		53,832
Pakistan Telecommunication Co. Ltd., Expire 1/20/15*,•,W		91,800		26,428
Peugeot SA, Expire 4/29/17*		11,715		22,413
SUI Southern Gas Co. Ltd., Expire 1/20/15*,•,W		91,500		28,206
Sun Hung Kai Properties Ltd., Expire 5/22/16*		2,166		1,458
JPMorgan Chase Bank NA -
FPT Corp., Expire 1/13/15*,•,W		24,950		80,589
HAGL JSC, Expire 3/03/15*		59,408		73,072
Hoa Phat Group JSC, Expire 3/03/15*		26,225		61,366
Masan Group Corp., Expire 7/07/16*		27,330		123,532
PetroVietnam Drilling & Well Services JSC, Expire 12/15/14*,•,W		14,520		58,225
PetroVietnam Fertilizer & Chemicals JSC, Expire 12/09/14*,•,W		24,830		40,473
Pha Lai Thermal Power JSC, Expire 1/13/15*,•,W		38,600		37,828
Saudi Pharmaceutical Industries Ltd., Expire 9/24/15*		1,988		25,973
Vietnam Joint Stock Commercial Bank for Industry and Trade, Expire 10/27/16*		80,698		59,717
Vingroup JSC, Expire 12/16/14*,•,W		31,800		97,308
Merrill Lynch International & Co. -
ABB India Ltd., Expire 6/05/17*		2,560		35,855
Adani Ports and Special Economic Zone, Expire 12/17/14*		21,000		65,799
Aditya Birla Nuvo Ltd., Expire 6/11/15*,•,W		1,600		29,193
Ambuja Cements Ltd., Expire 6/11/15*,•,W		17,000		55,692
Axis Bank Ltd., Expire 3/16/15*,•,W		2,560		64,353
Bharat Heavy Electricals Ltd., Expire 8/17/15*		16,020		47,993
Bharti Airtel Ltd., Expire 2/08/16*		31,700		172,144
Cairn India Ltd., Expire 11/14/16*		8,870		49,194
Cipla Ltd., Expire 9/09/15*		11,100		72,888

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    48

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Coal India Ltd., Expire 11/02/15*		14,980	$	71,305
Colgate-Palmolive India Ltd., Expire 8/10/17*		2,500		59,265
Container Corp. of India, Expire 2/02/15*,•,W		3,750		59,512
DLF Ltd., Expire 2/01/16*		11,800		27,212
Dr. Reddy’s Laboratories Ltd., Expire 12/17/15*		1,400		62,588
Essar Oil Ltd., Expire 3/27/17*		23,290		22,356
Grasim Industries Ltd., Expire 4/18/16*		300		13,046
HCL Technologies Ltd., Expire 8/17/15*		3,500		81,032
HDFC Bank Ltd., Expire 5/26/15*,•,W		15,430		184,919
Hero Motocorp Ltd., Expire 4/18/16*		2,200		80,124
Hindustan Unilever Ltd., Expire 12/14/15*		9,900		93,414
Housing Development Finance Corp., Expire 8/19/15*		20,500		305,268
Idea Cellular Ltd., Expire 2/14/17*		24,300		54,182
IDFC Ltd., Expire 7/29/15*		32,000		59,190
Indian Oil Corp. Ltd., Expire 7/29/16*		9,400		40,985
ITC Ltd., Expire 8/04/15*		23,500		132,397
Jaiprakash Associates Ltd., Expire 6/15/15*,•,W		50,500		45,187
Jindal Steel & Power Ltd., Expire 10/8/15*		9,510		40,202
Kotak Mahindra Bank Ltd., Expire 3/27/17*		7,400		98,308
Larsen & Toubro Ltd., Expire 6/10/14*		3,535		75,810
Mahindra & Mahindra Ltd., Expire 12/10/15*		4,400		78,157
Maruti Suzuki India Ltd., Expire 11/30/15*		1,000		31,839
Nestle India Ltd., Expire 9/17/15*		570		44,831
NTPC Ltd., Expire 10/06/14*,•,W		54,303		104,180
Oil & Natural Gas Corp. Ltd., Expire 2/28/16*		28,400		153,295
Piramal Enterprises Ltd., Expire 1/19/18*		4,505		40,437
Power Grid Corp. of India Ltd., Expire 3/27/17*		36,900		64,664
Ranbaxy Laboratories Ltd., Expire 10/26/15*		5,000		39,136
Reliance Capital Ltd., Expire 8/30/16*		7,700		45,144
Reliance Communications Ltd., Expire 12/28/15*		16,729		33,973
Reliance Infrastructure Ltd., Expire 2/11/16*		4,900		41,254
Reliance Power Ltd., Expire 3/27/17*		23,200		26,244
Sesa Goa Ltd., Expire 12/04/14*		17,500		53,739
Steel Authority, Expire 5/30/18*		32,680		36,602
Sun Pharmaceutical Industries Ltd., Expire 2/02/15*,•,W		12,000		125,782
Suzlon Energy Ltd., Expire 8/15/15*		163,300		35,273
Tata Consultancy Services Ltd., Expire 8/06/14*		5,840		211,685
Tata Power Co. Ltd., Expire 9/17/15*		33,500		43,295
Tata Steel Ltd., Expire 12/23/14*,•,W		4,750		31,526
Ultratech Cement Ltd., Expire 6/10/14*		1,871		63,021

Description	Number of Shares		Value
United Spirits Ltd., Expire 1/13/16*		1,200	$	54,921
TOTAL CALL WARRANTS
(COST $4,973,387)			$	5,247,300
CERTIFICATES – 0.3%
Citigroup Global Markets -
Al-Qurain Petrochemicals Co., Expire 3/24/16*		40,000		35,575
Boubyan Bank K.S.C., Expire 3/24/16*		16,371		32,031
Burgan Banking, Expire 3/30/16*		15,943		31,194
Commercial Bank of Kuwait, Expire 3/17/17*		19,200		50,544
Gulf Bank, Expire 3/24/16*		42,000		56,777
Gulf Cable & Electrical Ind., Expire 3/24/16*		12,500		34,241
Kuwait Food Co., Expire 3/24/16*		9,600		94,941
Kuwait Real Estate Co., Expire 3/24/16*		120,000		40,128
National Bank of Kuwait, Expire 3/24/16*		70,455		245,628
HSBC Bank PLC -
Agility Public Warehousing K.S.C., Expire 10/17/16*		19,000		54,073
Al Rajhi Bank, Expire 2/16/15*		3,575		61,483
Alinma Bank, Expire 2/23/15*		4,730		23,206
Almarai Co. Ltd., Expire 11/24/14*		2,070		37,945
Arab National Bank, Expire 5/11/15*		4,380		32,467
Etihad Etisalat Co., Expire 12/05/14*		2,000		51,061
Jarir Marketing Co., Expire 5/4/15*		495		26,661
National Industrialization Co., Expire 5/04/15*		5,332		44,783
Samba Financial, Expire 2/10/15*		2,333		25,193
Saudi Arabian Fertilizer Co., Expire 5/11/2015*		826		35,624
Saudi Basic Industries Corp., Expire 2/23/2015*		1,830		55,625
Saudi Cement Co., Expire 8/10/15*		960		27,645
Saudi Electricity Co., Expire 3/27/2015*		5,670		22,148
Saudi Industrial Investment Group, Expire 3/27/2015*		3,310		31,507
Saudi Kayan Petrochemical Co., Expire 3/27/2015*		5,500		23,830
Saudi Telecom Co., Expire 5/11/15*		2,200		38,569
Savola, Expire 2/02/15*		3,150		59,003
Sultan Center Food Production, Expire 7/27/15*		100,000		34,863
TOTAL CERTIFICATES
(COST $1,140,796)			$	1,306,745
REAL ESTATE INVESTMENT TRUSTS – 0.6%
AUSTRALIA – 0.1%
CFS Retail Property Trust Group		9,654		18,027
Federation Centres Ltd.		15,794		36,535
Shopping Centres Australasia Property Group		2,111		3,403

ANNUAL REPORT / April 30, 2014

49    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Stockland		25,350	$	91,610
Westfield Group		4,442		45,186
Westfield Retail Trust		10,178		30,163
TOTAL AUSTRALIA			$	224,924
CANADA – 0.0%**
H&R Real Estate Investment Trust		1,200		25,269
FRANCE – 0.5%
Unibail-Rodamco SE#		9,988		2,694,460
HONG KONG – 0.0%**
Link REIT		17,500		87,015
NETHERLANDS – 0.0%**
Corio NV#		1,053		49,283
NIGERIA – 0.0%**
Afriland Properties PLC*,††		24,606		—
SINGAPORE – 0.0%**
Keppel REIT		3,696		3,567
TOTAL REAL ESTATE INVESTMENT TRUSTS
(COST $2,515,272)			$	3,084,518
TOTAL INVESTMENTS IN SECURITIES – 99.9%
(COST $444,695,421)			$	532,293,689
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 7.0%
REPURCHASE AGREEMENTS – 7.0%
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $8,829,019, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $9,005,585.	$	8,829,004	$	8,829,004
Daiwa Capital Markets America, 0.07%, dated 04/30/14, due 05/01/14, repurchase price $8,829,021, collateralized by U.S. Government & Treasury Securities 1.32% to 6.50%, maturing 06/01/17 to 03/01/48; total market value of $9,005,584.		8,829,004		8,829,004
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $8,829,014, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 05/06/14 to 07/15/32; total market value of $9,005,682.		8,829,004		8,829,004

Description	Par Value		Value
Nomura Securities International, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $1,858,695, collateralized by U.S. Treasury Securities 0.13% to 6.13%, maturing 07/15/14 to 02/15/44; total market value of $1,895,866.	$	1,858,692	$	1,858,692
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $8,829,019, collateralized by U.S. Government Securities 0.25% to 6.75%, maturing 07/15/14 to 07/15/32; total market value of $9,005,614.		8,829,004		8,829,004
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $37,174,708)			$	37,174,708
TOTAL INVESTMENTS – 106.9%
(COST $481,870,129)			$	569,468,397
COLLATERAL FOR SECURITIES ON LOAN – (7.0%)				(37,174,708	)
OTHER ASSETS LESS LIABILITIES – 0.1%				686,904
TOTAL NET ASSETS – 100.0%			$	532,980,593

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    50

Wilmington Multi-Manager International Fund (continued)

Cost of investments for Federal income tax purposes is $490,221,276. The net unrealized appreciation/(depreciation) of investments was $79,247,121. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $107,625,511 and net unrealized depreciation from investments for those securities having an excess of cost over value of $28,378,390.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2			Level 3		Total
Assets
Investments in Securities
Common Stocks	$	493,542,635	$	680,557		$	—	$	494,223,192
Investment Company		12,841,383		—			—		12,841,383
Preferred Stocks		4,916,337		400			—		4,916,737
Money Market Fund		10,658,757		—			—		10,658,757
Rights		13,827		1,230			—		15,057
Call Warrants		5,241,125		6,175			—		5,247,300
Certificates		1,306,745		—			—		1,306,745
Real Estate Investment Trusts		3,084,518		—			—		3,084,518
Repurchase Agreements		—		37,174,708			—		37,174,708
Total Investments		531,605,327		37,863,070			—		569,468,397
Other Financial Instruments^
Forward Foreign Currency Contracts		—		6,838			—		6,838
Total Assets	$	531,605,327	$	37,869,908		$	—	$	569,475,235
Liabilities
Other Financial Instruments^
Forward Foreign Currency Contracts	$	—	$	(4,887	)	$	—	$	(4,887	)
Total Liabilities	$	—	$	(4,887	)	$	—	$	(4,887	)

^ Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Portfolio of Investments such as forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

ANNUAL REPORT / April 30, 2014

51    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

At April 30, 2014, the Wilmington Multi-Manager International Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:

Settlement Date	Counterparty		Contracts to Deliver/Receive	Contract Amount		Contracts at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
5/1/2014		Bank of New York	6,143,900 Japanese Yen	$	60,241	$	60,096		$ (145)
5/1/2014		Bank of New York	2,404,675 Japanese Yen		23,567		23,521		(46)
5/1/2014		Bank of New York	921,670 Australian Dollar		855,528		856,228		700
5/1/2014		Bank of New York	14,411 Australian Dollar		13,377		13,388		11
5/1/2014		Bank of New York	10,959 Pound Sterling		18,420		18,503		83
5/2/2014		Bank of New York	14,800,852 Japanese Yen		144,725		144,773		48
5/2/2014		Bank of New York	3,638,010 Japanese Yen		35,573		35,585		12
5/2/2014		Bank of New York	1,932,360 Japanese Yen		18,895		18,901		6
5/2/2014		Bank of New York	1,910,945 Japanese Yen		18,685		18,692		7
5/2/2014		Bank of New York	1,526,906 Japanese Yen		14,930		14,935		5
5/2/2014		Bank of New York	1,429,837 Swedish Krona		219,210		219,900		690
5/2/2014		Bank of New York	774,435 Swedish Krona		118,730		119,103		373
5/2/2014		Bank of New York	93,144 Australian Dollar		86,432		86,531		99
5/2/2014		Bank of New York	72,500 Swiss Franc		82,409		82,377		(32)
5/2/2014		Bank of New York	24,878 Pound Sterling		41,811		42,003		192
5/2/2014		Bank of New York	16,769 Australian Dollar		15,560		15,578		18
5/5/2014		Bank of New York	2,125,840 Swedish Krona		325,299		326,911		1,612
5/5/2014		Bank of New York	1,566,585 Swedish Krona		239,721		240,909		1,188
5/5/2014		Bank of New York	462,526 Swedish Krona		70,776		71,127		351
5/5/2014		Bank of New York	422,547 Norwegian Krone		70,596		71,070		474
5/5/2014		Bank of New York	56,323 Swedish Krona		8,619		8,661		42
5/5/2014		Bank of New York	34,157 Euro		47,174		47,387		213
5/5/2014		Bank of New York	28,517 Swiss Franc		32,427		32,403		(24)
5/5/2014		Bank of New York	27,383 Euro		37,818		37,989		171
5/5/2014		Bank of New York	22,337 Swiss Franc		25,400		25,380		(20)
5/5/2014		Bank of New York	14,711 Australian Dollar		13,674		13,661		(13)
5/6/2014		Bank of New York	900,145 Swedish Krona		138,468		138,422		(46)
5/6/2014		Bank of New York	486,395 Norwegian Krone		81,889		81,805		(84)
5/6/2014		Bank of New York	351,448 Swedish Krona		54,063		54,045		(18)
5/6/2014		Bank of New York	88,556 Swedish Krona		13,622		13,618		(4)
5/6/2014		Bank of New York	71,657 Swedish Krona		11,023		11,019		(4)
5/6/2014		Bank of New York	47,192 Euro		65,275		65,470		195
5/6/2014		Bank of New York	33,570 Euro		46,433		46,572		139
5/6/2014		Bank of New York	30,934 Pound Sterling		52,035		52,225		190
5/6/2014		Bank of New York	11,626 Swiss Franc		13,221		13,211		(10)
5/7/2014		Bank of New York	29,391,639 Japanese Yen		287,910		287,504		(406)
5/7/2014		Bank of New York	26,504,538 Japanese Yen		259,629		259,263		(366)
5/7/2014		Bank of New York	22,935,780 Japanese Yen		224,671		224,354		(317)
5/7/2014		Bank of New York	10,774,832 Japanese Yen		105,546		105,397		(149)
5/7/2014		Bank of New York	7,308,822 Japanese Yen		71,595		71,494		(101)
5/7/2014		Bank of New York	3,942,155 Japanese Yen		38,616		38,561		(55)
5/7/2014		Bank of New York	3,437,767 Japanese Yen		33,675		33,628		(47)
5/7/2014		Bank of New York	2,920,732 Japanese Yen		28,610		28,570		(40)
5/7/2014		Bank of New York	1,527,452 Japanese Yen		14,962		14,941		(21)
CONTRACTS SOLD
5/2/2014		Bank of New York	7,518,388 Japanese Yen		73,516		73,540		(24)

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    52

Wilmington Multi-Manager International Fund (continued)

Settlement Date	Counterparty		Contracts to Deliver/Receive	Contract Amount		Contracts at Value		Unrealized Appreciation (Depreciation)
CONTRACTS SOLD (continued)
5/2/2014		Bank of New York	4,085,815 Japanese Yen	$	39,952	$	39,965		$   (13)
5/2/2014		Bank of New York	754,011 Hong Kong Dollar		97,247		97,255		(8)
5/2/2014		Bank of New York	339,741 Hong Kong Dollar		43,817		43,821		(4)
5/2/2014		Bank of New York	249,032 Hong Kong Dollar		32,118		32,121		(3)
5/2/2014		Bank of New York	201,309 Hong Kong Dollar		25,963		25,965		(2)
5/2/2014		Bank of New York	182,719 Hong Kong Dollar		23,566		23,568		(2)
5/2/2014		Bank of New York	78,951 Euro		109,285		109,533		(248)
5/2/2014		Bank of New York	76,070 Malaysian Ringgit		23,269		23,295		(26)
5/2/2014		Bank of New York	66,582 Euro		92,163		92,372		(209)
5/2/2014		Bank of New York	60,354 Hong Kong Dollar		7,784		7,785		(1)
5/2/2014		Bank of New York	55,298 Euro		76,544		76,718		(174)
5/2/2014		Bank of New York	19,250 Euro		26,646		26,707		(61)
5/2/2014		Bank of New York	15,964 Pound Sterling		26,831		26,954		(123)
5/2/2014		Bank of New York	11,494 Australian Dollar		10,622		10,678		(56)
5/2/2014		Bank of New York	4,525 Pound Sterling		7,605		7,640		(35)
5/5/2014		Bank of New York	1,044,232 Hong Kong Dollar		134,684		134,690		(6)
5/5/2014		Bank of New York	494,114 Hong Kong Dollar		63,730		63,733		(3)
5/5/2014		Bank of New York	378,430 Hong Kong Dollar		48,810		48,812		(2)
5/5/2014		Bank of New York	313,778 Swedish Krona		48,015		48,253		(238)
5/5/2014		Bank of New York	242,084 Hong Kong Dollar		31,224		31,225		(1)
5/5/2014		Bank of New York	233,130 Hong Kong Dollar		30,069		30,070		(1)
5/5/2014		Bank of New York	161,735 Norwegian Krone		27,021		27,203		(182)
5/5/2014		Bank of New York	147,803 Hong Kong Dollar		19,063		19,064		(1)
5/5/2014		Bank of New York	84,543 Malaysian Ringgit		25,878		25,880		(2)
5/5/2014		Bank of New York	77,751 Hong Kong Dollar		10,028		10,028		—
5/5/2014		Bank of New York	64,002 Euro		88,393		88,792		(399)
5/5/2014		Bank of New York	35,695 Swiss Franc		40,357		40,559		(202)
5/5/2014		Bank of New York	28,950 Euro		40,043		40,163		(120)
5/5/2014		Bank of New York	25,072 Hong Kong Dollar		3,234		3,234		—
5/5/2014		Bank of New York	14,356 Euro		19,828		19,917		(89)
5/5/2014		Bank of New York	9,691 Euro		13,380		13,444		(64)
5/5/2014		Bank of New York	8,393 Euro		11,587		11,643		(56)
5/6/2014		Bank of New York	113,238 Norwegian Krone		19,064		19,045		19
5/6/2014		Bank of New York	45,147 Euro		62,447		62,633		(186)
5/6/2014		Bank of New York	28,609 Euro		39,572		39,690		(118)
5/6/2014		Bank of New York	24,427 Pound Sterling		41,089		41,240		(151)
5/6/2014		Bank of New York	20,845 Pound Sterling		35,065		35,194		(129)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS									$1,951

At April 30, 2014, 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
5/1/2014		Bank of New York	73,188 Canadian Dollar		$66,818		$66,774		$(44)
5/1/2014		Bank of New York	40,075 Canadian Dollar		36,587		36,563		(24)
5/1/2014		Bank of New York	32,144 Canadian Dollar		29,347		29,327		(20)
5/1/2014		Bank of New York	13,504 Canadian Dollar		12,329		12,321		(8)

ANNUAL REPORT / April 30, 2014

53    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (concluded)

Settlement Date	Counterparty		Contracts to Deliver/Receive	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED (continued)
5/2/2014		Bank of New York	109,911 Canadian Dollar		$100,135		$100,279		$ 144
5/2/2014		Bank of New York	41,941 Canadian Dollar		38,211		38,266		55
5/2/2014		Bank of New York	12,973 Canadian Dollar		11,819		11,836		17
5/2/2014		Bank of New York	6,996 Canadian Dollar		6,374		6,383		9
CONTRACTS SOLD
5/1/2014		Bank of New York	7,181 Pound Sterling		12,080		12,125		(45)
5/2/2014		Warburg, Dillion, Read Corp.	374,354 Hong Kong Dollar		48,283		48,285		(2)
5/2/2014		Bank of New York	210,989 Canadian Dollar		192,223		192,499		(276)
5/2/2014		Bank of New York	132,732 Canadian Dollar		120,927		121,101		(174)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FOREIGN EXCHANGE CONTRACTS									$(368)

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

54

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager Alternatives Fund^†

At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):

Percentage of
Total Net Assets

Common Stocks	40.6%
Corporate Bonds	18.6%
Investment Companies	10.9%
U.S. Government Obligations	16.1%
Purchased Options	0.2%
Cash Equivalents1	18.5%
Securities Sold Short	(16.8)%
Written Options	(0.8)%
Other Assets and Liabilities – Net2	12.7%
TOTAL	100.0%

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Number of Shares		Value
COMMON STOCKS – 40.6%
AUTOMOBILES – 1.4%
Bayerische Motoren Werke AGÖ		23,091	$	2,888,938
BEVERAGES – 1.5%
Beam, Inc.		38,660		3,226,950
CAPITAL MARKETS – 0.5%
BGC Partners, Inc.		138,766		994,952
COMMERCIAL BANKS – 1.4%
Aozora Bank Ltd.		630,000		1,873,331
Commerzbank AG*		63,000		1,119,194
TOTAL COMMERCIAL BANKS			$	2,992,525
COMMUNICATIONS EQUIPMENT – 0.8%
Finisar Corp.*,Ö		65,240		1,706,026
COMPUTERS & PERIPHERALS – 2.0%
Nokia OYJ ADR*		555,000		4,162,500
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.3%
Ziggo NV		63,800		2,768,679
ENERGY EQUIPMENT & SERVICES – 1.3%
Dresser-Rand Group, Inc.*,Ö		47,215		2,853,675

Description	Number of Shares		Value
FOOD PRODUCTS – 1.4%
Danone SAÖ		39,724	$	2,929,700
HEALTH CARE PROVIDERS & SERVICES – 0.2%
Accretive Health, Inc.*		57,500		462,875
HOTELS, RESTAURANTS & LEISURE – 1.2%
Thomas Cook Group PLC*		882,459		2,602,918
IT SERVICES – 1.6%
InterXion Holding NV*,Ö		127,119		3,286,026
MEDIA – 10.4%
Atresmedia Corp. de Medios de Comunicacion SAÖ		180,895		2,592,460
Cablevision Systems Corp.Ö		176,678		2,950,523
Perform Group PLC*,Ö		755,777		2,749,881
Promotora de Informaciones*		5,528,069		3,075,410
Schibsted ASA GroupÖ		50,026		2,873,152
Societe Television Francaise 1		102,170		1,736,380
Time Warner Cable, Inc.		23,000		3,253,580
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SAÖ		399,053		2,878,297
TOTAL MEDIA			$	22,109,683
METALS & MINING – 1.4%
Barrick Gold Corp.		33,125		578,693

ANNUAL REPORT / April 30, 2014

55 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Alternatives Fund^† (continued)

Description	Number of Shares		Value
Newmont Mining Corp.		92,500	$	2,296,775
TOTAL METALS & MINING			$	2,875,468
MULTI-UTILITIES – 0.8%
Veolia Environnement SA		89,219		1,663,573
OIL, GAS & CONSUMABLE FUELS – 3.1%
Africa Oil Corp.*		211,310		1,611,912
John Wood Group PLC		131,469		1,739,143
Lundin Petroleum AB*,Ö		154,016		3,290,090
TOTAL OIL, GAS & CONSUMABLE FUELS			$	6,641,145
PERSONAL PRODUCTS – 0.2%
Avon Products, Inc.		30,000		458,400
PHARMACEUTICALS – 3.5%
Allergan, Inc.		34,800		5,771,232
GlaxoSmithKline PLCÖ		62,990		1,735,660
TOTAL PHARMACEUTICALS			$	7,506,892
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.0%
Applied Micro Circuits Corp.*		102,121		991,595
NVIDIA Corp.		170,000		3,139,900
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	4,131,495
THRIFTS & MORTGAGE FINANCE – 0.5%
Aareal Bank AG*		24,239		1,098,792
WIRELESS TELECOMMUNICATION SERVICES – 4.1%
T-Mobile US, Inc.*		196,600		5,758,414
Vodafone Group PLC ADR		76,300		2,896,348
TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	8,654,762
TOTAL COMMON STOCKS (COST $85,301,950)			$	86,015,974
INVESTMENT COMPANIES – 10.9%
ALTERNATIVE INVESTMENT FUND – 3.7%
Arbitrage Fund, Class I		612,670		7,860,555
EQUITY FUNDS – 7.2%
Professionally Managed Portfolios - The Osterweis Strategic Income Fund, Class I		1,264,349		15,197,472
TOTAL INVESTMENT COMPANIES (COST $22,868,541)			$	23,058,027
	Par Value
CORPORATE BONDS – 18.6%
AEROSPACE & DEFENSE – 1.0%
TransDigm, Inc., Company Guaranteed, 7.75%, 12/15/18	$	2,000,000	$	2,142,500
BEVERAGES – 0.9%
Beverages & More, Inc., Sr. Secured, 10.00%, 11/15/18•,W		1,850,000		1,910,125

Description	Par Value		Value
DIVERSIFIED FINANCIAL SERVICES – 0.6%
Jefferies Finance LLC / JFIN Co.-Issuer Corp., Sr. Unsecured, 6.88%, 4/15/22•,W	$	1,250,000	$	1,259,375
ENVIORNMENTAL CONTROL – 1.3%
ADS Waste Holdings, Inc., Company Guaranteed, 8.25%, 10/01/20		2,525,000		2,755,406
FOOD – 0.5%
Michael Foods Holding, Inc., Sr. Unsecured, 8.50%, 7/15/18•,W		1,000,000		1,043,750
HEALTH CARE PROVIDERS & SERVICES – 1.0%
Tenet Healthcare Corp., Sr. Unsecured, 8.13%, 4/01/22		2,000,000		2,230,000
LODGING – 1.0%
Marina District Finance Co., Inc., Sr. Secured, 9.88%, 8/15/18		2,000,000		2,130,000
MACHINERY – 1.5%
BlueLine Rental Finance Corp., Secured, 7.00%, 2/01/19•,W		2,650,000		2,848,750
Vander Intermediate Holding II Corp., Sr. Unsecured, 9.75%, 2/01/19•,W		285,000		300,675
TOTAL MACHINERY			$	3,149,425
OFFICE/BUSINESS EQUIPMENT – 0.2%
CDW LLC / CDW Finance Corp., Company Guaranteed, 12.54%, 10/12/17		415,000		432,339
RETAIL – 3.5%
Burlington Coat Factory Warehouse Corp., Company Guaranteed, 10.00%, 2/15/19		2,227,000		2,466,402
Burlington Holdings LLC / Burlington Holding Finance, Inc., Sr. Unsecured, 9.00%, 2/15/18•,W		577,000		591,425
Michaels Finco Holding LLC / Michaels Finco, Inc., Sr. Unsecured, 7.50%, 8/01/18•,W		2,000,000		2,057,500
Neiman Marcus Group Ltd., Inc., Company Guaranteed, 8.75%, 10/15/21•,W		2,000,000		2,220,000
TOTAL RETAIL			$	7,335,327
SOFTWARE – 1.0%
First Data Corp., Company Guaranteed, 11.75%, 8/15/21		2,000,000		2,137,500
TELECOMMUNICATIONS – 6.1%
Altice SA, Company Guaranteed, 7.75%, 5/15/22•,W		2,500,000		2,609,375
Intelsat Jackson Holdings SA, Company Guaranteed, 7.25%, 10/15/20		2,000,000		2,165,000
Intelsat Jackson Holdings SA, Company Guaranteed, 7.50%, 4/01/21		150,000		165,000
Level 3 Financing, Inc., Company Guaranteed, 8.13%, 7/01/19		2,000,000		2,200,000
Sprint Corp., Company Guaranteed, 7.25%, 9/15/21•,W		2,025,000		2,212,312

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 56

Wilmington Multi-Manager Alternatives Fund^† (continued)

Description	Par Value		Value
West Corp.,
Company Guaranteed, 7.88%, 1/15/19	$	1,825,000	$	1,957,313
Wind Acquisition Finance SA,
Company Guaranteed, 7.38%, 4/23/21•,W		1,500,000		1,545,000
TOTAL TELECOMMUNICATIONS			$	12,854,000
TOTAL CORPORATE BONDS (COST $39,040,960)			$	39,379,747
U.S. GOVERNMENT OBLIGATIONS –16.1%
U.S. TREASURY BILLS – 15.6%
0.09%, 5/01/14Ö,‡		25,000,000		24,999,983
0.09%, 10/16/14Ö,‡		4,150,000		4,149,318
0.09%, 1/08/15Ö,‡		4,000,000		3,998,738
TOTAL U.S. TREASURY BILLS			$	33,148,039
U.S. TREASURY NOTES – 0.5%
0.25%, 1/31/15Ö		1,000,000		1,001,288
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $34,146,137)			$	34,149,327
	Number of Shares
MONEY MARKET FUND – 18.5%
Dreyfus Cash Management Fund,
Institutional Shares, 0.03%^		39,204,937	$	39,204,937
TOTAL MONEY MARKET FUND (COST $39,204,937)			$	39,204,937
	Contracts
PURCHASED OPTIONS – 0.2%
CALL OPTIONS – 0.0%**
S&P 500 Index, Strike Price $1,965.00, Expiring 5/09/2014		19	$	190
S&P 500 Index, Strike Price $1,970.00, Expiring 5/12/2014		19		67
S&P 500 Index, Strike Price $1,985.00, Expiring 5/05/2014		19		—
S&P 500 Index, Strike Price $1,985.00, Expiring 5/14/2014		19		36
S&P 500 Index, Strike Price $1,985.00, Expiring 5/17/2014		19		237
S&P 500 Index, Strike Price $1,990.00, Expiring 5/07/2014		20		—
S&P 500 Index, Strike Price $1,995.00, Expiring 5/19/2014		19		60
S&P 500 Index, Strike Price $1,995.00, Expiring 5/23/2014		22		385
S&P 500 Index, Strike Price $2,000.00, Expiring 5/27/2014		22		191

Description	Contracts		Value
S&P 500 Index, Strike Price $2,005.00, Expiring 5/21/2014		23	$	55
S&P 500 Index, Strike Price $2,005.00, Expiring 5/28/2014		22		219
S&P 500 Index, Strike Price $2,010.00, Expiring 5/02/2014		19		95
TOTAL CALL OPTIONS			$	1,535
PUT OPTIONS – 0.2%
Allergan, Inc., Strike Price $140.00, Expiring 6/21/2014		97		5,820
Allergan, Inc., Strike Price $145.00, Expiring 6/21/2014		98		9,065
Allergan, Inc., Strike Price $150.00, Expiring 5/17/2014		41		1,435
Allergan, Inc., Strike Price $150.00, Expiring 6/21/2014		70		8,400
Nokia OYJ, Strike Price $6.00, Expiring 6/21/2014		1,250		6,250
NVIDIA Corp., Strike Price $16.00, Expiring 6/21/2014		1,700		27,200
S&P 500 Index, Strike Price $1,645.00, Expiring 5/09/2014		19		285
S&P 500 Index, Strike Price $1,645.00, Expiring 5/12/2014		19		274
S&P 500 Index, Strike Price $1,665.00, Expiring 5/05/2014		19		5
S&P 500 Index, Strike Price $1,675.00, Expiring 5/14/2014		19		670
S&P 500 Index, Strike Price $1,685.00, Expiring 5/07/2014		20		62
S&P 500 Index, Strike Price $1,685.00, Expiring 5/23/2014		22		1,760
S&P 500 Index, Strike Price $1,695.00, Expiring 5/17/2014		19		1,140
S&P 500 Index, Strike Price $1,695.00, Expiring 5/19/2014		19		1,298
S&P 500 Index, Strike Price $1,700.00, Expiring 5/27/2014		22		2,793
S&P 500 Index, Strike Price $1,705.00, Expiring 5/02/2014		19		285
S&P 500 Index, Strike Price $1,705.00, Expiring 5/21/2014		23		2,009
S&P 500 Index, Strike Price $1,705.00, Expiring 5/28/2014		22		4,289
T-Mobile US, Inc., Strike Price $23.00, Expiring 6/21/2014		170		6,970
T-Mobile US, Inc., Strike Price $26.00, Expiring 8/16/2014		466		65,240
T-Mobile US, Inc., Strike Price $27.00, Expiring 8/16/2014		1,330		234,080
TOTAL PUT OPTIONS			$	379,330
TOTAL PURCHASED OPTIONS (COST $452,529)			$	380,865

ANNUAL REPORT / April 30, 2014

57 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Alternatives Fund^† (continued)

Description				Value
TOTAL INVESTMENTS IN SECURITIES – 104.9%
(COST $221,015,054)				$	222,188,877
	Number of Shares
SECURITIES SOLD SHORT – (16.8%)
COMMON STOCKS – (3.2%)
CAPITAL MARKETS – (0.4%)
Deutsche Bank AG		(20,500	)	$	(903,274	)
MEDIA – (2.6%)
Comcast Corp.		(66,125	)		(3,422,630	)
Liberty Global PLC, Series A		(14,559	)		(579,739	)
Liberty Global PLC, Series C		(35,919	)		(1,380,367	)
TOTAL MEDIA				$	(5,382,736	)
PHARMACEUTICALS – (0.2%)
Valeant Pharmaceuticals International, Inc.*		(2,789	)		(372,917	)
TOTAL COMMON STOCKS				$	(6,658,927	)
INVESTMENT COMPANIES – (13.6%)
EQUITY FUNDS – (13.6%)
iShares Core S&P 500 ETF		(26,313	)		(4,987,366	)
iShares MSCI EMU ETF		(475,552	)		(20,472,514	)
iShares MSCI United Kingdom Index Fund		(23,719	)		(510,433	)
Market Vectors Gold Miners		(120,000	)		(2,893,200	)
TOTAL EQUITY FUNDS				$	(28,863,513	)
TOTAL INVESTMENT COMPANIES				$	(28,863,513	)
TOTAL SECURITIES SOLD SHORT (PROCEEDS $33,796,963)				$	(35,522,440	)
	Contracts
WRITTEN OPTIONS – (0.8%)
CALL OPTIONS – (0.8%)
Allergan, Inc., Strike Price $160.00, Expiring 6/21/2014		(264	)	$	(242,880	)
Allergan, Inc., Strike Price $165.00, Expiring 6/21/2014		(42	)		(22,680	)
Avon Products, Inc., Strike Price $15.00, Expiring 5/02/2014		(300	)		(24,000	)
Nokia OYJ, Strike Price $7.00, Expiring 6/21/2014		(5,550	)		(388,500	)
NVIDIA Corp., Strike Price $18.00, Expiring 6/21/2014		(850	)		(91,800	)
NVIDIA Corp., Strike Price $19.00, Expiring 6/21/2014		(850	)		(55,250	)
S&P 500 Index, Strike Price $1,875.00, Expiring 5/09/2014		(19	)		(34,960	)

Description	Contracts			Value
S&P 500 Index, Strike Price $1,880.00, Expiring 5/12/2014		(19	)	$	(29,966	)
S&P 500 Index, Strike Price $1,895.00, Expiring 5/05/2014		(19	)		(8,449	)
S&P 500 Index, Strike Price $1,895.00, Expiring 5/14/2014		(19	)		(17,077	)
S&P 500 Index, Strike Price $1,895.00, Expiring 5/17/2014		(19	)		(20,045	)
S&P 500 Index, Strike Price $1,900.00, Expiring 5/07/2014		(20	)		(7,711	)
S&P 500 Index, Strike Price $1,905.00, Expiring 5/19/2014		(19	)		(13,574	)
S&P 500 Index, Strike Price $1,905.00, Expiring 5/23/2014		(22	)		(18,260	)
S&P 500 Index, Strike Price $1,910.00, Expiring 5/27/2014		(22	)		(18,157	)
S&P 500 Index, Strike Price $1,915.00, Expiring 5/21/2014		(23	)		(11,369	)
S&P 500 Index, Strike Price $1,915.00, Expiring 5/28/2014		(22	)		(13,201	)
S&P 500 Index, Strike Price $1,920.00, Expiring 5/02/2014		(19	)		(285	)
T-Mobile US, Inc., Strike Price $25.00, Expiring 6/21/2014		(170	)		(88,400	)
T-Mobile US, Inc., Strike Price $30.00, Expiring 8/16/2014		(1,330	)		(327,845	)
T-Mobile US, Inc., Strike Price $31.00, Expiring 8/16/2014		(466	)		(95,763	)
Vodafone Gorup PLC, Strike Price $36.00, Expiring 6/21/2014		(763	)		(189,224	)
TOTAL CALL OPTIONS				$	(1,719,396	)
PUT OPTIONS – 0.0%**
S&P 500 Index, Strike Price $1,735.00, Expiring 5/09/2014		(19	)		(665	)
S&P 500 Index, Strike Price $1,735.00, Expiring 5/12/2014		(19	)		(986	)
S&P 500 Index, Strike Price $1,755.00, Expiring 5/05/2014		(19	)		(173	)
S&P 500 Index, Strike Price $1,765.00, Expiring 5/14/2014		(19	)		(1,960	)
S&P 500 Index, Strike Price $1,775.00, Expiring 5/07/2014		(20	)		(577	)
S&P 500 Index, Strike Price $1,775.00, Expiring 5/23/2014		(22	)		(7,260	)
S&P 500 Index, Strike Price $1,785.00, Expiring 5/17/2014		(19	)		(3,895	)
S&P 500 Index, Strike Price $1,785.00, Expiring 5/19/2014		(19	)		(4,814	)
S&P 500 Index, Strike Price $1,790.00, Expiring 5/27/2014		(22	)		(10,385	)
S&P 500 Index, Strike Price $1,795.00, Expiring 5/02/2014		(19	)		(285	)
S&P 500 Index, Strike Price $1,795.00, Expiring 5/21/2014		(23	)		(8,280	)

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 58

Wilmington Multi-Manager Alternatives Fund^† (continued)

Description	Contracts			Value
S&P 500 Index, Strike Price $1,795.00, Expiring 5/28/2014		(22	)	$	(13,201	)
TOTAL PUT OPTIONS				$	(52,481	)
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $1,888,564)				$	(1,771,877	)

Description	Value
TOTAL INVESTMENTS NET OF SECURITIES SOLD SHORT AND WRITTEN OPTIONS – 87.3%
	$	184,894,560
OTHER ASSETS LESS LIABILITIES – 12.7%		26,791,459
TOTAL NET ASSETS – 100.0%	$	211,686,019

Cost of investments for Federal income tax purposes is $222,653,063. The net unrealized appreciation/(depreciation) of investments was $(464,186). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,230,342 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,694,528.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3		Total
Assets
Investments in Securities
Common Stocks	$	86,015,974		$	—		$	—	$	86,015,974
Investment Companies		23,058,027			—			—		23,058,027
Corporate Bonds		—			39,379,747			—		39,379,747
U.S. Government Obligations		—			34,149,327			—		34,149,327
Money Market Fund		39,204,937			—			—		39,204,937
Purchased Options		364,460			16,405			—		380,865
Total Investments		148,643,398			73,545,479			—		222,188,877
Other Financial Instruments^
Financial Futures Contracts		23,658			—			—		23,658
Forward Foreign Currency Contracts		—			35,559			—		35,559
Total Assets	$	148,667,056		$	73,581,038		$	—	$	222,248,094
Liabilities
Other Financial Instruments^
Financial Futures Contracts	$	(76,575	)	$	—		$	—	$	(76,575	)
Forward Foreign Currency Contracts		—			(176,540	)		—		(176,540	)
Securities Sold Short		(35,522,440	)		—			—		(35,522,440	)
Written Options		(1,526,342	)		(245,535	)		—		(1,771,877	)
Total Liabilities	$	(37,125,357	)	$	(422,075	)	$	—	$	(37,547,432	)

^ Other financial instruments are derivative instruments not reflected in the value of total investments in securities 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. Securities sold short and written options are reported at their market value at period end.

ANNUAL REPORT / April 30, 2014

59 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Alternatives Fund^† (concluded)

At April 30, 2014, the Wilmington Multi-Manager Alternatives Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:

Settlement Date	Counterparty	Contracts to Deliver/Receive	Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
5/2/2014	Bank of New York	2,467,965 Swedish Krona		$376,921		$379,558		$2,637
5/2/2014	Bank of New York	1,472,295 Pound Sterling		2,476,252		2,485,808		9,556
5/2/2014	Bank of New York	980,820 Euro		1,358,995		1,360,738		1,743
5/5/2014	Bank of New York	2,929,742 Swedish Krona		446,199		450,535		4,336
5/5/2014	Bank of New York	883,494 Euro		1,220,635		1,225,698		5,063
5/6/2014	Bank of New York	2,478,834 Swedish Krona		381,042		381,187		145
5/6/2014	Bank of New York	971,678 Pound Sterling		1,640,678		1,640,494		(184)
5/6/2014	Bank of New York	651,581 Euro		903,287		903,958		671
5/7/2014	Bank of New York	191,384,429 Japanese Yen		1,874,732		1,872,005		(2,727)
5/30/2014	Bank of New York	1,624,000 Swiss Franc		1,836,689		1,845,622		8,933
CONTRACTS SOLD
5/1/2014	Bank of New York	3,089,710 Pound Sterling		5,192,165		5,216,637		(24,472)
5/2/2014	Bank of New York	10,883,435 Norwegian Krone		1,811,672		1,830,903		(19,231)
5/2/2014	Bank of New York	1,110,596 Swiss Franc		1,262,772		1,261,897		875
5/5/2014	Bank of New York	1,632,530 Swiss Franc		1,845,918		1,855,000		(9,082)
5/30/2014	Bank of New York	25,894,000 Swedish Krona		3,952,558		3,980,116		(27,558)
5/30/2014	Bank of New York	16,839,000 Norwegian Krone		2,799,827		2,829,309		(29,482)
5/30/2014	Bank of New York	11,315,000 Euro		15,676,084		15,696,747		(20,663)
5/30/2014	Bank of New York	3,218,000 Swedish Krona		489,869		494,632		(4,763)
5/30/2014	Bank of New York	2,886,000 Pound Sterling		4,848,624		4,871,544		(22,920)
5/30/2014	Bank of New York	2,762,000 Swedish Krona		424,368		424,542		(174)
5/30/2014	Bank of New York	1,624,000 Swiss Franc		1,846,840		1,845,622		1,218
5/30/2014	Bank of New York	1,504,000 Pound Sterling		2,528,991		2,538,739		(9,748)
5/30/2014	Bank of New York	851,000 Pound Sterling		1,436,863		1,436,481		382
5/30/2014	Bank of New York	846,000 Euro		1,168,766		1,173,614		(4,848)
5/30/2014	Bank of New York	673,000 Euro		932,933		933,621		(688)
NET UNREALIZED APPRECIATION   (DEPRECIATION) ON FORWARD   FOREIGN CURRENCY CONTRACTS								$(140,981)

At April 30, 2014, the Wilmington Multi-Manager Alternatives Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
LONG POSITIONS:
Norwegian Krone Cross Futures		June 2014		25		$  2,530,761		$2,503,554		$(27,207)
Swedish Krona Cross Futures		June 2014		9		884,447		900,491		16,044
SHORT POSITIONS:
Australian Dollar Future		June 2014		63		5,834,974		5,838,210		(3,236)
Canadian Dollar Future		June 2014		10		898,985		912,600		(13,615)
Euro Future		June 2014		190		32,908,733		32,941,250		(32,517)
Swiss Franc Future		June 2014		31		4,413,101		4,405,487		7,614
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL   FUTURES CONTRACTS										$(52,917)

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

60

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager Real Asset Fund

At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):

Percentage of
Total Net Assets

Inflation-Linked & Fixed Income Securities:
Foreign Government Inflation-Linked Securities	21.6%
U.S. Government Inflation-Linked Securities	13.5%
Foreign Government Securities	2.2%
Exchange-Traded Fund	1.5%
Corporate Bonds	0.7%
U.S. Government Agency Obligations	0.3%
Mortgage-Backed Securities	0.2%
Asset-Backed Securities	0.2%
U.S. Treasury	0.1%
Real Estate Related Securities:
Real Estate Investment Trusts	25.3%
Common Stocks	10.6%
Exchange-Traded Funds	4.0%
Preferred Stocks	0.0%3
Warrants	0.0%3
Commodity Related Securities:
Investment Companies	8.3%
Exchange-Traded Fund	3.8%
Structured Note	1.0%
Written Options	0.0%3
Short-Term Investments
Cash Equivalents1	7.1%
Other Assets and Liabilities – Net2	(0.4)%
TOTAL	100.0%

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

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

(3) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Par Value			Value
INFLATION-LINKED & FIXED INCOME SECURITIES – 40.3%
ASSET-BACKED SECURITIES – 0.2%
COLLATERALIZED LOAN OBLIGATION – 0.1%
MAGI Funding PLC,
Series I-A, Class A, 1.31%, 4/11/21•,W		153,028	EUR	$	209,645
DIVERSIFIED FINANCIAL SERVICES – 0.1%
Venture VII CDO Ltd., Series 2006-7A, Class A1A, 0.46%, 1/20/22D,•,W	$	367,566			361,398

Description	Par Value		Value
WHOLE LOAN – 0.0%**
Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB2, Class M2, 1.10%, 4/25/36D	$	241,321	$	199,640
TOTAL ASSET-BACKED SECURITIES
(COST $744,817)			$	770,683

ANNUAL REPORT / April 30, 2014

61 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value		Value
CORPORATE BONDS – 0.7%
FINANCIALS – 0.7%
Ally Financial, Inc., Company Guaranteed, 5.50%, 2/15/17	$	569,000	$	620,921
CIT Group, Inc., Sr. Unsecured, 4.25%, 8/15/17		594,000		622,215
Eksportfinans ASA, Sr. Unsecured, 5.50%, 6/26/17		1,000,000		1,073,750
Ford Motor Credit Co. LLC, Sr. Unsecured,
5.63%, 9/15/15		400,000		425,760
8.00%, 6/01/14		200,000		201,263
International Lease Finance Corp., Sr. Unsecured, 8.63%, 9/15/15		200,000		219,625
Intesa Sanpaolo SpA, Bank Guaranteed, 3.13%, 1/15/16		100,000		102,946
TOTAL FINANCIALS			$	3,266,480
TOTAL CORPORATE BONDS (COST $3,164,171)			$	3,266,480
EXCHANGE-TRADED FUNDS – 1.5%
DEBT FUND – 1.5%
FlexShares iBoxx 3-Year Target Duration TIPS Index Fund#		280,000		7,014,000
TOTAL EXCHANGE-TRADED FUNDS (COST $7,001,180)			$	7,014,000
FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES – 21.6%
GOVERNMENT – 21.6%
Australia Government Bond, Sr. Unsecured,
2.50%, 9/20/30		250,000AUD		280,181
4.00%, 8/20/20		1,650,000AUD		2,839,740
Brazil Notas do Tesouro Nacional Series B,
6.00%, 5/15/35		300,000BRL		308,375
6.00%, 5/15/45		1,508,000BRL		1,527,515
6.00%, 8/15/50		800,000BRL		807,149
Bundesrepublik Deutschland Bundesob-ligation Inflation Linked Bond, 0.75%, 4/15/18		16,182,217EUR		24,759,898
Canadian Government Bond, 4.00%, 12/01/31		787,443CAD		1,103,692
Colombian Tesoreria, 3.00%, 3/25/33		3,195,186,529COP		1,452,256
Deutsche Bundesrepublik Inflation Linked Bond,
0.10%, 4/15/23		490,000EUR		708,689
0.50%, 4/15/30		150,000EUR		212,551
1.75%, 4/15/20		315,044EUR		494,002
France Government Bond OAT, 0.10%, 7/25/21		3,200,000EUR		4,495,751

Description	Par Value		Value
0.25%, 7/25/24		200,000EUR	$	276,056
1.00%, 7/25/17		678,306EUR		993,792
1.10%, 7/25/22		500,000EUR		808,014
1.30%, 7/25/19		106,389EUR		160,736
1.80%, 7/25/40		227,138EUR		381,418
2.10%, 7/25/23		350,000EUR		623,270
2.25%, 7/25/20		242,010EUR		388,468
3.15%, 7/25/32		367,809EUR		715,309
3.40%, 7/25/29		124,938EUR		243,915
1.85%, 7/25/27		780,000EUR		1,329,308
Italy Buoni Poliennali Del Tesoro,
2.25%, 4/22/17		3,999,000EUR		5,746,898
2.55%, 10/22/16		1,899,525EUR		2,749,805
2.35%, 9/15/24		1,500,000EUR		2,163,939
Japanese Government CPI Linked Bond, Sr. Unsecured,
0.10%, 9/10/23		68,340,000JPY		729,597
0.10%, 3/10/24		49,950,000JPY		533,035
1.40%, 3/10/18		14,925,000JPY		169,443
Mexican Udibonos,
4.00%, 11/15/40		10,300,086MXN		835,841
4.50%, 11/22/35		9,785,082MXN		852,531
New Zealand Government Bond, Sr. Unsecured, 3.00%, 9/20/30		1,825,000NZD		1,615,554
Poland Government Bond, 3.00%, 8/24/16		2,346,494PLN		808,154
Sweden Government Bond,
3.50%, 12/01/28		2,200,000SEK		569,244
4.00%, 12/01/20		900,000SEK		219,602
Thailand Government Bond, Unsecured, 1.25%, 3/12/28		39,068,286THB		1,069,549
U.K. Gilt Inflation Linked,
0.13%, 3/22/24		419,352GBP		740,210
0.13%, 3/22/29		1,370,176GBP		2,386,477
0.13%, 3/22/44		3,753,129GBP		6,634,891
0.13%, 3/22/68		50,891GBP		96,303
0.38%, 3/22/62		129,320GBP		268,397
0.50%, 3/22/50		488,285GBP		994,197
0.63%, 3/22/40		352,131GBP		698,453
0.63%, 11/22/42		2,870,832GBP		5,817,153
0.75%, 3/22/34		3,283,140GBP		6,421,092
0.75%, 11/22/47		1,125,372GBP		2,424,162
1.13%, 11/22/37		816,816GBP		1,767,390
1.25%, 11/22/27		1,244,101GBP		2,518,743
1.25%, 11/22/32		351,141GBP		741,996
1.25%, 11/22/55		396,690GBP		1,049,841
1.88%, 11/22/22		160,650GBP		329,954

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 62

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value			Value
2.50%, 4/16/20		250,000	GBP	$	1,541,434
2.50%, 7/17/24		150,000	GBP		841,064
TOTAL GOVERNMENT				$	98,245,034
TOTAL FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES (COST $94,223,205)				$	98,245,034
FOREIGN GOVERNMENT SECURITIES – 2.2%
GOVERNMENT – 2.2%
Autonomous Community of Catalonia, Sr. Unsecured, 4.75%, 6/04/18		100,000	EUR		152,317
Brazil Notas do Tesouro Nacional Series F,
10.00%, 1/01/23		12,630,000	BRL		4,966,016
10.00%, 1/01/25		3,100,000	BRL		1,185,335
Hellenic T-Bill, Series 26W, 0.00%, 10/10/14‡		500,000	EUR		687,174
Mexican Bonos de Proteccion al Ahorro, 3.56%, 4/01/18D		15,500,000	MXN		1,193,190
Slovenia Government International Bond, Sr. Unsecured, 4.70%, 11/01/16•,W		200,000	EUR		300,863
South Africa Government Bond, Series R207, 7.25%, 1/15/20		15,475,000	ZAR		1,421,620
TOTAL GOVERNMENT				$	9,906,515
TOTAL FOREIGN GOVERNMENT SECURITIES (COST $10,191,939)				$	9,906,515
MORTGAGE-BACKED SECURITIES – 0.2%
WHOLE LOAN – 0.2%
Rise Ltd., 2014-1, Class A, 4.75%, 2/15/39††	$	300,000			305,481
WAMU Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A4,
2.05%, 11/25/36D		401,266			345,064
2.43%, 3/25/37D		176,995			150,702
TOTAL WHOLE LOAN				$	801,247
TOTAL MORTGAGE-BACKED SECURITIES (COST $730,269)				$	801,247
U.S. GOVERNMENT AGENCY OBLIGATIONS – 0.3%
FEDERAL HOME LOAN BANK (FHLB) – 0.3%
Federal Home Loan Bank Discount Notes, 0.06%, 7/23/14‡		1,600,000			1,599,818
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $1,599,779)				$	1,599,818
U.S. GOVERNMENT INFLATION-LINKED SECURITIES – 13.5%
U.S. TREASURY INFLATION INDEXED BONDS – 9.3%
U.S. Treasury Inflation Indexed Bond,
0.13%, 4/15/19		5,500,000			5,625,192
0.63%, 1/15/24		8,000,000			8,167,398
0.75%, 2/15/42		1,870,000			1,749,551

Description	Par Value		Value
1.38%, 1/15/20	$	500,000	$	590,097
1.75%, 1/15/28		6,300,000		7,951,955
2.00%, 1/15/26		2,018,000		2,757,097
2.38%, 1/15/27		800,000		1,122,185
2.38%, 1/15/25		923,000		1,368,572
2.50%, 1/15/29		4,750,000		6,415,322
3.38%, 4/15/32		320,000		596,054
3.63%, 4/15/28		2,700,000		5,407,159
3.88%, 4/15/29		350,000		716,734
TOTAL U.S. TREASURY INFLATION INDEXED BONDS			$	42,467,316
U.S. TREASURY INFLATION INDEXED NOTES – 4.2%
U.S. Treasury Inflation Indexed Note,
0.13%, 1/15/22		5,650,000		5,794,202
0.38%, 7/15/23		50,000		50,439
0.63%, 7/15/21		1,510,000		1,633,289
1.13%, 1/15/21		1,200,000		1,376,893
1.25%, 7/15/20		1,000,000		1,168,075
1.63%, 1/15/15ø		400,000		503,681
1.63%, 1/15/18#		1,750,000		2,134,636
1.88%, 7/15/15ø		1,900,000		2,400,307
2.00%, 1/15/16		508,000		637,215
2.13%, 1/15/19		2,100,000		2,576,221
2.38%, 1/15/17		550,000		701,822
TOTAL U.S. TREASURY INFLATION INDEXED NOTES			$	18,976,780
TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $61,301,667)			$	61,444,096
U.S. TREASURY – 0.1%
U.S. TREASURY BILL – 0.1%
U.S. Treasury Bill, 0.04%, 8/21/14‡,ø		208,000		207,984
U.S. TREASURY NOTE – 0.0%**
U.S. Treasury Note, 0.25%, 3/31/15ø		200,000		200,290
TOTAL U.S. TREASURY (COST $408,175)			$	408,274
TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (COST $179,365,202)			$	183,456,147
	Number of Shares
REAL ESTATE RELATED SECURITIES – 39.9%
COMMON STOCKS – 10.6%
DEPARTMENT STORES – 0.4%
Lifestyle International Holdings Ltd.		835,400	$	1,635,683
DIVERSIFIED REAL ESTATE ACTIVITIES – 4.9%
CapitaLand Ltd.		562,150		1,434,857

ANNUAL REPORT / April 30, 2014

63 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
City Developments Ltd.		205,000	$	1,770,878
Daito Trust Construction Co. Ltd.		5,601		569,222
Daiwa House Industry Co. Ltd.		147,006		2,477,540
Hang Lung Properties Ltd.		478,100		1,421,421
Kerry Properties Ltd.		395,000		1,296,635
Mitsubishi Estate Co. Ltd.		176,210		3,988,359
Mitsui Fudosan Co. Ltd.		179,689		5,309,733
Sumitomo Realty & Development Co. Ltd.		58,600		2,269,829
Sun Hung Kai Properties Ltd.		116,075		1,461,988
Tokyo Tatemono Co. Ltd.		40,100		319,278
Wharf Holdings Ltd.		27,500		192,427
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	22,512,167
FINANCIALS – 0.1%
Brixmor Property Group, Inc.		16,300		357,948
Fabege AB		5,000		70,092
Unite Group PLC (The)		13,068		93,220
TOTAL FINANCIALS			$	521,260
HOTELS, RESTAURANTS & LEISURE – 1.2%
Extended Stay America, Inc.		5,700		122,835
Hilton Worldwide Holdings, Inc.*		24,500		534,835
Melia Hotels International SA		119,500		1,508,671
Shangri-La Asia Ltd.		632,416		1,042,478
Starwood Hotels & Resorts Worldwide, Inc.		30,000		2,299,500
TOTAL HOTELS, RESTAURANTS & LEISURE			$	5,508,319
REAL ESTATE DEVELOPMENT – 1.2%
Capital & Counties Properties PLC		6,900		38,876
Cheung Kong Holdings Ltd.		87,634		1,492,037
China Overseas Land & Investment Ltd.		613,500		1,505,075
China Resources Land Ltd.		268,000		551,697
Gagfah SA*		11,100		175,247
Guangzhou R&F Properties Co. Ltd.		470,000		613,496
Lend Lease Group		24,900		299,560
Sino Land Co. Ltd.		268,982		402,452
Wing Tai Holdings Ltd.		195,975		312,635
TOTAL REAL ESTATE DEVELOPMENT			$	5,391,075
REAL ESTATE OPERATING COMPANIES – 2.8%
Aeon Mall Co. Ltd.		73,700		1,754,642
Castellum AB		96,118		1,634,931
Central Pattana PCL		832,000		1,163,412
Central Pattana PCL NVDR		116,000		162,206
Global Logistic Properties Ltd.		423,200		962,048
Hongkong Land Holdings Ltd.		397,681		2,783,767
Hufvudstaden AB		18,694		273,128
Hulic Co. Ltd.		35,920		431,806
Hysan Development Co. Ltd.		430,617		1,841,229

Description	Number of Shares		Value
LEG Immobilien AG		9,970	$	665,036
PSP Swiss Property AG*		3,625		348,043
Swire Properties Ltd.		192,900		579,724
TOTAL REAL ESTATE OPERATING COMPANIES			$	12,599,972
TOTAL COMMON STOCKS (COST $39,728,960)			$	48,168,476
EXCHANGE-TRADED FUNDS – 4.0%
EQUITY FUNDS – 4.0%
SPDR Dow Jones International Real Estate ETF		280,500		11,980,155
Vanguard REIT ETF		83,700		6,105,078
TOTAL EQUITY FUNDS			$	18,085,233
TOTAL EXCHANGE-TRADED FUNDS (COST $17,266,053)			$	18,085,233
PREFERRED STOCKS – 0.0%**
CONSUMER FINANCE – 0.0%**
SLM Corp., 3.56%		3,000		72,720
TOTAL PREFERRED STOCKS (COST $71,100)			$	72,720
REAL ESTATE INVESTMENT TRUSTS – 25.3%
DIVERSIFIED – 4.2%
British Land Co. PLC		63,445		739,663
Duke Realty Corp.		47,000		823,440
Fonciere Des Regions		3,146		319,357
GPT Group		305,000		1,110,709
ICADE		25,561		2,606,456
Kenedix Realty Investment Corp.		72		359,173
Land Securities Group PLC		193,861		3,476,065
Lexington Realty Trust		33,400		359,384
Liberty Property Trust		21,800		817,500
Mirvac Group		614,970		999,784
Shaftesbury PLC		61,233		683,893
Stockland		621,721		2,246,774
United Urban Investment Corp.		249		375,077
Vornado Realty Trust		41,997		4,308,892
TOTAL DIVERSIFIED			$	19,226,167
FINANCIALS – 1.3%
Activia Properties, Inc.		31		259,862
American Homes 4 Rent		76,100		1,221,405
Atrium European Real Estate Ltd.*		10,500		60,454
Australand Property Group		25,523		101,482
Corio NV		2,950		138,066
DCT Industrial Trust, Inc.		50,000		391,000
Equity One, Inc.		38,400		865,152
Gecina SA		2,470		332,566
GLP J-Reit		176		173,702

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 64

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
Japan Hotel REIT Investment Corp.		262	$	120,576
Lifestyle Properties Development Ltd.*		41,770		6,196
Nieuwe Steen Investments NV		73,760		446,571
Orix JREIT, Inc.		200		254,316
Realty Income Corp.		12,700		551,815
Spirit Realty Capital, Inc.		54,600		588,042
Suntec REIT		345,800		473,037
TOTAL FINANCIALS			$	5,984,242
INDUSTRIALS – 1.4%
Goodman Group		149,145		690,005
Nippon Prologis REIT, Inc.		150		317,210
Prologis, Inc.		133,021		5,404,643
TOTAL INDUSTRIALS			$	6,411,858
OFFICE – 4.5%
Alexandria Real Estate Equities, Inc.		33,300		2,458,206
BioMed Realty Trust, Inc.		26,500		553,850
Boston Properties, Inc.		37,900		4,439,606
Brandywine Realty Trust		28,500		414,675
CapitaCommercial Trust		561,200		716,216
Derwent London PLC		55,758		2,560,643
Douglas Emmett, Inc.		20,800		574,080
Great Portland Estates PLC		237,514		2,514,373
Highwoods Properties, Inc.		9,900		399,465
Investa Office Fund		110,707		343,507
Japan Real Estate Investment Corp.		153		809,635
Kilroy Realty Corp.		47,200		2,811,704
Nippon Building Fund, Inc.		35		193,769
SL Green Realty Corp.		17,700		1,853,367
TOTAL OFFICE			$	20,643,096
REAL ESTATE OPERATING COMPANIES – 0.1%
Safestore Holdings PLC		63,600		247,246
RESIDENTIAL – 2.9%
American Campus Communities, Inc.		43,800		1,673,160
AvalonBay Communities, Inc.		8,829		1,205,600
Boardwalk Real Estate Investment Trust		4,800		270,557
Equity Residential		74,300		4,416,392
Essex Property Trust, Inc.		24,075		4,171,234
Post Properties, Inc.		9,300		466,953
UDR, Inc.		43,419		1,122,815
TOTAL RESIDENTIAL			$	13,326,711
RETAIL – 7.4%
CapitaMall Trust		43,042		68,492
CFS Retail Property Trust Group		305,000		569,521
DDR Corp.		43,200		741,744
Eurocommercial Properties NV		6,127		281,274
Federal Realty Investment Trust		20,900		2,456,586

Description	Number of Shares		Value
Federation Centres Ltd.		205,000	$	474,206
Frasers Centrepoint Trust		76,000		108,814
General Growth Properties, Inc.		51,974		1,193,843
Hammerson PLC		182,925		1,761,983
Japan Retail Fund Investment Corp.		474		952,312
Kimco Realty Corp.		33,200		760,944
Klepierre		29,032		1,330,969
Link REIT (The)		54,800		272,482
Macerich Co. (The)		35,184		2,283,793
Mercialys SA		9,220		212,080
Ramco-Gershenson Properties Trust		11,700		192,816
RioCan Real Estate Investment Trust		110,169		2,737,012
Simon Property Group, Inc.		52,349		9,066,847
Tanger Factory Outlet Centers		5,310		189,461
Taubman Centers, Inc.		33,400		2,432,856
Unibail-Rodamco SE		15,134		4,082,694
Westfield Group		48,341		491,750
Westfield Retail Trust		336,663		997,701
TOTAL RETAIL			$	33,660,180
SPECIALIZED – 3.5%
HCP, Inc.		5,200		217,672
Health Care REIT, Inc.		58,900		3,716,001
Healthcare Realty Trust, Inc.		19,900		500,485
Healthcare Trust of America, Inc.		23,500		274,715
Host Hotels & Resorts, Inc.		206,414		4,427,580
LaSalle Hotel Properties		38,500		1,273,580
Pebblebrook Hotel Trust		9,800		337,512
Plum Creek Timber Co., Inc.		38,400		1,674,240
Public Storage		4,650		816,122
Senior Housing Properties Trust		17,300		406,031
Strategic Hotels & Resorts, Inc.*		35,800		386,282
Sunstone Hotel Investors, Inc.		24,200		346,302
Ventas, Inc.		23,684		1,565,039
TOTAL SPECIALIZED			$	15,941,561
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $90,818,492)			$	115,441,061
WARRANTS – 0.0%
REAL ESTATE DEVELOPMENT – 0.0%**
Sun Hung Kai Properties Ltd., Expire 5/22/16*		9,622		6,478
TOTAL WARRANTS (COST $2,978)			$	6,478
TOTAL REAL ESTATE RELATED SECURITIES (COST $147,887,583)			$	181,773,968

ANNUAL REPORT / April 30, 2014

65 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
COMMODITY RELATED SECURITIES – 13.1%
EXCHANGE-TRADED FUND – 3.8%
COMMODITY FUND – 3.8%
PowerShares DB Commodity Index Tracking Fund ETP*		661,300	$	17,464,933
TOTAL EXCHANGE-TRADED FUND (COST $17,573,172)			$	17,464,933
INVESTMENT COMPANIES – 8.3%
COMMODITY FUNDS – 8.3%
Credit Suisse Commodity Return Strategy Fund*		1,593,818		12,527,410
PIMCO CommoditiesPLUS Strategy Fund*		2,217,377		25,189,404
TOTAL COMMODITY FUNDS			$	37,716,814
TOTAL INVESTMENT COMPANIES (COST $35,484,657)			$	37,716,814
	Par Value
STRUCTURED NOTE – 1.0%
FINANCIALS – 1.0%
Deutsche Bank AG, London Branch, Structured Note Linked to Dow Jones-UBS Commodity Index, 0.00%, 07/22/14	$	4,000,000	$	4,620,000
TOTAL STRUCTURED NOTE (COST $4,000,000)			$	4,620,000
TOTAL COMMODITY RELATED SECURITIES (COST $57,057,829)			$	59,801,747
	Number of Shares
SHORT-TERM INVESTMENTS – 6.9%
MONEY MARKET FUNDS – 6.8%
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^		31,047,935	$	31,047,935
TOTAL MONEY MARKET FUNDS (COST $31,047,935)			$	31,047,935
	Par Value
REPURCHASE AGREEMENT – 0.1%
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $600,001, collateralized by a U.S. Treasury Security 0.88%, maturing 02/28/17; total market value of $613,080.	$	600,000	$	600,000
TOTAL REPURCHASE AGREEMENT (COST $600,000)			$	600,000
TOTAL SHORT-TERM INVESTMENTS (COST $31,647,935)			$	31,647,935

Description	Par Value			Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.2%
REPURCHASE AGREEMENT – 0.2%
Morgan Stanley & Co. LLC, 0.07%, dated 04/30/14, due 05/01/14, repurchase price $992,732, collateralized by U.S. Government Securities 1.36% to 8.50%, maturing 05/01/17 to 12/01/44; total market value of $1,012,585.	$	992,730		$	992,730
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $992,730)				$	992,730
TOTAL INVESTMENTS IN SECURITIES – 100.4% (COST $416,951,279)				$	457,672,527
	Contracts
WRITTEN OPTIONS – 0.0%**
CALL OPTIONS – 0.0%**
Euro-Bund 10Y Futures UBS, Strike Price $145.00, Expiring 5/23/2014		(27	)	$	(15,358	)
U.S. 10Y Futures MS, Strike Price $125.00, Expiring 6/20/2014		(99	)		(30,938	)
TOTAL CALL OPTIONS				$	(46,296	)
	Notional Amount
CALL SWAPTIONS – 0.0%**
ITRAXX Eu21 5Y JPM, Strike Price $0.65, Expiring 6/18/2018	$	(400,000	)	$	(424	)
TOTAL CALL SWAPTIONS				$	(424	)
	Contracts
PUT OPTIONS – 0.0%**
CBOT Aput Ustn Fut MS, Strike Price $1.22, Expiring 6/20/2014		(99	)	$	(35,578	)
TOTAL PUT OPTIONS				$	(35,578	)
	Notional Amount
PUT SWAPTIONS – 0.0%**
INF Cap U.S. 10Y JPM, Strike Price $4.00, Expiring 4/22/2024	$	(1,300,000	)	$	(9,214	)
INF FLOOR USD, Strike Price $216.69, Expiring 4/07/2020		(2,600,000	)		(2,077	)
ITRAXX Eu20 5Y BOA, Strike Price $0.90, Expiring 6/18/2014		(100,000	)		(32	)
ITRAXX Eu20 5Y CBK, Strike Price $0.90, Expiring 6/18/2014		(1,000,000	)		(322	)
ITRAXX Eu20 5Y DUB, Strike Price $0.90, Expiring 6/18/2014		(200,000	)		(64	)

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 66

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Notional Amount			Value
ITRAXX Eu20 5Y GST, Strike Price $0.90, Expiring 6/18/2014	$	(600,000	)	$	(193	)
ITRAXX Eu20 5Y JPM, Strike Price $0.90, Expiring 6/18/2014		(400,000)			(129	)
ITRAXX Eu20 5Y MYC, Strike Price $0.90, Expiring 6/18/2014		(100,000	)		(32	)
ITRAXX Eu21 5Y CBK, Strike Price $0.95, Expiring 9/17/2014		(500,000	)		(1,390)
ITRAXX Eu21 5Y CBK, Strike Price $1.00, Expiring 9/17/2014		(400,000	)		(926	)
ITRAXX Eu21 5Y GST, Strike Price $0.95, Expiring 9/17/2014		(200,000	)		(556	)
ITRAXX Eu21 5Y GST, Strike Price $1.00, Expiring 6/18/2014		(100,000	)		(41	)
ITRAXX Eu21 5Y GST, Strike Price $1.10, Expiring 9/17/2014		(200,000	)		(325	)

Description	Notional Amount			Value
ITRAXX Eu21 5Y JPM, Strike Price $0.90, Expiring 6/18/2014	$	(400,000	)	$	(323	)
ITRAXX Eu21 5Y JPM, Strike Price $0.95, Expiring 9/17/2014		(400,000	)		(1,112	)
ITRAXX Eu21 5Y JPM, Strike Price $1.10, Expiring 9/17/2014		(200,000)			(325	)
TOTAL PUT SWAPTIONS				$	(17,061	)
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $137,323)				$	(99,359	)
TOTAL INVESTMENTS AND WRITTEN OPTIONS – 100.4%				$	457,573,168
COLLATERAL FOR SECURITIES ON LOAN – (0.2%)					(992,730	)
OTHER LIABILITIES LESS ASSETS – (0.2%)					(1,062,285	)
TOTAL NET ASSETS – 100.0%				$	455,518,153

Cost of investments for Federal income tax purposes is $429,663,169. The net unrealized appreciation/(depreciation) of investments was $28,009,358. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $34,686,704 and net unrealized depreciation from investments for those securities having an excess of cost over value of $6,677,346.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,   credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investments in Securities
Inflation-Linked & Fixed Income Securities
Asset-Backed Securities	$	—	$	770,683	$	—	$	770,683
Corporate Bonds		—		3,266,480		—		3,266,480
Exchange-Traded Funds		7,014,000		—		—		7,014,000
Foreign Government Inflation-Linked Securities		—		98,245,034		—		98,245,034
Foreign Government Securities		—		9,906,515		—		9,906,515
Mortgage-Backed Securities		—		801,247		—		801,247
U.S. Government Agency Obligations		—		1,599,818		—		1,599,818
U.S. Government Inflation-Linked Securities		—		61,444,096		—		61,444,096
U.S. Treasury		—		408,274		—		408,274
Real Estate Related Securities
Common Stocks		48,168,476		—		—		48,168,476
Exchange-Traded Funds		18,085,233		—		—		18,085,233
Preferred Stocks		72,720		—		—		72,720
Real Estate Investment Trusts		115,441,061		—		—		115,441,061
Warrants		6,478		—		—		6,478
Commodity Related Securities
Exchange-Traded Fund		17,464,933		—		—		17,464,933
Investment Companies		37,716,814		—		—		37,716,814
Structured Note		—		4,620,000		—		4,620,000

ANNUAL REPORT / April 30, 2014

67 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

	Level 1			Level 2			Level 3		Total
Short-Term Investments
Money Market Funds	$	31,047,935		$	—		$	—	$	31,047,935
Repurchase Agreements		—			1,592,730			—		1,592,730
Total Investments		275,017,650			182,654,877			—		457,672,527
Other Financial Instruments^
Forward Foreign Currency Contracts		—			628,682			—		628,682
Financial Futures Contracts		32,253			—			—		32,253
Credit Default Swaps		—			75,264			—		75,264
Interest Rate Swaps		—			223,694			—		223,694
Total Assets	$	275,049,903		$	183,582,517		$	—	$	458,632,420
Liabilities
Other Financial Instruments^
Written Options		—			(99,359	)		—		(99,359	)
Forward Foreign Currency Contracts		—			(2,644,134	)		—		(2,644,134	)
Financial Futures Contracts		(48,753	)		—			—		(48,753	)
Interest Rate Swaps		—			(208,840	)		—		(208,840	)
Total Liabilities	$	(48,753	)	$	(2,952,333	)	$	—	$	(3,001,086	)

^ Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Portfolio of Investments. Financial futures contracts, credit default swaps, interest rate swaps and forward foreign currency contracts are valued at the unrealized appreciation (depreciation) on the instrument. Written options are reported at their market value at period end.

At April 30, 2014, the Wilmington Multi-Manager Real Asset Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
5/2/2014		Banc of America Securities		26,093,747 Euro	$	36,103,544	$	36,201,093		$  97,549
5/2/2014		Chase Manhattan Corp.		14,017,486 Pound Sterling		23,528,350		23,666,992		138,642
5/2/2014		Credit Suisse		3,950,000 Pound Sterling		6,632,801		6,669,143		36,342
5/2/2014		Banc of America Securities		3,361,583 New Zealand Dollar		2,886,526		2,898,691		12,165
5/2/2014		Morgan Stanley & Co., Inc.		2,858,219 Australian Dollar		2,651,927		2,655,278		3,351
5/2/2014		Citigroup Global Markets		2,630,461 Euro		3,640,821		3,649,363		8,542
5/2/2014		Credit Suisse		1,201,000 Euro		1,656,956		1,666,204		9,248
5/2/2014		Citigroup Global Markets		1,115,000 Euro		1,534,805		1,546,892		12,087
5/2/2014		Chase Manhattan Corp.		896,000 Euro		1,235,050		1,243,063		8,013
5/2/2014		Chase Manhattan Corp.		864,000 Pound Sterling		1,436,918		1,458,769		21,851
5/2/2014		Credit Suisse		810,000 Australian Dollar		755,762		752,485		(3,277)
5/2/2014		Credit Suisse		690,000 Pound Sterling		1,154,058		1,164,990		10,932
5/2/2014		Barclays Bank International		246,000 Euro		337,403		341,287		3,884
5/2/2014		Bank of Tokyo		13,739 Singapore Dollar		10,935		10,959		24
5/2/2014		Bank of Tokyo		8,293 Euro		11,490		11,505		15
5/5/2014		Banc of America Securities		11,902,975 Brazilian Real		5,323,334		5,329,621		6,287
5/5/2014		Morgan Stanley & Co., Inc.		9,121,451 Brazilian Real		4,122,876		4,084,179		(38,697)
5/5/2014		Credit Suisse		5,793,317 Brazilian Real		2,569,099		2,593,989		24,890
5/5/2014		JP Morgan Securities		5,768,420 Brazilian Real		2,580,949		2,582,843		1,894
5/5/2014		JP Morgan Securities		5,695,257 Brazilian Real		2,558,516		2,550,082		(8,434)
5/5/2014		JP Morgan Securities		2,683,926 Brazilian Real		1,169,683		1,201,742		32,059
5/5/2014		JP Morgan Securities		2,585,639 Brazilian Real		1,131,150		1,157,734		26,584

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 68

Wilmington Multi-Manager Real Asset Fund (continued)

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED (continued)
5/5/2014		Morgan Stanley & Co., Inc.		1,778,519 Brazilian Real		$     763,051		$     796,341		$   33,290
5/5/2014		Citigroup Global Markets		1,630,746 Brazilian Real		729,314		730,175		861
5/5/2014		Credit Suisse		1,102,587 Brazilian Real		493,107		493,689		582
5/5/2014		Morgan Stanley & Co., Inc.		58,334 Brazilian Real		26,188		26,119		(69)
5/5/2014		Bank of Tokyo		11,139 Singapore Dollar		8,876		8,885		9
5/5/2014		Bank of Tokyo		3,324 Euro		4,592		4,611		19
5/6/2014		Deutsche Bank		2,803,231,320 Colombian Peso		1,453,581		1,446,664		(6,917)
5/6/2014		Bank of New York		23,106 Pound Sterling		39,002		39,011		9
5/6/2014		Bank of Tokyo		14,104 Singapore Dollar		11,240		11,250		10
5/8/2014		Societe General Securities		54,468,559 Japanese Yen		532,555		532,805		250
5/13/2014		Citigroup Global Markets		256,600,000 Japanese Yen		2,507,670		2,510,108		2,438
5/13/2014		Chase Manhattan Corp.		30,000,000 Japanese Yen		296,481		293,466		(3,015)
5/13/2014		Credit Suisse		14,975,000 Swedish Krona		2,281,851		2,302,509		20,658
5/13/2014		Barclays Bank International		11,225,000 Swedish Krona		1,740,534		1,725,920		(14,614)
5/14/2014		Goldman Sachs & Company		33,608,702 Mexican Peso		2,571,931		2,565,926		(6,005)
5/14/2014		Citigroup Global Markets		25,350,000 Mexican Peso		1,917,042		1,935,398		18,356
5/14/2014		HSBC Securities, Inc.		7,676,000 Mexican Peso		580,710		586,040		5,330
5/14/2014		Royal Bank of Canada		1,164,525 Mexican Peso		88,547		88,908		361
6/3/2014		Deutsche Bank		2,705,000 Euro		3,743,241		3,752,473		9,232
6/3/2014		Chase Manhattan Corp.		1,246,000 Pound Sterling		2,094,341		2,103,176		8,835
6/3/2014		Credit Suisse		990,080 Brazilian Real		442,000		439,230		(2,770)
6/3/2014		Goldman Sachs & Company		649,383 Brazilian Real		289,000		288,086		(914)
6/3/2014		Goldman Sachs & Company		647,238 Brazilian Real		288,946		287,135		(1,811)
6/3/2014		Goldman Sachs & Company		258,564 Brazilian Real		116,000		114,707		(1,293)
6/25/2014		Goldman Sachs & Company		3,960,000 Mexican Peso		296,874		301,251		4,377
6/26/2014		Societe General Securities		453,689 Pound Sterling		764,519		765,672		1,153
CONTRACTS SOLD
5/1/2014		Bank of Tokyo		17,371 Australian Dollar		16,054		16,138		(84)
5/2/2014		Royal Bank of Scotland		24,720,526 Euro		34,055,714		34,295,957		(240,243)
5/2/2014		Royal Bank of Scotland		19,207,990 Pound Sterling		31,643,934		32,430,590		(786,656)
5/2/2014		Banc of America Securities		3,668,219 Australian Dollar		3,376,798		3,407,766		(30,968)
5/2/2014		Credit Suisse		3,480,000 Euro		4,799,139		4,827,969		(28,830)
5/2/2014		Banc of America Securities		2,387,682 Euro		3,292,614		3,312,545		(19,931)
5/2/2014		Banc of America Securities		1,514,815 New Zealand Dollar		1,300,000		1,306,224		(6,224)
5/2/2014		Morgan Stanley & Co., Inc.		1,018,768 New Zealand Dollar		874,925		878,483		(3,558)
5/2/2014		Citigroup Global Markets		956,000 Euro		1,319,770		1,326,304		(6,534)
5/2/2014		Royal Bank of Canada		828,000 New Zealand Dollar		719,951		713,984		5,967
5/2/2014		Goldman Sachs & Company		347,000 Euro		482,048		481,410		638
5/2/2014		Barclays Bank International		313,496 Pound Sterling		525,000		529,304		(4,304)
5/2/2014		Goldman Sachs & Company		188,000 Euro		260,288		260,821		(533)
5/2/2014		Chase Manhattan Corp.		103,000 Euro		142,188		142,897		(709)
5/2/2014		Bank of Tokyo		22,148 Australian Dollar		20,542		20,575		(33)
5/5/2014		Morgan Stanley & Co., Inc.		9,799,209 Brazilian Real		4,382,473		4,387,649		(5,176)

ANNUAL REPORT / April 30, 2014

69 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS SOLD (continued)
5/5/2014		Credit Suisse		6,031,745 Brazilian Real	$	2,536,265	$	2,700,747	$	(164,482)
5/5/2014		JP Morgan Securities		6,005,212 Brazilian Real		2,524,949		2,688,866		(163,917)
5/5/2014		Banc of America Securities		5,976,222 Brazilian Real		2,515,457		2,675,886		(160,429)
5/5/2014		Banc of America Securities		5,926,753 Brazilian Real		2,494,162		2,653,735		(159,573)
5/5/2014		JP Morgan Securities		5,890,930 Brazilian Real		2,505,553		2,637,696		(132,143)
5/5/2014		JP Morgan Securities		4,837,099 Brazilian Real		2,163,282		2,165,837		(2,555)
5/5/2014		Citigroup Global Markets		1,630,746 Brazilian Real		693,006		730,176		(37,170)
5/5/2014		Morgan Stanley & Co., Inc.		1,159,095 Brazilian Real		509,000		518,991		(9,991)
5/5/2014		Credit Suisse		864,159 Brazilian Real		377,000		386,932		(9,932)
5/5/2014		Bank of New York		7,953 Euro		10,981		11,034		(53)
5/5/2014		Bank of Tokyo		3,014 Australian Dollar		2,794		2,799		(5)
5/6/2014		Deutsche Bank		1,081,137,728 Colombian Peso		549,359		557,943		(8,584)
5/6/2014		Citigroup Global Markets		518,731,390 Colombian Peso		269,695		267,702		1,993
5/6/2014		Citigroup Global Markets		518,731,390 Colombian Peso		269,275		267,702		1,573
5/6/2014		Citigroup Global Markets		276,178,942 Colombian Peso		141,196		142,528		(1,332)
5/6/2014		Citigroup Global Markets		255,033,592 Colombian Peso		129,393		131,615		(2,222)
5/6/2014		Citigroup Global Markets		153,418,279 Colombian Peso		79,872		79,175		697
5/6/2014		Societe General Securities		453,689 Pound Sterling		764,815		765,968		(1,153)
5/13/2014		Citigroup Global Markets		254,200,000 Japanese Yen		2,491,874		2,486,631		5,243
5/13/2014		Citigroup Global Markets		36,000,000 Japanese Yen		353,024		352,158		866
5/13/2014		Barclays Bank International		26,414,000 Swedish Krona		4,069,295		4,061,332		7,963
5/14/2014		Citigroup Global Markets		24,963,036 Mexican Peso		1,872,485		1,905,854		(33,369)
5/14/2014		Chase Manhattan Corp.		24,963,036 Mexican Peso		1,863,469		1,905,854		(42,385)
5/14/2014		Morgan Stanley & Co., Inc.		8,241,013 Mexican Peso		623,000		629,177		(6,177)
5/14/2014		Citigroup Global Markets		7,150,000 Mexican Peso		536,581		545,881		(9,300)
5/14/2014		Citigroup Global Markets		2,183,143 Mexican Peso		164,000		166,677		(2,677)
5/14/2014		Barclays Bank International		299,000 Mexican Peso		22,805		22,828		(23)
5/14/2014		Morgan Stanley & Co., Inc.		178,714 Turkish Lira		78,021		84,316		(6,295)
6/3/2014		Banc of America Securities		26,093,747 Euro		36,100,700		36,198,180		(97,480)
6/3/2014		Chase Manhattan Corp.		14,017,486 Pound Sterling		23,522,617		23,660,707		(138,090)
6/3/2014		Credit Suisse		5,793,317 Brazilian Real		2,547,913		2,570,092		(22,179)
6/3/2014		JP Morgan Securities		5,768,420 Brazilian Real		2,559,590		2,559,047		543
6/3/2014		JP Morgan Securities		5,695,257 Brazilian Real		2,537,484		2,526,590		10,894
6/3/2014		Banc of America Securities		3,361,583 New Zealand Dollar		2,878,925		2,890,100		(11,175)
6/3/2014		Morgan Stanley & Co., Inc.		2,858,219 Australian Dollar		2,646,031		2,648,960		(2,929)
6/3/2014		Citigroup Global Markets		2,678,849 Brazilian Real		1,113,589		1,188,419		(74,830)
6/3/2014		Citigroup Global Markets		2,630,000 Euro		3,639,775		3,648,430		(8,655)
6/3/2014		Banc of America Securities		1,590,000 Euro		2,204,656		2,205,705		(1,049)
6/3/2014		Morgan Stanley & Co., Inc.		58,334 Brazilian Real		25,969		25,879		90
6/25/2014		Goldman Sachs & Company		6,995,486 Mexican Peso		521,876		532,171		(10,295)
6/26/2014		Societe General Securities		88,459,643 Japanese Yen		867,062		865,554		1,508
6/26/2014		Societe General Securities		54,468,559 Japanese Yen		532,707		532,960		(253)
6/26/2014		Societe General Securities		8,489,044 Pound Sterling		14,268,043		14,326,606		(58,563)
6/26/2014		UBS AG		7,235,390 Euro		10,025,935		10,036,551		(10,616)
6/26/2014		Societe General Securities		5,307,534 Swedish Krona		807,664		815,426		(7,762)
6/26/2014		Societe General Securities		1,181,385 Canadian Dollar		1,071,369		1,076,362		(4,993)
6/26/2014		UBS AG		593,338 Australian Dollar		552,523		549,026		3,497

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 70

Wilmington Multi-Manager Real Asset Fund (continued)

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount			Contract at Value			Unrealized Appreciation (Depreciation)
CONTRACTS SOLD (continued)
7/23/2014		JP Morgan Securities		34,648,671 Thai Baht		$	1,070,395		$	1,066,786		$	3,609
7/30/2014		JP Morgan Securities		2,644,636 Polish Zloty			868,523			868,348			175
8/25/2014		Goldman Sachs & Company		33,608,702 Mexican Peso			2,551,429			2,544,420			7,009
8/25/2014		Royal Bank of Canada		1,164,525 Mexican Peso			87,836			88,163			(327)
10/2/2014		Credit Suisse		1,023,805 Brazilian Real			442,000			438,949			3,051
10/2/2014		Goldman Sachs & Company		671,376 Brazilian Real			289,000			287,848			1,152
10/2/2014		Goldman Sachs & Company		668,735 Brazilian Real			288,946			286,716			2,230
10/2/2014		Goldman Sachs & Company		267,322 Brazilian Real			116,000			114,612			1,388
10/15/2014		Chase Manhattan Corp.		16,217,706 South African Rand			1,477,870			1,497,442			(19,572)
10/16/2014		Deutsche Bank		2,803,231,320 Colombian Peso			1,431,023			1,422,556			8,467
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS													(2,015,452)

At April 30, 2014, the Wilmington Multi-Manager Real Asset Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Contract Amount			Contract at Value			Unrealized Appreciation (Depreciation)
LONG POSITIONS:
90 DAY STERLING		June 2015		191		$	39,810,473		$	39,842,726		$	32,253
SHORT POSITIONS:
EURO-BOBL FUTURE		June 2014		20			3,475,955			3,489,734			(13,779)
EURO-BUND FUTURE		June 2014		4			793,108			802,109			(9,001)
LONG 10YR GILT FUTURE		June 2014		10			1,836,828			1,862,801			(25,973)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS												$	(16,500)

ANNUAL REPORT / April 30, 2014

71 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

At April 30, 2014, the Wilmington Multi-Manager Real Asset Fund had open interest rate swap contracts as follows:

Counterparty	Termination Date		Notional Amount		Fixed Rate		Floating Rate	Fair Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Centrally Cleared
Chicago Mercantile Exchange*		06/18/44		$4,700,000		3.75%	3 Month USD LIBOR		$(258,925	)		$(261,727	)		$2,802
Chicago Mercantile Exchange#		06/18/19		13,100,000		4.00	6 Month BBR BBSW Index		212,715			47,041			165,674
Chicago Mercantile Exchange*		09/18/23		140,000,000		1.00	6 Month JPY LIBOR		(33,275	)		(9,264	)		(24,011	)
Chicago Mercantile Exchange*		09/18/23		120,000,000		1.00	6 Month JPY LIBOR		(28,522	)		(6,099	)		(22,423	)
									$(108,007	)		$(230,049	)		$122,042
Over the Counter
Bank of America NA#		02/09/29		$26,400,000		7.38	28 Day MXN TIIE		$41,504			$17,452			$24,052
Barclays Bank PLC*		12/19/15		2,800,000		1.73	US Urban Consumers NSA		7,161			—			7,161
Deutsche Bank AG*		11/29/16		3,500,000		1.85	US Urban Consumers NSA		5,988			—			5,988
Deutsche Bank AG*		11/29/16		900,000		1.83	US Urban Consumers NSA		2,089			—			2,089
Deutsche Bank AG*		02/10/17		6,200,000		1.93	US Urban Consumers NSA		15,826			—			15,826
Goldman Sachs Group, Inc.*		02/12/17		500,000		2.42	US Urban Consumers NSA		(11,951	)		—			(11,951	)
RBS Securities, Inc.*		07/15/17		2,400,000		2.25	US Urban Consumers NSA		(55,261	)		161			(55,422	)
Citibank NA*		07/15/17		200,000		2.25	US Urban Consumers NSA		135			33			102
Goldman Sachs Group, Inc.*		07/15/22		1,600,000		2.50	US Urban Consumers NSA		(46,826	)		26,286			(73,112	)
Citibank NA*		07/15/22		500,000		2.50	US Urban Consumers NSA		(2,009	)		3,201			(5,210	)
Deutsche Bank AG*		07/15/22		400,000		2.50	US Urban Consumers NSA		(11,706	)		5,005			(16,711	)
									$(55,050	)		$52,138			$(107,188	)
Net Unrealized Appreciation (Depreciation) on Interest Rate Swap Contracts									$(163,057	)		$(177,911	)		$14,854

At April 30, 2014, 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 April 30, 2014(b)		Fair Value(c)			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Centrally Cleared
IntercontinentalExchange##		06/20/19		$19,300,000		1.00%	CDX IG22 5Y BP		0.64%		$339,101			$322,157			$16,944
IntercontinentalExchange##		06/20/19		2,100,000		1.00	CDX IG22 5Y BP		0.64%		36,897			33,963			2,934
IntercontinentalExchange##		06/20/24		2,400,000		1.00	CDX ITRAXX MAIN21 10Y BP		1.16%		(46,016	)		(59,205	)		13,189
IntercontinentalExchange##		06/20/24		1,400,000		1.00	CDX ITRAXX MAIN21 10Y BP		1.16%		(26,842	)		(32,731	)		5,889
IntercontinentalExchange##		06/20/19		2,000,000		1.00	CDX ITRAXX MAIN21 5Y BP		0.7%		40,893			40,372			521
											$344,033			$304,556			$39,477
Over the Counter
Bank of America NA##		03/20/19		$300,000		1.00	BRL LA SP BOA		1.39%		$(5,079	)		$(14,658	)		$9,579
Morgan Stanley Capital Services##		03/20/19		800,000		1.00	BRL LA SP MYC		1.39%		(13,544	)		(38,440	)		24,896
Bank of America NA##		03/20/19		100,000		1.00	RUB EM SP BOA		2.56%		(6,853	)		(8,165	)		1,312
											$(25,476	)		$(61,263	)		$35,787
NET UNREALIZED APPRECIATION   (DEPRECIATION) ON CREDIT   DEFAULT SWAP CONTRACTS											$318,557			$243,293			$75,264

* Portfolio pays the fixed rate and receives the floating rate.

# 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.

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 72

Wilmington Multi-Manager Real Asset Fund (concluded)

(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) “Implied credit spreads”, represented in absolute terms, are 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. Implied credit spreads 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.

(c) “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.

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

73

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Conservative Fund

At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):

Percentage of
Total Net Assets

Debt Funds	60.2%
Equity Funds	19.1%
Alternative Investment Funds	13.0%
Exchange-Traded Funds	5.6%
Money Market Fund	1.2%
Commodity Fund	0.9%
Other Assets and Liabilities – Net1	0.0%2
TOTAL	100.0%

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

(2) Represents Less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Number of Shares		Value
INVESTMENT COMPANIES – 100.0%
ALTERNATIVE INVESTMENT FUNDS – 13.0%
AQR Managed Futures Strategy Fund, Class I		103,740	$	1,028,065
Gateway Fund, Class Y		51,357		1,496,038
Legg Mason BW Absolute Return Opportunities Fund, Class I		74,163		934,450
PIMCO Unconstrained Bond Fund, Institutional Shares		180,103		2,020,755
TOTAL ALTERNATIVE INVESTMENT FUNDS			$	5,479,308
COMMODITY FUND – 0.9%
Credit Suisse Commodity Return Strategy Fund, Class I*		49,046		385,504
DEBT FUNDS – 60.2%
Federated Ultrashort Bond Fund, Institutional Shares¤		280,151		2,568,982
FPA New Income, Inc.		124,589		1,279,525
RidgeWorth Seix Floating Rate High Income Fund, Class I		264,666		2,392,577
Scout Unconstrained Bond Fund		108,791		1,277,209
Wilmington Intermediate-Term Bond Fund, Class I§		1,775,859		17,936,178
TOTAL DEBT FUNDS			$	25,454,471
EQUITY FUNDS – 19.1%
DFA U.S. Small Cap Value Portfolio, Institutional Shares		6,318		222,063

Description	Number of Shares		Value
Diamond Hill Large Cap Fund, Class Y		15,618	$	343,753
LSV Value Equity Fund		15,470		347,448
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I		23,953		871,170
Morgan Stanley Institutional Fund, Inc. - Small Company Growth Portfolio, Class I		18,975		325,237
T Rowe Price Institutional Large-Cap Growth Fund		34,370		908,750
Wilmington Large-Cap Strategy Fund, Class I§		32,816		566,737
Wilmington Mid-Cap Growth Fund, Class I§		54,798		994,576
Wilmington Multi-Manager International Fund, Class I§		396,644		3,149,355
Wilmington Small-Cap Strategy Fund, Class I§		23,850		344,158
TOTAL EQUITY FUNDS			$	8,073,247
EXCHANGE-TRADED FUNDS – 5.6%
iShares Cohen & Steers REIT ETF		5,150		440,067
iShares Russell Mid-Cap Value ETF		4,954		341,876
iShares TIPS ETF		9,350		1,061,973
SPDR Dow Jones International Real Estate ETF		11,850		506,114
TOTAL EXCHANGE-TRADED FUNDS			$	2,350,030

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 74

Wilmington Strategic Allocation Conservative Fund (concluded)

Description	Number of Shares		Value
MONEY MARKET FUND – 1.2%
Wilmington Prime Money Market Fund, Institutional Class, 0.01%^,§		504,720	$	504,720
TOTAL INVESTMENT COMPANIES
(COST $40,575,588)			$	42,247,280
TOTAL INVESTMENTS – 100.0%
(COST $40,575,588)			$	42,247,280
OTHER ASSETS LESS LIABILITIES – 0.0%**				13,831
TOTAL NET ASSETS – 100.0%			$	42,261,111

Cost of investments for Federal income tax purposes is $40,975,225. The net unrealized appreciation/(depreciation) of investments was $1,272,055. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,643,473 and net unrealized depreciation from investments for those securities having an excess of cost over value of $371,418.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	42,247,280	$	—	$	—	$	42,247,280
Total	$	42,247,280	$	—	$	—	$	42,247,280

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

75

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Moderate Fund

At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):

Investment Companies: Percentage of
Total Net Assets

Equity Funds	51.8	%
Debt Funds	13.8	%
Exchange-Traded Funds	7.0	%
Alternative Investment Funds	13.0	%
Money Market Fund	1.3	%
Commodity Fund	0.9	%
Corporate Bonds	6.8	%
Mortgage-Backed Securities	2.8	%
U.S. Treasury	1.9	%
Collateralized Mortgage Obligations	0.5	%
Enhanced Equipment Trust Certificates	0.2	%
Cash Equivalents1	1.4	%
Other Assets and Liabilities – Net2	(1.4	)%
TOTAL	100.0	%

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Number of Shares		Value
INVESTMENT COMPANIES – 87.8%
ALTERNATIVE INVESTMENT FUNDS – 13.0%
AQR Managed Futures Strategy Fund, Class I		148,864	$	1,475,242
Gateway Fund, Class Y		78,377		2,283,113
Legg Mason BW Absolute Return Opportunities Fund, Class I		117,969		1,486,410
PIMCO Unconstrained Bond Fund, Institutional Shares		206,008		2,311,408
TOTAL ALTERNATIVE INVESTMENT FUNDS			$	7,556,173
COMMODITY FUND – 0.9%
Credit Suisse Commodity Return Strategy Fund, Class I*		67,439		530,068
DEBT FUNDS – 13.8%
Federated Ultrashort Bond Fund, Institutional Shares¤		197,548		1,811,519
FPA New Income, Inc.		92,643		951,442
RidgeWorth Seix Floating Rate High Income Fund, Class I		348,905		3,154,103

Description	Number of Shares		Value
Scout Unconstrained Bond, Institutional Shares		181,910	$	2,135,628
TOTAL DEBT FUNDS			$	8,052,692
EQUITY FUNDS – 51.8%
DFA U.S. Small Cap Value Portfolio, Institutional Shares		25,071		881,257
Diamond Hill Large Cap Fund, Class Y		62,036		1,365,403
Harbor International Fund, Institutional Shares		66,441		4,876,744
Lazard Emerging Markets Equity Portfolio, Institutional Shares		32,284		603,063
LSV Value Equity Fund		61,368		1,378,334
MFS International New Discovery Fund, Class I		21,651		639,582
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I		104,641		3,805,789
Morgan Stanley Institutional Fund, Inc. - Small Company Growth Portfolio, Class I		77,482		1,328,041
T Rowe Price Institutional Large-Cap Growth Fund		144,559		3,822,151

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    76

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Number of Shares		Value
Wilmington Mid-Cap Growth Fund, Class I§		226,973	$	4,119,565
Wilmington Multi-Manager International Fund, Class I§		764,554		6,070,558
Wilmington Small-Cap Strategy Fund, Class I§		90,727		1,309,185
TOTAL EQUITY FUNDS			$	30,199,672
EXCHANGE-TRADED FUNDS – 7.0%
iShares Cohen & Steers REIT ETF#		6,925		591,741
iShares Russell Mid-Cap Value ETF#		20,528		1,416,637
iShares TIPS ETF		12,350		1,402,713
SPDR Dow Jones International Real Estate ETF		16,300		696,173
TOTAL EXCHANGE-TRADED FUNDS			$	4,107,264
MONEY MARKET FUND – 1.3%
Wilmington Prime Money Market Fund, Institutional Class, 0.01%^,§		727,547		727,547
TOTAL INVESTMENT COMPANIES (COST $45,739,786)			$	51,173,416
	Par Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.5%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
Series 1988-23, Class C, 9.75%, 9/25/18	$	1,040	$	1,169
Series 2012-114, Class VM, 3.50%, 10/25/25		180,103		186,399
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	187,568
WHOLE LOAN – 0.2%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 2.93%, 2/25/34D		53,869		51,451
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.75%, 11/25/35D		37,558		33,787
TOTAL WHOLE LOAN			$	85,238
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $293,258)			$	272,806
CORPORATE BONDS – 6.8%
AEROSPACE & DEFENSE – 0.2%
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16		85,000		90,760
BANKS – 0.0%**
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		20,000		20,601
BEVERAGES – 0.3%
Anheuser-Busch Cos. LLC, Company Guaranteed, 5.05%, 10/15/16		130,000		143,116

	Par Value		Value
Diageo Capital PLC, Company Guaranteed, 3.88%, 4/29/43	$	15,000	$	13,938
Dr. Pepper Snapple Group, Inc., Company Guaranteed, 2.00%, 1/15/20		10,000		9,773
TOTAL BEVERAGES			$	166,827
CAPITAL MARKETS – 0.4%
BlackRock, Inc., Sr. Unsecured, 3.38%, 6/01/22		38,000		38,896
Charles Schwab Corp., Sr. Unsecured, 2.20%, 7/25/18		15,000		15,234
Goldman Sachs Group, Inc., Sr. Unsecured, 3.30%, 5/03/15		100,000		102,648
Morgan Stanley, Sr. Unsecured, 1.51%, 2/25/16D		35,000		35,510
Morgan Stanley, Sr. Unsecured, 1.09%, 1/24/19D		30,000		30,112
TOTAL CAPITAL MARKETS			$	222,400
CHEMICALS – 0.1%
Dow Chemical Co., Sr. Unsecured, 3.00%, 11/15/22		70,000		67,397
COMMERCIAL BANKS – 0.1%
HSBC USA, Inc., Sr. Unsecured, 2.63%, 9/24/18		40,000		41,223
Wells Fargo & Co., Series M, Subordinated, 3.45%, 2/13/23		35,000		34,353
TOTAL COMMERCIAL BANKS			$	75,576
COMMERCIAL FINANCE – 0.1%
General Electric Capital Corp., Sr. Unsecured, MTN, 2.30%, 4/27/17		70,000		72,306
COMPUTERS – 0.3%
Apple, Inc., Sr. Unsecured, 1.05%, 5/05/17		45,000		45,101
Apple, Inc., Sr. Unsecured, 3.85%, 5/04/43		35,000		31,816
Hewlett-Packard Co., Sr. Unsecured, 4.75%, 6/02/14		80,000		80,288
TOTAL COMPUTERS			$	157,205
CONSUMER FINANCE – 0.2%
American Express Co., Sr. Unsecured, FRN, 0.83%, 5/22/18D		30,000		30,212
Capital One Financial Corp., Sr. Unsecured, 7.38%, 5/23/14		100,000		100,424
TOTAL CONSUMER FINANCE			$	130,636
DIVERSIFIED FINANCIAL SERVICES – 0.6%
Bank of America Corp., Sr. Unsecured, 2.00%, 1/11/18		50,000		50,221
Citigroup, Inc., Sr. Unsecured, 6.00%, 8/15/17		100,000		113,364
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39•,W		100,000		124,417

ANNUAL REPORT / April 30, 2014

77    PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
Ford Motor Credit Co., LLC, Sr. Unsecured, 7.00%, 4/15/15	$	35,000	$	37,091
Hyundai Capital America, Sr. Unsecured, 1.88%, 8/09/16•,W		25,000		25,392
JPMorgan Chase & Co., Subordinated Notes, 3.38%, 5/01/23		20,000		19,154
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	369,639
ELECTRIC – 0.4%
Appalachian Power Co.,
Sr. Unsecured, 5.00%, 6/01/17		35,000		38,191
DTE Energy Co.,
Sr. Unsecured, 3.85%, 12/01/23		10,000		10,284
Entergy Corp.,
Sr. Unsecured, 5.13%, 9/15/20		90,000		98,542
Pacific Gas & Electric Co.,
Sr. Unsecured, 3.75%, 2/15/24		20,000		20,364
UIL Holdings Corp.,
Sr. Unsecured, 4.63%, 10/01/20		70,000		73,661
TOTAL ELECTRIC			$	241,042
ENVIORNMENTAL CONTROL – 0.1%
Waste Management, Inc.,
Company Guaranteed, 2.60%, 9/01/16		60,000		62,368
FOOD – 0.2%
Kroger Co.,
Company Guaranteed, 3.90%, 10/01/15		100,000		104,584
FOREST PRODUCTS & PAPER – 0.2%
International Paper Co.,
Sr. Unsecured, 5.30%, 4/01/15		100,000		104,304
HEALTH CARE PROVIDERS & SERVICES – 0.0%**
UnitedHealth Group, Inc.,
Sr. Unsecured, 2.75%, 2/15/23		25,000		23,999
HOME FURNISHINGS – 0.1%
Whirlpool Corp.,
Sr. Unsecured, 4.70%, 6/01/22		65,000		70,166
Whirlpool Corp.,
Sr. Unsecured, MTN, 5.15%, 3/01/43		10,000		10,520
TOTAL HOME FURNISHINGS			$	80,686
HOUSEHOLD PRODUCTS – 0.1%
Tupperware Brands Corp.,
Company Guaranteed, 4.75%, 6/01/21		60,000		63,588
INSURANCE – 0.4%
American International Group, Inc.,
Sr. Unsecured, 3.80%, 3/22/17		100,000		107,144
Berkshire Hathaway Finance Corp.,
Company Guaranteed, 4.30%, 5/15/43		20,000		19,533
CNA Financial Corp.,
Sr. Unsecured, 3.95%, 5/15/24#		35,000		35,792
WR Berkley Corp.,
Sr. Unsecured, 4.63%, 3/15/22		60,000		63,363
TOTAL INSURANCE			$	225,832

Description	Par Value		Value
MEDIA – 0.3%
COX Communications, Inc.,
Sr. Unsecured, 4.50%, 6/30/43•,W	$	100,000	$	93,325
Viacom, Inc.,
Sr. Unsecured, 2.50%, 12/15/16		60,000		62,189
TOTAL MEDIA			$	155,514
METALS & MINING – 0.1%
Rio Tinto Finance USA Ltd.,
Company Guaranteed, 9.00%, 5/01/19		60,000		78,882
MISCELLANEOUS MANUFACTURING – 0.2%
General Electric Co.,
Sr. Unsecured, 4.13%, 10/09/42		35,000		34,231
Illinois Tool Works, Inc.,
Sr. Unsecured, 3.50%, 3/01/24		45,000		45,529
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		20,000		20,457
TOTAL MISCELLANEOUS MANUFACTURING			$	100,217
OFFICE/BUSINESS EQUIPMENT – 0.1%
Xerox Corp.,
Sr. Unsecured, 2.75%, 3/15/19		30,000		30,452
OIL & GAS – 0.4%
BP Capital Markets PLC,
Company Guaranteed, 2.50%, 11/06/22		50,000		47,312
Exxon Mobil Corp.,
Sr. Unsecured, 1.82%, 3/15/19		30,000		30,090
Husky Energy, Inc.,
Sr. Unsecured, 4.00%, 4/15/24		15,000		15,487
Marathon Oil Corp.,
Sr. Unsecured, 2.80%, 11/01/22		45,000		42,997
Murphy Oil Corp.,
Sr. Unsecured, 5.13%, 12/01/42		70,000		67,966
Petrobras Global Finance BV,
Company Guaranteed, 2.00%, 5/20/16		30,000		30,037
TOTAL OIL & GAS			$	233,889
PHARMACEUTICALS – 0.2%
AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42		20,000		20,216
Novartis Capital Corp.,
Company Guaranteed, 4.40%, 5/06/44		75,000		76,966
Zoetis, Inc.,
Sr. Unsecured, 4.70%, 2/01/43		15,000		15,300
TOTAL PHARMACEUTICALS			$	112,482
PIPELINES – 0.2%
Buckeye Partners LP,
Sr. Unsecured, 2.65%, 11/15/18		40,000		39,934
Energy Transfer Partners LP,
Sr. Unsecured, 3.60%, 2/01/23#		35,000		34,105
ONEOK Partners LP,
Company Guaranteed, 6.20%, 9/15/43		45,000		53,156
TOTAL PIPELINES			$	127,195

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    78

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
REAL ESTATE INVESTMENT TRUSTS – 0.9%
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24	$	15,000	$	15,980
CommonWealth REIT,
Sr. Unsecured, 6.65%, 1/15/18		100,000		111,597
Digital Realty Trust LP,
Company Guaranteed, 5.88%, 2/01/20#		100,000		110,229
HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		15,000		15,452
Health Care REIT, Inc.,
Sr. Unsecured, 4.70%, 9/15/17		100,000		109,454
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		40,000		38,674
Mack-Cali Realty LP,
Sr. Unsecured, 2.50%, 12/15/17		90,000		90,967
ProLogis LP,
Company Guaranteed, 3.35%, 2/01/21		35,000		35,298
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	527,651
RETAIL – 0.1%
CVS Caremark Corp.,
Sr. Unsecured, 5.75%, 6/01/17		49,000		55,564
SEMICONDUCTORS – 0.1%
Intel Corp.,
Sr. Unsecured, 2.70%, 12/15/22		35,000		33,850
TELECOMMUNICATIONS – 0.2%
AT&T, Inc.,
FRN, Sr. Unsecured, 1.14%, 11/27/18D		55,000		56,072
Verizon Communications, Inc.,
Sr. Unsecured, 6.40%, 9/15/33		35,000		42,337
TOTAL TELECOMMUNICATIONS			$	98,409
TRANSPORTATION – 0.2%
FedEx Corp.,
Company Guaranteed, 3.88%, 8/01/42		30,000		26,824
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/18		55,000		56,213
TOTAL TRANSPORTATION			$	83,037
TRUCKING & LEASING – 0.0%**
GATX Corp.,
Sr. Unsecured, 5.20%, 3/15/44		20,000		21,281
TOTAL CORPORATE BONDS (COST $3,821,427)			$	3,938,173
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2%
AIRLINES – 0.2%
Continental Airlines 2009-2,
Series A, Pass-Through Certificates,
7.25%, 11/10/19		66,086		77,362

Description	Par Value		Value
Delta Air Lines, 2007-1,
Series A, Pass-Through Certificates,
6.82%, 8/10/22	$	52,048	$	61,547
TOTAL AIRLINES			$	138,909
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $117,735)			$	138,909
MORTGAGE-BACKED SECURITIES – 2.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.2%
Pool A15865, 5.50%, 11/01/33		76,274		84,385
Pool A19412, 5.00%, 3/01/34		192,376		211,627
Pool C00478, 8.50%, 9/01/26		2,734		3,139
Pool C03517, 4.50%, 9/01/40		60,360		64,925
Pool C04305, 3.00%, 11/01/42		237,540		231,461
Pool C09020, 3.50%, 11/01/42		243,096		246,890
Pool G05774, 5.00%, 1/01/40		418,864		462,284
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,304,711
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.4%
Pool 533246, 7.50%, 4/01/30		18,521		19,522
Pool AB4089, 3.00%, 12/01/26		55,559		57,563
Pool AJ4050, 4.00%, 10/01/41		175,321		184,050
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	261,135
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.2%
Pool 354677, 7.50%, 10/15/23		21,961		24,964
Pool 354765, 7.00%, 2/15/24		28,903		32,926
Pool 354827, 7.00%, 5/15/24		26,172		29,731
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	87,621
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,624,012)			$	1,653,467
U.S. TREASURY – 1.9%
U.S. TREASURY BONDS – 0.5%
4.38%, 5/15/40		190,000		222,969
4.75%, 2/15/37		21,000		25,881
TOTAL U.S. TREASURY BONDS			$	248,850
U.S. TREASURY NOTES – 1.4%
0.63%, 9/30/17		40,000		39,380
1.50%, 12/31/18		87,000		86,629
1.50%, 3/31/19		100,000		99,262
1.63%, 11/15/22		96,000		89,448
2.13%, 5/31/15		65,000		66,405
2.13%, 8/31/20		115,000		115,305
3.50%, 5/15/20		100,000		108,765

ANNUAL REPORT / April 30, 2014

79    PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
4.50%, 2/15/16	$	100,000	$	107,494
4.50%, 5/15/17		100,000		110,824
TOTAL U.S. TREASURY NOTES			$	823,512
TOTAL U.S. TREASURY (COST $1,019,515)			$	1,072,362
	Number of Shares
MONEY MARKET FUND – 0.2%
Dreyfus Cash Management Fund,
Institutional Shares, 0.03%^		135,211	$	135,211
TOTAL MONEY MARKET FUND (COST $135,211)			$	135,211
TOTAL INVESTMENTS IN SECURITIES – 100.2% (COST $52,750,944)			$	58,384,344
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.2%
REPURCHASE AGREEMENTS – 1.2%
Mizuho Securities USA, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $736,601, collateralized by U.S. Treasury Securities 0.00% to 4.25%, maturing 05/01/14 to 02/15/44; total market value of $751,332.	$	736,600	$	736,600
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $736,600)			$	736,600
TOTAL INVESTMENTS – 101.4% (COST $53,487,544)			$	59,120,944
COLLATERAL FOR SECURITIES ON LOAN – (1.2%)				(736,600	)
OTHER LIABILITIES LESS ASSETS – (0.2%)				(95,965	)
TOTAL NET ASSETS – 100.0%			$	58,288,379

Cost of investments for Federal income tax purposes is $54,219,967. The net unrealized appreciation/(depreciation) of investments was $4,900,977. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $5,602,217 and net unrealized depreciation from investments for those securities having an excess of cost over value of $701,239.

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    80

Wilmington Strategic Allocation Aggressive Fund (concluded)

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	51,173,416	$	—	$	—	$	51,173,416
Collateralized Mortgage Obligations		—		272,806		—		272,806
Corporate Bonds		—		3,938,173		—		3,938,173
Enhanced Equipment Trust Certificates		—		138,909		—		138,909
Mortgage-Backed Securities		—		1,653,467		—		1,653,467
U.S. Treasury		—		1,072,362		—		1,072,362
Money Market Fund		135,211		—		—		135,211
Repurchase Agreement		—		736,600		—		736,600
Total	$	51,308,627	$	7,812,317	$	—	$	59,120,944

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

81

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Aggressive Fund

At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):

Percentage of
Total Net Assets

Equity Funds	83.7	%
Exchange-Traded Funds	8.7	%
Alternative Investment Funds	5.4	%
Money Market Fund	1.4	%
Commodity Fund	0.9	%
Other Assets and Liabilities - Net1	(0.1	)%
TOTAL	100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2014

Description	Number of Shares		Value
INVESTMENT COMPANIES – 100.1%
ALTERNATIVE INVESTMENT FUNDS – 5.4%
AQR Managed Futures Strategy Fund, Class I		89,201	$	883,983
Gateway Fund, Class Y		40,352		1,175,459
TOTAL ALTERNATIVE INVESTMENT FUNDS			$	2,059,442
COMMODITY FUND – 0.9%
Credit Suisse Commodity Return Strategy Fund, Class I*		43,324		340,529
EQUITY FUNDS – 83.7%
DFA U.S. Small Cap Value Portfolio, Institutional Class		23,015		808,976
Diamond Hill Large Cap Fund, Class Y		62,883		1,384,048
Harbor International Fund, Institutional Shares		41,495		3,045,710
LSV Value Equity Fund		62,204		1,397,101
MFS International New Discovery Fund, Class I		16,649		491,806
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I		105,188		3,825,690
Morgan Stanley Institutional Fund, Inc. - Small Company Growth Portfolio, Class I		75,996		1,302,575
T Rowe Price Institutional Large-Cap Growth Fund		150,973		3,991,729
Wilmington Large-Cap Strategy Fund, Class I§		14,913		257,555

Description	Number of Shares		Value
Wilmington Mid-Cap Growth Fund, Class I§		251,907	$	4,572,107
Wilmington Multi-Manager International Fund, Class I§		1,201,789		9,542,203
Wilmington Small-Cap Strategy Fund, Class I§		104,454		1,507,267
TOTAL EQUITY FUNDS			$	32,126,767
EXCHANGE-TRADED FUNDS – 8.7%
iShares Cohen & Steers REIT ETF		4,550		388,798
iShares Russell Mid-Cap Value		22,788		1,572,600
iShares TIPS ETF		8,250		937,035
SPDR Dow Jones International Real Estate ETF		10,500		448,455
TOTAL EXCHANGE-TRADED FUNDS			$	3,346,888
MONEY MARKET FUND – 1.4%
Wilmington Prime Money Market Fund, Institutional Class, 0.01%^,§		526,966		526,966
TOTAL INVESTMENT COMPANIES (COST $32,587,750)			$	38,400,592
TOTAL INVESTMENTS – 100.1% (COST $32,587,750)			$	38,400,592
OTHER LIABILITIES LESS ASSETS – (0.1%)				(34,558	)
TOTAL NET ASSETS – 100.0%			$	38,366,034

April 30, 2014 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    82

Wilmington Strategic Allocation Aggressive Fund (concluded)

Cost of investments for Federal income tax purposes is $36,695,702. The net unrealized appreciation/(depreciation) of investments was $1,704,890. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,171,870 and net unrealized depreciation from investments for those securities having an excess of cost over value of $466,980.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	38,400,592	$	—	$	—	$	38,400,592
Total	$	38,400,592	$	—	$	—	$	38,400,592

See Notes to Portfolios of Investments

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

83

NOTES TO PORTFOLIOS OF INVESTMENTS

† During the period, the Wilmington Rock Maple Alternatives Fund was renamed Wilmington Multi-Manager Alternatives Fund.

D Floating rate note with current rate and stated maturity date shown.

‡ Zero coupon security. The rate shown reflects the effective yield at purchase date.

W Denotes a restricted security, or a portion thereof, that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2014, these liquid restricted securities were as follows:

Fund	Amount		Percentage of Total Net Assets
International Fund	$	2,027,667		0.4%
Alternatives Fund		18,598,287		8.8%
Real Asset Fund		871,906		0.2%
Strategic Allocation Moderate Fund		243,134		0.4%

• Denotes a restricted security, or a portion thereof, that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities were as follows:

Security	Acquisition Date		Cost		Market Value		Percentage   of Total   Net Assets
International Fund
Aditya Birla Nuvo Ltd.		06/16/2010		$26,604		$29,193
Ambuja Cements Ltd.		11/01/2012		64,415		55,692
Axis Bank Ltd.		03/19/2010		16,746		16,591
Axis Bank Ltd.		03/27/2012		43,358		47,762
Bank Alfalah Ltd.		10/22/2013		26,729		35,477
Container Corp. of India		02/08/2010		29,219		26,185
Container Corp. of India		01/13/2011		38,773		33,327
DG Khan Cement Co. Ltd.		10/22/2013		29,545		38,773
Fauji Fertilizer Co. Ltd.		10/22/2013		36,364		42,558
FPT Corp.		10/13/2010		25,843		28,101
FPT Corp.		01/13/2011		38,488		52,488
HDFC Bank Ltd.		12/20/2010		121,868		152,861
HDFC Bank Ltd.		01/13/2011		26,322		32,058
Hub Power Co. Ltd.		10/22/2013		41,351		40,350
Jaiprakash Associates Ltd.		06/21/2010		34,593		10,648
Jaiprakash Associates Ltd.		01/13/2011		36,608		15,212
Jaiprakash Associates Ltd.		11/01/2012		35,223		19,327
Lucky Cement Ltd.		10/22/2013		53,636		83,652
MCB Bank Ltd.		10/22/2013		103,830		133,317
National Bank of Pakistan		10/22/2013		27,192		31,924
Nishat Mills Ltd.		10/22/2013		16,596		22,124
NTPC Ltd.		10/12/2009		102,375		43,498
NTPC Ltd.		01/13/2011		52,888		23,789
NTPC Ltd.		03/27/2012		63,330		36,893
Oil & Gas Development Co. Ltd.		10/22/2013		98,207		110,459
Pakistan State Oil Co. Ltd.		10/22/2013		31,024		53,832
Pakistan Telecommunication Co. Ltd.		10/22/2013		22,996		26,428
PetroVietnam Drilling & Well Services JSC		10/11/2012		23,747		58,225
PetroVietnam Fertilizer & Chemicals JSC		03/27/2012		37,753		40,473
Pha Lai Thermal Power JSC		10/13/2010		23,704		37,828
Reliance Industries Ltd. GDR		07/03/2007		169,670		123,814
Reliance Industries Ltd. GDR		01/20/2012		42,433		42,036
Reliance Industries Ltd. GDR		03/27/2012		82,122		88,350

April 30, 2014 / ANNUAL REPORT

NOTES TO PORTFOLIOS OF INVESTMENTS    84

Security	Acquisition   Date		Cost			Market   Value		Percentage   of Total   Net Assets
Reliance Industries Ltd. GDR		04/02/2012		$	41,493		$       43,400
Reliance Industries Ltd. GDR		11/01/2012			66,561		68,200
SUI Southern Gas Co. Ltd.		10/22/2013			22,024		28,206
Sun Pharmaceutical Industries Ltd.		02/08/2010			38,759		125,782
Tata Steel Ltd.		09/21/2011			45,297		31,526
Vingroup JSC		10/13/2010			24,321		37,691
Vingroup JSC		10/14/2010			2,963		4,476
Vingroup JSC		11/01/2012			51,422		55,141
							$  2,027,667		0.4	%
Alternatives Fund
Altice SA		04/23/2014			2,065,000		2,087,500
Altice SA		04/30/2014			523,125		521,875
Beverages & More, Inc.		11/08/2013			1,015,000		1,032,500
Beverages & More, Inc.		04/04/2014			894,625		877,625
BlueLine Rental Finance Corp.		01/22/2014			1,037,500		1,075,000
BlueLine Rental Finance Corp.		02/25/2014			1,315,625		1,343,750
BlueLine Rental Finance Corp.		03/18/2014			423,000		430,000
Burlington Holdings LLC		11/08/2013			378,010		376,175
Burlington Holdings LLC		01/08/2014			215,775		215,250
Jefferies Finance LLC/JFIN Co.-Issuer Corp.		03/27/2014			1,262,500		1,259,375
Michael Foods Holding, Inc.		11/13/2013			530,625		521,875
Michael Foods Holding, Inc.		11/18/2013			530,000		521,875
Michaels Finco Holding LLC / Michaels Finco, Inc.		08/01/2013			406,000		411,500
Michaels Finco Holding LLC / Michaels Finco, Inc.		11/06/2013			258,750		257,187
Michaels Finco Holding LLC / Michaels Finco, Inc.		11/07/2013			363,125		360,063
Michaels Finco Holding LLC / Michaels Finco, Inc.		02/06/2014			1,035,000		1,028,750
Neiman Marcus Group Ltd., Inc.		11/06/2013			769,688		832,500
Neiman Marcus Group Ltd., Inc.		11/18/2013			256,250		277,500
Neiman Marcus Group Ltd., Inc.		02/06/2014			1,047,500		1,110,000
Sprint Corp.		09/09/2013			482,125		518,937
Sprint Corp.		11/07/2013			321,750		327,750
Sprint Corp.		11/19/2013			269,063		273,125
Sprint Corp.		02/06/2014			1,077,500		1,092,500
Vander Intermediate Holding II Corp.		04/09/2014			304,235		300,675
Wind Acquisition Finance SA		04/30/2014			1,546,875		1,545,000
							$18,598,287		8.8	%
Real Asset Fund
MAGI Funding PLC		05/12/2011			208,109		209,645
Slovenia Government International Bond		11/15/2013			268,742		300,863
Venture VII CDO Ltd.		08/02/2010			329,177		361,398
							$     871,906		0.2	%
Strategic Allocation Moderate Fund
Cox Communications, Inc.		04/24/2013			99,875		93,325
FMR LLC		06/28/2010			102,666		124,417
Hyundai Capital America		08/06/2013			24,985		25,392
							$     243,134		0.4	%

^ 7-Day net yield.

§ Affiliated company. See Note 4 in Notes to Financial Statements.

ANNUAL REPORT / April 30, 2014

85    NOTES TO PORTFOLIOS OF INVESTMENTS

†† Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2014, the value of these securities amounted to:

Fund	Amount		Percentage of Total Net Assets
International Fund	$	267,967		0.1%
Real Asset Fund	$	305,481		0.1%

¤ While the Fund’s position in this security is long, the investment provides short exposure to the market.

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

Ö All or a portion of this security is segregated as collateral in connection with the fund’s short positions and written options carried by the Funds. The total value of all securities segregated at April 30, 2014 was:

Fund	Amount		Percentage of Total Net Assets
Alternatives Fund	$	66,440,990		31.4%

Ø All or a portion of this security is segregated as collateral in connection with the fund’s futures, forwards and written options positions. The total value of all securities segregated at April 30, 2014 was:

Fund	Amount		Percentage of Total Net Assets
Real Asset Fund	$	698,039		0.2%

* 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

EAFE – Europe, Asia, Far East

ETF – Exchange Traded Fund

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GDR – Global Depositary Receipt

GNMA – Government National Mortgage Association

LLC – Limited Liability Corporation

LP – Limited Partnership

MSCI – Morgan Stanley Capital International

MTN – Medium Term Note

PCL – Public Company Limited

PLC – Public Limited Company

REIT – Real Estate Investment Trust

SPDR – Standard & Poor’s Depository Receipts

TIPS – Treasury Inflation Protected Security

Currency Code	Currency
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
COP	Colombian Peso
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
ZAR	South African Rand

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 86

April 30, 2014	Wilmington Multi-Manager International Fund		Wilmington Multi-Manager Alternatives Fund		Wilmington Multi-Manager Real Asset Fund
ASSETS:
Investments, at identified cost	$	481,870,129	$	221,015,054	$	416,951,279
Investments in securities, at value (Including $35,042,406, $0 and $969,935 of securities on loan, respectively) (Note 2)		569,468,397		222,188,877		457,672,527
Cash		31,794		3,189,615		439,803
Deposits for securities sold short		—		34,447,771		—
Deposits for swaps		—		—		458,000
Cash denominated in foreign currencies(a)		1,222,596		540,531		3,931,593
Premiums paid for swap agreements		—		—		52,138
Variation margin receivable for centrally cleared swap agreements		—		—		52,034
Income receivable		2,648,666		676,694		1,216,613
Receivable for shares sold		234,288		178,580		295,885
Unrealized appreciation on over the counter swap agreements		—		—		91,005
Unrealized appreciation on foreign exchange contracts		6,838		35,559		628,682
Receivable for investments sold		3,263,161		17,925,244		3,339,762
Other assets		10,731		22,490		15,212
TOTAL ASSETS		576,886,471		279,205,361		468,193,254
LIABILITIES:
Options written, at value		—		1,771,877(b)		99,359(b)
Deferred capital gains tax payable		131,115		—		155,002
Premiums received for swap agreements		—		—		61,263
Variation margin payable for centrally cleared swap agreements		—		—		32,988
Payable for securities sold short		—		35,522,440(c)		—
Payable for investments purchased		5,317,710		26,918,085		7,698,510
Collateral for securities on loan		37,174,708		—		992,730
Due to broker for foreign exchange contracts		—		—		240,000
Due to broker for swap agreements		—		—		250,000
Due to prime broker for securities sold short		—		2,878,953		—
Unrealized depreciation on over the counter swap agreements		—		—		162,406
Unrealized depreciation on foreign exchange contracts		4,887		176,540		2,644,134
Payable for shares redeemed		694,808		23,868		52,112
Payable to sub-advisors		237,696		123,306		127,010
Payable for Trustees’ fees		57		56		56
Payable for distribution services fee		1,256		833		520
Payable for shareholder services fee		51,601		—		—
Other accrued expenses		292,040		103,384		159,011
TOTAL LIABILITIES		43,905,878		67,519,342		12,675,101
NET ASSETS	$	532,980,593	$	211,686,019	$	455,518,153
NET ASSETS CONSIST OF:
Paid-in capital	$	802,518,279	$	210,346,350	$	534,704,625
Undistributed (distributions in excess of) net investment income		2,418,285		86,713		(3,791,351)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(359,593,225)		1,849,609		(114,326,355)
Net unrealized appreciation (depreciation) of investments and foreign currencies		87,637,254		(596,653)		38,931,234
TOTAL NET ASSETS	$	532,980,593	$	211,686,019	$	455,518,153
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	6,106,973	$	4,156,085	$	2,605,543
Shares outstanding (unlimited shares authorized)		773,127		386,969		175,926
Net Asset Value per share	$	7.90	$	10.74	$	14.81
Offering price per share*	$	8.36**	$	11.37**	$	15.67**
Class I
Net Assets	$	526,873,620	$	207,529,934	$	452,912,610
Shares outstanding (unlimited shares authorized)		66,337,224		19,325,834		30,436,034
Net Asset Value per share	$	7.94	$	10.74	$	14.88

(a) Cost of cash denominated in foreign currencies was $1,213,723, $536,461 and $3,817,711, respectively.

(b) Premiums received for options written was $1,888,564 and $137,323, respectively.

(c) Proceeds received for securities sold short was $33,796,963.

* See “What Do Shares Cost?” in the Prospectus.

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

87 STATEMENTS OF ASSETS AND LIABILITIES (concluded)

April 30, 2014	Wilmington Strategic Allocation Conservative Fund			Wilmington Strategic Allocation Moderate Fund			Wilmington Strategic Allocation Aggressive Fund
ASSETS:
Investments, at identified cost		$	40,575,588		$	53,487,544		$	32,587,750
Investments in securities, at value (Including $0, $721,730 and $0 of securities on loan, respectively) (Note 2)			42,247,280(a)			59,120,944(a)			38,400,592(a)
Income receivable			39,393			78,454			7
Due from advisor			—			477			103
Receivable for shares sold			—			1,992			—
Other assets			14,449			6,568			13,768
TOTAL ASSETS			42,301,122			59,208,435			38,414,470
LIABILITIES:
Payable for investments purchased			—			48,745			—
Collateral for securities on loan			—			736,600			—
Payable for shares redeemed			1,203			58,153			—
Payable for Trustees’ fees			56			56			57
Payable for distribution services fee			965			11,887			624
Other accrued expenses			37,787			64,615			47,755
TOTAL LIABILITIES			40,011			920,056			48,436
NET ASSETS		$	42,261,111		$	58,288,379		$	38,366,034
NET ASSETS CONSIST OF:
Paid-in capital		$	40,189,902		$	60,705,067		$	38,447,363
Undistributed (distributions in excess of) net investment income			95,931			97,447			25,581
Accumulated net realized gain (loss) on investments			303,586			(8,147,535)			(5,919,752)
Net unrealized appreciation (depreciation) of investments			1,671,692			5,633,400			5,812,842
TOTAL NET ASSETS		$	42,261,111		$	58,288,379		$	38,366,034
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	4,608,463		$	57,317,338		$	2,973,618
Shares outstanding (unlimited shares authorized)			420,981			5,476,378			262,020
Net Asset Value per share		$	10.95		$	10.47		$	11.35
Offering price per share*		$	11.59**		$	11.08**		$	12.01**
Class I
Net Assets		$	37,652,648		$	971,041		$	35,392,416
Shares outstanding (unlimited shares authorized)			3,432,440			92,763			3,108,634
Net Asset Value per share		$	10.97		$	10.47		$	11.39

(a) Includes $23,495,724, $12,226,855 and $16,406,098 of investments in affiliated issuers, respectively.

* See “What Do Shares Cost?” in the Prospectus.

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

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF OPERATIONS 88

Year Ended April 30, 2014	Wilmington Multi-Manager International Fund		Wilmington Multi-Manager Alternatives Fund		Wilmington Multi-Manager Real Asset Fund
INVESTMENT INCOME:
Dividends	$	16,035,795(a)(b)	$	1,215,618(a)	$	4,892,580(a)(b)
Interest		48,663(a)		1,329,951		3,589,840(a)
Securities lending income		162,570		—		22,817
TOTAL INVESTMENT INCOME		16,247,028		2,545,569		8,505,237
EXPENSES:
Investment advisory fee		5,291,162		1,962,374		3,648,416
Administrative personnel and services fee		141,408		30,507		117,917
Portfolio accounting, administration and custodian fees		739,160		145,715		354,787
Transfer and dividend disbursing agent fees and expenses		154,932		63,342		155,201
Trustees’ fees		29,266		29,461		29,233
Professional fees		202,343		126,983		97,705
Distribution services fee—Class A		15,113		7,390		10,921
Shareholder services fee—Class A		15,192		7,409		10,997
Shareholder services fee—Class I		1,287,618		259,263		1,076,827
Share registration costs		16,897		10,763		15,691
Printing and postage		44,522		22,492		34,361
Dividend expense on securities sold short		—		238,659		—
Prime broker interest expense		—		240,030		—
Miscellaneous		71,231		15,546		54,403
TOTAL EXPENSES		8,008,844		3,159,934		5,606,459
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor/subadvisors		(219,908)		(295,129)		(33,301)
Waiver of shareholder services fee—Class A		(15,192)		(7,409)		(10,997)
Waiver of shareholder services fee—Class I		(670,505)		(259,263)		(1,076,827)
TOTAL WAIVERS AND REIMBURSEMENTS		(905,605)		(561,801)		(1,121,125)
Net expenses		7,103,239		2,598,133		4,485,334
Net investment income (loss)		9,143,789		(52,564)		4,019,903
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		13,579,929		6,929,411		3,199,997
Net realized gain (loss) of foreign currency transactions		(312,549)		(836,798)		(2,487,217)
Net realized gain (loss) on futures contracts		—		(1,055,290)		376,418
Net realized gain (loss) on swap agreements		—		—		(824,440)
Net realized gain (loss) on options written		—		495,136		288,036
Net realized gain (loss) on securities sold short		—		(2,036,795)		(41,422)
Net change in unrealized appreciation (depreciation) of investments		31,325,697		(2,608,605)		(18,354,098)
Net realized and unrealized gain (loss) on investments		44,593,077		887,059		(17,842,726)
Change in net assets resulting from operations	$	53,736,866	$	834,495	$	(13,822,823)

(a) Net of foreign withholding taxes withheld of $1,269,001, $25,115 and $198,471, respectively.

(b) Includes $30 and $1,135 received from affiliated issuers, respectively.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

89 STATEMENTS OF OPERATIONS (concluded)

Year Ended April 30, 2014	Wilmington Strategic Allocation Conservative Fund			Wilmington Strategic Allocation Moderate Fund			Wilmington   Strategic Allocation   Aggressive Fund
INVESTMENT INCOME:
Dividends(a)		$	816,481		$	827,085		$	505,381
Interest			—			268,696			—
Securities lending income			—			1,671			—
TOTAL INVESTMENT INCOME			816,481			1,097,452			505,381
EXPENSES:
Investment advisory fee			222,325			307,872			197,043
Administrative personnel and services fee			11,979			16,646			10,665
Portfolio accounting, administration and custodian fees			36,207			35,522			37,553
Transfer and dividend disbursing agent fees and expenses			2,782			78,543			2,502
Trustees’ fees			29,276			29,177			29,184
Professional fees			62,637			69,359			83,307
Distribution services fee—Class A			13,325			147,303			7,922
Shareholder services fee—Class A			13,325			147,374			7,922
Shareholder services fee—Class I			97,838			6,561			90,599
Share registration costs			16,918			15,556			15,756
Printing and postage			5,950			16,077			2,280
Miscellaneous			17,337			15,315			15,153
TOTAL EXPENSES			529,899			885,305			499,886
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(183,433)			(220,778)			(115,850)
Waiver of shareholder services fee—Class A			(13,325)			(147,374)			(7,922)
Waiver of shareholder services fee—Class I			(97,838)			(6,561)			(90,599)
TOTAL WAIVERS AND REIMBURSEMENTS			(294,596)			(374,713)			(214,371)
Net expenses			235,303			510,592			285,515
Net investment income			581,178			586,860			219,866
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			42,432			2,998,781			1,300,056
Net realized gain (loss) from affiliated investment companies			1,508,172			2,506,837			6,694,802
Realized gain distributions received from investment companies			771,580(b)			1,040,095(b)			962,710(b)
Net change in unrealized appreciation (depreciation) of investments			(2,171,155)			(2,779,410)			(4,625,166)
Net realized and unrealized gain (loss) on investments			151,029			3,766,303			4,332,402
Change in net assets resulting from operations		$	732,207		$	4,353,163		$	4,552,268

(a) Includes $463,388, $160,289 and $268,287 received from affiliated issuers, respectively.

(b) Includes $538,076, $113,741 and $119,223 received from affiliated issuers, respectively.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 90

	Wilmington Multi-Manager International Fund						Wilmington Multi-Manager Alternatives Fund
	Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2014			Year Ended April 30, 2013
OPERATIONS:
Net investment income (loss)		$	9,143,789		$	6,520,842		$	(52,564)		$	104,479
Net realized gain (loss) on investments			13,267,380			1,499,837			3,495,664			388,584
Net change in unrealized appreciation (depreciation) of investments			31,325,697			39,873,592			(2,608,605)			1,805,504
Change in net assets resulting from operations			53,736,866			47,894,271			834,495			2,298,567
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A			(100,744)			(111,214)			(1,588)			(4,523)
Class I			(9,081,446)			(7,211,270)			(148,469)			(199,237)
Distributions from net realized gain on investments
Class A			—			—			(34,832)			(8,614)
Class I			—			—			(1,351,865)			(223,223)
Change in net assets resulting from distributions to shareholders			(9,182,190)			(7,322,484)			(1,536,754)			(435,597)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			137,022			142,433			2,033,438			2,861,578
Class I			50,989,190			166,779,699			177,165,983			27,403,985
Distributions reinvested
Class A			94,256			103,845			19,874			4,638
Class I			3,099,392			3,795,059			1,235,059			253,077
Cost of shares redeemed
Class A			(924,964)			(1,098,408)			(312,867)			(667,034)
Class I			(84,158,652)			(93,477,137)			(14,810,513)			(9,717,858)
Change in net assets resulting from share transactions			(30,763,756)			76,245,491			165,330,974			20,138,386
Change in net assets			13,790,920			116,817,278			164,628,715			22,001,356
NET ASSETS:
Beginning of year			519,189,673			402,372,395			47,057,304			25,055,948
End of year		$	532,980,593		$	519,189,673		$	211,686,019		$	47,057,304
Undistributed (distributions in excess of) net investment income included in net assets at end of year		$	2,418,285		$	2,491,830		$	86,713		$	55,303
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			18,251			21,733			187,539			277,947
Class I			6,846,276			24,972,503			16,352,366			2,674,880
Distributions reinvested
Class A			13,226			16,626			1,838			456
Class I			428,856			602,343			114,237			24,901
Shares redeemed
Class A			(125,478)			(165,710)			(28,946)			(63,829)
Class I			(11,165,156)			(13,970,185)			(1,369,535)			(945,109)
Net change resulting from share transactions			(3,984,025)			11,477,310			15,257,499			1,969,246

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

91 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Multi-Manager Real Asset Fund				Wilmington Strategic Allocation Conservative Fund
	Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2014		Year Ended April 30, 2013
OPERATIONS:
Net investment income (loss)	$	4,019,903	$	5,289,159	$	581,178	$	952,943
Net realized gain (loss) on investments		511,372		13,436,862		2,322,184		2,951,436
Net change in unrealized appreciation (depreciation) of investments		(18,354,098)		21,596,419		(2,171,155)		(972,404)
Change in net assets resulting from operations		(13,822,823)		40,322,440		732,207		2,931,975
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(70,292)		(81,145)		(86,628)		(125,121)
Class I		(6,365,654)		(5,540,020)		(721,293)		(935,470)
Distributions from net realized gain on investments
Class A		—		—		(36,042)		—
Class I		—		—		(270,649)		—
Change in net assets resulting from distributions to shareholders		(6,435,946)		(5,621,165)		(1,114,612)		(1,060,591)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		456,530		1,212,737		267,212		169,929
Class I		94,787,111		116,563,420		2,166,977		1,963,989
Distributions reinvested
Class A		60,601		71,152		112,340		119,486
Class I		2,253,884		2,285,729		933,462		865,722
Cost of shares redeemed
Class A		(3,825,835)		(2,482,554)		(1,736,476)		(1,514,337)
Class I		(65,291,287)		(56,703,907)		(7,034,024)		(7,844,528)
Change in net assets resulting from share transactions		28,441,004		60,946,577		(5,290,509)		(6,239,739)
Change in net assets		8,182,235		95,647,852		(5,672,914)		(4,368,355)
NET ASSETS:
Beginning of year		447,335,918		351,688,066		47,934,025		52,302,380
End of year	$	455,518,153	$	447,335,918	$	42,261,111	$	47,934,025
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(3,791,351)	$	(265,630)	$	95,931	$	279,493
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		31,056		82,008		24,601		15,803
Class I		6,548,509		7,894,671		198,386		183,347
Distributions reinvested
Class A		4,301		4,913		10,425		11,200
Class I		159,217		157,201		86,408		80,984
Shares redeemed
Class A		(266,938)		(172,209)		(159,664)		(141,142)
Class I		(4,518,152)		(3,858,115)		(646,380)		(729,645)
Net change resulting from share transactions		1,957,993		4,108,469		(486,224)		(579,453)

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 92

	Wilmington Strategic Allocation Moderate Fund						Wilmington Strategic Allocation Aggressive Fund
	Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2014			Ten Months Ended   April 30, 2013
OPERATIONS:
Net investment income (loss)		$	586,860		$	873,786		$	219,866		$	526,496
Net realized gain (loss) on investments			6,545,713			2,637,418			8,957,568			3,114,286
Net change in unrealized appreciation (depreciation) of investments			(2,779,410)			1,297,464			(4,625,166)			786,944
Change in net assets resulting from operations			4,353,163			4,808,668			4,552,268			4,427,726
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A			(636,970)			(926,451)			(19,582)			(35,195)
Class I			(41,402)			(49,723)			(290,529)			(505,334)
Change in net assets resulting from distributions to shareholders			(678,372)			(976,174)			(310,111)			(540,529)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			1,505,386			2,054,731			105,225			209,528
Class I			1,312,531			159,948			3,712,404			2,700,961
Distributions reinvested
Class A			603,379			883,415			18,626			34,161
Class I			36,056			49,723			87,571			162,920
Cost of shares redeemed
Class A			(8,953,240)			(11,243,873)			(691,931)			(433,111)
Class I			(3,283,872)			(735,576)			(8,139,037)			(9,861,513)
Change in net assets resulting from share transactions			(8,779,760)			(8,831,632)			(4,907,142)			(7,187,054)
Change in net assets			(5,104,969)			(4,999,138)			(664,985)			(3,299,857)
NET ASSETS:
Beginning of year			63,393,348			68,392,486			39,031,019			42,330,876
End of year		$	58,288,379		$	63,393,348		$	38,366,034		$	39,031,019
Undistributed (distributions in excess of) net investment income included in net assets at end of year		$	97,447		$	84,765		$	25,581		$	48,599
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			147,756			219,213			9,611			22,757
Class I			130,859			17,508			343,392			284,533
Distributions reinvested
Class A			59,124			94,779			1,668			3,589
Class I			3,548			5,344			7,911			17,145
Shares redeemed
Class A			(882,214)			(1,209,721)			(63,104)			(46,813)
Class I			(321,291)			(79,089)			(742,129)			(1,060,103)
Net change resulting from share transactions			(862,218)			(951,966)			(442,651)			(778,892)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

93 FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND†
CLASS A	Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009
Net Asset Value, Beginning of Period		$7.27			$6.72			$7.63			$5.95			$5.36			$8.50
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.12			0.09			0.16			0.12			0.06			0.08
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.63			0.57			(1.05	)		1.64			0.63			(2.92	)
Total Income (Loss) From Operations		0.75			0.66			(0.89	)		1.76			0.69			(2.84	)
Less Distributions From:
Net Investment Income		(0.12	)		(0.11	)		(0.02	)		(0.08	)		(0.10	)		(0.10	)
Net Realized Gains		—			—			—			—			—			(0.20	)
Return of Capital		—			—			—			—			0.00	(b)		—
Total Distributions		(0.12	)		(0.11	)		(0.02	)		(0.08	)		(0.10	)		(0.30	)
Net Asset Value, End of Period		7.90			7.27			6.72			$7.63			$5.95			$5.36
Total Return(c)		10.53	%		10.17	%		(11.65	)%		29.57	%		12.74	%		(32.95	)%
Net Assets, End of Period (000’s)		$6,107			$6,301			$6,682			$571			$83			$80
Ratios to Average Net Assets
Gross Expense		1.78	%		1.78	%		1.62	%(d)		1.59	%		1.63	%		1.72	%
Net Expenses(e)		1.49	%		1.48	%		1.42	%(d)		1.58	%		1.62	%		1.65	%
Net Investment Income (Loss)		1.64	%		1.38	%		2.77	%(d)		1.61	%		0.89	%		1.53	%
Portfolio Turnover Rate		49	%		72	%		85	%		98	%		107	%		136	%
CLASS I	Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009
Net Asset Value, Beginning of Period		$7.30			$6.75			$7.66			$5.97			$5.37			$8.51
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.13			0.10			0.06			0.10			0.07			0.10
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.64			0.57			(0.94	)		1.67			0.64			(2.93	)
Total Income (Loss) From Operations		0.77			0.67			(0.88	)		1.77			0.71			(2.83	)
Less Distributions From:
Net Investment Income		(0.13	)		(0.12	)		(0.03	)		(0.08	)		(0.11	)		(0.11	)
Net Realized Gains		—			—			—			—			—			(0.20	)
Return of Capital		—			—			—			—			0.00	(b)		—
Total Distributions		(0.13	)		(0.12	)		(0.03	)		(0.08	)		(0.11	)		(0.31	)
Net Asset Value, End of Period		$7.94			$7.30			$6.75			$7.66			$5.97			$5.37
Total Return(c)		10.73	%		10.22	%		(11.45	)%		29.78	%		13.10	%		(32.82	)%
Net Assets, End of Period (000’s)		$526,874			$512,889			$395,690			$373,798			$249,031			$395,536
Ratios to Average Net Assets
Gross Expense		1.53	%		1.54	%		1.42	%(d)		1.43	%		1.38	%		1.42	%
Net Expenses(e)		1.36	%		1.35	%		1.38	%(d)		1.41	%		1.37	%		1.40	%
Net Investment Income (Loss)		1.75	%		1.47	%		1.17	%(d)		1.38	%		1.03	%		1.64	%
Portfolio Turnover Rate		49	%		72	%		85	%		98	%		107	%		136	%

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

(b) Represents less than $0.005.

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

(d) Annualized for periods less than one year.

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

† Effective March 9, 2012, the Fund acquired all the assets and liabilities of the Wilmington Multi-Manager International Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the period prior to this date reflect the performance of the WT Fund.

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 94

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER ALTERNATIVES FUND
CLASS A	Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period January 12, 2012* through April 30, 2012
Net Asset Value, Beginning of Period		$10.58			$10.11			$10.00
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		(0.04	)		0.00	(b)		0.03
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.34			0.56			0.08
Total Income (Loss) From Operations		0.30			0.56			0.11
Less Distributions From:
Net Investment Income		(0.01	)		(0.03	)		—
Net Realized Gains		(0.13	)		(0.06	)		—
Total Distributions		(0.14	)		(0.09	)		—
Net Asset Value, End of Period		$10.74			$10.58			$10.11
Total Return(c)		2.74	%		5.56	%		1.10	%
Net Assets, End of Period (000’s)		$4,156			$2,397			$121
Ratios to Average Net Assets
Gross Expense		3.30	%		3.98	%		4.66	%(d)(e)
Net Expenses(f)(g)		2.71	%		2.84	%		2.89	%(d)(e)
Net Investment Income (Loss)		(0.33	)%		0.00	%(h)		0.88	%(d)
Portfolio Turnover Rate		403	%		367	%		8	%
CLASS I	Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period January 12, 2012* through April 30, 2012
Net Asset Value, Beginning of Period		$10.56			$10.08			$10.00
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.00	(b)		0.03			0.06
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.32			0.56			0.05
Total Income (Loss) From Operations		0.32			0.59			0.11
Less Distributions From:
Net Investment Income		(0.01	)		(0.05	)		(0.03	)
Net Realized Gains		(0.13	)		(0.06	)		—
Total Distributions		(0.14	)		(0.11	)		(0.03	)
Net Asset Value, End of Period		$10.74			$10.56			$10.08
Total Return(c)		3.01	%		5.91	%		1.10	%
Net Assets, End of Period (000’s)		$207,530			$44,660			$24,935
Ratios to Average Net Assets
Gross Expense		2.95	%		3.77	%		4.33	%(d)(e)
Net Expenses(f)(g)		2.43	%		2.65	%		2.39	%(d)(e)
Net Investment Income (Loss)		(0.04	)%		0.29	%		2.11	%(d)
Portfolio Turnover Rate		403	%		367	%		8	%

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

(b) Represents less than $0.005.

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

(d) Annualized for periods less than one year.

(e) Ratio of expenses to average net assets was increased by 0.41% to include dividend and interest expenses related to securities sold short.

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

(g) Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of expenses to average net assets for the year and the periods presented would be:

	Class A		Class I
April 30, 2014		2.23%	1.98%
April 30, 2013		2.24%	1.98%
April 30, 2012		2.48%	1.98%

(h) Represents less than 0.005%.

* Commencement of operations.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

95 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER REAL ASSET FUND†
CLASS A	Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009
Net Asset Value, Beginning of Period		$15.55			$14.28			$14.00			$12.10			$11.60			$17.75
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.10			0.18			(0.21	)		0.63			0.02			0.15
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(0.65	)		1.28			0.50			1.91			0.75			(4.89	)
Total Income (Loss) From Operations		(0.55	)		1.46			0.29			2.54			0.77			(4.74	)
Less Distributions From:
Net Investment Income		(0.19	)		(0.19	)		(0.01	)		(0.64	)		(0.27	)		(0.59	)
Net Realized Gains		—			—			—			—			—			(0.82	)
Total Distributions		(0.19	)		(0.19	)		(0.01	)		(0.64	)		(0.27	)		(1.41	)
Net Asset Value, End of Period		$14.81			$15.55			$14.28			$14.00			$12.10			$11.60
Total Return(b)		(3.46	)%		10.33	%		2.04	%		21.45	%		6.57	%		(26.78	)%
Net Assets, End of Period (000’s)		$2,606			$6,337			$7,038			$13,773			$16,305			$20,073
Ratios to Average Net Assets
Gross Expense		1.54	%		1.55	%		1.33	%(c)		1.25	%		1.20	%		1.09	%
Net Expenses(d)		1.28	%		1.27	%		1.28	%(c)		1.25	%		1.19	%		1.07	%
Net Investment Income (Loss)		0.72	%		1.13	%		(1.86	)%(c)		4.64	%		0.13	%		1.15	%
Portfolio Turnover Rate		149	%		131	%		180	%		199	%		156	%		115	%
CLASS I	Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009
Net Asset Value, Beginning of Period		$15.61			$14.33			$14.02			$12.11			$11.61			$17.75
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.13			0.20			(0.09	)		0.65			0.04			0.28
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(0.64	)		1.30			0.41			1.94			0.75			(4.99	)
Total Income (Loss) From Operations		(0.51	)		1.50			0.32			2.59			0.79			(4.71	)
Less Distributions From:
Net Investment Income		(0.22	)		(0.22	)		(0.01	)		(0.68	)		(0.29	)		(0.61	)
Net Realized Gains		—			—			—			—			—			(0.82	)
Total Distributions		(0.22	)		(0.22	)		(0.01	)		(0.68	)		(0.29	)		(1.43	)
Net Asset Value, End of Period		$14.88			$15.61			$14.33			$14.02			$12.11			$11.61
Total Return(b)		(3.20	)%		10.58	%		2.31	%		21.70	%		6.76	%		(26.59	)%
Net Assets, End of Period (000’s)		$452,913			$440,999			$344,650			$252,497			$283,703			$368,263
Ratios to Average Net Assets
Gross Expense		1.29	%		1.31	%		1.08	%(c)		1.00	%		0.95	%		0.82	%
Net Expenses(d)		1.03	%		1.02	%		1.02	%(c)		1.00	%		0.94	%		0.82	%
Net Investment Income (Loss)		0.93	%		1.39	%		(0.74	)%(c)		4.82	%		0.33	%		2.09	%
Portfolio Turnover Rate		149	%		131	%		180	%		199	%		156	%		115	%

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

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

(c) Annualized for periods less than one year.

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

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

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 96

For a share outstanding throughout each period.

WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND†
CLASS A	Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009
Net Asset Value, Beginning of Period		$11.03			$10.61			$10.60			$9.66			$9.02			$10.54
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.12			0.18			0.17			0.26			0.26			0.28
Net Realized and Unrealized Gain (Loss) on Investments		0.05			0.45			0.05			0.95			0.64			(1.41	)
Total Income (Loss) From Operations		0.17			0.63			0.22			1.21			0.90			(1.13	)
Less Distributions From(b):
Net Investment Income		(0.17	)		(0.21	)		(0.21	)		(0.27	)		(0.26	)		(0.25	)
Net Realized Gains		(0.08	)		—			—			—			—			(0.14	)
Total Distributions		(0.25	)		(0.21	)		(0.21	)		(0.27	)		(0.26	)		(0.39	)
Net Asset Value, End of Period		$10.95			$11.03			$10.61			$10.60			$9.66			$9.02
Total Return(c)		1.60	%		5.97	%		2.15	%		12.58	%		9.98	%		(10.57	)%
Net Assets, End of Period (000’s)		$4,608			$6,016			$7,003			$8,003			$9,890			$3,402
Ratios to Average Net Assets
Gross Expense(d)		1.41	%		1.35	%		0.77	%(e)		0.60	%		0.64	%		1.56	%
Net Expenses(d)(f)		0.75	%		0.72	%		0.63	%(e)		0.60	%		0.64	%		0.75	%
Net Investment Income (Loss)		1.10	%		1.71	%		1.95	%(e)		2.54	%		2.65	%		3.02	%
Portfolio Turnover Rate		33	%		29	%		37	%		26	%		92	%		31	%
CLASS I	Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period January 12, 2012 through April 30, 2012*			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009
Net Asset Value, Beginning of Period		$11.05			$10.64			$10.62			$9.67			$9.04			$10.55
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.15			0.21			0.19			0.29			0.29			0.31
Net Realized and Unrealized Gain (Loss) on Investments		0.05			0.43			0.06			0.95			0.62			(1.41	)
Total Income (Loss) From Operations		0.20			0.64			0.25			1.24			0.91			(1.10	)
Less Distributions From(b):
Net Investment Income		(0.20	)		(0.23	)		(0.23	)		(0.29	)		(0.28	)		(0.27	)
Net Realized Gains		(0.08	)		—			—			—			—			(0.14	)
Total Distributions		(0.28	)		(0.23	)		(0.23	)		(0.29	)		(0.28	)		(0.41	)
Net Asset Value, End of Period		$10.97			$11.05			$10.64			$10.62			$9.67			$9.04
Total Return(c)		1.85	%		6.13	%		2.44	%		12.96	%		10.12	%		(10.30	)%
Net Assets, End of Period (000’s)		$37,653			$41,918			$45,299			$55,226			$53,131			$13,021
Ratios to Average Net Assets
Gross Expense(d)		1.16	%		1.10	%		0.52	%(e)		0.35	%		0.39	%		1.30	%
Net Expenses(d)(f)		0.50	%		0.47	%		0.38	%(e)		0.35	%		0.39	%		0.50	%
Net Investment Income (Loss)		1.34	%		1.95	%		2.20	%(e)		2.81	%		2.91	%		3.42	%
Portfolio Turnover Rate		33	%		29	%		37	%		26	%		92	%		31	%

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

(b) For financial reporting purposes, certain distributions from net investment income for Federal income tax purposes have been reclassified to distributions from realized gains.

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

(d) The Fund invests in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

(e) Annualized for periods less than one year.

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

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

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

97 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND†
CLASS A	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Year		$9.86			$9.26			$9.70			$8.62			$6.72
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.10			0.13			0.11			0.10			0.04
Net Realized and Unrealized Gain (Loss) on Investments		0.62			0.61			(0.42	)		1.13			1.87
Total Income (Loss) From Operations		0.72			0.74			(0.31	)		1.23			1.91
Less Distributions From:
Net Investment Income		(0.11	)		(0.14	)		(0.12	)		(0.12	)		(0.01	)
Net Realized Gains		—			—			(0.01	)		(0.03	)		—
Total Distributions		(0.11	)		(0.14	)		(0.13	)		(0.15	)		(0.01	)
Net Asset Value, End of Year		$10.47			$9.86			$9.26			$9.70			$8.62
Total Return(b)		7.34	%		8.12	%		(3.13	)%		14.54	%		28.39	%
Net Assets, End of Year (000’s)		$57,317			$60,640			$65,285			$75,554			$21,822
Ratios to Average Net Assets
Gross Expense(c)		1.45	%		1.45	%		1.64	%		1.51	%		1.39	%
Net Expenses(c)(d)		0.84	%		0.84	%		0.79	%		0.73	%		0.83	%
Net Investment Income (Loss)		0.94	%		1.36	%		1.26	%		0.97	%		0.46	%
Portfolio Turnover Rate		54	%		32	%		41	%		55	%		10	%
CLASS I	2014			2013			2012			2011(e)
Net Asset Value, Beginning of Year		$9.84			$9.25			$9.70			$8.08
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.13			0.15			0.14			0.10
Net Realized and Unrealized Gain (Loss) on Investments		0.63			0.61			(0.43	)		1.66
Total Income (Loss) From Operations		0.76			0.76			(0.29	)		1.76
Less Distributions From:
Net Investment Income		(0.13	)		(0.17	)		(0.15	)		(0.11	)
Net Realized Gains		—			—			(0.01	)		(0.03	)
Total Distributions		(0.13	)		(0.17	)		(0.16	)		(0.14	)
Net Asset Value, End of Year		$10.47			$9.84			$9.25			$9.70
Total Return(b)		7.76	%		8.29	%		(2.87	)%		22.07	%
Net Assets, End of Year (000’s)		$971			$2,753			$3,108			$3,426
Ratios to Average Net Assets
Gross Expense(c)		1.19	%		1.20	%		1.39	%		1.44	%(f)
Net Expenses(c)(d)		0.59	%		0.59	%		0.51	%		0.67	%(f)
Net Investment Income (Loss)		1.33	%		1.59	%		1.53	%		1.25	%(f)
Portfolio Turnover Rate		54	%		32	%		41	%		55	%(g)

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

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

(c) The Fund invests in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

(e) For the period from June 11, 2010 (commencement of operations) to April 30, 2011.

(f) Annualized for periods less than one year.

(g) Reflects portfolio turnover for the Fund for the year ended April 30, 2011.

† Effective June 11, 2010, shareholders of the former Managed Allocation Fund—Aggressive Growth, Managed Allocation Fund—Moderate Growth, and Managed Allocation Fund—Conservative Growth became owners of the Strategic Allocation Fund in a plan of reorganization. See Note 8. Additionally, the accounting and performance history of the Managed Allocation Fund—Moderate Growth Fund was redesignated as that of the Strategic Allocation Fund for A Shares for periods prior to June 14, 2010.

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 98

For a share outstanding throughout each period.

WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND†
CLASS A	Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009
Net Asset Value, Beginning of Period		$10.21			$9.20			$9.33			$7.49			$6.81			$10.92
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.04			0.10			0.05			0.14			0.10			0.12
Net Realized and Unrealized Gain (Loss) on Investments		1.17			1.02			(0.13	)		1.85			0.68			(3.53	)
Total Income (Loss) From Operations		1.21			1.12			(0.08	)		1.99			0.78			(3.41	)
Less Distributions From(b):
Net Investment Income		(0.07	)		(0.11	)		(0.05	)		(0.15	)		(0.10	)		(0.12	)
Net Realized Gains		—			—			—			—			—			(0.58	)
Total Distributions		(0.07	)		(0.11	)		(0.05	)		(0.15	)		(0.10	)		(0.70	)
Net Asset Value, End of Period		$11.35			$10.21			$9.20			$9.33			$7.49			$6.81
Total Return(c)		11.84	%		12.26	%		(0.75	)%		26.66	%		11.41	%		(30.79	)%
Net Assets, End of Period (000’s)		$2,974			$3,205			$3,074			$3,502			$3,788			$3,165
Ratios to Average Net Assets
Gross Expense(d)		1.50	%		1.46	%		0.88	%(e)		0.67	%		0.58	%		0.66	%
Net Expenses(d)(f)		0.95	%		0.87	%		0.73	%(e)		0.67	%		0.58	%		0.65	%
Net Investment Income (Loss)		0.34	%		1.10	%		0.75	%(e)		1.64	%		1.23	%		1.63	%
Portfolio Turnover Rate		72	%		43	%		17	%		34	%		53	%		59	%
CLASS I	Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period January 12, 2012 through April 30, 2012*			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009
Net Asset Value, Beginning of Period		$10.24			$9.22			$9.35			$7.51			$6.82			$10.93
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.06			0.13			0.07			0.17			0.11			0.15
Net Realized and Unrealized Gain (Loss) on Investments		1.18			1.02			(0.13	)		1.84			0.70			(3.54	)
Total Income (Loss) From Operations		1.24			1.15			(0.06	)		2.01			0.81			(3.39	)
Less Distributions From(b):
Net Investment Income		(0.09	)		(0.13	)		(0.07	)		(0.17	)		(0.12	)		(0.14	)
Net Realized Gains		—			—			—			—			—			(0.58	)
Total Distributions		(0.09	)		(0.13	)		(0.07	)		(0.17	)		(0.12	)		(0.72	)
Net Asset Value, End of Period		$11.39			$10.24			$9.22			$9.35			$7.51			$6.82
Total Return(c)		12.11	%		12.62	%		(0.62	)%		26.91	%		11.80	%		(30.63	)%
Net Assets, End of Period (000’s)		$35,392			$35,826			$39,257			$51,887			$46,058			$51,823
Ratios to Average Net Assets
Gross Expense(d)		1.25	%		1.21	%		0.61	%(e)		0.42	%		0.33	%		0.41	%
Net Expenses(d)(f)		0.70	%		0.62	%		0.48	%(e)		0.42	%		0.33	%		0.40	%
Net Investment Income (Loss)		0.58	%		1.38	%		1.02	%(e)		1.89	%		1.41	%		1.97	%
Portfolio Turnover Rate		72	%		43	%		17	%		34	%		53	%		59	%

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

(b) For financial reporting purposes, certain distributions from net investment income for Federal income tax purposes have been reclassified to distributions from realized gains.

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

(d) The Fund invests in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

(e) Annualized for periods less than one year.

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

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

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2014

99 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2014

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 23 portfolios, 6 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 17 funds are presented in separate reports.

Fund	Investment Goal
Wilmington Multi-Manager International Fund* (“International Fund”)(d)	The Fund seeks to provide long-term capital appreciation primarily through a diversified portfolio of non-U.S. equity securities.
Wilmington Multi-Manager Alternatives Fund (“Alternatives Fund”)(d)†	The Fund seeks 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 seeks to achieve long-term preservation of capital with current income.
Wilmington Strategic Allocation Conservative Fund (“Strategic Allocation Conservative Fund”)(d)	The Fund seeks a high level of total return consistent with a conservative level of risk relative to other Wilmington Strategic Allocation Funds.
Wilmington Strategic Allocation Moderate Fund (“Strategic Allocation Moderate Fund”)(d)	The Fund seeks 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 seeks a high level of total return consistent with an aggressive level of risk relative to other Wilmington Strategic Allocation Funds.

† During the period, the Wilmington Rock Maple Alternatives Fund was renamed Wilmington Multi-Manager Alternatives Fund.

(d) Diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Service Class, Select Class, Administrative Class and Institutional Class are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Investment Valuation – Fair value of the Funds’ portfolio securities are determined as follows:

• for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;

• in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;

• futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (“Trustees”) may determine in good faith that another method of valuing such investments is necessary to appraise their fair value;

• forward foreign currency contracts are valued at the mean between the last bid and asked prices;

• investments in open-end regulated investment companies are valued at net asset value (“NAV”);

• for fixed income securities according to prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost;

• price information on listed securities, including underlying Exchange Traded Funds (“ETF’s”) and Exchange Traded Notes (“ETN’s”), is taken from the exchange where the security is primarily traded; and

• for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

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

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 100

the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value.

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund’s Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2014, 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 International Fund and the Real Asset 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) and 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.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due or from the Fund.

At April 30, 2014, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase     Agreements			Fair Value of     Non-cash     Collateral      Received			Cash     Collateral     Received			Net Amount(1)
International Fund
Citigroup Global Markets, Inc.		$	8,829,004		$	8,829,004		$	—		$	—
Daiwa Capital Markets America			8,829,004			8,829,004			—			—
HSBC Securities USA, Inc.			8,829,004			8,829,004			—			—
Nomura Securities International, Inc.			1,858,692			1,858,692			—			—
RBS Securities, Inc.			8,829,004			8,829,004			—			—
		$	37,174,708		$	37,174,708		$	—		$	—
Real Asset Fund
Citigroup Global Markets, Inc.		$	600,000		$	600,000		$	—		$	—
Morgan Stanley & Co. LLC			992,730			992,730			—			—
		$	1,592,730		$	1,592,730		$	—		$	—
Strategic Allocation Moderate Fund
Mizuho Securities USA, Inc.		$	736,600		$	736,600		$	—		$	—
		$	736,600		$	736,600		$	—		$	—

⁽¹⁾Net amount represents the net amount receivable due from the counterparty in the event of default.

ANNUAL REPORT / April 30, 2014

101 NOTES TO FINANCIAL STATEMENTS (continued)

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. 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. 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.

Real Estate Investment Trusts – The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

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.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year or period, the Funds did not incur any interest or penalties.

Warrants and Rights – Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Trustees’ approved fair value procedures.

Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (“FCs”) are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the net realized and unrealized gain or loss on investments.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rate.

Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Securities Sold Short – 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

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 102

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.

In accordance with the terms of its prime brokerage agreement, the Funds may be charged a fee on borrowed securities. Such fees are calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds record these prime broker charges on a net basis as interest expense on securities sold short. In addition, the Funds are required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividends expense on securities sold short.

The Funds are required to maintain margin cash balances at the prime broker sufficient to satisfy its short sales positions on a daily basis. The Fund is charged interest expense at the Fed Funds open rate plus 50 basis points on the amount of any shortfall in the required cash margin.

For the year ended April 30, 2014, the Alternatives Fund had average daily borrowings of $2,272,720 at an effective interest rate of 0.59% over 365 days. As of April 30, 2014, the Alternatives Fund had borrowings of $2,878,953. Interest expense on securities sold short for the year ended April 30, 2014 totaled $13,465.

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. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.

Investments purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”

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.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At April 30, 2014, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of     Securities     on Loan		Cash     Collateral     Received(1)		Net Amount(2)
International Fund	$	35,042,406	$	35,042,406	$—
Real Asset Fund		969,935		969,935	—
Strategic Allocation Moderate Fund		721,730		721,730	—
(1) Collateral with a value of $37,174,708, $992,730 and $736,600 respectively, has been received in connection with securities lending transactions.
(2) Net amount represents the net amount receivable due from the counterparty in the event of default.

3.    DERIVATIVE FINANCIAL INSTRUMENTS

Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect and entity’s results of operations and financial position.

Options – Certain Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign exchange rates, with respect to securities which the Fund currently owns or intends to purchase. A Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as

ANNUAL REPORT / April 30, 2014

103 NOTES TO FINANCIAL STATEMENTS (continued)

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 Alternatives Fund had options written during the year ended April 30, 2014 as follows:

	Number of Contracts		Premiums Received
Outstanding options at April 30, 2013		150	$	88,244
Option closed		—		—
Options written		13,979		3,811,860
Options expired		(2,467)		(1,593,137)
Options exercised		(593)		(418,403)
Options outstanding at April 30, 2014		11,069	$	1,888,564

The Real Asset Fund had transactions in options written during the year ended April 30, 2014 as follows:

	Notional Amount*			Number of   Contracts		Premiums   Received
Options outstanding at April 30, 2013		$	29,900,000		—		$	161,326
Options closed			(96,200,000)		—			(213,603)
Options written			119,430,000		235			465,889
Options expired			(36,030,000)		(5)			(236,271)
Options exercised			(8,000,000)		(5)			(40,018)
Options outstanding at April 30, 2014		$	9,100,000		225		$	137,323
*Reflects notional amount of Written Options.

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. Risk of loss may exceed amounts recognized on the statements of assets and liabilities.

Swap Agreements – Certain Funds may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Payments received or paid by the Fund are recorded as realized gains or losses upon termination or maturity of the swap. Risk of loss may exceed amounts recognized on the statements of assets and liabilities. Swap agreements outstanding at period end, if any, are listed on the Portfolio of Investments.

Interest rate swaps – Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Fund may use interest rate swaps to either maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments using interest rate swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty which may permit the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund, to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable.

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 104

Centrally cleared swap agreements – Centrally cleared swap agreements (“swap”) are agreements executed through a broker but are cleared through a central counterparty (the “CCP”) and a Fund’s counterparty on the swap becomes the CCP. The Fund is required to interface with the CCP through a broker and upon entering into a centrally cleared swap is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of a particular swap. Centrally cleared swaps are subject to general market risks and to liquidity risk. Pursuant to the swap, the Fund agrees to pay to or receive from the counterparty an amount of cash equal to the daily fluctuation in the value of the swap (the “Variation Margin”). Such payments are recorded by the Fund as unrealized gains or losses until the contract is closed or settled at which point the gain or loss is realized.

Credit default swap agreements – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the footnotes to the Portfolios of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

ANNUAL REPORT / April 30, 2014

105 NOTES TO FINANCIAL STATEMENTS (continued)

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of April 30, 2014.

	Location on the Statement of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Credit Contracts	Investments in securities, at value.	Options written, at value.
	Variation margin receivable for centrally cleared swaps.*	Variation margin payable for centrally cleared swaps.*
	Net unrealized appreciation on over the counter swap agreements.	Net unrealized depreciation on over the counter swap agreements.
Interest rate contracts	Variation margin receivable for centrally cleared swaps.*	Options written, at value.
	Net unrealized appreciation on over the counter swap agreements.	Variation margin payable for centrally cleared swaps.*
		Net unrealized depreciation on over the counter swap agreements.
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.	Options written, at value.

*The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for centrally cleared swap contracts. The variation margin presented below is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until April 30, 2014.

	Asset Derivative Fair Value
Fund	Total Value			Equity     Contracts			Foreign     Exchange     Contracts			Interest Rate     Contracts			Credit     Contracts
International Fund		$	6,838		$	—		$	6,838		$	—		$	—
Alternatives Fund			440,082			380,865			59,217			—			—
Real Asset Fund			959,893			—			628,682			255,947			75,264
	Liability Derivative Fair Value
Fund	Total Value			Equity     Contracts			Foreign     Exchange     Contracts			Interest Rate     Contracts			Credit     Contracts
International Fund		$	4,887		$	—		$	4,887		$	—		$	—
Alternatives Fund			2,024,992			1,771,877			253,115			—			—
Real Asset Fund			3,001,086			—			2,644,134			350,758			6,194

    The effect of derivative instruments on the Statements of Operations for the year ended April 30, 2014 are as follows:

Derivative Type	Location on the Statement of Operations
Equity contracts	Net realized gain (loss) on investments, options written and futures contracts
	Net change in unrealized appreciation (depreciation) on investments
Credit contracts	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on investments
Interest rate contracts	Net realized gain (loss) on investments, swap agreements, options written and futures contracts
	Net change in unrealized appreciation (depreciation) on investments
Foreign exchange contracts	Net realized gain (loss) on investments, foreign currency transactions and options written
	Net change in unrealized appreciation (depreciation) on investments

	Total Realized Gain (Loss) on Derivatives Recognized in Results from Operations
Fund	Total			Equity     Contracts			Foreign     Exchange     Contracts			Interest Rate     Contracts			Credit     Contracts
International Fund		$	(282,566)		$	—		$	(282,566)		$	—		$	—
Alternatives Fund			(1,920,690)			(12,414)			(1,908,276)			—			—
Real Asset Fund			(2,542,064)			—			(2,385,550)			(342,691)			186,177
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Results from Operations
Fund	Total			Equity     Contracts			Foreign     Exchange     Contracts			Interest Rate     Contracts			Credit     Contracts
International Fund		$	6,844		$	—		$	6,844		$	—		$	—
Alternatives Fund			(55,766)			66,190			(121,956)			—			—
Real Asset Fund			(1,227,854)			—			(1,411,136)			99,721			83,561

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 106

The Funds’ derivative financial instruments outstanding as of April 30, 2014, as disclosed in the Portfolios of Investments, are indicative of the volume of derivative activity for the Funds.

Certain Funds are parties to International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“MA”) with various counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The ISDA MA may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the ISDA MA, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the Fund’s portfolio or Statements of Assets and Liabilities.

At April 30, 2014, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets		Liabilities
International Fund
Derivative Financial Instruments:
Forward foreign currency contracts		$   6,838		$      4,887
Total derivative assets and liabilities in the Statements of Assets and Liabilities		6,838		4,887
Derivatives not subject to a MA or similar agreement		—		—
Total assets and liabilities subject to a MA		$   6,838		$      4,887
Alternatives Fund
Derivative Financial Instruments:
Financial futures contracts		$  23,658		$    76,575
Forward foreign currency contracts		35,559		176,540
Options		380,865		1,771,877
Total derivative assets and liabilities in the Statements of Assets and Liabilities		440,082		2,024,992
Derivatives not subject to a MA or similar agreement		23,658		76,575
Total assets and liabilities subject to a MA		$416,424		$1,948,417
Real Asset Fund
Derivative Financial Instruments:
Financial futures contracts		$32,253		$48,753
Forward foreign currency contracts		628,682		2,644,134
Options		—		99,359
Swaps		298,958		208,840
Total derivative assets and liabilities in the Statements of Assets and Liabilities		959,893		3,001,086
Derivatives not subject to a MA or similar agreement		240,206		177,061
Total assets and liabilities subject to a MA		$719,687		$2,824,025

At April 30, 2014, derivative assets and liabilities by type net of amounts available for offset under a MA and net of the related collateral received by each Fund are as follows:

Fund/Derivative Type	Derivative     Assets Subject to     a MA by Type		Derivatives     Available for     Offset		Non-Cash     Collateral     Received(1)		Cash     Collateral     Received(1)		Net Amount     of Derivative     Assets(2)
International Fund
Forward foreign exchange contracts		$6,838		$(4,887)		$—		$—		$1,951
Total Derivative Assets		$6,838		$(4,887)		$—		$—		$1,951
	Derivative     Liabilities Subject to     a MA by Type		Derivatives     Available for     Offset		Non-Cash     Collateral     Pledged(3)		Cash     Collateral     Pledged(3)		Net Amount     of Derivative     Liabilities(4)
Forward foreign exchange contracts		$4,887		$(4,887)		$—		$—		$    —
Total Derivative Liabilities		$4,887		$(4,887)		$—		$—		$    —

ANNUAL REPORT / April 30, 2014

107 NOTES TO FINANCIAL STATEMENTS (continued)

Fund/Derivative Type	Derivative   Assets Subject to   a MA by Type			Derivatives   Available for   Offset			Non-Cash   Collateral   Received(1)			Cash   Collateral   Received(1)			Net Amount   of Derivative   Assets(2)
Alternatives Fund
Forward foreign exchange contracts		$	35,559		$	(35,559)		$	—		$	—		$	—
Options			380,865			(380,865)			—			—			—
Total Derivative Assets		$	416,424		$	(416,424)		$	—		$	—		$	—
	Derivative   Liabilities Subject to   a MA by Type			Derivatives   Available for   Offset			Non-Cash   Collateral   Pledged(3)			Cash   Collateral   Pledged(3)			Net Amount   of Derivative   Liabilities(4)
Forward foreign exchange contracts		$	176,540		$	(35,559)		$	—		$	—		$	140,981
Options			1,771,877			(380,865)			(1,391,012)			—			—
Total Derivative Liabilities		$	1,948,417		$	(416,424)		$	(1,391,012)		$	—		$	140,981
	Derivative   Assets Subject to   a MA by Type			Derivatives   Available for   Offset			Non-Cash   Collateral   Received(1)			Cash   Collateral   Received(1)			Net Amount   of Derivative   Assets(2)
Real Asset Fund
Forward foreign exchange contracts		$	628,682		$	(615,153)		$	—		$	—		$	13,529
Swaps			91,005			(16,813)			—			—			74,192
Total Derivative Assets		$	719,687		$	(631,966)		$	—		$	—		$	87,721
	Derivative   Liabilities Subject to   a MA by Type			Derivatives   Available for   Offset			Non-Cash   Collateral   Pledged(3)			Cash   Collateral   Pledged(3)			Net Amount   of Derivative   Liabilities(4)
Forward foreign exchange contracts		$	2,644,134		$	(615,153)		$	—		$	—		$	2,028,981
Options			17,485			—			(17,485)			—			—
Swaps			162,406			(16,813)			—			(145,593)			—
Total Derivative Liabilities		$	2,824,025		$	(631,966)		$	(17,485)		$	(145,593)		$	2,028,981
(1) Excess of collateral received is not shown for financial reporting purposes.  (2) Net amount represents the net amount receivable in the event of default.  (3) Excesss of collateral pledged is not shown for financial reporting purposes.  (4) Net amount represents the net amount payable due in the event of default.

4.     FEDERAL TAX INFORMATION

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to the tax treatment of expiring capital loss carryforwards, net investment losses, the “mark-to-market” of certain passive foreign investment companies (PFICs), losses deferred due to wash sales, partnership adjustments, losses deferred due to straddles, and adjustments for IRS Section 1256 contracts. GAAP requires that permanent differences in net investment income and realized gains and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets and have no effect on the net assets nor the NAV of the Funds.

As of April 30, 2014, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the periods ended 2013, 2012, and 2011, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

For the year ended April 30, 2014, permanent differences identified and reclassified among the components of net assets were as follows:

Fund	Paid-in Capital			Increase (Decrease)   Undistributed Net   Investment Income			Accumulated   Net Realized   Gain (Loss)
International Fund		$	—		$	(35,144)		$	35,144
Alternatives Fund			—			234,031			(234,031)
Real Asset Fund			(2,602)			(1,109,678)			1,112,280
Strategic Allocation Conservative Fund			—			43,181			(43,181)
Strategic Allocation Moderate Fund			—			104,194			(104,194)
Strategic Allocation Aggressive Fund			—			67,227			(67,227)

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 108

The tax character of distributions for the year ended April 30, 2014 and 2013 were as follows:

	2014					2013
Fund	Ordinary     Income*			Long-Term     Capital Gains		Ordinary     Income*			Long-Term Capital Gains
International Fund		$	9,182,190		$            —		$	7,322,484		$        —
Alternatives Fund			161,975		1,374,779			241,997		193,600
Real Asset Fund			6,435,946		—			5,621,165		—
Strategic Allocation Conservative Fund			807,921		306,691			1,060,591		—
Strategic Allocation Moderate Fund			678,372		—			976,174		—
Strategic Allocation Aggressive Fund			310,111		—			540,529		—
*     For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed/     (Over Distributed)     Ordinary Income		Undistributed     Long-Term     Capital Gains		Other     Timing     Differences			Unrealized     Appreciation		Capital Loss Carryforwards and Deferrals		Late Year Ordinary Deferrals
International Fund		$4,731,594		$            —		$	(2,014)		$79,286,107		$(353,553,373)		$            —
Alternatives Fund		1,957,530		1,461,848			154,953		(2,234,662)		—		—
Real Asset Fund		—		—			1,299,393		26,219,344		(104,857,547)		(1,847,662)
Strategic Allocation Conservative Fund		95,931		703,223			—		1,272,055		—		—
Strategic Allocation Moderate Fund		97,447		—			—		4,900,979		(7,415,114)		—
Strategic Allocation Aggressive Fund		25,581		—			—		1,704,890		(1,811,800)		—

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

At April 30, 2014, 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			Long-Term     Post-Effective     No Expiration		Total Capital
																		Loss
Fund	2016			2017			2018			2019			No Expiration					Carryforwards
International
Fund		$	88,749,523		$	236,603,604		$	28,105,841		$	—		$	94,405		$—		$	353,553,373
Real Asset Fund			—			—			104,657,041			—			200,506		—			104,857,547
Strategic
Allocation
Moderate Fund			—			5,833,221			1,581,893			—			—		—			7,415,114
Strategic
Allocation
Aggressive
Fund			—			—			—			1,811,800			—		—			1,811,800

ANNUAL REPORT / April 30, 2014

109 NOTES TO FINANCIAL STATEMENTS (continued)

The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2014:

Fund	Capital Loss Carryforwards Used
International Fund		$12,472,389
Strategic Allocation Conservative Fund		876,936
Strategic Allocation Moderate Fund		6,367,164
Strategic Allocation Aggressive Fund		6,700,418

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 Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. Post-October, Post-December and Late Year losses deferred to May 1, 2014 are as follows:

Fund	Ordinary     Post-December     Losses	Short-Term Post-October/ Late Year Capital Losses	Long-Term     Post-October/     Late Year     Capital     Losses
Real Asset Fund	$1,847,662	$—	$—

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

Investment Advisor – Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.

The International Fund, 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. For their services, the Funds pay 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, 2014, so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below.

	Contractual     Expense Limitations
Fund	Class A	Class I
International Fund	1.49%	1.36%
Alternatives 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%

* The advisor has voluntarily agreed to waive fees so that the Fund’s expenses are below the contractual expense limitations.

Fund	Gross Fees		Fees Waived		Fee as a % of average net asset of the Fund/ Allocated Net Assets for Sub-advisors
International Fund
WFMC		$2,609,279		$(174,849)	0.50%
Sub-advisors:
Baring International Investment Limited		222,287		—	0.45%
Dimensional Fund Advisors LP		272,523		(42,350)	0.45% on the first $50 million;
					0.30% in excess of $50 million
LSV Asset Management		265,638		—	0.49%
Northern Cross LLC		797,290		—	0.55% on the first $1 billion;
					0.50% in excess over $1 billion.

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 110

Fund	Gross Fees		Fees Waived		Fee as a % of average net asset of the Fund/ Allocated Net Assets for Sub-advisors
Oberweis Asset Management, Inc. (Since 10/24/2013)		239,587		(1,655)	1.00% on the first $50 million;
					0.90% on the next $50 million;
					0.80% in excess over $100 million
Parametric Portfolio Associates LLC		715,339		—	0.80% on the first $100 million;
(Emerging Markets Strategy)					0.75% in excess of $100 million
Parametric Portfolio Associates LLC		169,219		(1,054)	0.275% on the first $50 million;
(Developed Country Index Replication Strategy)					0.20% in excess of $50 million
Alternatives Fund
WFMC		1,066,694		(295,129)	1.00%
Rock Maple Services, LLC (terminated 8/28/2013)		66,376		—	0.40%
Sub-advisors:
Acuity Capital Management, LLC		186,947		—	1.00%
ADAR Investment Management, LLC (terminated 1/31/2014)		76,012		—	1.00%
Calypso Capital Management, LP		205,722		—	1.00%
Loeb King Capital Management (Since 04/22/2014)		11,893		—	1.05% on the first $100 million;
					1.00% in excess of $100 million
Madison Street Partners LLC (terminated 10/11/2013)		26,247		—	1.00%
Parametric Risk Advisors		110,056		—	0.90%
P\E Global LLC (Since 10/02/2013)		90,283		—	1.00%
TIG Advisors, LLC		122,144		—	1.00%
Real Asset Fund
WFMC		2,175,654		(13,463)	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		7,005		—	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:
CBRE Clarion Securities LLC		398,662		(11,068)	0.65% on the first $50 million;
					0.55% on the next $50 million;
					0.45% in excess of $100 million
EII Realty Securities, Inc.		621,394		(8,770)	0.65% on the first $100 million;
					0.60% in excess of $100 million
HSBC Global Asset Management (France)		93,358		—	0.20% on the first $100 million;
					0.15% on the next $400 million;
					0.10% in excess of $500 million
Pacific Investment Management Company, LLC		352,343		—	0.29%
Strategic Allocation Conservative Fund		222,325		(183,433)	0.50%
Strategic Allocation Moderate Fund		307,872		(220,778)	0.50%
Strategic Allocation Aggressive Fund		197,043		(115,850)	0.50%

Administrative Fee – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. WFMC in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.

Administrator	Maximum Fee			Average Aggregate Daily Net Assets of the Trust
WFMC		0.040	%	on the first $5 billion
		0.030	%	on the next $2 billion
		0.025	%	on the next $3 billion
		0.018	%	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

ANNUAL REPORT / April 30, 2014

111 NOTES TO FINANCIAL STATEMENTS (continued)

On September 30, 2013, the Board of Trustees voted to change the fee schedule for WFMC. Prior to October 1, 2013, these services were provided for at an aggregate annual fee as specified below.

Administrator	Maximum   Fee	Average Aggregate Daily Net     Assets of the Trust
WFMC	0.033%	on the first $5 billion
	0.020%	on the next $2 billion
	0.016%	on the next $3 billion
	0.015%	on assets in excess of $10 billion

WFMC may voluntarily choose to waive any portion of its fee. WFMC can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2014, WFMC did not waive any administrative personnel and services fee.

Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Class A shares, for the sale, distribution, administration, customer servicing and record keeping of these shares.

The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.

For the year ended April 30, 2014, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:

Fund	Distribution     Fees
International Fund	$    5,832
Alternatives Fund	58
Real Asset Fund	922
Strategic Allocation Conservative Fund	8,600
Strategic Allocation Moderate Fund	125,032
Strategic Allocation Aggressive Fund	5,352

Sales Charges – The Class A shares of all the Funds bear front-end sales charges.

For the year ended April 30, 2014, 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	$    644
Alternatives Fund	—
Real Asset Fund	2,471
Strategic Allocation Conservative Fund	5,769
Strategic Allocation Moderate Fund	47,949
Strategic Allocation Aggressive Fund	3,961

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Class A and Class I shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the year ended April 30, 2014, M&T received a portion of the fees paid by the following Fund which is listed below:

Fund	Shareholder     Services   Fee
International Fund	$587,553

Other Service Providers – Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer and Principal Financial Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.

BNYM provides custody services to the Trust.

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 112

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

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

Other Affiliated Parties and Transactions – Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Funds’ distributor. Transactions with affiliated companies during the year ended April 30, 2014 are as follows:

Affiliated Fund Name	Balance of   Shares Held   4/30/13		Purchases/ Additions		Sales/ Reductions		Balance of   Shares Held   4/30/14		Value at 4/30/14			Dividend Income(a)			Realized Gain/(Loss)(b)
International Fund:
Wilmington Prime Money Market Fund		—		22,176,377		22,176,377		—		$	—		$	30		$	—
Real Asset Fund:
Wilmington Prime Money Market Fund		2,650,807		69,816,721		72,467,528		—		$	—		$	1,135		$	—
Strategic Allocation Conservative Fund:
Wilmington Prime Money Market Fund		710,281		11,029,513		11,235,074		504,720		$	504,720		$	90		$	—
Wilmington Mid-Cap Growth Fund		34,388		27,207		6,797		54,798			994,576			—			46,962
Wilmington Large-Cap Strategy Fund		242,365		1,468		211,017		32,816			566,737			22,139			1,006,709
Wilmington Small-Cap Strategy Fund		26,932		322		3,404		23,850			344,158			4,445			26,942
Wilmington Intermediate-Term Bond Fund		2,276,678		83,503		584,322		1,775,859			17,936,178			362,086			331,385
Wilmington Multi-Manager International Fund		434,816		54,716		92,888		396,644			3,149,355			56,181			74,568
Wilmington Multi-Manager Real Asset Fund		175,518		1,320		176,838		—			—			18,447			559,682
TOTAL				11,198,049		12,310,340				$	23,495,724		$	463,388		$	2,046,248
Strategic Allocation Moderate Fund:
Wilmington Prime Money Market Fund		1,223,157		15,867,156		16,362,766		727,547		$	727,547		$	122		$	—
Wilmington Large-Cap Growth Fund		211,542		—		211,542		—			—			—			786,643
Wilmington Large-Cap Value Fund		122,512		—		122,512		—			—			5,693			639,844
Wilmington Mid-Cap Growth Fund		188,417		77,648		39,092		226,973			4,119,565			—			255,947
Wilmington Small-Cap Growth Fund		56,897		—		56,897		—			—			—			656,025
Wilmington Multi-Manager International Fund		942,860		—		178,306		764,554			6,070,558			118,895			272,362
Wilmington Small-Cap Strategy Fund		—		103,236		12,509		90,727			1,309,185			12,342			9,757
Wilmington Multi-Manager Real Asset Fund		221,091		1,662		222,753		—			—			23,237			—
TOTAL				16,049,702		17,206,377				$	12,226,855		$	160,289		$	2,620,578

ANNUAL REPORT / April 30, 2014

113 NOTES TO FINANCIAL STATEMENTS (continued)

Affiliated Fund Name	Balance of Shares Held 4/30/13		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 4/30/14		Value at 4/30/14			Dividend Income(a)			Realized   Gain/(Loss)(b)
Strategic Allocation Aggressive Fund:
Wilmington Prime Money Market Fund		643,033		14,821,084		14,937,151		526,966		$	526,966		$	120		$	—
Wilmington Mid-Cap Growth Fund		169,356		87,811		5,260		251,907			4,572,107			—			126,588
Wilmington Large-Cap Strategy Fund		897,089		4,194		886,370		14,913			257,555			61,168			5,968,731
Wilmington Small-Cap Strategy Fund		69,393		35,061		—		104,454			1,507,267			15,728			—
Wilmington Multi-Manager International Fund		1,398,685		24,794		221,690		1,201,789			9,542,203			178,042			273,882
Wilmington Multi-Manager Real Asset Fund		125,870		946		126,816		—			—			13,229			444,824
TOTAL				14,973,890		16,177,287				$	16,406,098		$	268,287		$	6,814,025

^(a)  Dividend Income may include distributions from net investment income and return of capital paid by the affiliated fund to the Fund.

^(b)  Realized Gain/(Loss) includes realized capital gain distributions paid by the affiliated fund and gain/(loss) received by the Fund for sales of the affiliated fund.

Certain Funds effect trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the year ended April 30, 2014 were as follows:

Fund	Commissions
International Fund		$55,877
Alternatives Fund		1,360
Real Asset Fund		29,201

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities for the year ended April 30, 2014 were as follows:

	Investments
Fund	Purchases			Sales
International Fund		$	249,968,438		$	282,779,238
Alternatives Fund			426,568,483			341,418,398
Real Asset Fund			310,836,515			306,919,712
Strategic Allocation Conservative Fund			14,508,963			19,462,660
Strategic Allocation Moderate Fund			31,886,637			38,011,298
Strategic Allocation Aggressive Fund			27,557,747			31,598,711

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2014 were as follows:

	U.S. Government Securities
Fund	Purchases		Sales
Alternatives Fund	$	—	$	250,000
Real Asset Fund		313,868,911		298,789,923
Strategic Allocation Moderate Fund		362,759		1,568,900

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 through March 10, 2014. Effective March 11, 2014, the LOC included a commitment fee of 0.10% per annum on the daily unused portion. The termination date of this LOC is March 9, 2015. The Funds did not utilize the LOC for the year ended April 30, 2014.

April 30, 2014 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 114

8.   SUBSEQUENT EVENTS

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

9.   FEDERAL TAX INFORMATION (UNAUDITED)

Complete information regarding the tax status of distributions will be reported on Forms 1099.

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended April 30, 2014, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:

Fund
International Fund	0.00	%
Alternatives Fund	23.86	%
Real Asset Fund	8.57	%
Strategic Allocation Conservative Fund	10.15	%
Strategic Allocation Moderate Fund	19.15	%
Strategic Allocation Aggressive Fund	55.39	%

For the year ended April 30, 2014, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 15%:

Fund
International Fund	100.00	%
Alternatives Fund	29.80	%
Real Asset Fund	21.91	%
Strategic Allocation Conservative Fund	19.44	%
Strategic Allocation Moderate Fund	48.92	%
Strategic Allocation Aggressive Fund	100.00	%

If the Funds meet the requirements of Section 853 of the Code, the Funds will pass through to shareholders credits of foreign taxes paid.

ANNUAL REPORT / April 30, 2014

115

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF

WILMINGTON FUNDS

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Wilmington Multi-Manager International Fund, Wilmington Multi-Manager Alternatives Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Moderate Fund and Wilmington Strategic Allocation Aggressive Fund (six of the series constituting the Wilmington Funds) (the “Funds”) as of April 30, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2014, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Multi-Manager International Fund, Wilmington Multi-Manager Alternatives Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Moderate Fund and Wilmington Strategic Allocation Aggressive Fund at April 30, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

June 28, 2014

April 30, 2014 / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 116

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 23 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.

INTERESTED TRUSTEES BACKGROUND

Name   Address   Birth date   Position With Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
R. Samuel Fraundorf, CFA, CPA*	Principal Occupations: President of WTIA.
Birth date: 4/64
TRUSTEE	Other Directorships Held: None.
Began serving: March 2012
	Previous Positions: President of Wilmington Trust Investment Managements (“WTIM”) (8/04 to 1/12); Chief Operating Officer of WTIM (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08).
Robert J. Truesdell* Birth date: 11/55	Principal Occupations: Group Vice President and Senior Investment Advisor for Wilmington Trust Wealth Advisory Services, M&T Bank.
TRUSTEE Began serving: December 2012	Other Directorships Held: None.
	Previous Positions: Bond Department Manager, M&T Bank (2/88 to 7/12); Group Vice President, Managing Director and Chief Investment Officer, WTIA (6/02 to 6/12) and WFMC (3/12 to 6/12).

* R. Samuel Fraundorf is “interested” due to positions he holds with WTIA. Robert J. Truesdell is “interested” due to the positions he currently holds with Wilmington Trust Wealth Advisory Services, M&T Bank, the parent of the Funds’ Advisor, and previous positions held with WTIA and WFMC.

ANNUAL REPORT / April 30, 2014 (unaudited)

117 BOARD OF TRUSTEES AND TRUST OFFICERS

     INDEPENDENT TRUSTEES BACKGROUND

Name   Birth date   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Joseph J. Castiglia   Birth date: 7/34   CHAIRMAN AND TRUSTEE   Began serving: February 1988	Principal Occupations: Private Investor, Consultant and Community Volunteer.
	Other Directorships Held: Chairman (3/06 to 3/08), Trustee (3/04 to present) and Treasurer (3/10 to 3/12), Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 1/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman (5/12 to present), Director (1/08 to present), Read to Succeed Buffalo (1/08 to present); Director, Catholic Medical Partners (7/12 to present); Director, Roycroft Campus Corporation (8/12 to present).
	Previous Positions: President, Chief Executive Officer, Vice President, Treasurer, Controller and Vice Chairman, Pratt & Lambert United (manufacturing of paints, coatings and adhesives) (12/67 to 1/96); Chairman and Director, Catholic Health Systems of Western New York (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (health insurance provider) (5/92 to 5/07); Lead Director and Director, Energy East (gas and electric utility); Chairman and Director, Federal Reserve Bank of New York, Buffalo Branch.
Robert H. Arnold   Birth date: 3/44   TRUSTEE   Began serving: March 2012	Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present).
	Other Directorships Held: First Potomac Realty Trust (real estate investment trust).
William H. Cowie, Jr.   Birth date: 1/31   TRUSTEE   Began serving: September 2003	Principal Occupations: Retired.
	Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present).
	Previous Positions: CFO, Pencor Inc. (environmental project development); Vice Chairman of Signet Banking Corp.
John S. Cramer   Birth date: 2/42   TRUSTEE   Began serving: December 2000	Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present).
	Other Directorships Held: Director, Chairman of the Executive Committee and Chairman of the Compensation Committee of Chek-Med Corporation (6/03 to present).
	Previous Positions: President and Chief Executive Officer Emeriti, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania).
Daniel R. Gernatt, Jr.   Birth date: 7/40   TRUSTEE   Began serving: February 1988	Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present).
	Other Directorships Held: Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation.

April 30, 2014 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 118

Name   Birth date   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano	Principal Occupations: Consultant, financial services organizations (1997 to present).
Birth date: 3/43   TRUSTEE   Began serving: March 2012
	Other Directorships Held: Kalmar Pooled Investment Trust; The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (industrial furnaces and ovens).
	Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Richard B. Seidel   Birth date: 4/41   TRUSTEE   Began serving: September 2003	Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (1/96 to present); Chairman and Director, Girard Capital (broker-dealer) (1/10 to present).
	Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).

      OFFICERS

Name   Address   Birth year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Samuel Guerrieri   Birth year: 1965   PRESIDENT   Began serving: December 2012	Principal Occupations: President and Chief Executive Officer, M&T Securities, Senior Vice President, M&T Bank.
Michael D. Daniels   Birth year: 1967   CHIEF OPERATING OFFICER   Began serving: June 2007	Principal Occupations: Chief Operating Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc., Administrative Vice President, M&T Bank.
	Previous Positions: Senior Vice President, MSD&T and MCA (2006 to 2007); Vice President, Calamos Asset Management (2004 to 2006); Vice President, JP Morgan Chase Bank (2002 to 2004).
Jeffrey M. Seling   Birth year: 1970   ASSISTANT TREASURER	Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc; Assistant Treasurer, Wilmington Funds.
Began serving: June 2013   VICE PRESIDENT   Began serving: June 2007	Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank.
John C. McDonnell   Birth year: 1966   VICE PRESIDENT AND ASSISTANT   TREASURER   Began serving: June 2013	Principal Occupations: Vice President, Wilmington Funds Management Corporation (2005 to Present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present).
	Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012); Audit Senior, Deloitte LLP (2004 to 2005); Assistant Vice President, 1838 Investment Advisors, LP (1999 to 2004).

ANNUAL REPORT / April 30, 2014 (unaudited)

119 BOARD OF TRUSTEES AND TRUST OFFICERS

Name   Address   Birth year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Hope L. Brown   Birth year: 1973   CHIEF COMPLIANCE OFFICER, AML   COMPLIANCE OFFICER AND ASSISTANT   SECRETARY   Began serving: December 2012	Principal Occupations: Vice President, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds.
	Previous Positions: Assistant Vice President, Lead Manager, Risk Management and Divisional Compliance for T. Rowe Price (2005 to 2010); Senior Compliance Officer, Manager of Compliance for RE Investment, Inc., RE Advisers, Inc. and the Homestead Funds (2001 to 2005).
Eric B. Paul   Birth year: 1974   VICE PRESIDENT   Began serving: June 2008	Principal Occupations: Administrative Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008.
Ralph V. Partlow, III   25 South Charles Street, 22nd floor   Baltimore, MD 21201	Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present).
Birth year: 1957	Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003).
VICE PRESIDENT
Began serving: June 2010
Christopher W. Roleke   10 High Street, Suite 302   Boston, MA 02110	Principal Occupation: Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present).
Birth year: 1972   CHIEF FINANCIAL OFFICER AND TREASURER   Began serving: July 2013	Previous Positions: Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
Lisa R. Grosswirth   101 Barclay Street, 13E   New York, NY 10286   Birth year: 1963   SECRETARY   Began serving: September 2007	Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present). Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).
Richard J. Berthy   Three Canal Plaza, Suite 100   Portland, ME 04101   Birth year: 1958   CHIEF EXECUTIVE OFFICER   Began serving: September 2007	Principal Occupation: Chief Executive Officer, Foreside Financial Group, LLC (7/12 to present). Previous Positions: President, Foreside Financial Group, LLC (5/08 to 7/12); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (6/03 to 6/06); Vice President, Bainbridge Capital Management (8/02 to 5/04).

April 30, 2014 (unaudited) / ANNUAL REPORT

120

BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Approval of New Subadvisory Agreements

At the March 12-13, 2014 meeting of the Board of Trustees (the “March meeting”), the Board, including the Independent Trustees, discussed and unanimously approved, for the Wilmington Multi-Manager Alternatives Fund and the Wilmington Multi-Manager International Fund (each, a “Fund”), investment subadvisory agreements (the “New Subadvisory Agreements”) with Loeb King Capital Management (“Loeb King”) and J O Hambro Capital Management, respectively (“JOHCM” and, collectively with Loeb King, the “New Subadvisors”). The Trustees were provided with detailed materials relating to the New Subadvisors in advance of and at the meeting. The material factors and conclusions that formed the basis for the approval are discussed below.

At the March meeting, the Trustees met in person with Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (collectively, the “Advisor”), Trust and Independent Legal Counsel, representatives of the New Subadvisors, and others. The Wilmington Multi-Manager Alternatives Fund has multiple subadvisers but only the contract with Loeb King, to manage a portion of the Fund’s assets, was subject to approval. The Wilmington Multi-Manager International Fund has multiple subadvisors but only the contract with JOHCM, to manage a portion of the Fund’s assets, was subject to approval.

In evaluating the New Subadvisory Agreements, the Trustees took into account management styles, investment strategies, and prevailing market conditions as well as each New Subadvisor’s investment philosophy and process, past performance, and personnel. The Trustees also reviewed information concerning: (i) the nature, extent and quality of the services to be provided by each New Subadvisor; (ii) the prior investment performance of each New Subadvisor; (iii) the prior investment performance of each Fund against a relevant benchmark and against other comparable mutual funds; (iv) each New Subadvisor’s anticipated cost of/profitability in providing the services to the applicable Fund; (v) possible fall-out benefits to each New Subadvisor due to its position with the applicable Fund, including the use of soft dollars in the case of JOHCM; (vi) the proposed fees of the New Subadvisors and fees charged by other investment advisors to other mutual funds for similar services; and (vii) the Advisor’s recommendation that the Independent Trustees approve the New Subadvisory Agreements. The New Subadvisors and the Trustees did not specifically address economies of scale due to the amount of assets to be managed by each New Subadvisor, although the New Subadvisory Agreement with Loeb King contains breakpoints.

After discussion and consideration among themselves, and with Independent Legal Counsel and the Advisor, the Board, including all of the Independent Trustees, determined that the fees to be paid by each Fund to Loeb King and JOHCM, as applicable, under the New Subadvisory Agreements appeared to be fair and reasonable in light of the information provided. Based on all relevant information and factors, none of which was individually determinative of the outcome, the Board, including all of the Independent Trustees, concluded that the approval of the New Subadvisory Agreements for a two-year period was in the best interests of each Fund and its shareholders and approved the New Subadvisory Agreements.

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121

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

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

Electronic Delivery

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

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

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

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

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

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

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

Householding

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

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

April 30, 2014 / ANNUAL REPORT

122

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

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

Information The Funds Collect:

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

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

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

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

Information Sharing Policy

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

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

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

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

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

Information Security:

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

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

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

Employee Access to Information:

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

Visiting The Funds’ Website:

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

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123

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

• Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website.

• We may also collect non-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party.

E-mail:

If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.

Surveys/Aggregate Data:

Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

Notice will be provided to you in advance of any changes that would affect your rights under this policy statement

April 30, 2014 / ANNUAL REPORT

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Item 2. Code of Ethics.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

(b) There have been no amendments to the registrant’s code of ethics that apply to its Principal Executive Officer or Principal Financial Officer.

(c) There have been no amendments to the Funds’ code of ethics during the reporting period for this Form N-CSR.

(d) The registrant has not granted any waivers, including an implicit waiver, from any provisions of its code of ethics during the reporting period for this Form N-CSR.

(e) Not Applicable

(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-863-2211, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3. Audit Committee Financial Expert.

The registrant’s Board has determined that each member of the Board’s Audit Committee is an “audit committee financial expert,” and that each such member is “independent,” for purposes of this Item. The Audit Committee consists of the following Board members: Nicholas A. Giordano, Joseph J. Castiglia, William H. Cowie, Jr., and John S. Cramer.

Item 4. Principal Accountant Fees and Services.

(a) The Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were as follows:

Fiscal year ended 2014 - $498,190

Fiscal year ended 2013 - $494,400

(b) Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were as follows:

Fiscal year ended 2014 - $0

Fiscal year ended 2013 - $0

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(c) Tax Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were as follows:

Fiscal year ended 2014 - $181,785

Fiscal year ended 2013 - $195,325

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $181,785 and $195,325 respectively.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) and (c) of this Item were as follows:

Fiscal year ended 2014 - $0

Fiscal year ended 2013 - $0

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(e)(1) Audit Committee Policies regarding Pre-approval of Services.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre- approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.

The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.

AUDIT SERVICES

The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.

AUDIT-RELATED SERVICES

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.

TAX SERVICES

The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.

ALL OTHER SERVICES

With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:

(1) The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant or to its accountant during the fiscal year in which the services are provided;

(2) Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and

(3) Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee.

The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.

The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.

PRE-APPROVAL FEE LEVELS

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.

PROCEDURES

Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

4(b)

Fiscal year ended 2014 – 0 %

Fiscal year ended 2013 – 0 %

Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

4(c)

Fiscal year ended 2014 – 100%

Fiscal year ended 2013 – 100%

Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 100% and 100% respectively.

4(d)

Fiscal year ended 2014 – 0%

Fiscal year ended 2013 – 0 %

Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

(f) Not Applicable

(g) Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant:

Fiscal year ended 2014 – $181,785

Fiscal year ended 2013 – $195,325

(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No changes to report.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(12.other) Not applicable.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)    Wilmington Funds                                                                                                              

By (Signature and Title)*    /s/ Richard J. Berthy                                                                                      

                                                   Richard J. Berthy

                                                   (Principal Executive Officer)

Date    7/7/2014                                                                                                                                             

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*    /s/ Richard J. Berthy                                                                                      

                                                   Richard J. Berthy

                                                   (Principal Executive Officer)

Date    7/7/2014                                                                                                                                             

By (Signature and Title)*    /s/ Christopher W. Roleke                                                                           

                                                   Christopher W. Roleke

                                                   (Principal Financial Officer)

Date    7/7/2014                                                                                                                                             

^*  Print the name and title of each signing officer under his or her signature.