N-CSR

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)

Mary Ellen Reilly

Wilmington Trust Investment Advisors, Inc.

Rodney Square North

1100 North Market Street

                                                 Wilmington, DE 19890-0001                                                 

(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, 2015

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
Statements of Assets and Liabilities	18
Statements of Operations	19
Statements of Changes in Net Assets	20
Financial Highlights	23
Notes to Financial Statements	29
Report of Independent Registered Public Accounting Firm	34
Board of Trustees and Trust Officers	35

[This Page Intentionally Left Blank]

i

Dear Investor:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s fiscal year of May 1, 2014, through April 30, 2015. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The Economy and Financial Markets in Review

Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets for the Trust’s fiscal year.

The Economy

Economic reports painted an ambiguous picture of the U.S economy. The gross domestic product (GDP) expanded at a very strong annualized rate in the 2nd and 3rd quarters of 2014 (+4.6% and +5.0%, respectively), but cooled off in the 4th quarter of 2014, recording a more modest 2.2% increase and posting a 0.7% decline in the 1st quarter of 2015.ⁱ

ⁱhttp://www.bea.org/index.htm

The headwinds responsible for this slowdown in economic growth were manifold. A dock worker strike at West Coast ports, a strong U.S. dollar (and its concomitant drag on exports), sliding oil prices, and an unusually harsh winter all conspired to sap the building economic momentum.

Despite the uneven GDP performance, the employment situation steadily improved. Unemployment, which stood at 6.3% in May 2014, fell by nearly a full percentage point to 5.4% by April 2015, placing it in the range of what the Federal Reserve (the “Fed”) has come to view as “full employment.^”ii

ⁱⁱhttp://data.bls.gov/timeseries/LNS14000000

While the unemployment picture brightened, the labor force participation rate remained unchanged at 62.8%.ⁱⁱⁱ This rate is at a historical low and has shown little sign of bouncing back to pre-recession levels.

ⁱⁱⁱhttp://data.bls.gov/timeseries/LNS11300000

Oil prices went on a wild ride, with West Texas Intermediate (WTI) crude falling nearly 60% in value, from its $107.95 per barrel peak in June 2014 to a low of $43.39 on March 17th. Prices staged a partial recovery, rising to $59.62 by the end of April 2015.^iv

^ivhttp://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&F=D

Though it might seem that declining oil prices would be a boost to the economy given their positive impact on corporate earnings and consumer spending, the short-term effect was negative as oil-related companies ratcheted back their spending on capital goods. The expected boost from consumer spending was muted as individuals chose to reduce debt with the savings accrued from lower gas prices, or adopt a wait-and-see attitude over whether lower prices would persist.

The Bond Markets

The bond market weathered the end of quantitative easing¹ and performed well amid the persistent uncertainty of a hike in short-term rates by the Fed. While the path of the 10-year Treasury rate was a bit erratic, the direction was generally lower. The yield on the 10-year note, which was 2.65% at the start of the Trust’s fiscal year, fell to 2.03% by April 30, 2015, after spending a substantial amount of time under 2% during the first quarter of 2015.^v

  ^vhttp://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldYear&year=2015

The Barclays U.S. Aggregate Index² returned 4.46% for the 12-month period ended April 30, 2015, powered by an increase of 15.06% in the Barclays U.S. Long Government Bond Index³.

Municipal bonds also turned in a good year, with the S&P Municipal Bond Intermediate Index⁴ gaining 3.94%.

The Barclays U.S. Corporate High Yield Bond Index⁵, which returned a paltry 2.58%, was hampered by oil-related high yield bonds, which suffered as oil prices sagged.

Investors will be awaiting Fed interest rate policy actions in the latter half of 2015. The Fed has signaled that it wishes to begin the process of normalizing monetary policy yet how the capital markets will react remains an open question.

PRESIDENT’S MESSAGE / April 30, 2015 (unaudited)

ii

For the 12-month reporting period May 1, 2014 through April 30, 2015, certain Barclays’ indices performed as follows⁶:

Barclays    U.S. Aggregate    Bond Index	Barclays U.S. Treasury Bond Index7	Barclays U.S. Mortgage- Backed  Securities Index8	Barclays U.S. Credit Bond Index9	Barclays Municipal Bond Index10
4.46%	4.23%	4.61%	4.87%	4.80%

The Stock Markets

The current bull market in stocks entered its seventh year. Though economic growth and corporate earnings deserve their fair share of the credit for this extended stock rally, the Federal Reserve policies of quantitative easing and low rates have provided substantial support to stock prices during this time.

With the end to quantitative easing in the 4th quarter of 2014, the markets remained fixated on when the Fed might raise short-term rates. The mixed signals that each new economic report sent about the underlying strength of the economy was enough for the Fed to postpone a rate hike into the 2nd half of 2015, helping the markets record solid gains during the Trust’s fiscal year period.

Through the period May 1, 2014 to April 30, 2015, the S&P 500 index¹¹ jumped 12.98%, the S&P MidCap 400 Index¹² rose 12.28% and the S&P SmallCap 600 Index¹³ turned in a gain of 9.24%.

While smaller-cap stocks underperformed for the full 12-month period, they raced ahead of large-cap stocks in the latter part of the period, aided, in part, by a lower exposure to foreign markets, which has become challenging to large companies because of the strengthening U.S. dollar.

Growth stocks proved to be far better performers than value stocks, as evidenced by the return gap between the S&P 500 Growth Index¹⁴ (+16.32%) and the S&P 500 Value Index¹⁵ (+9.43%). This return disparity was also evident in the mid-cap and small-cap sectors which, while not as wide, were on the order of 400 basis points (4.0%).

The U.S. markets were driven by the healthcare (+25.12%), information technology (+20.53%) and consumer discretionary (+19.84%) sectors. The only sector to lose ground was energy, which declined 9.84%. Real estate also enjoyed a strong year, as reflected in the +13.22% return in the FTSE NAREIT Equity REITs Index¹⁶.

International stocks trailed U.S. markets, with the MSCI EAFE (Net) Index¹⁷ netting a small gain of 1.66%. Overseas markets were hampered by weak economic growth and a tight credit environment. However, following the implementation by the European Central Bank (ECB) and the Bank of Japan (BOJ) of their own forms of quantitative easing, economic growth and investor enthusiasm for stocks picked up. In the three-month period, ending April 30, 2015, the MSCI EAFE Index turned positive, gaining 8.63%.

For the 12-month reporting period May 1, 2014 through April 30, 2015, certain stock market indices performed as follows:

S&P 500 Index	Dow Jones Industrial Average18	NASDAQ Composite Index19	MSCI All Country World ex-US (Net) Index20
12.98%	10.11%	21.52%	2.63%

I want to thank you for your continued trust in allowing us to help you reach your important financial goals. We understand the profound responsibility you have placed with us in managing your investments. We work hard every day to ensure that we continue to deserve your confidence.

Sincerely,

Christopher D. Randall

President

May 29, 2015

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

April 30, 2015 (unaudited) / PRESIDENT’S MESSAGE

iii

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. Quantitative Easing (QE) is a 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.

2. 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.

3. Barclays U.S. Long Government Bond Index tracks the market for U.S. dollar-denominated, fixed rate, nominal U.S. Treasuries (with the exception of Federal Reserve holdings of U.S. Treasuries) and U.S. agency debentures (with the exception of those U.S. agency debentures held in the Federal Reserve SOMA account). To be included in this index, securities must have at least 10 years to final maturity.

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

5. Barclays U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices.

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

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. The S&P MidCap 400 Index measures the mid cap segment of the U.S. equity market. To be included in the index, a stock must have a total market capitalization that ranges from roughly $750 million to $3.3 billion.

13. The S&P SmallCap 600 Index measures the small cap segment of the U.S. equity market. The index is designed to be an investable portfolio of companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. The index is unmanaged and investments cannot be made directly in an index.

14. The S&P 500 Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 500 Index. The index is unmanaged and investments cannot be made directly in an index.

15. The S&P 500 Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 500 Index. The index is unmanaged and investments cannot be made directly in an index.

16. FTSE NAREIT Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. Equity REITs. Constituents of the Index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.

17. 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.

18. 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.

19. 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.

20. 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, 2015 (unaudited)

1

WILMINGTON MONEY MARKET FUNDS

Management’s Discussion of Fund Performance

The bond market rebounded during the past fiscal year as intermediate and long-term interest rates moved lower in response to plummeting energy prices, a Federal Reserve (the “Fed”) that remains accommodative and a European Central Bank that implemented its own quantitative easing program. Shorter term interest rates moved slightly higher as the market began to expect the Fed to start tightening monetary policy later this year.

Economic growth for the 12-month period ended March 31, 2015 improved to 3% as measured by the GDP (gross domestic product). The consumer continued to pull their weight as evidenced by another year of strong auto sales. What was remarkable about this growth rate was that it included the two best consecutive quarters of economic growth since 2003. GDP for the 2^nd and 3^rd quarters of 2014 was 4.6% and 5.0%, respectively. Once again, the 1^st quarter of 2015 was negatively impacted by harsh winter weather as GDP decreased by 0.7%. We anticipate economic growth will pick up for the remainder of 2015 as the weather improves. The labor market continued to improve as companies fired fewer employees, initial jobless claims have fallen to a 15-year low and the unemployment rate has declined to 5.4%. Over the past several months, we have seen the manufacturing sector weaken as the stronger dollar has led to exported manufactured goods to be less competitive. The Institute for Supply Managements (ISM) surveys has weakened and industrial production has been shrinking.

Oil prices fell from a high of $107 per barrel to a low of $43.39 per barrel over the course of the fiscal year. The catalyst for the sharp decline was increased supply from U.S. oil producers and weaker demand as China and European economic growth slowed. The sharp decline of energy prices caused the Consumer Price Index (CPI) to fall -0.2% in the fiscal year. The less volatile core CPI, which excludes food and energy, increased by 1.8% this fiscal year. Wage growth also remains anemic, increasing at only a 2.2% annualized rate over the past year as there continues to be slack in the jobs market.

The yield curve flattened over the fiscal year as long-term interest rates moved lower in response to weaker inflation and in response to European sovereign yields declining to all-time low yields and in some maturities fell to negative yields. The catalyst for the decline of European yields was the ECB’s implementation of a quantitative easing program which is similar to what the Fed had initiated several years ago to stimulate economic growth and fears of deflation in the Eurozone. The low European yields acted as a “magnet” to pull U.S. treasury yields lower. However, short-term U.S. yields moved higher over the course of the fiscal year in response to the Fed tapering its purchase of additional securities and their intention to begin raising short-term interest rates. The 10-Year U.S. Treasury yield at April 30 was 2.03%, down from 2.65% from the start of the fiscal year. The 2-Year U.S. Treasury yield rose only 0.16% during the same period to a yield of 0.57%.

Looking forward, we anticipate economic growth to pick up from the weather induced slowdown of the quarter ended March 31, 2015. We also anticipate inflation to remain benign and the Fed to begin normalizing short-term interest rates by modestly raising short-term interest rates later this year.

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

	4/30/14	10/31/14	4/30/15
Federal Fund Target	0.00%-0.25%	0.00%-0.25%	0.00%-0.25%
3-Month LIBOR	0.223%	0.232%	0.279%
2-Year Treasury Note	0.41%	0.49%	0.57%
10-Year Treasury Note	2.65%	2.34%	2.03%

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, 2015:

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

** Represents less than 0.01%

April 30, 2015 (unaudited) / ANNUAL REPORT

2

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

The Funds’ shares are not bank deposits and are not insured by, guaranteed by, endorsed by or obligations of

the Federal Deposit Insurance Corporation, the Federal Reserve Board, any government agency or any bank. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

During the fiscal year ended April 30, 2015, Wilmington Funds Management Corporation has voluntarily agreed to reduce their advisory fee and/or reimburse certain of the Funds’ operating expenses, and/or certain class-specific fees and expenses, in an effort to maintain the current yield of each share class at or above zero. 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.

ANNUAL REPORT / April 30, 2015 (unaudited)

3

SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2014 to April 30, 2015.

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 11/1/14	Ending       Account Value       4/30/15	Expenses Paid       During Period1	Annualized Net  Expense Ratio
WILMINGTON PRIME MONEY MARKET FUND
Actual
Administrative Class	$1,000.00	$1,000.10	$0.69	0.14%
Institutional Class	$1,000.00	$1,000.10	$0.69	0.14%
Select Class	$1,000.00	$1,000.10	$0.69	0.14%
Service Class	$1,000.00	$1,000.00	$0.69	0.14%
Hypothetical (assuming a 5% return before expenses)
Administrative Class	$1,000.00	$1,024.10	$0.70	0.14%
Institutional Class	$1,000.00	$1,024.10	$0.70	0.14%
Select Class	$1,000.00	$1,024.10	$0.70	0.14%
Service Class	$1,000.00	$1,024.10	$0.70	0.14%
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class	$1,000.00	$1,000.00	$0.40	0.08%
Institutional Class	$1,000.00	$1,000.00	$0.40	0.08%
Select Class	$1,000.00	$1,000.00	$0.40	0.08%
Service Class	$1,000.00	$1,000.00	$0.40	0.08%
Hypothetical (assuming a 5% return before expenses)
Administrative Class	$1,000.00	$1,024.40	$0.40	0.08%
Institutional Class	$1,000.00	$1,024.40	$0.40	0.08%
Select Class	$1,000.00	$1,024.40	$0.40	0.08%
Service Class	$1,000.00	$1,024.40	$0.40	0.08%

April 30, 2015 (unaudited) / ANNUAL REPORT

4

	Beginning Account Value 11/1/14	Ending Account Value 4/30/15	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	$0.35	0.07%
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	$1,024.45	$0.35	0.07%
WILMINGTON TAX-EXEMPT MONEY MARKET FUND
Actual
Administrative Class	$1,000.00	$1,000.00	$0.15	0.03%
Select Class	$1,000.00	$1,000.00	$0.15	0.03%
Service Class	$1,000.00	$1,000.00	$0.15	0.03%
Hypothetical (assuming a 5% return before expenses)
Administrative Class	$1,000.00	$1,024.65	$0.15	0.03%
Select Class	$1,000.00	$1,024.65	$0.15	0.03%
Service Class	$1,000.00	$1,024.65	$0.15	0.03%

(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, 2015 (unaudited)

5

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Prime Money Market Fund

At April 30, 2015, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Other Commercial Paper	40.2%
U.S. Treasury Obligations	13.6%
Certificates of Deposit	13.4%
Asset-Backed Commercial Paper	10.7%
Repurchase Agreements	6.0%
Municipal Notes & Bonds	5.5%
Financial Company Commercial Paper	5.4%
Municipal Commercial Paper	5.0%
Other Assets and Liabilities - Net1	0.2%
TOTAL	100.0%

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

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description		Par Value		Value
ASSET-BACKED COMMERCIAL PAPER – 10.7%‡
CAFCO LLC,
0.18%, 5/06/15W	$	25,000,000	$	24,999,375
Chariot Funding LLC
0.27%, 8/03/15W		50,000,000		49,964,750
0.27%, 8/11/15W		25,000,000		24,980,875
0.27%, 8/21/15W		25,000,000		24,979,000
CIESCO LLC,
0.18%, 5/07/15W		50,000,000		49,998,500
CRC Funding, LLC,
0.18%, 8/03/15W		25,000,000		24,988,250
MetLife Short Term Fund LLC
0.15%, 7/06/15W		42,000,000		41,988,450
0.18%, 8/10/15W		30,000,000		29,984,850
0.18%, 8/17/15W		28,000,000		27,984,880
Old Line Funding LLC,
0.23%, 5/20/15W		50,000,000		49,993,930
Thunder Bay Funding LLC,
0.24%, 6/25/15W		50,000,000		49,981,667
TOTAL ASSET-BACKED COMMERCIAL PAPER
(COST $399,844,527)			$	399,844,527
CERTIFICATES OF DEPOSIT – 13.4%
Bank of Montreal, CHI
0.18%, 6/22/15		50,000,000		50,000,000

Description		Par Value		Value
0.18%, 6/24/15	$	50,000,000	$	50,000,000
Bank of Nova Scotia, HOU
0.26%, 7/28/15		50,000,000		50,000,000
0.30%, 12/11/15W		50,000,000		50,000,000
JP Morgan Chase Bank NA,
0.32%, 10/23/15D		50,000,000		50,000,000
Toronto Dominion Bank, NY
0.28%, 7/22/15		50,000,000		50,000,000
0.27%, 11/18/15		50,000,000		50,000,000
US Bank National Association,
0.27%, 10/30/15		50,000,000		50,000,000
Wells Fargo Bank, NA
0.30%, 11/18/15		50,000,000		50,000,000
0.32%, 3/04/16		50,000,000		50,000,000
TOTAL CERTIFICATES OF DEPOSIT
(COST $500,000,000)			$	500,000,000
FINANCIAL COMPANY COMMERCIAL PAPER – 5.4%‡
Commonwealth Bank of Australia,
0.28%, 2/26/16W		50,000,000		50,000,000

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

6

Wilmington Prime Money Market Fund (continued)

Description		Par Value		Value
General Electric Capital Corp.,
0.26%, 8/20/15	$	50,000,000	$	49,959,917
Svenska Handelsbanken,
0.16%, 5/04/15W		100,000,000		99,998,667
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER
(COST $199,958,584)			$	199,958,584
MUNICIPAL COMMERCIAL PAPER – 5.0%‡
Catholic Health Initiatives
0.25%, 5/06/15		17,150,000		17,149,404
0.22%, 5/12/15		15,700,000		15,698,945
Emory University,
0.18%, 6/17/15		27,400,000		27,400,000
Salt River Project Agricultural Improvement & Power District, (Series C),
0.16%, 5/04/15		30,000,000		29,999,600
0.16%, 5/06/15		45,000,000		44,999,000
University of California,
0.14%, 5/18/15		50,000,000		49,996,695
TOTAL MUNICIPAL COMMERCIAL PAPER
(COST $185,243,644)			$	185,243,644
MUNICIPAL NOTES & BONDS – 5.5%
Industrial Development Authority of the City of Phoenix (The), (Series A), Weekly VRDNs, (Mayo Clinic),
0.13%, 5/01/15¿		50,000,000		50,000,000
Loudon County Industrial Development Authority, VA, Revenue Bonds, (Series C) Weekly VRDNs, (Howard Hughes Medical Institute, OBG), 0.07%, 5/07/15¿		23,685,000		23,685,000
Mississippi Business Finance Corp., Revenue Bonds, (Series G), Daily VRDNs,
0.11%, 5/01/15¿		31,690,000		31,690,000
New York City, NY, Municipal Water Finance Authority, Water and Sewer System, Refunding Revenue Bonds, (Series F-2), Daily VRDNs,
0.13%, 5/01/15¿		66,000,000		66,000,000
State of Texas, Revenue Notes, GO Revenue Bonds, (Series 2006A) Weekly VRDNs, (Veterans Housing Assistance, OBG),
0.09%, 5/07/15¿		32,975,000		32,975,000
TOTAL MUNICIPAL NOTES & BONDS
(COST $204,350,000)			$	204,350,000
OTHER COMMERCIAL PAPER – 40.2%‡
ABB Treasury Center USA,
0.12%, 5/05/15W		25,000,000		24,999,667
Abbott Laboratories,
0.13%, 7/07/15W		60,000,000		59,985,483
Air Products & Chemicals,
0.10%, 5/01/15W		41,000,000		41,000,000
American Honda Finance Corp.,
0.10%, 5/20/15		40,000,000		39,997,889
Bank of America NA
0.23%, 5/13/15		50,000,000		50,000,000

Description		Par Value		Value
0.23%, 5/13/15	$	50,000,000	$	50,000,000
BMW US Capital LLC,
0.16%, 7/02/15W		40,000,000		39,988,978
Chevron Corporation,
0.14%, 7/06/15W		50,000,000		49,987,167
Coca-Cola Co.
0.15%, 8/24/15W		26,500,000		26,487,302
0.27%, 9/01/15		50,000,000		50,009,823
CPPIB Capital, Inc.
0.14%, 5/04/15W		25,000,000		24,999,708
0.14%, 5/05/15W		25,000,000		24,999,611
0.14%, 7/06/15W		50,000,000		49,987,167
Electric de France
0.20%, 5/06/15W		46,900,000		46,898,697
0.14%, 5/22/15W		25,000,000		24,997,958
Exxon Mobil Corp.,
0.17%, 6/22/15		100,000,000		99,975,444
Honeywell International Inc.,
0.31%, 11/17/15		94,120,000		94,162,162
Illinois Tool Works,
0.12%, 5/18/15W		38,000,000		37,997,847
Nestle Financial International Ltd.,
0.13%, 5/21/15		100,000,000		99,993,055
Novartis Finance Corp.,
0.15%, 8/10/15W		50,000,000		49,978,958
Pfizer, Inc.,
0.15%, 7/09/15W		50,000,000		49,985,625
Province of British Columbia,
0.29%, 6/15/15		70,806,000		71,041,976
Province of Ontario
0.46%, 5/26/15		19,151,000		19,209,785
0.31%, 8/13/15		70,000,000		70,014,402
Simon Property Group LP
0.15%, 6/08/15W		25,000,000		24,996,042
0.15%, 6/15/15W		37,500,000		37,492,969
Southern California Gas Co.,
0.13%, 5/07/15W		60,000,000		59,998,700
Syngenta Wilmington
0.12%, 5/14/15W		75,000,000		74,996,750
0.12%, 6/01/15W		25,000,000		24,997,417
Toyota Motor Credit Corp.,
0.25%, 7/20/15		50,000,000		49,972,222
United Technologies Corp.,
0.10%, 5/08/15		25,000,000		24,999,514
TOTAL OTHER COMMERCIAL PAPER
(COST $1,494,152,318)			$	1,494,152,318
U.S. TREASURY OBLIGATIONS – 13.6%
U.S. TREASURY BILLS – 5.4%‡
0.07%, 5/28/15		100,000,000		99,994,956
0.07%, 7/23/15		100,000,000		99,983,400
TOTAL U.S. TREASURY BILLS			$	199,978,356

ANNUAL REPORT / April 30, 2015

7

PORTFOLIOS OF INVESTMENTS

Wilmington Prime Money Market Fund (continued)

Description		Par Value		Value
U.S. TREASURY NOTES – 8.2%
0.25%, 7/15/15	$	75,000,000		75,014,812
0.25%, 9/15/15		50,000,000		50,022,486
0.38%, 6/15/15		130,000,000		130,040,634
4.25%, 8/15/15		50,000,000		50,606,235
TOTAL U.S. TREASURY NOTES			$	305,684,167
TOTAL U.S. TREASURY OBLIGATIONS
(COST $505,662,523)			$	505,662,523
REPURCHASE AGREEMENTS – 6.0%
Credit Suisse First Boston LLC, 0.10%, dated 4/30/15, due 5/01/15, repurchase price $83,000,231, collateralized by U.S. Treasury Securities 4.50% to 8.75%, maturing 8/15/20 to 8/15/39; total market value of $84,650,735.		83,000,000		83,000,000
Deutsche Bank Securities, Inc., 0.10%, dated 4/30/15, due 5/01/15, repurchase price $65,000,181, collateralized by U.S. Government Security 0.18%, maturing 7/20/17; total market value of $66,300,155.		65,000,000		65,000,000
TD Securities, Inc., 0.11%, dated 4/30/15, due 5/01/15, repurchase price $25,000,076, collateralized by U.S. Government & Treasury Securities 1.75% to 4.50%, maturing 3/31/22 to 12/01/44; total market value of $25,746,580.		25,000,000		25,000,000

Description		Par Value		Value
TD Securities, Inc., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $50,000,167, collateralized by U.S. Government & Treasury Securities 1.75% to 6.75%, maturing 3/31/22 to 3/01/45; total market value of $51,415,896.	$	50,000,000	$	50,000,000
TOTAL REPURCHASE AGREEMENTS
(COST $223,000,000)			$	223,000,000
TOTAL INVESTMENTS – 99.8%
(COST $3,712,211,596)			$	3,712,211,596
OTHER ASSETS LESS LIABILITIES – 0.2%				7,441,060
TOTAL NET ASSETS – 100.0%			$	3,719,652,656

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

April 30, 2015 / 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, 2015 in valuing the Fund’s assets carried at fair value:

		Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Commercial Paper	$	—	$	399,844,527	$	—	$	399,844,527
Certificates of Deposit		—		500,000,000		—		500,000,000
Financial Company Commercial Paper		—		199,958,584		—		199,958,584
Municipal Commercial Paper		—		185,243,644		—		185,243,644
Municipal Notes & Bonds		—		204,350,000		—		204,350,000
Other Commercial Paper		—		1,494,152,318		—		1,494,152,318
U.S. Treasury Obligations		—		505,662,523		—		505,662,523
Repurchase Agreements		—		223,000,000		—		223,000,000
Total	$	—	$	3,712,211,596	$	—	$	3,712,211,596

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

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

¨ Variable rate demand note with current rate shown. Date shown is the date on which the Fund can unconditionally demand payment.

W Denotes a restricted security 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, 2015, these liquid restricted securities amounted to $1,374,619,240 representing 37.0% of net assets.

The following acronyms are used throughout this Fund:

CHI - Chicago

GO - General Obligation

HOU - Houston

LLC - Limited Liability Corporation

NA - North America

NY - New York

OBG - Obligation

VA - Virginia

VRDNs - Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

9

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At April 30, 2015, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Government Agency Obligations		75.7%
U.S. Treasury Obligations		16.3%
Repurchase Agreements		7.9%
Other Assets and Liabilities - Net1		0.1%
TOTAL		100.0%

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

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description	Par Value	Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 75.7%
FEDERAL FARM CREDIT BANK (FFCB) – 16.8%
0.14%, 5/15/15D	$    75,000,000	$     74,999,924
0.14%, 7/06/15D	100,000,000	99,996,916
0.21%, 7/20/15D	66,800,000	66,811,195
0.13%, 9/04/15D	125,000,000	124,997,830
0.18%, 1/19/16D	21,600,000	21,601,611
0.14%, 2/16/16D	175,000,000	174,981,720
0.15%, 10/24/16D	100,000,000	99,988,755
TOTAL FEDERAL FARM CREDIT BANK (FFCB)		$   663,377,951
FEDERAL HOME LOAN BANK (FHLB) – 29.9%
0.08%, 5/06/15‡	29,500,000	29,499,693
0.05%, 5/08/15‡	77,050,000	77,049,251
0.08%, 5/20/15‡	122,900,000	122,895,082
0.07%, 5/22/15‡	50,000,000	49,997,900
0.07%, 6/03/15‡	50,000,000	49,996,792
0.07%, 6/24/15‡	100,000,000	99,989,050
0.09%, 7/10/15‡	230,833,000	230,793,996
0.08%, 7/15/15‡	150,000,000	149,974,063
0.08%, 7/17/15‡	50,000,000	49,991,444
0.08%, 7/24/15‡	54,100,000	54,089,586
0.14%, 8/26/15‡	50,000,000	49,977,738
0.10%, 9/01/15‡	175,000,000	174,940,216
0.10%, 9/02/15‡	39,625,000	39,611,351
TOTAL FEDERAL HOME LOAN BANK (FHLB)		$1,178,806,162

Description	Par Value	Value
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) – 17.5%
0.06%, 5/06/15‡	$  125,000,000	$   124,998,958
0.15%, 5/13/15‡	73,200,000	73,196,340
0.17%, 5/29/15‡	50,000,000	49,993,389
0.05%, 6/01/15‡	50,000,000	49,997,933
0.07%, 6/02/15‡	100,000,000	99,993,778
0.06%, 6/17/15‡	50,000,000	49,996,083
0.07%, 6/22/15‡	50,000,000	49,994,944
0.17%, 7/16/15D	100,000,000	100,007,521
0.11%, 8/05/15‡	50,000,000	49,986,000
0.12%, 8/28/15‡	18,935,000	18,927,614
0.13%, 9/02/15‡	22,100,000	22,090,104
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)		$   689,182,664
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 11.5%
0.10%, 5/18/15‡	47,600,000	47,597,752
0.17%, 6/10/15‡	50,000,000	49,990,556
0.10%, 7/01/15‡	100,000,000	99,983,056
0.09%, 7/02/15‡	50,000,000	49,992,250
0.10%, 8/03/15‡	30,000,000	29,992,167
0.12%, 8/26/15‡	25,000,000	24,990,656
0.17%, 10/21/15D	150,000,000	150,023,353
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)		$   452,569,790
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $2,983,936,567)		$2,983,936,567

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

10

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

Description	Par Value	Value
U.S. TREASURY OBLIGATIONS – 16.3%
U.S. TREASURY BILLS – 3.8%
0.07%, 7/23/15‡	$  100,000,000	$   99,983,400
0.07%, 8/20/15‡	50,000,000	49,989,208
TOTAL U.S. TREASURY BILLS		$  149,972,608
U.S. TREASURY NOTES – 12.5%
4.13%, 5/15/15	75,000,000	75,118,457
0.38%, 6/15/15	140,000,000	140,055,262
0.25%, 7/15/15	200,000,000	200,063,133
4.25%, 8/15/15	75,000,000	75,908,207
TOTAL U.S. TREASURY NOTES		$ 491,145,059
TOTAL U.S. TREASURY OBLIGATIONS
(COST $641,117,667)		$ 641,117,667
REPURCHASE AGREEMENTS – 7.9%
Credit Suisse First Boston LLC, 0.10%, dated 4/30/15, due 5/01/15, repurchase price $56,000,156, collateralized by U.S. Treasury Securities 4.50% to 5.00%, maturing 5/15/37 to 5/15/38; total market value of $57,120,256.	56,000,000	56,000,000
Deutsche Bank Securities, Inc., 0.10%, dated 4/30/15, due 5/01/15, repurchase price $25,000,069, collateralized by U.S. Government Security 0.18%, maturing 7/20/17; total market value of $25,500,060.	25,000,000	25,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.09%, dated 4/30/15, due 5/01/15, repurchase price $80,000,200, collateralized by U.S. Treasury Securities 0.00% to 4.50%, maturing 2/15/28 to 5/15/40; total market value of $81,600,086.	80,000,000	80,000,000

Description	Par Value	Value
TD Securities, Inc., 0.11%, dated 4/30/15, due 5/01/15, repurchase price $100,000,306, collateralized by U.S. Government & Treasury securities 0.07% to 5.00%, maturing 1/31/16 to 12/01/44; total market value of $102,999,990.	$  100,000,000	$   100,000,000
TD Securities, Inc., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $50,000,167, collateralized by U.S. Government & Treasury Securities 3.13% to 5.00%, maturing 7/01/25 to 12/01/44; total market value of $51,392,403.	50,000,000	50,000,000
TOTAL REPURCHASE AGREEMENTS
(COST $311,000,000)		$   311,000,000
TOTAL INVESTMENTS – 99.9%
(COST $3,936,054,234)		$3,936,054,234
OTHER ASSETS LESS LIABILITIES – 0.1%		4,087,925
TOTAL NET ASSETS – 100.0%		$3,940,142,159

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

ANNUAL REPORT / April 30, 2015

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, 2015 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Government Agency Obligations	$	—	$	2,983,936,567	$	—	$	2,983,936,567
U.S. Treasury Obligations		—		641,117,667		—		641,117,667
Repurchase Agreements		—		311,000,000		—		311,000,000
Total	$	—	$	3,936,054,234	$	—	$	3,936,054,234

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

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

The following acronyms are used throughout this Fund:

FFCB - Federal Farm Credit Bank

FHLB - Federal Home Loan Bank

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

LLC - Limited Liability Corporation

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

12

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At April 30, 2015, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Obligations		89.9%
Repurchase Agreements		9.9%
Other Assets and Liabilities – Net1		0.2%
TOTAL		100.0%

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

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description	Par Value	Value
U.S. TREASURY OBLIGATIONS – 89.9%
U.S. TREASURY BILLS – 27.9%
0.01%, 5/07/15‡	$ 100,000,000	$   99,999,817
0.01%, 7/16/15‡	50,000,000	49,992,031
0.07%, 8/20/15‡	50,000,000	49,989,208
0.07%, 8/27/15‡	25,000,000	24,994,223
0.08%, 9/03/15‡	25,000,000	24,993,403
TOTAL U.S. TREASURY BILLS		$ 249,968,682
U.S. TREASURY NOTES – 62.0%
4.13%, 5/15/15	75,000,000	75,118,457
0.25%, 5/31/15	200,000,000	200,032,675
0.38%, 6/15/15	80,000,000	80,025,821
0.25%, 7/15/15	100,000,000	100,034,285
4.25%, 8/15/15	25,000,000	25,302,736
0.25%, 9/15/15	25,000,000	25,016,125
0.07%, 10/31/16D	50,000,000	49,988,261
TOTAL U.S. TREASURY NOTES		$ 555,518,360
TOTAL U.S. TREASURY OBLIGATIONS
(COST $805,487,042)		$ 805,487,042

Description	Par Value	Value
REPURCHASE AGREEMENTS – 9.9%
Credit Suisse First Boston LLC, 0.10%, dated 4/30/15, due 5/01/15, repurchase price $39,000,108, collateralized by U.S. Treasury Securities 6.13%, maturing 11/15/27 to 8/15/29; total market value of $39,780,416.	$   39,000,000	$   39,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.09%, dated 4/30/15, due 5/01/15, repurchase price $50,000,125, collateralized by U.S. Treasury Securities 0.00%, maturing 2/15/36 to 11/15/36; total market value of $51,000,000.	50,000,000	50,000,000
TOTAL REPURCHASE AGREEMENTS
(COST $89,000,000)		$   89,000,000
TOTAL INVESTMENTS – 99.8%
(COST $894,487,042)		$ 894,487,042
OTHER ASSETS LESS LIABILITIES – 0.2%		1,957,630
TOTAL NET ASSETS – 100.0%		$ 896,444,672

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

ANNUAL REPORT / April 30, 2015

13

PORTFOLIOS OF INVESTMENTS

Wilmington U.S. Treasury 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, 2015 in valuing the Fund’s assets carried at fair value:

		Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—	$	805,487,042	$	—	$	805,487,042
Repurchase Agreements		—		89,000,000		—		89,000,000
Total	$	—	$	894,487,042	$	—	$	894,487,042

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

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

The following acronym is used throughout this Fund:

LLC - Limited Liability Corporation

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

14

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Tax-Exempt Money Market Fund

At April 30, 2015, the Fund’s geographical location classifications were as follows (unaudited):

	Percentage of Total Net Assets
Texas		22.8%
Maryland		7.8%
Delaware		7.7%
Minnesota		7.7%
Massachusetts		7.6%
Ohio		5.0%
Virginia		4.9%
Nevada		4.1%
Illinois		3.9%
Louisiana		3.9%
North Carolina		3.8%
Utah		3.6%
Connecticut		3.4%
Michigan		3.4%
Rhode Island		2.7%
Florida		2.5%
New York		1.9%
Tennessee		1.5%
New Hampshire		1.0%
Pennsylvania		0.8%
Other Assets and Liabilities – Net1		0.0%2
TOTAL		100.0%

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

(2) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description	Par Value	Value
COMMERCIAL PAPER – 61.4%
ILLINOIS – 3.9%
Illinois Educational Facilities Authority, (Northern Trust, LOC), 0.06%, 5/05/15	$    20,793,000	$    20,793,000
TOTAL ILLINOIS		$    20,793,000
MARYLAND – 7.8%
Johns Hopkins University, (Series B)
0.05%, 5/07/15	5,000,000	5,000,000
0.05%, 6/15/15	5,000,000	5,000,000
0.05%, 7/06/15	12,000,000	12,000,000
Montgomery County, MD, GO Unlimited Refunding Notes, BANs, (Series 10-A), (PNC Bank, LIQ)
0.04%, 5/04/15	5,000,000	5,000,000

Description	Par Value	Value
0.06%, 5/18/15	$    10,000,000	$    10,000,000
Montgomery County, MD, GO Unlimited Refunding Notes, BANs, (Series 10-B), (PNC Bank, State Street Bank), 0.05%, 5/07/15	5,000,000	5,000,000
TOTAL MARYLAND		$    42,000,000
MASSACHUSETTS – 7.0%
Massachusetts Bay Transportation Authority, (State Street Bank, LIQ), 0.05%, 6/05/15	10,000,000	10,000,000

ANNUAL REPORT / April 30, 2015

15

PORTFOLIOS OF INVESTMENTS

Wilmington Tax-Exempt Money Market Fund (continued)

Description	Par Value	Value
Massachusetts School Building Authority, (Series A), (Bank of America, LOC), 0.05%, 6/03/15	$      9,000,000	$      9,000,000
Massachusetts State Health & Educational Facilities Authority, (Series EE), (Harvard University), 0.04%, 5/06/15	18,403,000	18,403,000
TOTAL MASSACHUSETTS		$    37,403,000
MICHIGAN – 3.4%
University of Michigan, (Series J-1)
0.04%, 5/04/15	5,000,000	5,000,000
0.05%, 7/01/15	13,350,000	13,350,000
TOTAL MICHIGAN		$    18,350,000
MINNESOTA – 6.0%
City of Rochester, MN, Health Care, (Series 00-C), (Mayo Medical Center), Revenue Bonds, 0.05%, 5/18/15	12,000,000	12,000,000
University of Minnesota
0.05%, 6/01/15	8,000,000	8,000,000
0.04%, 6/03/15	12,000,000	12,000,000
TOTAL MINNESOTA		$    32,000,000
NEVADA – 4.1%
Las Vegas Valley Water District, NV, (Series 2004-A), GO
0.07%, 6/02/15	11,000,000	11,000,000
0.06%, 6/03/15	6,000,000	6,000,000
0.06%, 6/03/15	5,000,000	5,000,000
TOTAL NEVADA		$    22,000,000
NORTH CAROLINA – 3.8%
North Carolina Capital Facilities Finance Agency, Educational Facilities, (Duke University), Revenue Bonds, 0.10%, 5/07/15	7,928,000	7,928,000
North Carolina Capital Facilities Finance Agency, Educational Facilities, (Series A2), (Duke University), Revenue Bonds, 0.06%, 5/07/15	12,406,000	12,406,000
TOTAL NORTH CAROLINA		$    20,334,000
OHIO – 2.9%
Ohio Higher Educational Facility Commission, (Case Western University), (JPMorgan Chase, LIQ), 0.08%, 5/07/15	3,500,000	3,500,000
Ohio Higher Educational Facility Commission, (Case Western University), (Northern Trust, LIQ), 0.07%, 5/12/15	12,000,000	12,000,000
TOTAL OHIO		$    15,500,000

Description	Par Value	Value
RHODE ISLAND – 2.7%
Rhode Island Health and Education Facilities Authority, (Series A), (Brown University)
0.05%, 5/05/15	$      9,000,000	$     9,000,000
0.05%, 6/04/15	5,530,000	5,530,000
TOTAL RHODE ISLAND		$   14,530,000
TENNESSEE – 1.5%
State of Tennessee, (Series 00-A), (TN Consolidated Retirement System, LOC), GO, 0.05%, 5/21/15	8,250,000	8,250,000
TOTAL TENNESSEE		$     8,250,000
TEXAS – 16.8%
City of San Antonio, TX, Electric & Gas Systems, (Series A), (JPMorgan Chase, LIQ), 0.06%, 5/06/15	12,000,000	12,000,000
City of San Antonio, TX, Water Systems, (Series B), (Wells Fargo, LIQ), 0.05%, 5/01/15	20,000,000	20,000,000
Harris County Cultural Education Facilities Finance Corp., TX, (State Street Bank, LIQ), Refunding Revenue Bonds
0.10%, 5/04/15	5,650,000	5,650,000
0.10%, 5/04/15	1,215,000	1,215,000
Harris County Cultural Education Facilities Finance Corp., TX, (Series A), (Baylor College of Medicine, OBG), (JP Morgan Chase), Refunding Revenue Bonds, 0.10%, 5/04/15	8,132,000	8,132,000
Texas Public Finance Authority, (Series 2003), (Comptroller of Public Accounts TX, LIQ), 0.05%, 5/06/15	8,850,000	8,850,000
Texas Public Finance Authority, (Series 2008), (Comptroller of Public Accounts TX, LIQ), GO, 0.06%, 6/04/15	4,860,000	4,860,000
Texas Technical University, (Series A), 0.06%, 7/22/15	8,997,000	8,997,000
University of Texas, 0.06%, 5/06/15	20,000,000	20,000,000
TOTAL TEXAS		$   89,704,000
VIRGINIA – 1.5%
University of Virginia, (Series 03-A)
0.06%, 5/05/15	5,000,000	5,000,000
0.06%, 5/14/15	3,200,000	3,200,000
TOTAL VIRGINIA		$     8,200,000
TOTAL COMMERCIAL PAPER
(COST $329,064,000)		$ 329,064,000
MUNICIPAL BONDS – 14.7%¿
FLORIDA – 1.9%
JEA Electric System Revenue, Refunding Revenue Bonds, (Series 01-D), Daily VDRNs, (U.S. Bank, SPA), 0.12%, 5/01/15	7,200,000	7,200,000

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

16

Wilmington Tax-Exempt Money Market Fund (continued)

Description	Par Value	Value
JEA Water & Sewer System Revenue, Revenue Bonds, (Series A-1), Daily VRDNs, (U.S. Bank, SPA), 0.12%, 5/01/15	$    3,000,000	$      3,000,000
TOTAL FLORIDA		$    10,200,000
LOUISIANA – 3.9%
East Baton Rouge Parish Industrial Development Board, Inc., Revenue Bonds, Weekly VRDNs, (Exxon Mobil Project), 0.14%, 5/01/15	21,000,000	21,000,000
TOTAL LOUISIANA		$    21,000,000
MASSACHUSETTS – 0.6%
Commonwealth of Massachusetts, GO Unlimited, Refunding Revenue Notes, (Series A), Daily VRDNs, (Wells Fargo Bank N.A.), 0.12%, 5/01/15	3,000,000	3,000,000
TOTAL MASSACHUSETTS		$      3,000,000
NEW YORK – 1.9%
City of New York, NY, Municipal Water & Sewer System, GO, (SubSeries A-7), Daily VRDNs, (JP Morgan, LOC), 0.13%, 5/01/15	6,200,000	6,200,000
City of New York, NY, Municipal Water & Sewer System, Refunding Revenue Bonds, (Series H-3), Daily VRDNs, (State Street B&T), (AGM), 0.14%, 5/01/15	3,900,000	3,900,000
TOTAL NEW YORK		$    10,100,000
PENNSYLVANIA – 0.8%
Philadelphia Hospitals & Higher Education Facilities Authority, Revenue Bonds, (Series B), Daily VRDNs, (Children’s Hospital, OBG)/(Wells Fargo Bank N.A., SPA), 0.12%, 5/01/15	4,000,000	4,000,000
TOTAL PENNSYLVANIA		$      4,000,000
TEXAS – 3.7%
Port of Port Arthur, TX, Navarro District, Refunding Revenue Bonds, Daily VRDNs, (Texaco, Inc.), 0.14%, 5/01/15	20,000,000	20,000,000
TOTAL TEXAS		$    20,000,000
UTAH – 1.9%
City of Murray, Revenue Bonds, (Series B), Daily VRDNs, (IHC Health Services, Inc.), (JPMorgan Chase Bank N.A.), 0.13%, 5/01/15	100,000	100,000
Utah County Hospital, Refunding Revenue Bonds, (Series C), Daily VRDNs, (IHC Health Services, Inc.), (U.S. Bank, SPA), 0.11%, 5/07/15	10,000,000	10,000,000
TOTAL UTAH		$    10,100,000
TOTAL MUNICIPAL BONDS
(COST $78,400,000)		$    78,400,000

Description	Par Value	Value
SHORT-TERM MUNICIPAL BONDS – 23.9%
CONNECTICUT – 3.4%
Connecticut State Health & Educational Facility Authority, Revenue Bonds, (Series V-1), (Yale University), 0.04%, 5/04/15	$    10,350,000	$    10,350,000
Connecticut State Health & Educational Facility Authority, Revenue Bonds, (Series V-2), Daily VRDNs, Yale University), 0.11%, 5/01/15¿	8,000,000	8,000,000
TOTAL CONNECTICUT		$    18,350,000
DELAWARE – 7.7%
Delaware State Health Facilities Authority, Refunding Revenue Bonds, (Series A), Daily VRDNs, (Christiana Care Health Services, OBG), 0.13%, 5/01/15¿	16,200,000	16,200,000
Delaware State Health Facilities Authority, Revenue Bonds, (Series A), Weekly VRDNs, (Christiana Care Health Services, OBG), 0.11%, 5/07/15¿	4,000,000	4,000,000
University of Delaware, Revenue Bonds, Daily VRDNs, (TD Bank N.A., SPA), 0.13%, 5/01/15¿	16,660,000	16,660,000
University of Delaware, Revenue Bonds, (Series B), Daily VRDNs, (University & College Imps.)/(Bank of America N.A., SPA), 0.13%, 5/01/15¿	4,500,000	4,500,000
TOTAL DELAWARE		$    41,360,000
FLORIDA – 0.6%
Orange County Housing Finance Authority, Refunding Revenue Bonds, Weekly VRDNs, (Fannie Mae), 0.07%, 5/07/15¿	3,385,000	3,385,000
TOTAL FLORIDA		$      3,385,000
MINNESOTA – 1.7%
City of Rochester, MN, Refunding Revenue Bonds, (Series A), Weekly VRDNs, (Mayo Clinic, OBG), 0.11%, 5/07/15¿	8,900,000	8,900,000
TOTAL MINNESOTA		$      8,900,000
NEW HAMPSHIRE – 1.0%
New Hampshire, HEFA, Revenue Bonds, Weekly VRDNs, (Dartmouth College, OBG)/(U.S. Bank N.A., SPA), 0.11%, 5/07/15¿	5,350,000	5,350,000
TOTAL NEW HAMPSHIRE		$      5,350,000
OHIO – 2.1%
Ohio State Higher Educational Facility Commission, Refunding Revenue Bonds, (Series B-4), Daily VRDNs, (Cleveland Clinic, OBG), 0.13%, 5/01/15¿	11,000,000	11,000,000
TOTAL OHIO		$    11,000,000

ANNUAL REPORT / April 30, 2015

17

PORTFOLIOS OF INVESTMENTS

Wilmington Tax-Exempt Money Market Fund (concluded)

Description	Par Value	Value
TEXAS – 2.3%
Gulf Coast Waste Disposal Authority, TX, Revenue Bonds, Weekly VRDNs, (Air Products & Chemicals Project, OBG), 0.10%, 5/07/15¿	$      2,000,000	$      2,000,000
State of Texas, GO Unlimited Notes, (Series B), Weekly VRDNs, (State Street / CalPERS, SPA), 0.08%, 5/07/15¿	10,480,000	10,480,000
TOTAL TEXAS		$    12,480,000
UTAH – 1.7%
City of Murray, Revenue Bonds, (Series D), Daily VRDNs, (IHC Health Services, Inc., OBG), 0.12%, 5/01/15¿	6,700,000	6,700,000
Weber County Hospital (IHC Health Services), Revenue Bonds, (Series A), Daily VRDNs, 0.13%, 5/01/15¿	2,600,000	2,600,000
TOTAL UTAH		$      9,300,000

Description	Par Value	Value
VIRGINIA – 3.4%
Loudon County Industrial Development Authority, Revenue Bonds, (Series D), Weekly VRDNs, (Howard Hughes Medical Center), 0.07%, 5/07/15¿	$    18,000,000	$   18,000,000
TOTAL VIRGINIA		$   18,000,000
TOTAL SHORT-TERM MUNICIPAL BONDS
(COST $128,125,000)		$ 128,125,000
TOTAL INVESTMENTS – 100.0%
(COST $535,589,000)		$ 535,589,000
OTHER ASSETS LESS LIABILITIES – 0.0%**		102,392
TOTAL NET ASSETS – 100.0%		$ 535,691,392

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, 2015 in valuing the Fund’s assets carried at fair value:

		Level 1		Level 2		Level 3		Total
Investments in Securities
Commercial Paper	$	—	$	329,064,000	$	—	$	329,064,000
Municipal Bonds		—		78,400,000		—		78,400,000
Short-Term Municipal Bonds		—		128,125,000		—		128,125,000
Total	$	—	$	535,589,000	$	—	$	535,589,000

¿ Variable rate demand note with current rate shown. Date shown is the date on which the Fund can unconditionally demand payment.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

BANs - Bond Anticipation Notes

AGM - Insured by Assured Guaranty Municipal Corporation

GO - General Obligation

HEFA - Health and Educational Facilities Authority

LIQ - Liquid Agreement

LOC - Letter of Credit

MD - Maryland

MN - Minnesota

N.A. - North America

NV - Nevada

NY - New York

OBG - Obligation

SPA - Sales and Purchase Agreement

TN - Tennessee

TX - Texas

VRDNs - Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES

18

April 30, 2015		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	$	3,712,211,596		$	3,936,054,234		$	894,487,042		$	535,589,000
Investments in repurchase agreements, at value	$	223,000,000		$	311,000,000		$	89,000,000		$	—
Investments in securities, at value		3,489,211,596			3,625,054,234			805,487,042			535,589,000
TOTAL INVESTMENTS		3,712,211,596			3,936,054,234			894,487,042			535,589,000
Cash		777,115			628,353			—			—
Interest receivable		2,146,523			2,491,970			2,050,590			40,277
Due from advisor		—			—			11,430			28,654
Receivable for shares sold		4,993,234			1,276,633			800			476,244
Other assets		65,943			68,220			26,903			24,394
TOTAL ASSETS		3,720,194,411			3,940,519,410			896,576,765			536,158,569
LIABILITIES:
Payable to custodian		—			—			49,883			388,511
Income distribution payable		49,671			32,814			—			4,359
Payable for shares redeemed		70,214			—			1,043			2,406
Payable for shareholder services fee		4,303			—			—			—
Other accrued expenses		417,567			344,437			81,167			71,901
TOTAL LIABILITIES		541,755			377,251			132,093			467,177
NET ASSETS	$	3,719,652,656		$	3,940,142,159		$	896,444,672		$	535,691,392
NET ASSETS CONSIST OF:
Paid-in capital	$	3,719,655,514		$	3,940,165,085		$	896,479,475		$	535,763,709
Undistributed (distributions in excess of) net investment income		(1,022	)		1,636			449			(259	)
Accumulated net realized gain (loss) on investments		(1,836	)		(24,562	)		(35,252	)		(72,058	)
TOTAL NET ASSETS	$	3,719,652,656		$	3,940,142,159		$	896,444,672		$	535,691,392
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets	$	352,594,519		$	1,556,286,288		$	631,471,775		$	42,683,740
Shares outstanding (unlimited shares authorized)		352,701,649			1,556,485,038			631,530,695			42,686,612
Net Asset Value per share	$	1.00		$	1.00		$	1.00		$	1.00
Institutional Class
Net Assets	$	237,698,331		$	26,079,217		$	—		$	—
Shares outstanding (unlimited shares authorized)		237,698,693			26,081,651			—			—
Net Asset Value per share	$	1.00		$	1.00		$	—		$	—
Select Class
Net Assets	$	2,439,661,694		$	1,005,502,787		$	264,954,694		$	413,691,504
Shares outstanding (unlimited shares authorized)		2,439,945,831			1,005,636,523			264,985,460			413,738,592
Net Asset Value per share	$	1.00		$	1.00		$	1.00		$	1.00
Service Class
Net Assets	$	689,698,111		$	1,352,273,868		$	18,202		$	79,316,148
Shares outstanding (unlimited shares authorized)		689,739,084			1,352,268,368			18,202			79,363,561
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, 2015

19

STATEMENTS OF OPERATIONS

Year Ended April 30, 2015		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	$	5,462,654		$	3,458,754		$	528,389		$	286,963
TOTAL INVESTMENT INCOME		5,462,654			3,458,754			528,389			286,963
EXPENSES:
Investment advisory fee		14,775,935			16,568,494			3,579,435			2,047,248
Administrative personnel and services fee		1,115,351			1,251,365			270,496			154,632
Portfolio accounting and administration fees		1,037,905			1,156,871			258,769			160,294
Transfer and dividend disbursing agent fees and expenses		185,255			2,128			4,887			28,608
Custodian fees		100,930			106,415			26,855			13,222
Trustees’ fees		33,067			33,067			33,066			33,067
Professional fees		54,897			55,064			50,854			50,656
Distribution services fee—Administrative Class		927,147			4,615,609			1,521,378			106,492
Distribution services fee—Service Class		1,916,873			3,128,743			18			183,308
Shareholder services fee— Administrative Class		927,147			4,615,609			1,521,378			106,492
Shareholder services fee— Select Class		5,964,192			2,523,931			715,746			989,727
Shareholder services fee— Service Class		1,915,395			3,128,743			18			183,308
Share registration costs		53,656			50,106			32,223			39,619
Printing and postage		161,508			17,148			9,793			21,969
Miscellaneous		193,457			220,401			72,682			36,057
TOTAL EXPENSES		29,362,715			37,473,694			8,097,598			4,154,699
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(12,710,152	)		(16,417,948	)		(3,811,144	)		(2,349,082	)
Waiver of distribution services fee—Administrative Class		(927,147	)		(4,615,609	)		(1,521,378	)		(106,492	)
Waiver of distribution services fee—Service Class		(1,916,873	)		(3,128,743	)		(18	)		(183,308	)
Waiver of shareholder services fee—Administrative Class		(927,147	)		(4,615,609	)		(1,521,378	)		(106,492	)
Waiver of shareholder services fee—Select Class		(5,964,192	)		(2,523,931	)		(715,746	)		(989,727	)
Waiver of shareholder services fee—Service Class		(1,898,954	)		(3,128,743	)		(18	)		(183,308	)
TOTAL WAIVERS AND REIMBURSEMENTS		(24,344,465	)		(34,430,583	)		(7,569,682	)		(3,918,409	)
Net expenses		5,018,250			3,043,111			527,916			236,290
Net investment income		444,404			415,643			473			50,673
REALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		12,180			4,315			415			—
Net realized gain (loss) on investments		12,180			4,315			415			—
Change in net assets resulting from operations	$	456,584		$	419,958		$	888		$	50,673

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS

20

	Wilmington Prime Money Market Fund						Wilmington U.S. Government Money Market Fund
		Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2015			Year Ended April 30, 2014
OPERATIONS:
Net investment income	$	444,404		$	416,762		$	415,643		$	417,767
Net realized gain (loss) on investments		12,180			(14,015	)		4,315			(28,877	)
Change in net assets resulting from operations		456,584			402,747			419,958			388,890
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Administrative Class		(46,265	)		(45,905	)		(184,789	)		(185,305	)
Institutional Class		(24,467	)		(6,629	)		(3,473	)		(3,738	)
Select Class		(295,729	)		(292,357	)		(101,403	)		(104,360	)
Service Class		(76,769	)		(90,184	)		(125,210	)		(115,104	)
Distributions from net realized gain on investments
Administrative Class		—			(1,571	)		—			(270	)
Institutional Class		—			(230	)		—			(3	)
Select Class		—			(10,003	)		—			(140	)
Service Class		—			(3,844	)		—			(161	)
Change in net assets resulting from distributions to shareholders		(443,230	)		(450,723	)		(414,875	)		(409,081	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		995,503,689			1,178,548,867			3,877,501,399			3,392,363,513
Institutional Class		1,060,689,984			424,008,347			37,157,622			81,575,282
Select Class		3,974,173,345			3,558,656,581			1,928,110,623			1,701,057,367
Service Class		2,639,297,327			2,787,041,927			2,761,898,754			2,235,776,360
Distributions reinvested
Administrative Class		20			13			5,209			4,115
Institutional Class		1,679			2,516			1,161			984
Select Class		51,805			49,715			1,117			1,539
Service Class		40,704			41,519			7,232			5,608
Cost of shares redeemed
Administrative Class		(968,605,086	)		(1,235,605,494	)		(3,994,684,719	)		(3,604,090,252	)
Institutional Class		(869,855,406	)		(408,203,963	)		(94,675,053	)		(23,664,121	)
Select Class		(3,847,371,614	)		(3,773,941,923	)		(1,811,768,074	)		(1,976,283,004	)
Service Class		(2,693,246,232	)		(2,873,018,706	)		(2,781,129,145	)		(1,995,587,392	)
Change in net assets resulting from share transactions		290,680,215			(342,420,601	)		(77,573,874	)		(188,840,001	)
Change in net assets		290,693,569			(342,468,577	)		(77,568,791	)		(188,860,192	)
NET ASSETS:
Beginning of year		3,428,959,087			3,771,427,664			4,017,710,950			4,206,571,142
End of year	$	3,719,652,656		$	3,428,959,087		$	3,940,142,159		$	4,017,710,950
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(1,022	)	$	(2,196	)	$	1,636		$	868

ANNUAL REPORT / April 30, 2015

21

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Prime Money Market Fund					Wilmington U.S. Government Money Market Fund
		Year Ended April 30, 2015		Year Ended April 30, 2014			Year Ended April 30, 2015		Year Ended April 30, 2014
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		995,503,689		1,178,548,867			3,877,501,399		3,392,363,513
Institutional Class		1,060,689,984		424,008,347			37,157,622		81,575,282
Select Class		3,974,173,345		3,558,656,581			1,928,110,623		1,701,057,367
Service Class		2,639,297,327		2,787,041,927			2,761,898,754		2,235,776,360
Distributions reinvested
Administrative Class		20		13			5,209		4,115
Institutional Class		1,679		2,516			1,161		984
Select Class		51,805		49,715			1,117		1,539
Service Class		40,704		41,519			7,232		5,608
Shares redeemed
Administrative Class		(968,605,086	)	(1,235,605,494	)		(3,994,684,719	)	(3,604,090,252	)
Institutional Class		(869,855,406	)	(408,203,963	)		(94,675,053	)	(23,664,121	)
Select Class		(3,847,371,614	)	(3,773,941,923	)		(1,811,768,074	)	(1,976,283,004	)
Service Class		(2,693,246,232	)	(2,873,018,706	)		(2,781,129,145	)	(1,995,587,392	)
Net change in shares outstanding		290,680,215		(342,420,601	)		(77,573,874	)	(188,840,001	)

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

22

	Wilmington U.S. Treasury Money Market Fund						Wilmington Tax-Exempt Money Market Fund
		Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2015			Year Ended April 30, 2014
OPERATIONS:
Net investment income	$	473		$	70,860		$	50,673		$	51,801
Net realized gain (loss) on investments		415			(35,667	)		—			—
Change in net assets resulting from operations		888			35,193			50,673			51,801
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Administrative Class		(845	)		(49,725	)		(4,262	)		(4,701	)
Select Class		(381	)		(24,964	)		(39,332	)		(43,717	)
Service Class		—			(775	)		(7,329	)		(7,768	)
Change in net assets resulting from distributions to shareholders		(1,226	)		(75,464	)		(50,923	)		(56,186	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		1,224,054,650			1,381,133,464			45,149,714			53,056,531
Select Class		839,334,028			1,042,795,413			474,676,458			458,963,075
Service Class		12,201			14,073,657			135,589,560			145,781,542
Distributions reinvested
Administrative Class		4			64			—			—
Select Class		139			4,664			666			555
Service Class		—			—			7,453			6,966
Cost of shares redeemed
Administrative Class		(1,374,942,422	)		(1,425,848,702	)		(42,427,934	)		(51,777,880	)
Select Class		(888,754,034	)		(1,114,987,122	)		(482,564,643	)		(443,767,538	)
Service Class		—			(24,102,195	)		(130,989,192	)		(128,504,675	)
Change in net assets resulting from share transactions		(200,295,434	)		(126,930,757	)		(557,918	)		33,758,576
Change in net assets		(200,295,772	)		(126,971,028	)		(558,168	)		33,754,191
NET ASSETS:
Beginning of year		1,096,740,444			1,223,711,472			536,249,560			502,495,369
End of year	$	896,444,672		$	1,096,740,444		$	535,691,392		$	536,249,560
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	449		$	1,202		$	(259	)	$	(9	)
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		1,224,054,650			1,381,133,464			45,149,714			53,056,531
Select Class		839,334,028			1,042,795,413			474,676,458			458,963,075
Service Class		12,201			14,073,657			135,589,560			145,781,542
Distributions reinvested
Administrative Class		4			64			—			—
Select Class		139			4,664			666			555
Service Class		—			—			7,453			6,966
Shares redeemed
Administrative Class		(1,374,942,422	)		(1,425,848,702	)		(42,427,934	)		(51,777,880	)
Select Class		(888,754,034	)		(1,114,987,122	)		(482,564,643	)		(443,767,538	)
Service Class		—			(24,102,195	)		(130,989,192	)		(128,504,675	)
Net change in shares outstanding		(200,295,434	)		(126,930,757	)		(557,918	)		33,758,576

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

23

FINANCIAL HIGHLIGHTS

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

 WILMINGTON PRIME MONEY MARKET FUND

ADMINISTRATIVE CLASS	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$1.0	00		$1.0	00		$1.0	00		$1.0	00		$1.0	00
Income (Loss) From Operations:
Net Investment Income		0.0	00(a)		0.0	00(a)		0.0	00(a)		0.0	00(a)		0.0	00(a)
Net Realized Gain (Loss) on Investments		0.0	00(a)		0.0	00(a)		0.0	00(a)		0.0	00(a)			—
Total Income (Loss) From Operations		0.0	00		0.0	00		0.0	00		0.0	00		0.0	00
Less Distributions From:
Net Investment Income		(0.0	00)(a)		(0.0	00)(a)		(0.0	00)(a)		(0.0	00)(a)		(0.0	00)(a)
Total Distributions		(0.0	00)		(0.0	00)		(0.0	00)		(0.0	00)		(0.0	00)
Net Asset Value, End of Year		$1.0	00		$1.0	00		$1.0	00		$1.0	00		$1.0	00
Total Return(b)		0.	01%		0.	01%		0.	03%		0.	03%		0.	04%
Net Assets, End of Year (000’s)		$352,5	95		$325,6	96		$382,7	57		$464,7	21		$416,3	87
Ratios to Average Net Assets
Gross Expense		0.	98%		0.	98%		0.	97%		0.	80%		0.	75%
Net Expenses(c)		0.	14%		0.	13%		0.	17%		0.	16%		0.	25%
Net Investment Income		0.	01%		0.	01%		0.	03%		0.	02%		0.	04%

INSTITUTIONAL CLASS	2015			2014			2013			2012(d)
Net Asset Value, Beginning of Period		$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)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		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)
Total Distributions		(0.000	)		(0.000	)		(0.000	)		(0.000	)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.03	%		0.01	%
Net Assets, End of Period (000’s)		$237,698			$46,861			$31,056			$42,072
Ratios to Average Net Assets
Gross Expense		0.48	%		0.48	%		0.47	%		0.46	%(e)
Net Expenses(c)		0.14	%		0.13	%		0.17	%		0.16	%(e)
Net Investment Income		0.01	%		0.01	%		0.03	%		0.04	%(e)

SELECT CLASS	2015		2014		2013		2012		2011
Net Asset Value, Beginning of Year	$1.0	00	$1.0	00	$1.0	00	$1.0	00	$1.0	00
Income (Loss) From Operations:
Net Investment Income	0.0	00(a)	0.0	00(a)	0.0	00(a)	0.0	00(a)	0.0	00(a)
Net Realized Gain (Loss) on Investments	0.0	00(a)	0.0	00(a)	0.0	00(a)	0.0	00(a)		—
Total Income (Loss) From Operations	0.0	00	0.0	00	0.0	00	0.0	00	0.0	00
Less Distributions From:
Net Investment Income	(0.0	00)(a)	(0.0	00)(a)	(0.0	00)(a)	(0.0	00)(a)	(0.0	00)(a)
Total Distributions	(0.0	00)	(0.0	00)	(0.0	00)	(0.0	00)	(0.0	00)
Net Asset Value, End of Year	$1.0	00	$1.0	00	$1.0	00	$1.0	00	$1.0	00
Total Return(b)	0.	01%	0.	01%	0.	03%	0.	02%	0.	01%
Net Assets, End of Year (000’s)	$2,439,6	62	$2,312,8	00	$2,528,0	68	$2,424,7	83	$345,9	31
Ratios to Average Net Assets
Gross Expense	0.	73%	0.	73%	0.	72%	0.	73%	0.	75%
Net Expenses(c)	0.	14%	0.	13%	0.	17%	0.	16%	0.	28%
Net Investment Income	0.	01%	0.	01%	0.	03%	0.	03%	0.	01%

April 30, 2015 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS

24

WILMINGTON PRIME MONEY MARKET FUND (continued)

SERVICE CLASS	2015			2014			2013			2012			2011
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)		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)
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	%		0.01	%
Net Assets, End of Year (000’s)		$689,698			$743,602			$829,547			$779,543			$217,836
Ratios to Average Net Assets
Gross Expense		0.98	%		0.98	%		0.96	%		0.98	%		1.00	%
Net Expenses(c)		0.14	%		0.14	%		0.19	%		0.18	%		0.28	%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%

(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, 2015

25

FINANCIAL HIGHLIGHTS

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

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

ADMINISTRATIVE CLASS	2015			2014			2013			2012			2011
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)		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	%		0.01	%
Net Assets, End of Year (000’s)		$1,556,286			$1,673,462			$1,885,193			$1,801,115			$1,493,139
Ratios to Average Net Assets
Gross Expense		0.97	%		0.97	%		0.96	%		0.79	%		0.73	%
Net Expenses(c)		0.07	%		0.08	%		0.15	%		0.12	%		0.25	%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
INSTITUTIONAL CLASS	2015			2014			2013			2012(d)
Net Asset Value, Beginning of Period		$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)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		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)
Total Distributions		(0.000	)		(0.000	)		(0.000	)		(0.000	)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000
Total Return(b)		0.01	%		0.01	%		0.01	%		0.00	%
Net Assets, End of Period (000’s)		$26,079			$83,595			$25,683			$85,322
Ratios to Average Net Assets
Gross Expense		0.47	%		0.47	%		0.46	%		0.46	%(e)
Net Expenses(c)		0.07	%		0.08	%		0.15	%		0.13	%(e)
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%(e)
SELECT CLASS	2015			2014			2013			2012			2011
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)		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	%		0.01	%
Net Assets, End of Year (000’s)		$1,005,503			$889,158			$1,164,388			$1,213,146			$355,506
Ratios to Average Net Assets
Gross Expense		0.72	%		0.72	%		0.71	%		0.72	%		0.74	%
Net Expenses(c)		0.07	%		0.08	%		0.15	%		0.12	%		0.26	%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%

April 30, 2015 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS

26

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

SERVICE CLASS	2015			2014			2013			2012			2011
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)		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	%		0.01	%
Net Assets, End of Year (000’s)		$1,352,274			$1,371,495			$1,131,306			$873,278			$35,561
Ratios to Average Net Assets
Gross Expense		0.97	%		0.97	%		0.96	%		0.97	%		0.98	%
Net Expenses(c)		0.07	%		0.08	%		0.14	%		0.13	%		0.25	%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%

(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, 2015

27

FINANCIAL HIGHLIGHTS

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

WILMINGTON U.S. TREASURY MONEY MARKET FUND

ADMINISTRATIVE CLASS	2015			2014			2013			2012			2011
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)		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)		0.00	%(c)		0.01	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$631,472			$782,360			$827,103			$909,306			$676,070
Ratios to Average Net Assets
Gross Expense		0.98	%		0.97	%		0.97	%		0.80	%		0.74	%
Net Expenses(d)		0.06	%		0.06	%		0.14	%		0.06	%		0.16	%
Net Investment Income		0.00	%(c)		0.01	%		0.01	%		0.01	%		0.01	%
SELECT CLASS	2015			2014			2013			2012			2011
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)		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)		0.00	%(c)		0.01	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$264,955			$314,375			$386,574			$210,231			$71,929
Ratios to Average Net Assets
Gross Expense		0.74	%		0.72	%		0.73	%		0.73	%		0.74	%
Net Expenses(d)		0.06	%		0.06	%		0.14	%		0.06	%		0.17	%
Net Investment Income		0.00	%(c)		0.01	%		0.01	%		0.01	%		0.01	%
SERVICE CLASS	2015			2014			2013			2012			2011
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)		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	)		(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)		0.00	%(c)		0.01	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$18			$6			$10,034			$8,909			$10,627
Ratios to Average Net Assets
Gross Expense		0.99	%		0.97	%		0.97	%		0.99	%		0.99	%
Net Expenses(d)		0.06	%		0.06	%		0.14	%		0.06	%		0.16	%
Net Investment Income		0.00	%(c)		0.01	%		0.01	%		0.01	%		0.01	%

(a) Represents less than $0.001.

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

(c) Represents less than 0.01%.

(d) 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, 2015 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded)

28

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

WILMINGTON TAX-EXEMPT MONEY MARKET FUND

ADMINISTRATIVE CLASS	2015			2014			2013			2012			2011
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)		$42,684			$39,962			$38,684			$41,513			$33,322
Ratios to Average Net Assets
Gross Expense		1.01	%		1.00	%		0.99	%		0.87	%		0.83	%
Net Expenses(c)		0.05	%		0.09	%		0.16	%		0.23	%		0.39	%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.03	%
SELECT CLASS	2015			2014			2013			2012			2011
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)		$413,692			$421,579			$406,386			$362,551			$108,802
Ratios to Average Net Assets
Gross Expense		0.76	%		0.75	%		0.74	%		0.77	%		0.83	%
Net Expenses(c)		0.05	%		0.09	%		0.15	%		0.23	%		0.39	%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.03	%
SERVICE CLASS	2015			2014			2013			2012			2011
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	%		0.01	%
Net Assets, End of Year (000’s)		$79,316			$74,708			$57,425			$57,379			$11,779
Ratios to Average Net Assets
Gross Expense		1.01	%		1.00	%		0.99	%		1.02	%		1.08	%
Net Expenses(c)		0.05	%		0.09	%		0.16	%		0.23	%		0.41	%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%

(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, 2015

29

NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2015

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 19 portfolios, 4 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 15 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.

In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

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 Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASU”) Topic 946, “Financial Services - Investment Companies.” 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, 2015, 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, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

30

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, 2015, 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)
Prime Money Market Fund
Credit Suisse First Boston LLC,		$  83,000,000		$  83,000,000		$—		$—
Deutsche Bank Securities, Inc.,		65,000,000		65,000,000		—		—
TD Securities, Inc.,		25,000,000		25,000,000		—		—
TD Securities, Inc.,		50,000,000		50,000,000		—		—
		$223,000,000		$223,000,000		$—		$—
U.S. Government Money Market Fund
Credit Suisse First Boston LLC		$  56,000,000		$  56,000,000		$—		$—
Deutsche Bank Securities, Inc.		25,000,000		25,000,000		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		80,000,000		80,000,000		—		—
TD Securities, Inc.		100,000,000		100,000,000		—		—
TD Securities, Inc.		50,000,000		50,000,000		—		—
		$311,000,000		$311,000,000		$—		$—
U.S. Treasury Money Market Fund
Credit Suisse First Boston LLC		$  39,000,000		$  39,000,000		$—		$—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		50,000,000		50,000,000		—		—
		$  89,000,000		$  89,000,000		$—		$—

⁽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 or excise 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 ended April 30, 2015, the Funds did not incur any interest or penalties.

ANNUAL REPORT / April 30, 2015

31

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

As of April 30, 2015, 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 2014, 2013, and 2012, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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

			2015							2014
	Ordinary		Tax-Exempt			Long-Term		Ordinary		Tax-Exempt			Long-Term
Fund	Income*		Income			Capital Gains		Income*		Income			Capital Gains
Prime Money Market Fund		$443,230		$	—		$—		$450,723		$	—		$—
U.S. Government Money Market Fund		414,875			—		—		409,081			—		—
U.S. Treasury Money Market Fund		1,226			—		—		75,464			—		—
Tax-Exempt Money Market Fund		576			50,347		—		624			55,562		—

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

As of April 30, 2015, the components of distributable earnings on a tax basis were as follows:

			Undistributed		Other		Unrealized		Capital Loss
	Undistributed		Long-Term		Timing		Appreciation		Carryforwards
Fund	Ordinary Income		Capital Gains		Differences		(Depreciation)		and Deferrals
Prime Money Market Fund		$48,650		$—		$(49,672)		$—		$  (1,836)
U.S. Government Money Market Fund		34,451		—		(32,815)		—		(24,562)
U.S. Treasury Money Market Fund		449		—		—		—		(35,252)
Tax-Exempt Money Market Fund		4,100		—		(4,359)		—		(72,058)

At April 30, 2015, 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		No Expiration		Carryforwards
Prime Money Market Fund		$      —		$        —		$      —		$  1,836		$  1,836
U.S. Government Money Market Fund		—		—		—		24,562		24,562
U.S. Treasury Money Market Fund		—		—		—		35,252		35,252
Tax-Exempt Money Market Fund		6,657		63,251		2,115		35		72,058

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the 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, 2015, the Funds had no Post-October or Late Year losses to defer.

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

32

The Funds utilized capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2015:

	Capital Loss
	Carryforwards
Fund	Utilized
Prime Money Market Fund		$12,180
U.S. Government Money Market Fund		4,315
U.S. Treasury Money Market Fund		415

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%

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. WFMC will not recoup previously waived fees/expenses in subsequent years.

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

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, 2015, 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 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, 2015, no affiliates of the Advisor received these fees.

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 shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T Securities, Inc. and Traders Trust Company (together, “M&T”) affiliates 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.

ANNUAL REPORT / April 30, 2015

33

NOTES TO FINANCIAL STATEMENTS (continued)

For the year ended April 30, 2015, 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	$16,363

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 0.10% per annum on the daily unused portion. The LOC was in effect for the entire fiscal year and the termination date of this LOC is March 9, 2016. The Funds did not utilize the LOC during the year ended April 30, 2015.

6.    MONEY MARKET REFORM

On July 23, 2014, the U.S. Securities and Exchange Commission adopted amendments to money market fund regulations, which structurally changes the way that certain money market funds will be required to operate. These amendments are generally not effective until 2016, but when implemented will affect the Funds’ operations and may affect the Funds’ return potential. The intent of the increased regulations is to improve transparency and to prevent a run on money market fund assets during times of financial crisis in the markets. Some of the highlights of the changes include mandating that certain money market funds move to a floating NAV, the ability of the funds to impose gates and redemption fees, and the requirement for additional disclosure on money market fund websites.

7.    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 recognition or disclosure in the Funds’ financial statements through this date.

April 30, 2015 / ANNUAL REPORT

34

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, 2015, 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 the 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, 2015, by correspondence with the custodian and brokers. 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 (four of the series constituting the Wilmington Funds) at April 30, 2015, 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 29, 2015

ANNUAL REPORT / April 30, 2015

35

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 19 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 for past five years and Other Directorships Held
R. Samuel Fraundorf, CFA, CPA* Birth date: 4/64 TRUSTEE Began serving: March 2012	Principal Occupations: Senior Vice President, Chief Investment Strategist and Chief Client Officer of WTIA and WFMC. Other Directorships Held: Director, WTIA (1/14 to present); Director, WFMC (1/14 to present). Previous Positions: President of WTIA (1/12 to 1/14); President of Wilmington Trust Investment Management (“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 and WFMC. 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, 2015 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS

36

INDEPENDENT TRUSTEES BACKGROUND

Name   Birth date   Position with Trust   Date Service Began	Principal Occupations for past five years and Other Directorships
Nicholas A. Giordano Birth date: 3/43 CHAIRMAN AND 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).
Robert H. Arnold Birth date: 3/44 TRUSTEE Began serving: March 2012	Principal Occupations: Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held: Trustee, First Potomac Realty Trust (real estate investment trust) (5/01 to present); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to present).
Joseph J. Castiglia Birth date: 7/34 TRUSTEE Began serving: February 1988	Principal Occupations: Consultant (not-for-profit) and Private Investor. Other Directorships Held: Chairman, Trustee and Treasurer, Buffalo Olmsted Parks Conservancy (1/05 to 5/13); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 11/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman, Director and Treasurer, Read to Succeed Buffalo (1/08 to present). Previous Positions: President, Chief Executive Officer, Vice President, Treasurer and Vice Chairman, Pratt & Lambert United (manufacturer of paints, coatings and adhesives) (12/67- 1/96); Chairman and Director, Catholic Health (hospitals, nursing homes and home care) (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (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; Chairman and Director, Community Foundation for Greater Buffalo; Chairman and Trustee, Canisius College; Chairman and Director, AAA of Western & Central New York.
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: President and 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.
Richard B. Seidel Birth date: 4/41 TRUSTEE Began serving: September 2003	Principal Occupations: Chairman, Girard Capital (broker-dealer) (1/10 to present); Chairman, R.B. Seidel & Associates (consultants) (2014 to present). Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).

ANNUAL REPORT / April 30, 2015 (unaudited)

37

BOARD OF TRUSTEES AND TRUST OFFICERS

OFFICERS

Name   Address   Birth year   Position with Trust	Principal Occupations for Past Five Years and Previous Positions
Christopher D. Randall Birth year: 1965 PRESIDENT Began serving: September 2014	Principal Occupations: President and Chief Executive Officer of Wilmington Trust Investment Advisors, Inc.; President of Wilmington Trust Investment Management, LLC; Director of Wilmington Funds Management Corporation; Senior Vice President of M&T Bank. Previous Positions: Senior Vice President, Head of Asset Management and Retirement Services (2012 to 2014); President, Mid-Atlantic Division, Wilmington Trust, N.A. (2011 to 2012); President, M&T Securities, Inc. (2009 to 2011)
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).
Mary Ellen Reilly Birth year: 1970 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER Began serving: March 2015	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Administrative Vice President, M&T Bank. Previous Positions: Administrative Vice President, M&T Bank, and Program Director, Buffalo Promise. Neighborhood (2013-2015); Vice President, M&T Bank, and Product Manager, Wilmington Trust Retirement and Institutional Services Company (2010-2013); Vice President, M&T Bank, and Risk Manager, M&T Investment Group (2006-2010).
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 (2008 to present).
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore, MD 21201 Birth year: 1957 VICE PRESIDENT Began serving: June 2010	Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003).

April 30, 2015 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS

38

Name   Address   Birth year   Position with Trust	Principal Occupations for Past Five Years and Previous Positions
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 2 Hanson Place, 12th Floor Brooklyn, NY 11217 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 (2012 to present). Previous Positions: President, Foreside Financial Group, LLC (2008 to 2012); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (2003 to 2006); Vice President, Bainbridge Capital Management (2002 to 2004).

ANNUAL REPORT / April 30, 2015 (unaudited)

39

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, 2015 / ANNUAL REPORT

40

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, 2015

41

•  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, 2015 / ANNUAL REPORT

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

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

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

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

Wilmington Municipal Bond Fund (“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	19
Portfolios of Investments	21
Statements of Assets and Liabilities	55
Statements of Operations	57
Statements of Changes in Net Assets	59
Financial Highlights	62
Notes to Financial Statements	67
Report of Independent Registered Public Accounting Firm	76
Board of Trustees and Trust Officers	77

[This Page Intentionally Left Blank]

i

Dear Investor:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s fiscal year of May 1, 2014, through April 30, 2015. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The Economy and Financial Markets in Review

Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets for the Trust’s fiscal year.

The Economy

Economic reports painted an ambiguous picture of the U.S economy. The gross domestic product (GDP) expanded at a very strong annualized rate in the 2nd and 3rd quarters of 2014 (+4.6% and +5.0%, respectively), but cooled off in the 4th quarter of 2014, recording a more modest 2.2% increase and posting a 0.7% decline in the 1st quarter of 2015.ⁱ

ⁱhttp://www.bea.gov/index.htm

The headwinds responsible for this slowdown in economic growth were manifold. A dock worker strike at West Coast ports, a strong U.S. dollar (and its concomitant drag on exports), sliding oil prices, and an unusually harsh winter all conspired to sap the building economic momentum.

Despite the uneven GDP performance, the employment situation steadily improved. Unemployment, which stood at 6.3% in May 2014, fell by nearly a full percentage point to 5.4% by April 2015, placing it in the range of what the Federal Reserve (the “Fed”) has come to view as “full employment.”ⁱⁱ

ⁱⁱhttp://data.bls.gov/timeseries/LNS14000000

While the unemployment picture brightened, the labor force participation rate remained unchanged at 62.8%.ⁱⁱⁱ This rate is at a historical low and has shown little sign of bouncing back to pre-recession levels.

ⁱⁱⁱhttp://data.bls.gov/timeseries/LNS11300000

Oil prices went on a wild ride, with West Texas Intermediate (WTI) crude falling nearly 60% in value, from its $107.95 per barrel peak in June 2014 to a low of $43.39 on March 17th. Prices staged a partial recovery, rising to $59.62 by the end of April 2015.^iv

^ivhttp://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=D

Though it might seem that declining oil prices would be a boost to the economy given their positive impact on corporate earnings and consumer spending, the short-term effect was negative as oil-related companies ratcheted back their spending on capital goods. The expected boost from consumer spending was muted as individuals chose to reduce debt with the savings accrued from lower gas prices, or adopt a wait-and-see attitude over whether lower prices would persist.

The Bond Markets

The bond market weathered the end of quantitative easing¹ and performed well amid the persistent uncertainty of a hike in short-term rates by the Fed. While the path of the 10-year Treasury rate was a bit erratic, the direction was generally lower. The yield on the 10-year note, which was 2.65% at the start of the Trust’s fiscal year, fell to 2.03% by April 30, 2015, after spending a substantial amount of time under 2% during the first quarter of 2015.^v

^vhttp://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldYear&year=2015

The Barclays U.S. Aggregate Index² returned 4.46% for the 12-month period ended April 30, 2015, powered by an increase of 15.06% in the Barclays U.S. Long Government Bond Index³.

Municipal bonds also turned in a good year, with the S&P Municipal Bond Intermediate Index⁴ gaining 3.94%.

The Barclays U.S. Corporate High Yield Bond Index⁵, which returned a paltry 2.58%, was hampered by oil-related high yield bonds, which suffered as oil prices sagged.

Investors will be awaiting Fed interest rate policy actions in the latter half of 2015. The Fed has signaled that it wishes to begin the process of normalizing monetary policy yet how the capital markets will react remains an open question.

PRESIDENT’S MESSAGE / April 30, 2015(unaudited)

ii

For the 12-month reporting period May 1, 2014 through April 30, 2015, certain Barclays indices performed as follows⁶:

Barclays     U.S. Aggregate     Bond Index	Barclays U.S. Treasury Bond Index7		Barclays U.S. Mortgage- Backed  Securities Index8		Barclays U.S. Credit Bond Index9		Barclays     Municipal Bond     Index10
4.46%		4.23%		4.61%		4.87%		4.80%

The Stock Markets

The current bull market in stocks entered its seventh year. Though economic growth and corporate earnings deserve their fair share of the credit for this extended stock rally, the Federal Reserve policies of quantitative easing and low rates have provided substantial support to stock prices during this time.

With the end to quantitative easing in the 4th quarter of 2014, the markets remained fixated on when the Fed might raise short-term rates. The mixed signals that each new economic report sent about the underlying strength of the economy was enough for the Fed to postpone a rate hike into the 2nd half of 2015, helping the markets record solid gains during the Trust’s fiscal year period.

Through the period May 1, 2014 to April 30, 2015, the S&P 500 index¹¹ jumped 12.98%, the S&P MidCap 400 Index¹² rose 12.28% and the S&P SmallCap 600 Index¹³ turned in a gain of 9.24%.

While smaller-cap stocks underperformed for the full 12-month period, they raced ahead of large-cap stocks in the latter part of the period, aided, in part, by a lower exposure to foreign markets, which has become challenging to large companies because of the strengthening U.S. dollar.

Growth stocks proved to be far better performers than value stocks, as evidenced by the return gap between the S&P 500 Growth Index¹⁴ (+16.32%) and the S&P 500 Value Index¹⁵ (+9.43%). This return disparity was also evident in the mid-cap and small-cap sectors which, while not as wide, were on the order of 400 basis points (4.0%).

The U.S. markets were driven by the healthcare (+25.12%), information technology (+20.53%) and consumer discretionary (+19.84%) sectors. The only sector to lose ground was energy, which declined 9.84%. Real estate also enjoyed a strong year, as reflected in the +13.22% return in the FTSE NAREIT Equity REITs Index¹⁶.

International stocks trailed U.S. markets, with the MSCI EAFE (Net) Index¹⁷ netting a small gain of 1.66%. Overseas markets were hampered by weak economic growth and a tight credit environment. However, following the implementation by the European Central Bank (ECB) and the Bank of Japan (BOJ) of their own forms of quantitative easing, economic growth and investor enthusiasm for stocks picked up. In the three-month period, ending April 30, 2015, the MSCI EAFE Index turned positive, gaining 8.63%.

For the 12-month reporting period May 1, 2014 through April 30, 2015, certain stock market indices performed as follows:

S&P 500     Index	Dow Jones Industrial Average18		NASDAQ Composite Index19		MSCI All Country     World ex-US (Net)     Index20
12.98%		10.11%		21.52%		2.63%

I want to thank you for your continued trust in allowing us to help you reach your important financial goals. We understand the profound responsibility you have placed with us in managing your investments. We work hard every day to ensure that we continue to deserve your confidence.

Sincerely,

Christopher D. Randall

President

May 29, 2015

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.

April 30, 2015(unaudited) / PRESIDENT’S MESSAGE

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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. Quantitative Easing (QE) is a 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.

2. 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.

3. Barclays U.S. Long Government Bond Index tracks the market for U.S. dollar-denominated, fixed rate, nominal U.S. Treasuries (with the exception of Federal Reserve holdings of U.S. Treasuries) and U.S. agency debentures (with the exception of those U.S. agency debentures held in the Federal Reserve SOMA account). To be included in this index, securities must have at least 10 years to final maturity.

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

5. Barclays U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices.

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

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. The S&P MidCap 400 Index measures the mid cap segment of the U.S. equity market. To be included in the index, a stock must have a total market capitalization that ranges from roughly $750 million to $3.3 billion.

13. The S&P SmallCap 600 Index measures the small cap segment of the U.S. equity market. The index is designed to be an investable portfolio of companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. The index is unmanaged and investments cannot be made directly in an index.

14. The S&P 500 Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 500 Index. The index is unmanaged and investments cannot be made directly in an index.

15. The S&P 500 Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 500 Index. The index is unmanaged and investments cannot be made directly in an index.

16. FTSE NAREIT Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. Equity REITs. Constituents of the Index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.

17. 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.

18. 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.

19. 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.

20. 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, 2015(unaudited)

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WILMINGTON BROAD MARKET BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of 3.69%* for Class A Shares and 4.19%* for Class I Shares, versus its benchmark, the Barclays Capital U.S. Aggregate Bond Index**, which had a total return of 4.46%, and its peer group, the Lipper Corporate A-Rated Debt Funds Average***, which had a total return of 4.70%.

The bond market rebounded during the past fiscal year as intermediate and long-term interest rates moved lower in response to plummeting energy prices, a Federal Reserve (the “Fed”) that remains accommodative and a European Central Bank that implemented its own quantitative easing program. Shorter-term interest rates moved slightly higher as the market began to expect the Fed to start tightening monetary policy later this year. The corporate bond market underperformed as investors required higher risk premiums to accommodate another year of record supply.

Economic growth for the 12-month period ended March 31, 2015 improved to 3% as measured by the GDP (gross domestic product). The consumer continued to pull their weight as evidenced by another year of strong auto sales. What was remarkable about this growth rate was that it included the two best consecutive quarters of economic growth since 2003. GDP for the 2nd and 3rd quarters of 2014 was 4.6% and 5.0%, respectively. Once again the 1st quarter of 2015 was negatively impacted by harsh winter weather as GDP declined by 0.7%. We anticipate economic growth will pick up for the remainder of 2015 as the weather improves. The labor market continued to improve as companies fired fewer employees, initial jobless claims have fallen to a 15-year low and the unemployment rate has declined to 5.4%. Over the past several months, we have seen the manufacturing sector weaken as the stronger dollar has led to exported manufactured goods to be less competitive. The Institute for Supply Managements (ISM) surveys has weakened and industrial production has been shrinking.

Oil prices fell from a high of $107 per barrel to a low of $43.39 per barrel over the course of the fiscal year. The catalyst for the sharp decline was increased supply from U.S. oil producers and weaker demand as China and European economic growth slowed. The sharp decline of energy prices caused the Consumer Price Index (CPI) to fall -0.02% in the fiscal year. The less volatile core CPI, which excludes food and energy, increased by 1.8% this fiscal year. Wage growth also remains anemic, increasing at only a 2.2% annualized rate over the past year as there continues to be slack in the jobs market.

The yield curve flattened over the fiscal year as long-term interest rates moved lower in response to weaker inflation and in response to European sovereign yields declining to all-time low yields and in some maturities fell to negative yields. The catalyst for the decline of European yields was the ECB’s implementation of a quantitative easing program, which is similar to what the Fed had initiated several years ago, to stimulate economic growth and fears of deflation in the Eurozone. The low European yields acted as a “magnet” to pull U.S. treasury yields lower. However, short-term U.S. yields moved higher over the course of the fiscal year in response to the Fed tapering its purchase of additional securities and their intention to begin raising short-term interest rates. The 10-Year U.S. Treasury

yield at April 30 was 2.03%, down from 2.65% from the start of the fiscal year. The 2-Year U.S. Treasury yield rose only 0.16% during the same period to a yield of 0.57%.

The corporate bond market underperformed over the fiscal year as the energy sector severely underperformed as investors required higher risk premiums to compensate for the expectations of diminished earnings given the sharp decline in revenues associated with much lower oil prices. For the fiscal year, the corporate sector produced -124 basis points of excess return. The Energy portion of the corporate sector produced -465 basis points of excess return. In contrast, the Finance sector produced 10 basis points of excess return as the banks continue to see asset quality improve and capital levels increase. The average risk premium as measured by the Barclays U.S. Corporate Bond Index increased by 27 basis points to 128 basis points for the average investment grade bond over the past fiscal year. Also weighing on risk premiums was another year of record issuance as issuers looked to take advantage of the low interest rate environment.

The mortgage backed sector slightly outperformed, providing 3 basis points of excess return as the Fed continued to replace maturing mortgages and new supply was manageable given the tepid housing market.

Looking forward, we anticipate economic growth to pick up from the weather induced slowdown of the quarter ended March 31, 2015. We also anticipate inflation to remain benign and the Fed to begin normalizing short-term interest rates by modestly raising short-term interest rates later this year. With respect to interest rates, we do expect them to move higher in anticipation of the Fed raising short-term interest rates later this year.

The Fund’s underperformance can be attributed to our decision to remain overweight the corporate sector of the bond market which underperformed. Although we reduced our allocation last summer from a sector weighting and an average maturity perspective, we still remained overweight versus the benchmark. We also maintained an underweight to the mortgage backed sector versus the benchmark, while this sector provided slight outperformance. Our duration strategy of remaining slightly shorter than the benchmark’s duration had little impact on relative performance. Our yield curve strategy to maintain a benchmark weighting to the long end of the yield curve aided performance as the yield curve flattened and this portion of the yield curve outperformed the shorter end 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 -0.96%, adjusted

ANNUAL REPORT / April 30, 2015 (unaudited)

2

for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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.

Excess Return is a security or sector’s return minus the return from a U.S. Treasury of similar maturity or duration.

April 30, 2015 (unaudited) / ANNUAL REPORT

3

WILMINGTON BROAD MARKET BOND FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Broad Market Bond Fund (Class A) (the “Fund”) from April 30, 2005 to April 30, 2015, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”).²

 Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	-0.96%
5 Years	3.15%
10 Years	3.80%

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

Annual Operating Expense Ratio

Before Waivers	1.12%
After Waivers	0.90%

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.

ANNUAL REPORT / April 30, 2015 (unaudited)

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, 2005 to April 30, 2015, compared to the Barclays Capital Aggregate Bond Index (“BCAB”).²

 Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	4.19%
5 Years	4.47%
10 Years	4.56%

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	0.87%
After Waivers	0.55%

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

1 Represents a hypothetical investment of $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.

April 30, 2015 (unaudited) / ANNUAL REPORT

5

WILMINGTON INTERMEDIATE-TERM BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Intermediate-Term Bond Fund (the “Fund”) had a total return of 2.14%* for Class A Shares, and 2.57%* for Class I Shares, versus its benchmark, the Barclays Capital Intermediate U.S. Government/Credit Bond Index**, which had a total return of 3.02% and its peer group, the Lipper Short-Intermediate Investment Grade Debt Funds Average***, which had a total return of 1.66%.

The bond market rebounded during the past fiscal year as intermediate and long-term interest rates moved lower in response to plummeting energy prices, a Federal Reserve (the “Fed”) that remains accommodative and a European Central Bank that implemented its own quantitative easing program. Shorter-term interest rates moved slightly higher as the market began to expect the Fed to start tightening monetary policy later this year. The corporate bond market underperformed as investors required higher risk premiums to accommodate another year of record supply.

Economic growth for the 12-month period ended March 31, 2015 improved to 3% as measured by the GDP (gross domestic product). The consumer continued to pull their weight as evidenced by another year of strong auto sales. What was remarkable about this growth rate was that it included the two best consecutive quarters of economic growth since 2003. GDP for the 2nd and 3rd quarters of 2014 was 4.6% and 5.0%, respectively. Once again the 1st quarter of 2015 was negatively impacted by harsh winter weather as GDP only declined by 0.7%. We anticipate economic growth will pick up for the remainder of 2015 as the weather improves. The labor market continued to improve as companies fired fewer employees, initial jobless claims have fallen to a 15-year low and the unemployment rate has declined to 5.4%. Over the past several months, we have seen the manufacturing sector weaken as the stronger dollar has led to exported manufactured goods to be less competitive. The Institute for Supply Managements (ISM) surveys has weakened and industrial production has been shrinking.

Oil prices fell from a high of $107 per barrel to a low of $43.39 per barrel over the course of the fiscal year. The catalyst for the sharp decline was increased supply from U.S. oil producers and weaker demand as China and European economic growth slowed. The sharp decline of energy prices caused the Consumer Price Index (CPI) to fall -0.2% in the fiscal year. The less volatile core CPI, which excludes food and energy, increased by 1.8% this fiscal year. Wage growth also remains anemic, increasing at only a 2.2% annualized rate over the past year as there continues to be slack in the jobs market.

The yield curve flattened over the fiscal year as long-term interest rates moved lower in response to weaker inflation and in response to European sovereign yields declining to all-time low yields and in some maturities fell to negative yields. The catalyst for the decline of European yields was the ECB’s implementation of a quantitative easing program, which is similar to what the Fed had initiated several years ago, to stimulate economic growth and fears of deflation in the Eurozone. The low European yields acted as a “magnet” to pull U.S. treasury yields lower. However, short-term U.S. yields moved higher over the course of the fiscal year in response to the Fed tapering its purchase of additional securities and their intention

to begin raising short-term interest rates. The 10-Year U.S. Treasury yield at April 30 was 2.03%, down from 2.65% from the start of the fiscal year. The 2-Year U.S. Treasury yield rose only 0.16% during the same period to a yield of 0.57%.

The corporate bond market underperformed over the fiscal year as the energy sector severely underperformed as investors required higher risk premiums to compensate for the expectations of diminished earnings given the sharp decline in revenues associated with much lower oil prices. For the fiscal year, the corporate sector produced -124 basis points of excess return. The Energy portion of the corporate sector produced -465 basis points of excess return. In contrast, the Finance sector produced 10 basis points of excess return as the banks continue to see asset quality improve and capital levels increase. The average risk premium as measured by the Barclays U.S. Corporate Bond Index increased by 27 basis points to 128 basis points for the average investment grade bond over the past fiscal year. Also weighing on risk premiums was another year of record issuance as issuers looked to take advantage of the low interest rate environment.

The mortgage backed sector slightly outperformed, providing 3 basis points of excess return as the Fed continued to replace maturing mortgages and new supply was manageable given the tepid housing market.

Looking forward, we anticipate economic growth to pick up from the weather induced slowdown of the quarter ended March 31, 2015. We also expect inflation to remain benign and the Fed to begin normalizing short-term interest rates by modestly raising short-term interest rates later this year. With respect to interest rates, we do expect them to move higher in anticipation of the Fed raising short-term interest rates later this year.

The underperformance of the Fund relative to the benchmark can partially be attributed to the Fund’s overweight position in corporate bonds. Although exposure to credit was reduced during the fiscal year, the Fund maintained a higher allocation to credit than the benchmark index. For the fiscal year, the corporate sector produced -124 basis points of excess return. The option adjusted spread of the Barclays U.S. Corporate Bond Index increased by 27 basis points to 128 basis points over the same time period. In addition, Fund performance was negatively impacted by the significant decline in long-term U.S. Treasury yields. The yield curve flattened over the fiscal year as long-term interest rates moved lower in response to European sovereign yields declining to all-time low yields. The 10-year U.S. Treasury yield at April 30 was 2.03%, down from 2.65% from the start of 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

ANNUAL REPORT / April 30, 2015 (unaudited)

6

total return for Class A Shares was -2.49%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Barclays Capital 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 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.

The Barclays 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.

Excess Return is a security or sector’s return minus the return from a U.S. Treasury of similar maturity or duration.

April 30, 2015 (unaudited) / ANNUAL REPORT

7

WILMINGTON INTERMEDIATE-TERM BOND FUND – Class A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Intermediate-Term Bond Fund (Class A) (the “Fund”) from April 30, 2005 to April 30, 2015, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”).²

 Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	-2.49%
5 Years	2.06%
10 Years	3.77%

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

Annual Operating Expense Ratio

Before Waivers	1.11%
After Waivers	0.88%

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

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

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

ANNUAL REPORT / April 30,2015 (unaudited)

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, 2005 to April 30, 2015, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”).²

 Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	2.57%
5 Years	3.36%
10 Years	4.53%

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

Annual Operating Expense Ratio

Before Waivers	0.86%
After Waivers	0.53%

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 $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.

April 30, 2015 (unaudited) / ANNUAL REPORT

9

WILMINGTON SHORT-TERM BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Short-Term Bond Fund (the “Fund”) had a total return of 0.51%* for Class A Shares and 0.76%* for Class I Shares, versus its benchmark, the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index**, which had a total return of 1.05%, and its peer group, the Lipper Short Investment Grade Debt Funds Average***, which had a total return of 0.82%.

The bond market rebounded during the past fiscal year as intermediate and long-term interest rates moved lower in response to plummeting energy prices, a Federal Reserve (the “Fed”) that remains accommodative and a European Central Bank that implemented its own quantitative easing program. Shorter-term interest rates moved slightly higher as the market began to expect the Fed to start tightening monetary policy later this year. The corporate bond market underperformed as investors required higher risk premiums to accommodate another year of record supply.

Economic growth for the 12-month period ended March 31, 2015 improved to 3% as measured by the GDP (gross domestic product). The consumer continued to pull their weight as evidenced by another year of strong auto sales. What was remarkable about this growth rate was that it included the two best consecutive quarters of economic growth since 2003. GDP for the 2nd and 3rd quarters of 2014 was 4.6% and 5.0%, respectively. Once again the 1st quarter of 2015 was negatively impacted by harsh winter weather as GDP declined by 0.7%. We anticipate economic growth will pick up for the remainder of 2015 as the weather improves. The labor market continued to improve as companies fired fewer employees, initial jobless claims have fallen to a 15-year low and the unemployment rate has declined to 5.4%. Over the past several months, we have seen the manufacturing sector weaken as the stronger dollar has led to exported manufactured goods to be less competitive. The Institute for Supply Managements (ISM) surveys has weakened and industrial production has been shrinking.

Oil prices fell from a high of $107 per barrel to a low of $43.39 per barrel over the course of the fiscal year. The catalyst for the sharp decline was increased supply from U.S. oil producers and weaker demand as China and European economic growth slowed. The sharp decline of energy prices caused the Consumer Price Index (CPI) to fall -0.2% in the fiscal year. The less volatile core CPI, which excludes food and energy, increased by 1.8% this fiscal year. Wage growth also remains anemic, increasing at only a 2.2% annualized rate over the past year as there continues to be slack in the jobs market.

The yield curve flattened over the fiscal year as long-term interest rates moved lower in response to weaker inflation and in response to European sovereign yields declining to all-time low yields and in some maturities fell to negative yields. The catalyst for the decline of European yields was the ECB’s implementation of a quantitative easing program, which is similar to what the Fed had initiated several years ago to stimulate economic growth and fears of deflation in the Eurozone. The low European yields acted as a “magnet” to pull U.S. treasury yields lower. However, short-term U.S. yields moved higher over the course of the fiscal year in response to the Fed tapering its purchase of additional securities and their intention

to begin raising short-term interest rates. The 10-Year U.S. Treasury yield at April 30 was 2.03%, down from 2.65% from the start of the fiscal year. The 2-Year U.S. Treasury yield rose only 0.16% during the same period to a yield of 0.57%.

The corporate bond market underperformed over the fiscal year as the energy sector severely underperformed as investors required higher risk premiums to compensate for the expectations of diminished earnings given the sharp decline in revenues associated with much lower oil prices. For the fiscal year, the corporate sector produced -124 basis points of excess return. The Energy portion of the corporate sector produced -465 basis points of excess return. In contrast, the Finance sector produced 10 basis points of excess return as the banks continue to see asset quality improve and capital levels increase. The average risk premium as measured by the Barclays U.S. Corporate Bond Index increased by 27 basis points to 128 basis points for the average investment grade bond over the past fiscal year. Also weighing on risk premiums was another year of record issuance as issuers looked to take advantage of the low interest rate environment.

The mortgage backed sector slightly outperformed, providing 3 basis points of excess return as the Fed continued to replace maturing mortgages and new supply was manageable given the tepid housing market.

Looking forward, we anticipate economic growth to pick up from the weather induced slowdown of the quarter ended March 31, 2015. We also anticipate inflation to remain benign and the Fed to begin normalizing short-term interest rates by modestly raising short-term interest rates later this year. With respect to interest rates, we do expect them to move higher in anticipation of the Fed raising short-term interest rates later this year.

Given this economic backdrop and continued low yield environment, the Fund sought higher yielding opportunities within the investment grade corporate bond sector. The Fund continued to have 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 REITs. The Fund continued to be overweight bonds with maturities greater than three years as well as overweight investment grade floating rate notes (FRNs), anticipating a flatter yield curve. The Fund continued to be underweight the two year 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 aided its relative performance. 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 anticipate 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.

ANNUAL REPORT / April 30, 2015 (unaudited)

10

* 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 -1.22%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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.

Excess Return is a security or sector’s return minus the return from a U.S. Treasury of similar maturity or duration.

Barbell Portfolio Structure is an investment strategy primarily applicable to fixed-income investing in which half the portfolio is made up of long-term bonds and the other half comprises very short-term bonds.

April 30, 2015 (unaudited) / ANNUAL REPORT

11

WILMINGTON SHORT-TERM BOND FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Short-Term Bond Fund (Class A) (the “Fund”) from April 30, 2005 to April 30, 2015, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BC1-3GCB”).²

 Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	-1.22%
5 Years	1.03%
10 Years	2.56%

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	1.12%
After Waivers	0.73%

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

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

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

ANNUAL REPORT / April 30, 2015 (unaudited)

12

WILMINGTON SHORT-TERM BOND FUND – CLASS I

The graph below illustrates the hypothetical investment of $1,000,000^1.2 in the Wilmington Short-Term Bond Fund (Class I) (the “Fund”) from April 30, 2005 to April 30, 2015, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BC1-3GCB”).²

 Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	0.76%
5 Years	1.63%
10 Years	2.95%

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

Annual Operating Expense Ratio

Before Waivers	0.87%
After Waivers	0.48%

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.

April 30, 2015 (unaudited) / ANNUAL REPORT

13

WILMINGTON MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Municipal Bond Fund (the “Fund”) had a total return of 2.83%* for Class A Shares and 3.17%* for Class I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 3.94%, and its peer group, the Lipper Intermediate Municipal Debt Funds Average***, which had a total return of 2.83%.

Last year’s institutional fixed income research was teeming with predictions of rising interest rates and steepening yield curves. In the December 20, 2014 issue of Barron’s, Michael Aneiro wrote in the Current Yield column, “Nearly every bond-market pundit predicted that interest rates would rise in 2014. Almost nobody forecast that rates would fall. Yet fall they did.” For the year, the S&P AAA Municipal Yield curve shifted downward by 132 basis points (bps), or 1.32%, on the long end, while edging higher by 29 bps at the 3-year maturity.

In the 1st quarter of 2015, the market took on a cautious tone centered on recurring themes: near low historical interest rates, unfunded pension liabilities, and the potential headline risk of adverse credit events. High-grade tax-exempt interest rates changes were mixed across the term structure, as the S&P AAA Municipal Yield Curve was lower by 2 basis points (0.02%) at the 5-year maturity and 9 basis points lower at the 7-year point. Yields moved higher at the 1-and 3-year maturities by 6 and 5 basis points, respectively. The curve twisted at the 15-year point, which was higher by 8 basis points, while the 30-year yield fell by the same amount. All in all, with shorter rates rising moderately, and the long end declining, the S&P AAA curve flattened by about 14 basis points over the three month period.

Supply and demand for municipal bonds has been strong in 2014 and early 2015. Supply in the first quarter of 2015 was remarkably strong from the very start. January saw almost $29 billion of new deals brought to market, which was the strongest January since 2007. Total issuance in the 1st quarter topped $102 billion, the strongest pace since 2010. Demand for municipal bonds was strong for most of 2014, with only momentary interruptions in an otherwise upbeat environment. In fact, investors put to work about $28 billion in municipal bond funds throughout the calendar year. That demand has continued into 2015, but started wavering late in March and into April.

The decline in intermediate and long yields produced solid total returns. For the 12 months ending March 31, 2015, the S&P Municipal Bond Index generated 6.59% and the S&P Municipal Bond Intermediate Index produced a 5.34% total return. The shorter-term structures, such as the short and short-intermediate indices, produced positive returns as well, with total returns of 0.98% and 2.65%, respectively.

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 portfolio’s higher quality positioning (underweight BBB’s and non-investment grade) detracted from performance relative to the index as the lower grade bonds outperformed

higher grade bonds during the Fund’s fiscal year ending April 30, 2015.

* 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 -1.78%, 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.

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.

S&P AAA curve is derived from market estimates of yields for bonds with higher ratings levels in the municipal market.

ANNUAL REPORT / April 30, 2015 (unaudited)

14

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, 2015, compared to the S&P Municipal Bond Intermediate Index².

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	-1.78%
5 Years	2.97%
Start of Performance (12/19/05)	3.56%

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	1.09%
After Waivers	0.74%

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

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 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, 2015 (unaudited) / ANNUAL REPORT

15

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, 2005 to April 30, 2015, compared to the S&P Municipal Bond Intermediate Index.²

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	3.17%
5 Years	4.20%
10 Years	4.13%

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	0.84%
After Waivers	0.49%

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

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

2 The performance for the 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, 2015 (unaudited)

16

WILMINGTON NEW YORK MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of 2.91%* for Class A Shares and 3.17%* for Class I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 3.94%, and its peer group, the Lipper New York Intermediate Municipal Debt Funds Average***, which had a total return of 2.80%.

Last year’s institutional fixed income research was teeming with predictions of rising interest rates and steepening yield curves. In the December 20, 2014 issue of Barron’s, Michael Aneiro wrote in the Current Yield column, “Nearly every bond-market pundit predicted that interest rates would rise in 2014. Almost nobody forecast that rates would fall. Yet fall they did.” For the year, the S&P AAA Municipal Yield curve shifted downward by 132 basis points (bps), or 1.32%, on the long end, while edging higher by 29 bps at the 3-year maturity.

In the 1st quarter of 2015, the market took on a cautious tone centered on recurring themes: near low historical interest rates, unfunded pension liabilities, and the potential headline risk of adverse credit events. High-grade tax-exempt interest rates changes were mixed across the term structure, as the S&P AAA Municipal Yield Curve was lower by 2 basis points (0.02%) at the 5-year maturity and 9 basis points lower at the 7-year point. Yields moved higher at the 1-and 3-year maturities by 6 and 5 basis points, respectively. The curve twisted at the 15-year point, which was higher by 8 basis points, while the 30-year yield fell by the same amount. All in all, with shorter rates rising moderately, and the long end declining, the S&P AAA curve flattened by about 14 basis points over the three month period.

Supply and demand for municipal bonds has been strong in 2014 and early 2015. Supply in the first quarter of 2015 was remarkably strong from the very start. January saw almost $29 billion of new deals brought to market, which was the strongest January since 2007. Total issuance in the 1st quarter topped $102 billion, the strongest pace since 2010. Demand for municipal bonds was strong for most of 2014, with only momentary interruptions in an otherwise upbeat environment. In fact, investors put to work about $28 billion in municipal bond funds throughout the calendar year. That demand has continued into 2015, but started wavering late in March and into April.

The decline in intermediate and long yields produced solid total returns. For the 12 months ending March 31, 2015, the S&P Municipal Bond Index generated 6.59% and the S&P Municipal Bond Intermediate Index produced a 5.34% total return. The shorter-term structures, such as the short and short-intermediate indices, produced positive returns as well, with total returns of 0.98% and 2.65%, respectively.

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 portfolio’s higher quality positioning (underweight BBB’s and non-investment grade) detracted from performance relative to the index as the lower grade bonds outperformed higher grade bonds during the Fund’s fiscal year ending April 30, 2015.

* 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 -1.74%, 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.

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.

S&P AAA curve is derived from market estimates of yields for bonds with higher ratings levels in the municipal market.

April 30, 2015 (unaudited) / ANNUAL REPORT

17

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, 2005 to April 30, 2015, compared to the S&P Municipal Bond Intermediate Index.²

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	-1.74%
5 Years	2.27%
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 4.50%.

Annual Operating Expense Ratio

Before Waivers	1.16%
After Waivers	0.84%

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

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

2 The performance for the 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, 2015 (unaudited)

18

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, 2005 to April 30, 2015, compared to the S&P Municipal Bond Intermediate Index.²

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	3.17%
5 Years	3.47%
10 Years	3.34%

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	0.59%

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

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

2 The performance for the 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, 2015 (unaudited) / ANNUAL REPORT

19

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, 2014 to April 30, 2015.   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 11/1/14	Ending Account Value 4/30/15	Expenses Paid During Period1	Annualized Net  Expense Ratio2
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A	$1,000.00	$1,017.60	$4.50	0.90%
Class I	$1,000.00	$1,019.40	$2.85	0.57%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,020.33	$4.51	0.90%
Class I	$1,000.00	$1,021.97	$2.86	0.57%
WILMINGTON INTERMEDIATE-TERM BOND FUND
Actual
Class A	$1,000.00	$1,012.10	$4.29	0.86%
Class I	$1,000.00	$1,013.70	$2.70	0.54%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,020.53	$4.31	0.86%
Class I	$1,000.00	$1,022.12	$2.71	0.54%
WILMINGTON SHORT-TERM BOND FUND
Actual
Class A	$1,000.00	$1,004.00	$3.68	0.74%
Class I	$1,000.00	$1,005.20	$2.49	0.50%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,021.12	$3.71	0.74%
Class I	$1,000.00	$1,022.32	$2.51	0.50%
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A	$1,000.00	$1,003.40	$3.73	0.75%
Class I	$1,000.00	$1,004.70	$2.53	0.51%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,021.08	$3.76	0.75%
Class I	$1,000.00	$1,022.27	$2.56	0.51%

SEMI-ANNUAL REPORT / April 30, 2015

20

	Beginning Account Value 11/1/14		Ending Account Value 4/30/15		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$1,008.70		$4.18		0.84%
Class I		$1,000.00		$1,009.90		$2.94		0.59%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,020.63		$4.21		0.84%
Class I		$1,000.00		$1,021.87		$2.96		0.59%

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

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

April 30, 2015 / SEMI-ANNUAL REPORT

21

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At April 30, 2015, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		44.7%
U.S. Treasury		26.1%
Mortgage-Backed Securities		23.0%
Commercial Paper		2.4%
Collateralized Mortgage Obligations		1.4%
Government Agencies		1.4%
Enhanced Equipment Trust Certificates		0.4%
Asset-Backed Securities		0.3%
Cash Equivalents1		5.5%
Other Assets and Liabilities – Net2		(5.2)%
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) For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Diversification3	Percentage of Total Net Assets
U.S. Government Agency Securities		25.0%
U.S. Treasury		26.1%
AAA / Aaa		0.5%
AA / Aa		3.0%
A / A		6.9%
BBB / Baa		32.7%
BB / Ba		2.3%
D		0.1%
Not Rated		8.6%
Other Assets and Liabilities – Net2		(5.2)%
TOTAL		100.0%

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description		Par Value		Value
ASSET-BACKED SECURITIES – 0.3%
FINANCIAL SERVICES – 0.2%
LA Arena Funding LLC, Series 1999-1, Class A, 7.66%, 12/15/26W	$	847,841	$	947,987
WHOLE LOAN – 0.1%
SLM Private Education Loan Trust, Series 2011-A, Class A1, 1.17%, 10/15/24DW		197,369		198,044
TOTAL ASSET-BACKED SECURITIES (COST $1,045,210)			$	1,146,031
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.4%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 0.3%
Banc of America Commercial Mortgage Trust, Series 2007-2, Class A2, 5.63%, 4/10/49D		84,642		85,380

Description		Par Value		Value
Extended Stay America Trust,
Series 2013-ESH5, Class A15, 1.28%, 12/05/31W	$	800,000	$	801,183
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CIBC18, Class A4, 5.44%, 6/12/47		562,229		596,306
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	1,482,869
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.6%
Series 1988-23, Class C, 9.75%, 9/25/18		2,054		2,277
Series 2005-29, Class WC, 4.75%, 4/25/35		48,684		53,539
Series 2012-114, Class VM,
3.50%, 10/25/25		2,253,913		2,394,095
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,449,911

ANNUAL REPORT / April 30, 2015

22

PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description		Par Value		Value
WHOLE LOAN – 0.5%
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 2.93%, 2/25/34	$	228,823	$	227,139
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.50%, 6/25/19		474,243		481,637
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.75%, 11/25/35D		632,195		570,842
WaMu Mortgage Pass-Through Certificates, Series 2004-CB1, Class 1A, 5.25%, 6/25/19		741,577		762,725
TOTAL WHOLE LOAN			$	2,042,343
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $6,145,573)			$	5,975,123
COMMERCIAL PAPER – 2.4%¿
COMMERCIAL PAPER – 2.4%
Consolidated Edison Co., 0.27%, 5/06/15W		3,500,000		3,499,842
Hewlett Packard Co., 0.69%, 5/11/15W		1,500,000		1,499,688
Mondelez International, Inc., 0.44%, 5/12/15W		3,000,000		2,999,570
Thermo Fisher Scientific, 0.56%, 5/04/15W		2,000,000		1,999,878
TOTAL COMMERCIAL PAPER			$	9,998,978
TOTAL COMMERCIAL PAPER (COST $9,999,100)			$	9,998,978
CORPORATE BONDS – 44.7%
AEROSPACE & DEFENSE – 0.9%
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16		1,735,000		1,799,428
L-3 Communications Corp., Company Guaranteed, 4.75%, 7/15/20		1,000,000		1,081,584
Textron, Inc., Sr. Unsecured, 3.88%, 3/01/25		750,000		771,057
TOTAL AEROSPACE & DEFENSE			$	3,652,069
AUTO MANUFACTURERS – 0.2%
Ford Motor Credit Co. LLC, Sr. Unsecured, 2.15%, 1/09/18		650,000		656,840
AUTOMOTIVE – 2.1%
Daimler Finance North America LLC, Company Guaranteed, 3.88%, 9/15/21W		250,000		270,844
Ford Motor Credit Co., LLC, Sr. Unsecured, 3.00%, 6/12/17		1,200,000		1,234,278
Ford Motor Credit Co., LLC, Sr. Unsecured, 6.63%, 8/15/17		250,000		278,652
Ford Motor Credit Co., LLC, Sr. Unsecured, 5.75%, 2/01/21		500,000		577,978
Ford Motor Credit Co., LLC, Sr. Unsecured, 4.25%, 9/20/22		450,000		479,780

Description		Par Value		Value
General Motors Co., Inc., Sr. Unsecured, 6.25%, 10/02/43	$	2,000,000	$	2,420,000
General Motors Financial Co., Inc., Company Guaranteed, 2.75%, 5/15/16		600,000		607,875
General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17		300,000		316,875
Hyundai Capital America, Company Guaranteed, 4.00%, 6/08/17#W		1,750,000		1,836,165
Hyundai Capital America, Sr. Unsecured, 1.63%, 10/02/15W		250,000		250,931
Hyundai Capital America, Sr. Unsecured, 1.88%, 8/09/16W		575,000		580,730
TOTAL AUTOMOTIVE			$	8,854,108
BEVERAGES – 0.2%
Dr. Pepper Snapple Group, Company Guaranteed, 2.60%, 1/15/19D		1,000,000		1,024,148
BIOTECHNOLOGY – 0.6%
Amgen, Inc., Sr. Unsecured, 4.40%, 5/01/45		1,180,000		1,157,769
Celgene Corp., Sr. Unsecured, 2.25%, 5/15/19		1,500,000		1,516,800
TOTAL BIOTECHNOLOGY			$	2,674,569
BUILDING MATERIALS – 0.3%
Masco Corp., Sr. Unsecured, 4.80%, 6/15/15		1,150,000		1,155,420
CAPITAL MARKETS – 1.0%
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19		250,000		284,085
Charles Schwab Corp., Sr. Unsecured, 2.20%, 7/25/18		1,370,000		1,399,798
Charles Schwab Corp., Sr. Unsecured, 4.45%, 7/22/20		250,000		280,515
Morgan Stanley, Sr. Unsecured, 1.51%, 2/25/16		1,050,000		1,058,503
Raymond James Financial, Sr. Unsecured, 4.25%, 4/15/16		1,000,000		1,030,397
TOTAL CAPITAL MARKETS			$	4,053,298
COMMERCIAL BANKS – 6.7%
BB&T Corp., Sr. Unsecured, MTN, 3.20%, 3/15/16		700,000		714,278
BB&T Corp., Sr. Unsecured, MTN, 2.45%, 1/15/20		1,640,000		1,662,966
Branch Banking & Trust Co., Subordinated, 3.80%, 10/30/26		1,000,000		1,046,634
Capital One Financial Corp., Sr. Unsecured, 2.45%, 4/24/19		750,000		757,534
Capital One NA/Mclean VA, Sr. Unsecured, BKNT, 1.65%, 2/05/18		680,000		677,711
Citigroup, Inc., Sr. Unsecured, 1.70%, 4/27/18		1,685,000		1,679,131
Comerica, Inc., Sr. Unsecured, 3.00%, 9/16/15		1,300,000		1,309,755

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

23

Wilmington Broad Market Bond Fund (continued)

Description		Par Value		Value
Comerica, Inc., Subordinated, 3.80%, 7/22/26	$	230,000	$	230,227
Commonwealth Bank of Australia, Sr. Unsecured, 0.67%, 3/12/18DW		1,000,000		1,000,405
Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		1,250,000		1,303,557
Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24		530,000		566,099
Fifth Third Bank/Cincinnati OH, Sr. Unsecured, 1.35%, 6/01/17		1,000,000		1,002,599
Goldman Sachs Group, Inc., Sr. Unsecured, 1.44%, 4/23/20D		1,850,000		1,872,103
JPMorgan Chase & Co., Sr. Unsecured, 1.70%, 3/01/18		1,600,000		1,606,562
KeyBank NA/Cleveland OH, Sr. Unsecured, BKNT, 1.10%, 11/25/16		1,000,000		1,001,038
KeyBank NA/Cleveland OH, Sr. Unsecured, BKNT, 2.50%, 12/15/19		750,000		765,287
PNC Bank NA, Sr. Unsecured, 2.40%, 10/18/19		1,500,000		1,526,439
PNC Bank NA, Subordinated Note, 2.95%, 1/30/23		350,000		349,302
PNC Financial Services Group, Inc., Subordinated, 3.90%, 4/29/24		1,500,000		1,563,698
SunTrust Banks, Inc., Sr. Unsecured, 2.50%, 5/01/19		2,000,000		2,033,197
TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 4/01/22		847,000		858,426
US Bancorp/MN, Subordinated, MTN, 2.95%, 7/15/22		2,000,000		2,013,050
US Bank NA/Cincinnati OH,
Sr. Unsecured, BKNT, 2.13%, 10/28/19		2,000,000		2,025,755
Wells Fargo & Co., Sr. Unsecured, 3.68%, 6/15/16D		500,000		516,739
TOTAL COMMERCIAL BANKS			$	28,082,492
COMMERCIAL FINANCE – 0.1%
General Electric Capital Corp.,
Subordinated Note, 5.30%, 2/11/21		250,000		289,118
COMPUTERS – 0.6%
Apple, Inc., Sr. Unsecured, 1.05%, 5/05/17		1,580,000		1,590,729
Hewlett-Packard Co., Sr. Unsecured, 3.00%, 9/15/16		500,000		513,259
Hewlett-Packard Co., Sr. Unsecured, 2.60%, 9/15/17		500,000		512,796
TOTAL COMPUTERS			$	2,616,784
CONSUMER FINANCE – 0.2%
American Express Co., Sr. Unsecured, 0.85%, 5/22/18D		655,000		655,686
DIVERSIFIED FINANCIAL SERVICES – 2.4%
Bank of America Corp., Sr. Unsecured, 6.50%, 8/01/16		1,250,000		1,330,436

Description		Par Value		Value
Bank of America Corp., Sr. Unsecured, 2.00%, 1/11/18	$	1,275,000	$	1,285,292
Bank of America Corp., Sr. Unsecured, MTN, 1.32%, 3/22/18D		1,500,000		1,521,566
Bank of America Corp., Subordinated, MTN, 4.25%, 10/22/26		1,000,000		1,005,065
Citigroup, Inc., Sr. Unsecured, 1.25%, 1/15/16		63,000		63,227
Citigroup, Inc., Sr. Unsecured, 4.45%, 1/10/17		250,000		262,884
Citigroup, Inc., Sr. Unsecured, 6.13%, 5/15/18		275,000		309,585
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39W		1,000,000		1,320,135
JPMorgan Chase & Co., Sr. Unsecured, 2.60%, 1/15/16		500,000		506,471
JPMorgan Chase & Co., Sr. Unsecured, 6.00%, 1/15/18		150,000		167,288
JPMorgan Chase & Co., Sr. Unsecured, 4.63%, 5/10/21		100,000		110,682
JPMorgan Chase Capital XXIII,
Limited Guarantee, 1.26%, 5/15/47D		1,000,000		811,250
Morgan Stanley, Sr. Unsecured, 1.09%, 1/24/19D		810,000		813,575
Morgan Stanley, Subordinated, GMTN, 4.35%, 9/08/26		505,000		518,472
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	10,025,928
ELECTRIC – 2.3%
CMS Energy Corp., Sr. Unsecured, 6.55%, 7/17/17		300,000		334,580
Dominion Resources, Inc./VA, Sr. Unsecured, 1.25%, 3/15/17		960,000		961,716
Dominion Resources, Inc./VA, Sr. Unsecured, 2.50%, 12/01/19		1,500,000		1,525,398
DTE Energy Co., Sr. Unsecured, 3.85%, 12/01/23		305,000		324,611
Entergy Corp., Sr. Unsecured, 5.13%, 9/15/20		1,300,000		1,440,614
Exelon Generation Co. LLC, Sr. Unsecured, 6.20%, 10/01/17		650,000		717,468
FirstEnergy Corp., Series A, Sr. Unsecured, 2.75%, 3/15/18		1,285,000		1,313,654
FirstEnergy Transmission LLC, Sr. Unsecured, 4.35%, 1/15/25W		2,250,000		2,380,591
System Energy Resources, Inc., 1st Mortgage, 4.10%, 4/01/23		500,000		519,717
TOTAL ELECTRIC			$	9,518,349
ELECTRIC UTILITIES – 0.2%
Entergy Arkansas, Inc., 1st Mortgage, 4.95%, 12/15/44		1,000,000		1,036,256
ELECTRONICS – 0.3%
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.30%, 2/15/22		1,100,000		1,120,494

ANNUAL REPORT / April 30, 2015

24

PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description		Par Value		Value
ENVIRONMENTAL CONTROL – 1.0%
Waste Management, Inc.,
Company Guaranteed, 2.60%, 9/01/16	$	1,465,000	$	1,491,958
Waste Management, Inc.,
Company Guaranteed, 3.50%, 5/15/24		1,255,000		1,301,906
Waste Management, Inc.,
Company Guaranteed, 4.10%, 3/01/45		1,520,000		1,482,767
TOTAL ENVIRONMENTAL CONTROL			$	4,276,631
FOOD PRODUCTS – 0.8%
General Mills, Inc.,
Sr. Unsecured, 1.40%, 10/20/17		2,000,000		2,006,151
McCormick & Co., Inc.,
Sr. Unsecured, 5.75%, 12/15/17		500,000		559,505
McCormick & Co., Inc.,
Sr. Unsecured, 3.90%, 7/15/21		500,000		549,587
WM Wrigley Jr. Co.,
Sr. Unsecured, 1.40%, 10/21/16W		125,000		125,610
TOTAL FOOD PRODUCTS			$	3,240,853
FOOD RETAILING – 0.6%
Kroger Co.,
Sr. Unsecured, 2.95%, 11/01/21		1,750,000		1,781,824
Kroger Co.,
Sr. Unsecured, 8.00%, 9/15/29		500,000		702,384
TOTAL FOOD RETAILING			$	2,484,208
HEALTH CARE PROVIDERS & SERVICES – 0.2%
UnitedHealth Group, Inc.,
Sr. Unsecured, 6.00%, 6/15/17#		250,000		276,142
UnitedHealth Group, Inc.,
Sr. Unsecured, 1.40%, 12/15/17		450,000		453,784
UnitedHealth Group, Inc.,
Sr. Unsecured, 3.95%, 10/15/42		290,000		288,508
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	1,018,434
HOME FURNISHINGS – 0.5%
Whirlpool Corp.,
Sr. Unsecured, 6.50%, 6/15/16		350,000		371,526
Whirlpool Corp.,
Sr. Unsecured, 4.70%, 6/01/22		1,500,000		1,647,963
Whirlpool Corp.,
Sr. Unsecured, MTN, 5.15%, 3/01/43		210,000		231,339
TOTAL HOME FURNISHINGS			$	2,250,828
HOUSEHOLD PRODUCTS – 0.3%
Becton Dickinson and Co.,
Sr. Unsecured, 1.80%, 12/15/17		670,000		677,147
Medtronic, Inc.,
Sr. Unsecured, 1.50%, 3/15/18W		700,000		704,887
TOTAL HOUSEHOLD PRODUCTS			$	1,382,034
INSURANCE – 2.9%
Aon PLC,
Sr. Unsecured, 4.00%, 11/27/23		1,450,000		1,538,924

Description		Par Value		Value
Berkshire Hathaway Finance Corp.,
Company Guaranteed, 4.30%, 5/15/43	$	425,000	$	455,265
CNA Financial Corp.,
Sr. Unsecured, 5.75%, 8/15/21		1,000,000		1,162,184
CNA Financial Corp.,
Sr. Unsecured, 3.95%, 5/15/24		950,000		978,106
Hartford Financial Services Group, Inc.,
Sr. Unsecured, 4.00%, 10/15/17		2,000,000		2,135,500
Lincoln National Corp.,
Sr. Unsecured, 4.20%, 3/15/22		1,000,000		1,076,540
MetLife, Inc.,
Sr. Unsecured, 5.00%, 6/15/15		400,000		402,130
Principal Financial Group, Inc.,
Company Guaranteed, 3.30%, 9/15/22		250,000		253,779
Prudential Financial, Inc.,
Sr. Unsecured, MTN, 3.00%, 5/12/16		1,000,000		1,021,957
WR Berkley Corp.,
Sr. Unsecured, 7.38%, 9/15/19		280,000		335,552
WR Berkley Corp.,
Sr. Unsecured, 4.63%, 3/15/22		1,000,000		1,076,987
WR Berkley Corp.,
Sr. Unsecured, 4.75%, 8/01/44		1,715,000		1,764,166
TOTAL INSURANCE			$	12,201,090
INTERNET – 0.2%
Alibaba Group Holding Ltd.,
Company Guaranteed, 1.63%, 11/28/17W		635,000		637,281
MEDIA – 1.8%
CBS Corp.,
Company Guaranteed, 1.95%, 7/01/17		2,000,000		2,024,010
CBS Corp.,
Company Guaranteed, 4.60%, 1/15/45		1,100,000		1,064,411
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.,
Company Guaranteed, 3.50%, 3/01/16		500,000		510,486
NBCUniversal Enterprise, Inc.,
Company Guaranteed, 0.78%,  4/15/16DW		420,000		421,453
TCI Communications, Inc.,
Sr. Unsecured, 8.75%, 8/01/15		400,000		407,788
Viacom, Inc.,
Sr. Unsecured, 5.63%, 9/15/19		1,000,000		1,129,236
Viacom, Inc.,
Sr. Unsecured, 3.88%, 12/15/21		850,000		887,564
Viacom, Inc.,
Sr. Unsecured, 5.25%, 4/01/44		1,000,000		1,005,107
TOTAL MEDIA			$	7,450,055
METALS & MINING – 0.5%
Alcoa, Inc.,
Sr. Unsecured, 5.13%, 10/01/24		1,000,000		1,076,250
Barrick Gold Corp.,
Sr. Unsecured, 5.25%, 4/01/42		1,000,000		945,230
TOTAL METALS & MINING			$	2,021,480

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

25

Wilmington Broad Market Bond Fund (continued)

Description		Par Value		Value
MISCELLANEOUS MANUFACTURING – 1.1%
Eaton Corp.,
Company Guaranteed, 4.00%, 11/02/32	$	400,000	$	410,397
GE Capital Trust I,
Limited Guaranteed, 6.38%, 11/15/67D		1,000,000		1,095,000
Illinois Tool Works, Inc.,
Sr. Unsecured, 3.50%, 3/01/24		1,235,000		1,299,785
Ingersoll-Rand Luxembourg Finance SA,
Company Guaranteed, 2.63%, 5/01/20		1,135,000		1,143,559
John Deere Capital Corp.,
Sr. Unsecured, MTN, 1.40%, 3/15/17		250,000		252,893
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		480,000		499,847
TOTAL MISCELLANEOUS MANUFACTURING			$	4,701,481
OIL & GAS – 2.8%
Anadarko Finance Co.,
Series B, Company Guaranteed,
7.50%, 5/01/31		1,000,000		1,316,940
Anadarko Petroleum Corp.,
Sr. Unsecured, 5.95%, 9/15/16		225,000		239,469
Canadian Natural Resources Ltd.,
Sr. Unsecured, 0.61%, 3/30/16D		1,000,000		998,854
Exxon Mobil Corp.,
Sr. Unsecured, 1.82%, 3/15/19		925,000		935,957
Husky Energy, Inc.,
Sr. Unsecured, 4.00%, 4/15/24		480,000		486,862
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		745,000		759,897
Murphy Oil Corp.,
Sr. Unsecured, 5.13%, 12/01/42		1,000,000		886,951
Nabors Industries, Inc.,
Company Guaranteed, 2.35%, 9/15/16		800,000		802,740
Nabors Industries, Inc.,
Company Guaranteed, 4.63%, 9/15/21		500,000		497,677
ONEOK Partners LP,
Company Guaranteed, 6.20%, 9/15/43		1,000,000		1,031,831
Phillips 66,
Company Guaranteed, 2.95%, 5/01/17		2,250,000		2,328,396
Sempra Energy,
Sr. Unsecured, 6.50%, 6/01/16		500,000		530,349
Transocean, Inc.,
Company Guaranteed, 4.95%, 11/15/15		374,000		381,013
Valero Energy Corp.,
Sr. Unsecured, 4.90%, 3/15/45		563,000		574,079
TOTAL OIL & GAS			$	11,771,015
PHARMACEUTICALS – 2.6%
AbbVie, Inc.,
Sr. Unsecured, 1.20%, 11/06/15		1,500,000		1,503,874
AbbVie, Inc.,
Sr. Unsecured, 1.75%, 11/06/17		1,000,000		1,006,549
AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42		460,000		453,122

Description		Par Value		Value
Actavis Funding SCS,
Company Guaranteed, 1.30%, 6/15/17	$	1,500,000	$	1,491,367
Actavis Funding SCS,
Company Guaranteed, 4.75%, 3/15/45		570,000		576,943
Celgene Corp.,
Sr. Unsecured, 4.63%, 5/15/44		1,390,000		1,453,776
McKesson Corp.,
Sr. Unsecured, 1.29%, 3/10/17		460,000		461,588
Medco Health Solutions, Inc.,
Company Guaranteed, 4.13%, 9/15/20		940,000		1,016,693
Merck & Co., Inc.,
Sr. Unsecured, 3.70%, 2/10/45		550,000		532,561
Novartis Capital Corp.,
Company Guaranteed, 4.40%, 5/06/44		2,135,000		2,371,833
TOTAL PHARMACEUTICALS			$	10,868,306
PIPELINES – 2.2%
Energy Transfer Partners LP,
Sr. Unsecured, 3.60%, 2/01/23#		870,000		868,000
Energy Transfer Partners LP,
Sr. Unsecured, 4.05%, 3/15/25		1,000,000		999,653
Enterprise Products Operating LLC,
Company Guaranteed, 4.95%, 10/15/54		500,000		509,160
Enterprise Products Operating LLC,
Series B, Company Guaranteed,
7.03%, 1/15/68D		2,000,000		2,175,000
Kinder Morgan Energy Partners LP,
Sr. Unsecured, 5.40%, 9/01/44		1,000,000		990,434
Kinder Morgan, Inc./DE,
Company Guaranteed, 5.05%, 2/15/46		1,000,000		942,665
Plains All American Pipeline LP / PAA
Finance Corp.,
Sr. Unsecured, 3.65%, 6/01/22		1,000,000		1,035,718
Plains All American Pipeline LP / PAA
Finance Corp.,
Sr. Unsecured, 3.85%, 10/15/23		400,000		411,222
Spectra Energy Partners LP,
Sr. Unsecured, 4.50%, 3/15/45		1,125,000		1,100,465
TOTAL PIPELINES			$	9,032,317
REAL ESTATE INVESTMENT TRUSTS – 4.3%
American Tower Corp.,
Sr. Unsecured, 3.40%, 2/15/19		2,000,000		2,074,018
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		415,000		450,119
AvalonBay Communities, Inc.,
Sr. Unsecured, 3.63%, 10/01/20		1,145,000		1,212,150
BioMed Realty LP,
Company Guaranteed, 3.85%, 4/15/16		1,000,000		1,023,639
CommonWealth REIT,
Sr. Unsecured, 6.65%, 1/15/18		500,000		544,019
Digital Realty Trust LP,
Sr. Unsecured, 3.63%, 10/01/22		1,100,000		1,096,523
HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		450,000		467,688

ANNUAL REPORT / April 30, 2015

26

PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description		Par Value		Value
HCP, Inc.,
Sr. Unsecured, MTN, 6.30%, 9/15/16	$	500,000	$	534,368
Health Care REIT, Inc.,
Sr. Unsecured, 2.25%, 3/15/18		2,000,000		2,028,854
Health Care REIT, Inc.,
Sr. Unsecured, 5.25%, 1/15/22		250,000		279,633
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		695,000		691,976
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		915,000		909,832
Mack-Cali Realty LP,
Sr. Unsecured, 2.50%, 12/15/17		2,215,000		2,222,643
Mack-Cali Realty LP,
Sr. Unsecured, 7.75%, 8/15/19		250,000		290,996
ProLogis LP,
Sr. Unsecured, 2.75%, 2/15/19		450,000		461,728
ProLogis LP,
Sr. Unsecured, 3.35%, 2/01/21		1,245,000		1,291,122
Ventas Realty LP,
Company Guaranteed, 1.55%, 9/26/16		2,000,000		2,014,813
Ventas Realty LP,
Sr. Unsecured, 5.70%, 9/30/43		380,000		444,185
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	18,038,306
RETAIL – 0.0%**
CVS Caremark Corp.,
Sr. Unsecured, 5.75%, 6/01/17		151,000		165,402
SOFTWARE – 0.9%
Oracle Corp.,
Sr. Unsecured, 4.30%, 7/08/34		1,730,000		1,798,878
Xerox Corp.,
Sr. Unsecured, 2.80%, 5/15/20		1,820,000		1,832,816
TOTAL SOFTWARE			$	3,631,694
TELECOMMUNICATIONS – 1.7%
AT&T, Inc.,
Sr. Unsecured, 1.40%, 12/01/17		1,731,000		1,730,888
AT&T, Inc.,
Sr. Unsecured, 4.50%, 5/15/35		845,000		830,175
Crown Castle Towers LLC,
Sr. Secured, 4.17%, 8/15/17W		2,000,000		2,083,127
Verizon Communications, Inc.,
Sr. Unsecured, 1.00%, 6/17/19D		1,000,000		1,009,206
Verizon Communications, Inc.,
Sr. Unsecured, 6.40%, 9/15/33		1,260,000		1,532,802
TOTAL TELECOMMUNICATIONS			$	7,186,198
TRANSPORTATION – 1.3%
FedEx Corp.,
Company Guaranteed, 4.90%, 1/15/34		500,000		548,043
FedEx Corp.,
Company Guaranteed, 4.10%, 2/01/45		685,000		658,156
Norfolk Southern Corp.,
Sr. Unsecured, 5.90%, 6/15/19		250,000		287,550

Description		Par Value		Value
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/17	$	500,000	$	510,834
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/18		1,155,000		1,182,573
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.45%, 9/03/19#		2,450,000		2,474,166
TOTAL TRANSPORTATION			$	5,661,322
TRUCKING & LEASING – 0.5%
GATX Corp.,
Sr. Unsecured, 3.50%, 7/15/16		1,500,000		1,542,360
GATX Corp.,
Sr. Unsecured, 5.20%, 3/15/44		640,000		699,321
TOTAL TRUCKING & LEASING			$	2,241,681
UTILITIES – 0.4%
Appalachian Power Co.,
Sr. Unsecured, 5.00%, 6/01/17		1,500,000		1,612,057
TOTAL CORPORATE BONDS (COST $181,939,291)			$	187,288,232
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.4%
AIRLINES – 0.4%
American Airlines 2011-1,
Series A, Pass-Through Certificates, 5.25%, 1/31/21		361,394		394,372
Continental Airlines 2009-2,
Series A, Pass-Through Certificates, 7.25%, 11/10/19		193,663		225,254
Delta Air Lines 2007-1,
Series A, Pass-Through Certificates, 6.82%, 8/10/22		302,562		358,347
Delta Air Lines 2009-1,
Series A, Pass-Through Certificates, 7.75%, 12/17/19		282,255		327,328
United Air Lines 2009-2A,
Pass-Through Certificates, 9.75%, 1/15/17		237,439		261,034
TOTAL AIRLINES			$	1,566,335
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES
(COST $1,377,313)			$	1,566,335
GOVERNMENT AGENCIES – 1.4%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.8%
1.25%, 10/02/19		1,300,000		1,289,263
1.75%, 5/30/19#		2,000,000		2,032,167
2.38%, 1/13/22#		125,000		128,557
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	3,449,987
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.6%
4.88%, 12/15/16		700,000		748,859

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

27

Wilmington Broad Market Bond Fund (continued)

Description		Par Value		Value
6.25%, 5/15/29	$	750,000	$	1,062,471
7.25%, 5/15/30		400,000		618,508
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,429,838
TOTAL GOVERNMENT AGENCIES (COST $5,507,399)			$	5,879,825
MORTGAGE-BACKED SECURITIES – 23.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 12.1%
Pool A13990, 4.50%, 10/01/33		54,323		59,530
Pool A93415, 4.00%, 8/01/40		2,939,004		3,153,105
Pool A93505, 4.50%, 8/01/40		2,561,585		2,791,937
Pool A93996, 4.50%, 9/01/40		1,980,844		2,158,973
Pool A97047, 4.50%, 2/01/41		1,868,232		2,036,818
Pool B17616, 5.50%, 1/01/20		81,672		83,120
Pool C00478, 8.50%, 9/01/26		23,125		26,971
Pool C01272, 6.00%, 12/01/31		48,003		55,105
Pool C03750, 3.50%, 2/01/42		550,799		577,319
Pool C03849, 3.50%, 4/01/42		266,117		278,942
Pool C04305, 3.00%, 11/01/42		3,806,017		3,877,350
Pool C04444, 3.00%, 1/01/43		140,864		143,504
Pool C09020, 3.50%, 11/01/42		4,077,350		4,273,850
Pool C09044, 3.50%, 7/01/43		2,044,770		2,142,127
Pool E09010, 2.50%, 9/01/27		1,593,609		1,644,504
Pool G01625, 5.00%, 11/01/33		67,670		75,599
Pool G02296, 5.00%, 6/01/36		381,854		425,164
Pool G02390, 6.00%, 9/01/36		13,623		15,617
Pool G03703, 5.50%, 12/01/37		42,020		47,623
Pool G04776, 5.50%, 7/01/38		146,713		166,091
Pool G05317, 5.00%, 4/01/37		1,510,891		1,682,256
Pool G05500, 5.00%, 5/01/39		1,250,475		1,395,040
Pool G06222, 4.00%, 1/01/41		3,120,548		3,342,999
Pool G06956, 4.50%, 8/01/41		1,869,649		2,038,363
Pool G07266, 4.00%, 12/01/42		4,178,608		4,473,871
Pool G07624, 4.00%, 12/01/43		1,760,174		1,894,024
Pool G07680, 4.00%, 4/01/44		2,800,175		3,013,112
Pool G07889, 3.50%, 8/01/43		1,749,755		1,834,081
Pool G08097, 6.50%, 11/01/35		25,691		29,644
Pool G08534, 3.00%, 6/01/43		813,234		828,488
Pool G08595, 4.00%, 7/01/44		1,971,946		2,112,230
Pool G12709, 5.00%, 7/01/22		91,119		96,500
Pool G18497, 3.00%, 1/01/29		204,775		214,832
Pool Q08305, 3.50%, 5/01/42		1,509,259		1,588,597
Pool Q19476, 3.50%, 6/01/43		1,644,894		1,723,211
Pool Q23891, 4.00%, 12/01/43		422,474		453,310
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	50,753,807

Description		Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 10.8%
Pool 254007, 6.50%, 10/01/31	$	25,513	$	29,592
Pool 254759, 4.50%, 6/01/18		74,523		78,080
Pool 254833, 4.50%, 8/01/18		13,418		14,077
Pool 256515, 6.50%, 12/01/36		34,669		40,039
Pool 256639, 5.00%, 2/01/27		25,971		29,036
Pool 256752, 6.00%, 6/01/27		41,253		47,295
Pool 329794, 7.00%, 2/01/26		39,360		45,812
Pool 402255, 6.50%, 12/01/27		1,755		1,823
Pool 535939, 6.00%, 5/01/16		8,703		8,876
Pool 629603, 5.50%, 2/01/17		4,151		4,277
Pool 638023, 6.50%, 4/01/32		60,599		67,908
Pool 642345, 6.50%, 5/01/32		72,190		84,049
Pool 651292, 6.50%, 7/01/32		115,416		125,314
Pool 686398, 6.00%, 3/01/33		221,652		253,079
Pool 695818, 5.00%, 4/01/18		74,561		78,215
Pool 745412, 5.50%, 12/01/35		47,089		53,576
Pool 888789, 5.00%, 7/01/36		527,293		589,868
Pool 890551, 4.50%, 8/01/41		175,576		191,503
Pool 975207, 5.00%, 3/01/23		114,645		121,749
Pool AB1796, 3.50%, 11/01/40		1,455,708		1,533,431
Pool AB7936, 3.00%, 2/01/43		2,377,330		2,424,092
Pool AB8997, 2.50%, 4/01/28		336,126		345,276
Pool AE0217, 4.50%, 8/01/40		311,221		339,453
Pool AE2520, 3.00%, 1/01/26		928,669		977,966
Pool AH5583, 4.50%, 2/01/41		906,679		988,927
Pool AK4523, 4.00%, 3/01/42		2,749,440		2,946,132
Pool AL0658, 4.50%, 8/01/41		1,020,296		1,112,849
Pool AL1319, 4.50%, 10/01/41		2,080,032		2,274,568
Pool AL2034, 4.50%, 4/01/42		423,399		461,807
Pool AL5537, 4.50%, 4/01/44		845,911		922,646
Pool AS0302, 3.00%, 8/01/43		6,475,597		6,605,101
Pool AS3155, 4.00%, 8/01/44		234,815		251,974
Pool AS4480, 2.50%, 2/01/30		1,953,387		2,006,182
Pool AT7899, 3.50%, 7/01/43		4,957,350		5,209,004
Pool AU4279, 3.00%, 9/01/43		1,294,856		1,320,752
Pool AX0833, 3.50%, 9/01/44		2,229,193		2,344,841
Pool AX5302, 4.00%, 1/01/42		2,779,025		2,979,570
Pool MA1458, 3.00%, 6/01/43		817,869		834,737
Pool TBA, 5.00%,		6,700,000		7,461,078
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	45,204,554
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.1%
Pool 2077, 7.00%, 9/20/25		12,733		14,687
Pool 354677, 7.50%, 10/15/23		27,775		32,395
Pool 354713, 7.50%, 12/15/23		19,713		22,992

ANNUAL REPORT / April 30, 2015

28

PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description		Par Value		Value
Pool 354765, 7.00%, 2/15/24	$	38,093	$	44,371
Pool 354827, 7.00%, 5/15/24		39,038		45,269
Pool 360869, 7.50%, 5/15/24		25,849		26,672
Pool 361843, 7.50%, 10/15/24		10,960		11,268
Pool 373335, 7.50%, 5/15/22		10,028		10,341
Pool 385623, 7.00%, 5/15/24		44,873		51,849
Pool 503405, 6.50%, 4/15/29		50,753		58,841
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	318,685
TOTAL MORTGAGE-BACKED SECURITIES
(COST $94,996,067)			$	96,277,046
U.S. TREASURY – 26.1%
U.S. TREASURY BONDS – 4.7%
3.00%, 5/15/42		500,000		525,357
3.00%, 11/15/44		2,000,000		2,105,209
3.13%, 8/15/44		7,887,000		8,497,853
3.63%, 2/15/44		2,106,000		2,481,713
3.63%, 8/15/43		881,000		1,037,067
3.75%, 11/15/43		365,000		439,357
5.25%, 2/15/29		500,000		673,536
5.38%, 2/15/31		600,000		836,746
6.25%, 5/15/30		500,000		747,054
6.38%, 8/15/27		450,000		652,511
7.50%, 11/15/16		300,000		332,228
8.88%, 2/15/19		1,130,000		1,456,294
TOTAL U.S. TREASURY BONDS			$	19,784,925
U.S. TREASURY NOTES – 21.4%
0.25%, 5/15/16		195,000		194,919
0.50%, 7/31/16		1,000,000		1,001,781
0.63%, 8/31/17		1,810,000		1,805,631
0.63%, 9/30/17		750,000		747,841
0.75%, 12/31/17		500,000		499,112
0.88%, 8/15/17#		6,100,000		6,124,349
1.00%, 5/31/18		3,100,000		3,104,228
1.25%, 10/31/18		2,085,000		2,096,345
1.25%, 1/31/19		250,000		250,777
1.38%, 3/31/20#		3,300,000		3,291,108
1.38%, 6/30/18		6,000,000		6,073,830
1.38%, 9/30/18		1,240,000		1,252,944
1.38%, 2/28/19		2,500,000		2,517,148
1.50%, 12/31/18		2,486,000		2,517,800
1.50%, 1/31/19		9,400,000		9,514,393
1.50%, 5/31/19		535,000		540,069
1.50%, 11/30/19		1,145,000		1,151,926
1.63%, 3/31/19		820,000		833,059
1.63%, 8/15/22		6,000,000		5,919,450

Description		Par Value		Value
1.63%, 11/15/22	$	1,928,000	$	1,898,210
1.75%, 9/30/19		5,700,000		5,800,365
1.75%, 5/15/22		380,000		378,875
1.88%, 6/30/20		10,845,000		11,061,565
2.00%, 11/15/21		1,000,000		1,015,780
2.00%, 2/15/25#		4,655,000		4,640,025
2.13%, 8/15/21		3,750,000		3,839,627
2.25%, 7/31/18		500,000		519,905
2.25%, 7/31/21		6,600,000		6,811,367
2.38%, 8/15/24		1,400,000		1,443,175
2.50%, 8/15/23		200,000		208,977
2.63%, 11/15/20		500,000		527,724
3.13%, 5/15/19		750,000		805,389
3.63%, 2/15/20		750,000		827,084
4.00%, 8/15/18		500,000		548,970
TOTAL U.S. TREASURY NOTES			$	89,763,748
TOTAL U.S. TREASURY (COST $106,236,448)			$	109,548,673
		Number of Shares
MONEY MARKET FUND – 2.0%
Dreyfus Cash Management Fund, Institutional Shares, 0.04%^		8,414,920	$	8,414,920
TOTAL MONEY MARKET FUND (COST $8,414,920)			$	8,414,920
TOTAL INVESTMENTS IN SECURITIES – 101.7%
(COST $415,661,321)			$	426,095,163
		Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.5%
REPURCHASE AGREEMENTS – 3.5%
BNP Paribas Securities Corp., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $739,324, collateralized by U.S. Government & Treasury Securities 0.00% to 6.50%, maturing 5/01/16 to 4/20/45; total market value of $754,108.	$	739,322	$	739,322
Citigroup Global Markets, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $2,809,570, collateralized by U.S. Government Securities 1.61% to 8.00%, maturing 6/01/17 to 6/15/52; total market value of $2,865,751.		2,809,560		2,809,560
Credit Suisse Securities (USA) LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $2,809,569, collateralized by U.S. Government Securities 3.00% to 4.50%, maturing 8/01/38 to 4/01/45; total market value of $2,865,772.		2,809,560		2,809,560

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

29

Wilmington Broad Market Bond Fund (continued)

Description		Par Value		Value
Daiwa Capital Markets America, 0.16%, dated 4/30/15, due 5/01/15, repurchase price $2,809,572, collateralized by U.S. Government & Treasury Securities 0.00% to 9.25%, maturing 5/21/15 to 3/01/48; total market value of $2,865,752.	$	2,809,560	$	2,809,560
ING Financial Markets LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $2,809,569, collateralized by U.S. Government Securities 1.87% to 6.20%, maturing 5/01/33 to 11/01/44; total market value of $2,865,753.		2,809,560		2,809,560
Nomura Securities International, Inc., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $2,809,569, collateralized by U.S. Government & Treasury Securities 0.00% to 10.50%, maturing 5/15/15 to 3/20/64; total market value of $2,865,751.		2,809,560		2,809,560
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $14,787,122)			$	14,787,122

Description		Value
TOTAL INVESTMENTS – 105.2%
(COST $430,448,443)	$	440,882,285
COLLATERAL FOR SECURITIES ON LOAN – (3.5%)		(14,787,122	)
OTHER LIABILITIES LESS ASSETS – (1.7%)		(7,059,251	)
TOTAL NET ASSETS – 100.0%	$	419,035,912

Cost of investments for Federal income tax purposes is $430,448,443. The net unrealized appreciation/(depreciation) of investments was $10,433,842. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $11,608,654 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,174,812.

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, 2015 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Securities	$	—	$	1,146,031	$	—	$	1,146,031
Collateralized Mortgage Obligations		—		5,975,123		—		5,975,123
Commercial Paper		—		9,998,978		—		9,998,978
Corporate Bonds		—		187,288,232		—		187,288,232
Enhanced Equipment Trust Certificates		—		1,566,335		—		1,566,335
Government Agencies		—		5,879,825		—		5,879,825
Mortgage-Backed Securities		—		96,277,046		—		96,277,046
U.S. Treasury		—		109,548,673		—		109,548,673
Money Market Fund		8,414,920		—		—		8,414,920
Repurchase Agreements		—		14,787,122		—		14,787,122
Total	$	8,414,920	$	432,467,365	$	—	$	440,882,285

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

^ 7-Day net yield.

r 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 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, 2015, these liquid restricted securities amounted to $23,558,351 representing 5.6% of total net assets.

** Represents less than 0.05%

ANNUAL REPORT / April 30, 2015

30

PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (concluded)

The following acronyms are used throughout this Fund:   BKNT - Bank Note   CMBS - Commercial Mortgage-Backed Securities   FHLMC - Federal Home Loan Mortgage Corporation   FNMA - Federal National Mortgage Association   GMTN - Global Medium Term Note   GNMA - Government National Mortgage Association   LLC - Limited Liability Corporation   LP - Limited Partnership   MTN - Medium Term Note   PLC - Public Limited Company   REIT - Real Estate Investment Trust

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

31

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Intermediate-Term Bond Fund

At April 30, 2015, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		52.2%
U.S. Treasury		32.7%
Government Agencies		11.3%
Mortgage-Backed Securities		2.1%
Asset-Backed Security		0.1%
Cash Equivalents1		10.6%
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) For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Diversification3	Percentage of Total Net Assets
U.S. Government Agency Securities		14.8%
U.S. Treasury		32.8%
AAA / Aaa		0.2%
AA / Aa		4.5%
A / A		10.6%
BBB / Baa		35.4%
BB / Ba		1.6%
Not Rated		9.1%
Other Assets and Liabilities – Net2		(9.0)%
TOTAL		100.0%

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description		Par Value		Value
ASSET-BACKED SECURITY – 0.1%
WHOLE LOAN – 0.1%
SLM Private Education Loan Trust,
Series 2011-A, Class A1, 1.17%,  10/15/24D,W	$	197,369	$	198,044
TOTAL ASSET-BACKED SECURITY
(COST $197,369)			$	198,044
CORPORATE BONDS – 52.2%
AEROSPACE & DEFENSE – 1.2%
L-3 Communications Corp.,
Company Guaranteed, 3.95%, 11/15/16		250,000		259,284
L-3 Communications Corp.,
Company Guaranteed, 4.75%, 7/15/20		1,250,000		1,351,980
TOTAL AEROSPACE & DEFENSE			$	1,611,264
AUTO MANUFACTURERS – 1.7%
Daimler Finance North America LLC,
Company Guaranteed, 1.38%, 8/01/17W		500,000		501,576

Description		Par Value		Value
Ford Motor Credit Co. LLC,
Sr. Unsecured, 2.15%, 1/09/18	$	750,000	$	757,893
General Motors Co.,
Sr. Unsecured, 3.50%, 10/02/18		220,000		226,380
Hyundai Capital America,
Sr. Unsecured, 2.00%, 3/19/18W		250,000		252,001
Toyota Motor Credit Corp.,
Sr. Unsecured, MTN, 0.64%, 3/12/20		450,000		452,042
TOTAL AUTO MANUFACTURERS			$	2,189,892
AUTO PARTS & EQUIPMENT – 0.2%
Johnson Controls, Inc.,
Sr. Unsecured, 3.63%, 7/02/24		300,000		311,403
AUTOMOTIVE – 0.2%
Ford Motor Credit Co. LLC,
Sr. Unsecured, 6.63%, 8/15/17		250,000		278,651
BANKS – 8.9%
Bank of America Corp.,
Sr. Unsecured, 1.29%, 1/15/19D		500,000		507,167

ANNUAL REPORT / April 30, 2015

32

PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description		Par Value		Value
Bank of America Corp.,
Sr. Unsecured, MTN, 4.13%, 1/22/24	$	250,000	$	264,455
Capital One Financial Corp.,
Sr. Unsecured, 2.45%, 4/24/19		850,000		858,538
Capital One NA/Mclean VA,
Sr. Unsecured, BKNT, 1.65%, 2/05/18		250,000		249,158
Citigroup, Inc.,
Sr. Unsecured, 1.70%, 4/27/18		600,000		597,910
Fifth Third Bancorp,
Subordinated, 5.45%, 1/15/17		600,000		640,668
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		370,000		395,201
Goldman Sachs Group, Inc.,
Sr. Unsecured, 1.44%, 4/23/20		750,000		758,961
Huntington National Bank/The,
Sr. Unsecured, 2.40%, 4/01/20		350,000		351,614
JPMorgan Chase & Co.,
Sr. Unsecured, 6.00%, 1/15/18		250,000		278,814
JPMorgan Chase & Co.,
Sr. Unsecured, 1.70%, 3/01/18		500,000		502,051
JPMorgan Chase & Co.,
Sr. Unsecured, MTN, 1.35%, 2/15/17		750,000		753,058
KeyBank NA/Cleveland OH,
Sr. Unsecured, BKNT, 2.50%, 12/15/19		500,000		510,192
Morgan Stanley,
Sr. Unsecured, 1.11%, 1/24/19D		550,000		552,427
Morgan Stanley,
Sr. Unsecured, 2.50%, 1/24/19		325,000		330,214
National Australia Bank Ltd./NY,
Sr. Unsecured, MTN, 2.75%, 3/09/17		300,000		309,951
PNC Financial Services Group, Inc.,
Subordinated, 3.90%, 4/29/24		750,000		781,849
Royal Bank of Canada,
Sr. Unsecured, GMTN, 1.40%, 10/13/17		275,000		276,109
SunTrust Banks, Inc.,
Sr. Unsecured, 2.50%, 5/01/19		900,000		914,939
US Bancorp/MN,
Sr. Unsecured, MTN, 1.65%, 5/15/17		500,000		507,949
US Bank NA/Cincinnati OH,
Sr. Unsecured, BKNT, 1.10%, 1/30/17		750,000		754,032
Wells Fargo & Co.,
Sr. Unsecured, MTN, 1.40%, 9/08/17		550,000		552,880
TOTAL BANKS			$	11,648,137
BEVERAGES – 0.1%
Dr. Pepper Snapple Group, Inc.,
Company Guaranteed, 2.70%, 11/15/22		175,000		171,557
BIOTECHNOLOGY – 0.9%
Amgen, Inc.,
Sr. Unsecured, 0.83%, 5/22/19D		500,000		499,485
Celgene Corp.,
Sr. Unsecured, 2.30%, 8/15/18		440,000		448,368
Celgene Corp.,
Sr. Unsecured, 4.00%, 8/15/23#		250,000		267,557
TOTAL BIOTECHNOLOGY			$	1,215,410

Description		Par Value		Value
CAPITAL MARKETS – 1.1%
BlackRock, Inc.,
Series 2, Sr. Unsecured, 5.00%, 12/10/19	$	650,000	$	738,621
Goldman Sachs Group, Inc.,
Sr. Unsecured, 6.25%, 9/01/17		655,000		723,549
TOTAL CAPITAL MARKETS			$	1,462,170
CHEMICALS – 0.7%
Ecolab, Inc.,
Sr. Unsecured, 3.00%, 12/08/16		450,000		464,084
Monsanto Co.,
Sr. Unsecured, 2.75%, 7/15/21		500,000		510,026
TOTAL CHEMICALS			$	974,110
COMMERCIAL BANKS – 1.7%
BB&T Corp.,
Sr. Unsecured, MTN, FRN, 1.09%, 6/15/18D		500,000		505,438
Westpac Banking Corp.,
Sr. Unsecured, 2.00%, 8/14/17		825,000		839,453
Westpac Banking Corp.,
Sr. Unsecured, 4.88%, 11/19/19		750,000		842,726
TOTAL COMMERCIAL BANKS			$	2,187,617
COMMERCIAL FINANCE – 0.6%
General Electric Capital Corp.,
Sr. Unsecured, MTN, 2.30%, 4/27/17		750,000		770,798
COMPUTERS – 0.4%
Hewlett-Packard Co.,
Sr. Unsecured, 3.30%, 12/09/16		500,000		517,154
CONSUMER FINANCE – 1.5%
American Express Co.,
Sr. Unsecured, 6.15%, 8/28/17		750,000		832,390
American Express Co.,
Sr. Unsecured, FRN, 0.82%, 5/22/18D		1,080,000		1,081,131
TOTAL CONSUMER FINANCE			$	1,913,521
DIVERSIFIED FINANCIAL SERVICES – 2.8%
Bank of America Corp.,
Sr. Unsecured, 2.00%, 1/11/18		250,000		252,018
BlackRock, Inc.,
Sr. Unsecured, 3.50%, 3/18/24#		750,000		786,225
Charles Schwab Corp.,
Sr. Unsecured, 1.50%, 3/10/18		650,000		653,244
Ford Motor Credit Co. LLC,
Sr. Unsecured, FRN, 1.06%, 3/12/19D		1,000,000		998,256
General Motors Financial Co., Inc.,
Company Guaranteed, 2.75%, 5/15/16		300,000		303,937
General Motors Financial Co., Inc.,
Company Guaranteed, 4.75%, 8/15/17		250,000		264,062
TD Ameritrade Holding Corp.,
Sr. Unsecured, 2.95%, 4/01/22		450,000		456,071
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	3,713,813
ELECTRIC – 3.2%
CMS Energy Corp.,
Sr. Unsecured, 6.55%, 7/17/17		625,000		697,042

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

33

Wilmington Intermediate-Term Bond Fund (continued)

Description		Par Value		Value
Duke Energy Indiana, Inc.,
1st Mortgage, 3.75%, 7/15/20	$	800,000	$	864,645
Exelon Generation Co. LLC,
Sr. Unsecured, 6.20%, 10/01/17		200,000		220,759
Exelon Generation Co. LLC,
Sr. Unsecured, 4.25%, 6/15/22		750,000		787,830
FirstEnergy Transmission LLC,
Sr. Unsecured, 4.35%, 1/15/25W		750,000		793,530
Southern California Edison Co.,
Series B, 1st Mortgage, 2.40%, 2/01/22		900,000		895,914
TOTAL ELECTRIC			$	4,259,720
FOOD – 0.2%
Kroger Co.,
Sr. Unsecured, 2.95%, 11/01/21		250,000		254,546
FOOD PRODUCTS – 0.6%
Kroger Co.,
Sr. Unsecured, 1.20%, 10/17/16		500,000		501,418
WM Wrigley Jr. Co.,
Sr. Unsecured, 1.40%, 10/21/16W		250,000		251,220
TOTAL FOOD PRODUCTS			$	752,638
HEALTH CARE EQUIPMENT & SUPPLIES – 0.2%
Zimmer Holdings, Inc.,
Sr. Unsecured, 1.45%, 4/01/17		325,000		326,387
HEALTH CARE PROVIDERS & SERVICES – 0.4%
WellPoint, Inc.,
Sr. Unsecured, 2.38%, 2/15/17		500,000		510,722
HOME FURNISHINGS – 0.4%
Whirlpool Corp.,
Sr. Unsecured, 1.65%, 11/01/17		250,000		251,570
Whirlpool Corp.,
Sr. Unsecured, 2.40%, 3/01/19		220,000		222,495
TOTAL HOME FURNISHINGS			$	474,065
INSURANCE – 3.9%
American International Group, Inc.,
Sr. Unsecured, MTN, 5.85%, 1/16/18		685,000		763,664
Aon PLC,
Company Guaranteed, 4.00%, 11/27/23		250,000		265,332
Berkshire Hathaway, Inc.,
Sr. Unsecured, 2.10%, 8/14/19		250,000		254,629
Hartford Financial Services Group, Inc.,
Sr. Unsecured, 4.00%, 10/15/17		750,000		800,812
Hartford Financial Services Group, Inc.,
Sr. Unsecured, 5.13%, 4/15/22		360,000		407,780
MetLife, Inc.,
Sr. Unsecured, 3.60%, 4/10/24#		1,015,000		1,060,462
Prudential Financial, Inc.,
Sr. Unsecured, MTN, 6.00%, 12/01/17		650,000		724,182
WR Berkley Corp.,
Sr. Unsecured, 7.38%, 9/15/19		710,000		850,863
TOTAL INSURANCE			$	5,127,724

Description		Par Value		Value
MACHINERY – 0.2%
John Deere Capital Corp.,
Sr. Unsecured, MTN, 1.35%, 1/16/18	$	275,000	$	276,204
MEDIA – 2.5%
CBS Corp.,
Company Guaranteed, 3.38%, 3/01/22		350,000		356,218
Time Warner Cable, Inc.,
Company Guaranteed, 5.85%, 5/01/17		750,000		805,531
Time Warner, Inc.,
Company Guaranteed, 5.88%, 11/15/16		600,000		644,308
Viacom, Inc.,
Sr. Unsecured, 3.50%, 4/01/17		750,000		780,192
Viacom, Inc.,
Sr. Unsecured, 3.25%, 3/15/23		650,000		639,612
TOTAL MEDIA			$	3,225,861
METALS & MINING – 0.4%
Alcoa, Inc.,
Sr. Unsecured, 5.13%, 10/01/24		500,000		538,125
MISCELLANEOUS MANUFACTURING – 1.7%
Eaton Corp.,
Company Guaranteed, 1.50%, 11/02/17		225,000		226,583
General Electric Co.,
Sr. Unsecured, 5.25%, 12/06/17		660,000		728,081
Ingersoll-Rand Luxembourg Finance SA,
Company Guaranteed, 2.63%, 5/01/20		250,000		251,885
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		425,000		442,572
Textron, Inc.,
Sr. Unsecured, 4.30%, 3/01/24		500,000		531,531
TOTAL MISCELLANEOUS MANUFACTURING			$	2,180,652
OFFICE/BUSINESS EQUIPMENT – 0.5%
Xerox Corp.,
Sr. Unsecured, 2.80%, 5/15/20		600,000		604,225
OIL & GAS – 4.0%
Anadarko Petroleum Corp.,
Sr. Unsecured, 6.38%, 9/15/17		695,000		773,079
Devon Energy Corp.,
Sr. Unsecured, 2.25%, 12/15/18		370,000		374,617
Husky Energy, Inc.,
Sr. Unsecured, 4.00%, 4/15/24		275,000		278,931
Marathon Oil Corp.,
Sr. Unsecured, 6.00%, 10/01/17		1,000,000		1,103,849
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		125,000		127,499
Murphy Oil Corp.,
Sr. Unsecured, 2.50%, 12/01/17		750,000		751,249
Phillips 66,
Company Guaranteed, 2.95%, 5/01/17		500,000		517,421

ANNUAL REPORT / April 30, 2015

34

PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description		Par Value		Value
Sempra Energy,
Sr. Unsecured, 2.30%, 4/01/17	$	800,000	$	816,945
Total Capital International SA,
Company Guaranteed, 0.58%, 6/19/19D		450,000		447,691
TOTAL OIL & GAS			$	5,191,281
PHARMACEUTICALS – 2.9%
AbbVie, Inc.,
Company Guaranteed, 1.75%, 11/06/17		750,000		754,912
Actavis Funding SCS,
Company Guaranteed, 1.52%, 3/12/20		500,000		509,418
Actavis Funding SCS,
Company Guaranteed, 3.80%, 3/15/25		400,000		405,293
Cardinal Health, Inc.,
Sr. Unsecured, 1.90%, 6/15/17		250,000		253,361
Express Scripts Holding Co.,
Company Guaranteed, 1.25%, 6/02/17		415,000		414,809
McKesson Corp.,
Sr. Unsecured, 1.29%, 3/10/17		500,000		501,727
Medco Health Solutions, Inc.,
Company Guaranteed, 4.13%, 9/15/20		250,000		270,397
Merck & Co., Inc.,
Sr. Unsecured, 2.75%, 2/10/25		185,000		183,916
Zoetis, Inc.,
Sr. Unsecured, 3.25%, 2/01/23		500,000		497,486
TOTAL PHARMACEUTICALS			$	3,791,319
PIPELINES – 1.4%
Energy Transfer Partners LP,
Sr. Unsecured, 4.15%, 10/01/20		500,000		529,428
Enterprise Products Operating LLC,
Company Guaranteed, 2.55%, 10/15/19		325,000		330,766
Kinder Morgan, Inc.,
Company Guaranteed, 2.00%, 12/01/17		525,000		527,197
Plains All American Pipeline LP / PAA
Finance Corp.,
Sr. Unsecured, 3.85%, 10/15/23		500,000		514,028
TOTAL PIPELINES			$	1,901,419
REAL ESTATE INVESTMENT TRUSTS – 3.4%
American Tower Corp.,
Sr. Unsecured, 3.45%, 9/15/21#		250,000		253,519
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		505,000		547,735
HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		540,000		561,226
Health Care REIT, Inc.,
Sr. Unsecured, 2.25%, 3/15/18		450,000		456,492
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		200,000		199,130
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		550,000		546,894
Mack-Cali Realty LP,
Sr. Unsecured, 2.50%, 12/15/17		250,000		250,863

Description		Par Value		Value
ProLogis LP,
Company Guaranteed, 3.35%, 2/01/21	$	500,000	$	518,523
Simon Property Group LP,
Sr. Unsecured, 2.15%, 9/15/17		500,000		511,229
Ventas Realty LP / Ventas Capital Corp.,
Company Guaranteed, 2.70%, 4/01/20#		550,000		556,838
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	4,402,449
RETAIL – 0.6%
Walgreen Co.,
Sr. Unsecured, 1.80%, 9/15/17		500,000		505,180
Walgreens Boots Alliance, Inc.,
Sr. Unsecured, 3.30%, 11/18/21		225,000		230,330
TOTAL RETAIL			$	735,510
TELECOMMUNICATIONS – 1.9%
AT&T, Inc.,
Sr. Unsecured, 1.40%, 12/01/17		250,000		249,984
AT&T, Inc.,
Sr. Unsecured, 1.16%, 6/30/20		500,000		502,401
AT&T, Inc.,
Sr. Unsecured, 3.40%, 5/15/25		275,000		272,373
Verizon Communications, Inc.,
Sr. Unsecured, 1.35%, 6/09/17		300,000		300,231
Verizon Communications, Inc.,
Sr. Unsecured, 4.50%, 9/15/20		600,000		658,283
Verizon Communications, Inc.,
FRN, Sr. Unsecured, 1.00%, 6/17/19D		525,000		529,833
TOTAL TELECOMMUNICATIONS			$	2,513,105
TRANSPORTATION – 0.8%
CSX Corp.,
Sr. Unsecured, 4.25%, 6/01/21		500,000		548,432
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/18		500,000		511,937
TOTAL TRANSPORTATION			$	1,060,369
TRUCKING & LEASING – 1.0%
GATX Corp.,
Sr. Unsecured, 3.50%, 7/15/16		615,000		632,368
GATX Corp.,
Sr. Unsecured, 2.38%, 7/30/18		625,000		634,451
TOTAL TRUCKING & LEASING			$	1,266,819
TOTAL CORPORATE BONDS
(COST $66,978,467)			$	68,358,637
GOVERNMENT AGENCIES – 11.3%
FEDERAL HOME LOAN BANK (FHLB) – 3.1%
Series 1, 4.88%, 5/17/17		1,865,000		2,023,320
Series 917, 1.00%, 6/21/17		2,000,000		2,012,444
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	4,035,764
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 5.8%
1.38%, 5/01/20#		1,250,000		1,240,498

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

35

Wilmington Intermediate-Term Bond Fund (continued)

Description		Par Value		Value
1.25%, 5/12/17#	$	2,050,000	$	2,074,093
1.75%, 5/30/19#		1,805,000		1,834,031
2.38%, 1/13/22#		1,850,000		1,902,645
3.75%, 3/27/19		500,000		547,234
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	7,598,501
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.4%
5.00%, 5/11/17#		1,500,000		1,630,053
1.75%, 9/12/19		1,475,000		1,495,185
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	3,125,238
TOTAL GOVERNMENT AGENCIES
(COST $14,400,124)			$	14,759,503
MORTGAGE-BACKED SECURITIES – 2.1%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.5%
Pool A18401, 6.00%, 2/01/34		77,344		89,078
Pool B19228, 4.50%, 4/01/20		29,804		31,377
Pool C90293, 7.50%, 9/01/19		89,100		99,031
Pool C90504, 6.50%, 12/01/21		34,610		39,150
Pool E83022, 6.00%, 4/01/16		4,553		4,621
Pool E92817, 5.00%, 12/01/17		70,642		73,669
Pool G01625, 5.00%, 11/01/33		67,670		75,599
Pool G02390, 6.00%, 9/01/36		23,840		27,330
Pool G08097, 6.50%, 11/01/35		41,575		47,971
Pool G08193, 6.00%, 4/01/37		67,622		77,521
Pool G11311, 5.00%, 10/01/17		39,439		40,956
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	606,303
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.3%
Pool 254240, 7.00%, 3/01/32		74,527		86,185
Pool 254833, 4.50%, 8/01/18		17,891		18,770
Pool 256639, 5.00%, 2/01/27		51,942		58,072
Pool 256752, 6.00%, 6/01/27		51,566		59,119
Pool 257007, 6.00%, 12/01/27		93,748		107,478
Pool 526062, 7.50%, 12/01/29		4,588		4,734
Pool 612514, 2.22%, 5/01/33D		47,606		49,642
Pool 619054, 5.50%, 2/01/17		23,906		24,673
Pool 629603, 5.50%, 2/01/17		6,919		7,129
Pool 688996, 8.00%, 11/01/24		10,684		11,129
Pool 745412, 5.50%, 12/01/35		47,466		54,005
Pool 839291, 5.00%, 9/01/20		5,042		5,348
Pool AE2520, 3.00%, 1/01/26		1,178,015		1,240,549
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,726,833
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.3%
Pool 2616, 7.00%, 7/20/28		60,443		69,626

Description		Par Value		Value
Pool 2701, 6.50%, 1/20/29	$	113,799	$	128,778
Pool 426727, 7.00%, 2/15/29		11,133		11,987
Pool 780825, 6.50%, 7/15/28		101,833		118,062
Pool 781231, 7.00%, 12/15/30		52,910		61,632
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	390,085
TOTAL MORTGAGE-BACKED SECURITIES
(COST $2,511,202)			$	2,723,221
U.S. TREASURY – 32.7%
U.S. TREASURY NOTES – 32.7%
0.50%, 9/30/16		500,000		500,582
0.63%, 12/15/16		500,000		501,134
0.88%, 11/15/17		640,000		641,460
0.88%, 1/31/18		750,000		750,545
0.88%, 1/31/17		1,000,000		1,006,181
1.00%, 8/31/16		1,000,000		1,008,035
1.00%, 5/31/18		500,000		500,682
1.00%, 9/30/19		1,000,000		985,418
1.25%, 11/30/18		1,540,000		1,546,940
1.25%, 1/31/19		1,450,000		1,454,504
1.25%, 2/29/20		1,500,000		1,487,752
1.38%, 6/30/18		1,230,000		1,245,135
1.38%, 5/31/20		3,250,000		3,236,177
1.50%, 8/31/18		1,000,000		1,014,967
1.50%, 11/30/19		450,000		452,722
1.63%, 8/15/22		1,350,000		1,331,876
1.75%, 5/15/23		2,000,000		1,975,681
2.00%, 11/15/21		750,000		761,835
2.00%, 2/15/22		1,500,000		1,522,038
2.00%, 2/15/23		1,500,000		1,514,100
2.00%, 2/15/25#		1,713,000		1,707,489
2.13%, 1/31/21		1,500,000		1,541,458
2.13%, 6/30/21		775,000		794,368
2.13%, 9/30/21		500,000		511,717
2.13%, 8/15/21		1,000,000		1,023,900
2.38%, 8/15/24		750,000		773,130
2.50%, 8/15/23		750,000		783,662
2.63%, 4/30/16		500,000		511,666
2.63%, 8/15/20		1,500,000		1,584,571
2.63%, 11/15/20		1,000,000		1,055,449
2.75%, 2/15/19		1,500,000		1,586,934
2.75%, 11/15/23		1,450,000		1,543,185
3.13%, 5/15/21		550,000		595,801
3.63%, 2/15/20		500,000		551,389
4.00%, 8/15/18		1,000,000		1,097,941

ANNUAL REPORT / April 30, 2015

36

PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description		Par Value		Value
4.25%, 11/15/17	$	1,500,000	$	1,631,399
4.75%, 8/15/17		2,000,000		2,184,555
TOTAL U.S. TREASURY NOTES			$	42,916,378
TOTAL U.S. TREASURY
(COST $42,217,854)			$	42,916,378
		Number of Shares
MONEY MARKET FUND – 1.5%
Dreyfus Cash Management Fund, Institutional Shares, 0.04%^		1,950,269	$	1,950,269
TOTAL MONEY MARKET FUND
(COST $1,950,269)			$	1,950,269
TOTAL INVESTMENTS IN SECURITIES – 99.9%
(COST $128,255,285)			$	130,906,052
		Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 9.1%
REPURCHASE AGREEMENTS – 9.1%
BNP Paribas Securities Corp., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $594,077, collateralized by U.S. Government & Treasury Securities 0.00% to 6.50%, maturing 5/01/16 to 4/20/45; total market value of $605,957.	$	594,075	$	594,075
Citigroup Global Markets, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $2,257,573, collateralized by U.S. Government Securities 1.61% to 8.00%, maturing 6/01/17 to 6/15/52; total market value of $2,302,716.		2,257,565		2,257,565
Credit Suisse Securities (USA) LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $2,257,573, collateralized by U.S. Government Securities 3.00% to 4.50%, maturing 8/01/38 to 4/01/45; total market value of $2,302,733.		2,257,565		2,257,565
Daiwa Capital Markets America, 0.16%, dated 4/30/15, due 5/01/15, repurchase price $2,257,575, collateralized by U.S. Government & Treasury Securities 0.00% to 9.25%, maturing 5/21/15 to 3/01/48; total market value of $2,302,717.		2,257,565		2,257,565
ING Financial Markets LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $2,257,573, collateralized by U.S. Government Securities 1.87% to 6.20%, maturing 5/01/33 to 11/01/44; total market value of $2,302,717.		2,257,565		2,257,565

Description		Par Value		Value
Nomura Securities International, Inc. 0.13%, dated 4/30/15, due 5/01/15, repurchase price $2,257,573, collateralized by U.S. Government & Treasury Securities 0.00% to 10.50%, maturing 5/15/15 to 3/20/64; total market value of $2,302,716.	$	2,257,565	$	2,257,565
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $11,881,900)			$	11,881,900
TOTAL INVESTMENTS – 109.0%
(COST $140,137,185)			$	142,787,952
COLLATERAL FOR SECURITIES ON LOAN – (9.1%)				(11,881,900	)
OTHER ASSETS LESS LIABILITIES – 0.1%				56,578
TOTAL NET ASSETS – 100.0%			$	130,962,630

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

37

Wilmington Intermediate-Term Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $140,137,808. The net unrealized appreciation/(depreciation) of investments was $2,650,144. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,790,313 and net unrealized depreciation from investments for those securities having an excess of cost over value of $140,169.

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, 2015 in valuing the Fund’s assets carried at fair value:

		Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Security	$	—	$	198,044	$	—	$	198,044
Corporate Bonds		—		68,358,637		—		68,358,637
Government Agencies		—		14,759,503		—		14,759,503
Mortgage-Backed Securities		—		2,723,221		—		2,723,221
U.S. Treasury		—		42,916,378		—		42,916,378
Money Market Fund		1,950,269		—		—		1,950,269
Repurchase Agreements		—		11,881,900		—		11,881,900
Total	$	1,950,269	$	140,837,683	$	—	$	142,787,952

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

^ 7-Day net yield.

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

W Denotes a restricted security 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, 2015, these liquid restricted securities amounted to $1,996,371 representing 1.5% of total net assets.

The following acronyms are used throughout this Fund:

BKNT - Bank Note

FHLB - Federal Home Loan Bank

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

FRN - Floating Rate Note

GMTN - Global Medium Term Note

GNMA - Government National Mortgage Association

LLC - Limited Liability Corporation

LP - Limited Partnership

MTN - Medium Term Note

PLC - Public Limited Company

REIT - Real Estate Investment Trust

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

38

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short-Term Bond Fund

At April 30, 2015, the Fund’s portfolio classifications were as follows (unaudited):

	Percentage of Total Net Assets
Commercial Banks		15.3	%
Federal National Mortgage Association (FNMA)		10.0	%
Federal Home Loan Mortgage Corporation (FHLMC)		8.7	%
Real Estate Investment Trusts		6.7	%
Diversified Financial Services		6.1	%
U.S. Treasury		5.2	%
Automotive		4.3	%
Insurance		4.2	%
Electric		3.6	%
Capital Markets		3.2	%
Oil & Gas		3.0	%
Pharmaceuticals		3.0	%
Beverages		2.3	%
Health Care Providers & Services		2.3	%
Food Products		2.1	%
Telecommunications		2.1	%
Government National Mortgage Association (GNMA)		2.0	%
Retail		1.5	%
Miscellaneous Manufacturing		1.4	%
Semiconductors		1.4	%
Forest Products & Paper		1.3	%
Computers		1.2	%
Media		1.2	%
Pipelines		1.1	%
Electronics		1.1	%
Whole Loan		0.9	%
Health Care Equipment & Supplies		0.6	%
Environmental Control		0.6	%
Commercial Mortgage-Backed Securities (CMBS)		0.6	%
Metals & Mining		0.6	%
Chemicals		0.6	%
Transportation		0.5	%
Home Furnishings		0.5	%
Aerospace & Defense		0.1	%
Internet		0.1	%

	Percentage of Total Net Assets
Development		0.1	%
Small Business Administration		0.1	%
Cash Equivalents1		2.4	%
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) For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Diversification3	Percentage of Total Net Assets
U.S. Government Agency Securities		17.5	%
U.S. Treasury		5.2	%
AAA / Aaa		0.1	%
AA / Aa		11.3	%
A / A		21.3	%
BBB / Baa		43.8	%
BB / Ba		0.9	%
D		0.5	%
Not Rated		1.4	%
Other Assets and Liabilities – Net2		(2.0	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description		Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 399251, 2.19%, 9/01/27D	$	54	$	56
TOTAL ADJUSTABLE RATE MORTGAGE
(COST $54)			$	56

Description		Par Value		Value
ASSET-BACKED SECURITY – 0.1%
WHOLE LOAN – 0.1%
SLM Private Education Loan Trust,
Series 2011-A, Class A1,
1.18%, 10/15/24D,W	$	263,158	$	264,059
TOTAL ASSET-BACKED SECURITY
(COST $263,158)			$	264,059

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENT

39

Wilmington Short-Term Bond Fund (continued)

Description		Par Value		Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 10.3%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 0.6%
Extended Stay America Trust,
Series 2013-ESH5, Class A15, 1.28%, 12/05/31W	$	505,000		505,747
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2007-CIBC18, Class A4, 5.44%, 6/12/47		561,273		595,292
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	1,101,039
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 3.5%
Series 1988-6, Class C, 9.05%, 6/15/19		4,566		4,800
Series 1989-112, Class I, 6.50%, 1/15/21		1,270		1,367
Series 1990-136, Class E, 6.00%, 4/15/21		3,454		3,722
Series 1990-141, Class D, 5.00%, 5/15/21		1,443		1,525
Series 1993-1577, Class PK, 6.50%, 9/15/23		47,965		53,137
Series 1993-1644, Class K, 6.75%, 12/15/23		40,232		44,672
Series 1994-1686, Class PJ, 5.00%, 2/15/24		5,061		5,409
Series 2003-2649, Class KA, 4.50%, 7/15/18		77,304		80,486
Series 2005-3062, Class LU, 5.50%, 10/15/16		1,434,579		1,452,723
Series 2011-3799, Class GK, 2.75%, 1/15/21		201,696		207,792
Series 2012-K710, Class A1, 1.44%, 1/25/19		2,377,490		2,397,568
Series 3893, Class DJ, 2.00%, 10/15/20		1,861,711		1,875,166
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	6,128,367
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 3.7%
Series 1993-113, Class PK, 6.50%, 7/25/23		41,347		46,057
Series 1993-127, Class H, 6.50%, 7/25/23		37,446		41,866
Series 1993-202, Class J, 6.50%, 11/25/23		21,085		23,547
Series 1994-3, Class PL, 5.50%, 1/25/24		42,787		46,717
Series 1994-55, Class H, 7.00%, 3/25/24		44,039		49,841
Series 2002-52, Class QA, 6.00%, 7/18/32		16,557		17,386
Series 2002-94, Class HQ, 4.50%, 1/25/18		616,759		637,140
Series 2003-3, Class BC, 5.00%, 2/25/18		464,640		487,938
Series 2009-70, Class NM, 3.25%, 8/25/19		1,100,104		1,137,249
Series 2011-66, Class QE, 2.00%, 7/25/21		736,130		745,402
Series 2011-71, Class DJ, 3.00%, 3/25/25		849,529		869,719
Series 2011-81, Class PA, 3.50%, 8/25/26		2,414,141		2,536,278
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	6,639,140
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 1.7%
Series 2005-44, Class PC, 5.00%, 12/20/33		627,531		648,361

Description		Par Value		Value
Series 2010-17, Class K, 4.00%, 3/16/22	$	2,334,073	$	2,398,099
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	3,046,460
WHOLE LOAN – 0.8%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 2.67%,  2/25/34D,S		245,285		243,480
Banc of America Mortgage Securities, Inc.,
Series 2004-B, Class 2A1, 2.66%, 3/25/34D		164,964		158,576
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1, 2.75%, 11/25/35D		1,053,658		951,404
TOTAL WHOLE LOAN			$	1,353,460
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $18,567,621)			$	18,268,466
CORPORATE BONDS – 72.0%
AEROSPACE & DEFENSE – 0.1%
L-3 Communications Corp.,
Company Guaranteed, 3.95%, 11/15/16		246,000		255,135
AUTOMOTIVE – 4.3%
American Honda Finance Corp.,
Sr. Unsecured, MTN, 1.50%, 3/13/18		1,400,000		1,407,112
Daimler Finance North America LLC,
Company Guaranteed, 1.38%, 8/01/17W		2,000,000		2,006,304
Hyundai Capital America,
Sr. Unsecured, 1.88%, 8/09/16W		400,000		403,986
Hyundai Capital America,
Sr. Unsecured, 2.00%, 3/19/18W		1,250,000		1,260,004
Johnson Controls, Inc.,
Sr. Unsecured, 1.40%, 11/02/17		1,000,000		999,207
Toyota Motor Credit Corp.,
Sr. Unsecured, MTN, 0.64%, 3/12/20D		1,500,000		1,506,806
TOTAL AUTOMOTIVE			$	7,583,419
BEVERAGES – 2.3%
Anheuser-Busch InBev Finance, Inc.,
Company Guaranteed, 0.68%, 2/01/19D		160,000		160,134
Diageo Capital PLC,
Company Guaranteed, 0.63%, 4/29/16		475,000		475,601
Diageo Capital PLC,
Company Guaranteed, 5.50%, 9/30/16		2,000,000		2,129,782
Dr. Pepper Snapple Group, Inc.,
Company Guaranteed, 2.90%, 1/15/16		1,226,000		1,243,851
TOTAL BEVERAGES			$	4,009,368
CAPITAL MARKETS – 3.2%
Branch Banking & Trust Co.,
Sr. Unsecured, BKNT, 1.00%, 4/03/17		1,500,000		1,501,487
Fifth Third Bancorp,
Subordinated, 5.45%, 1/15/17		2,500,000		2,669,450
Raymond James Financial, Inc.,
Sr. Unsecured, 4.25%, 4/15/16		1,500,000		1,545,596
TOTAL CAPITAL MARKETS			$	5,716,533

ANNUAL REPORT / April 30, 2015

40

PORTFOLIOS OF INVESTMENT

Wilmington Short-Term Bond Fund (continued)

Description		Par Value		Value
CHEMICALS – 0.6%
Monsanto Co.,
Sr. Unsecured, 1.15%, 6/30/17	$	1,000,000	$	1,004,410
COMMERCIAL BANKS – 15.3%
American Express Bank FSB,
Sr. Unsecured, BKNT, 6.00%, 9/13/17		1,400,000		1,548,380
Bank of America NA,
Sr. Unsecured, BKNT, 1.65%, 3/26/18		2,300,000		2,303,182
BB&T Corp.,
Sr. Unsecured, MTN, 0.94%, 2/01/19D		1,000,000		1,002,353
Capital One NA,
Sr. Unsecured, BKNT, 1.65%, 2/05/18		250,000		249,158
Citigroup, Inc.,
Sr. Unsecured, 1.70%, 4/27/18		1,680,000		1,674,149
Commonwealth Bank of Australia,
Sr. Unsecured, 0.67%,  3/12/18D,W		2,000,000		2,000,810
Goldman Sachs Group, Inc.,
Sr. Unsecured, 1.44%, 4/23/20D		945,000		956,290
Huntington National Bank (The),
Sr. Unsecured, 1.38%, 4/24/17		2,000,000		2,001,259
JPMorgan Chase & Co.,
Sr. Unsecured, H, 1.70%, 3/01/18		795,000		798,261
KeyBank N.A.,
Subordinated, BKNT, 5.70%, 11/01/17		900,000		988,236
KeyBank N.A.,
Subordinated, MTN, 5.45%, 3/03/16		1,000,000		1,037,793
National Australia Bank Ltd.,
Sr. Unsecured, MTN, 2.75%, 3/09/17		2,000,000		2,066,340
National City Bank,
Subordinated, BKNT, 0.63%, 6/07/17D		2,000,000		1,991,600
SunTrust Banks, Inc.,
Sr. Unsecured, 3.60%, 4/15/16		2,000,000		2,048,225
Toronto-Dominion Bank (The),
Sr. Unsecured, MTN, 0.57%, 3/13/18D		2,000,000		2,000,266
US Bancorp,
Sr. Unsecured, MTN, 0.75%, 11/15/18D		430,000		431,507
US Bancorp,
Sr. Unsecured, MTN, 0.68%, 4/25/19D		2,000,000		1,992,013
Wells Fargo & Co.,
Sr. Unsecured, MTN, 1.15%, 6/02/17		2,000,000		2,002,966
TOTAL COMMERCIAL BANKS			$	27,092,788
COMPUTERS – 1.2%
Hewlett-Packard Co.,
Sr. Unsecured, 2.13%, 9/13/15		1,000,000		1,005,013
Hewlett-Packard Co.,
Sr. Unsecured, 3.30%, 12/09/16		1,000,000		1,034,308
TOTAL COMPUTERS			$	2,039,321
DIVERSIFIED FINANCIAL SERVICES – 6.1%
American Express Credit Corp.,
Sr. Unsecured, 0.82%, 3/18/19D		800,000		800,752

Description		Par Value		Value
Capital One NA,
Sr. Unsecured, BKNT, 1.50%, 9/05/17	$	1,200,000	$	1,199,789
Charles Schwab Corp.,
Sr. Unsecured, 1.50%, 3/10/18		1,975,000		1,984,856
Ford Motor Credit Co. LLC,
Sr. Unsecured, FRN, 1.10%, 3/12/19D		1,000,000		998,256
General Electric Capital Corp.,
Company Guaranteed, 1.27%, 3/15/23D		2,000,000		2,014,993
General Motors Financial Co., Inc.,
Company Guaranteed, 4.75%, 8/15/17		200,000		211,250
John Deere Capital Corp.,
Sr. Unsecured, MTN, 1.05%, 12/15/16		2,500,000		2,511,485
JPMorgan Chase & Co.,
Sr. Unsecured, FRN, 0.91%, 1/28/19D		1,000,000		1,002,955
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	10,724,336
ELECTRIC – 3.6%
Appalachian Power Co.,
Sr. Unsecured, K, 5.00%, 6/01/17		1,000,000		1,074,704
Consolidated Edison Co. of New York, Inc.,
Series 05-C, Sr. Unsecured, 5.38%, 12/15/15		110,000		113,268
Dominion Resources, Inc.,
Sr. Unsecured, 2.25%, 9/01/15		400,000		402,100
Entergy Corp.,
Sr. Unsecured, 4.70%, 1/15/17		2,000,000		2,092,123
Exelon Generation Co. LLC,
Sr. Unsecured, 6.20%, 10/01/17		1,505,000		1,661,215
FirstEnergy Corp.,
Series A, Sr. Unsecured, 2.75%, 3/15/18		1,000,000		1,022,299
TOTAL ELECTRIC			$	6,365,709
ELECTRONICS – 1.1%
Thermo Fisher Scientific, Inc.,
Sr. Unsecured, 1.30%, 2/01/17		2,000,000		2,004,025
ENVIRONMENTAL CONTROL – 0.6%
Waste Management, Inc.,
Company Guaranteed, 2.60%, 9/01/16		1,100,000		1,120,242
FOOD PRODUCTS – 2.1%
Kroger Co.,
Sr. Unsecured, 1.20%, 10/17/16		2,600,000		2,607,372
McCormick & Co., Inc.,
Sr. Unsecured, 5.20%, 12/15/15		1,000,000		1,028,331
WM Wrigley Jr. Co.,
Sr. Unsecured, 1.40%, 10/21/16W		160,000		160,781
TOTAL FOOD PRODUCTS			$	3,796,484
FOREST PRODUCTS & PAPER – 1.3%
International Paper Co.,
Sr. Unsecured, 5.25%, 4/01/16		2,250,000		2,335,498
HEALTH CARE EQUIPMENT & SUPPLIES – 0.6%
Zimmer Holdings, Inc.,
Sr. Unsecured, 1.45%, 4/01/17		1,135,000		1,139,843

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENT

41

Wilmington Short-Term Bond Fund (continued)

Description		Par Value		Value
HEALTH CARE PROVIDERS & SERVICES – 2.3%
UnitedHealth Group, Inc.,
Sr. Unsecured, 1.40%, 10/15/17	$	3,000,000	$	3,030,177
WellPoint, Inc.,
Sr. Unsecured, 2.38%, 2/15/17		1,000,000		1,021,443
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	4,051,620
HOME FURNISHINGS – 0.5%
Whirlpool Corp.,
Sr. Unsecured, 6.50%, 6/15/16		750,000		796,127
INSURANCE – 4.2%
American International Group, Inc.,
Sr. Unsecured, MTN, 5.85%, 1/16/18		1,000,000		1,114,837
Berkshire Hathaway Finance Corp.,
Company Guaranteed, 1.60%, 5/15/17		2,000,000		2,031,816
Hartford Financial Services Group, Inc.,
Sr. Unsecured, 4.00%, 10/15/17		2,000,000		2,135,500
Principal Financial Group, Inc.,
Company Guaranteed, 1.85%, 11/15/17		1,074,000		1,085,359
WR Berkley Corp.,
Sr. Unsecured, 5.60%, 5/15/15		1,150,000		1,152,242
TOTAL INSURANCE			$	7,519,754
INTERNET – 0.1%
Alibaba Group Holding Ltd.,
Company Guaranteed, 1.63%, 11/28/17W		185,000		185,665
MEDIA – 1.2%
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
Company Guaranteed, 3.13%, 2/15/16		2,000,000		2,034,201
METALS & MINING – 0.6%
Caterpillar Financial Services Corp.,
Sr. Unsecured, 1.75%, 3/24/17		1,000,000		1,016,566
MISCELLANEOUS MANUFACTURING – 1.4%
Eaton Corp.,
Company Guaranteed, 1.50%, 11/02/17		1,000,000		1,007,036
Ingersoll-Rand Global Holding Co. Ltd.,
Company Guaranteed, 6.88%, 8/15/18		1,325,000		1,533,894
TOTAL MISCELLANEOUS MANUFACTURING			$	2,540,930
OIL & GAS – 3.0%
Anadarko Petroleum Corp.,
Sr. Unsecured, 6.38%, 9/15/17		1,500,000		1,668,515
Chevron Corp.,
Sr. Unsecured, 1.37%, 3/02/18		1,000,000		1,004,963
Husky Oil Ltd.,
Sr. Unsecured, 7.55%, 11/15/16		221,000		239,725
Phillips 66,
Company Guaranteed, 2.95%, 5/01/17		1,000,000		1,034,843
Valero Energy Corp.,
Company Guaranteed, 6.13%, 2/01/20		1,207,000		1,397,861
TOTAL OIL & GAS			$	5,345,907

Description		Par Value		Value
PHARMACEUTICALS – 3.0%
AbbVie, Inc.,
Sr. Unsecured, 1.75%, 11/06/17	$	2,000,000	$	2,013,099
Actavis Funding SCS,
Company Guaranteed, 1.35%, 3/12/18D		800,000		807,736
Actavis Funding SCS,
Company Guaranteed, 1.52%, 3/12/20D		1,410,000		1,436,559
Eli Lilly & Co.,
Sr. Unsecured, 1.25%, 3/01/18		1,000,000		1,003,164
TOTAL PHARMACEUTICALS			$	5,260,558
PIPELINES – 1.1%
Kinder Morgan, Inc.,
Company Guaranteed, 2.00%, 12/01/17		1,000,000		1,004,185
Plains All American Pipeline LP / PAA Finance Corp.,
Sr. Unsecured, 3.95%, 9/15/15		1,000,000		1,011,415
TOTAL PIPELINES			$	2,015,600
REAL ESTATE INVESTMENT TRUSTS – 6.7%
AvalonBay Communities, Inc.,
Sr. Unsecured, 3.63%, 10/01/20		1,500,000		1,587,970
BioMed Realty LP,
Company Guaranteed, 2.63%, 5/01/19		1,000,000		1,008,152
Boston Properties LP,
Sr. Unsecured, 3.70%, 11/15/18		2,000,000		2,128,565
Digital Realty Trust LP,
Company Guaranteed, 4.50%, 7/15/15		2,000,000		2,006,250
HCP, Inc.,
Sr. Unsecured, MTN, 6.30%, 9/15/16		2,000,000		2,137,472
Health Care REIT, Inc.,
Sr. Unsecured, 2.25%, 3/15/18		2,000,000		2,028,854
Ventas Realty LP,
Company Guaranteed, 1.55%, 9/26/16		1,000,000		1,007,407
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	11,904,670
RETAIL – 1.5%
CVS Caremark Corp.,
Sr. Unsecured, 1.20%, 12/05/16		2,200,000		2,215,465
Walgreen Co.,
Sr. Unsecured, 1.80%, 9/15/17		500,000		505,180
TOTAL RETAIL			$	2,720,645
SEMICONDUCTORS – 1.4%
Intel Corp.,
Sr. Unsecured, 1.35%, 12/15/17		2,500,000		2,515,877
TELECOMMUNICATIONS – 2.1%
AT&T, Inc.,
Sr. Unsecured, 1.16%, 6/30/20D		900,000		904,322
Cisco Systems, Inc.,
Sr. Unsecured, 1.10%, 3/03/17		800,000		805,546
Verizon Communications, Inc.,
Sr. Unsecured, 1.04%, 6/17/19D		2,000,000		2,018,411
TOTAL TELECOMMUNICATIONS			$	3,728,279

ANNUAL REPORT / April 30, 2015

42

PORTFOLIOS OF INVESTMENT

Wilmington Short-Term Bond Fund (continued)

Description		Par Value		Value
TRANSPORTATION – 0.5%
Ryder System, Inc., Sr. Unsecured, MTN, 3.60%, 3/01/16	$	400,000	$	408,682
Vessel Management Services, Inc., U.S. Government Guaranteed, 6.75%, 7/15/25		437,000		515,196
TOTAL TRANSPORTATION			$	923,878
TOTAL CORPORATE BONDS
(COST $127,175,328)			$	127,747,388
GOVERNMENT AGENCIES – 4.7%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 3.5%
0.88%, 10/14/16		3,000,000		3,015,553
2.00%, 8/25/16		1,000,000		1,019,973
5.13%, 10/18/16		2,000,000		2,135,161
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	6,170,687
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.1%
0.38%, 7/05/16		2,000,000		1,999,840
SMALL BUSINESS ADMINISTRATION – 0.1%
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-C, 6.70%, 3/01/16		5,026		5,166
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-K, 6.95%, 11/01/16		65,255		67,685
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-L, 6.70%, 12/01/16		33,977		34,939
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1997-E, 7.30%, 5/01/17		1,406		1,483
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1999-I, 7.30%, 9/01/19		4,011		4,334
TOTAL SMALL BUSINESS ADMINISTRATION			$	113,607
TOTAL GOVERNMENT AGENCIES
(COST $8,100,871)			$	8,284,134
MORTGAGE-BACKED SECURITIES – 7.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.7%
Pool 287773, 7.50%, 3/01/17		353		364
Pool 538733, 9.00%, 9/01/19		232		239
Pool A18401, 6.00%, 2/01/34		637,406		734,105
Pool C78010, 5.50%, 4/01/33		867,492		996,163
Pool C80328, 7.50%, 7/01/25		31,037		36,048
Pool G01425, 7.50%, 5/01/32		70,216		81,684
Pool G01831, 6.00%, 5/01/35		167,967		191,822

Description		Par Value		Value
Pool G12709, 5.00%, 7/01/22	$	139,029	$	147,240
Pool G14695, 4.50%, 6/01/26		796,339		840,590
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	3,028,255
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 5.2%
Pool 202957, 8.00%, 8/01/21		2,645		2,798
Pool 252439, 6.50%, 5/01/29		31,774		36,756
Pool 255933, 5.50%, 11/01/35		159,000		180,504
Pool 323419, 6.00%, 12/01/28		56,409		64,760
Pool 334593, 7.00%, 5/01/24		65,822		75,953
Pool 39862, 9.75%, 9/01/17		3,700		3,879
Pool 436746, 6.50%, 8/01/28		44,272		47,733
Pool 440401, 6.50%, 8/01/28		152,706		176,361
Pool 485678, 6.50%, 3/01/29		31,168		33,693
Pool 494375, 6.50%, 4/01/29		2,607		2,691
Pool 545051, 6.00%, 9/01/29		80,966		92,750
Pool 725418, 6.50%, 5/01/34		151,516		174,892
Pool 833143, 5.50%, 9/01/35		930,901		1,057,967
Pool 843323, 5.50%, 10/01/35		99,080		112,480
Pool AE2520, 3.00%, 1/01/26		392,672		413,516
Pool MA0909, 3.00%, 11/01/21		774,095		815,408
Pool MA0921, 3.00%, 12/01/21		5,631,486		5,932,038
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	9,224,179
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.3%
Pool 1061, 9.00%, 4/20/23		14,584		15,181
Pool 1886, 9.00%, 10/20/24		889		935
Pool 188603, 9.00%, 11/15/16		2,984		3,049
Pool 208196, 9.00%, 2/15/17		4,814		4,922
Pool 306066, 8.50%, 7/15/21		3,701		4,275
Pool 307983, 8.50%, 7/15/21		14,320		14,752
Pool 341948, 8.50%, 1/15/23		6,041		6,207
Pool 346572, 7.00%, 5/15/23		9,122		9,787
Pool 484269, 7.00%, 9/15/28		40,761		44,504
Pool 581522, 6.00%, 5/15/33		161,572		177,236
Pool 592505, 6.00%, 4/15/33		147,291		159,260
Pool 780440, 8.50%, 11/15/17		628		666
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	440,774
TOTAL MORTGAGE-BACKED SECURITIES
(COST $12,152,414)			$	12,693,208
MUNICIPAL BOND – 0.1%
DEVELOPMENT – 0.1%
City of Miami, FL, Rent Revenue, Series 1998, 8.65%, 7/01/19		115,000		131,530
TOTAL MUNICIPAL BOND
(COST $122,721)			$	131,530

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENT

43

Wilmington Short-Term Bond Fund (continued)

Description		Par Value		Value
U.S. TREASURY – 5.2%
U.S. TREASURY NOTES – 5.2%
0.38%, 10/31/16#	$	3,500,000	$	3,496,433
0.50%, 4/30/17		5,750,000		5,741,433
TOTAL U.S. TREASURY NOTES			$	9,237,866
TOTAL U.S. TREASURY
(COST $9,231,014)			$	9,237,866
Description		Number of Shares		Value
MONEY MARKET FUND – 1.3%
Dreyfus Cash Management Fund, Institutional Shares, 0.04%^		2,326,733	$	2,326,733
TOTAL MONEY MARKET FUND
(COST $2,326,733)			$	2,326,733
TOTAL INVESTMENTS IN SECURITIES – 100.9%
(COST $177,939,914)			$	178,953,440

Description		Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.1%
REPURCHASE AGREEMENTS – 1.1%
BNP Paribas Securities Corp., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $96,908, collateralized by U.S. Government & Treasury Securities 0.00% to 6.50%, maturing 5/01/16 to 4/20/45; total market value of $98,846.	$	96,908	$	96,908
Citigroup Global Markets, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $368,272, collateralized by U.S. Government Securities 1.61% to 8.00%, maturing 6/01/17 to 6/15/52; total market value of $375,636.		368,271		368,271
Credit Suisse Securities (USA) LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $368,272, collateralized by U.S. Government Securities 3.00% to 4.50%, maturing 8/01/38 to 4/01/45; total market value of $375,639.		368,271		368,271
Daiwa Capital Markets America, 0.16%, dated 4/30/15, due 5/01/15, repurchase price $368,273, collateralized by U.S. Government & Treasury Securities 0.00% to 9.25%, maturing 5/21/15 to 3/01/48; total market value of $375,636.		368,271		368,271
ING Financial Markets LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $368,272, collateralized by U.S. Government Securities 1.87% to 6.20%, maturing 5/01/33 to 11/01/44; total market value of $375,637.		368,271		368,271
Nomura Securities International, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $368,272, collateralized by U.S. Government & Treasury Securities 0.00% to 10.50%, maturing 5/15/15 to 3/20/64; total market value of $375,636.		368,271		368,271
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $1,938,263)			$	1,938,263
TOTAL INVESTMENTS – 102.0%
(COST $179,878,177)			$	180,891,703
COLLATERAL FOR SECURITIES ON LOAN – (1.1%)				(1,938,263	)
OTHER LIABILITIES LESS ASSETS – (0.9%)				(1,519,493	)
TOTAL NET ASSETS – 100.0%			$	177,433,947

ANNUAL REPORT / April 30, 2015

44

PORTFOLIOS OF INVESTMENT

Wilmington Short-Term Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $179,878,279. The net unrealized appreciation/(depreciation) of investments was $1,013,424. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,442,412 and net unrealized depreciation from investments for those securities having an excess of cost over value of $428,988.

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, 2015 in valuing the Fund’s assets carried at fair value:

		Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	56	$	—	$	56
Asset-Backed Security		—		264,059		—		264,059
Collateralized Mortgage Obligations		—		18,268,466		—		18,268,466
Corporate Bonds		—		127,747,388		—		127,747,388
Government Agencies		—		8,284,134		—		8,284,134
Mortgage-Backed Securities		—		12,693,208		—		12,693,208
Municipal Bond		—		131,530		—		131,530
U.S. Treasury		—		9,237,866		—		9,237,866
Money Market Fund		2,326,733		—		—		2,326,733
Repurchase Agreements		—		1,938,263		—		1,938,263
Total	$	2,326,733	$	178,564,970	$	—	$	180,891,703

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

^ 7-Day net yield.

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

S All or a portion of this security was segregated for extended settlement contracts.

W Denotes a restricted security 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, 2015, these liquid restricted securities amounted to $6,787,356 representing 3.8% of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

BKNT - Bank Note

CMBS - Commercial Mortgage-Backed Securities

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

FRN - Floating Rate Note

GNMA - Government National Mortgage Association

LLC - Limited Liability Corporation

LP - Limited Partnership

Ltd. - Limited

MTN - Medium Term Note

NA - North America

PLC - Public Limited Company

See Notes which are an integral part of the Financial Statements

April 30, 2015  / ANNUAL REPORT

45

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At April 30, 2015, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
General Obligations		25.9	%
Transportation		14.7	%
Medical		14.2	%
Higher Education		11.5	%
Dedicated Tax		9.1	%
School District		7.8	%
Water & Sewer		7.4	%
Utilities		2.4	%
Airport		2.1	%
Pre-Refunded/Escrow		2.1	%
Lease		0.8	%
Continuing Care		0.4	%
Power		0.4	%
Cash Equivalents1		0.2	%
Other Assets and Liabilities – Net2		1.0	%
TOTAL		100.0	%

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

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

(3) For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA / Aaa		18.1	%
AA / Aa		59.8	%
A / A		18.8	%
Not Rated		2.3	%
Other Assets and Liabilities – Net2		1.0	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description		Par Value		Value
MUNICIPAL BONDS – 98.8%
ALABAMA – 0.9%
HIGHER EDUCATION – 0.5%
Auburn University, AL, Advance Refunding Revenue Bonds, (Series A), 5.00%, 6/01/21	$	1,200,000	$	1,428,300
MEDICAL – 0.4%
The University of Alabama, Refunding Revenue Bonds, (Series A), 5.75%, 9/01/22D		1,000,000		1,142,920
TOTAL ALABAMA			$	2,571,220

Description		Par Value		Value
ARIZONA – 2.8%
SCHOOL DISTRICT – 0.8%
Maricopa County Unified School District No 80 Chandler, AZ, GO Limited, Economic Defeasance, 5.00%, 7/01/21	$	2,000,000	$	2,382,440
WATER & SEWER – 2.0%
Arizona Water Infrastructure Finance Authority, Revenue Bonds, Water Utility Improvements, (Series A), 5.00%, 10/01/23		3,000,000		3,393,690
City of Tucson, AZ, Refunding Revenue Bonds, (Water Revenue), 5.00%, 7/01/30		2,255,000		2,651,993
TOTAL WATER & SEWER			$	6,045,683
TOTAL ARIZONA			$	8,428,123

ANNUAL REPORT / April 30, 2015

46

PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description		Par Value		Value
CALIFORNIA – 6.4%
GENERAL OBLIGATIONS – 0.8%
Grossmont Healthcare District, CA, GO Unlimited, (Series C), (Health, Hospital & Nursing Home Improvements), 5.00%, 7/15/23	$	2,000,000	$	2,433,900
HIGHER EDUCATION – 1.7%
Los Angeles Unified School District, CA, Certificate Participation Refunding Bonds, (Series B), (Headquarters Building), 5.00%, 10/01/27		4,300,000		4,974,154
TRANSPORTATION – 2.0%
Bay Area Toll Authority, CA, Refunding Revenue Bonds, (San Francisco Bay Area), 5.00%, 4/01/26		5,000,000		5,979,950
WATER & SEWER – 1.9%
City of San Francisco Public Utilities Commission Water Revenue, CA, Refunding Revenue Bonds, (Series C), (Water Revenue), 5.00%, 11/01/27		5,000,000		5,832,750
TOTAL CALIFORNIA			$	19,220,754
COLORADO – 0.8%
AIRPORT – 0.8%
City & County of Denver Airport System Revenue, CO, Refunding Revenue Bonds, (Series B), 5.00%, 11/15/25		2,000,000		2,350,740
TOTAL COLORADO			$	2,350,740
DISTRICT OF COLUMBIA – 0.8%
DEDICATED TAX – 0.8%
District of Columbia, Refunding Revenue Bonds, (Series B), 5.00%, 12/01/27		2,000,000		2,341,120
TOTAL DISTRICT OF COLUMBIA			$	2,341,120
FLORIDA – 1.9%
HIGHER EDUCATION – 1.9%
Broward County School Board, FL, Certificate Participation Refunding Bonds,, (Series A), 5.00%, 7/01/21		3,000,000		3,537,090
St. Johns County School Board, FL, Certificate Participation Refunding Bonds, 5.00%, 7/01/20		2,000,000		2,325,280
TOTAL HIGHER EDUCATION			$	5,862,370
TOTAL FLORIDA			$	5,862,370
GEORGIA – 2.4%
GENERAL OBLIGATIONS – 2.4%
State of Georgia, GO Unlimited, (Series A-1), (Public Improvements), 5.00%, 2/01/22		6,000,000		7,291,320
TOTAL GEORGIA			$	7,291,320

Description		Par Value		Value
ILLINOIS – 6.8%
DEDICATED TAX – 1.0%
State of Illinois, Revenue Bonds, Public Improvements, (National Reinsurance FGIC), 6.00%, 6/15/26	$	2,500,000	$	3,225,100
GENERAL OBLIGATIONS – 2.3%
Metropolitan Water Reclamation District of Greater Chicago, GO Limited, (Series C-Green Bond), (Water Utility & Sewer Improvements), 5.00%, 12/01/28		5,865,000		6,924,160
MEDICAL – 0.4%
Illinois State Finance Authority, Refunding Revenue Bonds, (Series A), (Rush University Medical Center), 5.00%, 11/15/29		1,000,000		1,147,510
SCHOOL DISTRICT – 1.1%
Du Page & Will Counties, IL, Community School District No 204 Indian Prairie, GO Unlimited, Advance Refunding, (Series A), 5.00%, 12/30/19		2,785,000		3,230,934
TRANSPORTATION – 2.0%
Illinois State Toll Highway Authority, Refunding Revenue Bonds, (Series D), 5.00%, 1/01/24		5,000,000		6,016,250
TOTAL ILLINOIS			$	20,543,954
INDIANA – 1.2%
GENERAL OBLIGATIONS – 0.5%
Indianapolis-Marion County Public Library, GO Unlimited, Refunding Revenue Bonds, (State Intercept Program), 5.00%, 1/01/19		1,270,000		1,439,774
MEDICAL – 0.7%
Indiana Finance Authority, Refunding Revenue Bonds, (Series C), (Franciscan Alliance Inc., OBG), 5.00%, 11/01/21		2,000,000		2,230,660
TOTAL INDIANA			$	3,670,434
KANSAS – 1.2%
GENERAL OBLIGATIONS – 1.2%
City of Wichita, KS, GO Unlimited, Current Refunding, (Series A), 5.00%, 12/01/18		3,085,000		3,502,771
TOTAL KANSAS			$	3,502,771
MARYLAND – 17.1%
CONTINUING CARE – 0.4%
Baltimore County, MD, Revenue Refunding Bonds, (Series A), (Oak Crest Village, Inc.), 5.00%, 1/01/22		1,200,000		1,263,456
GENERAL OBLIGATIONS – 7.9%
Baltimore County, MD, GO Unlimited, Refunding Notes, 5.00%, 11/01/18		1,000,000		1,136,090

April 30, 2015  / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

47

Wilmington Municipal Bond Fund (continued)

Description		Par Value		Value
Baltimore County, MD, GO Unlimited, Refunding Notes, (Public Improvements), 5.00%, 2/01/28	$	1,000,000	$	1,171,070
Cecil County, MD, GO Unlimited, Refunding Bonds, (County Commissioners-Consolidated Public Improvements), 5.00%, 11/01/23		2,590,000		3,148,585
Charles County, MD, GO Unlimited, Refunding Bonds, (Public Improvements), 5.00%, 3/01/20		3,020,000		3,535,937
Frederick County, MD, GO Unlimited, Refunding Bonds, (Public Facilities), 5.25%, 11/01/19		1,500,000		1,760,925
Howard County, MD, GO Unlimited, Refunding Bonds, (Series B), 5.00%, 8/15/18		2,500,000		2,825,200
Montgomery County, MD, GO Unlimited, Refunding Bonds, (Series A), 5.00%, 7/01/21		2,000,000		2,407,760
Montgomery County, MD, GO Unlimited, Refunding Notes, (Public Improvements)
5.00%, 8/01/19		1,570,000		1,817,055
5.00%, 7/01/22		2,000,000		2,316,540
Prince George’s County, MD, GO Limited, Public Improvements, (Series A), 5.00%, 9/15/27		1,020,000		1,211,995
Washington Suburban Sanitary Commission, MD, GO Unlimited, Refunding Bonds, (General Construction), 6.00%, 6/01/18		1,000,000		1,152,940
Washington Suburban Sanitary Commission, MD, GO Unlimited, Water & Utility Improvements, 5.00%, 6/01/18		1,315,000		1,477,929
TOTAL GENERAL OBLIGATIONS			$	23,962,026
HIGHER EDUCATION – 1.2%
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Johns Hopkins University), 5.00%, 7/01/26		3,000,000		3,557,550
LEASE – 0.4%
Maryland Economic Development Corp., Revenue Bonds, General Improvements, (Public Health Laboratory), 5.00%, 6/01/19		1,000,000		1,147,340
MEDICAL – 2.7%
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Anne Arundel Health Systems)
5.00%, 7/01/22		1,000,000		1,173,900
5.00%, 7/01/25		1,000,000		1,157,450
5.00%, 7/01/26		1,100,000		1,264,659
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series C), (Upper Chesapeake Medical Center), 5.50%, 1/01/28		2,500,000		2,729,000
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, (Johns Hopkins Health System), 5.00%, 7/01/19		1,000,000		1,149,230

Description		Par Value		Value
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, (Series C), (Johns Hopkins Health System), 5.00%, 5/15/28	$	675,000	$	781,258
TOTAL MEDICAL			$	8,255,497
TRANSPORTATION – 3.5%
Maryland State Department of Transportation, Refunding Revenue Bonds, 5.00%, 5/01/18		825,000		924,561
Maryland State Department of Transportation, Revenue Bonds, Transit Improvements, 5.00%, 2/15/28		1,375,000		1,578,706
Maryland State Transportation Authority, Refunding Revenue Bonds
5.00%, 7/01/18		2,500,000		2,814,525
5.00%, 7/01/25		1,000,000		1,184,400
Maryland State Transportation Authority, Revenue Bonds, Highway Improvements, 5.25%, 3/01/18		3,520,000		3,949,651
TOTAL TRANSPORTATION			$	10,451,843
WATER & SEWER – 1.0%
Maryland Water Quality Financing Administration Revolving Loan Fund, Revenue Bonds, Sewer Improvements, 5.00%, 3/01/20		2,525,000		2,968,011
TOTAL MARYLAND			$	51,605,723
MASSACHUSETTS – 1.0%
WATER & SEWER – 1.0%
Massachusetts Water Resources Authority, Refunding Revenue Bonds, (Series B), (AGM), 5.25%, 8/01/27		2,325,000		2,958,051
TOTAL MASSACHUSETTS			$	2,958,051
MICHIGAN – 8.8%
DEDICATED TAX – 4.1%
Michigan Finance Authority, Refunding Revenue Bonds, (Series A), (Unemployment Obligation Assessment), 5.00%, 7/01/18		3,500,000		3,941,490
Michigan Finance Authority, Refunding Revenue Bonds, (Series B), (Unemployment Obligation Assessment), 5.00%, 7/01/21		2,000,000		2,234,060
Michigan Finance Authority, Revenue Bonds, Repayment of Bank Loan, (Series H-1), 5.00%, 10/01/25		5,215,000		6,126,008
TOTAL DEDICATED TAX			$	12,301,558
MEDICAL – 0.5%
Royal Oak Hospital Finance Authority, MI, Refunding Revenue Bonds, (Series D), (William Beaumont Hospital), 5.00%, 9/01/20		1,200,000		1,403,484

ANNUAL REPORT / April 30, 2015

48

PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description		Par Value		Value
SCHOOL DISTRICT – 3.1%
Ann Arbor School District, MI, GO Unlimited, Refunding Revenue Bonds, (Q-SBLF), 5.00%, 5/01/17	$	1,000,000	$	1,084,260
Grand Ledge Public Schools, MI, GO Unlimited, Current Refunding, (Q-SBLF)
5.00%, 5/01/22		1,195,000		1,415,358
5.00%, 5/01/24		2,810,000		3,360,732
Huron Valley School District, MI, GO Unlimited, Current Refunding, (Q-SBLF), 5.00%, 5/01/20		1,000,000		1,161,980
Troy School District, MI, GO Unlimited, Advance Refunding, (Q-SBLF), 5.00%, 5/01/20		2,085,000		2,424,188
TOTAL SCHOOL DISTRICT			$	9,446,518
UTILITIES – 1.1%
Lansing Board of Water & Light, Revenue Bonds, (Series A), 5.00%, 7/01/29		3,000,000		3,402,180
TOTAL MICHIGAN			$	26,553,740
MINNESOTA – 0.9%
MEDICAL – 0.9%
City of Rochester, MN, Refunding Revenue Bonds, (Series A), (Mayo Clinic), 4.00%, 11/15/30D		2,500,000		2,738,600
TOTAL MINNESOTA			$	2,738,600
MISSOURI – 1.3%
AIRPORT – 0.3%
City of St Louis, MO, Airport Revenue, Refunding Revenue Bonds, (Series A), (Lambert International Airport), (AGM), 5.00%, 7/01/23		1,000,000		1,074,370
MEDICAL – 1.0%
Missouri State Health & Educational Facilities Authority, MO, Refunding Revenue Bonds, (Series A), (SSM Health Care)
5.00%, 6/01/20		1,000,000		1,167,030
5.00%, 6/01/28		1,500,000		1,741,005
TOTAL MEDICAL			$	2,908,035
TOTAL MISSOURI			$	3,982,405
NEVADA – 1.1%
DEDICATED TAX – 0.7%
County of Clark, NV, Refunding Revenue Bonds, (Motor Vehicle Fuel Tax), 5.00%, 7/01/18		2,000,000		2,244,260
SCHOOL DISTRICT – 0.4%
Washoe County School District, NV, GO Limited, Refunding Revenue Bonds, (Series A), 4.00%, 6/01/18		1,000,000		1,088,170
TOTAL NEVADA			$	3,332,430

Description		Par Value		Value
NEW JERSEY – 2.5%
GENERAL OBLIGATIONS – 0.7%
County of Essex, NJ, GO Unlimited,, (Series A), ( Public Improvements), 5.00%, 8/01/19	$	1,870,000	$	2,151,828
HIGHER EDUCATION – 1.2%
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Series B), (Rowan University Project), 5.00%, 7/01/27		3,000,000		3,492,420
TRANSPORTATION – 0.6%
New Jersey State Turnpike Authority, Revenue Bonds, (Series A), (Highway Improvement), 5.00%, 1/01/27		1,645,000		1,928,565
TOTAL NEW JERSEY			$	7,572,813
NEW YORK – 7.8%
DEDICATED TAX – 3.0%
Nassau County Interim Finance Authority, NY, Refunding Revenue Bonds, (Series A), (Sales Tax), 5.00%, 11/15/21		1,960,000		2,364,740
New York City, Transitional Finance Authority, NY, Refunding Revenue Bonds, (Subseries E), 5.00%, 11/01/22		4,125,000		4,896,953
New York Local Government Assistance Corp., NY, Refunding Revenue Bonds, (Series A), (GO of Corp.), 5.00%, 4/01/19		1,500,000		1,723,500
TOTAL DEDICATED TAX			$	8,985,193
GENERAL OBLIGATIONS – 0.4%
County of Sullivan, NY, GO Limited, Refunding Revenue Bonds, (Public Improvement), 5.00%, 7/15/18		1,100,000		1,226,291
LEASE – 0.4%
Erie County Industrial Development Agency School, NY, Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 5/01/18		1,000,000		1,119,000
TRANSPORTATION – 4.0%
Metropolitan Transportation Authority, NY, Revenue Bonds, (Series B), (Transit Improvements), 5.00%, 11/15/29		3,000,000		3,464,310
New York State Thruway Authority, Refunding Revenue Bonds,, 5.00%, 1/01/30		5,500,000		6,344,745
Port Authority of New York & New Jersey, Refunding Revenue Bonds, (Port, Airport & Marina Improvements), 5.00%, 12/01/23		2,000,000		2,412,760
TOTAL TRANSPORTATION			$	12,221,815
TOTAL NEW YORK			$	23,552,299
NORTH CAROLINA – 1.0%
GENERAL OBLIGATIONS – 1.0%
City of Charlotte, NC, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 7/01/18		2,745,000		3,092,188
TOTAL NORTH CAROLINA			$	3,092,188

April 30, 2015  / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

49

Wilmington Municipal Bond Fund (continued)

Description		Par Value		Value
OHIO – 0.8%
GENERAL OBLIGATIONS – 0.8%
Akron-Summit County Public Library, OH, GO Unlimited, Refunding Revenue Bonds, 5.00%, 12/01/20	$	1,960,000	$	2,311,742
TOTAL OHIO			$	2,311,742
PENNSYLVANIA – 9.6%
DEDICATED TAX – 0.6%
Sports & Exhibition Authority of Pittsburgh & Allegheny County, PA, Refunding Revenue Bonds, (AGM), 5.00%, 2/01/23		1,520,000		1,746,328
GENERAL OBLIGATIONS – 0.9%
Pennsylvania Convention Center Authority, Revenue Bonds, ETM, (Series A), (FGIC), 6.00%, 9/01/19		2,410,000		2,786,587
HIGHER EDUCATION – 1.7%
Pennsylvania Higher Educational Facilities Authority, Current Refunding Revenue Bonds, (Series A), (University of Sciences, Philadelphia), 5.00%, 11/01/28		2,330,000		2,670,599
Pennsylvania State University, Refunding Revenue Bonds, (Series B), 5.25%, 8/15/22		1,865,000		2,280,205
TOTAL HIGHER EDUCATION			$	4,950,804
MEDICAL – 2.2%
Allegheny County Hospital Development Authority, PA, Revenue Bonds, (Series A), (UPMC, OBG), 5.00%, 10/15/22		1,430,000		1,712,382
Lancaster County Hospital Authority, PA, Refunding Revenue Bonds, (Series B), (Lancaster General Hospital, OBG)
5.00%, 3/15/19		1,485,000		1,600,043
5.00%, 3/15/23		1,770,000		1,896,803
Pennsylvania Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (University of Pennsylvania Health System, OBG), 5.00%, 8/15/18		1,200,000		1,340,448
TOTAL MEDICAL			$	6,549,676
PRE-REFUNDED/ESCROW – 2.1%
Bucks County Industrial Development Authority, PA, IDA, Revenue Bonds, ETM, (Senior Lifestyles, Inc., OBG), 10.00%, 5/15/19		4,775,000		6,431,352
SCHOOL DISTRICT – 1.6%
Hamburg Area School District, PA, GO Unlimited, Refunding Revenue Notes, (Series A), (AGM State Aid Withholding), 5.50%, 4/01/24		2,405,000		2,837,395
Pittsburgh Public Schools, PA, GO Unlimited, Refunding Revenue Bonds, (Series A), (AGM State Aid Withholding), 5.00%, 9/01/21		1,775,000		2,038,659
TOTAL SCHOOL DISTRICT			$	4,876,054

Description		Par Value		Value
TRANSPORTATION – 0.5%
Pennsylvania State Turnpike Commission, PA, Refunding Revenue Bonds, (Series B), 5.00%, 12/01/21	$	1,400,000	$	1,613,010
TOTAL PENNSYLVANIA			$	28,953,811
TENNESSEE – 0.6%
GENERAL OBLIGATIONS – 0.6%
Metropolitan Government of Nashville & Davidson County, TN, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/01/17		1,610,000		1,761,710
TOTAL TENNESSEE			$	1,761,710
TEXAS – 14.5%
AIRPORT – 1.0%
Dallas/Fort Worth International Airport, TX, Refunding Revenue Bonds, (Series D), 5.25%, 11/01/23		2,500,000		3,001,525
GENERAL OBLIGATIONS – 2.6%
City of Frisco, TX, GO Limited, Refunding Revenue Bonds, (Recreational Facilities Improvements), 5.00%, 2/15/18		2,000,000		2,225,260
County of Travis, TX, GO Limited, Refunding Revenue Bonds, 5.00%, 3/01/19		1,270,000		1,450,924
State of Texas, GO Unlimited, Highway Improvements, (Transportation Commission), 5.00%, 4/01/21		3,440,000		4,093,806
TOTAL GENERAL OBLIGATIONS			$	7,769,990
HIGHER EDUCATION – 1.8%
Harris County Cultural Education Facilities Finance Corp., TX, Refunding Revenue Bonds, (Series A), (Baylor College of Medicine, OBG)
5.00%, 11/15/18		1,690,000		1,898,732
5.00%, 11/15/19		3,105,000		3,554,697
TOTAL HIGHER EDUCATION			$	5,453,429
MEDICAL – 4.5%
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		1,121,590
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		5,365,050
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Methodist Hospital of Dallas, OBG), 5.00%, 10/01/25		6,110,000		7,173,201
TOTAL MEDICAL			$	13,659,841
SCHOOL DISTRICT – 0.8%
Mesquite Independent School District, TX, GO Unlimited, Refunding Revenue Bonds, (Series B), (PSF-GTD), 5.00%, 8/15/19		2,165,000		2,499,038

ANNUAL REPORT / April 30, 2015

50

PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description		Par Value		Value
TRANSPORTATION – 1.0%
County of Harris, TX, Refunding Revenue Bonds, (Series C), (Senior Lien-Toll Road), 5.00%, 8/15/26	$	2,420,000	$	2,818,961
UTILITIES – 1.3%
City of Houston Utility System, TX, Refunding Revenue Bonds, (Series C), (Comb-First Lien)
5.00%, 5/15/21		1,250,000		1,487,550
5.00%, 5/15/23		2,000,000		2,440,060
TOTAL UTILITIES			$	3,927,610
WATER & SEWER – 1.5%
City of Austin Water & Wastewater System, TX, Refunding Revenue Bonds, 5.00%, 5/15/20		3,810,000		4,463,948
TOTAL TEXAS			$	43,594,342
UTAH – 0.9%
MEDICAL – 0.9%
County of Utah, UT, Revenue Bonds, (IHC Health Services Inc., OBG)
5.00%, 5/15/25		1,165,000		1,346,903
5.00%, 5/15/26		1,200,000		1,381,776
TOTAL MEDICAL			$	2,728,679
TOTAL UTAH			$	2,728,679
VIRGINIA – 1.5%
HIGHER EDUCATION – 1.5%
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		4,624,920
TOTAL VIRGINIA			$	4,624,920
WASHINGTON – 3.1%
DEDICATED TAX – 0.9%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, Transit Improvements, (National Reinsurance FGIC), 5.25%, 2/01/21		2,300,000		2,687,067
GENERAL OBLIGATIONS – 1.8%
State of Washington, GO Unlimited, Refunding Revenue Bonds, (Series R-C), 5.00%, 7/01/24		4,500,000		5,463,585
POWER – 0.4%
County of Lewis Public Utility District No. 1, WA, Current Refunding Revenue Bonds, 5.25%, 10/01/28		1,000,000		1,187,140
TOTAL WASHINGTON			$	9,337,792

Description		Par Value		Value
WISCONSIN – 1.1%
TRANSPORTATION – 1.1%
Wisconsin Department of Transportation, Refunding Revenue Bonds, (Series 2), 5.00%, 7/01/19	$	1,500,000	$	1,727,805
Wisconsin Department of Transportation, Revenue Bonds, (Series 1), (Highway Improvements), 5.00%, 7/01/22		1,500,000		1,732,110
TOTAL TRANSPORTATION			$	3,459,915
TOTAL WISCONSIN			$	3,459,915
TOTAL MUNICIPAL BONDS
(COST $289,033,504)			$	297,943,966
		Number of Shares
MONEY MARKET FUND – 0.2%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^		646,674	$	646,674
TOTAL MONEY MARKET FUND
(COST $646,674)			$	646,674
TOTAL INVESTMENTS – 99.0%
(COST $289,680,178)			$	298,590,640
OTHER ASSETS LESS LIABILITIES – 1.0%				2,919,827
TOTAL NET ASSETS – 100.0%			$	301,510,467

April 30, 2015  / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

51

Wilmington Municipal Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $289,680,178. The net unrealized appreciation/(depreciation) of investments was $8,910,462. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $9,744,260 and net unrealized depreciation from investments for those securities having an excess of cost over value of $833,798.

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2015 in valuing the Fund’s assets carried at fair value:

		Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	297,943,966	$	—	$	297,943,966
Money Market Fund		646,674		—		—		646,674
Total	$	646,674	$	297,943,966	$	—	$	298,590,640

^ 7-Day net yield.

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

The following acronyms are used throughout this Fund:

AGM - Assured Guaranty Municipal

ETM - Escrowed to Maturity

FGIC - Financial Guarantee Insurance Company

GO - General Obligation

GTD - Guaranteed

IDA - Industrial Development Authority/Agency

OBG - Obligation

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

UPMC - University of Pittsburgh Medical Center

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

52

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At April 30, 2015, the Fund’s portfolio classifications were as follows (unaudited):

	Percentage of Total Net Assets
General Obligations		16.9%
Dedicated Tax		15.2%
Lease		14.1%
Transportation		12.9%
School District		9.8%
Medical		8.8%
Water & Sewer		7.1%
Higher Education		4.8%
Pre-Refunded/Escrow		4.8%
Power		3.6%
Cash Equivalents1		3.5%
Other Assets and Liabilities – Net2		(1.5)%
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) For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA / Aaa		5.5%
AA / Aa		65.2%
A / A		16.8%
Not Rated		14.0%
Other Assets and Liabilities – Net2		(1.5)%
TOTAL		100.0%

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description	Par Value		Value
MUNICIPAL BONDS – 98.0%
NEW YORK – 98.0%
DEDICATED TAX – 15.2%
Nassau County Interim Finance Authority, Refunding Revenue Bonds, (Series A), 5.00%, 11/15/21	$	1,000,000	$	1,206,500
New York Local Government Assistance Corp., Refunding Revenue Notes, (Series A), (GO of Corp.), 5.00%, 4/01/20		3,000,000		3,541,410
New York State Dormitory Authority, Revenue Bonds, University & College Improvements, (Series A), 5.00%, 3/15/25		5,100,000		6,190,074

Description	Par Value		Value
New York State Thruway Authority, Revenue Bonds, Public Improvements, (Series A), 5.25%, 3/15/23	$	1,000,000	$	1,106,070
New York State Thruway Authority, Revenue Bonds, Transit Improvements, (Series A), 5.00%, 3/15/27		1,000,000		1,118,900
TOTAL DEDICATED TAX			$	13,162,954
GENERAL OBLIGATIONS – 16.9%
County of Albany NY, AD Velorem Property Tax, GO, Refunding Bonds, 5.00%, 9/15/20		2,595,000		3,067,601
New York Municipal Bond Bank Agency, Refunding Revenue Bonds, (Subseries B1)/(AGM), 5.00%, 4/15/21		3,000,000		3,400,500
New York State, GO Unlimited, Highway Improvements, (Series E), (State Aid Withholding), 5.00%, 12/15/21		2,090,000		2,542,527

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS

53

Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
Town of Brookhaven NY, Refunding Bonds, Economic Defeasance, AD Velorem Property Tax, 5.00%, 5/01/19	$	1,000,000	$	1,149,360
Town of Hempstead NY, Refunding Bonds, Public Improvements, (Series A), AD Velorem Property Tax, 5.00%, 8/15/19		2,100,000		2,369,451
Town of Islip NY, GO, Refunding Bonds, AD Valorem Property Tax, 5.00%, 2/01/19		1,795,000		2,046,641
TOTAL GENERAL OBLIGATIONS			$	14,576,080
HIGHER EDUCATION – 4.8%
New York State Dormitory Authority, Revenue Bond, University and College Improvements, (Series A), 5.00%, 7/01/28		1,000,000		1,165,980
New York State Dormitory Authority, Revenue Bonds, University College Improvements, (Series A), 5.00%, 7/01/21		1,000,000		1,191,860
New York State Dormitory Authority, University & College Improvements, (Series A), (NATL-RE), 6.00%, 7/01/19		1,500,000		1,770,120
TOTAL HIGHER EDUCATION			$	4,127,960
LEASE – 14.1%
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		1,099,890
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		3,511,710
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		3,119,962
New York State Dormitory Authority, Refunding Revenue Bonds, (AGM), 5.00%, 7/01/18		1,000,000		1,084,940
New York State Urban Development Corp., Refunding Revenue Notes, (Series B), 5.25%, 1/01/23		3,000,000		3,388,320
TOTAL LEASE			$	12,204,822
MEDICAL – 8.8%
Monroe County, NY, IDA, Refunding Revenue Bonds, (Highland Hospital Rochester Project), 5.00%, 8/01/22		1,000,000		1,010,250
New York State Dormitory Authority, Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (NYU Hospitals Center), 5.00%, 7/01/27		4,650,000		5,441,384
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		1,175,276
TOTAL MEDICAL			$	7,626,910

Description	Par Value		Value
POWER – 3.6%
New York Power Authority/The, Revenue Refunding Bonds, (Series A), (GO of Authority), 5.00%, 11/15/22	$	2,575,000	$	3,137,972
PRE-REFUNDED/ESCROW – 4.8%
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series Y), (CAPMAC - ITC GO of Authority), 6.13%, 1/01/21		3,500,000		4,177,040
SCHOOL DISTRICT – 9.8%
Chester Union Free School District, GO Unlimited, Refunding Bonds, (State Aid Withholding), 5.00%, 4/15/27		1,555,000		1,796,212
Commack Union Free School District/NY, Refunding Bonds, (GO, State Aid Withholding), 4.00%, 11/15/21		1,625,000		1,853,719
New York State Dormitory Authority, Revenue Refunding Bonds, School Improvements, (Series C), (State Aid Withholding), 7.25%, 10/01/28		3,000,000		3,633,210
Union Free School District of The Tarrytowns, Refunding Bonds, Economic Defeasance, (Series A), (State Aid Withholding), 5.00%, 1/15/19		1,000,000		1,142,450
TOTAL SCHOOL DISTRICT			$	8,425,591
TRANSPORTATION – 12.9%
Metropolitan Transportation Authority, NY, Revenue Bonds, Transit Improvements, (Series B), 5.00%, 11/15/22		1,000,000		1,104,580
Metropolitan Transportation Authority, NY Revenue, Revenue Refunding Bonds, Transit Improvements, (Series B), 5.00%, 11/15/29		2,000,000		2,309,540
Metropolitan Transportation Authority, NY Revenue, Revenue Refunding Bonds, Transit Improvements, (Series E), 5.00%, 11/15/28		2,000,000		2,320,040
Port Authority of New York & New Jersey, Refunding Revenue Bonds, Airport & Marina Improvements, (Series B), 5.00%, 12/01/23		3,000,000		3,619,140
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series B), 5.00%, 11/15/28		1,500,000		1,784,430
TOTAL TRANSPORTATION			$	11,137,730
WATER & SEWER – 7.1%
Nassau County Sewer & Storm Water Finance Authority, Refunding Revenue Bonds, 5.00%, 10/01/26		1,500,000		1,824,555
New York City Water & Sewer System, (Series BB), Refunding Revenue Bonds, 5.00%, 6/15/28		3,595,000		4,298,937
TOTAL WATER & SEWER			$	6,123,492
TOTAL NEW YORK			$	84,700,551
TOTAL MUNICIPAL BONDS (COST $80,627,884)			$	84,700,551

ANNUAL REPORT / April 30, 2015

54

PORTFOLIOS OF INVESTMENTS

Wilmington New York Municipal Bond Fund (concluded)

Description	Number of Shares		Value
MONEY MARKET FUND – 3.5%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^	3,020,527	$	3,020,527
TOTAL MONEY MARKET FUND (COST $3,020,527)		$	3,020,527

Description		Value
TOTAL INVESTMENTS – 101.5% (COST $83,648,411)	$	87,721,078
OTHER LIABILITIES LESS ASSETS – (1.5%)		(1,327,874	)
TOTAL NET ASSETS – 100.0%	$	86,393,204

Cost of investments for Federal income tax purposes is $83,648,411. The net unrealized appreciation/(depreciation) of investments was $4,072,667. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $4,196,321 and net unrealized depreciation from investments for those securities having an excess of cost over value of $123,654.

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, 2015 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	84,700,551	$	—	$	84,700,551
Money Market Fund		3,020,527		—		—		3,020,527
Total	$	3,020,527	$	84,700,551	$	—	$	87,721,078

^ 7-Day net yield.

The following acronyms are used throughout this Fund:

AGM - Assured Guaranty Municipal

CAPMAC - Capital Markets Assurance Corporation

GO - General Obligation

IDA - Industrial Development Authority/Agency

NATL-RE - National Public Finance Guarantee Corporation

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES

55

April 30, 2015	Wilmington Broad Market Bond Fund				Wilmington Intermediate-Term    Bond Fund				Wilmington Short-Term Bond Fund
ASSETS:
Investments, at identified cost		$	430,448,443			$	140,137,185			$	179,878,177
Investments in securities, at value (Including $14,370,775, $11,533,330 and $1,898,064 of securities on loan, respectively) (Note 2)		$	440,882,285			$	142,787,952			$	180,891,703
Interest receivable			2,487,914				874,366				798,942
Receivable for shares sold			824,914				158,145				101,377
Receivable for investments sold			—				—				4,489,286
Other assets			19,593				17,882				54,280
TOTAL ASSETS			444,214,706				143,838,345				186,335,588
LIABILITIES:
Payable for investments purchased			9,465,111				774,186				6,638,847
Collateral for securities on loan			14,787,122				11,881,900				1,938,263
Income distribution payable			767,214				174,791				199,679
Payable for shares redeemed			71,683				6,390				51,072
Payable for distribution services fee			1,189				934				2,164
Payable for shareholder services fee			475				374				—
Other accrued expenses			86,000				37,140				71,616
TOTAL LIABILITIES			25,178,794				12,875,715				8,901,641
NET ASSETS		$	419,035,912			$	130,962,630			$	177,433,947
NET ASSETS CONSIST OF:
Paid-in capital		$	408,249,256			$	128,149,138			$	177,101,213
Undistributed (distributions in excess of) net investment income			(138,104	)			3,913				(116,113	)
Accumulated net realized gain (loss) on investments			490,918				158,812				(564,679	)
Net unrealized appreciation (depreciation) of investments			10,433,842				2,650,767				1,013,526
TOTAL NET ASSETS		$	419,035,912			$	130,962,630			$	177,433,947
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	5,726,007			$	4,389,003			$	10,495,042
Shares outstanding (unlimited shares authorized)			575,318				437,916				1,038,952
Net Asset Value per share		$	9.95			$	10.02			$	10.10
Offering price per share*		$	10.42	***		$	10.49	***		$	10.28	**
Class I
Net Assets		$	413,309,905			$	126,573,627			$	166,938,905
Shares outstanding (unlimited shares authorized)			42,235,278				12,622,255				16,521,929
Net Asset Value per share		$	9.79			$	10.03			$	10.10

* 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, 2015

56

STATEMENTS OF ASSETS AND LIABILITIES (concluded)

April 30, 2015	Wilmington     Municipal     Bond     Fund				Wilmington       New York       Municipal Bond       Fund
ASSETS:
Investments, at identified cost		$	289,680,178			$	83,648,411
Investments in securities, at value		$	298,590,640			$	87,721,078
Interest receivable			3,700,462				1,051,750
Receivable for shares sold			355,014				101,269
Receivable for investments sold			2,135,183				—
Other assets			25,475				12,631
TOTAL ASSETS			304,806,774				88,886,728
LIABILITIES:
Payable for investments purchased			2,435,800				2,287,270
Income distribution payable			479,432				153,729
Payable for shares redeemed			299,928				14,898
Payable for distribution services fee			8,810				4,723
Other accrued expenses			72,337				32,904
TOTAL LIABILITIES			3,296,307				2,493,524
NET ASSETS		$	301,510,467			$	86,393,204
NET ASSETS CONSIST OF:
Paid-in capital		$	289,247,334			$	83,237,386
Undistributed (distributions in excess of) net investment income			9				12
Accumulated net realized gain (loss) on investments			3,352,662				(916,861	)
Net unrealized appreciation (depreciation) of investments			8,910,462				4,072,667
TOTAL NET ASSETS		$	301,510,467			$	86,393,204
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	41,606,617			$	22,691,539
Shares outstanding (unlimited shares authorized)			3,102,600				2,128,587
Net Asset Value per share		$	13.41			$	10.66
Offering price per share*		$	14.04	***		$	11.16	***
Class I
Net Assets		$	259,903,850			$	63,701,665
Shares outstanding (unlimited shares authorized)			19,373,793				5,972,625
Net Asset Value per share		$	13.42			$	10.67

* 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, 2015 / ANNUAL REPORT

STATEMENTS OF OPERATIONS

57

Year Ended April 30, 2015	Wilmington   Broad Market   Bond Fund				Wilmington    Intermediate-Term    Bond Fund				Wilmington Short-Term Bond Fund
INVESTMENT INCOME:
Dividends		$	3,662			$	365			$	578
Interest			9,048,342				2,849,146				1,979,018
Securities lending income			15,655				15,215				4,918
TOTAL INVESTMENT INCOME			9,067,659				2,864,726				1,984,514
EXPENSES:
Investment advisory fee			1,615,592				640,851				662,339
Administrative personnel and services fee			102,539				40,366				43,647
Portfolio accounting and administration fees			118,049				55,677				55,113
Transfer and dividend disbursing agent fees and expenses			120,470				14,551				76,398
Trustees’ fees			33,066				33,066				34,142
Professional fees			55,776				52,855				50,351
Distribution services fee—Class A			14,782				12,209				12,592
Shareholder services fee—Class A			13,965				10,713				12,592
Shareholder services fee— Class I			834,644				321,659				348,398
Share registration costs			30,072				29,337				40,077
Printing and postage			29,609				7,670				22,368
Custodian fees			14,062				5,453				5,904
Miscellaneous			37,737				26,450				29,829
TOTAL EXPENSES			3,020,363				1,250,857				1,393,750
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(114,984	)			(142,633	)			(216,886	)
Waiver of shareholder services fee—Class A			(8,869	)			(7,325	)			(12,592	)
Waiver of shareholder services fee—Class I			(834,644	)			(321,659	)			(348,398	)
TOTAL WAIVERS AND REIMBURSEMENTS			(958,497	)			(471,617	)			(577,876	)
Net expenses			2,061,866				779,240				815,874
Net investment income (loss)			7,005,793				2,085,486				1,168,640
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			1,180,857				1,055,386				1,039,742
Net change in unrealized appreciation (depreciation) of investments			4,734,634				147,780				(1,132,613	)
Net realized and unrealized gain (loss) on investments			5,915,491				1,203,166				(92,871	)
Change in net assets resulting from operations		$	12,921,284			$	3,288,652			$	1,075,769

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

58

STATEMENTS OF OPERATIONS (concluded)

Year Ended April 30, 2015	Wilmington    Municipal Bond    Fund				Wilmington New York Municipal Bond Fund
INVESTMENT INCOME:
Dividends		$	518			$	215
Interest			6,256,478				2,488,068
TOTAL INVESTMENT INCOME			6,256,996				2,488,283
EXPENSES:
Investment advisory fee			1,120,660				431,259
Administrative personnel and services fee			71,012				27,176
Portfolio accounting and administration fees			88,248				37,848
Transfer and dividend disbursing agent fees and expenses			21,540				19,483
Trustees’ fees			34,142				33,067
Professional fees			50,085				51,212
Distribution services fee—Class A			58,293				58,838
Shareholder services fee—Class A			58,293				58,838
Shareholder services fee— Class I			529,693				165,956
Share registration costs			34,749				11,238
Printing and postage			13,135				8,711
Custodian fees			5,550				2,231
Miscellaneous			35,183				23,771
TOTAL EXPENSES			2,120,583				929,628
Waiver/reimbursement by investment advisor			(172,430	)			(115,481	)
Waiver of shareholder services fee—Class A			(58,293	)			(58,838	)
Waiver of shareholder services fee—Class I			(529,693	)			(165,956	)
TOTAL WAIVERS AND REIMBURSEMENTS			(760,416	)			(340,275	)
Net expenses			1,360,167				589,353
Net investment income (loss)			4,896,829				1,898,930
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			4,741,241				1,153,442
Net change in unrealized appreciation (depreciation) of investments			(4,378,999	)			(261,875	)
Net realized and unrealized gain (loss) on investments			362,242				891,567
Change in net assets resulting from operations		$	5,259,071			$	2,790,497

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS

59

	Wilmington              Broad Market Bond Fund								Wilmington          Intermediate-Term Bond Fund
	Year Ended April 30, 2015				Year Ended April 30, 2014				Year Ended April 30, 2015				Year Ended April 30, 2014
OPERATIONS:
Net investment income (loss)		$	7,005,793			$	5,756,092			$	2,085,486			$	2,887,297
Net realized gain (loss) on investments			1,180,857				1,506,274				1,055,386				3,297,446
Net change in unrealized appreciation (depreciation) of investments			4,734,634				(8,193,649	)			147,780				(7,248,008	)
Change in net assets resulting from operations			12,921,284				(931,283	)			3,288,652				(1,063,265	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A			(111,927	)			(150,759	)			(61,884	)			(109,480	)
Class I			(7,422,566	)			(6,144,802	)			(2,043,707	)			(2,990,544	)
Distributions from net realized gain on investments
Class A			(12,666	)			(97,771	)			(77,971	)			(195,175	)
Class I			(826,640	)			(3,020,042	)			(2,037,153	)			(4,510,730	)
Change in net assets resulting from distributions to shareholders			(8,373,799	)			(9,413,374	)			(4,220,715	)			(7,805,929	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			281,884				397,474				283,137				406,678
Class I			225,471,169				103,588,127				28,291,499				15,145,445
Distributions reinvested
Class A			96,494				202,092				123,207				262,321
Class I			5,137,468				6,401,734				2,935,015				5,381,943
Cost of shares redeemed
Class A			(729,595	)			(1,289,768	)			(1,261,266	)			(4,718,243	)
Class I			(68,277,128	)			(128,571,321	)			(40,271,354	)			(77,116,045	)
Change in net assets resulting from share transactions			161,980,292				(19,271,662	)			(9,899,762	)			(60,637,901	)
Change in net assets			166,527,777				(29,616,319	)			(10,831,825	)			(69,507,095	)
NET ASSETS:
Beginning of year			252,508,135				282,124,454				141,794,455				211,301,550
End of year		$	419,035,912			$	252,508,135			$	130,962,630			$	141,794,455
Undistributed (distributions in excess of) net investment income included in net assets at end of year		$	(138,104	)		$	52,413			$	3,913			$	13,616
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			28,602				39,734				28,185				39,572
Class I			23,117,542				10,775,486				2,818,657				1,480,562
Distributions reinvested
Class A			9,727				20,770				12,296				25,907
Class I			526,065				669,184				292,860				532,221
Shares redeemed
Class A			(73,684	)			(131,826	)			(125,261	)			(461,039	)
Class I			(6,998,032	)			(13,300,706	)			(3,999,979	)			(7,515,739	)
Net change in shares outstanding			16,610,220				(1,927,358	)			(973,242	)			(5,898,516	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

60

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington              Short-Term Bond Fund						Wilmington              Municipal Bond Fund
	Year Ended April 30, 2015			Year Ended April 30, 2014				Year Ended April 30, 2015			Year Ended April 30, 2014
OPERATIONS:
Net investment income (loss)	$	1,168,640		$	1,433,335			$	4,896,829			$	5,158,237
Net realized gain (loss) on investments		1,039,742			758,765				4,741,241				405,169
Net change in unrealized appreciation (depreciation) of investments		(1,132,613	)		(767,735	)			(4,378,999	)			(5,734,444	)
Change in net assets resulting from operations		1,075,769			1,424,365				5,259,071				(171,038	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(39,082	)		(21,534	)			(427,862	)			(355,276	)
Class I		(1,231,142	)		(1,585,102	)			(4,468,958	)			(4,799,158	)
Distributions from net realized gain on investments
Class A		(43,075	)		(26,033	)			(139,702	)			(160,333	)
Class I		(1,101,622	)		(1,316,952	)			(1,659,743	)			(1,925,141	)
Change in net assets resulting from distributions to shareholders		(2,414,921	)		(2,949,621	)			(6,696,265	)			(7,239,908	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		1,774,216			1,557,418				491,276				420,090
Class I		28,313,830			71,435,316				40,701,052				29,110,066
Proceeds from merger (Note 8)					—
Class A		7,021,999			—				27,966,651				—
Class I		80,458,298			—				60,097,517				—
Distributions reinvested
Class A		48,598			28,820				412,194				364,230
Class I		1,328,578			1,857,787				2,439,629				2,755,866
Cost of shares redeemed
Class A		(1,077,901	)		(1,897,685	)			(3,919,924	)			(4,519,792	)
Class I		(106,936,255	)		(89,330,926	)			(41,871,708	)			(73,438,014	)
Change in net assets resulting from share transactions		10,931,363			(16,349,270	)			86,316,687				(45,307,554	)
Change in net assets		9,592,211			(17,874,526	)			84,879,493				(52,718,500	)
NET ASSETS:
Beginning of year		167,841,736			185,716,262				216,630,974				269,349,474
End of year	$	177,433,947		$	167,841,736			$	301,510,467			$	216,630,974
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(116,113	)	$	—			$	9			$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		174,101			151,906				36,432				31,677
Class I		2,785,307			6,975,513				3,006,490				2,196,580
Shares issued in fund merger (Note 8)
Class A		694,098			—				2,047,329				—
Class I		7,950,847			—				4,397,825				—
Distributions reinvested
Class A		4,808			2,817				30,537				27,613
Class I		131,229			181,585				180,783				209,590
Shares redeemed
Class A		(106,396	)		(185,398	)			(290,087	)			(339,715	)
Class I		(10,482,747	)		(8,698,195	)			(3,095,411	)			(5,542,848	)
Net change in shares outstanding		1,151,247			(1,571,772	)			6,313,898				(3,417,103	)

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

61

	Wilmington New York               Municipal Bond Fund
	Year Ended April 30, 2015				Year Ended April 30, 2014
OPERATIONS:
Net investment income (loss)		$	1,898,930			$	1,943,419
Net realized gain (loss) on investments			1,153,442				(444,597	)
Net change in unrealized appreciation (depreciation) of investments			(261,875	)			(1,760,539	)
Change in net assets resulting from operations			2,790,497				(261,717	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A			(453,609	)			(472,576	)
Class I			(1,445,312	)			(1,495,704	)
Change in net assets resulting from distributions to shareholders			(1,898,921	)			(1,968,280	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			102,135				59,253
Class I			12,661,038				13,374,234
Distributions reinvested
Class A			291,257				317,176
Class I			763,540				771,233
Cost of shares redeemed
Class A			(2,230,641	)			(6,715,267	)
Class I			(19,712,017	)			(21,660,012	)
Change in net assets resulting from share transactions			(8,124,688	)			(13,853,383	)
Change in net assets			(7,233,112	)			(16,083,380	)
NET ASSETS:
Beginning of year			93,626,316				109,709,696
End of year		$	86,393,204			$	93,626,316
Undistributed (distributions in excess of) net investment income included in net assets at end of year		$	12			$	3
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			9,595				5,721
Class I			1,185,490				1,281,297
Distributions reinvested
Class A			27,290				30,500
Class I			71,480				74,111
Shares redeemed
Class A			(209,544	)			(639,851	)
Class I			(1,846,064	)			(2,086,881	)
Net change in shares outstanding			(761,753	)			(1,335,103	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

62

FINANCIAL HIGHLIGHTS

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

  WILMINGTON BROAD MARKET BOND FUND

CLASS A	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$9.80			$10.19			$10.23			$10.16			$10.05
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.17			0.20			0.23			0.32			0.38
Net Realized and Unrealized Gain (Loss) on Investments		0.19			(0.21	)		0.17			0.33			0.26
Total Income (Loss) From Operations		0.36			(0.01	)		0.40			0.65			0.64
Less Distributions From:
Net Investment Income		(0.19	)		(0.23	)		(0.25	)		(0.33	)		(0.38	)
Net Realized Gains		(0.02	)		(0.15	)		(0.19	)		(0.25	)		(0.15	)
Total Distributions		(0.21	)		(0.38	)		(0.44	)		(0.58	)		(0.53	)
Net Asset Value, End of Year		$9.95			$9.80			$10.19			$10.23			$10.16
Total Return(b)		3.69	%		(0.03	)%		3.93	%		6.54	%		6.50	%
Net Assets, End of Year (000’s)		$5,726			$5,983			$6,951			$8,431			$6,602
Ratios to Average Net Assets
Gross Expense		1.12	%		1.15	%		1.17	%		1.25	%		1.28	%
Net Expenses(c)		0.94	%		0.98	%		0.99	%		1.00	%		1.00	%
Net Investment Income (Loss)		1.74	%		2.09	%		2.23	%		3.12	%		3.76	%
Portfolio Turnover Rate		45	%		113	%		106	%		93	%		128	%
CLASS I	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$9.63			$10.03			$10.07			$10.01			$9.90
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.20			0.23			0.26			0.35			0.41
Net Realized and Unrealized Gain (Loss) on Investments		0.20			(0.22	)		0.17			0.32			0.26
Total Income (Loss) From Operations		0.40			0.01			0.43			0.67			0.67
Less Distributions From:
Net Investment Income		(0.22	)		(0.26	)		(0.28	)		(0.36	)		(0.41	)
Net Realized Gains		(0.02	)		(0.15	)		(0.19	)		(0.25	)		(0.15	)
Total Distributions		(0.24	)		(0.41	)		(0.47	)		(0.61	)		(0.56	)
Net Asset Value, End of Year		$9.79			$9.63			$10.03			$10.07			$10.01
Total Return(b)		4.12	%		0.16	%		4.32	%		6.90	%		6.93	%
Net Assets, End of Year (000’s)		$413,310			$246,525			$275,173			$291,976			$209,386
Ratios to Average Net Assets
Gross Expense		0.88	%		0.92	%		0.92	%		1.00	%		1.03	%
Net Expenses(c)		0.60	%		0.65	%		0.64	%		0.66	%		0.66	%
Net Investment Income (Loss)		2.07	%		2.41	%		2.57	%		3.47	%		4.12	%
Portfolio Turnover Rate		45	%		113	%		106	%		93	%		128	%

(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, 2015 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued)

63

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

  WILMINGTON INTERMEDIATE-TERM BOND FUND

CLASS A	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$10.10			$10.60			$10.64			$10.76			$10.63
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.13			0.14			0.18			0.24			0.34
Net Realized and Unrealized Gain (Loss) on Investments		0.09			(0.19	)		0.13			0.28			0.24
Total Income (Loss) From Operations		0.22			(0.05	)		0.31			0.52			0.58
Less Distributions From:
Net Investment Income		(0.13	)		(0.15	)		(0.19	)		(0.25	)		(0.35	)
Net Realized Gains		(0.17	)		(0.30	)		(0.16	)		(0.39	)		(0.10	)
Total Distributions		(0.30	)		(0.45	)		(0.35	)		(0.64	)		(0.45	)
Net Asset Value, End of Year		$10.02			$10.10			$10.60			$10.64			$10.76
Total Return(b)		2.14	%		(0.40	)%		2.90	%		4.96	%		5.51	%
Net Assets, End of Year (000’s)		$4,389			$5,279			$9,730			$12,961			$6,744
Ratios to Average Net Assets
Gross Expense		1.15	%		1.12	%		1.14	%		1.35	%		1.43	%
Net Expenses(c)		0.89	%		0.91	%		0.94	%		1.00	%		1.01	%
Net Investment Income (Loss)		1.25	%		1.38	%		1.69	%		2.22	%		3.18	%
Portfolio Turnover Rate		45	%		43	%		52	%		253	%		485	%
CLASS I	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$10.10			$10.60			$10.65			$10.77			$10.64
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.16			0.17			0.22			0.28			0.38
Net Realized and Unrealized Gain (Loss) on Investments		0.10			(0.18	)		0.11			0.27			0.24
Total Income (Loss) From Operations		0.26			(0.01	)		0.33			0.55			0.62
Less Distributions From:
Net Investment Income		(0.16	)		(0.19	)		(0.22	)		(0.28	)		(0.39	)
Net Realized Gains		(0.17	)		(0.30	)		(0.16	)		(0.39	)		(0.10	)
Total Distributions		(0.33	)		(0.49	)		(0.38	)		(0.67	)		(0.49	)
Net Asset Value, End of Year		$10.03			$10.10			$10.60			$10.65			$10.77
Total Return(b)		2.57	%		(0.09	)%		3.15	%		5.33	%		5.96	%
Net Assets, End of Year (000’s)		$126,574			$136,516			$201,572			$253,419			$107,625
Ratios to Average Net Assets
Gross Expense		0.93	%		0.91	%		0.89	%		1.09	%		1.17	%
Net Expenses(c)		0.57	%		0.60	%		0.60	%		0.64	%		0.66	%
Net Investment Income (Loss)		1.57	%		1.69	%		2.03	%		2.58	%		3.54	%
Portfolio Turnover Rate		45	%		43	%		52	%		253	%		485	%

(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, 2015

64

FINANCIAL HIGHLIGHTS (continued)

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

 WILMINGTON SHORT-TERM BOND FUND

CLASS A	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$10.23			$10.33			$10.28			$10.29			$10.21
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.07			0.07			0.09			0.12			0.16
Net Realized and Unrealized Gain (Loss) on Investments		(0.02	)		0.00	(b)		0.08			0.03			0.10
Total Income (Loss) From Operations		0.05			0.07			0.17			0.15			0.26
Less Distributions From:
Net Investment Income		(0.06	)		(0.08	)		(0.09	)		(0.12	)		(0.17	)
Net Realized Gains		(0.12	)		(0.09	)		(0.03	)		(0.04	)		(0.01	)
Total Distributions		(0.18	)		(0.17	)		(0.12	)		(0.16	)		(0.18	)
Net Asset Value, End of Year		$10.10			$10.23			$10.33			$10.28			$10.29
Total Return(c)		0.51	%		0.68	%		1.66	%		1.48	%		2.57	%
Net Assets, End of Year (000’s)		$10,495			$2,785			$3,129			$8,912			$11,905
Ratios to Average Net Assets
Gross Expense		1.17	%		1.19	%		1.20	%		1.37	%		1.45	%
Net Expenses(d)		0.78	%		0.83	%		0.86	%		0.86	%		0.86	%
Net Investment Income (Loss)		0.71	%		0.64	%		0.89	%		1.16	%		1.57	%
Portfolio Turnover Rate		138	%		196	%		110	%		73	%		142	%
CLASS I	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$10.23			$10.33			$10.28			$10.29			$10.21
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.08			0.09			0.12			0.15			0.18
Net Realized and Unrealized Gain (Loss) on Investments		0.00	(b)		0.00	(b)		0.08			0.03			0.10
Total Income (Loss) From Operations		0.08			0.09			0.20			0.18			0.28
Less Distributions From:
Net Investment Income		(0.09	)		(0.10	)		(0.12	)		(0.15	)		(0.19	)
Net Realized Gains		(0.12	)		(0.09	)		(0.03	)		(0.04	)		(0.01	)
Total Distributions		(0.21	)		(0.19	)		(0.15	)		(0.19	)		(0.20	)
Net Asset Value, End of Year		$10.10			$10.23			$10.33			$10.28			$10.29
Total Return(c)		0.76	%		0.90	%		1.91	%		1.74	%		2.83	%
Net Assets, End of Year (000’s)		$166,939			$165,057			$182,588			$189,176			$176,531
Ratios to Average Net Assets
Gross Expense		0.96	%		0.97	%		0.96	%		1.11	%		1.20	%
Net Expenses(d)		0.56	%		0.61	%		0.61	%		0.61	%		0.61	%
Net Investment Income (Loss)		0.81	%		0.86	%		1.12	%		1.42	%		1.81	%
Portfolio Turnover Rate		138	%		196	%		110	%		73	%		142	%

(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, 2015 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued)

65

For a share outstanding throughout each period:

 WILMINGTON MUNICIPAL BOND FUND^†

CLASS A	Year Ended     April 30, 2015			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
Net Asset Value, Beginning of Period		$13.40			$13.75			$13.79			$13.18			$13.22			$12.64
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.25			0.27			0.24			0.29			0.42			0.46
Net Realized and Unrealized Gain (Loss) on Investments		0.13			(0.23	)		0.27			0.78			0.04			0.61
Total Income (Loss) From Operations		0.38			0.04			0.51			1.07			0.46			1.07
Less Distributions From:
Net Investment Income		(0.25	)		(0.27	)		(0.24	)		(0.29	)		(0.42	)		(0.46	)
Net Realized Gains		(0.12	)		(0.12	)		(0.31	)		(0.17	)		(0.08	)		(0.03	)
Total Distributions		(0.37	)		(0.39	)		(0.55	)		(0.46	)		(0.50	)		(0.49	)
Net Asset Value, End of Period		$13.41			$13.40			$13.75			$13.79			$13.18			$13.22
Total Return(b)		2.83	%		0.37	%		3.74	%		8.18	%		3.56	%		8.57	%
Net Assets, End of Period (000’s)		$41,607			$17,128			$21,435			$708			$758			$579
Ratios to Average Net Assets
Gross Expense		1.12	%		1.14	%		1.13	%		0.92	%(c)		0.86	%		0.85	%
Net Expenses(d)		0.79	%		0.86	%		0.86	%		0.87	%(c)		0.86	%		0.85	%
Net Investment Income (Loss)		1.84	%		2.00	%		1.74	%		2.56	%(c)		3.20	%		3.55	%
Portfolio Turnover Rate		50	%		38	%		38	%		52	%		30	%		44	%
CLASS I	Year Ended     April 30, 2015			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
Net Asset Value, Beginning of Period		$13.40			$13.76			$13.79			$13.19			$13.22			$12.64
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.28			0.30			0.28			0.32			0.45			0.49
Net Realized and Unrealized Gain (Loss) on Investments		0.15			(0.24	)		0.28			0.77			0.05			0.61
Total Income (Loss) From Operations		0.43			0.06			0.56			1.09			0.50			1.10
Less Distributions From:
Net Investment Income		(0.29	)		(0.30	)		(0.28	)		(0.32	)		(0.45	)		(0.49	)
Net Realized Gains		(0.12	)		(0.12	)		(0.31	)		(0.17	)		(0.08	)		(0.03	)
Total Distributions		(0.41	)		(0.42	)		(0.59	)		(0.49	)		(0.53	)		(0.52	)
Net Asset Value, End of Period		$13.42			$13.40			$13.76			$13.79			$13.19			$13.22
Total Return(b)		3.17	%		0.55	%		4.06	%		8.33	%		3.90	%		8.84	%
Net Assets, End of Period (000’s)		$259,904			$199,503			$247,914			$146,009			$141,519			$166,253
Ratios to Average Net Assets
Gross Expense		0.88	%		0.89	%		0.90	%		0.68	%(c)		0.61	%		0.60	%
Net Expenses(d)		0.55	%		0.61	%		0.61	%		0.62	%(c)		0.61	%		0.60	%
Net Investment Income (Loss)		2.11	%		2.25	%		2.01	%		2.80	%(c)		3.44	%		3.79	%
Portfolio Turnover Rate		50	%		38	%		38	%		52	%		30	%		44	%

(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, 2015

66

FINANCIAL HIGHLIGHTS (concluded)

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

 WILMINGTON NEW YORK MUNICIPAL BOND FUND

CLASS A	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$10.56			$10.75			$10.59			$10.08			$10.25
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.21			0.19			0.21			0.28			0.35
Net Realized and Unrealized Gain (Loss) on Investments		0.10			(0.19	)		0.16			0.51			(0.16	)
Total Income (Loss) From Operations		0.31			0.00			0.37			0.79			0.19
Less Distributions From:
Net Investment Income		(0.21	)		(0.19	)		(0.21	)		(0.28	)		(0.36	)
Net Asset Value, End of Year		$10.66			$10.56			$10.75			$10.59			$10.08
Total Return(b)		2.91	%		0.04	%		3.48	%		7.99	%		1.83	%
Net Assets, End of Year (000’s)		$22,691			$24,301			$31,239			$35,099			$34,107
Ratios to Average Net Assets
Gross Expense		1.22	%		1.21	%		1.20	%		1.36	%		1.40	%
Net Expenses(c)		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%
Net Investment Income (Loss)		1.93	%		1.79	%		1.94	%		2.73	%		3.47	%
Portfolio Turnover Rate		31	%		34	%		41	%		87	%		67	%
CLASS I	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$10.57			$10.76			$10.60			$10.08			$10.26
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.23			0.21			0.23			0.31			0.38
Net Realized and Unrealized Gain (Loss) on Investments		0.10			(0.18	)		0.16			0.52			(0.18	)
Total Income (Loss) From Operations		0.33			0.03			0.39			0.83			0.20
Less Distributions From:
Net Investment Income		(0.23	)		(0.22	)		(0.23	)		(0.31	)		(0.38	)
Net Asset Value, End of Year		$10.67			$10.57			$10.76			$10.60			$10.08
Total Return(b)		3.17	%		0.30	%		3.74	%		8.33	%		1.97	%
Net Assets, End of Year (000’s)		$63,702			$69,325			$78,471			$74,913			$68,919
Ratios to Average Net Assets
Gross Expense		0.97	%		0.96	%		0.95	%		1.11	%		1.15	%
Net Expenses(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net Investment Income (Loss)		2.18	%		2.05	%		2.18	%		2.99	%		3.71	%
Portfolio Turnover Rate		31	%		34	%		41	%		87	%		67	%

(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, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS

67

Wilmington Funds

April 30, 2015

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 19 portfolios, 5 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 14 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 Bond Fund    Formerly known as Wilmington Short-Term Corporate Bond Fund    (“Short-Term Bond Fund”)(d)	The Fund seeks to provide current income.
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 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.

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

In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future and therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

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 Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASU”) Topic 946, “Financial Services - Investment Companies.” 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 provided such amount approximates fair value; 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, 2015, 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.

ANNUAL REPORT / April 30, 2015

68

NOTES TO FINANCIAL STATEMENTS (continued)

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value in accordance with procedures approved by 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, 2015, 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
BNP Paribas Securities Corp.		$     739,322		$     739,322		$—		$—
Citigroup Global Markets, Inc.		2,809,560		2,809,560		—		—
Credit Suisse Securities (USA) LLC		2,809,560		2,809,560		—		—
Daiwa Capital Markets America		2,809,560		2,809,560		—		—
ING Financial Markets LLC		2,809,560		2,809,560		—		—
Nomura Securities International, Inc.		2,809,560		2,809,560
		$14,787,122		$14,787,122		$—		$—
Intermediate-Term Bond Fund
BNP Paribas Securities Corp.		$     594,075		$     594,075		$—		$—
Citigroup Global Markets, Inc.		2,257,565		2,257,565		—		—
Credit Suisse Securities (USA) LLC		2,257,565		2,257,565		—		—
Daiwa Capital Markets America		2,257,565		2,257,565		—		—
ING Financial Markets LLC		2,257,565		2,257,565		—		—
Nomura Securities International, Inc.		2,257,565		2,257,565		—		—
		$11,881,900		$11,881,900		$—		$—
Short-Term Bond Fund
BNP Paribas Securities Corp.		$       96,908		$       96,908		$—		$—
Citigroup Global Markets, Inc.		368,271		368,271		—		—
Credit Suisse Securities (USA) LLC		368,271		368,271		—		—
Daiwa Capital Markets America		368,271		368,271		—		—
ING Financial Markets LLC		368,271		368,271		—		—
Nomura Securities International, Inc.		368,271		368,271		—		—
		$  1,938,263		$  1,938,263		$—		$—

⁽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.

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

69

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.

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 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 ended April 30, 2015, 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 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, 2015.

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.

ANNUAL REPORT / April 30, 2015

70

NOTES TO FINANCIAL STATEMENTS (continued)

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. Utilization of acquired capital loss carryforwards from Short-Term Corporate Bond Fund’s acquisition of Short Duration Government Bond Fund and Municipal Bond Fund’s acquisition of Maryland Municipal Bond Fund may be subject to annual limitations.

At April 30, 2015, 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		$14,370,775		$14,370,775	$—
Intermediate-Term Bond Fund		11,533,330		11,533,330	—
Short-Term Bond Fund		1,898,064		1,898,064	—
(1)Collateral with a value of $14,787,122, $11,881,900 and $1,983,263 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, 2015, 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 2014, 2013, and 2012, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

For the year ended April 30, 2015, 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	$	—		$338,183	$	(338,183)
Intermediate-Term Bond Fund		—		10,402		(10,402)
Short-Term Bond Fund		1,081,413		(14,529)		(1,066,884)
Municipal Bond Fund		277		—		(277)

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

Fund	Ordinary   Income*		2015   Tax Exempt   Income		Long-Term Capital Gains		Ordinary Income*		2014 Tax Exempt Income		Long-Term     Capital Gains
Broad Market Bond Fund		$7,699,108	$	—	$	674,691		$6,683,784	$	—		$2,729,590
Intermediate-Term Bond Fund		2,248,626		—		1,972,089		3,282,561		—		4,523,368
Short-Term Bond Fund		1,606,528		—		808,393		2,059,726		—		889,895
Municipal Bond Fund		46,207		4,887,359		1,762,699		544,777		5,095,492		1,599,639
New York Municipal Bond Fund		—		1,898,921		—		—		1,968,280		—

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

As of April 30, 2015, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed/ Ordinary Income		Undistributed Long-Term Capital Gains		Other Timing Differences		Unrealized Appreciation (Depreciation)		Capital Loss Carryforwards and Deferrals
Broad Market Bond Fund		$629,110		$   490,918		$(767,214)		$10,433,842		$            —
Intermediate-Term Bond Fund		227,232		110,908		(174,791)		2,650,143		—
Short-Term Bond Fund		83,566		287,062		(199,679)		1,013,424		(851,639)
Municipal Bond Fund		709,288		3,063,129		(419,746)		8,910,462		—
New York Municipal Bond Fund		153,741		—		(153,732)		4,072,667		(916,858)

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

71

At April 30, 2015, 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	Total Capital Loss
Fund	2018	2019	No Expiration	No Expiration	Carryforwards
Short-Term Bond Fund	$108,426	$—	$481,660	$261,553	$851,639
New York Municipal Bond Fund	916,858	—	—	—	916,858

The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2015:

Fund	Capital Loss       Carryforwards       Utilized
Short-Term Bond Fund	$    229,672
Municipal Bond Fund	59,962
New York Municipal Bond Fund	1,215,748

The Short-Term Bond Fund had capital loss carryforwards expire in the amount of $129,435.

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.

On September 18, 2014, the Trustees voted to change the investment advisory fee rates for the Funds. Effective December 1, 2014, the following 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 it services.

Fund	Advisory Fee       Annual Rate
Broad Market Bond Fund	0.45%
Intermediate-Term Bond Fund	0.45%
Short-Term Bond Fund	0.40%
Municipal Bond Fund	0.45%
New York Municipal Bond Fund	0.45%

Prior to December 1, 2014, the Funds had annual investment advisory fees, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below.

Fund	Prior Advisory Fee       Annual Rate
Broad Market Bond Fund	0.50%
Intermediate-Term Bond Fund	0.50%
Short-Term Bond Fund	0.50%
Municipal Bond Fund	0.50%
New York Municipal Bond Fund	0.50%

On September 18, 2014, the Trustees voted to change the contractual expense limitations for the Funds. Effective December 1, 2014, WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through November 30, 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. Neither WFMC nor the Funds’ distributor will recoup previously waived fees / expenses in subsequent years.

	Contractual Expense Limitations
Fund	Class A		Class I
Broad Market Bond Fund		0.90%		0.55%
Intermediate-Term Bond Fund		0.88%		0.53%

ANNUAL REPORT / April 30, 2015

72

NOTES TO FINANCIAL STATEMENTS (continued)

	Contractual   Expense   Limitations
Fund	Class A		Class I
Short-Term Bond Fund		0.73%		0.48%
Municipal Bond Fund		0.74%		0.49%
New York Municipal Bond Fund		0.84%		0.59%

Prior to December 1, 2014, WFMC and the Funds’ distributor and Shareholder Service providers had contractually agreed to waive their fees and/or reimburse expenses, 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), would not exceed the expense limitations set forth below.

	Contractual     Expense Limitations
Fund	Class A		Class I
Broad Market Bond Fund		1.00%		0.65%
Intermediate-Term Bond Fund		0.95%		0.60%
Short-Term Bond Fund		0.86%		0.61%
Municipal Bond Fund		0.86%		0.61%
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

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, 2015, 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, 2015, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received all or a portion of the fees paid by the Funds which are listed below:

Fund	Distribution   Fees
Broad Market Bond Fund		$11,247
Intermediate-Term Bond Fund		6,014
Short-Term Bond Fund		4,179
Municipal Bond Fund		51,848
New York Municipal Bond Fund		56,731

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

73

 Sales Charges – The Class A shares of all the Funds bear front-end sales charges.

For the year ended April 30, 2015, M&T received the amounts listed below from sales charges on the sale of Class A shares.

Fund	Sales Charges     from Class A
Broad Market Bond Fund		$  3,200
Intermediate-Term Bond Fund		814
Short-Term Bond Fund		77
Municipal Bond Fund		16,895
New York Municipal Bond Fund		3,688

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, 2015, 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	$3,876
Intermediate-Term Bond Fund	1,977

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, 2015 were as follows:

	Investments
Fund	Purchases		Sales
Broad Market Bond Fund		$228,442,424		$124,968,795
Intermediate-Term Bond Fund		39,978,433		56,423,443
Short-Term Bond Fund		90,321,869		166,167,366
Municipal Bond Fund		197,442,103		113,838,104
New York Municipal Bond Fund		27,244,889		33,775,064

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2015 were as follows:

	U.S. Government Securities
Fund	Purchases		Sales
Broad Market Bond Fund		$  71,174,488		$19,443,182
Intermediate-Term Bond Fund		19,880,496		14,185,030
Short-Term Bond Fund		103,265,489		98,128,503

ANNUAL REPORT / April 30, 2015

74

NOTES TO FINANCIAL STATEMENTS (continued)

6.    CONCENTRATION OF RISK

Since New York Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it 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, 2015, 14.5% of New York Municipal Bond Fund’s total market value of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies.

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 0.10% per annum on the daily unused portion. The LOC was in effect for the entire fiscal year and the termination date of this LOC is March 9, 2016. The Funds did not utilize the LOC during the year ended April 30, 2015.

8.    REORGANIZATION

REORGANIZATION - FISCAL YEAR 2015

On September 18, 2014, the Board approved an Agreement and Plans of Reorganization (the “Reorganizations”) which provided for the transfer of all the assets of the Short Duration Government Bond Fund and the Maryland Municipal Bond Fund, each a series of the Trust (the “Acquired Funds”), for shares of the Short-Term Corporate Bond Fund and the Municipal Bond Fund (the “Acquiring Funds”), respectively. Shareholders approved the Reorganizations at a meeting held on January 15, 2015 and the Reorganizations closed on January 30, 2015 based on net asset values determined as of close of business on January 30, 2015. The acquisitions were accomplished through tax-free exchanges of assets and shares.

The purpose of this transaction was to combine the 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 Funds, it was believed that the shareholders’ best interest would be served by reorganizing the Acquired Funds into the Acquiring Funds.

In addition, the Short-Term Corporate Bond Fund (as one of the Acquiring Funds) experienced the following changes. First, the name of the Acquiring Fund was changed to the “Wilmington Short-Term Bond Fund”. Second, the Principal Investment Strategies of the Acquiring Fund was revised to remove the 80% limitation related to investment in corporate debt securities to allow the Fund to invest primarily in U.S. investment grade corporate and government fixed income securities.

For financial reporting purposes, each of the Acquiring Funds was deemed to be the accounting survivor.

	Value of Shares		Acquired Fund    Shares Prior to    Reorganization	Shares Issued         by Acquiring         Fund		Net Assets
Acquiring Fund
Wilmington Short-Term Bond Fund							$  93,759,730
Acquired Fund
Wilmington Short Duration Government Bond Fund							87,480,297
Class A shares in exchange for Class A		$  7,021,999	745,255		694,098
Class I shares in exchange for Class I		80,458,298	8,522,359		7,950,847
							$181,240,027
	Value of Shares		Acquired Fund    Shares Prior to    Reorganization	Shares Issued         by Acquiring         Fund		Net Assets
Acquiring Fund
Wilmington Municipal Bond Fund							$219,313,878
Acquired Fund
Wilmington Maryland Municipal Bond Fund							88,064,168
Class A shares in exchange for Class A		$27,966,651	2,729,770		2,047,329
Class I shares in exchange for Class I		60,097,517	5,856,789		4,397,825
							$307,378,046

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

75

The net assets of the Acquired Funds included net unrealized appreciation on investments of $1,165,527 and $4,651,902 and accumulated net realized gains (losses) of $(313,681) and $435,174 for the Short Duration Government Bond Fund and Maryland Municipal Bond Fund, respectively.

The financial statements of the Funds reflect the operations of the Acquiring Funds for the period prior to the Reorganizations and the combined fund for the period subsequent to the Reorganizations. Because each of the combined investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of each Acquired Fund that have been included in each combined Fund’s Statement of Operations since the Reorganizations were completed. For every Class A Share and Class I Share exchanged, a shareholder of Short Duration Government Bond Fund received approximately 0.93 Class A Shares and Class I Shares, respectively of Short-Term Bond Fund. For every Class A Share and Class I Share exchanged, a shareholder of Maryland Municipal Bond Fund received approximately 0.75 Class A Shares and Class I Shares, respectively of Municipal Bond Fund. Assuming the Reorganizations had been completed on May 1, 2014, the pro forma net investment income, net realized and unrealized gain/(loss) on investments and net increase in net assets from operations for the fiscal year ended April 30, 2015 would have been $2,202,814, $(545,502) and $1,657,312, for the Short Duration Government Bond Fund and $5,940,465, $3,103,054 and $9,043,519, for the Maryland Municipal Bond Fund, respectively.

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 recognition or disclosure in the Funds’ financial statements through this date.

ANNUAL REPORT / April 30, 2015

76

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 Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund (five of the series constituting the Wilmington Funds) (the “Funds”) as of April 30, 2015, 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 the 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, 2015, 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 Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund (five of the series constituting the Wilmington Funds) at April 30, 2015, 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 29, 2015

April 30, 2015 / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS

77

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 for past five years and Other Directorships Held
R. Samuel Fraundorf, CFA, CPA* Birth date: 4/64 TRUSTEE Began serving: March 2012	Principal Occupations: Senior Vice President, Chief Investment Strategist and Chief Client Officer of WTIA and WFMC. Other Directorships Held: Director, WTIA (1/14 to present); Director, WFMC (1/14 to present). Previous Positions: President of WTIA (1/12 to 1/14); President of Wilmington Trust Investment Management (“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 and WFMC. 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 30,2015 (unaudited)

78

BOARD OF TRUSTEES AND TRUST OFFICERS

INDEPENDENT TRUSTEES BACKGROUND

Name Birth date Position with Trust Date Service Began	Principal Occupations for past five years and Other Directorships
Nicholas A. Giordano Birth date: 3/43 CHAIRMAN AND 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).
Robert H. Arnold Birth date: 3/44 TRUSTEE Began serving: March 2012	Principal Occupations: Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held: Trustee, First Potomac Realty Trust (real estate investment trust) (5/01 to present); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to present).
Joseph J. Castiglia Birth date: 7/34 TRUSTEE Began serving: February 1988	Principal Occupations: Consultant (not-for-profit) and Private Investor. Other Directorships Held: Chairman, Trustee and Treasurer, Buffalo Olmsted Parks Conservancy (1/05 to 5/13); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 11/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman, Director and Treasurer, Read to Succeed Buffalo (1/08 to present). Previous Positions: President, Chief Executive Officer, Vice President, Treasurer and Vice Chairman, Pratt & Lambert United (manufacturer of paints, coatings and adhesives) (12/67-1/96); Chairman and Director, Catholic Health (hospitals, nursing homes and home care) (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (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; Chairman and Director, Community Foundation for Greater Buffalo; Chairman and Trustee, Canisius College; Chairman and Director, AAA of Western & Central New York.
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: President and 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.
Richard B. Seidel Birth date: 4/41 TRUSTEE Began serving: September 2003	Principal Occupations: Chairman, Girard Capital (broker-dealer) (1/10 to present); Chairman, R.B. Seidel & Associates (consultants) (2014 to present). Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).

April 30, 2015 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS

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OFFICERS

Name Address Birth year Position with Trust	Principal Occupations for Past Five Years and Previous Positions
Christopher D. Randall Birth year: 1965 PRESIDENT Began serving: September 2014	Principal Occupations: President and Chief Executive Officer of Wilmington Trust Investment Advisors, Inc.; President of Wilmington Trust Investment Management, LLC; Director of Wilmington Funds Management Corporation; Senior Vice President of M&T Bank. Previous Positions: Senior Vice President, Head of Asset Management and Retirement Services (2012 to 2014); President, Mid-Atlantic Division, Wilmington Trust, N.A. (2011 to 2012); President, M&T Securities, Inc. (2009 to 2011)
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).
Mary Ellen Reilly Birth year: 1970 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER Began serving: March 2015	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Administrative Vice President, M&T Bank. Previous Positions: Administrative Vice President, M&T Bank, and Program Director, Buffalo Promise. Neighborhood (2013-2015); Vice President, M&T Bank, and Product Manager, Wilmington Trust Retirement and Institutional Services Company (2010-2013); Vice President, M&T Bank, and Risk Manager, M&T Investment Group (2006-2010).
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 (2008 to present).
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore, MD 21201 Birth year: 1957 VICE PRESIDENT Began serving: June 2010	Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003).

ANNUAL REPORT / April 30, 2015 (unaudited)

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BOARD OF TRUSTEES AND TRUST OFFICERS

Name Address Birth year Position with Trust	Principal Occupations for Past Five Years and Previous Positions
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 2 Hanson Place, 12th Floor Brooklyn, NY 11217 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 (2012 to present). Previous Positions: President, Foreside Financial Group, LLC (2008 to 2012); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (2003 to 2006); Vice President, Bainbridge Capital Management (2002 to 2004).

April 30, 2015 (unaudited) / ANNUAL REPORT

81

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.

SEMI-ANNUAL REPORT / April 30, 2015

82

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, 2015 / SEMI-ANNUAL REPORT

83

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

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

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

E-mail:

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

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

Surveys/Aggregate Data:

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

Changes to Our Privacy Statement:

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

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

SEMI-ANNUAL REPORT / April 30, 2015

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Wilmington Large-Cap Strategy Fund (“Large-Cap Strategy 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	5
Shareholder Expense Example	15
Portfolios of Investments	16
Statements of Assets and Liabilities	65
Statements of Operations	66
Statements of Changes in Net Assets	67
Financial Highlights	69
Notes to Financial Statements.	73
Report of Independent Registered Public Accounting Firm	82
Board of Trustees and Trust Officers	83

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i

Dear Investor:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s fiscal year of May 1, 2014, through April 30, 2015. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The Economy and Financial Markets in Review

Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets for the Trust’s fiscal year.

The Economy

Economic reports painted an ambiguous picture of the U.S economy. The gross domestic product (GDP) expanded at a very strong annualized rate in the 2nd and 3rd quarters of 2014 (+4.6% and +5.0%, respectively), but cooled off in the 4th quarter of 2014, recording a more modest 2.2% increase and posting a 0.7% decline in the 1st quarter of 2015.ⁱ

ⁱhttp://www.bea.org/index.htm

The headwinds responsible for this slowdown in economic growth were manifold. A dock worker strike at West Coast ports, a strong U.S. dollar (and its concomitant drag on exports), sliding oil prices, and an unusually harsh winter all conspired to sap the building economic momentum.

Despite the uneven GDP performance, the employment situation steadily improved. Unemployment, which stood at 6.3% in May 2014, fell by nearly a full percentage point to 5.4% by April 2015, placing it in the range of what the Federal Reserve (the “Fed”) has come to view as “full employment.”ⁱⁱ

ⁱⁱhttp://data.bls.gov/timeseries/LNS14000000

While the unemployment picture brightened, the labor force participation rate remained unchanged at 62.8%.ⁱⁱⁱ This rate is at a historical low and has shown little sign of bouncing back to pre-recession levels.

ⁱⁱⁱhttp://data.bls.gov/timeseries/LNS11300000

Oil prices went on a wild ride, with West Texas Intermediate (WTI) crude falling nearly 60% in value, from its $107.95 per barrel peak in June 2014 to a low of $43.39 on March 17th. Prices staged a partial recovery, rising to $59.62 by the end of April 2015.^iv

^ivhttp://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=D

Though it might seem that declining oil prices would be a boost to the economy given their positive impact on corporate earnings and consumer spending, the short-term effect was negative as oil-related companies ratcheted back their spending on capital goods. The expected boost from consumer spending was muted as individuals chose to reduce debt with the savings accrued from lower gas prices, or adopt a wait-and-see attitude over whether lower prices would persist.

The Bond Markets

The bond market weathered the end of quantitative easing¹ and performed well amid the persistent uncertainty of a hike in short-term rates by the Fed. While the path of the 10-year Treasury rate was a bit erratic, the direction was generally lower. The yield on the 10-year note, which was 2.65% at the start of the Trust’s fiscal year, fell to 2.03% by April 30, 2015, after spending a substantial amount of time under 2% during the first quarter of 2015.^v

^vhttp://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldYear&year=2015

The Barclays U.S. Aggregate Index² returned 4.46% for the 12-month period ended April 30, 2015, powered by an increase of 15.06% in the Barclays U.S. Long Government Bond Index³.

Municipal bonds also turned in a good year, with the S&P Municipal Bond Intermediate Index⁴ gaining 3.94%.

The Barclays U.S. Corporate High Yield Bond Index⁵, which returned a paltry 2.58%, was hampered by oil-related high yield bonds, which suffered as oil prices sagged.

Investors will be awaiting Fed interest rate policy actions in the latter half of 2015. The Fed has signaled that it wishes to begin the process of normalizing monetary policy yet how the capital markets will react remains an open question.

PRESIDENT’S MESSAGE  /  April 30, 2015 (unaudited)

ii

For the 12-months reporting period May 1, 2014 through April 30, 2015, certain Barclays’ indices performed as follows⁶:

Barclays U.S. Aggregate Bond Index	Barclays U.S. Treasury Bond Index7	Barclays U.S. Mortgage- Backed Securities Index8	Barclays U.S. Credit Bond Index9	Barclays Municipal Bond Index10
4.46%	4.23%	4.61%	4.87%	4.80%

The Stock Markets

The current bull market in stocks entered its seventh year. Though economic growth and corporate earnings deserve their fair share of the credit for this extended stock rally, the Federal Reserve policies of quantitative easing and low rates have provided substantial support to stock prices during this time.

With the end to quantitative easing in the 4th quarter of 2014, the markets remained fixated on when the Fed might raise short-term rates. The mixed signals that each new economic report sent about the underlying strength of the economy was enough for the Fed to postpone a rate hike into the 2nd half of 2015, helping the markets record solid gains during the Trust’s fiscal year period.

Through the period May 1, 2014 to April 30, 2015, the S&P 500 index¹¹ jumped 12.98%, the S&P MidCap 400 Index¹² rose 12.28% and the S&P SmallCap 600 Index¹³ turned in a gain of 9.24%.

While smaller-cap stocks underperformed for the full 12-month period, they raced ahead of large-cap stocks in the latter part of the period, aided, in part, by a lower exposure to foreign markets, which has become challenging to large companies because of the strengthening U.S. dollar.

Growth stocks proved to be far better performers than value stocks, as evidenced by the return gap between the S&P 500 Growth Index¹⁴ (+16.32%) and the S&P 500 Value Index¹⁵ (+9.43%). This return disparity was also evident in the mid-cap and small-cap sectors which, while not as wide, were on the order of 400 basis points (4.0%).

The U.S. markets were driven by the healthcare (+25.12%), information technology (+20.53%) and consumer discretionary (+19.84%) sectors. The only sector to lose ground was energy, which declined 9.84%. Real estate also enjoyed a strong year, as reflected in the +13.22% return in the FTSE NAREIT Equity REITs Index¹⁶.

International stocks trailed U.S. markets, with the MSCI EAFE (Net) Index¹⁷ netting a small gain of 1.66%. Overseas markets were hampered by weak economic growth and a tight credit environment. However, following the implementation by the European Central Bank (ECB) and the Bank of Japan (BOJ) of their own forms of quantitative easing, economic growth and investor enthusiasm for stocks picked up. In the three-month period, ending April 30, 2015, the MSCI EAFE Index turned positive, gaining 8.63%.

For the 12-month reporting period May 1, 2014 through April 30, 2015, certain stock market indices performed as follows:

S&P 500 Index	Dow Jones Industrial Average18	NASDAQ Composite Index19	MSCI All Country World ex-US (Net) Index20
12.98%	10.11%	21.52%	2.63%

I want to thank you for your continued trust in allowing us to help you reach your important financial goals. We understand the profound responsibility you have placed with us in managing your investments. We work hard every day to ensure that we continue to deserve your confidence.

Sincerely,

Christopher D. Randall

President

May 29, 2015

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

April 30, 2015 (unaudited)  /  PRESIDENT’S MESSAGE

iii

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. Quantitative Easing (QE) is a 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.

2. 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.

3. Barclays U.S. Long Government Bond Index tracks the market for U.S. dollar-denominated, fixed rate, nominal U.S. Treasuries (with the exception of Federal Reserve holdings of U.S. Treasuries) and U.S. agency debentures (with the exception of those U.S. agency debentures held in the Federal Reserve SOMA account). To be included in this index, securities must have at least 10 years to final maturity.

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

5. Barclays U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices.

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

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. The S&P MidCap 400 Index measures the mid cap segment of the U.S. equity market. To be included in the index, a stock must have a total market capitalization that ranges from roughly $750 million to $3.3 billion.

13. The S&P SmallCap 600 Index measures the small cap segment of the U.S. equity market. The index is designed to be an investable portfolio of companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. The index is unmanaged and investments cannot be made directly in an index.

14. The S&P 500 Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 500 Index. The index is unmanaged and investments cannot be made directly in an index.

15. The S&P 500 Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 500 Index. The index is unmanaged and investments cannot be made directly in an index.

16. FTSE NAREIT Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. Equity REITs. Constituents of the Index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.

17. 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.

18. 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.

19. 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.

20. 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, 2015 (unaudited)

[This Page Intentionally Left Blank]

5

WILMINGTON LARGE-CAP STRATEGY FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Large-Cap Strategy Fund (the “Fund”) had a total return of 14.52%* for Class I Shares, versus its benchmark, the Russell 1000 Index**, which had a total return of 13.00%.

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 April 2014 through November 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 11.1%, and the Russell Midcap Index returned 9.8%. 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 1 year period ending April 30, 2015, the Russell 1000 Growth Index returned 16.7%, the Russell 1000 Value Index returned 9.3%, the Russell Midcap Index returned 13.3%, the Russell Top 200 Index returned 12.9%, and the Fund had a gross return of 15.0%. The IST tactical asset allocation advice added 2.0% in excess return. The net 1.8% outperformance was lower due to expenses and transaction costs incurred during the year.

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, 2015 (unaudited)

6

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, 2005 to April 30, 2015, compared to the Russell 1000 Index².

Average Annual Total Returns for the Periods

Ended April 30, 2015

1 Year	14.52%
5 Years	14.37%
10 Years	7.52%

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

Annual Operating Expense Ratio

Before Waivers	0.88%
After Waivers	0.26%

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 the Russell 1000 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, 2015 (unaudited)  /  ANNUAL REPORT

7

WILMINGTON MID-CAP GROWTH FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Mid-Cap Growth Fund (the “Fund”) had a total return of 8.26%* for Class A Shares and 8.47%* for Class I Shares, versus its benchmark, the Russell Mid Cap Growth Index**, which had a total return of 16.46%.

During the past fiscal year, the U.S. equity markets continued its upward march, entering year 6 of the current bull market. The same underlying foundation of the markets remains intact, namely favorable monetary policy, strong corporate profit growth, and generally improving macroeconomic data. This past fiscal year, the market was able to absorb a few potentially volatility-inducing developments, specifically a significant decline in energy prices, a strengthening of the U.S. Dollar relative to worldwide currencies, as well as continued geopolitical unrest. Despite these potential headwinds, investor risk appetite continues to improve, evidenced by expanding valuation multiples, and corporate profits continue to grow, albeit at a moderate pace.

Our Fund has been positioned throughout the past 6 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. Our underperformance during the past fiscal year, while disappointing to us, was the result of a sharp deterioration in the energy sector, a sector that has traditionally been a relative bright spot for the Fund, and a collection of several stocks that disappointed our expectations over the past year. We always strive to identify the short-term market moves that go against our holdings as either cyclical or structural in nature. While this can be difficult to discern, it is the reason we focus primarily on company-level analysis and hold true to our core investment tenants. We endeavor 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.

The majority of the underperformance in the Fund was attributable to adverse stock selection in the energy, consumer discretionary, and industrials sectors. Energy sector performance was significantly impacted by the large decline in both WTI crude oil and natural gas prices, which were down 40% and 43%, respectively. The majority of the Fund’s holdings in the energy sector are tied directly or indirectly (via related capital spending) to commodity prices and experienced significantly higher beta to underlying commodity price movements relative to the benchmark energy holdings. Specifically, 4 of our energy holdings were in the Fund’s bottom 5 detractors from a relative performance standpoint, including Core Laboratories NV, CARBO Ceramics Inc. (which we have since exited), Southwestern Energy Company, and Whiting Petroleum Corporation. Consumer discretionary performance was negatively impacted primarily from the underperformance of PVH Corp., LKQ Corporation, and BorgWarner Inc. Each company had significant exposure to the stronger U.S. Dollar. Our industrial sector’s relative underperformance was the result of not owning airlines, which increased 45% during the period, and weakness in our machinery holdings – Cummins Inc. and Chart Industries Inc. (which we have exited). On the positive side, the

Fund experienced relative outperformance in financials, driven primarily by the strong performance in two of the Fund’s larger holdings – CBRE Group, Inc. Class A and MarketAxess Holdings Inc.

As managers we are continuously testing our investment thesis in each holding. While we cannot control short-term volatility in our portfolio, 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 2.33%, 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.

ANNUAL REPORT  /  April 30, 2015 (unaudited)

8

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, 2005 to April 30, 2015, compared to the Russell Mid Cap Growth Index (“Russell Mid Cap Growth”).²

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	2.33%
5 Years	10.87%
10 Years	8.78%

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

Annual Operating Expense Ratio

Before Waivers	1.53%
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.

April 30, 2015 (unaudited)  /  ANNUAL REPORT

9

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, 2005 to April 30, 2015, compared to the Russell Mid Cap Growth.²

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	8.47%
5 Years	12.32%
10 Years	9.57%

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.

Annual Operating Expense Ratio

Before Waivers	1.28%
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 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.

ANNUAL REPORT  /  April 30, 2015 (unaudited)

10

WILMINGTON SMALL-CAP GROWTH FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, the Wilmington Small-Cap Growth Fund (the “Fund”) had a total return of 8.73%* for Class A Shares, and 8.93%* for Class I Shares, versus its benchmark, the Russell 2000 Growth Index,** which had a total return of 14.65%.

During the past fiscal year, the U.S. equity markets continued its upward march, entering year 6 of the current bull market. The same underlying foundation of the markets remains intact, namely favorable monetary policy, strong corporate profit growth, and generally improving macroeconomic data. This past fiscal year the market was able to absorb a few potentially volatility-inducing developments, specifically a significant decline in energy prices, a strengthening of the U.S. Dollar relative to worldwide currencies, as well as continued geopolitical unrest. Despite these potential headwinds, investor risk appetite continues to improve, evidenced by expanding valuation multiples, and corporate profits continue to grow, albeit at a moderate pace.

For the fiscal year, the Fund’s best relative performing sector during the year was the energy sector due in large part to an underweighted position versus the benchmark and avoiding much of the correction in stock value when oil prices collapsed. Performance was hurt by the health care and industrial sectors. The biotechnology exposure contributed the most to underperformance as stock selection was poor and our underweighted position hurt relative performance as the industry rallied significantly versus the benchmark for the year. The industrial sector was a poor relative performer for the year and our significant overweight to the sector all year was the main reason for underperformance.

The Fund utilizes a quantitative approach to stock selection and portfolio construction. Factor preferences that paid off for the year included high market capitalization, low price/earnings ratios, low beta, low dividend yield, and low price volatility and low earnings volatility companies along with high price momentum. However, the start of the period 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. The industrial exposure had many of these characteristics but suffered from industry specific and stock selection issues in distribution, construction, and engineering companies.

* 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 2.76%, 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.

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.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.

April 30, 2015 (unaudited)  /  ANNUAL REPORT

11

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, 2005 to April 30, 2015, compared to the Russell 2000 Growth Index (“Russell 2000 Growth”).²

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	2.76%
5 Years	8.97%
10 Years	7.87%

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

Annual Operating Expense Ratio

Before Waivers	1.75%
After Waivers	1.31%

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

1 Represents a hypothetical investment of $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, 2015 (unaudited)

12

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, 2005 to April 30, 2015, compared to the Russell 2000 Growth.²

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	8.93%
5 Years	10.44%
10 Years	8.66%

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

Annual Operating Expense Ratio

Before Waivers	1.50%
After Waivers	1.09%

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 the Russell 2000 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, 2015 (unaudited)  /  ANNUAL REPORT

13

WILMINGTON SMALL-CAP STRATEGY FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Small-Cap Strategy Fund (the “Fund”) had a total return of 11.14% for Class I Shares, versus its benchmark, the Russell 2000 Index**, which had a total return of 9.71%.

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).

At the September 2013 meeting of the IST, the team voted to rebalance 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 2015. During the 1 year period ending April 30, 2015, the Russell 2000 Growth Index returned 14.7% and the Russell 2000 Value Index returned 4.9%. Over the 12-month period, the tactical overweight to growth had a 1.3% positive 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, 2015 (unaudited)

14

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, 2005 to April 30, 2015, compared to the Russell 2000 Index.²

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	11.14%
5 Years	12.75%
10 Years	7.84%

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

Annual Operating Expense Ratio

Before Waivers	1.18%
After Waivers	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 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, 2015 (unaudited)  /  ANNUAL REPORT

15

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, 2014 to April 30, 2015.

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 11/1/14	Ending Account Value 4/30/15	Expenses Paid During Period1	Annualized Net Expense Ratio2
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$1,055.50	$1.27		0.25%
Hypothetical (assuming a 5% return before expense)
Class I	$1,000.00	$1,023.55	$1.25		0.25%
WILMINGTON MID-CAP GROWTH FUND
Actual
Class A	$1,000.00	$1,023.90	$6.22		1.24%
Class I	$1,000.00	$1,024.80	$5.42		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%
WILMINGTON SMALL-CAP GROWTH FUND
Actual
Class A	$1,000.00	$1,037.70	$6.42		1.27%
Class I	$1,000.00	$1,038.50	$5.31		1.05%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,018.50	$6.36		1.27%
Class I	$1,000.00	$1,019.59	$5.26		1.05%
WILMINGTON SMALL-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$1,053.80	$1.27		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.

ANNUAL REPORT  /  April 30, 2015 (unaudited)

16

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At April 30, 2015, the Fund’s sector classifications were as follows (unaudited):

Percentage of
Total Net Assets

Common Stocks
Information Technology	24.0	%
Consumer Discretionary	16.0	%
Health Care	14.0	%
Industrials	11.3	%
Financials	11.1	%
Consumer Staples	9.4	%
Energy	6.5	%
Materials	3.8	%
Telecommunication Services	2.2	%
Utilities	1.6	%
Investment Companies	0.1	%
Rights	0.0	%3
Warrants	0.0	%3
Cash Equivalents1	1.2	%
Other Assets and Liabilities – Net2	(1.2	)%
TOTAL	100.0	%

(1) Cash Equivalents include investments in repurchase agreements.

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

(3) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description	Number of Shares		Value
COMMON STOCKS – 99.9%
CONSUMER DISCRETIONARY – 16.0%
AUTO COMPONENTS – 0.4%
BorgWarner, Inc.		7,980	$	472,416
Gentex Corp.		4,780		82,933
Goodyear Tire & Rubber Co. (The)		7,300		207,064
Johnson Controls, Inc.		9,830		495,235
Lear Corp.		2,500		277,575
Remy International, Inc.		151		3,360
TRW Automotive Holdings Corp.*		1,410		148,135
Visteon Corp.*		1,500		152,100
			$	1,838,818
AUTOMOBILES – 0.5%
Ford Motor Co.		44,120		697,096
General Motors Co.		15,300		536,418
Harley-Davidson, Inc.		6,090		342,319

Description	Number of Shares		Value
Tesla Motors, Inc.#,*		2,900	$	655,545
Thor Industries, Inc.		1,380		83,035
			$	2,314,413
DISTRIBUTORS – 0.1%
Genuine Parts Co.		4,620		415,107
LKQ Corp.*		6,080		164,586
			$	579,693
DIVERSIFIED CONSUMER SERVICES – 0.1%
Apollo Education Group, Inc.*		887		14,888
DeVry Education Group, Inc.		1,040		31,450
Graham Holdings Co., Class B		140		143,210
H&R Block, Inc.		10,260		310,262
Service Corp. International		4,170		115,426
Weight Watchers International, Inc.#,*		1,560		13,338
			$	628,574

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    17

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
HOTELS, RESTAURANTS & LEISURE – 2.3%
Brinker International, Inc.		520	$	28,792
Carnival Corp.		3,820		167,965
Chipotle Mexican Grill, Inc.*		1,050		652,407
Choice Hotels International, Inc.		60		3,592
Darden Restaurants, Inc.		2,540		161,976
Domino’s Pizza, Inc.		2,200		237,270
Dunkin’ Brands Group, Inc.		3,900		203,229
Hilton Worldwide Holdings, Inc.*		700		20,272
International Game Technology*		1,273		25,918
Las Vegas Sands Corp.		11,420		603,890
Marriott International, Inc., Class A		6,972		558,109
McDonald’s Corp.		31,099		3,002,608
MGM Resorts International*		4,510		95,387
Panera Bread Co., Class A*		845		154,196
Restaurant Brands International LP		47		1,840
Restaurant Brands International, Inc.		4,652		189,709
Royal Caribbean Cruises Ltd.		1,780		121,147
Six Flags Entertainment Corp.		3,100		145,762
Starbucks Corp.		46,920		2,326,294
Starwood Hotels & Resorts Worldwide, Inc.		4,430		380,759
Wendy’s Co. (The)		1,200		12,144
Wyndham Worldwide Corp.		5,260		449,204
Wynn Resorts Ltd.		2,520		279,896
Yum! Brands, Inc.		13,250		1,138,970
			$	10,961,336
HOUSEHOLD DURABLES – 0.5%
DR Horton, Inc.		1,470		37,338
Garmin Ltd.		1,990		89,928
Harman International Industries, Inc.		1,920		250,330
Jarden Corp.*		3,210		164,288
Leggett & Platt, Inc.		3,670		155,865
Lennar Corp., Class A		2,210		101,218
Mohawk Industries, Inc.*		850		147,475
Newell Rubbermaid, Inc.		7,820		298,177
NVR, Inc.*		130		172,444
PulteGroup, Inc.		4,040		77,972
Taylor Morrison Home Corp., Class A*		900		16,668
Tempur Sealy International, Inc.*		2,500		152,275
Toll Brothers, Inc.*		4,050		143,937
Tupperware Brands Corp.		1,100		73,546
Whirlpool Corp.		1,350		237,060
			$	2,118,521
INTERNET & CATALOG RETAIL – 2.0%
Amazon.com, Inc.*		12,130		5,116,191
Expedia, Inc.		3,120		293,998
Groupon, Inc.*		14,200		98,264

Description	Number of Shares		Value
HomeAway, Inc.*		3,200	$	89,440
Liberty Interactive Corp., Class A*		11,650		335,054
Liberty TripAdvisor Holdings, Inc., Class A*		2,446		72,671
Liberty Ventures*		4,102		170,971
Netflix, Inc.*		2,000		1,113,000
Priceline.com, Inc. (The)*		1,630		2,017,630
TripAdvisor, Inc.*		3,180		255,958
			$	9,563,177
LEISURE EQUIPMENT & PRODUCTS – 0.2%
Hasbro, Inc.		3,490		247,057
Mattel, Inc.		4,550		128,128
Polaris Industries, Inc.		2,000		273,920
Vista Outdoor, Inc.*		440		19,254
			$	668,359
MEDIA – 4.6%
AMC Networks, Inc., Class A#,*		1,685		127,116
Cablevision Systems Corp., Class A#		6,540		130,669
CBS Corp., Non-Voting		15,030		933,814
Charter Communications, Inc., Class A*		3,000		561,180
Cinemark Holdings, Inc.		4,500		191,835
Clear Channel Outdoor Holdings, Inc., Class A		500		5,690
Comcast Corp., Class A		78,800		4,551,488
DIRECTV*		14,490		1,314,315
Discovery Communications, Inc., Class A#,*		6,200		200,632
Discovery Communications, Inc., Class C*		6,200		187,426
DISH Network Corp., Class A*		6,880		465,501
DreamWorks Animation SKG, Inc., Class A#,*		2,490		64,889
Gannett Co., Inc.		3,290		112,913
Interpublic Group of Cos., Inc. (The)		12,820		267,169
John Wiley & Sons, Inc., Class A		2,100		119,448
Liberty Broadband Corp., Class A*		235		12,746
Liberty Broadband Corp., Class C*		471		25,556
Liberty Media Corp., Class A*		943		36,192
Liberty Media Corp., Class C*		1,886		71,574
Madison Square Garden Co., Class A*		2,187		175,616
Morningstar, Inc.		1,100		83,479
News Corp., Class A*		11,157		176,057
Omnicom Group, Inc.		7,990		605,322
Regal Entertainment Group, Class A#		770		16,940
Scripps Networks Interactive, Inc., Class A		1,580		110,379
Sirius XM Holdings, Inc.*		92,640		365,928
Starz, Class A*		2,343		92,150
Thomson Reuters Corp.		3,500		143,710
Time Warner Cable, Inc.		8,424		1,310,100
Time Warner, Inc.		9,596		809,998
Twenty-First Century Fox, Inc.		48,230		1,643,678

ANNUAL REPORT  /  April 30, 2015

18     PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Viacom, Inc., Class B		13,720	$	952,854
Walt Disney Co. (The)		50,226		5,460,571
			$	21,326,935
MULTILINE RETAIL – 0.8%
Big Lots, Inc.		1,324		60,335
Dillard’s, Inc., Class A		1,400		184,226
Dollar General Corp.		10,800		785,268
Dollar Tree, Inc.*		7,262		554,889
Family Dollar Stores, Inc.		4,456		348,192
JC Penney Co., Inc.#,*		2,330		19,339
Kohl’s Corp.		2,410		172,676
Macy’s, Inc.		11,380		735,489
Nordstrom, Inc.		5,780		436,737
Sears Holdings Corp.#,*		70		2,796
Target Corp.		8,160		643,253
			$	3,943,200
SPECIALTY RETAIL – 3.3%
Abercrombie & Fitch Co., Class A#		680		15,286
Advance Auto Parts, Inc.		3,150		450,450
Ascena Retail Group, Inc.*		540		8,095
AutoNation, Inc.*		3,080		189,574
AutoZone, Inc.*		1,160		780,286
Bed, Bath & Beyond, Inc.*		5,290		372,733
Best Buy Co., Inc.		5,680		196,812
CarMax, Inc.*		7,400		504,014
Chico’s FAS, Inc.		4,890		82,445
CST Brands, Inc.		1,718		71,658
Dick’s Sporting Goods, Inc.		780		42,323
DSW, Inc., Class A		200		7,254
Foot Locker, Inc.		1,630		96,903
GameStop Corp., Class A#		2,820		108,683
Gap, Inc. (The)		6,330		250,921
GNC Holdings, Inc., Class A		3,800		163,590
Home Depot, Inc. (The)		44,540		4,764,889
L Brands, Inc.		5,750		513,820
Lowe’s Cos., Inc.		31,300		2,155,318
Murphy USA, Inc.*		1,387		90,613
O’Reilly Automotive, Inc.*		3,600		784,188
Ross Stores, Inc.		7,080		700,070
Sally Beauty Holdings, Inc.*		4,700		146,687
Signet Jewelers Ltd.		2,520		338,008
Staples, Inc.		8,110		132,355
Tiffany & Co.		3,550		310,554
TJX Cos., Inc. (The)		21,240		1,370,830
Tractor Supply Co.		4,900		421,694
Ulta Salon Cosmetics & Fragrance, Inc.*		2,000		302,180

Description	Number of Shares		Value
Urban Outfitters, Inc.*		960	$	38,438
Williams-Sonoma, Inc.		3,240		238,237
			$	15,648,908
TEXTILES, APPAREL & LUXURY GOODS – 1.2%
Carter’s, Inc.		1,400		139,804
Coach, Inc.		7,950		303,769
Deckers Outdoor Corp.*		800		59,200
Fossil Group, Inc.*		1,600		134,368
Hanesbrands, Inc.		14,000		435,120
Kate Spade & Co.#,*		3,400		111,180
Michael Kors Holdings Ltd.*		6,138		379,697
NIKE, Inc. Class B		22,320		2,206,109
PVH Corp.		2,100		217,035
Ralph Lauren Corp.		380		50,696
Under Armour, Inc., Class A*		7,100		550,605
VF Corp.		11,400		825,702
			$	5,413,285
TOTAL CONSUMER DISCRETIONARY			$	75,005,219
CONSUMER STAPLES - 9.4%
BEVERAGES – 2.6%
Brown-Forman Corp., Class B		4,897		441,856
Coca-Cola Co. (The)		131,382		5,328,854
Coca-Cola Enterprises, Inc.		5,600		248,696
Constellation Brands, Inc. Class A*		4,930		571,584
Dr. Pepper Snapple Group, Inc.		5,750		428,835
Molson Coors Brewing Co., Class B		2,550		187,451
Monster Beverage Corp.*		5,568		763,428
PepsiCo, Inc.		46,759		4,447,716
			$	12,418,420
FOOD & STAPLES RETAILING – 2.0%
Costco Wholesale Corp.		13,260		1,896,843
CVS Health Corp.		16,100		1,598,569
Kroger Co. (The)		19,076		1,314,527
Rite Aid Corp.*		19,940		153,737
Sprouts Farmers Market, Inc.*		2,560		81,882
Sysco Corp.		10,290		381,039
Walgreens Boots Alliance, Inc.		25,220		2,091,495
Wal-Mart Stores, Inc.		21,033		1,641,626
Whole Foods Market, Inc.		7,480		357,245
			$	9,516,963
FOOD PRODUCTS – 1.6%
Archer-Daniels-Midland Co.		7,540		368,555
Bunge Ltd.		1,670		144,238
Campbell Soup Co.		1,156		51,685
ConAgra Foods, Inc.		5,730		207,139
Flowers Foods, Inc.		3,837		85,719

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    19

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
General Mills, Inc.		15,224	$	842,496
Hain Celestial Group, Inc. (The)*		3,000		180,720
Hershey Co. (The)		4,640		426,509
Hormel Foods Corp.		3,460		188,051
Ingredion, Inc.		970		77,018
JM Smucker Co. (The)		1,799		208,540
Kellogg Co.		6,340		401,512
Keurig Green Mountain, Inc.		5,040		586,505
Kraft Foods Group, Inc.		17,462		1,479,904
McCormick & Co., Inc.		5,130		386,289
Mead Johnson Nutrition Co.		6,750		647,460
Mondelez International, Inc. Class A		18,787		720,857
Tyson Foods, Inc., Class A		3,300		130,350
WhiteWave Foods Co. (The)*		3,380		148,619
			$	7,282,166
HOUSEHOLD PRODUCTS – 1.4%
Church & Dwight Co., Inc.		3,872		314,290
Clorox Co. (The)		4,868		516,495
Colgate-Palmolive Co.		28,176		1,895,681
Energizer Holdings, Inc.		990		135,254
Kimberly-Clark Corp.		10,440		1,145,164
Procter & Gamble Co. (The)		32,966		2,621,127
			$	6,628,011
PERSONAL PRODUCTS – 0.2%
Avon Products, Inc.		5,070		41,422
Estee Lauder Cos., Inc. Class A (The)		6,780		551,146
Herbalife Ltd.#,*		2,260		93,835
Nu Skin Enterprises, Inc., Class A		1,600		90,480
			$	776,883
TOBACCO – 1.6%
Altria Group, Inc.		62,990		3,152,649
Lorillard, Inc.		12,220		853,689
Philip Morris International, Inc.		36,340		3,033,300
Reynolds American, Inc.		7,440		545,352
			$	7,584,990
TOTAL CONSUMER STAPLES			$	44,207,433
ENERGY – 6.5%
ENERGY EQUIPMENT & SERVICES – 1.8%
Amec Foster Wheeler PLC ADR		3,156		44,121
Atwood Oceanics, Inc.		550		18,359
Baker Hughes, Inc.		5,100		349,146
Cameron International Corp.*		5,880		322,342

Description	Number of Shares		Value
Diamond Offshore Drilling, Inc.#		1,440	$	48,197
Dresser-Rand Group, Inc.*		2,070		171,127
Dril-Quip, Inc.*		1,500		119,580
FMC Technologies, Inc.*		7,560		333,396
Frank’s International NV		4,900		101,920
Halliburton Co.		26,730		1,308,433
Helmerich & Payne, Inc.		2,880		224,554
Nabors Industries Ltd.		2,530		42,251
National Oilwell Varco, Inc.		5,755		313,130
Oceaneering International, Inc.		3,680		202,805
Oil States International, Inc.*		1,360		64,722
Patterson-UTI Energy, Inc.#		4,230		94,541
Rowan Cos. PLC, Class A		3,240		68,656
RPC, Inc.		450		7,160
Schlumberger Ltd.		42,284		4,000,489
Seadrill Ltd.#,*		18,500		242,165
Seventy Seven Energy, Inc.*		500		2,535
Superior Energy Services, Inc.		2,740		69,870
Tidewater, Inc.#		1,660		45,965
Unit Corp.*		220		7,665
			$	8,203,129
OIL, GAS & CONSUMABLE FUELS – 4.7%
Anadarko Petroleum Corp.		6,750		635,175
Apache Corp.		3,573		244,393
Cabot Oil & Gas Corp.		14,280		482,950
California Resources Corp.		3,200		29,760
Cheniere Energy, Inc.*		8,100		619,569
Chesapeake Energy Corp.#		7,000		110,390
Chevron Corp.		22,600		2,509,956
Cimarex Energy Co.		950		118,180
Cobalt International Energy, Inc.#,*		9,400		100,580
Concho Resources, Inc.*		3,580		453,443
ConocoPhillips		14,560		988,915
CONSOL Energy, Inc.		1,800		58,464
Continental Resources, Inc.#,*		2,720		143,154
Denbury Resources, Inc.		1,815		15,990
Devon Energy Corp.		4,100		279,661
Energen Corp.		1,530		108,890
EOG Resources, Inc.		17,700		1,751,415
EQT Corp.		4,950		445,203
Exxon Mobil Corp.		48,643		4,249,939
Golar LNG Ltd.		1,300		46,794
Gulfport Energy Corp.*		2,700		132,138
Hess Corp.		2,990		229,931
HollyFrontier Corp.		2,340		90,745
Kinder Morgan, Inc.		13,965		599,797
Laredo Petroleum, Inc.#,*		1,800		28,440
Marathon Oil Corp.		7,330		227,963
Marathon Petroleum Corp.		6,465		637,255

ANNUAL REPORT  /  April 30, 2015

20    PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Murphy Oil Corp.		1,950	$	92,840
Newfield Exploration Co.*		2,560		100,454
Noble Energy, Inc.		9,820		498,070
Oasis Petroleum, Inc.#,*		3,000		53,820
Occidental Petroleum Corp.		8,000		640,800
ONEOK, Inc.		4,860		233,766
PBF Energy, Inc., Class A		3,000		85,140
Peabody Energy Corp.#		2,070		9,791
Phillips 66		11,330		898,582
Pioneer Natural Resources Co.		4,420		763,688
QEP Resources, Inc.		2,400		54,000
Range Resources Corp.		5,350		340,046
Sandridge Energy, Inc.#,*		730		1,380
SM Energy Co.		1,570		91,013
Southwestern Energy Co.*		11,728		328,736
Spectra Energy Corp.		9,100		338,975
Targa Resources Corp.		1,200		125,964
Teekay Corp.		520		25,849
Tesoro Corp.		2,340		200,842
Ultra Petroleum Corp.#,*		1,420		24,183
Valero Energy Corp.		7,570		430,733
Whiting Petroleum Corp.*		1,000		37,910
Williams Cos., Inc. (The)		24,470		1,252,619
World Fuel Services Corp.		2,100		116,550
WPX Energy, Inc.*		5,116		70,345
			$	22,155,186
TOTAL ENERGY			$	30,358,315
FINANCIALS – 11.1%
CAPITAL MARKETS – 1.7%
Affiliated Managers Group, Inc.*		2,070		468,089
Ameriprise Financial, Inc.		3,840		481,075
Bank of New York Mellon Corp. (The)		10,870		460,236
BlackRock, Inc.		2,260		822,504
Charles Schwab Corp. (The)		14,470		441,335
E*TRADE Financial Corp.*		4,900		141,071
Eaton Vance Corp.		4,970		204,168
Federated Investors, Inc., Class B		4,970		170,968
Franklin Resources, Inc.		9,520		490,851
Goldman Sachs Group, Inc. (The)		5,090		999,778
Interactive Brokers Group, Inc., Class A		1,200		40,740
Invesco Ltd.		5,570		230,709
Lazard Ltd., Class A		3,550		188,257
Legg Mason, Inc.		1,110		58,441
LPL Financial Holdings, Inc.		300		12,141
Morgan Stanley		17,396		649,045
Northern Trust Corp.		2,580		188,727

Description	Number of Shares		Value
NorthStar Asset Management Group, Inc./NY		3,650	$	76,760
Raymond James Financial, Inc.		2,110		119,278
SEI Investments Co.		6,240		284,918
State Street Corp.		4,520		348,582
T. Rowe Price Group, Inc.		6,480		526,046
TD Ameritrade Holding Corp.		7,050		255,563
Waddell & Reed Financial, Inc., Class A		2,740		135,137
			$	7,794,419
COMMERCIAL BANKS – 2.8%
Associated Banc-Corp.		5,285		99,411
Bank of America Corp.		115,650		1,842,304
Bank of Hawaii Corp.		770		46,500
BB&T Corp.		6,990		267,647
BOK Financial Corp.		320		20,861
CIT Group, Inc.		2,400		108,072
Citigroup, Inc.		33,782		1,801,256
City National Corp.		940		87,608
Comerica, Inc.		1,230		58,314
Commerce Bancshares, Inc.		888		37,926
Cullen/Frost Bankers, Inc.		1,440		105,034
East West Bancorp, Inc.		2,500		101,475
Fifth Third Bancorp		11,100		222,000
First Horizon National Corp.		6,384		90,972
First Niagara Financial Group, Inc.		4,450		40,473
Fulton Financial Corp.		7,410		90,106
Huntington Bancshares, Inc.		9,441		102,529
JPMorgan Chase & Co.		42,120		2,664,511
KeyCorp		11,570		167,186
M&T Bank Corp.§		1,610		192,669
PacWest Bancorp.		1,339		60,389
PNC Financial Services Group, Inc. (The)		5,360		491,673
Popular, Inc.*		800		25,944
Regions Financial Corp.		17,356		170,609
Signature Bank*		1,100		147,499
SunTrust Banks, Inc.		6,680		277,220
SVB Financial Group*		500		66,380
Synovus Financial Corp.		394		10,898
TCF Financial Corp.		910		14,251
U.S. Bancorp		18,520		793,952
Wells Fargo & Co.		52,925		2,916,168
Zions Bancorporation		890		25,218
			$	13,147,055
CONSUMER FINANCE – 0.7%
Ally Financial, Inc.*		5,200		113,828
American Express Co.		28,760		2,227,462
Capital One Financial Corp.		5,700		460,845

April 30, 2015  /   ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    21

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Discover Financial Services		5,080	$	294,488
Navient Corp.		5,360		104,734
SLM Corp.		5,360		54,618
Synchrony Financial*		5,000		155,750
			$	3,411,725
DIVERSIFIED FINANCIAL SERVICES – 1.2%
Berkshire Hathaway, Inc., Class B*		19,026		2,686,661
CBOE Holdings, Inc.		3,000		168,810
CME Group, Inc.		3,900		354,549
FNFV Group*		846		12,648
Intercontinental Exchange, Inc.		2,518		565,367
Leucadia National Corp.		3,310		78,679
McGraw Hill Financial, Inc.		9,040		942,872
Moody’s Corp.		6,940		746,189
MSCI, Inc.		2,520		154,199
NASDAQ OMX Group, Inc. (The)		530		25,774
			$	5,735,748
INSURANCE – 1.9%
ACE Ltd.		3,400		363,766
Aflac, Inc.		4,750		299,440
Alleghany Corp.*		256		121,221
Allied World Assurance Co. Holdings AG		2,790		114,781
Allstate Corp. (The)		3,980		277,247
American Financial Group, Inc.		1,600		101,120
American International Group, Inc.		15,530		874,184
American National Insurance Co.		600		60,036
Aon PLC		8,300		798,709
Arch Capital Group Ltd.*		2,540		154,127
Arthur J Gallagher & Co.		3,880		185,580
Aspen Insurance Holdings Ltd.		190		8,879
Assurant, Inc.		1,130		69,450
Assured Guaranty Ltd.		1,600		41,584
Axis Capital Holdings Ltd.		3,280		170,757
Brown & Brown, Inc.		2,170		69,331
Chubb Corp. (The)		3,950		388,482
Cincinnati Financial Corp.		2,106		106,648
CNA Financial Corp.		1,050		42,315
Endurance Specialty Holdings Ltd.		2,000		120,760
Erie Indemnity Co., Class A		670		55,442
Everest Re Group Ltd.		270		48,306
FNF Group		2,541		91,451
Genworth Financial, Inc., Class A*		3,260		28,655
Hanover Insurance Group, Inc. (The)		1,100		75,427
Hartford Financial Services Group, Inc. (The)		6,790		276,828
HCC Insurance Holdings, Inc.		970		55,251
Kemper Corp.		370		13,938
Lincoln National Corp.		3,170		179,073

Description	Number of Shares		Value
Loews Corp.		5,050	$	210,282
Markel Corp.*		80		59,251
Marsh & McLennan Cos., Inc.		13,740		771,638
MBIA, Inc.*		1,650		14,438
Mercury General Corp.		370		20,328
MetLife, Inc.		8,901		456,532
Old Republic International Corp.		6,600		100,914
PartnerRe Ltd.		970		124,160
Principal Financial Group, Inc.		3,590		183,521
ProAssurance Corp.		500		22,475
Progressive Corp. (The)		9,880		263,401
Prudential Financial, Inc.		4,730		385,968
Reinsurance Group of America, Inc.		1,690		154,838
RenaissanceRe Holdings Ltd.*		20		2,050
StanCorp Financial Group, Inc.		40		2,883
Torchmark Corp.		1,695		95,106
Travelers Cos., Inc. (The)		5,080		513,639
Unum Group		2,210		75,494
Validus Holdings Ltd.		170		7,111
White Mountains Insurance Group Ltd.		160		108,155
WR Berkley Corp.		3,580		175,384
XL Group PLC		2,520		93,442
			$	9,033,798
REAL ESTATE INVESTMENT TRUSTS – 2.6%
Alexandria Real Estate Equities, Inc.		740		68,361
American Capital Agency Corp.		1,600		33,016
American Realty Capital Properties, Inc.		10,300		93,009
American Tower Corp.		12,660		1,196,750
Annaly Capital Management, Inc.		5,510		55,486
Apartment Investment & Management Co., Class A		3,970		149,788
AvalonBay Communities, Inc.		1,222		200,823
BioMed Realty Trust, Inc.		4,100		85,075
Boston Properties, Inc.		1,950		258,004
Brandywine Realty Trust		730		10,643
Camden Property Trust		170		12,764
Chimera Investment Corp.		3,140		47,697
Communications Sales & Leasing, Inc.*		3,140		94,451
Corrections Corp. of America		2,767		101,798
Crown Castle International Corp.		12,140		1,014,054
DDR Corp.		2,800		47,740
Digital Realty Trust, Inc.		3,760		238,422
Douglas Emmett, Inc.		10		285
Duke Realty Corp.		6,310		125,001
Equity Commonwealth*		2,542		64,084
Equity Lifestyle Properties, Inc.		3,400		179,588
Equity Residential		3,050		225,273
Essex Property Trust, Inc.		1,073		238,152

ANNUAL REPORT  /  April 30, 2015

22     PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Extra Space Storage, Inc.		4,600	$	303,278
Federal Realty Investment Trust		1,170		156,394
Gaming and Leisure Properties, Inc.		104		3,713
General Growth Properties, Inc.		8,143		223,118
HCP, Inc.		1,970		79,371
Health Care REIT, Inc.		6,520		469,570
Home Properties, Inc.		1,000		73,560
Hospitality Properties Trust		750		22,560
Host Hotels & Resorts, Inc.		8,640		174,010
Iron Mountain, Inc.		4,433		152,894
Kilroy Realty Corp.		2,000		141,980
Kimco Realty Corp.		6,880		165,808
Lamar Advertising Co., Class A		2,400		139,104
Liberty Property Trust		1,340		46,686
Macerich Co. (The)		2,610		213,394
Mid-America Apartment Communities, Inc.		1,800		134,298
National Retail Properties, Inc.#		100		3,840
NorthStar Realty Finance Corp.		3,650		68,474
Omega Healthcare Investors, Inc.		4,100		147,969
Piedmont Office Realty Trust, Inc. Class A		3,300		57,684
Plum Creek Timber Co., Inc.		2,270		95,794
Post Properties, Inc.		700		40,019
Prologis, Inc.		6,010		241,602
Public Storage		3,860		725,333
Rayonier, Inc.		3,915		100,185
Realty Income Corp.#		3,910		183,653
Regency Centers Corp.		2,060		129,327
Simon Property Group, Inc.		8,033		1,457,909
SL Green Realty Corp.		790		96,664
Spirit Realty Capital, Inc.		13,000		146,770
Starwood Property Trust, Inc.		220		5,282
Tanger Factory Outlet Centers, Inc.		3,100		104,098
Taubman Centers, Inc.		130		9,361
UDR, Inc.		2,580		84,547
Urban Edge Properties		1,836		41,549
Ventas, Inc.		6,566		452,397
Vornado Realty Trust		3,673		380,119
Weingarten Realty Investors		3,560		116,626
Weyerhaeuser Co.		13,010		409,945
WP Carey, Inc.		1,900		120,612
WP GLIMCHER, Inc.		1,276		19,140
			$	12,278,901
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
CBRE Group, Inc. Class A*		8,710		333,941
Forest City Enterprises, Inc., Class A*		4,300		102,168
Howard Hughes Corp. (The)*		658		97,693

Description	Number of Shares		Value
Jones Lang LaSalle, Inc.		170	$	28,230
Realogy Holdings Corp.*		1,020		48,358
			$	610,390
THRIFTS & MORTGAGE FINANCE – 0.1%**
Hudson City Bancorp, Inc.		3,732		34,708
New York Community Bancorp, Inc.#		2,740		47,101
Ocwen Financial Corp.#,*		3,000		25,470
People’s United Financial, Inc.		7,600		114,836
TFS Financial Corp.		250		3,655
			$	225,770
TOTAL FINANCIALS			$	52,237,806
HEALTH CARE – 14.0%
BIOTECHNOLOGY – 4.3%
Alexion Pharmaceuticals, Inc.*		6,440		1,089,841
Alkermes PLC*		4,400		243,628
Alnylam Pharmaceuticals, Inc.*		2,200		224,114
Amgen, Inc.		22,704		3,585,189
Biogen, Inc.*		7,800		2,916,654
BioMarin Pharmaceutical, Inc.*		4,800		537,840
Celgene Corp.*		25,966		2,805,886
Gilead Sciences, Inc.*		49,434		4,968,611
Incyte Corp.*		4,000		388,640
Intercept Pharmaceuticals, Inc.#,*		400		101,124
Medivation, Inc.*		2,500		301,850
Myriad Genetics, Inc.#,*		2,310		76,299
Pharmacyclics, Inc.*		1,900		486,780
Regeneron Pharmaceuticals, Inc.*		2,600		1,189,396
Seattle Genetics, Inc.*		3,400		116,756
United Therapeutics Corp.*		1,340		213,985
Vertex Pharmaceuticals, Inc.*		7,483		922,504
			$	20,169,097
HEALTH CARE EQUIPMENT & SUPPLIES – 1.9%
Abbott Laboratories		16,409		761,706
Alere, Inc.*		2,650		125,822
Align Technology, Inc.*		2,160		127,094
Baxter International, Inc.		15,510		1,066,157
Becton Dickinson & Co.		5,240		738,159
Boston Scientific Corp.*		18,100		322,542
Cooper Cos., Inc. (The)		1,050		186,973
CR Bard, Inc.		2,280		379,802
DENTSPLY International, Inc.		3,670		187,170
Edwards Lifesciences Corp.*		3,886		492,162
Halyard Health, Inc.*		1,305		63,266
Hill-Rom Holdings, Inc.		2,260		112,864
Hologic, Inc.*		8,040		271,270

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    23

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
IDEXX Laboratories, Inc.*		1,890	$	236,949
Intuitive Surgical, Inc.*		1,200		595,176
Medtronic PLC		14,666		1,091,884
ResMed, Inc.#		4,720		301,797
Sirona Dental Systems, Inc.*		1,700		157,675
St. Jude Medical, Inc.		7,370		516,269
Stryker Corp.		7,300		673,352
Teleflex, Inc.		60		7,378
Varian Medical Systems, Inc.*		4,250		377,613
Zimmer Holdings, Inc.		2,310		253,730
			$	9,046,810
HEALTH CARE PROVIDERS & SERVICES – 2.4%
Aetna, Inc.		5,231		559,037
AmerisourceBergen Corp.		7,870		899,541
Anthem, Inc.		2,610		393,927
Brookdale Senior Living, Inc.*		4,570		165,571
Cardinal Health, Inc.		4,200		354,228
Catamaran Corp.*		5,832		346,129
Centene Corp.*		3,400		210,766
Cigna Corp.		4,190		522,242
Community Health Systems, Inc.*		3,446		184,981
DaVita HealthCare Partners, Inc.*		4,588		372,087
Envision Healthcare Holdings, Inc.*		500		18,980
Express Scripts Holding Co.*		22,162		1,914,797
HCA Holdings, Inc.*		3,600		266,436
Health Net, Inc.*		1,220		64,233
Henry Schein, Inc.*		2,460		337,266
Humana, Inc.		2,270		375,912
Laboratory Corp. of America Holdings*		1,957		233,979
LifePoint Hospitals, Inc.*		130		9,734
McKesson Corp.		7,100		1,586,140
MEDNAX, Inc.*		2,740		193,937
Omnicare, Inc.		1,959		172,353
Patterson Cos., Inc.		970		45,546
Quest Diagnostics, Inc.		1,850		132,127
Tenet Healthcare Corp.*		2,425		116,061
UnitedHealth Group, Inc.		10,320		1,149,648
Universal Health Services, Inc., Class B		2,580		301,731
VCA, Inc.*		870		44,344
			$	10,971,733
HEALTH CARE TECHNOLOGY – 0.2%
Allscripts Healthcare Solutions, Inc.*		4,700		62,510
athenahealth, Inc.*		1,100		134,926
Cerner Corp.*		10,040		720,972
IMS Health Holdings, Inc.*		100		2,759
Veeva Systems, Inc., Class A#,*		3,520		93,456
			$	1,014,623

Description	Number of Shares		Value
LIFE SCIENCES TOOLS & SERVICES – 0.6%
Agilent Technologies, Inc.		5,490	$	227,121
Bio-Rad Laboratories, Inc., Class A*		890		119,660
Bruker Corp.*		2,920		55,363
Charles River Laboratories International, Inc.*		1,920		132,787
Illumina, Inc.*		4,640		854,920
Mettler-Toledo International, Inc.*		920		291,649
PerkinElmer, Inc.		870		44,596
QIAGEN N.V.*		220		5,238
Thermo Fisher Scientific, Inc.		7,120		894,842
Waters Corp.*		2,610		326,746
			$	2,952,922
PHARMACEUTICALS – 4.6%
AbbVie, Inc.		49,409		3,194,786
Actavis PLC*		11,585		3,276,933
Bristol-Myers Squibb Co.		30,600		1,950,138
Eli Lilly & Co.		12,890		926,404
Endo International PLC*		4,630		389,221
Hospira, Inc.*		2,270		198,148
Jazz Pharmaceuticals PLC*		2,200		393,140
Johnson & Johnson		39,560		3,924,352
Mallinckrodt PLC*		3,310		374,626
Merck & Co., Inc.		37,766		2,249,343
Mylan NV*		12,630		912,644
Perrigo Co. PLC		2,040		373,891
Pfizer, Inc.		71,203		2,415,918
Zoetis, Inc.		17,581		780,948
			$	21,360,492
TOTAL HEALTH CARE			$	65,515,677
INDUSTRIALS – 11.3%
AEROSPACE & DEFENSE – 2.8%
B/E Aerospace, Inc.		2,900		173,391
Boeing Co. (The)		23,990		3,438,727
Exelis, Inc.		5,070		124,316
General Dynamics Corp.		2,810		385,869
Hexcel Corp.		3,600		180,540
Honeywell International, Inc.		25,370		2,560,340
Huntington Ingalls Industries, Inc.		1,645		216,466
KLX, Inc.*		1,450		60,769
L-3 Communications Holdings, Inc.		610		70,095
Lockheed Martin Corp.		8,150		1,520,790
Northrop Grumman Corp.		2,770		426,691
Orbital ATK, Inc.		220		16,095
Precision Castparts Corp.		4,490		928,038
Raytheon Co.		3,520		366,080
Rockwell Collins, Inc.		4,470		435,065

ANNUAL REPORT  /  April 30, 2015

24    PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Spirit Aerosystems Holdings, Inc., Class A*		4,540	$	231,041
Textron, Inc.		3,270		143,815
TransDigm Group, Inc.		1,890		400,926
Triumph Group, Inc.		780		46,207
United Technologies Corp.		12,060		1,371,825
Vectrus, Inc.*		281		7,182
			$	13,104,268
AIR FREIGHT & LOGISTICS – 0.8%
C.H. Robinson Worldwide, Inc.#		4,384		282,286
Expeditors International of Washington, Inc.		7,280		333,642
FedEx Corp.		5,760		976,723
United Parcel Service, Inc. Class B		21,930		2,204,623
			$	3,797,274
AIRLINES – 0.8%
Alaska Air Group, Inc.		4,400		281,864
American Airlines Group, Inc.		21,600		1,042,956
Copa Holdings SA, Class A#		520		57,663
Delta Air Lines, Inc.		10,320		460,685
Southwest Airlines Co.		21,230		861,089
Spirit Airlines, Inc.*		2,300		157,481
United Continental Holdings, Inc.*		14,333		856,253
			$	3,717,991
BUILDING PRODUCTS – 0.3%
Allegion PLC		2,233		136,548
Armstrong World Industries, Inc.*		2,340		128,092
Fortune Brands Home & Security, Inc.		4,760		212,296
Lennox International, Inc.		1,490		157,880
Masco Corp.		15,630		414,039
Owens Corning		890		34,407
Smith (A.O.) Corp.		2,500		159,750
USG Corp.*		2,660		70,596
			$	1,313,608
COMMERCIAL SERVICES & SUPPLIES – 0.4%
ADT Corp. (The)#		1,750		65,800
Cintas Corp.		3,520		281,424
Civeo Corp.		1,220		5,697
Clean Harbors, Inc.*		1,300		71,825
Copart, Inc.*		1,580		56,201
Covanta Holding Corp.		4,900		99,421
KAR Auction Services, Inc.		4,100		152,561
Pitney Bowes, Inc.		2,330		52,122
Republic Services, Inc.		5,140		208,838
RR Donnelley & Sons Co.		3,270		60,887
Stericycle, Inc.*		2,752		367,199
Tyco International PLC		8,620		339,456
Waste Connections, Inc.		195		9,245

Description	Number of Shares		Value
Waste Management, Inc.		4,440	$	219,913
			$	1,990,589
CONSTRUCTION & ENGINEERING – 0.2%
AECOM*		5,991		189,076
Chicago Bridge & Iron Co. NV#		2,762		131,609
Fluor Corp.		3,670		220,714
Jacobs Engineering Group, Inc.*		1,650		70,719
KBR, Inc.		2,070		36,163
Quanta Services, Inc.*		5,010		144,839
			$	793,120
ELECTRICAL EQUIPMENT – 0.6%
Acuity Brands, Inc.		1,300		217,035
AMETEK, Inc.#		5,660		296,697
Babcock & Wilcox Co. (The)		2,940		95,021
Eaton Corp. PLC		4,728		324,955
Emerson Electric Co.		18,890		1,111,299
Hubbell, Inc., Class B		1,590		173,040
Regal-Beloit Corp.		600		46,920
Rockwell Automation, Inc.		4,220		500,492
SolarCity Corp.#,*		1,000		60,050
			$	2,825,509
INDUSTRIAL CONGLOMERATES – 1.6%
3M Co.		21,210		3,317,032
Carlisle Cos., Inc.		1,290		124,485
Danaher Corp.		7,880		645,214
General Electric Co.		109,620		2,968,510
Roper Technologies, Inc.		3,000		504,510
			$	7,559,751
MACHINERY – 1.8%
AGCO Corp.		560		28,846
Allison Transmission Holdings, Inc.		4,800		147,264
Caterpillar, Inc.		8,900		773,232
Colfax Corp.*		2,700		133,893
Cummins, Inc.		5,480		757,665
Deere & Co.		4,990		451,695
Donaldson Co., Inc.		4,860		181,618
Dover Corp.		3,560		269,563
Flowserve Corp.		4,920		287,968
Graco, Inc.		2,140		153,267
IDEX Corp.#		2,120		159,021
Illinois Tool Works, Inc.		10,600		991,948
Ingersoll-Rand PLC		4,500		296,280
ITT Corp.		2,535		100,513
Joy Global, Inc.		1,080		46,051
Kennametal, Inc.		2,650		93,836
Lincoln Electric Holdings, Inc.		2,600		173,836

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    25

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Manitowoc Co., Inc. (The)		3,910	$	77,144
Middleby Corp. (The)*		1,600		162,144
Navistar International Corp.#,*		1,680		50,333
Nordson Corp.		2,000		159,300
Oshkosh Corp.		990		53,302
PACCAR, Inc.		10,790		705,127
Pall Corp.		3,170		308,504
Parker Hannifin Corp.		2,560		305,562
Pentair PLC		2,666		165,692
Snap-On, Inc.		1,280		191,424
SPX Corp.		1,230		94,710
Stanley Black & Decker, Inc.		1,820		179,634
Terex Corp.		2,030		55,744
Timken Co. (The)		300		11,787
Toro Co. (The)		2,340		156,874
Trinity Industries, Inc.		560		15,170
Valmont Industries, Inc.		1,060		133,581
WABCO Holdings, Inc.*		2,050		255,123
Wabtec Corp.		3,320		312,246
Xylem, Inc.		2,670		98,843
			$	8,538,740
MARINE – 0.0%**
Kirby Corp.*		1,500		117,795
PROFESSIONAL SERVICES – 0.5%
Dun & Bradstreet Corp. (The)		930		118,733
Equifax, Inc.		4,060		393,536
IHS, Inc., Class A*		2,140		268,506
ManpowerGroup, Inc.		1,860		158,714
Nielsen Holdings N.V.		7,600		341,544
Robert Half International, Inc.		5,010		277,805
Towers Watson & Co., Class A		1,300		164,977
Verisk Analytics, Inc., Class A*		6,000		450,240
			$	2,174,055
ROAD & RAIL – 1.2%
AMERCO		300		96,612
Avis Budget Group, Inc.*		3,600		194,904
Con-way, Inc.#		1,840		75,624
CSX Corp.		14,600		526,914
Genesee & Wyoming, Inc., Class A*		1,600		148,720
Hertz Global Holdings, Inc.*		13,850		288,634
JB Hunt Transport Services, Inc.		2,980		259,856
Kansas City Southern		4,000		409,960
Landstar System, Inc.		1,590		99,073
Norfolk Southern Corp.		4,160		419,536
Old Dominion Freight Line, Inc.*		2,800		199,164

Description	Number of Shares		Value
Ryder System, Inc.		40	$	3,814
Union Pacific Corp.		28,720		3,050,926
			$	5,773,737
TRADING COMPANIES & DISTRIBUTORS – 0.3%
Fastenal Co.#		6,820		290,668
GATX Corp.		90		4,896
MRC Global, Inc.*		100		1,460
MSC Industrial Direct Co., Inc., Class A		1,390		98,773
NOW, Inc.#,*		1,063		25,406
United Rentals, Inc.*		2,920		282,014
Veritiv Corp.*		207		8,226
WESCO International, Inc.#,*		330		23,806
WW Grainger, Inc.		1,790		444,690
			$	1,179,939
TOTAL INDUSTRIALS			$	52,886,376
INFORMATION TECHNOLOGY – 24.0%
COMMUNICATIONS EQUIPMENT – 1.5%
ARRIS Group, Inc.*		2,420		81,493
Brocade Communications Systems, Inc.		8,790		99,327
Cisco Systems, Inc.		56,660		1,633,508
EchoStar Corp., Class A*		270		13,500
F5 Networks, Inc.*		2,590		316,032
Harris Corp.		2,040		163,690
JDS Uniphase Corp.*		2,190		27,725
Juniper Networks, Inc.		10,440		275,929
Motorola Solutions, Inc.		2,770		165,508
Palo Alto Networks, Inc.*		1,800		265,896
QUALCOMM, Inc.		55,400		3,767,200
			$	6,809,808
COMPUTERS & PERIPHERALS – 5.7%
3D Systems Corp.#,*		3,000		75,270
Apple, Inc.		194,760		24,374,214
Diebold, Inc.		973		33,831
EMC Corp.		30,270		814,566
Hewlett-Packard Co.		19,490		642,585
Lexmark International, Inc., Class A		2,230		98,990
NCR Corp.*		5,320		145,981
NetApp, Inc.		5,143		186,434
SanDisk Corp.		4,650		311,271
Stratasys Ltd.#,*		1,300		48,685
Western Digital Corp.		2,280		222,847
			$	26,954,674
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.5%
Amphenol Corp., Class A		10,300		570,311

ANNUAL REPORT  /  April 30, 2015

26    PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Arrow Electronics, Inc.*		1,340	$	80,011
Avnet, Inc.		3,060		130,448
AVX Corp.		200		2,754
Corning, Inc.		19,540		408,972
Dolby Laboratories, Inc., Class A		270		10,870
FLIR Systems, Inc.		3,390		104,717
Ingram Micro, Inc., Class A*		100		2,516
IPG Photonics Corp.*		2,000		177,160
Jabil Circuit, Inc.		5,240		118,005
Keysight Technologies, Inc.*		2,745		91,848
Knowles Corp.#,*		1,930		36,998
National Instruments Corp.		2,880		82,368
Tech Data Corp.*		1,700		95,829
Trimble Navigation Ltd.*		8,300		211,069
Vishay Intertechnology, Inc.		2,370		30,052
Zebra Technologies Corp., Class A*		50		4,604
			$	2,158,532
INTERNET SOFTWARE & SERVICES – 4.4%
Akamai Technologies, Inc.#,*		7,350		542,283
AOL, Inc.*		2,331		93,007
CoStar Group, Inc.*		1,100		224,873
eBay, Inc.*		40,740		2,373,512
Equinix, Inc.		1,934		494,969
Facebook, Inc., Class A*		62,940		4,957,784
Google, Inc. Class A*		9,005		4,941,674
Google, Inc. Class C*		8,809		4,733,428
IAC/InterActiveCorp		1,030		71,915
LinkedIn Corp.*		3,460		872,370
Pandora Media, Inc.*		4,500		80,280
Rackspace Hosting, Inc.*		2,800		150,920
Twitter, Inc.*		14,000		545,440
VeriSign, Inc.*		3,950		250,865
Yahoo!, Inc.*		8,530		363,079
Yelp, Inc.*		1,900		74,841
Zillow Group, Inc. Class A#,*		460		44,914
			$	20,816,154
IT SERVICES – 4.5%
Accenture PLC, Class A		20,300		1,880,795
Alliance Data Systems Corp.*		1,790		532,185
Amdocs Ltd.		2,720		149,790
Automatic Data Processing, Inc.		14,030		1,186,096
Booz Allen Hamilton Holding Corp.		160		4,400
Broadridge Financial Solutions, Inc.		3,630		195,730
Cognizant Technology Solutions Corp.*		18,120		1,060,745
Computer Sciences Corp.		1,600		103,120
CoreLogic, Inc.*		680		26,595

Description	Number of Shares		Value
DST Systems, Inc.		170	$	19,564
Fidelity National Information Services, Inc.		4,243		265,145
Fiserv, Inc.*		7,660		594,416
FleetCor Technologies, Inc.*		3,100		498,759
Gartner, Inc.*		3,500		290,430
Global Payments, Inc.		2,250		225,630
International Business Machines Corp.		30,660		5,251,751
Jack Henry & Associates, Inc.		1,900		126,369
Leidos Holdings, Inc.		2,200		91,608
MasterCard, Inc., Class A		31,120		2,807,335
Paychex, Inc.		9,670		467,931
Science Applications International Corp.		1,257		62,976
Teradata Corp.*		3,670		161,443
Total System Services, Inc.		4,520		178,811
Vantiv, Inc., Class A*		3,900		152,490
VeriFone Systems, Inc.*		2,600		93,002
Visa, Inc., Class A		64,120		4,235,126
Western Union Co. (The)		20,690		419,593
Xerox Corp.		15,860		182,390
			$	21,264,225
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.3%
Advanced Micro Devices, Inc.#,*		12,850		29,041
Altera Corp.		4,190		174,639
Analog Devices, Inc.		8,820		545,429
Applied Materials, Inc.		32,580		644,758
Atmel Corp.		11,220		85,048
Avago Technologies Ltd.		8,000		935,040
Broadcom Corp., Class A		9,230		408,012
Cree, Inc.#,*		3,430		108,662
First Solar, Inc.*		700		41,769
Freescale Semiconductor Ltd.*		5,500		214,995
Intel Corp.		61,770		2,010,613
KLA-Tencor Corp.		4,150		244,020
Lam Research Corp.		2,480		187,438
Linear Technology Corp.		6,070		280,009
Marvell Technology Group Ltd.		3,330		46,653
Maxim Integrated Products, Inc.		6,720		220,618
Microchip Technology, Inc.#		4,340		206,823
Micron Technology, Inc.*		30,190		849,245
NVIDIA Corp.		6,080		134,946
ON Semiconductor Corp.*		10,570		121,766
Skyworks Solutions, Inc.		7,600		701,100
SunEdison, Inc.#,*		3,140		79,505
Teradyne, Inc.		3,450		62,963
Texas Instruments, Inc.		34,050		1,845,851
Xilinx, Inc.		8,700		377,232
			$	10,556,175

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    27

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
SOFTWARE – 5.1%
Activision Blizzard, Inc.		10,270	$	234,310
Adobe Systems, Inc.*		14,880		1,131,773
ANSYS, Inc.*		2,080		178,547
Autodesk, Inc.*		7,530		427,930
CA, Inc.		4,180		132,799
Cadence Design Systems, Inc.*		11,710		218,391
CDK Global, Inc.		4,676		224,074
Citrix Systems, Inc.*		4,290		288,116
Electronic Arts, Inc.*		11,160		648,284
FactSet Research Systems, Inc.		1,540		242,381
FireEye, Inc.#,*		1,860		76,818
Fortinet, Inc.*		4,000		150,960
Informatica Corp.*		3,500		168,245
Intuit, Inc.		10,000		1,003,300
Microsoft Corp.		205,049		9,973,583
NetSuite, Inc.#,*		1,200		114,684
Nuance Communications, Inc.*		3,040		46,603
Oracle Corp.		106,520		4,646,402
PTC, Inc.*		2,620		100,451
Red Hat, Inc.*		6,230		468,870
Rovi Corp.#,*		1,650		30,542
Salesforce.com, Inc.*		19,380		1,411,252
ServiceNow, Inc.*		5,600		419,216
SolarWinds, Inc.*		340		16,585
Solera Holdings, Inc.		2,700		131,004
Splunk, Inc.*		4,200		278,649
Symantec Corp.		12,120		302,091
Synopsys, Inc.*		2,600		121,888
Tableau Software, Inc., Class A*		1,900		185,896
VMware, Inc., Class A#,*		2,310		203,511
Workday, Inc., Class A*		2,900		264,509
Zynga, Inc., Class A*		15,000		36,750
			$	23,878,414
TOTAL INFORMATION TECHNOLOGY			$	112,437,982
MATERIALS – 3.8%
CHEMICALS – 2.9%
Air Products & Chemicals, Inc.		1,970		282,557
Airgas, Inc.		1,960		198,509
Albemarle Corp.		2,140		127,758
Ashland, Inc.		540		68,234
Cabot Corp.		460		19,660
Celanese Corp.		2,870		190,453
CF Industries Holdings, Inc.		723		207,841
Cytec Industries, Inc.		1,960		108,368
Dow Chemical Co. (The)		17,550		895,050

Description	Number of Shares		Value
E.I. du Pont de Nemours & Co.		27,930	$	2,044,476
Eastman Chemical Co.		4,288		326,831
Ecolab, Inc.		7,877		882,066
FMC Corp.		3,560		211,144
Huntsman Corp.		5,100		117,555
International Flavors & Fragrances, Inc.		2,900		332,775
LyondellBasell Industries NV, Class A		13,600		1,407,872
Monsanto Co.		16,750		1,908,830
Mosaic Co. (The)		3,750		165,000
NewMarket Corp.		400		178,760
Platform Specialty Products Corp.*		1,980		53,341
PPG Industries, Inc.		4,520		1,001,451
Praxair, Inc.		7,750		944,958
Rayonier Advanced Materials, Inc.		1,305		21,807
RPM International, Inc.		3,760		178,750
Scotts Miracle-Gro Co. (The) Class A		1,470		94,830
Sherwin-Williams Co. (The)		2,858		794,524
Sigma-Aldrich Corp.		3,490		484,831
Valspar Corp. (The)		2,720		220,592
Westlake Chemical Corp.		1,000		77,980
WR Grace & Co.*		1,600		154,752
			$	13,701,555
CONSTRUCTION MATERIALS – 0.1%
Eagle Materials, Inc.		1,700		141,763
Martin Marietta Materials, Inc.		1,500		213,975
Vulcan Materials Co.		1,400		119,728
			$	475,466
CONTAINERS & PACKAGING – 0.4%
AptarGroup, Inc.		580		36,001
Avery Dennison Corp.		910		50,587
Ball Corp.		6,200		455,142
Bemis Co., Inc.		240		10,800
Crown Holdings, Inc.*		4,340		235,488
Greif, Inc., Class A		270		11,005
MeadWestvaco Corp.		1,480		72,224
Owens-Illinois, Inc.*		3,380		80,816
Packaging Corp. of America		2,850		197,192
Rock-Tenn Co., Class A		4,000		251,920
Sealed Air Corp.		7,500		342,000
Silgan Holdings, Inc.		1,900		102,353
Sonoco Products Co.		2,410		107,703
			$	1,953,231
METALS & MINING – 0.3%
Alcoa, Inc.		9,760		130,979
Allegheny Technologies, Inc.		1,150		39,088
Carpenter Technology Corp.		380		16,435

ANNUAL REPORT  /  April 30, 2015

28     PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Cliffs Natural Resources, Inc.#		1,000	$             5,940
Compass Minerals International, Inc.		900	79,497
Freeport-McMoRan, Inc.		10,465	243,521
Newmont Mining Corp.		5,170	136,953
Nucor Corp.		3,150	153,909
Reliance Steel & Aluminum Co.		750	48,540
Royal Gold, Inc.		400	25,812
Southern Copper Corp.#		4,610	150,194
Steel Dynamics, Inc.		5,700	126,141
Tahoe Resources, Inc.		760	10,724
TimkenSteel Corp.		150	4,379
United States Steel Corp.#		3,620	86,952
			$1,259,064
PAPER & FOREST PRODUCTS – 0.1%
Domtar Corp.		320	13,830
International Paper Co.		7,540	405,049
			$418,879
TOTAL MATERIALS			$    17,808,195
TELECOMMUNICATION SERVICES – 2.2%
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.1%
AT&T, Inc.		59,197	2,050,584
CenturyLink, Inc.		5,519	198,463
Frontier Communications Corp.		10,500	72,030
Level 3 Communications, Inc.*		8,898	497,754
Verizon Communications, Inc.		134,960	6,807,382
Windstream Holdings, Inc.		2,617	30,563
			$9,656,776
WIRELESS TELECOMMUNICATION SERVICES – 0.1%
SBA Communications Corp., Class A*		4,510	522,348
Sprint Corp.*		6,460	33,140
Telephone & Data Systems, Inc.		2,424	64,745
T-Mobile US, Inc.*		2,465	83,909
United States Cellular Corp.*		90	3,324
			$707,466
TOTAL TELECOMMUNICATION SERVICES			$10,364,242
UTILITIES – 1.6%
ELECTRIC UTILITIES – 0.8%
American Electric Power Co., Inc.		5,390	306,529
Duke Energy Corp.		5,395	418,490
Edison International		3,320	202,321
Entergy Corp.		2,770	213,789
Eversource Energy		5,713	278,566
Exelon Corp.#		8,199	278,930

Description	Number of Shares		Value
FirstEnergy Corp.		4,100	147,231
Great Plains Energy, Inc.		1,720	$45,030
Hawaiian Electric Industries, Inc.		2,710	84,823
ITC Holdings Corp.		3,960	142,560
NextEra Energy, Inc.		3,340	337,106
OGE Energy Corp.		3,020	98,694
Pinnacle West Capital Corp.		1,600	97,920
PPL Corp.		9,000	306,270
Southern Co. (The)		6,881	304,828
Westar Energy, Inc.		2,960	111,444
Xcel Energy, Inc.		7,770	263,481
			$    3,638,012
GAS UTILITIES –0.1%
AGL Resources, Inc.		1,320	66,356
Atmos Energy Corp.		2,610	140,940
National Fuel Gas Co.		1,410	90,875
Questar Corp.		6,500	152,360
UGI Corp.		2,835	98,686
			$549,217
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.1%**
AES Corp.		6,610	87,582
Calpine Corp.*		2,230	48,636
NRG Energy, Inc.		3,100	78,244
			$214,462
MULTI-UTILITIES – 0.6%
Alliant Energy Corp.		2,000	120,940
Ameren Corp.		3,450	141,243
CenterPoint Energy, Inc.		2,760	57,877
CMS Energy Corp.		3,670	124,523
Consolidated Edison, Inc.#		4,340	267,127
Dominion Resources, Inc.		5,870	420,762
DTE Energy Co.		2,200	175,186
Integrys Energy Group, Inc.		1,760	128,656
MDU Resources Group, Inc.		4,280	95,401
NiSource, Inc.		4,700	204,074
PG&E Corp.		3,120	165,110
Public Service Enterprise Group, Inc.		6,200	257,548
SCANA Corp.		3,140	166,357
Sempra Energy		3,250	345,053
TECO Energy, Inc.		430	8,149
Vectren Corp.		1,680	72,526
Wisconsin Energy Corp.#		4,240	208,269
			$2,958,801
WATER UTILITIES – 0.0%**
American Water Works Co., Inc.		1,690	92,139

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    29

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Aqua America, Inc.		1,325	$	35,536
			$	127,675
TOTAL UTILITIES			$	7,488,167
TOTAL COMMON STOCKS
(COST $291,027,981)			$	468,309,412
INVESTMENT COMPANIES – 0.1%
EQUITY FUNDS – 0.1%
iShares Russell 1000 ETF		1,660		193,871
iShares Russell 1000 Growth ETF		1,780		177,039
TOTAL EQUITY FUNDS			$	370,910
TOTAL INVESTMENT COMPANIES
(COST $341,381)			$	370,910
RIGHTS – 0.0%**
Celgene Corp.*		89		256
Community Health Systems, Inc.*		3,700		60
TOTAL RIGHTS
(COST $142)			$	316
WARRANTS – 0.0%**
American International Group, Inc. CW21, Expire 1/19/21*		2,055		47,779
Kinder Morgan, Inc., Expire 5/25/17*		16,345		79,764
TOTAL WARRANTS
(COST $48,690)			$	127,543
TOTAL INVESTMENTS IN SECURITIES – 100.0%
(COST $291,418,194)			$	468,808,181

	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.2%
REPURCHASE AGREEMENTS – 1.2%
BNP Paribas Securities Corp., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $294,103, collateralized by U.S.
Government & Treasury Securities 0.00% to 6.50%, maturing 5/01/16 to 4/20/45; total market value of $299,984.	$	294,102	$	294,102
Citigroup Global Markets, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $1,117,649, collateralized by U.S.
Government Securities 1.61% to 8.00%, maturing 6/01/17 to 6/15/52; total market value of $1,139,998.		1,117,645		1,117,645
Credit Suisse Securities (USA) LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $1,117,649, collateralized by U.S.
Government Securities 3.00% to 4.50%, maturing 8/01/38 to 4/01/45; total market value of $1,140,006.		1,117,645		1,117,645

Description	Par Value		Value
ING Financial Markets LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $1,117,649, collateralized by U.S.
Government Securities 1.87% to 6.20%, maturing 5/01/33 to 11/01/44; total market value of $1,139,998.	$	1,117,645	$	1,117,645
JP Morgan Securities LLC, 0.13%, dated 4/30/15, due 5/01/15, repurchase price $1,117,649, collateralized by U.S. Government Securities 1.78% to 6.13%, maturing 3/01/19 to 2/01/45; total market value of $1,140,011.		1,117,645		1,117,645
Nomura Securities International, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $1,117,649, collateralized by U.S. Government & Treasury Securities 0.00% to 10.50%, maturing 5/15/15 to 3/20/64; total market value of $1,139,998.		1,117,645		1,117,645
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $5,882,327)			$	5,882,327
TOTAL INVESTMENTS – 101.2%
(COST $297,300,521)			$	474,690,508
COLLATERAL FOR SECURITIES ON LOAN – (1.2%)				(5,882,327	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				169,452
TOTAL NET ASSETS – 100.0%			$	468,977,633

ANNUAL REPORT  /  April 30, 2015

30     PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (concluded)

Cost of investments for Federal income tax purposes is $301,048,053. The net unrealized appreciation/(depreciation) of investments was $173,642,455. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $183,028,827 and net unrealized depreciation from investments for those securities having an excess of cost over value of $9,386,372.

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, 2015 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks		$468,309,412		$            —		$                —		$468,309,412
Investment Companies		370,910		—		—		370,910
Rights		316		—		—		316
Warrants		127,543		—		—		127,543
Repurchase Agreements		—		5,882,327		—		5,882,327
Total		$468,808,181		$5,882,327		$                —		$474,690,508

# 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%.

§ Affiliated company. See Note 4 in Notes to Financial Statements.

The following acronyms are used throughout this Fund:

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

See Notes which are an integral part of the Financial Statements

April 30, 2015  /  ANNUAL REPORT

31

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Mid-Cap Growth Fund

At April 30, 2015, the Fund’s sector classifications were as follows (unaudited):

Percentage of
Total Net Assets

Common Stocks
Consumer Discretionary	21.8	%
Information Technology	17.5	%
Industrials	15.8	%
Health Care	15.6	%
Financials	12.6	%
Energy	6.1	%
Materials	5.0	%
Consumer Staples	4.4	%
Cash Equivalents1	6.3	%
Other Assets and Liabilities – Net2	(5.1	)%
TOTAL	100.0	%

(1) Cash Equivalents include investments in 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, 2015

Description	Number of Shares		Value
COMMON STOCKS – 98.8%
CONSUMER DISCRETIONARY – 21.8%
AUTO COMPONENTS – 2.1%
BorgWarner, Inc.		121,000	$	7,163,200
DISTRIBUTORS – 1.6%
LKQ Corp.*		201,000		5,441,070
HOTELS, RESTAURANTS & LEISURE – 2.4%
DineEquity, Inc.		45,300		4,368,279
Panera Bread Co.*		20,600		3,759,088
			$	8,127,367
INTERNET & CATALOG RETAIL – 1.1%
TripAdvisor, Inc.*		45,100		3,630,099
MEDIA – 4.8%
CBS Corp., Class B Non-Voting		128,400		7,977,492
Lions Gate Entertainment Corp.#		141,900		4,400,319
Scripps Networks Interactive, Inc.		50,900		3,555,874
			$	15,933,685
MULTILINE RETAIL – 1.7%
Nordstrom, Inc.		76,600		5,787,896
SPECIALTY RETAIL – 4.9%
GameStop Corp.#		102,700		3,958,058

Description	Number of Shares		Value
L Brands, Inc.		80,300	$    7,175,608
Tile Shop Holdings, Inc.#,*		212,900	2,761,313
Vitamin Shoppe, Inc.*		61,000	2,554,680
			$    16,449,659
TEXTILES, APPAREL & LUXURY GOODS – 3.2%
Coach, Inc.		67,200	2,567,712
Lululemon Athletica, Inc.*		53,300	3,392,012
PVH Corp.		46,200	4,774,770
			$    10,734,494
TOTAL CONSUMER DISCRETIONARY			$    73,267,470
CONSUMER STAPLES – 4.4%
BEVERAGES – 1.7%
Keurig Green Mountain, Inc.		49,800	5,795,226
FOOD & STAPLES RETAILING – 1.0%
Pricesmart, Inc.		42,000	3,379,320
HOUSEHOLD PRODUCTS – 1.7%
Church & Dwight Co., Inc.		69,000	5,600,730
TOTAL CONSUMER STAPLES			$    14,775,276

ANNUAL REPORT  /  April 30, 2015

32     PORTFOLIOS OF INVESTMENTS

Wilmington Mid-Cap Growth Fund (continued)

Description	Number of Shares		Value
ENERGY – 6.1%
ENERGY EQUIPMENT & SERVICES – 2.5%
Core Laboratories NV#		33,400	$	4,384,752
Oceaneering International, Inc.		71,400		3,934,854
			$	8,319,606
OIL, GAS & CONSUMABLE FUELS – 3.6%
Cabot Oil & Gas Corp.		97,600		3,300,832
Southwestern Energy Co.*		89,700		5,353,969
Whiting Petroleum Corp.*		88,400		3,351,244
			$	12,006,045
TOTAL ENERGY			$	20,325,651
FINANCIALS – 12.6%
CAPITAL MARKETS – 2.0%
Raymond James Financial, Inc.		58,300		3,295,699
T. Rowe Price Group, Inc.		41,500		3,368,970
			$	6,664,669
COMMERCIAL BANKS – 3.9%
Signature Bank*		43,100		5,779,279
SVB Financial Group*		54,800		7,275,248
			$	13,054,527
DIVERSIFIED FINANCIAL SERVICES – 2.2%
MarketAxess Holdings, Inc.		84,400		7,245,740
INSURANCE – 1.1%
Brown & Brown, Inc.		119,700		3,824,415
REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.4%
CBRE Group, Inc.*		169,500		6,498,630
Realogy Holdings Corp.*		102,000		4,835,820
			$	11,334,450
TOTAL FINANCIALS			$	42,123,801
HEALTH CARE – 15.6%
BIOTECHNOLOGY – 5.2%
Cepheid, Inc.*		102,600		5,755,860
Regeneron Pharmaceuticals, Inc.*		15,550		7,113,503
Vertex Pharmaceuticals, Inc.*		36,500		4,499,720
			$	17,369,083
HEALTH CARE EQUIPMENT & SUPPLIES – 6.3%
Alere, Inc.*		98,900		4,695,772
Intuitive Surgical, Inc.*		10,150		5,034,197
Novadaq Technologies, Inc.#,*		240,000		2,594,400
ResMed, Inc.		74,300		4,750,742
West Pharmaceutical Services, Inc.		76,000		4,049,280
			$	21,124,391
HEALTH CARE TECHNOLOGY – 1.9%
Cerner Corp.*		91,700		6,584,977

Description	Number of Shares		Value
PHARMACEUTICALS – 2.2%
Perrigo Co. PLC		40,587	$	7,438,785
TOTAL HEALTH CARE			$	52,517,236
INDUSTRIALS – 15.8%
AEROSPACE & DEFENSE – 2.4%
HEICO Corp.		106,500		4,885,155
Precision Castparts Corp.		14,700		3,038,343
			$	7,923,498
BUILDING PRODUCTS – 0.6%
Lennox International, Inc.		20,200		2,140,392
COMMERCIAL SERVICES & SUPPLIES – 2.7%
MSA Safety, Inc.		85,200		3,897,048
Waste Connections, Inc.		106,000		5,025,460
			$	8,922,508
ELECTRICAL EQUIPMENT – 3.4%
AMETEK, Inc.		104,500		5,477,890
Rockwell Automation, Inc.		51,500		6,107,900
			$	11,585,790
MACHINERY – 3.6%
Cummins, Inc.		27,500		3,802,150
Graco, Inc.		64,500		4,619,490
Pall Corp.		38,800		3,776,016
			$	12,197,656
ROAD & RAIL – 3.1%
Kansas City Southern		48,500		4,970,765
Old Dominion Freight Line, Inc.*		76,500		5,441,445
			$	10,412,210
TOTAL INDUSTRIALS			$	53,182,054
INFORMATION TECHNOLOGY – 17.5%
COMMUNICATIONS EQUIPMENT – 0.5%
Aruba Networks, Inc.*		69,600		1,712,856
COMPUTERS & PERIPHERALS – 0.5%
Stratasys Ltd.#,*		42,200		1,580,390
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS –5.0%
Cognex Corp.		46,700		2,096,363
FEI Co.		50,500		3,810,730
IPG Photonics Corp.*		74,900		6,634,642
National Instruments Corp.		145,500		4,161,300
			$	16,703,035
INTERNET SOFTWARE & SERVICES – 2.3%
CoStar Group, Inc.*		22,900		4,681,447
Xoom Corp.#,*		184,000		3,251,280
			$	7,932,727

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    33

  Wilmington Mid-Cap Growth Fund (continued)

Description	Number of Shares		Value
IT SERVICES – 1.2%
Global Payments, Inc.		39,600	$	3,971,088
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.6%
Altera Corp.		114,900		4,789,032
Lam Research Corp.		51,500		3,892,370
			$	8,681,402
SOFTWARE – 5.4%
ANSYS, Inc.*		77,600		6,661,184
Autodesk, Inc.*		82,400		4,682,792
Red Hat, Inc.*		89,000		6,698,140
			$	18,042,116
TOTAL INFORMATION TECHNOLOGY			$	58,623,614
MATERIALS – 5.0%
CHEMICALS – 5.0%
Airgas, Inc.		46,700		4,729,776
Valspar Corp. (The)		74,500		6,041,950
WR Grace & Co.*		61,600		5,957,952
			$	16,729,678
TOTAL MATERIALS			$	16,729,678
TOTAL COMMON STOCKS
(COST $225,903,654)			$	331,544,780
MONEY MARKET FUND – 0.7%
Dreyfus Cash Management Fund,
Institutional Shares, 0.04%^		2,295,154		2,295,154
TOTAL MONEY MARKET FUND
(COST $2,295,154)			$	2,295,154
TOTAL INVESTMENTS IN SECURITIES – 99.5%
(COST $228,198,808)			$	333,839,934

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 5.6%
REPURCHASE AGREEMENTS – 5.6%
BNP Paribas Securities Corp., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $938,723, collateralized by U.S. Government & Treasury Securities 0.00% to 6.50%, maturing 5/01/16 to 4/20/45; total market value of $957,494.	$	938,720	$	938,720
Citigroup Global Markets, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $3,567,292, collateralized by U.S. Government Securities 1.61% to 8.00%, maturing 6/01/17 to 6/15/52; total market value of $3,638,625.		3,567,279		3,567,279
Credit Suisse Securities (USA) LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $3,567,291, collateralized by U.S. Government Securities 3.00% to 4.50%, maturing 8/01/38 to 4/01/45; total market value of $3,638,651.		3,567,279		3,567,279
Daiwa Capital Markets LLC, 0.16%, dated 4/30/15, due 5/01/15, repurchase price $3,567,295, collateralized by U.S. Government & Treasury Securities 0.00% to 9.25%, maturing 5/21/15 to 3/01/48; total market value of $3,638,625.		3,567,279		3,567,279
ING Financial Markets LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $3,567,291, collateralized by U.S. Government Securities 1.87% to 6.20%, maturing 5/01/33 to 11/01/44; total market value of $3,638,626.		3,567,279		3,567,279
Nomura Securities International, Inc. 0.13%, dated 4/30/15, due 5/01/15, repurchase price $3,567,292, collateralized by U.S. Government & Treasury Securities 0.00% to 10.50%, maturing 5/15/15 to 3/20/64; total market value of $3,638,625.		3,567,279		3,567,279
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $18,775,115)			$	18,775,115
TOTAL INVESTMENTS – 105.1% (COST $246,973,923)			$	352,615,049
COLLATERAL FOR SECURITIES ON LOAN – (5.6%)				(18,775,115	)
OTHER ASSETS LESS LIABILITIES – 0.5%				1,667,343
TOTAL NET ASSETS – 100.0%			$	335,507,277

ANNUAL REPORT  /  April 30, 2015

34     PORTFOLIOS OF INVESTMENTS

         Wilmington Mid-Cap Growth Fund (concluded)

Cost of investments for Federal income tax purposes is $249,462,518. The net unrealized appreciation/(depreciation) of investments was $103,152,531. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $113,483,077 and net unrealized depreciation from investments for those securities having an excess of cost over value of $10,330,546.

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, 2015 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	331,544,780	$	—	$	—	$	331,544,780
Money Market Fund		2,295,154		—		—		2,295,154
Repurchase Agreements		—		18,775,115		—		18,775,115
Total	$	333,839,934	$	18,775,115	$	—	$	352,615,049

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

* Non-income producing security.

^ 7-Day net yield.

The following acronyms are used throughout this Fund:

LLC - Limited Liability Corporation

LP - Limited Partnership

PLC - Public Limited Company

See Notes which is an integral part of the Financial Statements

April 30, 2015  /  ANNUAL REPORT

35

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Small-Cap Growth Fund

At April 30, 2015, the Fund’s sector classifications were as follows (unaudited):

Percentage of
Total Net Assets

Common Stocks
Health Care	28.1	%
Information Technology	21.1	%
Industrials	17.9	%
Consumer Discretionary	18.3	%
Consumer Staples	6.0	%
Financials	4.0	%
Materials	2.6	%
Energy	0.4	%
Telecommunication Services	0.3	%
Warrant	0.0	%3
Cash Equivalents1	11.7	%
Other Assets and Liabilities – Net2	(10.4	)%
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, 2015

Description	Number of Shares		Value
COMMON STOCKS – 98.7%
CONSUMER DISCRETIONARY – 18.3%
AUTO COMPONENTS – 0.5%
American Axle & Manufacturing Holdings, Inc.*		3,955	$	98,598
Modine Manufacturing Co.*		3,956		48,619
Sypris Solutions, Inc.		12,369		18,925
Tower International, Inc.*		5,005		129,429
			$	295,571
DISTRIBUTORS – 1.3%
Core-Mark Holding Co., Inc.		13,569		715,222
DIVERSIFIED CONSUMER SERVICES – 0.5%
Education Management Corp.*		11,809		2,805
Steiner Leisure Ltd.*		5,111		246,555
			$	249,360
HOTELS, RESTAURANTS & LEISURE – 3.8%
Cheesecake Factory, Inc. (The)		6,745		338,127

Description	Number of Shares		Value
DineEquity, Inc.		1,309	$	126,227
Krispy Kreme Doughnuts, Inc.*		12,410		220,898
Papa John’s International, Inc.		9,690		594,675
Popeyes Louisiana Kitchen, Inc.*		2,622		145,993
Premier Exhibitions, Inc.#		3,840		17,971
Scientific Games Corp.#,*		19,840		251,373
Sonic Corp.*		14,796		423,905
			$	2,119,169
HOUSEHOLD DURABLES – 0.7%
La-Z-Boy, Inc.		2,308		60,493
Ryland Group, Inc. (The)		8,269		340,848
			$	401,341
INTERNET & CATALOG RETAIL – 0.8%
EVINE Live, Inc.*		10,891		64,910
HSN, Inc.		5,100		318,342
Orbitz Worldwide, Inc.*		7,000		82,040
			$	465,292

ANNUAL REPORT  /  April 30, 2015

36     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
LEISURE EQUIPMENT & PRODUCTS – 1.5%
Brunswick Corp.		11,225	$	561,699
Polaris Industries, Inc.		2,062		282,412
			$	844,111
MEDIA – 2.7%
Entravision Communications Corp.		17,716		115,863
Lions Gate Entertainment Corp.		7,008		217,318
MDC Partners, Inc.		10,737		224,833
Nexstar Broadcasting Group, Inc.#		7,008		409,688
Sinclair Broadcast Group, Inc.		17,022		521,554
			$	1,489,256
SPECIALTY RETAIL – 3.2%
Asbury Automotive Group, Inc.*		4,896		411,411
Cabela’s, Inc.#,*		2,653		139,919
Monro Muffler Brake, Inc.		4,940		295,857
Pier 1 Imports, Inc.#		644		8,147
Tractor Supply Co.		8,272		711,888
Winmark Corp.		2,576		231,866
			$	1,799,088
TEXTILES, APPAREL & LUXURY GOODS – 3.3%
Quiksilver, Inc.*		10,124		16,806
Steven Madden Ltd.*		13,989		545,851
Under Armour, Inc., Class A#,*		7,713		598,143
Wolverine World Wide, Inc.		21,920		673,602
			$	1,834,402
TOTAL CONSUMER DISCRETIONARY			$	10,212,812
CONSUMER STAPLES – 6.0%
BEVERAGES – 0.4%
National Beverage Corp.*		9,433		210,828
FOOD & STAPLES RETAILING – 2.1%
Andersons, Inc. (The)		9,149		390,571
Pricesmart, Inc.		3,644		293,196
Rite Aid Corp.*		34,380		265,070
SUPERVALU, Inc.*		30,373		266,979
			$	1,215,816
FOOD PRODUCTS – 2.2%
Darling International, Inc.#,*		10,340		141,244
Hain Celestial Group, Inc. (The)*		3,970		239,153
J&J Snack Foods Corp.		4,186		436,725
Landec Corp.*		14,129		200,773
Omega Protein Corp.*		17,431		222,768
			$	1,240,663
HOUSEHOLD PRODUCTS – 1.3%
Spectrum Brands Holdings, Inc.		3,511		321,011

Description	Number of Shares		Value
WD-40 Co.		4,870	$	394,275
			$	715,286
TOTAL CONSUMER STAPLES			$	3,382,593
ENERGY – 0.4%
ENERGY EQUIPMENT & SERVICES – 0.4%
Dril-Quip, Inc.*		2,283		182,001
Geospace Technologies Corp.*		1,264		27,302
Mitcham Industries, Inc.*		7,388		36,201
			$	245,504
OIL, GAS & CONSUMABLE FUELS – 0.0%**
Vertex Energy, Inc.#,*		437		944
TOTAL ENERGY			$	246,448
FINANCIALS – 4.0%
CAPITAL MARKETS – 2.3%
AllianceBernstein Holding LP		13,702		429,558
HFF, Inc.		8,933		350,084
Lazard Ltd., Class A		5,725		303,597
Virtus Investment Partners, Inc.*		1,334		178,249
			$	1,261,488
COMMERCIAL BANKS – 0.1%
Glacier Bancorp, Inc.		2,111		55,604
INSURANCE – 0.2%
First American Financial Corp.		2,597		90,350
REAL ESTATE INVESTMENT TRUSTS – 1.2%
FelCor Lodging Trust, Inc.		14,858		165,072
GEO Group, Inc.		2,772		108,108
Omega Healthcare Investors, Inc.#		4,081		147,283
Strategic Hotels & Resorts, Inc.*		21,861		255,774
			$	676,237
THRIFTS & MORTGAGE FINANCE – 0.2%
MGIC Investment Corp.*		13,625		141,972
TOTAL FINANCIALS			$	2,225,651
HEALTH CARE – 28.1%
BIOTECHNOLOGY – 9.3%
ACADIA Pharmaceuticals, Inc.#,*		3,983		136,099
Alnylam Pharmaceuticals, Inc.*		5,246		534,410
Exact Sciences Corp.#,*		1,371		28,654
Halozyme Therapeutics, Inc.#,*		8,340		124,016
Infinity Pharmaceuticals, Inc.*		4,040		51,187
Insys Therapeutics, Inc.#,*		12,741		669,794
Isis Pharmaceuticals, Inc.#,*		16,560		939,283
Keryx Biopharmaceuticals, Inc.#,*		12,174		129,775
MannKind Corp.#,*		15,620		67,010
MiMedx Group, Inc.#,*		21,610		203,134
Novavax, Inc.#,*		43,250		334,322

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    37

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
Orexigen Therapeutics, Inc.#,*		17,152	$	112,689
PDL BioPharma, Inc.#		70,565		470,669
Pharmacyclics, Inc.*		1,572		402,746
Prothena Corp. PLC*		2,210		71,626
Puma Biotechnology, Inc.*		3,222		581,829
Raptor Pharmaceutical Corp.#,*		3,577		36,199
Seattle Genetics, Inc.#,*		2,497		85,747
Spectrum Pharmaceuticals, Inc.#,*		5,326		30,092
Synageva BioPharma Corp.#,*		1,343		123,502
United Therapeutics Corp.*		413		65,952
			$	5,198,735
HEALTH CARE EQUIPMENT & SUPPLIES – 7.8%
ABIOMED, Inc.*		11,661		737,208
Align Technology, Inc.*		8,173		480,899
Anika Therapeutics, Inc.*		3,873		132,147
Cantel Medical Corp.		4,497		201,421
Cardiovascular Systems, Inc.*		9,278		290,401
DexCom, Inc.*		3,120		210,818
Integra LifeSciences Holdings Corp.*		3,254		191,270
Neogen Corp.*		12,192		543,032
Sirona Dental Systems, Inc.*		1,689		156,655
STARR Surgical Co.#,*		3,155		27,922
STERIS Corp.		6,704		445,816
Utah Medical Products, Inc.		6,588		355,159
West Pharmaceutical Services, Inc.		10,574		563,383
			$	4,336,131
HEALTH CARE PROVIDERS & SERVICES – 5.4%
Accretive Health, Inc.*		2,123		11,931
Aceto Corp.		21,377		414,286
Addus HomeCare Corp.*		3,150		84,546
Air Methods Corp.*		970		44,329
AMN Healthcare Services, Inc.*		6,134		139,917
Brookdale Senior Living, Inc.*		1,835		66,482
Centene Corp.*		7,004		434,178
CorVel Corp.*		13,355		477,308
ExamWorks Group, Inc. (The)*		1,370		56,101
HealthSouth Corp.		6,087		275,254
National Research Corp., Class B#,*		1,872		65,052
Providence Service Corp.*		7,123		302,870
Team Health Holdings, Inc.*		10,950		652,291
			$	3,024,545
HEALTH CARE TECHNOLOGY – 0.2%
Cerner Corp.*		1,722		123,657
LIFE SCIENCES TOOLS & SERVICES – 0.6%
PAREXEL International Corp.*		5,616		357,037

Description	Number of Shares		Value
PHARMACEUTICALS – 4.8%
Akorn, Inc.#,*		18,000	$	749,520
ANI Pharmaceuticals, Inc.*		7,152		436,129
Furiex Pharmaceuticals CVR††		734		7,171
IGI Laboratories, Inc.#,*		9,670		49,124
Jazz Pharmaceuticals PLC*		1,331		237,850
Lannett Co., Inc.*		10,630		611,225
Pacira Pharmaceuticals, Inc.*		5,808		397,732
Prestige Brands Holdings, Inc.*		4,334		170,109
			$	2,658,860
TOTAL HEALTH CARE			$	15,698,965
INDUSTRIALS – 17.9%
AEROSPACE & DEFENSE – 1.9%
Aerojet Rocketdyne Holdings, Inc.*		12,244		240,717
HEICO Corp.#		2,694		150,433
Hexcel Corp.		8,484		425,473
Moog, Inc.*		1,930		134,868
Teledyne Technologies, Inc.*		1,308		137,301
			$	1,088,792
AIR FREIGHT & LOGISTICS – 0.9%
Park-Ohio Holdings Corp.		6,343		293,871
XPO Logistics, Inc.#,*		4,058		196,813
			$	490,684
AIRLINES – 2.2%
American Airlines Group, Inc.		5,512		266,147
Hawaiian Holdings, Inc.#,*		18,000		415,440
Republic Airways Holdings, Inc.*		12,571		153,869
Spirit Airlines, Inc.*		5,447		372,956
			$	1,208,412
BUILDING PRODUCTS – 1.7%
American Woodmark Corp.*		3,717		188,452
Trex Co., Inc.*		15,779		740,351
			$	928,803
COMMERCIAL SERVICES & SUPPLIES – 1.0%
Healthcare Services Group, Inc.		3,577		108,276
Herman Miller, Inc.		471		12,910
Knoll, Inc.		2,956		67,308
Mobile Mini, Inc.		4,215		162,446
Team, Inc.*		5,006		195,634
			$	546,574
CONSTRUCTION & ENGINEERING – 1.9%
Comfort Systems USA, Inc.		2,860		59,173
Dycom Industries, Inc.*		14,650		673,607
MYR Group, Inc.*		2,742		80,395

ANNUAL REPORT  /  April 30, 2015

38    PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
Primoris Services Corp.		11,706	$	225,106
			$	1,038,281
ELECTRICAL EQUIPMENT – 1.4%
Acuity Brands, Inc.		2,981		497,678
Belden, Inc.		3,577		300,289
			$	797,967
MACHINERY – 1.8%
Blount International, Inc.*		4,055		53,769
Gorman-Rupp Co. (The)		251		6,805
Meritor, Inc.*		48,232		632,804
Mueller Water Products, Inc.		10,518		98,448
TriMas Corp.*		6,209		174,908
Valmont Industries, Inc.#		413		52,046
			$	1,018,780
PROFESSIONAL SERVICES – 3.9%
Advisory Board Co. (The)*		8,110		420,828
Exponent, Inc.		7,126		631,435
GP Strategies Corp.*		16,032		522,483
Kforce, Inc.		9,310		211,709
Navigant Consulting, Inc.*		19,302		279,107
On Assignment, Inc.*		3,984		134,062
			$	2,199,624
ROAD & RAIL – 0.9%
ArcBest Corp.		5,234		186,854
Quality Distribution, Inc.*		14,000		138,880
Swift Transportation Co.*		8,367		202,481
			$	528,215
TRADING COMPANIES & DISTRIBUTORS – 0.3%
TAL International Group, Inc.		1,346		51,875
United Rentals, Inc.*		1,073		103,630
			$	155,505
TOTAL INDUSTRIALS			$	10,001,637
INFORMATION TECHNOLOGY – 21.1%
COMMUNICATIONS EQUIPMENT – 1.7%
ARRIS Group, Inc.*		9,773		329,106
CalAmp Corp.*		9,746		192,094
Infinera Corp.*		10,000		188,000
TESSCO Technologies, Inc.		8,297		209,665
			$	918,865
COMPUTERS & PERIPHERALS – 0.3%
Cray, Inc.*		6,087		170,984
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.8%
Coherent, Inc.		1,881		112,860

Description	Number of Shares		Value
Methode Electronics, Inc.		8,339	$	354,074
			$	466,934
INTERNET SOFTWARE & SERVICES – 1.9%
CoStar Group, Inc.*		1,730		353,664
Envestnet, Inc.*		1,290		66,125
LivePerson, Inc.*		3,819		35,899
Spark Networks, Inc.#,*		8,682		34,207
Stamps.com, Inc.*		8,091		500,752
support.com, Inc.*		7,566		11,954
TechTarget, Inc.*		7,149		77,352
			$	1,079,953
IT SERVICES – 5.1%
Alliance Data Systems Corp.*		269		79,976
Cardtronics, Inc.*		10,137		382,469
Computer Task Group, Inc.		2,906		23,916
Hackett Group, Inc. (The)		13,603		130,589
iGATE Corp.*		10,979		522,161
Jack Henry & Associates, Inc.		6,326		420,742
Lionbridge Technologies, Inc.*		8,527		47,325
MAXIMUS, Inc.		14,950		956,949
MoneyGram International, Inc.*		6,000		46,500
TeleTech Holdings, Inc.*		3,706		96,134
WEX, Inc.*		1,211		136,492
			$	2,843,253
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.4%
Ambarella, Inc.#,*		5,179		378,844
Cypress Semiconductor Corp.		18,182		242,184
Integrated Device Technology, Inc.*		5,901		107,339
Microsemi Corp.*		7,516		250,734
Qorvo, Inc.*		14,305		942,843
			$	1,921,944
SOFTWARE – 7.9%
ACI Worldwide, Inc.*		5,576		128,415
American Software, Inc.		4,980		48,356
ANSYS, Inc.*		1,943		166,787
Aspen Technology, Inc.*		11,905		528,463
Blackbaud, Inc.		4,134		208,891
Ebix, Inc.#		1,068		29,146
Ellie Mae, Inc.*		11,060		608,300
Fair Isaac Corp.		1,521		134,548
Manhattan Associates, Inc.*		21,878		1,149,908
Mentor Graphics Corp.		7,687		183,950
PTC, Inc.*		4,690		179,815
Qlik Technologies, Inc.*		1,360		47,314
Symantec Corp.		10,068		250,945

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    39

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
Take-Two Interactive Software, Inc.*		6,065	$	143,740
Tyler Technologies, Inc.*		2,010		245,120
Ultimate Software Group, Inc.*		2,225		369,840
			$	4,423,538
TOTAL INFORMATION TECHNOLOGY			$	11,825,471
MATERIALS – 2.6%
CHEMICALS – 0.9%
American Vanguard Corp.		2,175		23,729
Chase Corp.		1,418		50,779
Flotek Industries, Inc.*		2,546		36,382
Hawkins, Inc.		983		38,779
Quaker Chemical Corp.		4,482		372,992
			$	522,661
CONSTRUCTION MATERIALS – 1.1%
Eagle Materials, Inc.		6,054		504,843
Headwaters, Inc.*		6,000		105,480
			$	610,323
CONTAINERS & PACKAGING – 0.2%
Graphic Packaging Holding Co.*		9,441		133,118
METALS & MINING – 0.1%
Materion Corp.		1,313		52,507
PAPER & FOREST PRODUCTS – 0.3%
Neenah Paper, Inc.		2,318		140,169
TOTAL MATERIALS			$	1,458,778
TELECOMMUNICATION SERVICES – 0.3%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.3%
Atlantic Tele-Network, Inc.		2,495		164,720
TOTAL COMMON STOCKS (COST $34,369,836)			$	55,217,075
MONEY MARKET FUND – 1.4%
Dreyfus Cash Management Fund,
Institutional Shares, 0.04%^		783,127		783,127
TOTAL MONEY MARKET FUND (COST $783,127)			$	783,127
WARRANTS – 0.0%**
Education Management Corp., Expire 1/19/49		16,944		—
Tejon Ranch Co., Expire 8/31/16		1,341		789
TOTAL WARRANTS (COST $8,046)			$	789
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $35,161,009)			$	56,000,991

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 10.3%
REPURCHASE AGREEMENTS – 10.3%
BNP Paribas Securities Corp., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $289,427, collateralized by U.S. Government & Treasury Securities 0.00% to 6.50%, maturing 5/01/16 to 4/20/45; total market value of $295,214.	$	289,426	$	289,426
Citigroup Global Markets, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $1,099,875, collateralized by U.S. Government Securities 1.61% to 8.00%, maturing 6/01/17 to 6/15/52; total market value of $1,121,868.		1,099,871		1,099,871
Credit Suisse Securities (USA) LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $1,099,875, collateralized by U.S. Government Securities 3.00% to 4.50%, maturing 8/01/38 to 4/01/45; total market value of $1,121,877.		1,099,871		1,099,871
Daiwa Capital Markets LLC, 0.16%, dated 4/30/15, due 5/01/15, repurchase price $1,099,876, collateralized by U.S. Government & Treasury Securities 0.00% to 9.25%, maturing 5/21/15 to 3/01/48; total market value of $1,121,869.		1,099,871		1,099,871
ING Financial Markets LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $1,099,875, collateralized by U.S. Government Securities 1.87% to 6.20%, maturing 5/01/33 to 11/01/44; total market value of $1,121,869.		1,099,871		1,099,871
Nomura Securities International, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $1,099,875, collateralized by U.S. Government & Treasury Securities 0.00% to 10.50%, maturing 5/15/15 to 3/20/64; total market value of $1,121,868.		1,099,871		1,099,871
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $5,788,781)			$	5,788,781
TOTAL INVESTMENTS – 110.4% (COST $40,949,790)			$	61,789,772
COLLATERAL FOR SECURITIES ON LOAN – (10.3%)				(5,788,781	)
OTHER LIABILITIES LESS ASSETS – (0.1%)				(53,376	)
TOTAL NET ASSETS – 100.0%			$	55,947,615

ANNUAL REPORT  /  April 30, 2015

40     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Growth Fund (concluded)

Cost of investments for Federal income tax purposes is $41,097,423. The net unrealized appreciation/(depreciation) of investments was $20,692,349. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $22,151,077 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,458,728.

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2015 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	55,209,904	$	7,171	$	—	$	55,217,075
Money Market Fund		783,127		—		—		783,127
Warrants		789		—		—		789
Repurchase Agreements		—		5,788,781		—		5,788,781
Total	$	55,993,820	$	5,795,952	$	—	$	61,789,772

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

* Non-income producing security.

^ 7-Day net yield.

†† Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2015, the value of these securities amounted to $7,171 representing 0.0%** of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

CVR - Contingent Value Right

LLC - Limited Liability Corporation

LP - Limited Partnership

PLC - Public Limited Company

See Notes which are an integral part of the Financial Statements

April 30, 2015  /  ANNUAL REPORT

    41

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Small-Cap Strategy Fund

At April 30, 2015, the Fund’s sector classifications were as follows (unaudited):

Percentage of
Total Net Assets

Common Stocks
Information Technology	20.9%
Financials	18.4%
Health Care	17.7%
Consumer Discretionary	14.3%
Industrials	13.8%
Materials	4.5%
Energy	3.6%
Consumer Staples	3.2%
Utilities	2.4%
Telecommunication Services	0.7%
Investment Companies	0.4%
Rights	0.0%3
Warrants	0.0%3
Cash Equivalents1	12.2%
Other Assets and Liabilities – Net2	(12.1)%
TOTAL	100.0%

(1)  Cash Equivalents include investments in repurchase agreements.

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

(3)  Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description	Number of Shares		Value
COMMON STOCKS – 99.5%
CONSUMER DISCRETIONARY – 14.3%
AUTO COMPONENTS – 1.3%
American Axle & Manufacturing Holdings, Inc.*		5,105	$	127,268
Cooper Tire & Rubber Co.		2,106		89,484
Cooper-Standard Holding, Inc.*		240		14,645
Dana Holding Corp.		8,230		177,521
Dorman Products, Inc.#		1,962		91,880
Drew Industries, Inc.		1,804		102,233
Exide Technologies*		5,202		31
Federal-Mogul Holdings Corp.*		1,495		19,285
Fox Factory Holding Corp.*		1,100		16,742
Fuel Systems Solutions, Inc.*		566		6,283
Gentherm, Inc.*		2,747		144,849

Description	Number of Shares		Value
Modine Manufacturing Co.*		2,335	$	28,697
Motorcar Parts of America, Inc.*		1,320		38,584
Remy International, Inc.		710		15,798
Spartan Motors, Inc.		2,409		11,346
Standard Motor Products, Inc.		820		30,996
Stoneridge, Inc.*		778		9,367
Strattec Security Corp.		250		18,768
Superior Industries International, Inc.		296		5,506
Tenneco, Inc.*		3,980		232,631
Tower International, Inc.*		1,010		26,119
			$	1,208,033
AUTOMOBILES – 0.0%**
Winnebago Industries, Inc.#,*		1,825		37,796
DISTRIBUTORS – 0.3%
Core-Mark Holding Co., Inc.		966		50,918

ANNUAL REPORT  /  April 30, 2015

42     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Pool Corp.		3,175	$	206,026
VOXX International Corp.*		1,868		17,802
Weyco Group, Inc.		591		16,844
			$	291,590
DIVERSIFIED CONSUMER SERVICES – 1.1%
American Public Education, Inc.*		1,115		31,097
Ascent Capital Group, Inc.*		170		6,807
Bridgepoint Education, Inc.*		722		6,332
Bright Horizons Family Solutions, Inc.*		730		36,704
Capella Education Co.		855		46,196
Career Education Corp.*		3,120		13,104
Carriage Services, Inc.		620		14,657
Chegg, Inc.#,*		3,940		29,274
Education Management Corp.*		650		154
Grand Canyon Education, Inc.*		3,384		153,228
Hillenbrand, Inc.		4,300		126,377
Houghton Mifflin Harcourt Co.*		3,270		74,752
K12, Inc.*		1,790		28,944
Liberty Tax, Inc.*		350		9,695
LifeLock, Inc.*		6,380		93,212
Matthews International Corp.		1,168		56,683
Regis Corp.		1,598		26,399
Sotheby’s		3,012		128,643
Steiner Leisure Ltd.*		295		14,231
Strayer Education, Inc.		820		41,590
Universal Technical Institute, Inc.		901		7,613
Weight Watchers International, Inc.#,*		2,230		19,067
			$	964,759
HOTELS, RESTAURANTS & LEISURE – 3.7%
Belmond Ltd., Class A*		3,610		44,475
Biglari Holdings, Inc.*		45		16,448
BJ’s Restaurants, Inc.*		1,230		57,564
Bloomin’ Brands, Inc.*		5,320		120,551
Bob Evans Farms, Inc.		1,396		60,056
Boyd Gaming Corp.*		4,670		61,644
Bravo Brio Restaurant Group, Inc.*		1,030		15,172
Buffalo Wild Wings, Inc.*		1,252		199,444
Caesars Entertainment Corp.#,*		2,850		27,046
Carrols Restaurant Group, Inc.*		1,060		9,582
Cheesecake Factory, Inc. (The)		2,966		148,686
Churchill Downs, Inc.		772		91,999
Chuy’s Holdings, Inc.*		850		19,227
ClubCorp Holdings, Inc.		400		8,756
Cracker Barrel Old Country Store, Inc.		1,242		164,540
Del Frisco’s Restaurant Group, Inc.*		1,020		20,573
Denny’s Corp.*		6,460		67,249

Description	Number of Shares		Value
Diamond Resorts International, Inc.*		1,240	$	39,692
DineEquity, Inc.		892		86,016
El Pollo Loco Holdings, Inc.#,*		710		18,588
Fiesta Restaurant Group, Inc.*		2,020		102,111
Ignite Restaurant Group, Inc.*		1,370		4,822
International Speedway Corp.		860		31,270
Interval Leisure Group, Inc.		2,300		57,017
Isle of Capri Casinos, Inc.*		1,841		26,179
Jack in the Box, Inc.*		3,926		340,659
Jamba, Inc.#,*		208		3,278
Krispy Kreme Doughnuts, Inc.*		3,990		71,022
La Quinta Holdings, Inc.*		3,040		73,203
Life Time Fitness, Inc.*		1,747		124,910
Marcus Corp. (The)		597		11,564
Marriott Vacations Worldwide Corp.*		1,160		95,364
Monarch Casino & Resort, Inc.*		928		16,982
Morgans Hotel Group Co.*		943		6,460
Nathan’s Famous, Inc.*		250		10,285
Noodles & Co.#,*		400		8,008
Papa John’s International, Inc.		2,272		139,433
Penn National Gaming, Inc.*		3,200		51,456
Pinnacle Entertainment, Inc.*		3,707		136,269
Popeyes Louisiana Kitchen, Inc.*		1,775		98,832
Red Robin Gourmet Burgers, Inc.*		1,012		75,991
Ruby Tuesday, Inc.*		1,370		9,974
Ruth’s Hospitality Group, Inc.		1,880		27,354
Scientific Games Corp.#,*		3,550		44,979
Sonic Corp.*		3,605		103,283
Speedway Motorsports, Inc.		371		8,496
Texas Roadhouse, Inc.		5,065		170,184
Vail Resorts, Inc.		2,430		241,080
Zoe’s Kitchen, Inc.#,*		10		306
			$	3,368,079
HOUSEHOLD DURABLES – 1.1%
Beazer Homes USA, Inc.*		1,538		26,930
Cavco Industries, Inc.*		775		50,817
CSS Industries, Inc.		98		2,777
Ethan Allen Interiors, Inc.		1,206		29,209
Flexsteel Industries, Inc.		400		14,404
Helen of Troy Ltd.*		1,583		138,687
Hovnanian Enterprises, Inc.#,*		6,473		20,196
iRobot Corp.*		2,030		65,813
KB Home#		3,910		56,656
La-Z-Boy, Inc.		2,986		78,263
LGI Homes, Inc.#,*		360		5,929
Libbey, Inc.*		1,430		56,270
Lifetime Brands, Inc.		660		9,603

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    43

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
M/I Homes, Inc.*		494	$	11,145
MDC Holdings, Inc.#		1,630		43,749
Meritage Homes Corp.*		1,212		51,837
NACCO Industries, Inc.		146		7,151
Ryland Group, Inc. (The)		1,931		79,596
Skullcandy, Inc.*		760		8,216
Standard Pacific Corp.*		5,050		40,905
TRI Pointe Homes, Inc.*		6,420		91,678
UCP, Inc.*		1,310		11,345
Universal Electronics, Inc.*		788		42,505
WCI Communities, Inc.*		1,000		23,250
William Lyon Homes*		400		8,660
			$	975,591
INTERNET & CATALOG RETAIL – 0.5%
1-800-Flowers.com, Inc.*		572		6,046
Blue Nile, Inc.*		1,102		29,985
EVINE Live, Inc.*		2,440		14,542
FTD Cos, Inc.*		866		24,716
HSN, Inc.		2,280		142,318
Lands’ End, Inc.*		910		26,736
Nutrisystem, Inc.		2,199		41,891
Orbitz Worldwide, Inc.*		2,819		33,039
Overstock.com, Inc.#,*		1,002		21,513
PetMed Express, Inc.		1,017		16,099
Shutterfly, Inc.*		1,252		56,040
			$	412,925
LEISURE EQUIPMENT & PRODUCTS – 0.6%
Arctic Cat, Inc.		410		14,551
Black Diamond, Inc.*		930		8,379
Brunswick Corp.		4,961		248,248
Callaway Golf Co.		1,961		18,982
JAKKS Pacific, Inc.#		1,440		9,605
Johnson Outdoors, Inc.		120		3,780
LeapFrog Enterprises, Inc.*		3,377		7,632
Malibu Boats, Inc.*		120		2,540
Marine Products Corp.		1,100		7,810
Nautilus, Inc.*		1,920		32,275
Smith & Wesson Holding Corp.*		4,087		60,753
Sturm Ruger & Co., Inc.#		1,680		92,081
			$	506,636
MEDIA – 1.2%
AH Belo Corp. Class A		610		4,081
Carmike Cinemas, Inc.*		1,220		36,820
Central European Media Enterprises Ltd.*		4,000		11,000
Crown Media Holdings, Inc.*		110		412
Cumulus Media, Inc.*		4,780		10,898

Description	Number of Shares		Value
Daily Journal Corp.*		30	$	6,030
Dex Media, Inc.#,*		1,070		2,814
Digital Domain Media Group, Inc.*		1,470		7
Entercom Communications Corp.*		1,180		14,018
Entravision Communications Corp.		4,360		28,514
Eros International PLC*		30		531
EW Scripps Co. (The)*		2,635		61,369
Global Eagle Entertainment, Inc.#,*		2,000		25,540
Global Sources Ltd.*		526		2,914
Gray Television, Inc.*		3,970		52,642
Harte-Hanks, Inc.		3,256		22,108
Hemisphere Media Group, Inc.#,*		440		5,562
Journal Media Group, Inc.*		810		7,525
Loral Space & Communications, Inc.		1,001		69,069
Martha Stewart Living Omnimedia, Inc.*		1,683		9,257
McClatchy Co. (The)*		3,460		4,809
MDC Partners, Inc.		2,335		48,895
Media General, Inc.*		1,860		31,415
Meredith Corp.		1,310		68,172
National CineMedia, Inc.		2,512		38,283
New York Times Co. (The)		5,860		78,465
Nexstar Broadcasting Group, Inc.		1,980		115,751
ReachLocal, Inc.*		260		728
Reading International, Inc.*		850		11,322
Rentrak Corp.#,*		700		33,180
Saga Communications, Inc.		230		9,198
Salem Media Group, Inc.		1,270		6,198
Scholastic Corp.		736		29,911
SFX Entertainment, Inc.#,*		3,200		13,984
Sinclair Broadcast Group, Inc.		4,248		130,159
Sizmek, Inc.*		687		4,782
Time, Inc.*		2,910		66,435
World Wrestling Entertainment, Inc.#		1,857		24,921
			$	1,087,719
MULTILINE RETAIL – 0.1%
Bon-Ton Stores, Inc. (The)#		990		7,098
Burlington Stores, Inc.*		870		44,866
Fred’s, Inc.		2,032		34,280
Tuesday Morning Corp.*		2,990		47,302
			$	133,546
SPECIALTY RETAIL – 3.2%
American Eagle Outfitters, Inc.		7,630		121,393
America’s Car-Mart, Inc.*		440		22,590
ANN, Inc.*		3,100		117,366
Asbury Automotive Group, Inc.*		2,124		178,480
Barnes & Noble, Inc.*		1,410		30,879

ANNUAL REPORT  /  April 30, 2015

44     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
bebe stores, Inc.		2,446	$	8,096
Big 5 Sporting Goods Corp.		122		1,664
Brown Shoe Co., Inc.		2,475		73,507
Buckle, Inc. (The)#		1,615		72,352
Build-A-Bear Workshop, Inc.*		200		3,686
Cato Corp. (The)		1,503		59,128
Children’s Place, Inc. (The)		898		54,473
Christopher & Banks Corp.*		2,560		15,206
Citi Trends, Inc.*		746		16,994
Conn’s, Inc.#,*		1,946		54,430
Container Store Group, Inc. (The)#,*		1,060		19,356
Destination Maternity Corp.		830		9,786
Destination XL Group, Inc.*		2,440		11,883
Express, Inc.*		3,980		64,874
Finish Line, Inc. (The) Class A		1,614		39,591
Five Below, Inc.*		3,830		129,148
Genesco, Inc.*		1,021		69,009
Group 1 Automotive, Inc.		884		69,818
Guess?, Inc.		2,990		54,747
Haverty Furniture Cos., Inc.		347		7,447
hhgregg, Inc.*		75		429
Hibbett Sports, Inc.*		1,794		83,959
Kirkland’s, Inc.*		1,220		28,963
Lithia Motors, Inc.		1,670		166,549
Lumber Liquidators Holdings, Inc.#,*		1,111		30,541
MarineMax, Inc.*		860		18,989
Mattress Firm Holding Corp.#,*		1,030		60,852
Men’s Wearhouse, Inc. (The)		2,609		147,643
Monro Muffler Brake, Inc.		2,352		140,861
New York & Co., Inc.*		2,080		5,262
Office Depot, Inc.*		19,929		183,745
Outerwall, Inc.#,*		1,428		94,862
Pacific Sunwear of California, Inc.*		5,780		12,138
Pep Boys-Manny Moe & Jack (The)*		2,353		21,553
Pier 1 Imports, Inc.#		2,110		26,692
Rent-A-Center, Inc.		1,714		50,734
Restoration Hardware Holdings, Inc.*		2,060		177,510
Sears Hometown & Outlet Stores, Inc.*		370		2,564
Select Comfort Corp.*		3,660		112,801
Shoe Carnival, Inc.		243		6,345
Sonic Automotive, Inc.		1,548		36,146
Stage Stores, Inc.		988		19,078
Stein Mart, Inc.		460		5,442
Systemax, Inc.		272		2,842
Tile Shop Holdings, Inc.#,*		1,340		17,380
Tilly’s, Inc.*		710		9,471
Vitamin Shoppe, Inc.*		1,790		74,965
West Marine, Inc.*		1,550		15,578

Description	Number of Shares		Value
Winmark Corp.		230	$	20,702
Zumiez, Inc.*		1,513		47,977
			$	2,928,476
TEXTILES, APPAREL & LUXURY GOODS – 1.2%
Columbia Sportswear Co.		936		58,687
Crocs, Inc.*		2,360		31,152
Culp, Inc.		640		16,544
G-III Apparel Group Ltd.*		1,177		130,859
Iconix Brand Group, Inc.*		1,635		43,017
Kate Spade & Co.#,*		181		5,919
Movado Group, Inc.		285		8,345
Oxford Industries, Inc.		950		75,478
Perry Ellis International, Inc.		577		13,802
Quiksilver, Inc.*		1,970		3,270
Sequential Brands Group, Inc.#,*		160		1,984
Skechers U.S.A., Inc.*		2,403		216,078
Steven Madden Ltd.*		3,619		141,213
Tumi Holdings, Inc.*		3,450		80,696
Unifi, Inc.*		746		26,326
Vera Bradley, Inc.#,*		1,330		18,939
Vince Holding Corp.*		290		5,345
Wolverine World Wide, Inc.		6,592		202,572
			$	1,080,226
TOTAL CONSUMER DISCRETIONARY			$	12,995,376
CONSUMER STAPLES – 3.2%
BEVERAGES – 0.2%
Boston Beer Co., Inc. (The)*		595		147,441
Coca-Cola Bottling Co. Consolidated		261		29,493
Craft Brew Alliance, Inc.*		1,300		17,095
National Beverage Corp.*		1,440		32,184
			$	226,213
FOOD & STAPLES RETAILING – 1.1%
Andersons, Inc. (The)		1,792		76,500
Casey’s General Stores, Inc.		2,706		222,379
Chefs’ Warehouse, Inc. (The)*		1,570		28,590
Fairway Group Holdings Corp.#,*		940		4,991
Fresh Market, Inc. (The)*		3,230		113,502
Ingles Markets, Inc.		490		20,511
Natural Grocers by Vitamin Cottage, Inc.*		830		21,846
PriceSmart, Inc.		1,236		99,449
Roundy’s, Inc.		2,010		10,130
SpartanNash Co.		1,604		48,393
SUPERVALU, Inc.*		7,860		69,089
United Natural Foods, Inc.*		3,457		233,209
Village Super Market, Inc.		650		20,755

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    45

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Weis Markets, Inc.		480	$	21,288
			$	990,632
FOOD PRODUCTS – 1.4%
Alico, Inc.		260		12,160
B&G Foods, Inc.		2,226		67,670
Boulder Brands, Inc.*		4,049		38,627
Calavo Growers, Inc.		927		46,953
Cal-Maine Foods, Inc.#		2,304		103,012
Darling International, Inc.*		6,547		89,432
Dean Foods Co.		3,570		58,012
Diamond Foods, Inc.*		1,285		36,031
Farmer Bros Co.*		388		9,673
Fresh Del Monte Produce, Inc.		1,649		60,898
Hain Celestial Group, Inc. (The)*		44		2,651
Inventure Foods, Inc.*		1,690		16,477
J&J Snack Foods Corp.		1,114		116,224
John B Sanfilippo & Son, Inc.		480		24,965
Lancaster Colony Corp.		1,012		90,736
Landec Corp.*		857		12,178
Lifeway Foods, Inc.		720		14,551
Limoneira Co.#		120		2,753
Omega Protein Corp.*		450		5,751
Pilgrim’s Pride Corp.#,*		50		1,235
Post Holdings, Inc.*		1,670		78,390
Sanderson Farms, Inc.#		1,511		113,506
Seaboard Corp.		7		25,200
Seneca Foods Corp.*		420		12,104
Snyders-Lance, Inc.		1,121		33,103
Tootsie Roll Industries, Inc.#		90		2,788
TreeHouse Foods, Inc.*		2,182		177,309
			$	1,252,389
HOUSEHOLD PRODUCTS – 0.2%
Central Garden & Pet Co.*		2,894		28,361
HRG Group, Inc.*		4,430		55,508
Oil-Dri Corp. of America		160		5,251
Orchids Paper Products Co.		480		10,315
Spectrum Brands Holdings, Inc.		10		914
WD-40 Co.		1,174		95,047
			$	195,396
PERSONAL PRODUCTS – 0.2%
Elizabeth Arden, Inc.#,*		417		5,867
Female Health Co. (The)#		3,250		9,490
Inter Parfums, Inc.		658		19,858
Medifast, Inc.*		1,080		32,400
Nature’s Sunshine Products, Inc.		500		6,505
Nutraceutical International Corp.		460		8,970
Revlon, Inc.*		640		25,030

Description	Number of Shares		Value
Synutra International, Inc.*		869	$	6,309
USANA Health Sciences, Inc.*		435		49,477
			$	163,906
TOBACCO – 0.1%
22nd Century Group, Inc.*		4,610		4,656
Alliance One International, Inc.*		12,570		16,592
Universal Corp.		42		1,975
Vector Group Ltd.		3,647		80,781
			$	104,004
TOTAL CONSUMER STAPLES			$	2,932,540
ENERGY – 3.6%
ENERGY EQUIPMENT & SERVICES – 1.1%
Basic Energy Services, Inc.*		2,972		30,285
Bristow Group, Inc.		1,231		76,482
C&J Energy Services Ltd.*		2,980		52,001
CARBO Ceramics, Inc.#		1,110		49,095
CHC Group Ltd.*		3,230		3,844
Dawson Geophysical Co.*		1,360		7,738
Era Group, Inc.*		660		14,639
Exterran Holdings, Inc.		2,430		90,080
Forum Energy Technologies, Inc.#,*		2,950		68,617
Geospace Technologies Corp.*		242		5,227
Global Geophysical Services, Inc.*		490		—
Gulf Island Fabrication, Inc.		1,223		16,131
Gulfmark Offshore, Inc.#		791		11,873
Helix Energy Solutions Group, Inc.*		3,570		58,834
Hercules Offshore, Inc.#,*		1,430		1,151
Hornbeck Offshore Services, Inc.*		1,108		25,318
ION Geophysical Corp.*		1,287		2,934
Key Energy Services, Inc.*		6,600		16,104
Matrix Service Co.*		1,463		32,142
McDermott International, Inc.#,*		13,100		68,775
Mitcham Industries, Inc.*		1,210		5,929
Natural Gas Services Group, Inc.*		704		17,846
Newpark Resources, Inc.*		352		3,612
North Atlantic Drilling Ltd.		4,560		7,022
Nuverra Environmental Solutions, Inc.#,*		2,080		8,445
Parker Drilling Co.*		5,634		21,128
PHI, Inc.*		435		13,629
Pioneer Energy Services Corp.*		5,198		38,725
RigNet, Inc.*		980		36,711
SEACOR Holdings, Inc.		680		49,409
Tesco Corp.*		830		10,674
TETRA Technologies, Inc.*		3,620		26,136
US Silica Holdings, Inc.#		3,710		138,569

ANNUAL REPORT  /  April 30, 2015

46     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Vantage Drilling Co.*		7,760	$	3,092
Willbros Group, Inc.*		4,318		10,795
			$	1,022,992
OIL, GAS & CONSUMABLE FUELS – 2.5%
Abraxas Petroleum Corp.*		2,070		7,866
Adams Resources & Energy, Inc.		90		4,194
Alon USA Energy, Inc.		804		12,936
Alpha Natural Resources, Inc.#,*		11,950		9,679
American Eagle Energy Corp.*		4,440		755
Amyris, Inc.*		990		2,237
Approach Resources, Inc.#,*		1,750		15,347
Arch Coal, Inc.		10,300		10,034
ATP Oil & Gas Corp.*		2,852		—
Bill Barrett Corp.*		915		10,614
Bonanza Creek Energy, Inc.*		810		22,324
BPZ Resources, Inc.*		12,543		439
Callon Petroleum Co.*		2,980		26,641
Carrizo Oil & Gas, Inc.*		3,056		170,311
Clayton Williams Energy, Inc.*		373		20,765
Clean Energy Fuels Corp.#,*		2,369		23,382
Cloud Peak Energy, Inc.*		1,480		9,605
Comstock Resources, Inc.#		310		1,665
Contango Oil & Gas Co.		708		17,750
Delek US Holdings, Inc.		2,812		103,819
DHT Holdings, Inc.#		2,450		19,600
Diamondback Energy, Inc.*		2,790		230,370
Eclipse Resources Corp.#,*		1,550		9,811
Emerald Oil, Inc.*		2,347		1,502
Energy XXI (Bermuda) Ltd.#		3,954		17,279
Evolution Petroleum Corp.		1,160		7,981
EXCO Resources, Inc.		6,207		12,786
Frontline Ltd.*		2,000		5,120
FX Energy, Inc.#,*		6,870		9,274
GasLog Ltd.#		2,430		54,165
Gastar Exploration, Inc.*		5,520		20,038
Goodrich Petroleum Corp.*		2,055		7,953
Green Plains, Inc.		2,290		71,311
Halcon Resources Corp.*		14,321		21,338
Hallador Energy Co.		720		8,273
Isramco, Inc.*		20		2,471
Jones Energy, Inc.#,*		1,190		12,209
L&L Energy, Inc.*		4,530		138
Magnum Hunter Resources Corp.*		15,550		34,055
Matador Resources Co.*		3,680		102,010
Midstates Petroleum Co., Inc.#,*		1,460		1,679
Miller Energy Resources, Inc.#,*		1,970		1,428
Navios Maritime Acquisition#		7,710		29,375

Description	Number of Shares		Value
Nordic American Offshore Ltd.		46	$	434
Nordic American Tankers Ltd.#		4,548		55,622
Northern Oil & Gas, Inc.#,*		2,210		19,536
Pacific Ethanol, Inc.#,*		60		718
Panhandle Oil & Gas, Inc.		1,172		26,722
Parsley Energy, Inc.*		3,290		57,049
PDC Energy, Inc.*		989		56,116
Penn Virginia Corp.#,*		634		4,235
PetroQuest Energy, Inc.*		5,960		15,973
Quicksilver Resources, Inc.*		5,430		159
Renewable Energy Group, Inc.*		630		5,802
Resolute Energy Corp.*		3,090		3,832
REX American Resources Corp.*		210		13,276
Rex Energy Corp.#,*		1,355		6,775
Ring Energy, Inc.*		1,890		22,945
Rosetta Resources, Inc.*		1,498		34,199
RSP Permian, Inc.*		1,230		35,695
Sabine Oil & Gas Corp.*		4,920		332
Sanchez Energy Corp.#,*		2,240		32,906
Scorpio Tankers, Inc.		6,630		61,924
SemGroup Corp.		3,030		255,096
Ship Finance International Ltd.		2,143		33,774
Solazyme, Inc.#,*		7,980		30,723
Stone Energy Corp.*		1,624		27,722
Swift Energy Co.#,*		3,720		11,234
Synergy Resources Corp.*		3,630		43,487
Targa Resources Corp.		84		8,817
Teekay Tankers Ltd., Class A		2,078		13,091
Transatlantic Petroleum Ltd.#,*		2,370		13,746
Triangle Petroleum Corp.#,*		2,000		11,940
VAALCO Energy, Inc.*		707		1,746
W&T Offshore, Inc.#		1,960		12,603
Warren Resources, Inc.*		2,930		3,164
Western Refining, Inc.		3,475		153,074
Westmoreland Coal Co.*		200		5,684
Whiting Petroleum Corp.*		56		2,123
			$	2,232,803
TOTAL ENERGY			$	3,255,795

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    47

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
FINANCIALS – 18.4%
CAPITAL MARKETS – 1.6%
Arlington Asset Investment Corp.		670	$	14,526
Ashford, Inc.*		50		4,987
BGC Partners, Inc.		8,600		86,301
Calamos Asset Management, Inc.		845		10,453
CIFC Corp.		470		3,525
Cohen & Steers, Inc.		1,553		58,797
Cowen Group, Inc.*		1,815		10,146
Diamond Hill Investment Group, Inc.		120		21,864
Evercore Partners, Inc.		2,473		119,298
FBR & Co.*		557		11,953
Financial Engines, Inc.#		2,440		102,895
FXCM, Inc.#		1,300		2,613
GAMCO Investors, Inc.		462		35,717
Greenhill & Co., Inc.		2,050		81,077
HFF, Inc.		2,470		96,799
INTL. FCStone, Inc.*		766		24,589
Investment Technology Group, Inc.*		1,710		48,718
Janus Capital Group, Inc.		6,350		113,665
KCG Holdings, Inc.		2,420		31,073
Ladenburg Thalmann Financial Services, Inc.#,*		8,830		29,757
Manning & Napier, Inc.		1,080		11,480
NorthStar Asset Management Group, Inc./NY		755		15,878
Oppenheimer Holdings, Inc.		630		15,051
Piper Jaffray Cos.*		680		34,306
Pzena Investment Management, Inc.		715		6,578
Safeguard Scientifics, Inc.*		1,135		20,419
Silvercrest Asset Management Group, Inc.		1,500		23,385
Stifel Financial Corp.*		2,576		136,116
Teton Advisors, Inc.		10		560
Virtus Investment Partners, Inc.*		453		60,530
Walter Investment Management Corp.#,*		1,432		25,218
Westwood Holdings Group, Inc.		740		43,357
WisdomTree Investments, Inc.#,*		7,710		146,798
			$	1,448,429
COMMERCIAL BANKS – 5.7%
1st Source Corp.		878		27,323
American National Bankshares, Inc.		490		11,030
Ameris Bancorp*		1,110		27,739
Ames National Corp.		761		18,979
Arrow Financial Corp.		70		1,824
Banc of California, Inc.		500		6,200
Bancfirst Corp.		124		7,157
Banco Latinoamericano de Comercio Exterior SA		944		29,991
Bancorp, Inc. (The)*		1,540		15,000

Description	Number of Shares		Value
BancorpSouth, Inc.		3,210	$	77,714
Bank of Kentucky Financial Corp. (The)		370		17,719
Bank of Marin Bancorp		310		15,630
Bank of the Ozarks, Inc.		4,154		161,009
Banner Corp.		760		34,367
BBCN Bancorp, Inc.		2,741		38,895
Berkshire Hills Bancorp, Inc.		951		26,638
BNC Bancorp		900		16,425
Boston Private Financial Holdings, Inc.		3,118		41,002
Bridge Bancorp, Inc.		600		15,162
Bridge Capital Holdings*		300		8,115
Bryn Mawr Bank Corp.		475		14,293
Camden National Corp.		63		2,414
Capital Bank Financial Corp.*		1,280		34,714
Capital City Bank Group, Inc.		541		7,612
Cardinal Financial Corp.		1,330		27,438
Cascade Bancorp*		1,095		5,278
Cathay General Bancorp		3,242		92,656
Centerstate Banks, Inc.		746		9,071
Central Pacific Financial Corp.		410		9,389
Century Bancorp, Inc.		170		6,567
Chemical Financial Corp.		1,738		53,704
Citizens & Northern Corp.		831		16,487
City Holding Co.		762		35,029
CNB Financial Corp.		910		15,634
CoBiz Financial, Inc.		1,600		19,216
Columbia Banking System, Inc.		2,329		69,171
Community Bank System, Inc.		1,894		66,195
Community Trust Bancorp, Inc.		1,020		32,722
CommunityOne Bancorp#,*		780		7,683
ConnectOne Bancorp, Inc.		1,220		23,448
CU BanCorp.*		570		11,810
CVB Financial Corp.		4,664		72,992
Eagle Bancorp, Inc.*		1,474		54,332
Enterprise Bancorp, Inc.		60		1,288
Enterprise Financial Services Corp.		1,010		20,735
Fidelity Southern Corp.		978		16,430
Financial Institutions, Inc.		873		20,559
First BanCorp*		2,070		12,441
First Bancorp		825		13,390
First Bancorp, Inc.		439		7,323
First Busey Corp.		4,391		27,400
First Citizens BancShares, Inc.		200		48,068
First Commonwealth Financial Corp.		2,976		26,844
First Community Bancshares, Inc.		1,001		16,777
First Connecticut Bancorp, Inc.		1,340		19,805
First Financial Bancorp		1,995		34,434
First Financial Bankshares, Inc.#		2,822		81,725

ANNUAL REPORT  /  April 30, 2015

48     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
First Financial Corp.		345	$	11,713
First Interstate Bancsystem, Inc.		1,060		28,684
First Merchants Corp.		1,475		33,291
First Midwest Bancorp, Inc.		2,771		47,384
First NBC Bank Holding Co.*		120		4,222
First of Long Island Corp. (The)		330		8,257
FirstMerit Corp.		6,372		123,426
Flushing Financial Corp.		1,594		30,541
FNB Corp.		5,186		68,818
German American Bancorp, Inc.		400		11,444
Glacier Bancorp, Inc.		3,001		79,046
Great Southern Bancorp, Inc.		490		19,316
Guaranty Bancorp		864		13,599
Hancock Holding Co.		2,288		66,604
Hanmi Financial Corp.		1,280		27,238
Heartland Financial USA, Inc.		443		15,244
Heritage Commerce Corp.		1,280		11,405
Heritage Financial Corp.		1,638		27,682
Heritage Oaks Bancorp*		1,820		14,505
Home BancShares, Inc.		3,004		98,772
HomeTrust Bancshares, Inc.*		250		3,910
Horizon Bancorp		580		13,543
Hudson Valley Holding Corp.		932		23,058
IBERIABANK Corp.		1,304		81,252
Independent Bank Corp.		906		37,798
Independent Bank Corp./MI		20		265
Independent Bank Group, Inc.		550		21,175
International Bancshares Corp.		2,412		62,664
Investors Bancorp, Inc.		5,898		69,832
Lakeland Bancorp, Inc.		1,199		13,609
Lakeland Financial Corp.		795		31,045
LegacyTexas Financial Group, Inc.		1,291		32,856
Macatawa Bank Corp.		1,260		6,615
MainSource Financial Group, Inc.		910		17,518
MB Financial, Inc.		2,732		82,315
Mercantile Bank Corp.		620		12,288
Merchants Bancshares, Inc.		290		8,543
Metro Bancorp, Inc.*		572		14,666
MidSouth Bancorp, Inc.#		820		10,635
MidWestOne Financial Group, Inc.		480		14,040
National Bank Holdings Corp.		1,130		21,470
National Bankshares, Inc.#		200		5,802
National Penn Bancshares, Inc.		4,141		43,066
NBT Bancorp, Inc.		2,230		53,855
NewBridge Bancorp*		1,690		13,605
Northrim BanCorp, Inc.		580		14,454
OFG Bancorp		1,954		27,532
Old National Bancorp		3,611		49,326

Description	Number of Shares		Value
Pacific Continental Corp.		1,340	$	17,286
Pacific Premier Bancorp, Inc.*		910		14,251
Park National Corp.#		578		47,720
Park Sterling Corp.		2,730		18,291
Peapack Gladstone Financial Corp.		1,195		25,011
Penns Woods Bancorp, Inc.		160		6,974
Peoples Bancorp, Inc.		596		13,821
Pinnacle Financial Partners, Inc.		1,421		67,711
Preferred Bank*		460		12,963
PrivateBancorp, Inc.		2,610		96,753
Prosperity Bancshares, Inc.		2,295		122,415
Renasant Corp.		572		16,994
Republic Bancorp, Inc.		827		19,666
S&T Bancorp, Inc.		1,220		32,818
Sandy Spring Bancorp, Inc.		1,397		36,406
Seacoast Banking Corp. of Florida*		942		13,150
Sierra Bancorp		516		8,452
Simmons First National Corp.		856		37,450
South State Corp.		508		34,402
Southside Bancshares, Inc.		615		16,802
Southwest Bancorp, Inc.		852		14,680
State Bank Financial Corp.		1,260		25,213
Sterling Bancorp/DE		3,654		47,429
Stock Yards Bancorp, Inc.		530		18,444
Suffolk Bancorp*		634		15,191
Sun Bancorp, Inc./NJ*		292		5,528
Susquehanna Bancshares, Inc.		6,442		86,580
Texas Capital Bancshares, Inc.*		1,978		104,161
Tompkins Financial Corp.		710		37,027
TowneBank		899		14,878
TriCo Bancshares		353		8,232
TriState Capital Holdings, Inc.*		1,040		13,000
Trustmark Corp.		2,348		55,882
UMB Financial Corp.		1,154		57,458
Umpqua Holdings Corp.		6,928		117,845
Union Bankshares Corp.		1,955		42,541
United Bankshares, Inc.		2,845		106,915
United Community Banks, Inc.*		2,044		38,039
Univest Corp. of Pennsylvania		853		16,642
Valley National Bancorp		5,098		48,074
Washington Trust Bancorp, Inc.		576		21,324
Webster Financial Corp.		3,540		126,838
WesBanco, Inc.		1,773		55,867
West Bancorporation, Inc.		1,097		20,799
Westamerica Bancorporation#		853		37,148
Western Alliance Bancorp*		4,171		128,967
Wilshire Bancorp, Inc.		3,290		34,710
Wintrust Financial Corp.		1,513		73,744

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    49

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Yadkin Financial Corp.*		41	$	807
			$	5,194,220
CONSUMER FINANCE – 0.7%
Cash America International, Inc.		686		17,781
Consumer Portfolio Services, Inc.*		30		192
Credit Acceptance Corp.*		528		124,714
Enova International, Inc.*		602		11,143
Ezcorp, Inc.*		2,509		23,083
First Cash Financial Services, Inc.*		1,629		78,746
Green Dot Corp.*		1,290		20,769
JG Wentworth Co. (The)#,*		1,580		15,895
Nelnet, Inc.		702		31,429
Nicholas Financial, Inc.#		1,080		13,640
PRA Group, Inc.*		3,197		175,116
Regional Management Corp.*		650		10,498
Springleaf Holdings, Inc.#,*		1,000		50,000
World Acceptance Corp.#,*		384		32,494
			$	605,500
DIVERSIFIED FINANCIAL SERVICES – 0.3%
Gain Capital Holdings, Inc.		1,370		13,536
MarketAxess Holdings, Inc.		2,647		227,245
Marlin Business Services Corp.		480		9,586
NewStar Financial, Inc.*		1,174		13,501
PHH Corp.*		1,497		37,605
PICO Holdings, Inc.*		80		1,441
Resource America, Inc.		770		6,576
			$	309,490
INSURANCE – 2.1%
Ambac Financial Group, Inc.*		1,650		37,966
American Equity Investment Life Holding Co.		3,283		88,477
AMERISAFE, Inc.		1,082		48,896
Amtrust Financial Services, Inc.#		1,832		108,949
Argo Group International Holdings Ltd.		1,587		77,747
Baldwin & Lyons, Inc.		402		9,121
Citizens, Inc.#,*		1,867		10,530
CNO Financial Group, Inc.		7,590		129,030
Crawford & Co.		1,767		14,436
Donegal Group, Inc.		650		9,821
eHealth, Inc.*		794		9,734
EMC Insurance Group, Inc.		510		17,666
Employers Holdings, Inc.		647		15,793
Enstar Group Ltd.*		399		56,674
FBL Financial Group, Inc.		553		32,223
Federated National Holding Co.		110		3,168
First American Financial Corp.		4,220		146,814
Global Indemnity PLC*		524		14,384
Greenlight Capital Re Ltd.*		1,520		46,193

Description	Number of Shares		Value
Hallmark Financial Services, Inc.*		167	$	1,850
HCI Group, Inc.		410		17,868
Heritage Insurance Holdings, Inc.*		120		2,406
Hilltop Holdings, Inc.*		2,694		54,176
Horace Mann Educators Corp.		1,594		54,148
Independence Holding Co.		400		4,976
Infinity Property & Casualty Corp.		598		44,342
Kansas City Life Insurance Co.		370		16,606
Kemper Corp.		1,180		44,451
Maiden Holdings Ltd.		2,512		36,499
Meadowbrook Insurance Group, Inc.		255		2,178
Montpelier Re Holdings Ltd.		1,814		69,132
National Interstate Corp.		519		14,542
National Western Life Insurance Co.		75		17,971
Navigators Group, Inc. (The)*		566		44,176
OneBeacon Insurance Group Ltd.		620		9,350
Phoenix Cos., Inc. (The)*		281		9,585
Primerica, Inc.		2,240		103,533
RenaissanceRe Holdings Ltd.*		598		61,289
RLI Corp.		1,632		81,045
Safety Insurance Group, Inc.		654		38,030
Selective Insurance Group, Inc.		2,613		70,394
State Auto Financial Corp.		638		15,070
Stewart Information Services Corp.		969		35,369
Symetra Financial Corp.		3,480		82,650
Third Point Reinsurance Ltd.*		1,370		18,468
United Fire Group, Inc.		1,015		30,318
Universal Insurance Holdings, Inc.		2,460		59,089
			$	1,917,133
REAL ESTATE INVESTMENT TRUSTS – 6.4%
Acadia Realty Trust		2,585		79,876
AG Mortgage Investment Trust, Inc.		770		14,799
Agree Realty Corp.		979		30,134
Alexander’s, Inc.		176		75,895
Altisource Residential Corp.		2,590		49,598
American Assets Trust, Inc.		1,210		48,158
American Capital Mortgage Investment Corp.		620		10,875
American Residential Properties, Inc.*		980		18,385
Anworth Mortgage Asset Corp.		3,431		17,429
Apollo Commercial Real Estate Finance, Inc.		590		10,083
Apollo Residential Mortgage, Inc.		1,530		24,266
Ares Commercial Real Estate Corp.		1,830		20,770
Armada Hoffler Properties, Inc.		1,420		14,583
ARMOUR Residential REIT, Inc.		11,670		35,010
Ashford Hospitality Prime, Inc.		882		13,812
Ashford Hospitality Trust, Inc.		2,150		19,479
Associated Estates Realty Corp.		2,234		63,669

ANNUAL REPORT  /  April 30, 2015

50     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Campus Crest Communities, Inc.		2,970	$	18,800
Capstead Mortgage Corp.		1,270		14,795
CareTrust REIT, Inc.		409		5,108
Cedar Realty Trust, Inc.		3,966		27,722
Chambers Street Properties		5,200		39,000
Chatham Lodging Trust		1,140		31,510
Chesapeake Lodging Trust		2,380		75,565
Colony Capital, Inc.		2,870		74,362
CoreSite Realty Corp.		1,320		63,466
Cousins Properties, Inc.		7,277		70,878
CubeSmart		4,534		104,599
CyrusOne, Inc.		1,240		40,275
CYS Investments, Inc.		6,790		60,567
DCT Industrial Trust, Inc.		2,846		94,032
DiamondRock Hospitality Co.		8,027		108,846
DuPont Fabros Technology, Inc.		3,345		104,197
Dynex Capital, Inc.		1,840		14,720
EastGroup Properties, Inc.		1,524		87,173
Education Realty Trust, Inc.		890		29,922
Empire State Realty Trust, Inc.#		5,130		92,340
EPR Properties		2,189		126,240
Equity One, Inc.		1,952		48,078
Excel Trust, Inc.		2,010		31,858
FelCor Lodging Trust, Inc.		5,050		56,105
First Industrial Realty Trust, Inc.		4,472		88,233
First Potomac Realty Trust		2,324		24,913
Franklin Street Properties Corp.		3,357		39,646
GEO Group, Inc. (The)		2,256		87,984
Getty Realty Corp.		447		7,764
Gladstone Commercial Corp.		20		356
Government Properties Income Trust		2,320		48,349
Gramercy Property Trust, Inc.		837		22,884
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,350		25,650
Hatteras Financial Corp.		3,200		57,792
Healthcare Realty Trust, Inc.		3,226		82,586
Hersha Hospitality Trust		8,668		55,735
Highwoods Properties, Inc.		3,335		143,538
Hudson Pacific Properties, Inc.		2,490		75,098
Inland Real Estate Corp.		2,545		26,188
Invesco Mortgage Capital, Inc.		4,050		62,370
Investors Real Estate Trust		6,057		43,429
iStar Financial, Inc.#,*		3,490		47,255
Kite Realty Group Trust		1,537		40,269
LaSalle Hotel Properties		4,201		154,135
Lexington Realty Trust		6,601		61,191
LTC Properties, Inc.		1,572		68,319

Description	Number of Shares		Value
Mack-Cali Realty Corp.		3,590	$	64,440
Medical Properties Trust, Inc.		5,785		80,874
Monmouth Real Estate Investment Corp.		142		1,467
National Health Investors, Inc.		2,054		137,043
New Residential Investment Corp.		3,750		63,900
New York Mortgage Trust, Inc.#		2,900		22,649
New York REIT, Inc.		3,820		37,742
NorthStar Realty Finance Corp.		335		6,285
Omega Healthcare Investors, Inc.		720		25,985
One Liberty Properties, Inc.		150		3,372
Parkway Properties, Inc.		2,970		48,322
Pebblebrook Hotel Trust		2,580		110,785
Pennsylvania Real Estate Investment Trust		2,921		66,044
PennyMac Mortgage Investment Trust		2,260		47,347
Physicians Realty Trust		1,520		25,232
Potlatch Corp.		1,231		45,436
PS Business Parks, Inc.		839		64,058
QTS Realty Trust, Inc.		1,000		36,270
RAIT Financial Trust		2,347		15,209
Ramco-Gershenson Properties Trust		2,244		39,225
Redwood Trust, Inc.#		3,089		53,100
Resource Capital Corp.		4,970		21,918
Retail Opportunity Investments Corp.		3,420		57,388
Rexford Industrial Realty, Inc.		1,380		20,507
RLJ Lodging Trust		5,080		150,724
Rouse Properties, Inc.		1,520		26,554
Ryman Hospitality Properties, Inc.		2,492		143,639
Sabra Health Care REIT, Inc.		3,293		98,395
Saul Centers, Inc.		748		37,639
Select Income REIT		1,070		24,813
Silver Bay Realty Trust Corp.		429		6,637
Sovran Self Storage, Inc.		2,207		192,759
STAG Industrial, Inc.		2,110		45,850
Starwood Waypoint Residential Trust		890		22,909
STORE Capital Corp.		870		18,270
Strategic Hotels & Resorts, Inc.*		14,520		169,884
Summit Hotel Properties, Inc.		2,880		37,930
Sun Communities, Inc.		2,971		184,380
Sunstone Hotel Investors, Inc.		8,299		129,298
Terreno Realty Corp.		620		13,194
UMH Properties, Inc.		410		4,129
Universal Health Realty Income Trust		1,067		52,987
Urstadt Biddle Properties, Inc.		1,625		33,719
Ventas, Inc.		214		14,745
Washington Real Estate Investment Trust		1,842		45,534
Western Asset Mortgage Capital Corp.#		75		1,096

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    51

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Winthrop Realty Trust		30	$	494
WP GLIMCHER, Inc.		908		13,620
			$	5,794,460
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.4%
Alexander & Baldwin, Inc.		1,450		58,696
Altisource Asset Management Corp.*		70		15,680
Altisource Portfolio Solutions SA#,*		1,070		25,948
AV Homes, Inc.*		512		8,079
Consolidated-Tomoka Land Co.		290		15,875
Forestar Group, Inc.*		2,258		33,328
FRP Holdings, Inc.*		250		8,680
Kennedy-Wilson Holdings, Inc.		3,230		80,039
St. Joe Co. (The)*		3,720		64,914
Tejon Ranch Co.*		508		12,548
			$	323,787
THRIFTS & MORTGAGE FINANCE – 1.2%
Astoria Financial Corp.		4,080		53,734
BankFinancial Corp.		111		1,421
BBX Capital Corp.*		105		1,925
Beneficial Bancorp, Inc.*		1,528		17,725
BofI Holding, Inc.*		1,090		100,073
Brookline Bancorp, Inc.		1,808		19,472
Capitol Federal Financial, Inc.		1,370		16,440
Charter Financial Corp.		726		8,690
Clifton Bancorp, Inc.		1,067		14,565
Dime Community Bancshares, Inc.		1,703		27,112
Essent Group Ltd.*		1,700		42,415
EverBank Financial Corp.		1,620		30,083
Federal Agricultural Mortgage Corp. Class C		340		10,690
First Defiance Financial Corp.		550		19,250
First Financial Northwest, Inc.		500		5,950
Flagstar Bancorp, Inc.*		50		859
Fox Chase Bancorp, Inc.		980		16,297
HomeStreet, Inc.		280		5,790
Kearny Financial Corp.*		19		253
Ladder Capital Corp.*		100		1,754
LendingTree, Inc.*		490		26,965
Meridian Bancorp, Inc.*		538		6,913
Meta Financial Group, Inc.		10		409
MGIC Investment Corp.*		14,885		155,102
NASB Financial, Inc.*		630		16,695
Northfield Bancorp, Inc.		2,255		32,540
Northwest Bancshares, Inc.		2,928		36,044
OceanFirst Financial Corp.		758		12,719
Oritani Financial Corp.		1,250		18,625
PennyMac Financial Services, Inc.		870		16,426
Provident Financial Services, Inc.		1,655		29,790

Description	Number of Shares		Value
Radian Group, Inc.		8,316	$	148,524
Territorial Bancorp, Inc.		730		16,863
TrustCo Bank Corp.		1,850		12,340
United Community Financial Corp.*		2,140		11,535
United Financial Bancorp, Inc.		2,981		38,008
Walker & Dunlop, Inc.*		510		9,761
Washington Federal, Inc.		2,020		43,632
Waterstone Financial, Inc.		600		7,644
WSFS Financial Corp.		448		31,884
			$	1,066,917
TOTAL FINANCIALS			$	16,659,936
HEALTH CARE – 17.7%
BIOTECHNOLOGY – 7.3%
ACADIA Pharmaceuticals, Inc.#,*		5,210		178,026
Acceleron Pharma, Inc.*		1,020		28,203
Achillion Pharmaceuticals, Inc.*		4,020		35,175
Acorda Therapeutics, Inc.*		3,113		93,608
Aegerion Pharmaceuticals, Inc.*		1,770		41,170
Agenus, Inc.*		1,390		9,188
Agios Pharmaceuticals, Inc.#,*		950		87,723
Akebia Therapeutics, Inc.*		920		7,056
Alder Biopharmaceuticals, Inc.*		710		18,105
AMAG Pharmaceuticals, Inc.#,*		1,390		70,848
Anacor Pharmaceuticals, Inc.*		1,690		89,046
Applied Genetic Technologies Corp./DE*		960		18,374
Arena Pharmaceuticals, Inc.#,*		13,610		59,340
ARIAD Pharmaceuticals, Inc.#,*		10,630		92,162
Array BioPharma, Inc.*		7,083		44,269
Arrowhead Research Corp.#,*		3,910		26,979
Asterias Biotherapeutics, Inc.#,*		294		3,340
Auspex Pharmaceuticals, Inc.*		650		65,578
Avalanche Biotechnologies, Inc.*		490		15,611
BioCryst Pharmaceuticals, Inc.#,*		4,160		38,646
BioTime, Inc.#,*		4,930		25,291
Bluebird Bio, Inc.*		1,440		191,794
Celldex Therapeutics, Inc.*		5,193		124,632
Cellular Dynamics International, Inc.*		3,320		54,846
Cepheid, Inc.*		4,757		266,868
ChemoCentryx, Inc.#,*		1,310		8,764
Chimerix, Inc.*		2,130		72,420
Clovis Oncology, Inc.#,*		1,530		122,951
Coherus Biosciences, Inc.*		610		13,280
CTI BioPharma Corp.*		3,920		6,978
Cytokinetics, Inc.*		2,700		16,983
Cytori Therapeutics, Inc.*		13,217		11,565
CytRx Corp.#,*		4,240		18,614

ANNUAL REPORT  /  April 30, 2015

52     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Dendreon Corp.*		13,300	$	492
Dyax Corp.*		9,331		223,104
Dynavax Technologies Corp.#,*		841		16,917
Emergent Biosolutions, Inc.*		1,701		50,503
Enanta Pharmaceuticals, Inc.#,*		610		20,886
Epizyme, Inc.#,*		440		7,176
Esperion Therapeutics, Inc.#,*		550		52,321
Exact Sciences Corp.#,*		5,780		120,802
Exelixis, Inc.*		9,082		23,341
FibroGen, Inc.#,*		630		14,647
Five Prime Therapeutics, Inc.*		1,290		25,877
Foundation Medicine, Inc.#,*		520		23,665
Galectin Therapeutics, Inc.#,*		2,100		6,279
Galena Biopharma, Inc.*		10,700		14,445
Genomic Health, Inc.#,*		1,500		40,605
Geron Corp.#,*		7,057		25,546
Halozyme Therapeutics, Inc.#,*		6,651		98,900
Heron Therapeutics, Inc.*		1,900		20,520
Hyperion Therapeutics, Inc.*		600		27,576
Idera Pharmaceuticals, Inc.#,*		2,790		7,840
Immune Design Corp.#,*		10		224
ImmunoGen, Inc.*		7,178		59,362
Immunomedics, Inc.*		710		2,556
Infinity Pharmaceuticals, Inc.*		3,000		38,010
Inovio Pharmaceuticals, Inc.#,*		3,440		28,070
Insmed, Inc.*		2,680		53,707
Insys Therapeutics, Inc.#,*		735		38,639
Intrexon Corp.#,*		2,700		104,841
Ironwood Pharmaceuticals, Inc.*		8,220		112,285
Isis Pharmaceuticals, Inc.#,*		7,822		443,664
Karyopharm Therapeutics, Inc.#,*		730		19,827
Keryx Biopharmaceuticals, Inc.#,*		5,960		63,534
Kindred Biosciences, Inc.#,*		1,700		11,594
Kite Pharma, Inc.#,*		840		42,319
KYTHERA Biopharmaceuticals, Inc.*		1,330		58,108
Lexicon Pharmaceuticals, Inc.*		9,060		9,060
Ligand Pharmaceuticals, Inc.*		1,285		99,767
MacroGenics, Inc.*		1,660		47,493
MannKind Corp.#,*		15,607		66,954
Merrimack Pharmaceuticals, Inc.#,*		5,380		59,718
MiMedx Group, Inc.#,*		6,790		63,826
Mirati Therapeutics, Inc.#,*		360		10,004
Momenta Pharmaceuticals, Inc.*		4,360		76,082
NanoViricides, Inc.*		6,080		10,458
Navidea Biopharmaceuticals, Inc.*		5,340		7,209
NeoStem, Inc.#,*		2,480		7,142
Neuralstem, Inc.#,*		370		625
Neurocrine Biosciences, Inc.*		5,117		174,439

Description	Number of Shares		Value
NewLink Genetics Corp.*		1,620	$	72,252
Northwest Biotherapeutics, Inc.#,*		3,010		23,659
Novavax, Inc.#,*		16,373		126,563
Ohr Pharmaceutical, Inc.*		50		141
OncoMed Pharmaceuticals, Inc.#,*		300		7,194
Oncothyreon, Inc.*		7,840		11,760
Ophthotech Corp.*		260		11,773
OPKO Health, Inc.#,*		14,100		194,016
Orexigen Therapeutics, Inc.#,*		7,015		46,089
Organovo Holdings, Inc.#,*		5,370		24,380
Osiris Therapeutics, Inc.#,*		184		2,791
Otonomy, Inc.*		70		1,837
OvaScience, Inc.#,*		880		21,776
PDL BioPharma, Inc.#		11,206		74,744
Peregrine Pharmaceuticals, Inc.*		4,640		6,078
Portola Pharmaceuticals, Inc.*		2,530		90,296
Progenics Pharmaceuticals, Inc.*		2,066		10,227
Prothena Corp. PLC*		1,260		40,837
PTC Therapeutics, Inc.*		1,650		96,938
Puma Biotechnology, Inc.#,*		1,570		283,511
Radius Health, Inc.*		420		15,053
Raptor Pharmaceutical Corp.#,*		4,080		41,290
Receptos, Inc.*		1,210		178,281
Regulus Therapeutics, Inc.#,*		1,310		16,441
Repligen Corp.*		2,580		76,136
Retrophin, Inc.*		1,400		30,156
Rigel Pharmaceuticals, Inc.*		821		3,497
Sage Therapeutics, Inc.#,*		170		9,010
Sangamo BioSciences, Inc.*		4,095		50,655
Sarepta Therapeutics, Inc.#,*		2,470		30,134
Spectrum Pharmaceuticals, Inc.#,*		2,800		15,820
Stemline Therapeutics, Inc.*		480		6,667
Sunesis Pharmaceuticals, Inc.*		4,130		9,664
Synageva BioPharma Corp.#,*		1,500		137,940
Synergy Pharmaceuticals, Inc.#,*		3,850		13,475
Synta Pharmaceuticals Corp.*		6,050		13,613
TESARO, Inc.#,*		1,670		90,965
TG Therapeutics, Inc.#,*		1,310		18,288
Threshold Pharmaceuticals, Inc.#,*		5,060		17,912
Trius Therapeutics CVR*,††		1,740		—
Ultragenyx Pharmaceutical, Inc.*		530		29,908
Vanda Pharmaceuticals, Inc.#,*		2,150		19,673
Verastem, Inc.*		1,300		10,790
Versartis, Inc.#,*		950		16,226
Xencor, Inc.*		310		4,408
XOMA Corp.*		6,390		19,170

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    53

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
ZIOPHARM Oncology, Inc.#,*		7,320	$	64,489
			$	6,574,915
HEALTH CARE EQUIPMENT & SUPPLIES – 4.1%
Abaxis, Inc.		1,731		110,784
ABIOMED, Inc.*		2,782		175,878
Accuray, Inc.#,*		5,402		43,918
Analogic Corp.		388		32,786
AngioDynamics, Inc.*		989		16,506
Anika Therapeutics, Inc.*		970		33,096
Antares Pharma, Inc.*		3,040		7,448
AtriCure, Inc.*		2,120		46,661
Atrion Corp.		70		22,739
Cantel Medical Corp.		2,549		114,170
Cardiovascular Systems, Inc.*		1,840		57,592
Cerus Corp.#,*		6,370		28,283
CONMED Corp.		1,023		51,385
CryoLife, Inc.		1,550		15,810
Cyberonics, Inc.*		1,850		112,683
Cynosure, Inc.*		1,405		46,955
Derma Sciences, Inc.*		490		3,871
DexCom, Inc.*		4,963		335,350
Endologix, Inc.*		4,220		65,663
Exactech, Inc.*		622		13,591
GenMark Diagnostics, Inc.#,*		3,020		28,992
Globus Medical, Inc.*		3,940		94,127
Greatbatch, Inc.*		1,101		59,366
Haemonetics Corp.*		2,320		94,030
HeartWare International, Inc.#,*		1,070		81,010
ICU Medical, Inc.*		500		42,185
Insulet Corp.*		3,431		102,415
Integra LifeSciences Holdings Corp.*		1,427		83,879
Invacare Corp.		1,684		33,798
K2M Group Holdings, Inc.*		960		20,170
LDR Holding Corp.*		1,060		35,881
Masimo Corp.		3,591		121,232
Meridian Bioscience, Inc.		164		2,906
Merit Medical Systems, Inc.*		2,280		44,255
Natus Medical, Inc.*		1,753		66,106
Neogen Corp.*		2,519		112,196
Nevro Corp.*		440		19,809
NuVasive, Inc.*		2,930		131,059
NxStage Medical, Inc.*		4,431		81,220
OraSure Technologies, Inc.*		3,017		19,007
Orthofix International NV*		641		20,711
Oxford Immunotec Global PLC*		1,180		15,659
PhotoMedex, Inc.#,*		670		1,380

Description	Number of Shares		Value
Quidel Corp.*		1,947	$	45,365
Rockwell Medical, Inc.#,*		490		4,758
RTI Surgical, Inc.*		270		1,512
Spectranetics Corp. (The)#,*		3,148		80,746
STAAR Surgical Co.#,*		3,490		30,887
STERIS Corp.		3,940		262,010
SurModics, Inc.*		490		12,358
Symmetry Surgical, Inc.*		77		595
Tandem Diabetes Care, Inc.*		920		12,282
Thoratec Corp.*		2,540		101,879
Tornier NV*		1,100		28,457
Unilife Corp.*		9,460		31,691
Utah Medical Products, Inc.		300		16,173
Vascular Solutions, Inc.*		1,720		55,143
West Pharmaceutical Services, Inc.		4,660		248,285
Wright Medical Group, Inc.*		2,300		58,351
Zeltiq Aesthetics, Inc.#,*		2,010		61,707
			$	3,698,761
HEALTH CARE PROVIDERS & SERVICES – 2.9%
Acadia Healthcare Co., Inc.#,*		2,920		200,020
Aceto Corp.		1,663		32,229
Addus HomeCare Corp.*		410		11,004
Air Methods Corp.*		2,543		116,215
Almost Family, Inc.		308		13,330
Amedisys, Inc.*		1,196		33,261
AMN Healthcare Services, Inc.*		2,068		47,171
Amsurg Corp.*		1,850		116,032
Bio-Reference Labs, Inc.*		1,688		55,907
BioScrip, Inc.#,*		3,240		15,228
BioTelemetry, Inc.*		1,740		13,937
Brookdale Senior Living, Inc.*		100		3,623
Capital Senior Living Corp.*		2,288		59,877
Chemed Corp.		1,305		150,401
CorVel Corp.*		520		18,585
Cross Country Healthcare, Inc.*		884		9,812
Ensign Group, Inc. (The)		1,619		68,176
ExamWorks Group, Inc.*		2,560		104,832
Five Star Quality Care, Inc.*		2,940		12,495
Genesis Healthcare, Inc.*		1,199		8,285
Hanger, Inc.*		913		20,396
HealthEquity, Inc.*		180		4,718
HealthSouth Corp.		5,544		250,700
Healthways, Inc.*		1,910		33,234
HMS Holdings Corp.*		5,997		102,009
IPC Healthcare, Inc.*		1,160		56,747
Kindred Healthcare, Inc.		3,108		71,329

ANNUAL REPORT  /  April 30, 2015

54     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Landauer, Inc.		366	$	11,807
LHC Group, Inc.*		547		17,537
Magellan Health, Inc.*		1,215		76,909
Molina Healthcare, Inc.*		2,022		119,763
National Healthcare Corp.		320		20,256
National Research Corp.*		630		9,085
Owens & Minor, Inc.		1,406		47,410
PharMerica Corp.*		1,409		40,382
Providence Service Corp. (The)*		930		39,544
RadNet, Inc.*		1,220		10,224
Select Medical Holdings Corp.		4,160		60,528
Team Health Holdings, Inc.*		4,820		287,127
Triple-S Management Corp., Class B*		941		17,616
U.S. Physical Therapy, Inc.		1,082		51,027
Universal American Corp.		2,463		24,605
WellCare Health Plans, Inc.*		1,890		146,343
			$	2,609,716
HEALTH CARE TECHNOLOGY – 0.5%
athenahealth, Inc.*		15		1,840
Castlight Health, Inc.#,*		1,760		13,253
Computer Programs & Systems, Inc.		473		24,752
HealthStream, Inc.*		1,630		47,172
MedAssets, Inc.*		2,339		47,341
Medidata Solutions, Inc.*		2,870		153,344
Merge Healthcare, Inc.*		5,470		27,186
Omnicell, Inc.*		2,918		103,677
Quality Systems, Inc.		2,496		38,925
Vocera Communications, Inc.*		370		4,214
			$	461,704
LIFE SCIENCES TOOLS & SERVICES – 0.7%
Accelerate Diagnostics, Inc.#,*		1,162		26,494
Affymetrix, Inc.#,*		3,474		42,140
Albany Molecular Research, Inc.#,*		1,310		23,659
Cambrex Corp.*		2,354		90,605
Fluidigm Corp.*		2,270		85,034
INC Research Holdings, Inc.*		620		20,795
Luminex Corp.*		1,998		31,009
NanoString Technologies, Inc.*		390		4,657
Pacific Biosciences of California, Inc.*		2,490		12,848
PAREXEL International Corp.*		3,999		254,236
PRA Health Sciences, Inc.*		1,060		30,189
Sequenom, Inc.#,*		7,542		33,486
			$	655,152
PHARMACEUTICALS – 2.2%
AcelRx Pharmaceuticals, Inc.#,*		1,790		7,142
Aerie Pharmaceuticals, Inc.*		650		6,266
Akorn, Inc.#,*		4,380		182,383

Description	Number of Shares		Value
Alimera Sciences, Inc.#,*		800	$	3,488
Ampio Pharmaceuticals, Inc.#,*		3,390		8,170
ANI Pharmaceuticals, Inc.*		360		21,953
Aratana Therapeutics, Inc.*		1,820		23,496
BioDelivery Sciences International, Inc.#,*		1,560		12,574
Bio-Path Holdings, Inc.*		1,040		1,617
Catalent, Inc.*		3,270		94,078
Cempra, Inc.*		1,500		47,235
Chelsea Therapeutics International Ltd. - CVR††		9,820		786
ContraVir Pharmaceuticals, Inc.#,*		656		2,007
Corcept Therapeutics, Inc.#,*		850		4,904
Depomed, Inc.*		4,370		101,646
Endo International PLC*		218		18,326
Endocyte, Inc.#,*		3,580		20,764
Furiex Pharmaceuticals CVR††		710		6,937
Horizon Pharma PLC#		4,630		130,196
IGI Laboratories, Inc.#,*		810		4,115
Impax Laboratories, Inc.*		2,760		124,918
Intra-Cellular Therapies, Inc.#,*		1,500		30,675
Lannett Co., Inc.#,*		1,960		112,700
Medicines Co. (The)*		4,429		113,427
Nektar Therapeutics#,*		7,632		72,657
Omeros Corp.#,*		2,440		49,093
Pacira Pharmaceuticals, Inc.#,*		2,320		158,874
Pain Therapeutics, Inc.*		5,540		11,302
Pernix Therapeutics Holdings, Inc.*		1,760		11,229
Phibro Animal Health Corp.*		1,450		46,052
POZEN, Inc.*		1,045		8,172
Prestige Brands Holdings, Inc.*		3,887		152,565
Relypsa, Inc.*		1,390		40,213
Repros Therapeutics, Inc.#,*		1,950		14,996
Revance Therapeutics, Inc.*		750		14,756
Sagent Pharmaceuticals, Inc.*		1,210		28,205
SciClone Pharmaceuticals, Inc.*		2,900		23,693
Sucampo Pharmaceuticals, Inc.#,*		852		15,132
Supernus Pharmaceuticals, Inc.*		2,810		35,968
Tetraphase Pharmaceuticals, Inc.*		1,770		62,446
TherapeuticsMD, Inc.*		8,350		54,108
Theravance, Inc.#,*		5,400		87,750
VIVUS, Inc.#,*		6,370		14,205
XenoPort, Inc.*		2,584		15,323
Zogenix, Inc.*		10,000		13,900
ZS Pharma, Inc.#,*		620		23,603
			$	2,034,045
TOTAL HEALTH CARE			$	16,034,293

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    55

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
INDUSTRIALS – 13.8%
AEROSPACE & DEFENSE – 1.7%
AAR Corp.		1,876	$	56,730
Aerojet Rocketdyne Holdings, Inc.*		3,629		71,346
Aerovironment, Inc.*		824		21,094
American Science & Engineering, Inc.		224		8,382
Astronics Corp.*		1,020		68,656
Astronics Corp.*		272		18,727
Cubic Corp.		698		34,607
Curtiss-Wright Corp.		2,346		171,399
DigitalGlobe, Inc.*		2,547		81,937
Ducommun, Inc.*		760		23,104
Engility Holdings, Inc.		670		18,673
Erickson, Inc.#,*		1,710		6,070
Esterline Technologies Corp.*		1,277		142,117
HEICO Corp.		4,426		247,148
KEYW Holding Corp. (The)#,*		1,320		12,738
Kratos Defense & Security Solutions, Inc.*		3,161		17,291
LMI Aerospace, Inc.*		657		7,418
Moog, Inc.*		1,676		117,119
National Presto Industries, Inc.#		312		19,525
Orbital ATK, Inc.		1,230		89,987
Sparton Corp.*		940		24,224
TASER International, Inc.#,*		3,771		113,846
Teledyne Technologies, Inc.*		1,604		168,372
			$	1,540,510
AIR FREIGHT & LOGISTICS – 0.6%
Air Transport Services Group, Inc.*		2,530		23,580
Atlas Air Worldwide Holdings, Inc.*		724		35,288
Echo Global Logistics, Inc.*		1,770		51,153
Forward Air Corp.		2,201		110,864
Hub Group, Inc.*		2,242		89,456
Park-Ohio Holdings Corp.		640		29,651
UTi Worldwide, Inc.#		4,550		41,087
XPO Logistics, Inc.#,*		2,402		116,497
			$	497,576
AIRLINES – 0.5%
Allegiant Travel Co.		954		146,687
Hawaiian Holdings, Inc.#,*		2,443		56,384
JetBlue Airways Corp.#,*		10,734		220,369
Republic Airways Holdings, Inc.*		1,801		22,044
SkyWest, Inc.		2,173		29,661
Spirit Airlines, Inc.*		24		1,643
			$	476,788
BUILDING PRODUCTS – 0.9%
AAON, Inc.		3,340		80,060

Description	Number of Shares		Value
Advanced Drainage Systems, Inc.*		1,160	$	32,480
American Woodmark Corp.*		1,055		53,488
Apogee Enterprises, Inc.		1,840		96,821
Builders FirstSource, Inc.*		1,700		21,692
Continental Building Products, Inc.*		1,520		33,455
Gibraltar Industries, Inc.*		600		9,936
Griffon Corp.		2,229		37,469
Insteel Industries, Inc.		1,360		27,554
Masonite International Corp.*		1,140		75,468
NCI Building Systems, Inc.*		1,862		28,824
Nortek, Inc.*		470		39,771
Patrick Industries, Inc.*		630		37,838
PGT, Inc.*		1,610		18,225
Ply Gem Holdings, Inc.*		800		10,864
Quanex Building Products Corp.		963		18,586
Simpson Manufacturing Co., Inc.		1,421		46,580
Trex Co., Inc.*		2,548		119,552
Universal Forest Products, Inc.		726		40,162
USG Corp.*		145		3,848
			$	832,673
COMMERCIAL SERVICES & SUPPLIES – 2.1%
ABM Industries, Inc.		2,329		74,644
ACCO Brands Corp.*		2,770		21,800
ARC Document Solutions, Inc.*		1,558		13,305
Brink’s Co. (The)		2,470		65,381
Capstone Turbine Corp.*		25,640		16,107
Casella Waste Systems, Inc.*		1,130		6,192
CECO Environmental Corp.#		1,051		12,391
Cenveo, Inc.#,*		593		1,174
Civeo Corp.		2,740		12,796
Deluxe Corp.		2,825		182,919
Encore Capital Group, Inc.*		1,135		45,899
EnerNOC, Inc.*		1,694		18,719
Ennis, Inc.		1,079		16,595
G&K Services, Inc.		944		66,646
Healthcare Services Group, Inc.		5,035		152,409
Heritage-Crystal Clean, Inc.*		550		6,446
Herman Miller, Inc.		3,935		107,858
HNI Corp.		3,083		143,791
InnerWorkings, Inc.*		460		2,912
Interface, Inc.		2,825		61,387
Kimball International, Inc.		2,450		24,794
Knoll, Inc.		3,872		88,165
McGrath RentCorp		750		24,833
Mobile Mini, Inc.		2,078		80,086
MSA Safety, Inc.		1,713		78,353

ANNUAL REPORT  /  April 30, 2015

56     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Multi-Color Corp.		701	$	44,009
NL Industries, Inc.		42		310
Performant Financial Corp.#,*		3,580		10,633
Quad/Graphics, Inc.		1,270		27,356
SP Plus Corp.*		908		20,666
Steelcase, Inc.		5,000		87,850
Team, Inc.*		1,324		51,742
Tetra Tech, Inc.*		2,044		55,413
UniFirst Corp.		668		75,638
United Stationers, Inc.		1,448		58,803
US Ecology, Inc.		1,664		78,058
Viad Corp.		1,055		28,031
West Corp.		530		16,404
			$	1,880,515
CONSTRUCTION & ENGINEERING – 0.6%
Aegion Corp.*		1,253		23,080
Ameresco, Inc.*		770		5,174
Argan, Inc.		810		26,171
Comfort Systems USA, Inc.		2,191		45,332
Dycom Industries, Inc.*		2,447		112,513
EMCOR Group, Inc.		2,222		99,168
Furmanite Corp.*		2,481		18,111
Granite Construction, Inc.		1,530		53,106
Great Lakes Dredge & Dock Corp.		1,636		9,489
Layne Christensen Co.#,*		520		3,494
MasTec, Inc.*		3,324		59,633
MYR Group, Inc.*		920		26,974
Northwest Pipe Co.*		501		12,144
Orion Marine Group, Inc.*		1,648		13,876
Primoris Services Corp.		2,420		46,537
Sterling Construction Co., Inc.*		1,705		7,485
Tutor Perini Corp.#,*		1,061		22,493
			$	584,780
ELECTRICAL EQUIPMENT – 1.2%
Acuity Brands, Inc.		5		835
AZZ, Inc.		1,714		79,512
Brady Corp. Class A		2,309		61,489
Encore Wire Corp.		1,217		54,777
EnerSys, Inc.		2,017		136,954
Enphase Energy, Inc.#,*		1,540		19,358
Franklin Electric Co., Inc.		3,192		115,423
FuelCell Energy, Inc.#,*		11,154		13,719
Generac Holdings, Inc.#		4,690		195,526
General Cable Corp.		2,030		33,109
Global Power Equipment Group, Inc.		1,070		13,000
GrafTech International Ltd.*		2,340		11,326
II-VI, Inc.*		954		16,972

Description	Number of Shares		Value
LSI Industries, Inc.		1,963	$	17,588
Plug Power, Inc.#,*		3,040		7,722
Polypore International, Inc.*		2,970		173,923
Powell Industries, Inc.		369		12,247
Power Solutions International, Inc.#,*		310		19,778
PowerSecure International, Inc.*		220		2,884
Preformed Line Products Co.		194		8,138
Revolution Lighting Technologies, Inc.*		2,690		3,147
Thermon Group Holdings, Inc.*		1,850		43,050
Vicor Corp.*		689		10,507
			$	1,050,984
INDUSTRIAL CONGLOMERATES – 0.0%
Raven Industries, Inc.		882		17,587
MACHINERY – 3.2%
Accuride Corp.*		1,400		5,712
Actuant Corp.		2,500		59,550
Alamo Group, Inc.		219		13,530
Albany International Corp.		1,190		46,648
Altra Holdings, Inc.		1,263		33,305
American Railcar Industries, Inc.#		589		31,241
Ampco-Pittsburgh Corp.		556		8,890
Astec Industries, Inc.		761		32,023
Barnes Group, Inc.		2,065		82,806
Blount International, Inc.*		4,080		54,101
Briggs & Stratton Corp.		1,338		26,158
Chart Industries, Inc.*		2,279		92,413
CIRCOR International, Inc.		1,098		59,995
CLARCOR, Inc.		3,488		226,720
Columbus McKinnon Corp.*		1,145		29,037
Commercial Vehicle Group, Inc.*		1,480		8,525
Douglas Dynamics, Inc.		1,430		31,102
Dynamic Materials Corp.		675		9,038
Energy Recovery, Inc.*		2,459		7,303
EnPro Industries, Inc.*		1,297		83,021
ESCO Technologies, Inc.		702		25,763
ExOne Co.#,*		520		7,129
Federal Signal Corp.*		2,689		42,271
FreightCar America, Inc.		753		19,646
Global Brass & Copper Holdings, Inc.		910		13,868
Gorman-Rupp Co. (The)		927		25,131
Graham Corp.		585		13,689
Greenbrier Cos., Inc. (The)#,*		1,570		90,573
Harsco Corp.		5,550		89,244
Hurco Cos., Inc.		510		16,504
Hyster-Yale Materials Handling, Inc.		546		40,044
Hyster-Yale Materials Handling, Inc.		216		15,841
John Bean Technologies Corp.		2,340		90,301

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    57

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Kadant, Inc.		554	$	28,232
LB Foster Co.		496		21,194
Lindsay Corp.#		838		66,361
Lydall, Inc.*		580		15,567
Manitex International, Inc.#,*		1,410		13,973
Meritor, Inc.*		5,310		69,667
Middleby Corp. (The)*		32		3,243
Miller Industries, Inc.		460		10,295
Mueller Industries, Inc.		3,572		125,163
Mueller Water Products, Inc.		11,550		108,108
NN, Inc.		1,450		36,482
Omega Flex, Inc.		150		4,469
Proto Labs, Inc.*		1,280		89,600
RBC Bearings, Inc.*		1,417		103,427
Rexnord Corp.*		4,240		112,318
Standex International Corp.		668		54,021
Sun Hydraulics Corp.		1,457		56,692
Tennant Co.		1,451		93,285
Titan International, Inc.#		1,025		10,650
TriMas Corp.*		2,690		75,777
Twin Disc, Inc.		493		8,869
Wabash National Corp.*		3,800		53,276
Watts Water Technologies, Inc.		1,154		62,951
Woodward, Inc.		4,071		191,541
Xerium Technologies, Inc.*		910		16,180
			$	2,862,463
MARINE – 0.1%
International Shipholding Corp.		755		8,290
Matson, Inc.		2,260		91,530
Navios Maritime Holdings, Inc.#		4,400		16,676
Scorpio Bulkers, Inc.#,*		4,470		10,773
			$	127,269
PROFESSIONAL SERVICES – 1.5%
Acacia Research Corp.		1,690		18,624
Advisory Board Co.*		2,046		106,167
Barrett Business Services, Inc.		220		9,783
CBIZ, Inc.*		2,407		21,759
CDI Corp.		453		6,179
Corporate Executive Board Co. (The)		2,260		189,456
CRA International, Inc.*		17		496
Exponent, Inc.		927		82,141
Franklin Covey Co.*		350		6,524
FTI Consulting, Inc.*		1,820		74,820
GP Strategies Corp.*		1,130		36,827
Heidrick & Struggles International, Inc.		1,080		25,985
Huron Consulting Group, Inc.*		1,042		63,166

Description	Number of Shares		Value
ICF International, Inc.*		927	$	35,689
Insperity, Inc.		1,081		52,061
Kelly Services, Inc.		917		15,057
Kforce, Inc.		2,073		47,140
Korn/Ferry International*		2,124		66,970
Mistras Group, Inc.*		630		11,315
Navigant Consulting, Inc.*		1,852		26,780
On Assignment, Inc.*		3,755		126,356
Pendrell Corp.*		1,650		1,799
Resources Connection, Inc.		1,395		21,985
RPX Corp.*		2,140		33,298
TriNet Group, Inc.*		1,090		38,172
TrueBlue, Inc.*		2,091		60,179
VSE Corp.		336		23,903
WageWorks, Inc.*		2,430		122,472
			$	1,325,103
ROAD & RAIL – 0.6%
ArcBest Corp.		1,376		49,123
Celadon Group, Inc.		678		17,520
Heartland Express, Inc.		4,078		85,312
Knight Transportation, Inc.		3,907		112,912
Marten Transport Ltd.		1,078		23,996
Patriot Transportation Holdings, Inc.*		83		2,142
Quality Distribution, Inc.*		1,090		10,813
Roadrunner Transportation Systems, Inc.*		850		20,800
Saia, Inc.*		1,433		58,395
Swift Transportation Co.*		5,460		132,132
Universal Truckload Services, Inc.		380		8,071
Werner Enterprises, Inc.		1,421		38,182
YRC Worldwide, Inc.*		1,040		16,224
			$	575,622
TRADING COMPANIES & DISTRIBUTORS – 0.7%
Aircastle Ltd.		3,355		80,453
Applied Industrial Technologies, Inc.		1,170		48,871
CAI International, Inc.*		50		1,191
DXP Enterprises, Inc.*		830		37,391
H&E Equipment Services, Inc.		1,605		39,676
Houston Wire & Cable Co.		1,199		11,319
Kaman Corp.		1,632		68,071
Rush Enterprises, Inc.*		1,720		44,961
Stock Building Supply Holdings, Inc.*		1,260		23,146
TAL International Group, Inc.		1,799		69,333
Textainer Group Holdings Ltd.#		804		24,361
Titan Machinery, Inc.#,*		140		2,051
Watsco, Inc.		1,843		221,694
			$	672,518

ANNUAL REPORT  /  April 30, 2015

58     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
TRANSPORTATION INFRASTRUCTURE – 0.1%
Golden Ocean Group Ltd.#,*		2,663	$	13,262
Wesco Aircraft Holdings, Inc.*		2,010		31,517
			$	44,779
TOTAL INDUSTRIALS			$	12,489,167
INFORMATION TECHNOLOGY – 20.9%
COMMUNICATIONS EQUIPMENT – 1.8%
ADTRAN, Inc.		3,411		56,657
Alliance Fiber Optic Products, Inc.		850		15,606
Applied Optoelectronics, Inc.#,*		270		3,856
Aruba Networks, Inc.*		6,725		165,502
Bel Fuse, Inc.		447		9,177
Black Box Corp.		328		6,527
CalAmp Corp.*		2,450		48,289
Calix, Inc.*		2,114		15,622
Ciena Corp.*		5,530		117,789
Clearfield, Inc.#,*		1,450		19,647
Comtech Telecommunications Corp.		99		2,861
Digi International, Inc.*		812		8,201
Emulex Corp.*		3,130		25,103
Extreme Networks, Inc.*		4,716		11,884
Finisar Corp.#,*		6,210		126,249
Harmonic, Inc.*		4,982		34,924
Infinera Corp.*		8,026		150,889
InterDigital, Inc.		2,738		149,823
Ixia*		1,885		22,582
KVH Industries, Inc.*		690		9,308
NETGEAR, Inc.*		1,137		34,417
Numerex Corp.*		770		8,462
Oclaro, Inc.*		540		1,037
ParkerVision, Inc.#,*		11,130		7,568
Plantronics, Inc.		2,736		145,747
Polycom, Inc.*		6,380		83,259
Procera Networks, Inc.*		1,760		20,258
Ruckus Wireless, Inc.*		3,930		45,902
ShoreTel, Inc.*		5,550		38,628
Sonus Networks, Inc.*		3,336		26,421
Tessco Technologies, Inc.		450		11,372
Ubiquiti Networks, Inc.#		2,120		60,568
ViaSat, Inc.*		2,492		149,819
			$	1,633,954
COMPUTERS & PERIPHERALS – 0.5%
Cray, Inc.*		2,250		63,202
Dot Hill Systems Corp.*		1,130		7,096
Eastman Kodak Co.*		1,050		20,338

Description	Number of Shares		Value
Electronics For Imaging, Inc.*		3,468	$	144,720
Immersion Corp.*		2,027		21,952
Nimble Storage, Inc.#,*		1,160		28,374
QLogic Corp.*		3,860		56,742
Quantum Corp.*		11,560		23,236
Silicon Graphics International Corp.#,*		2,450		19,870
Super Micro Computer, Inc.*		1,388		39,933
Violin Memory, Inc.#,*		5,790		19,744
			$	445,207
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.8%
Agilysys, Inc.*		1,000		9,410
Anixter International, Inc.*		1,395		98,487
Badger Meter, Inc.		1,218		75,784
Belden, Inc.		2,924		245,470
Benchmark Electronics, Inc.*		2,470		58,119
Checkpoint Systems, Inc.*		1,693		17,539
Cognex Corp.		6,130		275,176
Coherent, Inc.		834		50,040
Control4 Corp.#,*		1,750		20,510
CTS Corp.		1,878		33,691
CUI Global, Inc.*		90		496
Daktronics, Inc.		3,008		32,276
DTS, Inc.*		1,017		36,459
Electro Rent Corp.		824		8,932
Electro Scientific Industries, Inc.		1,343		7,655
Fabrinet*		910		16,480
FARO Technologies, Inc.*		1,313		52,297
FEI Co.		2,772		209,175
GSI Group, Inc.*		700		9,296
Insight Enterprises, Inc.*		1,680		48,082
InvenSense, Inc.#,*		3,660		54,607
Itron, Inc.*		1,480		53,073
Kemet Corp.*		3,580		15,466
Kimball Electronics, Inc.*		307		3,927
Littelfuse, Inc.		1,565		153,354
Maxwell Technologies, Inc.#,*		1,148		6,429
Mercury Systems, Inc.*		1,695		23,408
Mesa Laboratories, Inc.		210		17,827
Methode Electronics, Inc.		2,907		123,431
MTS Systems Corp.		1,230		86,813
Multi-Fineline Electronix, Inc.*		653		15,267
Newport Corp.*		1,892		36,080
OSI Systems, Inc.*		869		58,405
Park Electrochemical Corp.		1,152		25,021
PC Connection, Inc.		319		7,749
Plexus Corp.*		1,798		77,404
RealD, Inc.#,*		2,690		33,033

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    59

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Rofin-Sinar Technologies, Inc.*		843	$	19,945
Rogers Corp.*		992		72,128
Sanmina Corp.*		2,900		58,957
ScanSource, Inc.*		1,381		55,033
Speed Commerce, Inc.*		5,240		1,581
SYNNEX Corp.*		1,342		102,663
TTM Technologies, Inc.*		2,379		22,244
Universal Display Corp.*		2,067		91,093
Viasystems Group, Inc.*		20		356
Vishay Precision Group, Inc.*		480		6,850
			$	2,527,518
INTERNET SOFTWARE & SERVICES – 3.0%
Actua Corp.*		1,924		27,840
Angie’s List, Inc.#,*		3,720		21,836
Bankrate, Inc.*		2,720		33,728
Bazaarvoice, Inc.*		930		5,003
Benefitfocus, Inc.#,*		590		20,384
Blucora, Inc.*		1,334		18,236
Brightcove, Inc.*		920		6,366
Carbonite, Inc.*		1,390		14,234
Care.com, Inc.#,*		2,060		13,225
ChannelAdvisor Corp.*		2,070		21,176
Cimpress NV#		2,390		200,617
comScore, Inc.*		2,355		123,308
Constant Contact, Inc.*		2,413		84,093
Cornerstone OnDemand, Inc.*		2,650		75,869
CoStar Group, Inc.*		23		4,702
Coupons.com, Inc.#,*		1,190		14,911
Cvent, Inc.*		580		15,590
DealerTrack Holdings, Inc.*		3,148		123,748
Demand Media, Inc.*		296		1,897
Demandware, Inc.*		2,110		129,976
DHI Group, Inc.*		2,050		15,580
EarthLink Holdings Corp.		4,880		23,082
Endurance International Group Holdings, Inc.#,*		1,940		35,580
Envestnet, Inc.*		1,990		102,007
Everyday Health, Inc.*		1,490		18,267
Gogo, Inc.#,*		3,860		81,600
GrubHub, Inc.*		340		13,998
GTT Communications, Inc.*		1,050		19,173
Internap Corp.*		905		8,507
Intralinks Holdings, Inc.*		1,670		16,366
j2 Global, Inc.		3,205		222,331
Limelight Networks, Inc.*		4,342		16,065
Liquidity Services, Inc.*		580		5,429
LivePerson, Inc.*		4,440		41,736
LogMeIn, Inc.*		1,840		118,091

Description	Number of Shares		Value
Marchex, Inc.		4,225	$	17,956
Marin Software, Inc.*		2,570		15,523
Marketo, Inc.*		1,620		46,089
Millennial Media, Inc.#,*		9,330		14,462
Monster Worldwide, Inc.*		6,150		36,224
NIC, Inc.		3,983		67,711
Perficient, Inc.*		2,246		46,335
Q2 Holdings, Inc.*		770		15,670
QuinStreet, Inc.*		1,450		7,874
RealNetworks, Inc.*		719		4,724
Reis, Inc.*		460		10,456
RetailMeNot, Inc.#,*		2,880		52,934
Rightside Group Ltd.*		296		2,409
Rocket Fuel, Inc.#,*		2,170		17,382
SciQuest, Inc.*		2,210		33,968
Shutterstock, Inc.#,*		960		64,790
SPS Commerce, Inc.*		1,070		69,828
Stamps.com, Inc.*		770		47,655
TechTarget, Inc.*		855		9,251
Textura Corp.*		1,770		46,321
Travelzoo, Inc.*		900		11,826
Tremor Video, Inc.*		2,240		5,600
Unwired Planet, Inc.*		6,333		3,738
Web.com Group, Inc.*		2,890		53,089
WebMD Health Corp.#,*		2,590		114,349
Wix.Com Ltd.*		890		17,328
XO Group, Inc.*		2,034		33,073
Xoom Corp.*		3,010		53,187
Yelp, Inc.*		221		8,705
Zillow Group, Inc., Class A#,*		1,118		109,162
			$	2,732,170
IT SERVICES – 2.9%
Acxiom Corp.*		1,841		32,144
Alliance Data Systems Corp.*		25		7,433
Blackhawk Network Holdings, Inc.*		2,640		97,073
CACI International, Inc.*		973		85,858
Cardtronics, Inc.*		2,760		104,135
Cass Information Systems, Inc.		1,018		53,211
Ciber, Inc.*		3,842		13,562
Computer Task Group, Inc.		1,430		11,769
Convergys Corp.#		3,700		83,916
CSG Systems International, Inc.		2,020		58,822
Datalink Corp.*		1,130		13,063
EPAM Systems, Inc.*		2,080		134,597
Euronet Worldwide, Inc.*		3,646		213,218
EVERTEC, Inc.		3,650		75,664
ExlService Holdings, Inc.*		845		29,093

ANNUAL REPORT  /  April 30, 2015

60     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Forrester Research, Inc.		535	$	18,613
Global Cash Access Holdings, Inc.*		2,961		21,911
Hackett Group, Inc. (The)		1,523		14,621
Heartland Payment Systems, Inc.		2,659		135,343
Higher One Holdings, Inc.*		3,830		10,762
iGATE Corp.*		2,768		131,646
Information Services Group, Inc.*		50		196
Lionbridge Technologies, Inc.*		5,840		32,412
Luxoft Holding, Inc.*		810		41,982
ManTech International Corp.		891		26,044
MAXIMUS, Inc.		4,738		303,279
ModusLink Global Solutions, Inc.*		1,459		5,107
MoneyGram International, Inc.*		1,507		11,679
NeuStar, Inc.#,*		3,900		117,000
PRGX Global, Inc.*		1,750		7,420
Science Applications International Corp.		2,550		127,755
Sykes Enterprises, Inc.*		1,812		45,354
Syntel, Inc.		2,100		94,542
TeleTech Holdings, Inc.*		1,218		31,595
Unisys Corp.*		3,241		70,557
Virtusa Corp.*		1,909		75,978
WEX, Inc.*		2,716		306,120
			$	2,643,474
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.3%
Advanced Energy Industries, Inc.*		3,262		79,789
Alpha & Omega Semiconductor Ltd.*		1,770		14,496
Ambarella, Inc.*		1,960		143,374
Amkor Technology, Inc.*		6,054		42,560
Applied Micro Circuits Corp.*		1,414		7,593
Audience, Inc.#,*		1,230		5,855
Axcelis Technologies, Inc.*		6,110		15,397
Brooks Automation, Inc.		2,644		28,449
Cabot Microelectronics Corp.*		1,811		85,660
Cavium, Inc.*		3,544		229,616
CEVA, Inc.*		22		455
Cirrus Logic, Inc.*		3,000		101,340
Cohu, Inc.		113		1,183
Cypress Semiconductor Corp.		20,898		278,361
Diodes, Inc.*		2,345		62,658
DSP Group, Inc.*		1,625		18,492
Entegris, Inc.*		5,980		79,594
Entropic Communications, Inc.*		6,160		18,603
Exar Corp.*		1,180		11,647
Fairchild Semiconductor International, Inc.*		4,220		76,656
FormFactor, Inc.*		31		247
GT Advanced Technologies, Inc.*		4,014		1,160
Inphi Corp.#,*		1,790		38,395

Description	Number of Shares		Value
Integrated Device Technology, Inc.*		8,290	$	150,795
Integrated Silicon Solution, Inc.*		1,200		22,260
Intersil Corp.		5,280		70,488
IXYS Corp.		1,532		17,327
Kopin Corp.*		3,008		9,987
Lattice Semiconductor Corp.*		8,050		47,736
M/A-COM Technology Solutions Holdings, Inc.*		1,040		31,689
MaxLinear, Inc.*		1,840		15,695
Micrel, Inc.		3,416		46,458
Microsemi Corp.*		5,912		197,224
MKS Instruments, Inc.		2,189		76,199
Monolithic Power Systems, Inc.		2,667		138,231
Nanometrics, Inc.*		910		14,069
NVE Corp.*		299		20,290
OmniVision Technologies, Inc.*		2,261		63,071
PDF Solutions, Inc.*		810		14,637
Pericom Semiconductor Corp.*		513		6,423
Photronics, Inc.*		2,660		23,328
PMC - Sierra, Inc.*		9,060		76,376
Power Integrations, Inc.		1,904		94,229
Qorvo, Inc.*		10,031		661,143
QuickLogic Corp.*		5,730		10,085
Rambus, Inc.*		7,550		104,492
Rubicon Technology, Inc.#,*		3,692		14,177
Rudolph Technologies, Inc.*		627		8,044
Semtech Corp.*		4,140		96,421
Silicon Laboratories, Inc.*		2,120		109,540
Synaptics, Inc.*		2,533		214,596
Tessera Technologies, Inc.		3,246		117,213
Ultra Clean Holdings, Inc.*		470		2,825
Veeco Instruments, Inc.*		1,700		50,167
Xcerra Corp.*		1,613		15,856
			$	3,882,651
SOFTWARE – 5.6%
A10 Networks, Inc.#,*		2,120		9,646
ACI Worldwide, Inc.*		7,052		162,408
Advent Software, Inc.		3,474		150,806
American Software, Inc.		764		7,418
Aspen Technology, Inc.*		6,060		269,003
AVG Technologies NV*		1,740		41,621
Barracuda Networks, Inc.#,*		170		6,890
Blackbaud, Inc.		3,382		170,892
Bottomline Technologies, Inc.*		2,857		76,453
BroadSoft, Inc.*		1,050		33,222
Callidus Software, Inc.*		3,610		44,583
CommVault Systems, Inc.*		3,171		145,073
Comverse, Inc.*		1,493		36,578

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    61

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Covisint Corp.*		1,412	$	2,768
Cyan, Inc.*		7,240		27,005
Digimarc Corp.#		460		10,764
Ebix, Inc.#		1,298		35,422
Ellie Mae, Inc.*		1,910		105,050
EPIQ Systems, Inc.		481		8,615
ePlus, Inc.		210		17,422
Fair Isaac Corp.		2,144		189,658
Fleetmatics Group PLC*		2,460		112,127
Gigamon, Inc.*		830		24,427
Glu Mobile, Inc.#,*		7,070		47,793
Guidance Software, Inc.*		680		3,971
Guidewire Software, Inc.*		4,780		238,761
Imperva, Inc.*		1,700		77,554
Infoblox, Inc.*		4,120		97,067
Interactive Intelligence Group, Inc.*		293		12,886
Jive Software, Inc.*		2,140		11,513
Kofax Ltd.*		90		993
Manhattan Associates, Inc.*		5,320		279,619
Mentor Graphics Corp.		3,728		89,211
MicroStrategy, Inc.*		699		127,302
Model N, Inc.*		1,550		18,213
Monotype Imaging Holdings, Inc.		2,068		67,024
NetScout Systems, Inc.#,*		2,751		113,066
Pegasystems, Inc.		2,688		57,900
Progress Software Corp.*		1,814		47,890
Proofpoint, Inc.#,*		2,630		141,967
PROS Holdings, Inc.*		1,966		43,704
QAD, Inc.		607		14,799
QLIK Technologies, Inc.*		5,670		197,259
Qualys, Inc.*		1,530		75,766
Rally Software Development Corp.*		630		9,110
RealPage, Inc.*		2,970		58,925
Rosetta Stone, Inc.*		750		6,270
Sapiens International Corp.*		120		1,048
Seachange International, Inc.*		1,480		9,931
Silver Spring Networks, Inc.#,*		4,340		42,185
SS&C Technologies Holdings, Inc.*		4,450		267,757
Synchronoss Technologies, Inc.*		2,509		115,113
Take-Two Interactive Software, Inc.*		3,551		84,159
Tangoe, Inc.*		2,170		29,686
TeleCommunication Systems, Inc.*		550		1,716
Telenav, Inc.*		770		6,437
TiVo, Inc.*		3,980		43,979
Tyler Technologies, Inc.*		2,329		284,022
Ultimate Software Group, Inc.*		1,787		297,035
VASCO Data Security International, Inc.#,*		2,255		57,322
Verint Systems, Inc.*		4,087		251,064

Description	Number of Shares		Value
VirnetX Holding Corp.#,*		1,970	$	12,726
Vringo, Inc.#,*		5,130		3,181
Zendesk, Inc.#,*		1,370		31,592
Zix Corp.*		1,790		7,625
			$	5,072,992
TOTAL INFORMATION TECHNOLOGY			$	18,937,966
MATERIALS – 4.5%
CHEMICALS – 2.1%
A Schulman, Inc.		1,558		66,137
Advanced Emissions Solutions, Inc.#,*		530		7,637
American Vanguard Corp.		794		8,663
Axiall Corp.		2,350		95,880
Balchem Corp.		2,250		117,945
Calgon Carbon Corp.*		3,191		70,808
Chase Corp.		550		19,695
Chemtura Corp.*		5,350		161,195
Ferro Corp.*		4,722		63,700
Flotek Industries, Inc.*		3,070		43,870
FutureFuel Corp.		620		6,739
H.B. Fuller Co.		3,589		149,913
Hawkins, Inc.		200		7,890
Innophos Holdings, Inc.		915		48,349
Innospec, Inc.		940		41,078
Intrepid Potash, Inc.		2,220		27,817
KMG Chemicals, Inc.		770		22,546
Koppers Holdings, Inc.		664		14,927
Kraton Performance Polymers, Inc.*		870		19,610
Kronos Worldwide, Inc.		1,300		17,485
LSB Industries, Inc.*		621		26,337
Marrone Bio Innovations, Inc.#,*		1,060		3,540
Minerals Technologies, Inc.		1,730		117,173
Olin Corp.		2,345		69,248
OM Group, Inc.		1,506		45,240
OMNOVA Solutions, Inc.*		4,500		35,955
PolyOne Corp.		6,602		257,808
Quaker Chemical Corp.		812		67,575
Rentech, Inc.		9,960		11,952
Senomyx, Inc.#,*		120		695
Sensient Technologies Corp.		1,912		124,968
Stepan Co.		578		29,438
Trecora Resources*		1,360		16,320
Tredegar Corp.		1,680		34,390
Tronox Ltd.		2,190		45,881
Zep, Inc.		714		14,194
			$	1,912,598

ANNUAL REPORT  /  April 30, 2015

62     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
CONSTRUCTION MATERIALS – 0.2%
Headwaters, Inc.*		4,765	$	83,769
United States Lime & Minerals, Inc.		246		16,236
US Concrete, Inc.*		1,020		37,026
			$	137,031
CONTAINERS & PACKAGING – 0.5%
AEP Industries, Inc.*		77		3,858
Berry Plastics Group, Inc.*		3,850		131,747
Graphic Packaging Holding Co.*		22,600		318,660
Myers Industries, Inc.		1,732		28,006
UFP Technologies, Inc.*		580		11,768
			$	494,039
METALS & MINING – 0.9%
AK Steel Holding Corp.#,*		8,300		42,164
Allied Nevada Gold Corp.*		9,340		1,400
AM Castle & Co.#,*		2,460		9,643
Century Aluminum Co.*		2,140		27,585
Coeur Mining, Inc.*		5,440		28,397
Commercial Metals Co.		4,090		67,894
Globe Specialty Metals, Inc.		3,740		74,501
Gold Reserve, Inc.#,*		2,870		11,078
Gold Resource Corp.		4,370		14,727
Handy & Harman Ltd.*		200		7,086
Haynes International, Inc.		574		25,526
Hecla Mining Co.		11,978		36,174
Horsehead Holding Corp.#,*		2,628		39,289
Kaiser Aluminum Corp.		561		45,088
Materion Corp.		1,162		46,468
Molycorp, Inc.#,*		15,320		14,137
Noranda Aluminum Holding Corp.		870		2,906
Olympic Steel, Inc.		625		6,844
RTI International Metals, Inc.#,*		1,582		59,562
Schnitzer Steel Industries, Inc.		1,420		24,736
Stillwater Mining Co.*		7,354		98,764
SunCoke Energy, Inc.*		3,170		55,570
Universal Stainless & Alloy Products, Inc.*		546		11,466
Worthington Industries, Inc.		3,279		88,631
			$	839,636
PAPER & FOREST PRODUCTS – 0.8%
Boise Cascade Co.*		2,910		100,977
Clearwater Paper Corp.*		1,584		101,328
Deltic Timber Corp.		815		52,160
KapStone Paper & Packaging Corp.		5,970		166,861
Louisiana-Pacific Corp.#,*		5,126		78,120
Neenah Paper, Inc.		901		54,483
PH Glatfelter Co.		2,043		50,666

Description	Number of Shares		Value
Resolute Forest Products, Inc.*		2,910	$	44,872
Schweitzer-Mauduit International, Inc.		658		29,090
Wausau Paper Corp.		2,650		24,698
			$	703,255
TOTAL MATERIALS			$	4,086,559
TELECOMMUNICATION SERVICES – 0.7%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6%
8x8, Inc.*		3,830		33,436
Atlantic Tele-Network, Inc.		430		28,389
Cincinnati Bell, Inc.*		5,710		19,585
Cogent Communications Holdings, Inc.		3,053		106,824
Consolidated Communications Holdings, Inc.		3,050		64,263
FairPoint Communications, Inc.*		1,450		28,594
General Communication, Inc.*		282		4,473
Globalstar, Inc.#,*		6,620		17,146
Hawaiian Telcom Holdco, Inc.#,*		550		14,487
IDT Corp.		1,300		22,139
inContact, Inc.*		2,210		22,873
Inteliquent, Inc.		2,090		39,731
Intelsat SA*		1,410		17,752
Iridium Communications, Inc.#,*		2,830		28,781
Lumos Networks Corp.		1,737		24,561
magicJack VocalTec Ltd.#,*		2,030		13,195
ORBCOMM, Inc.*		2,560		15,411
Premiere Global Services, Inc.*		700		7,147
Vonage Holdings Corp.*		5,910		27,363
			$	536,150
WIRELESS TELECOMMUNICATION SERVICES – 0.1%
Boingo Wireless, Inc.*		1,190		9,829
NTELOS Holdings Corp.		1,647		9,569
RingCentral, Inc.#,*		1,800		31,014
Shenandoah Telecommunications Co.		1,746		60,167
Spok Holdings, Inc.		1,488		28,012
			$	138,591
TOTAL TELECOMMUNICATION SERVICES			$	674,741
UTILITIES – 2.4%
ELECTRIC UTILITIES – 0.9%
ALLETE, Inc.		1,056		53,117
Cleco Corp.		2,345		127,451
El Paso Electric Co.		1,680		62,513
Empire District Electric Co. (The)		896		21,119
IDACORP, Inc.		1,942		117,161
MGE Energy, Inc.		1,068		44,301
NRG Yield, Inc.#		1,140		56,088
Otter Tail Corp.		710		21,236
PNM Resources, Inc.		3,377		93,813

April 30, 2015  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    63

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Portland General Electric Co.		2,967	$	104,320
UIL Holdings Corp.		1,636		81,604
Unitil Corp.		810		27,702
			$	810,425
GAS UTILITIES – 0.7%
Chesapeake Utilities Corp.		755		36,074
Laclede Group, Inc. (The)		1,718		89,216
New Jersey Resources Corp.		3,494		106,602
Northwest Natural Gas Co.		798		37,267
Piedmont Natural Gas Co., Inc.		2,864		107,228
South Jersey Industries, Inc.		921		48,583
Southwest Gas Corp.		1,968		108,240
WGL Holdings, Inc.		1,890		103,969
			$	637,179
INDEPENDENT POWER PRODUCERS & ENERGY
TRADERS – 0.3%
Abengoa Yield PLC		220		7,460
Atlantic Power Corp.		4,610		14,982
Dynegy, Inc.*		4,310		143,394
Ormat Technologies, Inc.		850		31,102
Pattern Energy Group, Inc.		2,680		77,666
TerraForm Power, Inc. Class A*		860		33,996
			$	308,600
MULTI-UTILITIES – 0.3%
Avista Corp.		2,378		77,570
Black Hills Corp.		1,688		83,202
NorthWestern Corp.		1,639		85,376
			$	246,148
WATER UTILITIES – 0.2%
American States Water Co.		1,524		58,506
Artesian Resources Corp.		630		13,570
California Water Service Group		2,380		56,811
Connecticut Water Service, Inc.		363		13,068
Middlesex Water Co.		991		22,565
SJW Corp.		368		10,764
York Water Co. (The)		130		3,272
			$	178,556
TOTAL UTILITIES			$	2,180,908
TOTAL COMMON STOCKS
(COST $67,995,957)			$	90,247,281
INVESTMENT COMPANIES – 0.4%
EQUITY FUNDS – 0.4%
iShares Russell 2000 Growth ETF#		1,086		159,696

Description	Number of Shares		Value
iShares Russell 2000 Index Fund#		1,109	$	134,366
TOTAL EQUITY FUNDS			$	294,062
TOTAL INVESTMENT COMPANIES
(COST $272,356)			$	294,062
RIGHTS – 0.0%**
Leap Wireless International, Inc.*,††		4,140		10,102
TOTAL RIGHTS
(COST $10,102)			$	10,102
WARRANTS – 0.0%**
BioTime, Inc., Expire 10/01/18#,*		359		790
Education Management Corp., Expire 1/19/49††		932		—
Magnum Hunter Re, Expire 5/15/16††		1,281		—
Tejon Ranch Co., Expire 8/31/16		118		69
TOTAL WARRANTS
(COST $1,050)			$	859
TOTAL INVESTMENTS IN SECURITIES – 99.9%
(COST $68,279,465)			$	90,552,304
Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 12.2%
REPURCHASE AGREEMENTS – 12.2%
BNP Paribas Securities Corp., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $554,302, collateralized by U.S. Government & Treasury Securities 0.00% to 6.50%, maturing 5/01/16 to 4/20/45; total market value of $565,386.	$	554,300	$	554,300
Citigroup Global Markets, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $2,106,431, collateralized by U.S. Government Securities 1.61% to 8.00%, maturing 6/01/17 to 6/15/52; total market value of $2,148,552.		2,106,423		2,106,423
Credit Suisse Securities (USA) LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $2,106,430, collateralized by U.S. Government Securities 3.00% to 4.50%, maturing 8/01/38 to 4/01/45; total market value of $2,148,567.		2,106,423		2,106,423
ING Financial Markets LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $2,106,430, collateralized by U.S. Government Securities 1.87% to 6.20%, maturing 5/01/33 to 11/01/44; total market value of $2,148,552.		2,106,423		2,106,423
JP Morgan Securities LLC, 0.13%, dated 4/30/15, due 5/01/15, repurchase price $2,106,431, collateralized by U.S. Government Securities 1.78% to 6.13%, maturing 3/01/19 to 2/01/45; total market value of $2,148,576.		2,106,423		2,106,423

ANNUAL REPORT  /  April 30, 2015

64     PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Par Value		Value
Nomura Securities International, Inc., 0.13%, dated 4/30/15, due 5/01/15. repurchase price $2,106,431, collateralized by U.S. Government & Treasury Securities 0.00% to 10.50%, maturing 5/15/15 to 3/20/64; total market value of $2,148,551.	$	2,106,423	$	2,106,423
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $11,086,415)			$	11,086,415
TOTAL INVESTMENTS – 112.1%
(COST $79,365,880)			$	101,638,719
COLLATERAL FOR SECURITIES ON LOAN – (12.2%)				(11,086,415	)
OTHER ASSETS LESS LIABILITIES – 0.1%				126,408
TOTAL NET ASSETS – 100.0%			$	90,678,712

Cost of investments for Federal income tax purposes is $80,379,240. The net unrealized appreciation/(depreciation) of investments was $21,259,479. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $27,710,001 and net unrealized depreciation from investments for those securities having an excess of cost over value of $6,450,522.

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, 2015 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	90,239,558	$	7,723	$	—	$	90,247,281
Investment Companies		294,062		—		—		294,062
Rights		—		10,102		—		10,102
Warrants		859		—		—		859
Repurchase Agreements		—		11,086,415		—		11,086,415
Total	$	90,534,479	$	11,104,240	$	—	$	101,638,719

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

* Non-income producing security.

†† 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, 2015, the value of these securities amounted to $17,825 representing 0.0%** of total net assets.

** Represents less than 0.05%.

        The following acronyms are used throughout this Fund:

        CVR - Contingent Value Right

        LLC - Limited Liability Corporation

        PLC - Public Limited Company

        REIT - Real Estate Investment Trust

See Notes which are an integral part of the Financial Statements

April 30, 2015  /  ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 65

April 30, 2015	Wilmington Large-Cap Strategy Fund			Wilmington Mid-Cap Growth Fund		Wilmington Small-Cap Growth Fund		Wilmington Small-Cap Strategy Fund
ASSETS:
Investments, at identified cost	$	297,300,521		$	246,973,923	$	40,949,790	$	79,365,880
Investments in repurchase agreements, at value	$	5,882,327		$	18,775,115	$	5,788,781	$	11,086,415
Investments in securities, at value (Including $5,772,108, $18,180,925, $5,429,742,and $10,446,754 of securities on loan, respectively) (Note 2)		468,808,181	(a)		333,839,934		56,000,991		90,552,304
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		474,690,508			352,615,049		61,789,772		101,638,719
Income receivable		352,818			120,998		13,679		46,883
Due from advisor		—			—		—		6,774
Receivable for shares sold		600			175,521		795		27,748
Receivable for investments sold		498,495			2,214,835		—		137,227
Other assets		16,290			21,175		15,731		12,126
TOTAL ASSETS		475,558,711			355,147,578		61,819,977		101,869,477
LIABILITIES:
Payable to custodian		242,812			—		—		28,723
Payable for investments purchased		—			549,757		—		—
Collateral for securities on loan		5,882,327			18,775,115		5,788,781		11,086,415
Payable for shares redeemed		370,951			154,048		16,065		20,656
Payable for distribution services fee		—			11,850		8,190		—
Payable for shareholder services fee		—			32,766		4,859		—
Pending Litigation (See Note 7)		—			—		—		—
Other accrued expenses		84,988			116,765		54,467		54,971
TOTAL LIABILITIES		6,581,078			19,640,301		5,872,362		11,190,765
NET ASSETS	$	468,977,633		$	335,507,277	$	55,947,615	$	90,678,712
NET ASSETS CONSIST OF:
Paid-in capital	$	286,188,053		$	227,898,038	$	34,089,967	$	66,374,130
Undistributed (accumulated) net investment income (loss)		508,024			—		(73,956)		(35,622)
Accumulated net realized gain (loss) on investments		4,891,569			1,968,113		1,091,622		2,067,365
Net unrealized appreciation (depreciation) of investments		177,389,987			105,641,126		20,839,982		22,272,839
TOTAL NET ASSETS	$	468,977,633		$	335,507,277	$	55,947,615	$	90,678,712
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	—		$	56,271,106	$	37,749,391	$	—
Shares outstanding (unlimited shares authorized)		—			3,215,600		1,923,927		—
Net Asset Value per share	$	—		$	17.50	$	19.62	$	—
Offering price per share*	$	—		$	18.52**	$	20.76**	$	—
Class I
Net Assets	$	468,977,633		$	279,236,171	$	18,198,224	$	90,678,712
Shares outstanding (unlimited shares authorized)		25,402,999			15,413,588		886,860		6,043,060
Net Asset Value per share	$	18.46		$	18.12	$	20.52	$	15.01

(a) Includes $192,669 of investments in affiliated issuers.

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

66 STATEMENTS OF OPERATIONS

Year Ended April 30, 2015	Wilmington Large-Cap  Strategy Fund		Wilmington Mid-Cap  Growth Fund		Wilmington Small-Cap  Growth Fund		Wilmington Small-Cap Strategy  Fund
INVESTMENT INCOME:
Dividends		$7,831,210(a)(b)	$	3,431,611(a)	$	627,731(a)	$	1,295,294(a)
Securities lending income		77,941		289,474		109,966		360,019
TOTAL INVESTMENT INCOME		7,909,151		3,721,085		737,697		1,655,313
EXPENSES:
Investment advisory fee		2,236,953		3,352,804		609,797		623,872
Administrative personnel and services fee		135,156		119,304		21,711		34,329
Portfolio accounting and administration fees		135,681		119,261		33,135		86,327
Custodian fees		23,343		35,885		18,018		36,466
Transfer and dividend disbursing agent fees and expenses		6,835		281,568		142,605		6,197
Trustees’ fees		33,066		33,067		33,067		33,066
Professional fees		58,017		51,934		51,664		55,616
Distribution services fee—Class A		—		143,846		95,787		—
Shareholder services fee—Class A		—		143,414		92,671		—
Shareholder services fee— Class I		1,118,474		841,000		83,223		283,578
Share registration costs		18,751		43,376		26,627		18,382
Printing and postage		7,031		60,107		23,471		6,405
Miscellaneous		91,504		45,004		23,690		43,087
TOTAL EXPENSES		3,864,811		5,270,570		1,255,466		1,227,325
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(1,627,860)		(395,058)		(231,286)		(660,169)
Waiver of shareholder services fee—Class A		—		(120,850)		(61,305)		—
Waiver of shareholder services fee—Class I		(1,118,474)		(404,283)		(43,453)		(283,578)
TOTAL WAIVERS AND REIMBURSEMENTS		(2,746,334)		(920,191)		(336,044)		(943,747)
Net expenses		1,118,477		4,350,379		919,422		283,578
Net investment income (loss)		6,790,674		(629,294)		(181,725)		1,371,735
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		21,054,159		30,222,496		10,917,698		7,496,684
Net change in unrealized appreciation (depreciation) of investments		33,516,495		1,557,736		(4,621,507)		2,552,206
Net realized and unrealized gain (loss) on investments		54,570,654		31,780,232		6,296,191		10,048,890
Change in net assets resulting from operations	$	61,361,328	$	31,150,938	$	6,114,466	$	11,420,625

(a) Net of foreign withholding taxes withheld of $2,302, $16,571, $1,852 and $694, respectively.

(b) Includes $4,508 received from affiliated issuers.

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 67

	Wilmington Large-Cap Strategy Fund				Wilmington Mid-Cap Growth Fund
	Year Ended April 30, 2015		Year Ended April 30, 2014		Year Ended April 30, 2015		Year Ended April 30, 2014
OPERATIONS:
Net investment income (loss)	$	6,790,674	$	6,886,323	$	(629,294)	$	(730,800)
Net realized gain (loss) on investments		21,054,159		53,552,193		30,222,496		28,351,232
Net change in unrealized appreciation (depreciation) of investments		33,516,495		13,297,909		1,557,736		16,167,784
Change in net assets resulting from operations		61,361,328		73,736,425		31,150,938		43,788,216
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		—		—		—		—
Class I		(6,747,267)		(6,931,023)		—		—
Distributions from net realized gain on investments
Class A		—		—		(4,754,136)		(2,327,727)
Class I		(24,762,981)		—		(26,948,079)		(10,267,019)
Change in net assets resulting from distributions to shareholders		(31,510,248)		(6,931,023)		(31,702,215)		(12,594,746)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		—		—		2,194,504		2,487,859
Class I		60,761,127		16,030,887		99,300,577		112,488,819
Distributions reinvested
Class A		—		—		4,182,900		2,105,354
Class I		25,089,595		2,105,697		22,502,007		9,019,417
Cost of shares redeemed
Class A		—		—		(7,896,891)		(9,357,996)
Class I		(44,130,686)		(87,245,073)		(164,450,049)		(68,975,454)
Change in net assets resulting from share transactions		41,720,036		(69,108,489)		(44,166,952)		47,767,999
Change in net assets		71,571,116		(2,303,087)		(44,718,229)		78,961,469
NET ASSETS:
Beginning of year		397,406,517		399,709,604		380,225,506		301,264,037
End of year	$	468,977,633	$	397,406,517	$	335,507,277	$	380,225,506
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	508,024	$	457,163	$	—	$	(327,157)
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		—		—		123,541		141,838
Class I		3,448,351		1,018,939		5,463,125		6,143,384
Distributions reinvested
Class A		—		—		243,475		118,879
Class I		1,383,832		132,729		1,266,292		494,215
Shares redeemed
Class A		—		—		(442,507)		(531,685)
Class I		(2,435,973)		(5,469,888)		(9,067,542)		(3,786,555)
Net change resulting from share transactions		2,396,210		(4,318,220)		(2,413,616)		2,580,076

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

68 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Small-Cap Growth Fund				Wilmington Small-Cap Strategy Fund
	Year Ended April 30, 2015		Year Ended April 30, 2014		Year Ended April 30, 2015		Year Ended April 30, 2014
OPERATIONS:
Net investment income (loss)	$	(181,725)	$	(128,958)	$	1,371,735	$	1,246,385
Net realized gain (loss) on investments		10,917,698		28,438,977		7,496,684		14,611,507
Net change in unrealized appreciation (depreciation) of investments		(4,621,507)		901,718		2,552,206		(805,797)
Change in net assets resulting from operations		6,114,466		29,211,737		11,420,625		15,052,095
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		—		(28,448)		—		—
Class I		—		(105,552)		(1,406,315)		(1,238,125)
Distributions from net realized gain on investments
Class A		(6,217,652)		—		—		—
Class I		(3,421,498)		—		(6,025,802)		—
Change in net assets resulting from distributions to shareholders		(9,639,150)		(134,000)		(7,432,117)		(1,238,125)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		449,561		665,356		—		—
Class I		920,358		9,672,535		8,858,900		70,925,875
Distributions reinvested
Class A		5,968,127		27,356		—		—
Class I		2,571,325		47,825		5,921,232		264,230
Cost of shares redeemed
Class A		(4,749,917)		(4,416,047)		—		—
Class I		(31,309,052)		(90,049,853)		(54,980,490)		(30,600,036)
Change in net assets resulting from share transactions		(26,149,598)		(84,052,828)		(40,200,358)		40,590,069
Change in net assets		(29,674,282)		(54,975,091)		(36,211,850)		54,404,039
NET ASSETS:
Beginning of year		85,621,897		140,596,988		126,890,562		72,486,523
End of year	$	55,947,615	$	85,621,897	$	90,678,712	$	126,890,562
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	(73,956)	$	(353,137)	$	(35,622)	$	131,708
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		21,735		31,085		—		—
Class I		41,155		451,386		603,409		5,024,347
Distributions reinvested
Class A		312,631		1,204		—		—
Class I		128,888		2,032		411,137		19,044
Shares redeemed
Class A		(225,692)		(207,755)		—		—
Class I		(1,369,857)		(3,900,870)		(3,767,816)		(2,137,886)
Net change resulting from share transactions		(1,091,140)		(3,622,918)		(2,753,270)		2,905,505

See Notes which are an integral part of the Financial Statements

April 30, 2014 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS 69

For a share outstanding throughout each period:
WILMINGTON LARGE-CAP STRATEGY FUND†
CLASS I	Year Ended April 30, 2015			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
Net Asset Value, Beginning of Period		$17.27			$14.63			$12.84			$12.13			$9.39			$8.61
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.28			0.27			0.26			0.16			0.20			0.10
Net Realized and Unrealized Gain (Loss) on Investments		2.19			2.65			1.79			0.71			2.72			0.79
Total Income (Loss) From Operations		2.47			2.92			2.05			0.87			2.92			0.89
Less Distributions From:
Net Investment Income		(0.27	)		(0.28	)		(0.26	)		(0.16	)		(0.18	)		(0.11	)
Net Realized Gains		(1.01	)		—			—			—			—			—
Total Distributions		(1.28	)		(0.28	)		(0.26	)		(0.16	)		(0.18	)		(0.11	)
Net Asset Value, End of Period		$18.46			$17.27			$14.63			$12.84			$12.13			$9.39
Total Return(b)		14.52	%		20.12	%		16.25	%		7.32	%		31.24	%		10.28	%
Net Assets, End of Period (000’s)		$468,978			$397,407			$399,710			$374,903			$429,467			$118,102
Ratios to Average Net Assets
Gross Expense		0.86	%		0.87	%		0.88	%		0.74	%(c)		0.69	%		1.01	%
Net Expenses(d)		0.25	%		0.25	%		0.25	%		0.25	%(c)		0.25	%		0.93	%
Net Investment Income (Loss)		1.52	%		1.71	%		1.99	%		1.70	%(c)		1.72	%		0.99	%
Portfolio Turnover Rate		15	%		29	%		24	%		19	%		39	%		160	%

(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

ANNUAL REPORT / April 30, 2015

70 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON MID-CAP GROWTH FUND
CLASS A	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$17.61			$15.96			$15.21			$16.21			$12.24
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		(0.05	)		(0.06	)		(0.01	)		(0.07	)		(0.11	)
Net Realized and Unrealized Gain (Loss) on Investments		1.48			2.40			1.38			(0.25	)		4.08
Total Income (Loss) From Operations		1.43			2.34			1.37			(0.32	)		3.97
Less Distributions From:
Net Realized Gains		(1.54	)		(0.69	)		(0.62	)		(0.68	)		—
Total Distributions		(1.54	)		(0.69	)		(0.62	)		(0.68	)		—
Net Asset Value, End of Year		$17.50			$17.61			$15.96			$15.21			$16.21
Total Return(b)		8.26	%		14.64	%		9.55	%		(1.55	)%		32.43	%
Net Assets, End of Year (000’s)		$56,271			$57,960			$56,837			$60,666			$63,168
Ratios to Average Net Assets
Gross Expense		1.55	%		1.52	%		1.56	%		1.57	%		1.62	%
Net Expenses(c)		1.24	%		1.24	%		1.24	%		1.24	%		1.24	%
Net Investment Income (Loss)		(0.29	)%		(0.34	)%		(0.08	)%		(0.47	)%		(0.85	)%
Portfolio Turnover Rate		27	%		32	%		36	%		44	%		34	%
CLASS I	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$18.15			$16.40			$15.59			$16.57			$12.49
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		(0.03	)		(0.03	)		0.01			(0.04	)		(0.07	)
Net Realized and Unrealized Gain (Loss) on Investments		1.54			2.47			1.42			(0.26	)		4.15
Total Income (Loss) From Operations		1.51			2.44			1.43			(0.30	)		4.08
Less Distributions From:
Net Realized Gains		(1.54	)		(0.69	)		(0.62	)		(0.68	)		—
Total Distributions		(1.54	)		(0.69	)		(0.62	)		(0.68	)		—
Net Asset Value, End of Year		$18.12			$18.15			$16.40			$15.59			$16.57
Total Return(b)		8.47	%		14.86	%		9.70	%		(1.40	)%		32.67	%
Net Assets, End of Year (000’s)		$279,236			$322,266			$244,427			$232,860			$187,207
Ratios to Average Net Assets
Gross Expense		1.30	%		1.28	%		1.31	%		1.33	%		1.37	%
Net Expenses(c)		1.08	%		1.08	%		1.08	%		1.06	%		1.06	%
Net Investment Income (Loss)		(0.14	)%		(0.19	)%		0.08	%		(0.30	)%		(0.54	)%
Portfolio Turnover Rate		27	%		32	%		36	%		44	%		34	%

(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, 2015 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 71

For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SMALL-CAP GROWTH FUND
CLASS A	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$21.52			$18.22			$16.62			$18.20			$14.48
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		(0.06	)		(0.07	)		(0.00	)(b)		(0.08	)		(0.21	)
Net Realized and Unrealized Gain (Loss) on Investments		1.84			3.39			1.69			(1.50	)		3.93
Total Income (Loss) From Operations		1.78			3.32			1.69			(1.58	)		3.72
Less Distributions From:
Net Investment Income		—			(0.02	)		(0.09	)		—			—
Net Realized Gains		(3.68	)		—			—			—			—
Total Distributions		(3.68	)		(0.02	)		(0.09	)		—			—
Net Asset Value, End of Year		$19.62			$21.52			$18.22			$16.62			$18.20
Total Return(c)		8.73	%		18.19	%		10.21	%		(8.68	)%		25.69	%
Net Assets, End of Year (000’s)		$37,749			$39,072			$36,269			$38,439			$47,884
Ratios to Average Net Assets
Gross Expense		1.88	%		1.66	%		1.71	%		1.64	%		1.67	%
Net Expenses(d)		1.36	%		1.46	%		1.47	%		1.44	%		1.45	%
Net Investment Income (Loss)		(0.27	)%		(0.34	)%		(0.01	)%		(0.54	)%		(1.43	)%
Portfolio Turnover Rate		40	%		37	%		142	%		561	%		393	%
CLASS I	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year		$22.31			$18.85			$17.16			$18.76			$14.89
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		(0.05	)		0.00	(b)		0.04			(0.05	)		(0.12	)
Net Realized and Unrealized Gain (Loss) on Investments		1.94			3.49			1.75			(1.55	)		3.99
Total Income (Loss) From Operations		1.89			3.49			1.79			(1.60	)		3.87
Less Distributions From:
Net Investment Income		—			(0.03	)		(0.10	)		—			—
Net Realized Gains		(3.68	)		—			—			—			—
Total Distributions		(3.68	)		(0.03	)		(0.10	)		—			—
Net Asset Value, End of Year		$20.52			$22.31			$18.85			$17.16			$18.76
Total Return(c)		8.93	%		18.49	%		10.47	%		(8.53	)%		25.99	%
Net Assets, End of Year (000’s)		$18,198			$46,549			$104,328			$124,964			$148,560
Ratios to Average Net Assets
Gross Expense		1.60	%		1.42	%		1.46	%		1.39	%		1.42	%
Net Expenses(d)		1.19	%		1.25	%		1.25	%		1.21	%		1.24	%
Net Investment Income (Loss)		(0.23	)%		0.01	%		0.21	%		(0.30	)%		(0.81	)%
Portfolio Turnover Rate		40	%		37	%		142	%		561	%		393	%

(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, 2015

72 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period:

WILMINGTON SMALL-CAP STRATEGY FUND†
CLASS I	Year Ended April 30, 2015			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
Net Asset Value, Beginning of Period		$14.43			$12.30			$10.59			$10.70			$7.90			$6.57
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.18			0.16			0.18			0.09			0.11			0.09
Net Realized and Unrealized Gain (Loss) on Investments		1.38			2.14			1.70			(0.10	)		2.80			1.32
Total Income (Loss) From Operations		1.56			2.30			1.88			(0.01	)		2.91			1.41
Less Distributions From:
Net Investment Income		(0.19	)		(0.17	)		(0.17	)		(0.10	)		(0.11	)		(0.08	)
Net Realized Gains		(0.79	)		—			—			—			—			—
Total Distributions		(0.98	)		(0.17	)		(0.17	)		(0.10	)		(0.11	)		(0.08	)
Net Asset Value, End of Period		$15.01			$14.43			$12.30			$10.59			$10.70			$7.90
Total Return(b)		11.14	%		18.74	%		18.07	%		0.06	%		36.96	%		21.47	%
Net Assets, End of Period (000’s)		$90,679			$126,891			$72,487			$48,974			$127,968			$99,057
Ratios to Average Net Assets
Gross Expense		1.08	%		1.09	%		1.32	%		1.16	%(c)		0.96	%		1.07	%
Net Expenses(d)		0.25	%		0.25	%		0.25	%		0.25	%(c)		0.25	%		0.25	%
Net Investment Income (Loss)		1.21	%		1.17	%		1.60	%		1.17	%(c)		1.18	%		1.14	%
Portfolio Turnover Rate		24	%		47	%		42	%		10	%		48	%		84	%

(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, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 73

Wilmington Funds

April 30, 2015

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 19 portfolios, 4 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 15 funds are presented in separate reports.

Fund	Investment Goal
Wilmington Large-Cap Strategy Fund*(“Large-Cap Strategy Fund”)(d)	The Fund seeks to achieve long-term capital appreciation.
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. In addition, Class A is not currently being offered for Large Cap Strategy Fund or Small Cap Strategy Fund. 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.

In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

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 Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASU”) Topic 946, “Financial Services - Investment Companies.” 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 their 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 in accordance with procedures approved 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, 2015, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based

ANNUAL REPORT / April 30, 2015

74 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 Funds.

At April 30, 2015, 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)
Large-Cap Strategy Fund
BNP Paribas Securities Corp.		$      294,102		$      294,102	$—	$—
Citigroup Global Markets, Inc.		1,117,645		1,117,645	—	—
Credit Suisse Securities (USA) LLC		1,117,645		1,117,645	—	—
ING Financial Markets LLC		1,117,645		1,117,645	—	—
JP Morgan Securities LLC		1,117,645		1,117,645	—	—
Nomura Securities International, Inc.		1,117,645		1,117,645	—	—
		$   5,882,327		$   5,882,327	$—	$—
Mid-Cap Growth Fund
BNP Paribas Securities Corp.		$      938,720		$      938,720	$—	$—
Citigroup Global Markets, Inc.		3,567,279		3,567,279	—	—
Credit Suisse Securities (USA) LLC		3,567,279		3,567,279	—	—
Daiwa Capital Markets LLC		3,567,279		3,567,279	—	—
ING Financial Markets LLC		3,567,279		3,567,279	—	—
Nomura Securities International, Inc.		3,567,279		3,567,279	—	—
		$ 18,775,115		$  18,775,115	$—	$—
Small-Cap Growth Fund
BNP Paribas Securities Corp.		$      289,426		$      289,426	$—	$—
Citigroup Global Markets, Inc.		1,099,871		1,099,871	—	—
Credit Suisse Securities (USA) LLC		1,099,871		1,099,871	—	—
Daiwa Capital Markets LLC		1,099,871		1,099,871	—	—
ING Financial Markets LLC		1,099,871		1,099,871	—	—
Nomura Securities International, Inc.		1,099,871		1,099,871	—	—
		$   5,788,781		$    5,788,781	$—	$—

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 75

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-cash Collateral Received		Cash     Collateral     Received	Net Amount(1)
Small-Cap Strategy Fund
BNP Paribas Securities Corp.		$       554,300		$     554,300	$—	$—
Citigroup Global Markets, Inc.		2,106,423		2,106,423	—	—
Credit Suisse Securities (USA) LLC		2,106,423		2,106,423	—	—
ING Financial Markets LLC		2,106,423		2,106,423	—	—
JP Morgan Securities LLC		2,106,423		2,106,423	—	—
Nomura Securities International, Inc.		2,106,423		2,106,423	—	—
		$  11,086,415		$11,086,415	$—	$—

⁽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 Strategy 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 Statements of Operations. During the year ended April 30, 2015, 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.

Lending of Portfolio Securities – The Trust has entered into an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending

ANNUAL REPORT / April 30, 2015

76 NOTES TO FINANCIAL STATEMENTS (continued)

securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. 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, 2015, 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 Strategy Fund		$ 5,772,108		$ 5,772,108	$—
Mid-Cap Growth Fund		18,180,925		18,180,925	—
Small-Cap Growth Fund		5,429,742		5,429,742	—
Small-Cap Strategy Fund		10,446,754		10,446,754	—

⁽¹⁾ Collateral with a value of $5,882,327, $18,775,115, $5,788,781, and $11,086,415, 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), and losses deferred due to wash sales. 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, 2015, 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 2014, 2013, and 2012, as well as the current year, remain subject to examination by the Internal Revenue Service.

For the year ended April 30, 2015, 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 Strategy Fund		$              —		$      7,454		$      (7,454)
Mid-Cap Growth Fund		(4,216,350)		956,451		3,259,899
Small-Cap Growth Fund		(466,038)		460,906		5,132
Small-Cap Strategy Fund		—		(132,750)		132,750

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

	2015						2014
	Ordinary			Long-Term			Ordinary			Long-Term
Fund	Income*			Capital Gains			Income*			Capital Gains
Large-Cap Strategy Fund		$	6,747,267		$	24,762,981		$	6,931,023		$	—
Mid-Cap Growth Fund			—			31,702,215			—			12,594,746
Small-Cap Growth Fund			—			9,639,150			—			134,000
Small-Cap Strategy Fund			2,040,054			5,392,063			1,238,125			—

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

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 77

As of April 30, 2015, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation		Late Year Ordinary     Deferrals	Other Timing Differences		Capital Loss Carryforwards and Deferrals
Large-Cap Strategy Fund		$922,238		$  8,224,888		$173,642,454	—		$        —		$              —
Mid-Cap Growth Fund		—		12,337,436		103,152,531	—		—		(7,880,728)
Small-Cap Growth Fund		—		4,811,970		20,692,348	—		—		(3,646,670)
Small-Cap Strategy Fund		—		3,046,470		21,259,479	—		(1,367)		—

At April 30, 2015, 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
Mid-Cap Growth Fund		$            —		$6,519,798		$1,360,930	$—	$—		$7,880,728
Small-Cap Growth Fund		1,823,335		1,823,335		—	—	—		3,646,670

The Funds utilized capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2015:

	Capital Loss
	Carryforwards
Fund	Utilized
Mid-Cap Growth Fund		$3,259,899
Small-Cap Growth Fund		1,823,335

     *     At April 30, 2015, there was an additional Capital Loss Carryforward write-off of $3,259,899 for Mid-Cap Growth Fund.

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 Strategy Fund	0.50%
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 November 30, 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. Neither WFMC nor the Funds’ distributor will recoup previously waived fees/expenses in subsequent years.

	Contractual Current Expense     Limitations
Fund	Class A	Class I
Large-Cap Strategy Fund	N/A	0.25%
Mid-Cap Growth Fund	1.24%	1.08%
Small-Cap Growth Fund	1.23%	1.01%
Small-Cap Strategy Fund	N/A	0.25%

ANNUAL REPORT / April 30, 2015

78 NOTES TO FINANCIAL STATEMENTS (continued)

On September 18, 2014, the Trustees voted to change the contractual expense limitations for the Small-Cap Growth Fund. Prior to the effective date of December 1, 2014, the Small-Cap Growth Fund had contractually agreed to waive its fees and/or reimburse expenses, so that total annual fund operating expenses paid by the Fund (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), would not exceed the expense limitations set forth below.

	Contractual Prior Expense Limitations
Fund	Class A	Class I
Small-Cap Growth Fund	1.47%	1.25%

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

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, 2015, 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, 2015, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received all or a portion of the fees paid by the Funds which are listed below:

Fund	Distribution     Fees
Mid-Cap Growth Fund		$99,344
Small-Cap Growth Fund		37,284

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 79

Sales Charges – The Class A shares of all the Funds bear front-end sales charges.

For the year ended April 30, 2015, M&T received the amounts listed below from sales charges on the sale of Class A shares.

Fund	Sales Charges     from Class A
Mid-Cap Growth Fund		$10,370
Small-Cap Growth Fund		3,893

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, 2015, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder     Services     Fee
Mid-Cap Growth Fund		$431,279
Small-Cap Growth Fund		52,389

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.

Other Affiliated Parties and Transactions – Affiliated holdings are securities 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 years ended April 30, 2015 are as follows:

	Balance of			Balance of
	Shares Held	Purchases/	Sales/	Shares Held	Value at	Dividend	Realized
Fund/Affiliated Security Name	4/30/2014	Additions	Reductions	4/30/2015	4/30/2015	Income	Gain/(Loss)
Large-Cap Strategy Fund:
M&T Bank Corp.	1,610	—	—	1,610	$192,669	$4,508	$—

Certain Funds execute 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, 2015 were as follows:

Fund	Commissions
Large-Cap Strategy Fund		$23,293
Mid-Cap Growth Fund		—
Small-Cap Growth Fund		66,591
Small-Cap Strategy Fund		48,483

ANNUAL REPORT / April 30, 2015

80 NOTES TO FINANCIAL STATEMENTS (continued)

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations U.S. Government Securities, and in-kind transactions, for the year ended April 30, 2015 were as follows:

	Investments
Fund	Purchases		Sales
Large-Cap Strategy Fund		$  85,335,778		$  67,927,966
Mid-Cap Growth Fund		105,293,372		181,131,463
Small-Cap Growth Fund		28,506,461		64,690,488
Small-Cap Strategy Fund		27,016,462		72,898,185

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 0.10% per annum on the daily unused portion. The LOC was in effect for the entire fiscal year and the termination date of this LOC is March 9, 2016. The Funds did not utilize the LOC for the year ended April 30, 2015.

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. These cases are consolidated in a Multi-District Litigation (“MDL”) in the U.S. District Court for the Southern District of New York. One of the cases remains pending before the trial court, while the others were dismissed by the trial court on a motion to dismiss. The dismissal order is currently on appeal to the U.S. Court of Appeals for the Second Circuit. There are thousands of defendants in the MDL, including the Large-Cap Strategy Fund and the Mid-Cap Growth Fund. The suits all seek the same thing: disgorgement of the amounts received by the former Tribune shareholders as part of the LBO, but by different legal theories. Although management currently believes that the resolution of the claims against the Funds, individually or in the aggregate, will not have a materially adverse impact on the Funds’ financial positions, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters could change in the future.

Litigation counsel to the Large-Cap Strategy Fund and the Mid-Cap Growth Fund in the Lawsuits does not believe that it is possible, at this 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

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 recognition or disclosure in the Funds’ financial statements through this date, except as follows:

On June 18, 2015, WFMC and WTIA, recommended, and the Trustees approved the liquidation of the Mid-Cap Growth Fund, Small-Cap Growth Fund and the Small-Cap Strategy Fund (the “Liquidating Funds”). Effective upon the close of business of the New York Stock Exchange on June 22, 2015, the Liquidating Funds no longer accepted purchase orders of any kind. The liquidation date will be July 20, 2015 for the Small-Cap Growth Fund and August 3, 2015 for the Mid-Cap Growth Fund and Small-Cap Strategy Fund. On the liquidation date, each Liquidating Fund will make a liquidating distribution to its remaining shareholders equal to each shareholder’s proportionate share of the net assets of the respective Fund in a complete redemption and cancellation of each Fund’s shares held by each remaining shareholder, and the Fund will then dissolve.

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 81

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, 2015, 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 Strategy Fund	100.00%
Small-Cap Strategy Fund	46.17%

For the year ended April 30, 2015, 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 Strategy Fund	100.00%
Small-Cap Strategy Fund	43.28%

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, 2015

82

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 Strategy Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small-Cap Growth Fund and Wilmington Small-Cap Strategy Fund (four of the series constituting the Wilmington Funds) (the “Funds”) as of April 30, 2015, 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 the 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, 2015, 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 Strategy Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small-Cap Growth Fund and Wilmington Small-Cap Strategy Fund (four of the series constituting the Wilmington Funds) at April 30, 2015, 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 29, 2015

April 30, 2015 / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 83

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 19 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 for past five years and Other Directorships Held
R. Samuel Fraundorf, CFA, CPA*   Birth date: 4/64   TRUSTEE   Began serving: March 2012	Principal Occupations: Senior Vice President, Chief Investment Strategist and Chief Client Officer of WTIA and WFMC. Other Directorships Held: Director, WTIA (1/14 to present); Director, WFMC (1/14 to present).
	Previous Positions: President of WTIA (1/12 to 1/14); President of Wilmington Trust Investment Management (“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 and WFMC. 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, 2015

84 BOARD OF TRUSTEES AND TRUST OFFICERS

INTERESTED TRUSTEES BACKGROUND

Name   Birth date   Position with Trust   Date Service Began	Principal Occupations for past five years and Other Directorships
Nicholas A. Giordano   Birth date: 3/43	Principal Occupations: Consultant, financial services organizations (1997 to present).
CHAIRMAN AND 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).
Robert H. Arnold   Birth date: 3/44	Principal Occupations: Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present).
TRUSTEE
Began serving: March 2012	Other Directorships Held: Trustee, First Potomac Realty Trust (real estate investment trust) (5/01 to present); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to present).
Joseph J. Castiglia   Birth date: 7/34   TRUSTEE   Began serving: February 1988	Principal Occupations: Consultant (not-for-profit) and Private Investor. Other Directorships Held: Chairman, Trustee and Treasurer, Buffalo Olmsted Parks Conservancy (1/05 to 5/13); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 11/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman, Director and Treasurer, Read to Succeed Buffalo (1/08 to present).
	Previous Positions: President, Chief Executive Officer, Vice President, Treasurer and Vice Chairman, Pratt & Lambert United (manufacturer of paints, coatings and adhesives) (12/67- 1/96); Chairman and Director, Catholic Health (hospitals, nursing homes and home care) (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (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; Chairman and Director, Community Foundation for Greater Buffalo; Chairman and Trustee, Canisius College; Chairman and Director, AAA of Western & Central New York.
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: President and 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.
Richard B. Seidel   Birth date: 4/41   TRUSTEE   Began serving: September 2003	Principal Occupations: Chairman, Girard Capital (broker-dealer) (1/10 to present); Chairman, R.B. Seidel & Associates (consultants) (2014 to present). Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).

April 30, 2015 / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 85

OFFICERS

Name   Address   Birth year   Position with Trust	Principal Occupations for Past Five Years and Previous Positions
Christopher D. Randall Birth year: 1965 PRESIDENT Began serving: September 2014	Principal Occupations: President and Chief Executive Officer of Wilmington Trust Investment Advisors, Inc.; President of Wilmington Trust Investment Management, LLC; Director of Wilmington Funds Management Corporation; Senior Vice President of M&T Bank. Previous Positions: Senior Vice President, Head of Asset Management and Retirement Services (2012 to 2014); President, Mid-Atlantic Division, Wilmington Trust, N.A. (2011 to 2012); President, M&T Securities, Inc. (2009 to 2011)
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).
Mary Ellen Reilly Birth year: 1970 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER Began serving: March 2015	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Administrative Vice President, M&T Bank. Previous Positions: Administrative Vice President, M&T Bank, and Program Director, Buffalo Promise. Neighborhood (2013-2015); Vice President, M&T Bank, and Product Manager, Wilmington Trust Retirement and Institutional Services Company (2010-2013); Vice President, M&T Bank, and Risk Manager, M&T Investment Group (2006-2010).
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 (2008 to present).
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore, MD 21201 Birth year: 1957 VICE PRESIDENT Began serving: June 2010	Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003).

ANNUAL REPORT / April 30, 2015

86 BOARD OF TRUSTEES AND TRUST OFFICERS

Name   Address   Birth year   Position with Trust	Principal Occupations for Past Five Years and Previous Positions
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 2 Hanson Place, 12th Floor Brooklyn, NY 11217 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 (2012 to present). Previous Positions: President, Foreside Financial Group, LLC (2008 to 2012); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (2003 to 2006); Vice President, Bainbridge Capital Management (2002 to 2004).

April 30, 2015 / ANNUAL REPORT

87

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

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

Electronic Delivery

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

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

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

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

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

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

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

Householding

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

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

ANNUAL REPORT / April 30, 2015

88

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, 2015 / ANNUAL REPORT

89

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

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

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

E-mail:

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

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

Surveys/Aggregate Data:

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

Changes to Our Privacy Statement:

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

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

ANNUAL REPORT / April 30, 2015

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Wilmington Multi-Manager International Fund (“International Fund”)

Wilmington Multi-Manager Alternatives Fund (“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
WILMINGTON FUNDS ANNUAL REPORT
Shareholder Expense Example	22
Portfolios of Investments	24
Statements of Assets and Liabilities	88
Statements of Operations	90
Statements of Changes in Net Assets	92
Financial Highlights	95
Notes to Financial Statements	101
Report of Independent Registered Public Accounting Firm	119
Board of Trustees and Trust Officers	120
Board Approval of Investment Advisory Agreements	124

[This Page Intentionally Left Blank]

i

Dear Investor:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s fiscal year of May 1, 2014, through April 30, 2015. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The Economy and Financial Markets in Review

Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets for the Trust’s fiscal year.

The Economy

Economic reports painted an ambiguous picture of the U.S economy. The gross domestic product (GDP) expanded at a very strong annualized rate in the 2nd and 3rd quarters of 2014 (+4.6% and +5.0%, respectively), but cooled off in the 4th quarter of 2014, recording a more modest 2.2% increase and posting a 0.7% decline in the 1st quarter of 2015.ⁱ

ⁱhttp://www.bea.gov/index.htm

The headwinds responsible for this slowdown in economic growth were manifold. A dock worker strike at West Coast ports, a strong U.S. dollar (and its concomitant drag on exports), sliding oil prices, and an unusually harsh winter all conspired to sap the building economic momentum.

Despite the uneven GDP performance, the employment situation steadily improved. Unemployment, which stood at 6.3% in May 2014, fell by nearly a full percentage point to 5.4% by April 2015, placing it in the range of what the Federal Reserve (the “Fed”) has come to view as “full employment.”ⁱⁱ

ⁱⁱhttp://data.bls.gov/timeseries/LN14000000

While the unemployment picture brightened, the labor force participation rate remained unchanged at 62.8%.ⁱⁱⁱ This rate is at a historical low and has shown little sign of bouncing back to pre-recession levels.

ⁱⁱⁱhttp://data.bls.gov/timeseries/LNS11300000

Oil prices went on a wild ride, with West Texas Intermediate (WTI) crude falling nearly 60% in value, from its $107.95 per barrel peak in June 2014 to a low of $43.39 on March 17th. Prices staged a partial recovery, rising to $59.62 by the end of April 2015.^iv

^ivhttp://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=D

Though it might seem that declining oil prices would be a boost to the economy given their positive impact on corporate earnings and consumer spending, the short-term effect was negative as oil-related companies ratcheted back their spending on capital goods. The expected boost from consumer spending was muted as individuals chose to reduce debt with the savings accrued from lower gas prices, or adopt a wait-and-see attitude over whether lower prices would persist.

The Bond Markets

The bond market weathered the end of quantitative easing¹ and performed well amid the persistent uncertainty of a hike in short-term rates by the Fed. While the path of the 10-year Treasury rate was a bit erratic, the direction was generally lower. The yield on the 10-year note, which was 2.65% at the start of the Trust’s fiscal year, fell to 2.03% by April 30, 2015, after spending a substantial amount of time under 2% during the first quarter of 2015.^v

^vhttp://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldYear&year=2015

The Barclays U.S. Aggregate Index² returned 4.46% for the 12-month period ended April 30, 2015, powered by an increase of 15.06% in the Barclays U.S. Long Government Bond Index³.

Municipal bonds also turned in a good year, with the S&P Municipal Bond Intermediate Index⁴ gaining 3.94%.

The Barclays U.S. Corporate High Yield Bond Index⁵, which returned a paltry 2.58%, was hampered by oil-related high yield bonds, which suffered as oil prices sagged.

Investors will be awaiting Fed interest rate policy actions in the latter half of 2015. The Fed has signaled that it wishes to begin the process of normalizing monetary policy, yet how the capital markets will react remains an open question.

PRESIDENT’S MESSAGE / April 30, 2015 (unaudited)

ii

For the 12-month reporting period May 1, 2014 through April 30, 2015, certain Barclays’ Indices performed as follows⁶:

Barclays U.S.     Aggregate  Bond     Index	Barclays U.S. U.S. Treasury Bond Index7	Barclays  U.S. Mortgage-Backed Securities Index8	Barclays U.S. Credit Bond Index9	Barclays     Municipal     Bond Index10
4.46%	4.23%	4.61%	4.87%	4.80%

The Stock Markets

The current bull market in stocks entered its seventh year. Though economic growth and corporate earnings deserve their fair share of the credit for this extended stock rally, the Federal Reserve policies of quantitative easing and low rates have provided substantial support to stock prices during this time.

With the end to quantitative easing in the 4th quarter of 2014, the markets remained fixated on when the Fed might raise short-term rates. The mixed signals that each new economic report sent about the underlying strength of the economy was enough for the Fed to postpone a rate hike into the 2nd half of 2015, helping the markets record solid gains during the Trust’s fiscal year period.

Through the period May 1, 2014 to April 30, 2015, the S&P 500 index¹¹ jumped 12.98%, the S&P MidCap 400 Index¹² rose 12.28% and the S&P SmallCap 600 Index¹³ turned in a gain of 9.24%.

While smaller-cap stocks underperformed for the full 12-month period, they raced ahead of large-cap stocks in the latter part of the period, aided, in part, by a lower exposure to foreign markets, which has become challenging to large companies because of the strengthening U.S. dollar.

Growth stocks proved to be far better performers than value stocks, as evidenced by the return gap between the S&P 500 Growth Index¹⁴ (+16.32%) and the S&P 500 Value Index¹⁵ (+9.43%). This return disparity was also evident in the mid-cap and small-cap sectors which, while not as wide, were on the order of 400 basis points (4.0%).

The U.S. markets were driven by the healthcare (+25.12%), information technology (+20.53%) and consumer discretionary (+19.84%) sectors. The only sector to lose ground was energy, which declined 9.84%. Real estate also enjoyed a strong year, as reflected in the +13.22% return in the FTSE NAREIT Equity REITs Index¹⁶.

International stocks trailed U.S. markets, with the MSCI EAFE (Net) Index¹⁷ netting a small gain of 1.66%. Overseas markets were hampered by weak economic growth and a tight credit environment. However, following the implementation by the European Central Bank (ECB) and the Bank of Japan (BOJ) of their own forms of quantitative easing, economic growth and investor enthusiasm for stocks picked up. In the three-month period, ending April 30, 2015, the MSCI EAFE Index turned positive, gaining 8.63%.

For the 12-month reporting period May 1, 2014 through April 30, 2015, certain stock market indices performed as follows:

S&P 500     Index	Dow Jones Industrial Average18	NASDAQ Composite Index19	MSCI All Country     World ex-US  (Net)      Index20
12.98%	10.11%	21.52%	2.63%

I want to thank you for your continued trust in allowing us to help you reach your important financial goals. We understand the profound responsibility you have placed with us in managing your investments. We work hard every day to ensure that we continue to deserve your confidence.

Sincerely,

Christopher D. Randall

President

May 29, 2015

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

April 30, 2015 (unaudited) / PRESIDENT’S MESSAGE

iii

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. Quantitative Easing (QE) is a 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.

2. 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.

3. Barclays U.S. Long Government Bond Index tracks the market for U.S. dollar-denominated, fixed rate, nominal U.S. Treasuries (with the exception of Federal Reserve holdings of U.S. Treasuries) and U.S. agency debentures (with the exception of those U.S. agency debentures held in the Federal Reserve SOMA account). To be included in this index, securities must have at least 10 years to final maturity.

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

5. Barclays U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices.

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

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. The S&P MidCap 400 Index measures the mid cap segment of the U.S. equity market. To be included in the index, a stock must have a total market capitalization that ranges from roughly $750 million to $3.3 billion.

13. The S&P SmallCap 600 Index measures the small cap segment of the U.S. equity market. The index is designed to be an investable portfolio of companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. The index is unmanaged and investments cannot be made directly in an index.

14. The S&P 500 Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 500 Index. The index is unmanaged and investments cannot be made directly in an index.

15. The S&P 500 Value Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 500 Index. The index is unmanaged and investments cannot be made directly in an index.

16. FTSE NAREIT Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. Equity REITs. Constituents of the Index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.

17. 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.

18. 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.

19. 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.

20. 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, 2015 (unaudited)

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WILMINGTON MULTI-MANAGER INTERNATIONAL FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Multi-Manager International Fund (the “Fund”) had a total return of 3.29% for Class A shares and 3.46% 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 2.63%. 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 United States.

During the reporting year, international stocks underperformed U.S. stocks. While the MSCI ACWI ex-US returned a modest 2.63%, the Russell 1000 Index of large-cap U.S. stocks returned 13.00%. During the reporting period, there were large variations in performance among stocks domiciled in Japan, the Euro Area, the UK, and Emerging Markets.

Japanese stocks provided the greatest positive contribution to international equities performance. The MSCI Japan Index returned 14.82%, in U.S. dollars. This strong performance was due to a combination of factors. Perhaps the most important factor was the lagged positive contribution of earlier yen depreciation to the earnings of Japanese manufacturing exporters. Additionally, Japanese stocks received a further boost as initiatives were announced for reducing corporate taxes and adopting a shareholder-friendly corporate governance code.

Also supportive of Japanese stock returns were the Bank of Japan’s purchases of equity under its quantitative easing program as well as the rebalancing of Japanese government pension plans to reduce holdings of government bonds in favor of local equities. Highly accommodative monetary policy did produce further large yen depreciation in the 4th quarter of 2014, but local currency equity returns throughout the reporting period were much larger, producing that 14.82% return in U.S. dollars.

European share prices began rising, in local currency terms, in mid-to-late 2014 when the European Central Bank first began signaling that it was considering introducing full-scale quantitative easing. However, such appreciation in local-currency share prices was more than offset by large euro depreciation, producing negative returns in U.S. dollars. While the MSCI Europe Index returned 13.16% in local currency terms, it returned -3.23% in U.S. dollar terms.

Within Europe, there was considerable variation in returns among stocks domiciled in various countries. German and U.K. equities performance were similar to that of the Europe benchmark, while Swiss, Dutch, Belgian and Irish stocks outperformed. However, Italian, Spanish, and French stocks substantially underperformed the rest of Europe, returning -15.35%, -14.60%, and -9.84%, respectively.

There were two reasons for Italian and Spanish underperformance. First, the Greek elections brought in a new radical government whose policy platform increased the risk of Greece exiting the Euro Area. Greek exit poses some continuing contagion risks for the Italian and Spanish financial systems. Second, such underperformance reveals the market’s pessimism regarding their governments’ capacity to under-

take pro-growth economic reforms and the ability of European Central Bank quantitative easing to substitute for the lack of such reforms.

During the reporting period, emerging market stocks produced significant positive returns. The MSCI Emerging Markets Index returned 7.80%. Chinese equities made by far the greatest contribution to emerging market equity returns. China constitutes about 17% of the MSCI emerging markets index, and the MSCI China index returned an astounding 48.06%.

Beginning in mid-2014, data indicating a significant deceleration of the Chinese economy alarmed authorities, who then undertook measures to introduce liquidity. In particular, the authorities lowered bank interest rates, reduced reserve requirements, and directed banks to lend more to smaller enterprises. A portion of this additional liquidity found its way into highly speculative purchases of stocks on the “A-Shares” market traditionally accessible only to domestic Chinese investors, driving up that market to price levels well beyond levels supported by corporate earnings.

In late 2014, the Shanghai and Hong Kong stock exchanges established a mutual electronic trading platform, allowing a substantially greater volume of two-way flows. These two-way flows tempted foreign investors to speculate in “A-Shares” while at the same time caused a price surge for “H-Shares”, Chinese stocks traded in Hong Kong. It was this surge in “H-Shares” that is reflected in the 48.06% return of the MSCI China index. Under MSCI index construction rules, the MSCI China index covers “H-Shares” because they are fully accessible to foreign investors.

Other emerging markets registered mixed performance during the reporting period. MSCI Taiwan returned 16.14%, partly on the strength of the neighboring Chinese market, and partly on the strength of semiconductor exports. MSCI Korea returned only -0.61%, the result of currency depreciation and loss of some market share in the global mobile market. The recently elected Indian administration of Prime Minister Modi began adopting market-oriented economic policies in 2014 and has promised additional measures. As a result, the MSCI India index returned 14.07% during the reporting period.

Brazil, Russia, and Turkey stood in stark contrast to China, India, and Taiwan. The MSCI Brazil index returned -19.68% as a consequence of allegations of high-level corruption within the administration of President Rousseff, especially in connection with Petrobras, which constitutes a significant part of Brazilian market cap. Such uncertainty has only been partly alleviated by the appointment of a pro-market finance minister. The MSCI Russia index returned -6.60%. During the reporting period, Russian stocks suffered from both the drop in crude oil prices and from economic sanctions. MSCI Turkey registered a -9.73% return due to market concerns over President Erdogan’s adverse interventions into central bank policymaking.

The Fund allocates assets between developed and emerging markets based on the advice by Wilmington Trust Investment Advisors Investment Strategy Team’s (“IST”) tactical asset allocation recommendations. During the reporting period, the Fund had a target 72% allocation to developed large-cap countries, 12% to developed small-cap countries, and 16% allocation to emerging markets. In addition, the current allocation to developed large-cap countries was 50% value and 50% growth.

ANNUAL REPORT / April 30, 2015 (unaudited)

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In May of 2014, we replaced Baring International Investment Limited (“Barings”) with JO Hambro Capital Management, Ltd.

As of April 30, 2015, our sub-advisor line-up consisted of the following asset managers: JO Hambro Capital Management (“Hambro”), Dimensional Fund Advisors LP (“DFA”), LSV Asset Management (“LSV”), Northern Cross LLC (“Northern Cross”), Oberweis Asset Management (“Oberweis”), Parametric Portfolio Associates LLC (“Parametric”), and Wilmington Trust Investment Advisors, Inc. (“WTIA”).

Hambro and Northern Cross provide developed-country growth sleeves. DFA and LSV offer developed-country value sleeves. Oberweis offers a developed-country small cap sleeve. Parametric offers an emerging market sleeve. WTIA allocates assets of the Fund among the sub-advisors to achieve the IST’s cap/style/regional weightings.

During the reporting period, the portfolios managed by Hambro, Oberweis, and LSV outperformed their respective style/cap indexes. The portfolios managed by Northern Cross, DFA, and Parametric underperformed their respective indexes.

During the reporting period, country allocation provided the largest contribution to the Fund’s overall returns in excess of the benchmark.

An overweight to the United States, which is off-benchmark, provided the single largest contribution, given the appreciation of the U.S. dollar against major currencies and also the comparatively large appreciation of the U.S. stock market. Underweights to Australia, Canada, the U.K., Brazil, and South Korea were also contributors. Detracting from performance was a collective overweight to countries using the euro and to Switzerland.

As for sectors, an overweight to health care and information technology, as well as an underweight to telecoms, contributed to performance. An overweight to industrials detracted from performance.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -2.40%, 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, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Qatar, 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. International investing involves special risks including currency risks, increased volatility of foreign securities, political risks and differences in auditing and other financial standards.

The MSCI Brazil Index is designed to measure the performance of the large and mid cap segments of the Brazilian market. With 70 constituents, the index covers approximately 85% of the equity universe.

The MSCI China Index captures large and mid cap representation across China H shares, B shares, Red chips and P chips. With 139 constituents, the index covers approximately 85% of the China equity universe.

The MSCI India Index is designed to measure the performance of the large and mid cap segments of the Indian market. With 64 constituents, the index covers approximately 85% of the Indian equity universe.

The MSCI Korea Index is designed to measure the performance of the large and mid cap segments of the South Korean market. With 107 constituents, the index covers approximately 85% of the Korean equity universe.

April 30, 2015 (unaudited) / ANNUAL REPORT

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The MSCI Russia Index is designed to measure the performance of the large and mid cap segments of the Russian market. With 22 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Russia.

The MSCI Taiwan Index is designed to measure the performance of the large and mid cap segments of the Taiwan market. With 101 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Taiwan.

The MSCI Turkey Index is designed to measure the performance of the large and mid cap segments of the Turkish market. With 25 constituents, the index covers approximately 85% of the equity universe in Turkey.

ANNUAL REPORT / April 30, 2015 (unaudited)

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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, 2015, compared to the MSCI ACWI ex-US.²

                VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	-2.40%
5 Years	3.95%
Start of Performance (12/19/05)	3.01%

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	1.75%
After Waivers	1.34%

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 $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.

April 30, 2015 (unaudited) / ANNUAL REPORT

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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, 2005 to April 30, 2015, 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 Periods Ended April 30, 2015

1 Year	3.46%
5 Years	5.31%
10 Years	5.22%

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	1.50%
After Waivers	1.21%

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

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and 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. 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.

ANNUAL REPORT / April 30, 2015 (unaudited)

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WILMINGTON MULTI-MANAGER ALTERNATIVES FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Multi-Manager Alternatives Fund (the “Fund”) had a total return of 2.73%* for Class A Shares and 2.91%* for Class I Shares, versus its benchmark, the HFRX Global Hedge Fund Index**, which had a total return of 1.31%.

Fund Highlights

The Fund produced positive performance and met its risk objectives. Manager cross correlation was low and each strategy produced gains gross of fees. The Fund’s annualized volatility for the fiscal year was 3.33%, the realized beta to S&P 500 was 0.08, and the realized correlation to the Barclays U.S. Aggregate was 0.17.

Performance by Strategy

The global macro strategy, managed by PE/Global was the largest contributor to the Fund’s performance as the strategy maintained a long dollar position versus a number of currencies based on the manager’s quantitative model. The positioning paid off handsomely as the dollar rose dramatically from July 2014 onward. In addition to the positive performance, P/E Global maintained its diversification properties as it showed negative cross-correlation to the other strategies.

Long/short equity was slightly positive. The year saw a number of manager changes as 2 sub-advisors left the portfolio and 3 were added. The additions were generalist managers Highland Long/ Short and Calamos Long/Short as well as sector specialist Highland Healthcare. Each of the new sub-advisors have been managing their strategies for a number of years and have produced solid performance since they began trading for the Fund. For the year, all allocations within the strategy showed small gains with the notable exception of Calypso Capital Management, LP (Calypso). Calypso is a European focused manager which had been a strong performer in the Fund, but experienced losses in 2014 as European equity markets declined. At the same time, the firm experienced personnel turnover and asset outflows and the decision was made to end the sub-advisory relationship. Our relationship with Loeb King also ended after the principal decided to return outside capital and focus on investing his own money. While the relationship was shorter than we expected, it was slightly profitable while it existed. The sub-advisor turnover within the portfolio was higher than we expect going forward but the Fund was able to manage through the process without any disruption to our process and we have conviction in our current slate of relationships.

Our event driven strategy, accessed through investment in the Arbitrage Fund, posted modest gains. The manager was able to minimize losses around AbbVie/Shire failed deal in October, 2014, and was able to take advantage of increased opportunities that arose thereafter.

Our corporate credit strategies contributed positively to returns. Acuity Capital Management, LLC (Acuity) remains primarily focused on short-dated credits but has recently been successful by selectively investing in longer-duration credits where they found opportunities for high returns and minimal downside after sell off during the 4th quarter of 2014. Osterweis Strategic Income Fund continues

to believe that attractive returns can be secured by purchasing high yield bonds nearing maturity.

Options arbitrage, managed by Parametric Risk Advisers, was positive and remained negatively correlated to the other strategies. After a period of low volatility and rising stock prices, the VIX rose sharply in the 4^th quarter of 2014. While the strategy lost money around this rise, it subsequently made back those losses and more as the expectations for increased volatility did not come to fruition.

Commentary & Outlook

We believe opportunities for strong risk adjusted returns remain across financial markets in which our managers participate. While economies in the developed world are not growing particularly fast, most are slowly improving and we believe risk of a near-term recession is low. We expect equity market performance to moderate from the rates experienced in the past five years, but fundamentals still support gains. Additionally, dispersion among individual stock performance has led to a better environment for active managers in general and long/short managers in particular. In high yield credit markets, spreads are 100 to 150 basis points higher than lows of last summer while company fundamentals remain strong and default rates extremely low. Different pockets of the high yield market, such as energy related names and lower rated issues have seen more dramatic cheapening giving rise to potentially attractive return prospects. Volatility within currency markets has risen sharply and looks to remain elevated –while this causes issues for multinational corporations, commodity investors and market participants; it has proven very profitable for our global macro strategy. And finally, merger activity continues to be robust with deal volume continuing to increase year over 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 -2.97%, 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 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.

Barclays 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.

April 30, 2015 (unaudited) / ANNUAL REPORT

7

Beta is a coefficient which measures the volatility of the stock’s returns relative to a given market index.

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

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

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

Investing involves risk and you may incur a profit or a loss. Investments such as mutual funds which focus on alternative strategies are subject to increased risk and loss of principal and are not suitable for all investors. Diversification does not ensure a profit or guarantee against a loss. There is no assurance that any investment strategy will be successful. Any investment in the Fund should be part of an overall investment program rather than, in itself, a complete program. Because the Fund invests in underlying mutual funds or other managed strategies, an investor in the Fund will bear the management fees and operating expenses of the “Underlying Strategies” in which the Fund invests. The total expenses borne by an investor in the Fund will be higher than if the investor invested directly in the Underlying Strategies, and the returns may therefore be lower.

The Fund, the Sub-Advisers, and the Underlying Strategies may use aggressive investment strategies, which are riskier than those used by typical mutual funds. If the Fund and Sub-Advisers are unsuccessful in applying these investment strategies, the Fund and you may lose more money than if you had invested in another fund that did not invest aggressively. The Fund is subject to risks associated with the Sub-Advisers making trading decisions independently, investing in other investment companies, using a particular style or set of styles, basing investment decisions on historical relationships and 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.

ANNUAL REPORT / April 30, 2015 (unaudited)

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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, 2015, compared to the HFRX Global Hedge Fund Index.²

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	-2.97%
Start of Performance (1/12/12)	1.92%

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

Annual Operating Expense Ratio

Before Waivers	3.39%
After Waivers	2.80%

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.

April 30, 2015 (unaudited) / ANNUAL REPORT

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, 2015, compared to the HFRX Global Hedge Fund Index.²

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	2.91%
Start of Performance (1/12/12)	3.92%

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

Annual Operating Expense Ratio

Before Waivers	3.14%
After Waivers	2.55%

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

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and 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. It is not possible to invest directly in an index and the represented index is unmanaged.

ANNUAL REPORT / April 30, 2015 (unaudited)

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WILMINGTON MULTI-MANAGER REAL ASSET FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Multi-Manager Real Asset Fund (the “Fund”) had a total return of 1.14%* for Class A Shares and 1.40%* 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 7.76% and 3.76%, 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 underperformed 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 positive contributors over the course of the fiscal year.

The Fund allocated 5% more than its blended benchmark to public real estate securities during the year while reducing the allocation to global ILB’s by 5%. The Fund’s target weightings of 45% global ILB’s, 40% real estate related securities and 15% commodities reflected our belief that a slowly growing economy, low interest rates, available financing and restrained inflation would benefit real estate to a greater extent than ILB’s or commodities.

Real yields on ILB’s fell steadily during the fiscal year from 0.15% to -0.43% as measured by the Barclays World GILB Index with volatility picking up noticeably in 2015 as quantitative easing initiated by the European Central Bank and a slowdown in U.S. growth reduced expectations that the Federal Reserve would finally begin raising interest rates at their upcoming meeting in June. The long average maturities of ILB’s are particularly sensitive to these changes in overall interest rate levels and the index returned 7.76% for the fiscal year. The Fund’s overall ILB allocation under-performed its index 5.89% vs 7.76% as the active managers trailed slightly during the year and HSBC was removed from the portfolio. An overweight position in U.S. Treasury Inflation-Protected Securities and a reduced duration exposure for a portion of the year also reduced returns relative to the index.

Global real estate securities were up 11.92% during the fiscal year, measured by the S&P Developed Property Index, as real estate markets benefited from declining interest rates, European stimulus and continued improvement in the operating characteristics of most properties. Performance of the real estate allocation within the Fund trailed the benchmark but was attractive on an absolute basis, 9.58%. Most of the weak relative performance was attributable to EII Investors which was replaced during the year by Parametric, a new sub-advisor to the Fund.

Commodities proved to be the worst performer among the three asset classes, for the fiscal year ending -24.69% as measured by the Bloomberg Commodity Index. The extremely poor absolute performance was driven by a collapse in energy prices as recognition of global oversupply driven by U.S. exploitation of shale gas and tight oil fields appeared to sink in. Beyond the more than 40% loss in energy, agricultural commodities were off -31%, further hurting overall index returns.

The Fund’s overall commodity allocation underperformed its index slightly -26.09% for the fiscal year. An overweight to energy in the earlier part of the year led to most of the poor relative performance before we reduced energy exposure and increased ownership of deferred contracts while moving to a more rapid rebalancing methodology to take advantage of the volatility occurring across the commodity complex.

* 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 -4.41%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** 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 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.

Bloomberg Commodity Index is a broadly diversified commodity price index distributed by Bloomberg Indexes.

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, 2015 (unaudited) / ANNUAL REPORT

    11

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, 2015, 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 Periods Ended April 30, 2015

1 Year	-4.41%
5 Years	3.46%
Start of Performance (12/19/05)	3.56%

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

Annual Operating Expense Ratio

Before Waivers	1.62%
After Waivers	1.36%

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

1 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 is currently based on a weighting of the following indices: 50% Barclays World Government ILB Index, 35% S&P Developed Property Index, 15% Dow Jones-UBS Commodity Index. For the period January 1, 2009 through December 31, 2010, the Real Asset Blended Index was based on the following weightings of the indices: 40% Barclays World Government ILB Index, 30% S&P Developed Property Index and 30% Dow Jones-UBS Commodity Index. For the period since inception through December 31, 2008 the Real Asset Blended Index was based on the following weightings of the indices: 50% Barclays US Treasury Inflation Protected Securities (TIPS) Index, 30% FTSE NAREIT Equity Index and 20% Dow Jones-UBS Commodity Index.

ANNUAL REPORT / April 30, 2015 (unaudited)

12

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, 2005 to April 30, 2015, 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 Periods Ended April 30, 2015

1 Year	1.40%
5 Years	4.92%
10 Years	5.53%

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

Annual Operating Expense Ratio

Before Waivers	1.37%
After Waivers	1.11%

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 $1,000,000 in Class I of the Fund and 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. 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 is currently based on a weighting of the following indices: 50% Barclays World Government ILB Index, 35% S&P Developed Property Index, 15% Dow Jones-UBS Commodity Index. For the period January 1, 2009 through December 31, 2010, the Real Asset Blended Index was based on the following weightings of the indices: 40% Barclays World Government ILB Index, 30% S&P Developed Property Index and 30% Dow Jones-UBS Commodity Index. For the period since inception through December 31, 2008 the Real Asset Blended Index was based on the following weightings of the indices: 50% Barclays US Treasury Inflation Protected Securities (TIPS) Index, 30% FTSE NAREIT Equity Index and 20% Dow Jones-UBS Commodity Index.

April 30, 2015 (unaudited) / ANNUAL REPORT

13

WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Strategic Allocation Conservative Fund (the “Fund”) returned 3.28%* for Class A Shares and 3.63%* for Class I Shares, versus its benchmarks, the Barclays Capital U.S. Aggregate Bond Index and the Conservative Blended Index**, which returned 4.46% and 3.33%, 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 Conservative Blended Index.

Over the past year, the Class I Shares outperformed the Conservative Blended Index by 0.30%. During the period, tactical decisions contributed to relative performance, while manager performance was essentially neutral to overall Fund performance. 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 fiscal year, the Fund faced a now familiar environment that witnessed the continuation of stimulus tapering by the Federal Reserve (the “Fed”), and markets increasingly focused on the timing and magnitude of Fed interest rate actions. The Eurozone, faced with the threat of deflation, initiated its own version of Quantitative Easing in the latter half of the fiscal year. Toss in a collapse in energy prices, and the fiscal year had all the makings of another macro-driven global economic environment.

Against this backdrop, several tactical positions proved beneficial for the Conservative Fund. In a market hungry for growth, the Fund’s sizeable overweight of growth equities versus value proved beneficial, as growth outpaced value by a wide margin. In large capitalization domestic equities, as measured by the Russell 1000 Index, growth outperformed value by 7.35% in the fiscal year. The effect was more dramatic in small capitalization stocks, as measured by the Russell 2000 Index, where growth outperformed value by 9.76% in the fiscal year. In an ongoing 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, core bonds, and international fixed income. Performance of the active managers utilized by the Fund was mixed during the year, and proved neutral to overall 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 -2.42%, adjusted for the Fund’s maximum sales charge. Mutual fund

performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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.

The Russell 1000 is a market capitalization-weighted index, meaning that the largest companies constitute the largest percentages in the index and will affect performance more than the smallest index.

The Russell 2000 is an index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000 Index.

Eurozone is the collective group of countries which use the Euro as their common currency.

ANNUAL REPORT / April 30, 2015 (unaudited)

14    

WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE

FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Strategic Allocation Conservative Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2015, 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 Periods Ended April 30, 2015

1 Year	-2.42%
5 Years	3.24%
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	1.99%
After Waivers	1.46%

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 currently based on a weighting of the following indices: 53% Barclays U.S. Aggregate Bond Index, 7.5% HFRX Absolute Hedge Fund Index, 7.5% HFRX Global Hedge Fund Index, 7.2% Russell 3000 Index, 7.0% Barclays Global Aggregate ex-U.S. Index, 5.0% Barclays World Government Inflation-Linked Bond Index, 4.8% MSCI All Country World ex-U.S. Index, 3.5% S&P Global Developed Property Index, 1.5% Dow Jones-UBS Commodity Index, 3% Citigroup 3-Month T-Bill.

April 30, 2015 (unaudited) / ANNUAL REPORT

    15

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, 2015, 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 Periods Ended April 30, 2015

1 Year	3.63%
5 Years	4.68%
Start of Performance (12/19/05)	4.14%

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	1.74%
After Waivers	1.21%

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

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and 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 currently based on a weighting of the following indices: 53% Barclays U.S. Aggregate Bond Index, 7.5% HFRX Absolute Hedge Fund Index, 7.5% HFRX Global Hedge Fund Index, 7.2% Russell 3000 Index, 7.0% Barclays Global Aggregate ex-U.S. Index, 5.0% Barclays World Government Inflation-Linked Bond Index, 4.8% MSCI All Country World ex-U.S. Index, 3.5% S&P Global Developed Property Index, 1.5% Dow Jones-UBS Commodity Index, 3% Citigroup 3-Month T-Bill.

ANNUAL REPORT / April 30, 2015 (unaudited)

16    

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Strategic Allocation Moderate Fund (the “Fund”) had a total return of 6.09%* for Class A Shares and 6.35%* 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 12.74%, 4.46%, and 4.72%, 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 outperformed the Moderate Blended Index by 1.63%. During the period, both tactical decisions and manager performance contributed to overall Fund performance, with expenses charged by the Fund and the various mutual funds employed by the Fund recapturing a portion of the benefit. During the fiscal year, the Fund faced a now familiar environment that witnessed the continuation of stimulus tapering by the Federal Reserve (the “Fed”), and markets increasingly focused on the timing and magnitude of Fed interest rate actions. The Eurozone, faced with the threat of deflation, initiated its own version of Quantitative Easing in the latter half of the fiscal year. Toss in a collapse in energy prices, and the fiscal year had all the makings of another macro-driven global economic environment.

Against this backdrop, several tactical positions proved beneficial for the Moderate Fund. In a market hungry for growth, the Fund’s sizeable overweight of growth equities versus value proved beneficial, as growth outpaced value by a wide margin. In large capitalization domestic equities, as measured by the Russell 1000 Index, growth outperformed value by 7.35% in the fiscal year. The effect was more dramatic in small capitalization stocks, as measured by the Russell 2000 Index, where growth outperformed value by 9.76% in the fiscal year. In an ongoing 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, core bonds, and international fixed income. The active managers utilized by the Moderate Fund witnessed a tough start to calendar year 2014, but rebounded nicely to provide a significant contribution to relative performance in 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 0.25%, adjusted for the Fund’s maximum sales charge. Mutual fund

performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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.

The Russell 2000 is an index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000 Index.

Eurozone is the collective group of countries which use the Euro as their common currency.

April 30, 2015 (unaudited) / ANNUAL REPORT

    17

WILMINGTON STRATEGIC

ALLOCATION MODERATE FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Strategic Allocation Moderate Fund (Class A) (the “Fund”) from April 30, 2005 to April 30, 2015, 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 Periods Ended April 30, 2015

1 Year	0.25%
5 Years	5.24%
10 Years	4.05%

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

Annual Operating Expense Ratio

Before Waivers	2.05%
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 $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 currently based on a weighting of the following indices: 27% Russell 3000 Index, 20% Barclays U.S. Aggregate Bond Index, 18% MSCI All Country World ex-U.S. Index, 7.5% HFRX Absolute Hedge Fund Index, 7.5% HFRX Global Hedge Fund Index, 7% Barclays Global Aggregate ex-U.S. Index, 5% Barclays World Government Inflation-Linked Bond Index, 3.5% S&P Global Developed Property Index, 1.5% Dow Jones-UBS Commodity Index, 3% Citigroup 3-Month T-Bill.

ANNUAL REPORT / April 30, 2015 (unaudited)

18    

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, 2015, 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 Periods Ended April 30, 2015

1 Year	6.35%
Start of Performance (6/11/10)	8.23%

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	1.80%
After Waivers	1.19%

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

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

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

3 The Moderate Blended Index is currently based on a weighting of the following indices: 27% Russell 3000 Index, 20% Barclays U.S. Aggregate Bond Index, 18% MSCI All Country World ex-U.S. Index, 7.5% HFRX Absolute Hedge Fund Index, 7.5% HFRX Global Hedge Fund Index, 7% Barclays Global Aggregate ex-U.S. Index, 5% Barclays World Government Inflation-Linked Bond Index, 3.5% S&P Global Developed Property Index, 1.5% Dow Jones-UBS Commodity Index, 3% Citigroup 3-Month T-Bill.

April 30, 2015 (unaudited) / ANNUAL REPORT

    19

WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2015, Wilmington Strategic Allocation Aggressive Fund (the “Fund”) had a total return of 7.89%* for Class A Shares and 8.08%* 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 12.74%, 2.60%, and 7.43%, 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 Aggressive Blended Index.

Over the past year, the Class I Shares outperformed the Aggressive Blended Index by 0.65%. During the period, both tactical decisions and manager performance contributed to overall Fund performance, with expenses charged by the Fund and the various mutual funds employed by the Fund recapturing a portion of the benefit. During the fiscal year, the Fund faced a now familiar environment that witnessed the continuation of stimulus tapering by the Federal Reserve (the “Fed”), and markets increasingly focused on the timing and magnitude of Fed interest rate actions. The Eurozone, faced with the threat of deflation, initiated its own version of Quantitative Easing in the latter half of the fiscal year. Toss in a collapse in energy prices, and the fiscal year had all the makings of another macro-driven global economic environment. Against this backdrop, several tactical positioning moves proved beneficial for the Fund. In a market hungry for growth, the Fund’s sizeable overweight of growth equities versus value proved beneficial, as growth outpaced value by a wide margin. In large capitalization domestic equities, as measured by the Russell 1000 Index, growth outperformed value by 7.35% in the fiscal year. The effect was more dramatic in small capitalization stocks, as measured by the Russell 2000 Index, where growth outperformed value by 9.76% in the fiscal year. With no imminent threat of inflation, the Fund’s overweight of equities funded by an underweight position to inflation hedges also proved beneficial. The active managers utilized by the Fund witnessed a tough start to calendar year 2014, but rebounded nicely to provide a significant contribution to relative performance in 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 1.96%, 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.wilmingtonfunds.com or call 1-800-836-2211.

** The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. MSCI All Country World ex-US Index (ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the large-cap and mid-cap equity market performance of developed and emerging markets excluding the U.S. market. The MSCI All Country World ex-US Investable Market Index (ACWI IMI ex-US) is designed to also include the small-cap equity market performance which is not included in the ACWI ex-US. The ACWI ex-US and ACWI IMI ex-US Indices consisted of 45 country indices comprising 22 developed and 23 emerging market country indices. The Aggressive Blended Index is calculated by the investment advisor and represents the weighted returns for the following indices: 48% Russell 3000 Index; 32% MSCI All Country World ex-US Investable Market Index; 7% HFRX Global Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill Index. The indexes are unmanaged and it is not possible to invest directly in an index.

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

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.

The Russell 1000 is a market capitalization-weighted index, meaning that the largest companies constitute the largest percentages in the index and will affect performance more than the smallest index.

The Russell 2000 is an index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000 Index.

ANNUAL REPORT / April 30, 2015 (unaudited)

20    

WILMINGTON STRATEGIC

ALLOCATION AGGRESSIVE FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Strategic Allocation Aggressive Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2015, 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

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	1.96%
5 Years	7.53%
Start of Performance (12/19/05)	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. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	2.23%
After Waivers	1.70%

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

1 Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 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 currently based on a weighting of the following indices: 48% Russell 3000 Index, 32% MSCI All Country World ex-U.S. Index, 7% HFRX Global Hedge Fund Index, 5% Barclays World Government Inflation-Linked Bond Index, 3.5% S&P Global Developed Property Index, 1.5% Dow Jones-UBS Commodity Index, 3% Citigroup 3-Month T-Bill.

April 30, 2015 (unaudited) / ANNUAL REPORT

    21

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, 2015, 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

Average Annual Total Returns for the Periods Ended April 30, 2015

1 Year	8.08%
5 Years	9.01%
Start of Performance (12/19/05)	5.07%

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

Annual Operating Expense Ratio

Before Waivers	1.98%
After Waivers	1.45%

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 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 currently based on a weighting of the following indices: 48% Russell 3000 Index, 32% MSCI All Country World ex-U.S. Index, 7% HFRX Global Hedge Fund Index, 5% Barclays World Government Inflation-Linked Bond Index, 3.5% S&P Global Developed Property Index, 1.5% Dow Jones-UBS Commodity Index, 3% Citigroup 3-Month T-Bill.

ANNUAL REPORT / April 30, 2015 (unaudited)

22    

SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2014 to April 30, 2015.

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 11/01/14	Ending Account Value 04/30/15	Expenses Paid During  Period1	Annualized Net Expense Ratio2
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND
Actual
Class A	$1,000.00	$1,062.80	$  6.85	1.34%
Class I	$1,000.00	$1,064.20	$  6.19	1.21%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,018.15	$  6.71	1.34%
Class I	$1,000.00	$1,018.79	$  6.06	1.21%
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND
Actual
Class A	$1,000.00	$1,025.30	$12.30	2.45%
Class I	$1,000.00	$1,025.30	$11.10	2.21%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,012.65	$12.23	2.45%
Class I	$1,000.00	$1,013.84	$11.03	2.21%
WILMINGTON MULTI-MANAGER REAL ASSET FUND
Actual
Class A	$1,000.00	$1,001.10	$  6.10	1.23%
Class I	$1,000.00	$1,002.40	$  4.92	0.99%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,018.70	$  6.16	1.23%
Class I	$1,000.00	$1,019.89	$  4.96	0.99%
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND
Actual
Class A	$1,000.00	$1,019.50	$  4.01	0.80%
Class I	$1,000.00	$1,020.80	$  2.76	0.55%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,020.83	$  4.01	0.80%
Class I	$1,000.00	$1,022.07	$  2.76	0.55%

April 30, 2015 (unaudited) / ANNUAL REPORT

    23

	Beginning Account Value 11/01/14	Ending Account Value 04/30/15	Expenses Paid During  Period1	Annualized Net Expense Ratio2
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND
Actual
Class A	$1,000.00	$1,038.00	$3.84	0.76%
Class I	$1,000.00	$1,039.30	$2.58	0.51%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,021.03	$3.81	0.76%
Class I	$1,000.00	$1,022.27	$2.56	0.51%
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND
Actual
Class A	$1,000.00	$1,049.20	$4.57	0.90%
Class I	$1,000.00	$1,050.50	$3.30	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%

(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, 2015 (unaudited)

24

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager International Fund

At April 30, 2015, the Fund’s sector classifications and country allocations were as follows (unaudited):

Common Stocks	Percentage of Total Net Assets
Financials		21.0	%
Health Care		13.2	%
Industrials		11.7	%
Consumer Discretionary		10.9	%
Information Technology		9.5	%
Consumer Staples		9.1	%
Materials		8.6	%
Energy		4.6	%
Telecommunication Services		3.6	%
Utilities		1.4	%
Real Estate & Development		0.1	%
Preferred Stocks		1.3	%
Call Warrants		0.9	%
Real Estate Investment Trusts		0.6	%
Investment Companies		0.3	%
Certificates		0.2	%
Rights		0.0	%3
Cash Equivalents1		6.4	%
Other Assets and Liabilities – Net2		(3.4	)%
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%.

Country Allocation	Percentage of Total Net Assets
Common Stocks
Japan		14.7	%
United Kingdom		12.6	%
Switzerland		9.2	%
France		7.9	%
Germany		7.4	%
China		4.0	%
Canada		3.9	%
Australia		2.8	%
Sweden		2.6	%
Netherlands		2.1	%
United States		1.9	%
Spain		1.8	%
South Korea		1.7	%
Ireland		1.6	%
Italy		1.6	%
Denmark		1.5	%
Taiwan		1.5	%
Finland		1.2	%
Singapore		1.2	%
Hong Kong		1.0	%
All other countries less than 1.0%		11.5	%
Preferred Stocks		1.3	%
Call Warrants		0.9	%
Real Estate Investment Trusts		0.6	%
Investment Companies		0.3	%
Certificates		0.2	%
Rights		0.0	%3
Cash Equivalents1		6.4	%
Other Assets and Liabilities – Net2		(3.4	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description	Number of Shares		Value
COMMON STOCKS – 93.7%
ARGENTINA – 0.1%
Adecoagro SA*		5,500	$	53,405
Arcos Dorados Holdings, Inc.#		6,100		36,600
Banco Macro SA ADR		580		32,045
BBVA Banco Frances SA ADR*		1,270		24,486
Cresud SACIF y A ADR		2,251		29,601

Description	Number of Shares		Value
Grupo Financiero Galicia SA ADR		1,320	$	29,093
MercadoLibre, Inc.		740		105,324
Petrobras Argentina SA ADR		8,536		60,350
Telecom Argentina SA ADR*		4,350		90,741
Transportadora de Gas del Sur SA ADR		10,400		51,272
TOTAL ARGENTINA			$	512,917
AUSTRALIA – 2.8%
AGL Energy Ltd.††		4,217		50,590

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    25

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Alumina Ltd.*,††		31,910	$	38,721
Alumina Ltd. ADR*		4,000		19,277
Amcor Ltd.††		7,111		75,705
AMP Ltd.††		10,091		51,116
APA Group††		5,889		44,539
Arrium Ltd.††		532,800		72,673
Asciano Ltd.††		29,174		151,586
ASX Ltd.††		1,019		33,848
Aurizon Holdings Ltd.††		10,737		40,990
Australia & New Zealand Banking Group Ltd.††		24,664		659,958
Bendigo & Adelaide Bank Ltd.††		38,763		368,988
BHP Billiton Ltd.††		19,987		510,397
BlueScope Steel Ltd.*,††		6,507		17,904
Boart Longyear Ltd.*,††		48,400		7,570
Boral Ltd.††		9,548		47,562
Brambles Ltd.††		6,521		55,583
Challenger Ltd.††		44,000		244,322
Commonwealth Bank of Australia††		3,657		255,980
Crown Ltd.††		3,064		31,375
CSL Ltd.††		868		62,221
Domino’s Pizza Enterprises L††		10,500		302,198
Downer EDI Ltd.††		40,700		141,527
Echo Entertainment Group Ltd.††		18,904		67,498
Fortescue Metals Group Ltd.#,††		16,743		28,284
GPT Group††		8,152		28,730
Harvey Norman Holdings Ltd.††		9,633		33,408
Incitec Pivot Ltd.††		31,391		98,584
James Hardie Industries††		2,466		28,324
Lend Lease Group††		34,696		438,395
Macquarie Group Ltd.††		14,670		898,870
Mcmillan Shakespeare Ltd.††		23,900		218,170
Metcash Ltd.#,††		42,500		44,364
Mineral Resources Ltd.#,††		24,300		123,538
National Australia Bank Ltd.††		23,843		690,385
Newcrest Mining Ltd.††		445,895		4,998,266
Orica Ltd.#,††		13,403		212,406
Origin Energy Ltd.††		15,480		154,734
Orora Ltd.††		296,300		515,524
Primary Health Care Ltd.††		44,600		174,564
Qantas Airways Ltd.*,††		125,500		335,455
QBE Insurance Group Ltd.		11,717		126,377
Rio Tinto Ltd.††		11,005		496,078
Santos Ltd.††		31,969		208,193
Scentre Group††		5,363		15,798
Sims Metal Management Ltd.#,††		2,669		22,748
Skilled Group Ltd.††		65,800		66,979

Description	Number of Shares		Value
Suncorp Group Ltd.††		16,400	$	169,599
Tabcorp Holdings Ltd.††		24,444		93,906
Tatts Group Ltd.††		32,697		104,155
Telstra Corp. Ltd.††		5,228		25,699
Toll Holdings Ltd.††		11,181		79,136
Transurban Group††		2,109		16,488
Treasury Wine Estates Ltd.††		5,439		23,854
Wesfarmers Ltd.#,††		15,485		533,758
Westfield Corp.††		4,442		33,025
Westpac Banking Corp.††		6,909		198,501
Woodside Petroleum Ltd.††		15,283		421,464
Woolworths Ltd.††		2,759		64,058
TOTAL AUSTRALIA			$	15,073,945
AUSTRIA – 0.6%
Ams AG††		16,000		869,878
Buwog AG#,*,††		365		7,380
Erste Group Bank AG#,††		51,067		1,441,808
OMV AG††		8,231		273,958
Raiffeisen International Bank Holding AG#,††		6,757		112,169
Voestalpine AG††		9,400		393,560
TOTAL AUSTRIA			$	3,098,753
BAHRAIN – 0.0%**
Al-Salam Bank††		268,200		99,859
GFH*,††		169,936		37,530
TOTAL BAHRAIN			$	137,389
BELGIUM – 0.9%
Ageas††		4,379		164,529
Anheuser-Busch InBev NV#,††		24,363		2,966,158
bpost SA††		11,500		329,803
Colruyt SA††		454		21,457
Delhaize Group SA††		8,947		720,238
Delhaize Group SA ADR		7,850		157,157
KBC Groep NV††		1,940		127,639
Solvay SA††		1,700		250,317
Telenet Group Holding NV*,††		726		43,629
UCB SA††		1,492		107,473
Umicore SA††		1,295		64,370
TOTAL BELGIUM			$	4,952,770
BOTSWANA – 0.1%
Barclays Bank of Botswana Ltd.††		100,300		41,432
Botswana Insurance Holdings Ltd.††		60,900		76,314
First National Bank of Botswana††		274,700		106,180
Sechaba Breweries Ltd.††		61,203		179,252
Standard Chartered Bank Botswana Ltd.		41,700		53,542
TOTAL BOTSWANA			$	456,720

ANNUAL REPORT / April 30, 2015

26    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
BRAZIL – 0.7%
Ambev SA		33,575	$	211,282
Banco do Brasil SA		8,167		70,991
BB Seguridade Participacoes SA		6,000		69,181
BM&FBovespa SA		11,907		48,806
BR Malls Participacoes SA		5,800		31,609
BRF SA		6,756		144,832
CCR SA		22,200		121,944
Centrais Eletricas Brasileiras SA		19,300		46,633
CETIP SA - Mercados Organizados		1,600		18,225
Cia de Saneamento Basico do Estado de Sao Paulo		9,000		53,170
Cia Energetica de Minas Gerais		2,768		13,450
Cia Siderurgica Nacional SA		4,700		12,589
Cielo SA		28,399		390,693
Cosan SA Industria e Comercio		1,200		11,566
CPFL Energia SA		12,589		83,023
Cyrela Brazil Realty SA Empreendimentos e Participacoes		7,500		29,124
EDP - Energias do Brasil SA		10,300		38,425
Embraer SA		16,100		125,681
Estacio Participacoes SA		7,700		45,669
Fibria Celulose SA*		3,300		46,440
Gafisa SA		28,700		26,672
Itau Unibanco Holding SA ADR		92,435		1,185,017
Klabin SA - Unit		8,000		49,121
Kroton Educacional SA		22,600		82,961
Localiza Rent a Car SA		4,440		52,049
Lojas Renner SA		2,500		87,165
Marfrig Alimentos SA*		14,350		19,527
MRV Engenharia e Participacoes SA		6,800		18,394
Natura Cosmeticos SA		3,600		34,411
Odontoprev SA		13,200		46,308
Qualicorp SA		8,500		68,582
Rumo Logistica Operadora Mulimodal SA*		49,524		21,533
Souza Cruz SA		2,900		25,603
Tim Participacoes SA		32,506		104,112
Totvs SA		4,400		51,565
Tractebel Energia SA		4,900		57,490
Ultrapar Participacoes SA		4,600		105,299
Weg SA		15,240		81,538
TOTAL BRAZIL			$	3,730,680
BULGARIA – 0.0%**
Central Cooperative Bank AD*,††		20,482		12,493
Chimimport AD*,††		10,600		10,596
Doverie Holding AD*,††		11,040		7,478
Olovno Tzinkov Komplex AD*		900		—
Petrol AD*		37,250		21,383

Description	Number of Shares		Value
Sopharma AD Sofia††		14,000	$	25,712
TOTAL BULGARIA			$	77,662
CANADA – 3.9%
Agnico-Eagle Mines Ltd.		1,785		54,051
Agrium, Inc.		2,192		227,103
Air Canada		35,800		341,828
Alimentation Couche Tard, Inc.		1,532		58,639
Bank of Montreal		4,027		262,963
Bank of Montreal		874		57,098
Bank of Nova Scotia#		2,161		119,164
Barrick Gold Corp.		53,976		702,768
BCE, Inc.		168		7,406
Blackberry Ltd.#,*		3,556		36,125
Bombardier, Inc.		131,900		266,752
Bonavista Energy Corp.#		1,621		11,165
Brookfield Asset Management, Inc.		1,986		106,946
CAE, Inc.		1,400		17,371
Cameco Corp.		5,717		100,517
Canadian Imperial Bank of Commerce#		8,353		670,733
Canadian National Railway Co.		1,755		113,315
Canadian Natural Resources Ltd. (2171573)#		22,904		761,476
Canadian Oil Sands Ltd.		2,858		31,055
Canadian Pacific Railway Ltd.		199		37,941
Canadian Tire Corp. Ltd.		2,973		314,894
Canadian Utilities Ltd.		1,396		45,357
Catamaran Corp.*		878		52,109
CCL Industries, Inc. Class B		2,365		271,902
Cenovus Energy, Inc.		9,737		183,283
Cott Corp.#		37,800		329,238
Crescent Point Energy Corp.#		5,512		143,863
Dirtt Environmental Solution*		25,500		166,759
Dollarama, Inc.		8,333		478,500
Dominion Diamond Corp.		19,000		374,488
Dorel Industries, Inc.		8,700		255,988
Eldorado Gold Corp.		6,710		33,406
Empire Co. Ltd.		6,834		493,759
Enbridge, Inc.		2,696		140,912
Encana Corp.		22,681		322,297
Ensign Energy Services, Inc.		2,332		18,594
Fairfax Financial Holdings Ltd.		656		358,312
First Quantum Minerals Ltd.		8,817		135,050
Firstservice Corp.		4,400		288,033
Franco-Nevada Corp.		993		51,555
Genworth MI Canada, Inc.		1,061		30,911
Gildan Activewear, Inc.		1,200		38,034
Goldcorp, Inc.		6,282		118,290

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    27

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Husky Energy, Inc.		7,942	$	177,601
Imperial Oil Ltd.		1,692		74,580
Industrial Alliance Insurance & Financial Services, Inc.		1,794		65,292
Intact Financial Corp.		587		45,213
Keyera Corp.		8,500		299,208
Kinross Gold Corp.*		20,413		49,573
Laurentian Bank of Canada		5,700		228,142
Lundin Mining Corp.*		15,100		75,093
Magna International, Inc.		12,358		622,765
Manulife Financial Corp.#		31,084		565,773
Martinrea International, Inc.		4,600		45,943
MEG Energy Corp.		1,178		22,720
Metro, Inc.		16,145		466,753
National Bank of Canada		13,100		529,320
Nevsun Resources Ltd.		42,600		168,070
New Gold, Inc.*		4,369		14,666
Onex Corp.		258		15,536
Open Text Corp.		600		30,316
Pan American Silver Corp.		589		5,607
Parex Resources, Inc.*		40,400		324,138
Pembina Pipeline Corp.#		1,266		44,061
Pengrowth Energy Corp.#		576		1,934
Penn West Petroleum Ltd.		3,500		8,645
Peyto Exploration & Dev Corp.		700		20,347
Potash Corp. of Saskatchewan, Inc. (2696980)		476		15,544
Power Corp. of Canada#		1,700		46,709
Power Financial Corp.		554		17,137
Precision Drilling Corp.		3,100		22,537
Rogers Communications, Inc.		1,122		40,081
Royal Bank of Canada		2,547		169,117
Saputo, Inc.		729		21,601
Secure Energy Services, Inc.#		16,500		233,311
Shaw Communications, Inc.#		14,324		327,440
Silver Wheaton Corp.		1,091		21,522
Sun Life Financial, Inc.		3,587		114,790
Suncor Energy, Inc.		29,505		960,967
Superior Plus Corp.#		29,000		333,386
Talisman Energy, Inc.		25,355		202,328
Teck Resources Ltd.#		8,809		133,721
TELUS Corp.		1,729		59,802
Thomson Reuters Corp.#		2,729		112,123
Toronto-Dominion Bank		3,201		147,779
Tourmaline Oil Corp.*		2,741		94,600
TransAlta Corp.#		7,100		70,544
TransCanada Corp.		1,159		53,795
Transcontinental, Inc.		12,000		184,799

Description	Number of Shares		Value
Turquoise Hill Resources Ltd.		5,300	$	22,228
Valeant Pharmaceuticals International, Inc.*		21,451		4,651,658
Vermilion Energy, Inc.		982		47,273
WestJet Airlines Ltd.		12,000		271,828
Whitecap Resources, Inc.#		5,000		61,956
Yamana Gold, Inc.		14,015		53,551
TOTAL CANADA			$	21,023,373
CHILE – 0.4%
AES Gener SA		53,119		30,603
Aguas Andinas SA		57,100		33,775
Antarchile SA		5,564		70,045
Banco de Chile		861,492		99,016
Banco de Credito e Inversiones		1,241		61,870
Banco Santander Chile		876,218		47,174
Banco Santander Chile ADR		2,592		56,532
Banmedica SA		35,543		74,933
CAP SA		2,590		9,244
Cencosud SA		25,800		66,848
Cia Cervecerias Unidas SA ADR		2,500		54,675
Colbun SA		160,447		48,542
Corpbanca SA		6,076,800		68,830
Empresa Nacional de Electricidad SA ADR		2,110		97,313
Empresas CMPC SA		40,150		112,648
Empresas COPEC SA		17,135		196,692
Enersis SA		404,755		141,388
ENTEL Chile SA		16,674		188,579
Latam Airlines Group SA		5,926		56,711
Parque Arauco SA		33,651		68,661
Quinenco SA		31,602		68,722
Ripley Corp. SA		37,500		19,926
SACI Falabella		21,748		169,646
Sociedad Matriz SAAM SA		373,941		33,020
Sonda SA		49,407		116,706
Vina Concha y Toro SA ADR#		1,100		42,922
TOTAL CHILE			$	2,035,021
CHINA – 4.0%
Agricultural Bank of China Ltd.††		132,000		74,313
Anhui Conch Cement Co. Ltd.††		24,000		97,038
Baidu, Inc. ADR*		1,100		220,308
Bank of China Ltd.††		138,000		94,558
Bank of Communications Co. Ltd.††		78,800		80,775
Belle International Holdings Ltd.††		55,000		70,591
Brilliance China Automotive Holdings Ltd.††		28,000		52,548
Byd Co. Ltd.#,*,††		6,000		36,248
China Agri-Industries Holdings Ltd.††		145,000		82,802
China CITIC Bank Corp. Ltd.††		42,000		38,088
China Coal Energy Co. Ltd.#,††		75,000		49,300

ANNUAL REPORT / April 30, 2015

28    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
China Communications Construction Co. Ltd.††		96,000	$	174,610
China Construction Bank Corp.††		144,810		140,572
China COSCO Holdings Co. Ltd.#,*,††		135,500		124,579
China Eastern Airlines Corp. Ltd.*,††		74,000		57,141
China Life Insurance Co. Ltd.††		16,000		77,653
China Longyuan Power Group Corp.††		37,000		45,854
China Mengniu Dairy Co. Ltd.††		15,000		75,989
China Merchants Bank Co. Ltd.††		23,052		69,194
China Merchants Holdings International Co. Ltd.††		18,000		81,660
China Minsheng Banking Corp. Ltd.††		72,000		105,132
China Mobile Ltd.††		377,989		5,398,925
China National Building Material Co. Ltd.††		34,000		41,240
China Oilfield Services Ltd.††		16,000		32,851
China Overseas Land & Investment Ltd.††		20,320		84,641
China Pacific Insurance Group Co. Ltd.††		6,800		36,858
China Petroleum & Chemical Corp.††		235,800		222,540
China Railway Construction Corp. Ltd.††		29,400		58,704
China Resources Enterprise Ltd.††		26,000		79,647
China Resources Land Ltd.††		10,222		37,088
China Resources Power Holdings Co. Ltd.††		39,600		119,459
China Shenhua Energy Co. Ltd.††		32,000		83,106
China Southern Airlines Co. Ltd.††		81,000		79,600
China Telecom Corp. Ltd.††		202,000		149,643
China Unicom Hong Kong Ltd.††		54,652		102,644
China Yurun Food Group Ltd.#,*,††		106,000		36,552
CNOOC Ltd.††		150,000		255,782
COSCO Pacific Ltd.††		38,000		59,590
Ctrip.com International Ltd. ADR*		1,600		101,888
Datang International Power Generation Co. Ltd.††		132,000		77,215
Dongfeng Motor Group Co. Ltd.††		30,000		49,841
Great Wall Motor Co. Ltd.#,††		616,426		4,677,182
Guangzhou Automobile Group Co. Ltd.††		64,974		70,538
Hengan International Group Co. Ltd.††		6,500		80,190
Industrial & Commercial Bank of China††		149,000		129,252
Inner Mongolia Yitai Coal Co.††		13,200		20,026
Intime Retail Group Co. Ltd.††		35,000		39,135
Jiangxi Copper Co. Ltd.††		20,000		41,274
Kingboard Chemical Holdings Ltd.††		136,200		247,885
Kunlun Energy Co. Ltd.#,††		28,000		33,240
Lenovo Group Ltd.††		40,000		68,783
NetEase, Inc. ADR		1,100		141,009
New Oriental Education & Technology
Group ADR		2,600		66,534
Parkson Retail Group Ltd.††		84,000		21,282
PetroChina Co. Ltd.††		196,000		252,794

Description	Number of Shares		Value
PICC Property & Casualty Co. Ltd.††		20,000	$	44,311
Ping An Insurance Group Co. of China Ltd.††		5,000		71,506
Qihoo 360 Technology Co. Ltd. ADR*		700		42,210
Shandong Weigao Group Medical Polymer Co. Ltd.††		64,000		59,147
Shanghai Electric Group Co. Ltd.#,††		90,000		91,773
Shanghai Industrial Holdings Ltd.#,††		13,000		51,831
Sihuan Pharmaceutical Holdings Group Ltd.		69,000		31,408
SINA Corp.*		900		39,596
Sinopec Shanghai Petrochemical Co. Ltd.††		81,000		48,936
Sinopharm Group Co.-H††		14,400		68,397
Sohu.com, Inc.*		700		46,515
Tencent Holdings Ltd.††		271,996		5,613,693
Tingyi Cayman Islands Holding Corp.††		14,000		29,565
Want Want China Holdings Ltd.#,††		65,000		71,300
Wumart Stores, Inc.††		27,000		23,599
Yangzijiang Shipbuilding Holdings Ltd.††		28,000		30,921
Yantai Changyu Pioneer Wine Co. Ltd.††		9,100		42,002
Yanzhou Coal Mining Co. Ltd.††		40,000		39,998
Youku Tudou, Inc. ADR#,*		1,300		24,310
Zijin Mining Group Co. Ltd.		90,000		34,720
ZTE Corp.††		11,440		38,496
TOTAL CHINA			$	21,390,125
COLOMBIA – 0.4%
Almacenes Exito SA		5,850		63,707
Banco de Bogota SA		1,888		49,839
Bancolombia SA ADR#		30,608		1,385,624
Celsia SA Esp		6,600		13,992
Cementos Argos SA		19,300		81,997
Corp. Financiera Colombiana SA		1,730		27,817
Ecopetrol SA		64,690		55,130
Ecopetrol SA ADR#		8,000		136,960
Empresa de Energia de Bogota SA		67,410		48,110
Grupo Argos SA		10,017		78,639
Grupo Aval Acciones y Valores		107,700		54,483
Grupo de Inversiones Suramericana SA		5,400		88,730
Grupo Nutresa SA		12,078		125,546
Grupo Odinsa SA		6,695		26,589
Interconexion Electrica SA ESP		13,178		44,259
Isagen SA ESP		48,800		65,251
TOTAL COLOMBIA			$	2,346,673
CROATIA – 0.1%
Atlantska Plovidba DD*,††		262		8,259
Ericsson Nikola Tesla††		200		39,920
Hrvatski Telekom DD††		5,250		128,892

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    29

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Koncar-Elektroindustrija DD††		720	$	75,118
Ledo DD††		20		22,739
Podravka DD*,††		1,000		47,363
Privredna Banka Zagreb DD		830		67,782
Valamar Riviera DD††		16,851		51,605
VIRO Tvornica Secera*,††		370		16,191
Zagrebacka Banka DD††		3,000		15,808
TOTAL CROATIA			$	473,677
CZECH REPUBLIC – 0.2%
CEZ AS††		13,570		352,551
Komercni Banka AS††		1,400		311,983
Pegas Nonwovens SA††		1,790		53,340
Philip Morris CR AS††		180		76,687
Unipetrol AS*,††		15,059		94,676
TOTAL CZECH REPUBLIC			$	889,237
DENMARK – 1.5%
AP Moeller - Maersk A/S Class A††		275		134,953
AP Moeller - Maersk A/S Class B††		70		545,761
Carlsberg A/S#,††		2,102		191,636
CHR Hansen Holding A/S††		5,000		242,060
Coloplast A/S††		246		20,080
Danske Bank A/S††		5,976		169,484
DSV A/S††		1,213		42,079
Genmab A/S*,††		6,412		493,732
Jyske Bank-Reg††		897		43,925
Novo Nordisk A/S Class B††		71,332		4,004,627
Novozymes A/S††		785		36,217
Pandora A/S††		7,300		754,539
Royal Unibrew††		1,231		235,660
Sydbank A/S††		8,200		307,813
TDC A/S††		72,292		550,389
Tryg A/S††		98		10,642
Vestas Wind Systems A/S*,††		3,479		157,799
William Demant Holding A/S*,††		4,131		339,700
TOTAL DENMARK			$	8,281,096
EGYPT – 0.2%
Alexandria Mineral Oils Co.††		6,200		38,100
Commercial International Bank Egypt SAE††		39,655		287,003
Eastern Tobacco††		3,670		94,227
Egyptian Financial Group-Hermes Holding*,††		30,365		56,642
Egyptian Kuwaiti Holding Co. SAE*,††		49,507		32,632
ElSwedy Electric Co.††		17,100		106,161
EZZ Steel*		27,000		45,646
Juhayna Food Industries††		61,900		75,620
Orascom Telecom Holding SAE*,††		272,255		115,664

Description	Number of Shares		Value
Orascom Telecom Media & Technology Holding SAE*,††		224,975	$	28,285
Oriental Weavers††		40,500		55,976
Sidi Kerir Petrochemicals Co.††		30,650		59,154
Six of October Development*,††		8,300		12,578
Talaat Moustafa Group††		63,935		84,170
TOTAL EGYPT			$	1,091,858
ESTONIA – 0.1%
AS Merko Ehitus††		4,300		48,112
AS Tallinna Vesi††		5,400		89,776
Nordecon AS††		12,000		14,690
Olympic Entertainment Group AS††		42,630		91,769
Tallink Group AS††		198,320		171,288
Tallinna Kaubamaja AS††		11,600		77,684
TOTAL ESTONIA			$	493,319
FINLAND – 1.2%
Amer Sports OYJ††		10,200		255,266
Cargotec Corp. Class B††		8,600		346,715
Fortum OYJ††		10,774		212,758
Huhtamaki OYJ††		12,400		396,401
Kone OYJ††		1,037		44,613
Neste Oil OYJ#,††		17,629		479,475
Nokia OYJ*,††		558,216		3,766,530
Outotec OYJ#,*,††		37,000		258,517
Stora Enso OYJ††		15,540		163,532
UPM-Kymmene OYJ††		20,475		370,487
Uponor OYJ††		7,100		109,338
Wartsila OYJ Abp††		1,296		59,461
TOTAL FINLAND			$	6,463,093
FRANCE – 7.9%
Accor SA††		11,238		616,235
Air Liquide SA††		10,899		1,425,377
Alstom SA††		9,000		282,729
Arkema SA#,††		2,079		167,304
AtoS††		133		10,395
AXA SA††		148,173		3,746,685
BNP Paribas SA††		18,371		1,160,154
Bollore SA††		6,403		36,593
Bouygues SA††		6,300		260,094
Bureau Veritas SA††		1,528		35,981
Casino Guichard Perrachon SA††		1,573		139,097
Christian Dior SA††		241		47,116
Cie de St-Gobain#,††		38,013		1,727,582
Cie Generale des Etablissements Michelin††		21,905		2,442,758
CNP Assurances††		33,410		600,495
Credit Agricole SA††		30,899		480,738
Danone SA††		670		48,483

ANNUAL REPORT / April 30, 2015

  30    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Edenred††		974	$	26,112
Electricite de France SA††		29,206		743,144
Essilor International SA††		20,626		2,512,870
GDF Suez††		22,279		453,298
Gemalto NV††		147		13,657
Hermes International††		400		150,852
Iliad SA††		79		18,624
Ingenico Group††		1,400		175,662
JCDecaux SA††		22,391		884,536
Kering††		249		46,049
Lafarge SA††		4,064		296,530
Lagardere SCA††		2,100		67,412
Legrand SA††		25,645		1,482,867
L’Oreal SA††		36,783		7,019,708
LVMH Moet Hennessy Louis Vuitton SA††		9,916		1,733,976
Metropole Television SA††		16,500		344,369
Natixis††		18,680		154,623
Orange SA††		32,409		533,820
Pernod-Ricard SA††		20,372		2,531,914
Peugeot SA*,††		13,836		261,579
Publicis Groupe SA		1,052		88,232
Renault SA††		5,479		576,488
Rexel SA††		4,831		91,048
Sa des Ciments Vicat††		165		11,898
Sanofi††		9,655		982,789
Schneider Electric SA††		44,138		3,299,250
SCOR SE††		7,560		272,098
SEB SA††		6,100		564,882
SES SA††		1,261		44,193
Societe BIC SA††		157		26,821
Societe Generale SA††		18,578		928,803
STMicroelectronics NV††		15,609		124,491
Suez Environnement Co.*,††		2,225		45,380
Technip SA††		482		32,859
Teleperformance††		4,300		322,776
Thales SA††		7,600		462,657
Total SA††		22,998		1,245,342
Valeo SA††		2,700		432,864
Vallourec SA††		2,403		56,665
Veolia Environnement SA††		1,458		30,851
Vinci SA††		1,080		66,242
Vivendi SA††		7,707		193,204
Zodiac Aerospace††		1,495		54,901
TOTAL FRANCE			$	42,634,152
GERMANY – 7.4%
Adidas AG††		1,066		87,344

Description	Number of Shares		Value
Allianz SE††		27,568	$	4,692,486
Aurelius AG††		3,900		187,005
BASF SE#,††		9,053		899,399
Bayer AG††		1,988		286,138
Bayerische Motoren Werke AG††		12,596		1,485,884
Brenntag AG††		454		27,240
Celesio AG††		1,825		54,156
Commerzbank AG*,††		9,457		127,584
Continental AG#		451		105,694
Daimler AG††		46,938		4,512,941
Deutsche Bank AG††		24,901		796,804
Deutsche Lufthansa AG††		5,417		74,709
Deutsche Post AG††		2,070		68,162
Deutsche Telekom AG††		6,972		128,150
E.ON AG††		22,227		346,030
Fraport AG Frankfurt Airport Services Worldwide††		1,145		72,420
Freenet AG††		12,600		408,116
Fresenius Medical Care AG & Co. KGaA††		11,577		972,952
Fresenius SE & Co. KGaA††		23,264		1,384,045
GEA Group AG††		91,237		4,381,747
Hannover Rueck SE††		812		82,540
HeidelbergCement AG††		3,305		253,694
Henkel AG & Co. KGaA††		42,837		4,339,199
K+S AG#,††		3,051		99,461
Kion Group AG*,††		6,400		283,936
Linde AG††		13,224		2,584,101
Merck KGaA††		2,174		234,368
Metro AG††		3,123		113,192
Muenchener Rueckversicherungs AG††		4,387		856,333
Osram Licht AG*,††		311		16,385
ProSiebenSat.1 Media AG††		1,194		61,046
Rheinmetall AG††		2,600		133,115
RWE AG††		4,651		115,575
SAP AG††		42,303		3,196,630
Siemens AG††		1,359		147,835
Sixt SE††		4,500		215,482
Stada Arzneimittel AG††		5,400		197,526
Stroeer Media SE††		9,200		340,145
Symrise AG††		69,433		4,209,965
Talanx AG††		928		29,520
Telefonica Deutschland Holdi††		11,335		70,250
United Internet AG††		702		31,386
Volkswagen AG††		2,822		714,852
Wincor Nixdorf AG††		7,300		276,310
Zalando SE*,††		11,200		344,271
TOTAL GERMANY			$	40,046,123

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    31

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
GHANA – 0.1%
CAL Bank Ltd.††		498,146	$	135,114
Ghana Commercial Bank Ltd.††		92,696		129,323
HFC Bank Ghana Ltd.		160,050		71,087
Produce Buying Co. Ltd.*		288,000		8,977
Standard Chartered Bank Ghana Ltd.††		13,200		69,650
TOTAL GHANA			$	414,151
GREECE – 0.2%
Alpha Bank AE*,††		128,958		45,188
Athens Water Supply & Sewage Co.††		3,776		21,178
Costamare, Inc.		1,300		26,299
Diana Shipping, Inc.*		4,511		28,194
Dryships, Inc.*		30,400		21,584
Ellaktor SA††		8,300		18,633
Eurobank Ergasias SA*,††		204,553		31,139
FF Group††		800		24,123
Frigoglass SA*,††		3,182		5,723
GasLog Ltd.#		2,400		53,496
GEK Terna Holding Real Estate Construction SA††		7,360		14,634
Hellenic Petroleum SA††		5,916		29,502
Hellenic Telecommunications Organization SA††		13,519		122,887
Jumbo SA*		4,495		46,384
Metka SA††		1,500		13,990
Motor Oil Hellas Corinth Refineries SA††		4,200		36,777
Mytilineos Holdings SA*,††		7,642		52,705
National Bank of Greece SA*,††		34,284		48,071
OPAP SA††		9,420		84,276
Piraeus Bank SA*,††		39,200		17,495
Public Power Corp. SA††		21,344		143,569
Titan Cement Co. SA*,††		3,548		89,485
Tsakos Energy Naviagation Ltd.		5,100		46,818
Viohalco SA*,††		4,300		12,803
TOTAL GREECE			$	1,034,953
HONG KONG – 1.0%
AIA Group Ltd.††		35,000		232,767
ASM Pacific Technology Ltd.††		1,100		12,277
Bank of East Asia Ltd.††		9,200		39,914
Cathay Pacific Airways Ltd.††		10,000		25,750
Cheung Kong Infrastructure Holdings Ltd.††		3,000		25,414
China Taiping Insurance Hold††		155,273		576,856
CK Hutchison Holdings Ltd.††		15,868		344,212
CLP Holdings Ltd.††		3,000		26,261
Dah Sing Financial Holdings Ltd.††		49,044		344,318
Hang Lung Group Ltd.††		15,000		79,416
Hang Lung Properties Ltd.††		67,301		227,516

Description	Number of Shares		Value
Henderson Land Development Co. Ltd.††		5,094	$	40,839
HKT Trust / HKT Ltd.††		346		463
Hong Kong & China Gas Co. Ltd.††		34,587		82,386
Hong Kong Exchanges and Clearing Ltd.#,††		2,100		80,053
Hongkong & Shanghai Hotels††		6,000		8,794
Hopewell Holdings Ltd.††		5,500		21,152
Huabao International Holdings Ltd.††		569,000		639,125
Hutchison Port Holdings Trust††		75,500		50,869
Hutchison Whampoa Ltd.††		25,400		373,424
Hysan Development Co. Ltd.††		8,000		36,965
Kerry Logistics Network Ltd.††		2,500		4,026
Kerry Properties Ltd.††		5,000		20,406
MTR Corp. Ltd.††		9,000		44,232
New World Development Co. Ltd.††		154,217		204,547
Orient Overseas International Ltd.††		2,500		15,344
Sands China Ltd.††		13,600		55,439
Shangri-La Asia Ltd.††		28,857		43,767
Sino Land Co. Ltd.††		20,000		35,187
Skyworth Digital Holdings Ltd.††		486,000		432,948
Smartone Telecommunications Holdings Ltd.††		116,500		212,279
Sun Hung Kai Properties Ltd.††		30,165		500,997
Swire Pacific Ltd.††		10,000		25,280
Swire Pacific Ltd.††		9,000		121,385
Television Broadcasts Ltd.††		48,200		314,013
Wharf Holdings Ltd.††		22,000		158,512
Wheelock & Co. Ltd.††		14,703		82,792
Wynn Macau Ltd.††		8,800		17,813
TOTAL HONG KONG			$	5,557,738
HUNGARY – 0.2%
Magyar Telekom Telecommunications PLC††		81,250		121,528
MOL Hungarian Oil & Gas PLC††		4,913		273,296
OTP Bank PLC††		18,150		401,337
Richter Gedeon Nyrt††		15,760		264,587
TOTAL HUNGARY			$	1,060,748
INDIA – 0.2%
GAIL India Ltd. GDR††		1,170		39,563
ICICI Bank Ltd. ADR		18,000		196,740
Infosys Ltd. ADR		10,600		328,388
Larsen & Toubro Ltd. GDR - Reg S		1,204		30,401
Reliance Industries Ltd. GDR††,W		8,800		235,755
State Bank of India GDR††		1,700		71,524
Tata Motors Ltd. ADR		2,390		98,444
Wipro Ltd. ADR		7,400		84,878
TOTAL INDIA			$	1,085,693
INDONESIA – 0.4%
Adaro Energy Tbk PT††		470,600		31,686

ANNUAL REPORT / April 30, 2015

32    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
AKR Corporindo Tbk PT††		143,500	$	57,444
Aneka Tambang Persero Tbk PT††		221,500		13,541
Astra International Tbk PT††		309,500		162,869
Bank Central Asia Tbk PT††		215,500		223,130
Bank Danamon Indonesia Tbk PT††		81,122		24,814
Bank Mandiri Persero Tbk PT††		117,900		96,978
Bank Negara Indonesia Persero Tbk PT††		142,000		70,079
Bank Rakyat Indonesia Persero Tbk PT††		133,300		119,010
Bumi Resources Tbk PT*,††		1,083,000		5,990
Bumi Serpong Damai PT††		230,800		33,071
Charoen Pokphand Indonesia Tbk PT††		200,000		43,611
Gudang Garam Tbk PT††		6,700		25,751
Indo Tambangraya Megah Tbk PT††		21,000		20,391
Indocement Tunggal Prakarsa Tbk PT††		48,000		77,516
Indofood Sukses Makmur Tbk PT††		148,000		76,816
Indosat Tbk PT††		70,500		21,746
International Nickel Indones††		89,700		19,271
Kalbe Farma Tbk PT††		274,000		37,880
Lippo Karawaci Tbk PT††		501,000		45,709
Perusahaan Gas Negara Persero Tbk PT††		275,000		86,679
Semen Indonesia Persero Tbk PT††		100,500		96,643
Surya Semesta Internusa Tbk PT††		410,000		37,183
Tambang Batubara Bukit Asam Persero Tbk PT††		25,000		17,975
Telekomunikasi Indonesia Persero Tbk PT††		1,046,200		210,413
Unilever Indonesia Tbk PT††		24,000		78,703
United Tractors Tbk PT††		75,500		124,143
XL Axiata Tbk PT††		70,000		21,725
TOTAL INDONESIA			$	1,880,767
IRELAND – 1.6%
Bank of Ireland*,††		369,635		142,891
Endo International PLC*		48,664		4,090,939
Icon PLC		9,700		624,098
Kerry Group PLC††		988		72,670
Mallinckrodt PLC*		34,513		3,906,181
Permanent TSB Group Holdings PLC*,††		380		2,146
TOTAL IRELAND			$	8,838,925
ISRAEL – 0.2%
Bank Hapoalim BM††		28,839		144,252
Bank Leumi Le-Israel BM*,††		20,667		80,326
Elbit Systems Ltd.††		274		21,682
Israel Discount Bank Ltd.*,††		13,897		24,413
Mizrahi Tefahot Bank Ltd.††		2,704		30,244
Teva Pharmaceutical Industries Ltd.††		14,578		885,823
Teva Pharmaceutical Industries Ltd. ADR		2,106		127,245
TOTAL ISRAEL			$	1,313,985

Description	Number of Shares		Value
ITALY – 1.6%
Anima Holding SpA*,††		27,800	$	247,520
Assicurazioni Generali SpA††		2,595		50,704
Astaldi SpA††		28,300		246,026
Atlantia SpA††		1,615		45,422
Azimut Holding SpA††		20,400		598,796
Banca Monte Dei Paschi Siena#,††		17,224		10,615
Banco Popolare Sc*,††		888		14,039
Brembo-SpA††		8,600		344,023
Enel SpA††		114,365		542,085
Eni SpA††		23,254		446,149
ERG SpA††		10,500		150,941
Exor SpA††		99,523		4,591,408
Finmeccanica SpA*,††		2,961		37,779
Intesa Sanpaolo SpA††		25,562		85,876
Luxottica Group SpA††		392		25,816
Mediobanca SpA††		12,419		120,558
Moncler SpA††		22,100		393,558
Pirelli & C. SpA††		1,489		25,763
Prysmian SpA††		1,573		32,078
Salini Impregilo SpA††		46,600		203,340
Telecom Italia SpA ADR		4,715		55,401
UniCredit SpA††		59,895		429,935
Unione di Banche Italiane SCPA††		23,449		186,124
TOTAL ITALY			$	8,883,956
JAPAN – 14.7%
ABC-Mart, Inc.††		100		5,690
Adastria Holdings Co. Ltd.††		8,400		254,830
Aeon Co. Ltd.#		14,700		182,881
Aida Engineering Ltd.††		21,300		242,830
Ain Pharmaciez, Inc.††		4,500		158,763
Aisin Seiki Co. Ltd.††		3,900		178,339
Ajinomoto Co., Inc.††		2,000		44,345
Alfresa Holdings Corp.††		3,600		53,952
Alps Electric Co.#,††		14,600		362,670
Amada Co. Ltd.††		3,600		36,328
Aoyama Trading Co. Ltd.††		400		13,835
Asahi Glass Co. Ltd.#,††		11,000		74,030
Asahi Group Holdings Ltd.††		1,400		45,020
Asahi Intecc Co. Ltd.††		1,800		110,850
Asahi Kasei Corp.††		20,000		188,333
Asics Corp.#,††		800		20,528
Astellas Pharma, Inc.††		1,700		26,470
Bank of Kyoto Ltd.††		4,000		43,606
Bank of Yokohama Ltd.††		17,000		107,891
Benesse Holdings, Inc.††		700		21,939
Bridgestone Corp.††		2,200		92,144

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    33

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Brother Industries Ltd.††		18,700	$	297,525
Canon Marketing Japan, Inc.††		1,600		30,055
Canon, Inc.††		1,100		39,220
Casio Computer Co. Ltd.††		1,200		24,262
Central Glass Co. Ltd.††		82,000		376,764
Central Japan Railway Co.††		500		89,303
Chiba Bank Ltd.††		10,000		82,184
Chugai Pharmaceutical Co. Ltd.††		500		15,206
Chugoku Bank Ltd.††		1,500		24,099
Citizen Holdings Co. Ltd.††		7,300		57,770
Coca-Cola East Japan Co. Ltd.#,††		2,500		46,718
Coca-Cola West Co. Ltd.††		1,400		22,274
Cosmo Oil Co. Ltd.#,††		12,000		17,791
Credit Saison Co. Ltd.††		1,500		28,365
Dai Nippon Printing Co. Ltd.††		9,000		92,975
Daido Steel Co. Ltd.††		5,000		23,908
Daihatsu Motor Co. Ltd.††		6,300		91,258
Dai-ichi Life Insurance Co. Ltd.††		9,900		162,715
Daiichi Sankyo Co. Ltd.††		11,800		204,951
Dainippon Ink & Chemicals, Inc.††		7,000		21,178
Daito Trust Construction Co. Ltd.††		600		69,870
Daiwa House Industry Co. Ltd.††		3,000		66,975
Daiwa Securities Group, Inc.††		567,648		4,709,104
DCM Holdings Co. Ltd.††		28,600		238,513
Denki Kagaku Kogyo KK#,††		8,000		32,666
Denso Corp.††		100		4,965
Dentsu, Inc.††		31,365		1,462,070
Dynam Japan Holdings Co. Ltd.††		122,200		259,063
East Japan Railway Co.††		1,300		114,903
Ebara Corp.††		14,000		62,238
Eisai Co.Ltd.††		700		46,660
Eizo Nanao Corp.††		9,500		210,731
FamilyMart Co. Ltd.††		300		12,919
FANUC Corp.††		36,913		8,119,483
Fast Retailing Co. Ltd.††		200		78,776
Foster Electric Co. Ltd.††		14,900		385,577
Fuji Machine Manufacturing Co.#		14,600		180,160
FUJIFILM Holdings Corp.††		7,457		280,883
Fujitsu Ltd.††		8,000		53,027
Fukuoka Financial Group, Inc.††		14,690		84,397
Geo Holdings Corp.††		20,000		217,233
Glory Ltd.††		1,200		33,213
Gunma Bank Ltd.††		3,000		21,244
H2O Retailing Corp.††		1,000		17,993
Hachijuni Bank Ltd.††		2,000		15,591
Hakuhodo DY Holdings, Inc.††		1,300		13,912
Hamamatsu Photonics KK††		600		17,501
Hankyu Hanshin Holdings, Inc.††		2,000		12,072

Description	Number of Shares		Value
Haseko Corp.††		25,700	$	253,769
Heiwa Corp.††		19,100		398,226
Hino Motors Ltd.††		15,100		196,991
Hirose Electric Co. Ltd.#,††		315		44,353
Hiroshima Bank Ltd.††		12,000		70,090
Hitachi Capital Corp.#,††		1,800		40,779
Hitachi Chemical Co. Ltd.††		2,200		42,583
Hitachi Construction Machinery Co. Ltd.††		800		14,203
Hitachi Ltd.††		9,000		61,406
Hitachi Metals Ltd.††		2,000		31,278
Hitachi Transport System Ltd.††		1,300		20,966
Hokkaido Electric Power Co., Inc.#,*,††		2,300		21,212
Hokuhoku Financial Group, Inc.††		9,000		21,523
Honda Motor Co. Ltd.††		24,700		828,077
House Foods Corp.††		1,600		32,674
Hoya Corp.††		1,300		50,103
Ibiden Co. Ltd.#,††		6,100		106,686
Idemitsu Kosan Co. Ltd.††		1,200		23,246
IHI Corp.††		8,000		36,677
Inpex Corp.††		3,016		37,852
Isuzu Motors Ltd.††		21,700		287,608
ITOCHU Corp.††		61,200		753,560
Iyo Bank Ltd.††		3,000		37,371
J Front Retailing Co. Ltd.††		3,500		58,323
Japan Airlines Co. Ltd.††		1,200		40,011
Japan Exchange Group, Inc.††		155,518		4,493,252
Japan Tobacco, Inc.††		60,410		2,109,569
JFE Holdings, Inc.††		7,998		180,554
JGC Corp.††		2,000		41,622
Joyo Bank Ltd.††		9,000		49,229
Juroku Bank Ltd.††		3,000		11,943
JX Holdings, Inc.††		70,182		305,620
Kamigumi Co. Ltd.††		4,000		40,049
Kaneka Corp.††		9,000		62,747
Kansai Electric Power Co., Inc.*,††		5,100		51,254
Kansai Paint Co. Ltd.††		2,000		35,651
Kao Corp.††		1,400		67,045
Kawasaki Kisen Kaisha Ltd.††		21,000		54,245
Kayaba Industry Co. Ltd.††		76,000		288,564
KDDI Corp.††		22,200		525,304
Keisei Electric Railway Co. Ltd.††		1,000		11,854
Keyence Corp.††		130		69,400
Kintetsu Corp.††		12,000		42,500
Kirin Holdings Co. Ltd.††		4,300		56,916
Kobe Steel Ltd.††		64,000		116,326
Komatsu Ltd.††		53,847		1,083,355
Konica Minolta, Inc.††		8,500		93,858
K’s Holdings Corp.††		800		26,712

ANNUAL REPORT / April 30, 2015

34    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Kubota Corp.††		5,000	$	78,255
Kuraray Co. Ltd.††		4,500		60,852
Kyocera Corp.††		2,374		123,926
Kyocera Corp. ADR		200		10,392
Kyowa Exeo Corp.#,††		16,100		187,830
Kyushu Electric Power Co., Inc.*,††		2,600		27,729
Lawson, Inc.††		500		35,955
LIXIL Group Corp.††		19,103		398,174
M3, Inc.††		12,048		227,653
Mabuchi Motor Co. Ltd.††		8,200		490,998
Makita Corp.††		400		19,962
Marubeni Corp.††		79,500		492,269
Medipal Holdings Corp.††		3,400		46,384
Megmilk Snow Brand Co. Ltd.††		11,700		140,297
Miraca Holdings, Inc.#,††		3,400		171,052
Misumi Group, Inc.††		9,900		371,529
Mitsubishi Chemical Holdings Corp.††		32,500		202,353
Mitsubishi Corp.††		19,010		410,174
Mitsubishi Electric Corp.††		3,000		39,179
Mitsubishi Estate Co. Ltd.††		6,659		156,735
Mitsubishi Gas Chemical Co., Inc.††		2,000		11,176
Mitsubishi Heavy Industries Ltd.#,††		36,000		199,466
Mitsubishi Materials Corp.††		32,000		115,199
Mitsubishi Motors Corp.††		2,000		18,402
Mitsubishi UFJ Financial Group, Inc.††		262,194		1,862,718
Mitsui & Co. Ltd.††		14,037		196,323
Mitsui Chemicals, Inc.††		18,000		59,508
Mitsui Fudosan Co. Ltd.††		3,000		88,933
Mitsui OSK Lines Ltd.#,††		28,000		98,860
Mizuho Financial Group, Inc.††		634,700		1,209,917
Mochida Pharmaceutical Co. Ltd.††		2,300		157,214
MS&AD Insurance Group Holdings††		5,882		168,325
Nabtesco Corp.††		1,000		27,504
NEC Corp.††		60,000		199,621
Nhk Spring Co. Ltd.††		4,600		52,663
Nichirei Corp.††		63,000		332,542
Nikkiso Co. Ltd.#,††		27,700		259,117
Nikon Corp.††		5,900		83,889
Nintendo Co. Ltd.††		300		50,370
Nippo Corp.††		2,000		33,448
Nippon Electric Glass Co. Ltd.††		3,000		17,060
Nippon Express Co. Ltd.††		20,000		114,809
Nippon Paper Industries Co. Ltd.#,††		2,200		38,364
Nippon Shokubai Co. Ltd.††		1,000		13,807
Nippon Steel & Sumitomo Metal Corp.††		132,442		344,510
Nippon Telegraph & Telephone Corp.††		15,300		1,033,133
Nippon Yusen KK††		41,000		128,884
Nishi-Nippon City Bank Ltd.††		9,000		28,678

Description	Number of Shares		Value
Nissan Motor Co. Ltd.††		91,400	$	948,795
Nisshinbo Holdings, Inc.††		3,000		31,074
Nitto Denko Corp.††		500		32,043
NKSJ Holdings, Inc.††		3,900		127,413
Nomura Holdings, Inc.††		34,300		222,519
Nomura Real Estate Holdings, Inc.††		2,200		44,720
North Pacific Bank Ltd.#,††		8,800		34,752
NTN Corp.*,††		5,000		27,293
NTT Data Corp.††		300		13,423
NTT DoCoMo, Inc.††		26,333		466,423
Oji Paper Co. Ltd.††		31,000		137,870
Omron Corp.††		108,736		4,992,947
Open House Co. Ltd.		11,500		292,483
Oriental Land Co. Ltd.††		800		54,160
Otsuka Corp.††		900		41,453
Otsuka Holdings Co. Ltd.††		10,100		318,802
Paltac Corp.††		14,200		203,453
Panasonic Corp.††		3,300		47,269
Paramount Bed Holdings Co. Ltd.#,††		7,200		195,085
Rakuten, Inc.††		1,700		29,700
Resona Holdings, Inc.††		127,000		677,173
Ricoh Co. Ltd.††		46,600		481,599
Rinnai Corp.††		200		15,175
Sankyo Co. Ltd.††		700		26,514
Sankyu, Inc.#,††		34,000		159,458
Santen Pharmaceutical Co. Ltd.††		27,200		360,049
SBI Holdings, Inc.††		3,500		46,430
Secom Co. Ltd.††		900		63,784
Sega Sammy Holdings, Inc.††		1,600		22,337
Seiko Epson Corp.††		200		3,495
Sekisui House Ltd.††		15,100		234,060
Seven & I Holdings Co. Ltd.††		1,600		68,775
Seven Bank Ltd.††		1,000		5,388
Sharp Corp.#,*,††		11,000		23,704
Shimadzu Corp.††		18,000		210,543
Shimano, Inc.††		200		28,650
Shin-Etsu Chemical Co. Ltd.††		1,100		67,242
Shinsei Bank Ltd.#,††		18,000		36,834
Shionogi & Co. Ltd.††		600		19,779
Shizuoka Bank Y50††		2,000		22,018
Showa Denko KK#,††		19,000		25,973
Showa Shell Sekiyu KK††		5,000		48,231
Sky Perfect JSAT Holdings, Inc.††		3,700		23,175
SMC Corp.#,††		6,887		2,071,761
Softbank Corp.††		2,800		175,029
Sony Corp.††		6,525		197,262
Sumco Corp.#,††		1,000		15,088
Sumitomo Chemical Co. Ltd.††		135,000		759,233

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    35

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Sumitomo Corp.††		28,507	$	336,602
Sumitomo Electric Industries Ltd.††		17,700		250,068
Sumitomo Forestry Co. Ltd.#,††		1,000		11,591
Sumitomo Heavy Industries Ltd.††		8,000		49,704
Sumitomo Metal Mining Co. Ltd.††		41,798		612,642
Sumitomo Mitsui Financial Group, Inc.#,††		30,000		1,309,937
Sumitomo Mitsui Trust Holdings, Inc.††		59,000		259,715
Sumitomo Rubber Industries Ltd.††		5,300		98,269
Suruga Bank Ltd.††		1,000		22,043
Suzuken Co. Ltd.††		7,260		227,183
Suzuki Motor Corp.††		1,123		36,298
Sysmex Corp.††		79,569		4,402,693
T&D Holdings, Inc.††		11,300		163,057
Takashimaya Co. Ltd.††		7,000		65,327
Takeda Pharmaceutical Co. Ltd.#,††		600		30,805
Takeuchi Manufacturing Co. Ltd.††		8,700		421,342
TDK Corp.††		2,700		194,487
Technopro Holdings, Inc.*,††		18,100		503,032
Teijin Ltd.††		129,000		438,209
Temp Holdings Co. Ltd.††		6,200		196,373
Tokai Rika Co. Ltd.††		900		21,989
Tokio Marine Holdings, Inc.††		56,905		2,319,773
Tokyu Corp.††		8,000		53,189
Toppan Printing Co. Ltd.††		6,000		50,306
Toray Industries, Inc.††		2,000		17,385
Tosoh Corp.††		6,000		32,168
TOTO Ltd.††		1,000		14,147
Towa Pharmaceutical Co. Ltd.#,††		5,100		269,703
Toyo Ink SC Holdings Co. Ltd.††		1,000		4,762
Toyo Seikan Kaisha Ltd.††		4,800		75,901
Toyo Tire & Rubber Co. Ltd.††		18,000		344,792
Toyoda Gosei Co. Ltd.††		19,900		460,418
Toyota Motor Corp.††		6,600		459,420
Toyota Tsusho Corp.		4,600		118,274
Trend Micro, Inc./Japan††		8,100		274,035
Tsuruha Holdings, Inc.††		6,300		456,931
Ube Industries Ltd.††		15,000		24,886
Unicharm Corp.††		1,400		35,238
UNY Group Holdings Co. Ltd.††		6,000		33,927
Yahoo Japan Corp.††		3,200		13,073
Yamada Denki Co. Ltd.#,††		11,000		45,024
Yamaguchi Financial Group, Inc.#,††		4,000		50,139
Yamaha Motor Co. Ltd.††		1,300		30,592
Yamato Holdings Co. Ltd.††		1,100		24,619
Yamato Kogyo Co. Ltd.††		700		16,470
Yamazaki Baking Co. Ltd.††		3,000		53,102
Yaskawa Electric Corp.††		304,508		4,183,792
Yokogawa Electric Corp.#,††		700		8,198

Description	Number of Shares		Value
Yokohama Rubber Co. Ltd.††		42,100	$	453,020
Zenkoku Hosho Co. Ltd.††		21,700		801,158
Zojirushi Corp.#,††		16,000		218,798
TOTAL JAPAN			$	79,543,850
JORDAN – 0.1%
Al Eqbal Co. For Investment P††		1,440		27,766
Arab Bank PLC††		25,110		224,826
Arab Potash Co.††		2,100		47,209
Bank of Jordan††		8,070		30,477
Capital Bank of Jordan††		11,634		25,265
Jordan Ahli Bank*,††		20,342		35,219
Jordan Petroleum Refinery Co.††		8,078		64,438
Jordan Phosphate Mines††		1,700		15,638
Jordan Telecommunications Co. PSC††		4,950		20,557
Jordanian Electric Power Co.††		12,017		45,063
TOTAL JORDAN			$	536,458
KAZAKHSTAN – 0.1%
Halyk Savings Bank of Kazakhstan JSC GDR††		10,490		81,417
Kazakhmys PLC*,††		38,412		152,766
Kazkommertsbank JSC GDR#,*,††		28,000		89,076
KazMunaiGas Exploration Production JSC GDR††		9,600		109,189
KCell JSC GDR††		8,400		70,754
Nostrum Oil & Gas PLC*,††		4,923		46,335
TOTAL KAZAKHSTAN			$	549,537
KENYA – 0.1%
ARM Cement Ltd.††		31,800		25,530
Bamburi Cement Co. Ltd.††		6,600		10,465
Barclays Bank of Kenya Ltd.††		135,900		22,921
East African Breweries Ltd.††		25,180		85,297
Equity Bank Ltd.††		141,500		73,708
Kenya Airways Ltd.*,††		154,800		11,623
Kenya Commercial Bank Ltd.††		128,700		85,131
Kenya Power & Lighting Ltd.††		58,087		10,501
Nation Media Group Ltd.††		16,244		40,099
Safaricom Ltd.††		782,500		144,016
Standard Chartered Bank Kenya Ltd.††		10,458		37,964
TOTAL KENYA			$	547,255
LATVIA – 0.0%**
Latvian Shipping Co.*,††		36,206		15,391
LEBANON – 0.0%**
Solidere GDR#,*,††		19,314		213,889
LITHUANIA – 0.0%**
Apranga PVA††		22,400		74,352

ANNUAL REPORT / April 30, 2015

36    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Invalda Privatus Kapitalas AB*,††		7,855	$	15,303
Lesto AB††		19,018		20,927
Lietuvos Energijos Gamyba AB††		10,949		10,863
Litgrid AB††		8,818		6,920
Panevezio Statybos Trestas††		16,900		19,710
Pieno Zvaigzdes††		10,687		18,965
Siauliu Bankas*,††		72,546		24,344
TOTAL LITHUANIA			$	191,384
LUXEMBOURG – 0.1%
Aperam*,††		10,000		381,238
MALAYSIA – 0.5%
Alliance Financial Group Bhd††		14,400		19,114
AMMB Holdings Bhd††		18,600		33,781
Astro Malaysia Holdings Bhd††		21,000		18,489
Axiata Group Bhd††		37,600		71,053
Batu Kawan Bhd††		7,300		37,221
Boustead Holdings Bhd††		17,400		22,544
British American Tobacco Malaysia Bhd††		1,800		33,789
Bumi Armada Bhd††		102,000		33,990
CIMB Group Holdings Bhd††		32,500		53,765
Dialog Group Bhd††		65,520		29,721
DiGi.Com Bhd††		35,500		59,848
Felda Global Ventures Holdings Bhd††		27,800		16,128
Gamuda Bhd††		47,300		69,420
Genting Bhd††		235,108		577,133
Genting Malaysia Bhd††		44,500		53,638
Hong Leong Bank Bhd††		6,400		25,261
IHH Healthcare Bhd††		119,700		198,698
IJM Corp. Bhd††		24,060		49,544
IOI Corp. Bhd††		37,780		45,998
IOI Properties Group Bhd*,††		24,189		14,496
KLCC Property Holdings Bhd††		11,200		22,183
Kuala Lumpur Kepong Bhd††		5,700		35,461
Lafarge Malayan Cement Bhd††		16,000		43,313
Magnum Bhd††		20,738		15,881
Malayan Banking Bhd††		26,790		69,228
Maxis Bhd††		23,100		44,922
MMC Corp. Bhd††		24,100		18,198
Muhibbah Engineering M Bhd††		32,000		22,438
Petronas Chemicals Group Bhd††		53,700		88,299
Petronas Dagangan Bhd††		11,100		66,719
Petronas Gas Bhd††		6,200		39,530
PPB Group Bhd††		8,100		34,843
Public Bank Bhd††		12,900		70,524
RHB Capital Bhd††		18,000		39,852
Sapurakencana Petroleum Bhd*,††		123,217		91,752

Description	Number of Shares		Value
Sime Darby Bhd††		52,346	$	133,003
Ta Ann Holdings Bhd††		19,008		19,988
Telekom Malaysia Bhd††		22,900		47,551
Tenaga Nasional Bhd††		30,725		123,660
Top Glove Corp. Bhd††		25,100		39,509
UMW Holdings Bhd††		7,100		21,190
UMW Oil & Gas Corp. Bhd††		53,900		33,094
WCT Holdings Bhd††		41,193		21,079
YTL Corp. Bhd††		57,476		26,931
YTL Power International Bhd*,††		37,501		16,825
TOTAL MALAYSIA			$	2,649,604
MAURITIUS – 0.1%
Alteo Ltd.††		36,100		33,998
CIM Financial Services Ltd.††		191,700		49,378
Lux Island Resorts Ltd.††		7,000		11,847
MCB Group Ltd.*,††		33,000		192,475
New Mauritius Hotels Ltd.††		45,057		79,506
Rogers & Co. Ltd.††		71,000		60,170
SBM Holdings Ltd.††		3,060,000		83,401
Sun Resorts Ltd. Class A*,††		21,165		23,968
TOTAL MAURITIUS			$	534,743
MEXICO – 0.7%
Alfa SAB de CV		100,800		204,662
America Movil SAB de CV		675,224		707,704
Arca Continental SAB de CV		10,200		62,568
Cemex SAB de CV*		318,373		307,333
Coca-Cola Femsa SAB de CV		8,700		69,574
Compartamos SAB de CV		108,000		184,857
Empresas ICA SAB de CV*		20,800		18,438
Fomento Economico Mexicano SAB de CV		30,400		275,070
Grupo Aeroportuario del Centro Norte SABde CV		5,400		26,961
Grupo Aeroportuario del Pacifico SAB de CV		14,700		104,468
Grupo Aeroportuario del Sureste SAB de CV		2,300		32,541
Grupo Bimbo SAB de CV		43,000		115,278
Grupo Carso SAB de CV		20,100		83,822
Grupo Elektra SA de CV		1,460		37,666
Grupo Financiero Banorte SAB de CV		59,900		339,793
Grupo Financiero Inbursa SAB de CV		86,100		205,681
Grupo Mexico SAB de CV		66,221		204,637
Grupo Televisa SAB		32,000		232,981
Impulsora del Desarrollo y El Empleo en America Latina SAB de CV*		28,295		62,337
Industrias CH SAB de CV*		7,500		30,588
Industrias Penoles SAB de CV		3,930		66,602
Kimberly-Clark de Mexico SAB de CV		22,000		48,440
Mexichem SAB de CV		29,605		84,693

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    37

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Minera Frisco SAB de CV*		16,600	$	13,741
Organizacion Soriana SAB de CV		10,800		26,426
Promotora y Operadora de Infraestructura SAB de CV*		10,400		119,306
TV Azteca SAB de CV		95,000		28,979
Walmart de Mexico SAB de CV		85,200		200,477
TOTAL MEXICO			$	3,895,623
MOROCCO – 0.1%
Attijariwafa Bank††		2,400		89,307
Auto Hall††		2,300		21,509
Banque Centrale Populaire††		2,450		56,558
BMCE Bank††		2,000		45,542
Cie Generale Immobiliere††		190		7,105
Douja Promotion Groupe Addoha SA††		5,000		15,961
Holcim Maroc SA††		240		55,210
Lafarge Ciments††		460		80,841
Maroc Telecom SA††		10,200		135,906
TOTAL MOROCCO			$	507,939
NETHERLANDS – 2.1%
Aegon NV††		66,621		525,634
ArcelorMittal#,††		6,059		64,477
ArcelorMittal, NY Reg. Shares#		20,624		220,471
ASM International NV††		3,500		169,932
ASML Holding NV#,††		1,037		111,595
BE Semiconductor Industry††		5,900		168,282
Corbion NV*,††		11,200		255,790
Delta Lloyd NV††		4,341		82,093
Euronext NV††		7,900		331,649
European Aeronautic Defence and Space Co. NV		1,139		78,935
Fiat Chrysler Automobiles NV#		1,513		22,317
Fugro NV††		650		18,694
Heineken NV*,††		29,224		2,302,211
ING Groep NV*,††		75,113		1,152,351
Koninklijke Ahold NV††		29,832		577,970
Koninklijke Bam Groep NV#,††		47,800		199,259
Koninklijke Boskalis Westminster NV††		2,279		118,418
Koninklijke DSM NV††		4,268		243,407
Koninklijke KPN NV††		15,000		55,616
Koninklijke Philips NV††		11,662		334,050
Koninklijke Philips NV		7,619		217,980
NXP Semiconductors NV		41,520		3,990,902
PostNL NV††		37,000		183,746
Randstad Holding NV††		480		28,628
TNT Express NV††		1,322		11,285
Unilever NV††		3,077		134,221
TOTAL NETHERLANDS			$	11,599,913

Description	Number of Shares		Value
NEW ZEALAND – 0.0%**
Air New Zealand Ltd.††		14,500	$	29,798
Auckland International Airport Ltd.††		6,006		21,076
Contact Energy Ltd.††		7,123		30,846
Fletcher Building Ltd.††		5,027		31,822
TOTAL NEW ZEALAND			$	113,542
NIGERIA – 0.1%
Access Bank PLC††		866,753		26,032
Dangote Cement PLC††		51,150		47,221
Ecobank Transnational, Inc.††		306,748		31,874
FBN Holdings PLC††		629,542		30,881
Forte Oil PLC††		55,651		49,387
Guaranty Trust Bank PLC††		576,410		83,237
Guinness Nigeria PLC††		29,925		25,360
Lafarge Cement WAPCO Nigeria PLC††		36,300		17,139
Nestle Nigeria PLC††		7,636		36,472
Nigerian Breweries PLC††		70,380		55,588
Oando PLC††		308,975		27,990
Seplat Petroleum Development Co. PLC††		17,254		33,541
UAC of Nigeria PLC††		162,220		34,181
Unilever Nigeria PLC††		79,800		16,904
United Bank for Africa PLC††		812,013		21,487
Zenith Bank PLC††		535,775		56,602
TOTAL NIGERIA			$	593,896
NORWAY – 0.3%
Akastor ASA††		954		1,862
Aker Solutions ASA††		954		5,808
Petroleum Geo-Services ASA††		2,167		14,388
Salmar ASA#,††		18,800		305,226
Seadrill Ltd.#		6,288		81,559
Statoil ASA††		29,485		625,093
Storebrand ASA*,††		10,389		36,732
Subsea 7 SA#,††		2,902		32,235
Telenor ASA††		3,856		87,088
Yara International ASA††		8,200		420,147
TOTAL NORWAY			$	1,610,138
OMAN – 0.1%
Al-Anwar Ceramic Tile Co.††		16,080		17,084
Bank Dhofar SAOG††		56,744		41,671
Bank Muscat SAOG		7,928		—
Bank Sohar††		56,074		26,243
BankMuscat SAOG††		56,049		76,583
Dhofar International Development & Investment Holding Co.††		14,336		18,362
Galfar Engineering & Contracting SAOG††		85,058		27,923
National Bank of Oman SAOG††		59,742		48,491
Oman Cement Co.††		23,240		30,951

ANNUAL REPORT / April 30, 2015

38    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Oman Flour Mills Co. SAOG††		16,000	$	20,814
Oman Oil Marketing Co.		7,300		42,278
Oman Telecommunications Co. SAOG††		31,500		132,521
Renaissance Services SAOG††		11,992		11,113
TOTAL OMAN			$	494,034
PANAMA – 0.0%**
Copa Holdings SA Class A#		1,941		215,237
PAPUA NEW GUINEA – 0.0%**
Oil Search Ltd.††		3,898		24,747
PERU – 0.2%
Alicorp SA		51,200		98,933
BBVA Banco Continental SA		16,829		22,736
Cia de Minas Buenaventura SA ADR		5,000		55,900
Credicorp Ltd.		2,250		343,238
Edegel SAA		37,100		41,709
Ferreycorp SAA		60,958		26,673
Grana y Montero SA		32,600		52,581
Inretail Peru Corp.*		3,106		46,279
Luz del Sur SAA		6,400		21,810
Minsur SA		35,670		14,924
Sociedad Minera Cerro Verde SAA*		1,400		33,642
Sociedad Minera el Brocal SA		4,000		9,939
Southern Copper Corp.#		7,159		233,240
Volcan Cia Minera SAA		131,614		25,642
TOTAL PERU			$	1,027,246
PHILIPPINES – 0.4%
Aboitiz Equity Ventures, Inc.††		31,200		39,627
Aboitiz Power Corp.††		81,200		78,175
Alliance Global Group, Inc.††		57,000		32,393
Ayala Corp.††		5,200		90,929
Ayala Land, Inc.††		94,700		81,929
Bank of the Philippine Islands††		27,653		62,807
BDO Unibank, Inc.††		25,762		63,000
Bloomberry Resorts Corp.*,††		158,600		39,794
D&L Industries, Inc.††		89,100		39,921
Emperador, Inc.††		132,700		34,485
Energy Development Corp.††		465,500		84,425
First Gen Corp.††		89,800		56,526
Globe Telecom, Inc.††		1,450		70,892
GT Capital Holdings, Inc.††		1,680		47,336
International Container Terminal Services, Inc.††		16,400		40,452
JG Summit Holdings, Inc.††		50,900		81,534
Jollibee Foods Corp.††		33,800		150,831
LT Group, Inc.††		110,800		36,991
Manila Electric Co.††		16,210		94,749

Description	Number of Shares		Value
Metro Pacific Investments Corp.††		190,000	$	19,293
Metropolitan Bank & Trust††		26,134		54,479
Philex Mining Corp.††		216,150		33,779
Philippine Long Distance Telephone Co.††		3,600		225,894
Puregold Price Club, Inc.††		50,000		44,503
Robinsons Retail Holdings, Inc.††		20,320		39,714
San Miguel Corp.††		13,000		19,976
Semirara Mining And Power Co.††		23,100		85,800
SM Investments Corp.††		5,162		104,286
SM Prime Holdings, Inc.††		170,300		71,213
Universal Robina Corp.††		32,100		156,539
TOTAL PHILIPPINES			$	2,082,272
POLAND – 0.4%
AmRest Holdings SE*,††		2,700		98,400
Asseco Poland SA††		7,073		119,157
Bank Pekao SA††		2,850		148,139
BRE Bank SA		390		50,440
Budimex SA#,††		730		35,672
Cyfrowy Polsat SA††		6,760		47,127
Energa SA††		4,947		34,295
Eurocash SA††		4,940		50,106
Getin Noble Bank SA*,††		54,005		26,813
Grupa Kety SA††		385		33,816
Grupa Lotos SA*,††		2,600		22,205
ING Bank Slaski SA††		2,000		78,823
Jastrzebska Spolka Weglowa SA#,††		6,600		26,295
Kernel Holding SA*,††		9,932		95,816
KGHM Polska Miedz SA††		5,069		177,732
Kruk SA††		1,654		70,348
LPP SA††		50		106,200
Lubelski Wegiel Bogdanka SA#,††		700		17,070
Netia SA††		39,573		64,749
Orbis SA††		1,520		23,238
PGE SA††		27,800		159,965
Polski Koncern Naftowy Orlen SA††		10,795		205,014
Polskie Gornictwo Naftowe i Gazownictwo SA††		58,932		106,296
Powszechna Kasa Oszczednosci Bank Polski SA††		21,090		210,909
Powszechny Zaklad Ubezpieczen SA††		1,220		159,118
Synthos SA††		33,729		44,175
Tauron Polska Energia SA††		47,180		63,103
Telekomunikacja Polska SA#,††		26,910		76,225
TVN SA††		6,666		31,473
TOTAL POLAND			$	2,382,719
PORTUGAL – 0.0%**
Banco Comercial Portugues SA††		394,943		39,329

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    39

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Banco Espirito Santo SA*,††		15,937	$	—
EDP - Energias de Portugal SA††		11,747		46,969
EDP Renovaveis SA††		5,470		38,237
TOTAL PORTUGAL			$	124,535
QATAR – 0.2%
Al Meera Consumer Goods Co.††		1,000		67,510
Barwa Real Estate Co.††		4,800		65,645
Commercial Bank of Qatar QSC††		2,530		39,136
Doha Bank QSC††		3,322		49,706
Gulf International Services QSC††		3,625		88,473
Industries Qatar QSC††		3,900		154,753
Masraf Al Rayan††		10,600		140,146
Ooredoo QSC††		2,600		70,645
Qatar Electricity & Water Co.††		1,080		62,631
Qatar Gas Transport Co. Nakilat††		8,700		54,094
Qatar Islamic Bank††		2,200		60,266
Qatar National Bank SAQ††		2,000		108,498
Qatar National Cement Co.††		1,672		55,564
Qatar Navigation††		1,703		47,004
TOTAL QATAR			$	1,064,071
ROMANIA – 0.1%
Banca Transilvania*,††		345,830		215,137
BRD-Groupe Societe Generale*,††		68,300		184,526
OMV Petrom SA††		1,206,500		120,188
Societatea Nationala De Gaze Naturale ROMGAZ SA††		5,414		49,965
Transelectrica SA††		2,450		17,597
TOTAL ROMANIA			$	587,413
RUSSIA – 0.8%
CTC Media, Inc.		16,400		57,236
Federal Hydrogenerating Co. JSC ADR		141,960		167,513
Gazprom Neft OAO ADR		1,400		19,306
Gazprom OAO ADR		90,210		530,435
Globaltrans Investment PLC GDR††		11,780		58,311
Lenta Ltd.-Reg S††		5,658		49,354
LSR Group GDR††		17,440		48,448
Lukoil OAO ADR††		8,000		409,244
Magnit OJSC GDR††		7,926		434,841
Mail.Ru Group Ltd. GDR*,††		4,643		110,756
MegaFon OAO GDR††		7,446		126,298
MMC Norilsk Nickel OJSC ADR (B114RK6)††		14,910		280,868
Mobile Telesystems OJSC ADR		9,500		114,760
NovaTek OAO GDR††		1,350		130,714
Novolipetsk Steel OJSC GDR††		7,200		95,062
OTCPharm PJSC*,††		3,313		2,984
Pharmstandard OJSC GDR*,††		3,313		16,173

Description	Number of Shares		Value
QIWI PLC ADR#		1,600	$	43,424
Rosneft OAO GDR††		20,548		101,388
Rostelecom OJSC ADR††		6,038		56,663
Sberbank of Russia ADR		67,867		409,917
Severstal OAO GDR††		11,080		122,827
Sistema JSFC GDR††		20,411		154,158
Surgutneftegas OAO ADR		17,807		128,923
Tatneft OAO ADR††		4,000		137,209
TMK OAO GDR††		4,860		19,696
Uralkali OJSC GDR††		8,100		119,133
VimpelCom Ltd. ADR		21,300		120,771
VTB Bank OJSC GDR††		64,826		160,336
X5 Retail Group NV GDR*,††		3,800		76,934
Yandex NV*		10,100		194,324
TOTAL RUSSIA			$	4,498,006
SINGAPORE – 1.3%
Avago Technologies Ltd.		33,467		3,911,623
CapitaLand Ltd.††		13,405		37,304
City Developments Ltd.††		10,000		80,459
DBS Group Holdings Ltd.††		64,000		1,016,984
Global Logistic Properties Ltd.††		17,000		35,259
Golden Agri-Resources Ltd.††		126,000		39,860
Jardine Cycle & Carriage Ltd.††		1,000		30,471
Noble Group Ltd.††		92,000		59,912
Oversea-Chinese Banking Corp.††		8,000		64,423
Singapore Airlines Ltd.††		14,000		128,999
Singapore Exchange Ltd.††		7,000		44,995
Singapore Telecommunications Ltd.††		33,000		110,273
United Overseas Bank Ltd.††		49,028		905,301
UOL Group Ltd.††		4,000		24,052
Venture Corp. Ltd.††		5,000		31,888
Wilmar International Ltd.††		27,000		66,315
Wing Tai Holdings Ltd.††		107,000		158,332
TOTAL SINGAPORE			$	6,746,450
SLOVENIA – 0.1%
Cinkarna Celje††		306		71,372
Krka d.d., Novo mesto††		2,280		175,648
Petrol DD Ljubljana††		210		66,706
Telekom Slovenije DD††		600		76,728
Zavarovalnica Triglav DD††		3,470		110,569
TOTAL SLOVENIA			$	501,023
SOUTH AFRICA – 0.8%
African Bank Investments Ltd.#,††		36,266		—
African Rainbow Minerals Ltd.††		2,100		19,160
Anglo American Platinum Ltd.*,††		800		22,096

ANNUAL REPORT / April 30, 2015

40    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
AngloGold Ashanti Ltd.††		5,430	$	61,665
Aspen Pharmacare Holdings Ltd.††		4,808		146,209
Aveng Ltd.††		21,500		19,298
AVI Ltd.††		5,800		39,745
Barclays Africa Group Ltd.††		3,700		59,267
Barloworld Ltd.††		7,800		62,224
Bidvest Group Ltd.††		6,970		188,915
Discovery Ltd.††		3,999		44,379
Exxaro Resources Ltd.#,††		1,400		11,461
FirstRand Ltd.††		25,000		119,427
Foschini Group Ltd.		4,400		65,149
Gold Fields Ltd.††		15,890		73,363
Grindrod Ltd.††		17,500		23,937
Growthpoint Properties Ltd.††		19,600		45,973
Harmony Gold Mining Co. Ltd.††		8,390		16,149
Impala Platinum Holdings Ltd.††		7,674		42,710
Imperial Holdings Ltd.††		1,900		31,818
Kumba Iron Ore Ltd.#,††		1,560		21,041
Liberty Holdings Ltd.††		3,300		46,021
Life Healthcare Group Holdings Ltd.††		10,800		37,092
Massmart Holdings Ltd.††		1,574		19,792
MMI Holdings Ltd.††		22,679		64,526
Mr. Price Group Ltd.††		2,100		44,835
MTN Group Ltd.††		34,400		690,715
Murray & Roberts Holdings Ltd.*,††		26,380		29,183
Nampak Ltd.††		5,000		17,907
Naspers Ltd.††		3,771		591,616
Nedbank Group Ltd.††		2,600		56,158
Netcare Ltd.††		12,300		43,028
Pick n Pay Stores Ltd.#,††		8,300		39,740
PPC Ltd.#,††		10,921		15,643
Remgro Ltd.††		5,090		113,058
Reunert Ltd.††		3,450		17,596
RMB Holdings Ltd.††		7,800		46,938
RMI Holdings		17,600		69,214
Sanlam Ltd.††		19,700		127,412
Sasol Ltd.††		5,970		240,373
Shoprite Holdings Ltd.††		3,920		56,087
Sibanye Gold Ltd.††		14,690		34,864
Standard Bank Group Ltd.††		13,540		198,468
Steinhoff International Holdings Ltd.#,††		15,300		97,083
Tiger Brands Ltd.††		2,090		54,397
Truworths International Ltd.††		4,900		35,713
Vodacom Group Ltd.#,††		6,700		83,532
Wilson Bayly Holmes-Ovcon Ltd.††		4,800		44,974
Woolworths Holdings Ltd.††		7,280		54,766
TOTAL SOUTH AFRICA			$	4,084,717

Description	Number of Shares		Value
SOUTH KOREA – 1.7%
Amorepacific Corp.		40	$	144,925
BS Financial Group, Inc.††		3,215		48,063
Celltrion, Inc.††		2,762		219,898
Coway Co. Ltd.††		210		17,636
Daewoo Engineering & Construction Co. Ltd.*,††		4,364		28,892
Doosan Heavy Industries & Construction Co. Ltd.††		1,030		29,223
E-Mart Co. Ltd.††		421		86,732
Green Cross Corp.††		337		55,525
Green Cross Holdings Corp.††		2,178		59,253
GS Holdings††		1,300		60,643
Hana Financial Group, Inc.††		2,898		85,305
Hyosung Corp.††		550		60,835
Hyundai Department Store Co. Ltd.††		430		58,370
Hyundai Glovis Co. Ltd.††		270		59,226
Hyundai Heavy Industries Co. Ltd.††		297		38,589
Hyundai Mobis††		363		79,816
Hyundai Motor Co.††		990		155,372
Hyundai Steel Co.††		690		50,433
KB Financial Group, Inc.††		2,873		109,560
KCC Corp.††		35		17,940
Kia Motors Corp.††		1,355		62,441
KJB Financial Group Co. Ltd.††		190		1,416
KNB Financial Group Co. Ltd.††		290		2,739
Korea Electric Power Corp.††		2,500		108,710
Korea Zinc Co. Ltd.††		200		89,071
Korean Air Lines Co. Ltd.*,††		644		27,484
KT Corp.††		1,531		45,256
KT&G Corp.††		1,270		112,471
LG Chem Ltd.††		418		105,590
LG Corp.††		1,030		63,911
LG Display Co. Ltd.*,††		2,660		73,664
LG Electronics, Inc.††		770		43,299
LG Household & Health Care Ltd.††		150		110,205
LG Uplus Corp.††		2,560		25,611
Lotte Chemical Corp.††		380		88,158
Lotte Shopping Co. Ltd.††		190		45,822
Macquarie Korea Infrastructure Fund††		5,769		42,597
Medy-Tox, Inc.††		218		75,363
Naturalendo Tech Co. Ltd.††		863		27,474
NHN Corp.††		197		119,122
OCI Co. Ltd.*,††		270		24,885
POSCO††		720		169,606
Samsung C&T Corp.††		850		45,141
Samsung Card Co. Ltd.††		1,000		38,265
Samsung Electronics Co. Ltd. GDR††		545		714,960

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    41

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Samsung Fire & Marine Insurance Co. Ltd.††		380	$	100,116
Samsung Heavy Industries Co. Ltd.††		1,680		28,297
Samsung Life Insurance Co. Ltd.††		1,300		127,156
Samsung Sdi Co. Ltd. Krw5000 0640††		393		43,753
Shinhan Financial Group Co. Ltd.††		4,050		167,622
SK Holdings Co. Ltd.††		320		55,100
SK Hynix, Inc.*,††		107,521		4,600,295
SK Innovation Co. Ltd.††		600		65,673
SK Telecom Co. Ltd.††		520		139,346
S-Oil Corp.††		740		50,419
ViroMed Co. Ltd.††		658		71,000
Woori Bank††		2,508		25,054
Woori Investment & Securities Co. Ltd.††		2,868		39,706
Yuhan Corp.††		339		73,036
TOTAL SOUTH KOREA			$	9,316,070
SPAIN – 1.8%
ACS Actividades de Construccion y Servicios SA††		4,845		170,717
Amadeus IT Holding SA††		1,985		90,480
Banco Bilbao Vizcaya Argentaria SA††		343,357		3,450,084
Banco de Sabadell SA#,††		78,996		211,271
Banco Popular Espanol SA††		35,999		187,305
Banco Santander SA††		291,403		2,203,175
Banco Santander SA - Temp Line*		5,158		39,128
CaixaBank††		17,080		85,666
Cemex Latam Holdings SA		4,828		26,957
Gamesa Corp. Tecnologica SA#,*,††		41,439		554,139
Grifols SA††		850		36,067
Iberdrola SA††		115,705		774,448
Inditex Sm#		1,925		61,772
Mapfre SA††		195,272		725,651
Red Electrica Corp. SA††		761		63,867
Repsol SA††		33,130		682,941
Telefonica SA††		19,023		289,539
TOTAL SPAIN			$	9,653,207
SWEDEN – 2.6%
Assa Abloy AB††		1,611		93,460
Atlas Copco AB Class A††		86,076		2,686,689
Atlas Copco AB Class B††		1,468		40,876
Axfood AB††		11,500		181,673
Boliden AB††		20,099		436,665
Elekta AB††		731		6,840
Getinge AB††		1,185		28,801
Hennes & Mauritz AB††		1,299		51,644
Hexagon AB††		1,146		42,448
Hexpol AB††		3,100		332,200
Holmen AB††		346		11,448

Description	Number of Shares		Value
Investor AB††		49,719	$	2,025,937
Inwido AB*,††		20,100		220,976
Lundin Petroleum AB*,††		1,490		24,118
Meda AB††		23,882		400,869
Mycronic AB††		43,600		316,958
Nordea Bank AB††		49,164		624,635
Saab AB#,††		8,200		211,664
Sandvik AB#,††		96,012		1,213,503
Securitas AB Class B††		25,700		384,333
Skandinaviska Enskilda Banken AB††		45,519		575,209
SKF AB††		1,793		43,794
SSAB AB Class A#,*,††		3,828		23,157
SSAB AB Class B*,††		1,865		9,686
Svenska Cellulosa AB††		11,459		289,855
Svenska Handelsbanken AB††		3,510		162,018
Swedbank AB††		10,000		232,527
Swedish Match AB††		603		18,563
Tele2 AB††		6,995		93,298
Telefonaktiebolaget LM Ericsson ADR		5,941		64,876
Telefonaktiebolaget LM Ericsson Class B††		41,125		449,776
TeliaSonera AB††		104,492		649,640
Volvo AB††		134,743		1,861,502
TOTAL SWEDEN			$	13,809,638
SWITZERLAND – 9.2%
ABB Ltd.††		99,412		2,178,360
Actelion Ltd.††		36,629		4,819,675
Adecco SA††		3,459		281,897
Aryzta AG††		2,543		171,594
Baloise Holding AG††		3,851		501,155
Barry Callebaut AG††		17		20,623
Bucher Industries AG††		1,000		251,348
Cembra Money Bank AG††		5,100		339,293
Cie Financiere Richemont SA††		31,465		2,804,569
Clariant AG††		6,591		144,703
Credit Suisse Group AG††		44,147		1,168,441
Dufry AG††		297		43,670
Forbo Holdings AG††		150		181,667
Geberit AG††		190		67,293
Givaudan SA††		32		59,878
Helvetia Holding AG††		600		340,886
Holcim Ltd.††		30,377		2,440,200
Julius Baer Group Ltd.*,††		2,140		112,009
Lonza Group AG††		811		114,667
Nestle SA*,††		40,044		3,106,783
Novartis AG*,††		96,588		9,858,949
OC Oerlikon Corp. AG		1,761		23,037
Pargesa Holding SA††		3,700		269,498

ANNUAL REPORT / April 30, 2015

42    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Partners Group Holding AG††		37	$	11,597
Roche Holding AG††		30,357		8,686,810
Schindler Holding AG (B11TCY0)††		282		47,705
SGS SA††		23		44,565
Sika AG††		13		44,620
Sonova Holding AG*,††		100		13,815
Sulzer AG††		391		43,631
Swatch Group AG††		4,094		1,830,245
Swatch Group Ag/The††		237		20,999
Swiss Life Holding AG††		2,972		705,258
Swiss Re AG††		10,090		895,058
Syngenta AG††		7,837		2,622,494
U-Blox AG††		3,888		738,199
UBS Group AG††		157,504		3,146,510
Wolseley PLC††		644		38,089
Zurich Financial Services AG††		5,135		1,584,936
TOTAL SWITZERLAND			$	49,774,726
TAIWAN – 1.5%
Acer, Inc.*,††		80,222		52,458
Advanced Semiconductor Engineering, Inc.††		37,804		53,611
Asia Cement Corp.††		43,020		54,399
Asustek Computer, Inc.††		4,700		49,793
AU Optronics Corp.††		147,126		73,835
Catcher Technology Co. Ltd.††		9,438		110,442
Cathay Financial Holding Co. Ltd.††		68,479		119,635
Chang Hwa Commercial Bank††		34,283		20,947
Cheng Shin Rubber Industry Co. Ltd.††		26,358		63,081
China Development Financial Holding Corp.††		192,750		80,306
China Steel Corp.††		130,232		109,389
Chunghwa Telecom Co. Ltd.††		47,024		151,760
Compal Electronics, Inc.††		59,736		54,385
CTBC Financial Holding Co. Ltd.††		154,622		120,354
Delta Electronics, Inc.††		9,888		59,501
D-Link Corp.††		36,766		19,036
E.Sun Financial Holding Co. Ltd.††		49,911		34,176
Far Eastern Department Stores Co. Ltd.††		70,264		56,471
Far Eastern New Century Corp.††		60,270		66,201
Far EasTone Telecommunications Co. Ltd.††		42,000		100,139
First Financial Holding Co. Ltd.††		98,459		61,899
Formosa Chemicals & Fibre Corp.††		37,198		94,787
Formosa Petrochemical Corp.††		28,990		74,738
Formosa Plastics Corp.††		51,601		132,645
Foxconn Technology Co. Ltd.††		21,994		62,684
Fubon Financial Holding Co. Ltd.††		71,314		153,365
Giant Manufacturing Co. Ltd.††		3,000		25,875

Description	Number of Shares		Value
Hon Hai Precision Industry Co. Ltd.††		65,675	$	196,792
Hotai Motor Co. Ltd.††		7,000		121,285
HTC Corp.††		9,465		38,970
Hua Nan Financial Holdings Co. Ltd.††		74,898		46,008
Innolux Corp.††		53,624		27,661
Inotera Memories, Inc.††		2,982,085		3,424,599
Largan Precision Co. Ltd.††		1,000		100,206
Lite-On Technology Corp.††		34,401		43,465
MediaTek, Inc.††		11,082		142,450
Mega Financial Holding Co. Ltd.††		76,175		67,755
Nan Kang Rubber Tire Co. Ltd.††		15,599		16,025
Nan Ya Plastics Corp.††		55,597		136,646
Novatek Microelectronics Corp.††		10,145		53,024
Pou Chen Corp.††		37,157		52,070
President Chain Store Corp.††		7,496		55,472
Quanta Computer, Inc.††		16,571		41,575
Realtek Semiconductor Corp.††		14,315		44,582
Shin Kong Financial Holding Co. Ltd.††		72,165		23,405
Siliconware Precision Industries Co.††		36,000		59,141
SinoPac Financial Holdings Co. Ltd.††		73,546		33,335
Synnex Technology International Corp.††		23,941		33,922
Tainan Spinning Co. Ltd.††		118,619		68,816
Taishin Financial Holding Co. Ltd.††		124,182		56,848
Taiwan Cement Corp.††		32,057		45,526
Taiwan Cooperative Financial Holding Co. Ltd.††		46,033		24,836
Taiwan Fertilizer Co. Ltd.††		16,000		29,427
Taiwan Mobile Co. Ltd.††		27,874		98,201
Taiwan Semiconductor Manufacturing Co. Ltd.††		95,911		461,742
Tatung Co. Ltd.*,††		245,916		65,208
Teco Electric & Machinery††		50,000		48,546
TSRC Corp.††		19,635		22,617
Tung Ho Steel Enterprise Corp.††		37,476		29,278
Uni-President Enterprises Corp.††		81,360		133,150
United Microelectronics Corp.††		110,000		52,703
Walsin Lihwa Corp.*,††		120,000		35,404
Wistron Corp.††		34,294		29,174
Yuanta Financial Holding Co. Ltd.††		106,776		62,062
Yulon Motor Co. Ltd.††		49,640		64,776
Zinwell Corp.††		22,435		21,881
TOTAL TAIWAN			$	8,164,495
THAILAND – 0.4%
Advanced Info Service PCL††		15,100		109,599
Airports of Thailand PCL††		7,000		61,375
Bangkok Bank PCL††		12,100		67,919
Bangkok Dusit Med Service††		89,000		54,375
Bangkok Expressway PCL††		24,400		28,818

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    43

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Banpu Public Co. Ltd.††		29,000	$	25,489
BEC World PCL††		18,000		21,963
Berli Jucker PCL††		60,600		67,886
Big C Supercenter PCL††		5,400		36,205
BTS Group Holdings PCL††		134,400		37,608
Bumrungrad Hospital PCL††		16,000		77,726
Central Pattana PCL††		15,100		19,177
Charoen Pokphand Foods PCL††		91,300		61,729
CP ALL PCL††		60,600		77,089
Electricity Generating PCL††		8,600		39,428
Glow Energy PCL††		9,100		23,523
Hana Microelectronics PCL††		113,100		152,287
Indorama Ventures PCL††		46,100		34,408
Intouch Holdings PCL Class F††		17,200		40,096
IRPC PCL††		269,900		37,580
Kasikornbank PCL††		6,600		41,901
Krung Thai Bank PCL††		93,750		56,726
PTT Exploration & Production PCL††		26,409		93,548
PTT Global Chemical PCL††		24,800		48,243
PTT Global Chemical PCL (Foreign)††		1,681		3,270
PTT PCL††		13,500		145,558
Ratchaburi Electricity Generating Holding PCL††		19,500		35,454
Siam Cement PCL††		4,700		75,965
Siam City Cement PCL††		1,000		11,109
Siam Commercial Bank PCL††		8,600		41,380
Thai Beverage PCL††		142,569		76,857
Thai Oil PCL††		15,800		27,982
Thai Union Frozen Products (Foreign)††		82,656		51,147
TMB Bank PCL††		703,000		55,296
Total Access Communication PCL††		18,100		47,547
True Corp. PCL*,††		255,525		94,128
TOTAL THAILAND			$	1,980,391
TUNISIA – 0.0%**
Banque de Tunisie††		7,750		43,949
Carthage Cement*,††		21,000		21,546
Ennakl††		4,230		23,908
Poulina Group Holding††		7,600		20,733
Soc Tunisienne D’Assur Reass*,††		230		21,200
Societe D’Articles Hygieniques††		6,910		47,162
Societe Moderne de Ceramique††		11,100		17,506
Tunisie Profiles Aluminium††		7,500		17,452
TOTAL TUNISIA			$	213,456
TURKEY – 0.4%
Akbank TAS††		41,103		119,755
Akenerji Elektrik Uretim AS*,††		1		—
Anadolu Efes Biracilik Ve Malt Sanayii AS††		4,363		36,730

Description	Number of Shares		Value
Arcelik AS††		16,998	$	91,561
BIM Birlesik Magazalar AS††		6,720		124,412
Coca-Cola Icecek AS††		2,500		42,348
Dogan Sirketler Grubu Holding AS*,††		85,907		19,588
Dogus Otomotiv Servis ve Ticaret AS#,††		6,600		32,095
Emlak Konut Gayrimenkul Yatirim Ortakligi AS††		37,200		42,970
Enka Insaat ve Sanayi AS††		31,455		67,607
Eregli Demir ve Celik Fabrikalari TAS††		72,356		122,102
Ford Otomotiv Sanayi A.S.††		4,698		58,056
Haci Omer Sabanci Holding AS††		16,548		60,495
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS#,*,††		89,334		61,580
KOC Holding AS††		25,028		118,372
Koza Altin Isletmeleri AS††		2,800		29,250
Petkim Petrokimya Holding AS*,††		16,518		23,212
TAV Havalimanlari Holding AS††		5,400		47,476
Tekfen Holding AS††		18,500		34,576
Tofas Turk Otomobil Fabrikasi AS††		8,221		50,382
Tupras Turkiye Petrol Rafinerileri AS††		5,636		136,896
Turk Hava Yollari††		22,042		73,118
Turk Telekomunikasyon AS††		25,727		71,109
Turkcell Iletisim Hizmetleri AS*,††		35,168		156,588
Turkiye Garanti Bankasi AS††		41,123		130,843
Turkiye Halk Bankasi AS††		13,054		66,129
Turkiye Is Bankasi††		30,292		68,114
Turkiye Sinai Kalkinma Bankasi AS††		40,312		30,430
Turkiye Vakiflar Bankasi Tao††		22,040		39,104
Ulker Biskuvi Sanayi AS††		5,481		41,882
Yapi ve Kredi Bankasi AS††		15,178		23,765
Yazicilar Holding AS#,††		6,080		54,451
TOTAL TURKEY			$	2,074,996
UKRAINE – 0.0%**
Astarta Holding NV*,††		3,855		25,735
Avangardco Investments Public Ltd. GDR††		5,322		13,329
Ferrexpo PLC††		36,650		43,931
MHP SA GDR††		4,100		46,901
TOTAL UKRAINE			$	129,896
UNITED ARAB EMIRATES – 0.2%
Abu Dhabi Commercial Bank PJSC††		49,070		98,964
Abu Dhabi National Hotels		32,000		21,798
Air Arabia PJSC††		210,900		93,607
Aldar Properties PJSC††		73,140		54,314
Arabtec Holding Co.*,††		108,460		85,611
DP World Ltd.††		7,100		163,557
Dubai Financial Market††		56,800		33,358

ANNUAL REPORT / April 30, 2015

44    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Emaar Properties PJSC††		71,056	$	157,566
First Gulf Bank PJSC††		25,223		104,314
National Bank of Abu Dhabi PJSC††		28,649		86,348
Ras Al Khaimah Ceramics††		45,200		46,553
Union National Bank PJSC††		19,982		37,115
TOTAL UNITED ARAB EMIRATES			$	983,105
UNITED KINGDOM – 12.6%
3i Group PLC††		617,873		4,786,472
Abcam PLC††		15,700		126,335
Aberdeen Asset Management PLC††		4,302		31,239
Alent PLC††		34		189
Anglo American PLC††		84,528		1,432,109
ARM Holdings PLC††		5,879		99,892
Ashtead Group PLC††		22,700		389,248
ASOS PLC*,††		4,800		275,745
Associated British Foods PLC††		635		27,723
AstraZeneca PLC††		8,882		609,538
Aviva PLC††		49,850		401,064
Babcock International Group PLC††		1,497		23,092
BAE Systems PLC††		84,134		651,799
Barclays PLC††		122,992		481,197
Barclays PLC ADR#		51,176		805,510
Barratt Developments PLC††		25,727		204,100
Betfair Group PLC††		9,700		345,649
BG Group PLC††		4,374		79,228
BHP Billiton PLC††		2,716		65,283
BP PLC††		163,404		1,178,528
BP PLC ADR		58,323		2,517,221
British American Tobacco PLC††		4,499		247,190
Britvic PLC*,††		20,200		224,331
BT Group PLC††		84,938		592,403
Bunzl PLC††		1,783		50,133
Burberry Group PLC††		1,588		42,334
Carnival PLC††		725		32,985
Carnival PLC ADR ADR		1,057		47,872
Centrica PLC††		129,003		503,688
Chemring Group PLC††		46,900		154,104
Cobham PLC††		6,837		31,015
Compass Group PLC††		4,826		85,312
Computacenter PLC††		14,558		156,307
Crest Nicholson Holdings PLC††		52,200		358,389
Croda International PLC††		623		27,036
Dairy Crest Group PLC#,††		13,900		97,177
Debenhams PLC††		148,800		204,406
Diageo PLC††		107,363		2,980,633
Dialog Semiconductor PLC††		16,400		739,458

Description	Number of Shares		Value
Direct Line Insurance Group††		46,200	$	225,549
Domino’s Pizza Group PLC††		27,200		329,071
DS Smith PLC*,††		33,800		180,726
Essentra PLC††		28,000		411,018
Experian PLC††		964		17,217
Fresnillo PLC††		1,879		20,840
GKN PLC††		11,542		61,906
GlaxoSmithKline PLC††		31,166		719,827
Glencore Xstrata PLC††		387,373		1,840,231
Greggs PLC*,††		3,800		69,059
Howden Joinery Group PLC††		74,000		526,789
HSBC Holdings PLC (0540528)††		107,801		1,076,872
HSBC Holdings PLC, ADR (404280406)		32,242		1,600,170
IG Group Holdings PLC††		31,200		351,782
IMI PLC††		2,116		40,548
Imperial Tobacco Group PLC††		1,620		79,105
Indivior PLC††		128,208		392,108
International Consolidated Airlines Group SA*,††		3,534		29,310
Intertek Group PLC††		875		34,970
Investec PLC††		3,817		36,448
ITV PLC††		1,102,336		4,279,812
J Sainsbury PLC††		106,521		442,920
John Wood Group PLC††		9,400		99,042
Johnson Matthey PLC††		1,139		58,235
Kingfisher PLC††		50,477		271,187
Kuwait Finance House		29,832		67,249
Legal & General Group PLC††		1,622		6,448
Lloyds Banking Group PLC*,††		3,121,073		3,696,196
Lloyds Banking Group PLC ADR#		106,642		508,682
London Stock Exchange Group PLC††		1,831		71,272
Meggitt PLC††		6,123		49,482
Melrose Industries PLC††		5,135		20,838
Mitie Group PLC††		30,500		133,792
Mondi PLC††		18,800		380,663
National Grid PLC††		6,792		91,375
National Industries Group, Class H		58,170		36,254
Next PLC††		781		87,808
Old Mutual PLC††		105,300		377,722
Petrofac Ltd.††		2,059		27,482
Premier Foods PLC*,††		201,280		142,052
Prudential PLC††		7,635		190,092
Randgold Resources Ltd.††		440		33,484
Reckitt Benckiser Group PLC††		72,171		6,423,498
Redrow PLC††		68,300		386,860
Reed Elsevier PLC††		3,692		61,103
Rexam PLC††		55,647		493,907

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    45

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Rightmove PLC*,††		7,600	$	367,909
Rio Tinto PLC††		3,630		162,445
Rolls-Royce Holdings*		28,974,795		44,476
Rolls-Royce Holdings PLC††		205,495		3,276,167
Royal Bank of Scotland Group PLC ADR*		9,368		96,865
Royal Bank of Scotland Group PLC*,††		1,907		9,880
Royal Dutch Shell PLC††		11,118		350,551
Royal Dutch Shell PLC ADR#		15,596		1,007,346
Royal Dutch Shell PLC ADR		8,283		525,391
Royal Dutch Shell PLC Class B††		40,620		1,300,475
SABMiller PLC††		2,245		118,834
Sage Group PLC††		4,362		32,432
Schroders PLC††		648		32,140
Severn Trent PLC††		1,386		45,133
Shire PLC††		80,989		6,581,417
Smith & Nephew PLC††		3,256		55,415
Smiths Group PLC††		1,864		32,632
SSE PLC††		1,850		43,833
Standard Chartered PLC††		154,184		2,524,317
Tate & Lyle PLC††		27,400		249,613
Tesco PLC††		41,835		141,011
Thomas Cook Group PLC*,††		231,200		507,109
Tullow Oil PLC††		3,633		23,066
Unilever PLC††		3,172		139,042
Vedanta Resources PLC††		2,533		24,329
Vesuvius PLC††		33,100		230,193
Virgin Money Holdings UK PLC*,††		40,500		244,908
Vodafone Group PLC††		225,120		793,139
Vodafone Group PLC ADR		23,770		836,704
Weir Group PLC††		1,043		29,987
Whitbread PLC††		604		48,501
WM Morrison Supermarkets PLC††		164,129		467,975
WPP PLC††		5,130		119,639
TOTAL UNITED KINGDOM			$	68,049,809
UNITED STATES – 1.9%
Freeport-McMoRan Copper & Gold, Inc.		68,877		1,602,768
Jazz Pharmaceuticals PLC*		24,806		4,432,832
Las Vegas Sands Corp.		46,479		2,457,810
Schlumberger Ltd.		18,643		1,763,814
Wynn Resorts Ltd.		2,161		240,022
TOTAL UNITED STATES			$	10,497,246
TOTAL COMMON STOCKS
(COST $437,335,556)			$	507,243,404
INVESTMENT COMPANIES – 0.3%
DFA International Small Cap Value Portfolio		303		6,188

Description	Number of Shares		Value
Vanguard FTSE Developed Markets ETF		41,009	$	1,696,542
TOTAL INVESTMENT COMPANIES
(COST $1,594,866)			$	1,702,730
PREFERRED STOCKS – 1.3%
BRAZIL – 0.6%
AES Tiete SA		3,080		17,470
Alpargatas SA		10,197		33,912
Banco Bradesco SA		142,459		1,521,543
Bradespar SA		2,600		10,398
Braskem SA		3,300		13,636
Cia Brasileira de Distribuicao
Grupo Pao de Acucar		823		27,589
Cia Energetica de Minas Gerais		12,676		61,214
Cia Energetica de Sao Paulo		5,900		37,206
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		5,760		20,265
Gerdau SA		13,300		44,496
Itau Unibanco Holding SA		19,624		251,345
Itausa - Investimentos Itau SA		29,646		104,791
Lojas Americanas SA		11,727		66,401
Marcopolo SA		20,400		18,687
Metalurgica Gerdau SA		3,500		11,373
Oi SA		20,420		38,631
Petroleo Brasileiro SA		89,659		388,340
Telefonica Brasil SA		12,810		210,244
Usinas Siderurgicas de Minas Gerais SA*		19,100		38,480
Vale SA		48,141		287,285
TOTAL BRAZIL			$	3,203,306
CHILE – 0.0%**
Embotelladora Andina SA		10,300		32,676
Sociedad Quimica y Minera de Chile SA		3,740		82,015
TOTAL CHILE			$	114,691
COLOMBIA – 0.1%
Avianca Holdings SA		23,964		38,733
Grupo Argos SA		2,418		18,394
Grupo Aval Acciones y Valores		147,700		75,028
TOTAL COLOMBIA			$	132,155
CROATIA – 0.0%**
Adris Grupa DD††		1,559		76,932
GERMANY – 0.6%
Bayerische Motoren Werke AG††		809		73,926
Henkel AG & Co. KGaA††		105		12,197
Porsche Automobil Holding SE††		1,440		136,632
Volkswagen AG††		11,636		2,995,642
TOTAL GERMANY			$	3,218,397

ANNUAL REPORT / April 30, 2015

46    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
PHILIPPINES – 0.0%**
Ayala Land Voting††		178,200	$	400
RUSSIA – 0.0%**
Surgutneftegas OAO ADR		9,400		70,500
TOTAL PREFERRED STOCKS
(COST $7,171,034)			$	6,816,381
MONEY MARKET FUND – 2.4%
Dreyfus Cash Management Fund,
Institutional Shares, 0.04%^		13,249,484		13,249,484
TOTAL MONEY MARKET FUND
(COST $13,249,484)			$	13,249,484
RIGHTS – 0.0%**
INDIA – 0.0%**
Tata Motors Ltd. ADR		131		871
KUWAIT – 0.0%**
Burgan Bank††		1,853		—
MALAYSIA – 0.0%**
MMC Corp. Bhd		24,100		—
SPAIN – 0.0%**
Banco de Sabadell SA		77,679		18,229
Banco Popular Espanol		28,141		537
Banco Santander SA		32		5
TOTAL SPAIN			$	18,771
TUNISIA – 0.0%**
Societe D’Articles Hygieniques		2,800		806
TOTAL RIGHTS
(COST $551)			$	20,448
CALL WARRANTS – 0.9%
Citigroup Global Markets -
Boubyan Petrochemicals Co., Expire 3/24/16*		139,265		264,607
DG Khan Cement Co. Ltd., Expire 1/17/17*,W		22,943		30,992
Engro Corp. Ltd., Expire 1/17/17W		9,300		28,830
Fauji Fertilizer Co. Ltd., Expire 1/17/17*,W		37,000		51,833
Hub Power Co Ltd./The, Expire 1/17/17*,W		69,299		66,358
MCB Bank Ltd., Expire 1/15/16*,W		19,051		51,762
Merrill Lynch International & Co., Expire 5/22/19*		1,340		56,305
Mobile Telecommunications Co., Expire 3/24/16*		434,045		587,014
Nishat Mills Ltd., Expire 1/17/17*,W		41,400		45,701
Pakistan State Oil Co. Ltd., Expire 1/17/17*,W		13,090		49,027
Peugeot SA, Expire 4/29/17*		4,944		20,346
United Bank Ltd., Expire 01/17/17W		16,600		28,884
JPMorgan Chase Bank NA - HAGL JSC, Expires 8/27/19		65,348		60,838

Description	Number of Shares		Value
Hoa Phat Group JSC, Expires 2/24/20		26,224	$	53,444
Masan Group Corp., Expire 7/07/16*		27,330		101,941
Saudi Pharmaceutical Industries Ltd., Expire 9/24/15*		1,988		24,379
Vietnam Joint Stock Commercial Bank for Industry and Trade, Expire 10/27/16*		80,698		66,979
Vingroup JSC, Expire 7/31/19*,W		33,606		75,277
Merrill Lynch International & Co. - ABB India Ltd., Expire 6/05/17*		2,560		53,675
Aditya Birla Nuvo Ltd., Expire 6/11/15*,W		1,600		39,600
Ambuja Cements Ltd., Expire 6/11/15*,W		17,000		62,127
Axis Bank Ltd., Expire 3/16/20*,W		12,800		114,584
Bharat Heavy Electricals Ltd., Expire 8/17/15*		8,720		33,003
Bharti Airtel Ltd., Expire 2/08/16*		26,300		157,926
Cairn India Ltd., Expire 11/14/16*		8,870		29,841
Cipla Ltd., Expire 9/09/15*		4,300		43,162
Coal India Ltd., Expire 11/02/15*		7,780		44,424
Colgate-Palmolive India Ltd., Expire 8/10/17*		900		28,253
DLF Ltd., Expire 2/01/16*		11,800		25,502
Dr. Reddy’s Laboratories Ltd., Expire 12/17/15*		1,400		72,925
Essar Oil Ltd., Expire 3/27/17*		23,290		39,789
HCL Technologies Ltd., Expire 8/17/15*		7,000		97,193
HDFC Bank Ltd., Expire 5/26/15*,W		12,230		190,838
Hero Motocorp Ltd., Expire 4/18/16*		900		33,006
Hindustan Unilever Ltd., Expire 12/14/15*		9,900		133,060
Housing Development Finance Corp., Expire 8/19/15*		15,300		283,881
Idea Cellular Ltd., Expire 2/14/17*		24,300		66,951
IDFC Ltd., Expire 7/29/15*		32,000		84,598
Indian Oil Corp. Ltd., Expire 7/29/16*		9,400		53,535
ITC Ltd., Expire 8/04/15*		23,500		119,361
Jaiprakash Associates Ltd., Expire 6/15/15*,W		19,500		6,400
Jindal Steel & Power Ltd., Expire 10/8/15*		9,510		20,837
Kotak Mahindra Bank Ltd., Expire 3/27/17*		3,900		81,702
Mahindra & Mahindra Ltd., Expire 12/10/15*		4,400		79,547
Maruti Suzuki India Ltd., Expire 11/30/15*		1,000		58,735
Nestle India Ltd., Expire 9/17/15*		570		58,901
Oil & Natural Gas Corp. Ltd., Expire 2/28/16*		21,500		102,819
Piramal Enterprises Ltd., Expire 1/19/18*		4,505		67,140
Power Grid Corp. of India Ltd., Expire 3/27/17*		36,900		82,483
Ranbaxy Laboratories Ltd., Expire 10/26/15*		5,000		67,599
Reliance Capital Ltd., Expire 8/30/16*		7,700		48,947

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    47

  Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Reliance Communications Ltd., Expire 12/28/15*		16,729	$	15,946
Reliance Infrastructure Ltd., Expire 2/11/16*		4,900		31,934
Reliance Power Ltd., Expire 3/27/17*		23,200		20,643
Steel Authority, Expire 5/30/18*		32,680		35,621
Sun Pharmaceuticals Industries Ltd., Expire 7/27/18		12,000		177,877
Suzlon Energy Ltd., Expire 8/15/15*		163,300		61,107
Tata Consultancy Services Ltd., Expire 12/14/15*		5,840		227,580
Tata Power Co. Ltd., Expire 9/17/15*		33,500		39,912
United Spirits Ltd., Expire 1/13/16*		1,200		63,193
TOTAL CALL WARRANTS
(COST $4,182,151)			$	4,820,674
CERTIFICATES – 0.2%
Citigroup Global Markets -
Bank Alfalah Ltd., Expire 1/15/16*,W		65,000		19,030
Commercial Bank of Kuwait, Expire 3/17/17*		21,312		43,804
Lucky Cement Ltd., Expire 1/15/16*,W		8,363		40,071
National Bank of Pakistan, Expire 1/15/16*,W		55,000		30,847
Oil & Gas Development Co. Ltd., Expire 1/15/16*,W		32,300		58,079
Pakistan Telecommunication Co. Ltd., Expire 1/15/16*,W		91,800		18,769
SUI Southern Gas Co. Ltd., Expire 1/15/16*,W		91,500		33,051
HSBC Bank PLC -
Agility Public Warehousing K.S.C., Expire 10/17/16*		19,950		52,248
Ahli United Bank BSC, Expire 11/24/17		81,033		58,562
Al Rajhi Bank, Expire 1/22/18		3,575		59,713
Alinma Bank, Expire 1/22/18		4,730		30,938
Etihad Etisalat, Expire 11/20/17		2,000		19,743
Samba Financial Group, Expire 6/02/27		3,888		31,714
Saudi Arabian Fertilizer Co., Expire 7/31/17		12,027		196,426
Saudi Basic Industries Corp., Expire 1/15/18		1,830		53,032
Saudi Cement Co., Expire 8/10/15*		960		24,457
Saudi Electricity Co., Expire 1/22/18		5,670		30,314
Saudi Industry Investment Group, Expire 9/27/17		3,310		25,516
Saudi Kayan Petrochemical Co., Expire 1/22/18		5,500		17,804
Savola, Expire 2/06/17		1,870		38,724
Sultan Center Food Production, Expire 7/27/15*		100,000		28,841
JPMorgan Chase Bank NA -
PetroVietnam Drilling & Well Services JSC, Expire 9/6/16*,W		30,182		75,757

Description	Number of Shares		Value
Petrovietnam Fret & Chemical, Expire 3/24/16		12,430	$	17,387
PetroVietnam Technical Service Corp., Expire 9/6/16		52,650		66,332
Pha Lai Therma, Expire 11/07/18*		38,600		42,909
TOTAL CERTIFICATES
(COST $1,059,728)			$	1,114,068
REAL ESTATE INVESTMENT TRUSTS – 0.6%
AUSTRALIA – 0.0%**
Federation Centres††		15,794		36,695
Stockland††		12,010		41,975
TOTAL AUSTRALIA			$	78,670
FRANCE – 0.6%
Unibail-Rodamco SE††		11,386		3,143,798
HONG KONG – 0.0%**
Link REIT††		12,000		74,436
NIGERIA – 0.0%**
Afriland Properties PLC*,††		24,606		—
TOTAL REAL ESTATE INVESTMENT TRUSTS
(COST $2,706,277)			$	3,296,904
TOTAL INVESTMENTS IN SECURITIES – 99.4%
(COST $467,299,647)			$	538,264,093
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.0%
REPURCHASE AGREEMENTS – 4.0%
BNP Paribas Securities Corp., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $1,069,282, collateralized by U.S. Government & Treasury Securities 0.00% to 6.50%, maturing 5/01/16 to 4/20/45; total market value of $1,090,664.	$	1,069,278	$	1,069,278
Citigroup Global Markets, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $4,063,442, collateralized by U.S. Government Securities 1.61% to 8.00%, maturing 6/01/17 to 6/15/52; total market value of $4,144,696.		4,063,427		4,063,427
Credit Suisse Securities (USA) LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $4,063,441, collateralized by U.S. Government Securities 3.00% to 4.50%, maturing 8/01/38 to 4/01/45; total market value of $4,144,726.		4,063,427		4,063,427

ANNUAL REPORT / April 30, 2015

48    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description		Par Value		Value
Daiwa Capital Markets America, 0.16%, dated 4/30/15, due 5/01/15, repurchase price $4,063,445, collateralized by U.S. Government & Treasury Securities 0.00% to 9.25%, maturing 5/21/15 to 3/01/48; total market value of $4,144,696.	$	4,063,427	$	4,063,427
ING Financial Markets LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $4,063,441, collateralized by U.S. Government Securities 1.87% to 6.20%, maturing 5/01/33 to 11/01/44; total market value of $4,144,697.		4,063,427		4,063,427
Nomura Securities Internal, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $4,063,442, collateralized by U.S. Government & Treasury Securities 0.00% to 9.50%, maturing 5/15/15 to 3/20/64; total market value of $4,144,695.		4,063,427		4,063,427
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $21,386,413)			$	21,386,413
TOTAL INVESTMENTS – 103.4% (COST $488,686,060)			$	559,650,506
COLLATERAL FOR SECURITIES ON LOAN – (4.0%)				(21,386,413	)
OTHER ASSETS LESS LIABILITIES – 0.6%				3,091,064
TOTAL NET ASSETS – 100.0%			$	541,355,157

Cost of investments for Federal income tax purposes is $497,098,390. The net unrealized appreciation/(depreciation) of investments was $62,552,116. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $96,979,641 and net unrealized depreciation from investments for those securities having an excess of cost over value of $34,427,525.

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, 2015 in valuing the Fund’s assets carried at fair value:

		Level 1		Level 2		Level 3		Total
Assets
Investments in Securities
Common Stocks
Argentina	$	512,917	$	—	$	—	$	512,917
Australia		19,277		15,054,668		—		15,073,945
Austria		—		3,098,753		—		3,098,753
Bahrain		—		137,389		—		137,389
Belgium		157,157		4,795,613		—		4,952,770
Botswana		53,542		403,178		—		456,720
Brazil		3,730,680		—		—		3,730,680
Bulgaria		—		77,662		—		77,662
Canada		21,023,373		—		—		21,023,373
Chile		2,035,021		—		—		2,035,021
China		717,090		20,673,035		—		21,390,125

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    49

Wilmington Multi-Manager International Fund (continued)

	Level 1		Level 2		Level 3		Total
Colombia	$	2,320,084	$	26,589	$	—	$	2,346,673
Croatia		67,782		405,895		—		473,677
Czech Republic		—		889,237		—		889,237
Denmark		—		8,281,096		—		8,281,096
Egypt		—		1,091,858		—		1,091,858
Estonia		—		493,319		—		493,319
Finland		—		6,463,093		—		6,463,093
France		—		42,634,152		—		42,634,152
Germany		—		40,046,123		—		40,046,123
Ghana		80,064		334,087		—		414,151
Greece		222,775		812,178		—		1,034,953
Hong Kong		—		5,557,738		—		5,557,738
Hungary		—		1,060,748		—		1,060,748
India		738,851		346,842		—		1,085,693
Indonesia		—		1,880,767		—		1,880,767
Ireland		8,621,218		217,707		—		8,838,925
Israel		127,245		1,186,740		—		1,313,985
Italy		55,401		8,828,555		—		8,883,956
Japan		10,392		79,533,458		—		79,543,850
Jordan		—		536,458		—		536,458
Kazakhstan		—		549,537		—		549,537
Kenya		—		547,255		—		547,255
Latvia		—		15,391		—		15,391
Lebanon		—		213,889		—		213,889
Lithuania		—		191,384		—		191,384
Luxembourg		—		381,238		—		381,238
Malaysia		—		2,649,604		—		2,649,604
Mauritius		—		534,743		—		534,743
Mexico		3,895,623		—		—		3,895,623
Morocco		—		507,939		—		507,939
Netherlands		4,451,670		7,148,243		—		11,599,913
New Zealand		—		113,542		—		113,542
Nigeria		—		593,896		—		593,896
Norway		—		1,610,138		—		1,610,138
Oman		42,278		451,756		—		494,034
Panama		215,237		—		—		215,237
Papua New Guinea		—		24,747		—		24,747
Peru		1,027,246		—		—		1,027,246
Philippines		—		2,082,272		—		2,082,272
Poland		—		2,382,719		—		2,382,719
Portugal		—		124,535		—		124,535
Qatar		—		1,064,071		—		1,064,071
Romania		—		587,413		—		587,413
Russia		1,786,609		2,711,397		—		4,498,006
Singapore		3,911,623		2,834,827		—		6,746,450
Slovenia		—		501,023		—		501,023
South Africa		—		4,084,717		—		4,084,717
South Korea		—		9,316,070		—		9,316,070
Spain		26,957		9,626,250		—		9,653,207
Sweden		64,876		13,744,762		—		13,809,638
Switzerland		—		49,774,726		—		49,774,726

ANNUAL REPORT / April 30, 2015

50    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

	Level 1		Level 2			Level 3		Total
Taiwan	$	—	$	8,164,495		$	—	$	8,164,495
Thailand		—		1,980,391			—		1,980,391
Tunisia		—		213,456			—		213,456
Turkey		—		2,074,996			—		2,074,996
Ukraine		—		129,896			—		129,896
United Arab Emirates		21,798		961,307			—		983,105
United Kingdom		8,049,264		60,000,545			—		68,049,809
United States		10,497,246		—			—		10,497,246
Investment Companies		1,702,730		—			—		1,702,730
Preferred Stock
Brazil		3,203,306		—			—		3,203,306
Chile		114,691		—			—		114,691
Colombia		132,155		—			—		132,155
Croatia		—		76,932			—		76,932
Germany		—		3,218,397			—		3,218,397
Philippines		—		400			—		400
Russia		70,500		—			—		70,500
Money Market Fund		13,249,484		—			—		13,249,484
Rights
India		—		871			—		871
Kuwait		—		—			—		—
Malaysia		—		—			—		—
Spain		542		18,229			—		18,771
Tunisia		—		806			—		806
Call Warrants		4,820,674		—			—		4,820,674
Certificates		1,114,068		—			—		1,114,068
Real Estate Investment Trust
Australia		—		78,670			—		78,670
France		—		3,143,798			—		3,143,798
Hong Kong		—		74,436			—		74,436
Nigeria		—		—			—		—
Repurchase Agreements		—		21,386,413			—		21,386,413
Total Investments in Securities		98,891,446		460,759,060			—		559,650,506
Other Financial Instruments^
Forward Foreign Currency Contracts	$	—	$	1,274		$	—	$	1,274
Total Assets	$	98,891,446	$	460,760,334		$	—	$	559,651,780
Liabilities
Other Financial Instruments^
Forward Foreign Currency Contracts	$	—	$	(2,702	)	$	—	$	(2,702	)
Total Liabilities	$	—	$	(2,702	)	$	—	$	(2,702	)

    ^ 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.

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

* Non-income producing security.

^ 7-Day net yield.

†† Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2015, the value of these securities amounted to $437,474,979 representing 80.8% of total net assets.

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     51

Wilmington Multi-Manager International Fund (continued)

Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2015, these liquid restricted securities amounted to $1,353,572 representing 0.3% of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

ADR - American Depositary Receipt

ETF - Exchange Traded Fund

GDR - Global Depositary Receipt

LLC - Limited Liability Corporation

MTN - Medium Term Note

PCL - Public Company Limited

PLC - Public Limited Company

REIT - Real Estate Investment Trust

At April 30, 2015, the 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
5/1/2015		Deutsche Bank	1,770 Pound Sterling	$	2,731	$	2,717		$    (14)
5/4/2015		Bank of New York	731,328 Swedish Krona		87,467		87,767		300
5/4/2015		Bank of New York	64,143 Australian Dollar		51,647		50,748		(899)
5/4/2015		Bank of New York	24,014 Canadian Dollar		19,977		19,902		(75)
5/4/2015		Bank of New York	22,136 Euro		24,604		24,857		253
5/5/2015		Bank of New York	198,661 Norwegian Krone		26,411		26,380		(31)
5/5/2015		Bank of New York	47,648 Australian Dollar		37,645		37,696		51
5/5/2015		Bank of New York	45,069 Pound Sterling		69,183		69,177		(6)
5/5/2015		Bank of New York	38,414 Swedish Krona		4,600		4,611		11
5/5/2015		Bank of New York	31,855 Pound Sterling		48,831		48,894		63
5/5/2015		Bank of New York	12,667 Euro		14,213		14,223		10
5/5/2015		Deutsche Bank	1,011 Great Britain Pound		1,551		1,551		—
5/7/2015		Bank of New York	1,119,050 Japanese Yen		9,388		9,373		(15)
5/8/2015		Citigroup Global Markets	7,267,631 Japanese Yen		60,767		60,873		106
5/8/2015		Citigroup Global Markets	4,333,163 Japanese Yen		36,214		36,294		80
CONTRACTS SOLD
5/4/2015		Bank of New York	1,688,392 Hong Kong Dollar		217,842		217,842		—
5/4/2015		Citigroup Global Markets	99,403 Euro		110,190		111,621		(1,431)
5/4/2015		Bank of New York	59,794 Singapore Dollar		45,213		45,185		28
5/4/2015		Citigroup Global Markets	49,885 New Zealand Dollar		38,416		38,059		357
5/5/2015		Bank of New York	79,501 New Zealand Dollar		60,565		60,649		(84)
5/5/2015		Bank of New York	15,293 Singapore Dollar		11,572		11,557		15
5/5/2015		Bank of New York	6,324 Euro		6,960		7,101		(141)
5/5/2015		Deutsche Bank	1,962 Australian Dollar		1,551		1,552		(1)
5/5/2015		Citigroup Global Markets	116 Euro		130		130		—
5/6/2015		Bank of New York	1,360 Pound Sterling		2,083		2,088		(5)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS									$(1,428)

ANNUAL REPORT / April 30, 2015

52    PORTFOLIOS OF INVESTMENTS

       Wilmington Multi-Manager International Fund (concluded)

At April 30, 2015, the 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
	5/1/2015	Bank of New York	2,060,000 Japanese Yen		$    17,278		$    17,253		$    (25)
	5/1/2015	Bank of New York	1,655,762 Japanese Yen		13,906		13,868		(38)
	5/1/2015	Bank of New York	12,798 Pound Sterling		19,721		19,644		(77)
	CONTRACTS SOLD
	5/1/2015	Bank of New York	33,700,030 Japanese Yen		283,091		282,245		846
	5/1/2015	Citigroup Global Markets	71,250 New Zealand Dollar		55,032		54,381		651
	5/1/2015	Citigroup Global Markets	51,385 Canadian Dollar		42,951		42,590		361
	5/1/2015	Deutsche Bank	3,403 Australian Dollar		2,731		2,694		37
	5/4/2015	Bank of New York	63,100 Euro		70,684		70,852		(168)
	5/6/2015	Bank of New York	3,944 Pound Sterling		6,040		6,053		(13)
	NET UNREALIZED APPRECIATION (DEPRECIATION) ON FOREIGN EXCHANGE CONTRACTS								$1,574

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

53

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager Alternatives Fund

At April 30, 2015, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks		30.8	%
Corporate Bonds		18.7	%
Investment Companies		10.9	%
U.S. Government Obligation		1.5	%
Purchased Options		0.2	%
Cash Equivalent1		31.2	%
Securities Sold Short		(11.9	)%
Written Options		(0.3	)%
Other Assets and Liabilities – Net2		18.9	%
TOTAL		100.0	%

(1) Cash Equivalent includes 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, 2015

Description	Number of Shares		Value
COMMON STOCKS – 30.8%
AIRLINES – 0.6%
Southwest Airlines Co.Ö		31,021	$	1,258,212
BIOTECHNOLOGY – 1.1%
Celgene Corp.*,Ö		10,027		1,083,518
Otonomy, Inc.*,Ö		32,143		843,432
Portola Pharmaceuticals, Inc.*		4,953		176,773
TOTAL BIOTECHNOLOGY			$	2,103,723
CAPITAL MARKETS – 1.1%
E*TRADE Financial Corp.*,Ö		30,090		866,291
Legg Mason, Inc.Ö		25,880		1,362,582
TOTAL CAPITAL MARKETS			$	2,228,873
COMMERCIAL BANKS – 0.8%
CIT Group, Inc.		36,470		1,642,244
COMPUTERS & PERIPHERALS – 1.8%
Apple, Inc.Ö		28,806		3,605,070
CONSUMER FINANCE – 0.6%
Navient Corp.Ö		61,033		1,192,585
CONTAINERS & PACKAGING – 0.6%
Berry Plastics Group, Inc.*		33,090		1,132,340

Description	Number of Shares		Value
DIVERSIFIED CONSUMER SERVICES – 0.6%
H&R Block, Inc.		21,500	$	650,160
Service Corp. InternationalÖ		17,023		471,197
TOTAL DIVERSIFIED CONSUMER SERVICES			$	1,121,357
DIVERSIFIED FINANCIAL SERVICES – 0.7%
JPMorgan Chase & Co.Ö		23,000		1,454,980
FOOD PRODUCTS – 0.2%
Pinnacle Foods, Inc.Ö		7,860		318,723
HEALTH CARE EQUIPMENT & SUPPLIES – 3.6%
ABIOMED, Inc.*,Ö		16,104		1,018,095
Edwards Lifesciences Corp.*,Ö		4,971		629,577
Globus Medical, Inc.*,Ö		12,349		295,018
Hill-Rom Holdings, Inc.Ö		10,372		517,978
LDR Holding Corp.*,Ö		32,950		1,115,357
Medtronic PLCÖ		29,888		2,225,161
Neovasc, Inc.		45,783		376,794
NuVasive, Inc.*,Ö		19,974		893,437
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	7,071,417
HEALTH CARE PROVIDERS & SERVICES – 3.7%
Aetna, Inc.Ö		5,230		558,930

ANNUAL REPORT / April 30, 2015

54 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Alternatives Fund (continued)

Description	Number of Shares		Value
Amsurg Corp.*		6,698	$	420,099
Brookdale Senior Living, Inc.*,Ö		10,000		362,300
Capital Senior Living Corp.*		4,386		114,782
Cardinal Health, Inc.Ö		5,263		443,881
Centene Corp.*		3,293		204,133
ExamWorks Group, Inc.*,Ö		10,111		414,045
HCA Holdings, Inc.*,Ö		7,819		578,684
HealthSouth Corp.Ö		18,524		837,655
Humana, Inc.Ö		880		145,728
Kindred Healthcare, Inc.Ö		27,000		619,650
McKesson Corp.		1,981		442,555
PharMerica Corp.*,Ö		17,941		514,189
Surgical Care Affiliates, Inc.		10,083		380,129
Tenet Healthcare Corp.*		10,808		517,271
VCA, Inc.*,Ö		14,208		724,182
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	7,278,213
HOTELS, RESTAURANTS & LEISURE – 1.5%
Hilton Worldwide Holdings, Inc.*,Ö		25,580		740,797
La Quinta Holdings, Inc.*,Ö		53,295		1,283,344
Royal Caribbean Cruises Ltd.Ö		12,610		858,237
TOTAL HOTELS, RESTAURANTS & LEISURE			$	2,882,378
INSURANCE – 0.6%
FNF GroupÖ		33,014		1,188,174
INTERNET SOFTWARE & SERVICES – 2.8%
Facebook, Inc., Class A*,Ö		18,175		1,431,645
Google, Inc.*,Ö		2,611		1,432,839
IAC/InterActiveCorpÖ		21,485		1,500,083
Rackspace Hosting, Inc.*,Ö		19,623		1,057,680
TOTAL INTERNET SOFTWARE & SERVICES			$	5,422,247
LEISURE EQUIPMENT & PRODUCTS – 0.4%
Brunswick Corp.		16,795		840,422
LEISURE TIME – 0.9%
Norwegian Cruise Line HoldingsÖ		36,969		1,793,366
LIFE SCIENCES TOOLS & SERVICES – 1.2%
Agilent Technologies, Inc.Ö		41,229		1,705,644
Icon PLC-ADRÖ		6,248		401,996
Illumina, Inc.*		1,647		303,460
TOTAL LIFE SCIENCES TOOLS & SERVICES			$	2,411,100
MEDIA – 1.8%
CBS Corp., Non-VotingÖ		19,452		1,208,553
McGraw Hill Financial, Inc.Ö		10,665		1,112,359
Time Warner Cable, Inc.		8,130		1,264,378
TOTAL MEDIA			$	3,585,290
MULTILINE RETAIL – 0.9%
Dollar General Corp.Ö		23,910		1,738,496

Description	Number of Shares		Value
OIL, GAS & CONSUMABLE FUELS – 1.1%
Concho Resources, Inc.*		7,210	$	913,218
Pioneer Natural Resources Co.		6,820		1,178,360
TOTAL OIL, GAS & CONSUMABLE FUELS			$	2,091,578
PHARMACEUTICALS – 1.2%
Akorn, Inc.*		12,641		526,371
Endo International PLC*,Ö		6,500		546,423
Intersect Ent, Inc.		19,134		480,168
Valeant Pharmaceuticals International, Inc.*,Ö		3,500		759,255
TOTAL PHARMACEUTICALS			$	2,312,217
REAL ESTATE INVESTMENT TRUSTS – 0.3%
Ryman Hospitality Properties, Inc.Ö		10,350		596,574
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.5%
Micron Technology, Inc.*		48,000		1,350,240
NXP Semiconductors NVÖ		15,450		1,485,054
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	2,835,294
SOFTWARE – 0.6%
CDK Global, Inc.Ö		25,275		1,211,178
SPECIALTY RETAIL – 0.6%
Party City Holdco, Inc.		375		7,796
Vitamin Shoppe, Inc.*,Ö		29,139		1,220,340
TOTAL SPECIALTY RETAIL			$	1,228,136
TOTAL COMMON STOCKS (COST $59,960,718)			$	60,544,187
INVESTMENT COMPANIES – 10.9%
ALTERNATIVE INVESTMENT FUNDS – 3.4%
Arbitrage Fund, Class I		380,430		5,040,703
Gateway Fund, Class Y		52,975		1,588,191
TOTAL ALTERNATIVE INVESTMENT FUNDS			$	6,628,894
DEBT FUND – 2.5%
Professionally Managed Portfolios - The Osterweis Strategic Income Fund, Class I		431,357		4,995,109
EQUITY FUND – 5.0%
Boston Partners Long/Short Research Fund		630,124		9,722,807
TOTAL INVESTMENT COMPANIES (COST $21,081,309)			$	21,346,810
	Par Value
CORPORATE BONDS – 18.7%
AUTO MANUFACTURERS – 1.4%
Chrysler Group LLC / CG Co.-Issuer, Inc., Secured, 8.25%, 6/15/21	$	2,500,000	$	2,768,750

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 55

Wilmington Multi-Manager Alternatives Fund (continued)

Description	Par Value		Value
DISTRIBUTORS – 1.3%
HD Supply, Inc., Company Guaranteed, 11.50%, 7/15/20	$	2,150,000	$	2,518,188
FOOD – 2.0%
Albertsons Holdings LLC/Saturn Acquisition Merger Sub, Inc., Sr. Secured, 7.75%, 10/15/22W		1,901,000		2,074,466
US Foods, Inc.,
Company Guaranteed, 8.50%, 6/30/19		1,725,000		1,822,031
TOTAL FOOD			$	3,896,497
HEALTH CARE PROVIDERS & SERVICES – 1.1%
Tenet Healthcare Corp., Sr. Unsecured, 8.13%, 4/01/22		2,000,000		2,197,500
LODGING – 2.2%
Boyd Gaming Corp., Company Guaranteed, 9.13%, 12/01/18		2,075,000		2,173,562
Marina District Finance Co., Inc., Sr. Secured, 9.88%, 8/15/18		2,000,000		2,095,000
TOTAL LODGING			$	4,268,562
MEDIA – 2.5%
Univision Communications, Inc., Company Guaranteed, 8.50%, 5/15/21W		2,550,000		2,741,250
WideOpenWest Finance LLC / WideOpenWest Capital Corp., Company Guaranteed, 10.25%, 7/15/19		2,000,000		2,165,000
TOTAL MEDIA			$	4,906,250
RETAIL – 2.2%
Michaels Finco Holding LLC / Michaels Finco, Inc.,
Sr. Unsecured, 7.50%, 8/01/18W		558,000		569,160
Neiman Marcus Group Ltd. LLC, Company Guaranteed, 8.00%, 10/15/21W		1,625,000		1,752,969
Rite Aid Corp., Company Guaranteed, 6.13%, 4/01/23W		2,000,000		2,080,000
TOTAL RETAIL			$	4,402,129
SOFTWARE – 1.5%
First Data Corp., Company Guaranteed, 11.75%, 8/15/21		2,504,000		2,885,860
TELECOMMUNICATIONS – 4.5%
Altice SA, Company Guaranteed, 7.63%, 2/15/25W		2,000,000		2,027,600
Intelsat Jackson Holdings SA, Company Guaranteed, 7.25%, 4/01/19		1,650,000		1,716,000
Level 3 Financing, Inc., Company Guaranteed, 8.13%, 7/01/19		2,475,000		2,601,844
Sprint Corp., Company Guaranteed, 7.63%, 2/15/25		2,500,000		2,481,250
TOTAL TELECOMMUNICATIONS			$	8,826,694
TOTAL CORPORATE BONDS
(COST $36,522,240)			$	36,670,430

Description	Par Value		Value
U.S. GOVERNMENT OBLIGATION – 1.5%
U.S. TREASURY BILL – 1.5%
0.02%, 5/07/15	$	3,000,000	$	2,999,993
TOTAL U.S. GOVERNMENT OBLIGATION (COST $2,999,995)			$	2,999,993
	Number of Shares
MONEY MARKET FUND – 31.2%
Dreyfus Cash Management Fund, Institutional Shares, 0.04%^		61,157,315	$	61,157,315
TOTAL MONEY MARKET FUND (COST $61,157,315)			$	61,157,315
	Contracts
PURCHASED OPTIONS – 0.2%
CALL OPTIONS – 0.0%**
Cablevision Systems Corporation, Strike Price $19.00, Expiring 6/19/2015		106	$	15,635
Nu Skin Enterprises, Inc., Strike Price $55.00, Expiring 6/19/2015		120		54,600
S&P 500 Index, Strike Price $2,215.00, Expiring 5/01/2015		20		100
S&P 500 Index, Strike Price $2,220.00, Expiring 5/06/2015		20		—
S&P 500 Index, Strike Price $2,225.00, Expiring 5/04/2015		20		—
S&P 500 Index, Strike Price $2,225.00, Expiring 5/15/2015		20		300
S&P 500 Index, Strike Price $2,230.00, Expiring 5/08/2015		20		100
S&P 500 Index, Strike Price $2,235.00, Expiring 5/18/2015		20		19
S&P 500 Index, Strike Price $2,240.00, Expiring 5/20/2015		20		25
S&P 500 Index, Strike Price $2,240.00, Expiring 5/27/2015		20		79
S&P 500 Index, Strike Price $2,245.00, Expiring 5/13/2015		20		1
S&P 500 Index, Strike Price $2,250.00, Expiring 5/11/2015		20		—
S&P 500 Index, Strike Price $2,250.00, Expiring 5/22/2015		19		190
S&P 500 Index, Strike Price $2,263.00, Expiring 5/26/2015		20		19
TOTAL CALL OPTIONS			$	71,068
PUT OPTIONS – 0.2%
S&P 500 Index, Strike Price $1,875.00, Expiring 5/01/2015		20		100

ANNUAL REPORT / April 30, 2015

56    PORTFOLIOS OF INVESTMENTS

    Wilmington Multi-Manager Alternatives Fund (continued)

Description	Contracts			Value
S&P 500 Index, Strike Price $1,875.00, Expiring 5/06/2015		20		$	267
S&P 500 Index, Strike Price $1,880.00, Expiring 5/15/2015		20			1,600
S&P 500 Index, Strike Price $1,885.00, Expiring 5/04/2015		20			59
S&P 500 Index, Strike Price $1,900.00, Expiring 5/08/2015		20			700
S&P 500 Index, Strike Price $1,905.00, Expiring 5/13/2015		20			1,790
S&P 500 Index, Strike Price $1,905.00, Expiring 5/27/2015		20			5,831
S&P 500 Index, Strike Price $1,910.00, Expiring 5/11/2015		20			1,469
S&P 500 Index, Strike Price $1,910.00, Expiring 5/18/2015		20			3,389
S&P 500 Index, Strike Price $1,910.00, Expiring 5/20/2015		20			4,038
S&P 500 Index, Strike Price $1,920.00, Expiring 5/22/2015		19			4,750
S&P 500 Index, Strike Price $1,930.00, Expiring 5/26/2015		20			7,674
Southwest Airlines Co., Strike Price $40.50, Expiring 5/15/2015		350			28,000
SPDR S&P Biotech ETF, Strike Price $225.00, Expiring 6/19/2015		149			344,190
TOTAL PUT OPTIONS				$	403,857
TOTAL PURCHASED OPTIONS
(COST $301,648)				$	474,925
TOTAL INVESTMENTS IN SECURITIES – 93.3%
(COST $182,023,225)				$	183,193,660
	Number of Shares
SECURITIES SOLD SHORT – (11.9%)
CONSUMER DISCRETIONARY – (1.7%)
DISTRIBUTORS – (0.1%)
Genuine Parts Co.		(2,000	)	$	(179,700	)
HOTELS, RESTAURANTS & LEISURE – (0.1%)
Starwood Hotels & Resorts		(1,730	)		(148,694	)
LEISURE EQUIPMENT & PRODUCTS – (0.1%)
Polaris Industries, Inc.		(1,645	)		(225,299	)
MEDIA – (0.7%)
Cablevision Systems-NY Grp-A		(40,097	)		(801,138	)
Omnicom Group		(7,355	)		(557,215	)
TOTAL MEDIA				$	(1,358,353	)
MULTILINE RETAIL – (0.1%)
Big Lots, Inc.		(5,540	)		(252,458	)
SPECIALIZED – (0.3%)

Description	Number of Shares			Value
Nielsen NV		(13,593	)	$	(610,869	)
SPECIALTY RETAIL – (0.3%)
L Brands, Inc.		(6,236	)		(557,249	)
TOTAL CONSUMER DISCRETIONARY				$	(3,332,622	)
CONSUMER STAPLES – (0.1%)
FOOD & STAPLES RETAILING – (0.1%)
Walgreens Boots Alliance, Inc.		(3,910	)		(324,256	)
FINANCIALS – (2.4%)
CAPITAL MARKETS – (1.0%)
Cohen & Steers, Inc.		(22,608	)		(855,939	)
Federated Investors, Inc.-Cl B		(10,430	)		(358,792	)
Raymond James Financial, Inc.		(3,630	)		(205,204	)
T Rowe Price Group, Inc.		(4,370	)		(354,757	)
TD Ameritrade Holding Corp.		(6,330	)		(229,463	)
TOTAL CAPITAL MARKETS				$	(2,004,155	)
COMMERCIAL BANKS – (0.3%)
Cullen/Frost Bankers, Inc.		(1,480	)		(107,951	)
Prosperity Bancshares, Inc.		(2,900	)		(154,686	)
Royal Bank Of Canada		(500	)		(33,199	)
Royal Bank Of Canada		(3,750	)		(249,300	)
TOTAL COMMERCIAL BANKS				$	(545,136	)
DIVERSIFIED FINANCIAL SERVICES – (1.0%)
Financial Select Sector SPDR		(33,840	)		(816,559	)
Ishares Russell 2000 Growth		(3,000	)		(441,150	)
Moody’s Corp.		(1,155	)		(124,186	)
Nasdaq OMX Group/The		(12,790	)		(621,978	)
TOTAL DIVERSIFIED FINANCIAL SERVICES				$	(2,003,873	)
INSURANCE – (0.1%)
Primerica, Inc.		(4,869	)		(225,045	)
TOTAL FINANCIALS				$	(4,778,209	)
HEALTH CARE – (4.8%)
BIOTECHNOLOGY – (1.0%)
Dyax Corp.		(8,046	)		(192,380	)
Foundation Medicine, Inc.		(5,038	)		(229,279	)
Incyte Corp.		(3,518	)		(341,809	)
Intrexon Corp.		(10,000	)		(388,300	)
Isis Pharmaceuticals, Inc.		(2,012	)		(114,121	)
Juno Therapeutics, Inc.		(1,905	)		(81,420	)
MannKind Corp.		(13,335	)		(57,207	)
Myriad Genetics, Inc.		(4,190	)		(138,396	)
Synageva Biopharma Corp.		(1,143	)		(105,110	)
Ziopharm Oncology, Inc.		(32,636	)		(287,523	)
TOTAL BIOTECHNOLOGY				$	(1,935,545	)
HEALTH CARE EQUIPMENT & SUPPLIES – (1.6%)
Dexcom, Inc.		(8,737	)		(590,359	)

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 57

Wilmington Multi-Manager Alternatives Fund (continued)

Description	Number of Shares			Value
Elekta AB-B Shares		(27,171	)	$	(260,026	)
William Demant Holding††		(14,796	)		(1,216,704	)
Zimmer Holdings, Inc.		(9,090	)		(998,446	)
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES				$	(3,065,535	)
HEALTH CARE PROVIDERS & SERVICES – (0.9%)
Amerisourcebergen Corp.		(1,845	)		(210,884	)
Chemed Corp.		(4,515	)		(520,354	)
Express Scripts Holding Co.		(11,704	)		(1,011,226	)
IPC Healthcare, Inc.		(1,477	)		(72,255	)
TOTAL HEALTH CARE PROVIDERS & SERVICES				$	(1,814,719	)
HEALTH CARE TECHNOLOGY – (0.2%)
Computer Programs & Systems		(4,609	)		(241,189	)
Medidata Solutions, Inc.		(4,474	)		(239,046	)
TOTAL HEALTH CARE TECHNOLOGY				$	(480,235	)
LIFE SCIENCES TOOLS & SERVICES – (0.3%)
Bruker Corp.		(12,219	)		(231,672	)
Waters Corp.		(2,339	)		(292,819	)
TOTAL LIFE SCIENCES TOOLS & SERVICES				$	(524,491	)
PHARMACEUTICALS – (0.8%)
Astrazeneca PLC - ADR		(6,678	)		(457,309	)
Johnson & Johnson		(6,630	)		(657,696	)
Medicines Company		(2,857	)		(73,168	)
Roche Holding AG - ADR		(10,455	)		(375,125	)
TOTAL PHARMACEUTICALS				$	(1,563,298	)
TOTAL HEALTH CARE				$	(9,383,823	)
INDUSTRIALS – (1.2%)
AIR FREIGHT & LOGISTICS – (0.1%)
C.H. Robinson Worldwide, Inc.		(2,783	)		(179,197	)
AIRLINES – (0.2%)
Delta Air Lines, Inc.		(5,653	)		(252,350	)
United Continental Holdings		(2,360	)		(140,986	)
TOTAL AIRLINES				$	(393,336	)
COMMERCIAL SERVICES & SUPPLIES – (0.4%)
Deluxe Corp.		(12,971	)		(839,872	)
MACHINERY – (0.2%)
Middleby Corp.		(1,360	)		(137,822	)
Sensata Technologies Holding		(4,611	)		(254,573	)
TOTAL MACHINERY				$	(392,395	)
ROAD & RAIL – (0.3%)
Avis Budget Group, Inc.		(6,055	)		(327,818	)

Description	Number of Shares			Value
Con-Way, Inc.		(4,560	)	$	(187,416	)
TOTAL ROAD & RAIL				$	(515,234	)
TOTAL INDUSTRIALS				$	(2,320,034	)
INFORMATION TECHNOLOGY – (0.6%)
COMPUTERS – (0.1%)
Freescale Semiconductor Ltd.		(2,685	)		(104,957	)
COMPUTERS & PERIPHERALS – (0.1%)
NCR Corp.		(4,000	)		(109,760	)
INTERNET SOFTWARE & SERVICES – (0.1%)
Check Point Software Technologies		(1,820	)		(151,934	)
Dealertrack Technologies, Inc.		(2,737	)		(107,591	)
TOTAL INTERNET SOFTWARE & SERVICES				$	(259,525	)
IT SERVICES – (0.3%)
Western Union Co.		(31,959	)		(648,129	)
TOTAL INFORMATION TECHNOLOGY				$	(1,122,371	)
INVESTMENT COMPANIES – (0.6%)
EQUITY FUNDS – (0.6%)
Market Vectors Semiconductor ETF		(8,683	)		(481,559	)
Technology Select Sector SPDR Fund		(17,280	)		(735,782	)
TOTAL EQUITY FUNDS				$	(1,217,341	)
TOTAL INVESTMENT COMPANIES				$	(1,217,341	)
MATERIALS – (0.1%)
CHEMICALS – (0.1%)
Minerals Technologies, Inc.		(2,200	)		(149,006	)
TELECOMMUNICATION SERVICES – (0.4%)
DIVERSIFIED TELECOMMUNICATION SERVICES – (0.4%)
AT&T, Inc.		(18,243	)		(631,938	)
Level 3 Communications, Inc.		(3,610	)		(201,943	)
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES				$	(833,881	)
TOTAL TELECOMMUNICATION SERVICES				$	(833,881	)
TOTAL SECURITIES SOLD SHORT (PROCEEDS $(23,621,831))				$	(23,461,543	)
	Contracts
WRITTEN OPTIONS – (0.3%)
CALL OPTIONS – (0.1%)
CBS Corp., Strike Price $62.50, Expiring 5/15/2015		(194	)	$	(26,384	)
S&P 500 Index, Strike Price $2,115.00,
Expiring 5/01/2015		(20	)		(400	)
S&P 500 Index, Strike Price $2,120.00,
Expiring 5/06/2015		(20	)		(4,183	)

ANNUAL REPORT / April 30, 2015

58 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Alternatives Fund (continued)

Description	Contracts			Value
S&P 500 Index, Strike Price $2,125.00, Expiring 5/04/2015		(20	)	$	(1,131	)
S&P 500 Index, Strike Price $2,125.00, Expiring 5/15/2015		(20	)		(9,200	)
S&P 500 Index, Strike Price $2,130.00, Expiring 5/08/2015		(20	)		(2,900	)
S&P 500 Index, Strike Price $2,135.00, Expiring 5/18/2015		(20	)		(7,942	)
S&P 500 Index, Strike Price $2,135.00, Expiring 5/20/2015		(20	)		(9,188	)
S&P 500 Index, Strike Price $2,140.00, Expiring 5/13/2015		(20	)		(3,391	)
S&P 500 Index, Strike Price $2,140.00, Expiring 5/27/2015		(20	)		(10,475	)
S&P 500 Index, Strike Price $2,145.00, Expiring 5/11/2015		(20	)		(1,792	)
S&P 500 Index, Strike Price $2,145.00, Expiring 5/22/2015		(19	)		(4,655	)
S&P 500 Index, Strike Price $2,158.00, Expiring 5/26/2015		(20	)		(4,422	)
Vitamin Shoppe, Inc., Strike Price $40.00, Expiring 5/15/2015		(75	)		(19,688	)
Vitamin Shoppe, Inc., Strike Price $45.00, Expiring 5/15/2015		(75	)		(3,750	)
TOTAL CALL OPTIONS				$	(109,501	)
PUT OPTIONS – (0.2%)
Brunswick Corp., Strike Price $50.00, Expiring 6/19/2015		(44	)		(5,940	)
Deluxe Corp., Strike Price $65.00, Expiring 5/15/2015		(129	)		(15,480	)
S&P 500 Index, Strike Price $1,975.00, Expiring 5/01/2015		(20	)		(200	)
S&P 500 Index, Strike Price $1,975.00, Expiring 5/06/2015		(20	)		(1,537	)
S&P 500 Index, Strike Price $1,980.00, Expiring 5/15/2015		(20	)		(5,800	)
S&P 500 Index, Strike Price $1,985.00, Expiring 5/04/2015		(20	)		(676	)
S&P 500 Index, Strike Price $2,000.00, Expiring 5/08/2015		(20	)		(3,660	)
S&P 500 Index, Strike Price $2,005.00, Expiring 5/27/2015		(20	)		(22,306	)
S&P 500 Index, Strike Price $2,010.00, Expiring 5/13/2015		(20	)		(10,381	)
S&P 500 Index, Strike Price $2,010.00, Expiring 5/18/2015		(20	)		(15,982	)
S&P 500 Index, Strike Price $2,015.00, Expiring 5/11/2015		(20	)		(9,499	)
S&P 500 Index, Strike Price $2,015.00, Expiring 5/20/2015		(20	)		(19,531	)
S&P 500 Index, Strike Price $2,025.00, Expiring 5/22/2015		(19	)		(22,990	)

Description	Contracts			Value
S&P 500 Index, Strike Price $2,035.00, Expiring 5/26/2015		(20	)	$	(32,357	)
SPDR S&P Biotech ETF, Strike Price $210.00, Expiring 6/19/2015		(149	)		(217,540	)
Zimmer Holdings, Inc., Strike Price $110.00,
Expiring 6/19/2015		(90	)		(29,700	)
TOTAL PUT OPTIONS				$	(413,579	)
TOTAL WRITTEN OPTIONS
(PREMIUMS RECEIVED $(543,340))				$	(523,080	)
TOTAL INVESTMENTS NET OF SECURITIES SOLD SHORT AND
WRITTEN OPTIONS – 81.1%
				$	159,209,037
OTHER ASSETS LESS LIABILITIES – 18.9%					37,152,827
TOTAL NET ASSETS – 100.0%				$	196,361,864

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     59

Wilmington Multi-Manager Alternatives Fund (continued)

Cost of investments for Federal income tax purposes is $182,630,604. The net unrealized appreciation/(depreciation) of investments was $563,056. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $4,509,525 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,946,469.

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, 2015 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3		Total
Assets
Investments in Securities
Common Stocks	$	60,544,187		$	—		$	—	$	60,544,187
Investment Companies		21,346,810			—			—		21,346,810
Corporate Bonds		—			36,670,430			—		36,670,430
U.S. Government Obligation		—			2,999,993			—		2,999,993
Money Market Fund		61,157,315			—			—		61,157,315
Purchased Options		98,235			376,690			—		474,925
Total Investments in Securities		143,146,547			40,047,113			—		183,193,660
Total Assets	$	143,146,547		$	40,047,113		$	—	$	183,193,660
Liabilities
Other Financial Instruments^
Financial Futures Contracts	$	(1,367,058	)	$	—		$	—	$	(1,367,058	)
Securities Sold Short		(22,244,839	)		(1,216,704	)		—		(23,461,543	)
Written Options		(100,942	)		(422,138	)		—		(523,080	)
Total Liabilities	$	(23,712,839	)	$	(1,638,842	)	$	—	$	(25,351,681	)

^ 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 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.

* Non-income producing security.

^ 7-Day net yield.

†† Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2015, the value of these securities amounted to $(1,216,704) representing 0.6% of total net assets.

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, 2015 amounted to $33,569,213 representing 17.1% of total net assets.

W Denotes a restricted security 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, 2015, these liquid restricted amounted to $11,245,445 representing 5.7% of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

ADR - American Depositary Receipt

ETF - Exchange Traded Fund

LLC - Limited Liability Corporation

PLC - Public Limited Company

SPDR - Standard & Poor’s Depository Receipts

ANNUAL REPORT / April 30, 2015

60 PORTFOLIOS OF INVESTMENTS

      Wilmington Multi-Manager Alternatives Fund (concluded)

At April 30, 2015, the 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)
SHORT POSITIONS:
Australian Dollar Futures		June 2015		148	$	11,297,423	$	11,686,080	$	(388,657	)
Euro Futures		June 2015		174		23,525,149		24,503,550		(978,401	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS									$	(1,367,058	)

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

61

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager Real Asset Fund

At April 30, 2015, the Fund’s portfolio composition was as follows (unaudited):

Percentage of
Total Net Assets

Inflation-Linked & Fixed Income Securities:
Foreign Government Inflation-Linked Securities	26.3	%
U.S. Government Inflation-Linked Securities	21.7	%
Foreign Government Securities	4.7	%
Corporate Bonds	2.4	%
U.S. Treasury	1.1	%
Asset-Backed Securities	0.7	%
Mortgage-Backed Securities	0.5	%
U.S. Government Agency Obligation	0.0	%3
Real Estate Related Securities:
Real Estate Investment Trusts	29.2	%
Common Stocks	10.1	%
Exchange-Traded Funds	1.0	%
Investment Companies	0.1	%
Preferred Stock	0.0	%3
Warrant	0.0	%3
Commodity Related Securities:
Investment Companies	13.6	%
Purchased Options	0.1	%
Written Options	(0.1	)%
TBA Sale Commitments	(0.9	)%
Short-Term Investments
Cash Equivalents1	1.3	%
Other Assets and Liabilities – Net2	(11.8	)%
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, 2015

Description	Par Value			Value
INFLATION-LINKED & FIXED INCOME SECURITIES – 57.4%
ASSET-BACKED SECURITIES – 0.7%
COLLATERALIZED LOAN OBLIGATION – 0.0%**
MAGI Funding PLC Series I-A, Class A, 1.31% 4/11/21W		16,946	EUR	$	18,988
DIVERSIFIED FINANCIAL SERVICES – 0.3%
Ameriquest Mortgage Securities Trust Series 2006-R1, Class M1, 0.57% 3/25/36D	$	300,000			257,359

Description	Par Value		Value
Bear Stearns Asset Backed Securities I Trust Series 2005-TC1, Class M2, 0.82% 5/25/35D	$	545,623	$	439,201
Bear Stearns Asset Backed Securities Trust Series 2005-1, Class M2, 2.28% 3/25/35D		500,000		466,601
Countrywide Asset-Backed Certificates Series 2006-6, Class 2A2, 0.36% 9/25/36D		216,090		211,989
Venture VII CDO Ltd. Series 2006-7A, Class A1A, 0.51% 1/20/22D,W		268,973		265,321
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	1,640,471

ANNUAL REPORT / April 30, 2015

62    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value		Value
WHOLE LOAN – 0.4%
Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH2, Class A3, 0.40% 8/25/36D	$	1,200,000	$	1,052,532
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB2, Class M2, 1.13% 4/25/36D		241,321		209,058
Symphony CLO VIII LP Series 2012-8AR, Class AR, 1.35% 1/09/23D,W		495,014		495,395
TOTAL WHOLE LOAN			$	1,756,985
TOTAL ASSET-BACKED SECURITIES (COST $3,378,769)			$	3,416,444
CORPORATE BONDS – 2.4%
ENERGY – 0.1%
Petrobras Global Finance BV Company Guaranteed, 3.15% 3/17/20D		100,000		94,250
Sabine Pass LNG LP Sr. Secured, 7.50% 11/30/16		400,000		428,000
TOTAL ENERGY			$	522,250
FINANCIALS – 1.9%
Ally Financial, Inc. Company Guaranteed, 5.50% 2/15/17		569,000		596,028
Banco Espirito Santo Sr. Unsecured, 5.00% 4/23/19		150,000EUR		173,222
Banco Espirito Santo SA Sr. Unsecured, MTN, 7.00% 3/04/16		100,000EUR		113,965
Bank of America Corp. Sr. Unsecured, MTN, 3.96% 10/21/25D		14,000,000MXN		999,218
Barclays Bank PLC, Sr. Unsecured, GMTN,
2.01%, 12/21/20		7,500,000MXN		472,966
7.63%, 11/21/22	$	2,400,000		2,816,100
BPCE SA Subordinated, 4.63% 7/11/24		700,000		705,698
CIT Group, Inc. Sr. Unsecured, 4.25% 8/15/17		594,000		605,880
Eksportfinans ASA Sr. Unsecured, 5.50% 6/26/17		1,000,000		1,066,790
Ford Motor Credit Co. LLC Sr. Unsecured, 5.63% 9/15/15		400,000		406,947
International Lease Finance Corp. Sr. Unsecured, 8.63% 9/15/15		200,000		204,000
Intesa Sanpaolo SpA, Company Guaranteed,
3.13%, 1/15/16		100,000		101,211
6.50%, 2/24/21W		300,000		352,188
TOTAL FINANCIALS			$	8,614,213
MEDIA – 0.1%
Univision Communications, Inc. Sr. Secured, 5.13% 2/15/25		500,000		506,875

Description	Par Value		Value
PHARMACEUTICALS – 0.1%
Actavis Funding SCS, Company Guaranteed,
3.45%, 3/15/22	$	100,000	$	101,802
3.80%, 3/15/25		300,000		303,970
TOTAL PHARMACEUTICALS			$	405,772
TELECOMMUNICATIONS – 0.1%
BellSouth Corp. Company Guaranteed, 4.82% 4/26/16		500,000		518,440
UTILITIES – 0.1%
Dynegy, Inc. Company Guaranteed, 6.75% 11/01/19		600,000		630,000
TOTAL CORPORATE BONDS (COST $11,326,612)			$	11,197,550
FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES – 26.3%
GOVERNMENT – 26.3%
Brazil Notas do Tesouro Nacional Series B,
6.00%, 5/15/35		300,000BRL		257,556
6.00%, 5/15/45		1,508,000BRL		1,297,320
6.00%, 8/15/50		2,632,000BRL		2,268,589
Bundesrepublik Deutschland Bundesob-ligation Inflation Linked Bond, 0.75%, 4/15/18		15,792,106EUR		19,466,577
Colombian Tesoreria, 3.00%, 3/25/33		4,657,920,348COP		1,734,510
Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 4/15/23		610,000EUR		771,107
France Government Bond OAT,
0.10%, 7/25/21		3,250,000EUR		3,946,427
0.25%, 7/25/18		14,200,000EUR		17,247,748
0.25%, 7/25/24		5,000,000EUR		6,294,898
1.00%, 7/25/17		732,817EUR		865,212
1.10%, 7/25/22		500,000EUR		700,799
1.80%, 7/25/40		226,312EUR		411,352
2.10%, 7/25/23		350,000EUR		542,881
Italy Buoni Poliennali Del Tesoro,
2.10%, 9/15/21		130,000EUR		178,112
2.25%, 4/22/17		2,702,025EUR		3,151,538
2.35%, 9/15/24		460,000EUR		610,643
Japan Government CPI Linked Bond, Sr. Unsecured, 0.10%, 9/10/24Ö		228,160,000JPY		2,087,645
Mexican Udibonos,
4.00%, 11/15/40		9,883,379MXN		709,094
4.50%, 11/22/35		57,331,462MXN		4,411,518
New Zealand Government Bond, Sr. Unsecured, 2.00%, 9/20/25		6,150,000NZD		4,943,930

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 63

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value		Value
3.00%, 9/20/30		2,025,000NZD	$	1,824,760
Spain Government Inflation Linked Bond, Sr. Unsecured, 1.00%, 11/30/30		200,000EUR		234,549
Thailand Government Bond, Unsecured, 1.25%, 3/12/28		38,864,680THB		1,074,882
U.K. Gilt Inflation Linked,
0.13%, 3/22/44		4,446,624GBP		8,931,539
0.25%, 3/22/52		848,280GBP		1,915,938
0.50%, 3/22/50		396,891GBP		941,373
0.63%, 3/22/40		355,608GBP		765,288
0.63%, 11/22/42		2,899,200GBP		6,502,090
0.75%, 3/22/34		2,210,380GBP		4,486,101
0.75%, 11/22/47		1,062,367GBP		2,607,409
1.13%, 11/22/37		824,883GBP		1,888,554
0.13%, 3/22/29		1,275,604GBP		2,236,452
0.13%, 3/22/58		2,487,465GBP		5,773,361
0.13%, 3/22/24		6,775,872GBP		11,424,345
TOTAL GOVERNMENT			$	122,504,097
TOTAL FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES (COST$125,528,196)			$	122,504,097
FOREIGN GOVERNMENT SECURITIES – 4.7%
GOVERNMENT – 4.7%
Autonomous Community of Catalonia, Sr. Unsecured, 4.75%, 6/04/18		100,000EUR		124,222
Brazil Notas do Tesouro Nacional Series F,
10.00%, 1/01/23		8,330,000BRL		2,423,634
10.00%, 1/01/25		17,120,000BRL		4,863,417
Corp. Andina de Fomento, 11U, Unsecured, 3.95%, 10/15/21		4,411,748MXN		288,877
Credit Agricole SA,
8.13%, 9/19/33		900,000USD		1,019,250
France Government Bond OAT,
3.50%, 4/25/20		60,000EUR		78,720
Hellenic Republic Government International Bond, Sr. Unsecured, 4.50%, 7/03/17		30,000,000JPY		161,575
Italy Buoni Poliennali Del Tesoro,
2.35%, 9/15/19		3,587,467EUR		4,520,396
2.55%, 9/15/41		644,088EUR		977,324
5.00%, 9/01/40		1,100,000EUR		1,828,310
Mexican Bonos de Proteccion al Ahorro, 3.05%, 4/01/18D		15,500,000MXN		1,020,817
Mexican Udibonos, 4.50%, 12/04/25		25,951,177MXN		1,945,821

Description	Par Value		Value
Slovenia Government Bond, Sr. Unsecured, 3.00%, 4/08/21		1,000,000EUR	$	1,266,019
South Africa Government Bond, Series R207, 7.25%, 1/15/20		15,475,000ZAR		1,292,086
TOTAL GOVERNMENT			$	21,810,468
TOTAL FOREIGN GOVERNMENT SECURITIES (COST $24,957,169)			$	21,810,468
MORTGAGE-BACKED SECURITIES – 0.5%
WHOLE LOAN – 0.5%
BCAP LLC Trust Series 2009-RR6-I, Class 3A1, 2.80% 12/26/37D,W	$	55,750		54,817
CIFC Funding 2011-I Ltd. Series 2011-1AR, Class A1R, 1.55% 1/19/23D,W		870,133		868,828
Grifonas Finance PLC 0.39% 8/28/39D		630,141EUR		482,933
JP Morgan Resecuritization Trust Series 2009-7, Class 13A1, 2.38% 6/27/37W	$	53,949		52,932
Rise Ltd. 2014-1, Class A, 4.75% 2/15/39††		278,501		281,864
WAMU Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A4,
1.96%, 11/25/36D		363,004		317,788
2.36%, 3/25/37D		154,766		143,072
TOTAL WHOLE LOAN			$	2,202,234
TOTAL MORTGAGE-BACKED SECURITIES (COST $2,127,640)			$	2,202,234
U.S. GOVERNMENT AGENCY OBLIGATION – 0.0%**
FEDERAL HOME LOAN BANK (FHLB) – 0.0%**
Federal Home Loan Bank Discount Notes 0.10% 7/29/15‡		100,000		99,976
TOTAL U.S. GOVERNMENT AGENCY OBLIGATION (COST $99,980)			$	99,976
U.S. GOVERNMENT INFLATION-LINKED SECURITIES – 21.7%
U.S. TREASURY INFLATION INDEXED BONDS – 15.2%
U.S. Treasury Inflation Indexed Bond,
0.13%, 4/15/18		5,550,000		5,772,891
0.13%, 4/15/19		11,300,000		11,582,917
0.13%, 1/15/23		1,500,000		1,539,769
0.13%, 7/15/24		11,700,000		11,646,174
0.25%, 1/15/25		7,100,000		7,134,557
0.63%, 1/15/24		3,200,000		3,373,700
0.75%, 2/15/42		3,640,000		3,785,224
0.75%, 2/15/45		400,000		401,209
1.38%, 2/15/44		3,250,000		3,808,811
1.88%, 7/15/19		800,000		972,577
2.00%, 1/15/26		1,318,000		1,852,847
2.38%, 1/15/25		1,323,000		2,004,656
2.38%, 1/15/27		3,180,000		4,580,935
2.50%, 1/15/29		1,900,000		2,659,278
3.63%, 4/15/28		2,700,000		5,536,749

ANNUAL REPORT / April 30, 2015

64    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value		Value
3.88%, 4/15/29	$	2,050,000	$	4,305,774
TOTAL U.S. TREASURY INFLATION INDEXED BONDS			$	70,958,068
U.S. TREASURY INFLATION INDEXED NOTES – 6.5%
U.S. Treasury Inflation Indexed Note,
0.13%, 1/15/22		5,650,000		5,934,539
0.13%, 7/15/22		7,200,000		7,471,262
0.38%, 7/15/23		1,750,000		1,819,491
0.63%, 7/15/21		2,710,000		2,970,885
1.13%, 1/15/21		8,600,000		9,935,684
1.63%, 1/15/18		1,750,000		2,093,582
TOTAL U.S. TREASURY INFLATION INDEXED NOTES			$	30,225,443
TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $100,141,168)			$	101,183,511
U.S. TREASURY – 1.1%
U.S. TREASURY BOND – 0.4%
U.S. Treasury Bond 2.50% 2/15/45		1,900,000		1,805,763
U.S. TREASURY NOTE – 0.7%
U.S. Treasury Note 1.75% 3/31/22		3,100,000		3,090,814
TOTAL U.S. TREASURY (COST $4,916,270)			$	4,896,577
TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (COST $272,475,804)			$	267,310,857
	Number of Shares
REAL ESTATE RELATED SECURITIES – 40.4%
COMMON STOCKS – 10.1%
DIVERSIFIED – 0.0%**
DNZ Property Fund Ltd.††		22,431	$	34,735
Kiwi Property Group Ltd.††		74,066		73,092
TOTAL DIVERSIFIED			$	107,827
DIVERSIFIED REAL ESTATE ACTIVITIES – 5.6%
Alexander & Baldwin, Inc.		3,343		135,325
Allreal Holding AG††		823		118,077
Al-Rov (Israel) Ltd.*,††		2,782		81,576
Argosy Property Ltd.††		58,962		51,041
CapitaLand Ltd.††		580,000		1,614,045
City Developments Ltd.††		44,000		354,022
Consolidated-Tomoka Land Co.		629		34,431
Daito Trust Construction Co. Ltd.††		9,301		1,083,107
Daiwa House Industry Co. Ltd.††		68,906		1,538,328
Development Securities PLC††		18,118		70,354
Dic Asset AG††		9,282		93,493
DREAM Unlimited Corp., Class A*		4,100		32,182
Elbit Imaging Ltd.*,††		22,440		29,987

Description	Number of Shares		Value
Goldin Properties Holdings Ltd.*,††		110,000	$	266,843
Great Eagle Holdings Ltd.††		35,000		129,144
Hang Lung Properties Ltd.††		198,000		669,352
Heiwa Real Estate Co. Ltd.††		6,400		86,859
Henderson Land Development Co. Ltd.††		104,000		833,780
HKR International Ltd.††		60,800		34,481
Kerry Properties Ltd.††		67,500		275,487
Lend Lease Group††		53,752		679,174
Leopalace21 Corp.*,††		28,400		163,796
Mitsubishi Estate Co. Ltd.††		152,210		3,582,609
Mitsui Fudosan Co. Ltd.††		164,589		4,879,126
Mobimo Holding AG††		484		107,998
Nomura Real Estate Holdings, Inc.††		12,200		247,990
Patrizia Immobilien AG*,††		2,555		50,329
Shinoken Group Co. Ltd.††		2,800		35,803
Soundwill Holdings Ltd.††		54,000		97,315
St Joe Co. (The)*		8,591		149,913
Sumitomo Realty & Development Co. Ltd.††		67,498		2,605,142
Sun Hung Kai Properties Ltd.††		242,900		4,034,210
Takara Leben Co. Ltd.††		8,800		53,650
Tejon Ranch Co.*		1,252		30,924
Tokyo Tatemono Co. Ltd.††		29,100		210,995
Tokyu Fudosan Holdings Corp.††		34,900		259,340
United Industrial Corp. Ltd.††		35,000		90,670
UOL Group Ltd.††		62,000		372,805
Wheelock & Co. Ltd.††		135,000		760,175
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	25,943,878
INDUSTRIALS – 0.0%**
Property For Industry Ltd.††		30,878		37,315
OFFICE – 0.0%**
Precinct Properties New Zealand Ltd.††		62,898		55,357
REAL ESTATE DEVELOPMENT – 1.5%
Aveo Group††		43,613		95,127
Cedar Woods Properties Ltd.††		4,556		19,270
China Overseas Land & Investment Ltd.††		150,592		627,273
CK Hutchison Holdings Ltd.††		186,634		4,048,499
Conwert Immobilien Invest SE††		3,988		50,417
Forestar Group, Inc.*		5,730		84,575
Goldcrest Co. Ltd.††		1,800		35,378
Helical Bar PLC††		12,786		76,286
Howard Hughes Corp. (The)*		1,559		231,465
New World China Land Ltd.††		264,000		179,049
Nexity SA††		3,537		155,333
Selvaag Bolig ASA††		11,740		44,247
Sino Land Co. Ltd.††		466,000		819,862
St. Modwen Properties PLC††		19,036		126,852
Tag Immobilien AG††		12,979		166,175

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    65

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
Urban & Civic PLC††		11,314	$	45,139
Villa World Ltd.††		19,108		34,533
Wing Tai Holdings Ltd.††		37,000		54,750
TOTAL REAL ESTATE DEVELOPMENT			$	6,894,230
REAL ESTATE OPERATING COMPANIES – 3.0%
Aeon Mall Co. Ltd.††		13,600		253,693
Airport Facilities Co. Ltd.††		5,100		28,917
Atrium European Real Estate Ltd.††		27,546		135,194
Atrium Ljungberg AB††		2,092		30,525
Azrieli Group††		2,200		94,911
Buwog AG*,††		6,438		130,169
Capital & Counties Properties PLC††		64,375		389,173
Castellum AB††		12,730		198,490
Citycon OYJ††		9,711		31,400
Daejan Holdings PLC††		667		55,410
Deutsche Annington Immobilien SE††		25,300		849,198
Deutsche Euroshop AG††		1,721		85,670
Deutsche Wohnen AG††		41,440		1,086,959
do Deutsche Office AG*,††		23,263		110,658
Entra ASA*,††		5,463		56,044
Fabege AB††		10,564		161,036
Fastighets AB Balder*,††		4,764		84,920
Forest City Enterprises, Inc., Class A#, *		13,426		319,002
Gazit Globe Ltd.††		8,919		118,031
Global Logistic Properties Ltd.††		287,000		595,250
Grainger PLC††		45,014		145,988
Hang Lung Group Ltd.††		38,000		201,188
Hemfosa Fastigheter AB*,††		4,890		112,983
Hispania Activos Inmobiliarios SAU*,††		9,283		132,285
Hongkong Land Holdings Ltd.††		248,381		2,010,088
Hufvudstaden AB††		36,804		508,765
Hulic Co. Ltd.††		17,400		186,244
Hysan Development Co. Ltd.††		69,000		318,825
Immofinanz AG*,††		34,737		104,498
Intershop Holding AG††		211		90,477
Jerusalem Oil Exploration*,††		978		37,150
Jeudan A/S*,††		797		78,433
Keihanshin Building Co. Ltd.††		11,300		66,730
Killam Properties, Inc.		6,336		56,822
Klovern AB-B Shares*,††		36,260		40,224
Kungsleden AB††		15,009		109,249
LEG Immobilien AG††		18,837		1,461,513
Melisron Ltd.††		1,000		38,344
Norstar Holdings, Inc.††		2,510		68,411
NTT Urban Development Corp.††		36,200		376,884
Olav Thon Eiendomsselskap ASA††		5,280		115,644

Description	Number of Shares		Value
Perennial Real Estate Holdings Ltd.*,††		35,647	$	29,428
Platzer Fastigheter Holding, Class B*,††		7,280		32,147
PSP Swiss Property AG††		5,866		547,136
Quintain Estates & Development PLC*,††		39,479		58,076
S Immo AG††		10,793		100,964
Sagax AB††		6,013		41,609
Sponda OYJ††		33,377		145,968
Swire Properties Ltd.††		222,500		764,410
Swiss Prime Site††		4,582		401,738
TLG Immobilien AG*,††		2,575		43,226
Toc Co. Ltd.††		12,100		92,459
Tribona AB*,††		6,323		29,059
Unite Group PLC (The)*,††		32,882		302,141
Wallenstam AB††		10,092		170,152
Wihlborgs Fastigheter AB††		5,129		99,269
TOTAL REAL ESTATE OPERATING COMPANIES			$	13,933,177
TOTAL COMMON STOCKS (COST $38,837,442)			$	46,971,784
EXCHANGE-TRADED FUNDS – 1.0%
EQUITY FUNDS – 1.0%
SPDR Dow Jones International Real Estate ETF		51,700		2,291,861
Vanguard REIT ETF		28,900		2,294,082
TOTAL EQUITY FUNDS			$	4,585,943
TOTAL EXCHANGE-TRADED FUNDS (COST $3,958,439)			$	4,585,943
INVESTMENT COMPANIES – 0.1%
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
U.K. Commercial Property Trust Ltd.††		34,242		48,245
REAL ESTATE OPERATING COMPANIES – 0.1%
F&C Commercial Property Trust Ltd.*,††		58,277		125,369
Schroder Real Estate Investment Trust Ltd.††		35,581		33,565
Solvalor 61††		294		80,119
TOTAL REAL ESTATE OPERATING COMPANIES**			$	239,053
TOTAL INVESTMENT COMPANIES (COST $272,342)			$	287,298
PREFERRED STOCK – 0.0%**
CONSUMER FINANCE – 0.0%**
SLM Corp. 3.56%		3,000		72,240
TOTAL PREFERRED STOCK (COST $71,100)			$	72,240
REAL ESTATE INVESTMENT TRUSTS – 29.2%
DIVERSIFIED – 4.3%
Abacus Property Group††		43,103		100,422
Activia Properties, Inc.††		20		181,894
American Assets Trust, Inc.		4,691		186,702

ANNUAL REPORT / April 30, 2015

66    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
American Realty Capital Properties, Inc.		136,163	$	1,229,552
ANF Immobilier††		3,061		80,453
Armada Hoffler Properties, Inc.		3,286		33,747
Artis Real Estate Investment Trust		4,911		60,568
Astro Japan Property Group††		10,795		45,167
British Land Co. PLC††		162,962		2,075,525
Canadian Real Estate Investment Trust		2,615		98,856
Chambers Street Properties		22,734		170,505
Cominar Real Estate Investment Trust		5,697		90,283
Cousins Properties, Inc.		1,987		19,353
Daiwa House Real Estate Investment Corp.††		21		93,820
Daiwa House Residential Investment Corp.††		76		165,497
Dream Global Real Estate Investment Trust		4,100		34,356
Duke Realty Corp.		71,930		1,424,933
Fonciere Des Regions††		1,906		180,438
Gecina SA††		2,725		373,714
Gladstone Commercial Corp.		1,641		29,226
Goodman Property Trust††		95,812		86,160
GPT Group††		344,394		1,213,747
Green Real Estate Investment Trust PLC††		42,272		74,555
Growthpoint Properties Australia Ltd.††		33,826		84,714
H&R Real Estate Investment Trust		1,515		29,069
Hamborner Real Estate Investment Trust AG††		3,124		36,495
Hankyu Real Estate Investment Trust, Inc.††		64		81,429
Heiwa Real Estate Investment Trust, Inc.††		33		26,645
Investors Real Estate Trust		13,684		98,114
Kenedix Office Investment Corp.††		116		627,661
Land Securities Group PLC††		141,901		2,715,475
Lexington Realty Trust		18,108		167,861
Liberty Property Trust		21,723		756,829
Londonmetric Property PLC*,††		44,648		113,041
Mapletree Greater China Commercial Trust††		135,000		108,061
Mirvac Group††		770,544		1,220,727
Morguard Real Estate Investment Trust		10		144
Nieuwe Steen Investments NV††		88,361		414,994
NIPPON Real Estate Investment Trust Investment Corp.††		11		30,522
Nomura Real Estate Master Fund, Inc.††		161		209,457
One Liberty Properties, Inc.		1,381		31,045
PS Business Parks, Inc.		1,520		116,052
Sekisui House Si Residential Investment Corp.††		115		127,898
Select Income Real Estate Investment Trust		4,720		109,457
Shaftesbury PLC††		20,716		266,408
Spirit Realty Capital, Inc.		108,494		1,224,897
Stockland††		364,113		1,272,580

Description	Number of Shares		Value
Sunlight Real Estate Investment Trust††		177,000	$	89,394
Suntec Real Estate Investment Trust††		504,800		673,895
Tokyu Real Estate Investment Trust, Inc.††		91		122,555
Top Real Estate Investment Trust, Inc.††		13		56,078
United Urban Investment Corp.††		458		726,971
Washington Real Estate Investment Trust		4,991		123,378
Wereldhave NV*,††		2,271		145,775
Whitestone Real Estate Investment Trust		1,951		28,680
Winthrop Realty Trust		2,434		40,064
Yuexiu Real Estate Investment Trust††		136,000		76,784
TOTAL DIVERSIFIED			$	20,002,622
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
Merlin Properties Socimi SA*,††		18,227		248,949
INDUSTRIALS – 1.9%
Ascendas Real Estate Investment Trust††		204,000		380,169
Australian Industrial Real Estate Investment Trust††		41,622		77,712
BWP Trust††		75,742		181,630
DCT Industrial Trust, Inc.		18,654		616,328
EastGroup Properties, Inc.		4,226		241,727
First Industrial Realty Trust, Inc.		9,049		178,537
GLP J-REIT††		463		476,047
Goodman Group††		297,665		1,460,616
Granite Real Estate Investment Trust		3,100		107,504
Hansteen Holdings PLC*,††		69,778		126,095
Industria Real Estate Investment Trust††		37,595		61,487
Industrial & Infrastructure Fund Investment Corp.††		30		144,689
Japan Logistics Fund, Inc.††		68		144,201
Mapletree Industrial Trust††		88,000		106,969
Mapletree Logistics Trust††		110,000		102,205
Monmouth Real Estate Investment Corp.		4,131		42,673
Nippon Prologis REIT, Inc.††		319		691,194
Prologis, Inc.#		73,712		2,963,222
Pure Industrial Real Estate Trust		20,600		86,737
Rexford Industrial Realty, Inc.		4,240		63,006
Segro PLC††		60,228		395,662
STAG Industrial, Inc.		4,083		88,724
Terreno Realty Corp.		2,510		53,413
Warehouses De Pauw CVA††		1,047		83,222
TOTAL INDUSTRIALS			$	8,873,769
OFFICE – 5.7%
Alexandria Real Estate Equities, Inc.		14,592		1,348,009
Allied Properties Real Estate Investment Trust		4,335		143,722
Axia Real Estate Socimi SA*,††		2,470		33,363

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    67

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
BioMed Realty Trust, Inc.		14,452	$	299,879
Boston Properties, Inc.		17,609		2,329,847
Brandywine Realty Trust		42,495		619,577
CapitaLand Commercial Trust††		599,400		766,387
Champion Real Estate Investment Trust††		308,000		166,853
Columbia Property Trust, Inc.		7,769		203,781
Confinimmo SA††		1,448		159,814
Coresite Realty Corp.		1,615		77,649
Corporate Office Properties Trust		7,659		202,121
CyrusOne, Inc.		2,641		85,780
Daiwa Office Investment Corp.††		25		131,589
Derwent London PLC††		21,402		1,126,499
Dexus Property Group††		44,053		255,973
Digital Realty Trust, Inc.		10,185		645,831
Douglas Emmett, Inc.		34,974		996,759
Dream Office Real Estate Investment Trust		7,300		167,480
DuPont Fabros Technology, Inc.		7,917		246,615
Empire State Realty Trust, Inc.		14,309		257,562
Equity Commonwealth*		9,064		228,503
First Potomac Realty Trust		4,414		47,318
Franklin Street Properties Corp.		9,236		109,077
Global One Real Estate Investment Corp.††		19		67,033
Government Properties Income Trust		6,371		132,772
Gramercy Property Trust, Inc.		1,930		52,766
Great Portland Estates PLC††		77,373		944,492
Highwoods Properties, Inc.		16,457		708,309
Hudson Pacific Properties, Inc.		4,127		124,470
ICADE††		12,694		1,104,072
Invesco Office J-Reit, Inc.††		80		76,539
Investa Office Fund††		202,138		592,092
Japan Excellent, Inc.††		121		160,385
Japan Prime Realty Investment Corp.††		57		204,511
Japan Real Estate Investment Corp.††		251		1,185,232
Kilroy Realty Corp.		23,461		1,665,496
Lar Espana Real Estate Socimi SA*,††		2,094		24,594
Mack-Cali Realty Corp.		9,666		173,505
MID Real Estate Investment Trust, Inc.††		12		35,478
Mori Hills Real Estate Investment Trust Investment Corp.††		126		172,919
Mori Trust Sogo Real Estate Investment Trust, Inc.††		102		200,940
New York Real Estate Investment Trust, Inc.		12,191		120,447
Nippon Building Fund, Inc.††		105		522,467
Nomura Real Estate Office Fund, Inc.††		27		124,108
Orix JREIT, Inc.††		553		817,422
Paramount Group, Inc.		32,600		597,232
Parkway Properties, Inc.		8,992		146,300
Piedmont Office Realty Trust, Inc.		11,569		202,226

Description	Number of Shares		Value
Premier Investment Corp.††		15	$	83,594
Prosperity Real Estate Investment Trust††		91,000		33,877
QTS Realty Trust, Inc.		1,013		36,742
SL Green Realty Corp.		19,662		2,405,842
Spring Real Estate Investment Trust††		65,000		30,384
Vornado Realty Trust#		27,083		2,802,819
Workspace Group PLC††		11,332		146,315
TOTAL OFFICE			$	26,345,368
REAL ESTATE OPERATING COMPANIES – 0.0%**
Picton Property Income Ltd.††		33,236		37,623
RESIDENTIAL – 3.8%
Advance Residence Investment Corp.††		107		252,443
Aedifica SA††		700		49,888
American Campus Communities, Inc.		8,709		349,579
American Homes 4 Rent		12,041		203,373
American Residential Properties, Inc.*		1,532		28,740
Apartment Investment & Management Co.		11,029		416,124
Ascott Residence Trust††		63,000		60,651
Associated Estates Realty Corp.		4,349		123,947
AvalonBay Communities, Inc.		19,238		3,161,572
Boardwalk Real Estate Investment Trust		1,876		94,476
Camden Property Trust		6,413		481,488
Canadian Apartment Properties Real Estate Investment Trust		6,504		157,250
Comforia Residential Real Estate Investment Trust, Inc.††		26		56,965
Education Realty Trust, Inc.		3,441		115,686
Equity Lifestyle Properties, Inc.		5,965		315,071
Equity Residential		57,837		4,271,841
Essex Property Trust, Inc.		11,167		2,478,516
Home Properties, Inc.		4,379		322,119
Ichigo Real Estate Investment Corp.††		78		58,483
Independence Realty Trust, Inc.		3,100		28,520
InterRent Real Estate Investment Trust		6,334		35,017
Invincible Investment Corp.††		166		86,375
Japan Rental Housing Investments, Inc.††		99		69,923
Kenedix Residential Investment Corp.††		19		55,272
Mid-America Apartment Communities, Inc.		5,677		423,561
Milestone Apartments Real Estate Investment Trust		2,900		33,266
Nippon Accommodations Fund, Inc.††		38		147,437
Nomura Real Estate Residential Fund, Inc.††		24		135,737
Northern Property Real Estate Investment Trust		3,700		76,975
Post Properties, Inc.		13,796		788,717
Preferred Apartment Communities, Inc.		3,500		38,710
Silver Bay Realty Trust Corp.		4,617		71,425
Starts Proceed Investment Corp.††		17		29,003

ANNUAL REPORT / April 30, 2015

68    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
Sun Communities, Inc.		11,346	$	704,133
UDR, Inc.		59,514		1,950,274
UMH Properties, Inc.		3,172		31,942
TOTAL RESIDENTIAL			$	17,704,499
RETAIL – 8.4%
Acadia Realty Trust		4,329		133,766
Aeon Real Estate Investment Trust Investment Corp.††		95		131,324
Agree Realty Corp.		998		30,718
Alexander’s, Inc.		247		106,511
Brixmor Property Group, Inc.		6,708		157,303
Calloway Real Estate Investment Trust		7,151		181,072
CapitaLand Mall Trust††		502,600		829,862
CapitaLand Retail China Trust Management Ltd.††		49,000		64,200
CBL & Associates Properties, Inc.		15,254		274,725
Cedar Realty Trust, Inc.		4,681		32,720
Charter Hall Retail Real Estate Investment Trust††		15,427		52,408
CT Real Estate Investment Trust		2,626		27,337
DDR Corp.		77,850		1,327,343
Equity One, Inc.		6,112		150,539
Eurocommercial Properties NV††		7,222		330,009
Excel Trust, Inc.		4,465		70,770
Federal Realty Investment Trust		5,033		672,761
Federation Centres††		359,889		836,137
Fortune Real Estate Investment Trust††		142,000		146,500
Frasers Centrepoint Trust††		100,000		156,149
Fukuoka Real Investment Trust Corp.††		59		107,486
General Growth Properties, Inc.		109,601		3,003,068
Getty Realty Corp.		3,637		63,175
Hammerson PLC††		143,491		1,470,136
Inland Real Estate Corp.		6,326		65,095
Intu Properties PLC††		38,766		203,366
Japan Retail Fund Investment Corp.††		690		1,468,916
Kimco Realty Corp.		82,413		1,986,153
Kite Realty Group Trust		6,126		160,501
Klepierre††		44,940		2,179,847
Link REIT (The)††		267,000		1,656,196
Macerich Co. (The)		17,860		1,460,234
Mapletree Commercial Trust††		100,000		116,298
Mercialys SA††		18,129		450,500
National Retail Properties, Inc.#		9,262		355,661
Novion Property Group††		272,647		530,289
Pennsylvania Real Estate Investment Trust		5,171		116,916
Plaza Retail Real Estate Investment Trust		8,600		31,435
Ramco-Gershenson Properties Trust		25,505		445,827

Description	Number of Shares		Value
Realty Income Corp.#		16,728	$	785,714
Regency Centers Corp.		6,927		434,877
Retail Opportunity Investments Corp.		8,569		143,788
Retail Properties of America, Inc.		17,621		266,253
Retrocom Real Estate Investment Trust		18,100		59,858
RioCan Real Estate Investment Trust		11,962		296,051
Rouse Properties, Inc.#		4,151		72,518
Saul Centers, Inc.		957		48,156
Scentre Group††		511,766		1,507,499
Shopping Centres Australasia Property Group††		34,722		58,325
Simon Property Group, Inc.		41,011		7,443,084
Tanger Factory Outlet Centers, Inc.		7,218		242,380
Taubman Centers, Inc.		8,791		633,040
Unibail-Rodamco SE††		12,842		3,545,816
Urban Edge Properties		6,543		148,068
Urstadt Biddle Properties, Inc.		1,937		40,193
Vastned Retail NV††		1,260		61,528
Weingarten Realty Investors		8,402		275,250
Westfield Corp.††		168,765		1,254,733
WP GLIMCHER, Inc.		11,993		179,895
TOTAL RETAIL			$	39,080,279
SPECIALIZED – 5.1%
ALE Property Group††		22,174		66,455
Ashford Hospitality Prime, Inc.		4,129		64,660
Ashford Hospitality Trust, Inc.		2,893		26,211
Big Yellow Group PLC††		12,620		129,033
CareTrust Real Estate Investment Trust, Inc.		2,417		30,188
CDL Hospitality Trusts††		50,000		64,787
Chartwell Retirement Residences		11,453		114,957
Chatham Lodging Trust		1,959		54,147
Chesapeake Lodging Trust		4,775		151,606
Corrections Corp. of America		9,592		352,890
CubeSmart		11,837		273,080
DiamondRock Hospitality Co.		14,595		197,908
EPR Properties		4,615		266,147
Extra Space Storage, Inc.		8,213		541,483
FelCor Lodging Trust, Inc.		8,425		93,602
First Real Estate Investment Trust††		92,000		100,809
Folkestone Education Trust††		17,729		30,804
Gaming and Leisure Properties, Inc.		7,800		278,460
Geo Group, Inc. (The)		5,461		212,979
HCP, Inc.		34,530		1,391,214
Health Care REIT, Inc.		54,406		3,918,320
Healthcare Realty Trust, Inc.		29,519		755,686
Healthcare Trust of America, Inc.		27,499		711,949

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    69

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
Hersha Hospitality Trust		14,443	$	92,869
Hospitality Properties Trust		12,768		384,061
Host Hotels & Resorts, Inc.		132,424		2,667,019
InnVest Real Estate Investment Trust		11,769		55,114
Iron Mountain, Inc.		13,753		474,341
Japan Hotel REIT Investment Corp.††		570		420,033
LaSalle Hotel Properties		9,019		330,907
LTC Properties, Inc.		2,588		112,475
Medical Properties Trust, Inc.		12,856		179,727
National Health Investors, Inc.		2,193		146,317
New Senior Investment Group, Inc.		8,143		131,591
NorthWest Healthcare Properties Real Estate Investment Trust		7,900		58,669
Omega Healthcare Investors, Inc.		11,146		402,259
Parkway Life Real Estate Investment Trust††		54,000		99,884
Pebblebrook Hotel Trust		15,255		655,050
Physicians Realty Trust		2,587		42,944
Primary Health Properties PLC††		7,489		44,513
Public Storage		15,358		2,885,921
Regal Real Estate Investment Trust††		106,000		31,547
RLJ Lodging Trust		9,851		292,279
Ryman Hospitality Properties, Inc.		3,803		219,205
Sabra Health Care Real Estate Investment Trust, Inc.		4,628		138,285
Safestore Holdings PLC††		68,288		293,067
Senior Housing Properties Trust		16,567		339,127
Sovran Self Storage, Inc.		2,465		215,293
Strategic Hotels & Resorts, Inc.*		66,315		775,886
Summit Hotel Properties, Inc.		6,545		86,198
Sunstone Hotel Investors, Inc.		55,854		870,205
Universal Health Realty Income Trust		969		48,121
Ventas, Inc.		22,292		1,535,919
Xenia Hotels & Resorts, Inc.		1,329		29,118
TOTAL SPECIALIZED			$	23,885,319
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $111,559,012)			$	136,178,428
WARRANT – 0.0%**
REAL ESTATE DEVELOPMENT – 0.0%**
Sun Hung Kai Properties Ltd., Expire 5/22/16*		4,725		18,594
TOTAL WARRANT (COST $1,462)			$	18,594
TOTAL REAL ESTATE RELATED SECURITIES (COST $154,699,797)			$	188,114,287

Description	Number of Shares		Value
COMMODITY RELATED SECURITIES – 13.6%
INVESTMENT COMPANIES – 13.6%
COMMODITY FUNDS – 13.6%
Credit Suisse Commodity Return Strategy Fund, Class I*		6,386,150	$	37,997,594
PIMCO CommoditiesPLUS Strategy Fund, Institutional Shares*		3,200,178		25,441,415
TOTAL COMMODITY FUNDS			$	63,439,009
TOTAL INVESTMENT COMPANIES (COST $73,484,657)			$	63,439,009
TOTAL COMMODITY RELATED SECURITIES (COST $73,484,657)			$	63,439,009
	Notional Amount
PURCHASED OPTIONS – 0.1%
CALL OPTIONS – 0.0%**
INF CAP US YOY, Strike Price $0.01, Expiring 4/10/2020	$	8,300,000	$	3,510
IRO USD 1Y MYC, Strike Price $0.80, Expiring 1/19/2016		9,200,000		10,042
TOTAL CALL OPTIONS			$	13,552
PUT OPTIONS – 0.1%
IRO USD 30Y BOA, Strike Price $2.59, Expiring 5/22/2015		300,000		3,349
IRO USD 30Y MYC, Strike Price $2.68, Expiring 12/11/2017		1,000,000		105,621
TOTAL PUT OPTIONS			$	108,970
TOTAL PURCHASED OPTIONS (COST $156,070)			$	122,522
	Number of Shares
SHORT-TERM INVESTMENTS – 1.0%
MONEY MARKET FUND – 1.0%
Dreyfus Cash Management Fund, Institutional Shares, 0.04%^		4,760,369	$	4,760,369
TOTAL SHORT-TERM INVESTMENTS (COST $4,760,369)			$	4,760,369

ANNUAL REPORT / April 30, 2015

70    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.3%
REPURCHASE AGREEMENT – 0.3%
BNP Paribas Securities Corp., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $64,647, collateralized by U.S. Government & Treasury Securities 0.00% to 6.50%, maturing 5/01/16 to 4/20/45; total market value of $65,940.	$	64,647		$	64,647
Citigroup Global Markets, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $245,663, collateralized by U.S. Government Securities 1.61% to 8.00%, maturing 6/01/17 to 6/15/52; total market value of $250,575.		245,662			245,662
Credit Suisse Securities (USA) LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $245,663, collateralized by U.S. Government Securities 3.00% to 4.50%, maturing 8/01/38 to 4/01/45; total market value of $250,577.		245,662			245,662
ING Financial Markets LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $245,663, collateralized by U.S. Government Securities 1.85% to 6.20%, maturing 5/01/33 to 11/01/44; total market value of $250,576.		245,662			245,662
JP Morgan Securities LLC, 0.13%, dated 4/30/15, due 5/01/15, repurchase price $245,663, collateralized by U.S. Government Securities 1.78% to 6.13%, maturing 3/01/19 to 2/01/45; total market value of $250,578.		245,662			245,662
Nomura Securities International, Inc. 0.13%, dated 4/30/15, due 5/01/15, repurchase price $245,663, collateralized by U.S. Government & Treasury Securities 0.00% to 10.50%, maturing 5/15/15 to 3/20/64; total market value of $250,575.		245,662			245,662
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,292,957)				$	1,292,957
TOTAL INVESTMENTS IN SECURITIES 112.8% (COST $506,869,654)				$	525,040,001
	Contracts
WRITTEN OPTIONS – (0.1%)
CALL OPTIONS – 0.0%**
Euro Bund Option, Strike Price $157.00, Expiring 5/22/2015		(205	)	$	(211,770	)
U.S. 10Y Futures Option JUN15C, Strike Price $130.50, Expiring 5/22/2015		(55	)		(3,438	)
TOTAL CALL OPTIONS				$	(215,208	)

	Notional Amount			Value
CALL OPTIONS – 0.0%**
IRO EUR 30Y GLM, Strike Price $0.75, Expiring 9/11/2015	$	(400,000	)	$	(8,091	)
IRO USD 1Y MYC, Strike Price $0.52, Expiring 1/19/2016		(9,200,000	)		(3,156	)
IRO USD 1Y MYC, Strike Price $0.66, Expiring 1/19/2016		(9,200,000	)		(5,895	)
OTC Eput T BOA, Strike Price $2.50, Expiring 5/22/2015		(330,000	)		(3,767	)
TOTAL CALL OPTIONS				$	(20,909	)
CALL SWAPTIONS – (0.1%)
U.S. Dollar vs BRL, Strike Price $2.68, Expiring 6/29/2015		(1,715,000	)		(212,444	)
U.S. Dollar vs BRL, Strike Price $2.68, Expiring 7/01/2015		(370,000	)		(46,106	)
TOTAL CALL SWAPTIONS				$	(258,550	)
PUT OPTIONS – 0.0%**
INF FLOOR US YOY, Strike Price $0.01, Expiring 4/10/2020		(8,300,000	)		(1,403	)
IRO USD 5Y MYC, Strike Price $2.50, Expiring 12/11/2017		(4,200,000	)		(107,196	)
OTC EPUT Euro vs U.S. Dollar BRC, Strike Price $1.05, Expiring 5/15/2015		(1,000	)		—
TOTAL PUT OPTIONS				$	(108,599	)
	Contracts
PUT OPTION – 0.0%**
U.S. 10Y Futures Option JUN15P, Strike Price $127.50, Expiring 5/22/2015		(55	)	$	(16,328	)
TOTAL PUT OPTION				$	(16,328	)
	Notional Amount
PUT SWAPTIONS – 0.0%**
INF Cap U.S. 10Y JPM, Strike Price $4.00, Expiring 4/22/2024	$	(1,300,000	)	$	(4,030	)
INF Cap U.S. 10Y JPM, Strike Price $4.00, Expiring 5/16/2024		(100,000	)		(330	)
INF FLOOR U.S. YOY JPM, Strike Price $2.35, Expiring 3/24/2020		(2,300,000	)		(28,905	)
INF FLOOR USD, Strike Price $216.69, Expiring 4/07/2020		(2,600,000	)		(2,147	)
ITRAXX Eu23 5Y GST, Strike Price $0.90, Expiring 9/16/2015		(1,800,000	)		(3,808	)
TOTAL PUT SWAPTIONS				$	(39,220	)
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $(355,320))				$	(658,814	)

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    71

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value			Value
TBA SALE COMMITMENTS – (0.9%)
MORTGAGE-BACKED SECURITIES – (0.9%)
Federal National Mortgage Association (FNMA), 3.00%, 5/01/45	$	(3,600,000	)	$	(3,664,969	)
Federal National Mortgage Association (FNMA), 3.50%, 5/01/45		(400,000	)		(419,313	)
TOTAL MORTGAGE-BACKED SECURITIES				$	(4,084,282	)
TOTAL TBA SALE COMMITMENTS (PROCEEDS $(4,103,040))				$	(4,084,282	)

Description	Value
TOTAL INVESTMENTS NET OF WRITTEN OPTIONS AND TBA SALE COMMITMENTS – 111.8%	$	520,296,905
COLLATERAL FOR SECURITIES ON LOAN – (0.3%)		(1,292,957	)
OTHER LIABILITIES LESS ASSETS – (11.5%)		(53,386,441	)
TOTAL NET ASSETS – 100.0%	$	465,617,507

Cost of investments for Federal income tax purposes is $516,130,604. The net unrealized appreciation/(depreciation) of investments was $8,909,397. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $34,919,558 and net unrealized depreciation from investments for those securities having an excess of cost over value of $26,010,161.

ANNUAL REPORT / April 30, 2015

72    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

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, 2015 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	$	—		$	3,416,444		$	—	$	3,416,444
Corporate Bonds		—			11,197,550			—		11,197,550
Foreign Government Inflation-Linked Securities		—			122,504,097			—		122,504,097
Foreign Government Securities		—			21,810,468			—		21,810,468
Mortgage-Backed Securities		—			2,202,234			—		2,202,234
U.S. Government Agency Obligation		—			99,976			—		99,976
U.S. Government Inflation-Linked Securities		—			101,183,511			—		101,183,511
U.S. Treasury		—			4,896,577			—		4,896,577
Real Estate Related Securities
Common Stocks		1,074,639			45,897,145			—		46,971,784
Exchange-Traded Funds		4,585,943			—			—		4,585,943
Investment Companies		—			287,298			—		287,298
Preferred Stock		72,240			—			—		72,240
Real Estate Investment Trusts		88,953,442			47,224,986			—		136,178,428
Warrant		18,594			—			—		18,594
Commodity Related Securities
Investment Companies		63,439,009			—			—		63,439,009
Purchased Options		—			122,522			—		122,522
Short-Term Investments
Money Market Fund		4,760,369			—			—		4,760,369
Repurchase Agreements		—			1,292,957			—		1,292,957
Total Investments in Securities		162,904,236			362,135,765			—		525,040,001
Other Financial Instruments^
Forward Foreign Currency Contracts	$	—		$	4,741,852		$	—	$	4,741,852
Credit Default Swaps		—			15,944			—		15,944
Interest Rate Swaps		—			681,177			—		681,177
Total Assets		162,904,236			367,574,738			—		530,478,974
Liabilities
Other Financial Instruments^
Written Options	$	—		$	(658,814	)	$	—	$	(658,814	)
Forward Foreign Currency Contracts		—			(9,423,998	)		—		(9,423,998	)
Financial Futures Contracts		(301,582	)		—			—		(301,582	)
Credit Default Swaps		—			(110,510	)		—		(110,510	)
Interest Rate Swaps		—			(1,311,421	)		—		(1,311,421	)
TBA Sale Commitments		—			(4,084,282	)		—		(4,084,282	)
Total Liabilities	$	(301,582	)	$	(15,589,025	)	$	—	$	(15,890,607	)

^{^}  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 and TBA sale commitments are reported at their market value at year end.

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    73

     Wilmington Multi-Manager Real Asset Fund (continued)

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

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.

^ 7-Day net yield.

* Non-income producing security.

Ö All or a portion of this security is segregated as collateral in connection with the fund’s derivatives and TBA’s carried by the Fund. The total value of all securities segregated at April 30, 2015 amounted to $2,087,645 representing 0.45% of total net assets.

†† 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, 2015, the value of these securities amounted to $93,691,293 representing 20.1% of total net assets.

W Denotes a restricted security 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, 2015, these liquid restricted securities amounted to $2,108,469 representing 0.5% of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

ETF - Exchange Traded Fund

FHLB - Federal Home Loan Bank

LLC - Limited Liability Corporation

LP - Limited Partnership

GMTN - Global Medium Term Note

MTN - Medium Term Note

OAT - Obligations Assimilables

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SPDR - Standard & Poor’s Depository Receipts

Currency Code	Currency
BRL	Brazilian Real
COP	Colombian Peso
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NZD	New Zealand Dollar
THB	Thai Baht
ZAR	South African Rand
USD	United States Dollar

At April 30, 2015, the 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
5/4/2015	Brown Brothers Harriman & Co.	101,985 Euro	$	113,846	$	114,520	$	674
5/5/2015	JP Morgan Securities	27,748,306 Brazilian Real		9,269,210		9,193,001		(76,209)
5/5/2015	Deutsche Bank	23,307,313 Brazilian Real		7,511,219		7,721,702		210,483
5/5/2015	Royal Bank of Canada	14,764,627 Mexican Peso		963,151		962,014		(1,137)
5/5/2015	HSBC Securities, Inc.	9,767,538 Mexican Peso		660,000		636,421		(23,579)
5/5/2015	Deutsche Bank	7,187,256 Brazilian Real		2,221,443		2,381,134		159,691
5/5/2015	Credit Suisse	6,044,642 Brazilian Real		2,019,188		2,002,587		(16,601)
5/5/2015	HSBC Securities, Inc.	5,628,000 Mexican Peso		373,569		366,702		(6,867)
5/5/2015	HSBC Securities, Inc.	5,434,880 Mexican Peso		365,000		354,119		(10,881)
5/5/2015	Goldman Sachs & Company	4,959,000 Brazilian Real		1,539,297		1,642,914		103,617
5/5/2015	HSBC Securities, Inc.	4,758,000 Mexican Peso		305,906		310,016		4,110
5/5/2015	HSBC Securities, Inc.	2,008,000 Brazilian Real		670,764		665,249		(5,515)
5/5/2015	Bank of New York	499,694 Hong Kong Dollar		64,473		64,472		(1)
5/5/2015	Goldman Sachs & Company	347,379 Brazilian Real		111,913		115,087		3,174
5/5/2015	Brown Brothers Harriman & Co.	113,717 Euro		126,943		127,696		753
5/5/2015	Bank of New York	63,496 Euro		71,249		71,302		53
5/5/2015	Bank of New York	16,834 Pound Sterling		25,840		25,838		(2)
5/5/2015	Brown Brothers Harriman & Co.	1,721 Euro		1,927		1,933		6
5/6/2015	Citigroup Global Markets	50,847,645 Euro		55,118,847		57,098,954		1,980,107
5/6/2015	Banc of America Securities	31,329,000 Pound Sterling		47,541,758		48,087,638		545,880
5/6/2015	Deutsche Bank	14,480,355 Euro		15,761,866		16,260,598		498,732
5/6/2015	Goldman Sachs & Company	5,807,000 Euro		6,300,676		6,520,924		220,248
5/6/2015	Citigroup Global Markets	2,677,000 Australian Dollar		2,140,275		2,117,730		(22,545)
5/6/2015	Goldman Sachs & Company	1,875,000 Pound Sterling		2,794,344		2,877,983		83,639

ANNUAL REPORT / April 30, 2015

74 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 PURCHASED (continued)
5/6/2015		Deutsche Bank		1,116,000 Euro	$	1,176,376	$	1,253,203	$	76,827
5/6/2015		Deutsche Bank		627,000 Pound Sterling		935,920		962,397		26,477
5/6/2015		Citigroup Global Markets		310,000 Canadian Dollar		245,224		256,920		11,696
5/6/2015		Goldman Sachs & Company		201,000 Euro		217,858		225,711		7,853
5/6/2015		Citigroup Global Markets		169,000 Euro		178,510		189,777		11,267
5/6/2015		Bank of New York		52,546 Euro		58,962		59,006		44
5/8/2015		Chase Manhattan Corp.		461,900,000 Japanese Yen		3,882,165		3,868,799		(13,366)
5/8/2015		Citigroup Global Markets		196,800,000 Japanese Yen		1,641,817		1,648,365		6,548
5/8/2015		Citigroup Global Markets		3,412,705 Japanese Yen		28,535		28,584		49
5/18/2015		Goldman Sachs & Company		110,145,049 Indian Rupee		1,747,779		1,726,858		(20,921)
5/18/2015		JP Morgan Securities		490,000 Thai Baht		14,772		14,855		83
6/26/2015		Goldman Sachs & Company		13,472,420 Indian Rupee		213,070		209,554		(3,516)
7/24/2015		Barclays Bank International		138,042,134 Indian Rupee		2,175,434		2,135,082		(40,352)
7/30/2015		Barclays Bank International		2,643,609 Polish Zloty		690,923		732,083		41,160
CONTRACTS SOLD
5/4/2015		Brown Brothers Harriman & Co.		8,162 Singapore Dollar		6,186		6,168		18
5/5/2015		Deutsche Bank		30,494,569 Brazilian Real		10,186,588		10,102,836		83,752
5/5/2015		JP Morgan Securities		27,748,306 Brazilian Real		8,559,009		9,193,001		(633,992)
5/5/2015		HSBC Securities, Inc.		8,372,803 Mexican Peso		541,000		545,544		(4,544)
5/5/2015		Citigroup Global Markets		7,216,000 Mexican Peso		470,266		470,171		95
5/5/2015		Credit Suisse		6,044,642 Brazilian Real		1,886,828		2,002,587		(115,759)
5/5/2015		Goldman Sachs & Company		5,306,379 Brazilian Real		1,772,575		1,758,001		14,574
5/5/2015		Royal Bank of Canada		5,248,000 Mexican Peso		349,301		341,942		7,359
5/5/2015		Citigroup Global Markets		4,948,000 Mexican Peso		329,531		322,395		7,136
5/5/2015		Goldman Sachs & Company		4,400,007 Mexican Peso		294,500		286,690		7,810
5/5/2015		Credit Suisse		2,722,000 Mexican Peso		182,856		177,357		5,499
5/5/2015		Citigroup Global Markets		2,245,980 Mexican Peso		150,000		146,341		3,659
5/5/2015		HSBC Securities, Inc.		2,008,000 Brazilian Real		616,821		665,249		(48,428)
5/5/2015		Deutsche Bank		1,802,820 Mexican Peso		120,000		117,466		2,534
5/5/2015		Citigroup Global Markets		1,351,435 Mexican Peso		90,000		88,055		1,945
5/5/2015		Citigroup Global Markets		629,000 Mexican Peso		42,063		40,984		1,079
5/5/2015		Barclays Bank International		416,000 Mexican Peso		27,816		27,105		711
5/5/2015		HSBC Securities, Inc.		320,000 Mexican Peso		20,969		20,850		119
5/5/2015		HSBC Securities, Inc.		277,000 Mexican Peso		18,410		18,048		362
5/5/2015		HSBC Securities, Inc.		262,000 Mexican Peso		17,391		17,071		320
5/5/2015		Citigroup Global Markets		142,000 Mexican Peso		9,506		9,252		254
5/5/2015		Brown Brothers Harriman & Co.		5,915 Singapore Dollar		4,489		4,470		19
5/6/2015		Banc of America Securities		50,843,461 Euro		54,712,750		57,094,255		(2,381,505)
5/6/2015		HSBC Securities, Inc.		27,018,000 Pound Sterling		39,962,481		41,470,580		(1,508,099)
5/6/2015		Citigroup Global Markets		8,285,841 New Zealand Dollar		6,316,936		6,320,360		(3,424)
5/6/2015		Citigroup Global Markets		6,564,000 Euro		7,154,925		7,370,991		(216,066)
5/6/2015		Royal Bank of Canada		5,136,000 Pound Sterling		7,623,473		7,883,370		(259,897)
5/6/2015		HSBC Securities, Inc.		4,174,000 Euro		4,584,993		4,687,160		(102,167)
5/6/2015		Goldman Sachs & Company		4,085,539 Euro		4,398,178		4,587,824		(189,646)
5/6/2015		Goldman Sachs & Company		3,637,000 Euro		3,913,208		4,084,140		(170,932)
5/6/2015		Banc of America Securities		2,971,000 Euro		3,268,923		3,336,261		(67,338)
5/6/2015		Deutsche Bank		1,677,000 Pound Sterling		2,485,792		2,574,068		(88,276)
5/6/2015		Citigroup Global Markets		1,354,000 Australian Dollar		1,042,839		1,071,127		(28,288)
5/6/2015		HSBC Securities, Inc.		1,323,000 Australian Dollar		1,003,384		1,046,603		(43,219)

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 75

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)
5/6/2015		Deutsche Bank		346,000 Euro	$	372,698	$	388,538	$	(15,840)
5/6/2015		Brown Brothers Harriman & Co.		5,565 Singapore Dollar		4,194		4,205		(11)
5/8/2015		Banc of America Securities		410,000,000 Japanese Yen		3,431,499		3,434,093		(2,594)
5/8/2015		Goldman Sachs & Company		248,700,000 Japanese Yen		2,079,420		2,083,071		(3,651)
5/18/2015		Credit Suisse		751,965,000 South Korean Won		682,147		701,087		(18,940)
5/18/2015		JP Morgan Securities		34,648,671 Thai Baht		1,051,553		1,050,444		1,109
6/2/2015		Citigroup Global Markets		50,847,645 Euro		55,137,051		57,119,735		(1,982,684)
6/2/2015		Banc of America Securities		31,329,000 Pound Sterling		47,533,111		48,078,414		(545,303)
6/2/2015		Deutsche Bank		23,307,313 Brazilian Real		7,444,048		7,644,091		(200,043)
6/2/2015		Deutsche Bank		14,480,355 Euro		15,767,166		16,266,516		(499,350)
6/2/2015		Citigroup Global Markets		2,677,000 Australian Dollar		2,137,049		2,114,483		22,566
6/2/2015		Goldman Sachs & Company		347,379 Brazilian Real		110,916		113,930		(3,014)
6/3/2015		Credit Suisse		4,073,311,320 Colombian Peso		1,749,554		1,704,208		45,346
6/3/2015		Chase Manhattan Corp.		461,900,000 Japanese Yen		3,883,112		3,869,829		13,283
6/9/2015		HSBC Securities, Inc.		31,686,149 Mexican Peso		2,053,675		2,059,272		(5,597)
6/11/2015		Deutsche Bank		110,359,212 Mexican Peso		7,213,020		7,171,150		41,870
7/2/2015		Deutsche Bank		7,437,424 Brazilian Real		2,741,402		2,415,061		326,341
7/2/2015		Credit Suisse		5,052,615 Brazilian Real		1,800,326		1,640,672		159,654
7/7/2015		Royal Bank of Canada		14,764,627 Mexican Peso		958,873		957,606		1,267
7/30/2015		Barclays Bank International		15,095,706 South African Rand		1,233,813		1,249,586		(15,773)
7/30/2015		JP Morgan Securities		2,644,636 Polish Zloty		704,241		732,367		(28,126)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS										$(4,682,146)

At April 30, 2015, the 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:
30YR US Treasury Bond(CBT)		June 2015	14	$  2,302,461	$  2,234,313	$  (68,148)
EUR Commodity Future		June 2015	3	526,585	522,315	(4,270)
SHORT POSITIONS:
10YR US Treasury Note(CBT)		June 2015	40	$  5,119,073	$  5,135,000	$  (15,927)
5YR US Treasury Note(CBT)		June 2015	21	2,493,238	2,522,789	(29,551)
90 DAY EURO DOLLAR		June 2015	171	42,582,895	42,617,475	(34,580)
90 DAY EURO DOLLAR		September 2015	116	28,829,624	28,873,850	(44,226)
90 DAY EURO DOLLAR		December 2015	117	29,045,149	29,071,575	(26,426)
90 DAY EURO DOLLAR		March 2016	151	37,371,433	37,449,887	(78,454)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS						$(301,582)

ANNUAL REPORT / April 30, 2015

76 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

At April 30, 2015, the 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*		02/03/17	$	50,000,000		4.04%	28 Day MXN TIIE	$	6,578		$	12,384		$	(5,806	)
Chicago Mercantile Exchange*		06/17/17		11,500,000		1.25%	3 Month USD LIBOR		(79,388	)		(91,425	)		12,037
Chicago Mercantile Exchange#		06/17/25		1,300,000		2.75%	3 Month USD LIBOR		(70,538	)		(53,040	)		(17,498	)
Chicago Mercantile Exchange#		12/17/44		2,700,000		3.50%	3 Month USD LIBOR		(573,279	)		(728,622	)		155,343
Chicago Mercantile Exchange#		06/17/45		1,400,000		3.25%	3 Month USD LIBOR		(217,464	)		(182,476	)		(34,988	)
Chicago Mercantile Exchange#		09/16/25		6,000,000		0.75%	6 Month EUR LIBOR		(15,926	)		(72,762	)		56,836
Chicago Mercantile Exchange*		12/31/16		25,600,000		1.60%	6 Month GBP LIBOR		437,312			—			437,312
Chicago Mercantile Exchange*		06/17/17		4,200,000		1.25%	6 Month GBP LIBOR		(24,048	)		(9,336	)		(14,712	)
Chicago Mercantile Exchange*		12/31/19		10,500,000		2.27%	6 Month GBP LIBOR		(565,555	)		—			(565,555	)
Chicago Mercantile Exchange*		09/18/23		140,000,000		1.00%	6 Month JPY LIBOR		(54,541	)		(9,264	)		(45,277	)
Chicago Mercantile Exchange*		09/18/23		120,000,000		1.00%	6 Month JPY LIBOR		(46,749	)		(6,099	)		(40,650	)
Chicago Mercantile Exchange*		03/20/24		60,000,000		1.00%	6 Month JPY LIBOR		(23,363	)		(21,678	)		(1,685	)
								$	(1,226,961	)	$	(1,162,318	)	$	(64,643	)
Over the Counter
Credit Suisse International#		01/02/17	$	1,900,000		12.33%	BRL Cetip	$	(8,476	)	$	234		$	(8,710	)
Goldman Sachs Group, Inc.*		10/15/19		6,500,000		0.90%	Eurostat Eurozone HICP Ex Tobacco		(3,650	)		(13,633	)		9,983
Goldman Sachs Group, Inc.#		01/14/30		1,180,000		3.14%	UK RPI All Items NSA		(41,097	)		—			(41,097	)
Goldman Sachs Group, Inc.#		04/15/30		1,100,000		3.20%	UK RPI All Items NSA		(39,676	)		—			(39,676	)
Bank of America NA#		04/08/35		600,000		3.31%	UK RPI All Items NSA		(37,556	)		—			(37,556	)
Credit Suisse International#		04/15/35		700,000		3.34%	UK RPI All Items NSA		(35,619	)		374			(35,993	)
Goldman Sachs Group, Inc.#		04/15/35		200,000		3.36%	UK RPI All Items NSA		(8,355	)		—			(8,355	)
Bank of America NA#		12/11/44		200,000		3.55%	UK RPI All Items NSA		9,802			136			9,666
Credit Suisse International#		01/12/45		100,000		3.33%	UK RPI All Items NSA		(11,738	)		1,071			(12,809	)
Barclays Bank PLC*		12/19/15		2,800,000		1.73%	US Urban Consumers NSA		(49,072	)		—			(49,072	)
Deutsche Bank AG*		11/29/16		3,500,000		1.85%	US Urban Consumers NSA		(73,349	)		—			(73,349	)
Deutsche Bank AG*		02/10/17		6,200,000		1.93%	US Urban Consumers NSA		(127,646	)		—			(127,646	)
Goldman Sachs Group, Inc.*		02/12/17		500,000		2.42%	US Urban Consumers NSA		(23,826	)		—			(23,826	)
RBS Securities, Inc.*		07/15/17		2,400,000		2.25%	US Urban Consumers NSA		(117,256	)		111			(117,367	)
Citibank NA*		07/15/17		200,000		2.25%	US Urban Consumers NSA		(9,771	)		23			(9,794	)
								$	(577,285	)	$	(11,684	)	$	(565,601	)
Net Unrealized Appreciation (Depreciation) on Interest Rate Swap Contracts								$	(1,804,246	)	$	(1,174,002	)	$	(630,244	)

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 77

Wilmington Multi-Manager Real Asset Fund (concluded)

At April 30, 2015, the 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,  2015(b)	Fair Value(c)			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Centrally Cleared
Intercontinental Exchange###		06/20/20	$	5,300,000		1.00%	CDX ITRAXX MAIN23 5Y ICE	0.60%	$	(120,093	)	$	(129,425	)	$	9,332
									$	(120,093	)	$	(129,425	)	$	9,332
Over the Counter
Morgan Stanley   Capital Services##		06/20/15	$	900,000		1.00%	BARC SNR SE SP MYC	0.26%	$	2,221		$	1,986		$	235
Goldman Sachs   Group, Inc.##		03/20/16		100,000		1.00%	GAZPROM SNR EM SP GST	3.84%		(2,386	)		(5,905	)		3,519
JP Morgan Chase   Bank NA##		03/20/16		100,000		1.00%	GAZPROM SNR EM SP JPM	3.84%		(2,386	)		(5,244	)		2,858
Morgan Stanley   Capital Services##		12/20/19		2,800,000		1.00%	PETROBRAS LA SP MYC	4.06%		(347,797	)		(237,287	)		(110,510	)
									$	(350,348	)	$	(246,450	)	$	(103,898	)
NET UNREALIZED   APPRECIATION   (DEPRECIATION) ON CREDIT   DEFAULT SWAP CONTRACTS									$	(470,441	)	$	(375,875	)	$	(94,566	)

* 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.

### The Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation 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.

(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 which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

78

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Conservative Fund

At April 30, 2015, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Debt Funds		55.8	%
Equity Funds		17.8	%
Alternative Investment Funds		10.1	%
Exchange-Traded Funds		8.3	%
Money Market Fund		6.3	%
Commodity Fund		0.7	%
Other Assets and Liabilities – Net1		1.0	%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description	Number of Shares		Value
INVESTMENT COMPANIES – 92.7%
ALTERNATIVE INVESTMENT FUNDS – 10.1%
AQR Managed Futures Strategy Fund, Class I		103,740	$	1,158,778
Gateway Fund, Class Y		39,321		1,178,831
Legg Mason BW Absolute Return Opportunities Fund, Class I		122,384		1,523,678
TOTAL ALTERNATIVE INVESTMENT FUNDS			$	3,861,287
COMMODITY FUND – 0.7%
Credit Suisse Commodity Return Strategy Fund, Class I*		44,495		264,744
DEBT FUNDS – 55.8%
FPA New Income, Inc.		141,787		1,436,301
RidgeWorth Seix Floating Rate High Income Fund, Class I		87,660		781,053
Wilmington Broad Market Bond Fund, Class I§		604,943		5,922,396
Wilmington Intermediate-Term Bond Fund, Class I§		1,315,335		13,192,808
TOTAL DEBT FUNDS			$	21,332,558
EQUITY FUNDS – 17.8%
DFA U.S. Small Cap Value Portfolio, Institutional Shares		6,318		223,264
Diamond Hill Large Cap Fund, Class Y		9,360		217,145
LSV Value Equity Fund, Class I		9,472		229,132

Description	Number of Shares		Value
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I		16,653	$	699,776
Morgan Stanley Institutional Fund, Inc. - Small Company Growth Portfolio, Class I		18,975		322,770
T Rowe Price Institutional Large-Cap Growth Fund, Class I		22,657		657,969
Wilmington Large-Cap Strategy Fund, Class I§		40,999		756,833
Wilmington Mid-Cap Growth Fund, Class I§		21,195		384,058
Wilmington Multi-Manager International Fund, Class I§		377,220		3,051,707
Wilmington Small-Cap Strategy Fund, Class I§		17,811		267,347
TOTAL EQUITY FUNDS			$	6,810,001
EXCHANGE-TRADED FUNDS – 8.3%
iShares Cohen & Steers REIT ETF		4,245		403,912
iShares Global Energy ETF		2,120		82,532
iShares Russell Mid-Cap Value ETF		1,500		111,555
iShares Russell Top 200 Growth ETF		16,700		873,243
iShares Russell Top 200 Value ETF		6,275		275,472
iShares TIPS ETF		8,297		948,845
SPDR Dow Jones International Real Estate ETF		10,360		459,259
TOTAL EXCHANGE-TRADED FUNDS			$	3,154,818
TOTAL INVESTMENT COMPANIES (COST $33,461,971)			$	35,423,408

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    79

    Wilmington Strategic Allocation Conservative Fund (concluded)

Description	Number of Shares		Value
MONEY MARKET FUND – 6.3%
Dreyfus Cash Management Fund, Institutional Shares, 0.04%^		2,410,570	$	$2,410,570
TOTAL MONEY MARKET FUND
(COST $2,410,570)			$	2,410,570

Description	Value
TOTAL INVESTMENTS – 99.0%
(COST $35,872,541)		$    37,833,978
OTHER ASSETS LESS LIABILITIES – 1.0%		399,601
TOTAL NET ASSETS – 100.0%		$    38,233,579

Cost of investments for Federal income tax purposes is $36,270,494. The net unrealized appreciation/(depreciation) of investments was $1,563,484. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,737,657 and net unrealized depreciation from investments for those securities having an excess of cost over value of $174,173.

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, 2015 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	35,423,408	$	—	$	—	$	35,423,408
Money Market Fund		2,410,570		—		—		2,410,570
Total	$	37,833,978	$	—	$	—	$	37,833,978

* Non-income producing security.

^ 7-Day net yield.

§ Affiliated company. See Note 5 in Notes to Financial Statements.

The following acronyms are used throughout this Fund:

ETF - Exchange Traded Fund

REIT - Real Estate Investment Trust

SPDR - Standard & Poor’s Depository Receipts

TIPS - Treasury Inflation Protected Security

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

80    

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Moderate Fund

At April 30, 2015, the Fund’s portfolio composition was as follows (unaudited):

Investment Companies:	Percentage of Total Net Assets
Equity Funds		43.5	%
Exchange-Traded Funds		20.1	%
Alternative Investment Funds		11.9	%
Debt Funds		4.7	%
Commodity Fund		0.7	%
Corporate Bonds		6.5	%
Mortgage-Backed Securities		4.1	%
U.S. Treasury		3.7	%
Collateralized Mortgage Obligations		0.5	%
Enhanced Equipment Trust Certificates		0.2	%
Cash Equivalents1		6.8	%
Other Assets and Liabilities – Net2		(2.7	)%
TOTAL		100.0	%

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2015

Description	Number of Shares		Value
INVESTMENT COMPANIES – 80.9%
ALTERNATIVE INVESTMENT FUNDS – 11.9%
AQR Managed Futures Strategy Fund, Class I		162,675	$	1,817,080
Gateway Fund, Class Y		79,557		2,385,130
Legg Mason BW Absolute Return Opportunities Fund, Class I		180,541		2,247,738
TOTAL ALTERNATIVE INVESTMENT FUNDS			$	6,449,948
COMMODITY FUND – 0.7%
Credit Suisse Commodity Return Strategy Fund, Class I*		67,439		401,260
DEBT FUNDS – 4.7%
FPA New Income, Inc.		137,478		1,392,650
RidgeWorth Seix Floating Rate High Income Fund, Class I		127,874		1,139,358
TOTAL DEBT FUNDS			$	2,532,008
EQUITY FUNDS – 43.5%
DFA U.S. Small Cap Value Portfolio, Institutional Shares		12,710		449,161

Description	Number of Shares		Value
Diamond Hill Large Cap Fund, Class Y		43,470	$	1,008,505
Harbor International Fund, Institutional Shares		65,113		4,673,832
Lazard Emerging Markets Equity Portfolio, Institutional Shares		16,210		292,268
LSV Value Equity Fund, Class I		41,573		1,005,655
MFS International New Discovery Fund, Class I		21,951		656,112
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I		76,420		3,211,165
Morgan Stanley Institutional Fund, Inc. - Small Company Growth Portfolio, Class I		45,824		779,459
T Rowe Price Institutional Large-Cap Growth Fund, Class I		107,935		3,134,445
Wilmington Mid-Cap Growth Fund, Class I§		104,716		1,897,452
Wilmington Multi-Manager International Fund, Class I§		752,693		6,089,286
Wilmington Small-Cap Strategy Fund, Class I§		26,897		403,730
TOTAL EQUITY FUNDS			$	23,601,070
EXCHANGE-TRADED FUNDS – 20.1%
iShares Cohen & Steers REIT ETF#		6,925		658,914

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    81

    Wilmington Strategic Allocation Moderate Fund (continued)

Description	Number of Shares		Value
iShares Global Energy ETF#		10,650	$	414,604
iShares Russell Mid-Cap Value ETF#		8,050		598,679
iShares Russell Top 200 Growth ETF		102,675		5,368,876
iShares Russell Top 200 Value ETF#		38,675		1,697,833
iShares TIPS ETF#		12,350		1,412,346
SPDR Dow Jones International Real Estate
ETF#		16,300		722,579
TOTAL EXCHANGE-TRADED FUNDS			$	10,873,831
TOTAL INVESTMENT COMPANIES
(COST $38,755,107)			$	43,858,117
	Par Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.5%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
Series 1988-23, Class C, 9.75%, 9/25/18	$	684	$	759
Series 2012-114, Class VM, 3.50%, 10/25/25		166,957		177,340
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	178,099
WHOLE LOAN – 0.2%
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 2.68%, 2/25/34D		46,094		45,755
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.75%, 11/25/35D		31,610		28,543
TOTAL WHOLE LOAN			$	74,298
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $264,559)			$	252,397
CORPORATE BONDS – 6.5%
AEROSPACE & DEFENSE – 0.2%
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16		85,000		88,156
BANKS – 0.2%
BB&T Corp., Sr. Unsecured, MTN, 2.45%, 1/15/20		30,000		30,420
Citigroup, Inc., Sr. Unsecured, 1.70%, 4/27/18		35,000		34,878
Comerica, Inc., Subordinated, 3.80%, 7/22/26		5,000		5,005
Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24		20,000		21,362
Morgan Stanley, Subordinated, GMTN, 4.35%, 9/08/26		10,000		10,267
TOTAL BANKS			$	101,932
BEVERAGES – 0.3%
Anheuser-Busch Cos. LLC, Company Guaranteed, 5.05%, 10/15/16		130,000		137,979

Description	Par Value		Value
Dr. Pepper Snapple Group, Inc.,
Company Guaranteed, 2.00%, 1/15/20	$	10,000	$	9,907
Dr. Pepper Snapple Group, Inc.,
Company Guaranteed, 2.70%, 11/15/22		40,000		39,213
TOTAL BEVERAGES			$	187,099
BIOTECHNOLOGY – 0.1%
Amgen, Inc.,
Sr. Unsecured, 4.40%, 5/01/45		25,000		24,529
Celgene Corp.,
Sr. Unsecured, 4.63%, 5/15/44		40,000		41,835
TOTAL BIOTECHNOLOGY			$	66,364
CAPITAL MARKETS – 0.4%
BlackRock, Inc.,
Sr. Unsecured, 3.38%, 6/01/22		38,000		40,096
Charles Schwab Corp.,
Sr. Unsecured, 2.20%, 7/25/18		15,000		15,326
Goldman Sachs Group, Inc.,
Sr. Unsecured, 3.30%, 5/03/15		100,000		100,021
Morgan Stanley,
Sr. Unsecured, 1.48%, 2/25/16D		35,000		35,283
Morgan Stanley,
Sr. Unsecured, 1.08%, 1/24/19D		30,000		30,132
TOTAL CAPITAL MARKETS			$	220,858
COMMERCIAL BANKS – 0.1%
HSBC USA, Inc.,
Sr. Unsecured, 2.63%, 9/24/18		40,000		41,151
Wells Fargo & Co.,
Series M, Subordinated, 3.45%, 2/13/23		35,000		35,697
TOTAL COMMERCIAL BANKS			$	76,848
COMMERCIAL FINANCE – 0.1%
General Electric Capital Corp.,
Sr. Unsecured, MTN, 2.30%, 4/27/17		70,000		71,941
COMPUTERS – 0.1%
Apple, Inc.,
Sr. Unsecured, 1.05%, 5/05/17		45,000		45,306
CONSUMER FINANCE – 0.1%
American Express Co.,
Sr. Unsecured, FRN, 0.82%, 5/22/18D		30,000		30,031
DIVERSIFIED FINANCIAL SERVICES – 0.6%
Bank of America Corp.,
Sr. Unsecured, 2.00%, 1/11/18		50,000		50,404
Citigroup, Inc.,
Sr. Unsecured, 6.00%, 8/15/17		100,000		109,712
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39W		100,000		132,014
Hyundai Capital America,
Sr. Unsecured, 1.88%, 8/09/16W		25,000		25,249
TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 4/01/22		18,000		18,243
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	335,622

ANNUAL REPORT / April 30, 2015

82    PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
ELECTRIC – 0.5%
Appalachian Power Co., Sr. Unsecured, 5.00%, 6/01/17	$	35,000	$	37,615
DTE Energy Co., Sr. Unsecured, 3.85%, 12/01/23		10,000		10,643
Entergy Corp., Sr. Unsecured, 5.13%, 9/15/20		90,000		99,735
Pacific Gas & Electric Co., Sr. Unsecured, 3.75%, 2/15/24		20,000		21,302
UIL Holdings Corp., Sr. Unsecured, 4.63%, 10/01/20		70,000		75,384
TOTAL ELECTRIC			$	244,679
ELECTRONICS – 0.0%**
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.30%, 2/15/22		20,000		20,373
ENVIRONMENTAL CONTROL – 0.2%
Waste Management, Inc., Company Guaranteed, 2.60%, 9/01/16		60,000		61,104
Waste Management, Inc., Company Guaranteed, 3.50%, 5/15/24		35,000		36,308
Waste Management, Inc., Company Guaranteed, 4.10%, 3/01/45		25,000		24,388
TOTAL ENVIRONMENTAL CONTROL			$	121,800
FOOD – 0.2%
Kroger Co., Company Guaranteed, 3.90%, 10/01/15		100,000		101,269
HEALTH CARE PROVIDERS & SERVICES – 0.0%**
UnitedHealth Group, Inc., Sr. Unsecured, 2.75%, 2/15/23		25,000		25,080
HOME FURNISHINGS – 0.2%
Whirlpool Corp., Sr. Unsecured, 4.70%, 6/01/22		65,000		71,412
Whirlpool Corp., Sr. Unsecured, MTN, 5.15%, 3/01/43		10,000		11,016
TOTAL HOME FURNISHINGS			$	82,428
HOUSEHOLD PRODUCTS – 0.1%
Tupperware Brands Corp., Company Guaranteed, 4.75%, 6/01/21		60,000		64,547
INSURANCE – 0.4%
Aon PLC, Company Guaranteed, 4.00%, 11/27/23		40,000		42,453
CNA Financial Corp., Sr. Unsecured, 3.95%, 5/15/24		35,000		36,036
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22		60,000		64,619
WR Berkley Corp., Sr. Unsecured, 4.75%, 8/01/44		45,000		46,290
TOTAL INSURANCE			$	189,398
MEDIA – 0.2%
CBS Corp., Company Guaranteed, 4.60%, 1/15/45		25,000		24,191

Description	Par Value		Value
Viacom, Inc., Sr. Unsecured, 2.50%, 12/15/16	$	60,000	$	61,296
TOTAL MEDIA			$	85,487
METALS & MINING – 0.1%
Rio Tinto Finance USA Ltd., Company Guaranteed, 9.00%, 5/01/19		60,000		75,536
MISCELLANEOUS MANUFACTURING – 0.1%
Illinois Tool Works, Inc., Sr. Unsecured, 3.50%, 3/01/24		45,000		47,361
Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21		20,000		20,827
TOTAL MISCELLANEOUS MANUFACTURING			$	68,188
OFFICE/BUSINESS EQUIPMENT – 0.1%
Xerox Corp., Sr. Unsecured, 2.75%, 3/15/19#		30,000		30,641
OIL & GAS – 0.4%
BP Capital Markets PLC, Company Guaranteed, 2.50%, 11/06/22		50,000		48,906
Exxon Mobil Corp., Sr. Unsecured, 1.82%, 3/15/19		30,000		30,355
Husky Energy, Inc., Sr. Unsecured, 4.00%, 4/15/24		15,000		15,214
Marathon Oil Corp., Sr. Unsecured, 2.80%, 11/01/22		45,000		43,857
Marathon Petroleum Corp., Sr. Unsecured, 3.63%, 9/15/24		20,000		20,400
Murphy Oil Corp., Sr. Unsecured, 5.13%, 12/01/42		70,000		62,087
Valero Energy Corp., Sr. Unsecured, 4.90%, 3/15/45		10,000		10,197
TOTAL OIL & GAS			$	231,016
PHARMACEUTICALS – 0.1%
AbbVie, Inc., Sr. Unsecured, 4.40%, 11/06/42		20,000		19,701
Actavis Funding SCS, Company Guaranteed, 4.75%, 3/15/45		10,000		10,122
Medco Health Solutions, Inc., Company Guaranteed, 4.13%, 9/15/20		20,000		21,632
Merck & Co., Inc., Sr. Unsecured, 3.70%, 2/10/45		10,000		9,683
TOTAL PHARMACEUTICALS			$	61,138
PIPELINES – 0.2%
Energy Transfer Partners LP, Sr. Unsecured, 3.60%, 2/01/23		35,000		34,920
ONEOK Partners LP, Company Guaranteed, 6.20%, 9/15/43		45,000		46,432
Spectra Energy Partners LP, Sr. Unsecured, 4.50%, 3/15/45		25,000		24,455
TOTAL PIPELINES			$	105,807

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    83

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
REAL ESTATE INVESTMENT TRUSTS – 0.8%
American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24	$	15,000	$	16,269
CommonWealth REIT, Sr. Unsecured, 6.65%, 1/15/18		100,000		108,804
Digital Realty Trust LP, Company Guaranteed, 5.88%, 2/01/20#		100,000		113,746
HCP, Inc., Sr. Unsecured, 4.20%, 3/01/24		15,000		15,590
Health Care REIT, Inc., Sr. Unsecured, 4.70%, 9/15/17		100,000		107,437
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.75%, 4/15/23		40,000		39,826
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.88%, 5/01/25		15,000		14,915
ProLogis LP, Company Guaranteed, 3.35%, 2/01/21		35,000		36,297
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	452,884
RETAIL – 0.1%
CVS Caremark Corp., Sr. Unsecured, 5.75%, 6/01/17		30,000		32,861
SEMICONDUCTORS – 0.1%
Intel Corp., Sr. Unsecured, 2.70%, 12/15/22		35,000		35,279
TELECOMMUNICATIONS – 0.3%
AT&T, Inc., Sr. Unsecured, 1.40%, 12/01/17		35,000		34,998
AT&T, Inc., Sr. Unsecured, 4.50%, 5/15/35		15,000		14,737
AT&T, Inc., FRN, Sr. Unsecured, 1.15%, 11/27/18D		55,000		55,792
Verizon Communications, Inc., Sr. Unsecured, 6.40%, 9/15/33		35,000		42,578
TOTAL TELECOMMUNICATIONS			$	148,105
TRANSPORTATION – 0.2%
FedEx Corp., Company Guaranteed, 3.88%, 8/01/42		30,000		28,123
FedEx Corp., Company Guaranteed, 4.10%, 2/01/45		15,000		14,412
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/18		55,000		56,313
TOTAL TRANSPORTATION			$	98,848
TRUCKING & LEASING – 0.0%**
GATX Corp., Sr. Unsecured, 5.20%, 3/15/44		20,000		21,854
TOTAL CORPORATE BONDS (COST $3,389,375)			$	3,521,375

Description	Par Value		Value
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2%
AIRLINES – 0.2%
Continental Airlines 2009-2, Series A, Pass-Through Certificates, 7.25%, 11/10/19	$	61,972	$	72,081
Delta Air Lines, 2007-1, Series A, Pass-Through Certificates, 6.82%, 8/10/22		48,410		57,335
TOTAL AIRLINES			$	129,416
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $109,852)			$	129,416
MORTGAGE-BACKED SECURITIES – 4.1%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.5%
Pool A15865, 5.50%, 11/01/33		58,740		66,535
Pool A19412, 5.00%, 3/01/34		177,091		200,055
Pool C00478, 8.50%, 9/01/26		2,570		2,997
Pool C03517, 4.50%, 9/01/40		49,551		54,007
Pool C03849, 3.50%, 4/01/42		66,529		69,735
Pool C04305, 3.00%, 11/01/42		216,022		220,070
Pool C09020, 3.50%, 11/01/42		215,577		225,966
Pool G05774, 5.00%, 1/01/40		352,193		394,780
Pool G07889, 3.50%, 8/01/43		50,735		53,180
Pool Q23891, 4.00%, 12/01/43		84,495		90,662
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION     (FHLMC)			$	1,377,987
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.5%
Pool 326445, 0.88%, 5/21/18		165,000		164,402
Pool 533246, 7.50%, 4/01/30		5,207		5,378
Pool 580676, 1.63%, 11/27/18		165,000		167,635
Pool AB4089, 3.00%, 12/01/26		47,048		49,458
Pool AJ4050, 4.00%, 10/01/41		151,663		162,607
Pool AS0302, 3.00%, 8/01/43		90,015		91,816
Pool AT7899, 3.50%, 7/01/43		95,747		100,607
Pool AX5302, 4.00%, 1/01/42		45,937		49,252
TOTAL FEDERAL NATIONAL MORTGAGE     ASSOCIATION (FNMA)			$	791,155
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.1%
Pool 354677, 7.50%, 10/15/23		17,463		20,367
Pool 354765, 7.00%, 2/15/24		21,738		25,321
Pool 354827, 7.00%, 5/15/24		23,423		27,162
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION     (GNMA)			$	72,850
TOTAL MORTGAGE-BACKED SECURITIES (COST $2,178,516)			$	2,241,992

ANNUAL REPORT / April 30, 2015

84    PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
U.S. TREASURY – 3.7%
U.S. TREASURY BONDS – 1.0%
3.00%, 11/15/44	$	53,000	$	55,788
3.13%, 8/15/44		11,000		11,852
3.38%, 5/15/44		139,000		156,760
3.63%, 2/15/44		87,000		102,521
4.38%, 5/15/40		120,000		156,820
4.75%, 2/15/37		21,000		28,697
TOTAL U.S. TREASURY BONDS			$	512,438
U.S. TREASURY NOTES – 2.7%
0.63%, 9/30/17		40,000		39,885
0.88%, 10/15/17		360,000		361,045
1.50%, 12/31/18		87,000		88,113
1.50%, 3/31/19		100,000		101,139
1.50%, 11/30/19		40,000		40,242
1.63%, 11/15/22		96,000		94,517
2.00%, 2/15/25		115,000		114,630
2.13%, 5/31/15		65,000		65,109
2.13%, 8/31/20		115,000		118,555
2.25%, 11/15/24		80,000		81,542
2.38%, 8/15/24		55,000		56,696
3.50%, 5/15/20		100,000		109,903
4.50%, 2/15/16		100,000		103,395
4.50%, 5/15/17		100,000		107,867
TOTAL U.S. TREASURY NOTES			$	1,482,638
TOTAL U.S. TREASURY (COST $1,905,476)			$	1,995,076
	Number of Shares
MONEY MARKET FUND – 2.6%
Dreyfus Cash Management Fund, Institutional Shares, 0.04%^		1,389,032	$	1,389,032
TOTAL MONEY MARKET FUND (COST $1,389,032)			$	1,389,032
TOTAL INVESTMENTS IN SECURITIES – 98.5% (COST $47,991,917)			$	53,387,405
Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.2%
REPURCHASE AGREEMENTS – 4.2%
BNP Paribas Securities Corp., 0.12%, dated 4/30/15, due 5/01/15, repurchase price $114,179, collateralized by U.S. Government & Treasury Securities 0.00% to 6.50%, maturing 5/01/16 to 4/20/45; total market value of $116,463.	$	114,179	$	$114,179

Description	Par Value		Value
Citigroup Global Markets, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $433,908, collateralized by U.S. Government Securities 1.61% to 8.00%, maturing 6/01/17 to 6/15/52; total market value of $442,584.	$	433,906	$	433,906
Credit Suisse Securities USA LLC, 0.12%, dated 4/30/15, due 5/01/15, repurchase price $433,907, collateralized by U.S. Government Securities 3.00% to 4.50%, maturing 8/01/38 to 4/01/45; total market value of $442,587.		433,906		433,906
Daiwa Capital Markets America, 0.16%, dated 4/30/15, due 5/01/15, repurchase price $433,908, collateralized by U.S. Government & Treasury Securities 0.00% to 9.25%, maturing 5/21/15 to 3/01/48; total market value of $442,584.		433,906		433,906
HSBC Securities USA, Inc., 0.11%, dated 4/30/15, due 5/01/15, repurchase price $433,907, collateralized by U.S. Government Securities 3.50% to 6.00%, maturing 6/01/34 to 1/01/45; total market value of $442,588.		433,906		433,906
Nomura Securities International, Inc., 0.13%, dated 4/30/15, due 5/01/15, repurchase price $433,908, collateralized by U.S. Government & Treasury Securities 0.00% to 10.50%, maturing 5/15/15 to 3/20/64; total market value of $442,584.		433,906		433,906
TOTAL REPURCHASE AGREEMENTS			$	2,283,709
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,283,709)			$	2,283,709
TOTAL INVESTMENTS – 102.7% (COST $50,275,626)			$	55,671,114
COLLATERAL FOR SECURITIES ON LOAN – (4.2%)				(2,283,709	)
OTHER ASSETS LESS LIABILITIES – 1.5%				795,382
TOTAL NET ASSETS – 100.0%			$	54,182,787

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    85

Wilmington Strategic Allocation Moderate Fund (continued)

Cost of investments for Federal income tax purposes is $50,960,019. The net unrealized appreciation/(depreciation) of investments was $4,711,095. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $5,029,679 and net unrealized depreciation from investments for those securities having an excess of cost over value of $318,584.

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, 2015 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	43,858,117	$	—	$	—	$	43,858,117
Collateralized Mortgage Obligations		—		252,397		—		252,397
Corporate Bonds		—		3,521,375		—		3,521,375
Enhanced Equipment Trust Certificates		—		129,416		—		129,416
Mortgage-Backed Securities		—		2,241,992		—		2,241,992
U.S. Treasury		—		1,995,076		—		1,995,076
Money Market Fund		1,389,032		—		—		1,389,032
Repurchase Agreements		—		2,283,709		—		2,283,709
Total	$	45,247,149	$	10,423,965	$	—	$	55,671,114

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

* Non-income producing security.

^ 7-Day net yield.

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

§ Affiliated company. See Note 5 in Notes to Financial Statements.

W Denotes a restricted security 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, 2015, these liquid restricted securities amounted to $157,263 representing 0.3% of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

ETF - Exchange Traded Fund

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

FRN - Floating Rate Note

GMTN - Global Medium Term Note

GNMA - Government National Mortgage Association

LLC - Limited Liability Corporation

LP - Limited Partnership

MTN - Medium Term Note

OAT - Obligations Assimilables

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SPDR - Standard & Poor’s Depository Receipts

TIPS - Treasury Inflation Protected Security

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

86

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Aggressive Fund

At April 30, 2015, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Equity Funds		67.5	%
Exchange-Traded Funds		25.0	%
Alternative Investment Funds		6.2	%
Commodity Fund		0.8	%
Money Market Fund		0.5	%
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, 2015

Description	Number of Shares		Value
INVESTMENT COMPANIES – 99.5%
ALTERNATIVE INVESTMENT FUNDS – 6.2%
AQR Managed Futures Strategy Fund, Class I	89,201	$	996,377
Gateway Fund, Class Y	35,898		1,076,219
TOTAL ALTERNATIVE INVESTMENT FUNDS		$	2,072,596
COMMODITY FUND – 0.8%
Credit Suisse Commodity Return Strategy Fund, Class I*	43,324		257,779
EQUITY FUNDS – 67.5%
DFA U.S. Small Cap Value Portfolio, Institutional Class	9,008		318,358
Diamond Hill Large Cap Fund, Class Y	43,552		1,010,412
Harbor International Fund, Institutional Shares	23,970		1,720,539
LSV Value Equity Fund, Class I	43,579		1,054,167
MFS International New Discovery Fund, Class I	5,842		174,615
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I	76,797		3,227,019
Morgan Stanley Institutional Fund, Inc. - Small Company Growth Portfolio, Class I	39,040		664,077
T Rowe Price Institutional Large-Cap Growth Fund, Class I	103,802		3,014,402
Wilmington Large-Cap Strategy Fund, Class I§	10,541		194,578

Description	Number of Shares		Value
Wilmington Mid-Cap Growth Fund, Class I§	86,738	$	1,571,692
Wilmington Multi-Manager International Fund, Class I§	1,093,649		8,847,623
Wilmington Small-Cap Strategy Fund, Class I§	40,727		611,313
TOTAL EQUITY FUNDS		$	22,408,795
EXCHANGE-TRADED FUNDS – 25.0%
iShares Cohen & Steers REIT ETF	3,871		368,326
iShares Global Energy ETF	9,675		376,648
iShares Russell Mid-Cap Value	7,850		583,804
iShares Russell Top 200 Growth	83,617		4,372,333
iShares Russell Top 200 Value	31,104		1,365,466
iShares TIPS ETF	7,562		864,790
SPDR Dow Jones International Real Estate ETF	7,890		349,764
TOTAL EXCHANGE-TRADED FUNDS		$	8,281,131
TOTAL INVESTMENT COMPANIES (COST $27,184,224)		$	33,020,301
MONEY MARKET FUND – 0.5%
Dreyfus Cash Management Fund, Institutional Shares, 0.04%^	182,324		182,324
TOTAL MONEY MARKET FUND (COST $182,324)		$	182,324

April 30, 2015 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 87

Wilmington Strategic Allocation Aggressive Fund (concluded)

Description	Number of Shares	Value
TOTAL INVESTMENTS – 100.0%
(COST $27,366,548)		$	33,202,625
OTHER LIABILITIES LESS ASSETS – 0.0%**			(9,656	)
TOTAL NET ASSETS – 100.0%		$	33,192,969

Cost of investments for Federal income tax purposes is $31,375,488. The net unrealized appreciation/(depreciation) of investments was $1,827,137. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,078,463 and net unrealized depreciation from investments for those securities having an excess of cost over value of $251,326.

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, 2015 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	33,020,301	$	—	$	—	$	33,020,301
Money Market Fund		182,324		—		—		182,324
Total	$	33,202,625	$	—	$	—	$	33,202,625

* Non-income producing security.

^ 7-Day net yield.

§ Affiliated company. See Note 5 in Notes to Financial Statements.

The following acronyms are used throughout this Fund:

ETF - Exchange Traded Fund

REIT - Real Estate Investment Trust

SPDR - Standard & Poor’s Depository Receipts

TIPS - Treasury Inflation Protected Security

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

88 STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2015	Wilmington Multi-Manager International Fund				Wilmington Multi-Manager Alternatives Fund				Wilmington Multi-Manager Real Asset Fund
ASSETS:
Investments, at identified cost		$	488,686,060			$	182,023,225			$	506,869,654
Investments in securities, at value (Including $20,377,739, $0, and $1,240,294 of securities on loan, respectively) (Note 2)		$	559,650,506			$	183,193,660			$	525,040,001
Cash			569				9,488,793				—
Deposits for futures contracts			—				—				619,183
Deposits for securities sold short			—				26,129,322				—
Deposits for swaps			—				—				791,773
Cash denominated in foreign currencies(a)			1,331,422				1,173,333				424,609
Variation margin receivable for centrally cleared swap agreements			—				—				243,117
Variation margin receivable for financial futures contracts			—				—				24,733
Income receivable			2,649,531				739,409				1,421,010
Receivable for shares sold			206,887				151,114				263,993
Over the counter swap agreements, at value (Including net upfront payments paid of $2,122)			—				—				12,023
Unrealized appreciation on foreign currency exchange contracts			1,274				—				4,741,852
Receivable for investments sold			1,214,394				5,696,232				4,462,243
Receivable for foreign currencies sold			50,765				—				8,573,781
Other assets			23,606				26,776				28,545
TOTAL ASSETS			565,128,954				226,598,639				546,646,863
LIABILITIES:
TBA Sale Commitments, at value			—				—				4,084,282	(b)
Options written, at value			—				523,080	(c)			658,814	(c)
Deferred capital gains tax payable			123,789				—				3,303
Variation margin payable for centrally cleared swap agreements			—				—				25,971
Variation margin payable for financial futures contracts			—				—				8,217
Payable for securities sold short			—				23,461,543	(d)			—
Payable for investments purchased			911,781				4,774,112				55,159,519
Payable for foreign currencies purchased			462,243				—				8,573,781
Collateral for securities on loan			21,386,413				—				1,292,957
Due to broker for foreign exchange contracts			—				—				290,000
Due to broker for swap agreements			—				—				60,000
Due to prime broker for securities sold short			—				1,175,062				—
Over the counter swap agreements, at value (Including net upfront payments received of $2,122)			—				—				939,656
Unrealized depreciation on foreign currency exchange contracts			2,702				—				9,423,998
Payable for shares redeemed			300,895				51,570				199,340
Payable to sub-advisors			268,008				140,912				103,835
Payable for distribution services fee			1,209				624				462
Payable for shareholder services fee			52,596				—				—
Other accrued expenses			264,161				109,872				205,221
TOTAL LIABILITIES			23,773,797				30,236,775				81,029,356
NET ASSETS		$	541,355,157			$	196,361,864			$	465,617,507
NET ASSETS CONSIST OF:
Paid-in capital		$	801,580,687			$	191,895,076			$	545,564,515
Undistributed (distributions in excess of) net investment income			695,062				4,184,371				16,133,626
Accumulated net realized gain (loss) on investments and foreign currency transactions			(331,872,366)				306,018				(108,239,253)
Net unrealized appreciation (depreciation) of investments and foreign currencies			70,951,774				(23,601)				12,158,619
TOTAL NET ASSETS		$	541,355,157			$	196,361,864			$	465,617,507
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	5,909,351			$	2,723,049			$	2,242,364
Shares outstanding (unlimited shares authorized)			735,337				250,707				151,827
Net Asset Value per share		$	8.04			$	10.86			$	14.77
Offering price per share*		$	8.51	**		$	11.49	**		$	15.63	**
Class I
Net Assets		$	535,445,806			$	193,638,815			$	463,375,143
Shares outstanding (unlimited shares authorized)			66,216,244				17,789,910				31,185,380
Net Asset Value per share		$	8.09			$	10.88			$	14.86

(a) Cost of cash denominated in foreign currencies was $1,313,496, $1,170,452 and $421,118, respectively.

(b) Proceeds from TBA Sale Commitments was $4,103,040.

(c) Premiums received for options written was $543,340 and $355,320, respectively.

(d) Proceeds received for securities sold short was $23,621,831.

* 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, 2015 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES (concluded) 89

April 30, 2015	Wilmington Strategic Allocation Conservative Fund				Wilmington Strategic Allocation Moderate Fund				Wilmington Strategic Allocation Aggressive Fund
ASSETS:
Investments, at identified cost		$	35,872,541	(a)		$	50,275,626	(a)		$	27,366,548	(a)
Investments in securities, at value (Including $0, $2,207,527 and $0 of securities on loan,respectively) (Note 2)		$	37,833,978	(b)		$	55,671,114	(b)		$	33,202,625	(b)
Income receivable			28,849				67,936				8
Due from advisor			971				1,524				—
Receivable for shares sold			—				36,399				429
Receivable for investments sold			380,028				822,335				—
Other assets			20,211				12,866				20,233
TOTAL ASSETS			38,264,037				56,612,174				33,223,295
LIABILITIES:
Payable for investments purchased			—				39,808				—
Collateral for securities on loan			—				2,283,709				—
Payable for shares redeemed			3,145				55,063				1,750
Payable for distribution services fee			772				11,002				582
Other accrued expenses			26,541				39,805				27,994
TOTAL LIABILITIES			30,458				2,429,387				30,326
NET ASSETS		$	38,233,579			$	54,182,787			$	33,192,969
NET ASSETS CONSIST OF:
Paid-in capital		$	36,029,575			$	53,943,017			$	30,787,663
Undistributed (distributions in excess of) net investment income			38,134				69,282				—
Accumulated net realized gain (loss) on investments			204,433				(5,225,000)				(3,430,771)
Net unrealized appreciation (depreciation) of investments			1,961,437				5,395,488				5,836,077
TOTAL NET ASSETS		$	38,233,579			$	54,182,787			$	33,192,969
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	3,614,828			$	52,859,994			$	2,730,528
Shares outstanding (unlimited shares authorized)			329,377				4,815,431				224,633
Net Asset Value per share		$	10.97			$	10.98			$	12.16
Offering price per share*		$	11.61	**		$	11.62	**		$	12.87	**
Class I
Net Assets		$	34,618,751			$	1,322,793			$	30,462,441
Shares outstanding (unlimited shares authorized)			3,147,735				120,478				2,494,990
Net Asset Value per share		$	11.00			$	10.98			$	12.21

(a) Includes $22,135,273, $6,379,079 and $7,346,863 of investments in affiliated issuers, respectively.

(b) Includes $23,575,149, $8,390,468 and $11,225,206 of investments in affiliated issuers, respectively.

* See “What Do Shares Cost?” in the Prospectus.

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

90 STATEMENTS OF OPERATIONS

Year Ended April 30, 2015	Wilmington Multi-Manager International Fund				Wilmington Multi-Manager Alternatives Fund				Wilmington Multi-Manager Real Asset Fund
INVESTMENT INCOME:
Dividends		$	13,452,255	(a)		$	1,878,128	(a)		$	6,956,293	(a)
Interest			—				2,670,181				2,809,634	(a)
Securities lending income			314,564				—				68,643
TOTAL INVESTMENT INCOME			13,766,819				4,548,309				9,834,570
EXPENSES:
Investment advisory fee			5,646,243				3,795,687				3,531,842
Administrative personnel and services fee			159,682				64,320				140,718
Portfolio accounting and administration fees			424,249				92,484				253,894
Custodian fees			371,299				32,100				232,513
Transfer and dividend disbursing agent fees and expenses			155,805				136,237				164,140
Trustees’ fees			33,066				33,066				33,066
Professional fees			171,606				128,782				109,598
Distribution services fee—Class A			14,602				11,385				6,846
Shareholder services fee—Class A			14,602				11,385				6,846
Shareholder services fee— Class I			1,303,823				520,720				1,157,168
Share registration costs			26,735				36,855				31,798
Printing and postage			46,231				48,044				49,573
Dividend expense on securities sold short			—				679,961				—
Prime broker interest expense			—				302,635				—
Miscellaneous			59,719				33,129				51,852
TOTAL EXPENSES			8,427,662				5,926,790				5,769,854
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor/subadvisors			(929,991)				(256,584)				(15,162)
Waiver of shareholder services fee—Class A			(14,602)				(11,385)				(6,846)
Waiver of shareholder services fee—Class I			(679,163)				(520,720)				(1,157,168)
TOTAL WAIVERS AND REIMBURSEMENTS			(1,623,756)				(788,689)				(1,179,176)
Net expenses			6,803,906				5,138,101				4,590,678
Net investment income (loss)			6,962,913				(589,792)				5,243,892
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			28,306,047				(5,097,677)				5,143,356
Net realized gain (loss) on foreign currency transactions			(786,072)				3,704,345				24,352,816
Net realized gain (loss) on futures contracts			—				10,545,104				(762,819)
Net realized gain (loss) on swap agreements			—				—				(1,316,918)
Net realized gain (loss) on options purchased			—				(1,976,270)				(90,435)
Net realized gain (loss) on options written			—				938,805				432,032
Net realized gain (loss) on securities sold short			—				(1,550,907)				12,912
Net change in unrealized appreciation (depreciation) on investments			(16,633,822)				(248,329)				(22,517,353)
Net change in unrealized appreciation (depreciation) on foreign currency transactions			(51,658)				101,243				(2,799,004)
Net change in unrealized appreciation (depreciation) on futures contracts			—				(1,314,141)				(285,082)
Net change in unrealized appreciation (depreciation) on swap agreements			—				—				(814,928)
Net change in unrealized appreciation (depreciation) on options purchased			—				244,941				(33,548)
Net change in unrealized appreciation (depreciation) on options written			—				(96,427)				(341,458)
Net change in unrealized appreciation (depreciation) on securities sold short			—				1,885,765				—
Net change in unrealized appreciation (depreciation) on TBA Sales Commitments			—				—				18,758
Net realized and unrealized gain (loss) on investments			10,834,495				7,136,452				998,329
Change in net assets resulting from operations		$	17,797,408			$	6,546,660			$	6,242,221

(a) Net of foreign withholding taxes withheld of $1,373,183, $110,493 and $274,555, respectively.

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

STATEMENTS OF OPERATIONS (concluded) 91

Year Ended April 30, 2015	Wilmington Strategic Allocation Conservative Fund			Wilmington Strategic Allocation Moderate Fund			Wilmington Strategic Allocation Aggressive Fund
INVESTMENT INCOME:
Dividends		$	311,436		$	609,879		$	263,764
Dividends received from affiliated issuers			356,972			97,510			157,387
Interest			—			236,072			—
Securities lending income			—			12,380			—
TOTAL INVESTMENT INCOME			668,408			955,841			421,151
EXPENSES:
Investment advisory fee			183,752			258,723			164,743
Administrative personnel and services fee			12,078			17,013			10,808
Portfolio accounting and administration fees			34,905			28,723			34,812
Custodian fees			89			2,302			202
Transfer and dividend disbursing agent fees and expenses			4,536			92,567			4,562
Trustees’ fees			33,066			33,066			33,066
Professional fees			49,629			49,648			45,326
Distribution services fee—Class A			10,151			137,957			7,201
Shareholder services fee—Class A			10,151			137,957			7,201
Shareholder services fee— Class I			89,743			2,755			82,174
Share registration costs			28,860			18,045			27,825
Printing and postage			7,905			18,802			7,459
Miscellaneous			20,197			21,677			20,000
TOTAL EXPENSES			485,062			819,235			445,379
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(134,536)			(231,187)			(92,363)
Waiver of shareholder services fee—Class A			(10,151)			(137,957)			(7,201)
Waiver of shareholder services fee—Class I			(89,743)			(2,755)			(82,174)
TOTAL WAIVERS AND REIMBURSEMENTS			(234,430)			(371,899)			(181,738)
Net expenses			250,632			447,336			263,641
Net investment income			417,776			508,505			157,510
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			43,946			465,784			386,225
Net realized gain (loss) on affiliated investment companies			12,281			1,363,720			1,109,824
Realized gain on distributions received from investment companies			240,819			824,510			703,987
Realized gain on distributions received from affiliated investment companies			405,553			381,238			392,033
Net change in unrealized appreciation (depreciation) of investments			313,463			1,053,239			981,951
Net change in unrealized appreciation (depreciation) of affiliated investment companies			(23,718)			(1,291,151)			(958,716)
Net realized and unrealized gain (loss) on investments			992,344			2,797,340			2,615,304
Change in net assets resulting from operations		$	1,410,120		$	3,305,845		$	2,772,814

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

92 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Multi-Manager International Fund						Wilmington Multi-Manager Alternatives Fund
	Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2015			Year Ended April 30, 2014
OPERATIONS:
Net investment income (loss)		$	6,962,913		$	9,143,789		$	(589,792)		$	(52,564)
Net realized gain (loss) on investments			27,519,975			13,267,380			6,563,400			3,495,664
Net change in unrealized appreciation (depreciation) of investments			(16,685,480)			31,325,697			573,052			(2,608,605)
Change in net assets resulting from operations			17,797,408			53,736,866			6,546,660			834,495
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A			(91,190)			(100,744)			—			(1,588)
Class I			(8,394,062)			(9,081,446)			—			(148,469)
Distributions from net realized gain on investments
Class A			—			—			(73,584)			(34,832)
Class I			—			—			(3,345,957)			(1,351,865)
Change in net assets resulting from distributions to shareholders			(8,485,252)			(9,182,190)			(3,419,541)			(1,536,754)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			205,894			137,022			2,785,459			2,033,438
Class I			53,749,158			50,989,190			47,952,089			177,165,983
Distributions reinvested
Class A			84,082			94,256			57,566			19,874
Class I			5,106,382			3,099,392			3,193,804			1,235,059
Cost of shares redeemed
Class A			(577,668)			(924,964)			(4,347,017)			(312,867)
Class I			(59,505,440)			(84,158,652)			(68,093,175)			(14,810,513)
Change in net assets resulting from share transactions			(937,592)			(30,763,756)			(18,451,274)			165,330,974
Change in net assets			8,374,564			13,790,920			(15,324,155)			164,628,715
NET ASSETS:
Beginning of year			532,980,593			519,189,673			211,686,019			47,057,304
End of year		$	541,355,157		$	532,980,593		$	196,361,864		$	211,686,019
Undistributed (distributions in excess of) net investment income included in net assets at end of year		$	695,062		$	2,418,285		$	4,184,371		$	86,713
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			26,464			18,251			258,540			187,539
Class I			6,935,843			6,846,276			4,470,296			16,352,366
Distributions reinvested
Class A			10,418			13,226			5,410			1,838
Class I			629,900			428,856			299,887			114,237
Shares redeemed
Class A			(74,672)			(125,478)			(400,212)			(28,946)
Class I			(7,686,723)			(11,165,156)			(6,306,107)			(1,369,535)
Net change resulting from share transactions			(158,770)			(3,984,025)			(1,672,186)			15,257,499

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 93

	Wilmington Multi-Manager Real Asset Fund						Wilmington Strategic Allocation Conservative Fund
	Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2015			Year Ended April 30, 2014
OPERATIONS:
Net investment income (loss)		$	5,243,892		$	4,019,903		$	417,776		$	581,178
Net realized gain (loss) on investments			27,770,944			511,372			702,599			2,322,184
Net change in unrealized appreciation (depreciation) of investments			(26,772,615)			(18,354,098)			289,745			(2,171,155)
Change in net assets resulting from operations			6,242,221			(13,822,823)			1,410,120			732,207
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A			(37,226)			(70,292)			(43,427)			(86,628)
Class I			(6,962,928)			(6,365,654)			(475,323)			(721,293)
Distributions from net realized gain on investments
Class A			—			—			(76,046)			(36,042)
Class I			—			—			(682,529)			(270,649)
Change in net assets resulting from distributions to shareholders			(7,000,154)			(6,435,946)			(1,277,325)			(1,114,612)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			920,159			456,530			53,499			267,212
Class I			68,766,495			94,787,111			979,730			2,166,977
Distributions reinvested
Class A			28,746			60,601			110,130			112,340
Class I			2,294,912			2,253,884			1,129,671			933,462
Cost of shares redeemed
Class A			(1,296,786)			(3,825,835)			(1,173,984)			(1,736,476)
Class I			(59,856,239)			(65,291,287)			(5,259,373)			(7,034,024)
Change in net assets resulting from share transactions			10,857,287			28,441,004			(4,160,327)			(5,290,509)
Change in net assets			10,099,354			8,182,235			(4,027,532)			(5,672,914)
NET ASSETS:
Beginning of year			455,518,153			447,335,918			42,261,111			47,934,025
End of year		$	465,617,507		$	455,518,153		$	38,233,579		$	42,261,111
Undistributed (distributions in excess of) net investment income included in net assets at end of year		$	16,133,626		$	(3,791,351)		$	38,134		$	95,931
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			61,539			31,056			4,865			24,601
Class I			4,599,175			6,548,509			89,278			198,386
Distributions reinvested
Class A			1,974			4,301			10,119			10,425
Class I			156,785			159,217			103,574			86,408
Shares redeemed
Class A			(87,612)			(266,938)			(106,588)			(159,664)
Class I			(4,006,614)			(4,518,152)			(477,557)			(646,380)
Net change resulting from share transactions			725,247			1,957,993			(376,309)			(486,224)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

94 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington Strategic Allocation Moderate Fund				Wilmington Strategic Allocation Aggressive Fund
	Year Ended April 30, 2015		Year Ended April 30, 2014		Year Ended April 30, 2015		Year Ended April 30, 2014
OPERATIONS:
Net investment income (loss)	$	508,505	$	586,860	$	157,510	$	219,866
Net realized gain (loss) on investments		3,035,252		6,545,713		2,592,069		8,957,568
Net change in unrealized appreciation (depreciation) of investments		(237,912)		(2,779,410)		23,235		(4,625,166)
Change in net assets resulting from operations		3,305,845		4,353,163		2,772,814		4,552,268
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(633,887)		(636,970)		(19,456)		(19,582)
Class I		(15,500)		(41,402)		(266,723)		(290,529)
Change in net assets resulting from distributions to shareholders		(649,387)		(678,372)		(286,179)		(310,111)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		1,893,349		1,505,386		146,794		105,225
Class I		323,478		1,312,531		1,817,410		3,712,404
Distributions reinvested
Class A		600,598		603,379		19,021		18,626
Class I		1,400		36,056		83,891		87,571
Cost of shares redeemed
Class A		(9,553,638)		(8,953,240)		(609,143)		(691,931)
Class I		(27,237)		(3,283,872)		(9,117,673)		(8,139,037)
Change in net assets resulting from share transactions		(6,762,050)		(8,779,760)		(7,659,700)		(4,907,142)
Change in net assets		(4,105,592)		(5,104,969)		(5,173,065)		(664,985)
NET ASSETS:
Beginning of year		58,288,379		63,393,348		38,366,034		39,031,019
End of year	$	54,182,787	$	58,288,379	$	33,192,969	$	38,366,034
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	69,282	$	97,447	$	—	$	25,581
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		176,588		147,756		12,480		9,611
Class I		30,095		130,859		155,596		343,392
Distributions reinvested
Class A		56,397		59,124		1,636		1,668
Class I		131		3,548		7,191		7,911
Shares redeemed
Class A		(893,932)		(882,214)		(51,503)		(63,104)
Class I		(2,511)		(321,291)		(776,431)		(742,129)
Net change resulting from share transactions		(633,232)		(862,218)		(651,031)		(442,651)

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS 95

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND†
CLASS A	Year Ended April 30, 2015			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
Net Asset Value, Beginning of Period		$7.90			$7.27			$6.72			$7.63			$5.95			$5.36
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.09			0.12			0.09			0.16			0.12			0.06
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.17			0.63			0.57			(1.05	)		1.64			0.63
Total Income (Loss) From Operations		0.26			0.75			0.66			(0.89	)		1.76			0.69
Less Distributions From:
Net Investment Income		(0.12	)		(0.12	)		(0.11	)		(0.02	)		(0.08	)		(0.10	)
Return of Capital		—			—			—			—			—			0.00	(b)
Total Distributions		(0.12	)		(0.12	)		(0.11	)		(0.02	)		(0.08	)		(0.10	)
Net Asset Value, End of Period		8.04			7.90			7.27			6.72			$7.63			$5.95
Total Return(c)		3.29	%		10.53	%		10.17	%		(11.65	)%		29.57	%		12.74	%
Net Assets, End of Period (000’s)		$5,909			$6,107			$6,301			$6,682			$571			$83
Ratios to Average Net Assets
Gross Expense		1.84	%		1.78	%		1.78	%		1.62	%(d)		1.59	%		1.63	%
Net Expenses(e)		1.42	%		1.49	%		1.48	%		1.42	%(d)		1.58	%		1.62	%
Net Investment Income (Loss)		1.20	%		1.64	%		1.38	%		2.77	%(d)		1.61	%		0.89	%
Portfolio Turnover Rate		78	%		49	%		72	%		85	%		98	%		107	%
CLASS I	Year Ended April 30, 2015			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
Net Asset Value, Beginning of Period		$7.94			$7.30			$6.75			$7.66			$5.97			$5.37
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.10			0.13			0.10			0.06			0.10			0.07
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.18			0.64			0.57			(0.94	)		1.67			0.64
Total Income (Loss) From Operations		0.28			0.77			0.67			(0.88	)		1.77			0.71
Less Distributions From:
Net Investment Income		(0.13	)		(0.13	)		(0.12	)		(0.03	)		(0.08	)		(0.11	)
Return of Capital		—			—			—			—			—			0.00	(b)
Total Distributions		(0.13	)		(0.13	)		(0.12	)		(0.03	)		(0.08	)		(0.11	)
Net Asset Value, End of Period		$8.09			$7.94			$7.30			$6.75			$7.66			$5.97
Total Return(c)		3.46	%		10.73	%		10.22	%		(11.45	)%		29.78	%		13.10	%
Net Assets, End of Period (000’s)		$535,446			$526,874			$512,889			$395,690			$373,798			$249,031
Ratios to Average Net Assets
Gross Expense		1.59	%		1.53	%		1.54	%		1.42	%(d)		1.43	%		1.38	%
Net Expenses(e)		1.29	%		1.36	%		1.35	%		1.38	%(d)		1.41	%		1.37	%
Net Investment Income (Loss)		1.32	%		1.75	%		1.47	%		1.17	%(d)		1.38	%		1.03	%
Portfolio Turnover Rate		78	%		49	%		72	%		85	%		98	%		107	%

(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

ANNUAL REPORT / April 30, 2015

96 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER ALTERNATIVES FUND
CLASS A	Year Ended April 30, 2015			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		$10.74			$10.58			$10.11			$10.00
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		(0.06	)		(0.04	)		0.00	(b)		0.03
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.35			0.34			0.56			0.08
Total Income (Loss) From Operations		0.29			0.30			0.56			0.11
Less Distributions From:
Net Investment Income		—			(0.01	)		(0.03	)		—
Net Realized Gains		(0.17	)		(0.13	)		(0.06	)		—
Total Distributions		(0.17	)		(0.14	)		(0.09	)		—
Net Asset Value, End of Period		$10.86			$10.74			$10.58			$10.11
Total Return(c)		2.73	%		2.74	%		5.56	%		1.10	%
Net Assets, End of Period (000’s)		$2,723			$4,156			$2,397			$121
Ratios to Average Net Assets
Gross Expense		3.04	%		3.30	%		3.98	%		4.66	%(d)(e)
Net Expenses(f)(g)		2.68	%		2.71	%		2.84	%		2.89	%(d)(e)
Net Investment Income (Loss)		(0.52	)%		(0.33	)%		0.00	%(h)		0.88	%(d)
Portfolio Turnover Rate		434	%		403	%		367	%		8	%
CLASS I	Year Ended April 30, 2015			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		$10.74			$10.56			$10.08			$10.00
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		(0.03	)		0.00	(b)		0.03			0.06
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.34			0.32			0.56			0.05
Total Income (Loss) From Operations		0.31			0.32			0.59			0.11
Less Distributions From:
Net Investment Income		—			(0.01	)		(0.05	)		(0.03	)
Net Realized Gains		(0.17	)		(0.13	)		(0.06	)		—
Total Distributions		(0.17	)		(0.14	)		(0.11	)		(0.03	)
Net Asset Value, End of Period		$10.88			$10.74			$10.56			$10.08
Total Return(c)		2.91	%		3.01	%		5.91	%		1.10	%
Net Assets, End of Period (000’s)		$193,639			$207,530			$44,660			$24,935
Ratios to Average Net Assets
Gross Expense		2.78	%		2.95	%		3.77	%		4.33	%(d)(e)
Net Expenses(f)(g)		2.41	%		2.43	%		2.65	%		2.39	%(d)(e)
Net Investment Income (Loss)		(0.27	)%		(0.04	)%		0.29	%		2.11	%(d)
Portfolio Turnover Rate		434	%		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 years and the periods presented would be:

	Class A		Class I
April 30, 2015		2.19%		1.95%
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

April 30, 2015 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 97

For a share outstanding throughout each period.

 WILMINGTON MULTI-MANAGER REAL ASSET FUND^†

CLASS A	Year Ended     April 30, 2015			Year Ended   April 30, 2014			Year Ended   April 30, 2013			For the Period   July 1, 2011   through   April 30,   2012*			Year Ended   April 30, 2011			Year Ended   April 30, 2010
Net Asset Value, Beginning of Period		$14.81			$15.55			$14.28			$14.00			$12.10			$11.60
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.13			0.10			0.18			(0.21	)		0.63			0.02
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.04			(0.65	)		1.28			0.50			1.91			0.75
Total Income (Loss) From Operations		0.17			(0.55	)		1.46			0.29			2.54			0.77
Less Distributions From:
Net Investment Income		(0.21	)		(0.19	)		(0.19	)		(0.01	)		(0.64	)		(0.27	)
Net Asset Value, End of Period		$14.77			$14.81			$15.55			$14.28			$14.00			$12.10
Total Return(b)		1.14	%		(3.46	)%		10.33	%		2.04	%		21.45	%		6.57	%
Net Assets, End of Period (000’s)		$2,242			$2,606			$6,337			$7,038			$13,773			$16,305
Ratios to Average Net Assets
Gross Expense		1.49	%		1.54	%		1.55	%		1.33	%(c)		1.25	%		1.20	%
Net Expenses(d)		1.23	%		1.28	%		1.27	%		1.28	%(c)		1.25	%		1.19	%
Net Investment Income (Loss)		0.89	%		0.72	%		1.13	%		(1.86	)%(c)		4.64	%		0.13	%
Portfolio Turnover Rate		242	%		149	%		131	%		180	%		199	%		156	%
CLASS I	Year Ended     April 30, 2015			Year Ended   April 30, 2014			Year Ended   April 30, 2013			For the Period   July 1, 2011   through   April 30,   2012*			Year Ended   April 30, 2011			Year Ended   April 30, 2010
Net Asset Value, Beginning of Period		$14.88			$15.61			$14.33			$14.02			$12.11			$11.61
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.17			0.13			0.20			(0.09	)		0.65			0.04
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.03			(0.64	)		1.30			0.41			1.94			0.75
Total Income (Loss) From Operations		0.20			(0.51	)		1.50			0.32			2.59			0.79
Less Distributions From:
Net Investment Income		(0.22	)		(0.22	)		(0.22	)		(0.01	)		(0.68	)		(0.29	)
Net Asset Value, End of Period		$14.86			$14.88			$15.61			$14.33			$14.02			$12.11
Total Return(b)		1.40	%		(3.20	)%		10.58	%		2.31	%		21.70	%		6.76	%
Net Assets, End of Period (000’s)		$463,375			$452,913			$440,999			$344,650			$252,497			$283,703
Ratios to Average Net Assets
Gross Expense		1.24	%		1.29	%		1.31	%		1.08	%(c)		1.00	%		0.95	%
Net Expenses(d)		0.98	%		1.03	%		1.02	%		1.02	%(c)		1.00	%		0.94	%
Net Investment Income (Loss)		1.13	%		0.93	%		1.39	%		(0.74	)%(c)		4.82	%		0.33	%
Portfolio Turnover Rate		242	%		149	%		131	%		180	%		199	%		156	%

(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

ANNUAL REPORT / April 30, 2015

98 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period.

 WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND^†

CLASS A	Year Ended     April 30, 2015			Year Ended   April 30, 2014			Year Ended   April 30, 2013			For the Period   July 1, 2011   through   April 30,   2012*			Year Ended   April 30, 2011			Year Ended   April 30, 2010
Net Asset Value, Beginning of Period		$10.95			$11.03			$10.61			$10.60			$9.66			$9.02
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.09			0.12			0.18			0.17			0.26			0.26
Net Realized and Unrealized Gain (Loss) on Investments		0.27			0.05			0.45			0.05			0.95			0.64
Total Income (Loss) From Operations		0.36			0.17			0.63			0.22			1.21			0.90
Less Distributions From:
Net Investment Income		(0.12	)		(0.17	)		(0.21	)		(0.21	)		(0.27	)		(0.26	)
Net Realized Gains		(0.22	)		(0.08	)		—			—			—			—
Total Distributions		(0.34	)		(0.25	)		(0.21	)		(0.21	)		(0.27	)		(0.26	)
Net Asset Value, End of Period		$10.97			$10.95			$11.03			$10.61			$10.60			$9.66
Total Return(b)		3.28	%		1.60	%		5.97	%		2.15	%		12.58	%		9.98	%
Net Assets, End of Period (000’s)		$3,615			$4,608			$6,016			$7,003			$8,003			$9,890
Ratios to Average Net Assets
Gross Expense(c)		1.44	%		1.41	%		1.35	%		0.77	%(d)		0.60	%		0.64	%
Net Expenses(c)(e)		0.85	%		0.75	%		0.72	%		0.63	%(d)		0.60	%		0.64	%
Net Investment Income (Loss)		0.83	%		1.10	%		1.71	%		1.95	%(d)		2.54	%		2.65	%
Portfolio Turnover Rate		24	%		33	%		29	%		37	%		26	%		92	%
CLASS I	Year Ended     April 30, 2015			Year Ended   April 30, 2014			Year Ended   April 30, 2013			For the Period   January 12,   2012   through   April 30,   2012*			Year Ended   April 30, 2011			Year Ended   April 30, 2010
Net Asset Value, Beginning of Period		$10.97			$11.05			$10.64			$10.62			$9.67			$9.04
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.12			0.15			0.21			0.19			0.29			0.29
Net Realized and Unrealized Gain (Loss) on Investments		0.28			0.05			0.43			0.06			0.95			0.62
Total Income (Loss) From Operations		0.40			0.20			0.64			0.25			1.24			0.91
Less Distributions From:
Net Investment Income		(0.15	)		(0.20	)		(0.23	)		(0.23	)		(0.29	)		(0.28	)
Net Realized Gains		(0.22	)		(0.08	)		—			—			—			—
Total Distributions		(0.37	)		(0.28	)		(0.23	)		(0.23	)		(0.29	)		(0.28	)
Net Asset Value, End of Period		$11.00			$10.97			$11.05			$10.64			$10.62			$9.67
Total Return(b)		3.63	%		1.85	%		6.13	%		2.44	%		12.96	%		10.12	%
Net Assets, End of Period (000’s)		$34,619			$37,653			$41,918			$45,299			$55,226			$53,131
Ratios to Average Net Assets
Gross Expense(c)		1.19	%		1.16	%		1.10	%		0.52	%(d)		0.35	%		0.39	%
Net Expenses(c)(e)		0.60	%		0.50	%		0.47	%		0.38	%(d)		0.35	%		0.39	%
Net Investment Income (Loss)		1.07	%		1.34	%		1.95	%		2.20	%(d)		2.81	%		2.91	%
Portfolio Turnover Rate		24	%		33	%		29	%		37	%		26	%		92	%

(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) 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 of the assets and liabilities of the Wilmington Conservative Asset Allocation Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund.

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 99

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

 WILMINGTON STRATEGIC ALLOCATION MODERATE FUND^†

CLASS A	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Period		$10.47			$9.86			$9.26			$9.70			$8.62
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.10			0.10			0.13			0.11			0.10
Net Realized and Unrealized Gain (Loss) on Investments		0.53			0.62			0.61			(0.42	)		1.13
Total Income (Loss) From Operations		0.63			0.72			0.74			(0.31	)		1.23
Less Distributions From:
Net Investment Income		(0.12	)		(0.11	)		(0.14	)		(0.12	)		(0.12	)
Net Realized Gains		—			—			—			(0.01	)		(0.03	)
Total Distributions		(0.12	)		(0.11	)		(0.14	)		(0.13	)		(0.15	)
Net Asset Value, End of Period		$10.98			$10.47			$9.86			$9.26			$9.70
Total Return(b)		6.09	%		7.34	%		8.12	%		(3.13	)%		14.54	%
Net Assets, End of Period (000’s)		$52,860			$57,317			$60,640			$65,285			$75,554
Ratios to Average Net Assets
Gross Expense(c)		1.46	%		1.45	%		1.45	%		1.64	%		1.51	%
Net Expenses(c)(d)		0.80	%		0.84	%		0.84	%		0.79	%		0.73	%
Net Investment Income (Loss)		0.90	%		0.94	%		1.36	%		1.26	%		0.97	%
Portfolio Turnover Rate		23	%		54	%		32	%		41	%		55	%
CLASS I	2015			2014			2013			2012			2011(e)
Net Asset Value, Beginning of Period		$10.47			$9.84			$9.25			$9.70			$8.08
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.12			0.13			0.15			0.14			0.10
Net Realized and Unrealized Gain (Loss) on Investments		0.54			0.63			0.61			(0.43	)		1.66
Total Income (Loss) From Operations		0.66			0.76			0.76			(0.29	)		1.76
Less Distributions From:
Net Investment Income		(0.15	)		(0.13	)		(0.17	)		(0.15	)		(0.11	)
Net Realized Gains		—			—			—			(0.01	)		(0.03	)
Total Distributions		(0.15	)		(0.13	)		(0.17	)		(0.16	)		(0.14	)
Net Asset Value, End of Period		$10.98			$10.47			$9.84			$9.25			$9.70
Total Return(b)		6.35	%		7.76	%		8.29	%		(2.87	)%		22.07	%
Net Assets, End of Period (000’s)		$1,323			$971			$2,753			$3,108			$3,426
Ratios to Average Net Assets
Gross Expense(c)		1.21	%		1.19	%		1.20	%		1.39	%		1.44	%(f)
Net Expenses(c)(d)		0.55	%		0.59	%		0.59	%		0.51	%		0.67	%(f)
Net Investment Income (Loss)		1.16	%		1.33	%		1.59	%		1.53	%		1.25	%(f)
Portfolio Turnover Rate		23	%		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. Additionally, the accounting and performance history of the Managed Allocation Fund—Moderate Growth Fund was redesignated as that of the Strategic Allocation Fund for A Shares for periods prior to June 14, 2010.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2015

100 FINANCIAL HIGHLIGHTS (concluded)

For a share outstanding throughout each period.

 WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND^†

CLASS A	Year Ended     April 30, 2015			Year Ended   April 30, 2014			Year Ended   April 30, 2013			For the Period   July 1, 2011   through   April 30,   2012*			Year Ended   April 30, 2011			Year Ended   April 30, 2010
Net Asset Value, Beginning of Period		$11.35			$10.21			$9.20			$9.33			$7.49			$6.81
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.02			0.04			0.10			0.05			0.14			0.10
Net Realized and Unrealized Gain (Loss) on Investments		0.87			1.17			1.02			(0.13	)		1.85			0.68
Total Income (Loss) From Operations		0.89			1.21			1.12			(0.08	)		1.99			0.78
Less Distributions From:
Net Investment Income		(0.08	)		(0.07	)		(0.11	)		(0.05	)		(0.15	)		(0.10	)
Net Asset Value, End of Period		$12.16			$11.35			$10.21			$9.20			$9.33			$7.49
Total Return(b)		7.89	%		11.84	%		12.26	%		(0.75	)%		26.66	%		11.41	%
Net Assets, End of Period (000’s)		$2,731			$2,974			$3,205			$3,074			$3,502			$3,788
Ratios to Average Net Assets
Gross Expense(c)		1.48	%		1.50	%		1.46	%		0.88	%(d)		0.67	%		0.58	%
Net Expenses(c)(e)		0.97	%		0.95	%		0.87	%		0.73	%(d)		0.67	%		0.58	%
Net Investment Income (Loss)		0.19	%		0.34	%		1.10	%		0.75	%(d)		1.64	%		1.23	%
Portfolio Turnover Rate		20	%		72	%		43	%		17	%		34	%		53	%
CLASS I	Year Ended     April 30, 2015			Year Ended   April 30, 2014			Year Ended   April 30, 2013			For the Period   January 12,   2012   through   April 30,   2012*			Year Ended   April 30, 2011			Year Ended   April 30, 2010
Net Asset Value, Beginning of Period		$11.39			$10.24			$9.22			$9.35			$7.51			$6.82
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.05			0.06			0.13			0.07			0.17			0.11
Net Realized and Unrealized Gain (Loss) on Investments		0.87			1.18			1.02			(0.13	)		1.84			0.70
Total Income (Loss) From Operations		0.92			1.24			1.15			(0.06	)		2.01			0.81
Less Distributions From:
Net Investment Income		(0.10	)		(0.09	)		(0.13	)		(0.07	)		(0.17	)		(0.12	)
Net Asset Value, End of Period		$12.21			$11.39			$10.24			$9.22			$9.35			$7.51
Total Return(b)		8.08	%		12.11	%		12.62	%		(0.62	)%		26.91	%		11.80	%
Net Assets, End of Period (000’s)		$30,462			$35,392			$35,826			$39,257			$51,887			$46,058
Ratios to Average Net Assets
Gross Expense(c)		1.23	%		1.25	%		1.21	%		0.61	%(d)		0.42	%		0.33	%
Net Expenses(c)(e)		0.72	%		0.70	%		0.62	%		0.48	%(d)		0.42	%		0.33	%
Net Investment Income (Loss)		0.46	%		0.58	%		1.38	%		1.02	%(d)		1.89	%		1.41	%
Portfolio Turnover Rate		20	%		72	%		43	%		17	%		34	%		53	%

(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) 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 of the assets and liabilities of the Wilmington Aggressive Asset Allocation Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund.

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 101

Wilmington Funds

April 30, 2015

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 19 portfolios, 6 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 13 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.

(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.

In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

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 Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASU”) Topic 946, “Financial Services - Investment Companies.” 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, provided such amount approximates fair value;

• price information on listed securities, including underlying Exchange Traded Funds (“ETF’s”) and Exchange Traded Notes (“ETN’s”), is taken from the exchange where the security is primarily traded; and

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

ANNUAL REPORT / April 30, 2015

102 NOTES TO FINANCIAL STATEMENTS (continued)

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (“NYSE”). In computing its NAV, the Funds value foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value in accordance with procedures approved 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, 2015, 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. Securities utilizing international fair value pricing, 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, 2015, 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
BNP Paribas Securities Corp.	$	1,069,278	$	1,069,278	$	—	$	—
Citigroup Global Markets, Inc.		4,063,427		4,063,427		—		—
Credit Suisse Securities (USA) LLC		4,063,427		4,063,427		—		—
Daiwa Capital Markets America		4,063,427		4,063,427		—		—
ING Financial Markets LLC		4,063,427		4,063,427		—		—
Nomura Securities International, Inc.		4,063,427		4,063,427		—		—
	$	21,386,413	$	21,386,413	$	—	$	—

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 103

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-cash Collateral Received		Cash Collateral Received		Net Amount(1)
Real Asset Fund
BNP Paribas Securities Corp.	$	64,647	$	64,647	$	—	$	—
Citigroup Global Markets, Inc.		245,662		245,662				—
Credit Suisse Securities (USA) LLC		245,662		245,662		—		—
ING Financial Markets LLC		245,662		245,662		—		—
JP Morgan Securities LLC		245,662		245,662		—		—
Nomura Securities Internal, Inc.		245,662		245,662		—		—
	$	1,292,957	$	1,292,957	$	—	$	—
Strategic Allocation Moderate Fund
BNP Paribas Securities Corp.	$	114,179	$	114,179	$	—	$	—
Citigroup Global Markets, Inc.		433,906		433,906		—		—
Credit Suisse Securities (USA) LLC		433,906		433,906		—		—
Daiwa Capital Markets America		433,906		433,906		—		—
HSBC Securities USA, Inc.		433,906		433,906		—		—
Nomura Securities International, Inc.		433,906		433,906		—		—
	$	2,283,709	$	2,283,709	$	—	$	—

⁽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. 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 out performance 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 tax 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.

ANNUAL REPORT / April 30, 2015

104 NOTES TO FINANCIAL STATEMENTS (continued)

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 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. 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 on the Statement of Operations.

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 are required to maintain margin cash balances at the prime broker sufficiently 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. The Funds record these prime broker charges on a net basis as Prime Broker interest expense on securities sold short on the Statement of Operations.

As of April 30, 2015, the Alternatives Fund had borrowings of $1,175,062. Interest expense on securities sold short for the year ended April 30, 2015 totaled $81,005, and is included in the prime broker interest expense on the Statement of Operations.

The Alternatives Fund had the following borrowings for the year ended year ended April 30, 2015:

Currency		Average Daily Borrowings		Days Utilized		Weighted Average Interest Rate
United States Dollar	USD		686,725		262		1.72	%
Canadian Dollar	CAD		4,742,949		262		1.72	%
Danish Krone	DKK		904,810		57		0.81	%
Pound Sterling	GBP		1,567,573		111		1.25	%
Hong Kong Dollar	HKD		4,596,376		127		0.98	%
Japanese Yen	JPY		251,465,063		262		0.84	%
Swedish Krona	SEK		4,806,541		93		0.77	%

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

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 105

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, 2015, 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	$	20,377,739	$	20,377,739	$—
Real Asset Fund		1,240,294		1,240,294	—
Strategic Allocation Moderate Fund		2,207,527		2,207,527	—
(1)Collateral with a value of $21,386,413, $1,292,957 and $2,283,709, 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.

TBA Commitments – “TBA” (to be announced) commitments are commitments to purchase or sell mortgage-backed securities for a fixed price at a future date, typically not exceeding 45 days. TBAs may be considered securities in themselves and involve a risk of loss if the value of the TBA changes relative to our “basis” in the position prior to the settlement date. Unsettled TBAs are valued according to the procedures described in the section entitled “Investment Valuation.”

3.     DERIVATIVE FINANCIAL INSTRUMENTS

Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect and entity’s results of operations and financial position.

Options – Certain Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign exchange rates, with respect to securities which the Fund currently owns or intends to purchase. A Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether a Fund has realized a gain or loss. The difference between the premium and the amount received or paid on affecting 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 transactions in options written during the year ended April 30, 2015 as follows:

	Number of Contracts		Premiums Received
Outstanding options at April 30, 2014		11,069	$	1,888,564
Option closed		(21,774)		(3,787,683)
Options written		23,253		7,860,534
Options expired		(6,836)		(3,937,146)
Options exercised		(4,478)		(1,480,929)
Options outstanding at April 30, 2015		1,234	$	543,340

ANNUAL REPORT / April 30, 2015

106    NOTES TO FINANCIAL STATEMENTS (continued)

The Real Asset Fund had transactions in options written during the year ended April 30, 2015 as follows:

	Notional Amount*			Number of   Contracts		Premiums   Received
Options outstanding at April 30, 2014		$	9,100,000		225		$	137,323
Options closed			(4,200,000)		—			(25,517)
Options written			132,468,000		437			709,279
Options expired			(77,974,534)		(286)			(300,952)
Options exercised			(17,577,466)		(61)			(164,813)
Options outstanding at April 30, 2015		$	41,816,000		315		$	355,320
*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, and prior to computing its NAV, 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.

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 (“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

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 107

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, 2015

108 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, 2015.

	Location on the Statement of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Credit Contracts	Variation margin receivable for centrally cleared swap agreements.*	Variation margin payable for centrally cleared swap agreements.*
	Over the counter swap agreements, at value.**	Over the counter swap agreements, at value.**
Interest rate contracts	Variation margin receivable for centrally cleared swap agreements.*	Options written, at value.
	Variation margin receivable for financial futures contracts.*	Variation margin payable for centrally cleared swap agreements.*
	Over the counter swap agreements, at value.**	Variation margin payable for financial futures contracts.*
		Over the counter swap agreements, at value.**
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts.	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 and financial futures contracts. The variation margin presented below is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until April 30, 2015.

**The amounts shown represent the unrealized appreciation (depreciation) from the date the contract was open.

	Asset Derivative Fair Value
Fund	Total Value			Equity     Contracts			Foreign     Exchange     Contracts			Interest Rate     Contracts			Credit     Contracts
International Fund
Forward Foreign Currency Contracts		$	1,274		$	—		$	1,274		$	—		$	—
Alternatives Fund
Purchased Options		$	474,925		$	474,925		$	—		$	—		$	—
Real Asset Fund
Forward Foreign Currency Contracts		$	4,741,852		$	—		$	4,741,852		$	—		$	—
Purchased Options			122,522			—			—			122,522			—
Swap Contracts			697,121			—			—			681,177			15,944
Totals		$	5,561,495		$	—		$	4,741,852		$	803,699		$	15,944
	Liability Derivative Fair Value
Fund	Total Value			Equity     Contracts			Foreign     Exchange     Contracts			Interest Rate     Contracts			Credit     Contracts
International Fund
Forward Foreign Currency Contracts		$	2,702		$	—		$	2,702		$	—		$	—
Alternatives Fund
Financial Futures Contracts		$	1,367,058		$	—		$	1,367,058		$	—		$	—
Written Options			523,080			523,080						—			—
Totals		$	1,890,138		$	523,080		$	1,367,058		$	—		$	—
Real Asset Fund
Financial Futures Contracts		$	301,582		$	—		$	—		$	301,582		$	—
Forward Foreign Currency Contracts			9,423,998			—			9,423,998			—			—
Swap Contracts			1,421,931			—			—			1,311,421			110,510
Written Options			658,814			—			258,550			396,456			3,808
Totals		$	11,806,325		$	—		$	9,682,548		$	2,009,459		$	114,318

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 109

    The effect of derivative instruments on the Statements of Operations for the year ended April 30, 2015 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
Forward Foreign Currency Contracts		$	(87,100)		$	—		$	(87,100)		$	—		$	—
Alternatives Fund
Financial Futures Contracts		$	10,545,104		$	—		$	10,545,104		$	—		$	—
Forward Foreign Currency Contracts			2,335,851			—			2,335,851			—			—
Purchased Option			(1,976,270)			(1,976,270)			—			—			—
Written Options			938,805			938,805			—			—			—
Totals		$	11,843,490		$	(1,037,465)		$	12,880,955		$	—		$	—
Real Asset Fund
Financial Futures Contracts		$	(762,819)		$	—		$	—		$	(762,819)		$	—
Forward Foreign Currency Contracts			24,261,592			—			24,261,592			—			—
Purchased Options			(90,435)			—			—			(90,435)			—
Swap Contracts			(1,316,918)			—			—			(1,485,215)			168,297
Written Options			432,032			—			80,252			223,338			128,442
Totals		$	22,523,452		$	—		$	24,341,844		$	(2,115,131)		$	296,739
	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
Forward Foreign Currency Contracts		$	(3,379)		$	—		$	(3,379)		$	—		$	—
Alternatives Fund
Financial Futures Contracts		$	(1,314,141)		$	—		$	(1,314,141)		$	—		$	—
Forward Foreign Currency Contracts			140,981			—			140,981			—			—
Purchased Options			244,941			244,941			—			—			—
Written Options			(96,427)			(96,427)			—			—			—
Totals		$	(1,024,646)		$	148,514		$	(1,173,160)		$	—		$	—
Real Asset Fund
Financial Futures Contracts		$	(285,082)		$	—		$	—		$	(285,082)		$	—
Forward Foreign Currency Contracts			(2,666,694)			—			(2,666,694)			—			—
Purchased Options			(33,548)			—			—			(33,548)			—
Written Options			(341,458)			—			(209,081)			(123,125)			(9,252)
Swap Contracts			(814,928)			—			—			(645,098)			(169,830)
Totals		$	(4,141,710)		$	—		$	(2,875,775)		$	(1,086,853)		$	(179,082)

ANNUAL REPORT / April 30, 2015

110 NOTES TO FINANCIAL STATEMENTS (continued)

The Funds’ derivative financial instruments outstanding as of April 30, 2015, 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, 2015, 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	$	1,274	$	2,702
Total derivative assets and liabilities in the
Statements of Assets and Liabilities		1,274		2,702
Derivatives not subject to a MA or similar agreement		—		—
Total assets and liabilities subject to a MA	$	1,274	$	2,702
Alternatives Fund
Derivative Financial Instruments:
Financial futures contracts	$	—	$	1,367,058
Forward foreign currency contracts		—		—
Options		474,925		523,080
Total derivative assets and liabilities in the
Statements of Assets and Liabilities		474,925		1,890,138
Derivatives not subject to a MA or similar agreement		442,425		1,685,540
Total assets and liabilities subject to a MA	$	32,500	$	204,598
Real Asset Fund
Derivative Financial Instruments:
Financial futures contracts	$	—	$	301,582
Forward foreign currency contracts		4,741,852		9,423,998
Options		122,522		658,814
Swaps		697,121		1,421,931
Total derivative assets and liabilities in the
Statements of Assets and Liabilities		5,561,495		11,806,325
Derivatives not subject to a MA or similar agreement		670,860		1,259,289
Total assets and liabilities subject to a MA	$	4,890,635	$	10,547,036

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 111

At April 30, 2015, 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		$	1,274		$	(1,274	)		$	—			$	—			$	—
Total Derivative Assets		$	1,274		$	(1,274	)		$	—			$	—			$	—
	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		$	2,702		$	(1,274	)		$	—			$	—			$	1,428
Total Derivative Liabilities		$	2,702		$	(1,274	)		$	—			$	—			$	1,428
	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
Options		$	32,500		$	(32,500	)		$	—			$	—			$	—
Total Derivative Assets		$	32,500		$	(32,500	)		$	—			$	—			$	—
	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)
Alternatives Fund
Options		$	204,598		$	(32,500	)		$	(172,098	)		$	—			$	—
Total Derivative Liabilities		$	204,598		$	(32,500	)		$	(172,098	)		$	—			$	—
	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		$	4,741,852		$	(4,008,667	)		$	—			$	—			$	733,185
Options			122,522			(122,522	)			—				—				—
Swaps			26,261			(23,403	)			—				—				2,858
Total Derivative Assets		$	4,890,635		$	(4,154,592	)		$	—			$	—			$	736,043
Real Asset Fund (continued)	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		$	9,423,998		$	(4,008,667	)		$	—			$	—			$	5,415,331
Options			427,278			(122,522	)			(304,756	)			—				—
Swaps			695,760			(23,403	)			—				(672,357	)			—
Total Derivative Liabilities		$	10,547,036		$	(4,154,592	)		$	(304,756	)		$	(672,357	)		$	5,415,331

⁽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⁾  Excess of collateral pledged is not shown for financial reporting purposes.

⁽⁴⁾  Net amount represents the net amount payable due in the event of default.

ANNUAL REPORT / April 30, 2015

112 NOTES TO FINANCIAL STATEMENTS (continued)

4.     FEDERAL TAX INFORMATION

As of April 30, 2015, 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 2014, 2013, and 2012, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

For the year ended April 30, 2015, 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		$    —		$    (200,884)		$    200,884
Alternatives Fund		—		4,687,450		(4,687,450)
Real Asset Fund		2,603		21,681,239		(21,683,842)
Strategic Allocation Conservative Fund		—		43,177		(43,177)
Strategic Allocation Moderate Fund		—		112,717		(112,717)
Strategic Allocation Aggressive Fund		—		103,088		(103,088)

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

	2015					2014
Fund	Ordinary     Income*		Long-Term     Capital Gains			Ordinary     Income*		Long-Term Capital Gains
International Fund		$8,485,252		$	—		$9,182,190		$	—
Alternatives Fund		1,957,694			1,461,848		161,975			1,374,779
Real Asset Fund		7,000,154			—		6,435,946			—
Strategic Allocation Conservative Fund		537,025			740,300		807,921			306,691
Strategic Allocation Moderate Fund		649,387			—		678,372			—
Strategic Allocation Aggressive Fund		286,179			—		310,111			—

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

As of April 30, 2015, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed     Ordinary Income		Undistributed     Long-Term     Capital Gains		Other     Timing     Differences		Unrealized     Appreciation/     (Depreciation)		Capital Loss Carryforwards and Deferrals		Late Year Deferrals
International Fund		$    3,722,593		$          —		$            —		$62,539,649		$(326,487,772)		$            —
Alternatives Fund		4,181,440		—		(8,400)		514,310		(220,563)		—
Real Asset Fund		19,760,087		—		(3,460,154)		7,441,614		(93,194,308)		(10,494,247)
Strategic Allocation Conservative Fund		38,134		602,387		—		1,563,484		—		—
Strategic Allocation Moderate Fund		69,282		93,671		—		4,711,096		(4,634,279)		—
Strategic Allocation Aggressive Fund		—		578,169		—		1,827,137		—		—

At April 30, 2015, 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		$61,778,327		$236,603,604		$28,105,841		$—		$            —		$—		$326,487,772
Alternatives Fund		—		—		—		—		220,563		—		220,563
Real Asset Fund		—		—		93,194,308		—		—		—		93,194,308
Strategic Allocation   Moderate Fund		—		3,787,513		846,766		—		—		—		4,634,279

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)     113

The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2015:

Fund	Capital Loss Carryforwards Used
International Fund		$27,065,861
Real Asset Fund		11,462,731
Strategic Allocation Moderate Fund		2,780,834
Strategic Allocation Aggressive Fund		1,811,800

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.

On September 18, 2014, the Trustees voted to change the investment advisory fee rates for the Funds. Effective December 1, 2014, 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 it services.

Fund	Current Advisory Fee     Annual Rate
International Fund	0.45%
Alternatives Fund	0.95%
Real Asset Fund	0.45%
Strategic Allocation Conservative Fund	0.40%
Strategic Allocation Moderate Fund	0.40%
Strategic Allocation Aggressive Fund	0.40%

Prior to December 1, 2014, the Funds had annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below.

Fund	Prior Advisory Fee     Annual Rate
International Fund	0.50%
Alternatives Fund	1.00%
Real Asset Fund	0.50%
Strategic Allocation Conservative Fund	0.50%
Strategic Allocation Moderate Fund	0.50%
Strategic Allocation Aggressive Fund	0.50%

Effective December 1, 2014, the Trustees voted to change the contractual expense limitations for the funds below. WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through November 30, 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. Neither WFMC nor the Funds’ distributor will recoup previously waived fees/expenses in subsequent years.

	Current Contractual     Expense Limitations
Fund	Class A	Class I
International Fund	1.31%	1.18%
Alternatives Fund	2.15%	1.90%
Real Asset Fund	1.23%	0.98%
Strategic Allocation Conservative Fund	0.78%	0.53%
Strategic Allocation Moderate Fund	0.74%	0.49%
Strategic Allocation Aggressive Fund	0.87%	0.62%

ANNUAL REPORT / April 30, 2015

114    NOTES TO FINANCIAL STATEMENTS (continued)

Prior to December 1, 2014, the following funds had contractually agreed to waive their fees and/or reimburse expenses, 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), would not exceed the expense limitations set forth below.

	Prior 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%

Fund	Gross Fees		Fees Waived		Current Fee as a % of average net asset of the Fund/  Allocated Net Assets for Sub-advisors
International Fund
WFMC		$2,534,170		$(886,354)	0.45%
Sub-advisors:
Baring International Investment Limited (terminated 5/16/2014)		8,456		—	0.45%
Dimensional Fund Advisors LP		245,326		(40,397)	0.45% on the first $50 million in assets; and
					0.30% on assets in excess of $50 million
J O Hambro Capital Management Limited (Since 5/16/2014)		788,842		—	0.70%
LSV Asset Management		260,032		—	0.49%
Northern Cross LLC		724,693		—	0.55% on the first $1 billion in assets; and
					0.50% on assets in excess $1 billion
Oberweis Asset Management, Inc.		388,032		(3,240)	1.00% on the first $50 million;
					0.90% on the next $50 million; and
					0.80% on assets in excess of $100 million
Parametric Portfolio Associates LLC		567,592		—	0.80% on the first $100 million in assets; and
(Emerging Markets Strategy)					0.75% on assets in excess of $100 million
Parametric Portfolio Associates LLC		129,100		—	0.275% on the first $50 million in assets; and
(Developed Country Index Replication Strategy)					0.20% on assets in excess of $50 million
		5,646,243		(929,991)
Alternatives Fund
WFMC		2,084,575		(256,584)	0.95%
Sub-advisors:
Acuity Capital Management, LLC		411,056		—	1.00%
Calamos Advisors, LLC (since 2/03/2015)		60,269		—	0.95%
Calypso Capital Management, LP (terminated 11/21/2014)		254,951		—	1.00%
Highland Capital Healthcare Advisors, LP (since 2/03/2015)		55,418		—	1.00%
Highland Capital Management Fund Advisors, LP (since 2/03/2015)		59,911		—	0.90%
Loeb King Capital Management (terminated 2/06/2015)		374,259		—	1.05% on the first $100 million of assets; and
					1.00% on assets in excess of $100 million
Parametric Risk Advisers		224,116		—	0.90%
P\E Global LLC		271,132		—	1.00%
		3,795,687		(256,584)
Real Asset Fund
WFMC		2,232,184		—	0.45% on all Assets except assets allocated to the inflation-protected and fixed-income securities (“TIPS”) strategy or the Enhanced Cash Strategy. The fee for assets allocated to the TIPS strategy: 0.52% of the first $25 million; 0.49% of the next $25 million; and 0.47% of Assets over $50 million. The fee for assets allocated to the Enhanced Cash strategy is 0.53% on the assets.
WFMC- Enhanced Cash Strategy		4,103		—	For assets allocated to the Enhanced Cash Strategy, an additional fee as follows: 0.53% on the assets allocated to the Enhanced Cash Strategy
Sub-advisors:
CBRE Clarion Securities LLC		446,839		(8,963)	0.65% on the first $50 million in assets;
					0.55% of the next $50 million in assets; and
					0.45% of assets in excess of $100 million

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    115

Fund	Gross Fees		Fees Waived		Current Fee as a % of average net asset of the Fund/  Allocated Net Assets for Sub-advisors
Real Asset Fund(continued)
E.I.I. Realty Securities, Inc. (terminated 8/22/2014)	$	193,762	$	(3,882)	0.65% on the first $100 million in assets; and
					0.60% in excess of $100 million
HSBC Global Asset Management (France) (terminated 8/08/2014)		27,130		—	0.20% on the first $100 million in assets; 0.15% on the next $400 million in assets; and
					0.10% of assets in excess of $500 million
Pacific Investment Management Company, LLC		516,650		—	0.29%
Parametric Portfolio Associates LLC (since 9/25/2014)		111,174		(2,317)	0.25% on the first $20 million in assets;
					0.20% of the next $20 million in assets; and
					0.15% of assets in excess of $40 million
		3,531,842		(15,162)
Strategic Allocation Conservative Fund		183,752		(134,536)	0.40%
Strategic Allocation Moderate Fund		258,723		(231,187)	0.40%
Strategic Allocation Aggressive Fund		164,743		(92,363)	0.40%

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

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, 2015, 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, 2015, 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	$    5,837
Alternatives Fund	131
Real Asset Fund	2,086
Strategic Allocation Conservative Fund	9,997
Strategic Allocation Moderate Fund	129,298
Strategic Allocation Aggressive Fund	6,989

ANNUAL REPORT / April 30, 2015

116    NOTES TO FINANCIAL STATEMENTS (continued)

Sales Charges – The Class A shares of all the Funds bear front-end sales charges.

For the year ended April 30, 2015, 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	$    2,667
Alternatives Fund	54
Real Asset Fund	10,315
Strategic Allocation Conservative Fund	1,921
Strategic Allocation Moderate Fund	61,793
Strategic Allocation Aggressive Fund	2,873

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, 2015, M&T received a portion of the fees paid by the following Fund which is listed below:

Fund	Shareholder     Services   Fee
International Fund	$595,878

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.

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, 2015 are as follows:

Fund/Affiliated Fund Name	Balance of   Shares Held   4/30/14		Purchases/ Additions		Sales/ Reductions		Balance of   Shares Held   04/30/15		Value at 04/30/15			Dividend Income(a)			Realized Gain/(Loss)(b)
Strategic Allocation Conservative Fund:
Wilmington Prime Money Market Fund		504,720		8,644,214		9,148,934		—		$	—		$	141		$	—
Wilmington Mid-Cap Growth Fund		54,798		4,465		38,068		21,195			384,058			—			167,228
Wilmington Large-Cap Strategy Fund		32,816		8,183		—		40,999			756,833			10,021			33,302
Wilmington Small-Cap Strategy Fund		23,850		1,160		7,199		17,811			267,347			3,604			74,099
Wilmington Intermediate-Term Bond Fund		1,775,859		53,597		514,121		1,315,335			13,192,808			247,355			108,439
Wilmington Multi-Manager International Fund		396,644		6,103		25,527		377,220			3,051,707			49,471			34,766
Wilmington Broad Market		—		604,943		—		604,943			5,922,396			46,380			—
TOTAL				9,322,665		9,733,849				$	23,575,149		$	356,972		$	417,834

April 30, 2015 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 117

Fund/Affiliated Fund Name	Balance of Shares Held 4/30/14		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 04/30/15		Value at 04/30/15			Dividend Income(a)			Realized   Gain/(Loss)(b)
Strategic Allocation Moderate Fund:
Wilmington Prime Money Market Fund		727,547		16,309,933		17,037,480		—		$	—		$	196		$	—
Wilmington Mid-Cap Growth Fund		226,973		484		122,741		104,716			1,897,452			—			1,530,262
Wilmington Multi-Manager International Fund		764,554		49,937		61,798		752,693			6,089,286			88,343			73,682
Wilmington Small-Cap Strategy Fund		90,727		—		63,830		26,897			403,730			8,971			141,014
TOTAL				16,360,354		17,285,849				$	8,390,468		$	97,510		$	1,744,958
Strategic Allocation Aggressive Fund:
Wilmington Prime Money Market Fund		526,966		11,182,395		11,709,361		—		$	—		$	56		$	—
Wilmington Mid-Cap Growth Fund		251,907		18,131		183,300		86,738			1,571,692			—			852,347
Wilmington Large-Cap Strategy Fund		14,913		1,026		5,398		10,541			194,578			3,456			36,862
Wilmington Small-Cap Strategy Fund		104,454		4,592		68,319		40,727			611,313			11,734			421,378
Wilmington Multi-Manager International Fund		1,201,789		17,533		125,673		1,093,649			8,847,623			142,141			191,270
TOTAL				11,223,677		12,092,051				$	11,225,206		$	157,387		$	1,501,857

^(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, 2015 were as follows:

Fund	Commissions
International Fund		$5,453

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities for the year ended April 30, 2015 were as follows:

	Investments
Fund	Purchases		Sales
International Fund	$	400,871,971	$	409,157,023
Alternatives Fund		725,611,460		736,562,937
Real Asset Fund		1,272,669,711		1,161,545,621
Strategic Allocation Conservative Fund		9,005,889		15,668,745
Strategic Allocation Moderate Fund		11,549,038		19,488,324
Strategic Allocation Aggressive Fund		7,062,868		13,435,476

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2015 were as follows:

	U.S. Government Securities
Fund	Purchases		Sales
Real Asset Fund	$	868,515,821	$	826,144,493
Strategic Allocation Moderate Fund		1,026,352		157,515

ANNUAL REPORT / April 30, 2015

118    NOTES TO FINANCIAL STATEMENTS (continued)

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 0.10% per annum on the daily unused portion. The LOC was in effect for the entire fiscal year and the termination date of this LOC is March 9, 2016. The Funds did not utilize the LOC for the year ended April 30, 2015.

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 additional material events that would require recognition or 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, 2015, 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	24.23%
Real Asset Fund	6.48%
Strategic Allocation Conservative Fund	21.57%
Strategic Allocation Moderate Fund	51.42%
Strategic Allocation Aggressive Fund	100.00%

For the year ended April 30, 2015, 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	17.82%
Real Asset Fund	0.22%
Strategic Allocation Conservative Fund	10.78%
Strategic Allocation Moderate Fund	23.02%
Strategic Allocation Aggressive Fund	53.03%

If the Funds meet the requirements of Section 853 of the Code, the Funds will pass through to shareholders credits of foreign taxes paid.

April 30, 2015 / ANNUAL REPORT

119

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, 2015, 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 the 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, 2015, 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 (six of the series constituting the Wilmington Funds) at April 30, 2015, 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 29, 2015

ANNUAL REPORT / April 30, 2015

120 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 19 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 for past five years and Other Directorships Held
R. Samuel Fraundorf, CFA, CPA*   Birth date: 4/64   TRUSTEE   Began serving: March 2012	Principal Occupations: Senior Vice President, Chief Investment Strategist and Chief Client Officer of WTIA and WFMC. Other Directorships Held: Director, WTIA (1/14 to present); Director, WFMC (1/14 to present).
	Previous Positions: President of WTIA (1/12 to 1/14); President of Wilmington Trust Investment Management (“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 and WFMC. 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, 2015 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 121

INDEPENDENT TRUSTEES BACKGROUND

Name   Birth date   Position with Trust   Date Service Began	Principal Occupations for past five years and Other Directorships
Nicholas A. Giordano   Birth date: 3/43   CHAIRMAN AND 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).
Robert H. Arnold   Birth date: 3/44   TRUSTEE   Began serving: March 2012	Principal Occupations: Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held: Trustee, First Potomac Realty Trust (real estate investment trust) (5/01 to present); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to present).
Joseph J. Castiglia   Birth date: 7/34   TRUSTEE   Began serving: February 1988	Principal Occupations: Consultant (not-for-profit) and Private Investor. Other Directorships Held: Chairman, Trustee and Treasurer, Buffalo Olmsted Parks Conservancy (1/05 to 5/13); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 11/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman, Director and Treasurer, Read to Succeed Buffalo (1/08 to present). Previous Positions: President, Chief Executive Officer, Vice President, Treasurer and Vice Chairman, Pratt & Lambert United (manufacturer of paints, coatings and adhesives) (12/67- 1/96); Chairman and Director, Catholic Health (hospitals, nursing homes and home care) (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (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; Chairman and Director, Community Foundation for Greater Buffalo; Chairman and Trustee, Canisius College; Chairman and Director, AAA of Western & Central New York.
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: President and 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.
Richard B. Seidel   Birth date: 4/41   TRUSTEE   Began serving: September 2003	Principal Occupations: Chairman, Girard Capital (broker-dealer) (1/10 to present); Chairman, R.B. Seidel & Associates (consultants) (2014 to present). Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).

ANNUAL REPORT / April 30, 2015 (unaudited)

122 BOARD OF TRUSTEES AND TRUST OFFICERS

 OFFICERS

Name   Address   Birth year   Position with Trust	Principal Occupations for Past Five Years and Previous Positions
Christopher D. Randall   Birth year: 1965   PRESIDENT   Began serving: September 2014	Principal Occupations: President and Chief Executive Officer of Wilmington Trust Investment Advisors, Inc.; President of Wilmington Trust Investment Management, LLC; Director of Wilmington Funds Management Corporation; Senior Vice President of M&T Bank. Previous Positions: Senior Vice President, Head of Asset Management and Retirement Services (2012 to 2014); President, Mid-Atlantic Division, Wilmington Trust, N.A. (2011 to 2012); President, M&T Securities, Inc. (2009 to 2011)
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).
Mary Ellen Reilly   Birth year: 1970   CHIEF COMPLIANCE OFFICER and   AML COMPLIANCE OFFICER   Began serving: March 2015	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Administrative Vice President, M&T Bank. Previous Positions: Administrative Vice President, M&T Bank, and Program Director, Buffalo Promise. Neighborhood (2013-2015); Vice President, M&T Bank, and Product Manager, Wilmington Trust Retirement and Institutional Services Company (2010-2013); Vice President, M&T Bank, and Risk Manager, M&T Investment Group (2006-2010).
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 (2008 to present).
Ralph V. Partlow, III   25 South Charles Street, 22nd floor   Baltimore, MD 21201   Birth year: 1957   VICE PRESIDENT   Began serving: June 2010	Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003).

April 30, 2015 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 123

Name   Address   Birth year   Position with Trust	Principal Occupations for Past Five Years and Previous Positions
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   2 Hanson Place, 12th Floor   Brooklyn, NY 11217   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 (2012 to present). Previous Positions: President, Foreside Financial Group, LLC (2008 to 2012); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (2003 to 2006); Vice President, Bainbridge Capital Management (2002 to 2004).

ANNUAL REPORT / April 30, 2015 (unaudited)

124

BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Approval of New Subadvisory Agreements

At the December 3-4, 2014 meeting of the Board of Trustees (the “December meeting”), the Board, including the Independent Trustees, discussed and unanimously approved, for the Wilmington Multi-Manager Alternatives Fund (the “Fund”), investment subadvisory agreements (the “New Subadvisory Agreements”) with Calamos Advisors LLC (“Calamos”), Highland Capital Healthcare Advisors, L.P. (“HCHA”), and Highland Capital Management Fund Advisors, L.P. (“HCMFA” and, collectively with Calamos and HCHA, 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 December 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 Fund has multiple subadvisers but only the contracts with Calamos, HCHA, and HCMFA, each to manage a portion of the Fund’s assets, were 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 the 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 Fund; (v) possible fall-out benefits to each New Subadvisor due to its position with the Fund, including the use of soft dollars; (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.

The Board considered management’s independence from each of the recommended New Subadvisors, and management’s view that (i) the “liquid alternatives” asset class, of which the Fund is a part, is new and growing rapidly; (ii) the peer group is an imperfect comparison due to the widely varying objectives and constructions of its members (including, in the case of the Fund, the use of specialized Sub-advisors); and (iii) the Fund is not managed to improve its relative ranking in a peer group, but to provide specific investment characteristics to client portfolios. The Board considered that the Adviser agreed, effective December 1, 2014, to reduce the Fund’s contractual management fee by 5 basis points, and to increase the Fund’s advisory fee waiver by 3 basis points at least through November 30, 2015, such that the Fund’s net expense ratio is decreased by 8 basis points. The Board determined that the Fund’s level of performance and expense generally supported a recommendation to approve the New Subadvisory Agreements.

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 the Fund to Calamos, HCHA, and HCMFA, 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 the Fund and its shareholders and approved the New Subadvisory Agreements.

April 30, 2015 (unaudited) / ANNUAL REPORT

125

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.

SEMI-ANNUAL REPORT / April 30, 2015

126

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, 2015 / ANNUAL REPORT

127

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

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

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

E-mail:

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

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

Surveys/Aggregate Data:

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

Changes to Our Privacy Statement:

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

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

ANNUAL REPORT / April 30, 2015

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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 1-800-836-2211, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3. Audit Committee Financial Expert.

The registrant’s Board has determined that each member of the Board’s Audit Committee is an “audit committee financial expert,” and that each such member is “independent,” for purposes of this Item. The Audit Committee consists of the following Board members: Nicholas A. Giordano, Joseph J. Castiglia, 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 2015 - $473,490

Fiscal year ended 2014 - $498,190

(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 2015 - $0

Fiscal year ended 2014 - $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 2015 - $186,920

Fiscal year ended 2014 - $181,785

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $186,920 and $181,785 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 2015 - $0

Fiscal year ended 2014 - $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 2015 – 0 %

Fiscal year ended 2014 – 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 2015 – 100 %

Fiscal year ended 2014 – 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 2015 – 0 %

Fiscal year ended 2014 – 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 2015 – $841,920

Fiscal year ended 2014 – $181,785

(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    7/7/2015                                                                                                                                             

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    7/7/2015                                                                                                                                             

By (Signature and Title)*     /s/ Christopher W. Roleke                                                                           

                                                    Christopher W. Roleke

                                                    (Principal Financial Officer)

Date    7/7/2015                                                                                                                                             

^*  Print the name and title of each signing officer under his or her signature.

EX-99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Richard J. Berthy, certify that:

1. I have reviewed this report on Form N-CSR of Wilmington Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    7/7/2015	/s/ Richard J. Berthy
	Richard J. Berthy
	(Principal Executive Officer)

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Christopher W. Roleke, certify that:

1. I have reviewed this report on Form N-CSR of Wilmington Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    7/7/2015	/s/ Christopher W. Roleke
	Christopher W. Roleke
	(Principal Financial Officer)

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the

Sarbanes-Oxley Act

I, Richard J. Berthy. Principal Executive Officer of Wilmington Funds (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:	7/7/2015	/s/ Richard J. Berthy
		Richard J. Berthy
		(Principal Executive Officer)

I, Christopher W. Roleke, Principal Financial Officer of Wilmington Funds (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:	7/7/2015	/s/ Christopher W. Roleke
		Christopher W. Roleke
		(Principal Financial Officer)