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, 2017

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

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

Wilmington Global Alpha Equities Fund (“Global Alpha Equities Fund”), (formerly

Wilmington Multi-Manager Alternatives Fund)

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

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

            CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	11
Portfolios of Investments	13
Statements of Assets and Liabilities	59
Statements of Operations	61
Statements of Changes in Net Assets	63
Financial Highlights	65
Notes to Financial Statements	69
Report of Independent Registered Public Accounting Firm	88
Board of Trustees and Trust Officers	89

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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 annual fiscal year period of May 1, 2016 through April 30, 2017. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The Economy and Financial Markets in Review

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

Economic blips and trends

During the just completed fiscal year, investors in the Wilmington Funds were treated to a combination of significant blips and major trends. At the very outset of the fiscal year, the British, in a move that caught almost everyone off guard, voted to leave the European Union. The so-called “Brexit” vote created a major downdraft in the equity markets but this turned out to be a blip as prices quickly recovered setting the stage for further gains to come.

On the trending side of the ledger, the economy cruised in the second half of 2016, delivering annualized growth of 3.5% in the third quarter and 2.1% in the fourth quarter. But in the first quarter of 2017, growth slowed to an annualized 0.7%, the weakest in three years.ⁱ Credit consumers for both the good and the bad.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, has pretty much carried the economy throughout the recovery from the Great Recession. After 22 consecutive quarters contributing at least 1% annualized growth in gross domestic product (GDP), consumption accounted for just 0.2% of growth in the first quarter of 2017.i At the same time, however, business investment in fixed goods contributed 1.1% of annualized growth in the first quarter, the strongest showing in 11 quarters.ⁱ

ⁱhttps://www.bea.gov/national/index.htm#gdp

Despite weak growth in personal income so far this year, we see reasons to believe consumers will keep spending:

• Sentiment has remained unusually high. The University of Michigan Consumer Sentiment Index hasn’t showed such strength over a four-month period since just after George W. Bush became president.ⁱⁱ

• Bad weather and delayed tax refunds accounted for much of the first-quarter weakness.

• Unemployment has fallen to 4.4%, a 10-year low, on the strength of consistent job growth. Over the last three years, nonfarm payrolls have grown by an average of 215,000 jobs per month.ⁱⁱⁱ

While consumers have pulled their weight economically, businesses have been less consistent; given the historical quarter-to-quarter lumpiness of nonresidential investment, it’s too early to call strong first-quarter business spending a trend. Still, after nearly eight years in recovery, the economy has demonstrated an ability to keep its footing even if corporate America doesn’t pitch in. The Bloomberg consensus calls for GDP growth of 2.2%, but we are looking for stronger growth at 3.0%.

ⁱⁱhttp://www.sca.isr.umich.edu/files/chicsh.pdf

ⁱⁱⁱ https://www.bls.gov/news.release/empsit.nr0.htm

Uncertainty burns bond market

The 10-year Treasury note yields 2.25%, a number that looks different depending on your perspective.

• The yield has risen a full percentage point from July’s record low of 1.37%.iv Last summer boasted a great backdrop for bonds. Investor uncertainty about the direction of the stock market drove many to fixed income, and the lack of interest rate hikes had bond investors riding high. Since then, stocks have rallied and the Federal Reserve (the “Fed”) has boosted the federal funds rate twice.

• The 10-year note’s current yield is less than half the average of 6.3% since 1962.iv With short-term interest rates held artificially low for more than eight years, the financial markets have no precedent for how bonds will respond when interest rates finally do revert to historical norms.

Uncertainty about both the pace of interest-rate hikes and the bond market’s reaction to them has contributed to lackluster returns over the last year.

^ivhttps://www.federalreserve.gov/datadownload/

The Bloomberg Barclays U.S. Aggregate Bond Index¹ returned 0.83% in the 12 months ended April 30. Few of the broad index’s component sectors impressed, though the 2.74% return of the Bloomberg Barclays U.S. Credit Bond Index² outperformed the -0.65% return of the Bloomberg Barclays U.S. Treasury Bond Index³. The bright-spot was high yield, with the Bloomberg Barclays U.S. Corporate High Yield Bond Index⁴ returning 13.30% for the year—which makes sense, since this is the bond group most highly correlated with stocks, which delivered excellent returns.

PRESIDENT’S MESSAGE / April 30, 2017 (unaudited)

ii    

Neither foreign bonds nor municipals provided much relief. The Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell -4.51% and the Bloomberg Barclays Municipal Bond Index⁶ returned an unexciting 0.14% over the last year.

For the 12-month reporting period May 1, 2016 to April 30, 2017, certain Bloomberg Barclays indices performed as follows⁷:

Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays U.S. Treasury Bond Index	Bloomberg Barclays U.S. Mortgage-Backed Securities  Index8	Bloomberg Barclays U.S. Credit Bond Index	Bloomberg Barclays Municipal Bond  Index
0.83%	-0.65%	0.66%	2.74%	0.14%

Assumes holding periods from May 1, 2016 through April 30, 2017

Stocks a study in contradictions relative to bonds

The S&P 500 Index⁹ of large-cap stocks returned 17.92%, while the S&P MidCap 400¹⁰ and S&P SmallCap 600¹¹ indices did even better, returning 20.46% and 24.26%, respectively. Even international stocks pulled out of their multiyear funk, with the MSCI EAFE (Net) Index¹², returning 11.29% and the MSCI Emerging Markets (Net) Index¹³ 19.13%— performance greater than they managed in the previous five years combined. These gains were propelled by three major factors including: the acceleration of economic growth during the second half of 2016, the rebound from the earnings recession that had gripped corporate performance since 2015, and the election, which ushered in hopes for more active pro-growth policies from Washington.

Investors have been slow to pick up on these gains which have made this one of the most disliked bull markets in recent equity market history. However, the surge in prices is well founded in both economic fundamentals which have seen job growth continue at a strong pace while corporate profits improve, expanding at a 14% pace in the first quarter of 2017.

The Trump administration hasn’t made the progress on tax cuts and infrastructure spending many expected, and most market sectors have come down substantially from their post-election highs. Economically sensitive sectors such as industrials and technology have returned at least 14% over the last six months.

For the 12-month reporting period May 1, 2016 to April 30, 2017, certain stock market indices performed as follows:

S&P 500 Index	Dow Jones Industrial Average14	NASDAQ Composite Index15	MSCI All Country World ex-USD (Net) Index16
17.92%	20.90%	28.18%	12.59%

Dealing with blips and trends is a key part to managing our investor’s money and we will continue to do so making sure that we properly identify the trend signal and avoid the blip noises.

Sincerely,

Christopher D. Randall

President, Wilmington Funds

May 25, 2017

April 30, 2017 (unaudited) / PRESIDENT’S MESSAGE

    iii

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

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

All investments involve risk, including the possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small and mid-cap stocks involve greater risks and volatility than large-cap stocks.

International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.

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

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. An investment in money market funds is not a deposit of M&T Bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The investment advisor has no legal obligation to provide financial support to the Fund, and you should not expect that the investment advisor will provide financial support to the Fund at any time.

1.	Bloomberg 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. The index is unmanaged and it is not possible to invest directly in an index.
2.	Bloomberg 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.
3.	Bloomberg 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.
4.	Bloomberg 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 the Bloomberg 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. An investment cannot be made directly in an index.
5.	Bloomberg Barclays Global Aggregate ex-USD Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. An investment cannot be made directly in an index.
6.	Bloomberg 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.
7.	Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.
8.	Bloomberg 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.	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.
10.	The S&P MidCap 400 Index measures the performance of approximately 400 stocks listed on U.S. exchanges. Most of the stocks in the index are mid-capitalization U.S. issues. The index accounts for roughly 7% of the total market capitalization of all U.S. equities. The index is unmanaged and investments cannot be made directly in an index.
11.	The S&P SmallCap 600 Index measures the performance of approximately 600 stocks listed on U.S. exchanges. Most of the stocks in the index are small-capitalization U.S. issues. The index accounts for roughly 3% of the total market capitalization of all U.S. equities. The index is unmanaged and investments cannot be made directly in an index.
12.	MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.
13.	MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.
14.	Dow Jones Industrial Average (“DJIA”) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIA’s average movements are leading economic indicators for the stock market as a whole. The average is unmanaged and investments cannot be made directly in an average.
15.	NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index.
16.	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 performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index. The index is unmanaged and it is not possible to invest directly in an index.

PRESIDENT’S MESSAGE / April 30, 2017 (unaudited)

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1    

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2017, Wilmington Multi-Manager International Fund (the “Fund”) had a total return of 12.52%* for Class A shares and 12.69%* 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 12.59%. 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.

The Fund’s sub-advisor line-up changed in late December 2016, so performance can be disaggregated into “before” and “after” time frames. During the period May 1 through December 31, 2016, under the prior sub-advisors, the Class I shares returned -0.83% versus its benchmark, which had a total return of 2.20%. Consequently, excess return for the first eight months of the fiscal year was -3.03%. During the period January 1 through April 30, 2017, under the current sub-advisors, the Class I shares returned 13.63% versus the benchmark, which had a total return of 10.17%. Consequently, excess return for the last four months of the fiscal year was +3.46%. The swing in excess return from the prior period to the latter period was +6.49%.

During the first eight months of the fiscal year, under the prior sub-advisors, the following overweight positions were significant detractors from performance: Belgian food retailer Delhaize, Canadian gold miner Franco-Nevada, Japanese pharmaceutical company Daiichi Sankyo, Japanese chemical manufacturer KAO, Australian petroleum refiner Caltex, Dutch brewer Heineken, the London Stock Exchange, German real estate company Vonovia, and Japanese telecom company NTT. The following overweight positions contributed to performance: Australian mining company South32, Swiss pharmaceutical company Actelion, and Japanese staffing company Recruit. During the latter four months of the fiscal year, under the current sub-advisors, the following overweight positions significantly contributed to performance: Indian bank HDFC, Korean consumer electronics company Samsung, Austrian semi-conductor manufacturer AMS, French luxury brands company Kering, German photonics manufacturer Jenoptik, German semi-conductor manufacturer Infineon, Chinese e-commerce firms Tencent and Alibaba, and Danish engineering firm FLSmidth. Detracting from performance were over-weight holdings to Luxembourg-domiciled steel manufacturer Arcelor-Mittal, French pen manufacturer Societe Bic, Irish oil company Tullow Oil, U.K. outsourcing company Serco, French retailer Carrefour, and Swedish asset manager Aurelius Equity Opportunities.

Our current sub-advisor line-up, as of April 30, 2017, consisted of the following asset managers: Allianz Global Investors U.S. LLC (“Allianz”), AXA Investment Managers, Inc. (“AXA”), Berenberg Asset Management LLC (“Berenberg”), Nikko Asset Management Americas, Inc. (“Nikko”), and Schroder Investment Management North America, Inc. (Schroders”).

Allianz, AXA, Berenberg, Nikko, and Schroders, respectively, use the following strategies: European large-cap growth, European small-cap, European large-cap core, Japanese all-cap value, and Asia ex-Japan all-cap. The portfolio management and analyst teams for Allianz,

AXA, Berenberg, Nikko, and Schroders are based, respectively, in Frankfurt, Paris, Hamburg, Tokyo, and Hong Kong.

* 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 6.37%, adjusted for the Fund’s maximum sales charge of 5.50%. 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 performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index. The index is unmanaged and it is not possible to invest directly in an index.

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, 2017 (unaudited) / ANNUAL REPORT

    2

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND

The graphs below illustrate the hypothetical investment of $10,0001 in the Class A Shares and $1,000,0001 in the Class I Shares of Wilmington Multi-Manager International Fund from April 30, 2007 to April 30, 2017, compared to the MSCI ACWI ex-US Index.²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

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 6.37%, adjusted for the Fund’s maximum sales charge of 5.50%. 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.

	Average Annual Total Returns for the Periods Ended 4/30/17
	1 Year	5 Years	10 Years
Class A^	6.37%	3.59%	-0.50%
Class I^	12.69%	4.91%	0.25%
MSCI ACWI ex-US Index2	12.59%	5.13%	1.12%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.66% and 1.07%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.41% and 0.94%, respectively. Expense Ratios Before Waiver represent 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”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

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) and $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 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. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index. It is not possible to invest directly in an index and the represented index is unmanaged.

ANNUAL REPORT / April 30, 2017 (unaudited)

3    

WILMINGTON GLOBAL ALPHA EQUITIES FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2017, the Wilmington Global Alpha Equities Fund (the “Fund”), formerly the Wilmington Multi-Manager Alternatives Fund, had a total return of 7.59%* for Class A Shares and 7.93%* for Class I Shares, versus its new benchmark, the HFRX Equity Hedge Index**, which had a total return of 6.64%, and the old benchmark, the HFRX Global Hedge Index***, which had a total return of 6.21%.

Fund Update

In mid-2016, after a strategic review of the Fund’s structure, fees and performance, the Wilmington Funds’ Board of Trustees approved the restructure of the Fund from a multi-manager, multi-alternative strategy to a global equity long/short strategy managed by a single sub-advisor, Wellington Management Company LLP (“Wellington”), a large and well-respected asset manager. The Fund’s restructuring was dependent on shareholder’s approval of a change in the Fund’s investment goal from “seeking to achieve long-term growth of capital through consistent returns from investments that have a low correlation to traditional asset classes” to “seeking to achieve long-term growth of capital with lower volatility than the broader equity markets”, which was approved on November 30, 2016. The Fund was transitioned at the end of January 2017 to its current strategy which also included a significant reduction in the net operating expense ratio, excluding class specific fees, from 2.49% to 1.25%. The Fund now allocates and reallocates among Wellington’s roster of highly active internal equity teams to create a global portfolio focused on alpha production and downside protection.

Performance

From May 1, 2016 through the transition on January 27, 2017, the Fund outperformed its then benchmark HFRX Global Hedge Fund Index by 130 basis points (“bps”). The Fund’s credit exposure was the largest contributor to returns, as high yield markets rallied during the year. Global Macro was the second largest contributor with the majority of gains coming in 4Q 2016 as the dollar strengthened dramatically against the Euro. Equity Long/Short, event driven and options arbitrage were also marginally positive during the period.

While the new strategy was up and running only slightly more than three months during the fiscal year, alpha generation was strong. The Fund outperformed its new benchmark, the HFRX Equity Hedge Index by 53 bps, and its peers by 72 bps with significantly lower volatility than each. The performance produced by Wellington’s management was led by a team focusing on quality companies with growing dividends, a portfolio manager who seeks to own durable businesses with stable cash flows through economic cycles as well as a group that invests in companies experiencing sustainable growth while trading at unappreciated valuations.

The Fund uses derivatives, which primarily consists of equity index options and currency futures, to enhance the returns of the Fund prior to January 27, 2017. At the end of January 2017, Wellington began utilizing equity index futures to reduce the Fund’s net long exposure to the global equity market. The use of equity index futures detracted from absolute performance for the period but had a neutral impact on relative performance.

Commentary & Outlook

It was a year of transition for the Fund, but despite the large changes instituted within the portfolio, performance was solid and management believes the Fund is in a stronger position going forward. While active managers have struggled to beat their benchmarks over the past five years, there are signs that stock picking skill may be poised for a comeback. History shows that active performance is cyclical, with periods of underperformance following to significant stretches of outperformance. Additionally, intra-stock correlation has been decreasing and dispersion in stock performance has been increasing which has led to improved active management returns in 2017 – through April more than 50% of mutual fund managers are ahead of their index. Given the ability to opportunistically allocate among a large selection of highly talented Wellington portfolio managers, we believe our Fund is well positioned to take advantage of an improving environment for active management.

* 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 1.68%, adjusted for the Fund’s maximum sales charge of 5.50%. 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.

** HFRX Equity Hedge Index measures the performance of hedge fund strategies that primarily maintain long and short positions in equity and equity derivative securities. Equity Hedge managers typically maintain at least 50%, and in some cases may be entirely invested in equity-related securities, both long and short. Managers may employ a broad range of processes and strategies, including both quantitative and fundamental techniques, as well as net exposures, level of concentration, use of leverage, holding periods, and market capitalizations. The Index is weighted by asset size among reporting funds, which must have at least $50 million in assets or have been active for at least 12 months. The index is unmanaged and it is not possible to invest directly in an index.

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

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

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.

April 30, 2017 (unaudited) / ANNUAL REPORT

    4

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 Collateralized Mortgage Obligations (“CMOs”). Please see the prospectus and summary prospectus for information on these as well as other risk considerations.

ANNUAL REPORT / April 30, 2017 (unaudited)

5    

WILMINGTON GLOBAL ALPHA EQUITIES FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Global Alpha Equities Fund from January 12, 2012 (start of performance) to April 30, 2017 compared to the HFRX Equity Index² and the HFRX Global Hedge Fund Index.³

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

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 1.68%, adjusted for the Fund’s maximum sales charge of 5.50%. 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.

	Average Annual Total Returns for the Periods Ended 4/30/17
			Start of Performance
	1 Year	5 Year	(1/12/2012)
Class A^	1.68%	0.94%	1.10%
Class I^	7.93%	2.37%	2.45%
HFRX Equity Hedge Index2	6.64%	2.84%	3.19%
HFRX Global Hedge Fund Index3	6.21%	1.41%	1.76%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 2.32% and 1.50%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 2.07% and 1.25%, respectively. Expense Ratios Before Waiver represent 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”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

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) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the HFRX Equity Hedge 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 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, 2017 (unaudited) / ANNUAL REPORT

    6

WILMINGTON MULTI-MANAGER REAL ASSET FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2017, Wilmington Multi-Manager Real Asset Fund (the “Fund”) had a total return of 1.76%* for Class A Shares and 2.11%* for Class I Shares, versus its new benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index (“Bloomberg Barclays U.S. TIPS Index”)**, the old benchmark, the Bloomberg Barclays World Government Inflation Linked Bond Index (hedged, USD) (“Bloomberg Barclays World GILB Index”)*** and the Real Asset Blended Index, which had total returns of 1.73%, 8.58% and 5.60%, respectively.

The Blended Index is currently a mix of 50% Bloomberg Barclays World GILB Index, 35% S&P Developed Property Index****, and 15% Bloomberg Commodity Index (Total Return)*****. During this period, the Fund’s relative underperformance was largely due to the Fund’s tactical asset allocation as well as fees. Manager selection was also slightly negative during the year.

At the start of calendar year 2016, driven by muted prospects of aggressive interest rates policies, global growth and the attractiveness of U.S. breakeven valuations, the advisor repositioned the portfolio to tactically shift all international inflation linked bonds exposure to U.S. Treasury Inflation Protected Securities (“TIPS”) as well as eliminated commodities exposure and allocate the proceeds primarily to real estate related securities. This exposure was maintained throughout the fiscal year.

Global inflation-linked bond (“ILB”) markets posted solid returns for the year as inflation expectations picked up in numerous geographies. In the U.S., the 10-year breakeven inflation rates went from 1.6% to nearly 2%, with the majority of the run-up occurring in the period around the presidential election. While the U.S. TIPS market performed well, U.K. ILBs were the dominant performer as inflation expectations exploded after the British exit (“Brexit”) vote in June. As U.K. ILBs make up nearly 30% of the Bloomberg Barclays World GILB index, this allocation led to underperformance for the Fund, despite positive attribution from active management within the asset class.

Global real estate securities, as measured by the S&P Developed Property Index, were up during the fiscal year despite significant volatility. Performance was strong in spring and summer of 2016 before falling over 11% due to equity market volatility and expectations of interest rate increases and then rallying anew along with equities to finish the fiscal year. Foreign real estate underperformed the U.S. nearly entirely as a result of Brexit, as U.K. property was down nearly 10%. Real estate related securities exposure experienced weak manager performance as a result of poor stock selection by CBRE Clarion Securities LLC (“CBRE”) – the allocation to CBRE was reduced to zero late in the year and CBRE was terminated as sub-advisor.

Commodities again proved to be the worst performer among the three asset classes for the fiscal year ending down slightly over 1% — the Fund’s underweight contributed to performance.

The Fund uses derivatives, which include interest rate/inflation options, interest rate futures, interest rate/inflation swaps, and credit default swaps, to enhance returns of the Fund and to hedge (or protect) against adverse movements in interest rates and movements in the

bond markets. During the fiscal year, the Fund’s use of derivatives had a neutral impact on the relative performance of the Fund’s exposure to inflation protected securities verses the asset class benchmark.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -3.81%, adjusted for the Fund’s maximum sales charge of 5.50%. 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.

** Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index measures the performance of the U.S. Treasury Inflation Protected Securities market. Federal Reserve holdings of U.S. TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index.

*** Bloomberg Barclays 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.

*****  Bloomberg 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.

British exit (“Brexit”) - the decision by British voters to leave the European Union.

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

ANNUAL REPORT / April 30, 2017 (unaudited)

7    

WILMINGTON MULTI-MANAGER REAL ASSET FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Multi-Manager Real Asset Fund from April 30, 2007 to April 30, 2017 compared to the Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index ² (“Bloomberg Barclays U.S. TIPS Index”) and the Bloomberg Barclays World Government Inflation-Linked Bond Index³ (“Bloomberg Barclays World GILB Index”) and the Real Asset Blended Index.⁴

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -3.81%, adjusted for the Fund’s maximum sales charge of 5.50%. 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

	Average Annual Total Returns for the Periods Ended 4/30/17
	1 Year	5 Years	10 Years
Class A^	-3.81%	0.08%	1.33%
Class I^	2.11%	1.48%	2.16%
Bloomberg Barclays U.S. TIPS Index2	1.73%	0.69%	4.22%
Bloomberg Barclays World GILB Index3	8.58%	3.52%	5.15%
Real Asset Blended Index4	5.60%	3.42%	3.61%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.56% and 1.31%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.31% and 1.06%, respectively. Expense Ratios Before Waiver represent 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”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

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) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Bloomberg Barclays U.S. TIPS 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 performance for the Barclays World GILB Index 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 indices are unmanaged.

4 The Real Asset Blended Index is calculated by the investment advisor and is currently based on a weighting of the following indices: 50% Bloomberg Barclays World GILB Index, 35% S&P Developed Property Index and 15% Bloomberg Commodity Index (Total Return).

April 30, 2017 (unaudited) / ANNUAL REPORT

    8

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2017, Wilmington Strategic Allocation Moderate Fund (the “Fund”) had a total return of 9.38%* for Class A Shares and 9.64%* for Class I Shares, versus its current benchmarks, the Russell 3000^® Index, Bloomberg Barclays U.S. Aggregate Bond Index, and the Moderate Blended Index**, which had total returns of 18.58%, 0.83%, and 9.64%, respectively.

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

Over the past year, the Class I Shares performed in line with the Moderate Blended Index. During the period, tactical decisions and underlying manager performance each contributed modestly to relative performance, but were neutralized by fees. The year was an interesting one, with an improved global growth environment, and an impactful election result in the U.S.

The fiscal year began in an environment that favored defensive positioning, with the U.S. equity markets still mired in an extended earnings recession, and concerns surrounding the U.K.’s British exit (“Brexit”) decision. The tide shifted in the third quarter, as year-over-year earnings growth turned positive for U.S. equities, ending a seven quarter earnings drought that began in the fourth quarter of 2014. In response to this positive development, the market rose in the second half of 2016. The Fund’s active managers performed well in this environment – at least until the presidential election, when the markets rapidly repositioned in anticipation of Trump initiatives.

In the weeks following the election, cyclical stocks expected to benefit from pro-growth Trump policies surged. This abrupt market shift favored deep value managers at the expense of the more growth-oriented managers that had performed well in the period leading up to the election. The net result was an underperformance in the fourth quarter, driven almost entirely by election repositioning.

Lost in this election noise was a continued improvement in the earnings environment both domestically and abroad. Fortunately, as the calendar turned to 2017, the market shifted from a “trust me” stance toward Trump policies to more of a “show me” position, and earnings again became the focus. The Fund’s active managers were effectively aligned to capture the benefits of the improving fundamentals, and recovered relative performance nicely to close the fiscal year on a positive note.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 3.32%, adjusted for the Fund’s maximum sales charge of 5.50%. 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. The index is unmanaged and it is not possible to invest directly in an index. Bloomberg 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. The index is unmanaged and it is not possible to invest directly in an index. The Moderate Blended Index is calculated by the investment advisor and as of April 1, 2016 represents the weighted returns for the following indices: 27.0% Russell 1000 ^® Index; 6.7% Russell 2000 ^® Index; 12.5% MSCI EAFE Index; 4.4% MSCI Emerging Markets Index; 12.5% HFRI Fund of Funds Composite Index; 28.9% Bloomberg Barclays U.S. Aggregate Bond Index; 2.0% Bloomberg Barclays U.S. Corporate High Yield Bond Index; 2.5% Dow Jones Global ex-US Select Real Estate Securities Index; 0.75% S&P U.S. REIT Index; 0.75% Bloomberg Barclays U.S. Government Inflation-Linked Bond Index; and 2.0% Ibbotson Associates SBBI 30-Day U.S. T-Bill Index. Effective on July 1, 2016, the 12.5% of the HFRI Fund of Funds Composite Index was replaced with 6.25% of the HFRX Global Hedge Fund Index and 6.25% of the HFRX Absolute Hedge Fund Index. The indexes are unmanaged and it is not possible to invest directly in an index.

British exit (“Brexit”) - the decision by British voters to leave the European Union.

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

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

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

ANNUAL REPORT / April 30, 2017 (unaudited)

9    

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Strategic Allocation Moderate Fund from April 30, 2007 to April 30, 2017 and June 11, 2010 (start of performance) to April 30, 2017, respectively, compared to the Russell 3000 Index², the Bloomberg Barclays U.S. Aggregate Bond Index² and the Moderate Blended Index.^2,3

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 3.32%, adjusted for the Fund’s maximum sales charge of 5.50%. 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

	Average Annual Total Returns for the Periods Ended 4/30/17
	1 Year	5 Years	10 Years
Class A^	3.32%	4.15%	2.41%4
Class I^	9.64%	5.62%	6.66%4
Russell 3000®Index2	18.58%	13.57%	7.23%
Bloomberg Barclays U.S. Aggregate Bond Index2	0.83%	2.27%	4.30%
Moderate Blended Index2,3	9.64%	5.95%	3.88%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 2.13% and 1.35%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.88% and 1.10%, respectively. Expense Ratios Before Waiver represent 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”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

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) and $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 Bloomberg Barclays U.S. Aggregate Bond Index and the Moderate 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 indices are unmanaged.

3 Moderate Blended Index is calculated by the investment advisor and as of April 1, 2016 represents the weighted returns for the following indices: 27.0% Russell 1000^® Index; 6.7% Russell 2000^® Index; 12.5% MSCI EAFE Index; 4.4% MSCI Emerging Markets Index; 12.5% HFRI Fund of Funds Composite Index; 28.9% Bloomberg Barclays U.S. Aggregate Bond Index; 2.0% Bloomberg Barclays U.S. Corporate High

April 30, 2017 (unaudited) / ANNUAL REPORT

    10

Yield Bond Index; 2.5% Dow Jones Global ex-US Select Real Estate Securities Index; 0.75% S&P U.S. REIT Index; 0.75% Bloomberg Barclays U.S. Government Inflation-Linked Bond Index; and 2.0% Ibbotson Associates SBBI 30-Day US T-Bill Index. Effective on July 1, 2016, the 12.5% of the HFRI Fund of Funds Composite Index was replaced with 6.25% of the HFRX Global Hedge Fund Index and 6.25% of the HFRX Absolute Hedge Fund Index.

4 Represents the average total return for Class A Shares and Class I Shares from April 30, 2007 to April 30, 2017 and June 11, 2010 (start of performance) to April 30, 2017, respectively.

ANNUAL REPORT / April 30, 2017 (unaudited)

11    

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) 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, 2016 to April 30, 2017.

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 Fund’s actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Fund’s 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 11/01/16	Ending Account  Value 4/30/17	Expenses Paid During  Period1	Annualized Net Expense Ratio2
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND
Actual
Class A	$1,000.00	$1,109.50	$5.91	1.13%
Class I	$1,000.00	$1,110.50	$5.23	1.00%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,019.19	$5.66	1.13%
Class I	$1,000.00	$1,019.84	$5.01	1.00%
WILMINGTON GLOBAL ALPHA EQUITIES FUND3
Actual
Class A	$1,000.00	$1,056.50	$10.45	2.05%
Class I	$1,000.00	$1,058.90	$9.09	1.78%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,014.63	$10.24	2.05%
Class I	$1,000.00	$1,015.97	$8.90	1.78%
WILMINGTON MULTI-MANAGER REAL ASSET FUND4
Actual
Class A	$1,000.00	$1,019.10	$6.06	1.21%
Class I	$1,000.00	$1,021.10	$4.81	0.96%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,018.79	$6.06	1.21%
Class I	$1,000.00	$1,020.03	$4.81	0.96%
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND
Actual
Class A	$1,000.00	$1,072.20	$3.80	0.74%
Class I	$1,000.00	$1,073.50	$2.52	0.49%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,021.12	$3.71	0.74%
Class I	$1,000.00	$1,022.36	$2.46	0.49%

April 30, 2017 (unaudited) / ANNUAL REPORT

    12

(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.

(3) For Global Alpha Equities Fund, the expense ratio includes the impact of dividend expense on securities sold short.

(4) For Multi-Manager Real Asset Fund, the expense ratio includes the impact of interest expense on securities sold short and interest expense on reverse repurchase agreements.

ANNUAL REPORT / April 30, 2017 (unaudited)

13

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager International Fund

At April 30, 2017, the Fund’s sector classifications and country allocations were as follows (unaudited):

Common Stocks	Percentage of Total Net Assets
Information Technology		19.0	%
Consumer Discretionary		18.6	%
Industrials		17.7	%
Financials		12.7	%
Consumer Staples		6.8	%
Health Care		6.7	%
Materials		3.8	%
Real Estate		2.3	%
Energy		1.9	%
Utilities		1.1	%
Telecommunication Services		0.9	%
Investment Companies		3.8	%
Warrants		0.8	%
Rights		0.0	%3
Cash Equivalents1		9.4	%
Other Assets and Liabilities – Net2		(5.5	)%
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		17.5	%
Germany		10.2	%
France		9.7	%
United Kingdom		8.6	%
China		6.1	%
Hong Kong		5.3	%
Netherlands		5.0	%
Taiwan		3.9	%
Switzerland		3.7	%
Sweden		3.1	%
South Korea		3.1	%
Italy		2.6	%
Ireland		2.2	%
Denmark		2.2	%
Spain		1.9	%
India		1.6	%
Belgium		1.4	%
All other countries less than 1.0%		3.4	%
Investment Companies		3.8	%
Warrants		0.8	%
Rights		0.0	%3
Cash Equivalents1		9.4	%
Other Assets and Liabilities – Net2		(5.5	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2017

Description	Number  of Shares		Value
COMMON STOCKS – 91.5%
AUSTRALIA – 0.0%**
Arrium Ltd.*,††		532,800	$	—
AUSTRIA – 0.1%
ams AG		9,541		613,692
BELGIUM – 1.4%
Ackermans & van Haaren NV		8,151		1,333,609
Anheuser-Busch InBev SA/NV#		13,433		1,513,009
UCB SA		42,100		3,281,711
TOTAL BELGIUM			$	6,128,329
BERMUDA – 0.3%
Hiscox Ltd.		101,943		1,494,657

Description	Number  of Shares		Value
BULGARIA – 0.0%**
Petrol AD*,††		9,534	$	—
CHINA – 6.1%
AAC Technologies Holdings, Inc.		124,000		1,820,540
Alibaba Group Holding Ltd. ADR*		49,121		5,673,476
China Mobile Ltd.		103,500		1,103,746
China Pacific Insurance Group Co. Ltd.		624,400		2,307,880
China Resources Phoenix Healthcare Holdings Co. Ltd.*		21,000		26,971
CNOOC Ltd.		405,000		472,253
Ctrip.com International Ltd. ADR*		29,237		1,476,761
Haitian International Holdings Ltd.		642,000		1,573,151
Hollysys Automation Technologies Ltd.		66,782		1,071,183

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     14

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
NetEase, Inc. ADR		2,930	$	777,593
New Oriental Education & Technology
Group, Inc. ADR*		29,769		1,921,291
Shenzhou International Group Holdings Ltd.		251,000		1,652,176
Tencent Holdings Ltd.		233,500		7,306,678
TOTAL CHINA			$	27,183,699
DENMARK – 2.2%
Coloplast A/S#		20,989		1,796,664
DSV A/S		42,403		2,362,260
FLSmidth & Co. A/S		36,217		2,178,350
Novo Nordisk A/S Class B		83,363		3,243,811
TOTAL DENMARK			$	9,581,085
FRANCE – 9.7%
Bouygues SA		78,822		3,313,801
Bureau Veritas SA		42,893		993,573
Carrefour SA		137,113		3,252,233
Cie Generale des Etablissements Michelin		27,125		3,544,197
Edenred		68,301		1,748,780
Elior GroupW		75,258		1,877,310
Groupe Fnac SA#, *		16,968		1,192,170
Ingenico SA		15,933		1,443,658
Kering		11,823		3,664,664
Legrand SA		15,160		981,415
L’Oreal SA		6,512		1,297,052
LVMH Moet Hennessy Louis Vuitton SA		14,412		3,555,824
Sanofi		35,600		3,358,659
Sartorius Stedim Biotech		20,625		1,383,283
SCOR SE		38,554		1,525,328
Societe BIC SA		10,547		1,185,650
SPIE SA		59,005		1,635,457
Valeo SA		49,199		3,537,106
Vinci SA		40,773		3,468,739
TOTAL FRANCE			$	42,958,899
GERMANY – 10.2%
adidas AG		16,900		3,385,449
AURELIUS Equity Opportunities SE & Co.
KGaA#		21,578		1,064,774
Brenntag AG		15,042		892,014
Deutsche Post AG		95,491		3,432,608
E.ON SE		415,900		3,242,409
Fielmann AG#		21,998		1,681,684
Fresenius SE & Co. KGaA		29,493		2,390,552
Hugo Boss AG		21,827		1,660,290
Infineon Technologies AG		339,696		7,030,592
Jenoptik AG		84,012		2,260,862
Kion Group AG		23,788		1,611,485

Description	Number  of Shares		Value
LANXESS AG		16,698	$	1,205,940
Merck KGaA		28,832		3,385,645
OSRAM Licht AG		17,528		1,174,045
SAF-Holland SA		77,984		1,347,276
SAP SE		55,920		5,608,325
Scout24 AG*,W		13,982		479,764
Sixt SE#		24,017		1,329,016
zooplus AG*		10,082		1,885,117
TOTAL GERMANY			$	45,067,847
GHANA – 0.0%**
Produce Buying Co. Ltd.*,††		288,000		—
HONG KONG – 5.3%
AIA Group Ltd.		745,000		5,157,681
ASM Pacific Technology Ltd.		81,500		1,213,329
BOC Hong Kong Holdings Ltd.		327,000		1,345,273
Brilliance China Automotive Holdings Ltd.		220,000		368,819
CK Hutchison Holdings Ltd.		64,500		805,592
Galaxy Entertainment Group Ltd.		152,000		846,144
Hongkong Land Holdings Ltd.		271,700		2,094,807
Jardine Matheson Holdings Ltd.		45,800		2,955,474
Johnson Electric Holdings Ltd.		598,500		1,842,817
Sun Hung Kai Properties Ltd.		98,000		1,470,312
Swire Properties Ltd.		762,400		2,558,208
Techtronic Industries Co. Ltd.		688,000		2,954,251
TOTAL HONG KONG			$	23,612,707
INDIA – 1.6%
Cox & Kings Ltd. GDR††		22,209		—
HDFC Bank Ltd. ADR		61,033		4,858,837
Infosys Ltd. ADR#		68,170		992,555
Jain Irrigation Systems Ltd.*,††		80,831		—
Suzlon Energy Ltd. GDR - Reg S*,††		77,213		—
Tata Motors Ltd. ADR		39,727		1,417,062
United Spirits Ltd. GDR#, *,††		537		—
TOTAL INDIA			$	7,268,454
INDONESIA – 0.0%**
Pembangunan Perumahan Persero Tbk PT††		19		—
Sugih Energy Tbk PT*,††		1,327,300		—
TOTAL INDONESIA			$	—
IRELAND – 2.2%
DCC PLC		17,596		1,624,955
Glanbia PLC		78,576		1,533,825
Kerry Group PLC		17,801		1,457,805
Kingspan Group PLC		61,589		2,142,486
Ryanair Holdings PLC ADR*		17,613		1,619,163
UDG Healthcare PLC		153,238		1,482,603
TOTAL IRELAND			$	9,860,837

ANNUAL REPORT / April 30, 2017

15     PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
ITALY – 2.6%
Atlantia SpA		125,286	$	3,177,118
Credito Emiliano SpA#		212,738		1,485,426
FinecoBank Banca Fineco SpA		241,652		1,718,903
Salvatore Ferragamo SpA#		57,180		1,831,838
Snam SpA		755,300		3,338,715
TOTAL ITALY			$	11,552,000
JAPAN – 17.5%
77 Bank Ltd. (The)		162,000		700,462
AEON Financial Service Co. Ltd.		6,200		119,078
Aeon Mall Co. Ltd.		33,200		563,782
Ajinomoto Co., Inc.		30,300		589,555
Alpine Electronics, Inc.		25,600		372,259
Anritsu Corp.		57,600		465,554
AOI TYO Holdings, Inc.		83,400		611,987
Ariake Japan Co. Ltd.#		9,000		569,186
Astellas Pharma, Inc.		38,300		504,368
Bridgestone Corp.		12,800		533,702
D.A. Consortium Holdings, Inc.		28,600		364,058
Daibiru Corp.		38,300		353,195
Daihatsu Diesel Manufacturing Co. Ltd.		103,500		667,562
Dai-ichi Life Holdings, Inc.		68,600		1,166,769
Daikin Industries Ltd.		16,200		1,573,133
Daiwa House Industry Co. Ltd.		20,400		605,915
Daiwa Securities Group, Inc.		52,000		315,942
DeNA Co. Ltd.		30,800		659,516
Denka Co. Ltd.		155,000		798,116
Denki Kogyo Co. Ltd.		78,000		381,341
Denso Corp.		8,000		344,400
East Japan Railway Co.		4,900		437,538
Ebara Corp.		21,300		648,697
Electric Power Development Co. Ltd.		51,100		1,184,961
ESPEC Corp.		74,900		906,392
F-Tech, Inc.		38,200		459,188
Hino Motors Ltd.		52,500		657,928
Hitachi Ltd.		167,000		921,477
Hitachi Metals Ltd.		23,300		326,273
Honda Motor Co. Ltd.		39,700		1,151,024
Hosiden Corp.		43,600		479,903
Inpex Corp.		40,700		390,114
ITOCHU Corp.		39,700		561,267
J Front Retailing Co. Ltd.		31,600		454,972
Jafco Co. Ltd.		27,400		975,806
Japan Tobacco, Inc.		14,500		482,054
JFE Holdings, Inc.		66,600		1,135,441
JXTG Holdings, Inc.		59,300		267,628
Kansai Paint Co. Ltd.		18,400		407,367

Description	Number  of Shares		Value
KDDI Corp.		19,300	$	511,695
Kinden Corp.		20,800		314,775
Kojima Co. Ltd.*		179,700		475,546
Komatsu Ltd.		19,000		506,553
Komehyo Co. Ltd.#		87,900		835,040
Kubota Corp.		21,200		333,381
Kyushu Railway Co.		5,100		159,897
Macromill, Inc.*		10,000		175,286
Maeda Corp.		45,000		414,174
Marui Group Co. Ltd.		16,900		231,347
Maruwa Co. Ltd.		18,500		660,507
Mazda Motor Corp.		14,200		208,144
MEIJI Holdings Co. Ltd.		4,800		407,338
Mimasu Semiconductor Industry Co. Ltd.		59,500		920,722
Mirait Holdings Corp.		53,500		555,757
Mitsubishi Corp.		42,800		922,806
Mitsubishi Electric Corp.		53,300		743,020
Mitsubishi Estate Co. Ltd.		19,000		363,041
Mitsubishi Heavy Industries Ltd.		88,000		352,079
Mitsubishi UFJ Financial Group, Inc.		302,000		1,921,313
Mitsui & Co. Ltd.		29,600		417,679
Mitsui Fudosan Co. Ltd.		34,000		747,100
Mizuho Financial Group, Inc.		456,600		833,943
Morinaga & Co. Ltd.		13,300		628,760
MS&AD Insurance Group Holdings, Inc.		14,700		478,945
Musashi Seimitsu Industry Co. Ltd.		23,600		579,229
Nankai Electric Railway Co. Ltd.		120,000		589,908
NET One Systems Co. Ltd.		43,200		394,119
Nintendo Co. Ltd.		5,700		1,434,012
Nippon Electric Glass Co. Ltd.		79,000		489,697
Nippon Sheet Glass Co. Ltd.*		127,100		988,524
Nippon Soda Co. Ltd.		73,000		395,533
Nippon Steel & Sumitomo Metal Corp.		23,800		535,994
Nippon Telegraph & Telephone Corp.		9,800		419,253
Nishimatsu Construction Co. Ltd.		57,000		289,921
Nissin Kogyo Co. Ltd.		221,400		3,801,387
Nitori Holdings Co. Ltd.		21,600		2,811,536
Nomura Holdings, Inc.		65,400		392,488
Noritake Co. Ltd.		34,400		922,374
NTT DOCOMO, Inc.		21,800		525,664
Olympus Corp.		8,900		342,507
ORIX Corp.		41,400		631,724
Pacific Industrial Co. Ltd.		27,700		388,881
Panasonic Corp.		20,700		247,063
Sac’s Bar Holdings, Inc.		52,600		586,515
San-A Co. Ltd.		3,700		168,280
Sanki Engineering Co. Ltd.		27,900		241,270
Santen Pharmaceutical Co. Ltd.		33,800		475,125

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     16

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
Seikagaku Corp.		32,400	$	516,772
Sekisui Chemical Co. Ltd.		37,800		634,097
Senshu Electric Co. Ltd.		20,200		364,406
Seven & i Holdings Co. Ltd.		20,000		845,033
SFP Dining Co. Ltd.		17,000		216,398
Showa Corp.*		72,800		620,408
Sinko Industries Ltd.		64,500		1,002,144
SMC Corp.		2,800		788,446
SoftBank Group Corp		10,300		780,019
Sony Corp.		31,700		1,068,942
St Marc Holdings Co. Ltd.		10,600		322,826
Stanley Electric Co. Ltd.		34,700		1,014,775
Sumitomo Chemical Co. Ltd.		88,000		496,542
Sumitomo Electric Industries Ltd.		45,500		741,429
Sumitomo Metal Mining Co. Ltd.		64,000		867,782
Sumitomo Mitsui Financial Group, Inc.		33,100		1,224,529
Sumitomo Warehouse Co Ltd. (The)		72,000		436,618
Suzuki Motor Corp.		3,000		125,194
T&D Holdings, Inc.		64,400		955,240
Takeei Corp.		33,400		296,023
Teikoku Electric Manufacturing Co. Ltd.		104,800		1,005,930
Terumo Corp.		7,000		255,259
Tokio Marine Holdings, Inc.		12,300		517,709
Tokyo Century Corp.		12,100		416,811
Tokyo Gas Co. Ltd.		54,000		250,684
Tokyo Ohka Kogyo Co. Ltd.		19,600		634,725
Tokyo Tekko Co. Ltd.		82,000		312,626
Tokyu Fudosan Holdings Corp.		56,600		308,704
Toray Industries, Inc.		63,000		557,294
Toyota Motor Corp.		28,500		1,542,924
Tsurumi Manufacturing Co. Ltd.		37,400		544,854
West Japan Railway Co.		4,500		300,498
Yahoo Japan Corp.		150,300		643,132
Yamada Denki Co. Ltd.		69,800		366,297
Yondoshi Holdings, Inc.		28,500		678,529
TOTAL JAPAN			$	77,531,361
MALAYSIA – 0.0%**
RHB Bank Bhd††		18,000		—
NETHERLANDS – 5.0%
ASML Holding NV#		40,474		5,350,123
IMCD Group NV		31,229		1,682,179
Koninklijke Ahold Delhaize NV		152,330		3,156,050
Koninklijke DSM NV		45,804		3,276,561
Koninklijke Philips NV		100,999		3,500,782
Wessanen#		119,191		1,780,685
Wolters Kluwer NV#		78,400		3,329,792
TOTAL NETHERLANDS			$	22,076,172

Description	Number  of Shares		Value
NORWAY – 0.3%
TGS Nopec Geophysical Co. ASA		51,167	$	1,117,975
PHILIPPINES – 0.2%
Ayala Land, Inc.		1,415,700		1,000,184
SINGAPORE – 0.5%
Jardine Cycle & Carriage Ltd.		39,100		1,321,757
Oversea-Chinese Banking Corp.		157,800		1,106,853
TOTAL SINGAPORE			$	2,428,610
SOUTH AFRICA – 0.8%
African Phoenix Investments Ltd.#, *		36,266		1,574
Steinhoff International Holdings NV		655,024		3,332,130
TOTAL SOUTH AFRICA			$	3,333,704
SOUTH KOREA – 3.1%
Hana Tour Service, Inc.		14,277		1,058,950
Mando Corp.		7,126		1,440,355
NAVER Corp.		2,344		1,647,948
Samsung Electronics Co. Ltd.		4,371		8,569,910
Samsung Fire & Marine Insurance Co. Ltd.		4,204		990,133
TOTAL SOUTH KOREA			$	13,707,296
SPAIN – 1.9%
Amadeus IT Group SA		40,746		2,197,040
Bankinter SA		141,813		1,248,638
CaixaBank SA		800,700		3,636,215
Industria de Diseno Textil SA#		39,619		1,519,558
TOTAL SPAIN			$	8,601,451
SWEDEN – 3.1%
Assa Abloy AB		90,431		1,959,255
Atlas Copco AB Class A		56,262		2,103,799
Cloetta AB Class B		412,737		1,668,227
Elekta AB#		105,625		1,102,484
Hexagon AB		59,575		2,594,253
Hoist Finance AB#,W		121,367		1,140,732
JM AB#		43,458		1,529,835
Sweco AB Class B		67,654		1,678,117
TOTAL SWEDEN			$	13,776,702
SWITZERLAND – 3.7%
Chocoladefabriken Lindt & Spruengli AG#		159		894,075
Cie Financiere Richemont SA		36,717		3,068,360
Clariant AG		80,004		1,620,181
Comet Holding AG*		10,920		1,458,561
Huber + Suhner AG		19,150		1,289,497
Julius Baer Group Ltd.*		19,079		994,217
Partners Group Holding AG#		3,299		1,994,320
Roche Holding AG		8,681		2,271,019
Straumann Holding AG		3,139		1,656,256

ANNUAL REPORT / April 30, 2017

17     PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
u-blox Holding AG#, *		6,322	$	1,401,006
TOTAL SWITZERLAND			$	16,647,492
TAIWAN – 3.9%
Delta Electronics, Inc.		251,000		1,414,272
Far EasTone Telecommunications Co. Ltd.		203,000		499,914
Hon Hai Precision Industry Co. Ltd.		946,000		3,097,836
Largan Precision Co. Ltd.		11,000		1,828,411
Merida Industry Co. Ltd.		293,000		1,573,233
Taiwan Semiconductor Manufacturing Co. Ltd.		1,415,000		9,121,922
TOTAL TAIWAN			$	17,535,588
THAILAND – 0.4%
Kasikornbank PCL		318,800		1,705,059
UNITED KINGDOM – 8.6%
Ashmore Group PLC		306,216		1,379,416
British American Tobacco PLC		48,938		3,305,508
Compass Group PLC		100,858		2,035,239
Croda International PLC		29,393		1,432,951
Diageo PLC		41,641		1,211,617
Dignity PLC		47,853		1,545,145
HSBC Holdings PLC		216,000		1,784,183
Hunting PLC		194,931		1,420,173
NEX Group PLC		99,362		792,111
Prudential PLC		177,072		3,935,545
Reckitt Benckiser Group PLC		39,851		3,670,351
Rio Tinto Ltd.		33,794		1,529,431
Rolls-Royce Holdings PLC*		1,151		12,105
Rolls-Royce Holdings PLC, Class C Shares*,††		81,721		106
Serco Group PLC*		794,860		1,190,107
SSP Group PLC		277,137		1,596,962
St James’s Place PLC		218,346		3,246,570
Tullow Oil PLC#, *		530,571		1,442,426
Ultra Electronics Holdings PLC		48,971		1,326,900
Unilever NV		30,561		1,602,753
Victrex PLC		48,831		1,211,794
Weir Group PLC (The)		60,190		1,552,149
Whitbread PLC		15,166		792,597
TOTAL UNITED KINGDOM			$	38,016,139
UNITED STATES – 0.8%
Cognizant Technology Solutions Corp.*		17,204		1,036,197
Shire PLC		39,347		2,312,161
TOTAL UNITED STATES			$	3,348,358
TOTAL COMMON STOCKS (COST $357,092,377)			$	406,148,297

Description	Number  of Shares		Value
INVESTMENT COMPANIES – 3.8%
iShares MSCI Australia ETF#		388,500	$	8,725,710
Vanguard FTSE Canada Index ETF#		344,500		8,328,267
TOTAL INVESTMENT COMPANIES (COST $17,355,925)			$	17,053,977
MONEY MARKET FUND – 2.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.69%^		11,598,115		11,598,115
TOTAL MONEY MARKET FUND (COST $11,598,115)			$	11,598,115
RIGHTS – 0.0%**
TUNISIA – 0.0%**
Societe D’Articles Hygieniques SA*,††		2,800		—
TOTAL RIGHTS (COST $0)			$	—
WARRANTS – 0.8%
CHINA – 0.3%
Hans Laser Technology A Lepo*		288,411		1,230,650
SWITZERLAND – 0.5%
Hangzhou Hikvision Digital Technology Co. Ltd.*		394,514		2,093,015
TOTAL WARRANTS (COST $2,940,346)			$	3,323,665
TOTAL INVESTMENTS IN SECURITIES – 98.7% (COST $388,986,763)			$	438,124,054
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 6.8%
REPURCHASE AGREEMENTS – 6.8%
Citigroup Global Markets, Inc., 0.82%, dated 4/28/17, due 5/01/17, repurchase price $5,719,420, collateralized by U.S. Government Securities, 0.00% to 11.50%, maturing 5/01/17 to 6/01/53; total market value of $5,833,410.	$	5,719,029	$	5,719,029
Deutsche Bank Securities, Inc., 0.85%, dated 4/28/17, due 5/01/17, repurchase price $5,719,434, collateralized by U.S. Government Securities, 2.00% to 6.50%, maturing 5/01/17 to 4/01/47; total market value of $5,833,410.		5,719,029		5,719,029
JP Morgan Securities LLC, 0.81%, dated 4/28/17, due 5/01/17, repurchase price $1,504,342, collateralized by U.S. Treasury Securities, 1.38% to 2.25%, maturing 11/30/17 to 8/15/21; total market value of $1,534,328.		1,504,240		1,504,240

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    18

Wilmington Multi-Manager International Fund (continued)

Description	Par Value		Value
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $5,719,415, collateralized by U.S. Government Securities, 3.00% to 4.50%, maturing 9/20/42 to 4/20/45; total market value of $5,833,409.	$	5,719,029	$	5,719,029
Mizuho Securities USA, Inc., 0.83%, dated 4/28/17, due 5/01/17, repurchase price $5,719,425, collateralized by U.S. Government Securities, 0.00% to 3.50%, maturing 7/28/17 to 2/01/47; total market value of $5,833,409.		5,719,029		5,719,029
RBC Dominion Securities, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $5,719,415, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 7/15/17 to 7/01/55; total market value of $5,833,410.		5,719,029		5,719,029
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $30,099,385)			$	30,099,385
TOTAL INVESTMENTS – 105.5% (COST $419,086,148)			$	468,223,439
COLLATERAL FOR SECURITIES ON LOAN – (6.8%)				(30,099,385	)
OTHER ASSETS LESS LIABILITIES – 1.3%				5,763,310
TOTAL NET ASSETS – 100.0%			$	443,887,364

Cost of investments for Federal income tax purposes is $420,992,936. The net unrealized appreciation/(depreciation) of investments was $47,230,503. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $53,057,344 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(5,826,841).

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

Level 1 – quoted prices in active markets for identical securities

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

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

ANNUAL REPORT / April 30, 2017

19    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

The following is a summary of the inputs used as of April 30, 2017 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level  3		Total
Assets
Investments in Securities
Common Stocks
Australia	$	—	$	—	$	—	$	—
Austria		613,692		—		—		613,692
Belgium		6,128,329		—		—		6,128,329
Bermuda		1,494,657		—		—		1,494,657
Bulgaria		—		—		—		—
China		27,183,699		—		—		27,183,699
Denmark		9,581,085		—		—		9,581,085
France		42,958,899		—		—		42,958,899
Germany		45,067,847		—		—		45,067,847
Ghana		—		—		—		—
Hong Kong		23,612,707		—		—		23,612,707
India		7,268,454		—		—		7,268,454
Indonesia		—		—		—		—
Ireland		9,860,837		—		—		9,860,837
Italy		11,552,000		—		—		11,552,000
Japan		77,531,361		—		—		77,531,361
Malaysia		—		—		—		—
Netherlands		22,076,172		—		—		22,076,172
Norway		1,117,975		—		—		1,117,975
Philippines		1,000,184		—		—		1,000,184
Singapore		2,428,610		—		—		2,428,610
South Africa		3,333,704		—		—		3,333,704
South Korea		13,707,296		—		—		13,707,296
Spain		8,601,451		—		—		8,601,451
Sweden		13,776,702		—		—		13,776,702
Switzerland		16,647,492		—		—		16,647,492
Taiwan		17,535,588		—		—		17,535,588
Thailand		1,705,059		—		—		1,705,059
United Kingdom		38,016,033		106		—		38,016,139
United States		3,348,358		—		—		3,348,358
Investment Companies		17,053,977		—		—		17,053,977
Money Market Fund		11,598,115		—		—		11,598,115
Rights		—		—		—		—
Warrants		—		3,323,665		—		3,323,665
Repurchase Agreements		—		30,099,385		—		30,099,385
Total Investments in Securities		434,800,283		33,423,156		—		468,223,439
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—	$	54	$	—	$	54
Financial Futures Contracts		77,166		—		—		77,166
Total Assets - Other Financial Instruments	$	77,166	$	54	$	—	$	77,220

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     20

Wilmington Multi-Manager International Fund (concluded)

	Level  1		Level  2			Level  3		Total
Liabilities
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—	$	(1,732	)	$	—	$	(1,732	)
Total Liabilities - Other Financial Instruments	$	—	$	(1,732	)	$	—	$	(1,732	)

^!  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 and financial future 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, 2017, the value of these securities amounted to $106 representing 0.00%** 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, 2017, these liquid restricted securities amounted to $3,497,806 representing 0.79% 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

MSCI - Morgan Stanley Capital International

PLC - Public Limited Company

Reg S - Regulation S

At April 30, 2017, the Multi-Manager International Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

Settlement Date	Counterparty	Contracts to Deliver/Receive	Contract Amount		Contracts at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
5/2/2017	Bank of New York	1,113,736 Hong Kong Dollar	$	143,150	$	143,184		$      34
5/2/2017	Bank of New York	39,369 Euro		42,864		42,884		20
5/4/2017	Bank of New York	544,422 Hong Kong Dollar		70,007		69,992		(15)
5/4/2017	Bank of New York	78,168 Hong Kong Dollar		10,052		10,050		(2)
CONTRACTS SOLD
5/2/2017	Bank of New York	150,516 Pound Sterling		193,701		194,949		(1,248)
5/3/2017	Bank of New York	1,075,683 Euro		1,171,279		1,171,743		(464)
5/3/2017	Bank of New York	4,991 Euro		5,435		5,437		(2)
5/4/2017	Bank of New York	39,520 Hong Kong Dollar		5,080		5,081		(1)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS								$(1,678	)

At April 30, 2017, the Multi-Manager International 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
LONG POSITIONS:
SGX Nifty 50 Index		May 2017		363		$6,699,318		$6,776,484		$77,166
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$77,166

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

21    

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

At April 30, 2017, the Fund’s portfolio composition was as follows (unaudited):

Common Stocks	Percentage of Total Net Assets
Insurance		7.7	%
Diversified Financial Services		6.6	%
Pharmaceuticals		4.9	%
Containers & Packaging		3.7	%
Oil, Gas & Consumable Fuels		3.6	%
Electric Utilities		2.9	%
Health Care Providers & Services		2.9	%
IT Services		2.9	%
Road & Rail		2.8	%
Real Estate Investment Trusts		2.6	%
Commercial Services & Supplies		2.5	%
Machinery		2.1	%
Software		2.1	%
Capital Markets		1.9	%
Commercial Banks		1.9	%
Media		1.9	%
Semiconductors & Semiconductor Equipment		1.9	%
Diversified Telecommunication Services		1.8	%
Health Care Equipment & Supplies		1.8	%
Specialty Retail		1.8	%
Food Products		1.7	%
Household Durables		1.7	%
Internet Software & Services		1.7	%
Multi-Utilities		1.7	%
Hotels, Restaurants & Leisure		1.6	%
Chemicals		1.5	%
Food & Staples Retailing		1.5	%
Beverages		1.4	%
Communications Equipment		1.4	%
Industrial Conglomerates		1.2	%
Tobacco		1.2	%
Wireless Telecommunication Services		1.2	%
Internet & Catalog Retail		1.1	%
Computers & Peripherals		1.0	%
Trading Companies & Distributors		1.0	%
Electrical Equipment		0.9	%
Real Estate Management & Development		0.9	%
Aerospace & Defense		0.8	%
Air Freight & Logistics		0.8	%
Building Products		0.8	%
Metals & Mining		0.8	%
Diversified Consumer Services		0.7	%
Household Products		0.7	%
Professional Services		0.7	%
Auto Components		0.6	%
Automobiles		0.6	%
Construction & Engineering		0.6	%
Gas Utilities		0.6	%
Airlines		0.4	%

Common Stocks	Percentage of Total Net Assets
Construction Materials		0.4	%
Personal Products		0.4	%
Transportation Infrastructure		0.4	%
Multiline Retail		0.3	%
Textiles, Apparel & Luxury Goods		0.3	%
Water Utilities		0.3	%
Electronic Equipment, Instruments & Components		0.2	%
Marine		0.2	%
Banks		0.1	%
Consumer Finance		0.1	%
Energy Equipment & Services		0.1	%
Leisure Equipment & Products		0.1	%
Office Electronics		0.1	%
Health Care Technology		0.0	%3
Life Sciences Tools & Services		0.0	%3
Investment Companies		0.3	%
Preferred Stocks		0.1	%
Cash Equivalents1		2.7	%
Other Assets and Liabilities – Net2		2.8	%
TOTAL		100.0	%
Country Allocation	Percentage of Total Net Assets
Common Stocks
United States		51.7	%
United Kingdom		7.4	%
Japan		6.6	%
Canada		4.9	%
France		2.9	%
Switzerland		2.8	%
Hong Kong		1.7	%
China		1.6	%
Germany		1.6	%
Italy		1.5	%
Netherlands		1.4	%
Ireland		1.3	%
All other countries less than 1.0%		8.7	%
Investment Companies		0.3	%
Preferred Stocks		0.1	%
Cash Equivalents1		2.7	%
Other Assets and Liabilities – Net2		2.8	%
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.

(3) Represents less than 0.05%.

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    22

Wilmington Global Alpha Equities Fund (continued)

PORTFOLIO OF INVESTMENTS

April 30, 2017

Description	Number of Shares		Value
COMMON STOCKS – 94.1%
AEROSPACE & DEFENSE – 0.8%
General Dynamics Corp.		600	$	116,274
Lockheed Martin Corp.		655		176,490
Northrop Grumman Corp.		420		103,303
Rockwell Collins, Inc.		590		61,413
United Technologies Corp.		2,735		325,438
TOTAL AEROSPACE & DEFENSE			$	782,918
AIR FREIGHT & LOGISTICS – 0.8%
CTT-Correios de Portugal SA		3,391		19,352
Deutsche Post AG		7,469		268,488
PostNL NV		21,689		107,427
Royal Mail PLC		3,860		20,123
United Parcel Service, Inc., Class B		3,832		411,787
TOTAL AIR FREIGHT & LOGISTICS			$	827,177
AIRLINES – 0.4%
Air France-KLM*		10,289		86,468
American Airlines Group, Inc.		4,010		170,906
Deutsche Lufthansa AG		5,122		88,378
SAS AB*		20,996		34,609
TOTAL AIRLINES			$	380,361
AUTO COMPONENTS – 0.6%
Aisan Industry Co. Ltd.		4,500		40,408
Cie Generale des Etablissements Michelin		390		50,958
Exedy Corp.		2,400		65,450
Keihin Corp.		4,100		64,401
Nissin Kogyo Co. Ltd.		3,800		65,245
NOK Corp.		3,700		87,990
Showa Corp.*		6,500		55,394
Sumitomo Riko Co. Ltd.		4,200		42,763
Tokai Rika Co. Ltd.		4,400		81,744
Toyoda Gosei Co. Ltd.		3,200		84,884
TOTAL AUTO COMPONENTS			$	639,237
AUTOMOBILES – 0.6%
Harley-Davidson, Inc.		5,380		305,638
Honda Motor Co. Ltd.		5,100		147,865
Mitsubishi Motors Corp.		16,500		105,535
Renault SA		522		48,679
TOTAL AUTOMOBILES			$	607,717
BANKS – 0.1%
Itau Unibanco Holding SA ADR		12,451		153,147

Description	Number of Shares		Value
BEVERAGES – 1.4%
Anheuser-Busch InBev SA/NV		1,866	$	210,175
Coca-Cola Co. (The)		6,200		267,530
Coca-Cola European Partners		800		30,265
Diageo PLC		9,573		278,543
Dr. Pepper Snapple Group, Inc.		700		64,155
Heineken Holding NV		370		30,998
Heineken NV		2,020		180,102
Monster Beverage Corp.*		3,295		149,527
PepsiCo, Inc.		1,770		200,506
TOTAL BEVERAGES			$	1,411,801
BUILDING PRODUCTS – 0.8%
Assa Abloy AB, Class B		7,295		158,052
Cie de St-Gobain		2,821		152,263
Lennox International, Inc.		3,430		567,288
TOTAL BUILDING PRODUCTS			$	877,603
CAPITAL MARKETS – 1.9%
Affiliated Managers Group, Inc.		670		110,945
Banca Generali SpA		10,246		294,538
BlackRock, Inc.		371		142,675
CI Financial Corp.		1,050		20,538
FactSet Research Systems, Inc.		1,940		316,724
GAM Holding AG*		4,845		62,084
Ichiyoshi Securities Co. Ltd.		5,800		46,150
IGM Financial, Inc.		540		16,223
Intercontinental Exchange Group, Inc.		8,170		491,834
Julius Baer Group Ltd.*		1,335		69,568
Moody’s Corp.		990		117,137
MSCI, Inc.		1,250		125,400
Ubs Group AG		10,272		175,502
Uranium Participation Corp.*		8,200		23,548
TOTAL CAPITAL MARKETS			$	2,012,866
CHEMICALS – 1.5%
Agrium, Inc.		2,987		280,497
Akzo Nobel NV		600		52,469
BASF SE		950		92,576
Dow Chemical Co. (The)		3,020		189,656
Johnson Matthey PLC		680		26,237
JSR Corp.		5,650		103,193
Platform Specialty Products Corp.*		23,270		329,736

ANNUAL REPORT / April 30, 2017

23    PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Praxair, Inc.		1,620	$	202,468
Sherwin-Williams Co.		830		277,784
TOTAL CHEMICALS			$	1,554,616
COMMERCIAL BANKS – 1.9%
First Citizens BancShares, Inc., Class A		400		139,224
First Republic Bank		3,707		342,749
Huntington Bancshares, Inc.		40,252		517,641
Oita Bank Ltd. (The)		3,000		11,599
PNC Financial Services Group, Inc. (The)		7,261		869,505
Tochigi Bank Ltd. (The)		4,300		20,521
Toronto-Dominion Bank (The)		1,870		87,990
TOTAL COMMERCIAL BANKS			$	1,989,229
COMMERCIAL SERVICES & SUPPLIES – 2.5%
Babcock International Group PLC		1,390		16,185
Cintas Corp.		8,014		981,474
Clean Harbors, Inc.*		9,515		552,917
ISS A/S		680		28,203
Relia, Inc.		3,100		30,618
Securitas AB, Class B		1,380		22,810
Toppan Forms Co. Ltd.		2,400		24,199
UniFirst Corp.		1,550		215,760
Waste Connections, Inc.		6,193		569,880
Waste Management, Inc.		2,678		194,905
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	2,636,951
COMMUNICATIONS EQUIPMENT – 1.4%
Cisco Systems, Inc.		8,829		300,804
Motorola Solutions, Inc.		9,698		833,737
Nokia OYJ		35,151		201,023
Telefonaktiebolaget LM Ericsson, Class B		16,367		105,512
TOTAL COMMUNICATIONS EQUIPMENT			$	1,441,076
COMPUTERS & PERIPHERALS – 1.0%
Apple, Inc.		1,701		244,349
Catcher Technology Co. Ltd. GDR		8,970		460,823
Compal Electronics, Inc. GDR		23,500		78,669
Melco Holdings, Inc.		1,000		28,302
Western Digital Corp.		2,002		178,318
TOTAL COMPUTERS & PERIPHERALS			$	990,461
CONSTRUCTION & ENGINEERING – 0.6%
Chiyoda Corp.		8,300		55,172
Raubex Group Ltd.		16,316		29,436
Skanska AB, Class B		1,170		27,991
Toyo Engineering Corp.*		18,000		44,889
Vinci SA		4,916		418,226
TOTAL CONSTRUCTION & ENGINEERING			$	575,714

Description	Number of Shares		Value
CONSTRUCTION MATERIALS – 0.4%
Buzzi Unicem SpA		7,392	$	190,030
Imerys SA		210		18,069
LafargeHolcim Ltd.*		2,302		130,485
Vicat SA		766		54,495
TOTAL CONSTRUCTION MATERIALS			$	393,079
CONSUMER FINANCE – 0.1%
Credit Acceptance Corp.*		487		98,983
CONTAINERS & PACKAGING – 3.7%
AMVIG Holdings Ltd.		64,000		21,393
Ball Corp.		9,893		760,673
Graphic Packaging Holding Co.		40,580		551,076
International Paper Co.		19,022		1,026,617
Nampak Ltd.*		29,329		39,285
RPC Group PLC		52,667		553,219
Silgan Holdings, Inc.		3,460		209,745
WestRock Co.		12,633		676,623
TOTAL CONTAINERS & PACKAGING			$	3,838,631
DIVERSIFIED CONSUMER SERVICES – 0.7%
Benesse Holdings, Inc.		2,000		60,372
New Oriental Education & Technology Group
Inc. ADR*		5,230		337,544
Service Corp. International		10,555		340,082
TOTAL DIVERSIFIED CONSUMER SERVICES			$	737,998
DIVERSIFIED FINANCIAL SERVICES – 6.6%
Ackermans & van Haaren NV		1,155		188,973
Alpha Bank AE*		18,908		40,163
AMP Ltd.		8,570		34,396
Australia & New Zealand Banking Group Ltd.		3,500		85,857
Banco Popular Espanol SA*		49,798		34,934
Bank Hapoalim BM		4,020		25,096
Bank Leumi Le-Israel BM*		5,750		26,910
Bank of America Corp.		18,601		434,147
Bank of Montreal		910		64,438
Bank of Nova Scotia (The)		2,619		145,695
Bank of Nova Scotia (The)		1,400		77,823
Berkshire Hathaway, Inc., Class B*		4,160		687,274
BNP Paribas SA		2,444		172,461
BOC Hong Kong Holdings Ltd.		9,500		39,083
BPER Banca		12,649		69,168
CaixaBank SA		25,266		114,740
Canadian Imperial Bank of Commerce		660		53,306
Cerved Information Solutions SpA		25,769		275,088
Citigroup, Inc.		4,462		263,793
Commonwealth Bank of Australia		1,620		106,021
Dah Sing Financial Holdings Ltd.		4,400		33,375

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    24

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
DBS Group Holdings Ltd.		3,600	$	49,859
G-Resources Group Ltd.		1,062,000		18,705
Hang Seng Bank Ltd.		1,900		38,521
HDFC Bank Ltd. ADR		3,816		303,792
HSBC Holdings PLC		32,422		267,286
ING Groep NV		22,935		373,373
JPMorgan Chase & Co.		3,437		299,019
KB Financial Group, Inc. ADR		2,166		94,156
Mitsubishi UFJ Financial Group, Inc.		28,100		178,771
Mizrahi Tefahot Bank Ltd.		930		15,022
Mizuho Financial Group, Inc.		59,100		107,941
National Australia Bank Ltd.		3,310		84,270
National Bank of Canada		880		34,199
Nordea Bank AB		20,809		256,080
Oversea-Chinese Banking Corp. Ltd.		6,720		47,136
Royal Bank of Canada		1,410		96,548
Sberbank of Russia PJSC ADR		35,500		422,095
Shinhan Financial Group Co. Ltd. ADR		1,235		51,574
Societe Generale SA		2,689		147,072
Standard Chartered PLC*		11,620		108,542
Sumitomo Mitsui Financial Group, Inc.		4,400		162,777
Sumitomo Mitsui Trust Holdings, Inc.		2,650		90,738
U.S. Bancorp		2,890		148,199
UniCredit SpA*		7,409		120,575
United Overseas Bank Ltd.		2,890		45,093
Wells Fargo & Co.		3,771		203,031
Westpac Banking Corp.		3,600		94,511
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	6,831,626
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.8%
AT&T, Inc.		5,960		236,195
BCE, Inc.		560		25,496
Bezeq The Israeli Telecommunication Corp. Ltd.		10,460		17,603
BT Group PLC		43,693		172,462
Deutsche Telekom AG		4,210		73,834
Hellenic Telecommunications Organization SA		7,916		77,003
HKT Trust & HKT Ltd.		14,000		17,909
KT Corp. ADR		6,170		102,360
Magyar Telekom Telecommunications PLC ADR		6,900		57,647
Nippon Telegraph & Telephone Corp.		9,995		427,595
Orange SA		3,420		52,901
Proximus SADP		700		21,415
Rostelecom PJSC ADR		1,250		9,825
Singapore Telecommunications Ltd.		16,700		44,704
Spark New Zealand Ltd.		8,210		20,829

Description	Number of Shares		Value
Swisscom AG		70	$	30,533
Telefonica SA		7,354		81,349
Telia Co. AB		7,700		31,383
Telstra Corp. Ltd.		10,220		32,295
TELUS Corp.		740		24,622
Verizon Communications, Inc.		7,135		327,568
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	1,885,528
ELECTRIC UTILITIES – 2.9%
Alliant Energy Corp.		1,190		46,791
American Electric Power Co., Inc.		1,350		91,570
Avangrid, Inc.		13,755		598,342
CLP Holdings Ltd.		4,000		42,194
Duke Energy Corp.		1,450		119,625
Edison International		3,242		259,263
Emera, Inc.		370		12,807
Endesa SA		1,190		28,070
Entergy Corp.		770		58,720
Eversource Energy		1,160		68,904
Fortis, Inc.		1,090		35,470
Iberdrola SA		8,980		64,580
NextEra Energy, Inc.		950		126,882
OGE Energy Corp.		1,190		41,388
PG&E Corp.		1,380		92,529
Pinnacle West Capital Corp.		580		49,352
Power Assets Holdings Ltd.		99,600		896,334
PPL Corp.		2,150		81,936
Red Electrica Corp. SA		1,480		28,858
Southern Co. (The)		2,150		107,070
SSE PLC		2,210		39,816
Xcel Energy, Inc.		1,700		76,585
TOTAL ELECTRIC UTILITIES			$	2,967,086
ELECTRICAL EQUIPMENT – 0.9%
AMETEK, Inc.		7,372		421,678
Eaton Corp. PLC		5,345		404,296
Ushio, Inc.		3,500		43,956
Zumtobel Group AG		3,083		64,312
TOTAL ELECTRICAL EQUIPMENT			$	934,242
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.2%
Citizen Watch Co. Ltd.		8,500		56,349
Hosiden Corp.		5,400		59,438
Nichicon Corp.		6,100		57,949
Nippon Chemi-Con Corp.		10,200		34,587
Taiyo Yuden Co. Ltd.		3,300		40,231
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	248,554

ANNUAL REPORT / April 30, 2017

25    PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
ENERGY EQUIPMENT & SERVICES – 0.1%
Saipem SpA*		145,781	$	62,821
FOOD & STAPLES RETAILING – 1.5%
Alimentation Couche Tard, Inc., Class B		910		41,852
Cawachi Ltd.		1,030		27,054
Costco Wholesale Corp.		1,520		269,830
George Weston Ltd.		240		21,553
ICA Gruppen AB		490		16,729
J Sainsbury PLC		32,363		115,438
Koninklijke Ahold Delhaize NV		2,400		49,724
Loblaw Cos. Ltd.		630		35,357
Metro AG		2,620		86,218
Metro, Inc.		830		28,444
SPAR Group Ltd. (The)		1,130		15,235
Walgreens Boots Alliance, Inc.		2,290		198,177
Walmart de Mexico SAB de CV		169,000		380,638
Wal-Mart Stores, Inc.		2,300		172,914
Wesfarmers Ltd.		1,850		59,567
TOTAL FOOD & STAPLES RETAILING			$	1,518,730
FOOD PRODUCTS – 1.7%
Ebro Foods SA		7,075		158,221
General Mills, Inc.		1,510		86,840
Hershey Co. (The)		2,400		259,680
Ingredion, Inc.		2,685		332,457
JM Smucker Co. (The)		460		58,291
Kellogg Co.		930		66,030
Marine Harvest ASA*		1,430		23,783
Nestle SA		3,180		244,972
Pinnacle Foods, Inc.		2,990		173,868
Tate & Lyle PLC		2,270		22,242
Tiger Brands Ltd.		730		22,066
Viscofan SA		4,287		256,561
Wilmar International Ltd.		8,290		21,064
TOTAL FOOD PRODUCTS			$	1,726,075
GAS UTILITIES – 0.6%
ENN Energy Holdings Ltd.		34,200		185,546
Rubis SCA		2,309		234,617
UGI Corp.		4,720		236,755
TOTAL GAS UTILITIES			$	656,918
HEALTH CARE EQUIPMENT & SUPPLIES – 1.8%
Align Technology, Inc.*		2,430		327,127
Baxter International, Inc.		2,288		127,396
Becton Dickinson & Co.		540		100,964
Medtronic PLC		5,105		424,174
Smith & Nephew PLC		2,360		38,820

Description	Number of Shares		Value
Steris PLC		10,093	$	744,863
Zimmer Biomet Holdings, Inc.		1,110		132,811
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	1,896,155
HEALTH CARE PROVIDERS & SERVICES – 2.9%
Acadia Healthcare Co., Inc.*		2,823		123,026
AmerisourceBergen Corp.		4,100		336,405
Cardinal Health, Inc.		3,485		252,976
HCA Holdings, Inc.*		5,741		483,450
Laboratory Corp. of America Holdings*		2,940		412,041
McKesson Corp.		3,436		475,164
Quest Diagnostics, Inc.		2,367		249,742
Suzuken Co. Ltd.		1,700		56,196
UnitedHealth Group, Inc.		1,360		237,837
Universal Health Services, Inc., Class B		3,542		427,732
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	3,054,569
HEALTH CARE TECHNOLOGY – 0.1%**
AGFA-Gevaert NV*		10,237		51,942
HOTELS, RESTAURANTS & LEISURE – 1.6%
Choice Hotels International, Inc.		7,586		475,642
Compass Group PLC		9,500		191,703
Hilton Worldwide Holdings, Inc.		6,947		409,665
Hyatt Hotels Corp., Class A*		4,579		254,134
McDonald’s Corp.		1,745		244,178
Melco Resorts & Entertainment Ltd. ADR		6,100		133,895
TOTAL HOTELS, RESTAURANTS & LEISURE			$	1,709,217
HOUSEHOLD DURABLES – 1.7%
Alpine Electronics, Inc.		4,500		65,436
Funai Electric Co. Ltd.		5,000		37,363
Husqvarna AB, Class B		2,280		22,665
Newell Brands, Inc.		6,250		298,375
Nikon Corp.		4,500		64,185
NVR, Inc.*		394		831,832
Persimmon PLC		8,137		245,560
Pioneer Corp.*		34,500		62,207
Toll Brothers, Inc.		3,668		132,011
TOTAL HOUSEHOLD DURABLES			$	1,759,634
HOUSEHOLD PRODUCTS – 0.7%
Colgate-Palmolive Co.		3,400		244,936
Henkel AG & Co. KGaA		310		36,183
Kimberly-Clark Corp.		850		110,287
Procter & Gamble Co. (The)		1,345		117,459
Reckitt Benckiser Group PLC		1,725		158,876
Svenska Cellulosa AB, Class B		1,430		47,369
TOTAL HOUSEHOLD PRODUCTS			$	715,110

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    26

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
INDUSTRIAL CONGLOMERATES – 1.2%
CK Hutchison Holdings Ltd.		4,500	$	56,204
General Electric Co.		8,270		239,747
Honeywell International, Inc.		2,195		287,852
Koninklijke Philips NV		3,487		120,865
Rheinmetall AG		1,014		93,058
Siemens AG		2,594		371,855
Smiths Group PLC		1,410		29,950
TOTAL INDUSTRIAL CONGLOMERATES			$	1,199,531
INSURANCE – 7.7%
Admiral Group PLC		950		24,744
Aflac, Inc.		1,180		88,358
Ageas		2,616		107,145
Alleghany Corp.*		330		201,531
Allstate Corp. (The)		1,090		88,606
American International Group, Inc.		5,366		326,843
Aon PLC		750		89,880
Arch Capital Group Ltd.*		580		56,243
Arthur J Gallagher & Co.		900		50,229
Assicurazioni Generali SpA		17,993		284,785
Axis Capital Holdings Ltd.		570		37,563
Baloise Holding AG		190		27,860
Chubb Ltd.		2,870		393,908
CNO Financial Group, Inc.		15,190		320,053
Coface SA*		6,819		53,333
Dai-ichi Life Holdings, Inc.		5,400		91,845
Direct Line Insurance Group		5,470		24,740
Everest Re Group Ltd.		210		52,859
Fairfax Financial Holdings Ltd.		1,549		708,088
FNF Group		7,670		314,086
Gjensidige Forsikring ASA		1,080		16,591
Great-West Lifeco, Inc.		1,010		27,169
Hannover Rueck SE		230		27,584
Industrial Alliance Insurance & Financial Services, Inc.		480		20,251
Insurance Australia Group Ltd.		7,140		33,201
Intact Financial Corp.		6,782		464,587
Markel Corp.*		995		964,752
Marsh & McLennan Cos., Inc.		3,832		284,066
MetLife, Inc.		4,257		220,555
Muenchener Rueckversicherungs AG		280		53,665
Power Corp. of Canada		1,230		28,501
Power Financial Corp.		950		24,142
Progressive Corp.		1,970		78,248
Reinsurance Group of America, Inc.		350		43,764
RenaissanceRe Holdings Ltd.		270		38,386

Description	Number of Shares		Value
RSA Insurance Group PLC		3,670	$	28,330
Storebrand ASA		8,809		58,070
Sun Life Financial, Inc.		1,200		42,381
Suncorp Group Ltd.		3,480		35,960
Swiss Life Holding AG*		100		32,543
Swiss Re AG		570		49,610
T&D Holdings, Inc.		8,400		124,597
Torchmark Corp.		6,129		470,156
Travelers Cos., Inc. (The)		760		92,462
White Mountains Insurance Group Ltd.		290		249,093
Willis Towers Watson PLC		4,144		549,577
XL Group Ltd.		3,450		144,383
Zurich Financial Services AG		1,778		492,122
TOTAL INSURANCE			$	8,037,445
INTERNET & CATALOG RETAIL – 1.0%
Amazon.com, Inc.*		351		324,671
Netflix, Inc.*		2,395		364,519
priceline.com, Inc.*		182		336,121
Qliro Group AB*		13,443		19,123
TOTAL INTERNET & CATALOG RETAIL			$	1,044,434
INTERNET SOFTWARE & SERVICES – 1.7%
Alibaba Group Holding-Sp ADR*		4,114		475,167
CoStar Group, Inc.*		500		120,445
DeNA Co. Ltd.		1,600		34,261
Facebook, Inc., Class A*		2,706		406,576
Gree, Inc.		9,200		73,864
Just Eat PLC*		30,751		229,812
Mimecast Ltd.*		6,171		149,153
Tencent Holdings Ltd.		8,000		250,336
TOTAL INTERNET SOFTWARE & SERVICES			$	1,739,614
IT SERVICES – 2.9%
Accenture PLC, Class A		4,155		504,002
Amdocs Ltd.		3,390		207,604
Automatic Data Processing, Inc.		6,835		714,189
Booz Allen Hamilton Holding Corp.		7,170		257,618
CGI Group, Inc., Class A*		640		30,888
DXC Technology Co.*		3,641		274,313
Fidelity National Information Services, Inc.		5,174		435,599
Fujitsu Ltd.		21,000		130,889
Genpact Ltd.		5,800		141,636
NET One Systems Co. Ltd.		3,700		33,756
Sopra Steria Group		433		64,949
Visa, Inc., Class A		2,192		199,954
TOTAL IT SERVICES			$	2,995,397
LEISURE EQUIPMENT & PRODUCTS – 0.1%
Sankyo Co. Ltd.		2,150		74,929

ANNUAL REPORT / April 30, 2017

27    PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
LIFE SCIENCES TOOLS & SERVICES – 0.0%**
CMIC Holdings Co. Ltd.		1,800	$	23,252
MACHINERY – 2.1%
Allison Transmission Holdings, Inc.		8,660		334,969
Alstom SA*		2,967		94,212
Caterpillar, Inc.		1,861		190,306
Deere & Co.		2,610		291,302
Hisaka Works Ltd.		2,500		21,395
IDEX Corp.		5,067		530,819
Japan Steel Works Ltd. (The)		3,500		56,138
Middleby Corp.*		1,820		247,757
PACCAR, Inc.		5,490		366,348
Toshiba Machine Co. Ltd.		14,000		58,148
TOTAL MACHINERY			$	2,191,394
MARINE – 0.2%
D/S Norden A/S*		2,812		56,213
Kuehne + Nagel International AG		810		122,436
Pacific Basin Shipping Ltd.*		286,000		56,992
TOTAL MARINE			$	235,641
MEDIA – 1.9%
Avex Group Holdings, Inc.		2,000		29,388
Comcast Corp., Class A		5,620		220,248
DISH Network Corp., Class A*		5,881		378,972
Gendai Agency, Inc.		1,200		6,200
Lagardere SCA		640		19,604
Metropole Television SA		1,326		30,210
Omnicom Group, Inc.		820		67,338
Proto Corp.		800		10,478
RTL Group		220		17,051
SES SA		22,952		501,908
Television Francaise 1		6,777		83,123
Viacom, Inc., Class B		8,766		373,081
Walt Disney Co. (The)		1,840		212,704
WPP PLC		2,290		49,028
TOTAL MEDIA			$	1,999,333
METALS & MINING – 0.8%
Anglo American Platinum Ltd.*		1,926		47,569
Anglo American PLC*		4,984		71,428
Barrick Gold Corp.		3,200		53,495
Centerra Gold, Inc.		8,300		42,867
Chubu Steel Plate Co. Ltd.		2,400		13,090
Eldorado Gold Corp.		18,159		66,462
Gold Fields Ltd.		19,070		62,431
Impala Platinum Holdings Ltd.*		11,557		37,143
Ivanhoe Mines Ltd., Class A*		12,400		43,512

Description	Number of Shares		Value
Kinross Gold Corp.*		10,790	$	37,657
Kyoei Steel Ltd.		3,100		50,112
Lonmin PLC*		3,873		5,518
Nakayama Steel Works Ltd.		3,300		20,841
Neturen Co. Ltd.		3,200		26,410
Northern Dynasty Minerals Ltd.*		2,500		3,974
Pacific Metals Co. Ltd.*		12,000		38,968
Resolute Mining Ltd.		26,569		24,172
Salzgitter AG		1,679		57,566
Tokyo Steel Manufacturing Co. Ltd.		7,200		53,673
Western Areas Ltd.*		25,019		41,590
Yamato Kogyo Co. Ltd.		1,800		45,018
TOTAL METALS & MINING			$	843,496
MULTILINE RETAIL – 0.3%
Canadian Tire Corp. Ltd., Class A		250		30,512
Dollar General Corp.		1,760		127,970
Harvey Norman Holdings Ltd.		3,810		11,954
Marks & Spencer Group PLC		18,183		86,337
New World Department Store China Ltd.*		93,000		13,989
TOTAL MULTILINE RETAIL			$	270,762
MULTI-UTILITIES – 1.7%
Ameren Corp.		1,040		56,877
Atco Ltd., Class I		450		16,374
Canadian Utilities Ltd., Class A		640		18,449
Centrica PLC		84,793		217,342
Consolidated Edison, Inc.		980		77,694
DTE Energy Co.		650		67,983
E.ON SE		29,816		232,449
Engie SA		5,967		84,173
National Grid PLC		35,487		459,629
NiSource, Inc.		1,840		44,620
Public Service Enterprise Group, Inc.		1,640		72,242
RWE AG*		2,992		49,556
SCANA Corp.		670		44,428
Sempra Energy		2,590		292,722
WEC Energy Group, Inc.		1,120		67,782
TOTAL MULTI-UTILITIES			$	1,802,320
OFFICE ELECTRONICS – 0.1%
Canon, Inc.		3,300		109,413
OIL, GAS & CONSUMABLE FUELS – 3.6%
BP PLC		43,372		248,577
Canadian Natural Resources Ltd.		3,772		120,214
Chevron Corp.		2,876		306,869
Enagas SA		910		23,939
Eni SpA		11,243		174,765

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    28

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
EOG Resources, Inc.		2,802	$	259,185
Gazprom PJSC ADR		22,768		107,920
Imperial Oil Ltd.		4,955		144,143
Inpex Corp.		4,800		46,009
Japan Petroleum Exploration Co. Ltd.		2,900		63,450
KazMunaiGas Exploration Production JSC GDR*		1,410		13,412
LUKOIL PJSC ADR		1,900		94,145
Marathon Oil Corp.		10,156		151,020
Painted Pony Petroleum Ltd.*		3,400		12,454
Petroleo Brasileiro SA ADR*		6,378		57,466
Pioneer Natural Resources Co.		1,370		236,996
Royal Dutch Shell PLC, Class B		16,680		443,422
Statoil ASA		2,552		42,117
Surgutneftegas OJSC ADR		15,100		73,930
Total SA		11,267		578,925
TransCanada Corp.		5,282		245,296
Valero Energy Corp.		1,976		127,669
World Fuel Services Corp.		5,140		189,306
TOTAL OIL, GAS & CONSUMABLE FUELS			$	3,761,229
PERSONAL PRODUCTS – 0.4%
Unilever NV ADR		8,812		461,353
PHARMACEUTICALS – 4.9%
Almirall SA		2,956		53,387
AstraZeneca PLC ADR		14,978		702,278
Bristol-Myers Squibb Co.		9,952		557,810
Eisai Co.Ltd.		5,100		267,730
GlaxoSmithKline PLC		4,880		97,969
Hikma Pharmaceuticals PLC		5,451		136,755
Johnson & Johnson		4,545		561,171
Merck & Co., Inc.		15,343		956,329
Merck KGaA		330		38,751
Novartis AG		4,035		310,431
Ono Pharmaceutical Co. Ltd.		14,590		300,634
Roche Holding AG		2,833		741,136
Takeda Pharmaceutical Co. Ltd.		3,200		153,347
Zoetis, Inc.		2,975		166,927
TOTAL PHARMACEUTICALS			$	5,044,655
PROFESSIONAL SERVICES – 0.7%
Adecco Group AG		999		74,197
En-Japan, Inc.		500		11,110
Experian PLC		10,485		225,295
Hays PLC		32,177		71,349
RELX NV		2,370		45,837
SThree PLC		3,213		13,525
TransUnion*		7,296		292,059

Description	Number of Shares		Value
Wolters Kluwer NV		880	$	37,375
TOTAL PROFESSIONAL SERVICES			$	770,747
REAL ESTATE INVESTMENT TRUSTS – 2.6%
American Tower Corp.		7,284		917,347
Ascendas Real Estate Investment Trust		11,420		20,925
Brixmor Property Group, Inc.		6,900		136,275
CapitaLand Mall Trust		12,940		18,246
Dexus Property Group		3,700		28,260
Equinix, Inc.		650		271,505
Fonciere Des Regions		190		16,959
Goodman Group		5,780		35,101
GPT Group (The)		6,900		27,125
Growthpoint Properties Ltd.		10,070		19,305
H&R Real Estate Investment Trust		880		14,930
ICADE		2,345		174,134
Klepierre		740		29,051
Mirvac Group		15,240		25,905
Park Hotels & Resorts, Inc.		5,287		135,717
Public Storage		670		140,285
Stockland		8,370		30,397
Store Capital Corp.		8,880		213,031
Vicinity Centres		12,230		26,375
Weyerhaeuser Co.		12,799		433,502
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	2,714,375
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.9%
CapitaLand Ltd.		10,470		28,177
City Developments Ltd.		2,510		19,384
Daito Trust Construction Co. Ltd.		4,990		734,120
Henderson Land Development Co. Ltd.		4,000		25,352
Hongkong Land Holdings Ltd.		3,980		30,686
Hysan Development Co. Ltd.		4,000		18,873
LendLease Group		2,260		27,127
Swire Pacific Ltd., Class A		2,500		24,073
Swire Properties Ltd.		6,200		20,804
UOL Group Ltd.		3,190		16,531
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	945,127
ROAD & RAIL – 2.8%
AMERCO		973		364,350
Canadian National Railway Co.		15,738		1,137,591
ComfortDelGro Corp. Ltd.		10,860		21,298
DSV A/S		6,034		336,153
Genesee & Wyoming, Inc., Class A*		7,290		493,970
Kansas City Southern		1,200		108,084
Knight Transportation, Inc.		5,540		190,022
Localiza Rent a Car SA		18,100		269,101
TOTAL ROAD & RAIL			$	2,920,569

ANNUAL REPORT / April 30, 2017

29    PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.9%
Cavium, Inc.*		2,912	$	200,491
Intel Corp.		9,702		350,727
Kontron AG*		6,248		22,031
Maxim Integrated Products, Inc.		4,454		196,644
Microchip Technology, Inc.		2,438		184,264
Miraial Co. Ltd.		1,700		14,045
QUALCOMM, Inc.		6,109		328,298
Rohm Co. Ltd.		960		67,344
Shinko Electric Industries Co. Ltd.		9,200		65,694
Skyworks Solutions, Inc.		2,280		227,407
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		4,404		145,640
Tokyo Seimitsu Co. Ltd.		1,530		47,420
X-Fab Silicon Foundries SE*,W		18,179		161,588
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	2,011,593
SOFTWARE – 2.1%
Alpha Systems, Inc.		500		8,612
Microsoft Corp.		9,351		640,169
Nice Ltd.		290		19,858
Nintendo Co. Ltd.		360		90,569
Open Text Corp.		880		30,512
Oracle Corp.		4,350		195,576
ServiceNow, Inc.*		2,386		225,429
SS&C Technologies Holdings, Inc.		12,024		441,762
Synopsys, Inc.*		770		56,749
Workday, Inc., Class A*		4,900		428,260
TOTAL SOFTWARE			$	2,137,496
SPECIALTY RETAIL – 1.8%
Advance Auto Parts, Inc.		4,140		588,460
AutoZone, Inc.*		455		314,946
CarMax, Inc.*		2,060		120,510
Halfords Group PLC		12,437		60,213
Home Depot, Inc. (The)		1,470		229,467
Honeys Holdings Co. Ltd.		1,900		19,124
Kingfisher PLC		6,930		30,634
L Brands, Inc.		1,700		89,777
Lowe’s Cos., Inc.		1,315		111,617
PAL GROUP Holdings Co. Ltd.		1,300		34,554
TJX Cos., Inc. (The)		2,815		221,372
Xebio Holdings Co. Ltd.		3,150		52,361
TOTAL SPECIALTY RETAIL			$	1,873,035
TEXTILES, APPAREL & LUXURY GOODS – 0.3%
Daphne International Holdings Ltd.*		146,000		14,453
Geox SpA		19,504		52,732
NIKE, Inc., Class B		4,730		262,089

Description	Number of Shares		Value
Sanyo Shokai Ltd.		20,000	$	29,424
TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	358,698
TOBACCO – 1.2%
British American Tobacco PLC		11,112		750,558
Imperial Brands PLC		1,450		71,028
Philip Morris International, Inc.		3,987		441,919
Swedish Match AB		760		25,072
TOTAL TOBACCO			$	1,288,577
TRADING COMPANIES & DISTRIBUTORS – 1.0%
Fastenal Co.		10,079		450,330
Kuroda Electric Co. Ltd.		2,000		41,713
MSC Industrial Direct Co., Inc., Class A		1,601		143,338
Rexel SA		21,651		386,785
SIG PLC		38,874		60,269
TOTAL TRADING COMPANIES & DISTRIBUTORS			$	1,082,435
TRANSPORTATION INFRASTRUCTURE – 0.4%
Abertis Infraestructuras SA		2,078		36,557
Hamburger Hafen und Logistik AG		1,545		29,284
Jiangsu Expressway Co. Ltd., Class H		220,000		324,696
TOTAL TRANSPORTATION INFRASTRUCTURE			$	390,537
WATER UTILITIES – 0.3%
Guangdong Investment Ltd.		209,120		323,694
WIRELESS TELECOMMUNICATION SERVICES – 1.2%
China Mobile Ltd.		7,000		74,650
KDDI Corp.		19,995		530,121
Millicom International Cellular SA		4,368		239,672
NTT DOCOMO, Inc.		11,600		279,711
Orange Belgium SA*		2,092		43,639
Rogers Communications, Inc., Class B		940		43,101
StarHub Ltd.		5,070		10,124
Vodacom Group Ltd.		1,760		19,914
TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	1,240,932
TOTAL COMMON STOCKS (COST $92,858,196)			$	97,859,785
INVESTMENT COMPANIES – 0.3%
EQUITY FUNDS – 0.3%
iShares Core MSCI EAFE ETF		592		35,236
iShares MSCI South Korea Capped ETF		1,259		78,184
iShares MSCI Taiwan Capped ETF		4,526		152,798
TOTAL EQUITY FUNDS			$	266,218
TOTAL INVESTMENT COMPANIES (COST $244,529)			$	266,218
PREFERRED STOCKS – 0.1%
TELECOMMUNICATION SERVICES – 0.0%**
Telefonica Brasil SA 2.44%		2,800		41,602

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    30

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
UTILITIES – 0.1%
Cia Paranaense de Energia 3.05%		5,200	$	47,936
TOTAL PREFERRED STOCKS (COST $90,527)			$	89,538

Description	Number of Shares		Value
MONEY MARKET FUND – 2.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.69%^		2,860,892	$	2,860,892
TOTAL MONEY MARKET FUND (COST $2,860,892)			$	2,860,892
TOTAL INVESTMENTS – 97.2% (COST $96,054,144)			$	101,076,433
OTHER ASSETS LESS LIABILITIES – 2.8%				2,871,931
TOTAL NET ASSETS – 100.0%			$	103,948,364

Cost of investments for Federal income tax purposes is $96,188,951. The net unrealized appreciation/(depreciation) of investments was $4,887,482. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $7,649,949 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(2,762,467).

ANNUAL REPORT / April 30, 2017

31    PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities 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, 2017 in valuing the Fund’s assets carried at fair value:

	Level  1		Level  2		Level  3		Total
Assets
Investments in Securities
Common Stocks
Aerospace & Defense	$	782,918	$	—	$	—	$	782,918
Air Freight & Logistics		827,177		—		—		827,177
Airlines		380,361		—		—		380,361
Auto Components		639,237		—		—		639,237
Automobiles		607,717		—		—		607,717
Banks		153,147		—		—		153,147
Beverages		1,411,801		—		—		1,411,801
Building Products		877,603		—		—		877,603
Capital Markets		2,012,866		—		—		2,012,866
Chemicals		1,554,616		—		—		1,554,616
Commercial Banks		1,989,229		—		—		1,989,229
Commercial Services & Supplies		2,636,951		—		—		2,636,951
Communications Equipment		1,441,076		—		—		1,441,076
Computers & Peripherals		990,461		—		—		990,461
Construction & Engineering		575,714		—		—		575,714
Construction Materials		393,079		—		—		393,079
Consumer Finance		98,983		—		—		98,983
Containers & Packaging		3,838,631		—		—		3,838,631
Diversified Consumer Services		737,998		—		—		737,998
Diversified Financial Services		6,831,626		—		—		6,831,626
Diversified Telecommunication Services		1,885,528		—		—		1,885,528
Electric Utilities		2,967,086		—		—		2,967,086
Electrical Equipment		934,242		—		—		934,242
Electronic Equipment, Instruments & Components		248,554		—		—		248,554
Energy Equipment & Services		62,821		—		—		62,821
Food & Staples Retailing		1,518,730		—		—		1,518,730
Food Products		1,726,075		—		—		1,726,075
Gas Utilities		656,918		—		—		656,918
Health Care Equipment & Supplies		1,896,155		—		—		1,896,155
Health Care Providers & Services		3,054,569		—		—		3,054,569
Health Care Technology		51,942		—		—		51,942
Hotels, Restaurants & Leisure		1,709,217		—		—		1,709,217
Household Durables		1,759,634		—		—		1,759,634
Household Products		715,110		—		—		715,110
Industrial Conglomerates		1,199,531		—		—		1,199,531
Insurance		8,037,445		—		—		8,037,445
Internet & Catalog Retail		1,044,434		—		—		1,044,434
Internet Software & Services		1,739,614		—		—		1,739,614
IT Services		2,995,397		—		—		2,995,397
Leisure Equipment & Products		74,929		—		—		74,929
Life Sciences Tools & Services		23,252		—		—		23,252
Machinery		2,191,394		—		—		2,191,394

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    32

Wilmington Global Alpha Equities Fund (continued)

	Level  1			Level  2			Level  3		Total
Marine	$	235,641		$	—		$	—	$	235,641
Media		1,999,333			—			—		1,999,333
Metals & Mining		843,496			—			—		843,496
Multiline Retail		270,762			—			—		270,762
Multi-Utilities		1,802,320			—			—		1,802,320
Office Electronics		109,413			—			—		109,413
Oil, Gas & Consumable Fuels		3,761,229			—			—		3,761,229
Personal Products		461,353			—			—		461,353
Pharmaceuticals		5,044,655			—			—		5,044,655
Professional Services		770,747			—			—		770,747
Real Estate Investment Trusts		2,714,375			—			—		2,714,375
Real Estate Management & Development		945,127			—			—		945,127
Road & Rail		2,920,569			—			—		2,920,569
Semiconductors & Semiconductor Equipment		2,011,593			—			—		2,011,593
Software		2,137,496			—			—		2,137,496
Specialty Retail		1,873,035			—			—		1,873,035
Textiles, Apparel & Luxury Goods		358,698			—			—		358,698
Tobacco		1,288,577			—			—		1,288,577
Trading Companies & Distributors		1,082,435			—			—		1,082,435
Transportation Infrastructure		390,537			—			—		390,537
Water Utilities		323,694			—			—		323,694
Wireless Telecommunication Services		1,240,932			—			—		1,240,932
Investment Companies		266,218			—			—		266,218
Preferred Stocks		89,538			—			—		89,538
Money Market Fund		2,860,892			—			—		2,860,892
Total Investments in Securities		101,076,433			—			—		101,076,433
Other Financial Instruments!
Forward Foreign Currency Contracts		—			354			—		354
Financial Futures Contracts		17,403			—			—		17,403
Total Assets - Other Financial Instruments	$	17,403		$	354		$	—	$	17,757
Liabilities
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	(145,240	)	$	—	$	(145,240	)
Financial Futures Contracts		(993,720	)		—			—		(993,720	)
Total Liabilities - Other Financial Instruments	$	(993,720	)	$	(145,240	)	$	—	$	(1,138,960	)

!     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 and financial futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.
*	Non-income producing security.
^	7-Day net yield.
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, 2017, these liquid restricted securities amounted to $161,588 representing 0.16%% of total net assets.
**	Represents less than 0.05%.

The following acronyms are used throughout this Fund:	LLC - Limited Liability Corporation
ADR - American Depositary Receipt	PLC - Public Limited Company
ETF - Exchange Traded Fund
GDR - Global Depositary Receipt

ANNUAL REPORT / April 30, 2017

33    PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (concluded)

At April 30, 2017, the Wilmington Global Alpha Equities Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

Settlement  Date	Counterparty	Contracts to Deliver/Receive	Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
5/1/2017	Barclays Bank International	647,925 Japanese Yen	$	5,821	$	5,812		$          (9)
5/1/2017	Credit Suisse International	30,623 Canadian Dollar		22,487		22,434		(53)
5/2/2017	Credit Suisse International	28,158 Euro		30,624		30,673		49
5/2/2017	State Street Corp.	9,650 Pound Sterling		12,443		12,498		55
5/3/2017	UBS Securities LLC	9,535 Pound Sterling		12,359		12,351		(8)
5/8/2017	HSBC Bank USA, N.A.	2,823,870 Japanese Yen		25,341		25,339		(2)
CONTRACTS SOLD
5/1/2017	Bank of New York	712 Canadian Dollar		522		522		—
5/1/2017	Bank of New York	258 Canadian Dollar		189		189		—
5/1/2017	Bank of New York	86 Canadian Dollar		63		63		—
5/2/2017	BNP Paribas SA	15,477,117 Japanese Yen		139,089		138,839		250
5/2/2017	Credit Suisse International	11,678 Euro		12,701		12,721		(20)
5/2/2017	Bank of New York	6,566 Euro		7,138		7,152		(14)
5/2/2017	Bank of New York	5,059 Euro		5,499		5,510		(11)
5/2/2017	Bank of New York	1,797 Swiss Franc		1,804		1,806		(2)
5/2/2017	Bank of New York	954 Canadian Dollar		696		699		(3)
5/2/2017	Bank of New York	561 Euro		610		611		(1)
5/2/2017	Bank of New York	419 Canadian Dollar		306		307		(1)
5/2/2017	Bank of New York	333 Canadian Dollar		243		244		(1)
5/3/2017	Bank of New York	490 Euro		533		534		(1)
5/3/2017	Bank of New York	191 Pound Sterling		246		248		(2)
6/21/2017	National Australia Bank Ltd.	1,376,000 Pound Sterling		1,678,512		1,784,941		(106,429)
6/21/2017	National Australia Bank Ltd.	1,222,000 Euro		1,296,055		1,334,738		(38,683)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON  FORWARD FOREIGN CURRENCY CONTRACTS								$(144,886)

 At April 30, 2017, the Wilmington Global Alpha Equities 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:
E-mini MSCI EAFE Index		June 2017		142		$12,393,844		$12,948,980		$(555,136	)
E-mini MSCI Emerging Markets Index		June 2017		35		1,623,673		1,713,250		(89,577	)
E-mini Russell 2000 Index		June 2017		66		4,506,820		4,614,719		(107,899	)
E-mini S&P 500 Index		June 2017		202		23,922,945		24,043,050		(120,105	)
Euro STOXX 50 Index		June 2017		56		1,992,630		2,095,185		(102,555	)
FTSE 100 Index		June 2017		11		980,070		962,667		17,403
S&P TSX 60 Index		June 2017		25		3,391,834		3,410,282		(18,448	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL   FUTURES CONTRACTS										$(976,317	)

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

34

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager Real Asset Fund

At April 30, 2017, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Inflation-Linked & Fixed Income Securities:
U.S. Government Inflation-Linked Securities		24.6	%
Exchange-Traded Funds		4.5	%
Foreign Government Securities		3.2	%
Corporate Bonds		2.6	%
Certificates Of Deposit		1.4	%
Mortgage-Backed Securities		1.4	%
Asset-Backed Securities		1.2	%
Foreign Government Inflation-Linked Securities		1.1	%
U.S. Treasury		0.6	%
Real Estate Related Securities:
Exchange-Traded Funds		29.6	%
Real Estate Investment Trusts		13.0	%
Common Stocks		8.5	%
Investment Companies		4.9	%
Preferred Stocks		0.0	%3
Commodity Related Securities:
Exchange-Traded Funds		13.3	%
Rights		0.0	%3
Purchased Options		0.1	%
Written Options		0.0	%3
Short-Term Investments
Cash Equivalents1		3.1	%
Other Assets and Liabilities – Net2		(13.1	)%
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, 2017

Description	Par Value (a)		Value
INFLATION-LINKED & FIXED INCOME SECURITIES – 40.6%
ASSET-BACKED SECURITIES – 1.2%
COLLATERALIZED LOAN OBLIGATION – 0.2%
Cordatus CLO I PLC, 2006-1X A2, 0.76%, 1/30/24D		33,899GBP	$	43,899
Cordatus CLO II PLC, 2007-1X A1F, 0.00%, 7/25/24D		21,119EUR		22,968
Symphony CLO VIII LP, Series 2012-8AR, Class AR, 2.26%, 1/09/23D,W		309,514		310,338

Description	Par Value (a)		Value
Venture VII CDO Ltd., Series 2006-7A, Class A1A, 1.39%, 1/20/22D,W		231,843	$	230,717
TOTAL COLLATERALIZED LOAN OBLIGATION			$	607,922
DIVERSIFIED FINANCIAL SERVICES – 0.2%
Ameriquest Mortgage Securities Trust,
Series 2006-R1, Class M1, 1.38%, 3/25/36D		300,000		289,285
Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M2, 1.97%, 5/25/35D 545,623				525,193
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	814,478

ANNUAL REPORT / April 30, 2017

35    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value  (a)		Value
WHOLE LOAN – 0.8%
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A3, 1.21%, 8/25/36D		1,200,000		1,125,324
Credit-Based Asset Servicing and
Securitization LLC, Series 2005-CB2, Class M2, 1.94%, 4/25/36D		241,321		224,523
JP Morgan Mortgage Acquisition Trust 2006-NC1, Series 2006-NC1, Class A4, 1.16%, 4/25/36D		518,450		519,532
Navient Student Loan Trust, Series 2016-7A, Class A, 2.14%, 3/25/66D,W		291,816		294,896
Nomura Home Equity Loan, Inc. Home Equity Loan Trust, Series 2006-WF1, Class M2, 1.28%, 3/25/36D		200,000		178,032
Saxon Asset Securities Trust, Series 2005-1, Class M2, 1.71%, 5/25/35D		208,458		170,189
US Residential Opportunity Fund, Series 2016-3III, Class A, 3.60%, 10/27/36W		191,585		191,141
VOLT LV LLC, Series 2017-NPL2, Class A1, 3.50%, 3/25/47W		97,831		98,016
TOTAL WHOLE LOAN			$	2,801,653
TOTAL ASSET-BACKED SECURITIES
(COST $3,961,996)			$	4,224,053
CERTIFICATES OF DEPOSIT – 1.4%
Barclays Bank PLC, 1.80%, 11/06/17D		400,000		400,949
1.91%, 9/08/17D		500,000		501,265
Mitsubishi UFJ Trust & Banking corp., 1.87%, 9/19/17D		600,000		601,528
Natixis SA, 1.85%, 9/25/17D		400,000		400,997
Norinchukin Bank, 1.87%, 10/12/17D		900,000		902,717
Sumitomo Mitsui Banking Corp., 1.83%, 9/15/17D		800,000		801,961
Sumitomo Mitsui Trust Bank Ltd., 1.86%, 10/06/17D		300,000		300,840
1.88%, 9/18/17D		1,100,000		1,102,892
TOTAL CERTIFICATES OF DEPOSIT (COST $5,000,000)			$	5,013,149
CORPORATE BONDS – 2.6%
COMPUTERS – 0.0%**
Hewlett Packard Enterprise Co., Sr. Unsecured, 2.45%, 10/05/17		86,000		86,258
ENERGY – 0.2%
Petrobras Global Finance BV, Company Guaranteed, 8.38%, 5/23/21		500,000		566,750
FINANCIALS – 2.3%
Bank of America Corp., Sr. Unsecured, MTN, 4.06%, 10/21/25D		11,000,000MXN		707,029
BRFkredit A/S,
Covered Bonds, 2.00%, 10/01/17		900,000DKK		133,151

Description	Par Value  (a)		Value
4.00%, 1/01/18		500,000DKK	$	75,451
2.50%, 10/01/47		190,528DKK		28,391
CIT Group, Inc., Sr. Unsecured, 4.25%, 8/15/17		594,000		599,198
Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed, 3.80%, 9/15/22		250,000		257,651
Deutsche Bank AG, Sr. Unsecured, 4.25%, 10/14/21D		800,000		827,580
Eksportfinans ASA, Sr. Unsecured, 5.50%, 6/26/17		1,000,000		1,004,327
Ford Motor Credit Co. LLC, Sr. Unsecured, 6.63%, 8/15/17		900,000		912,866
Goldman Sachs Group, Inc. (The), Sr. Unsecured, 2.33%, 9/15/20D		600,000		610,268
ING Bank NV, Covered Bonds, 2.63%, 12/05/22D		200,000		200,957
International Lease Finance Corp., Sr. Unsecured, 6.25%, 5/15/19		100,000		107,688
8.25%, 12/15/20		100,000		118,188
Intesa Sanpaolo SpA, Sr. Unsecured, 6.50%, 2/24/21D		300,000		332,365
Nordea Kredit Realkreditaktieselskab, Covered Bonds, 1.00%, 10/01/17		700,000DKK		103,305
2.00%, 10/01/17		1,100,000DKK		162,722
2.00%, 10/01/17		300,000DKK		44,379
2.50%, 10/01/47		281,947DKK		42,076
Novo Banco SA, Sr. Unsecured, 5.00%, 4/23/19		150,000EUR		139,297
Nykredit Realkredit A/S,
Covered Bonds, 1.00%, 7/01/17		500,000DKK		73,413
1.00%, 10/01/17		2,700,000DKK		398,538
2.00%, 10/01/17		1,100,000DKK		162,715
4.00%, 1/01/18		200,000DKK		30,177
2.50%, 10/01/47		1,309,205DKK		195,089
2.00%, 4/01/18		1,200,000DKK		179,818
Realkredit Danmark A/S,
Covered Bonds, 1.00%, 1/01/18		1,400,000DKK		207,167
1.00%, 4/01/18		1,100,000DKK		163,291
2.00%, 1/01/18		300,000DKK		44,659
2.50%, 10/01/47		1,039,027DKK		154,753
Synchrony Financial, Sr. Unsecured, 2.44%, 11/09/17D		100,000		100,514
TOTAL FINANCIALS			$	8,117,023
TELECOMMUNICATIONS – 0.1%
AT&T, Inc., Sr. Unsecured, 1.81%, 1/15/20D		200,000		201,161
TOTAL CORPORATE BONDS (COST $9,136,341)			$	8,971,192

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    36

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
EXCHANGE-TRADED FUNDS – 4.5%
INFLATION-PROTECTED SECURITIES FUNDS – 4.5%
Schwab U.S. TIPs ETF		278,500	$	15,512,450
TOTAL EXCHANGE-TRADED FUNDS
(COST $15,484,516)			$	15,512,450
	Par Value  (a)
FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES – 1.1%
GOVERNMENT – 1.1%
Denmark Inflation Linked Government Bond, 0.10%, 11/15/23		7,846,965DKK	$	1,234,220
Japanese Government CPI Linked Bond, 22, Sr. Unsecured, 0.10%, 3/10/27		109,780,000JPY		1,044,375
Mexican Udibonos, 4.50%, 11/22/35		1,886,491MXN		112,201
New Zealand Government Bond, Sr. Unsecured, 2.00%, 9/20/25		1,150,000NZD		835,557
United Kingdom Gilt Inflation Linked, Sr. Unsecured, 0.13%, 3/22/46		129,057GBP		283,026
0.13%, 11/22/65		104,051GBP		335,746
TOTAL GOVERNMENT			$	3,845,125
TOTAL FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES (COST $3,909,716)			$	3,845,125
FOREIGN GOVERNMENT SECURITIES – 3.2%
GOVERNMENT – 3.2%
Argentine Republic Government
International Bond,
Sr. Unsecured, 6.88%, 1/26/27#		500,000		529,500
Autonomous Community of Catalonia, Sr. Unsecured, 4.75%, 6/04/18		100,000EUR		113,183
Brazil Letras do Tesouro Nacional, 9.39%, 1/01/18‡		15,900,000BRL		4,715,313
Canadian Government Real Return Bond, CPI, Bonds, 4.25%, 12/01/26		590,684CAD		609,120
Corp. Andina de Fomento,
Series 11U, Unsecured, 3.95%, 10/15/21		4,772,288MXN		249,892
Hellenic Republic Government International Bond, Sr. Unsecured, 4.50%, 7/03/17		30,000,000JPY		267,776
Japan Treasury Discount Bill, Series 656, 0.00%, 7/10/17‡		190,000,000JPY		1,704,870
Japan Treasury Discount Bill, Series 661, 0.00%, 5/08/17‡		180,000,000JPY		1,614,796
Mexican Bonos de Proteccion al Ahorro, 6.32%, 1/04/18D		15,500,000MXN		822,234

Description	Par Value  (a)			Value
Mexico Cetes,
BI, 7.15%, 1/04/18‡		11,710,000	MXN	$	593,405
TOTAL GOVERNMENT				$	11,220,089
TOTAL FOREIGN GOVERNMENT SECURITIES
(COST $11,564,128)				$	11,220,089
MORTGAGE-BACKED SECURITIES – 1.4%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.6%
Fannie Mae Pool, 3.00%, 6/13/46		1,000,000			997,500
3.50%, 9/01/45		178,692			183,921
3.50%, 9/01/46		696,516			716,881
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)				$	1,898,302
WHOLE LOAN – 0.8%
BCAP LLC Trust, Series 2009-RR6-I, Class 3A1, 3.43%, 12/26/37D,W		32,313			32,252
Dryden XXV Senior Loan Fund, Series 2012-25A, Class AR, 2.36%, 1/15/25D,W		371,464			371,165
Grifonas Finance PLC, Class A, 0.04%, 8/28/39D		518,636EUR			460,431
JP Morgan Resecuritization Trust, Series 2009-7, Class 13A1, 2.87%, 6/27/37D,W		47,745			46,960
Marche Mutui 4 Srl, Class A, 0.06%, 2/25/55D		1,331EUR			1,447
Marche Mutui Srl, Series 6, Class A1, 1.92%, 1/27/64D		22,223EUR			24,392
Rise Ltd., 2014-1, Class A, 4.75%, 2/15/39D,††		215,024			214,666
Sequoia Mortgage Trust 6, Series 6, Class A, 1.63%, 4/19/27D		835,498			798,733
Trinity Square 2015-1A PLC, 1.49%, 7/15/51D,W		476,849GBP			625,372
WAMU Mortgage Pass-Through Certificates,
Series 2006-AR14, Class 1A4, 2.66%, 11/25/36D		263,074			242,270
3.06%, 3/25/37D		102,658			96,510
TOTAL WHOLE LOAN				$	2,914,198
TOTAL MORTGAGE-BACKED SECURITIES
(COST $4,800,586)				$	4,812,500
U.S. GOVERNMENT INFLATION-LINKED SECURITIES – 24.6%
U.S. TREASURY INFLATION INDEXED BONDS – 22.5%
U.S. Treasury Inflation Indexed Bond,
0.13%, 4/15/18		1,588,000			1,677,415
0.13%, 4/15/19		2,169,000			2,274,889
0.13%, 4/15/20		6,412,000			6,745,804
0.13%, 4/15/21		3,245,000			3,367,718
0.13%, 1/15/23		6,876,000			7,275,577
0.13%, 7/15/24		8,421,000			8,593,650
0.13%, 7/15/26		191,000			190,620

ANNUAL REPORT / April 30, 2017

37     PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value  (a)		Value
0.25%, 1/15/25		1,631,000	$	1,671,245
0.38%, 7/15/23		5,517,000		5,877,898
0.38%, 7/15/25		1,690,000		1,749,677
0.38%, 1/15/27#		719,000		726,518
0.63%, 1/15/24		2,494,000		2,674,635
0.63%, 1/15/26		3,828,000		4,018,500
0.63%, 2/15/43		266,000		263,995
0.75%, 2/15/42		1,029,000		1,073,940
0.75%, 2/15/45		853,000		846,008
0.88%, 2/15/47		693,000		694,285
1.00%, 2/15/46		1,524,000		1,600,130
1.38%, 2/15/44		3,397,000		3,939,850
1.75%, 1/15/28		1,583,000		2,091,737
1.88%, 7/15/19		426,000		513,024
2.00%, 1/15/26		522,000		729,824
2.13%, 2/15/40		240,000		343,325
2.13%, 2/15/41		879,000		1,246,374
2.38%, 1/15/25		1,073,000		1,604,081
2.38%, 1/15/27		1,194,000		1,711,986
2.50%, 1/15/29		2,868,000		3,999,501
3.63%, 4/15/28		4,696,000		9,440,032
3.88%, 4/15/29		682,000		1,403,835
TOTAL U.S. TREASURY INFLATION INDEXED BONDS			$	78,346,073
U.S. TREASURY INFLATION INDEXED NOTES – 2.1%
U.S. Treasury Inflation Indexed Note, 0.13%, 1/15/22		282,000		305,876
0.13%, 4/15/22		2,653,000		2,674,768
0.13%, 7/15/22		160,000		171,155
0.63%, 7/15/21		1,375,000		1,541,189
1.25%, 7/15/20		2,143,000		2,522,716
TOTAL U.S. TREASURY INFLATION INDEXED NOTES			$	7,215,704
TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $85,171,297)			$	85,561,777
U.S. TREASURY – 0.6%
U.S. TREASURY BONDS – 0.2%
U.S. Treasury Bond, 3.00%, 2/15/47		740,000		746,771
U.S. TREASURY NOTES – 0.4%
U.S. Treasury Note,
1.88%, 2/28/22		900,000		903,195
2.00%, 11/15/26		100,000		97,615
2.13%, 12/31/21		200,000		202,991
TOTAL U.S. TREASURY NOTES			$	1,203,801
TOTAL U.S. TREASURY (COST $1,950,316)			$	1,950,572
TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (COST $140,978,896)			$	141,110,907

Description	Number  of Shares		Value
REAL ESTATE RELATED SECURITIES – 56.0%
COMMON STOCKS – 8.5%
DIVERSIFIED – 0.0%**
Argosy Property Ltd.		61,413		$    42,588
Stride Stapled Group		41,068		49,345
TOTAL DIVERSIFIED				$    91,933
DIVERSIFIED REAL ESTATE ACTIVITIES – 4.4%
Airport City Ltd.*		4,442		58,760
Alexander & Baldwin, Inc.		835		38,418
Allreal Holding AG*		1,074		184,793
Alrov Properties & Lodgings Ltd.		1		18
CapitaLand Ltd.		193,900		521,822
Chinese Estates Holdings Ltd.		47,000		72,267
City Developments Ltd.		46,300		357,569
D Carnegie & Co. AB*		2,744		33,304
Daito Trust Construction Co. Ltd.		5,900		867,997
Daiwa House Industry Co. Ltd.		49,900		1,482,116
DIC Asset AG		3,489		35,801
Far East Consortium International Ltd.		78,000		37,203
Great Eagle Holdings Ltd.		19,000		94,287
Hang Lung Properties Ltd.		155,000		406,513
Heiwa Real Estate Co. Ltd.		4,300		68,507
Henderson Land Development Co. Ltd.		93,040		589,697
HKR International Ltd.*		60,800		32,830
K Wah International Holdings Ltd.		85,000		53,983
Kerry Properties Ltd.		45,500		170,222
LendLease Group		43,161		518,073
Leopalace21 Corp.		20,100		106,743
Mitsubishi Estate Co. Ltd.		105,000		2,006,279
Mitsui Fudosan Co. Ltd.		74,000		1,626,042
Mobimo Holding AG*		508		136,573
Morguard Corp.		237		33,507
New World Development Co. Ltd.		413,000		514,501
Nomura Real Estate Holdings, Inc.		9,400		158,782
Patrizia Immobilien AG*		3,091		60,977
Property & Building Corp. Ltd.		169		16,397
Realia Business SA*		22,825		24,242
RMR Group, Inc, Class A (The)		300		15,825
SAMTY Co. Ltd.		1,500		14,896
Shinoken Group Co. Ltd.		1,000		18,650
Soundwill Holdings Ltd.		17,500		43,242
Sumitomo Realty & Development Co. Ltd.		35,000		943,799
Sun Frontier Fudousan Co. Ltd.		1,700		14,854
Sun Hung Kai Properties Ltd.		119,000		1,785,379
Takara Leben Co. Ltd.		7,100		33,374
Tokyo Tatemono Co. Ltd.		16,200		221,038

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    38

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number  of Shares		Value
Tokyu Fudosan Holdings Corp.		44,300	$	241,618
Tricon Capital Group, Inc.		8,014		63,053
UBM Development AG		527		19,713
United Industrial Corp. Ltd.		28,500		64,460
UOL Group Ltd.		43,900		227,489
Wharf Holdings Ltd.		91,000		777,408
Wheelock & Co. Ltd.		59,000		460,040
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	15,253,061
INDUSTRIALS – 0.0%**
Property For Industry Ltd.		30,878		34,557
Propertylink Group		45,110		27,023
TOTAL INDUSTRIALS			$	61,580
OFFICE – 0.0%**
Precinct Properties New Zealand Ltd.		75,214		62,229
REAL ESTATE DEVELOPMENT – 0.9%
ADLER Real Estate AG*		1,749		27,444
Aveo Group		31,716		74,809
Cheung Kong Property Holdings Ltd.		205,000		1,470,620
Daikyo, Inc.		23,000		47,867
DREAM Unlimited Corp., Class A*		9,069		43,849
Frasers Centrepoint Ltd.		26,000		35,358
Goldcrest Co. Ltd.		2,700		47,957
Goldin Properties Holdings Ltd.*		108,000		117,603
Greenland Hong Kong Holdings Ltd.*		101,000		32,592
Helical PLC		12,067		51,733
Howard Hughes Corp, (The)*		472		58,108
Nexity SA		2,828		153,765
Peet Ltd.		29,027		26,952
Road King Infrastructure Ltd.		28,000		41,541
Selvaag Bolig ASA		6,948		28,727
Sino Land Co. Ltd.		228,000		386,334
St. Modwen Properties PLC		19,519		92,402
Tag Immobilien AG		10,923		155,513
TK Development A/S*		9,212		15,650
Villa World Ltd.		19,108		33,195
Wang On Properties Ltd.*		288,000		62,574
Wheelock Properties Singapore Ltd.		40,300		53,795
Wing Tai Holdings Ltd.		57,900		78,324
Yoma Strategic Holdings Ltd.		76,000		31,550
TOTAL REAL ESTATE DEVELOPMENT			$	3,168,262
REAL ESTATE OPERATING COMPANIES – 3.1%
ADO Group Ltd.*		8,666		108,343
Ado Properties SAW		2,243		82,095
Aeon Mall Co. Ltd.		8,600		146,040
Africa Israel Properties Ltd.*		936		18,866
Alony Hetz Properties & Investments Ltd.		7,307		67,707

Description	Number  of Shares		Value
Amot Investments Ltd.		8,779	$	41,837
Arealink Co. Ltd.		1,100		15,038
Ascendas India Trust		51,500		42,390
Atrium European Real Estate Ltd.		12,642		53,294
Atrium Ljungberg AB, Class B		5,813		96,147
Azrieli Group Ltd.		2,722		144,976
Big Shopping Centers Ltd.		209		15,102
Blue Square Real Estate Ltd.		398		18,692
Brack Capital Properties NV		443		42,101
Buwog AG*		5,293		142,931
CA Immobilien Anlagen AG*		5,472		119,899
Capital & Counties Properties PLC		62,500		255,641
Castellum AB		20,447		280,020
Citycon OYJ		29,240		71,920
Croesus Retail Trust		56,567		39,475
Daejan Holdings PLC		1,010		88,824
Daibiru Corp.		5,100		47,031
Deutsche Euroshop AG		3,628		147,271
Deutsche Wohnen AG		26,541		907,521
Dios Fastigheter AB		6,443		33,025
Entra ASAD		5,914		67,846
Fabege AB		10,522		181,281
Fastighets AB Balder, Class B*		7,072		157,931
First Capital Realty, Inc.		10,764		156,447
Gazit-Globe Ltd.		3,486		35,353
Global Logistic Properties Ltd.		220,900		455,350
Grainger PLC		31,155		100,840
Grand City Properties SA		7,826		148,631
Hang Lung Group Ltd.		65,000		271,169
Hemfosa Fastigheter AB		11,802		109,395
Hongkong Land Holdings Ltd.		88,100		679,251
Hufvudstaden AB, Class A		8,814		138,121
Hulic Co. Ltd.		36,200		340,973
Hysan Development Co. Ltd.		47,001		221,761
Immofinanz AG		65,730		136,756
Inmobiliaria Colonial SA		22,431		173,946
Intershop Holding AG		103		49,611
Jerusalem Economy Ltd.*		11,531		28,272
Keihanshin Building Co. Ltd.		10,000		57,233
Klovern AB, Class B		62,004		65,313
Kungsleden AB		14,057		78,718
Langham Hospitality Investments & Langham Hospitality Investments Ltd.		59,000		24,424
LEG Immobilien AG*		4,697		403,483
Liu Chong Hing Investment Ltd.		26,000		41,047
Melisron Ltd.		1,293		70,508
Nam Tai Property, Inc.		3,727		29,257

ANNUAL REPORT / April 30, 2017

39    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number  of Shares		Value
NTT Urban Development Corp.		9,000	$	81,139
Olav Thon Eiendomsselskap ASA		2,232		43,803
Perennial Real Estate Holdings Ltd.		35,647		22,580
Platzer Fastigheter Holding, Class B		9,347		46,433
PSP Swiss Property AG		3,582		321,120
S Immo AG*		4,007		52,378
Sagax AB, Class B		5,454		56,681
SEA Holdings Ltd.		18,000		45,264
Sponda OYJ		15,758		69,553
Swire Properties Ltd.		78,800		264,411
Swiss Prime Site AG*		5,348		463,583
Technopolis OYJ		9,027		30,286
Tlg Immobilien AG		4,885		98,842
Toc Co. Ltd.		6,500		59,067
Unizo Holdings Co. Ltd.		2,100		53,557
Vib Vermoegen AG		2,063		49,383
Victoria Park AB, Class B		9,481		26,439
Vonovia SE		34,874		1,262,540
Wallenstam AB, Class B		16,464		140,340
WCM Beteiligungs & Grundbesitz-AG*		8,782		30,650
Wihlborgs Fastigheter AB		5,176		100,863
TOTAL REAL ESTATE OPERATING COMPANIES			$	10,568,015
RETAIL – 0.1%
Investore Property Ltd.		10,849		9,833
Kiwi Property Group Ltd.		97,225		95,126
TOTAL RETAIL			$	104,959
TOTAL COMMON STOCKS (COST $25,055,071)			$	29,310,039
EXCHANGE-TRADED FUNDS – 29.6%
EQUITY FUNDS – 29.6%
Schwab U.S. REIT ETF		496,031		20,178,541
Vanguard Global ex-U.S. Real Estate ETF		1,517,707		82,654,323
TOTAL EQUITY FUNDS			$	102,832,864
TOTAL EXCHANGE-TRADED FUNDS (COST $103,575,075)			$	102,832,864
INVESTMENT COMPANIES – 4.9%
DIVERSIFIED – 4.9%
Tortoise MLP & Pipeline Fund		1,205,673		16,975,887
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
U.K. Commercial Property Trust Ltd.
		51,100		58,706
REAL ESTATE OPERATING COMPANIES – 0.0%**
F&C Commercial Property Trust Ltd.
		44,672		87,773
TOTAL INVESTMENT COMPANIES (COST $17,139,761)			$	17,122,366

Description	Number  of Shares		Value
PREFERRED STOCK – 0.0%**
CONSUMER FINANCE – 0.0%**
Navient Corp. 4.55%		3,000	$	75,300
TOTAL PREFERRED STOCK (COST $71,100)			$	75,300
REAL ESTATE INVESTMENT TRUSTS – 13.0% DIVERSIFIED – 2.7%
Abacus Property Group		21,546		55,661
Activia Properties, Inc.		49		233,407
American Assets Trust, Inc.		1,696		72,640
Armada Hoffler Properties, Inc.		2,926		41,725
Artis Real Estate Investment Trust		5,519		54,905
Astro Japan Property Group		7,569		37,803
Canadian Real Estate Investment Trust		2,686		97,165
Charter Hall Group		30,881		131,111
Cofinimmo SA		1,514		183,226
Colony NorthStar, Inc. Class A		11,971		156,461
Cominar Real Estate Investment Trust		2,796		28,983
Daiwa House REIT Investment Corp.		112		283,127
Dream Global Real Estate Investment Trust		5,043		36,574
Empire State Realty Trust, Inc., Class A		2,249		46,779
Fonciere Des Regions		3,978		355,066
Forest City Realty Trust, Inc., Class A		1,788		40,409
Gecina SA		3,101		441,157
Goodman Property Trust		75,723		63,430
GPT Group		134,322		528,047
Gramercy Property Trust		3,775		104,907
Growthpoint Properties Australia Ltd.		18,802		46,038
H&R Real Estate Investment Trust		10,476		177,740
Hamborner Real Estate Investment Trust AG		5,966		62,622
Hankyu Real Estate Investment Trust, Inc.		44		57,904
Heiwa Real Estate Investment Trust, Inc.		76		57,541
Hibernia Real Estate Investment Trust PLC		74,159		102,996
Hispania Activos Inmobiliarios SOCIMI SA		8,111		122,457
Hulic Real Estate Investment Trust, Inc.		71		114,008
ICADE		3,375		250,620
iStar, Inc.*		3,202		39,160
Kenedix Office Investment Corp.		30		170,083
Land Securities Group PLC		59,179		847,736
Lar Espana Real Estate Socimi SA		6,779		56,121
Liberty Property Trust		1,879		76,231
Londonmetric Property PLC		22,606		49,306
Mapletree Greater China Commercial Trust		138,100		105,763
Merlin Properties Socimi SA		35,157		416,092
Mirvac Group		277,270		471,297
Morguard Real Estate Investment Trust		5,052		56,625

ANNUAL REPORT / April 30, 2017

PORTFOLIOS OF INVESTMENTS    40

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number  of Shares		Value
NIPPON Real Estate Investment Trust
Investment Corp.		29	$	74,480
Nomura Real Estate Master Fund, Inc.		315		454,097
NSI NV		10,733		45,316
Premier Investment Corp.		84		90,349
PS Business Parks, Inc.		356		43,268
Redefine International PLC/Isle of Man		64,623		32,015
Reit 1 Ltd.		11,700		39,573
Sakura Sogo REIT Investment Corp.		24		16,815
Samty Residential Investment Corp.		22		16,065
Schroder Real Estate Investment Trust Ltd.		71,756		60,875
Sekisui House Real Estate Investment Trust, Inc.		63		80,421
Sekisui House Si Residential Investment
Corp.		82		86,505
Select Income Real Estate Investment Trust		2,809		70,394
Soilbuild Business Space Real Estate
Investment Trust		134,120		63,837
Spirit Realty Capital, Inc.		4,818		45,386
Star Asia Investment Corp.		19		16,686
Stockland		179,988		653,659
Sunlight Real Estate Investment Trust		139,000		86,313
Suntec Real Estate Investment Trust		190,600		241,464
Tokyu Real Estate Investment Trust, Inc.		73		90,566
Tosei REIT Investment Corp.		15		13,779
United Urban Investment Corp.		228		344,633
VEREIT, Inc.		21,909		183,378
Washington Real Estate Investment Trust		2,685		85,034
Yuexiu Real Estate Investment Trust		140,000		82,434
TOTAL DIVERSIFIED			$	9,290,265
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
Sella Capital Real Estate Ltd.		10,469		19,338
INDUSTRIALS – 1.3%
AIMS AMP Capital Industrial Real Estate
Investment Trust		42,000		41,935
Ascendas Real Estate Investment Trust		181,600		332,746
Cache Logistics Trust		83,800		51,882
Cambridge Industrial Trust		173,800		72,772
DCT Industrial Trust, Inc.		1,678		84,840
Dream Industrial Real Estate Investment
Trust		7,428		45,927
Duke Realty Corp.		6,491		179,995
EastGroup Properties, Inc.		609		47,654
First Industrial Realty Trust, Inc.		3,581		100,769
Frasers Logistics & Industrial Trust		78,200		56,531
GLP J-Real Estate Investment Trust		213		240,180
Goodman Group		119,178		723,740
Granite Real Estate Investment Trust		1,400		50,214

Description	Number  of Shares		Value
Hansteen Holdings PLC		66,138		$  106,050
Industria Real Estate Investment Trust		12,124		20,426
Industrial & Infrastructure Fund Investment
Corp.		29		127,993
Japan Logistics Fund, Inc.		65		138,717
LaSalle Logiport Real Estate Investment
Trust		82		77,899
Mapletree Industrial Trust		89,000		114,025
Mapletree Logistics Trust		90,500		73,195
Mitsui Fudosan Logistics Park, Inc.		15		43,799
Monmouth Real Estate Investment Corp.		3,795		56,925
Mucklow (A & J) Group PLC		7,083		44,035
Nippon Prologis Real Estate Investment
Trust, Inc.		142		300,241
Prologis, Inc.		10,007		544,481
Pure Industrial Real Estate Trust		9,005		43,077
Segro PLC		74,402		468,048
STAG Industrial, Inc.		1,515		39,935
Terreno Realty Corp.		2,213		68,337
Tritax Big Box Real Estate Investment Trust
PLC		82,699		149,957
Warehouses De Pauw CVA		1,181		113,003
TOTAL INDUSTRIALS				$      4,559,328
OFFICE – 2.0%
Alexandria Real Estate Equities, Inc.		1,623		182,604
Allied Properties Real Estate Investment
Trust		2,149		57,667
Alstria Office Real Estate Investment Trust
AG		7,735		102,289
Axiare Patrimonio SOCIMI SA		4,791		79,535
Befimmo SA		1,704		99,398
Beni Stabili SpA SIIQ		76,393		48,514
Boston Properties, Inc.		2,809		355,619
Brandywine Realty Trust		2,103		35,688
Brookfield Canada Office Properties		967		23,037
CapitaLand Commercial Trust		159,800		185,861
Champion Real Estate Investment Trust		160,000		104,084
City Office Real Estate Investment Trust, Inc.		2,823		35,429
Columbia Property Trust, Inc.		1,453		32,693
Cromwell Property Group		96,051		69,765
Daiwa Office Investment Corp.		25		121,776
Derwent London PLC		9,107		347,257
Dexus Property Group		71,853		548,796
Douglas Emmett, Inc.		2,656		100,052
Dream Office Real Estate Investment Trust		3,839		54,644
Frasers Commercial Trust		88,500		84,880
GDI Property Group		37,938		29,828
Global One Real Estate Investment Corp.		15		51,671
Government Properties Income Trust		2,635		56,178

ANNUAL REPORT / April 30, 2017

41    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number  of Shares		Value
Great Portland Estates PLC		29,703		$    266,222
Green Real Estate Investment Trust PLC		21,644		32,182
Highwoods Properties, Inc.		1,959		99,674
Hudson Pacific Properties, Inc.		3,947		135,619
Ichigo Office Real Estate Investment Trust Investment		49		27,736
Intervest Offices & Warehouses NV		942		24,422
Invesco Office J-Reit, Inc.		61		53,736
Investa Office Fund		45,951		163,439
Japan Excellent, Inc.		97		113,555
Japan Prime Realty Investment Corp.		70		262,794
Japan Real Estate Investment Corp.		94		494,981
Keppel Real Estate Investment Trust		134,000		101,664
Kilroy Realty Corp.		1,785		125,896
Mack-Cali Realty Corp.		2,859		77,336
Manulife US Real Estate Investment Trust		43,400		36,456
MCUBS MidCity Investment Corp.		20		59,744
Mori Hills Real Estate Investment Trust Investment Corp.		104		135,090
Mori Trust Sogo Real Estate Investment Trust, Inc.		61		95,269
Nippon Building Fund, Inc.		106		563,875
NorthStar Realty Europe Corp.		2,897		33,692
Orix JREIT, Inc.		201		318,787
Prosperity Real Estate Investment Trust		177,000		71,907
SIA Real Estate Investment Trust, Inc.		16		27,472
SL Green Realty Corp.		2,159		226,544
Spring Real Estate Investment Trust		137,000		57,242
Vornado Realty Trust		3,142		302,386
Workspace Group PLC		11,242		125,877
TOTAL OFFICE				$    6,840,862
REAL ESTATE OPERATING COMPANIES – 0.0%**
Picton Property Income Ltd.		63,920		69,750
RESIDENTIAL – 1.1%
Advance Residence Investment Corp.		101		266,011
American Campus Communities, Inc.		3,170		150,226
American Homes 4 Rent, Class A		4,256		98,101
Apartment Investment & Management Co., Class A		2,867		125,403
Ascott Residence Trust		47,100		36,914
AvalonBay Communities, Inc.		2,507		475,929
Bluerock Residential Growth Real Estate Investment Trust, Inc.		2,866		35,710
Boardwalk Real Estate Investment Trust		824		27,798
Camden Property Trust		1,563		128,682
Canadian Apartment Properties Real Estate Investment Trust		4,973		123,391
Colony Starwood Homes		1,772		61,258

Description	Number  of Shares		Value
Comforia Residential Real Estate Investment Trust, Inc.		38	$	84,130
Education Realty Trust, Inc.		2,267		87,892
Equity Lifestyle Properties, Inc.		1,489		120,475
Equity Residential		6,702		432,815
Essex Property Trust, Inc.		1,197		292,631
Ingenia Communities Group		24,221		49,695
InterRent Real Estate Investment Trust		6,334		36,518
Invincible Investment Corp.		304		116,446
Irish Residential Properties Real Estate Investment Trust PLC		33,709		48,102
Japan Rental Housing Investments, Inc.		122		87,663
Kenedix Residential Investment Corp.		26		66,776
Killam Apartment Real Estate Investment Trust		2,717		25,577
Mid-America Apartment Communities, Inc.		2,073		205,662
Milestone Apartments Real Estate Investment Trust*		2,950		47,868
Monogram Residential Trust, Inc.		3,847		39,162
NexPoint Residential Trust, Inc.		603		14,478
Nippon Accommodations Fund, Inc.		36		154,689
Northview Apartment Real Estate Investment Trust		2,317		38,615
Sun Communities, Inc.		1,221		102,088
UDR, Inc.		4,878		182,145
UMH Properties, Inc.		2,326		37,263
Unite Group PLC (The)		16,603		139,132
TOTAL RESIDENTIAL				$    3,939,245
RETAIL – 4.1%
AEON Real Estate Investment Trust Investment Corp.		103		112,632
Agree Realty Corp.		997		48,335
Altarea SCA		192		38,723
British Land Co. PLC (The)		78,791		669,960
Brixmor Property Group, Inc.		3,997		78,941
BWP Trust		53,889		117,828
Capital & Regional PLC		68,165		53,193
CapitaLand Mall Trust		201,700		284,400
CapitaLand Retail China Trust Management Ltd.		57,300		65,209
CBL & Associates Properties, Inc.		5,448		50,394
Charter Hall Retail Real Estate Investment Trust		20,074		67,190
Choice Properties Real Estate Investment Trust		3,565		36,328
Crombie Real Estate Investment Trust		2,904		30,847
CT Real Estate Investment Trust		2,299		24,673
DDR Corp.		2,066		22,333
Eurocommercial Properties NV		4,131		160,534
Federal Realty Investment Trust		1,666		218,063

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    42

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number  of Shares		Value
Fortune Real Estate Investment Trust		134,000	$	155,899
Frasers Centrepoint Trust		42,700		64,486
Frontier Real Estate Investment Corp.		34		148,383
Fukuoka Real Investment Trust Corp.		25		39,471
Getty Realty Corp.		2,065		52,864
GGP, Inc.		12,279		265,349
Hammerson PLC		59,361		451,697
Immobiliare Grande Distribuzione SIIQ SpA		24,928		22,321
Intu Properties PLC		78,158		279,092
Japan Retail Fund Investment Corp.		191		373,176
Kenedix Retail Real Estate Investment Trust Corp.		30		65,369
Kimco Realty Corp.		10,159		206,126
Klepierre		15,528		609,605
Link Real Estate Investment Trust		165,500		1,190,448
Macerich Co. (The)		2,828		176,552
Mapletree Commercial Trust		133,100		151,948
Mercialys SA		2,285		44,517
National Retail Properties, Inc.		3,543		149,585
NewRiver REIT PLC		17,468		78,711
OneREIT		14,846		40,675
Plaza Retail Real Estate Investment Trust		13,756		48,371
Realty Income Corp.		5,576		325,360
Regency Centers Corp.		3,297		208,304
Retail Estates NV		459		37,499
Retail Opportunity Investments Corp.		3,914		80,628
RioCan Real Estate Investment Trust		11,942		226,846
Saul Centers, Inc.		797		47,860
Scentre Group		398,448		1,285,922
Shaftesbury PLC		20,795		251,022
Shopping Centres Australasia Property Group		54,004		93,412
Simon Property Group, Inc.		6,106		1,009,078
Smart Real Estate Investment Trust		4,778		113,268
SPH Real Estate Investment Trust		57,300		40,397
Starhill Global Real Estate Investment Trust		128,800		70,985
Taubman Centers, Inc.		1,711		107,023
Unibail-Rodamco SE		7,432		1,825,172
Urban Edge Properties		3,090		78,795
Vastned Retail NV		820		30,633
Vicinity Centres		244,496		527,266
Viva Energy REIT		30,988		55,921
Washington Prime Group, Inc.		5,403		47,546
Weingarten Realty Investors		864		28,313
Wereldhave Belgium NV		372		40,518
Wereldhave NV		3,333		153,503
Westfield Corp.		143,056		972,653
TOTAL RETAIL			$	14,352,152

Description	Number  of Shares		Value
SPECIALIZED – 1.8%
Aedifica SA		1,327		$    104,307
ALE Property Group		13,023		46,125
Arena Real Estate Investment Trust		17,467		27,859
Ascendas Hospitality Trust		89,000		49,687
Ashford Hospitality Trust, Inc.		4,262		26,638
Assura PLC		65,987		52,348
Big Yellow Group PLC		12,620		126,514
Care Capital Properties, Inc.		2,505		67,309
CareTrust Real Estate Investment Trust, Inc.		3,065		52,166
CDL Hospitality Trusts		63,800		70,780
CoreCivic, Inc.		2,464		84,885
Coresite Realty Corp.		620		60,667
CubeSmart		4,498		113,979
CyrusOne, Inc.		1,357		74,146
Digital Realty Trust, Inc.		2,908		333,955
DuPont Fabros Technology, Inc.		1,415		72,943
EPR Properties		1,738		126,370
Extra Space Storage, Inc.		2,299		173,643
FelCor Lodging Trust, Inc.		5,723		44,353
First Real Estate Investment Trust		38,800		37,491
Folkestone Education Trust		30,135		65,439
Four Corners Property Trust, Inc.		1,094		25,523
Gaming and Leisure Properties, Inc.		3,494		121,591
Geo Group, Inc. (The)		2,244		74,770
HCP, Inc.		8,547		267,948
Health Care & Medical Investment Corp.		17		14,747
Healthcare Realty Trust, Inc.		3,364		110,339
Healthcare Trust of America, Inc., Class A		3,868		123,351
Hoshino Resorts Real Estate Investment Trust, Inc.		12		60,928
Hospitality Properties Trust		2,289		72,859
Host Hotels & Resorts, Inc.		13,496		242,253
Hotel Property Investments		10,758		23,844
Iron Mountain, Inc.		4,478		155,655
Japan Hotel REIT Investment Corp.		281		191,325
Japan Senior Living Investment Corp.		29		34,470
Keppel DC REIT		59,000		52,364
LaSalle Hotel Properties		1,261		36,014
Life Storage, Inc.		364		28,534
LTC Properties, Inc.		1,511		72,286
Medical Properties Trust, Inc.		2,936		38,374
National Health Investors, Inc.		1,042		76,243
National Storage Real Estate Investment Trust		65,695		73,297
Nippon Healthcare Investment Corp.		9		13,273

ANNUAL REPORT / April 30, 2017

43    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number  of Shares		Value
NorthWest Healthcare Properties Real Estate Investment Trust		2,862	$	22,581
Omega Healthcare Investors, Inc.		3,723		122,859
Ooedo Onsen REIT Investment Corp.		20		15,896
OUE Hospitality Trust		87,500		45,092
Physicians Realty Trust		4,415		86,711
Primary Health Properties PLC		44,662		65,511
Public Storage		2,726		570,770
QTS Realty Trust, Inc., Class A		1,471		78,610
Quality Care Properties, Inc.*		2,850		49,448
Regal Real Estate Investment Trust		106,000		31,071
Safestore Holdings PLC		15,484		81,222
Senior Housing Properties Trust		5,418		116,595
Summit Hotel Properties, Inc.		3,569		58,996
Sunstone Hotel Investors, Inc.		2,137		31,820
Universal Health Realty Income Trust		726		50,639
Ventas, Inc.		6,988		447,302
Vital Healthcare Property Trust		24,302		36,709
Welltower, Inc.		6,618		472,790
Xenia Hotels & Resorts, Inc.		4,295		74,991
TOTAL SPECIALIZED			$	6,181,205
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $39,098,679)			$	45,252,145
RIGHTS – 0.0%**
INDUSTRIALS – 0.0%**
Tritax Big Box Real Estate Investment Trust PLC Right*,††		7,518		389
TOTAL RIGHTS (COST $0)			$	389
TOTAL REAL ESTATE RELATED SECURITIES (COST $184,939,686)			$	194,593,103
COMMODITY RELATED SECURITIES – 13.3%
EXCHANGE-TRADED FUNDS – 13.3%
COMMODITY FUNDS – 13.3%
iShares Commodities Select Strategy ETF		366,667		12,180,678
iShares Gold Trust#,*		563,123		6,875,732
iShares Silver Trust#,*		403,511		6,577,229
SPDR S&P Global Natural Resources ETF		490,500		20,728,530
TOTAL COMMODITY FUNDS			$	46,362,169
TOTAL EXCHANGE-TRADED FUNDS (COST $47,011,116)			$	46,362,169
TOTAL COMMODITY RELATED SECURITIES (COST $47,011,116)			$	46,362,169

Description	Contracts/ Notional Value		Value
PURCHASED OPTIONS – 0.1%
CALL OPTIONS – 0.0%**
2Y U.S. Future Option MYC, Strike Price $110.50, Expiring 8/25/2017		66	$	—
5Y U.S. Future Option MYC, Strike Price $129.50, Expiring 8/25/2017		10		—
IRO USD 30Y DUB, Strike Price $2.15, Expiring 6/15/2018		1,100,000		31,655
TOTAL CALL OPTIONS			$	31,655
PUT OPTIONS – 0.1%
10Y U.S. Future Option MYC, Strike Price $119.00, Expiring 5/26/2017		117		—
3M GBP Libor Option BGC, Strike Price $98.50, Expiring 6/21/2017		53		—
IRO USD 10Y MYC, Strike Price $2.72, Expiring 7/16/2018		3,400,000		62,349
IRO USD 10Y MYC, Strike Price $2.77, Expiring 7/16/2018		4,500,000		76,651
IRO USD 30Y DUB, Strike Price $2.15, Expiring 6/15/2018		1,100,000		127,516
TOTAL PUT OPTIONS			$	266,516
TOTAL PURCHASED OPTIONS (COST $316,440)			$	298,171
	Number of Shares
SHORT-TERM INVESTMENTS – 1.0%
MONEY MARKET FUND – 1.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.69%^		3,337,439	$	3,337,439
TOTAL SHORT-TERM INVESTMENTS (COST $3,337,439)			$	3,337,439

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     44

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value			Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.1%
Citigroup Global Markets, Inc., 0.82%, dated 4/28/17, due 5/01/17, repurchase price $1,345,208, collateralized by U.S.
Government & Treasury Securities, 0.00% to 11.50%, maturing 5/01/17 to 6/01/53; total market value of $1,372,018.	$	1,345,116		$	1,345,116
HSBC Securities USA, Inc., 0.80%, dated 4/28/17, due 5/01/17, repurchase price $1,345,206, collateralized by U.S. Government Securities, 3.50% to 5.50%, maturing 11/01/42 to 8/01/48; total market value of $1,372,028.		1,345,116			1,345,116
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $1,345,207, collateralized by U.S. Government Securities, 3.00% to 4.50%, maturing 9/20/42 to 4/20/45; total market value of $1,372,018.		1,345,116			1,345,116
Mizuho Securities USA, Inc., 0.83%, dated 4/28/17, due 5/01/17, repurchase price $1,345,209, collateralized by U.S. Government Securities, 0.00% to 3.50%, maturing 7/28/17 to 2/01/47; total market value of $1,372,019.		1,345,116			1,345,116
RBC Dominion Securities, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $1,345,207, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 7/15/17 to 7/01/55; total market value of $1,372,018.		1,345,116			1,345,116
Royal Bank of Scotland PLC, 0.80% dated 4/28/17, due 5/01/17, repurchase price $535,282, collateralized by U.S. Treasury Securities, 0.08% to 1.13%, maturing 5/31/17 to 8/31/21; total market value of $545,953.		535,246			535,246
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $7,260,826)				$	7,260,826
TOTAL INVESTMENTS IN SECURITIES 113.1%
(COST $383,844,403)				$	392,962,615
	Contracts/ Notional Value
WRITTEN OPTIONS – (0.0%)**
CALL OPTIONS – (0.0%)**
10Y U.S. Future Option FBF, Strike Price $125.00, Expiring 5/26/2017		(18	)	$	(18,562	)
10Y U.S. Future Option FBF, Strike Price $126.00, Expiring 5/26/2017		(10	)		(4,844	)
10Y U.S. Future Option MYC, Strike Price $124.50, Expiring 5/26/2017		(35	)		(48,672	)
OTC Ecal GBP vs USD BOA, Strike Price $1.27, Expiring 5/18/2017		(1,452,000	)		(41,889	)
OTC Ecal USD vs BRL FBF, Strike Price $3.25, Expiring 5/11/2017		(311,700	)		(1,336	)

Description	Contracts/ Notional Value			Value
OTC Ecal USD vs MXN DUB, Strike Price $19.45, Expiring 5/15/2017		(278,600	)	$	(895	)
TOTAL CALL OPTIONS				$	(116,198	)
CALL SWAPTIONS – (0.0%)**
INF CAP U.S. 20Y GLM, Strike Price $3.00, Expiring 6/22/2035		(600,000	)		(6,386	)
IRO USD 5Y RYL, Strike Price $1.80, Expiring 11/07/2017		(1,900,000	)		(1,986	)
ITRAXX EUR 26 5Y CBK, Strike Price $0.68, Expiring 6/21/2017		(900,000	)		(3,538	)
ITRAXX EUR 27 5Y BRC, Strike Price $0.68, Expiring 6/21/2017		(500,000	)		(854	)
ITRAXX EUR 27 5Y BRC, Strike Price $0.70, Expiring 5/17/2017		(1,200,000	)		(2,604	)
ITRAXX EUR 27 5Y DUB, Strike Price $0.70, Expiring 5/17/2017		(600,000	)		(1,302	)
TOTAL CALL SWAPTIONS				$	(16,670	)
PUT OPTIONS – (0.0%)**
10Y U.S. Future Option FBF, Strike Price
$126.00, Expiring 5/26/2017		(3	)		(2,297	)
3M GBP Libor Option BGC, Strike Price
$98.00, Expiring 6/21/2017		(53	)		—
TOTAL PUT OPTIONS				$	(2,297	)
PUT SWAPTIONS – (0.0%)**
INF CAP U.S. 10Y JPM, Strike Price $4.00, Expiring 4/22/2024		(1,300,000	)		(755	)
INF CAP U.S. 10Y JPM, Strike Price $4.00, Expiring 5/16/2024		(100,000	)		(63	)
INF CAP U.S. YOY JPM, Strike Price $3.00, Expiring 4/10/2020		(8,300,000	)		32,634
INF FLOOR U.S. YOY 5Y JPM, Strike Price $0.00, Expiring 3/24/2020		(2,300,000	)		(5,654	)
INF FLOOR U.S. YOY JPM, Strike Price $0.00, Expiring 4/10/2020		(8,300,000	)		39,762
INF FLOOR USD, Strike Price $216.69, Expiring 4/07/2020		(2,600,000	)		(17	)
IRO USD 10Y GLM, Strike Price $2.46, Expiring 5/18/2017		(4,900,000	)		(2,858	)
IRO USD 5Y RYL, Strike Price $2.60, Expiring 11/07/2017		(1,900,000	)		(20,789	)
ITRAXX EUR 26 5Y CBK, Strike Price $1.00, Expiring 6/21/2017		(900,000	)		(140	)
ITRAXX EUR 27 5Y BRC, Strike Price $1.00, Expiring 6/21/2017		(500,000	)		(127	)
TOTAL PUT SWAPTIONS				$	41,993
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $(258,306))				$	(93,172	)

ANNUAL REPORT / April 30, 2017

45     PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Value
COLLATERAL FOR SECURITIES ON LOAN – (2.1%)	$	(7,260,826)
OTHER LIABILITIES LESS ASSETS – (11.0%)		(38,178,587	)
TOTAL NET ASSETS – 100.0%	$	347,430,030

Cost of investments for Federal income tax purposes is $387,586,583. The net unrealized appreciation/(depreciation) of investments was $5,376,032. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $9,212,386 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(3,836,354).

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    46

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, 2017 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	$	—		$	4,224,053		$	—	$	4,224,053
Certificates of Deposit		—			5,013,149			—		5,013,149
Corporate Bonds		—			8,971,192			—		8,971,192
Exchange-Traded Funds		15,512,450			—			—		15,512,450
Foreign Government Inflation-Linked Securities		—			3,845,125			—		3,845,125
Foreign Government Securities		—			11,220,089			—		11,220,089
Mortgage-Backed Securities		—			4,812,500			—		4,812,500
U.S. Government Inflation-Linked Securities		—			85,561,777			—		85,561,777
U.S. Treasury		—			1,950,572			—		1,950,572
Real Estate Related Securities
Common Stocks		29,310,039			—			—		29,310,039
Exchange-Traded Funds		102,832,864			—			—		102,832,864
Investment Companies		17,122,366			—			—		17,122,366
Preferred Stock		75,300			—			—		75,300
Real Estate Investment Trusts		45,252,145			—			—		45,252,145
Rights		—			389			—		389
Commodity Related Securities
Exchange-Traded Funds		46,362,169			—			—		46,362,169
Purchased Options		—			298,171			—		298,171
Short-Term Investments
Money Market Fund		3,337,439			—			—		3,337,439
Repurchase Agreements		—			7,260,826			—		7,260,826
Total Investments in Securities		259,804,772			133,157,843			—		392,962,615
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	261,760		$	—	$	261,760
Financial Futures Contracts		84,625			—			—		84,625
Credit Default Swaps		—			80,891			—		80,891
Interest Rate Swaps		—			740,551			—		740,551
Total Assets - Other Financial Instruments	$	84,625		$	1,083,202		$	—	$	1,167,827
Liabilities
Other Financial Instruments!
Written Options	$	(74,375	)	$	(18,797	)	$	—	$	(93,172	)
Forward Foreign Currency Contracts		—			(752,011	)		—		(752,011	)
Financial Futures Contracts		(156,699	)		—			—		(156,699	)
Credit Default Swaps		—			(10,770	)		—		(10,770	)
Interest Rate Swaps		—			(375,132	)		—		(375,132	)
Total Liabilities - Other Financial Instruments	$	(231,074	)	$	(1,156,710	)	$	—	$	(1,387,784	)

! 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 and written options and securities sold short are reported at their market value at period end.

ANNUAL REPORT / April 30, 2017

47    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

(a) Par Value denominated in USD unless otherwise noted.

# 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.

†† 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, 2017, the value of these securities amounted to $215,055 representing 0.06% 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, 2017, these liquid restricted securities amounted to $3,711,700 representing 1.07% of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:	Currency Code     Currency
CDX - Markit CDX Index	BRL	Brazilian Real
INF - Inflation	CAD	Canadian Dollar
IRO - Interest Rate Option	DKK	Danish Krone
LLC - Limited Liability Corporation	EUR	Euro
LP - Limited Partnership	GBP	Pound Sterling
MTN - Medium Term Note	JPY	Japanese Yen
NA - National Association	MXN	Mexican Peso
OAT - Obligations Assimilables	NZD	New Zealand Dollar
OTC - Over The Counter	USD	United States Dollar
PLC - Public Limited Company
REIT - Real Estate Investment Trust
YOY - Year Over Year
The following Counter Parties acronyms are used throughout this Fund:
BGC - Financial L.P
BOA - Bank of America NA
BRC - Barclays Bank PLC
CBK - Citibank NA
DUB - Deutsche Bank AG
FBF - Credit Suisse International
GLM - Goldman Sachs Bank USA
GST - Goldman Sachs International
HUS - HSBC BANK USA, N.A.
ICE - Intercontinental Exchange, Inc.
JPM - JP Morgan Chase Bank, N.A.
MYC - Morgan Stanley Capital Services Inc.
RYL - Royal Bank of Scotland PLC

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    48

Wilmington Multi-Manager Real Asset Fund (continued)

At April 30, 2017, the Wilmington Multi-Manager Real Asset Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

Settlement Date	Counterparty	Contracts to Deliver/Receive	Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
5/2/2017	JP Morgan Chase  Bank, N.A.	151,500,000 Japanese Yen	$	1,361,701	$	1,359,051	$	(2,650)
5/2/2017	Goldman Sachs Bank USA	2,851,000 New Zealand Dollar		1,955,301		1,957,499		2,198
5/2/2017	Goldman Sachs Bank USA	1,506,000 Pound Sterling		1,931,683		1,950,575		18,892
5/2/2017	JP Morgan Chase Bank, N.A.	452,000 Australian Dollar		338,725		338,458		(267)
5/3/2017	Credit Suisse International	2,606,849 Brazilian Real		815,048		820,627		5,579
5/3/2017	Deutsche Bank AG	2,606,849 Brazilian Real		816,554		820,627		4,073
5/3/2017	Goldman Sachs Bank USA	1,255,932 Brazilian Real		392,675		395,363		2,688
5/3/2017	Deutsche Bank AG	1,255,932 Brazilian Real		394,389		395,363		974
5/5/2017	HSBC Bank USA, N.A.	808,409 South African Rand		62,000		60,436		(1,564)
5/19/2017	Deutsche Bank AG	6,833,006 Chinese Yuan  Renminbi		979,923		989,266		9,343
5/19/2017	Societe Generale Securities	5,558,278 Chinese Yuan Renminbi		797,000		804,714		7,714
5/22/2017	Royal Bank of Scotland	580,900 Argentine peso		37,000		37,308		308
5/24/2017	Credit Suisse International	24,645,400 Russian Ruble		409,083		430,482		21,399
5/25/2017	HSBC Bank USA, N.A.	1,430,000 Mexican Peso		75,536		75,611		75
6/2/2017	Credit Suisse International	2,606,849 Brazilian Real		832,540		814,084		(18,456)
6/2/2017	Deutsche Bank AG	1,595,000 New Zealand Dollar		1,097,642		1,094,197		(3,445)
6/16/2017	Credit Suisse International	1,232,400 Argentine peso		78,000		78,203		203
6/21/2017	Citigroup Global Markets	954,600 Argentine peso		60,000		60,434		434
7/3/2017	HSBC Bank USA, N.A.	7,725,000 Danish Krone		1,135,153		1,135,260		107
7/20/2017	Societe Generale Securities	27,166,884 Indian Rupee		413,973		417,424		3,451
10/2/2017	Citigroup Global Markets	7,004,000 Danish Krone		1,020,352		1,034,596		14,244
10/3/2017	JP Morgan Chase Bank, N.A.	12,400,000 Brazilian Real		3,794,021		3,777,429		(16,592)
CONTRACTS SOLD
5/2/2017	HSBC Bank USA, N.A.	116,500,000 Japanese Yen		1,063,977		1,045,077		18,900
5/2/2017	Goldman Sachs Bank USA	35,000,000 Japanese Yen		314,316		313,972		344
5/2/2017	JP Morgan Chase Bank, N.A.	2,851,000 New Zealand Dollar		1,991,220		1,957,499		33,721
5/2/2017	Goldman Sachs Bank USA	2,024,000 Pound Sterling		2,516,698		2,621,490		(104,792)
5/2/2017	Citigroup Global Markets	742,000 Euro		791,732		808,261		(16,529)
5/2/2017	Goldman Sachs Bank USA	627,000 Canadian Dollar		468,107		459,324		8,783
5/2/2017	JP Morgan Chase Bank, N.A.	593,000 Australian Dollar		450,765		444,038		6,727
5/2/2017	JP Morgan Chase Bank, N.A.	376,000 Australian Dollar		285,215		281,549		3,666
5/2/2017	HSBC Bank USA, N.A.	208,000 Canadian Dollar		155,949		152,375		3,574
5/2/2017	Goldman Sachs Bank USA	102,000 Pound Sterling		127,611		132,111		(4,500)
5/2/2017	JP Morgan Chase Bank, N.A.	26,000 Euro		28,335		28,322		13
5/2/2017	Bank of New York	3,471 Pound Sterling		4,448		4,496		(48)
5/2/2017	Bank of New York	1,512 Pound Sterling		1,937		1,958		(21)
5/3/2017	Deutsche Bank AG	3,862,781 Brazilian Real		1,207,723		1,215,990		(8,267)
5/3/2017	Credit Suisse International	2,606,849 Brazilian Real		839,025		820,627		18,398
5/3/2017	Goldman Sachs Bank USA	1,255,932 Brazilian Real		401,000		395,363		5,637
5/5/2017	Goldman Sachs Bank USA	1,715,887 South African Rand		124,613		128,277		(3,664)
5/8/2017	JP Morgan Chase Bank, N.A.	160,000,000 Japanese Yen		1,420,328		1,435,736		(15,408)
5/8/2017	Bank of America Securities	20,000,000 Japanese Yen		177,486		179,467		(1,981)
5/17/2017	Deutsche Bank AG	27,476,182 Mexican Peso		1,461,149		1,454,951		6,198
5/17/2017	HSBC Bank USA, N.A.	4,768,323 Mexican Peso		255,000		252,498		2,502
5/19/2017	Citigroup Global Markets	12,436,416 Chinese Yuan Renminbi		1,797,560		1,800,515		(2,955)
5/25/2017	Bank of America Securities	1,430,000 Mexican Peso		70,329		75,611		(5,282)

ANNUAL REPORT / April 30, 2017

49    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Settlement Date	Counterparty	Contracts  to Deliver/Receive	Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS SOLD (continued)
6/2/2017	JP Morgan Chase Bank, N.A.	151,500,000 Japanese Yen		$1,363,285		$1,360,784		$      2,501
6/2/2017	Goldman Sachs Bank USA	2,851,000 New Zealand Dollar		1,953,776		1,955,834		(2,058	)
6/2/2017	Deutsche Bank AG	1,255,932 Brazilian Real		391,256		392,211		(955	)
6/9/2017	HSBC Bank USA, N.A.	617,371,055 Colombian Peso		203,136		208,490		(5,354	)
6/21/2017	Credit Suisse International	24,507,800 Russian Ruble		423,534		425,362		(1,828	)
7/3/2017	Bank of America Securities	18,745,820 Danish Krone		2,748,452		2,754,872		(6,420	)
7/3/2017	Barclays Bank International	505,000 Danish Krone		77,036		74,214		2,822
7/10/2017	Citigroup Global Markets	190,000,000 Japanese Yen		1,726,637		1,709,492		17,145
7/20/2017	JP Morgan Chase Bank, N.A.	12,631,728 Indian Rupee		194,000		194,088		(88	)
10/2/2017	Goldman Sachs Bank USA	6,477,000 Danish Krone		940,672		956,749		(16,077	)
10/2/2017	HSBC Bank USA, N.A.	5,780,000 Danish Krone		885,145		853,793		31,352
10/2/2017	JP Morgan Chase Bank, N.A.	625,000 Danish Krone		95,791		92,322		3,469
10/3/2017	JP Morgan Chase Bank, N.A.	6,300,000 Brazilian Real		1,852,941		1,919,178		(66,237	)
10/3/2017	JP Morgan Chase Bank, N.A.	6,100,000 Brazilian Real		1,814,666		1,858,251		(43,585	)
10/3/2017	HSBC Bank USA, N.A.	922,000 Danish Krone		140,527		136,201		4,326
1/2/2018	Bank of America Securities	2,448,000 Danish Krone		358,104		363,714		(5,610	)
1/3/2018	Deutsche Bank AG	7,600,000 Brazilian Real		2,139,838		2,278,683		(138,845	)
1/3/2018	Deutsche Bank AG	3,300,000 Brazilian Real		873,569		989,428		(115,859	)
1/3/2018	JP Morgan Chase Bank, N.A.	2,600,000 Brazilian Real		718,728		779,549		(60,821	)
1/3/2018	Deutsche Bank AG	2,400,000 Brazilian Real		665,128		719,584		(54,456	)
1/4/2018	Goldman Sachs Bank USA	11,710,000 Mexican Peso		571,847		598,058		(26,211	)
4/3/2018	Goldman Sachs Bank USA	2,300,000 Danish Krone		342,561		343,747		(1,186	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS								$(490,251)

At April 30, 2017, the Wilmington Multi-Manager Real Asset Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
LONG POSITIONS:
10 - Year U.S Treasury Note Futures		June 2017		82	$	10,224,312	$	10,308,937		$   84,625
SHORT POSITIONS:
10 - Year Japanese Treasury Bond Futures (OSE)		June 2017		3	$	3,942,574	$	3,963,351		$(20,777)
Euro - OAT Futures		June 2017		8		1,274,076		1,296,051		(21,975)
GBP Long Gilt Futures		June 2017		13		2,024,247		2,077,923		(53,676)
U.S Treasury Long Bond Futures		June 2017		23		3,458,011		3,518,282		(60,271)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$(72,074)

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    50

Wilmington Multi-Manager Real Asset Fund (continued)

At April 30, 2017, the Wilmington Multi-Manager Real Asset Fund had open interest rate swap agreements 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#		2/23/18	$	10,000,000		1.25	%	3 Month USD LIBOR	$	8,609		$	—		$	8,609
Chicago Mercantile Exchange#		6/15/18		1,200,000		1.25	%	3 Month USD LIBOR		(2,207	)		5,605			(7,812	)
Chicago Mercantile Exchange#		6/21/19		6,400,000		1.25	%	3 Month USD LIBOR		(47,962	)		(57,909	)		9,947
Chicago Mercantile Exchange#		12/16/20		500,000		2.00	%	3 Month USD LIBOR		(3,456	)		(189	)		(3,267	)
Chicago Mercantile Exchange#		6/21/22		8,000,000		1.25	%	3 Month USD LIBOR		280,776			369,619			(88,843	)
Chicago Mercantile Exchange#		12/16/22		700,000		2.25	%	3 Month USD LIBOR		9,332			1,563			7,769
Chicago Mercantile Exchange#		10/19/23		3,000,000		2.66	%	3 Month USD LIBOR		56,377			—			56,377
Chicago Mercantile Exchange#		10/25/23		2,000,000		2.68	%	3 Month USD LIBOR		39,424			—			39,424
Chicago Mercantile Exchange#		11/19/23		1,000,000		2.67	%	3 Month USD LIBOR		18,819			—			18,819
Chicago Mercantile Exchange#		12/12/23		1,000,000		2.68	%	3 Month USD LIBOR		18,834			—			18,834
Chicago Mercantile Exchange#		12/19/23		1,400,000		2.50	%	3 Month USD LIBOR		14,375			(12,010	)		26,385
Chicago Mercantile Exchange#		3/16/26		1,550,000		2.40	%	3 Month USD LIBOR		10,725			—			10,725
Chicago Mercantile Exchange#		4/21/26		2,300,000		2.30	%	3 Month USD LIBOR		27,008			—			27,008
Chicago Mercantile Exchange#		7/27/26		3,900,000		2.00	%	3 Month USD LIBOR		101,198			46,583			54,615
Chicago Mercantile Exchange*		7/27/26		850,000		1.85	%	3 Month USD LIBOR		27,666			—			27,666
London Clearing House*		12/21/26		3,240,000		1.75	%	3 Month USD LIBOR		139,432			(106,161	)		245,593
Chicago Mercantile Exchange#		6/21/47		700,000		1.75	%	3 Month USD LIBOR		(126,179	)		(139,621	)		13,442
Chicago Mercantile Exchange#		10/25/48		400,000		2.97	%	3 Month USD LIBOR		(28,824	)		—			(28,824	)
Chicago Mercantile Exchange#		11/19/48		200,000		2.95	%	3 Month USD LIBOR		(13,526	)		—			(13,526	)
Chicago Mercantile Exchange#		12/12/48		200,000		2.95	%	3 Month USD LIBOR		(13,496	)		—			(13,496	)
Chicago Mercantile Exchange#		12/19/48		400,000		2.75	%	3 Month USD LIBOR		(9,597	)		8,929			(18,526	)
London Clearing House#		9/20/27		750,000		1.50	%	6 Month GBP LIBOR		(27,805	)		(10,280	)		(17,525	)
London Clearing House#		3/21/48		530,000		1.75	%	6 Month GBP LIBOR		(56,942	)		(32,534	)		(24,408	)
Chicago Mercantile Exchange#		3/21/48		50,000		1.75	%	6 Month GBP LIBOR		(5,489	)		(4,274	)		(1,215	)
London Clearing House*		10/15/17		1,200,000		0.58	%	Eurostat Eurozone HICP Ex Tobacco		3,609			(4,190	)		7,799
London Clearing House*		5/15/18		2,000,000		0.83	%	Eurostat Eurozone HICP Ex Tobacco		(26,770	)		(8,659	)		(18,111	)
London Clearing House*		4/15/21		600,000		0.81	%	Eurostat Eurozone HICP Ex Tobacco		15,434			3,299			12,135
London Clearing House*		5/15/21		1,500,000		0.88	%	Eurostat Eurozone HICP Ex Tobacco		38,298			9,833			28,465
London Clearing House*		12/15/21		520,000		1.17	%	Eurostat Eurozone HICP Ex Tobacco		2,665			398			2,267
London Clearing House*		8/15/26		1,000,000		1.10	%	Eurostat Eurozone HICP Ex Tobacco		(34,735	)		(47,982	)		13,247
London Clearing House*		12/15/26		600,000		1.39	%	Eurostat Eurozone HICP Ex Tobacco		(2,749	)		(949	)		(1,800	)
London Clearing House*		11/15/18		200,000		0.89	%	France CPI Ex Tobacco		564			43			521
London Clearing House*		10/15/31		300,000		3.53	%	UK RPI All Items NSA		(988	)		4,902			(5,890	)
London Clearing House*		6/15/31		900,000		3.10	%	UK RPI All Items NSA		(107,689	)		(104,556	)		(3,133	)
London Clearing House*		10/15/31		1,360,000		3.53	%	UK RPI All Items NSA		(4,479	)		6,673			(11,152	)
London Clearing House*		4/15/35		700,000		3.36	%	UK RPI All Items NSA		(21,654	)		(36,071	)		14,417
London Clearing House*		10/15/46		300,000		3.59	%	UK RPI All Items NSA		(10,321	)		(17,054	)		6,733
London Clearing House*		10/15/46		100,000		3.59	%	UK RPI All Items NSA		(3,440	)		(12,310	)		8,870
London Clearing House*		3/15/47		200,000		3.43	%	UK RPI All Items NSA		17,911			—			17,911
London Clearing House*		4/27/18		700,000		1.71	%	US Urban Consumers NSA		(1,020	)		—			(1,020	)
London Clearing House*		4/28/18		2,000,000		1.68	%	US Urban Consumers NSA		(2,309	)		—			(2,309	)
London Clearing House*		4/27/19		700,000		1.94	%	US Urban Consumers NSA		837			—			837
London Clearing House*		11/23/20		700,000		2.03	%	US Urban Consumers NSA		252			—			252
London Clearing House*		11/25/20		700,000		2.02	%	US Urban Consumers NSA		381			—			381
London Clearing House*		7/26/21		500,000		1.55	%	US Urban Consumers NSA		12,415			16,923			(4,508	)
London Clearing House*		9/12/21		460,000		1.60	%	US Urban Consumers NSA		9,512			13,855			(4,343	)
London Clearing House*		7/26/26		500,000		1.73	%	US Urban Consumers NSA		(22,802	)		(26,802	)		4,000

ANNUAL REPORT / April 30, 2017

51    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Counterparty	Termination Date		Notional Amount		Fixed Rate			Floating Rate	Fair Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
London Clearing House*		9/12/26	$	460,000		1.80	%	US Urban Consumers NSA	$	(17,330	)		$  (21,247	)		$    3,917
London Clearing House*		9/15/26		300,000		1.78	%	US Urban Consumers NSA		(12,009	)		(14,562	)		2,553
									$	250,675			$(169,135	)		$419,810
OVER THE COUNTER
Citibank NA#		5/15/26		400,000		1.18	%	Eurostat Eurozone HICP Ex Tobacco		(11,701	)		(61	)		(11,640	)
Citibank NA*		7/15/17		200,000		2.25	%	US Urban Consumers NSA		(10,780	)		2			(10,782	)
Bank of America NA*		10/16/17		200,000		1.01	%	US Urban Consumers NSA		2,011			—			2,011
Bank of America NA*		5/23/18		100,000		1.58	%	US Urban Consumers NSA		248			—			248
Bank of America NA*		6/07/18		300,000		1.57	%	US Urban Consumers NSA		1,162			—			1,162
Bank of America NA*		11/23/20		2,400,000		1.57	%	US Urban Consumers NSA		47,612			—			47,612
Morgan Stanley Capital Services LLC#		7/18/26		500,000		1.79	%	US Urban Consumers NSA		(21,465	)		—			(21,465	)
Morgan Stanley Capital Services LLC#		7/19/26		800,000		1.81	%	US Urban Consumers NSA		(32,553	)		—			(32,553	)
Morgan Stanley Capital Services LLC*		7/20/26		500,000		1.80	%	US Urban Consumers NSA		(20,782	)		—			(20,782	)
Morgan Stanley Capital Services LLC*		9/20/26		200,000		1.81	%	US Urban Consumers NSA		(8,202	)		—			(8,202	)
									$	(54,450	)		$         (59	)		$  (54,391	)
NET UNREALIZED (DEPRECIATION) ON INTEREST RATE SWAP AGREEMENTS									$	196,225			$(169,194	)		$365,419

At April 30, 2017, the Wilmington Multi-Manager Real Asset Fund had open credit default swap agreements as follows:

Counterparty	Termination Date		Notional Amount(a)		Fixed Rate			Reference Equity /Obligation	Implied Credit Spread at April 30, 2017(b)		Fair Value(c)		Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CENTRALLY CLEARED
Morgan Stanley Capital Services LLC###		6/20/22	$	1,350,000		5.00	%	CDX HY28 5Y ICE		3.27%		$(103,632)		$  (92,862	)		$(10,770)
												$(103,632)		$  (92,862	)		$(10,770)
OVER THE COUNTER
Bank of America NA##		12/20/21	$	200,000		1.00	%	BRAZIL LA SP BOA		2.77%		$    (8,078)		$  (14,566	)		$    6,488
Deutsche Bank AG##		6/20/21		100,000		1.00	%	BRAZIL LA SP DUB		2.96%		(2,655)		(7,275	)		4,620
Credit Suisse International##		6/20/21		200,000		1.00	%	BRAZIL LA SP FBF		2.59%		(5,310)		(11,917	)		6,607
HSBC Bank USA, N.A.##		6/20/21		200,000		1.00	%	BRAZIL LA SP HUS		2.59%		(5,310)		(11,953	)		6,643
JP Morgan Chase Bank, N.A.##		6/20/21		100,000		1.00	%	BRAZIL LA SP JPM		2.60%		(2,655)		(6,012	)		3,357
Deutsche Bank AG##		10/17/57		400,000		0.50	%	CMBX.NA.AAA.8 SP DUB		1.18%		(4,686)		(20,280	)		15,594
Goldman Sachs International##		10/17/57		400,000		0.50	%	CMBX.NA.AAA.8 SP GST		1.77%		(4,686)		(25,381	)		20,695
Barclays Bank PLC##		6/20/21		100,000		1.00	%	COLOMBIA LA SP BRC		1.69%		393		(2,669	)		3,062
HSBC Bank USA, N.A.##		6/20/21		100,000		1.00	%	COLOMBIA LA SP HUS		1.71%		393		(2,746	)		3,139
HSBC Bank USA, N.A.##		6/20/22		184,000		1.00	%	COLOMBIA LA SP HUS		1.33%		(2,086)		(2,879	)		793
Deutsche Bank AG##		6/20/21		200,000		1.00	%	MEXICO LA SP DUB		1.53%		1,181		(4,080	)		5,261
JP Morgan Chase Bank, N.A.##		6/20/21		100,000		1.00	%	RUSSIA EM SP JPM		2.37%		(555)		(5,187	)		4,632
												$  (34,054)		$(114,945	)		$  80,891
NET UNREALIZED APPRECIATION (DEPRECIATION) ON CREDIT DEFAULT SWAP AGREEMENTS												$(137,686)		$(207,807	)		$  70,121

* 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

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    52

Wilmington Multi-Manager Real Asset Fund (concluded)

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, 2017

53

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Moderate Fund

At April 30, 2017, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
Investment Companies:	Total Net Assets
Equity Funds		49.8	%
Exchange-Traded Funds		15.4	%
Debt Funds		8.1	%
Alternative Investment Funds		6.4	%
U.S. Treasury		7.3	%
Corporate Bonds		6.6	%
Mortgage-Backed Securities		4.2	%
Collateralized Mortgage Obligations		0.4	%
Enhanced Equipment Trust Certificates		0.2	%
Cash Equivalents1		3.7	%
Other Assets and Liabilities – Net2		(2.1	)%
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, 2017

Description	Number  of Shares		Value
INVESTMENT COMPANIES – 79.7%
ALTERNATIVE INVESTMENT FUNDS – 6.4%
AQR Managed Futures Strategy Fund, Class I		202,765	$	1,835,024
Blackstone Alt Multi-Strategy, Class Y		45,284		482,272
Legg Mason BW Absolute Return Opportunities Fund, Class I		38,715		470,000
TOTAL ALTERNATIVE INVESTMENT FUNDS			$	2,787,296
DEBT FUNDS – 8.1%
Fidelity Focused High Income Fund		208,749		1,809,857
FPA New Income, Inc.		170,765		1,704,237
TOTAL DEBT FUNDS			$	3,514,094
EQUITY FUNDS – 49.8%
Diamond Hill Large Cap Fund, Class Y		71,452		1,780,579
Federated International Strategic Value Dividend Fund, Class I		137,788		505,680
Janus Enterprise Fund, Class I		16,349		1,696,708
LSV Value Equity Fund, Class I		64,413		1,730,790
Morgan Stanley Institutional Fund, Inc. –
Growth Portfolio, Class I		43,735		1,867,035

Description	Number  of Shares		Value
T Rowe Price Institutional Large- Cap Growth Fund, Class I		55,460	$	1,865,665
Touchstone Small Cap Growth Fund, Class Y		140,015		834,489
Victory Integrity Small-Cap Value Fund, Class Y		24,958		966,138
Wilmington Large-Cap Strategy Fund, Class I§		218,031		4,284,311
Wilmington Multi-Manager
International Fund, Class I§		783,454		6,204,954
TOTAL EQUITY FUNDS			$	21,736,349
EXCHANGE-TRADED FUNDS – 15.4%
iShares Cohen & Steers REIT ETF#		6,325		630,223
iShares Core MSCI Emerging		17,075		831,553
iShares Russell Mid-Cap Value ETF#		14,125		1,174,070
iShares TIPS ETF		13,600		1,564,136
SPDR Dow Jones International
Real Estate ETF		21,125		806,553
Vanguard Small-Cap ETF		12,550		1,686,971
TOTAL EXCHANGE-TRADED FUNDS			$	6,693,506
TOTAL INVESTMENT COMPANIES (COST $29,853,658)			$	34,731,245

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    54

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par  Value		Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.4%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
Series 1988-23, Class C, 9.75%, 9/25/18	$	164	$	171
Series 2012-114, Class VM, 3.50%, 10/25/25		139,245		146,441
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	146,612
WHOLE LOAN – 0.1%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 3.59%, 2/25/34D		25,250		25,395
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.67%, 11/25/35D		13,075		12,376
TOTAL WHOLE LOAN			$	37,771
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $193,905)			$	184,383
CORPORATE BONDS – 6.6%
AUTOMOTIVE – 0.1%
General Motors Financial Co., Inc.,
Company Guaranteed, 3.20%, 7/06/21		40,000		40,409
BEVERAGES – 0.2%
Anheuser-Busch InBev Finance, Inc.,
Company Guaranteed, 4.90%, 2/01/46		20,000		21,932
Dr. Pepper Snapple Group, Inc.,
Company Guaranteed, 2.00%, 1/15/20		10,000		9,981
Dr. Pepper Snapple Group, Inc.,
Company Guaranteed, 2.70%, 11/15/22		40,000		39,939
TOTAL BEVERAGES			$	71,852
BIOTECHNOLOGY – 0.1%
Amgen, Inc.,
Sr. Unsecured, 4.40%, 5/01/45		25,000		24,731
Celgene Corp.,
Sr. Unsecured, 4.63%, 5/15/44		40,000		40,541
TOTAL BIOTECHNOLOGY			$	65,272
CAPITAL MARKETS – 0.2%
BlackRock, Inc.,
Sr. Unsecured, 3.38%, 6/01/22		38,000		39,733
Charles Schwab Corp. (The),
Sr. Unsecured, 2.20%, 7/25/18		15,000		15,106
Morgan Stanley,
Subordinated, GMTN, 4.35%, 9/08/26		10,000		10,346
TD Ameritrade Holding Corp.,
Sr. Unsecured, 2.95%, 4/01/22		18,000		18,301
TOTAL CAPITAL MARKETS			$	83,486
COMMERCIAL BANKS – 0.3%
BB&T Corp.,
Sr. Unsecured, MTN, 2.45%, 1/15/20		30,000		30,356
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		20,000		21,004
SunTrust Banks, Inc.,
Sr. Unsecured, 2.90%, 3/03/21		30,000		30,474

Description	Par  Value		Value
US Bancorp,
V, Sr. Unsecured, 2.63%, 1/24/22	$	45,000	$	45,398
TOTAL COMMERCIAL BANKS			$	127,232
COMPUTERS – 0.1%
Apple, Inc.,
Sr. Unsecured, 1.05%, 5/05/17		45,000		45,001
CONSUMER FINANCE – 0.1%
American Express Co.,
Sr. Unsecured, FRN, 1.64%, 5/22/18D		30,000		30,133
DIVERSIFIED FINANCIAL SERVICES – 1.0%
Bank of America Corp.,
Sr. Unsecured, 2.00%, 1/11/18		50,000		50,131
Bank of America Corp.,
Sr. Unsecured, MTN, 3.25%, 10/21/27		20,000		19,223
Citigroup, Inc.,
Sr. Unsecured, 6.00%, 8/15/17		100,000		101,222
Citigroup, Inc.,
Sr. Unsecured, 1.70%, 4/27/18		35,000		35,007
FMR LLC,
Sr. Unsecured, 6.45%, 11/15/39W		100,000		129,231
HSBC USA, Inc.,
Sr. Unsecured, 2.63%, 9/24/18		40,000		40,436
Wells Fargo & Co.,
Subordinated, MTN, 4.40%, 6/14/46		40,000		39,051
Wells Fargo & Co.,
Series M, Subordinated, 3.45%, 2/13/23		35,000		35,642
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	449,943
ELECTRIC – 0.4%
Appalachian Power Co.,
Sr. Unsecured, 5.00%, 6/01/17		35,000		35,098
DTE Energy Co.,
Sr. Unsecured, 3.85%, 12/01/23		10,000		10,419
Entergy Corp.,
Sr. Unsecured, 5.13%, 9/15/20		90,000		97,154
Pacific Gas & Electric Co.,
Sr. Unsecured, 3.75%, 2/15/24		20,000		21,142
TOTAL ELECTRIC			$	163,813
ENVIRONMENTAL CONTROL – 0.1%
Waste Management, Inc.,
Company Guaranteed, 3.50%, 5/15/24		35,000		36,694
Waste Management, Inc.,
Company Guaranteed, 4.10%, 3/01/45		25,000		25,469
TOTAL ENVIRONMENTAL CONTROL			$	62,163
FOREST PRODUCTS & PAPER – 0.1%
International Paper Co.,
Sr. Unsecured, 4.75%, 2/15/22		35,000		38,330
HEALTH CARE EQUIPMENT & SUPPLIES – 0.1%
Abbott Laboratories,
Sr. Unsecured, 2.35%, 11/22/19		20,000		20,122

ANNUAL REPORT / April 30, 2017

55    PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par  Value		Value
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.30%, 2/15/22	$	20,000	$	20,544
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	40,666
HEALTH CARE PROVIDERS & SERVICES – 0.1%
UnitedHealth Group, Inc., Sr. Unsecured, 2.75%, 2/15/23		25,000		25,146
HOME FURNISHINGS – 0.2%
Whirlpool Corp., Sr. Unsecured, 4.50%, 6/01/46		25,000		25,294
Whirlpool Corp., Sr. Unsecured, 4.70%, 6/01/22		65,000		71,000
Whirlpool Corp., Sr. Unsecured, MTN, 5.15%, 3/01/43		10,000		10,845
TOTAL HOME FURNISHINGS			$	107,139
HOUSEHOLD PRODUCTS – 0.1%
Tupperware Brands Corp., Company Guaranteed, 4.75%, 6/01/21		60,000		64,215
INDUSTRIALS – 0.1%
Rockwell Collins, Inc., Sr. Unsecured, 3.50%, 3/15/27		25,000		25,421
INSURANCE – 0.5%
Aon PLC, Company Guaranteed, 4.00%, 11/27/23		40,000		42,253
CNA Financial Corp., Sr. Unsecured, 3.95%, 5/15/24		35,000		36,298
Lincoln National Corp., Sr. Unsecured, 3.63%, 12/12/26		25,000		25,255
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22		60,000		64,849
WR Berkley Corp., Sr. Unsecured, 4.75%, 8/01/44		45,000		45,288
TOTAL INSURANCE			$	213,943
MEDIA – 0.1%
CBS Corp., Company Guaranteed, 4.60%, 1/15/45		25,000		25,008
Time Warner, Inc., Company Guaranteed, 4.85%, 7/15/45		25,000		24,406
Walt Disney Co. (The), Sr. Unsecured, GMTN, 4.13%, 6/01/44		10,000		10,276
TOTAL MEDIA			$	59,690
METALS & MINING – 0.1%
Rio Tinto Finance USA Ltd., Company Guaranteed, 9.00%, 5/01/19		24,000		27,274
MISCELLANEOUS MANUFACTURING – 0.1%
Illinois Tool Works, Inc., Sr. Unsecured, 3.50%, 3/01/24		45,000		47,291
Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21		20,000		20,635
TOTAL MISCELLANEOUS MANUFACTURING			$	67,926

Description	Par  Value		Value
OIL & GAS – 0.4%
BP Capital Markets PLC, Company Guaranteed, 2.50%, 11/06/22	$	50,000	$	49,431
Exxon Mobil Corp., Sr. Unsecured, 1.82%, 3/15/19		30,000		30,282
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		20,000		20,024
Phillips 66,
Company Guaranteed, 4.30%, 4/01/22		20,000		21,682
Shell International Finance BV,
Company Guaranteed, 3.25%, 5/11/25		25,000		25,515
Valero Energy Corp.,
Sr. Unsecured, 4.90%, 3/15/45		10,000		10,091
TOTAL OIL & GAS			$	157,025
PHARMACEUTICALS – 0.2%
AbbVie, Inc.,
Sr. Unsecured, 2.50%, 5/14/20		30,000		30,297
AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42		20,000		19,410
Medco Health Solutions, Inc.,
Company Guaranteed, 4.13%, 9/15/20		20,000		21,003
TOTAL PHARMACEUTICALS			$	70,710
PIPELINES – 0.5%
Energy Transfer LP,
Sr. Unsecured, 3.60%, 2/01/23		35,000		35,455
Energy Transfer LP,
Sr. Unsecured, 4.20%, 4/15/27#		40,000		40,516
Kinder Morgan Energy Partners LP,
Company Guaranteed, 2.65%, 2/01/19		35,000		35,326
MPLX LP,
Sr. Unsecured, 5.20%, 3/01/47		15,000		15,394
ONEOK Partners LP,
Company Guaranteed, 6.20%, 9/15/43		45,000		51,574
Spectra Energy Partners LP,
Sr. Unsecured, 4.50%, 3/15/45		25,000		24,311
TOTAL PIPELINES			$	202,576
REAL ESTATE INVESTMENT TRUSTS – 0.8%
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		15,000		16,434
Digital Realty Trust LP,
Company Guaranteed, 5.88%, 2/01/20		100,000		108,642
HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		15,000		15,513
Health Care REIT, Inc.,
Sr. Unsecured, 4.70%, 9/15/17		100,000		101,132
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		40,000		40,554
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		15,000		14,976
Prologis LP,
Company Guaranteed, 3.35%, 2/01/21		35,000		36,196
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	333,447

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    56

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par  Value		Value
SEMICONDUCTORS – 0.1%
Intel Corp.,
Sr. Unsecured, 2.70%, 12/15/22	$	35,000	$	35,604
TELECOMMUNICATIONS – 0.3%
AT&T, Inc.,
Sr. Unsecured, 1.40%, 12/01/17		35,000		34,993
AT&T, Inc.,
Sr. Unsecured, 2.45%, 6/30/20		35,000		35,094
AT&T, Inc.,
Sr. Unsecured, 4.50%, 5/15/35		15,000		14,274
AT&T, Inc.,
FRN, Sr. Unsecured, 1.96%, 11/27/18D		55,000		55,422
TOTAL TELECOMMUNICATIONS			$	139,783
TRANSPORTATION – 0.2%
FedEx Corp.,
Company Guaranteed, 3.88%, 8/01/42		30,000		27,622
FedEx Corp.,
Company Guaranteed, 4.10%, 2/01/45		15,000		14,150
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/18		55,000		55,286
TOTAL TRANSPORTATION			$	97,058
TRUCKING & LEASING – 0.0%**
GATX Corp.,
Sr. Unsecured, 5.20%, 3/15/44		20,000		20,928
TOTAL CORPORATE BONDS (COST $2,773,892)			$	2,866,185
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2%
AIRLINES – 0.2%
Continental Airlines 2009-2,
Series A, Pass-Through Certificates, 7.25%, 11/10/19		53,730		59,573
Delta Air Lines, 2007-1,
Series A, Pass-Through Certificates, 6.82%, 8/10/22		40,225		46,196
TOTAL AIRLINES			$	105,769
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $93,223)			$	105,769
MORTGAGE-BACKED SECURITIES – 4.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.4%
Pool C00478, 8.50%, 9/01/26		1,664		1,943
Pool A15865, 5.50%, 11/01/33		40,672		45,169
Pool A19412, 5.00%, 3/01/34		114,684		127,988
Pool G05774, 5.00%, 1/01/40		223,648		246,861
Pool C03517, 4.50%, 9/01/40		29,281		31,616
Pool C03849, 3.50%, 4/01/42		49,659		51,212
Pool C04305, 3.00%, 11/01/42		175,453		175,606
Pool C09020, 3.50%, 11/01/42		154,612		160,155
Pool G07889, 3.50%, 8/01/43		37,548		38,647

Description	Par  Value		Value
Pool Q23891, 4.00%, 12/01/43	$	46,337	$	48,909
Pool G60038, 3.50%, 1/01/44		122,785		127,186
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,055,292
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.7%
Pool 326445, 0.88%, 5/21/18		165,000		164,536
Pool 580676, 1.63%, 11/27/18		165,000		165,874
Pool AB4089, 3.00%, 12/01/26		31,048		32,078
Pool 533246, 7.50%, 4/01/30		4,240		4,373
Pool AJ4050, 4.00%, 10/01/41		91,216		96,649
Pool AX5302, 4.00%, 1/01/42		28,301		29,986
Pool AT7899, 3.50%, 7/01/43		71,736		73,894
Pool AS0302, 3.00%, 8/01/43		73,942		74,372
Pool AL6325, 3.00%, 10/01/44		67,859		68,254
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	710,016
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.1%
Pool 354677, 7.50%, 10/15/23		10,046		11,307
Pool 354765, 7.00%, 2/15/24		17,531		19,582
Pool 354827, 7.00%, 5/15/24		14,261		15,561
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	46,450
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,795,899)			$	1,811,758
U.S. TREASURY – 7.3%
U.S. TREASURY BONDS – 1.3%
2.50%, 2/15/46		65,000		59,083
3.00%, 11/15/44		53,000		53,493
3.00%, 11/15/45		8,000		8,061
3.13%, 8/15/44 11,000				11,370
3.38%, 5/15/44		139,000		150,349
3.63%, 2/15/44		87,000		98,209
4.38%, 5/15/40		120,000		150,929
4.75%, 2/15/37		21,000		27,744
TOTAL U.S. TREASURY BONDS			$	559,238
U.S. TREASURY NOTES – 6.0%
0.63%, 9/30/17		40,000		39,945
0.88%, 10/15/17		360,000		359,839
1.13%, 2/28/21		250,000		245,151
1.50%, 12/31/18#		87,000		87,388
1.50%, 3/31/19		100,000		100,463
1.50%, 11/30/19		40,000		40,141
1.50%, 8/15/26		90,000		84,210
1.63%, 11/15/22		96,000		94,527
1.63%, 5/15/26		195,000		184,801
2.00%, 10/31/21		165,000		166,631
2.00%, 2/15/25		115,000		113,511

ANNUAL REPORT / April 30, 2017

57    PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
2.00%, 8/15/25	$	35,000	$	34,410
2.13%, 11/30/23		215,000		215,940
2.13%, 8/31/20		115,000		117,152
2.13%, 6/30/22		175,000		177,318
2.13%, 5/15/25		140,000		139,194
2.25%, 11/15/24		80,000		80,539
2.25%, 11/15/25		5,000		5,003
2.38%, 8/15/24		140,000		142,343
3.50%, 5/15/20		100,000		106,012
4.50%, 5/15/17#		100,000		100,150
TOTAL U.S. TREASURY NOTES			$	2,634,668
TOTAL U.S. TREASURY (COST $3,164,462)			$	3,193,906
	Number of Shares
MONEY MARKET FUND – 1.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.69%^		672,031	$	672,031
TOTAL MONEY MARKET FUND (COST $672,031)			$	672,031
TOTAL INVESTMENTS IN SECURITIES – 99.9% (COST $38,547,070)			$	43,565,277
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.2%
REPURCHASE AGREEMENTS – 2.2%
Citigroup Global Markets, Inc., 0.82%, dated 4/28/17, due 5/01/17, repurchase price $178,081, collateralized by U.S. Government Securities, 0.00% to 11.50%, maturing 5/01/17 to 6/01/53; total market value of $181,630.	$	178,069	$	178,069
Daiwa Capital Markets America, 0.85%, dated 4/28/17, due 5/01/17, repurchase price $178,082, collateralized by U.S. Government & Treasury Securities, 0.00% to 6.50%, maturing 5/18/17 to 12/01/51; total market value of $181,630.		178,069		178,069
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $178,081, collateralized by U.S. Government Securities, 3.00% to 4.50%, maturing 9/20/42 to 4/20/45; total market value of $181,630.		178,069		178,069

Description	Par  Value		Value
Mizuho Securities USA, Inc., 0.83%, dated 4/28/17, due 5/01/17, repurchase price $178,081, collateralized by U.S. Government Securities, 0.00% to 3.50%, maturing 7/28/17 to 2/01/47; total market value of $181,631.	$	178,069	$	178,069
RBC Dominion Securities, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $178,081, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 7/15/17 to 7/01/55; total market value of $181,630.		178,069		178,069
Royal Bank of Scotland PLC, 0.80% dated 4/28/17 due 5/01/17, repurchase price $70,720, collateralized by U.S. Treasury Securities, 0.08% to 1.13%, maturing 5/31/17 to 8/31/21; total market value of $72,130.		70,715		70,715
TOTAL REPURCHASE AGREEMENTS			$	961,060
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $961,060)			$	961,060
TOTAL INVESTMENTS – 102.1% (COST $39,508,130)			$	44,526,337
COLLATERAL FOR SECURITIES ON LOAN – (2.2%)				(961,060	)
OTHER ASSETS LESS LIABILITIES – 0.1%				37,756
TOTAL NET ASSETS – 100.0%			$	43,603,033

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    58

Wilmington Strategic Allocation Moderate Fund (concluded)

Cost of investments for Federal income tax purposes is $40,146,785. The net unrealized appreciation/(depreciation) of investments was $4,379,552. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $4,831,370 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(451,818).

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, 2017 in valuing the Fund’s assets carried at fair value:

	Level  1		Level  2		Level  3		Total
Investments in Securities
Investment Companies	$	34,731,245	$	—	$	—	$	34,731,245
Collateralized Mortgage Obligations		—		184,383		—		184,383
Corporate Bonds		—		2,866,185		—		2,866,185
Enhanced Equipment Trust Certificates		—		105,769		—		105,769
Mortgage-Backed Securities		—		1,811,758		—		1,811,758
U.S. Treasury		—		3,193,906		—		3,193,906
Money Market Fund		672,031		—		—		672,031
Repurchase Agreements		—		961,060		—		961,060
Total	$	35,403,276	$	9,123,061	$	—	$	44,526,337

# 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.

§ 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, 2017, these liquid restricted securities amounted to $129,231 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

MSCI - Morgan Stanley Capital International

MTN - Medium Term Note

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, 2017

59    STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2017	Wilmington Multi-Manager International Fund				Wilmington Global Alpha Equities Fund
ASSETS:
Investments, at identified cost		$	419,086,148			$	96,054,144
Investments in securities, at value (Including $28,662,290 and $0 of securities on loan, respectively) (Note 2)		$	468,223,439			$	101,076,433
Cash			—				2,050
Deposits for futures contracts			972,573				2,680,005
Cash denominated in foreign currencies			1,543,223	(a)			73,542	(a)
Income receivable			1,598,228				165,305
Tax reclaim receivable			788,328				58,101
Due from advisor			—				26,004
Receivable for shares sold			370,556				46,918
Unrealized appreciation on foreign currency exchange contracts			54				354
Receivable for investments sold			2,013,360				797,741
Prepaid assets			24,581				29,520
TOTAL ASSETS			475,534,342				104,955,973
LIABILITIES:
Overdraft due to custodian			44				—
Overdraft due to broker			—				90,872	(b)
Deferred capital gains tax payable			11,343				—
Payable for investments purchased			924,894				630,870
Collateral for securities on loan			30,099,385				—
Unrealized depreciation on foreign currency exchange contracts			1,732				145,240
Payable for shares redeemed			116,128				24,925
Payable to sub-advisors			131,292				46,927
Payable for Trustees’ fees			3,305				3,305
Payable for distribution services fee			982				37
Payable for shareholder services fee			42,467				—
Other accrued expenses			315,406				65,433
TOTAL LIABILITIES			31,646,978				1,007,609
NET ASSETS		$	443,887,364			$	103,948,364
NET ASSETS CONSIST OF:
Paid-in capital		$	424,676,054			$	107,638,854
Undistributed net investment income			1,675,297				256,240
Accumulated net realized gain (loss) on investments and foreign currency transactions			(31,650,312	)			(7,840,433	)
Net unrealized appreciation (depreciation) of investments and foreign currencies			49,186,325				3,893,703
TOTAL NET ASSETS		$	443,887,364			$	103,948,364
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	4,912,850			$	180,164
Shares outstanding (unlimited shares authorized)			625,088				17,096
Net Asset Value per share		$	7.86			$	10.54
Offering price per share*		$	8.32	**		$	11.15	**
Class I
Net Assets		$	438,974,514			$	103,768,200
Shares outstanding (unlimited shares authorized)			55,443,786				9,784,565
Net Asset Value per share		$	7.92			$	10.61

(a) Cost of cash denominated in foreign currencies was $1,530,212 and $75,834, respectively.

(b) Cost of overdraft due to broker was $(93,704).

* 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, 2017 / ANNUAL REPORT

     STATEMENTS OF ASSETS AND LIABILITIES (concluded)    60

April 30, 2017	Wilmington Multi-Manager Real Asset Fund				Wilmington Strategic Allocation Moderate Fund
ASSETS:
Investments, at identified cost		$	383,844,403			$	39,508,130	(a)
Investments in securities, at value (Including $7,097,595 and $936,219 of securities on loan, respectively) (Note 2)		$	392,962,615			$	44,526,337	(b)
Cash			32,212,435				—
Deposits for futures contracts			279,189				—
Deposits for swaps			752,820	(c)			—
Cash denominated in foreign currencies			1,074,017	(d)			—
Variation margin receivable for centrally cleared swap agreements			77,129				—
Variation margin receivable for financial futures contracts			11,903				—
Income receivable			760,469				73,135
Tax reclaim receivable			122,423				—
Due from advisor			—				6,319
Receivable for shares sold			266,621				1,086
Over the counter swap agreements, at value (Net upfront payments received of $9,495)			53,000				—
Unrealized appreciation on foreign currency exchange contracts			261,760				—
Receivable for investments sold			18,897,817				—
Prepaid assets			29,594				15,595
TOTAL ASSETS			447,761,792				44,622,472
LIABILITIES:
Options written, at value			93,172	(e)			—
Variation margin payable for centrally cleared swap agreements			105,143				—
Variation margin payable for financial futures contracts			18,687				—
Payable for investments purchased			91,486,564				—
Collateral for securities on loan			7,260,826				961,060
Over the counter swap agreements, at value (Net upfront payments received of $105,509)			141,504				—
Unrealized depreciation on foreign currency exchange contracts			752,011				—
Payable for shares redeemed			187,487				761
Payable to sub-advisors			70,719				—
Payable for Trustees’ fees			3,305				3,305
Payable for distribution services fee			346				8,745
Other accrued expenses			211,998				45,568
TOTAL LIABILITIES			100,331,762				1,019,439
NET ASSETS		$	347,430,030			$	43,603,033
NET ASSETS CONSIST OF:
Paid-in capital		$	456,119,074			$	40,011,498
Undistributed (distributions in excess of) net investment income			(1,420,920	)			58,750
Accumulated net realized gain (loss) on investments and foreign currency transactions			(116,432,628	)			(1,485,422	)
Net unrealized appreciation (depreciation) of investments and foreign currencies			9,164,504				5,018,207
TOTAL NET ASSETS		$	347,430,030			$	43,603,033
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	1,643,416			$	42,877,892
Shares outstanding (unlimited shares authorized)			118,449				3,814,169
Net Asset Value per share		$	13.87			$	11.24
Offering price per share*		$	14.68	**		$	11.89	**
Class I
Net Assets		$	345,786,614			$	725,141
Shares outstanding (unlimited shares authorized)			24,686,983				64,453
Net Asset Value per share		$	14.01			$	11.25

(a) Includes $8,385,275 of investments in affiliated issuers.

(b) Includes $10,489,265 of investments in affiliated issuers.

(c) Includes cash denominated in foreign currencies with a value of $98,731 and a cost of $95,730.

(d) Cost of cash denominated in foreign currencies was $1,070,857.

(e) Premiums received for options written were $258,306.

* 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, 2017

61    STATEMENTS OF OPERATIONS     

Year Ended April 30, 2017	Wilmington Multi-Manager International Fund			Wilmington Global Alpha Equities Fund
INVESTMENT INCOME:
Dividends	$	9,523,142	(a)	$	1,539,909	(a)
Interest		3,693			1,524,681
Securities lending income		115,787			—
TOTAL INVESTMENT INCOME		9,642,622			3,064,590
EXPENSES:
Investment advisory fee		3,771,132			2,104,827
Administrative personnel and services fee		130,193			40,186
Portfolio accounting and administration fees		334,602			62,281
Custodian fees		454,357			54,567
Transfer and dividend disbursing agent fees and expenses		138,203			132,365
Trustees’ fees		52,280			52,280
Professional fees		237,429			221,988
Distribution services fee—Class A		11,596			1,125
Shareholder services fee—Class A		11,596			1,125
Shareholder services fee— Class I		1,003,200			312,749
Share registration costs		29,067			35,971
Printing and postage		26,060			57,042
Dividend expense on securities sold short		—			273,464
Prime broker interest expense		—			165,938
Miscellaneous		61,623			31,280
TOTAL EXPENSES		6,261,338			3,547,188
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor/subadvisors		(1,291,963	)		(570,029	)
Waiver of shareholder services fee—Class A		(11,596	)		(1,125	)
Waiver of shareholder services fee—Class I		(524,950	)		(312,749	)
TOTAL WAIVERS AND REIMBURSEMENTS		(1,828,509	)		(883,903	)
Net expenses		4,432,829			2,663,285
Net investment income (loss)		5,209,793			401,305
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		14,330,820	(b)		6,521,691
Net realized gain (loss) on foreign currency transactions		(80,036	)		65,361
Net realized gain (loss) on futures contracts		625,498			228,414
Net realized gain (loss) on options purchased		—			825,083
Net realized gain (loss) on options written		—			(642,816	)
Net realized gain (loss) on securities sold short		—			(3,227,464	)
Litigation proceeds		326,981	(c)		—
Net change in unrealized appreciation (depreciation) on investments		30,889,855	(d)		3,541,894
Net change in unrealized appreciation (depreciation) on foreign currency transactions		(21,686	)		(145,951	)
Net change in unrealized appreciation (depreciation) on futures contracts		77,166			63,312
Net change in unrealized appreciation (depreciation) on options purchased		—			19,894
Net change in unrealized appreciation (depreciation) on options written		—			(111,473	)
Net change in unrealized appreciation (depreciation) on securities sold short		—			1,452,537
Net realized and unrealized gain (loss) on investments		46,148,598			8,590,482
Change in net assets resulting from operations	$	51,358,391		$	8,991,787

(a) Net of foreign withholding taxes withheld of $873,402 and $81,027, respectively.

(b) Net of foreign deferred capital gains taxes of $69,649.

(c) The Litigation proceeds represent a class action settlement received by the Fund related to best execution of foreign exchange settlements.

(d) Net of foreign deferred capital gains taxes of $11,343.

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

    STATEMENTS OF OPERATIONS (Concluded)    62

Year Ended April 30, 2017	Wilmington Multi-Manager Real Asset Fund				Wilmington Strategic Allocation Moderate Fund
INVESTMENT INCOME:
Dividends		$	7,101,929	(a)		$	431,983
Dividends received from affiliated issuers			—				161,770
Interest			5,540,566				232,992
Securities lending income			13,079				12,175
TOTAL INVESTMENT INCOME			12,655,574				838,920
EXPENSES:
Investment advisory fee			3,036,241				176,462
Administrative personnel and services fee			139,162				14,146
Portfolio accounting and administration fees			278,979				27,038
Custodian fees			200,127				2,271
Transfer and dividend disbursing agent fees and expenses			147,016				80,023
Trustees’ fees			52,280				52,281
Professional fees			144,170				70,941
Distribution services fee—Class A			4,286				107,967
Shareholder services fee—Class A			4,286				107,967
Shareholder services fee— Class I			1,081,329				2,322
Share registration costs			31,945				19,217
Printing and postage			26,443				14,457
Interest expense on securities sold short			459				—
Interest expense on reverse repurchase agreements			5,031				—
Miscellaneous			57,407				24,453
TOTAL EXPENSES			5,209,161				699,545
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor/subadvisors			(251	)			(265,124	)
Waiver of shareholder services fee—Class A			(4,286	)			(107,967	)
Waiver of shareholder services fee—Class I			(1,081,329	)			(2,322	)
TOTAL WAIVERS AND REIMBURSEMENTS			(1,085,866	)			(375,413	)
Net expenses			4,123,295				324,132
Net investment income (loss)			8,532,279				514,788
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			24,164,698				58,345
Net realized gain (loss) on affiliated investment companies			—				(45,695	)
Realized gain on distributions received from investment companies			—				343,826
Net realized gain (loss) on foreign currency transactions			(272,505	)			—
Net realized gain (loss) on futures contracts			277,119				—
Net realized gain (loss) on swap agreements			(1,530,211	)			—
Net realized gain (loss) on options purchased			(212,657	)			—
Net realized gain (loss) on options written			293,281				—
Net realized gain (loss) on securities sold short			37,233				—
Net change in unrealized appreciation (depreciation) on investments			(26,382,666	)			1,711,056
Net change in unrealized appreciation (depreciation) on affiliated investment companies			—				1,362,773
Net change in unrealized appreciation (depreciation) on foreign currency transactions			573,077				—
Net change in unrealized appreciation (depreciation) on futures contracts			(193,422	)			—
Net change in unrealized appreciation (depreciation) on swap agreements			1,456,688				—
Net change in unrealized appreciation (depreciation) on options purchased			216,048				—
Net change in unrealized appreciation (depreciation) on options written			(5,458	)			—
Net realized and unrealized gain (loss) on investments			(1,578,775	)			3,430,305
Change in net assets resulting from operations		$	6,953,504			$	3,945,093

(a) Net of foreign withholding taxes withheld of $439,951.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

63     STATEMENTS OF CHANGES IN NET ASSETS    

	Wilmington Multi-Manager International Fund						Wilmington Global Alpha Equities Fund
	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2017			Year Ended April 30, 2016
OPERATIONS:
Net investment income (loss)	$	5,209,793		$	5,787,311		$	401,305		$	(291,344	)
Net realized gain (loss) on investments		15,203,263			(10,808,957	)		3,770,269			(11,470,714	)
Net change in unrealized appreciation (depreciation) of investments		30,945,335			(52,586,995	)		4,820,213			(902,909	)
Change in net assets resulting from operations		51,358,391			(57,608,641	)		8,991,787			(12,664,967	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(62,135	)		(67,333	)		(462	)		(34,136	)
Class I		(5,670,589	)		(6,200,624	)		(302,238	)		(3,829,874	)
Change in net assets resulting from distributions to shareholders		(5,732,724	)		(6,267,957	)		(302,700	)		(3,864,010	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		49,030			351,433			12,149			393,012
Class I		101,289,157			57,572,702			14,479,634			30,547,196
Distributions reinvested
Class A		55,898			60,844			462			29,357
Class I		3,573,511			3,701,965			198,217			2,704,451
Cost of shares redeemed
Class A		(492,657	)		(799,243	)		(1,149,734	)		(1,702,665	)
Class I		(122,380,114	)		(122,199,388	)		(77,771,723	)		(52,313,966	)
Change in net assets resulting from share transactions		(17,905,175	)		(61,311,687	)		(64,230,995	)		(20,342,615	)
Change in net assets		27,720,492			(125,188,285	)		(55,541,908	)		(36,871,592	)
NET ASSETS:
Beginning of year		416,166,872			541,355,157			159,490,272			196,361,864
End of year	$	443,887,364		$	416,166,872		$	103,948,364		$	159,490,272
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	1,675,297		$	640,558		$	256,240		$	(36,074	)
SHARES OF BENEFICIAL INTEREST:											.
Shares sold
Class A		6,734			47,244			1,191			36,602
Class I		14,188,431			8,226,926			1,417,814			2,971,611
Distributions reinvested
Class A		8,080			8,215			45			2,886
Class I		512,694			496,430			19,357			265,142
Shares redeemed
Class A		(68,746	)		(111,776	)		(115,488	)		(158,847	)
Class I		(16,928,812	)		(17,268,127	)		(7,697,101	)		(4,982,168	)
Net change resulting from share transactions		(2,281,619	)		(8,601,088	)		(6,374,182	)		(1,864,774	)

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

    STATEMENTS OF CHANGES IN NET ASSETS (concluded)    64

	Wilmington Multi-Manager Real Asset Fund						Wilmington Strategic Allocation Moderate Fund
	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2017			Year Ended April 30, 2016
OPERATIONS:
Net investment income (loss)	$	8,532,279		$	7,339,659		$	514,788		$	565,960
Net realized gain (loss) on investments		22,756,958			(42,694,796	)		356,476			830,718
Net change in unrealized appreciation (depreciation) of investments		(24,335,733	)		21,341,618			3,073,829			(3,451,110	)
Change in net assets resulting from operations		6,953,504			(14,013,519	)		3,945,093			(2,054,432	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		—			(100,231	)		(511,380	)		(704,866	)
Class I		—			(21,533,735	)		(13,529	)		(19,318	)
Distributions from net realized gain on investments
Class A		—			—			—			(91,486	)
Class I		—			—			—			(2,187	)
Change in net assets resulting from distributions to shareholders		—			(21,633,966	)		(524,909	)		(817,857	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		115,013			390,108			718,976			1,574,207
Class I		54,174,835			111,341,836			155,458			69,670
Distributions reinvested
Class A		—			70,793			474,723			746,484
Class I		—			10,809,455			1,591			3,257
Cost of shares redeemed
Class A		(265,658	)		(754,086	)		(6,275,919	)		(7,765,695	)
Class I		(168,480,798	)		(96,894,994	)		(627,698	)		(202,703	)
Change in net assets resulting from share transactions		(114,456,608	)		24,963,112			(5,552,869	)		(5,574,780	)
Change in net assets		(107,503,104	)		(10,684,373	)		(2,132,685	)		(8,447,069	)
NET ASSETS:
Beginning of year		454,933,134			465,617,507			45,735,718			54,182,787
End of year	$	347,430,030		$	454,933,134		$	43,603,033		$	45,735,718
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(1,420,920	)	$	(14,365,036	)	$	58,750		$	50,278
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		8,418			28,843			66,205			147,792
Class I		3,913,708			8,257,608			14,825			6,507
Distributions reinvested
Class A		—			5,219			44,416			71,453
Class I		—			793,039			149			309
Shares redeemed
Class A		(19,269	)		(56,589	)		(584,999	)		(746,129	)
Class I		(12,240,278	)		(7,222,474	)		(58,979	)		(18,836	)
Net change resulting from share transactions		(8,337,421	)		1,805,646			(518,383	)		(538,904	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

65    FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.

    WILMINGTON MULTI-MANAGER INTERNATIONAL FUND

CLASS A	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
Net Asset Value, Beginning of Year		$7.08			$8.04			$ 7.90			$ 7.27			$ 6.72
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.08			0.08			0.09			0.12			0.09
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.79	(b)		(0.95	)		0.17			0.63			0.57
Total Income (Loss) From Operations		0.87			(0.87	)		0.26			0.75			0.66
Less Distributions From:
Net Investment Income		(0.09	)		(0.09	)		(0.12	)		(0.12	)		(0.11	)
Total Distributions		(0.09	)		(0.09	)		(0.12	)		(0.12	)		(0.11	)
Net Asset Value, End of Year		$7.86			$7.08			$8.04			$ 7.90			$ 7.27
Total Return(c)		12.52	%		(10.82	)%		3.29	%		10.53	%		10.17	%
Net Assets, End of Year (000’s)		$4,913			$4,810			$5,909			$ 6,107			$ 6,301
Ratios to Average Net Assets
Gross Expense		1.79	%		1.87	%		1.84	%		1.78	%		1.78	%
Net Expenses(d)		1.22	%		1.31	%		1.42	%		1.49	%		1.48	%
Net Investment Income (Loss)		1.16	%		1.15	%		1.20	%		1.64	%		1.38	%
Portfolio Turnover Rate		177	%		71	%		78	%		49	%		72	%
CLASS I	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
Net Asset Value, Beginning of Year		$7.13			$ 8.09			$7.94			$ 7.30			$ 6.75
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.09			0.09			0.10			0.13			0.10
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.80	(b)		(0.95	)		0.18			0.64			0.57
Total Income (Loss) From Operations		0.89			(0.86	)		0.28			0.77			0.67
Less Distributions From:
Net Investment Income		(0.10	)		(0.10	)		(0.13	)		(0.13	)		(0.12	)
Total Distributions		(0.10	)		(0.10	)		(0.13	)		(0.13	)		(0.12	)
Net Asset Value, End of Year		$ 7.92			$ 7.13			$ 8.09			$ 7.94			$ 7.30
Total Return(c)		12.69	%		(10.70	)%		3.46	%		10.73	%		10.22	%
Net Assets, End of Year (000’s)		$438,974			$411,357			$535,446			$526,874			$512,889
Ratios to Average Net Assets
Gross Expense		1.54	%		1.62	%		1.59	%		1.53	%		1.54	%
Net Expenses(d)		1.09	%		1.18	%		1.29	%		1.36	%		1.35	%
Net Investment Income (Loss)		1.28	%		1.28	%		1.32	%		1.75	%		1.47	%
Portfolio Turnover Rate		177	%		71	%		78	%		49	%		72	%

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

(b) Amount includes a non-recurring payment for Litigation proceeds which represents a class action settlement received by the Fund related to best execution of foreign exchange transactions. The litigation proceeds impacted the realized and unrealized gain (loss) per share by $0.01 and $0.01 for Class A and Class I, respectively.

(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, 2017 / ANNUAL REPORT

    FINANCIAL HIGHLIGHTS (continued)    66

For a share outstanding throughout each period.

WILMINGTON GLOBAL ALPHA EQUITIES FUND

CLASS A	Year  Ended April 30, 2017			Year  Ended April 30, 2016			Year  Ended April 30, 2015			Year  Ended April 30, 2014			Year Ended April 30, 2013
Net Asset Value, Beginning of Year		$ 9.82			$ 10.86			$ 10.74			$ 10.58			$10.11
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		(0.01	)		(0.05	)		(0.06	)		(0.04	)		0.00	%(b)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.75			(0.75	)		0.35			0.34			0.56
Total Income (Loss) From Operations		0.74			(0.80	)		0.29			0.30			0.56
Less Distributions From:
Net Investment Income		(0.02	)		(0.24	)		—			(0.01	)		(0.03	)
Net Realized Gains		—			—			(0.17	)		(0.13	)		(0.06	)
Total Distributions		(0.02	)		(0.24	)		(0.17	)		(0.14	)		(0.09	)
Net Asset Value, End of Year		$10.54			$ 9.82			$ 10.86			$ 10.74			$ 10.58
Total Return(c)		7.59	%		(7.48	)%		2.73	%		2.74	%		5.56	%
Net Assets, End of Year (000’s)		$ 180			$1,290			$ 2,723			$ 4,156			$2,397
Ratios to Average Net Assets
Gross Expense		3.06	%		2.89	%		3.04	%		3.30	%		3.98	%
Net Expenses(d)(e)		2.48	%		2.46	%		2.68	%		2.71	%		2.84	%
Net Investment Income (Loss)		(0.06	)%		(0.44	)%		(0.52	)%		(0.33	)%		0.00	%(f)
Portfolio Turnover Rate		367	%		387	%		434	%		403	%		367	%
CLASS I	Year  Ended April 30, 2017			Year  Ended April 30, 2016			Year  Ended April 30, 2015			Year  Ended April 30, 2014			Year Ended April 30, 2013
Net Asset Value, Beginning of Year		$ 9.86			$ 10.88			$10.74			$ 10.56			$10.08
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.03			(0.02	)		(0.03	)		0.00	(b)		0.03
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.75			(0.76	)		0.34			0.32			0.56
Total Income (Loss) From Operations		0.78			(0.78	)		0.31			0.32			0.59
Less Distributions From:
Net Investment Income		(0.03	)		(0.24	)		—			(0.01	)		(0.05	)
Net Realized Gains		—			—			(0.17	)		(0.13	)		(0.06	)
Total Distributions		(0.03	)		(0.24	)		(0.17	)		(0.14	)		(0.11	)
Net Asset Value, End of Year		$ 10.61			$ 9.86			$ 10.88			$ 10.74			$ 10.56
Total Return(c)		7.93	%		(7.22	)%		2.91	%		3.01	%		5.91	%
Net Assets, End of Year (000’s)		$103,768			$158,200			$193,639			$207,530			$44,660
Ratios to Average Net Assets
Gross Expense		2.82	%		2.64	%		2.78	%		2.95	%		3.77	%
Net Expenses(d)(e)		2.12	%		2.21	%		2.41	%		2.43	%		2.65	%
Net Investment Income (Loss)		0.32	%		(0.16	)%		(0.27	)%		(0.04	)%		0.29	%
Portfolio Turnover Rate		367	%		387	%		434	%		403	%		367	%

(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.

(e) 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, 2017	2.06%	1.77%
April 30, 2016	2.15%	1.90%
April 30, 2015	2.19%	1.95%
April 30, 2014	2.23%	1.98%
April 30, 2013	2.24%	1.98%

(f) Represents less than 0.005%.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

67    FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period.

  WILMINGTON MULTI-MANAGER REAL ASSET FUND

CLASS A	Year  Ended April 30, 2017			Year  Ended April 30, 2016			Year  Ended April 30, 2015			Year  Ended April 30, 2014			Year  Ended April 30, 2013
Net Asset Value, Beginning of Year		$13.63			$14.77			$14.81			$15.55			$14.28
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.23			0.21			0.13			0.10			0.18
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.01			(0.68	)		0.04			(0.65	)		1.28
Total Income (Loss) From Operations		0.24			(0.47	)		0.17			(0.55	)		1.46
Less Distributions From:
Net Investment Income		—			(0.67	)		(0.21	)		(0.19	)		(0.19	)
Total Distributions		—			(0.67	)		(0.21	)		(0.19	)		(0.19	)
Net Asset Value, End of Year		$13.87			$ 13.63			$ 14.77			$ 14.81			$ 15.55
Total Return(b)		1.76	%		(3.09	)%		1.14	%		(3.46	)%		10.33	%
Net Assets, End of Year (000’s)		$1,643			$1,762			$2,242			$2,606			$6,337
Ratios to Average Net Assets
Gross Expense		1.45	%		1.48	%		1.49	%		1.54	%		1.55	%
Net Expenses(c)(d)		1.20	%		1.23	%		1.23	%		1.28	%		1.27	%
Net Investment Income (Loss)		1.68	%		1.53	%		0.89	%		0.72	%		1.13	%
Portfolio Turnover Rate		593	%		418	%		242	%		149	%		131	%
CLASS I		Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
Net Asset Value, Beginning of Year		$13.73			$ 14.86			$ 14.88			$ 15.61			$ 14.33
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.27			0.24			0.17			0.13			0.20
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.01			(0.67	)		0.03			(0.64	)		1.30
Total Income (Loss) From Operations		0.28			(0.43	)		0.20			(0.51	)		1.50
Less Distributions From:
Net Investment Income		—			(0.70	)		(0.22	)		(0.22	)		(0.22	)
Total Distributions		—			(0.70	)		(0.22	)		(0.22	)		(0.22	)
Net Asset Value, End of Year		$14.01			$13.73			$ 14.86			$ 14.88			$ 15.61
Total Return(b)		2.11	%		(2.89	)%		1.40	%		(3.20	)%		10.58	%
Net Assets, End of Year (000’s)		$345,787			$453,171			$463,375			$452,913			$440,999
Ratios to Average Net Assets
Gross Expense		1.20	%		1.23	%		1.24	%		1.29	%		1.31	%
Net Expenses(c)(d)		0.95	%		0.98	%		0.98	%		1.03	%		1.02	%
Net Investment Income (Loss)		1.97	%		1.75	%		1.13	%		0.93	%		1.39	%
Portfolio Turnover Rate		593	%		418	%		242	%		149	%		131	%

(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.

(d) Expense ratio includes interest expense related to reverse repurchase agreements and securities sold short. Interest expense related to reverse repurchase agreements and securities sold short had no impact on the ratio of expenses to average net assets for the year ended April 30, 2017.

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

    FINANCIAL HIGHLIGHTS (concluded)    68

For a share outstanding throughout each period.

  WILMINGTON STRATEGIC ALLOCATION MODERATE FUND

CLASS A	Year  Ended April 30, 2017		Year  Ended April 30, 2016		Year  Ended April 30, 2015		Year  Ended April 30, 2014		Year  Ended April 30, 2013
Net Asset Value, Beginning of Year		$10.40		$10.98		$10.47		$9.86		$9.26
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.12		0.12		0.10		0.10		0.13
Net Realized and Unrealized Gain (Loss) on Investments		0.85		(0.53)		0.53		0.62		0.61
Total Income (Loss) From Operations		0.97		(0.41)		0.63		0.72		0.74
Less Distributions From:
Net Investment Income		(0.13)		(0.15)		(0.12)		(0.11)		(0.14)
Net Realized Gains		—		(0.02)		—		—		—
Total Distributions		(0.13)		(0.17)		(0.12)		(0.11)		(0.14)
Net Asset Value, End of Year		$11.24		$10.40		$10.98		$10.47		$9.86
Total Return(b)		9.38%		(3.70)%		6.09%		7.34%		8.12%
Net Assets, End of Year (000’s)		$42,878		$44,607		$52,860		$57,317		$60,640
Ratios to Average Net Assets
Gross Expense(c)		1.59%		1.52%		1.46%		1.45%		1.45%
Net Expenses(c)(d)		0.74%		0.74%		0.80%		0.84%		0.84%
Net Investment Income (Loss)		1.16%		1.14%		0.90%		0.94%		1.36%
Portfolio Turnover Rate		9%		52%		23%		54%		32%
CLASS I		Year Ended April  30, 2017		Year Ended April  30, 2016		Year Ended April  30, 2015		Year Ended April  30, 2014		Year Ended April  30, 2013
Net Asset Value, Beginning of Year		$10.41		$10.98		$10.47		$9.84		$9.25
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.15		0.15		0.12		0.13		0.15
Net Realized and Unrealized Gain (Loss) on Investments		0.85		(0.53)		0.54		0.63		0.61
Total Income (Loss) From Operations		1.00		(0.38)		0.66		0.76		0.76
Less Distributions From:
Net Investment Income		(0.16)		(0.17)		(0.15)		(0.13)		(0.17)
Net Realized Gains		—		(0.02)		—		—		—
Total Distributions		(0.16)		(0.19)		(0.15)		(0.13)		(0.17)
Net Asset Value, End of Year		$11.25		$10.41		$10.98		$10.47		$9.84
Total Return(b)		9.64%		(3.42)%		6.35%		7.76%		8.29%
Net Assets, End of Year (000’s)		$725		$1,129		$1,323		$971		$2,753
Ratios to Average Net Assets
Gross Expense(c)		1.34%		1.27%		1.21%		1.19%		1.20%
Net Expenses(c)(d)		0.49%		0.49%		0.55%		0.59%		0.59%
Net Investment Income (Loss)		1.44%		1.39%		1.16%		1.33%		1.59%
Portfolio Turnover Rate		9%		52%		23%		54%		32%

(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.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

69    NOTES TO FINANCIAL STATEMENTS    

Wilmington Funds

April 30, 2017

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 12 portfolios,, 4 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 8 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 Global Alpha Equities Fund Formerly known as Wilmington Multi-Manager Alternatives Fund (“Global Alpha Equities Fund”)(d)	The Fund seeks to achieve long-term growth of capital with lower volatility than broader equity markets.
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 Moderate Fund (“Strategic Allocation Moderate Fund”)(d)	The Fund seeks a high level of total return consistent with a moderate level of risk.

(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 Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 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 – The Funds utilize a Fair Value approach. The 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 (“ETFs”) and Exchange Traded Notes (“ETNs”), is taken from the exchange where the security is primarily traded;

•Swap agreements are valued daily based upon the terms specific to each agreement with its counterparty;

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

April 30, 2017 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    70

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 as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value.

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs and techniques used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs and techniques 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 techniques 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 year. As of April 30, 2017, 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, Global Alpha Equities Fund and the Real Asset Fund utilizing international fair value pricing during the period. Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) and exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

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

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

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

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

At April 30, 2017, 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 (1)		Cash  Collateral Received(1)		Net  Amount(2)
International Fund
Citigroup Global Markets, Inc.	$	5,719,029	$	5,719,029	$	—	$	—
Deutsche Bank Securities, Inc.		5,719,029		5,719,029		—		—
JP Morgan Securities LLC		1,504,240		1,504,240		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		5,719,029		5,719,029		—		—
Mizuho Securities USA, Inc.		5,719,029		5,719,029		—		—
RBC Dominion Securities, Inc.		5,719,029		5,719,029		—		—
	$	30,099,385	$	30,099,385	$	—	$	—
Real Asset Fund
Citigroup Global Markets, Inc.	$	1,345,116	$	1,345,116	$	—	$	—
HSBC Securities USA, Inc.		1,345,116		1,345,116		—		—

ANNUAL REPORT / April 30, 2017

71    NOTES TO FINANCIAL STATEMENTS (continued)     

Fund/Counterparty	Repurchase     Agreements		Fair Value of         Non-Cash  Collateral Received(1)		Cash  Collateral  Received(1)		Net  Amount(2)
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	1,345,116	$	1,345,116	$	—	$	—
Mizuho Securities USA, Inc.		1,345,116		1,345,116		—		—
RBC Dominion Securities, Inc.		1,345,116		1,345,116		—		—
Royal Bank of Scotland PLC		535,246		535,246		—		—
	$	7,260,826	$	7,260,826	$	—	$	—
Strategic Allocation Moderate Fund
Citigroup Global Markets, Inc.	$	178,069	$	178,069	$	—	$	—
Daiwa Capital Markets America		178,069		178,069		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		178,069		178,069		—		—
Mizuho Securities USA, Inc.		178,069		178,069		—		—
RBC Dominion Securities, Inc.		178,069		178,069		—		—
Royal Bank of Scotland PLC		70,715		70,715		—		—
	$	961,060	$	961,060	$	—	$	—

⁽¹⁾  The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

⁽²⁾  Net amount represents the net amount receivable due from the counterparty in the event of default.

Reverse Repurchase Agreements – Reverse repurchase agreements are repurchase agreements in which a Fund is the seller (rather than the buyer) of the security, and agrees to repurchase the security at an agreed upon time and price. A reverse repurchase agreement may be viewed as a type of borrowing by a Fund. Reverse repurchase agreements are subject to credit risks. In addition, reverse repurchase agreements create leverage risks because a Fund must repurchase the underlying security at a higher price, regardless of the market value of the security at the time of repurchase.

For the year ended April 30, 2017, the Real Asset Fund had interest expense on reverse repurchase agreements totaling $5,031 and activity as follows:

Average Daily Balance*		Days Outstanding	Daily Weighted Average Interest Rate*	Interest Rate Range
	$7,347,013	30	0.85%	0.85% - 0.85%

* Average based on the number of days the Fund had the reverse repurchase agreement outstanding. The interest rates shown are annualized.

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 for the Funds, with the exception of the Global Alpha Equities Fund, which is paid annually.

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 to the actual amounts when the amounts are determined.

April 30, 2017 / ANNUAL REPORT

    NOTES TO FINANCIAL STATEMENTS (continued)    72

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, 2017, the Funds did not incur any interest or penalties.

Warrants and Rights – Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Trustees’ approved fair value procedures.

Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (“FCs”) are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the net realized and unrealized gain or loss on investments.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rates.

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 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.

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 their short sales positions on a daily basis. The Funds are 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, 2017, the Global Alpha Equities Fund had no borrowings. Interest expense on securities sold short for the year ended April 30, 2017 totaled $33,816, and is included in the prime broker interest expense on the Statement of Operations.

ANNUAL REPORT / April 30, 2017

73    NOTES TO FINANCIAL STATEMENTS (continued)     

The Global Alpha Equities Fund had the following borrowings for the year ended April 30, 2017:

	Currency		Average         Daily Balance*	Days           Outstanding	Daily Weighted     Average Interest Rate*	Interest Rate Range
United States Dollar		USD	3,793,731	281	0.94%	0.78% - 1.16%
Australian Dollar		AUD	58,812	105	2.34%	2.25% - 2.50%
Canadian Dollar		CAD	140,954	54	1.25%	1.25% - 1.25%
Swiss Franc		CHF	22,304	12	0.75%	0.75% - 0.75%
Danish Krone		DKK	77,247	116	0.80%	0.80% - 0.80%
Euro		EUR	148,647	281	0.75%	0.75% - 0.75%
Pound Sterling		GBP	436,104	284	1.09%	1.00% - 1.27%
Hong Kong Dollar		HKD	14,516	18	1.29%	1.04% - 1.48%
Japanese Yen		JPY	139,256	83	0.75%	0.75% - 0.78%
Swedish Krona		SEK	435,398	19	0.75%	0.75% - 0.75%
Singapore Dollar		SGD	239,255	6	1.50%	1.50% - 1.50%

* Average based on the number of days the Fund had borrowings outstanding. The interest rates shown are annualized.

Lending of Portfolio Securities – The Trust has entered into an agreement with its custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.

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

The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.

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

At April 30, 2017, 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		$	28,662,290		$	28,662,290		$	—
Real Asset Fund			7,097,595			7,097,595			—
Strategic Allocation Moderate Fund			936,219			936,219			—

⁽¹⁾  Collateral with a value of $30,099,385, $7,260,826 and $961,060, respectively, has been received in connection with securities lending transactions.

⁽²⁾  Net amount represents the net amount receivable due from the counterparty in the event of default.

3. DERIVATIVE FINANCIAL INSTRUMENTS

Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect and entity’s results of operations and financial position. Risk of loss on derivatives, including written options, forward currency contracts, futures and swaps, may exceed amounts recognized on the statements of assets and liabilities.

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

April 30, 2017 / ANNUAL REPORT

    NOTES TO FINANCIAL STATEMENTS (continued)    74

an adjustment to the proceeds from the sale or the cost of the purchase in determining whether a Fund has realized a gain or loss. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on options written. A Fund, as writer of options, may have no control over whether the underlying securities may be sold (called) or purchased (put). As a result, a Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. A Fund, as purchaser of over-the-counter options, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

The Global Alpha Equities Fund had transactions in options written during the year ended April 30, 2017 as follows:

	Number of Contracts			Premiums Received
Outstanding options at April 30, 2016		322			$	236,654
Option closed		(528	)			(57,445	)
Options written		2,923				1,689,935
Options expired		(2,396	)			(1,569,125	)
Options exercised		(321	)			(300,019	)
Options outstanding at April 30, 2017		—			$	—

The Real Asset Fund had transactions in options written during the year ended April 30, 2017 as follows:

	Notional Amount*			Number of Contracts	Premiums Received
Options outstanding at April 30, 2016	$	87,540,000		221	$	554,951
Options closed		(63,965,000	)	(237)		(605,328	)
Options written		97,720,300		535		673,690
Options expired		(58,434,000	)	(301)		(237,662	)
Options exercised		(24,019,000	)	( 99)		(127,345	)
Options outstanding at April 30, 2017	$	38,842,300		119	$	258,306

*Reflects notional amount of Written Options.

The Real Asset Fund used interest rate options and options on swaps to enhance returns, manage interest rate risk, inflation risk, credit risk and volatility exposures. The Real Asset Fund used foreign currency options as a short or long hedge against possible variations in foreign exchange rates or as a means to gain exposure to foreign currencies. The Global Alpha Equities Fund used equity index options in an option absolute return strategy to generate premium income in a risk-managed fashion. The Global Alpha Equities Fund also used options indices on individual equities to gain and manage exposure to certain securities and manage risk at the strategy level.

Forward Foreign Currency Contracts – Certain Funds may enter into foreign currency commitments or foreign currency exchange transactions. A 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 a 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. The International Fund entered into forward foreign currency contracts in connection with settling planned purchases or sales of securities. The Real Asset Fund and the Global Alpha Equities Fund entered into forward foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the portfolio’s securities or as a means to express a view on the direction of a currency’s value as a part of the broader investment strategy.

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. The Global Alpha Equities Fund used foreign exchange futures contracts to gain exposure to the foreign currency markets both on a long and short strategy. The Global Alpha Equities Fund also used equity index futures contracts to manage equity market net and gross exposure. The Real Asset Fund used futures contracts to manage interest rate exposure, adjust duration and curve exposure and to gain exposure to foreign interest rates. The Real Asset Fund also used money market futures during the period in order to adjust the portfolio’s interest rate exposure on the front-end of the yield curve and to adjust the overall duration positioning of the portfolio.

ANNUAL REPORT / April 30, 2017

75    NOTES TO FINANCIAL STATEMENTS (continued)    

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. Swap agreements outstanding at period end, if any, are listed on the Portfolio of Investments.

Centrally cleared swap agreements 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 agreement, 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.

The Fund may utilize swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position.

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. The Real Asset Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the portfolio entered into interest rate swap agreements. Additionally, the portfolio invested in interest rate swaps as a risk-neutral substitute for physical securities, to obtain exposure in markets where no physical securities were available, and to refine the risk exposure in the portfolio (i.e. duration, inflation, credit, maturity mix, etc.).

Credit default swap agreements – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

April 30, 2017 / ANNUAL REPORT

    NOTES TO FINANCIAL STATEMENTS (continued)    76

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. The Real Asset Fund uses credit default swaps on corporate and sovereign issues to take an active long position with respect to the likelihood of a particular issuer’s default. The Real Asset Fund also used credit default swaps on credit indices to adjust the portfolio’s overall credit exposure.

ANNUAL REPORT / April 30, 2017

77    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, 2017.
	Location on the Statement of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Credit Contracts	Variation margin receivable for centrally cleared swap agreements.* Over the counter swap agreements, at value.**	Options written, at value.
		Variation margin payable for centrally cleared swap agreements.* Over the counter swap agreements, at value.**
Interest rate contracts	Investments in securities, at value. Variation margin receivable for centrally cleared swap agreements.*	Options written, at value. Variation margin payable for centrally cleared swap agreements.*
	Variation margin receivable for financial futures contracts.*	Variation margin payable for financial futures contracts.*
	Over the counter swap agreements, at value.**	Over the counter swap agreements, at value.**
Currency contracts	Unrealized appreciation on forward foreign currency exchange contracts.**	Unrealized depreciation on forward foreign currency exchange contracts.** Options written, at value.
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. The variation margin presented below is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until April 30, 2017.

**The amounts shown represent the unrealized appreciation (depreciation) from the date the contract was open.

	Asset Derivative Fair Value
Fund	Total Value			Equity      Contracts			Currency     Contracts			Interest Rate     Contracts			Credit      Contracts
International Fund
Financial Futures Contracts		$	77,166		$	77,166		$	—		$	—		$	—
Forward Foreign Currency Contracts			54			—			54			—			—
Totals		$	77,220		$	77,166		$	54		$	—		$	—
Global Alpha Equities Fund
Financial Futures Contracts		$	17,403		$	17,403		$	—		$	—		$	—
Forward Foreign Currency Contracts			354			—			354			—			—
Totals		$	17,757		$	17,403		$	354		$	—		$	—
Real Asset Fund
Financial Futures Contracts		$	84,625		$	—		$	—		$	84,625		$	—
Forward Foreign Currency Contracts			261,760			—			261,760			—			—
Purchased Options			298,171			—			—			298,171			—
Swap Agreements			821,442			—			—			740,551			80,891
Totals		$	1,465,998		$	—		$	261,760		$	1,123,347		$	80,891

	Liability Derivative Fair Value
Fund	Total Value			Equity      Contracts			Currency     Contracts			Interest Rate     Contracts			Credit      Contracts
International Fund
Forward Foreign Currency Contracts		$	1,732		$	—		$	1,732		$	—		$	—
Global Alpha Equities Fund
Financial Futures Contracts		$	993,720		$	993,720		$	—		$	—		$	—
Forward Foreign Currency Contracts			145,240			—			145,240			—			—
Totals		$	1,138,960		$	993,720		$	145,240		$	—		$	—
Real Asset Fund
Financial Futures Contracts		$	156,699		$	—		$	—		$	156,699		$	—
Forward Foreign Currency Contracts			752,011			—			752,011			—			—
Written Options			93,172			—			44,119			40,487			8,566
Swap Contracts			385,902			—			—			375,132			10,770
Totals		$	1,387,784		$	—		$	796,130		$	572,318		$	19,336

April 30, 2017 / ANNUAL REPORT

    NOTES TO FINANCIAL STATEMENTS (continued)    78

The effect of derivative instruments on the Statements of Operations for the year ended April 30, 2017 are as follows:

Derivative Type	Location on the Statement of Operations
Equity contracts	Net realized gain (loss) on futures contracts, options purchased and options written. Net change in unrealized appreciation (depreciation) on futures contracts, options purchased and options written.
Credit contracts	Net realized gain (loss) on swap agreements and options written.
	Net change in unrealized appreciation (depreciation) on swap agreements and options written.
Interest rate contracts	Net realized gain (loss) on futures contracts, swap agreements, options purchased and options written.
	Net change in unrealized appreciation (depreciation) on futures contracts, swap agreements, options purchased and options written.
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions, futures contracts and options written.
	Net change in unrealized appreciation (depreciation) on foreign currency transactions, futures contracts and options written.

	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
Financial Futures Contracts		$	625,498			$	625,498			$	—			$	—			$	—
Forward Foreign Currency Contracts			(732,793	)			—				(732,793	)			—				—
Totals		$	(107,295	)		$	625,498			$	(732,793	)		$	—			$	—
Global Alpha Equities Fund
Financial Futures Contracts		$	228,414			$	(1,009,242	)		$	1,237,656			$	—			$	—
Forward Foreign Currency Contracts			399,580				—				399,580				—				—
Purchased Options			(642,816	)			(642,816	)			—				—				—
Written Options			825,083				825,083				—				—				—
Totals		$	810,261			$	(826,975	)		$	1,637,236			$	—			$	—
Real Asset Fund
Financial Futures Contracts		$	277,119			$	—			$	—			$	277,119			$	—
Forward Foreign Currency Contracts			52,643				—				52,643				—				—
Purchased Options			(212,657	)			—				(8,080	)			(204,577	)			—
Written Options			293,281				—				110,273				147,108				35,900
Swap Agreements			(1,530,211	)			—				—				(1,353,033	)			(177,178	)
Totals		$	(1,119,825	)		$	—			$	154,836			$	(1,133,383	)		$	(141,278	)
	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
Financial Futures Contracts		$	77,166			$	77,166			$	—			$	—			$	—
Forward Foreign Currency Contracts			(39,890	)			—				(39,890	)			—				—
Totals		$	37,276			$	77,166			$	(39,890	)		$	—			$	—
Global Alpha Equities Fund
Financial Futures Contracts		$	63,312			$	(976,316	)		$	1,039,628			$	—			$	—
Forward Foreign Currency Contracts			(144,877	)			—				(144,877	)			—				—
Purchased Options			19,894				19,894				—				—				—
Written Options			(111,473	)			(111,473	)			—				—				—
Totals		$	(173,144	)		$	(1,067,895	)		$	894,751			$	—			$	—
Real Asset Fund
Financial Futures Contracts		$	(193,422	)		$	—			$	—			$	(193,422	)		$	—
Forward Foreign Currency Contracts			823,536				—				823,536				—				—
Purchased Options			216,048				—				—				216,048				—
Written Options			(5,458	)			—				(32,469	)			32,461				(5,450	)
Swap Agreements			1,456,688				—				—				1,377,899				78,789
Totals		$	2,297,392			$	—			$	791,067			$	1,432,986			$	73,339

ANNUAL REPORT / April 30, 2017

79    NOTES TO FINANCIAL STATEMENTS (continued)

The average volume of derivative activities for the year ended April 30, 2017 are as follows.
	Asset Derivative Volume
Fund	Purchased         Options1			Futures2			Forward Currency     Contracts 2
International Fund		$	—		$	2,635,356		$	681,334
Global Alpha Equities Fund			102,128			199,537			42,503
Real Asset Fund			625,386			19,375,429			22,582,637
	Liability Derivative Volume
Fund	Written Options3			Futures2			Forward Currency Contracts 2
International Fund		$	—		$	—		$	750,363
Global Alpha Equities Fund			122,071			37,266,939			1,361,974
Real Asset Fund			481,856			34,493,844			50,215,403
Fund	Interest Rate Swaps4			Swap Volume Credit Default Swaps (purchase protection)4			Credit Default     Swaps (sell protection) 4
Real Asset Fund		$	275,940,000		$	1,754,800		$	7,110,000

¹  Cost.

²  Contract Value.

³  Premiums Received.

⁴  Notional Amount.

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, 2017, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets			Liabilities
International Fund
Derivative Financial Instruments:
Financial futures contracts		$	—		$	—
Forward foreign currency     contracts			54			1,732
Total derivative assets and liabilities     in the Statements of Assets and Liabilities			54			1,732
Derivatives not subject to a MA or     similar agreement			—			—
Total assets and liabilities subject to     a MA		$	54		$	1,732
Global Alpha Equities Fund
Derivative Financial Instruments:
Financial futures contracts		$	—		$	—
Forward foreign currency     contracts			354			145,240
Options			—			—
Total derivative assets and liabilities     in the Statements of Assets and Liabilities			354			145,240
Derivatives not subject to a MA or     similar agreement			—			—
Total assets and liabilities subject to a MA		$	354		$	145,240

April 30, 2017 / ANNUAL REPORT

    NOTES TO FINANCIAL STATEMENTS (continued)     80

Fund	Assets		Liabilities
Real Asset Fund
Derivative Financial Instruments:
Financial futures contracts	$	11,903	$	18,687
Forward foreign currency contracts		261,760		752,011
Options		298,171		93,172
Swaps		130,129		246,647
Total derivative assets and liabilities in the
Statements of Assets and Liabilities		701,963		1,110,517
Derivatives not subject to a MA or similar agreement		89,032		198,205
Total assets and liabilities subject to a MA	$	612,931	$	912,312

At April 30, 2017, derivative assets and liabilities by counterparty net of amounts available for offset under a MA and net of the related collateral received by each Fund are as follows:

Fund/Counterparty	Derivative   Assets Subject to   a MA				Derivatives    Available for   Offset				Non-Cash Collateral     Received(1)			Cash Collateral     Received(1)			Net  Amount     of Derivative     Assets(2)
International Fund
Bank of New York		$	54			$	(54	)		$	—		$	—		$	—
Total Derivative Assets		$	54			$	(54	)		$	—		$	—		$	—
	Derivative Liabilities Subject to a MA				Derivatives Available for Offset				Non-Cash Collateral Pledged(3)			Cash Collateral Pledged(3)			Net Amount of Derivative Liabilities(4)
Bank of New York		$	(1,732	)		$	54			$	—		$	—		$	(1,678	)
Total Derivative Liabilities		$	(1,732	)		$	54			$	—		$	—		$	(1,678	)
	Derivative Assets Subject to a MA				Derivatives Available for Offset				Non-Cash Collateral Received(1)			Cash Collateral Received(1)			Net Amount of Derivative Assets(2)
Global Alpha Equities Fund
BNP Paribas SA		$	250			$	—			$	—		$	—		$	250
Credit Suisse International			49				(49	)			—			—			—
State Street Corp.			55				—				—			—			55
Total Derivative Assets		$	354			$	(49	)		$	—		$	—		$	305
	Derivative Liabilities Subject to a MA				Derivatives Available for Offset				Non-Cash Collateral Pledged(3)			Cash Collateral Pledged(3)			Net Amount of Derivative Liabilities(4)
Bank of New York		$	(36	)		$	—			$	—		$	—		$	(36	)
Barclays Bank International			(9	)			—				—			—			(9	)
Credit Suisse International			(73	)			49				—			—			(24	)
HSBC Bank USA, N.A.			(2	)			—				—			—			(2	)
National Australia Bank Ltd.			(145,112	)			—				—			—			(145,112	)
UBS Securities LLC			(8	)			—				—			—			(8	)
Total Derivative Liabilities		$	(145,240	)		$	49			$	—		$	—		$	(145,191	)

ANNUAL REPORT / April 30, 2017

81    NOTES TO FINANCIAL STATEMENTS (continued)    

Fund/Counterparty	Derivative    Assets Subject to   a MA				Derivatives    Available for   Offset				Non-Cash Collateral     Received(1)			Cash Collateral     Received(1)			Net  Amount     of Derivative     Assets(2)
Real Asset Fund
Bank of America Securities		$	51,033			$	(51,033	)		$	—		$	—		$	—
Barclays Bank International			3,215				(3,215	)			—			—			—
Citigroup Global Markets			31,823				(31,823	)			—			—			—
Credit Suisse International			45,579				(26,930	)			—			—			18,649
Deutsche Bank AG			180,940				(180,940	)			—			—			—
Goldman Sachs Bank USA			38,542				(38,542	)			—			—			—
HSBC Bank USA, N.A.			61,229				(14,314	)			—			—			46,915
JP Morgan Chase Bank, N.A.			50,097				(50,097	)			—			—			—
Morgan Stanley Capital Services LLC			139,000				(83,002	)			—			—			55,998
Royal Bank of Scotland			308				(308	)			—			—			—
Societe Generale Securities			11,165				—				—			—			11,165
Total Derivative Assets		$	612,931			$	(480,204	)		$	—		$	—		$	132,727
	Derivative Liabilities Subject to a MA				Derivatives Available for Offset				Non-Cash Collateral Pledged(3)			Cash Collateral Pledged(3)			Net Amount of Derivative Liabilities(4)
Bank of America Securities		$	(69,260	)		$	51,033			$	—		$	—		$	(18,227	)
Bank of New York			(69	)			—				—			—			(69	)
Barclays Bank International			(3,585	)			3,215				—			—			(370	)
Citigroup Global Markets			(45,643	)			31,823				—			—			(13,820	)
Credit Suisse International			(26,930	)			26,930				—			—			—
Deutsche Bank AG			(331,365	)			180,940				—			—			(150,425	)
Goldman Sachs Bank USA			(172,418	)			38,542				—			—			(133,876	)
HSBC Bank USA, N.A.			(14,314	)			14,314				—			—			—
JP Morgan Chase Bank, N.A.			(142,951	)			50,097				92,854			—			—
Morgan Stanley Capital Services LLC			(83,002	)			83,002				—			—			—
Royal Bank of Scotland			(22,775	)			308				—			—			(22,467	)
Total Derivative Liabilities		$	(912,312	)		$	480,204			$	92,854		$	—		$	(339,254	)

⁽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.

April 30, 2017 / ANNUAL REPORT

    NOTES TO FINANCIAL STATEMENTS (continued)    82

4. FEDERAL TAX INFORMATION

As of April 30, 2017, there were no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the periods ended 2016, 2015 and 2014, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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 reclassifications of distributions, discount accretion/premium amortization on debt securities, capital gain or loss as a result of paydown activity, mark to market of passive foreign investment companies 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 Fund.

For the year ended April 30, 2017, 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		$	(236,479,815	)		$	1,433,881		$	235,045,934
Global Alpha Equities Fund			—				193,709			(193,709	)
Real Asset Fund			—				4,411,837			(4,411,837	)
Strategic Allocation Moderate Fund			(2,803,870	)			18,593			2,785,277

The permanent differences identified and reclassified were primarily attributable to the tax treatment of foreign currency gains/losses, adjustments related to passive foreign investment companies and the expiration of capital loss carryforwards.

The tax character of distributions for the corresponding fiscal year ends were as follows:

	2017						2016
Fund	Ordinary   Income*			Long-Term    Capital Gains			Ordinary   Income*			Long-Term      Capital Gains
International Fund		$	5,732,724		$	—		$	6,267,957		$	—
Global Alpha Equities Fund			302,700			—			3,864,010			—
Real Asset Fund			—			—			21,633,966			—
Strategic Allocation Moderate Fund			524,909			—			724,184			93,673

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

As of April 30, 2017, 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			Capital Loss   Carryforwards				Late  Year     Deferrals
International Fund		$	1,894,698		$	—		$	—			$	47,280,003		$	(29,963,391	)		$	—
Global Alpha Equities Fund			191,036			—			1				4,861,647			(8,743,174	)			—
Real Asset Fund			704,103			—			(388,505	)			5,946,135			(114,950,777	)			—
Strategic Allocation
Moderate Fund			58,748			—			1				4,379,552			(846,766	)			—

At April 30, 2017, 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.

Fund	Capital Loss Available Through   2018			Short-Term   No Expiration			Long-Term   No Expiration			Total Capital   Loss   Carryforwards
International Fund		$	28,105,841		$	—		$	1,857,550		$	29,963,391
Global Alpha Equities Fund			—			8,038,426			704,748			8,743,174
Real Asset Fund			93,032,464			8,290,002			13,628,311			114,950,777
Strategic Allocation Moderate Fund			846,766			—			—			846,766

ANNUAL REPORT / April 30, 2017

83    NOTES TO FINANCIAL STATEMENTS (continued)    

The following Funds utilized capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2017:

Fund	Capital Loss   Carryforwards     Utilized
Global Alpha Equities Fund		$	789,131
Real Asset Fund			13,807,716
Strategic Allocation Moderate Fund			100,774

The following Funds had capital loss carryforwards expire during the year ended April 30, 2017:

Fund	Capital Loss   Carryforwards     Expired
International Fund		$	236,603,604
Strategic Allocation Moderate Fund			2,803,870

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.

Fund	Advisory Fee     Annual Rate
International Fund		0.45	%
Global Alpha Equities Fund		0.95	%
Real Asset Fund		0.45	%
Strategic Allocation Moderate Fund		0.40	%

The International Fund, Global Alpha Equities 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 had 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. As of April 30, 2017, the agreements with these sub-advisors and WFMC are no longer applicable.

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	$1,826,637	$	(1,290,897)	0.45%
Sub-advisors:
Allianz Global Investors U.S. LLC (effective 12/22/16)	97,833		—	0.38%
AXA Investment Managers, Inc. (effective 12/27/16)	104,733		—	0.43% on the first $150 million; and
				0.41% on assets in excess of $150 million
Berenberg Asset Management LLC (effective 12/22/16)	66,379		—	0.27%
Dimensional Fund Advisors LP (terminated 10/31/16)	45,062		(1,066)	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 (terminated 12/9/16)	511,436		—	0.70%
LSV Asset Management (terminated 12/9/16)	173,257		—	0.49%
Nikko Asset Management Americas, Inc. (effective 12/26/16)	85,551		—	0.32%
Northern Cross LLC (terminated 12/9/16)	290,398		—	0.55% on the first $1 billion in assets; and
				0.50% on assets in excess of $1 billion
Oberweis Asset Management, Inc. (terminated 12/9/16)	187,891		—	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	34,260		—	0.275% on the first $50 million in assets; and
(Developed Country Index Replication Strategy)				0.20% on assets in excess of $50 million
(terminated 12/9/16)
Parametric Portfolio Associates LLC	164,600		—	0.60% on the first $100 million in assets; and
(Emerging Markets Strategy) (terminated 12/9/16)				0.55% on assets in excess of $100 million

April 30, 2017 / ANNUAL REPORT

    NOTES TO FINANCIAL STATEMENTS (continued)    84

Fund	Gross Fees		Fees Waived			Current Fee as a % of average net asset of the Fund/ Allocated Net Assets for Sub-advisors
Schroder Investment Management North America, Inc. (effective 12/27/16)		183,095		—		0.50%
Total(a)		3,771,132		(1,291,963	)
Global Alpha Equities Fund
WFMC		1,192,725		(570,029)		0.95%
Sub-advisors:
Acuity Capital Management, LLC*		56,331		—		1.00%
Analytic Investors, LLC (terminated 1/12/17)		115,013		—		0.75% of the first $20 million of assets; and 0.70% of the next $80 million of assets; and 0.625% of assets in excess of $100 million
Highland Capital Healthcare Advisors, LP (terminated 1/12/17)		105,106		—		1.00%
Highland Capital Management Fund Advisors, LP (terminated 1/12/17)		151,002		—		0.90%
Parametric Risk Advisers (terminated 12/30/16)		82,426		—		0.90% of the first $20 million of assets; and 0.75% of the next $20 million of assets; and 0.60% of the next $20 million of assets; and 0.525% of the next $40 million of assets; and 0.45% of assets in excess of $100 million.
P\E Global LLC (terminated 1/19/17)		99,175		—		1.00%
Shelton Capital Management* (terminated 1/12/17)		156,232		—		1.00%
Wellington Menagement Company LP (effective 1/26/17)		146,817		—		0.55%
Total(b)		2,104,827		(570,029	)
Real Asset Fund
WFMC		1,954,110		—		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.
Sub-advisors:
CBRE Clarion Securities LLC (terminated 4/26/17)		367,783		—		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
Pacific Investment Management Company, LLC**		444,988		—		0.25%
Parametric Portfolio Associates LLC		269,360		(251)		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
Total(c)		3,036,241		(251	)
Strategic Allocation Moderate Fund		176,462		(265,124	)	0.40%

*Shelton Capital Management acquired Acuity Capital Management, LLC on June 30, 2016.

**Pacific Investment Management Company LLC fees changed effective June 1, 2016. Prior to June 1, Pacific Investment Management Company LLC fees were 0.2875% per annum.

^(a) The total gross advisory and sub-advisory fees during the period were 0.93% for the International Fund

^(b) The total gross advisory and sub-advisory fees during the period were 1.68% for the Global Alpha Equities Fund

^(c) The total gross advisory and sub-advisory fees during the period were 0.70% for the Real Asset Fund

WFMC and the Funds’ shareholder service providers have 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), 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						Current
	Expense  Limitations						Termination
Fund	Class  A			Class  I			Date
International Fund*		1.04	%		0.91	%		1/31/18
Global Alpha Equities Fund**		1.50	%		1.25	%		2/1/18
Real Asset Fund		1.23	%		0.98	%		8/31/17

ANNUAL REPORT / April 30, 2017

85    NOTES TO FINANCIAL STATEMENTS (continued)

	Current  Contractual
	Expense						Current
	Limitations						Termination
Fund	Class  A			Class  I			Date
Strategic Allocation Moderate Fund		0.74	%		0.49	%		8/31/18

*Prior to January 5, 2017, the International Fund’s contractual expense limitation was 1.31% and 1.18% for Class A and Class I, respectively.

**Prior to January 31, 2017, the Global Alpha Equities Fund’s contractual expense limitation was 2.15% and 1.90% for Class A and Class I, respectively.

Administrative Fees – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. The fees as described in the table below are a component of “Portfolio accounting and administration fees” as disclosed in the Statements of Operations. WFMC, in its role as Co-Administrator, provides the Funds with certain administrative personnel and services necessary to operate the Funds. The fees as described in the table below are accrued and paid daily and are disclosed on the Statement of Operations as “Administrative personnel and services fees.”

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 and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2017, neither WFMC nor BNYM waived any administrative personnel and services fees.

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, 2017, 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		$	4,390
Global Alpha Equities Fund			40
Real Asset Fund			1,902
Strategic Allocation Moderate Fund			97,063

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

For the year ended April 30, 2017, 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		$	423
Global Alpha Equities Fund			33
Real Asset Fund			883
Strategic Allocation Moderate Fund			24,308

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.

April 30, 2017 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    86

For the year ended April 30, 2017, M&T received a portion of the fees paid by the following Fund which is listed below:

Fund	Shareholder     Services     Fee
International Fund		$	456,491

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, 2017 are as follows:

Fund/Affiliated  Fund Name	Balance of     Shares Held     4/30/16		Purchases/     Additions		Sales/      Reductions		Balance of     Shares Held     4/30/17		Value at             4/30/17			Dividend     Income(a)			Realized     Gain/(Loss) (b)
Strategic Allocation     Moderate Fund:
Wilmington Multi-Manager
International Fund		781,155		67,039		64,740		783,454		$	6,204,954		$	78,569		$	(51,398	)
Wilmington Large-Cap Strategy Fund		332,487		4,632		119,088		218,031			4,284,311			83,201			5,703
TOTAL				71,671		183,828				$	10,489,265		$	161,770		$	(45,695	)

^(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) on sales of the affiliated fund.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities for the year ended April 30, 2017 were as follows:

	Investments
Fund	Purchases		Sales
International Fund	$	682,116,122	$	679,718,077
Global Alpha Equities Fund		412,768,404		407,466,447
Real Asset Fund		687,655,010		710,111,633
Strategic Allocation Moderate Fund		3,347,597		8,780,583

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2017 were as follows:

	U.S. Government Securities
Fund	Purchases		Sales
Real Asset Fund	$	2,130,036,592	$	2,231,883,004
Strategic Allocation Moderate Fund		533,052		—

7. LINE OF CREDIT

Effective April 6, 2017, the Trust is participating in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is 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 includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of the current LOC is April 5, 2018.

The Funds did not utilize the LOC for the year ended April 30, 2017.

ANNUAL REPORT / April 30, 2017

87    NOTES TO FINANCIAL STATEMENTS (continued)

8. RECENT REGULATORY UPDATES

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

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 additional material events that would require recognition or disclosure in the Funds’ financial statements through this date.

10. FEDERAL TAX INFORMATION (UNAUDITED)

Complete information regarding the tax status of distributions will be reported on Forms 1099.

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the fiscal year ended April 30, 2017, 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%
Global Alpha Equities Fund	100.00%
Real Asset Fund	0.00%
Strategic Allocation Moderate Fund	31.13%

For the fiscal year ended April 30, 2017, 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	92.61%
Global Alpha Equities Fund	100.00%
Real Asset Fund	0.00%
Strategic Allocation Moderate Fund	58.44%

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, 2017 / ANNUAL REPORT

88

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 Global Alpha Equities Fund, Wilmington Multi-Manager Real Asset Fund and Wilmington Strategic Allocation Moderate Fund (four of the series constituting the Wilmington Funds) (the “Funds”) as of April 30, 2017, 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 five years in the period then ended. 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 the 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, 2017, 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 Global Alpha Equities Fund, Wilmington Multi-Manager Real Asset Fund and Wilmington Strategic Allocation Moderate Fund (four of the series constituting the Wilmington Funds) at April 30, 2017, 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 the financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

June 29, 2017

ANNUAL REPORT / April 30, 2017

89    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 12 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 Year     Position With Trust     Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley*     Birth year: 1951     TRUSTEE     Began serving: December 2015	Principal Occupations: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company.
	Other Directorships Held: Director, AXA Equitable (variable annuity) (2013-Present); Director, 1290 Mutual Funds (retail funds) (2013-Present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005-Present); Director, M&T Bank Corporation (commercial bank) (2011-2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007-2011); Chairman, Director and President’s Council, Union College (private college) (2011-2015).
	Previous Positions: Director of M&T Bank Corporation and M&T Bank (2011 to 2012). Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010-2011); Senior Vice President and Treasurer at ITT Corporation (1996-2010); Assistant Treasurer at International Paper (1989-1996).
Christopher D. Randall*     Birth year: 1965     TRUSTEE     Began serving: September 2015     PRESIDENT     Began serving: September 2014	Principal Occupations: Chief Operations Officer and a Senior Vice President of Wilmington Trust’s Wealth and Institutional Services Division (WISD) (2015 to present); Senior Vice President of M&T Bank.
	Other Directorships Held: Trustee, Hilbert College (2015 to present).
	Previous Positions: President and Chief Executive Officer of Wilmington Trust Investment Advisors, Inc. and President of Wilmington Trust Investment Management, LLC (2014-2015); Senior Vice President, Head of Asset Management and Retirement Services (2012 to 2015); President, Mid-Atlantic Division, Wilmington Trust, N.A. (2011 to 2012); President, M&T Securities, Inc. (2009 to 2011).

* Christopher D. Randall is “interested” due to the positions he currently holds with the Funds, Wilmington Trust’s Wealth and Institutional Services Division, M&T Bank, the parent of the Fund’s Advisor, and previous positions held with WTIA and WFMC. Donald E. Foley is “interested” due to the positions he previously held with Wilmington Trust Corporation, M&T Bank Corporation and M&T Bank, the parent of the Fund’s Advisor.

April 30, 2017 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS    90

INDEPENDENT TRUSTEES BACKGROUND

Name     Birth Year     Position with Trust     Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano Birth year: 1943 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 (body-worn products)
	Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Robert H. Arnold Birth year: 1944 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) (5/03 to present); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).
Joseph J. Castiglia Birth year: 1934 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 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); HCR Corporation (home care) (3/14 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 New York (5/92 to 5/07); Lead Director and Director, Energy East Corporation (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 year: 1942 TRUSTEE Began serving: December 2000	Principal Occupations: Retired. Other Directorships Held: Chairman and Director, CI Supply Corp. (medical supplies and equipment) (1/14 to 1/15); Director, Check Med Corp. (medical supplies and equipment) (6/08 to 1/14); Director, Highmark Blue Shield (health insurance) (2/01 to 6/10).
	Previous Positions: Consultant, Yaffe & Co. (compensation consultants) (6/02 to 6/12); President and Chief Executive Officer, Pinnacle Health Systems (nonprofit hospital and health care system in Central Pennsylvania).
Daniel R. Gernatt, Jr. Birth year: 1940 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 year: 1941 TRUSTEE Began serving: September 2003	Principal Occupations: President, R.B. Seidel & Associates (legal and consulting) (1/14 to present); President, Girard Private (investment) (1/14 to present); Chairman, Girard Capital (broker-dealer) (1/10 to 2016); Chairman, Girard Partners, Ltd. (1/10 to 2016).
	Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).

ANNUAL REPORT / April 30, 2017

91    BOARD OF TRUSTEES AND TRUST OFFICERS

OFFICERS

Name      Address     Birth Year     Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
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 CHIEF OPERATIONS OFFICER Began serving: June 2017	Principal Occupations: Chief Operations Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc.; 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 to 2010).
John J. Kelley Birth year: 1959 VICE PRESIDENT Began serving: December 2016	Principal Occupations: President, Wilmington Funds Management Corporation Group; Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors,Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing), (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).
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 to 2003).
Christopher W. Roleke 10 High Street, Suite 302 Boston, MA 02110 Birth year: 1972 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: July 2013	Principal Occupation: Managing Director and 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 Atlantic Terminal Office Tower, 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).

April 30, 2017 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS    92

Name       Address      Birth Year      Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
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, 2017 (unaudited)

93    

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, 2017 / ANNUAL REPORT

    94

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, 2017

95    

• 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, 2017 / ANNUAL REPORT

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Wilmington Large-Cap Strategy Fund (“Large-Cap Strategy Fund”)

            CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	3
Portfolio of Investments	4
Statement of Assets and Liabilities	18
Statement of Operations	19
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	28
Board of Trustees and Trust Officers	29

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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 annual fiscal year period of May 1, 2016 through April 30, 2017. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The Economy and Financial Markets in Review

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

Economic blips and trends

During the just completed fiscal year, investors in the Wilmington Funds were treated to a combination of significant blips and major trends. At the very outset of the fiscal year, the British, in a move that caught almost everyone off guard, voted to leave the European Union. The so-called “Brexit” vote created a major downdraft in the equity markets but this turned out to be a blip as prices quickly recovered setting the stage for further gains to come.

On the trending side of the ledger, the economy cruised in the second half of 2016, delivering annualized growth of 3.5% in the third quarter and 2.1% in the fourth quarter. But in the first quarter of 2017, growth slowed to an annualized 0.7%, the weakest in three years.ⁱ Credit consumers for both the good and the bad.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, has pretty much carried the economy throughout the recovery from the Great Recession. After 22 consecutive quarters contributing at least 1% annualized growth in gross domestic product (GDP), consumption accounted for just 0.2% of growth in the first quarter of 2017.ⁱ At the same time, however, business investment in fixed goods contributed 1.1% of annualized growth in the first quarter, the strongest showing in 11 quarters.ⁱ

ⁱhttps://www.bea.gov/national/index.htm#gdp

Despite weak growth in personal income so far this year, we see reasons to believe consumers will keep spending:

• Sentiment has remained unusually high. The University of Michigan Consumer Sentiment Index hasn’t showed such strength over a four-month period since just after George W. Bush became president.ⁱⁱ

• Bad weather and delayed tax refunds accounted for much of the first-quarter weakness.

• Unemployment has fallen to 4.4%, a 10-year low, on the strength of consistent job growth. Over the last three years, nonfarm payrolls have grown by an average of 215,000 jobs per month.ⁱⁱⁱ

While consumers have pulled their weight economically, businesses have been less consistent; given the historical quarter-to-quarter lumpiness of nonresidential investment, it’s too early to call strong first-quarter business spending a trend. Still, after nearly eight years in recovery, the economy has demonstrated an ability to keep its footing even if corporate America doesn’t pitch in. The Bloomberg consensus calls for GDP growth of 2.2%, but we are looking for stronger growth at 3.0%.

ⁱⁱhttp://www.sca.isr.umich.edu/files/chicsh.pdf

ⁱⁱⁱhttps://www.bls.gov/news.release/empsit.nr0.htm

Uncertainty burns bond market

The 10-year Treasury note yields 2.25%, a number that looks different depending on your perspective.

• The yield has risen a full percentage point from July’s record low of 1.37%.^iv Last summer boasted a great backdrop for bonds. Investor uncertainty about the direction of the stock market drove many to fixed income, and the lack of interest rate hikes had bond investors riding high. Since then, stocks have rallied and the Federal Reserve (the “Fed”) has boosted the federal funds rate twice.

• The 10-year note’s current yield is less than half the average of 6.3% since 1962.^iv With short-term interest rates held artificially low for more than eight years, the financial markets have no precedent for how bonds will respond when interest rates finally do revert to historical norms.

Uncertainty about both the pace of interest-rate hikes and the bond market’s reaction to them has contributed to lackluster returns over the last year.

^ivhttps://www.federalreserve.gov/datadownload/

The Bloomberg Barclays U.S. Aggregate Bond Index¹ returned 0.83% in the 12 months ended April 30. Few of the broad index’s component sectors impressed, though the 2.74% return of the Bloomberg Barclays U.S. Credit Bond Index² outperformed the -0.65% return of the Bloomberg Barclays U.S. Treasury Bond Index³. The bright-spot was high yield, with the Bloomberg

PRESIDENT’S MESSAGE / April 30, 2017 (unaudited)

ii    

Barclays U.S. Corporate High Yield Bond Index⁴ returning 13.30% for the year—which makes sense, since this is the bond group most highly correlated with stocks, which delivered excellent returns.

Neither foreign bonds nor municipals provided much relief. The Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell -4.51% and the Bloomberg Barclays Municipal Bond Index⁶ returned an unexciting 0.14% over the last year.

For the 12-month reporting period May 1, 2016 to April 30, 2017, certain Bloomberg Barclays indices performed as follows⁷:

Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays U.S. Treasury Bond Index	Bloomberg Barclays U.S. Mortgage-Backed Securities Index8	Bloomberg Barclays U.S. Credit Bond Index	Bloomberg Barclays Municipal Bond  Index
0.83%	-0.65%	0.66%	2.74%	0.14%

Assumes holding periods from May 1, 2016 through April 30, 2017

Stocks a study in contradictions relative to bonds

The S&P 500 Index⁹ of large-cap stocks returned 17.92%, while the S&P MidCap 400¹⁰ and S&P SmallCap 600¹¹ indices did even better, returning 20.46% and 24.26%, respectively. Even international stocks pulled out of their multiyear funk, with the MSCI EAFE (Net) Index¹², returning 11.29% and the MSCI Emerging Markets (Net) Index¹³ 19.13%— performance greater than they managed in the previous five years combined. These gains were propelled by three major factors including: the acceleration of economic growth during the second half of 2016, the rebound from the earnings recession that had gripped corporate performance since 2015, and the election, which ushered in hopes for more active pro-growth policies from Washington.

Investors have been slow to pick up on these gains which have made this one of the most disliked bull markets in recent equity market history. However, the surge in prices is well founded in both economic fundamentals which have seen job growth continue at a strong pace while corporate profits improve, expanding at a 14% pace in the first quarter of 2017.

The Trump administration hasn’t made the progress on tax cuts and infrastructure spending many expected, and most market sectors have come down substantially from their post-election highs. Economically sensitive sectors such as industrials and technology have returned at least 14% over the last six months.

For the 12-month reporting period May 1, 2016 to April 30, 2017, certain stock market indices performed as follows:

S&P 500 Index	Dow Jones Industrial Average14	NASDAQ Composite Index15	MSCI All Country World ex-USD  (Net) Index16
17.92%	20.90%	28.18%	12.59%

Dealing with blips and trends is a key part to managing our investor’s money and we will continue to do so making sure that we properly identify the trend signal and avoid the blip noises.

Sincerely,

Christopher D. Randall

President, Wilmington Funds

May 25, 2017

April 30, 2017 (unaudited) / PRESIDENT’S MESSAGE

    iii

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

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

All investments involve risk, including the possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small and mid-cap stocks involve greater risks and volatility than large-cap stocks.

International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.

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

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. An investment in money market funds is not a deposit of M&T Bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The investment advisor has no legal obligation to provide financial support to the Fund, and you should not expect that the investment advisor will provide financial support to the Fund at any time.

1.	Bloomberg 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. The index is unmanaged and it is not possible to invest directly in an index.
2.	Bloomberg 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.
3.	Bloomberg 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.
4.	Bloomberg 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 the Bloomberg 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. An investment cannot be made directly in an index.
5.	Bloomberg Barclays Global Aggregate ex-USD Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. An investment cannot be made directly in an index.
6.	Bloomberg 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.
7.	Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.
8.	Bloomberg 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.	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.
10.	The S&P MidCap 400 Index measures the performance of approximately 400 stocks listed on U.S. exchanges. Most of the stocks in the index are mid-capitalization U.S. issues. The index accounts for roughly 7% of the total market capitalization of all U.S. equities. The index is unmanaged and investments cannot be made directly in an index.
11.	The S&P SmallCap 600 Index measures the performance of approximately 600 stocks listed on U.S. exchanges. Most of the stocks in the index are small-capitalization U.S. issues. The index accounts for roughly 3% of the total market capitalization of all U.S. equities. The index is unmanaged and investments cannot be made directly in an index.
12.	MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.
13.	MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.
14.	Dow Jones Industrial Average (“DJIA”) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIA’s average movements are leading economic indicators for the stock market as a whole. The average is unmanaged and investments cannot be made directly in an average.
15.	NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index.
16.	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 performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index. The index is unmanaged and it is not possible to invest directly in an index.

PRESIDENT’S MESSAGE / April 30, 2017 (unaudited)

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1    

WILMINGTON LARGE-CAP STRATEGY FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2017, the Wilmington Large-Cap Strategy Fund (the “Fund”) had a total return of 18.32%* for Class I Shares, versus its benchmark, the Russell 1000^® Index**, which had a total return of 18.03%.

At the July 2015 meeting, the Investment Strategy Team (“IST”) recommended a shift toward weighting sectors rather than the market cap and growth/value tilts prior to this meeting. The Fund was rebalanced to track a custom index incorporating the sector overweight/ underweight recommendations. The sector positioning of the Fund added 54 basis points of outperformance versus the Russell 1000^® gross of fees. Over the last year, the Fund has generally had a pro-cyclical view of the market with over-weighted positions in the Technology, Financials, Industrials, Energy and Health care sectors and underweights to the more defensive Utilities and Consumer Staples sectors. The over-weighted position in Energy and Financials detracted from performance while over-weighted position to Technology, Industrials and Health care added to performance. The underweighted positions in Utilities and Consumer Staples also added to performance.

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. Mutual Funds are not obligations of or guaranteed by any bank and are not federally insured. 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. The index is unmanaged and it is not possible to invest directly in an index. The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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

April 30, 2017 (unaudited) / ANNUAL REPORT

    2

WILMINGTON LARGE-CAP STRATEGY FUND

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Class I Shares of the Wilmington Large-Cap Strategy Fund from April 30, 2007 to April 30, 2017, compared to the Russell 1000^® Index.²

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.

	Average Annual Total Returns for the Periods Ended 4/30/17
	1 Year	5 Years	10 Years
Class I^	18.32%	13.41%	6.46%
Russell 1000® Index	18.03%	13.63%	7.25%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.89% and 0.25%, respectively. Expense Ratios Before Waiver represent 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”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

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

2 The performance for the Russell 1000^® Index assumes the reinvestment of all dividends and distributions. The index is unmanaged and investments cannot be made directly in an index.

ANNUAL REPORT / April 30, 2017 (unaudited)

3    

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) 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, 2016 to April 30, 2017.

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 Fund’s actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Fund’s 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 11/01/16	Ending Account  Value 4/30/17	Expenses Paid During Period1	Annualized Net Expense Ratio2
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$1,136.40	$1.32	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 Fund’s 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, 2017 (unaudited) / ANNUAL REPORT

    4

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At April 30, 2017, the Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Information Technology		22.6	%
Financials		16.2	%
Health Care		13.4	%
Consumer Discretionary		12.7	%
Industrials		11.1	%
Energy		6.8	%
Consumer Staples		6.7	%
Real Estate		3.2	%
Materials		3.1	%
Telecommunication Services		2.4	%
Utilities		1.4	%
Investment Companies		0.3	%
Warrants		0.0	%3
Rights		0.0	%3
Cash Equivalents1		1.8	%
Other Assets and Liabilities – Net2		(1.7	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in repurchase agreements.

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

(3) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2017

Description	Number of Shares		Value
COMMON STOCKS – 99.6%
CONSUMER DISCRETIONARY – 12.7%
AUTO COMPONENTS – 0.3%
Adient PLC		2,113	$	155,432
BorgWarner, Inc.		4,380		185,186
Delphi Automotive PLC		4,550		365,820
Gentex Corp.		4,680		96,642
Goodyear Tire & Rubber Co. (The)		7,350		266,290
Lear Corp.		2,500		356,650
Visteon Corp.*		1,500		154,425
			$	1,580,445
AUTOMOBILES – 0.6%
Ford Motor Co.		78,000		894,660
General Motors Co.		36,700		1,271,288
Harley-Davidson, Inc.		3,970		225,536

Description	Number of Shares		Value
Tesla, Inc.#,*		2,918	$	916,456
Thor Industries, Inc.		1,380		132,728
			$	3,440,668
DISTRIBUTORS – 0.1%
Genuine Parts Co.		4,620		425,132
LKQ Corp.*		3,880		121,211
			$	546,343
DIVERSIFIED CONSUMER SERVICES – 0.1%
Graham Holdings Co., Class B		140		84,238
H&R Block, Inc.		6,660		165,101
Service Corp. International		4,170		134,357
ServiceMaster Global Holdings, Inc.*		2,280		86,868
			$	470,564
HOTELS, RESTAURANTS & LEISURE – 2.0%
Aramark		5,800		211,816

ANNUAL REPORT / April 30, 2017

5    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Brinker International, Inc.#		520	$	22,979
Carnival Corp.		2,220		137,129
Chipotle Mexican Grill, Inc.#,*		650		308,405
Choice Hotels International, Inc.		1,610		100,947
Darden Restaurants, Inc.		1,440		122,674
Domino’s Pizza, Inc.		1,800		326,502
Dunkin’ Brands Group, Inc.		3,900		217,854
Hilton Grand Vacations, Inc.*		736		24,634
Hilton Worldwide Holdings, Inc.		1,453		85,683
Hyatt Hotels Corp., Class A#,*		2,800		155,400
International Game Technology		1,273		28,261
Las Vegas Sands Corp.		9,520		561,585
Marriott International, Inc., Class A		7,036		664,339
McDonald’s Corp.		20,849		2,917,401
MGM Resorts International		12,310		378,040
Norwegian Cruise Line Holdings*		3,360		181,205
Panera Bread Co., Class A*		845		264,215
Restaurant Brands International LP		47		2,661
Royal Caribbean Cruises Ltd.		4,180		445,588
Six Flags Entertainment Corp.		3,100		194,091
Starbucks Corp.		33,090		1,987,385
Wendy’s Co. (The)		200		2,948
Wyndham Worldwide Corp.		3,360		320,242
Wynn Resorts Ltd.#		2,200		270,622
Yum China Holdings, Inc.*		10,150		346,318
Yum! Brands, Inc.		10,150		667,363
			$	10,946,287
HOUSEHOLD DURABLES – 0.5%
CalAtlantic Group, Inc.#		2,100		76,062
DR Horton, Inc.		5,070		166,752
Garmin Ltd.#		1,690		85,920
Leggett & Platt, Inc.		3,670		192,822
Lennar Corp., Class A		3,810		192,405
Mohawk Industries, Inc.*		1,900		446,101
Newell Brands, Inc.		10,569		504,564
NVR, Inc.*		130		274,463
PulteGroup, Inc.		10,090		228,740
Tempur Sealy International, Inc.#,*		200		9,390
Toll Brothers, Inc.		6,650		239,334
TopBuild Corp.*		536		27,438
Tupperware Brands Corp.		1,000		71,810
Whirlpool Corp.		850		157,828
			$	2,673,629
INTERNET & CATALOG RETAIL – 2.4%
Amazon.com, Inc.*		9,360		8,657,906
Expedia, Inc.		2,852		381,369
Groupon, Inc.#,*		12,350		48,412

Description	Number of Shares		Value
Liberty Expedia Holdings, Inc., Class A*		1,640	$	79,228
Liberty Interactive Corp., QVC Group, Class A*		7,350		155,673
Liberty Ventures, Class A*		2,461		132,525
Netflix, Inc.*		10,000		1,522,000
Priceline Group, Inc. (The)*		1,230		2,271,589
			$	13,248,702
LEISURE EQUIPMENT & PRODUCTS – 0.2%
Brunswick Corp.		2,490		141,307
Hasbro, Inc.		3,490		345,894
Mattel, Inc.		10,050		225,321
Polaris Industries, Inc.#		1,900		161,994
Vista Outdoor, Inc.*		340		6,650
			$	881,166
MEDIA – 3.3%
AMC Networks, Inc., Class A*		1,685		100,561
Cable One, Inc.		140		95,460
CBS Corp., Non-Voting		10,930		727,501
Charter Communications, Inc.*		4,702		1,622,942
Cinemark Holdings, Inc.		500		21,600
Clear Channel Outdoor Holdings, Inc., Class A		17,700		91,155
Comcast Corp., Class A		117,800		4,616,582
Discovery Communications, Inc., Class A#,*		9,680		276,510
DISH Network Corp., Class A*		4,880		314,467
Gannett Co., Inc.		1,645		13,752
Interpublic Group of Cos., Inc. (The)		10,120		238,528
John Wiley & Sons, Inc., Class A		2,100		110,670
Liberty Braves Group, Class A*		84		2,086
Liberty Broadband Corp., Class A*		2,606		235,921
Liberty Media Corp., Class A*		210		7,121
Liberty SiriusXM Group, Class A*		6,929		263,325
Lions Gate Entertainment Corp., Class A#		4,670		116,902
Live Nation Entertainment, Inc.*		4,370		140,539
Madison Square Garden Co., Class A (The)*		729		147,090
News Corp., Class A		16,457		209,417
Omnicom Group, Inc.		5,490		450,839
Regal Entertainment Group, Class A#		770		16,994
Scripps Networks Interactive, Inc., Class A		1,380		103,114
Sirius XM Holdings, Inc.#		63,640		315,018
TEGNA, Inc.		4,940		125,871
Time Warner, Inc.		20,016		1,986,988
Tribune Media Co., Class A		2,550		93,228
Twenty-First Century Fox, Inc., Class A		37,410		1,137,619
Viacom, Inc.		5,300		225,568
Walt Disney Co. (The)		39,646		4,583,078
			$	18,390,446

April 30, 2017 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    6

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MULTILINE RETAIL – 0.4%
Burlington Stores, Inc.*		900	$	89,028
Dillard’s, Inc., Class A#		600		33,222
Dollar General Corp.		6,800		494,428
Dollar Tree, Inc.*		6,962		576,245
JC Penney Co., Inc.#,*		3,930		21,143
Kohl’s Corp.#		2,210		86,256
Macy’s, Inc.		6,080		177,658
Nordstrom, Inc.#		4,480		216,250
Sears Holdings Corp.#,*		70		715
Target Corp.		10,960		612,116
			$	2,307,061
SPECIALTY RETAIL – 2.3%
Advance Auto Parts, Inc.		1,850		262,959
AutoNation, Inc.*		480		20,160
AutoZone, Inc.*		660		456,845
Bed, Bath & Beyond, Inc.		1,010		39,137
Best Buy Co., Inc.		6,780		351,272
Cabela’s, Inc.*		900		49,140
CarMax, Inc.*		4,300		251,550
CST Brands, Inc.		1,718		82,962
Dick’s Sporting Goods, Inc.		2,480		125,364
Foot Locker, Inc.		2,410		186,389
GameStop Corp., Class A#		720		16,337
Home Depot, Inc. (The)		30,450		4,753,245
L Brands, Inc.		2,710		143,115
Lowe’s Cos., Inc.		23,100		1,960,728
Michaels Cos, Inc. (The)*		1,700		39,712
Murphy USA, Inc.*		1,387		96,494
O’Reilly Automotive, Inc.*		2,700		670,005
Penske Automotive Group, Inc.		600		28,626
Ross Stores, Inc.		10,440		678,600
Sally Beauty Holdings, Inc.*		2,500		47,550
Signet Jewelers Ltd.#		820		53,989
Tiffany & Co.		3,950		362,018
TJX Cos., Inc. (The)		17,740		1,395,074
Tractor Supply Co.		2,900		179,539
Ulta Salon Cosmetics & Fragrance, Inc.*		1,700		478,448
Urban Outfitters, Inc.*		1,460		33,405
Williams-Sonoma, Inc.#		1,340		72,427
			$	12,835,090
TEXTILES, APPAREL & LUXURY GOODS – 0.5%
Carter’s, Inc.		1,400		128,856
Coach, Inc.		8,010		315,514
Hanesbrands, Inc.#		8,700		189,747
Kate Spade & Co.*		1,500		26,100
lululemon athletica, Inc.*		2,700		140,400

Description	Number of Shares		Value
NIKE, Inc., Class B		28,740	$	1,592,483
PVH Corp.		480		48,494
Skechers U.S.A., Inc., Class A*		2,500		63,125
Under Armour, Inc., Class A#,*		6,322		129,366
VF Corp.		6,050		330,512
			$	2,964,597
TOTAL CONSUMER DISCRETIONARY			$	70,284,998
CONSUMER STAPLES – 6.7%
BEVERAGES – 1.4%
Brown-Forman Corp., Class A		4,500		213,754
Coca-Cola Co. (The)		75,900		3,275,085
Constellation Brands, Inc., Class A		2,700		465,858
Dr. Pepper Snapple Group, Inc.		2,300		210,795
Molson Coors Brewing Co., Class B		1,900		182,191
Monster Beverage Corp.*		9,900		449,262
PepsiCo, Inc.		27,900		3,160,512
			$	7,957,457
FOOD & STAPLES RETAILING – 1.5%
Casey’s General Stores, Inc.		400		44,828
Costco Wholesale Corp.		8,500		1,508,920
CVS Health Corp.		18,200		1,500,408
Kroger Co. (The)		22,500		667,125
Rite Aid Corp.*		23,500		94,000
Sprouts Farmers Market, Inc.*		5,500		122,705
Sysco Corp.		8,900		470,543
US Foods Holding Corp.*		2,400		67,680
Walgreens Boots Alliance, Inc.		16,700		1,445,218
Wal-Mart Stores, Inc.		29,500		2,217,810
Whole Foods Market, Inc.		8,800		320,056
			$	8,459,293
FOOD PRODUCTS – 1.2%
Archer-Daniels-Midland Co.		12,200		558,150
Blue Buffalo Pet Products, Inc.*		3,300		81,345
Bunge Ltd.		3,800		300,314
Campbell Soup Co.		2,400		138,096
ConAgra Foods, Inc.		8,400		325,752
General Mills, Inc.		9,400		540,594
Hain Celestial Group, Inc. (The)*		4,000		147,960
Hershey Co. (The)		3,500		378,700
Hormel Foods Corp.		1,600		56,128
Ingredion, Inc.		500		61,910
JM Smucker Co. (The)		1,200		152,064
Kellogg Co.		3,000		213,000
Kraft Heinz Co. (The)		12,000		1,084,680
Lamb Weston Holdings, Inc.		2,800		116,900
McCormick & Co., Inc.		600		59,940

ANNUAL REPORT / April 30, 2017

7    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Mead Johnson Nutrition Co.		3,600	$	319,392
Mondelez International, Inc., Class A		30,200		1,359,906
Pilgrim’s Pride Corp.		3,000		77,880
Tyson Foods, Inc., Class A		5,800		372,708
			$	6,345,419
HOUSEHOLD PRODUCTS – 1.2%
Church & Dwight Co., Inc.		2,600		128,778
Clorox Co. (The)		2,800		374,332
Colgate-Palmolive Co.		15,600		1,123,824
Energizer Holdings, Inc.		1,700		100,691
Kimberly-Clark Corp.		6,500		843,375
Procter & Gamble Co. (The)		48,200		4,209,306
Spectrum Brands Holdings, Inc.#		200		28,746
			$	6,809,052
PERSONAL PRODUCTS – 0.1%
Coty, Inc., Class A		3,600		64,260
Estee Lauder Cos., Inc. Class A (The)		3,200		278,848
Herbalife Ltd.#,*		1,900		120,194
Nu Skin Enterprises, Inc., Class A		1,600		88,368
			$	551,670
TOBACCO – 1.3%
Altria Group, Inc.		35,700		2,562,546
Philip Morris International, Inc.		30,100		3,336,284
Reynolds American, Inc.		17,300		1,115,850
			$	7,014,680
TOTAL CONSUMER STAPLES			$	37,137,571
ENERGY – 6.8%
ENERGY EQUIPMENT & SERVICES – 1.1%
Baker Hughes, Inc.		10,400		617,448
Diamond Offshore Drilling, Inc.#,*		4,700		67,774
Dril-Quip, Inc.*		660		34,023
Ensco PLC, Class A		17,650		139,259
Frank’s International NV		2,050		18,655
Halliburton Co.		22,790		1,045,605
Helmerich & Payne, Inc.#		2,960		179,494
Nabors Industries Ltd.		8,630		89,234
National Oilwell Varco, Inc.		8,405		293,923
Noble Corp. PLC		18,200		87,360
Oceaneering International, Inc.		1,680		44,335
Patterson-UTI Energy, Inc.#		4,800		103,896
Rowan Cos. PLC, Class A*		3,240		45,587
RPC, Inc.#		3,450		62,687
Schlumberger Ltd.		36,695		2,663,690
Superior Energy Services, Inc.*		4,550		54,964
Targa Resources Corp.		4,300		237,059

Description	Number of Shares		Value
Transocean Ltd.#,*		10,300	$	113,609
Weatherford International PLC#,*		40,050		231,089
			$	6,129,691
OIL, GAS & CONSUMABLE FUELS – 5.7%
Anadarko Petroleum Corp.		14,350		818,237
Antero Resources Corp.#,*		2,050		43,439
Apache Corp.		10,840		527,258
Cabot Oil & Gas Corp.		14,200		330,008
Cheniere Energy, Inc.*		6,330		287,065
Chesapeake Energy Corp.*		23,700		124,662
Chevron Corp.		50,120		5,347,804
Cimarex Energy Co.		2,900		338,372
Cobalt International Energy, Inc.*		500		196
Concho Resources, Inc.*		3,460		438,244
ConocoPhillips		32,560		1,559,950
CONSOL Energy, Inc.#,*		6,600		100,188
Continental Resources, Inc.#,*		2,620		111,114
CVR Energy, Inc.#		100		2,189
Devon Energy Corp.		13,480		532,325
Diamondback Energy, Inc.*		1,900		189,696
Enbridge, Inc.		2,432		100,806
Energen Corp.*		4,380		227,716
EOG Resources, Inc.		14,680		1,357,900
EQT Corp.		4,830		280,816
Exxon Mobil Corp.		112,593		9,193,218
Golar LNG Ltd.#		750		19,133
Gulfport Energy Corp.*		3,950		62,726
Hess Corp.		7,190		351,088
HollyFrontier Corp.		7,840		220,618
Kinder Morgan, Inc.		53,155		1,096,588
Kosmos Energy Ltd.#,*		3,050		18,331
Laredo Petroleum, Inc.*		4,900		63,014
Marathon Oil Corp.		27,930		415,319
Marathon Petroleum Corp.		15,730		801,286
Murphy Oil Corp.#		7,100		185,878
Newfield Exploration Co.*		4,310		149,212
Noble Energy, Inc.		12,620		408,005
Occidental Petroleum Corp.		18,400		1,132,336
ONEOK, Inc.#		6,660		350,383
Parsley Energy, Inc., Class A*		2,200		65,538
PBF Energy, Inc., Class A#		3,000		66,960
Phillips 66		11,390		906,188
Pioneer Natural Resources Co.		4,450		769,806
QEP Resources, Inc.*		8,800		103,928
Range Resources Corp.		6,198		164,185
Rice Energy, Inc.*		800		17,032
SM Energy Co.		3,150		71,159

April 30, 2017 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    8

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Southwestern Energy Co.#,*		15,300	$	114,903
Tesoro Corp.		2,640		210,434
Valero Energy Corp.		13,020		841,222
Whiting Petroleum Corp.*		10,350		85,905
Williams Cos., Inc. (The)		18,670		571,862
World Fuel Services Corp.		2,100		77,343
WPX Energy, Inc.*		7,917		94,450
			$	31,346,035
TOTAL ENERGY			$	37,475,726
FINANCIALS – 16.2%
CAPITAL MARKETS – 3.2%
Affiliated Managers Group, Inc.		1,270		210,299
Ameriprise Financial, Inc.		5,040		644,364
Artisan Partners Asset Management, Inc.,
Class A		350		10,255
Bank of New York Mellon Corp. (The)		25,620		1,205,677
BlackRock, Inc.		3,760		1,445,983
CBOE Holdings, Inc.		3,000		247,230
Charles Schwab Corp. (The)		30,450		1,182,983
CME Group, Inc.		8,600		999,234
Donnelley Financial Solutions, Inc.*		396		8,799
E*TRADE Financial Corp.*		7,200		248,760
Eaton Vance Corp.		4,970		213,362
FactSet Research Systems, Inc.		1,540		251,420
Federated Investors, Inc., Class B		2,770		74,291
Franklin Resources, Inc.		7,720		332,809
Goldman Sachs Group, Inc. (The)		10,240		2,291,712
Interactive Brokers Group, Inc., Class A#		900		31,347
Intercontinental Exchange, Inc.		17,290		1,040,858
Invesco Ltd.		10,220		336,647
Lazard Ltd., Class A		5,050		216,847
Legg Mason, Inc.		1,310		48,968
LPL Financial Holdings, Inc.		3,200		134,528
Moody’s Corp.		5,440		643,661
Morgan Stanley		38,846		1,684,751
Morningstar, Inc.		1,100		80,443
MSCI, Inc.		3,620		363,158
Nasdaq, Inc.		4,530		311,981
Northern Trust Corp.		4,080		367,200
Raymond James Financial, Inc.		4,510		336,085
S&P Global, Inc.		7,790		1,045,340
SEI Investments Co.		3,840		194,726
State Street Corp.		9,070		760,973
T. Rowe Price Group, Inc.		4,580		324,676
TD Ameritrade Holding Corp.		2,550		97,589
Thomson Reuters Corp.		6,650		302,110
			$	17,689,066

Description	Number of Shares		Value
COMMERCIAL BANKS – 1.6%
Associated Banc-Corp.		8,385	$	208,786
Bank of Hawaii Corp.		2,470		201,256
BankUnited, Inc.		2,700		95,283
BB&T Corp.		19,890		858,850
BOK Financial Corp.#		820		69,118
CIT Group, Inc.		2,300		106,513
Citizens Financial Group, Inc.		13,750		504,762
Commerce Bancshares, Inc.		1,724		94,734
Cullen/Frost Bankers, Inc.		1,440		135,922
East West Bancorp, Inc.		3,800		206,226
Fifth Third Bancorp		18,250		445,847
First Horizon National Corp.		8,934		163,939
First Republic Bank		5,000		462,300
Huntington Bancshares, Inc.		29,041		373,467
KeyCorp		22,244		405,731
M&T Bank Corp.§		1,610		250,210
PacWest Bancorp.		3,339		164,913
People’s United Financial, Inc.		7,400		129,278
PNC Financial Services Group, Inc. (The)		12,860		1,539,985
Popular, Inc.		3,900		163,449
Regions Financial Corp.		32,756		450,395
Signature Bank*		1,600		221,520
SunTrust Banks, Inc.		12,880		731,713
SVB Financial Group*		1,700		299,098
Synovus Financial Corp.		5,594		233,829
TCF Financial Corp.		2,510		41,440
Zions Bancorporation		5,090		203,753
			$	8,762,317
CONSUMER FINANCE – 0.9%
Ally Financial, Inc.		8,000		158,400
American Express Co.		20,040		1,588,170
Capital One Financial Corp.		14,600		1,173,548
Credit Acceptance Corp.#,*		250		50,812
Discover Financial Services		12,980		812,418
Navient Corp.		12,160		184,832
OneMain Holdings, Inc.#,*		2,800		65,296
Santander Consumer USA Holdings, Inc.*		3,700		47,138
SLM Corp.*		8,660		108,596
Synchrony Financial		25,700		714,460
			$	4,903,670
DIVERSIFIED FINANCIAL SERVICES – 6.9%
Bank of America Corp.		288,450		6,732,423
Berkshire Hathaway, Inc., Class B*		51,396		8,491,133
Citigroup, Inc.		78,382		4,633,944
Comerica, Inc.		5,030		355,621
JPMorgan Chase & Co.		100,120		8,710,440

ANNUAL REPORT / April 30, 2017

9    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Leucadia National Corp.		5,710	$	144,977
U.S. Bancorp		42,970		2,203,502
Voya Financial, Inc.		3,400		127,092
Wells Fargo & Co.		127,175		6,847,102
			$	38,246,234
INSURANCE – 3.5%
Aflac, Inc.		12,100		906,048
Alleghany Corp.*		256		156,339
Allied World Assurance Co. Holdings AG		3,890		206,520
Allstate Corp. (The)		11,480		933,209
American Financial Group, Inc.		1,600		155,696
American International Group, Inc.		27,180		1,655,534
American National Insurance Co.		600		70,152
AmTrust Financial Services, Inc.		2,100		33,705
Aon PLC		7,900		946,736
Arch Capital Group Ltd.*		2,590		251,152
Arthur J Gallagher & Co.		6,580		367,230
Aspen Insurance Holdings Ltd.		4,665		244,213
Assurant, Inc.		3,230		310,855
Assured Guaranty Ltd.		3,550		135,362
Axis Capital Holdings Ltd.		3,280		216,152
Brown & Brown, Inc.		5,570		238,953
Chubb Ltd.		12,647		1,735,801
Cincinnati Financial Corp.		6,106		440,182
CNA Financial Corp.		1,050		47,523
Erie Indemnity Co., Class A		670		82,959
Everest Re Group Ltd.		1,170		294,501
FNF Group		5,341		218,714
Hanover Insurance Group, Inc. (The)		1,100		97,097
Hartford Financial Services Group, Inc. (The)		7,690		371,888
Lincoln National Corp.		7,670		505,683
Loews Corp.		10,450		487,179
Markel Corp.*		280		271,488
Marsh & McLennan Cos., Inc.		15,190		1,126,035
Mercury General Corp.		2,370		145,731
MetLife, Inc.		23,551		1,220,177
Old Republic International Corp.		13,500		279,180
Principal Financial Group, Inc.		6,990		455,259
ProAssurance Corp.		3,000		185,700
Progressive Corp. (The)		19,230		763,816
Prudential Financial, Inc.		12,330		1,319,680
Reinsurance Group of America, Inc.		1,690		211,318
RenaissanceRe Holdings Ltd.		1,120		159,230
Torchmark Corp.		1,695		130,023
Travelers Cos., Inc. (The)		8,880		1,080,341
Unum Group		5,610		259,911
Validus Holdings Ltd.		170		9,398

Description	Number of Shares		Value
White Mountains Insurance Group Ltd.		160	$	137,430
WR Berkley Corp.		3,580		243,368
Xl Group Ltd.		7,270		304,250
			$	19,411,718
MORTGAGE REAL ESTATE INVESTMENT TRUSTS – 0.1%
AGNC Investment Corp.		4,230		89,126
Annaly Capital Management, Inc.		37,380		441,458
Chimera Investment Corp.		6,740		137,226
Starwood Property Trust, Inc.		4,170		94,617
Two Harbors Investment Corp.		1,800		17,982
			$	780,409
THRIFTS & MORTGAGE FINANCE – 0.0%**
New York Community Bancorp, Inc.		2,790		37,079
TFS Financial Corp.		1,050		17,367
			$	54,446
TOTAL FINANCIALS			$	89,847,860
HEALTH CARE – 13.4%
BIOTECHNOLOGY – 2.4%
ACADIA Pharmaceuticals, Inc.#,*		2,000		68,660
Agios Pharmaceuticals, Inc.*		900		44,739
Alexion Pharmaceuticals, Inc.*		4,290		548,176
Alkermes PLC*		4,400		256,300
Alnylam Pharmaceuticals, Inc.#,*		1,600		85,760
Amgen, Inc.		18,164		2,966,544
AquaBounty Technologies, Inc.#,*		27		210
Biogen, Inc.*		5,600		1,518,776
BioMarin Pharmaceutical, Inc.*		4,900		469,616
Bioverativ, Inc.*		2,800		164,668
Celgene Corp.*		19,266		2,389,947
Gilead Sciences, Inc.		30,144		2,066,371
Incyte Corp.*		4,160		517,005
Intercept Pharmaceuticals, Inc.#,*		300		33,705
Intrexon Corp.#,*		1,860		38,762
Ionis Pharmaceuticals, Inc.#,*		3,800		183,122
Juno Therapeutics, Inc.#,*		1,900		47,386
Neurocrine Biosciences, Inc.*		1,500		80,100
Regeneron Pharmaceuticals, Inc.*		2,000		776,980
Seattle Genetics, Inc.#,*		2,000		136,600
United Therapeutics Corp.*		1,140		143,298
Vertex Pharmaceuticals, Inc.*		6,343		750,377
			$	13,287,102
HEALTH CARE EQUIPMENT & SUPPLIES – 2.8%
Abbott Laboratories		37,445		1,634,100
ABIOMED, Inc.*		600		78,192
Alere, Inc.*		50		2,458

April 30, 2017 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    10

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Align Technology, Inc.*		2,260	$	304,241
Baxter International, Inc.		14,030		781,190
Becton Dickinson & Co.		5,680		1,061,990
Boston Scientific Corp.*		34,800		918,024
Cooper Cos., Inc. (The)		1,450		290,478
CR Bard, Inc.		2,280		701,054
Danaher Corp.		13,280		1,106,622
DENTSPLY SIRONA, Inc.		6,979		441,352
Edwards Lifesciences Corp.*		6,472		709,784
Hill-Rom Holdings, Inc.		2,260		170,946
Hologic, Inc.*		6,740		304,311
IDEXX Laboratories, Inc.*		2,180		365,651
Intuitive Surgical, Inc.*		1,000		835,870
Medtronic PLC		35,026		2,910,310
ResMed, Inc.		4,420		300,516
Stryker Corp.		8,900		1,213,693
Teleflex, Inc.		1,860		384,815
Varex Imaging Corp.*		1,620		54,367
Varian Medical Systems, Inc.*		4,050		367,497
Zimmer Biomet Holdings, Inc.		5,310		635,342
			$	15,572,803
HEALTH CARE PROVIDERS & SERVICES – 2.5%
Acadia Healthcare Co., Inc.#,*		1,500		65,370
Aetna, Inc.		8,731		1,179,296
AmerisourceBergen Corp.		5,670		465,223
Anthem, Inc.		6,110		1,086,908
Brookdale Senior Living, Inc.*		770		10,002
Cardinal Health, Inc.		5,620		407,956
Centene Corp.*		4,132		307,421
Cigna Corp.		5,430		849,089
DaVita, Inc.*		2,788		192,400
Envision Healthcare Corp.*		567		31,769
Express Scripts Holding Co.*		14,162		868,697
HCA Holdings, Inc.*		7,200		606,312
Henry Schein, Inc.*		2,760		479,688
Humana, Inc.		3,730		827,985
Laboratory Corp. of America Holdings*		2,857		400,409
LifePoint Hospitals, Inc.*		130		8,080
McKesson Corp.		4,200		580,818
MEDNAX, Inc.*		2,640		159,350
Patterson Cos., Inc.#		970		43,155
Premier, Inc., Class A*		1,300		43,940
Quest Diagnostics, Inc.		4,350		458,969
Quorum Health Corp.*		61		260
Tenet Healthcare Corp.#,*		2,425		38,000
UnitedHealth Group, Inc.		23,420		4,095,690
Universal Health Services, Inc., Class B		2,480		299,485

Description	Number of Shares		Value
VCA, Inc.*		2,070	$	189,550
			$	13,695,822
HEALTH CARE TECHNOLOGY – 0.1%
Allscripts Healthcare Solutions, Inc.*		1,800		21,546
athenahealth, Inc.*		400		39,204
Cerner Corp.*		7,040		455,840
Inovalon Holdings, Inc., Class A#,*		1,300		15,925
Veeva Systems, Inc., Class A*		3,320		178,018
			$	710,533
LIFE SCIENCES TOOLS & SERVICES – 0.8%
Agilent Technologies, Inc.		7,490		412,324
Bio-Rad Laboratories, Inc., Class A*		890		194,251
Bruker Corp.		4,900		119,511
Charles River Laboratories International,
Inc.*		2,620		235,014
Illumina, Inc.*		2,840		525,002
Mettler-Toledo International, Inc.*		820		421,004
PerkinElmer, Inc.		4,070		241,799
QIAGEN NV*		2,022		60,842
Quintiles IMS Holdings, Inc.*		2,480		209,014
Thermo Fisher Scientific, Inc.		9,920		1,640,074
VWR Corp.*		3,800		107,388
Waters Corp.*		2,310		392,446
			$	4,558,669
PHARMACEUTICALS – 4.8%
AbbVie, Inc.		38,478		2,537,239
Akorn, Inc.*		1,600		53,520
Allergan PLC		7,485		1,825,292
Bristol-Myers Squibb Co.		37,360		2,094,028
Eli Lilly & Co.		21,530		1,766,752
Endo International PLC*		2,400		27,288
Johnson & Johnson		66,600		8,223,102
Mallinckrodt PLC*		1,310		61,465
Merck & Co., Inc.		65,266		4,068,030
Mylan NV*		7,530		281,246
Perrigo Co. PLC#		1,040		76,898
Pfizer, Inc.		139,703		4,738,726
Zoetis, Inc.		13,281		745,197
			$	26,498,783
TOTAL HEALTH CARE			$	74,323,712
INDUSTRIALS – 11.1%
AEROSPACE & DEFENSE – 2.8%
Arconic, Inc.		6,766		184,915
Boeing Co. (The)		16,040		2,964,673
BWX Technologies, Inc.		2,940		144,560

ANNUAL REPORT / April 30, 2017

11    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
General Dynamics Corp.		5,730	$	1,110,417
HEICO Corp.		1,250		76,625
Hexcel Corp.		3,600		186,300
Honeywell International, Inc.		19,770		2,592,638
Huntington Ingalls Industries, Inc.		1,645		330,464
L3 Technologies, Inc.		2,010		345,258
Lockheed Martin Corp.		6,850		1,845,733
Northrop Grumman Corp.		4,770		1,173,229
Raytheon Co.		8,420		1,306,868
Rockwell Collins, Inc.		2,800		291,452
Spirit Aerosystems Holdings, Inc., Class A		1,940		110,890
Textron, Inc.		3,570		166,576
TransDigm Group, Inc.		1,490		367,628
United Technologies Corp.		20,800		2,474,992
			$	15,673,218
AIR FREIGHT & LOGISTICS – 0.7%
C.H. Robinson Worldwide, Inc.		4,084		296,907
Expeditors International of Washington, Inc.		7,280		408,335
FedEx Corp.		5,960		1,130,612
United Parcel Service, Inc., Class B		16,230		1,744,076
			$	3,579,930
AIRLINES – 0.7%
Alaska Air Group, Inc.		3,800		323,342
American Airlines Group, Inc.		14,900		635,038
Copa Holdings SA, Class A Class A		200		23,284
Delta Air Lines, Inc.		20,390		926,522
JetBlue Airways Corp.*		10,000		218,300
Southwest Airlines Co.		16,330		918,073
Spirit Airlines, Inc.*		1,500		85,905
United Continental Holdings, Inc.*		8,383		588,570
			$	3,719,034
BUILDING PRODUCTS – 0.4%
Allegion PLC		2,233		175,603
Armstrong Flooring, Inc.*		310		5,949
Armstrong World Industries, Inc.#,*		620		28,985
Fortune Brands Home & Security, Inc.		4,760		303,402
Johnson Controls International PLC		19,631		816,061
Lennox International, Inc.		1,490		246,431
Masco Corp.		10,930		404,629
Owens Corning		2,290		139,347
Smith (A.O.) Corp.		5,000		269,400
			$	2,389,807
COMMERCIAL SERVICES & SUPPLIES – 0.4%
Cintas Corp.		3,520		431,094
Copart, Inc.*		3,800		117,420
Herc Holdings, Inc.*		520		23,644

Description	Number of Shares		Value
KAR Auction Services, Inc.		4,100	$	178,842
Lsc Communications, Inc.		396		10,245
R.R. Donnelley & Sons Co.		1,056		13,274
Republic Services, Inc.		7,840		493,842
Stericycle, Inc.*		1,552		132,448
Waste Management, Inc.		12,040		876,271
			$	2,277,080
CONSTRUCTION & ENGINEERING – 0.2%
AECOM*		3,191		109,164
Chicago Bridge & Iron Co. NV		1,382		41,571
Fluor Corp.		3,750		192,450
Jacobs Engineering Group, Inc.		4,150		227,918
KBR, Inc.#		4,450		62,523
Quanta Services, Inc.*		2,760		97,814
			$	731,440
ELECTRICAL EQUIPMENT – 0.5%
Acuity Brands, Inc.		1,300		228,930
AMETEK, Inc.		3,260		186,472
Babcock & Wilcox Enterprises, Inc.*		1,470		13,774
Eaton Corp. PLC		12,978		981,656
Emerson Electric Co.		14,540		876,471
Hubbell, Inc.		1,290		145,938
Regal Beloit Corp.		600		47,310
Rockwell Automation, Inc.		2,320		365,052
			$	2,845,603
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.1%
Fortive Corp.		8,540		540,240
INDUSTRIAL CONGLOMERATES – 1.8%
3M Co.		14,760		2,890,451
Carlisle Cos., Inc.		1,290		130,793
General Electric Co.		223,620		6,482,744
Roper Technologies, Inc.		3,000		656,100
			$	10,160,088
MACHINERY – 2.0%
AGCO Corp.		3,260		208,607
Allison Transmission Holdings, Inc.		4,800		185,664
Caterpillar, Inc.		14,700		1,503,222
Colfax Corp.*		2,900		117,363
Crane Co.		1,200		95,892
Cummins, Inc.		4,380		661,117
Deere & Co.		8,390		936,408
Donaldson Co., Inc.		4,010		185,583
Dover Corp.		4,160		328,141
Flowserve Corp.#		3,000		152,610
Graco, Inc.		2,140		230,799

April 30, 2017 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    12

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
IDEX Corp.		2,120	$	222,091
Illinois Tool Works, Inc.		8,000		1,104,720
Ingersoll-Rand PLC		8,150		723,313
ITT, Inc.		2,535		106,800
Lincoln Electric Holdings, Inc.		1,900		169,157
Manitowoc Co., Inc. (The)#,*		3,910		23,343
Middleby Corp. (The)*		1,600		217,808
Nordson Corp.		1,500		187,800
Oshkosh Corp.		1,790		124,208
PACCAR, Inc.		10,190		679,979
Parker-Hannifin Corp.		2,960		475,968
Pentair PLC		3,816		246,170
Snap-on, Inc.		1,280		214,438
SPX Corp.*		330		7,940
Stanley Black & Decker, Inc.		4,220		574,553
Terex Corp.		3,730		130,475
Timken Co. (The)		600		28,950
Toro Co. (The)		4,680		303,826
Trinity Industries, Inc.		2,400		64,560
Valmont Industries, Inc.		1,060		161,491
WABCO Holdings, Inc.*		2,050		243,684
Wabtec Corp.#		1,720		144,291
Welbilt, Inc.*		3,910		80,155
Xylem, Inc.		5,010		257,564
			$	11,098,690
MARINE – 0.0%**
Kirby Corp.*		900		63,540
PROFESSIONAL SERVICES – 0.3%
Dun & Bradstreet Corp. (The)		930		101,937
Equifax, Inc.		4,060		549,359
IHS Markit Ltd.*		787		34,156
ManpowerGroup, Inc.		1,860		187,823
Nielsen Holdings PLC		5,550		228,272
Robert Half International, Inc.		2,060		94,863
TransUnion*		2,400		96,072
Verisk Analytics, Inc.*		4,800		397,488
			$	1,689,970
ROAD & RAIL – 1.0%
AMERCO		300		112,338
CSX Corp.		26,300		1,337,092
Hertz Global Holdings, Inc.*		1,560		25,724
JB Hunt Transport Services, Inc.		2,280		204,425
Kansas City Southern		2,180		196,353
Landstar System, Inc.		1,590		135,866
Norfolk Southern Corp.		8,360		982,216
Old Dominion Freight Line, Inc.		2,100		185,892
Ryder System, Inc.		40		2,716

Description	Number of Shares		Value
Union Pacific Corp.		22,570	$	2,526,937
			$	5,709,559
TRADING COMPANIES & DISTRIBUTORS – 0.2%
Air Lease Corp.		1,200		45,768
Fastenal Co.		4,320		193,018
HD Supply Holdings, Inc.*		6,400		257,920
MSC Industrial Direct Co., Inc. Class A		1,390		124,447
NOW, Inc.*		1,663		28,288
United Rentals, Inc.*		2,320		254,411
Watsco, Inc.		100		13,880
WW Grainger, Inc.		1,140		219,678
			$	1,137,410
TRANSPORTATION INFRASTRUCTURE – 0.0%**
Macquarie Infrastructure Corp.		100		8,137
TOTAL INDUSTRIALS			$	61,623,746
INFORMATION TECHNOLOGY – 22.6%
COMMERCIAL SERVICES & SUPPLIES – 0.0%**
Sabre Corp.		1,420		33,242
COMMUNICATIONS EQUIPMENT – 1.5%
Brocade Communications Systems, Inc.		8,590		107,976
Cisco Systems, Inc.		131,750		4,488,722
EchoStar Corp., Class A*		970		55,833
F5 Networks, Inc.*		1,990		256,969
Harris Corp.		2,859		319,894
Juniper Networks, Inc.		10,390		312,427
Lumentum Holdings, Inc.*		610		26,078
Motorola Solutions, Inc.		6,030		518,399
Palo Alto Networks, Inc.*		1,690		183,213
QUALCOMM, Inc.		34,080		1,831,459
Viavi Solutions, Inc.*		5,890		58,900
			$	8,159,870
COMPUTERS & PERIPHERALS – 4.0%
Apple, Inc.		139,660		20,062,159
Hewlett Packard Enterprise Co.		46,290		862,383
HP, Inc.		45,390		854,240
NCR Corp.*		2,220		91,575
NetApp, Inc.		3,553		141,587
Western Digital Corp.		5,383		479,464
			$	22,491,408
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.5%
Amphenol Corp., Class A		9,300		672,483
Arrow Electronics, Inc.*		2,940		207,270
CDW Corp.		4,990		294,859
Cognex Corp.		2,500		213,350
Corning, Inc.		29,270		844,439

ANNUAL REPORT / April 30, 2017

13    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Dolby Laboratories, Inc., Class A		150	$	7,909
Fitbit, Inc., Class A#,*		200		1,144
FLIR Systems, Inc.		2,090		76,766
IPG Photonics Corp.*		1,400		176,848
Keysight Technologies, Inc.*		100		3,743
National Instruments Corp.		1,930		67,376
Trimble Navigation Ltd.*		6,680		236,672
			$	2,802,859
INTERNET SOFTWARE & SERVICES – 4.7%
Akamai Technologies, Inc.*		4,750		289,465
Alphabet, Inc., Class C*		15,024		13,748,394
CoStar Group, Inc.*		1,300		313,157
eBay, Inc.*		28,490		951,851
Facebook, Inc., Class A*		57,380		8,621,345
GoDaddy, Inc., Class A#,*		750		29,190
IAC/InterActiveCorp*		1,300		107,913
LogMeIn, Inc.		257		29,041
Match Group, Inc.#,*		2,400		44,712
Pandora Media, Inc.#,*		2,000		21,700
Twitter, Inc.#,*		5,810		95,749
VeriSign, Inc.#,*		3,150		280,098
Yahoo!, Inc.*		24,230		1,168,128
Yelp, Inc.#,*		2,000		70,820
Zillow Group, Inc., Class A#,*		3,500		135,888
			$	25,907,451
IT SERVICES – 4.1%
Accenture PLC, Class A		16,700		2,025,710
Alliance Data Systems Corp.		1,290		322,023
Amdocs Ltd.		2,620		160,449
Automatic Data Processing, Inc.		12,630		1,319,709
Black Knight Financial Services, Inc., Class
A#,*		400		16,560
Booz Allen Hamilton Holding Corp.		3,460		124,318
Broadridge Financial Solutions, Inc.		3,630		253,882
Cognizant Technology Solutions Corp., Class
A*		13,010		783,592
Conduent, Inc.*		3,142		51,246
CoreLogic, Inc.*		880		37,611
CSRA, Inc.		3,300		95,964
DST Systems, Inc.		1,670		205,594
DXC Technology Co.*		7,776		585,844
Fidelity National Information Services, Inc.		6,443		542,436
First Data Corp., Class A*		8,200		128,084
Fiserv, Inc.*		6,760		805,386
FleetCor Technologies, Inc.*		2,000		282,280
Gartner, Inc.*		3,500		399,315
Global Payments, Inc.		5,000		408,800

Description	Number of Shares		Value
International Business Machines Corp.		21,260	$	3,407,765
Jack Henry & Associates, Inc.		1,900		184,148
Leidos Holdings, Inc.		2,200		115,852
Mastercard, Inc., Class A		25,520		2,968,486
Paychex, Inc.		10,770		638,446
PayPal Holdings, Inc.*		25,365		1,210,418
Square, Inc., Class A*		2,800		51,072
Teradata Corp.*		270		7,879
Total System Services, Inc.		3,720		213,193
Vantiv, Inc., Class A*		5,900		366,036
Visa, Inc., Class A		49,520		4,517,214
Western Union Co. (The)#		10,940		217,268
Xerox Corp.		16,010		115,112
			$	22,561,692
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.0%
Analog Devices, Inc.		7,952		605,942
Applied Materials, Inc.		30,080		1,221,549
Broadcom Ltd.		9,933		2,193,306
Cypress Semiconductor Corp.#		12,000		168,120
Intel Corp.		122,470		4,427,291
KLA-Tencor Corp.		5,250		515,655
Lam Research Corp.		4,880		706,868
Marvell Technology Group Ltd.		11,490		172,580
Maxim Integrated Products, Inc.		10,220		451,213
Microchip Technology, Inc.#		7,039		532,008
Micron Technology, Inc.*		24,400		675,148
NVIDIA Corp.		12,780		1,332,954
ON Semiconductor Corp.*		4,320		61,258
Qorvo, Inc.*		3,350		227,901
Skyworks Solutions, Inc.		5,400		538,596
Teradyne, Inc.		7,450		262,762
Texas Instruments, Inc.		26,900		2,129,942
Versum Materials, Inc.		2,600		83,252
Xilinx, Inc.		5,500		347,105
			$	16,653,450
SOFTWARE – 4.8%
Activision Blizzard, Inc.		16,670		871,007
Adobe Systems, Inc.*		13,160		1,760,018
ANSYS, Inc.*		1,380		152,021
Atlassian Corp. PLC, Class A#,*		900		31,032
Autodesk, Inc.*		6,030		543,122
CA, Inc.		10,480		344,058
Cadence Design Systems, Inc.*		11,710		381,395
CDK Global, Inc.		4,676		303,987
Citrix Systems, Inc.*		4,990		403,891
CommerceHub, Inc.*		1,230		19,614
Dell Technologies, Inc., Class V*		2,983		200,189

April 30, 2017 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    14

Wilmington Large-Cap Strategy Fund (continued)

Description	Number  of Shares		Value
Electronic Arts, Inc.*		8,210	$	778,472
Fortinet, Inc.*		2,400		93,600
Intuit, Inc.		7,100		888,991
Microsoft Corp.		193,099		13,219,558
Oracle Corp.		76,410		3,435,394
PTC, Inc.*		2,100		113,505
Red Hat, Inc.*		5,130		451,850
salesforce.com, Inc.*		16,830		1,449,400
ServiceNow, Inc.*		4,500		425,160
Splunk, Inc.*		600		38,586
Symantec Corp.		12,420		392,845
Synopsys, Inc.*		2,600		191,620
Ultimate Software Group, Inc.*		140		28,374
VMware, Inc., Class A*		1,510		142,121
Workday, Inc., Class A*		1,550		135,470
			$	26,795,280
TELECOMMUNICATIONS – 0.0%**
Arista Networks, Inc.#,*		200		27,928
TOTAL INFORMATION TECHNOLOGY			$	125,433,180
MATERIALS – 3.1%
CHEMICALS – 2.2%
AdvanSix, Inc.*		1,574		42,907
Air Products & Chemicals, Inc.		5,200		730,600
Albemarle Corp.		2,000		217,820
Ashland Global Holdings, Inc.		1,200		148,200
Axalta Coating Systems Ltd.*		4,300		134,891
Cabot Corp.		600		36,114
Celanese Corp.		3,500		304,640
CF Industries Holdings, Inc.		9,500		254,030
Dow Chemical Co. (The)		28,400		1,783,520
E.I. du Pont de Nemours & Co.		21,400		1,706,650
Eastman Chemical Co.		4,000		319,000
Ecolab, Inc.		5,900		761,631
FMC Corp.		3,900		285,597
GCP Applied Technologies, Inc.*		1,000		32,900
Huntsman Corp.		5,200		128,804
Ingevity Corp.*		100		6,323
International Flavors & Fragrances, Inc.		1,000		138,590
LyondellBasell Industries NV, Class A		8,600		728,936
Monsanto Co.		11,100		1,294,371
Mosaic Co. (The)		6,100		164,273
PPG Industries, Inc.		6,300		691,992
Praxair, Inc.		7,100		887,358
RPM International, Inc.		2,700		141,912
Sherwin-Williams Co. (The)		1,800		602,424
Valspar Corp. (The)		1,300		146,172

Description	Number  of Shares		Value
Valvoline, Inc.#		3,000	$	66,750
Westlake Chemical Corp.		1,300		80,925
WR Grace & Co.		1,700		118,524
			$	11,955,854
CONSTRUCTION MATERIALS – 0.1%
Eagle Materials, Inc.		1,000		95,970
Martin Marietta Materials, Inc.		1,400		308,266
Vulcan Materials Co.		3,300		398,904
			$	803,140
CONTAINERS & PACKAGING – 0.3%
Avery Dennison Corp.		900		74,889
Ball Corp.		2,700		207,603
Bemis Co., Inc.		1,900		85,367
Owens-Illinois, Inc.*		9,800		213,836
Packaging Corp. of America		2,200		217,316
Sealed Air Corp.		2,600		114,452
Silgan Holdings, Inc.		3,600		218,232
WestRock Co.		6,300		337,428
			$	1,469,123
METALS & MINING – 0.4%
Alcoa Corp.		4,588		154,753
Freeport-McMoRan, Inc.*		30,300		386,325
Newmont Mining Corp.		12,300		415,863
Nucor Corp.		9,600		588,768
Reliance Steel & Aluminum Co.		1,800		141,876
Royal Gold, Inc.		2,100		148,428
Southern Copper Corp.#		800		28,296
Steel Dynamics, Inc.		6,200		224,068
Tahoe Resources, Inc.		6,000		48,360
United States Steel Corp.		3,500		78,120
			$	2,214,857
PAPER & FOREST PRODUCTS – 0.1%
Domtar Corp.		3,100		122,915
International Paper Co.		12,100		653,037
			$	775,952
TOTAL MATERIALS			$	17,218,926
REAL ESTATE – 3.2%
REAL ESTATE INVESTMENT TRUSTS – 3.2%
Alexandria Real Estate Equities, Inc.		2,915		327,967
American Campus Communities, Inc.		4,700		222,733
American Homes 4 Rent, Class A		1,650		38,032
American Tower Corp.		9,960		1,254,362
Apartment Investment & Management Co.,
Class A		3,970		173,648
AvalonBay Communities, Inc.		3,222		611,664
Boston Properties, Inc.		2,750		348,150

ANNUAL REPORT / April 30, 2017

15    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Brandywine Realty Trust		4,680	$	79,420
Camden Property Trust		2,670		219,821
Care Capital Properties, Inc.		796		21,389
Colony NorthStar, Inc., Class A		15,076		197,043
CoreCivic, Inc.		2,367		81,543
Corporate Office Properties Trust		4,700		153,878
Crown Castle International Corp.		9,340		883,564
CyrusOne, Inc.		600		32,784
Digital Realty Trust, Inc.		3,910		449,024
Douglas Emmett, Inc.		4,410		166,125
Duke Realty Corp.		10,010		277,577
Empire State Realty Trust, Inc., Class A		1,600		33,280
Equinix, Inc.		1,781		743,924
Equity Commonwealth*		4,992		159,694
Equity Lifestyle Properties, Inc.		3,400		275,094
Equity Residential		5,850		377,793
Essex Property Trust, Inc.		1,073		262,316
Extra Space Storage, Inc.		3,100		234,143
Federal Realty Investment Trust		1,270		166,230
Forest City Realty Trust, Inc., Class A		3,400		76,840
Gaming and Leisure Properties, Inc.		1,404		48,859
GGP, Inc.		6,843		147,877
HCP, Inc.		5,530		173,365
Healthcare Trust of America, Inc., Class A		7,100		226,419
Hospitality Properties Trust		6,800		216,444
Host Hotels & Resorts, Inc.		19,340		347,153
Iron Mountain, Inc.		7,303		253,852
Kilroy Realty Corp.		3,925		276,830
Kimco Realty Corp.		7,280		147,711
Lamar Advertising Co., Class A#		2,400		172,968
Liberty Property Trust		4,040		163,903
Life Storage, Inc.#		1,100		86,229
Macerich Co. (The)		760		47,447
Mid-America Apartment Communities, Inc.		3,271		324,516
National Retail Properties, Inc.		2,500		105,550
Omega Healthcare Investors, Inc.#		2,850		94,050
Outfront Media, Inc.		1,300		34,008
Park Hotels & Resorts, Inc.		1,592		40,867
Piedmont Office Realty Trust, Inc., Class A		4,950		108,158
Prologis, Inc.		13,490		733,991
Public Storage		3,760		787,269
Quality Care Properties, Inc.*		1,666		28,905
Rayonier, Inc.		5,615		158,455
Realty Income Corp.		6,710		391,529
Regency Centers Corp.		2,035		128,571
SBA Communications Corp.*		3,350		423,742
Senior Housing Properties Trust		7,000		150,640
Simon Property Group, Inc.		6,693		1,106,085

Description	Number of Shares		Value
SL Green Realty Corp.		590	$	61,909
Spirit Realty Capital, Inc.		14,700		138,474
UDR, Inc.		8,580		320,377
Uniti Group, Inc.		3,350		91,991
Ventas, Inc.		8,286		530,387
VEREIT, Inc.		19,600		164,052
Vornado Realty Trust		5,073		488,226
Washington Prime Group, Inc.		6,176		54,349
Weingarten Realty Investors		3,560		116,661
Welltower, Inc.		5,970		426,497
Weyerhaeuser Co.		13,642		462,055
			$	17,648,409
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%**
CBRE Group, Inc., Class A*		8,810		315,486
Howard Hughes Corp. (The)*		658		81,006
Realogy Holdings Corp.		400		12,220
			$	408,712
TOTAL REAL ESTATE			$	18,057,121
TELECOMMUNICATION SERVICES – 2.4%
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.3%
AT&T, Inc.		168,600		6,681,618
CenturyLink, Inc.#		8,400		215,628
Frontier Communications Corp.#		9,000		16,920
Level 3 Communications, Inc.*		9,300		565,068
Verizon Communications, Inc.		110,800		5,086,828
Zayo Group Holdings, Inc.*		700		24,549
			$	12,590,611
WIRELESS TELECOMMUNICATION SERVICES – 0.1%
Sprint Corp.*		20,750		187,373
T-Mobile US, Inc.*		8,700		585,249
United States Cellular Corp.*		600		23,508
			$	796,130
TOTAL TELECOMMUNICATION SERVICES			$	13,386,741
UTILITIES – 1.4%
ELECTRIC UTILITIES – 0.7%
American Electric Power Co., Inc.		4,100		278,103
Avangrid, Inc.		2,900		126,150
Duke Energy Corp.		9,800		808,500
Edison International		2,500		199,925
Entergy Corp.		4,000		305,040
Eversource Energy		4,300		255,420
Exelon Corp.		12,300		425,949
NextEra Energy, Inc.		4,500		601,020
PPL Corp.		11,700		445,887

April 30, 2017 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    16

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Southern Co. (The)		13,400	$	667,320
			$	4,113,314
GAS UTILITIES – 0.0%**
UGI Corp.		1,400		70,224
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.1%
AES Corp.		16,300		184,353
Calpine Corp.*		11,000		112,200
NRG Energy, Inc.		8,300		140,270
			$	436,823
MULTI-UTILITIES – 0.5%
CenterPoint Energy, Inc.		7,700		219,681
CMS Energy Corp.		6,200		281,480
Consolidated Edison, Inc.		5,300		420,184
Dominion Resources, Inc.		7,700		596,211
OGE Energy Corp.		5,900		205,202
PG&E Corp.		5,300		355,365
Public Service Enterprise Group, Inc.		3,500		154,175
Sempra Energy		1,900		214,738
Vectren Corp.		1,100		65,362
WEC Energy Group, Inc.		1,900		114,988
Xcel Energy, Inc.		8,600		387,430
			$	3,014,816
WATER UTILITIES – 0.1%
American Water Works Co., Inc.		1,800		143,568
Aqua America, Inc.#		3,600		119,124
			$	262,692
TOTAL UTILITIES			$	7,897,869
TOTAL COMMON STOCKS
(COST $330,452,145)			$	552,687,450
INVESTMENT COMPANIES – 0.3%
EQUITY FUNDS – 0.3%
iShares Russell 1000 ETF#		6,860		909,705
iShares Russell 1000 Growth ETF		3,200		372,256
iShares Russell 1000 Value ETF		3,200		367,104
TOTAL EQUITY FUNDS			$	1,649,065
TOTAL INVESTMENT COMPANIES
(COST $1,605,147)			$	1,649,065
RIGHTS – 0.0%**
Celgene Corp.*,††		89		94
Community Health Systems, Inc.*		3,700		27
TOTAL RIGHTS
(COST $142)			$	121
WARRANTS – 0.0%**
American International Group, Inc. CW21,
Expire 1/19/21*		2,055		41,162

Description	Number of Shares		Value
Kinder Morgan, Inc., Expire 5/25/17*		16,345	$	26
TOTAL WARRANTS
(COST $48,690)			$	41,188
TOTAL INVESTMENTS IN SECURITIES – 99.9%
(COST $332,106,124)			$	554,377,824

	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.8%
REPURCHASE AGREEMENTS – 1.8%
Deutsche Bank Securities, Inc., 0.85%, dated 4/28/17, due 5/01/17, repurchase price $1,800,877, collateralized by U.S. Government Securities, 2.00% to 6.50%, maturing 5/01/17 to 4/01/47; total market value of $1,836,764.	$	1,800,749	$	1,800,749
HSBC Securities USA, Inc., 0.80%, dated 4/28/17, due 5/01/17, repurchase price $1,800,869, collateralized by U.S. Government Securities, 3.50% to 5.50%, maturing 11/01/42 to 8/01/48; total market value of $1,836,777.		1,800,749		1,800,749
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $1,800,871, collateralized by U.S. Government Securities, 3.00% to 4.50%, maturing 9/20/42 to 4/20/45; total market value of $1,836,764.		1,800,749		1,800,749
Mizuho Securities USA, Inc., 0.83%, dated 4/28/17, due 5/01/17, repurchase price $1,800,874, collateralized by U.S. Government Securities, 0.00% to 3.50%, maturing 7/28/17 to 2/01/47; total market value of $1,836,764.		1,800,749		1,800,749
RBC Dominion Securities, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $1,800,871, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 7/15/17 to 7/01/55; total market value of $1,836,764.		1,800,749		1,800,749
Royal Bank of Scotland PLC, 0.80%, dated 4/28/17, due 5/01/17, repurchase price $716,711, collateralized by U.S. Treasury Securities, 0.08% to 1.13%, maturing 5/31/17 to 8/31/21; total market value of $730,999.		716,663		716,663
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $9,720,408)			$	9,720,408
TOTAL INVESTMENTS – 101.7%
(COST $341,826,532)			$	564,098,232
COLLATERAL FOR SECURITIES ON LOAN – (1.8%)				(9,720,408	)
OTHER ASSETS LESS LIABILITIES – 0.1%				432,130
TOTAL NET ASSETS – 100.0%			$	554,809,954

ANNUAL REPORT / April 30, 2017

17    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (concluded)

Cost of investments for Federal income tax purposes is $352,934,418. The net unrealized appreciation/(depreciation) of investments was $211,163,814. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $214,082,128 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(2,918,314).

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, 2017 in valuing the Fund’s assets carried at fair value:

	Level 1		Level  2		Level  3		Total
Investments in Securities
Common Stocks	$	552,687,450	$	—	$	—	$	552,687,450
Investment Companies		1,649,065		—		—		1,649,065
Rights		27		94		—		121
Warrants		41,188		—		—		41,188
Repurchase Agreements		—		9,720,408		—		9,720,408
Total	$	554,377,730	$	9,720,502	$	—	$	564,098,232

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

†† Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2017, the value of these securities amounted to $94 representing 0.00%** of total net assets.

* 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

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

STATEMENT OF ASSETS AND LIABILITIES    18

April 30, 2017	Wilmington Large-Cap Strategy Fund
ASSETS:
Investments, at identified cost	$	341,826,532	(a)
Investments in repurchase agreements, at value	$	9,720,408
Investments in securities, at value (Including $9,480,764 of securities on loan) (Note 2)		554,377,824	(b)
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		564,098,232
Income receivable		526,814
Receivable for shares sold		752,060
Prepaid assets		18,707
TOTAL ASSETS		565,395,813
LIABILITIES:
Overdraft due to custodian		162,300
Payable for investments purchased		251,779
Collateral for securities on loan		9,720,408
Payable for shares redeemed		306,424
Payable for Trustees’ fees		3,305
Pending Litigation (See Note 7)		—
Other accrued expenses		141,643
TOTAL LIABILITIES		10,585,859
NET ASSETS	$	554,809,954
NET ASSETS CONSIST OF:
Paid-in capital	$	358,735,661
Undistributed net investment income		840,558
Accumulated net realized gain (loss) on investments		(27,037,965	)
Net unrealized appreciation (depreciation) of investments		222,271,700
TOTAL NET ASSETS	$	554,809,954
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class I
Net Assets	$	554,809,954
Shares outstanding (unlimited shares authorized)		28,229,983
Net Asset Value per share	$	19.65

(a) Includes $127,293 of investments in affiliated issuers.

(b) Includes $250,210 of investments in affiliated issuers.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

19    STATEMENT OF OPERATIONS

Year Ended April 30, 2017	Wilmington Large-Cap Strategy Fund
INVESTMENT INCOME:
Dividends		$11,130,405	(a)(b)
Securities lending income		98,756
TOTAL INVESTMENT INCOME		11,229,161
EXPENSES:
Investment advisory fee		2,813,694
Administrative personnel and services fees		180,433
Portfolio accounting and administration fees		185,107
Custodian fees		71,479
Transfer and dividend disbursing agent fees and expenses		129,098
Trustees’ fees		52,280
Professional fees		73,849
Shareholder services fee— Class I		1,406,844
Share registration costs		21,504
Printing and postage		25,954
Miscellaneous		124,539
TOTAL EXPENSES		5,084,781
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(2,271,091	)
Waiver of shareholder services fee—Class I		(1,406,844	)
TOTAL WAIVERS AND REIMBURSEMENTS		(3,677,935	)
Net expenses		1,406,846
Net investment income		9,822,315
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		7,868,520
Net change in unrealized appreciation (depreciation) of investments		76,903,218
Net realized and unrealized gain (loss) on investments		84,771,738
Change in net assets resulting from operations		$94,594,053

(a) Net of foreign withholding taxes withheld of $2,258.

(b) Includes $4,589 received from affiliated issuers.

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS    20

	Wilmington Large-Cap Strategy Fund
	Year Ended April 30, 2017			Year Ended April 30, 2016
OPERATIONS:
Net investment income	$	9,822,315		$	9,896,634
Net realized gain (loss) on investments		7,868,520			3,894,999
Net change in unrealized appreciation (depreciation) of investments		76,903,218			(32,021,505	)
Change in net assets resulting from operations		94,594,053			(18,229,872	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class I		(10,065,232	)		(9,665,314	)
Distributions from net realized gain on investments
Class I		—			(43,348,922	)
Change in net assets resulting from distributions to shareholders		(10,065,232	)		(53,014,236	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class I		80,203,786			449,044,771
Distributions reinvested
Class I		2,699,521			40,639,425
Cost of shares redeemed
Class I		(219,530,415	)		(280,509,480	)
Change in net assets resulting from share transactions		(136,627,108	)		209,174,716
Change in net assets		(52,098,287	)		137,930,608
NET ASSETS:
Beginning of year		606,908,241			468,977,633
End of year	$	554,809,954		$	606,908,241
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	840,558		$	894,107
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class I		4,452,169			25,238,721
Distributions reinvested
Class I		149,601			2,328,850
Shares redeemed
Class I		(12,258,584	)		(17,083,773	)
Net change resulting from share transactions		(7,656,814	)		10,483,798

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

21    FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

WILMINGTON LARGE-CAP STRATEGY FUND
CLASS I	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
Net Asset Value, Beginning of Year		$16.91			$18.46			$17.27			$14.63			$12.84
Income (Loss) From Operations:
Net Investment Income(a)		0.32			0.29			0.28			0.27			0.26
Net Realized and Unrealized Gain (Loss) on Investments		2.75			(0.42	)		2.19			2.65			1.79
Total Income (Loss) From Operations		3.07			(0.13	)		2.47			2.92			2.05
Less Distributions From:
Net Investment Income		(0.33	)		(0.28	)		(0.27	)		(0.28	)		(0.26	)
Net Realized Gains		—			(1.14	)		(1.01	)		—			—
Total Distributions		(0.33	)		(1.42	)		(1.28	)		(0.28	)		(0.26	)
Net Asset Value, End of Year		$19.65			$16.91			$18.46			$17.27			$14.63
Total Return		18.32	%		(0.87	)%		14.52	%		20.12	%		16.25	%
Net Assets, End of Year (000’s)		$554,810			$606,908			$468,978			$397,407			$399,710
Ratios to Average Net Assets
Gross Expense		0.90	%		0.89	%		0.86	%		0.87	%		0.88	%
Net Expenses(b)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income		1.75	%		1.68	%		1.52	%		1.71	%		1.99	%
Portfolio Turnover Rate		18	%		81	%		15	%		29	%		24	%

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

(b) 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, 2017 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    22

Wilmington Funds

April 30, 2017

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 12 portfolios, 1 of which is presented herein (referred to as the “Fund”). The remaining 11 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.

(d) Diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Class A, Service Class, Select Class, Administrative Class and Institutional Class are not available for the 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 Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund 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 Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 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 – The Fund utilizes a fair value approach. The fair value of the Fund’s portfolio securities are determined as follows:

• for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;

• in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;

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

• for 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 Trustees.

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (“NYSE”). In computing its NAV, the Fund values foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value.

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs and techniques 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 the Fund’s Portfolio of Investments. The inputs or techniques used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Fund’s policy is to disclose transfers between levels based on valuations at the beginning of the period. The Fund may hold securities which are periodically fair valued in accordance with the Fund’s fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the year. As of April 30, 2017, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels

ANNUAL REPORT / April 30, 2017

23    NOTES TO FINANCIAL STATEMENTS     (continued)

assigned to securities at the beginning of the period. Pursuant to the Fund’s fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies), and exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities and non-exchange traded derivatives 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 the Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Fund’s 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 Fund holds a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Fund has 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 Fund to receive less than the full repurchase price.

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

At April 30, 2017, 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(1)		Cash Collateral Received(1)		Net  Amount(2)
Large-Cap Strategy Fund
Deutsche Bank Securities, Inc.		$1,800,749		$1,800,749		$—		$—
HSBC Securities USA, Inc.		1,800,749		1,800,749		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,800,749		1,800,749		—		—
Mizuho Securities USA, Inc.		1,800,749		1,800,749		—		—
RBC Dominion Securities, Inc.		1,800,749		1,800,749		—		—
Royal Bank of Scotland PLC		716,663		716,663		—		—
		$9,720,408		$9,720,408		$—		$—

⁽¹⁾ The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

⁽²⁾ 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 Fund is 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.

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 quarterly.

Real Estate Investment Trusts – The Fund 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 to the actual amounts when the amounts are determined.

April 30, 2017 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS     (continued)    24

Federal Taxes – It is the Fund’s 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 its 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 Fund recognizes 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, 2017, the Fund did not incur any interest or penalties.

Warrants and Rights – The Fund may 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 Fund until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Fund is 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 Fund 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 Fund receives a lender’s fee. Fees earned by the Fund on securities lending are recorded as income. Loans of securities by the Fund 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 Fund has 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 portfolio of investments under the caption “Cash Collateral Invested for Securities on Loan.”

The Fund maintains 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 Fund under Master Securities Lending Agreements (“MSLA”) which permit the Fund, 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, 2017, 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	$9,480,764	$9,480,764	$—

(1) Collateral with a value of $9,720,408 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

As of April 30, 2017, there were no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax returns filed for the years ended 2016, 2015 and 2014, as well as the current year, remain subject to examination by the Internal Revenue Service.

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 “mark-to-market” of passive foreign investment companies 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 of the Fund nor the NAV of a class of the Fund.

For the year ended April 30, 2017, 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	$—	$189,368	$(189,368)

ANNUAL REPORT / April 30, 2017

25    NOTES TO FINANCIAL STATEMENTS    (continued)

The tax character of distributions for the corresponding fiscal year ends were as follows:

	2017		2016
Fund	Ordinary Income*	Long-Term Capital  Gains	Ordinary Income*	Long-Term Capital  Gains
Large-Cap Strategy Fund	$10,065,232	$—	$10,084,312	$42,929,924

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

As of April 30, 2017, 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	Late  Year Deferrals
Large-Cap Strategy Fund	$832,682	$—	$—	$211,163,814	$(15,922,203)	$—

At April 30, 2017, the Fund had capital loss carryforwards which will reduce the Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:

Fund	Short-Term Post-Effective No Expiration	Long-Term Post-Effective No Expiration	Total Capital Loss Carryforwards
Large-Cap Strategy Fund	$15,922,203	$—	$15,922,203

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

Fund	Advisory Fee Annual Rate
Large-Cap Strategy Fund	0.50%

WFMC and the Fund’s shareholder service providers have contractually agreed to waive their 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), will not exceed 0.25% for the Fund’s Class I Shares. Neither WFMC nor the Fund’s distributor will recoup previously waived fees/expenses in subsequent years.

Administrative Fees – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. The fees as described in the table below are a component of “Portfolio accounting and administration fees” as disclosed in the Statements of Operations. WFMC, in its role as Co-Administrator, provides the Fund with certain administrative personnel and services necessary to operate the Fund. The fees as described in the table below are accrued and paid daily and are disclosed on the Statement of Operations as “Administrative personnel and services fees.”

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 and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2017, neither WFMC nor BNYM waived any administrative personnel and services fees.

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Fund and administered by ALPS, the Fund may pay up to 0.25% of the average daily net assets of the Fund’s 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

April 30, 2017 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    26

Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Fund’s shares for whom M&T provides shareholder services. The Fund 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 year ended April 30, 2017, no affiliates of the Advisor received these fees.

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 Fund, and during their terms of office, receive no compensation from the Fund. 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 year ended April 30, 2017 are as follows:

Fund/Affiliated Security  Name	Balance of Shares Held 4/30/2016		Purchases/ Additions		Sales/ Reductions		Balance  of Shares Held 4/30/17		Value  at 4/30/17		Dividend Income		Realized Gain/(Loss)
Large-Cap Strategy Fund:
M&T Bank Corp.		1,610		—		—		1,610		$250,210		$4,589		$—

The Fund may 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 year ended April 30, 2017 were as follows:

Fund	Commissions
Large-Cap Strategy Fund	$68,324

5.   INVESTMENT TRANSACTIONS

Purchases and sales of securities for the Fund (excluding U.S. Government and agency securities, and short-term securities) during the year ended April 30, 2017 were $102,333,007 and $238,091,201, respectively.

6.   LINE OF CREDIT

Effective April 6, 2017, the Trust is participating in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is 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 includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of the current LOC is April 5, 2018.

The Fund did not utilize the LOC for the year ended April 30, 2017.

7.   LEGAL PROCEEDINGS

The Fund is subject to claims and suits that arise from time to time in the ordinary course of business. For example, a court-appointed trustee on behalf of the unsecured creditors of Tribune Co. (the “Trustee”), together with certain individual creditors of the company (the “Individual Creditors”) filed actions against former Tribune shareholders who tendered their shares when Tribune went private in 2007 as part of a leveraged buyout (“LBO”). These cases are consolidated in a Multi-District Litigation (“MDL”) in the U.S. District Court for the Southern District of New York. There are thousands of defendants in the MDL, including the Large-Cap Strategy Fund (the “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. The trial court has dismissed all claims against the shareholder defendants, subject to appeal. The dismissal of the Trustee’s claims will be certified for appeal to the U.S. Court of Appeals for the Second Circuit (the “Second Circuit”). The Second Circuit has already affirmed the trial court’s dismissal of the Individual Creditors’ claims. The Individual Creditors, however, petitioned the U.S. Supreme Court for review of the Second Circuit’s ruling, and that petition is pending.

Although management currently believes that the resolution of the claims against the Fund, individually or in the aggregate, will not have a materially adverse impact on the Fund’s financial position, 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 Fund in the MDL does not believe that it is possible, at this stage in the proceedings, to predict with any reasonable certainty the probable outcome of the MDL or quantify the ultimate exposure to the Fund arising from the MDL. Until the Fund can do so, no reduction of its net asset value will be made relating to the MDL. However, even if the plaintiffs in the MDL were to obtain the full recovery they seek, the amount would be less than 0.05% of

ANNUAL REPORT / April 30, 2017

27    NOTES TO FINANCIAL STATEMENTS    (continued)

the Fund’s net asset value as of April 30, 2017. The Fund cannot predict what its size might be at the time that the cost of the MDL might be quantifiable and thus potentially deducted from its net asset value. Therefore, at this time, those buying or redeeming shares of the Fund will pay or receive, as the case may be, a price based on net asset value of the Fund, with no adjustment relating to the MDL. The attorneys’ fees and costs relating to the MDL will be taken as expenses by the Fund as incurred and in a manner similar to any other expense incurred by the Fund.

8.   RECENT REGULATORY UPDATES

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

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 additional material events that would require recognition or disclosure in the Fund’s financial statements through this date.

10.   FEDERAL TAX INFORMATION (UNAUDITED)

Complete information regarding the tax status of distributions will be reported on Forms 1099.

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the fiscal year ended April 30, 2017, the Fund designates the following percentage, or such greater percentage 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	97.33	%

For the fiscal year ended April 30, 2017, the Fund designates the following percentage of the ordinary income dividends, or such greater percentage 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	%

If the Fund meets the requirements of Section 853 of the Code, the Fund will pass through to shareholders credits of foreign taxes paid.

April 30, 2017 / ANNUAL REPORT

28

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF

WILMINGTON FUNDS

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wilmington Large-Cap Strategy Fund (one of the series constituting the Wilmington Funds) (the “Fund”) as of April 30, 2017, and the related statement 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 five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s 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 the 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 Fund’s 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 Fund’s 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, 2017, 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 Large-Cap Strategy Fund (one of the series constituting the Wilmington Funds) at April 30, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

June 29, 2017

ANNUAL REPORT / April 30, 2017

29    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 12 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 Year   Position With Trust   Date Service Began	Principal  Occupations and Other Directorships Held for Past Five Years
Donald E. Foley*   Birth year: 1951   TRUSTEE   Began serving: December 2015	Principal Occupations: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company. Other Directorships Held: Director, AXA Equitable (variable annuity) (2013-Present); Director, 1290 Mutual Funds (retail funds) (2013-Present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005-Present); Director, M&T Bank Corporation (commercial bank) (2011-2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007-2011); Chairman, Director and President’s Council, Union College (private college) (2011-2015). Previous Positions: Director of M&T Bank Corporation and M&T Bank (2011 to 2012). Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010-2011); Senior Vice President and Treasurer at ITT Corporation (1996-2010); Assistant Treasurer at International Paper (1989-1996).
Christopher D. Randall*   Birth year: 1965   TRUSTEE   Began serving: September 2015   PRESIDENT   Began serving: September 2014	Principal Occupations: Chief Operations Officer and a Senior Vice President of Wilmington Trust’s Wealth and Institutional Services Division (WISD) (2015 to present); Senior Vice President of M&T Bank. Other Directorships Held: Trustee, Hilbert College (2015 to present). Previous Positions: President and Chief Executive Officer of Wilmington Trust Investment Advisors, Inc. and President of Wilmington Trust Investment Management, LLC (2014-2015); Senior Vice President, Head of Asset Management and Retirement Services (2012 to 2015); President, Mid-Atlantic Division, Wilmington Trust, N.A. (2011 to 2012); President, M&T Securities, Inc. (2009 to 2011).

* Christopher D. Randall is “interested” due to the positions he currently holds with the Funds, Wilmington Trust’s Wealth and Institutional Services Division, M&T Bank, the parent of the Fund’s Advisor, and previous positions held with WTIA and WFMC. Donald E. Foley is “interested” due to the positions he previously held with Wilmington Trust Corporation, M&T Bank Corporation and M&T Bank, the parent of the Fund’s Advisor.

April 30, 2017 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS    30

INDEPENDENT TRUSTEES BACKGROUND

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano   Birth year: 1943   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 (body-worn products)
	Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Robert H. Arnold   Birth year: 1944   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) (5/03 to present); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).
Joseph J. Castiglia   Birth year: 1934   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 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); HCR Corporation (home care) (3/14 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 New York (5/92 to 5/07); Lead Director and Director, Energy East Corporation (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 year: 1942   TRUSTEE   Began serving: December 2000	Principal Occupations: Retired. Other Directorships Held: Chairman and Director, CI Supply Corp. (medical supplies and equipment) (1/14 to 1/15); Director, Check Med Corp. (medical supplies and equipment) (6/08 to 1/14); Director, Highmark Blue Shield (health insurance) (2/01 to 6/10). Previous Positions: Consultant, Yaffe & Co. (compensation consultants) (6/02 to 6/12); President and Chief Executive Officer, Pinnacle Health Systems (nonprofit hospital and health care system in Central Pennsylvania).
Daniel R. Gernatt, Jr.   Birth year: 1940   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 year: 1941   TRUSTEE   Began serving: September 2003	Principal Occupations: President, R.B. Seidel & Associates (legal and consulting) (1/14 to present); President, Girard Private (investment) (1/14 to present); Chairman, Girard Capital (broker-dealer) (1/10 to 2016); Chairman, Girard Partners, Ltd. (1/10 to 2016). Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).

ANNUAL REPORT / April 30, 2017 (unaudited)

31    BOARD OF TRUSTEES AND TRUST OFFICERS

OFFICERS

Name    Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
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   CHIEF OPERATIONS OFFICER   Began serving: June 2017	Principal Occupations: Chief Operations Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc.; 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 to 2010).
John J. Kelley   Birth year: 1959   VICE PRESIDENT   Began serving: December 2016	Principal Occupations: President, Wilmington Funds Management Corporation Group; Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors,Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing), (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).
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 to 2003).
Christopher W. Roleke   10 High Street, Suite 302   Boston, MA 02110   Birth year: 1972   CHIEF FINANCIAL OFFICER   AND TREASURER   Began serving: July 2013	Principal Occupation: Managing Director and 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   Atlantic Terminal Office Tower, 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).

April 30, 2017 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS    32

Name    Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
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, 2017 (unaudited)

33    

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, 2017 / ANNUAL REPORT

    34

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, 2017

35    

•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, 2017 / ANNUAL REPORT

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WILMINGTON

FUNDS

April 30, 2017

PRESIDENT’S MESSAGE AND

Annual Report

WILMINGTON FUNDS

Fixed Income Funds

Wilmington Broad Market Bond Fund Wilmington Intermediate-Term Bond Fund Wilmington Short-Term Bond Fund Wilmington Municipal Bond Fund Wilmington New York Municipal Bond Fund

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

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

Wilmington Short-Term 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	12
Portfolios of Investments	14
Statements of Assets and Liabilities	46
Statements of Operations	48
Statements of Changes in Net Assets	50
Financial Highlights	53
Notes to Financial Statements	58
Report of Independent Registered Public Accounting Firm	66
Board of Trustees and Trust Officers	67

[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 annual fiscal year period of May 1, 2016 through April 30, 2017. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The Economy and Financial Markets in Review

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

Economic blips and trends

During the just completed fiscal year, investors in the Wilmington Funds were treated to a combination of significant blips and major trends. At the very outset of the fiscal year, the British, in a move that caught almost everyone off guard, voted to leave the European Union. The so-called “Brexit” vote created a major downdraft in the equity markets but this turned out to be a blip as prices quickly recovered setting the stage for further gains to come.

On the trending side of the ledger, the economy cruised in the second half of 2016, delivering annualized growth of 3.5% in the third quarter and 2.1% in the fourth quarter. But in the first quarter of 2017, growth slowed to an annualized 0.7%, the weakest in three years.ⁱ Credit consumers for both the good and the bad.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, has pretty much carried the economy throughout the recovery from the Great Recession. After 22 consecutive quarters contributing at least 1% annualized growth in gross domestic product (GDP), consumption accounted for just 0.2% of growth in the first quarter of 2017.ⁱ At the same time, however, business investment in fixed goods contributed 1.1% of annualized growth in the first quarter, the strongest showing in 11 quarters^.i

ⁱhttps://www.bea.gov/national/index.htm#gdp

Despite weak growth in personal income so far this year, we see reasons to believe consumers will keep spending:

• Sentiment has remained unusually high. The University of Michigan Consumer Sentiment Index hasn’t showed such strength over a four-month period since just after George W. Bush became president.ⁱⁱ

• Bad weather and delayed tax refunds accounted for much of the first-quarter weakness.

• Unemployment has fallen to 4.4%, a 10-year low, on the strength of consistent job growth. Over the last three years, nonfarm payrolls have grown by an average of 215,000 jobs per month.ⁱⁱⁱ

While consumers have pulled their weight economically, businesses have been less consistent; given the historical quarter-to-quarter lumpiness of nonresidential investment, it’s too early to call strong first-quarter business spending a trend. Still, after nearly eight years in recovery, the economy has demonstrated an ability to keep its footing even if corporate America doesn’t pitch in. The Bloomberg consensus calls for GDP growth of 2.2%, but we are looking for stronger growth at 3.0%.

ⁱⁱhttp://www.sca.isr.umich.edu/files/chicsh.pdf

ⁱⁱⁱhttps://www.bls.gov/news.release/empsit.nr0.htm

Uncertainty burns bond market

The 10-year Treasury note yields 2.25%, a number that looks different depending on your perspective.

• The yield has risen a full percentage point from July’s record low of 1.37%.^iv Last summer boasted a great backdrop for bonds. Investor uncertainty about the direction of the stock market drove many to fixed income, and the lack of interest rate hikes had bond investors riding high. Since then, stocks have rallied and the Federal Reserve (the “Fed”) has boosted the federal funds rate twice.

• The 10-year note’s current yield is less than half the average of 6.3% since 1962.^iv With short-term interest rates held artificially low for more than eight years, the financial markets have no precedent for how bonds will respond when interest rates finally do revert to historical norms.

Uncertainty about both the pace of interest-rate hikes and the bond market’s reaction to them has contributed to lackluster returns over the last year.

^ivhttps://www.federalreserve.gov/datadownload/

The Bloomberg Barclays U.S. Aggregate Bond Index¹ returned 0.83% in the 12 months ended April 30. Few of the broad index’s component sectors impressed, though the 2.74% return of the Bloomberg Barclays U.S. Credit Bond Index² outperformed the -0.65% return of the Bloomberg Barclays U.S. Treasury Bond Index³. The bright-spot was high yield, with the Bloomberg

PRESIDENT’S MESSAGE / April 30, 2017 (unaudited)

ii

Barclays U.S. Corporate High Yield Bond Index⁴ returning 13.30% for the year—which makes sense, since this is the bond group most highly correlated with stocks, which delivered excellent returns.

Neither foreign bonds nor municipals provided much relief. The Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell -4.51% and the Bloomberg Barclays Municipal Bond Index⁶ returned an unexciting 0.14% over the last year.

For the 12-month reporting period May 1, 2016 to April 30, 2017, certain Bloomberg Barclays indices performed as follows⁷:

Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays U.S. Treasury Bond Index	Bloomberg Barclays U.S. Mortgage-Backed Securities Index8	Bloomberg Barclays U.S. Credit Bond Index	Bloomberg Barclays Municipal Bond  Index
0.83%	-0.65%	0.66%	2.74%	0.14%

Assumes holding periods from May 1, 2016 through April 30, 2017

Stocks a study in contradictions relative to bonds

The S&P 500 Index⁹ of large-cap stocks returned 17.92%, while the S&P MidCap 400¹⁰ and S&P SmallCap 600¹¹ indices did even better, returning 20.46% and 24.26%, respectively. Even international stocks pulled out of their multiyear funk, with the MSCI EAFE (Net) Index¹², returning 11.29% and the MSCI Emerging Markets (Net) Index¹³ 19.13%— performance greater than they managed in the previous five years combined. These gains were propelled by three major factors including: the acceleration of economic growth during the second half of 2016, the rebound from the earnings recession that had gripped corporate performance since 2015, and the election, which ushered in hopes for more active pro-growth policies from Washington.

Investors have been slow to pick up on these gains which have made this one of the most disliked bull markets in recent equity market history. However, the surge in prices is well founded in both economic fundamentals which have seen job growth continue at a strong pace while corporate profits improve, expanding at a 14% pace in the first quarter of 2017.

The Trump administration hasn’t made the progress on tax cuts and infrastructure spending many expected, and most market sectors have come down substantially from their post-election highs. Economically sensitive sectors such as industrials and technology have returned at least 14% over the last six months.

For the 12-month reporting period May 1, 2016 to April 30, 2017, certain stock market indices performed as follows:

S&P 500 Index	Dow Jones Industrial Average14	NASDAQ Composite Index15	MSCI All Country World ex-USD (Net) Index16
17.92%	20.90%	28.18%	12.59%

Dealing with blips and trends is a key part to managing our investor’s money and we will continue to do so making sure that we properly identify the trend signal and avoid the blip noises.

Sincerely,

Christopher D. Randall

President, Wilmington Funds

May 25, 2017

April 30, 2017 (unaudited) / PRESIDENT’S MESSAGE

iii

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

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

All investments involve risk, including the possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small and mid-cap stocks involve greater risks and volatility than large-cap stocks.

International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.

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

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. An investment in money market funds is not a deposit of M&T Bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The investment advisor has no legal obligation to provide financial support to the Fund, and you should not expect that the investment advisor will provide financial support to the Fund at any time.

1. Bloomberg 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. The index is unmanaged and it is not possible to invest directly in an index.

2. Bloomberg 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.

3. Bloomberg 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.

4. Bloomberg 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 the Bloomberg 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. An investment cannot be made directly in an index.

5. Bloomberg Barclays Global Aggregate ex-USD Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. An investment cannot be made directly in an index.

6. Bloomberg 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.

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

8. Bloomberg 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. 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.

10. The S&P MidCap 400 Index measures the performance of approximately 400 stocks listed on U.S. exchanges. Most of the stocks in the index are mid-capitalization U.S. issues. The index accounts for roughly 7% of the total market capitalization of all U.S. equities. The index is unmanaged and investments cannot be made directly in an index.

11. The S&P SmallCap 600 Index measures the performance of approximately 600 stocks listed on U.S. exchanges. Most of the stocks in the index are small-capitalization U.S. issues. The index accounts for roughly 3% of the total market capitalization of all U.S. equities. The index is unmanaged and investments cannot be made directly in an index.

12. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

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

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

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

16. 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 performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index. The index is unmanaged and it is not possible to invest directly in an index.

PRESIDENT’S MESSAGE / April 30, 2017 (unaudited)

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1

WILMINGTON BROAD MARKET BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2017, the Wilmington Broad Market Bond Fund (the “Fund”) had a total return of 0.22%* for Class A Shares and 0.54%* for Class I Shares, versus its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index**, which had a total return of 0.83%, and its peer group, the Lipper Corporate A-Rated Debt Funds Average***, which had a total return of 2.26%.

Interest rates moved higher over the past year in response to continued improvement in the labor market. The unemployment rate declined to 4.4%, its lowest rate since 2007. The Federal Reserve (the “Fed”) reacted to the improving labor market by raising interest rates twice during the year, moving the Fed Funds target up to a range of 0.75% to 1%. The Fed also expects to raise interest rates two more times in 2017. Interest rates moved dramatically higher in the 4th quarter of 2016 in response to the election of Donald Trump, a republican congress and the expectation for tax reform and a fiscal stimulus package which will lead to stronger economic growth. The yield curve flattened slightly as longer-term interest rates rose by less than shorter-term interest rates which are more affected by the Fed’s decision to raise interest rates. Short-term interest rates moved approximately  ¹⁄₂ of one percent higher while the 30-year Treasury yield increased by only 27 basis points (“bps”). Prior to the aforementioned rise of interest rates, the 10-year Treasury yield recorded an all time low yield of 1.32% in July of 2016 in response to the British exit (“Brexit”) vote and fears of an economic slowdown.

The economy continued to grow at a slow pace of 2% as measured by the gross domestic product (“GDP”). The consumer continued to be a bright spot as strong auto sales contributed to personal consumption expanding at a 2.8% over the past year. Inflation continues to be well behaved as consumer prices excluding food and energy increased at a 2% rate over the past year while wages increased by a 2.5% rate. Oil prices over the past year have remained in range of $40 to $55 per barrel.

The corporate sector of the bond market outperformed for the year, producing 3.76% of excess return. Calendar year-2016 was the fourth best year ever for the corporate sector as measured by excess return. Risk premiums tightened by 30 bps to an average risk premium of 116 bps on the Bloomberg Barclays U.S. Investment Grade Corporate Index. The outperformance can be attributed to the continued search for yield, especially from foreign investors and expectations for moderate economic growth. The energy sector was one of the best performing industries as oil prices recovered from the low levels of early 2016. The sector produced 9.49% of excess return for the year ended April 30, 2017. Calender year-2016 was another year of record issuance with over $1.4 trillion in new issuance.

The mortgage-backed sector underperformed for the year, producing -4.00 bps of excess return. The underperformance was precipitated by Fed officials starting to discuss shrinking their balance sheet which will result in the Fed tapering their monthly reinvestment of paydowns back into the market. Private investors are requiring wider risk premiums to compensate for this risk, thus the continued underperformance of the sector.

The Fund’s relative performance can be attributed to our security selection. Our lack of lower quality energy bonds detracted from performance. Our sector strategy of overweighting the corporate sector aided performance as did our strategy to underweight the mortgage sector which underperformed. Our duration strategy to remain shorter than the benchmark’s duration also aided performance as interest rates moved higher during the fiscal year.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.31%, adjusted for the Fund’s maximum sales charge of 4.50%. 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.

** Bloomberg 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. 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.

Gross domestic product (“GDP”) 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.

The Bloomberg Barclays U.S. Investment Grade 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.

British exit (“Brexit”) - the decision by British voters to leave the European Union.

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

April 30, 2017 (unaudited) / ANNUAL REPORT

2

WILMINGTON BROAD MARKET BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Broad Market Bond Fund; from April 30, 2007 to April 30, 2017, compared to the Bloomberg Barclays U.S. Aggregate Bond Index (“BBAB”).²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT	VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

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 -4.31%, adjusted for the Fund’s maximum sales charge of 4.50%. 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.

	Average Annual Total Returns for the Periods Ended 4/30/17
	1 Year	5 Years	10 Years
Class A^	-4.31%	1.02%	3.36%
Class I^	0.54%	2.30%	4.14%
Bloomberg Barclays U.S. Aggregate Bond Index2	0.83%	2.27%	4.30%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.10% and 0.90%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.85% and 0.55%, respectively. Expense Ratios Before Waiver represent 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”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

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) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions .

2 The performance for the BBAB 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, 2017 (unaudited)

3

WILMINGTON INTERMEDIATE-TERM BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2017, the Wilmington Intermediate-Term Bond Fund (the “Fund”) had a total return of 0.16%* for Class A Shares, and 0.40%* for Class I Shares, versus its benchmark, the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index**, which had a total return of 0.78% and its peer group, the Lipper Short-Intermediate Investment Grade Debt Funds Average***, which had a total return of 1.50%.

Interest rates moved higher over the past year in response to continued improvement in the labor market. The unemployment rate declined to 4.4%, its lowest rate since 2007. The Federal Reserve (the “Fed”) reacted to the improving labor market by raising interest rates twice during the year, moving the Fed Funds target up to a range of 0.75% to 1%. The Fed also expects to raise interest rates two more times in 2017. Interest rates moved dramatically higher in the fourth quarter of 2016 in response to the election of Donald Trump, a republican congress and the expectation for tax reform and a fiscal stimulus package which will lead to stronger economic growth. The yield curve flattened slightly as longer-term interest rates rose by less than shorter-term interest rates which are more affected by the Fed’s decision to raise interest rates. Short-term interest rates moved approximately  ¹⁄₂ of one percent higher while the 30-year Treasury yield increased by only 27 basis points (“bps”). Prior to the aforementioned rise of interest rates, the 10-year Treasury yield recorded an all time low yield of 1.32% in July of 2016 in response to the British exit (“Brexit”) vote and fears of an economic slowdown.

The economy continued to grow at a slow pace of 2% as measured by the gross domestic product (“GDP”). The consumer continued to be a bright spot as strong auto sales contributed to personal consumption expanding at a 2.8% over the past year. Inflation continues to be well behaved as consumer prices excluding food and energy increased at a 2% rate over the past year while wages increased by a 2.5% rate. Oil prices over the past year have remained in range of $40 to $55 per barrel.

The corporate sector of the bond market outperformed for the year, producing 3.76% of excess return. Calendar year-2016 was the fourth best year ever for the corporate sector as measured by excess return. Risk premiums tightened by 30 bps to an average risk premium of 116 bps on the Bloomberg Barclays U.S. Investment Grade Corporate Index. The outperformance can be attributed to the continued search for yield, especially from foreign investors and expectations for moderate economic growth. The energy sector was one of the best performing industries as oil prices recovered from the low levels of early 2016. The sector produced 9.49% of excess return for the year ended April 30, 2017. Calendar year-2016 was another year of record issuance with over $1.4 trillion in new issuance.

The mortgage-backed sector underperformed for the year, producing -4.00 bps of excess return. The underperformance was precipitated by Fed officials starting to discuss shrinking their balance sheet which will result in the Fed tapering their monthly reinvestment of paydowns back into the market. Private investors are requiring wider risk premiums to compensate for this risk, thus the continued underperformance of the sector.

The Fund’s relative performance was partially due to positioning within the corporate sector. Although the Fund maintained an overweight to credit for most of the year, positions were more heavily weighted to Financials relative to Industrials. Industrial sector excess returns were positive 395 bps compared to 348 basis points of excess return for the financial sector. The Fund’s duration position has been short the benchmark index for most of the year. This positioning benefitted performance following the U.S. Presidential election in November as interest rates rose significantly through year-end. However, duration positioning has been a modest drag to performance during 2017 as interest rates have declined from levels from the beginning of the year. Currently, the portfolio’s duration is equal to the benchmark. Positions are weighted more heavily towards the 7-10 year part of the curve. We expect further Fed tightening throughout the year which should place additional pressure on short-term rates and flatten the yield curve. The Fund maintains an overweight position to credit. We expect flows into investment grade bonds will remain strong given low global yields. In addition, fundamentals remain stable as illustrated by solid results during the first quarter of 2017.

* 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 -4.33%, adjusted for the Fund’s maximum sales charge of 4.50%. 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 Bloomberg Barclays 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.

Gross domestic product (“GDP”) 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.

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.

April 30, 2017 (unaudited) / ANNUAL REPORT

4

The Bloomberg Barclays U.S. Investment Grade 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.

British exit (“Brexit”) - the decision by British voters to leave the European Union.

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

ANNUAL REPORT / April 30, 2017 (unaudited)

5

WILMINGTON INTERMEDIATE-TERM BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Intermediate-Term Bond Fund from April 30, 2007 to April 30, 2017 compared to the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index (“BBIGC”).²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT	VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

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 -4.33%, adjusted for the Fund’s maximum sales charge of 4.50%. 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

	Average Annual Total Returns for the Periods Ended 4/30/17
	1 Year	5 Years	10 Years
Class A^	-4.33%	0.35%	3.31%
Class I^	0.40%	1.59%	4.07%
Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index2	0.78%	1.82%	3.77%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.18% and 0.88%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.93% and 0.53%, respectively. Expense Ratios Before Waiver represent 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”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

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) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions .

2 The performance for the BBIGC 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, 2017 (unaudited) / ANNUAL REPORT

6

WILMINGTON SHORT-TERM BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2017, the Wilmington Short-Term Bond Fund (the “Fund”) had a total return of 0.43%* for Class A Shares and 0.68%* for Class I Shares, versus its benchmark, the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index**, which had a total return of 0.76%, and its peer group, the Lipper Short Investment Grade Debt Funds Average***, which had a total return of 1.78%.

Interest rates moved higher over the past year in response to continued improvement in the labor market. The unemployment rate declined to 4.4%, its lowest rate since 2007. The Federal Reserve (the “Fed”) reacted to the improving labor market by raising interest rates twice during the year, moving the Fed Funds target up to a range of 0.75% to 1%. The Fed also expects to raise interest rates two more times in 2017. Interest rates moved dramatically higher in the fourth quarter of 2016 in response to the election of Donald Trump, a republican congress and the expectation for tax reform and a fiscal stimulus package which will lead to stronger economic growth. The yield curve flattened slightly as longer-term interest rates rose by less than shorter-term interest rates which are more affected by the Fed’s decision to raise interest rates. Short-term interest rates moved approximately  ¹⁄₂ of one percent higher while the 30-year Treasury yield increased by only 27 basis points (“bps”). Prior to the aforementioned rise of interest rates, the 10-year Treasury yield recorded an all time low yield of 1.32% in July of 2016 in response to the British exit (“Brexit”) vote and fears of an economic slowdown.

The economy continued to grow at a slow pace of 2% as measured by the gross domestic product (“GDP”). The consumer continued to be a bright spot as strong auto sales contributed to personal consumption expanding at a 2.8% over the past year. Inflation continues to be well behaved as consumer prices excluding food and energy increased at a 2% rate over the past year while wages increased by a 2.5% rate. Oil prices over the past year have remained in range of $40 to $55 per barrel.

The corporate sector of the bond market outperformed for the year, producing 3.76% of excess return. Calendar year-2016 was the fourth best year ever for the corporate sector as measured by excess return. Risk premiums tightened by 30 bps to an average risk premium of 116 bps on the Bloomberg Barclays U.S. Investment Grade Corporate Index. The outperformance can be attributed to the continued search for yield, especially from foreign investors and expectations for moderate economic growth. The energy sector was one of the best performing industries as oil prices recovered from the low levels of early 2016. The sector produced 9.49% of excess return for the year ended April 30, 2017. Calendar year-2016 was another year of record issuance with over $1.4 trillion in new issuance.

The mortgage-backed sector underperformed for the year, producing -4.00 bps of excess return. The underperformance was precipitated by Fed officials starting to discuss shrinking their balance sheet which will result in the Fed tapering their monthly reinvestment of paydowns back into the market. Private investors are requiring wider risk premiums to compensate for this risk, thus the continued underperformance of the sector.

Over the past year, the Fund maintained a duration profile that was slightly shorter than that of its Benchmark. In addition, the Fund added to the 5-year part of the yield curve in anticipation of a flatter yield curve. As the Federal Reserve continued in its moderate tightening cycle, the two-year part of the yield curve was expected to underperform the 5-year portion of the curve. The Fund’s yield curve positioning, and over all duration profile, contributed to its relative performance. The Fund continued to seek yield in investment grade corporate securities, and was overweight the sector versus the Index. This also contributed to the Fund’s 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. Mutual Funds are not obligations of or guaranteed by any bank and are not federally insured. 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 -1.33%, adjusted for the Fund’s maximum sales charge of 1.75%. 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 Bloomberg Barclays 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

Gross domestic product (“GDP”) 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.

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.

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.

British exit (“Brexit”) - the decision by British voters to leave the European Union.

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

ANNUAL REPORT / April 30, 2017 (unaudited)

7

WILMINGTON SHORT-TERM BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Short-Term Bond Fund from April 30, 2007 to April 30, 2017 compared to the Bloomberg Barclays 1-3 Year U.S. Government/ Credit Bond Index (“BB1-3GCB”).²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT	VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

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. Mutual Funds are not obligations of or guaranteed by any bank and are not federally insured. 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 -1.33%, adjusted for the Fund’s maximum sales charge of 1.75%. 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.

	Average Annual Total Returns for the Periods Ended  4/30/17
	1 Year	5 Years	10 Years
Class A^	-1.33%	0.48%	1.98%
Class I^	0.68%	1.08%	2.38%
Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index2	0.76%	0.93%	2.32%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.11% and 0.73%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.86% and 0.48%, respectively. Expense Ratios Before Waiver represent 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”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

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) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions .

2 The performance for the BB1-3GCB assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged .

April 30, 2017 (unaudited) / ANNUAL REPORT

8

WILMINGTON MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2017, the Wilmington Municipal Bond Fund (the “Fund”) had a total return of -0.65%* for Class A Shares and -0.39%* for Class I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 0.28%, and its peer group, the Lipper Intermediate Municipal Debt Funds Average***, which had a total return of -0.21%.

The market momentum we cited last year continued to be relatively strong into the first few months of the fiscal year ended April 30, 2017. That momentum started to wane in September and October before being violently swept aside in the market turmoil following the surprise presidential election results. However, despite the market’s fear of a “reflation” trade resulting from stimulative fiscal policies, the potential for tax reform lowering corporate and individual tax rates, and a Federal Reserve that was telegraphing multiple upward shifts in short-term interest rates for 2017, the municipal market regained its footing and produced five straight months of positive performance to end the fiscal year.

To provide perspective, we can look at the movement of 10-year high-grade municipal yields at different points during the course of the fiscal year. They began the year at 1.61% on April 30, 2016, then fell about 20 basis points (“bps”) to 1.42% on August 31, 2016 when the market was starting to feel “tired”. Then, after the November rout, those yields rose by over 100 bps to 2.54% on November 30, 2016. Slowly, month by month, yields crept back down to end the fiscal year at 2.14% — a full 40 bps off their highs, but still an increase of 53 bps for the full year.

Performance for the fiscal year reflected the positive influence of yield return which was more than offset by the negative impact on bond prices by the increase in interest rates (recall that interest rates and bond prices have an inverse relationship). Performance, relative to the Lipper peer group, was in the 3rd quartile for the year ended April 30, 2017. Our relative performance was dragged down by weaker third and fourth quarter 2016 results, which reflected a period of overall flat to negative fixed income returns. There are multiple mandates and benchmarks within the intermediate municipal peer group space and our benchmark (S&P Municipal Bond Intermediate Index) is among the longer duration benchmarks. As such, there will be a tendency for our strategies to out-perform during up markets and under-perform in down markets.

Also, during this period, we were more heavily invested in high grade (AAA and AA) securities. While we were not hurt by a further narrowing of credit spreads, they did not widen enough to offset the income given up over lower investment grade securities. During the second half of the fiscal year, we found several instances where headline risk overly impacted market prices and yields for specific issuers and we were able to take advantage of those opportunities. This helped, as our relative performance in the first quarter of 2017 was solidly in the second quartile.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -5.13%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

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

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

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

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

Income may be subject to the federal alternative minimum tax.

ANNUAL REPORT / April 30, 2017 (unaudited)

9

WILMINGTON MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Municipal Bond Fund from April 30, 2007 to April 30, 2017 compared to the S&P Municipal Bond Intermediate Index.²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT	VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -5.13%, adjusted for the Fund’s maximum sales charge of 4.50%. 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.

	Average Annual Total Returns for the Periods Ended 4/30/17
	1 Year	5 Years	10 Years
Class A^	-5.13%	1.21%	3.23%
Class I^	-0.39%	2.42%	3.97%
S&P Municipal Bond Intermediate Index2	0.28%	2.96%	4.56%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.09% and 0.74%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.84% and 0.49%, respectively. Expense Ratios Before Waiver represent 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”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

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) and $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 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, 2017 (unaudited) / ANNUAL REPORT

10

WILMINGTON NEW YORK MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2017, the Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of -0.81%* for Class A Shares and -0.55%* for Class I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 0.28%, and its peer group, the Lipper New York Intermediate Municipal Debt Funds Average***, which had a total return of -0.64%.

The market momentum we cited last year continued to be relatively strong into the first few months of the fiscal year ended April 30, 2017. That momentum started to wane in September and October before being violently swept aside in the market turmoil following the surprise presidential election results. However, despite the market’s fear of a “reflation” trade resulting from stimulative fiscal policies, the potential for tax reform lowering corporate and individual tax rates, and a Federal Reserve that was telegraphing multiple upward shifts in short-term interest rates for 2017, the municipal market regained its footing and produced five straight months of positive performance to end the fiscal year.

To provide perspective, we can look at the movement of 10-year high-grade municipal yields at different points during the course of the fiscal year. They began the year at 1.61% on April 30, 2016, then fell about 20 basis points (“bps”) to 1.42% on August 31, 2016 when the market was starting to feel “tired”. Then, after the November rout, those yields rose by over 100 bps to 2.54% on November 30, 2016. Slowly, month by month, yields crept back down to end the fiscal year at 2.14% — a full 40 bps off their highs, but still an increase of 53 bps for the full year.

Performance for the year reflected the positive influence of yield return which was more than offset by the negative impact on bond prices by the increase in interest rates (recall that interest rates and bond prices have an inverse relationship). Performance, relative to the Lipper peer group, was in the second quartile for the year ending April 30, 2017. The performance of New York specific funds lagged the performance on National funds during the quarter, reflecting the special state nature of New York (meaning their in-state demand keeps their yields modestly lower than those of other states).

Our relative performance was slightly weaker during the third and fourth quarter 2016 results, which reflect a period of overall flat to negative fixed income returns. As we have mentioned previously, there are multiple mandates and benchmarks within the intermediate municipal peer group space and our benchmark (S&P Municipal Bond Intermediate Index) is among the longer benchmarks. As such, there will be a tendency for our strategies to out-perform during up markets and under-perform in down markets. However, that was offset by strong relative performance in the second quarter of 2016 and the first quarter of 2017.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -5.24%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

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

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

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

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

Income may be subject to the federal alternative minimum tax.

ANNUAL REPORT / April 30, 2017 (unaudited)

11

WILMINGTON NEW YORK MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington New York Municipal Bond Fund from April 30, 2007 to April 30, 2017 compared to the S&P Municipal Bond Intermediate Index.²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT	VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -5.24%, adjusted for the Fund’s maximum sales charge of 4.50%. 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.

	Average Annual Total Returns for the Periods Ended 4/30/17
	1 Year	5 Years	10 Years
Class A^	-5.24%	1.03%	2.35%
Class I^	-0.55%	2.22%	3.05%
S&P Municipal Bond Intermediate Index2	0.28%	2.96%	4.56%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.23% and 0.85%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.98% and 0.60%, respectively. Expense Ratios Before Waiver represent 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”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

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) and $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 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, 2017 (unaudited) / ANNUAL REPORT

12

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) 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, 2016 to April 30, 2017.

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 Fund’s actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Fund’s 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 11/01/16		Ending Account Value 4/30/17		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A		$1,000.00		$   989.10		$4.39		0.89%
Class I		$1,000.00		$   991.50		$2.72		0.55%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,020.38		$4.46		0.89%
Class I		$1,000.00		$1,022.07		$2.76		0.55%
WILMINGTON INTERMEDIATE-TERM BOND FUND
Actual
Class A		$1,000.00		$   994.20		$4.25		0.86%
Class I		$1,000.00		$   994.90		$2.62		0.53%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,020.53		$4.31		0.86%
Class I		$1,000.00		$1,022.17		$2.66		0.53%
WILMINGTON SHORT-TERM BOND FUND
Actual
Class A		$1,000.00		$1,000.30		$3.62		0.73%
Class I		$1,000.00		$1,001.50		$2.38		0.48%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,021.17		$3.66		0.73%
Class I		$1,000.00		$1,022.41		$2.41		0.48%
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$   994.00		$3.66		0.74%
Class I		$1,000.00		$   996.00		$2.43		0.49%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,021.12		$3.71		0.74%
Class I		$1,000.00		$1,022.36		$2.46		0.49%

ANNUAL REPORT / April 30, 2017 (unaudited)

13

	Beginning Account Value 11/01/16		Ending Account Value 4/30/17		Expenses  Paid During Period1		Annualized  Net Expense Ratio2
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$   991.10		$4.15		0.84%
Class I		$1,000.00		$   993.20		$2.92		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, 2017 (unaudited) / ANNUAL REPORT

14

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At April 30, 2017, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		45.3	%
U.S. Treasury		28.9	%
Mortgage-Backed Securities		20.8	%
Commercial Paper		2.8	%
Government Agencies		1.0	%
Collateralized Mortgage Obligations		0.8	%
Enhanced Equipment Trust Certificates		0.2	%
Asset-Backed Security		0.1	%
Cash Equivalents1		4.0	%
Other Assets and Liabilities – Net2		(3.9	)%
TOTAL		100.0	%

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

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

(3) 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.

(4) Represent less than 0.05%.

Credit Quality Diversification3	Percentage of Total Net Assets
U.S. Government Agency Securities		22.5	%
U.S. Treasury		28.9	%
AAA / Aaa		0.2	%
AA / Aa		1.7	%
A / A		10.6	%
BBB / Baa		32.2	%
BB / Ba		1.1	%
D4		0.0	%
Not Rated		6.7	%
Other Assets and Liabilities – Net2		(3.9	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2017

Description	Par Value		Value
ASSET-BACKED SECURITY – 0.1%
FINANCIAL SERVICES – 0.1%
LA Arena Funding LLC,
Series 1999-1, Class A, 7.66%, 12/15/26W	$	477,587	$	504,151
TOTAL ASSET-BACKED SECURITY
(COST $477,587)			$	504,151
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.3%
Pool Q33547, 3.50%, 5/01/45		1,241,606		1,280,414
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.4%
Series 1988-23, Class C, 9.75%, 9/25/18		493		513

Description	Par Value		Value
Series 2005-29, Class WC, 4.75%, 4/25/35	$	31,262	$	33,964
Series 2012-114, Class VM, 3.50%, 10/25/25		1,879,807		1,976,953
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,011,430
WHOLE LOAN – 0.1%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 3.59%, 2/25/34D		125,346		126,067
Countrywide Home Loan Mortgage
Pass-Through Trust,
Series 2004-8, Class 2A1, 4.50%, 6/25/19		128,850		129,584
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1,
3.67%, 11/25/35D		261,501		247,514

ANNUAL REPORT / April 30, 2017

15 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
WaMu Mortgage Pass-Through Certificates,
Series 2004-CB1, Class 1A, 5.25%, 6/25/19	$	255,911	$	259,690
TOTAL WHOLE LOAN			$	762,855
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $4,171,226)			$	4,054,699
COMMERCIAL PAPER – 2.8%◆
COMMERCIAL PAPER – 2.8%
Ecolab, Inc.,
1.07%, 5/01/17		4,000,000		3,999,883
Johnson Controls, Inc.,
1.09%, 5/01/17		4,000,000		3,999,881
United Technologies Corp.,
1.17%, 5/08/17		2,000,000		1,999,489
Xcel Energy, Inc.,
1.10%, 5/01/17		4,000,000		3,999,880
TOTAL COMMERCIAL PAPER			$	13,999,133
TOTAL COMMERCIAL PAPER
(COST $13,999,553)			$	13,999,133
CORPORATE BONDS – 45.3%
AEROSPACE & DEFENSE – 1.1%
L-3 Communications Corp.,
Company Guaranteed, 4.75%, 7/15/20		1,000,000		1,070,317
Lockheed Martin Corp.,
Sr. Unsecured, 1.85%, 11/23/18		2,000,000		2,006,014
Lockheed Martin Corp.,
Sr. Unsecured, 4.70%, 5/15/46		975,000		1,075,939
Rockwell Collins, Inc.,
Sr. Unsecured, 3.50%, 3/15/27		1,600,000		1,626,927
TOTAL AEROSPACE & DEFENSE			$	5,779,197
AUTOMOTIVE – 2.0%
Daimler Finance North America LLC,
Company Guaranteed, 2.30%, 1/06/20W		2,000,000		2,006,240
Daimler Finance North America LLC,
Company Guaranteed, 3.88%, 9/15/21W		250,000		263,065
Ford Motor Credit Co. LLC,
Sr. Unsecured, 3.00%, 6/12/17		1,200,000		1,202,002
Ford Motor Credit Co. LLC,
Sr. Unsecured, 6.63%, 8/15/17		250,000		253,574
Ford Motor Credit Co. LLC,
Sr. Unsecured, 2.15%, 1/09/18#		650,000		651,826
Ford Motor Credit Co. LLC,
Sr. Unsecured, 5.75%, 2/01/21		500,000		551,499
Ford Motor Credit Co. LLC,
Sr. Unsecured, 4.25%, 9/20/22		450,000		471,692
General Motors Co.,
Sr. Unsecured, 6.25%, 10/02/43		2,000,000		2,202,306
General Motors Financial Co., Inc.,
Company Guaranteed, 4.75%, 8/15/17		300,000		302,627

Description	Par Value		Value
General Motors Financial Co., Inc.,
Company Guaranteed, 2.40%, 5/09/19	$	1,430,000	$	1,433,336
General Motors Financial Co., Inc.,
Company Guaranteed, 2.35%, 10/04/19		1,000,000		999,737
TOTAL AUTOMOTIVE			$	10,337,904
BEVERAGES – 0.8%
Anheuser-Busch InBev Finance, Inc.,
Company Guaranteed, 4.90%, 2/01/46		1,125,000		1,233,681
Dr. Pepper Snapple Group, Inc.,
Company Guaranteed, 2.60%, 1/15/19		1,900,000		1,923,932
Dr. Pepper Snapple Group, Inc.,
Company Guaranteed, 2.53%, 11/15/21		1,000,000		1,001,710
TOTAL BEVERAGES			$	4,159,323
BIOTECHNOLOGY – 1.5%
Amgen, Inc.,
Sr. Unsecured, 2.13%, 5/01/20		2,000,000		2,001,979
Amgen, Inc.,
Sr. Unsecured, 4.40%, 5/01/45		2,130,000		2,107,118
Celgene Corp.,
Sr. Unsecured, 2.25%, 5/15/19		1,500,000		1,509,129
Celgene Corp.,
Sr. Unsecured, 4.63%, 5/15/44		1,390,000		1,408,787
Gilead Sciences, Inc.,
Sr. Unsecured, 4.60%, 9/01/35		650,000		678,929
TOTAL BIOTECHNOLOGY			$	7,705,942
BUILDING PRODUCTS – 0.0%**
Johnson Controls International PLC,
Sr. Unsecured, 4.63%, 7/02/44		100,000		104,703
CAPITAL MARKETS – 1.8%
Bank of New York Mellon Corp. (The),
Subordinated, MTN, 3.00%, 10/30/28		775,000		747,233
BlackRock, Inc.,
Series 2, Sr. Unsecured, 5.00%, 12/10/19		250,000		270,827
Charles Schwab Corp. (The),
Sr. Unsecured, 2.20%, 7/25/18		1,370,000		1,379,638
Charles Schwab Corp. (The),
Sr. Unsecured, 4.45%, 7/22/20		250,000		267,740
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, 2.31%, 4/23/20D		425,000		431,320
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, 2.33%, 9/15/20D		1,425,000		1,449,386
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, 3.00%, 4/26/22		915,000		921,532
Morgan Stanley,
Sr. Unsecured, GMTN, 2.37%, 5/08/24D		2,000,000		2,009,645
Morgan Stanley,
Sr. Unsecured, MTN, 3.13%, 7/27/26		340,000		328,728
Morgan Stanley,
Subordinated, GMTN, 4.35%, 9/08/26		505,000		522,487
TD Ameritrade Holding Corp.,
Sr. Unsecured, 2.95%, 4/01/22		847,000		861,154
TOTAL CAPITAL MARKETS			$	9,189,690

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
COMMERCIAL BANKS – 5.0%
BB&T Corp.,
Sr. Unsecured, MTN, 2.45%, 1/15/20	$	1,640,000	$	1,659,466
BB&T Corp.,
Sr. Unsecured, MTN, 1.80%, 4/01/22D		2,000,000		2,004,169
Branch Banking & Trust Co.,
Subordinated, 3.80%, 10/30/26		1,000,000		1,054,337
Commonwealth Bank of Australia,
Sr. Unsecured, 1.52%, 3/12/18D,W		1,000,000		1,001,352
Fifth Third Bancorp,
Sr. Unsecured, 3.50%, 3/15/22		1,250,000		1,295,283
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		530,000		556,609
Fifth Third Bank,
Sr. Unsecured, 1.35%, 6/01/17		1,000,000		1,000,011
KeyBank NA,
Sr. Unsecured, 1.70%, 6/01/18		2,500,000		2,503,765
KeyCorp,
Sr. Unsecured, MTN, 2.90%, 9/15/20		750,000		763,859
PNC Bank NA,
Sr. Unsecured, MTN, 2.40%, 10/18/19		1,500,000		1,517,270
PNC Bank NA,
Subordinated Note, BKNT, 2.95%, 1/30/23		350,000		353,683
PNC Financial Services Group, Inc. (The),
Subordinated, 3.90%, 4/29/24		1,500,000		1,570,676
SunTrust Banks, Inc.,
Sr. Unsecured, 2.50%, 5/01/19		2,000,000		2,019,920
SunTrust Banks, Inc.,
Sr. Unsecured, 2.90%, 3/03/21		1,475,000		1,498,294
Toronto-Dominion Bank (The),
Sr. Unsecured, GMTN, 1.75%, 7/23/18		2,500,000		2,505,180
US Bancorp,
Subordinated, MTN, 2.95%, 7/15/22		2,000,000		2,030,858
US Bank NA/Cincinnati OH,
Sr. Unsecured, BKNT, 2.13%, 10/28/19		2,000,000		2,015,824
TOTAL COMMERCIAL BANKS			$	25,350,556
COMMERCIAL FINANCE – 0.1%
General Electric Co.,
Subordinated Note, 5.30%, 2/11/21		250,000		278,573
COMMERCIAL SERVICES & SUPPLIES – 0.4%
Total System Services, Inc.,
Sr. Unsecured, 2.38%, 6/01/18		1,900,000		1,907,885
COMPUTERS – 0.4%
Apple, Inc.,
Sr. Unsecured, 1.05%, 5/05/17		1,580,000		1,580,033
Hewlett Packard Enterprise Co.,
Sr. Unsecured, 2.45%, 10/05/17		664,000		665,991
TOTAL COMPUTERS			$	2,246,024
CONSUMER FINANCE – 1.0%
American Express Co.,
Sr. Unsecured, 1.64%, 5/22/18D		655,000		657,898

Description	Par Value		Value
American Express Credit Corp.,
Sr. Unsecured, MTN, 1.70%, 10/30/19	$	800,000	$	795,484
American Express Credit Corp.,
Sr. Unsecured, MTN, 2.20%, 3/03/20		1,000,000		1,006,000
Capital One Financial Corp.,
Sr. Unsecured, 2.45%, 4/24/19		750,000		754,353
Capital One NA,
Sr. Unsecured, 2.35%, 1/31/20		1,000,000		1,001,221
Capital One NA,
Sr. Unsecured, BKNT, 1.65%, 2/05/18		680,000		680,003
TOTAL CONSUMER FINANCE			$	4,894,959
DIVERSIFIED FINANCIAL SERVICES – 3.4%
Bank of America Corp.,
Sr. Unsecured, 2.00%, 1/11/18		1,275,000		1,278,353
Bank of America Corp.,
Sr. Unsecured, MTN, 2.23%, 3/22/18D		1,500,000		1,511,170
Bank of America Corp.,
Sr. Unsecured, MTN, 3.25%, 10/21/27		1,095,000		1,052,472
Bank of America Corp.,
Subordinated, MTN, 4.25%, 10/22/26		1,000,000		1,022,008
Berkshire Hathaway Finance Corp.,
Company Guaranteed, 4.30%, 5/15/43		425,000		446,038
Citigroup, Inc.,
Sr. Unsecured, 1.70%, 4/27/18		1,685,000		1,685,356
Citigroup, Inc.,
Sr. Unsecured, 6.13%, 5/15/18		275,000		286,865
Citigroup, Inc.,
Subordinated, 4.13%, 7/25/28		1,150,000		1,146,481
FMR LLC,
Sr. Unsecured, 6.45%, 11/15/39W		1,000,000		1,292,311
JPMorgan Chase & Co.,
Sr. Unsecured, 6.00%, 1/15/18		150,000		154,601
JPMorgan Chase & Co.,
Sr. Unsecured, 4.63%, 5/10/21		100,000		108,197
JPMorgan Chase & Co.,
Sr. Unsecured, MTN, 2.30%, 8/15/21		700,000		695,456
JPMorgan Chase & Co.,
Series H, Sr. Unsecured, 1.70%, 3/01/18		1,600,000		1,601,849
JPMorgan Chase Capital XXIII,
Limited Guarantee, 2.04%, 5/15/47D		1,000,000		872,500
Wells Fargo & Co.,
Sr. Unsecured, 2.10%, 7/26/21		2,000,000		1,972,382
Wells Fargo & Co.,
Subordinated, MTN, 4.40%, 6/14/46		2,075,000		2,025,746
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	17,151,785
ELECTRIC – 2.7%
Appalachian Power Co.,
Series K, Sr. Unsecured, 5.00%, 6/01/17		1,500,000		1,504,205
Baltimore Gas & Electric Co.,
Sr. Unsecured, 3.50%, 8/15/46		1,550,000		1,435,210
Commonwealth Edison Co.,
1st Mortgage, 3.80%, 10/01/42		1,000,000		973,294

ANNUAL REPORT / April 30, 2017

17 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Consolidated Edison, Inc.,
Sr. Unsecured, 2.00%, 5/15/21	$	750,000	$	739,959
Dominion Resources, Inc.,
Sr. Unsecured, 2.50%, 12/01/19		1,500,000		1,515,979
DTE Energy Co.,
Series F, Sr. Unsecured, 3.85%, 12/01/23		305,000		317,777
Entergy Arkansas, Inc.,
1st Mortgage, 4.95%, 12/15/44		1,000,000		1,025,486
Entergy Corp.,
Sr. Unsecured, 5.13%, 9/15/20		1,300,000		1,403,341
Exelon Generation Co. LLC,
Sr. Unsecured, 6.20%, 10/01/17		650,000		661,341
FirstEnergy Corp.,
Series A, Sr. Unsecured, 2.75%, 3/15/18		1,285,000		1,289,879
FirstEnergy Transmission LLC,
Sr. Unsecured, 4.35%, 1/15/25W		2,250,000		2,364,234
System Energy Resources, Inc.,
1st Mortgage, 4.10%, 4/01/23		500,000		518,051
TOTAL ELECTRIC			$	13,748,756
ELECTRONICS – 0.4%
Corning, Inc.,
Sr. Unsecured, 1.50%, 5/08/18		2,000,000		1,996,260
ENVIRONMENTAL CONTROL – 0.6%
Waste Management, Inc.,
Company Guaranteed, 3.50%, 5/15/24		1,255,000		1,315,728
Waste Management, Inc.,
Company Guaranteed, 4.10%, 3/01/45		1,520,000		1,548,494
TOTAL ENVIRONMENTAL CONTROL			$	2,864,222
FOOD – 1.2%
Kraft Foods Group, Inc.,
Company Guaranteed, 2.25%, 6/05/17		2,000,000		2,001,742
Kraft Heinz Foods Co.,
Company Guaranteed, 1.60%, 6/30/17		850,000		850,158
Kraft Heinz Foods Co.,
Company Guaranteed, 5.20%, 7/15/45		500,000		531,689
Kroger Co.,
Company Guaranteed, 8.00%, 9/15/29		500,000		680,682
Kroger Co.,
Sr. Unsecured, 2.95%, 11/01/21		1,750,000		1,776,582
TOTAL FOOD			$	5,840,853
FOOD PRODUCTS – 0.6%
General Mills, Inc.,
Sr. Unsecured, 1.40%, 10/20/17		2,000,000		2,001,801
McCormick & Co., Inc.,
Sr. Unsecured, 5.75%, 12/15/17		500,000		513,229
McCormick & Co., Inc.,
Sr. Unsecured, 3.90%, 7/15/21		500,000		531,638
TOTAL FOOD PRODUCTS			$	3,046,668
FOREST PRODUCTS & PAPER – 0.6%
International Paper Co.,
Sr. Unsecured, 4.75%, 2/15/22		1,665,000		1,823,421

Description	Par Value		Value
International Paper Co.,
Sr. Unsecured, 4.40%, 8/15/47	$	1,500,000	$	1,468,530
TOTAL FOREST PRODUCTS & PAPER			$	3,291,951
HEALTH CARE EQUIPMENT & SUPPLIES – 0.8%
Abbott Laboratories,
Sr. Unsecured, 2.35%, 11/22/19		1,275,000		1,282,776
Becton Dickinson and Co.,
Sr. Unsecured, 1.80%, 12/15/17		518,000		517,704
Thermo Fisher Scientific, Inc.,
Sr. Unsecured, 4.70%, 5/01/20		1,000,000		1,070,841
Thermo Fisher Scientific, Inc.,
Sr. Unsecured, 3.30%, 2/15/22		1,100,000		1,129,910
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	4,001,231
HEALTH CARE PROVIDERS & SERVICES – 0.7%
Anthem, Inc.,
Sr. Unsecured, 2.30%, 7/15/18		2,500,000		2,514,280
UnitedHealth Group, Inc.,
Sr. Unsecured, 6.00%, 6/15/17		250,000		251,445
UnitedHealth Group, Inc.,
Sr. Unsecured, 1.40%, 12/15/17		450,000		450,074
UnitedHealth Group, Inc.,
Sr. Unsecured, 3.95%, 10/15/42		290,000		290,569
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	3,506,368
HOME FURNISHINGS – 0.6%
Whirlpool Corp.,
Sr. Unsecured, 4.70%, 6/01/22		1,500,000		1,638,470
Whirlpool Corp.,
Sr. Unsecured, 4.50%, 6/01/46		1,320,000		1,335,499
Whirlpool Corp.,
Sr. Unsecured, MTN, 5.15%, 3/01/43		210,000		227,752
TOTAL HOME FURNISHINGS			$	3,201,721
INSURANCE – 2.4%
Aon PLC,
Company Guaranteed, 4.00%, 11/27/23		1,450,000		1,531,667
CNA Financial Corp.,
Sr. Unsecured, 5.75%, 8/15/21		1,000,000		1,121,049
CNA Financial Corp.,
Sr. Unsecured, 3.95%, 5/15/24		950,000		985,219
Lincoln National Corp.,
Sr. Unsecured, 4.20%, 3/15/22		1,000,000		1,063,501
Lincoln National Corp.,
Sr. Unsecured, 3.63%, 12/12/26		1,380,000		1,394,103
MetLife, Inc.,
Series A, Sr. Unsecured, 6.82%, 8/15/18		3,000,000		3,196,011
Principal Financial Group, Inc.,
Company Guaranteed, 3.30%, 9/15/22		250,000		256,626
WR Berkley Corp.,
Sr. Unsecured, 4.63%, 3/15/22		1,000,000		1,080,818
WR Berkley Corp.,
Sr. Unsecured, 4.75%, 8/01/44		1,715,000		1,725,977
TOTAL INSURANCE			$	12,354,971

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 18

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
MEDIA – 1.6%
21st Century Fox America, Inc.,
Company Guaranteed, 4.75%, 11/15/46#	$	1,000,000	$	1,019,583
CBS Corp.,
Company Guaranteed, 1.95%, 7/01/17		2,000,000		2,001,453
CBS Corp.,
Company Guaranteed, 4.60%, 1/15/45		1,100,000		1,100,340
Charter Communications Operating LLC,
Sr. Secured, 3.58%, 7/23/20		1,500,000		1,552,089
Time Warner, Inc.,
Company Guaranteed, 4.85%, 7/15/45		1,190,000		1,161,744
Walt Disney Co. (The),
Sr. Unsecured, GMTN, 4.13%, 6/01/44		565,000		580,612
Walt Disney Co. (The),
Sr. Unsecured, MTN, 3.00%, 7/30/46#		615,000		522,025
TOTAL MEDIA			$	7,937,846
METALS & MINING – 0.2%
Barrick Gold Corp.,
Sr. Unsecured, 5.25%, 4/01/42		1,000,000		1,108,261
MISCELLANEOUS MANUFACTURING – 0.5%
Ingersoll-Rand Luxembourg Finance SA,
Company Guaranteed, 2.63%, 5/01/20		1,135,000		1,150,501
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		480,000		495,231
Textron, Inc.,
Sr. Unsecured, 3.88%, 3/01/25		750,000		770,181
TOTAL MISCELLANEOUS MANUFACTURING			$	2,415,913
OIL & GAS – 1.8%
Chevron Corp.,
Sr. Unsecured, 1.72%, 6/24/18		2,000,000		2,016,530
ConocoPhillips Co.,
Company Guaranteed, 4.20%, 3/15/21#		335,000		358,543
Exxon Mobil Corp.,
Sr. Unsecured, 1.82%, 3/15/19		925,000		933,701
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		745,000		745,895
Phillips 66,
Company Guaranteed, 4.30%, 4/01/22		1,450,000		1,571,932
Schlumberger Holdings Corp.,
Sr. Unsecured, 3.63%, 12/21/22W		1,500,000		1,570,439
Southern Co. Gas Capital Corp.,
Company Guaranteed, 3.95%, 10/01/46		1,425,000		1,331,417
Valero Energy Corp.,
Sr. Unsecured, 4.90%, 3/15/45		563,000		568,114
TOTAL OIL & GAS			$	9,096,571
PHARMACEUTICALS – 1.4%
AbbVie, Inc.,
Sr. Unsecured, 2.50%, 5/14/20		1,485,000		1,499,697
AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42		460,000		446,427
Cardinal Health, Inc.,
Sr. Unsecured, 4.50%, 11/15/44		650,000		631,239

Description	Par Value		Value
Express Scripts Holding Co.,
Company Guaranteed, 4.80%, 7/15/46	$	2,000,000	$	1,948,482
Medco Health Solutions, Inc.,
Company Guaranteed, 4.13%, 9/15/20		940,000		987,118
Medtronic, Inc.,
Company Guaranteed, 1.50%, 3/15/18		700,000		699,917
Teva Pharmaceutical
Finance Netherlands III BV,
Company Guaranteed, 4.10%, 10/01/46#		1,000,000		864,015
TOTAL PHARMACEUTICALS			$	7,076,895
PIPELINES – 2.7%
Energy Transfer LP,
Sr. Unsecured, 2.50%, 6/15/18		1,000,000		1,009,842
Energy Transfer LP,
Sr. Unsecured, 3.60%, 2/01/23		870,000		881,300
Energy Transfer LP,
Sr. Unsecured, 5.30%, 4/15/47		2,250,000		2,220,096
Enterprise Products Operating LLC,
Company Guaranteed, 4.95%, 10/15/54		500,000		509,980
Enterprise Products Operating LLC,
Series B, Company Guaranteed,
7.03%, 1/15/68D		2,000,000		2,070,000
Kinder Morgan Energy Partners LP,
Company Guaranteed, 2.65%, 2/01/19		1,965,000		1,983,278
Kinder Morgan Energy Partners LP,
Company Guaranteed, 5.40%, 9/01/44		1,000,000		1,020,445
MPLX LP,
Sr. Unsecured, 5.20%, 3/01/47		1,065,000		1,092,956
ONEOK Partners LP,
Company Guaranteed, 6.20%, 9/15/43		1,000,000		1,146,082
Spectra Energy Partners LP,
Sr. Unsecured, 3.50%, 3/15/25		670,000		664,119
Spectra Energy Partners LP,
Sr. Unsecured, 4.50%, 3/15/45		1,125,000		1,094,002
TOTAL PIPELINES			$	13,692,100
REAL ESTATE INVESTMENT TRUSTS – 3.6%
American Tower Corp.,
Sr. Unsecured, 3.40%, 2/15/19		2,000,000		2,047,599
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		415,000		454,670
American Tower Corp.,
Sr. Unsecured, 3.13%, 1/15/27		1,000,000		955,129
AvalonBay Communities, Inc.,
Sr. Unsecured, GMTN, 3.63%, 10/01/20		1,145,000		1,189,486
Digital Realty Trust LP,
Company Guaranteed, 3.40%, 10/01/20		2,115,000		2,181,688
Digital Realty Trust LP,
Company Guaranteed, 3.63%, 10/01/22		1,100,000		1,130,767
HCP, Inc.,
Sr. Unsecured, 4.00%, 12/01/22		2,000,000		2,080,086
HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		450,000		465,403
Health Care REIT, Inc.,
Sr. Unsecured, 2.25%, 3/15/18		2,000,000		2,008,148

ANNUAL REPORT / April 30, 2017

19 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Health Care REIT, Inc.,
Sr. Unsecured, 5.25%, 1/15/22	$	250,000	$	275,747
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		695,000		704,631
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		915,000		913,515
Mack-Cali Realty LP,
Sr. Unsecured, 2.50%, 12/15/17		2,215,000		2,218,177
ProLogis LP,
Company Guaranteed, 2.75%, 2/15/19		450,000		456,327
Prologis LP,
Company Guaranteed, 3.35%, 2/01/21		1,245,000		1,287,546
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	18,368,919
RETAIL – 0.9%
CVS Health Corp.,
Sr. Unsecured, 1.90%, 7/20/18		2,000,000		2,005,410
Nordstrom, Inc.,
Sr. Unsecured, 5.00%, 1/15/44		1,000,000		956,276
Walgreens Boots Alliance, Inc.,
Sr. Unsecured, 1.75%, 5/30/18		1,400,000		1,405,755
TOTAL RETAIL			$	4,367,441
SOFTWARE – 0.8%
Microsoft Corp.,
Sr. Unsecured, 4.75%, 11/03/55		1,000,000		1,084,773
Oracle Corp.,
Sr. Unsecured, 4.30%, 7/08/34		1,730,000		1,826,511
Oracle Corp.,
Sr. Unsecured, 4.00%, 7/15/46		1,300,000		1,273,005
TOTAL SOFTWARE			$	4,184,289
TELECOMMUNICATIONS – 2.2%
AT&T, Inc.,
Sr. Unsecured, 1.40%, 12/01/17		1,731,000		1,730,644
AT&T, Inc.,
Sr. Unsecured, 2.38%, 11/27/18		2,000,000		2,013,868
AT&T, Inc.,
Sr. Unsecured, 2.45%, 6/30/20		2,115,000		2,120,681
AT&T, Inc.,
Sr. Unsecured, 4.50%, 5/15/35		845,000		804,077
Cisco Systems, Inc.,
Sr. Unsecured, 1.49%, 9/20/19D		1,600,000		1,609,449
Verizon Communications, Inc.,
Sr. Unsecured, 1.92%, 6/17/19D		1,000,000		1,008,518
Verizon Communications, Inc.,
Sr. Unsecured, 4.86%, 8/21/46		2,000,000		1,952,350
TOTAL TELECOMMUNICATIONS			$	11,239,587
TRANSPORTATION – 1.1%
FedEx Corp.,
Company Guaranteed, 4.10%, 2/01/45		685,000		646,180
Norfolk Southern Corp.,
Sr. Unsecured, 5.90%, 6/15/19		250,000		270,573
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/18		1,155,000		1,161,000

Description	Par Value		Value
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.45%, 9/03/19	$	2,450,000	$	2,466,985
Union Pacific Corp.,
Sr. Unsecured, 4.38%, 11/15/65		1,000,000		1,023,996
TOTAL TRANSPORTATION			$	5,568,734
TRUCKING & LEASING – 0.4%
GATX Corp.,
Sr. Unsecured, 3.85%, 3/30/27		1,500,000		1,508,595
GATX Corp.,
Sr. Unsecured, 5.20%, 3/15/44		640,000		669,688
TOTAL TRUCKING & LEASING			$	2,178,283
TOTAL CORPORATE BONDS
(COST $227,597,575)			$	230,194,381
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2%
AIRLINES – 0.2%
American Airlines 2011-1,
Series A, Pass-Through Certificates,
5.25%, 1/31/21		275,259		294,700
Continental Airlines 2009-2,
Series A, Pass-Through Certificates,
7.25%, 11/10/19		167,905		186,165
Delta Air Lines, 2007-1,
Series A, Pass-Through Certificates,
6.82%, 8/10/22		251,406		288,724
Delta Air Lines, 2009-1,
Series A, Pass-Through Certificates,
7.75%, 12/17/19		191,681		210,489
TOTAL AIRLINES			$	980,078
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES
(COST $886,251)			$	980,078
GOVERNMENT AGENCIES – 1.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.7%
1.25%, 10/02/19#		1,300,000		1,294,347
1.75%, 5/30/19#		2,000,000		2,015,800
2.38%, 1/13/22		125,000		127,755
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	3,437,902
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
6.25%, 5/15/29		750,000		1,017,354
7.25%, 5/15/30		400,000		592,273
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,609,627
TOTAL GOVERNMENT AGENCIES
(COST $4,780,769)			$	5,047,529

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 20

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
MORTGAGE-BACKED SECURITIES – 20.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 10.7%
Pool B17616, 5.50%, 1/01/20	$	49,455	$	49,632
Pool G12709, 5.00%, 7/01/22		47,502		48,947
Pool C00478, 8.50%, 9/01/26		14,972		17,489
Pool E09010, 2.50%, 9/01/27		1,096,949		1,115,686
Pool G18497, 3.00%, 1/01/29		137,526		141,643
Pool C01272, 6.00%, 12/01/31		29,601		33,753
Pool A13990, 4.50%, 10/01/33		42,321		45,905
Pool G01625, 5.00%, 11/01/33		40,817		44,858
Pool G08097, 6.50%, 11/01/35		18,016		20,062
Pool G02296, 5.00%, 6/01/36		214,863		236,063
Pool G02390, 6.00%, 9/01/36		7,170		8,148
Pool G05317, 5.00%, 4/01/37		836,626		919,042
Pool G03703, 5.50%, 12/01/37		22,316		24,830
Pool G04776, 5.50%, 7/01/38		72,519		80,774
Pool G05500, 5.00%, 5/01/39		750,586		821,592
Pool A93415, 4.00%, 8/01/40		1,880,573		1,994,535
Pool A93505, 4.50%, 8/01/40		1,426,365		1,539,957
Pool A93996, 4.50%, 9/01/40		1,142,639		1,233,664
Pool G06222, 4.00%, 1/01/41		1,935,289		2,049,084
Pool A97047, 4.50%, 2/01/41		1,110,295		1,198,625
Pool G06956, 4.50%, 8/01/41		1,072,252		1,157,879
Pool C03750, 3.50%, 2/01/42		403,633		416,731
Pool C03849, 3.50%, 4/01/42		198,637		204,847
Pool Q08305, 3.50%, 5/01/42		1,171,313		1,211,913
Pool C04305, 3.00%, 11/01/42		3,091,241		3,093,938
Pool C09020, 3.50%, 11/01/42		2,924,282		3,029,124
Pool G07266, 4.00%, 12/01/42		2,793,672		2,948,279
Pool C04444, 3.00%, 1/01/43		111,943		112,525
Pool C09029, 3.00%, 3/01/43		514,062		514,987
Pool G08534, 3.00%, 6/01/43		643,077		644,234
Pool Q19476, 3.50%, 6/01/43		1,205,283		1,247,772
Pool C09044, 3.50%, 7/01/43		1,439,575		1,490,305
Pool G07889, 3.50%, 8/01/43		1,294,948		1,332,866
Pool G07624, 4.00%, 12/01/43		1,184,194		1,255,545
Pool Q23891, 4.00%, 12/01/43		231,685		244,543
Pool G60038, 3.50%, 1/01/44		6,243,959		6,467,781
Pool G07680, 4.00%, 4/01/44		2,046,324		2,169,567
Pool G08595, 4.00%, 7/01/44		1,167,515		1,230,849
Pool G07943, 4.50%, 8/01/44		161,416		174,156
Pool G08607, 4.50%, 9/01/44		973,739		1,050,636
Pool Q36970, 4.00%, 10/01/45		625,816		659,383
Pool G60384, 4.50%, 12/01/45		111,140		119,878
Pool Q39438, 4.00%, 3/01/46		4,849,080		5,109,139
Pool Q39644, 3.50%, 3/01/46		5,526,390		5,688,242
Pool G08705, 3.00%, 5/01/46		369,846		369,711

Description	Par Value		Value
Pool G08708, 4.50%, 5/01/46	$	822,382	$	884,334
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	54,453,453
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 10.1%
Pool 695818, 5.00%, 4/01/18		16,138		16,263
Pool 254759, 4.50%, 6/01/18		14,798		14,923
Pool 254833, 4.50%, 8/01/18		3,034		3,064
Pool 975207, 5.00%, 3/01/23		61,422		63,382
Pool AE2520, 3.00%, 1/01/26		558,909		577,591
Pool 329794, 7.00%, 2/01/26		20,898		22,754
Pool 256639, 5.00%, 2/01/27		15,639		17,194
Pool 256752, 6.00%, 6/01/27		25,723		29,240
Pool 402255, 6.50%, 12/01/27		1,463		1,503
Pool AB8997, 2.50%, 4/01/28		237,602		239,314
Pool AS4480, 2.50%, 2/01/30		1,415,046		1,424,872
Pool AS7462, 2.50%, 6/01/31		541,859		545,578
Pool 254007, 6.50%, 10/01/31		16,317		18,249
Pool 638023, 6.50%, 4/01/32		55,514		59,983
Pool 642345, 6.50%, 5/01/32		52,717		59,500
Pool 651292, 6.50%, 7/01/32		69,465		72,853
Pool 686398, 6.00%, 3/01/33		156,829		175,042
Pool 745412, 5.50%, 12/01/35		27,945		31,115
Pool 888789, 5.00%, 7/01/36		314,249		345,633
Pool 256515, 6.50%, 12/01/36		19,933		22,271
Pool AE0217, 4.50%, 8/01/40		177,909		192,349
Pool AB1796, 3.50%, 11/01/40		1,028,304		1,064,582
Pool AH5583, 4.50%, 2/01/41		525,299		567,775
Pool 890551, 4.50%, 8/01/41		103,710		112,091
Pool AL0658, 4.50%, 8/01/41		602,671		651,373
Pool AL1319, 4.50%, 10/01/41		1,122,012		1,213,504
Pool AL6302, 4.50%, 10/01/41		1,038,156		1,122,118
Pool AX5302, 4.00%, 1/01/42		1,712,149		1,814,041
Pool AK4523, 4.00%, 3/01/42		1,884,722		1,989,587
Pool AL2034, 4.50%, 4/01/42		271,150		293,135
Pool AB7936, 3.00%, 2/01/43		1,954,789		1,954,978
Pool AL3761, 4.50%, 2/01/43		393,496		426,713
Pool MA1458, 3.00%, 6/01/43		600,777		604,271
Pool AT7899, 3.50%, 7/01/43		3,714,170		3,825,929
Pool AS0302, 3.00%, 8/01/43		5,319,264		5,350,265
Pool AU4279, 3.00%, 9/01/43		1,030,654		1,036,657
Pool AL5537, 4.50%, 4/01/44		492,863		532,679
Pool AS3155, 4.00%, 8/01/44		128,107		135,098
Pool AX0833, 3.50%, 9/01/44		1,691,439		1,746,927
Pool AL6325, 3.00%, 10/01/44		3,439,210		3,459,229
Pool AS5136, 4.00%, 6/01/45		996,268		1,050,963
Pool AZ7362, 4.00%, 11/01/45		1,491,181		1,571,882
Pool AZ9565, 3.50%, 12/01/45		2,227,522		2,292,721

ANNUAL REPORT / April 30, 2017

21 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Pool BC0326, 3.50%, 12/01/45	$	1,784,904	$	1,837,210
Pool BC0245, 3.00%, 2/01/46		949,518		949,610
Pool BC0830, 3.00%, 4/01/46		2,145,193		2,145,401
Pool AS7568, 4.50%, 7/01/46		351,879		379,932
Pool BC9003, 3.00%, 11/01/46		1,668,893		1,669,054
Pool TBA, 5.00%, 5/01/47		6,700,000		7,338,594
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	51,068,992
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 373335, 7.50%, 5/15/22		7,667		7,903
Pool 354677, 7.50%, 10/15/23		15,978		17,983
Pool 354713, 7.50%, 12/15/23		14,457		16,893
Pool 354765, 7.00%, 2/15/24		30,720		34,314
Pool 354827, 7.00%, 5/15/24		23,767		25,935
Pool 360869, 7.50%, 5/15/24		21,047		21,711
Pool 385623, 7.00%, 5/15/24		28,105		31,444
Pool 2077, 7.00%, 9/20/25		8,513		9,603
Pool 503405, 6.50%, 4/15/29		29,187		33,035
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	198,821
TOTAL MORTGAGE-BACKED SECURITIES
(COST $106,445,186)			$	105,721,266
U.S. TREASURY – 28.9%
U.S. TREASURY BONDS – 4.7%
2.50%, 2/15/45		2,135,000		1,945,325
2.50%, 2/15/46		1,780,000		1,617,978
2.88%, 8/15/45		300,000		294,914
3.00%, 5/15/42		500,000		506,518
3.00%, 11/15/44		2,000,000		2,018,597
3.00%, 5/15/45		2,000,000		2,016,102
3.00%, 11/15/45		765,000		770,802
3.13%, 8/15/44		6,637,000		6,860,507
3.63%, 2/15/44		2,106,000		2,377,345
3.63%, 8/15/43		881,000		993,407
3.75%, 11/15/43		365,000		420,526
5.25%, 2/15/29		500,000		647,415
5.38%, 2/15/31		600,000		809,367
6.25%, 5/15/30		500,000		715,330
6.38%, 8/15/27#		450,000		617,820
8.88%, 2/15/19#		1,130,000		1,283,895
TOTAL U.S. TREASURY BONDS			$	23,895,848
U.S. TREASURY NOTES – 24.2%
0.63%, 8/31/17		1,810,000		1,808,333
0.63%, 9/30/17		750,000		748,961
0.75%, 12/31/17		500,000		499,001
1.00%, 5/31/18		1,100,000		1,098,168
1.13%, 6/15/18#		1,000,000		999,587

Description	Par Value		Value
1.25%, 10/31/18	$	2,085,000	$	2,086,457
1.25%, 1/31/19		250,000		250,061
1.38%, 3/31/20		3,300,000		3,293,649
1.38%, 6/30/18		6,000,000		6,015,347
1.38%, 9/30/18		1,240,000		1,242,993
1.38%, 2/28/19#		2,500,000		2,505,695
1.50%, 12/31/18#		2,486,000		2,497,081
1.50%, 1/31/19		9,400,000		9,441,939
1.50%, 5/31/19		535,000		537,465
1.50%, 11/30/19		1,145,000		1,149,045
1.63%, 3/31/19#		820,000		825,843
1.63%, 11/30/20		1,710,000		1,711,826
1.63%, 5/31/23		12,400,000		12,130,495
1.63%, 2/15/26		3,000,000		2,849,172
1.63%, 5/15/26		4,695,000		4,449,439
1.63%, 8/15/22		6,000,000		5,921,997
1.63%, 11/15/22		1,928,000		1,898,426
1.75%, 9/30/19		5,700,000		5,755,728
1.75%, 3/31/22		5,000,000		4,982,615
1.75%, 5/15/22		380,000		378,502
1.75%, 5/15/23		2,000,000		1,971,531
1.88%, 6/30/20		5,845,000		5,913,263
2.00%, 11/15/21		1,000,000		1,010,109
2.00%, 2/15/25		4,655,000		4,594,727
2.00%, 8/15/25		295,000		290,031
2.00%, 11/15/26		4,180,000		4,080,298
2.13%, 6/30/22		6,615,000		6,702,639
2.13%, 5/15/25		2,500,000		2,485,613
2.13%, 8/15/21		3,750,000		3,811,913
2.25%, 7/31/18		500,000		506,672
2.25%, 7/31/21		6,600,000		6,741,963
2.25%, 11/15/25		230,000		230,152
2.38%, 8/15/24		6,600,000		6,710,432
2.50%, 8/15/23		200,000		205,624
2.63%, 11/15/20		500,000		517,800
3.13%, 5/15/19		750,000		777,714
3.63%, 2/15/20		750,000		795,314
4.00%, 8/15/18		500,000		518,080
TOTAL U.S. TREASURY NOTES			$	122,941,700
TOTAL U.S. TREASURY
(COST $145,907,621)			$	146,837,548

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 22

Wilmington Broad Market Bond Fund (continued)

Description	Number of Shares		Value
MONEY MARKET FUND – 1.0%
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.69%^		4,827,332	$	4,827,332
TOTAL MONEY MARKET FUND
(COST $4,827,332)			$	4,827,332
TOTAL INVESTMENTS IN SECURITIES – 100.9%
(COST $509,093,100)			$	512,166,117
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.0%
REPURCHASE AGREEMENTS – 3.0%
Citigroup Global Markets, Inc., 0.82%, dated 4/28/17, due 5/01/17, repurchase price $2,914,987, collateralized by U.S. Government Securities, 0.00% to 11.50%,maturing 5/01/17 to 6/01/53; total market value of $2,973,083.	$	2,914,788	$	2,914,788
Deutsche Bank Securities, Inc., 0.85%,dated 4/28/17, due 5/01/17, repurchase price $2,914,994, collateralized by U.S. Government Securities, 2.00% to 6.50%,maturing 5/01/17 to 4/01/47; total market value of $2,973,084.		2,914,788		2,914,788
JP Morgan Securities LLC, 0.81%, dated 4/28/17, due 5/01/17, repurchase price $763,438, collateralized by U.S. Treasury Securities, 1.38% to 2.25%, maturing 11/30/17 to 8/15/21; total market value of $778,655.		763,386		763,386

Description	Par Value		Value
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, dated 4/28/17, due 5/01/17,repurchase price $2,914,985, collateralized by U.S. Government Securities, 3.00% to 4.50%, maturing 9/20/42 to 4/20/45; total market value of $2,973,084.	$	2,914,788	$	2,914,788
Mizuho Securities USA, Inc., 0.83%, dated 4/28/17, due 5/01/17, repurchase price $2,914,990, collateralized by U.S. Government Securities, 0.00% to 3.50%,maturing 7/28/17 to 2/01/47; total market value of $2,973,084.		2,914,788		2,914,788
RBC Dominion Securities, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $2,914,985, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 7/15/17 to 7/01/55; total market value of $2,973,084.		2,914,788		2,914,788
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $15,337,326)			$	15,337,326
TOTAL INVESTMENTS – 103.9%
(COST $524,430,426)			$	527,503,443
COLLATERAL FOR SECURITIES ON LOAN – (3.0%)				(15,337,326	)
OTHER LIABILITIES LESS ASSETS – (0.9%)				(4,478,686	)
TOTAL NET ASSETS – 100.0%			$	507,687,431

Cost of investments for Federal income tax purposes is $524,430,426. The net unrealized appreciation/(depreciation) of investments was $3,073,017. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $7,693,955 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(4,620,938).

ANNUAL REPORT / April 30, 2017

23 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (concluded)

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

Level 1 – quoted prices in active markets for identical securities

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

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

    The following is a summary of the inputs used as of April 30, 2017 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Security	$	—	$	504,151	$	—	$	504,151
Collateralized Mortgage Obligations		—		4,054,699		—		4,054,699
Commercial Paper		—		13,999,133		—		13,999,133
Corporate Bonds		—		230,194,381		—		230,194,381
Enhanced Equipment Trust Certificates		—		980,078		—		980,078
Government Agencies		—		5,047,529		—		5,047,529
Mortgage-Backed Securities		—		105,721,266		—		105,721,266
U.S. Treasury		—		146,837,548		—		146,837,548
Money Market Funds		4,827,332		—		—		4,827,332
Repurchase Agreements		—		15,337,326		—		15,337,326
Total	$	4,827,332	$	522,676,111	$	—	$	527,503,443

# 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.

◆ 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, 2017, these liquid restricted securities amounted to $9,001,792 representing 1.8% of total net assets.

** Represents less than 0.05%

The following acronyms are used throughout this Fund:

BKNT - Bank Note	LP - Limited Partnership
FHLMC - Federal Home Loan Mortgage Corporation	MTN - Medium Term Note
FNMA - Federal National Mortgage Association	NA - National Association
GMTN - Global Medium Term Note	PLC - Public Limited Company
GNMA - Government National Mortgage Association	REIT - Real Estate Investment Trust
LLC - Limited Liability Corporation	TBA - To Be Announced Security

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

24

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Intermediate-Term Bond Fund

At April 30, 2017, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		56.5	%
U.S. Treasury		35.9	%
Government Agencies		4.2	%
Mortgage-Backed Securities		1.2	%
Cash Equivalents1		5.0	%
Other Assets and Liabilities – Net2		(2.8	)%
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) 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		5.4	%
U.S. Treasury		35.9	%
AAA / Aaa		0.4	%
AA / Aa		1.8	%
A / A		14.4	%
BBB / Baa		38.5	%
BB / Ba		1.4	%
Not Rated		5.0	%
Other Assets and Liabilities – Net2		(2.8	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2017

Description	Par  Value		Value
CORPORATE BONDS – 56.5%
AEROSPACE & DEFENSE – 1.8%
L-3 Communications Corp.,
Company Guaranteed, 4.75%, 7/15/20	$	750,000	$	802,738
Lockheed Martin Corp.,
Sr. Unsecured, 3.10%, 1/15/23		750,000		766,538
Rockwell Collins, Inc.,
Sr. Unsecured, 1.95%, 7/15/19		150,000		150,248
Rockwell Collins, Inc.,
Sr. Unsecured, 2.80%, 3/15/22		450,000		454,917
United Technologies Corp.,
Sr. Unsecured, 1.50%, 11/01/19		150,000		149,186
TOTAL AEROSPACE & DEFENSE			$	2,323,627
AUTO MANUFACTURERS – 0.2%
General Motors Co.,
Sr. Unsecured, 3.50%, 10/02/18		220,000		224,263
AUTOMOTIVE – 3.0%
Daimler Finance North America LLC,
Company Guaranteed, 1.38%, 8/01/17W		500,000		499,949

Description	Par Value		Value
Ford Motor Credit Co. LLC,
Sr. Unsecured, 2.15%, 1/09/18#	$	750,000	$	752,107
Ford Motor Credit Co. LLC,
Sr. Unsecured, 1.95%, 3/12/19D		1,000,000		1,002,425
General Motors Financial Co., Inc.,
Company Guaranteed, 4.75%, 8/15/17		250,000		252,189
General Motors Financial Co., Inc.,
Company Guaranteed, 2.40%, 5/09/19		700,000		701,633
Hyundai Capital America,
Sr. Unsecured, 2.00%, 3/19/18W		250,000		250,519
Toyota Motor Credit Corp.,
Sr. Unsecured, MTN, 1.49%, 3/12/20D		450,000		452,047
TOTAL AUTOMOTIVE			$	3,910,869
BANKS – 0.3%
BB&T Corp.,
Sr. Unsecured, MTN, 1.80%, 4/01/22D		345,000		345,719
BEVERAGES – 1.0%
Anheuser-Busch InBev Finance, Inc.,
Company Guaranteed, 1.90%, 2/01/19		430,000		431,167

ANNUAL REPORT / April 30, 2017

25 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par  Value		Value
Anheuser-Busch InBev Finance, Inc.,
Company Guaranteed, 3.65%, 2/01/26	$	600,000	$	614,685
PepsiCo, Inc.,
Sr. Unsecured, 2.38%, 10/06/26		250,000		238,866
TOTAL BEVERAGES			$	1,284,718
BIOTECHNOLOGY – 0.9%
Amgen, Inc.,
Sr. Unsecured, 2.13%, 5/01/20		500,000		500,495
Amgen, Inc.,
Sr. Unsecured, 2.25%, 8/19/23		180,000		173,816
Celgene Corp.,
Sr. Unsecured, 2.25%, 5/15/19		430,000		432,617
TOTAL BIOTECHNOLOGY			$	1,106,928
BUILDING PRODUCTS – 0.2%
Johnson Controls International PLC,
Sr. Unsecured, 3.63%, 7/02/24		300,000		310,133
CAPITAL MARKETS – 4.9%
Bank of New York Mellon Corp. (The),
Sr. Unsecured, MTN, 2.80%, 5/04/26		300,000		293,467
BlackRock, Inc.,
Sr. Unsecured, 3.50%, 3/18/24		500,000		526,257
BlackRock, Inc.,
Series 2, Sr. Unsecured, 5.00%, 12/10/19		650,000		704,149
Charles Schwab Corp. (The),
Sr. Unsecured, 1.50%, 3/10/18		650,000		650,639
Charles Schwab Corp. (The),
Sr. Unsecured, 3.20%, 3/02/27		265,000		266,355
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, 2.31%, 4/23/20D		500,000		507,436
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, 3.00%, 4/26/22		350,000		352,499
Morgan Stanley,
Sr. Unsecured, 2.50%, 1/24/19		325,000		328,742
Morgan Stanley,
Sr. Unsecured, 3.63%, 1/20/27		750,000		749,738
Morgan Stanley,
3NC2, Sr. Unsecured, 1.84%, 2/14/20D		750,000		751,913
State Street Corp.,
Sr. Unsecured, 2.55%, 8/18/20		225,000		229,890
State Street Corp.,
Sr. Unsecured, 3.70%, 11/20/23		500,000		528,275
TD Ameritrade Holding Corp.,
Sr. Unsecured, 2.95%, 4/01/22		450,000		457,520
TOTAL CAPITAL MARKETS			$	6,346,880
COMMERCIAL BANKS – 4.8%
Branch Banking & Trust Co.,
Subordinated, 3.63%, 9/16/25		500,000		517,574
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		370,000		388,576
Huntington National Bank (The),
Sr. Unsecured, 2.40%, 4/01/20		350,000		351,756

Description	Par Value		Value
KeyBank NA,
Sr. Unsecured, 1.70%, 6/01/18	$	500,000	$	500,753
KeyCorp,
Sr. Unsecured, MTN, 2.90%, 9/15/20		500,000		509,239
PNC Financial Services Group, Inc. (The),
Subordinated, 3.90%, 4/29/24		420,000		439,789
Royal Bank of Canada,
Sr. Unsecured, GMTN, 1.40%, 10/13/17		275,000		275,178
SunTrust Banks, Inc.,
Sr. Unsecured, 2.50%, 5/01/19		600,000		605,976
SunTrust Banks, Inc.,
Sr. Unsecured, 2.70%, 1/27/22		430,000		431,594
Toronto-Dominion Bank (The),
Sr. Unsecured, MTN, 2.13%, 4/07/21		370,000		368,537
US Bancorp,
Subordinated, MTN, 3.10%, 4/27/26		800,000		792,018
Westpac Banking Corp.,
Sr. Unsecured, 2.00%, 8/14/17		575,000		576,068
Westpac Banking Corp.,
Sr. Unsecured, 4.88%, 11/19/19		500,000		535,220
TOTAL COMMERCIAL BANKS			$	6,292,278
COMMERCIAL SERVICES & SUPPLIES – 0.8%
Total System Services, Inc.,
Sr. Unsecured, 2.38%, 6/01/18		450,000		451,868
Total System Services, Inc.,
Sr. Unsecured, 3.80%, 4/01/21		525,000		547,286
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	999,154
COMPUTERS – 0.2%
Hewlett Packard Enterprise Co.,
Sr. Unsecured, 2.45%, 10/05/17		224,000		224,672
CONSUMER FINANCE – 2.6%
American Express Co.,
Sr. Unsecured, 1.64%, 5/22/18D		1,080,000		1,084,778
American Express Credit Corp.,
Sr. Unsecured, MTN, 1.70%, 10/30/19		260,000		258,532
Capital One Financial Corp.,
Sr. Unsecured, 2.45%, 4/24/19		100,000		100,580
Capital One Financial Corp.,
Sr. Unsecured, 2.06%, 3/09/22D		600,000		600,925
Capital One Financial Corp.,
Subordinated, 4.20%, 10/29/25		345,000		348,345
Capital One NA,
Sr. Unsecured, 1.88%, 9/13/19D		550,000		552,667
John Deere Capital Corp.,
Sr. Unsecured, MTN, 1.95%, 1/08/19		200,000		201,310
John Deere Capital Corp.,
Sr. Unsecured, MTN, 2.80%, 3/06/23		275,000		278,409
TOTAL CONSUMER FINANCE			$	3,425,546
DIVERSIFIED FINANCIAL SERVICES – 4.4%
American Honda Finance Corp.,
Sr. Unsecured, MTN, 1.20%, 7/12/19		120,000		118,451

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 26

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par  Value		Value
Bank of America Corp.,
Sr. Unsecured, 2.00%, 1/11/18	$	250,000	$	250,658
Bank of America Corp.,
Sr. Unsecured, MTN, 2.63%, 10/19/20		160,000		161,025
Bank of America Corp.,
Sr. Unsecured, MTN, 2.50%, 10/21/22		255,000		250,356
Bank of America Corp.,
Sr. Unsecured, MTN, 4.13%, 1/22/24		250,000		263,042
Bank of Montreal,
Sr. Unsecured, MTN, 1.50%, 7/18/19		495,000		490,779
Bank of Montreal,
Sr. Unsecured, MTN, 1.90%, 8/27/21		430,000		423,136
Berkshire Hathaway, Inc.,
Sr. Unsecured, 2.75%, 3/15/23		175,000		176,990
Citigroup, Inc.,
Sr. Unsecured, 2.45%, 1/10/20		450,000		452,786
Citigroup, Inc.,
Sr. Unsecured, 2.35%, 8/02/21		300,000		296,578
Citigroup, Inc.,
Sr. Unsecured, 2.75%, 4/25/22		500,000		498,158
HSBC USA, Inc.,
Sr. Unsecured, 2.00%, 8/07/18		220,000		220,371
JPMorgan Chase & Co.,
Sr. Unsecured, 6.00%, 1/15/18		250,000		257,668
JPMorgan Chase & Co.,
Sr. Unsecured, 1.70%, 3/01/18		500,000		500,578
JPMorgan Chase & Co.,
Sr. Unsecured, 2.55%, 10/29/20		500,000		503,820
Wells Fargo & Co.,
Sr. Unsecured, 2.10%, 7/26/21		650,000		641,024
Wells Fargo & Co.,
Sr. Unsecured, MTN, 2.55%, 12/07/20		200,000		201,777
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	5,707,197
ELECTRIC – 5.9%
Dominion Resources, Inc.,
Sr. Unsecured, 1.60%, 8/15/19		400,000		396,238
Dominion Resources, Inc.,
Sr. Unsecured, 3.90%, 10/01/25		470,000		485,705
Duke Energy Indiana, Inc.,
1st Mortgage, 3.75%, 7/15/20		670,000		703,904
Entergy Corp.,
Sr. Unsecured, 2.95%, 9/01/26		505,000		484,649
Entergy Texas, Inc.,
1st Mortgage, 7.13%, 2/01/19		800,000		867,991
Exelon Corp.,
Sr. Unsecured, 2.45%, 4/15/21		825,000		822,226
Exelon Generation Co. LLC,
Sr. Unsecured, 2.95%, 1/15/20#		700,000		711,266
FirstEnergy Transmission LLC,
Sr. Unsecured, 4.35%, 1/15/25W		750,000		788,078
Southern California Edison Co.,
Series B, 1st Mortgage, 2.40%, 2/01/22		900,000		902,001

Description	Par  Value		Value
Southern Co. (The),
Sr. Unsecured, 2.35%, 7/01/21	$	1,250,000	$	1,234,820
WEC Energy Group, Inc.,
Sr. Unsecured, 2.45%, 6/15/20		300,000		302,788
TOTAL ELECTRIC			$	7,699,666
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.2%
Emerson Electric Co.,
Sr. Unsecured, 2.63%, 12/01/21		275,000		280,425
ENVIRONMENTAL CONTROL – 0.1%
Waste Management, Inc.,
Company Guaranteed, 2.40%, 5/15/23		160,000		157,872
FOOD – 0.5%
Kraft Heinz Foods Co.,
Company Guaranteed, 2.25%, 6/05/17		150,000		150,131
Kroger Co.,
Sr. Unsecured, 2.30%, 1/15/19		250,000		251,774
Kroger Co.,
Sr. Unsecured, 2.95%, 11/01/21		250,000		253,797
TOTAL FOOD			$	655,702
FOREST PRODUCTS & PAPER – 0.4%
International Paper Co.,
Sr. Unsecured, 4.75%, 2/15/22		500,000		547,574
HEALTH CARE EQUIPMENT & SUPPLIES – 1.4%
Abbott Laboratories,
Sr. Unsecured, 2.35%, 11/22/19		450,000		452,744
Medtronic Global Holdings SCA,
Company Guaranteed, 1.70%, 3/28/19		400,000		400,199
Thermo Fisher Scientific, Inc.,
Sr. Unsecured, 4.70%, 5/01/20		725,000		776,359
Thermo Fisher Scientific, Inc.,
Sr. Unsecured, 2.95%, 9/19/26		235,000		226,219
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	1,855,521
HEALTH CARE PROVIDERS & SERVICES – 0.9%
Aetna, Inc.,
Sr. Unsecured, 1.70%, 6/07/18		175,000		175,107
Anthem, Inc.,
Sr. Unsecured, 2.30%, 7/15/18		1,000,000		1,005,712
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	1,180,819
HOME FURNISHINGS – 0.4%
Whirlpool Corp.,
Sr. Unsecured, 1.65%, 11/01/17		250,000		250,165
Whirlpool Corp.,
Sr. Unsecured, 2.40%, 3/01/19		220,000		222,388
TOTAL HOME FURNISHINGS			$	472,553
INSURANCE – 1.7%
American International Group, Inc.,
Sr. Unsecured, 3.75%, 7/10/25		400,000		404,100

ANNUAL REPORT / April 30, 2017

27 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Aon PLC,
Company Guaranteed, 2.80%, 3/15/21	$	240,000	$	242,043
Aon PLC,
Company Guaranteed, 4.00%, 11/27/23		250,000		264,081
Hartford Financial Services Group, Inc.,
Sr. Unsecured, 5.13%, 4/15/22		360,000		400,991
MetLife, Inc.,
Sr. Unsecured, 3.60%, 4/10/24		750,000		784,022
Prudential Financial, Inc.,
Sr. Unsecured, MTN, 6.00%, 12/01/17		125,000		128,167
TOTAL INSURANCE			$	2,223,404
MEDIA – 0.9%
CBS Corp.,
Company Guaranteed, 3.38%, 3/01/22		350,000		362,549
Charter Communications Operating LLC,
Sr. Secured, 3.58%, 7/23/20		500,000		517,363
Time Warner, Inc.,
Company Guaranteed, 2.95%, 7/15/26		270,000		254,548
TOTAL MEDIA			$	1,134,460
MISCELLANEOUS MANUFACTURING – 1.2%
Ingersoll-Rand Global Holding Co. Ltd.,
Company Guaranteed, 4.25%, 6/15/23		330,000		353,844
Ingersoll-Rand Luxembourg Finance SA,
Company Guaranteed, 2.63%, 5/01/20		250,000		253,414
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		425,000		438,486
Textron, Inc.,
Sr. Unsecured, 4.30%, 3/01/24		500,000		528,794
TOTAL MISCELLANEOUS MANUFACTURING			$	1,574,538
OIL & GAS – 2.8%
BP Capital Markets PLC,
Company Guaranteed, 3.12%, 5/04/26#		250,000		247,862
ConocoPhillips Co.,
Company Guaranteed, 5.75%, 2/01/19		425,000		455,753
ConocoPhillips Co.,
Company Guaranteed, 4.20%, 3/15/21#		330,000		353,192
ConocoPhillips Co.,
Company Guaranteed, 1.94%, 5/15/22D		80,000		81,578
Marathon Oil Corp.,
Sr. Unsecured, 6.00%, 10/01/17		550,000		562,804
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		125,000		125,150
Phillips 66,
Company Guaranteed, 4.30%, 4/01/22		400,000		433,636
Schlumberger Holdings Corp.,
Sr. Unsecured, 2.35%, 12/21/18W		370,000		372,757
Shell International Finance BV,
Company Guaranteed, 3.25%, 5/11/25		530,000		540,912
Total Capital International SA,
Company Guaranteed, 1.50%, 6/19/19D		450,000		451,172
TOTAL OIL & GAS			$	3,624,816

Description	Par Value		Value
PHARMACEUTICALS – 2.7%
AbbVie, Inc.,
Sr. Unsecured, 2.50%, 5/14/20	$	300,000	$	302,969
AbbVie, Inc.,
Sr. Unsecured, 3.60%, 5/14/25		750,000		757,889
Actavis Funding SCS,
Company Guaranteed, 2.37%, 3/12/20D		500,000		510,917
Cardinal Health, Inc.,
Sr. Unsecured, 3.20%, 3/15/23		350,000		356,381
Medco Health Solutions, Inc.,
Company Guaranteed, 4.13%, 9/15/20		250,000		262,531
Teva Pharmaceutical
Finance Netherlands III BV,
Company Guaranteed, 2.20%, 7/21/21		850,000		827,007
Teva Pharmaceutical
Finance Netherlands III BV,
Company Guaranteed, 2.80%, 7/21/23		500,000		482,223
TOTAL PHARMACEUTICALS			$	3,499,917
PIPELINES – 2.4%
Enterprise Products Operating LLC,
Company Guaranteed, 2.55%, 10/15/19		325,000		330,112
Kinder Morgan Energy Partners LP,
Company Guaranteed, 2.65%, 2/01/19		650,000		656,046
Kinder Morgan, Inc.,
Company Guaranteed, 2.00%, 12/01/17		525,000		526,335
MPLX LP,
Sr. Unsecured, 4.13%, 3/01/27		515,000		523,369
Spectra Energy Partners LP,
Sr. Unsecured, 3.50%, 3/15/25		600,000		594,734
Valero Energy Partners LP,
Sr. Unsecured, 4.38%, 12/15/26		500,000		514,874
TOTAL PIPELINES			$	3,145,470
REAL ESTATE INVESTMENT TRUSTS – 4.3%
American Tower Corp.,
Sr. Unsecured, 3.45%, 9/15/21		250,000		256,425
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		505,000		553,274
Boston Properties LP,
Sr. Unsecured, 2.75%, 10/01/26		400,000		375,230
Digital Realty Trust LP,
Company Guaranteed, 3.40%, 10/01/20		425,000		438,401
HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		540,000		558,483
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		550,000		549,107
Mack-Cali Realty LP,
Sr. Unsecured, 2.50%, 12/15/17		250,000		250,359
Prologis LP,
Company Guaranteed, 3.35%, 2/01/21		500,000		517,087
Simon Property Group LP,
Sr. Unsecured, 2.15%, 9/15/17		500,000		500,530

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 28

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par  Value		Value
Ventas Realty LP / Ventas Capital Corp.,
Company Guaranteed, 2.70%, 4/01/20	$	550,000	$	555,368
Ventas Realty LP / Ventas Capital Corp.,
Company Guaranteed, 4.25%, 3/01/22		250,000		264,519
Welltower, Inc.,
Sr. Unsecured, 2.25%, 3/15/18		450,000		451,833
Welltower, Inc.,
Sr. Unsecured, 4.25%, 4/01/26		330,000		344,202
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	5,614,818
RETAIL – 1.3%
CVS Health Corp.,
Sr. Unsecured, 2.75%, 12/01/22		415,000		415,426
Home Depot, Inc. (The),
Sr. Unsecured, 2.13%, 9/15/26		225,000		210,982
Walgreens Boots Alliance, Inc.,
Sr. Unsecured, 1.75%, 5/30/18		800,000		803,289
Walgreens Boots Alliance, Inc.,
Sr. Unsecured, 3.30%, 11/18/21		225,000		231,999
TOTAL RETAIL			$	1,661,696
SOFTWARE – 0.9%
Microsoft Corp.,
Sr. Unsecured, 1.10%, 8/08/19		350,000		346,619
Microsoft Corp.,
Sr. Unsecured, 1.55%, 8/08/21		175,000		171,620
Oracle Corp.,
Sr. Unsecured, 1.90%, 9/15/21		600,000		594,457
TOTAL SOFTWARE			$	1,112,696
TELECOMMUNICATIONS – 2.1%
AT&T, Inc.,
Sr. Unsecured, 2.08%, 6/30/20D		500,000		508,009
AT&T, Inc.,
Sr. Unsecured, 2.45%, 6/30/20		800,000		802,149
Cisco Systems, Inc.,
Sr. Unsecured, 2.20%, 9/20/23		295,000		288,955
Verizon Communications, Inc.,
Sr. Unsecured, 1.92%, 6/17/19D		525,000		529,472
Verizon Communications, Inc.,
Sr. Unsecured, 4.50%, 9/15/20		300,000		321,249
Verizon Communications, Inc.,
Sr. Unsecured, 2.14%, 3/16/22D		265,000		268,218
TOTAL TELECOMMUNICATIONS			$	2,718,052
TRANSPORTATION – 0.6%
Norfolk Southern Corp.,
Sr. Unsecured, 2.90%, 6/15/26		260,000		253,893
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/18		500,000		502,597
TOTAL TRANSPORTATION			$	756,490
TRUCKING & LEASING – 0.7%
GATX Corp.,
Sr. Unsecured, 2.38%, 7/30/18		625,000		628,900

Description	Par  Value		Value
GATX Corp.,
Sr. Unsecured, 3.25%, 9/15/26	$	280,000	$	270,120
TOTAL TRUCKING & LEASING			$	899,020
TOTAL CORPORATE BONDS (COST $72,661,745)			$	73,317,493
GOVERNMENT AGENCIES – 4.2%
FEDERAL HOME LOAN BANK (FHLB) – 0.4%
Series 917, 1.00%, 6/21/17		500,000		500,137
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) – 3.1%
1.38%, 5/01/20#		1,250,000		1,243,858
1.75%, 5/30/19#		605,000		609,780
2.38%, 1/13/22		1,850,000		1,890,768
3.75%, 3/27/19		250,000		261,292
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	4,005,698
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.7%
1.75%, 9/12/19		975,000		982,144
TOTAL GOVERNMENT AGENCIES
(COST $5,428,750)			$	5,487,979
MORTGAGE-BACKED SECURITIES – 1.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) – 0.2%
Pool G11311, 5.00%, 10/01/17		3,814		3,829
Pool E92817, 5.00%, 12/01/17		11,731		11,795
Pool C90293, 7.50%, 9/01/19		42,171		44,881
Pool B19228, 4.50%, 4/01/20		13,428		13,710
Pool C90504, 6.50%, 12/01/21		18,356		20,297
Pool G01625, 5.00%, 11/01/33		40,817		44,858
Pool A18401, 6.00%, 2/01/34		59,606		67,861
Pool G08097, 6.50%, 11/01/35		29,155		32,465
Pool G02390, 6.00%, 9/01/36		12,547		14,259
Pool G08193, 6.00%, 4/01/37		39,180		44,316
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	298,271
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.8%
Pool 254833, 4.50%, 8/01/18		4,046		4,085
Pool 839291, 5.00%, 9/01/20		2,304		2,366
Pool 688996, 8.00%, 11/01/24		8,173		8,474
Pool AE2520, 3.00%, 1/01/26		708,976		732,674
Pool 256639, 5.00%, 2/01/27		31,278		34,387
Pool 256752, 6.00%, 6/01/27		32,154		36,550
Pool 257007, 6.00%, 12/01/27		53,178		60,423
Pool 254240, 7.00%, 3/01/32		53,020		62,611
Pool 612514, 2.97%, 5/01/33D		33,710		35,147

ANNUAL REPORT / April 30, 2017

29 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Pool 745412, 5.50%, 12/01/35	$	28,169	$	31,365
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,008,082
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA) – 0.2%
Pool 780825, 6.50%, 7/15/28		67,288		76,055
Pool 2616, 7.00%, 7/20/28		44,622		52,919
Pool 2701, 6.50%, 1/20/29		81,779		92,628
Pool 426727, 7.00%, 2/15/29		6,649		7,083
Pool 781231, 7.00%, 12/15/30		38,002		43,884
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	272,569
TOTAL MORTGAGE-BACKED SECURITIES
(COST $1,470,185)			$	1,578,922
U.S. TREASURY – 35.9%
U.S. TREASURY NOTES – 35.9%
0.88%, 1/31/18		750,000		748,973
0.88%, 7/15/18		690,000		687,669
0.88%, 6/15/19		420,000		416,423
0.88%, 9/15/19		750,000		742,096
1.00%, 5/31/18		250,000		249,584
1.00%, 6/30/19		250,000		248,418
1.00%, 9/30/19		750,000		743,973
1.25%, 11/30/18		640,000		640,350
1.25%, 1/31/19		950,000		950,231
1.25%, 2/29/20		750,000		746,328
1.38%, 6/30/18		480,000		481,228
1.38%, 1/31/21		1,500,000		1,485,906
1.38%, 5/31/21		660,000		651,621
1.50%, 8/31/18		500,000		502,064
1.50%, 11/30/19		1,200,000		1,204,239
1.50%, 8/15/26		1,750,000		1,637,422
1.63%, 4/30/19		750,000		755,329
1.63%, 8/15/22		1,640,000		1,618,679
1.63%, 5/31/23		2,155,000		2,108,163
1.63%, 10/31/23		1,250,000		1,218,155
1.63%, 2/15/26		600,000		569,834
1.63%, 5/15/26		25,000		23,692
1.75%, 5/15/23		1,000,000		985,765
2.00%, 7/31/20		1,500,000		1,522,679
2.00%, 11/15/21		750,000		757,582
2.00%, 2/15/22#		500,000		504,979
2.00%, 2/15/23		2,000,000		2,004,648
2.00%, 2/15/25		1,003,000		990,013
2.00%, 8/15/25		1,700,000		1,671,364
2.00%, 11/15/26		1,400,000		1,366,607
2.13%, 1/31/21		1,500,000		1,526,456

Description	Par Value		Value
2.13%, 6/30/21	$	625,000	$	635,512
2.13%, 8/15/21		825,000		838,621
2.13%, 9/30/21		1,000,000		1,015,732
2.13%, 6/30/22		900,000		911,924
2.13%, 5/15/25		1,390,000		1,382,001
2.25%, 1/31/24		650,000		657,110
2.25%, 11/15/25		1,000,000		1,000,662
2.25%, 2/15/27		1,500,000		1,495,874
2.38%, 8/15/24		750,000		762,549
2.50%, 8/15/23		1,200,000		1,233,742
2.50%, 5/15/24		1,000,000		1,026,259
2.63%, 8/15/20		1,000,000		1,035,122
2.75%, 11/15/23		2,000,000		2,085,937
3.13%, 5/15/21		550,000		580,649
3.63%, 2/15/20		500,000		530,209
4.00%, 8/15/18		1,000,000		1,036,159
4.25%, 11/15/17		500,000		508,607
4.75%, 8/15/17		150,000		151,666
TOTAL U.S. TREASURY NOTES			$	46,648,805
TOTAL U.S. TREASURY
(COST $46,581,065)			$	46,648,805
	Number of Shares
MONEY MARKET FUND – 1.6%
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.69%^		2,079,935		2,079,935
TOTAL MONEY MARKET FUND
(COST $2,079,935)			$	2,079,935
TOTAL INVESTMENTS IN SECURITIES – 99.4%
(COST $128,221,680)			$	129,113,134
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.4%
REPURCHASE AGREEMENTS – 3.4%
Citigroup Global Markets, Inc., 0.82%, dated 4/28/17, due 5/01/17, repurchase price $824,915, collateralized by U.S. Government & Treasury Securities, 0.00% to 11.50%, maturing 5/01/17 to 6/01/53; total market value of $841,356.	$	824,859	$	824,859

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 30

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Deutsche Bank Securities, Inc., 0.85%, dated 4/28/17, due 5/01/17, repurchase price $824,917, collateralized by U.S. Government Securities, 2.00% to 6.50%, maturing 5/01/17 to 4/01/47; total market value of $841,356.	$	824,859	$	824,859
JP Morgan Securities LLC, 0.81%, dated 4/28/17, due 5/01/17, repurchase price $216,299, collateralized by U.S. Treasury Securities, 1.38% to 2.25%, maturing 11/30/17 to 8/15/21; total market value of $220,610.		216,284		216,284
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $824,915, collateralized by U.S. Government Securities, 3.00% to 4.50%, maturing 9/20/42 to 4/20/45; total market value of $841,356.		824,859		824,859
Mizuho Securities USA, Inc., 0.83%, dated 4/28/17, due 5/01/17, repurchase price $824,916, collateralized by U.S. Government Securities, 0.00% to 3.50%, maturing 7/28/17 to 2/01/47; total market value of $841,356.		824,859		824,859
RBC Dominion Securities, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $824,915, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 7/15/17 to 7/01/55; total market value of $841,357.		824,859		824,859
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $4,340,579)			$	4,340,579
TOTAL INVESTMENTS – 102.8%
(COST $132,562,259)			$	133,453,713
COLLATERAL FOR SECURITIES ON LOAN – (3.4%)				(4,340,579	)
OTHER ASSETS LESS LIABILITIES – 0.6%				755,336
TOTAL NET ASSETS – 100.0%			$	129,868,470

Cost of investments for Federal income tax purposes is $132,576,345. The net unrealized appreciation/(depreciation) of investments was $877,368. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,455,633 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(578,265).

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

Level 1 – quoted prices in active markets for identical securities

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

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

ANNUAL REPORT / April 30, 2017

31 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (concluded)

The following is a summary of the inputs used as of April 30, 2017 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Corporate Bonds		$            —	$	73,317,493	$	—	$	73,317,493
Government Agencies		—		5,487,979		—		5,487,979
Mortgage-Backed Securities		—		1,578,922		—		1,578,922
U.S. Treasury		—		46,648,805		—		46,648,805
Money Market Fund		2,079,935		—		—		2,079,935
Repurchase Agreements		—		4,340,579		—		4,340,579
Total		$2,079,935	$	131,373,778	$	—	$	133,453,713

# 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, 2017, these liquid restricted securities amounted to $1,911,303 representing 1.5% of total net assets.

The following acronyms are used throughout this Fund:

FHLB - Federal Home Loan Bank

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

NA - National Association

PLC - Public Limited Company

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

32

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short-Term Bond Fund

At April 30, 2017, the Fund’s portfolio classifications were as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Notes		22.0	%
Commercial Banks		8.5	%
Federal National Mortgage Association (FNMA)		6.0	%
Capital Markets		5.7	%
Federal Home Loan Mortgage Corporation (FHLMC)		4.7	%
Electric		4.4	%
Oil & Gas		4.2	%
Commercial Paper		3.9	%
Consumer Finance		3.5	%
Diversified Financial Services		3.4	%
Media		2.9	%
Biotechnology		2.8	%
Commercial Services & Supplies		2.7	%
Federal Home Loan Bank (FHLB)		2.1	%
Pharmaceuticals		1.6	%
Health Care Providers & Services		1.6	%
Electronic Equipment, Instruments & Components		1.5	%
Pipelines		1.4	%
Trucking & Leasing		1.4	%
Food Products		1.4	%
Aerospace & Defense		1.4	%
Beverages		1.4	%
Retail		1.4	%
Automotive		1.4	%
Insurance		1.4	%
Telecommunications		1.3	%
Computers		1.0	%
Whole Loan		0.9	%
Health Care Equipment & Supplies		0.7	%
Government National Mortgage Association (GNMA)		0.5	%
Development		0.1	%
Small Business Administration4		0.0	%

	Percentage of Total Net Assets
Cash Equivalents1		12.4%
Other Assets and Liabilities – Net2		(9.6)%
TOTAL		100.0%
Credit Quality Diversification3	Percentage of Total Net Assets
U.S. Government Agency Securities		13.3%
U.S. Treasury		22.0%
AA / Aa		3.0%
A / A		22.4%
BBB / Baa		31.8%
BB / Ba		0.2%
D		0.6%
Not Rated		16.3%
Other Assets and Liabilities – Net2		(9.6)%
TOTAL		100.0%

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

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

(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.

(4) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2017

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 399251, 2.69%, 9/01/27D		$            46	$	48
TOTAL ADJUSTABLE RATE MORTGAGE (COST $46)			$	48
COLLATERALIZED MORTGAGE OBLIGATIONS – 6.6%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.1%
Series 1988-6, Class C, 9.05%, 6/15/19		187	$	192

Description	Par Value		Value
Series 1989-112, Class I, 6.50%, 1/15/21	$	567	$	589
Series 1990-136, Class E, 6.00%, 4/15/21		1,391		1,455
Series 1990-141, Class D, 5.00%, 5/15/21		680		700
Series 1993-1577, Class PK,
6.50%, 9/15/23		22,393		24,407
Series 1993-1644, Class K,
6.75%, 12/15/23		18,124		19,361
Series 1994-1686, Class PJ,
5.00%, 2/15/24		2,158		2,276

ANNUAL REPORT / April 30, 2017

33 PORTFOLIOS OF INVESTMENT

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
Series 2003-2649, Class KA, 4.50%, 7/15/18	$	15,685	$	15,817
Series 2011-3799, Class GK, 2.75%, 1/15/21		90,511		90,701
Series 2012-K710, Class A1, 1.44%, 1/25/19		901,128		899,916
Series 3893, Class DJ, 2.00%, 10/15/20		431,109		431,852
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,487,266
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 3.6%
Series 1993-113, Class PK, 6.50%, 7/25/23		23,397		25,471
Series 1993-127, Class H, 6.50%, 7/25/23		20,947		22,728
Series 1993-202, Class J, 6.50%, 11/25/23		12,782		14,008
Series 1994-3, Class PL, 5.50%, 1/25/24		23,807		25,919
Series 1994-55, Class H, 7.00%, 3/25/24		25,997		28,927
Series 2002-52, Class QA, 6.00%, 7/18/32		4,168		4,241
Series 2002-94, Class HQ, 4.50%, 1/25/18		76,088		76,683
Series 2003-3, Class BC, 5.00%, 2/25/18		68,037		68,783
Series 2009-70, Class NM, 3.25%, 8/25/19		225,835		228,020
Series 2011-66, Class QE, 2.00%, 7/25/21		332,922		333,188
Series 2011-71, Class DJ, 3.00%, 3/25/25		190,625		191,793
Series 2011-81, Class PA, 3.50%, 8/25/26		1,492,091		1,554,926
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,574,687
WHOLE LOAN – 0.9%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 3.59%, 2/25/34D		134,364		135,136
Banc of America Mortgage Securities, Inc.,
Series 2004-B, Class 2A1, 3.62%, 3/25/34D		93,088		93,798
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1,
3.67%, 11/25/35D		435,835		412,523
TOTAL WHOLE LOAN			$	641,457
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $4,777,139)			$	4,703,410
COMMERCIAL PAPER – 3.9%¨
COMMERCIAL PAPER – 3.9%
Canadian Natural Resources Ltd.,
1.28%, 5/01/17		2,795,000		2,794,903
TOTAL COMMERCIAL PAPER (COST $2,795,000)			$	2,794,903
CORPORATE BONDS – 57.0%
AEROSPACE & DEFENSE – 1.4%
Lockheed Martin Corp.,
Sr. Unsecured, 1.85%, 11/23/18		1,000,000		1,003,007
AUTOMOTIVE – 1.4%
Ford Motor Credit Co. LLC,
Sr. Unsecured, 1.95%, 3/12/19D		1,000,000		1,002,425

Description	Par Value		Value
BEVERAGES – 1.4%
Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 1.90%, 2/01/19	$	1,000,000	$	1,002,715
BIOTECHNOLOGY – 2.8%
Celgene Corp.,
Sr. Unsecured, 2.13%, 8/15/18		1,225,000		1,230,120
Gilead Sciences, Inc.,
Sr. Unsecured, 1.85%, 9/04/18		785,000		787,545
TOTAL BIOTECHNOLOGY			$	2,017,665
CAPITAL MARKETS – 5.7%
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, 2.28%, 4/26/22D		2,000,000		2,013,785
Morgan Stanley,
Sr. Unsecured, MTN, 2.55%, 10/24/23D		2,000,000		2,036,992
TOTAL CAPITAL MARKETS			$	4,050,777
COMMERCIAL BANKS – 8.5%
Canadian Imperial Bank of Commerce,
Sr. Unsecured, 1.62%, 9/06/19#D		1,000,000		1,006,006
KeyBank NA,
Sr. Unsecured, BKNT, 2.35%, 3/08/19		1,650,000		1,661,505
KeyBank NA,
Subordinated, BKNT, 5.70%, 11/01/17		900,000		908,017
PNC Bank NA,
Sr. Unsecured, BKNT, 1.95%, 3/04/19		700,000		702,536
Royal Bank of Canada,
Sr. Unsecured, GMTN, 2.13%, 3/02/20		665,000		667,222
US Bank NA/Cincinnati OH,
Sr. Unsecured, BKNT, 1.40%, 4/26/19		1,150,000		1,144,239
TOTAL COMMERCIAL BANKS			$	6,089,525
COMMERCIAL SERVICES & SUPPLIES – 2.7%
Total System Services, Inc.,
Sr. Unsecured, 2.38%, 6/01/18		1,900,000		1,907,885
COMPUTERS – 1.0%
Apple, Inc.,
Sr. Unsecured, 1.55%, 2/08/19		375,000		375,530
Hewlett Packard Enterprise Co.,
Sr. Unsecured, 2.45%, 10/05/17		302,000		302,906
TOTAL COMPUTERS			$	678,436
CONSUMER FINANCE – 3.5%
American Express Credit Corp.,
Sr. Unsecured, 1.70%, 3/18/19D		800,000		804,388
American Express Credit Corp.,
Sr. Unsecured, MTN, 1.70%, 10/30/19		750,000		745,766
John Deere Capital Corp.,
Sr. Unsecured, MTN, 1.95%, 1/08/19#		950,000		956,222
TOTAL CONSUMER FINANCE			$	2,506,376
DIVERSIFIED FINANCIAL SERVICES – 3.4%
Citigroup, Inc.,
Sr. Unsecured, 2.15%, 7/30/18		915,000		918,027

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENT 34

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
Citigroup, Inc.,
Sr. Unsecured, 2.05%, 12/07/18	$	1,000,000	$	1,001,819
Citigroup, Inc.,
Sr. Unsecured, 2.05%, 6/07/19		500,000		499,156
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	2,419,002
ELECTRIC – 4.4%
Exelon Generation Co. LLC,
Sr. Unsecured, 6.20%, 10/01/17		1,505,000		1,531,258
NextEra Energy Capital Holdings, Inc.,
Company Guaranteed, 2.30%, 4/01/19		600,000		603,881
WEC Energy Group, Inc.,
Sr. Unsecured, 2.45%, 6/15/20		1,000,000		1,009,293
TOTAL ELECTRIC			$	3,144,432
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.5%
Emerson Electric Co.,
Sr. Unsecured, 5.25%, 10/15/18		1,000,000		1,053,090
FOOD PRODUCTS – 1.4%
Hershey Co. (The),
Sr. Unsecured, 1.60%, 8/21/18#		1,000,000		1,003,938
HEALTH CARE EQUIPMENT & SUPPLIES – 0.7%
Abbott Laboratories,
Sr. Unsecured, 2.35%, 11/22/19		500,000		503,049
HEALTH CARE PROVIDERS & SERVICES – 1.6%
UnitedHealth Group, Inc.,
Sr. Unsecured, 1.90%, 7/16/18		1,110,000		1,115,221
INSURANCE – 1.4%
Metropolitan Life Global Funding I,
Sr. Secured, 1.95%, 12/03/18W		1,000,000		1,001,968
MEDIA – 2.9%
Comcast Corp.,
Company Guaranteed, 5.70%, 7/01/19		1,000,000		1,082,427
Walt Disney Co. (The),
Sr. Unsecured, MTN, 0.88%, 7/12/19#		980,000		964,688
TOTAL MEDIA			$	2,047,115
OIL & GAS – 4.2%
BP Capital Markets PLC,
Company Guaranteed, 1.68%, 5/03/19		950,000		948,982
ConocoPhillips Co.,
Company Guaranteed, 5.75%, 2/01/19		1,000,000		1,072,359
Schlumberger Holdings Corp.,
Sr. Unsecured, 2.35%, 12/21/18W		1,000,000		1,007,450
TOTAL OIL & GAS			$	3,028,791
PHARMACEUTICALS – 1.6%
Teva Pharmaceutical
Finance Netherlands III BV,
Company Guaranteed, 1.70%, 7/19/19		435,000		430,875
Teva Pharmaceutical
Finance Netherlands III BV,
Company Guaranteed, 2.20%, 7/21/21		730,000		710,253
TOTAL PHARMACEUTICALS			$	1,141,128

Description	Par Value		Value
PIPELINES – 1.4%
Kinder Morgan Energy Partners LP,
Company Guaranteed, 2.65%, 2/01/19	$	1,000,000	$	1,009,302
RETAIL – 1.4%
CVS Health Corp.,
Sr. Unsecured, 1.90%, 7/20/18		1,000,000		1,002,705
TELECOMMUNICATIONS – 1.3%
AT&T, Inc.,
Sr. Unsecured, 2.08%, 6/30/20D		900,000		914,415
TRUCKING & LEASING – 1.4%
GATX Corp.,
Sr. Unsecured, 2.38%, 7/30/18		1,000,000		1,006,240
TOTAL CORPORATE BONDS (COST $40,543,102)			$	40,649,207
GOVERNMENT AGENCIES – 2.1%
FEDERAL HOME LOAN BANK (FHLB) – 2.1%
1.38%, 11/15/19		1,500,000		1,497,082
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	1,497,082
SMALL BUSINESS ADMINISTRATION – 0.0%**
Small Business Administration Participation Certificates, Series 1999-20I, 1, 7.30%, 9/01/19		1,850		1,933
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1997-E, 7.30%, 5/01/17		195		195
TOTAL SMALL BUSINESS ADMINISTRATION			$	2,128
TOTAL GOVERNMENT AGENCIES (COST $1,497,871)			$	1,499,210
MORTGAGE-BACKED SECURITIES – 5.5%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.6%
Pool 538733, 9.00%, 9/01/19		143		147
Pool G12709, 5.00%, 7/01/22		72,478		74,683
Pool C80328, 7.50%, 7/01/25		19,721		22,685
Pool G14695, 4.50%, 6/01/26		311,201		320,141
Pool G01425, 7.50%, 5/01/32		51,685		62,899
Pool C78010, 5.50%, 4/01/33		625,528		704,305
Pool A18401, 6.00%, 2/01/34		491,226		559,258
Pool G01831, 6.00%, 5/01/35		99,040		112,951
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,857,069
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.4%
Pool 39862, 9.75%, 9/01/17		346		356
Pool 202957, 8.00%, 8/01/21		534		552
Pool MA0909, 3.00%, 11/01/21		378,565		390,816
Pool 334593, 7.00%, 5/01/24		42,248		49,405
Pool AE2520, 3.00%, 1/01/26		236,325		244,225

ANNUAL REPORT / April 30, 2017

35 PORTFOLIOS OF INVESTMENT

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
Pool 436746, 6.50%, 8/01/28	$	22,765	$	23,680
Pool 440401, 6.50%, 8/01/28		94,777		105,747
Pool 323419, 6.00%, 12/01/28		40,350		45,841
Pool 485678, 6.50%, 3/01/29		16,408		17,074
Pool 494375, 6.50%, 4/01/29		1,485		1,519
Pool 252439, 6.50%, 5/01/29		19,366		21,619
Pool 545051, 6.00%, 9/01/29		61,889		70,357
Pool 725418, 6.50%, 5/01/34		99,392		110,943
Pool 833143, 5.50%, 9/01/35		449,411		500,092
Pool 843323, 5.50%, 10/01/35		27,114		29,931
Pool 255933, 5.50%, 11/01/35		94,595		105,349
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,717,506
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.5%
Pool 780440, 8.50%, 11/15/17		4		4
Pool 306066, 8.50%, 7/15/21		2,005		2,266
Pool 307983, 8.50%, 7/15/21		296		304
Pool 1061, 9.00%, 4/20/23		9,641		9,997
Pool 346572, 7.00%, 5/15/23		5,313		5,658
Pool 484269, 7.00%, 9/15/28		22,251		23,592
Pool 592505, 6.00%, 4/15/33		137,147		147,766
Pool 581522, 6.00%, 5/15/33		129,002		138,083
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	327,670
TOTAL MORTGAGE-BACKED SECURITIES
(COST $3,677,693)			$	3,902,245
MUNICIPAL BOND – 0.1%
DEVELOPMENT – 0.1%
City of Miami, FL, Rent Revenue, Series 1998, 8.65%, 7/01/19		90,000		97,136
TOTAL MUNICIPAL BOND
(COST $93,352)			$	97,136
U.S. TREASURY – 22.0%
U.S. TREASURY NOTES – 22.0%
1.00%, 5/15/18		460,000		459,305
1.00%, 3/15/19		5,055,000		5,031,770
1.13%, 8/31/21		3,495,000		3,405,798
1.38%, 6/30/18		735,000		736,880
1.88%, 3/31/22#		6,000,000		6,017,579
TOTAL U.S. TREASURY NOTES			$	15,651,332
TOTAL U.S. TREASURY
(COST $15,737,951)			$	15,651,332
	Number of Shares
MONEY MARKET FUND – 1.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.69%^		856,104		856,104

Description	Number of Shares		Value
TOTAL MONEY MARKET FUND (COST $856,104)			$	856,104
TOTAL INVESTMENTS IN SECURITIES – 98.4%
(COST $69,978,258)			$	70,153,595
Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 11.2%
REPURCHASE AGREEMENTS – 11.2%
Citigroup Global Markets, Inc., 0.82%, dated 4/28/17, due 5/01/17, repurchase price $1,522,458, collateralized by U.S. Government & Treasury Securities, 0.00% to 11.50%, maturing 5/01/17 to 6/01/53; total market value of $1,552,801.	$	1,522,354	$	1,522,354
Deutsche Bank Securities, Inc., 0.85%, dated 4/28/17, due 5/01/17, repurchase price $1,522,462, collateralized by U.S. Government Securities, 2.00% to 6.50%, maturing 5/01/17 to 4/01/47; total market value of $1,552,801.		1,522,354		1,522,354
JP Morgan Securities LLC, 0.81%, dated 4/28/17, due 5/01/17, repurchase price $398,879, collateralized by U.S. Treasury Securities, 1.38% to 2.25%, maturing 11/30/17 to 8/15/21; total market value of $406,830.		398,852		398,852
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $1,522,457, collateralized by U.S. Government Securities, 3.00% to 4.50%, maturing 9/20/42 to 4/20/45; total market value of $1,552,801.		1,522,354		1,522,354
Mizuho Securities USA, Inc., 0.83%, dated 4/28/17, due 5/01/17, repurchase price $1,522,459, collateralized by U.S. Government Securities, 0.00% to 3.50%, maturing 7/28/17 to 2/01/47; total market value of $1,552,801.		1,522,354		1,522,354
RBC Dominion Securities, Inc., 0.81%, dated 4/28/17, due 5/01/17, repurchase price $1,522,457, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 7/15/17 to 7/01/55; total market value of $1,552,801.		1,522,354		1,522,354
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $8,010,622)			$	8,010,622
TOTAL INVESTMENTS – 109.6%
(COST $77,988,880)			$	78,164,217
COLLATERAL FOR SECURITIES ON LOAN – (11.2%)				(8,010,622	)
OTHER ASSETS LESS LIABILITIES – 1.6%				1,180,189
TOTAL NET ASSETS – 100.0%			$	71,333,784

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENT 36

Wilmington Short-Term Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $77,996,755. The net unrealized appreciation/(depreciation) of investments was $167,462. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $481,362 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(313,900).

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, 2017 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level  3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	48	$	—	$	48
Collateralized Mortgage Obligations		—		4,703,410		—		4,703,410
Commercial Paper		—		2,794,903		—		2,794,903
Corporate Bonds		—		40,649,207		—		40,649,207
Government Agencies		—		1,499,210		—		1,499,210
Mortgage-Backed Securities		—		3,902,245		—		3,902,245
Municipal Bond		—		97,136		—		97,136
U.S. Treasury		—		15,651,332		—		15,651,332
Money Market Fund		856,104		—		—		856,104
Repurchase Agreements		—		8,010,622		—		8,010,622
Total	$	856,104	$	77,308,113	$	—	$	78,164,217

# 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, 2017, these liquid restricted securities amounted to $2,009,418 representing 2.82% of total net assets.

** Represents less than 0.05%.

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

The following acronyms are used throughout this Fund:

BKNT - Bank Note

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

MTN - Medium Term Note

NA - National Association

PLC - Public Limited Company

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

37

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At April 30, 2017, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
General Obligations		21.5	%
Dedicated Tax		13.0	%
School District		10.3	%
Lease		10.2	%
Higher Education		7.2	%
Transportation		7.1	%
Medical		7.0	%
Airport		4.6	%
Water & Sewer		4.6	%
Power		3.0	%
Water		2.9	%
Pre-Refunded/Escrow		2.8	%
Electric		2.3	%
Utilities		1.1	%
Cash Equivalents1		0.9	%
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		6.9	%
AA / Aa		61.6	%
A / A		24.4	%
BBB / Baa		1.8	%
D		2.8	%
Not Rated		1.0	%
Other Assets and Liabilities – Net2		1.5	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2017

Description	Par Value		Value
MUNICIPAL BONDS – 97.6%
ALABAMA – 0.5%
HIGHER EDUCATION – 0.5%
Auburn University, AL, Advance Refunding Revenue Bonds, (Series A), 5.00%, 6/01/21	$	1,200,000	$	1,375,320
TOTAL ALABAMA			$	1,375,320

Description	Par Value		Value
ARIZONA – 1.2%
MEDICAL – 0.4%
Maricopa County Industrial Development Authority, AZ, Revenue Bonds, (Series A), (Banner Health Obligation Group), 5.00%, 1/01/28	$	1,000,000	$	1,218,260
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		2,294,460
TOTAL ARIZONA			$	3,512,720

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 38

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
CALIFORNIA – 7.3%
GENERAL OBLIGATIONS – 1.7%
Grossmont Healthcare District, CA, GO Unlimited, (Series C), (Health, Hospital & Nursing Home Improvements), 5.00%, 7/15/23	$	2,000,000	$	2,377,240
State of California, CA, GO Unlimited, 5.00%, 9/01/31		2,200,000		2,595,340
TOTAL GENERAL OBLIGATIONS			$	4,972,580
LEASE – 1.7%
Los Angeles Unified School District, CA, Certificate Participation Refunding Bonds, (Series B), (Headquarters Building), 5.00%, 10/01/27		4,300,000		4,951,665
TRANSPORTATION – 2.0%
Bay Area Toll Authority, CA, Refunding Revenue Bonds, (San Francisco Bay Area), 5.00%, 4/01/26		5,000,000		5,834,350
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		5,789,950
TOTAL CALIFORNIA			$	21,548,545
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		2,308,720
TOTAL COLORADO			$	2,308,720
DISTRICT OF COLUMBIA – 1.6%
HIGHER EDUCATION – 1.6%
District of Columbia, DC, Advance Refunding, Revenue Bonds, (Georgetown University), 5.00%, 4/01/31		3,980,000		4,666,271
TOTAL DISTRICT OF COLUMBIA			$	4,666,271
FLORIDA – 2.5%
LEASE – 1.9%
Broward County School Board, FL, Certificate Participation Refunding Bonds, (Series A), 5.00%, 7/01/21		3,000,000		3,403,770
St. Johns County School Board, FL, Certificate Participation Refunding Bonds, 5.00%, 7/01/20		2,000,000		2,230,720
TOTAL LEASE			$	5,634,490
TRANSPORTATION – 0.6%
FL Turnpike Authority-A-Ref 5, FL, Revenue Bonds, Highway Revenue Tolls, 5.00%, 7/01/20		1,500,000		1,680,015
TOTAL FLORIDA			$	7,314,505

Description	Par Value		Value
GEORGIA – 3.6%
HIGHER EDUCATION – 0.4%
Athens-Clarke County Unified Government Development Authority, GA, Revenue Bonds, (Series A), (UGAAP), 5.00%, 9/01/23	$	1,000,000	$	1,185,230
LEASE – 1.7%
Gwinnett County Development Authority, GO, Certificate Participation Refunding Bonds, (NATL-RE), 5.25%, 1/01/22		4,370,000		5,085,631
POWER – 1.5%
Municipal Electric Authority of Georgia, GA, Refunding Revenue Bonds, (Series A)
5.00%, 1/01/22		2,655,000		2,985,972
5.00%, 1/01/28		1,160,000		1,335,786
TOTAL POWER			$	4,321,758
TOTAL GEORGIA			$	10,592,619
ILLINOIS – 12.2%
DEDICATED TAX – 1.9%
State of Illinois, IL, Revenue Bond, (Sales Tax Revenue), (NATL-RE), 6.00%, 6/15/27		2,000,000		2,570,700
State of Illinois, IL, Revenue Bonds, Public Improvements, (NATL-RE), 6.00%, 6/15/26		2,500,000		3,161,900
TOTAL DEDICATED TAX			$	5,732,600
GENERAL OBLIGATIONS – 7.3%
Chicago Park District, IL, (Ad Valorem Property Tax)
5.00%, 1/01/26		1,250,000		1,400,962
5.00%, 1/01/27		3,455,000		3,847,937
Metropolitan Water Reclamation District of Greater Chicago, GO Unlimited, (Series A), 5.00%, 12/01/28		6,000,000		7,101,120
Metropolitan Water Reclamation District of Greater Chicago IL, GO (Series B), 5.00%, 12/01/31		1,075,000		1,238,497
Metropolitan Water Reclamation District of Greater Chicago, IL, GO Limited, (Series C-Green Bond), (Water Utility & Sewer Improvements), 5.00%, 12/01/28		6,790,000		7,873,412
TOTAL GENERAL OBLIGATIONS			$	21,461,928
SCHOOL DISTRICT – 1.0%
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		3,054,755
TRANSPORTATION – 2.0%
Illinois State Toll Highway Authority, IL, Refunding Revenue Bonds, (Series D), 5.00%, 1/01/24		5,000,000		5,919,100
TOTAL ILLINOIS			$	36,168,383

ANNUAL REPORT / April 30, 2017

39 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
INDIANA – 0.7%
MEDICAL – 0.7%
Indiana Finance Authority, IN, Refunding Revenue Bonds, (Series C), (Franciscan Alliance Inc., OBG), 5.00%, 11/01/21	$	2,000,000	$	2,117,180
TOTAL INDIANA			$	2,117,180
MARYLAND – 2.2%
GENERAL OBLIGATIONS – 1.8%
Cecil County, MD, GO Unlimited, Refunding Bonds, (County Commissioners- Consolidated Public Improvements), 5.00%, 11/01/23		2,590,000		3,049,751
Montgomery County, MD, GO Unlimited, Refunding Bonds, (Series A), 5.00%, 7/01/21		2,000,000		2,302,380
TOTAL GENERAL OBLIGATIONS			$	5,352,131
MEDICAL – 0.4%
Maryland Health & Higher Educational Facilities Authority, MD, Refunding Revenue Bonds, (Anne Arundel Health Systems), 5.00%, 7/01/22		1,000,000		1,170,930
TOTAL MARYLAND			$	6,523,061
MASSACHUSETTS – 2.0%
GENERAL OBLIGATIONS – 2.0%
Commonwealth of Massachusetts, MA, GO Limited, Refunding Bonds, (Series B), (AGM), 5.25%, 9/01/24		4,910,000		6,047,107
TOTAL MASSACHUSETTS			$	6,047,107
MICHIGAN – 10.2%
DEDICATED TAX – 2.8%
Michigan Finance Authority, MI, Revenue Bond, (Income Tax Revenue), 4.00%, 10/01/24		2,000,000		2,087,460
Michigan Finance Authority, MI, Revenue Bonds, Repayment of Bank Loan, (Series H-1), 5.00%, 10/01/25		5,215,000		6,068,435
TOTAL DEDICATED TAX			$	8,155,895
LEASE – 1.6%
Michigan State Building Authority, Revenue Bonds, (Series I), 5.00%, 10/15/30		4,000,000		4,674,320
SCHOOL DISTRICT – 3.9%
Chippewa Valley Schools, GO Unlimited, Current Refunding, (Series B), (Q-SBLF), 5.00%, 5/01/22		3,000,000		3,476,610
Grand Ledge Public Schools, MI, GO Unlimited, Current Refunding, (Q-SBLF)
5.00%, 5/01/22		1,195,000		1,384,850
5.00%, 5/01/24		2,810,000		3,333,868
Huron Valley School District, MI, GO Unlimited, Current Refunding, (Q-SBLF), 5.00%, 5/01/20		1,000,000		1,109,230

Description	Par Value		Value
Troy School District, MI, GO Unlimited, Advance Refunding, (Q-SBLF), 5.00%, 5/01/20	$	2,085,000	$	2,312,745
TOTAL SCHOOL DISTRICT			$	11,617,303
UTILITIES – 1.1%
Lansing Board of Water & Light, MI, Revenue Bonds, (Series A), 5.00%, 7/01/29		3,000,000		3,379,230
WATER – 0.8%
Great Lakes Water Authority Water Supply System, MI, Revenue Bonds, 5.00%, 7/01/23		2,000,000		2,329,200
TOTAL MICHIGAN			$	30,155,948
MISSOURI – 2.1%
MEDICAL – 2.1%
Health & Educational Facilities Authority, MI, Current Refunding, Revenue Bonds, (Saint Luke’s Health Systems, Inc.), 5.00%, 11/15/30		5,425,000		6,247,701
TOTAL MISSOURI			$	6,247,701
NEBRASKA – 2.3%
ELECTRIC – 2.3%
Lincoln Nebraska Electric System, NE, Revenue Bond, 5.00%, 9/01/20		6,000,000		6,747,240
TOTAL NEBRASKA			$	6,747,240
NEVADA – 3.9%
DEDICATED TAX – 3.9%
Clark County, NV, Refunding Revenue Bonds, (Series B), (Fuel Sales Tax Revenue)
5.00%, 7/01/28		5,000,000		6,201,000
5.00%, 7/01/30		4,505,000		5,278,418
TOTAL DEDICATED TAX			$	11,479,418
TOTAL NEVADA			$	11,479,418
NEW JERSEY – 4.2%
HIGHER EDUCATION – 1.2%
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Series A), (Rowan University Project), 5.00%, 7/01/28		1,030,000		1,183,151
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Series B), (Rowan University Project), 5.00%, 7/01/27		2,000,000		2,309,980
TOTAL HIGHER EDUCATION			$	3,493,131
LEASE – 1.8%
New Jersey Economic Development Authority, NJ, Refunding Revenue Bonds, (Series B), 5.00%, 11/01/23		5,000,000		5,340,550

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 40

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
SCHOOL DISTRICT – 0.6%
Egg Harbor Township NJ School District, GO Unlimited, Refunding School Bond, 5.00%, 9/15/23	$	1,520,000	$	1,795,667
TRANSPORTATION – 0.6%
New Jersey State Turnpike Authority, NJ, Revenue Bonds, (Series A), (Highway Improvement), 5.00%, 1/01/27		1,645,000		1,927,677
TOTAL NEW JERSEY			$	12,557,025
NEW YORK – 10.1%
AIRPORT – 2.8%
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (175th Series), (Port, Airport & Marina Improvements), 5.00%, 12/01/23		2,000,000		2,378,900
Port Authority of New York & New Jersey, NY, Current Refunding, Revenue Bonds, (194th Series), (Port, Airport & Marina Improvements), 5.00%, 10/15/31		5,000,000		5,889,750
TOTAL AIRPORT			$	8,268,650
DEDICATED TAX – 3.6%
Metropolitan Transportation Authority, NY, Revenue Bonds, (Fuel Sales Tax Revenue), 5.00%, 11/15/22		3,000,000		3,544,410
Nassau County Interim Finance Authority, NY, Refunding Revenue Bonds, (Series A), (Sales Tax), 5.00%, 11/15/21		1,960,000		2,279,441
New York City, Transitional Finance Authority, NY, Refunding Revenue Bonds, (Sub-series E), 5.00%, 11/01/22		4,125,000		4,721,599
TOTAL DEDICATED TAX			$	10,545,450
GENERAL OBLIGATIONS – 1.8%
County of Nassau NY, GO Limited, (Series B), 5.00%, 10/01/28		2,400,000		2,857,680
New York City, NY, GO Unlimited, Advance Refunding, (Series C), 5.00%, 8/01/24		2,000,000		2,417,580
TOTAL GENERAL OBLIGATIONS			$	5,275,260
TRANSPORTATION – 1.9%
Metropolitan Transportation Authority, NY, Revenue Bonds, (Series B), (Transit Improvements), 5.00%, 11/15/29		3,000,000		3,471,090
New York State Thruway Authority, NY, Refunding Revenue Bonds, 5.00%, 1/01/30		2,000,000		2,318,380
TOTAL TRANSPORTATION			$	5,789,470
TOTAL NEW YORK			$	29,878,830
OHIO – 2.7%
GENERAL OBLIGATIONS – 0.7%
Akron-Summit County Public Library, OH, GO Unlimited, Refunding Revenue Bonds, 5.00%, 12/01/20		1,960,000		2,210,704

Description	Par Value		Value
SCHOOL DISTRICT – 2.0%
Columbus City School District, OH, GO Unlimited (School Facilities Construction & Improvement), 5.00%, 12/01/31	$	4,875,000	$	5,764,834
TOTAL OHIO			$	7,975,538
PENNSYLVANIA – 7.0%
GENERAL OBLIGATIONS – 0.4%
Commonwealth of Pennsylvania, PA, Advance Refunding, GO Unlimited, 5.00%, 1/15/28		1,000,000		1,190,370
HIGHER EDUCATION – 1.7%
Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Series A), (University of Sciences, Philadelphia), 5.00%, 11/01/28		2,330,000		2,677,613
Pennsylvania State University, PA, Refunding Revenue Bonds, (Series B), 5.25%, 8/15/22		1,865,000		2,219,481
TOTAL HIGHER EDUCATION			$	4,897,094
MEDICAL – 0.6%
Allegheny County Hospital Development Authority, PA, Revenue Bonds, (Series A), (UPMC, OBG), 5.00%, 10/15/22		1,605,000		1,870,178
PRE-REFUNDED/ESCROW – 2.8%
Bucks County Industrial Development Authority, PA, IDA, Revenue Bonds, ETM, (Senior Lifestyles, Inc., OBG), 10.00%, 5/15/19		4,775,000		5,637,269
Pennsylvania Convention Center Authority, PA, Revenue Bonds, ETM, (Series A), (FGIC), 6.00%, 9/01/19		2,410,000		2,561,685
TOTAL PRE-REFUNDED/ESCROW			$	8,198,954
SCHOOL DISTRICT – 1.5%
Hempfield Area School District, Westmoreland County, PA, GO Unlimited, Current Refunding, (Series B), (BAM State Aid Withholding), 5.00%, 3/15/21		2,240,000		2,517,648
Pittsburgh Public Schools, PA, GO Unlimited, Refunding Revenue Bonds, (Series A), (AGM State Aid Withholding), 5.00%, 9/01/21		1,775,000		1,967,481
TOTAL SCHOOL DISTRICT			$	4,485,129
TOTAL PENNSYLVANIA			$	20,641,725
SOUTH CAROLINA – 1.1%
POWER – 1.1%
South Carolina Public Service Authority, SC, Advance Refunding Revenue Bonds, (Series A), 5.00%, 12/01/30		2,860,000		3,185,039
TOTAL SOUTH CAROLINA			$	3,185,039

ANNUAL REPORT / April 30, 2017

41 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
TEXAS – 11.8%
AIRPORT – 1.0%
Dallas/Fort Worth International Airport, TX, Refunding Revenue Bonds, (Series D), 5.25%, 11/01/23	$	2,500,000	$	2,889,425
GENERAL OBLIGATIONS – 4.0%
County of Harris, TX, Refunding Notes, (Ad Valorem Property Tax), 5.00%, 10/01/20		3,315,000		3,736,403
State of Texas, TX, GO Unlimited, Highway Improvements, (Transportation Commission), 5.00%, 4/01/21		3,440,000		3,929,753
State of Texas, TX, GO Unlimited, Highway Improvements, (Transportation Commission), 5.00%, 4/01/24		3,500,000		4,221,070
TOTAL GENERAL OBLIGATIONS			$	11,887,226
HIGHER EDUCATION – 1.2%
Harris County Cultural Education Facilities Finance Corp., TX, Refunding Revenue Bonds, (Series A), (Baylor College of Medicine, OBG), 5.00%, 11/15/19		3,105,000		3,388,238
MEDICAL – 2.4%
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Methodist Hospital of Dallas, OBG), 5.00%, 10/01/25		6,110,000		7,107,824
SCHOOL DISTRICT – 0.5%
Point Isabel Independent School District, TX, Current Refunding, (Ad Valorem Property Tax), (PSF-GTD), 5.00%, 2/01/22		1,375,000		1,515,456
WATER & SEWER – 2.7%
City of Austin Water & Wastewater System, TX, Refunding Revenue Bonds, 5.00%, 5/15/20		3,810,000		4,246,550
City of Houston Utility System, TX, Refunding Revenue Bonds, (Series C), (Comb-First Lien)
5.00%, 5/15/21		1,250,000		1,427,812
5.00%, 5/15/23		2,000,000		2,370,440
TOTAL WATER & SEWER			$	8,044,802
TOTAL TEXAS			$	34,832,971
UTAH – 0.4%
MEDICAL – 0.4%
County of Utah, UT, Revenue Bonds, (IHC Health Services Inc., OBG), 5.00%, 5/15/25		1,165,000		1,312,769
TOTAL UTAH			$	1,312,769

Description	Par Value		Value
VIRGINIA – 1.5%
LEASE – 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	$	4,367,040
TOTAL VIRGINIA			$	4,367,040
WASHINGTON – 5.7%
DEDICATED TAX – 0.8%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, Transit Improvements, (NATL-RE), 5.25%, 2/01/21		2,300,000		2,537,728
GENERAL OBLIGATIONS – 1.8%
State of Washington, WA, GO Unlimited, Refunding Revenue Bonds, (Series R-C), 5.00%, 7/01/24		4,500,000		5,346,630
HIGHER EDUCATION – 0.6%
Washington Economic Development Finance Authority, Refunding Revenue Bonds, 5.00%, 6/01/20		1,485,000		1,651,988
POWER – 0.4%
County of Lewis Public Utility District No. 1, WA, Current Refunding Revenue Bonds, 5.25%, 10/01/28		1,000,000		1,188,220
WATER – 2.1%
City of Seattle WA Water System Revenue, Advance Refunding Revenue Bonds, 5.00%, 5/01/21		5,500,000		6,290,020
TOTAL WASHINGTON			$	17,014,586
TOTAL MUNICIPAL BONDS (COST $282,268,754)			$	288,570,261
	Number of Shares
MONEY MARKET FUND – 0.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.69%^		2,638,294	$	2,638,294
TOTAL MONEY MARKET FUND (COST $2,638,294)			$	2,638,294
TOTAL INVESTMENTS – 98.5% (COST $284,907,048)			$	291,208,555
OTHER ASSETS LESS LIABILITIES – 1.5%				4,567,193
TOTAL NET ASSETS – 100.0%			$	295,775,748

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 42

Wilmington Municipal Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $284,907,048. The net unrealized appreciation/(depreciation) of investments was $6,301,507. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $7,836,317 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(1,534,810).

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, 2017 in valuing the Fund’s assets carried at fair value:

	Level  1		Level  2		Level  3		Total
Investments in Securities
Municipal Bonds	$	—	$	288,570,261	$	—	$	288,570,261
Money Market Fund		2,638,294		—		—		2,638,294
Total	$	2,638,294	$	288,570,261	$	—	$	291,208,555

^ 7-Day net yield.

The following acronyms are used throughout this Fund:

AGM - Assured Guaranty Municipal

BAM - Build America Mutual Assurance Company

ETM - Escrowed to Maturity

FGIC - Financial Guarantee Insurance Company

GO - General Obligation

IDA - Industrial Development Authority/Agency

NATL-RE - National Public Finance Guaranty Corporation

OBG - Obligation

PSF-GTD - Permanent School Fund – Guaranteed

Q-SBLF - Qualified School Bond Loan Fund

UGAAP - University of Georgia Athletic Association Project

UPMC - University of Pittsburgh Medical Center

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

43

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At April 30, 2017, the Fund’s portfolio classifications were as follows (unaudited):

	Percentage of Total Net Assets
General Obligations		21.7	%
Lease		10.1	%
Transportation		10.1	%
Dedicated Tax		9.7	%
Water & Sewer		8.2	%
Medical		7.6	%
School District		6.3	%
Higher Education		6.1	%
Airport		5.6	%
Power		5.0	%
Pre-Refunded/Escrow		4.6	%
Cash Equivalents1		3.8	%
Other Assets and Liabilities – Net2		1.2	%
TOTAL		100.0	%

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

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

(3) 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		9.8	%
AA / Aa		63.3	%
A / A		21.9	%
Not Rated		3.8	%
Other Assets and Liabilities – Net2		1.2	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2017

Description	Par Value		Value
MUNICIPAL BONDS – 95.0%
NEW YORK – 95.0%
AIRPORT – 5.6%
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, Port, Airport & Marina Improvements, (175th Series), 5.00%, 12/01/23	$	3,000,000	$	3,568,350
Port Authority of New York & New Jersey, NY, Revenue Bonds, Airport & Marina Improvements, (194th Series), 5.00%, 10/15/30		1,000,000		1,185,450
TOTAL AIRPORT			$	4,753,800

Description	Par Value		Value
DEDICATED TAX – 9.7%
Nassau County Interim Finance Authority, NY, Refunding Revenue Bonds, (Series A), 5.00%, 11/15/21	$	1,000,000	$	1,162,980
New York City, NY, Transitional Finance Authority, Revenue Bonds, Public Improvements, (Sub-Series E-1), 5.00%, 2/01/31		1,260,000		1,468,291
New York Local Government Assistance Corp., NY, Refunding Revenue Notes, (Series A), (GO of Corp.), 5.00%, 4/01/20		3,000,000		3,334,470
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 3/15/32		2,000,000		2,375,240
TOTAL DEDICATED TAX			$	8,340,981

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 44

Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
GENERAL OBLIGATIONS – 21.7%
City of New York, NY, AD Valorem Property Tax, GO, Advance Refunding, (Series C), 5.00%, 8/01/23	$	2,000,000	$	2,384,220
County of Albany, NY, GO, Refunding Bonds, AD Valorem Property Tax, 5.00%, 9/15/20		2,595,000		2,923,008
County of Saratoga NY, GO, Economic Defeasance, Refunding Bonds, AD Valorem Property Tax, 5.00%, 7/15/31		1,150,000		1,448,034
Nassau County, NY, AD Valorem Property Tax, GO, Public Improvements, (Series B), 5.00%, 10/01/29		2,875,000		3,395,059
Nassau County, NY, AD Valorem Property Tax, GO, Public Improvements, (Series C), (BAM-TCRS), 5.00%, 4/01/26		1,000,000		1,197,770
New York State, NY, GO Unlimited, Highway Improvements, (Series E), (State Aid Withholding), 5.00%, 12/15/21		2,090,000		2,443,356
New York State, NY, GO Unlimited, Highway Improvements, (Series E), 5.00%, 12/15/30		1,555,000		1,797,860
Town of Cheektowaga NY, GO, Refunding Notes, AD Valorem Property Tax, 5.00%, 7/01/28		1,000,000		1,227,730
Town of Southold NY, GO, Economic Defeasance, Refunding Bonds, 3.00%, 2/15/21		485,000		517,354
Town of West Seneca, NY, AD Valorem Property Tax, GO, Public Improvements, 5.00%, 7/15/21		1,040,000		1,195,106
TOTAL GENERAL OBLIGATIONS			$	18,529,497
HIGHER EDUCATION – 6.1%
Monroe County Industrial Development Corp., NY, University of Rochester Project, Revenue Bonds, University & College Improvements, (Series B), 5.00%, 7/01/23		1,000,000		1,193,640
New York State Dormitory Authority, NY, Barnard College, Revenue Bonds, University & College Improvements, (Series A), 5.00%, 7/01/21		1,000,000		1,141,110
New York State Dormitory Authority, NY, Current Refunding, University College Improvements, (Series A), 5.00%, 7/01/20		1,470,000		1,643,489
New York State Dormitory Authority, NY, New York University, Revenue Bonds, University & College Improvements, (Series A), 5.00%, 7/01/20		1,100,000		1,232,374
TOTAL HIGHER EDUCATION			$	5,210,613
LEASE – 10.1%
Erie County, NY, IDA, Refunding Revenue Bonds, School Improvements, (State Aid Withholding), 5.00%, 5/01/29		2,000,000		2,403,340

Description	Par Value		Value
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	$	3,412,470
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		2,670,000		2,843,256
TOTAL LEASE			$	8,659,066
MEDICAL – 7.6%
New York State Dormitory Authority, NY, Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (NYU Hospitals Center), 5.00%, 7/01/27		4,650,000		5,434,083
New York State Dormitory Authority, NY, Revenue Refunding Bonds, (Series C), (Memorial Sloan Kettering Cancer Center),, (NATL-RE), 5.75%, 7/01/19		1,010,000		1,107,202
TOTAL MEDICAL			$	6,541,285
POWER – 5.0%
Long Island Power Authority, NY, Electric System Improvements, General Revenue Bonds, (Series B), 5.00%, 9/01/25		1,000,000		1,203,560
New York State Power Authority (The), NY, Revenue Refunding Bonds, (Series A), (GO of Authority), 5.00%, 11/15/22		2,575,000		3,044,912
TOTAL POWER			$	4,248,472
PRE-REFUNDED/ESCROW – 4.6%
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series Y), (CAPMAC – ITC GO of Authority), 6.13%, 1/01/21		3,500,000		3,895,605
SCHOOL DISTRICT – 6.3%
Bay Shore Union Free School District, NY, Current Refunding, AD Valorem Property Tax, (State Aid Withholding), 5.00%, 1/15/22		2,710,000		3,147,367
Commack Union Free School District, NY, Refunding Bonds, (GO, State Aid Withholding), 4.00%, 11/15/21		1,000,000		1,112,870
Corning City School District, NY, GO, Refunding Notes, AD Valorem Property Tax, (State Aid Withholding), 5.00%, 6/15/21		1,000,000		1,146,410
TOTAL SCHOOL DISTRICT			$	5,406,647
TRANSPORTATION – 10.1%
Metropolitan Transportation Authority, NY, Revenue Refunding Bonds, Transit Improvements, (Series B), 5.00%, 11/15/29		2,330,000		2,695,880
Metropolitan Transportation Authority, NY, Revenue Refunding Bonds, Transit Improvements, (Series E), 5.00%, 11/15/28		2,000,000		2,316,760
Triborough Bridge & Tunnel Authority, NY, Revenue Bonds, Highway Improvements, (Series A), 5.00%, 11/15/24		2,985,000		3,645,969
TOTAL TRANSPORTATION			$	8,658,609

ANNUAL REPORT / April 30, 2017

45 PORTFOLIOS OF INVESTMENTS

Wilmington New York Municipal Bond Fund (concluded)

Description	Par Value		Value
WATER & SEWER – 8.2%
Buffalo, NY, Municipal Water Finance Authority, Current Refunding, Municipal Water Finance, 5.00%, 7/01/29	$	1,170,000	$	1,350,882
New York City Water & Sewer System, NY, Current Refunding, Municipal Water Finance, 5.00%, 6/15/28		1,150,000		1,392,569
New York City Water & Sewer System, NY, Refunding Revenue Bonds, (Series EE), 5.00%, 6/15/28		3,595,000		4,282,688
TOTAL WATER & SEWER			$	7,026,139
TOTAL NEW YORK			$	81,270,714
TOTAL MUNICIPAL BONDS (COST $79,425,139)			$	81,270,714

Description	Number  of Shares		Value
MONEY MARKET FUND – 3.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.69%^		3,230,371	$	3,230,371
TOTAL MONEY MARKET FUND (COST $3,230,371)			$	3,230,371
TOTAL INVESTMENTS – 98.8% (COST $82,655,510)			$	84,501,085
OTHER ASSETS LESS LIABILITIES – 1.2%				1,043,731
TOTAL NET ASSETS – 100.0%			$	85,544,816

Cost of investments for Federal income tax purposes is $82,655,510. The net unrealized appreciation/(depreciation) of investments was $1,845,575. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,336,565 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(490,990).

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, 2017 in valuing the Fund’s assets carried at fair value:

	Level  1		Level  2		Level  3		Total
Investments in Securities
Municipal Bonds	$	—	$	81,270,714	$	—	$	81,270,714
Money Market Fund		3,230,371		—		—		3,230,371
Total	$	3,230,371	$	81,270,714	$	—	$	84,501,085

^ 7-Day net yield.

The following acronyms are used throughout this Fund:

BAM-TCRS – Build America Mutual-Tax Credit Reporting Service

CAPMAC – Capital Markets Assurance Corporation

GO – General Obligation

IDA – Industrial Development Authority/Agency

ITC – Insured Trust Certificate

NATL-RE – National Public Finance Guarantee Corporation

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 46

April 30, 2017	Wilmington Broad Market Bond Fund				Wilmington Intermediate-Term Bond Fund				Wilmington Short-Term Bond Fund
ASSETS:
Investments, at identified cost		$	524,430,426			$	132,562,259			$	77,988,880
Investments in securities, at value (Including $15,013,674, $4,244,969, and $7,846,245 of securities on loan, respectively) (Note 2)		$	527,503,443			$	133,453,713			$	78,164,217
Income receivable			3,269,672				842,488				303,603
Receivable for shares sold			827,669				144,762				1,031,905
Receivable for investments sold			—				—				153
Prepaid assets			21,494				20,820				18,150
TOTAL ASSETS			531,622,278				134,461,783				79,518,028
LIABILITIES:
Payable for investments purchased			7,321,844				—				—
Collateral for securities on loan			15,337,326				4,340,579				8,010,622
Income distribution payable			926,469				184,588				91,706
Payable for shares redeemed			224,654				23,085				36,834
Payable for Trustees’ fees			3,305				3,305				3,305
Payable for distribution services fee			925				569				1,361
Payable for shareholder services fee			371				227				—
Other accrued expenses			119,953				40,960				40,416
TOTAL LIABILITIES			23,934,847				4,593,313				8,184,244
NET ASSETS		$	507,687,431			$	129,868,470			$	71,333,784
NET ASSETS CONSIST OF:
Paid-in capital		$	505,924,592			$	128,949,729			$	72,391,618
Undistributed net investment income			22,868				1,005				9,807
Accumulated net realized gain (loss) on investments			(1,333,046	)			26,282				(1,242,978	)
Net unrealized appreciation (depreciation) of investments			3,073,017				891,454				175,337
TOTAL NET ASSETS		$	507,687,431			$	129,868,470			$	71,333,784
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	4,502,936			$	2,765,614			$	6,628,324
Shares outstanding (unlimited shares authorized)			460,210				279,958				663,407
Net Asset Value per share		$	9.78			$	9.88			$	9.99
Offering price per share*		$	10.24	***		$	10.35	***		$	10.17	**
Class I
Net Assets		$	503,184,495			$	127,102,856			$	64,705,460
Shares outstanding (unlimited shares authorized)			52,305,262				12,858,766				6,474,927
Net Asset Value per share		$	9.62			$	9.88			$	9.99

* See “What Do Shares Cost?” 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, 2017

47 STATEMENTS OF ASSETS AND LIABILITIES (concluded)

April 30, 2017	Wilmington Municipal Bond Fund				Wilmington New York Municipal Bond Fund
ASSETS:
Investments, at identified cost		$	284,907,048			$	82,655,510
Investments in securities, at value		$	291,208,555			$	84,501,085
Interest receivable			3,960,715				1,143,717
Receivable for shares sold			1,286,789				140,343
Prepaid assets			24,797				14,126
TOTAL ASSETS			296,480,856				85,799,271
LIABILITIES:
Income distribution payable			490,995				122,657
Payable for shares redeemed			140,900				88,528
Payable for Trustees’ fees			3,305				3,305
Payable for distribution services fee			6,556				3,615
Other accrued expenses			63,352				36,350
TOTAL LIABILITIES			705,108				254,455
NET ASSETS		$	295,775,748			$	85,544,816
NET ASSETS CONSIST OF:
Paid-in capital		$	290,325,924			$	83,196,016
Undistributed (distributions in excess of) net investment income			(108	)			31
Accumulated net realized gain (loss) on investments			(851,575	)			503,194
Net unrealized appreciation (depreciation) of investments			6,301,507				1,845,575
TOTAL NET ASSETS		$	295,775,748			$	85,544,816
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	31,951,032			$	17,554,246
Shares outstanding (unlimited shares authorized)			2,431,083				1,662,096
Net Asset Value per share		$	13.14			$	10.56
Offering price per share*		$	13.76	***		$	11.06	***
Class I
Net Assets		$	263,824,716			$	67,990,570
Shares outstanding (unlimited shares authorized)			20,066,138				6,434,256
Net Asset Value per share		$	13.15			$	10.57

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

STATEMENTS OF OPERATIONS 48

Year Ended April 30, 2017	Wilmington     Broad Market     Bond Fund				Wilmington Intermediate-Term Bond Fund				Wilmington   Short-Term   Bond Fund
INVESTMENT INCOME:
Dividends		$	28,000			$	11,027			$	1,096
Interest			12,445,589				2,863,968				1,634,960
Securities lending income			9,970				9,865				9,762
TOTAL INVESTMENT INCOME			12,483,559				2,884,860				1,645,818
EXPENSES:
Investment advisory fee			2,234,858				593,051				394,919
Administrative personnel and services fees			159,365				42,274				31,589
Portfolio accounting and administration fees			163,716				59,161				47,143
Transfer and dividend disbursing agent fees and expenses			127,473				8,062				45,996
Trustees’ fees			52,281				52,280				52,280
Professional fees			67,761				67,632				67,599
Distribution services fee—Class A			12,050				7,775				17,517
Shareholder services fee—Class A			12,050				7,775				17,517
Shareholder services fee— Class I			1,229,535				321,697				229,307
Share registration costs			33,938				31,281				32,966
Printing and postage			26,252				4,063				6,084
Custodian fees			19,895				5,875				8,936
Miscellaneous			57,006				30,839				29,762
TOTAL EXPENSES			4,196,180				1,231,765				981,615
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(211,051	)			(196,035	)			(243,372	)
Waiver of shareholder services fee—Class A			(7,717	)			(5,235	)			(17,517	)
Waiver of shareholder services fee—Class I			(1,229,535	)			(321,697	)			(229,307	)
TOTAL WAIVERS AND REIMBURSEMENTS			(1,448,303	)			(522,967	)			(490,196	)
Net expenses			2,747,877				708,798				491,419
Net investment income			9,735,682				2,176,062				1,154,399
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			317,333				300,634				253,519
Net change in unrealized appreciation (depreciation) of investments			(7,764,099	)			(1,854,852	)			(666,354	)
Net realized and unrealized gain (loss) on investments			(7,446,766	)			(1,554,218	)			(412,835	)
Change in net assets resulting from operations		$	2,288,916			$	621,844			$	741,564

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

49 STATEMENTS OF OPERATIONS (concluded)

Year Ended April 30, 2017	Wilmington Municipal Bond Fund				Wilmington      New York     Municipal Bond     Fund
INVESTMENT INCOME:
Dividends		$	22,505			$	13,082
Interest			7,271,628				2,008,847
TOTAL INVESTMENT INCOME			7,294,133				2,021,929
EXPENSES:
Investment advisory fee			1,388,324				388,740
Administrative personnel and services fees			98,921				27,701
Portfolio accounting and administration fees			110,096				36,988
Transfer and dividend disbursing agent fees and expenses			26,198				16,982
Trustees’ fees			52,280				52,281
Professional fees			66,360				66,303
Distribution services fee—Class A			86,473				47,148
Shareholder services fee—Class A			86,473				47,148
Shareholder services fee— Class I			684,816				168,818
Share registration costs			31,696				10,757
Printing and postage			6,934				6,057
Custodian fees			8,537				2,063
Miscellaneous			44,232				27,547
TOTAL EXPENSES			2,691,340				898,533
Waiver/reimbursement by investment advisor			(321,846	)			(125,738	)
Waiver of shareholder services fee—Class A			(86,473	)			(47,148	)
Waiver of shareholder services fee—Class I			(684,816	)			(168,818	)
TOTAL WAIVERS AND REIMBURSEMENTS			(1,093,135	)			(341,704	)
Net expenses			1,598,205				556,829
Net investment income			5,695,928				1,465,100
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			866,344				859,871
Net change in unrealized appreciation (depreciation) of investments			(8,426,840	)			(2,829,526	)
Net realized and unrealized gain (loss) on investments			(7,560,496	)			(1,969,655	)
Change in net assets resulting from operations		$	(1,864,568	)		$	(504,555	)

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 50

	Wilmington         Broad Market Bond Fund									Wilmington     Intermediate-Term Bond Fund
		Year Ended April 30, 2017				Year Ended     April 30,     2016					Year Ended April 30, 2017				Year Ended April 30, 2016
OPERATIONS:
Net investment income			$	9,735,682			$	8,993,856				$	2,176,062			$	2,034,579
Net realized gain (loss) on investments				317,333				361,143					300,634				198,850
Net change in unrealized appreciation (depreciation) of investments				(7,764,099	)			403,274					(1,854,852	)			95,539
Change in net assets resulting from operations				2,288,916				9,758,273					621,844				2,328,968
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A				(88,674	)			(106,726	)				(41,156	)			(53,913	)
Class I				(10,729,750	)			(9,641,032	)				(2,138,110	)			(1,988,439	)
Distributions from net realized gain on investments
Class A				—				(6,169	)				(4,184	)			(14,272	)
Class I				—				(498,655	)				(179,465	)			(426,026	)
Change in net assets resulting from distributions to shareholders				(10,818,424	)			(10,252,582	)				(2,362,915	)			(2,482,650	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A				48,174				180,484					1,774				81,897
Class I				230,617,419				87,413,650					60,818,336				34,788,277
Distributions reinvested
Class A				68,265				84,360					37,289				58,580
Class I				6,528,748				6,268,503					1,054,059				1,330,825
Cost of shares redeemed
Class A				(747,073	)			(772,335	)				(743,135	)			(1,008,812	)
Class I				(135,479,448	)			(96,535,411	)				(53,474,057	)			(42,144,440	)
Change in net assets resulting from share transactions				101,036,085				(3,360,749	)				7,694,266				(6,893,673	)
Change in net assets				92,506,577				(3,855,058	)				5,953,195				(7,047,355	)
NET ASSETS:
Beginning of year				415,180,854				419,035,912					123,915,275				130,962,630
End of year			$	507,687,431			$	415,180,854				$	129,868,470			$	123,915,275
Undistributed (distributions in excess of) net investment income included in net assets at end of year			$	22,868			$	10,762				$	1,005			$	670
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A				4,793				18,427					178				8,265
Class I				23,628,508				9,055,846					6,102,828				3,504,541
Distributions reinvested
Class A				6,899				8,602					3,749				5,907
Class I				671,428				650,104					105,977				134,190
Shares redeemed
Class A				(75,015	)			(78,814	)				(74,369	)			(101,688	)
Class I				(13,924,822	)			(10,011,080	)				(5,367,645	)			(4,243,380	)
Net change in shares outstanding				10,311,791				(356,915	)				770,718				(692,165	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

51 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington       Short-Term Bond Fund						Wilmington         Municipal Bond Fund
	Year Ended April 30, 2017			Year  Ended April 30, 2016			Year  Ended April 30, 2017			Year  Ended April 30, 2016
OPERATIONS:
Net investment income	$	1,154,399		$	1,539,175		$	5,695,928		$	5,660,021
Net realized gain (loss) on investments		253,519			149,886			866,344			2,362,715
Net change in unrealized appreciation (depreciation) of investments		(666,354	)		(171,835	)		(8,426,840	)		5,817,885
Change in net assets resulting from operations		741,564			1,517,226			(1,864,568	)		13,840,621
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(85,741	)		(91,081	)		(560,888	)		(666,853	)
Class I		(1,337,526	)		(1,847,872	)		(5,135,036	)		(4,993,131	)
Distributions from net realized gain on investments
Class A		—			(17,296	)		(240,362	)		(691,939	)
Class I		—			(269,842	)		(1,970,473	)		(4,530,680	)
Change in net assets resulting from distributions to shareholders		(1,423,267	)		(2,226,091	)		(7,906,759	)		(10,882,603	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		224,054			561,708			152,526			480,079
Class I		14,520,284			47,593,284			80,366,577			40,442,272
Distributions reinvested
Class A		58,870			70,383			602,054			1,043,704
Class I		752,694			1,089,915			2,786,214			4,988,667
Cost of shares redeemed
Class A		(1,398,588	)		(3,285,355	)		(5,934,497	)		(5,319,845	)
Class I		(110,478,733	)		(54,418,111	)		(78,471,180	)		(40,057,981	)
Change in net assets resulting from share transactions		(96,321,419	)		(8,388,176	)		(498,306	)		1,576,896
Change in net assets		(97,003,122	)		(9,097,041	)		(10,269,633	)		4,534,914
NET ASSETS:
Beginning of year		168,336,906			177,433,947			306,045,381			301,510,467
End of year	$	71,333,784		$	168,336,906		$	295,775,748		$	306,045,381
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	9,807		$	13,478		$	(108	)	$	46
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		22,404			55,801			11,480			35,795
Class I		1,448,952			4,736,557			6,033,791			3,010,966
Distributions reinvested
Class A		5,869			7,016			45,682			78,231
Class I		75,030			108,632			213,107			374,967
Shares redeemed
Class A		(139,321	)		(327,314	)		(445,735	)		(396,970	)
Class I		(10,994,293	)		(5,421,880	)		(5,954,323	)		(2,986,163	)
Net change in shares outstanding		(9,581,359	)		(841,188	)		(95,998	)		116,826

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 52

	Wilmington New York   Municipal Bond Fund
	Year Ended April 30, 2017			Year Ended April 30, 2016
OPERATIONS:
Net investment income	$	1,465,100		$	1,624,686
Net realized gain (loss) on investments		859,871			1,485,048
Net change in unrealized appreciation (depreciation) of investments		(2,829,526	)		602,434
Change in net assets resulting from operations		(504,555	)		3,712,168
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(282,541	)		(372,578	)
Class I		(1,182,549	)		(1,252,099	)
Distributions from net realized gain on investments
Class A		(172,832	)		(33,214	)
Class I		(618,377	)		(100,441	)
Change in net assets resulting from distributions to shareholders		(2,256,299	)		(1,758,332	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		100,841			122,601
Class I		20,000,921			11,578,776
Distributions reinvested
Class A		303,265			261,885
Class I		1,164,646			773,587
Cost of shares redeemed
Class A		(2,418,986	)		(3,358,153	)
Class I		(14,746,019	)		(13,824,734	)
Change in net assets resulting from share transactions		4,404,668			(4,446,038	)
Change in net assets		1,643,814			(2,492,202	)
NET ASSETS:
Beginning of year		83,901,002			86,393,204
End of year	$	85,544,816		$	83,901,002
Undistributed net investment income included in net assets at end of year	$	31		$	21
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		9,390			11,337
Class I		1,863,546			1,076,403
Distributions reinvested
Class A		28,657			24,434
Class I		110,131			72,112
Shares redeemed
Class A		(226,497	)		(313,812	)
Class I		(1,373,629	)		(1,286,932	)
Net change in shares outstanding		411,598			(416,458	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

53 FINANCIAL HIGHLIGHTS

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

WILMINGTON BROAD MARKET BOND FUND
CLASS A	Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014			Year Ended     April 30, 2013
Net Asset Value, Beginning of Year		$9.94			$9.95			$9.80			$10.19			$10.23
Income (Loss) From Operations:
Net Investment Income(a)		0.16			0.18			0.17			0.20			0.23
Net Realized and Unrealized Gain (Loss) on Investments		(0.14	)		0.02			0.19			(0.21	)		0.17
Total Income (Loss) From Operations		0.02			0.20			0.36			(0.01	)		0.40
Less Distributions From:
Net Investment Income		(0.18	)		(0.20	)		(0.19	)		(0.23	)		(0.25	)
Net Realized Gains		—			(0.01	)		(0.02	)		(0.15	)		(0.19	)
Total Distributions		(0.18	)		(0.21	)		(0.21	)		(0.38	)		(0.44	)
Net Asset Value, End of Year		$9.78			$9.94			$9.95			$9.80			$10.19
Total Return(b)		0.22	%		2.03	%		3.69	%		(0.03	)%		3.93	%
Net Assets, End of Year (000’s)		$4,503			$5,206			$5,726			$5,983			$6,951
Ratios to Average Net Assets
Gross Expense		1.09	%		1.10	%		1.12	%		1.15	%		1.17	%
Net Expenses(c)		0.89	%		0.88	%		0.94	%		0.98	%		0.99	%
Net Investment Income		1.62	%		1.85	%		1.74	%		2.09	%		2.23	%
Portfolio Turnover Rate		32	%		44	%		45	%		113	%		106	%
CLASS I	Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014			Year Ended     April 30, 2013
Net Asset Value, Beginning of Year		$9.78			$9.79			$9.63			$10.03			$10.07
Income (Loss) From Operations:
Net Investment Income(a)		0.19			0.21			0.20			0.23			0.26
Net Realized and Unrealized Gain (Loss) on Investments		(0.14	)		0.02			0.20			(0.22	)		0.17
Total Income (Loss) From Operations		0.05			0.23			0.40			0.01			0.43
Less Distributions From:
Net Investment Income		(0.21	)		(0.23	)		(0.22	)		(0.26	)		(0.28	)
Net Realized Gains		—			(0.01	)		(0.02	)		(0.15	)		(0.19	)
Total Distributions		(0.21	)		(0.24	)		(0.24	)		(0.41	)		(0.47	)
Net Asset Value, End of Year		$9.62			$9.78			$9.79			$9.63			$10.03
Total Return(b)		0.54	%		2.38	%		4.19	%		0.16	%		4.32	%
Net Assets, End of Year (000’s)		$503,184			$409,975			$413,310			$246,525			$275,173
Ratios to Average Net Assets
Gross Expense		0.84	%		0.85	%		0.88	%		0.92	%		0.92	%
Net Expenses(c)		0.55	%		0.55	%		0.60	%		0.65	%		0.64	%
Net Investment Income		1.96	%		2.15	%		2.07	%		2.41	%		2.57	%
Portfolio Turnover Rate		32	%		44	%		45	%		113	%		106	%

(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, 2017 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 54

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

WILMINGTON INTERMEDIATE-TERM BOND FUND
CLASS A	Year Ended      April 30, 2017			Year Ended      April 30, 2016			Year Ended      April 30, 2015			Year Ended      April 30, 2014			Year Ended      April 30, 2013
Net Asset Value, Beginning of Year		$10.01			$10.02			$10.10			$10.60			$10.64
Income (Loss) From Operations:
Net Investment Income(a)		0.13			0.13			0.13			0.14			0.18
Net Realized and Unrealized Gain (Loss) on Investments		(0.12	)		0.03			0.09			(0.19	)		0.13
Total Income (Loss) From Operations		0.01			0.16			0.22			(0.05	)		0.31
Less Distributions From:
Net Investment Income		(0.13	)		(0.13	)		(0.13	)		(0.15	)		(0.19	)
Net Realized Gains		(0.01	)		(0.04	)		(0.17	)		(0.30	)		(0.16	)
Total Distributions		(0.14	)		(0.17	)		(0.30	)		(0.45	)		(0.35	)
Net Asset Value, End of Year		$9.88			$10.01			$10.02			$10.10			$10.60
Total Return(b)		0.16	%		1.62	%		2.14	%		(0.40	)%		2.90	%
Net Assets, End of Year (000’s)		$2,765			$3,509			$4,389			$5,279			$9,730
Ratios to Average Net Assets
Gross Expense		1.18	%		1.18	%		1.15	%		1.12	%		1.14	%
Net Expenses(c)		0.86	%		0.85	%		0.89	%		0.91	%		0.94	%
Net Investment Income		1.32	%		1.34	%		1.25	%		1.38	%		1.69	%
Portfolio Turnover Rate		39	%		32	%		45	%		43	%		52	%
CLASS I	Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014			Year Ended     April 30, 2013
Net Asset Value, Beginning of Year		$10.02			$10.03			$10.10			$10.60			$10.65
Income (Loss) From Operations:
Net Investment Income(a)		0.17			0.17			0.16			0.17			0.22
Net Realized and Unrealized Gain (Loss) on Investments		(0.13	)		0.03			0.10			(0.18	)		0.11
Total Income (Loss) From Operations		0.04			0.20			0.26			(0.01	)		0.33
Less Distributions From:
Net Investment Income		(0.17	)		(0.17	)		(0.16	)		(0.19	)		(0.22	)
Net Realized Gains		(0.01	)		(0.04	)		(0.17	)		(0.30	)		(0.16	)
Total Distributions		(0.18	)		(0.21	)		(0.33	)		(0.49	)		(0.38	)
Net Asset Value, End of Year		$9.88			$10.02			$10.03			$10.10			$10.60
Total Return(b)		0.40	%		1.94	%		2.57	%		(0.09	)%		3.15	%
Net Assets, End of Year (000’s)		$127,103			$120,406			$126,574			$136,516			$201,572
Ratios to Average Net Assets
Gross Expense		0.93	%		0.93	%		0.93	%		0.91	%		0.89	%
Net Expenses(c)		0.53	%		0.53	%		0.57	%		0.60	%		0.60	%
Net Investment Income		1.66	%		1.66	%		1.57	%		1.69	%		2.03	%
Portfolio Turnover Rate		39	%		32	%		45	%		43	%		52	%

(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, 2017

55 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON SHORT-TERM BOND FUND
CLASS A	Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014			Year Ended     April 30, 2013
Net Asset Value, Beginning of Year		$10.07			$10.10			$10.23			$10.33			$10.28
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.07			0.07			0.07			0.09
Net Realized and Unrealized Gain (Loss) on Investments		(0.06	)		0.02			(0.02	)		0.00	(b)		0.08
Total Income (Loss) From Operations		0.04			0.09			0.05			0.07			0.17
Less Distributions From:
Net Investment Income		(0.12	)		(0.10	)		(0.06	)		(0.08	)		(0.09	)
Net Realized Gains		—			(0.02	)		(0.12	)		(0.09	)		(0.03	)
Total Distributions		(0.12	)		(0.12	)		(0.18	)		(0.17	)		(0.12	)
Net Asset Value, End of Year		$9.99			$10.07			$10.10			$10.23			$10.33
Total Return(c)		0.43	%		0.87	%		0.51	%		0.68	%		1.66	%
Net Assets, End of Year (000’s)		$6,628			$7,796			$10,495			$2,785			$3,129
Ratios to Average Net Assets
Gross Expense		1.23	%		1.11	%		1.17	%		1.19	%		1.20	%
Net Expenses(d)		0.73	%		0.73	%		0.78	%		0.83	%		0.86	%
Net Investment Income		0.96	%		0.71	%		0.71	%		0.64	%		0.89	%
Portfolio Turnover Rate		72	%		104	%		138	%		196	%		110	%
CLASS I	Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014			Year Ended     April 30, 2013
Net Asset Value, Beginning of Year		$10.07			$10.10			$10.23			$10.33			$10.28
Income (Loss) From Operations:
Net Investment Income(a)		0.12			0.10			0.08			0.09			0.12
Net Realized and Unrealized Gain (Loss) on Investments		(0.05	)		0.01			0.00	(b)		0.00	(b)		0.08
Total Income (Loss) From Operations		0.07			0.11			0.08			0.09			0.20
Less Distributions From:
Net Investment Income		(0.15	)		(0.12	)		(0.09	)		(0.10	)		(0.12	)
Net Realized Gains		—			(0.02	)		(0.12	)		(0.09	)		(0.03	)
Total Distributions		(0.15	)		(0.14	)		(0.21	)		(0.19	)		(0.15	)
Net Asset Value, End of Year		$9.99			$10.07			$10.10			$10.23			$10.33
Total Return(c)		0.68	%		1.12	%		0.76	%		0.90	%		1.91	%
Net Assets, End of Year (000’s)		$64,706			$160,541			$166,939			$165,057			$182,588
Ratios to Average Net Assets
Gross Expense		0.98	%		0.86	%		0.96	%		0.97	%		0.96	%
Net Expenses(d)		0.48	%		0.48	%		0.56	%		0.61	%		0.61	%
Net Investment Income		1.19	%		0.97	%		0.81	%		0.86	%		1.12	%
Portfolio Turnover Rate		72	%		104	%		138	%		196	%		110	%

(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, 2017 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 56

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

WILMINGTON MUNICIPAL BOND FUND
CLASS A	Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014			Year Ended     April 30, 2013
Net Asset Value, Beginning of Year		$13.54			$13.41			$13.40			$13.75			$13.79
Income (Loss) From Operations:
Net Investment Income(a)		0.22			0.23			0.25			0.27			0.24
Net Realized and Unrealized Gain (Loss) on Investments		(0.31	)		0.37			0.13			(0.23	)		0.27
Total Income (Loss) From Operations		(0.09	)		0.60			0.38			0.04			0.51
Less Distributions From:
Net Investment Income		(0.22	)		(0.23	)		(0.25	)		(0.27	)		(0.24	)
Net Realized Gains		(0.09	)		(0.24	)		(0.12	)		(0.12	)		(0.31	)
Total Distributions		(0.31	)		(0.47	)		(0.37	)		(0.39	)		(0.55	)
Net Asset Value, End of Year		$13.14			$13.54			$13.41			$13.40			$13.75
Total Return(b)		(0.65	)%		4.55	%		2.83	%		0.37	%		3.74	%
Net Assets, End of Year (000’s)		$31,951			$38,182			$41,607			$17,128			$21,435
Ratios to Average Net Assets
Gross Expense		1.09	%		1.09	%		1.12	%		1.14	%		1.13	%
Net Expenses(c)		0.74	%		0.74	%		0.79	%		0.86	%		0.86	%
Net Investment Income		1.62	%		1.69	%		1.84	%		2.00	%		1.74	%
Portfolio Turnover Rate		40	%		32	%		50	%		38	%		38	%
CLASS I	Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014			Year Ended     April 30, 2013
Net Asset Value, Beginning of Year		$13.55			$13.42			$13.40			$13.76			$13.79
Income (Loss) From Operations:
Net Investment Income(a)		0.25			0.26			0.28			0.30			0.28
Net Realized and Unrealized Gain (Loss) on Investments		(0.31	)		0.37			0.15			(0.24	)		0.28
Total Income (Loss) From Operations		(0.06	)		0.63			0.43			0.06			0.56
Less Distributions From:
Net Investment Income		(0.25	)		(0.26	)		(0.29	)		(0.30	)		(0.28	)
Net Realized Gains		(0.09	)		(0.24	)		(0.12	)		(0.12	)		(0.31	)
Total Distributions		(0.34	)		(0.50	)		(0.41	)		(0.42	)		(0.59	)
Net Asset Value, End of Year		$13.15			$13.55			$13.42			$13.40			$13.76
Total Return(b)		(0.39	)%		4.81	%		3.17	%		0.55	%		4.06	%
Net Assets, End of Year (000’s)		$263,825			$267,864			$259,904			$199,503			$247,914
Ratios to Average Net Assets
Gross Expense		0.84	%		0.84	%		0.88	%		0.89	%		0.90	%
Net Expenses(c)		0.49	%		0.49	%		0.55	%		0.61	%		0.61	%
Net Investment Income		1.87	%		1.94	%		2.11	%		2.25	%		2.01	%
Portfolio Turnover Rate		40	%		32	%		50	%		38	%		38	%

(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, 2017

57 FINANCIAL HIGHLIGHTS (concluded)

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

WILMINGTON NEW YORK MUNICIPAL BOND FUND
CLASS A	Year Ended      April 30, 2017			Year Ended      April 30, 2016			Year Ended      April 30, 2015			Year Ended      April 30, 2014			Year Ended      April 30, 2013
Net Asset Value, Beginning of Year		$10.91			$10.66			$10.56			$10.75			$10.59
Income (Loss) From Operations:
Net Investment Income(a)		0.16			0.19			0.21			0.19			0.21
Net Realized and Unrealized Gain (Loss) on Investments		(0.25	)		0.27			0.10			(0.19	)		0.16
Total Income (Loss) From Operations		(0.09	)		0.46			0.31			0.00			0.37
Less Distributions From:
Net Investment Income		(0.16	)		(0.19	)		(0.21	)		(0.19	)		(0.21	)
Net Realized Gains		(0.10	)		(0.02	)		—			—			—
Total Distributions		(0.26	)		(0.21	)		(0.21	)		(0.19	)		(0.21	)
Net Asset Value, End of Year		$10.56			$10.91			$10.66			$10.56			$10.75
Total Return(b)		(0.81	)%		4.32	%		2.91	%		0.04	%		3.48	%
Net Assets, End of Year (000’s)		$17,554			$20,197			$22,691			$24,301			$31,239
Ratios to Average Net Assets
Gross Expense		1.24	%		1.22	%		1.22	%		1.21	%		1.20	%
Net Expenses(c)		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%
Net Investment Income		1.50	%		1.76	%		1.93	%		1.79	%		1.94	%
Portfolio Turnover Rate		32	%		24	%		31	%		34	%		41	%
CLASS I	Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014			Year Ended     April 30, 2013
Net Asset Value, Beginning of Year		$10.92			$10.67			$10.57			$10.76			$10.60
Income (Loss) From Operations:
Net Investment Income(a)		0.19			0.22			0.23			0.21			0.23
Net Realized and Unrealized Gain (Loss) on Investments		(0.25	)		0.27			0.10			(0.18	)		0.16
Total Income (Loss) From Operations		(0.06	)		0.49			0.33			0.03			0.39
Less Distributions From:
Net Investment Income		(0.19	)		(0.22	)		(0.23	)		(0.22	)		(0.23	)
Net Realized Gains		(0.10	)		(0.02	)		—			—			—
Total Distributions		(0.29	)		(0.24	)		(0.23	)		(0.22	)		(0.23	)
Net Asset Value, End of Year		$10.57			$10.92			$10.67			$10.57			$10.76
Total Return(b)		(0.55	)%		4.58	%		3.17	%		0.30	%		3.74	%
Net Assets, End of Year (000’s)		$67,991			$63,704			$63,702			$69,325			$78,471
Ratios to Average Net Assets
Gross Expense		0.99	%		0.98	%		0.97	%		0.96	%		0.95	%
Net Expenses(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net Investment Income		1.75	%		2.01	%		2.18	%		2.05	%		2.18	%
Portfolio Turnover Rate		32	%		24	%		31	%		34	%		41	%

(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, 2017 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 58

Wilmington Funds

April 30, 2017

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 12 portfolios, 5 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 7 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 (“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 Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 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 – The Funds utilize a fair value approach. The 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 and techniques used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs and techniques 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 techniques 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 year. As of April 30, 2017, 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, investments in open-end regulated investment companies are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

ANNUAL REPORT / April 30, 2017

59 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 as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

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

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

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

At April 30, 2017, 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(1)		Cash  Collateral Received(1)		Net  Amount(2)
Broad Market Bond Fund
Citigroup Global Markets, Inc.	$	2,914,788	$	2,914,788	$	—	$	—
Deutsche Bank Securities, Inc.		2,914,788		2,914,788		—		—
JP Morgan Securities LLC		763,386		763,386		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2,914,788		2,914,788		—		—
Mizuho Securities USA, Inc.		2,914,788		2,914,788		—		—
RBC Dominion Securities, Inc.		2,914,788		2,914,788		—		—
	$	15,337,326	$	15,337,326	$	—	$	—
Intermediate-Term Bond Fund
Citigroup Global Markets, Inc.		824,859		824,859		—		—
Deutsche Bank Securities, Inc.		824,859		824,859		—		—
JP Morgan Securities LLC		216,284		216,284		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		824,859		824,859		—		—
Mizuho Securities USA, Inc.		824,859		824,859		—		—
RBC Dominion Securities, Inc.		824,859		824,859		—		—
	$	4,340,579	$	4,340,579	$	—	$	—
Short-Term Bond Fund
Citigroup Global Markets, Inc.		1,522,354		1,522,354		—		—
Deutsche Bank Securities, Inc.		1,522,354		1,522,354		—		—
JP Morgan Securities LLC		398,852		398,852		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,522,354		1,522,354		—		—
Mizuho Securities USA, Inc.		1,522,354		1,522,354		—		—
RBC Dominion Securities, Inc.		1,522,354		1,522,354		—		—
	$	8,010,622	$	8,010,622	$	—	$	—

⁽¹⁾  The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

⁽²⁾  Net amount represents the net amount receivable due from the counterparty in the event of default.

April 30, 2017 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 60

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 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, 2017, 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.

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 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, 2017.

Lending of Portfolio Securities – The Trust has entered into an agreement with its 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, 2017

61 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.

At April 30, 2017, 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		$15,013,674		$15,013,674	$—
Intermediate-Term Bond Fund		4,244,969		4,244,969	—
Short-Term Bond Fund		7,846,245		7,846,245	—

⁽¹⁾ Collateral with a value of $15,337,326, $4,340,579 and $8,010,622, 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

As of April 30, 2017, 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 2016, 2015, and 2014, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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 reclassifications of distributions, discount accretion/premium amortization on debt securities and capital gain or loss as a result of paydown activity. 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.

For the year ended April 30, 2017, 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		$	—		$	1,094,848		$	(1,094,848)
Intermediate-Term Bond Fund			(2)			3,539			(3,537)
Short-Term Bond Fund			—			265,197			(265,197)
Municipal Bond Fund			—			(158)			158

The tax character of distributions for the corresponding fiscal year ends were as follows:

Fund	Ordinary     Income*			2017 Tax Exempt   Income			Long-Term Capital Gains			Ordinary   Income*			2016 Tax Exempt   Income			Long-Term Capital Gains
Broad Market Bond Fund		$	10,818,424		$	—		$	—		$	9,747,956		$	—		$	504,626
Intermediate-Term Bond Fund			2,311,341			—			51,574			2,090,943			—			391,707
Short-Term Bond Fund			1,423,267			—			—			1,939,029			—			287,062
Municipal Bond Fund			508,734			5,683,961			1,714,064			245,967			5,658,718			4,977,918
New York Municipal Bond Fund			29,552			1,456,787			769,960			—			1,624,677			133,655

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

April 30, 2017 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 62

As of April 30, 2017, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed      Ordinary     Income			Undistributed      Tax-Exempt     Income			Undistributed      Long-Term     Capital Gains			Other     Timing     Differences				Unrealized      Appreciation/     (Depreciation)			Capital  Loss     Carryforwards				Late Year      Loss     Deferrals
Broad Market
Bond Fund		$	949,337		$	—		$	—		$	(926,469	)		$	3,073,017		$	(1,333,046	)		$	—
Intermediate-Term
Bond Fund			185,593			—			91,445			(184,588	)			877,368			—				(51,077	)
Short-Term
Bond Fund			101,513			—			—			(91,706	)			167,462			(1,235,103	)			—
Municipal Bond
Fund			—			490,886			—			(490,994	)			6,301,507			—				(851,575	)
New York Municipal
Bond Fund			—			122,688			503,197			(122,660	)			1,845,575			—				—

At April 30, 2017, 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.

Fund	Capital  Loss     Available Through     2018			Short-Term      No Expiration			Long-Term      No Expiration			Total Capital Loss     Carryforwards
Broad Market Bond Fund		$	—		$	494,203		$	838,843		$	1,333,046
Short-Term Bond Fund			108,426			615,626			511,051			1,235,103

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. Post-October, Post-December and Late Year losses deferred to May 1, 2017 are as follows:

Fund	Ordinary Post-December   Losses			Short-Term Post-October/   Late Year Capital Losses			Long-Term Post-October/   Late Year Capital Losses
Intermediate-Term Bond
Fund		$	—		$	51,077		$	—
Municipal Bond Fund			—			1,096,441			(244,866	)

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

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

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

WFMC and the Funds’ shareholder service providers have 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), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor will recoup previously waived fees/expenses in subsequent years.

ANNUAL REPORT / April 30, 2017

63 NOTES TO FINANCIAL STATEMENTS (continued)

	Contractual Expense Limitations
Fund	Class A		Class I
Broad Market Bond Fund		0.90%		0.55%
Intermediate-Term Bond Fund		0.88%		0.53%
Short-Term Bond Fund		0.73%		0.48%
Municipal Bond Fund		0.74%		0.49%
New York Municipal Bond Fund		0.84%		0.59%

Administrative Fees – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. The fees as described in the table below are a component of “Portfolio accounting and administration fees” as disclosed in the Statements of Operations. WFMC, in its role as Co-Administrator, provides the Funds with certain administrative personnel and services necessary to operate the Funds. The fees as described in the table below are accrued and paid daily and are disclosed on the Statement of Operations as “Administrative personnel and services fees.”

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 and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. . Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2017, neither WFMC nor BNYM waived any administrative personnel and services fees.

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, 2017, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:

Fund	Distribution     Fees
Broad Market Bond Fund		$	8,442
Intermediate-Term Bond Fund			4,244
Short-Term Bond Fund			11,929
Municipal Bond Fund			73,157
New York Municipal Bond Fund			41,927

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

For the year ended April 30, 2017, 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	$1,817
Short-Term Bond Fund	141
Municipal Bond Fund	3,721
New York Municipal Bond Fund	2,563

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

April 30, 2017 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 64

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, 2017, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder Services      Fee
Broad Market Bond Fund	$2,920
Intermediate-Term Bond Fund	1,408

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, 2017 were as follows:

	Investments
Fund	Purchases		Sales
Broad Market Bond Fund		$207,771,917		$145,422,834
Intermediate-Term Bond Fund		31,753,589		23,278,563
Short-Term Bond Fund		23,071,570		86,606,727
Municipal Bond Fund		125,627,781		119,737,202
New York Municipal Bond Fund		31,385,894		26,291,088

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2017 were as follows:

	U.S.  Government Securities
Fund	Purchases		Sales
Broad Market Bond Fund		$39,135,667		$  9,638,738
Intermediate-Term Bond Fund		25,969,369		26,769,432
Short-Term Bond Fund		45,758,611		62,183,137

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, 2017, 7.3% 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

Effective April 6, 2017, the Trust is participating in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is 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 includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of the current LOC is April 5, 2018.

The Funds did not utilize the LOC for the year ended April 30, 2017.

8. RECENT REGULATORY UPDATES

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to

ANNUAL REPORT / April 30, 2017

65 NOTES TO FINANCIAL STATEMENTS (continued)

improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

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 additional material events that would require recognition or disclosure in the Funds’ financial statements through this date.

April 30, 2017 / ANNUAL REPORT

66

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, 2017, 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 five years in the period then ended. 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 the 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, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from 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, 2017, 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 five years in the period then ended in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

June 29, 2017

ANNUAL REPORT / April 30, 2017

67 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 12 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 Year  Position With Trust  Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley* Birth year: 1951 TRUSTEE Began serving: December 2015	Principal Occupations: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company.
	Other Directorships Held: Director, AXA Equitable (variable annuity) (2013-Present); Director, 1290 Mutual Funds (retail funds) (2013-Present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005-Present); Director, M&T Bank Corporation (commercial bank) (2011-2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007-2011); Chairman, Director and President’s Council, Union College (private college) (2011-2015).
	Previous Positions: Director of M&T Bank Corporation and M&T Bank (2011 to 2012). Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010-2011); Senior Vice President and Treasurer at ITT Corporation (1996-2010); Assistant Treasurer at International Paper (1989-1996).
Christopher D. Randall* Birth year: 1965 TRUSTEE Began serving: September 2015 PRESIDENT Began serving: September 2014	Principal Occupations: Chief Operations Officer and a Senior Vice President of Wilmington Trust’s Wealth and Institutional Services Division (WISD) (2015 to present); Senior Vice President of M&T Bank.
	Other Directorships Held: Trustee, Hilbert College (2015 to present).
	Previous Positions: President and Chief Executive Officer of Wilmington Trust Investment Advisors, Inc. and President of Wilmington Trust Investment Management, LLC (2014-2015); Senior Vice President, Head of Asset Management and Retirement Services (2012 to 2015);
	President, Mid-Atlantic Division, Wilmington Trust, N.A. (2011 to 2012); President, M&T Securities, Inc. (2009 to 2011).

* Christopher D. Randall is “interested” due to the positions he currently holds with the Funds, Wilmington Trust’s Wealth and Institutional Services Division, M&T Bank, the parent of the Fund’s Advisor, and previous positions held with WTIA and WFMC. Donald E. Foley is “interested” due to the positions he previously held with Wilmington Trust Corporation, M&T Bank Corporation and M&T Bank, the parent of the Fund’s Advisor.

April 30, 2017 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 68

INDEPENDENT TRUSTEES BACKGROUND

Name  Birth Year  Position with Trust  Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano Birth year: 1943 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 (body-worn products) Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Robert H. Arnold Birth year: 1944 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) (5/03 to present); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).
Joseph J. Castiglia Birth year: 1934 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 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); HCR Corporation (home care) (3/14 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 New York (5/92 to 5/07); Lead Director and Director, Energy East Corporation (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 year: 1942 TRUSTEE Began serving: December 2000	Principal Occupations: Retired.
	Other Directorships Held: Chairman and Director, CI Supply Corp. (medical supplies and equipment) (1/14 to 1/15); Director, Check Med Corp. (medical supplies and equipment) (6/08 to 1/14); Director, Highmark Blue Shield (health insurance) (2/01 to 6/10).
	Previous Positions: Consultant, Yaffe & Co. (compensation consultants) (6/02 to 6/12); President and Chief Executive Officer, Pinnacle Health Systems (nonprofit hospital and health care system in Central Pennsylvania).
Daniel R. Gernatt, Jr. Birth year: 1940 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 year: 1941 TRUSTEE Began serving: September 2003	Principal Occupations: President, R.B. Seidel & Associates (legal and consulting) (1/14 to present); President, Girard Private (investment) (1/14 to present); Chairman, Girard Capital (broker-dealer) (1/10 to 2016); Chairman, Girard Partners, Ltd. (1/10 to 2016).
	Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).

ANNUAL REPORT / April 30, 2017 (unaudited)

69 BOARD OF TRUSTEES AND TRUST OFFICERS

OFFICERS

Name  Address  Birth Year  Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
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 CHIEF OPERATIONS OFFICER Began serving: June 2017	Principal Occupations: Chief Operations Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc.; 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 to 2010).
John J. Kelley Birth year: 1959 VICE PRESIDENT Began serving: December 2016	Principal Occupations: President, Wilmington Funds Management Corporation Group; Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors,Inc.
	Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing), (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).
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 to 2003).
Christopher W. Roleke 10 High Street, Suite 302 Boston, MA 02110 Birth year: 1972 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: July 2013	Principal Occupation: Managing Director and 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 Atlantic Terminal Office Tower, 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).

April 30, 2017 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 70

Name  Address  Birth Year  Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
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, 2017 (unaudited)

71

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, 2017 / ANNUAL REPORT

72

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, 2017

73

• 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, 2017 / ANNUAL REPORT

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WILMINGTON FUNDS
Investment Advisor
Wilmington Funds Management Corp. 1100 North Market Street Wilmington, DE 19890
Sub-Advisor
Wilmington Trust Investment Advisors 111 South Calvert Street 26th Floor Baltimore, MD 21202
Co-Administrator
Wilmington Funds Management Corp. 1100 North Market Street Wilmington, DE 19890
Custodian
The Bank of New York Mellon One Wall Street New York, NY 10286
Distributor
ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203
Fund Accountant, Co-Administrator, Transfer Agent and Dividend Disbursing Agent
BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809
Independent Registered Public Accounting Firm
Ernst & Young LLP One Commerce Square, 2005 Market Street, Suite 700 Philadelphia, PA 19103

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”)

        CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	3
Portfolios of Investments	4
Statements of Assets and Liabilities	9
Statements of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	13
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	22
Board of Trustees and Trust Officers	23

[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 annual fiscal year period of May 1, 2016 through April 30, 2017. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The Economy and Financial Markets in Review

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

Economic blips and trends

During the just completed fiscal year, investors in the Wilmington Funds were treated to a combination of significant blips and major trends. At the very outset of the fiscal year, the British, in a move that caught almost everyone off guard, voted to leave the European Union. The so-called “Brexit” vote created a major downdraft in the equity markets but this turned out to be a blip as prices quickly recovered setting the stage for further gains to come.

On the trending side of the ledger, the economy cruised in the second half of 2016, delivering annualized growth of 3.5% in the third quarter and 2.1% in the fourth quarter. But in the first quarter of 2017, growth slowed to an annualized 0.7%, the weakest in three years.ⁱ Credit consumers for both the good and the bad.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, has pretty much carried the economy throughout the recovery from the Great Recession. After 22 consecutive quarters contributing at least 1% annualized growth in gross domestic product (GDP), consumption accounted for just 0.2% of growth in the first quarter of 2017.ⁱ At the same time, however, business investment in fixed goods contributed 1.1% of annualized growth in the first quarter, the strongest showing in 11 quarters.

ⁱⁱhttps://www.bea.gov/national/index.htm#gdp

Despite weak growth in personal income so far this year, we see reasons to believe consumers will keep spending:

•Sentiment has remained unusually high. The University of Michigan Consumer Sentiment Index hasn’t showed such strength over a four-month period since just after George W. Bush became president.ⁱⁱ

•Bad weather and delayed tax refunds accounted for much of the first-quarter weakness.

•Unemployment has fallen to 4.4%, a 10-year low, on the strength of consistent job growth. Over the last three years, nonfarm payrolls have grown by an average of 215,000 jobs per month.ⁱⁱⁱ

While consumers have pulled their weight economically, businesses have been less consistent; given the historical quarter-to-quarter lumpiness of nonresidential investment, it’s too early to call strong first-quarter business spending a trend. Still, after nearly eight years in recovery, the economy has demonstrated an ability to keep its footing even if corporate America doesn’t pitch in. The Bloomberg consensus calls for GDP growth of 2.2%, but we are looking for stronger growth at 3.0%.

ⁱⁱ http://www.sca.isr.umich.edu/files/chicsh.pdf

ⁱⁱⁱhttps://www.bls.gov/news.release/empsit.nr0.htm

Uncertainty burns bond market

The 10-year Treasury note yields 2.25%, a number that looks different depending on your perspective.

•The yield has risen a full percentage point from July’s record low of 1.37%.^iv Last summer boasted a great backdrop for bonds. Investor uncertainty about the direction of the stock market drove many to fixed income, and the lack of interest rate hikes had bond investors riding high. Since then, stocks have rallied and the Federal Reserve (the “Fed”) has boosted the federal funds rate twice.

•The 10-year note’s current yield is less than half the average of 6.3% since 1962.^iv With short-term interest rates held artificially low for more than eight years, the financial markets have no precedent for how bonds will respond when interest rates finally do revert to historical norms.

Uncertainty about both the pace of interest-rate hikes and the bond market’s reaction to them has contributed to lackluster returns over the last year.

^ivhttps://www.federalreserve.gov/datadownload/

The Bloomberg Barclays U.S. Aggregate Bond Index¹ returned 0.83% in the 12 months ended April 30. Few of the broad index’s component sectors impressed, though the 2.74% return of the Bloomberg Barclays U.S. Credit Bond Index² outperformed the -0.65% return of the Bloomberg Barclays U.S. Treasury Bond Index³. The bright-spot was high yield, with the Bloomberg

PRESIDENT’S MESSAGE / April 30, 2017 (unaudited)

ii    

Barclays U.S. Corporate High Yield Bond Index⁴ returning 13.30% for the year—which makes sense, since this is the bond group most highly correlated with stocks, which delivered excellent returns.

Neither foreign bonds nor municipals provided much relief. The Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell -4.51% and the Bloomberg Barclays Municipal Bond Index⁶ returned an unexciting 0.14% over the last year.

For the 12-month reporting period May 1, 2016 to April 30, 2017, certain Bloomberg Barclays indices performed as follows⁷:

Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays U.S. Treasury Bond Index	Bloomberg Barclays U.S. Mortgage-Backed Securities Index8	Bloomberg Barclays U.S. Credit Bond Index	Bloomberg Barclays Municipal Bond Index
0.83%	-0.65%	0.66%	2.74%	0.14%

Assumes holding periods from May 1, 2016 through April 30, 2017

Stocks a study in contradictions relative to bonds

The S&P 500 Index⁹ of large-cap stocks returned 17.92%, while the S&P MidCap 400¹⁰ and S&P SmallCap 600¹¹ indices did even better, returning 20.46% and 24.26%, respectively. Even international stocks pulled out of their multiyear funk, with the MSCI EAFE (Net) Index¹², returning 11.29% and the MSCI Emerging Markets (Net) Index¹³ 19.13%— performance greater than they managed in the previous five years combined. These gains were propelled by three major factors including: the acceleration of economic growth during the second half of 2016, the rebound from the earnings recession that had gripped corporate performance since 2015, and the election, which ushered in hopes for more active pro-growth policies from Washington.

Investors have been slow to pick up on these gains which have made this one of the most disliked bull markets in recent equity market history. However, the surge in prices is well founded in both economic fundamentals which have seen job growth continue at a strong pace while corporate profits improve, expanding at a 14% pace in the first quarter of 2017.

The Trump administration hasn’t made the progress on tax cuts and infrastructure spending many expected, and most market sectors have come down substantially from their post-election highs. Economically sensitive sectors such as industrials and technology have returned at least 14% over the last six months.

For the 12-month reporting period May 1, 2016 to April 30, 2017, certain stock market indices performed as follows:

S&P 500 Index	Dow Jones Industrial Average14	NASDAQ Composite Index15	MSCI All Country World ex-USD (Net) Index16
17.92%	20.90%	28.18%	12.59%

Dealing with blips and trends is a key part to managing our investor’s money and we will continue to do so making sure that we properly identify the trend signal and avoid the blip noises.

Sincerely,

Christopher D. Randall

President, Wilmington Funds

May 25, 2017

April 30, 2017 (unaudited) / PRESIDENT’S MESSAGE

    iii

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

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

All investments involve risk, including the possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small and mid-cap stocks involve greater risks and volatility than large-cap stocks.

International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.

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

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. An investment in money market funds is not a deposit of M&T Bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The investment advisor has no legal obligation to provide financial support to the Fund, and you should not expect that the investment advisor will provide financial support to the Fund at any time.

1. Bloomberg 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. The index is unmanaged and it is not possible to invest directly in an index.

2. Bloomberg 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.

3. Bloomberg 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.

4. Bloomberg 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 the Bloomberg 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. An investment cannot be made directly in an index.

5. Bloomberg Barclays Global Aggregate ex-USD Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. An investment cannot be made directly in an index.

6. Bloomberg 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.

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

8. Bloomberg 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. 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.

10. The S&P MidCap 400 Index measures the performance of approximately 400 stocks listed on U.S. exchanges. Most of the stocks in the index are mid-capitalization U.S. issues. The index accounts for roughly 7% of the total market capitalization of all U.S. equities. The index is unmanaged and investments cannot be made directly in an index.

11. The S&P SmallCap 600 Index measures the performance of approximately 600 stocks listed on U.S. exchanges. Most of the stocks in the index are small-capitalization U.S. issues. The index accounts for roughly 3% of the total market capitalization of all U.S. equities. The index is unmanaged and investments cannot be made directly in an index.

12. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

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

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

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

16. 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 performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index. The index is unmanaged and it is not possible to invest directly in an index.

PRESIDENT’S MESSAGE / April 30, 2017 (unaudited)

[This Page Intentionally Left Blank]

1    

WILMINGTON MONEY MARKET FUNDS

Management’s Discussion of Fund Performance

Interest rates moved higher over the past year in response to continued improvement in the labor market. The unemployment rate declined to 4.4%, its lowest rate since 2007. The Federal Reserve (the “Fed”) reacted to the improving labor market by raising interest rates twice during the year, moving the Fed Funds target up to a range of 0.75% to 1%. The Fed also expects to raise interest rates two more times in 2017. Interest rates moved dramatically higher in the 4th quarter of 2016 in response to the election of Donald Trump, a republican congress and the expectation for tax reform and a fiscal stimulus package which will lead to stronger economic growth. The yield curve flattened slightly as longer-term interest rates rose by less than shorter-term interest rates which are more affected by the Fed’s decision to raise interest rates. Short-term interest rates moved approximately  ¹/₂ of one percent higher while the 30 year Treasury yield increased by only 27 basis points. Prior to the aforementioned rise of interest rates, the 10-year Treasury yield recorded an all time low yield of 1.32% in July of 2016 in response to the Brexit vote and fears of an economic slowdown.

The December and March increases in the target federal funds rate certainly provided relief for money market fund investors who have been dealing with a near zero interest rate environment for the past few years. Money market fund investors could continue to benefit if the two additional Fed hikes come to fruition this year and the Fed’s projected increases in 2018.

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

	4/30/16	10/31/16	4/30/17
Federal Fund Target	0.25% - 0.50%	0.25% - 0.50%	0.75% - 1.00%
3-Month LIBOR	0.64%	0.89%	1.17%
2-Year Treasury Note	0.77%	0.86%	1.28%
10-Year Treasury Note	1.83%	1.84%	2.29%

In October of last year, the SEC’s money market reform proposals became a reality. The industry saw a trillion dollar shift out of the Prime fund space in to U.S. government funds as most investors looked to maintain the status quo of a stable net asset value rather than be subjected to a floating Net Asset Value (“NAV”) with fees and gates. The Wilmington Funds were no different. As we polled our investor base prior to implementation of the new rules, shareholders were clearly seeking the stability offered by U.S. Government oriented funds. With little appetite expressed for floating rate Prime or Tax-Exempt funds, management decided to close the Wilmington Prime and Tax-exempt Funds, moving shareholders to the Wilmington U.S. Government Money Market Fund or U.S. Treasury Money Market Fund. As, or if, investors become comfortable with the floating rate NAV and fees and gates concept, we are prepared to launch competitive product offerings.

The following is a comparison of the performance of the Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund versus their respective iMoneyNet and Lipper peer group average returns for the fiscal April 30, 2017:

Wilmington U.S. Government Money Market Fund – Administrative Class	0.04	%
Wilmington U.S. Government Money Market Fund – Institutional Class	0.17	%
Wilmington U.S. Government Money Market Fund – Select Class	0.13	%
Wilmington U.S. Government Money Market Fund – Service Class	0.01	%
iMoneyNet, Inc. Government & Agency Institutional Average	0.21	%
Lipper U.S. Government Money Market Funds Average	0.07	%
Wilmington U.S. Treasury Money Market Fund – Administrative Class	0.03	%
Wilmington U.S. Treasury Money Market Fund – Select Class	0.12	%
Wilmington U.S. Treasury Money Market Fund – Service Class	0.01	%
iMoneyNet, Inc. Treasury and Repo Institutional Average	0.18	%
Lipper U.S. Treasury Money Market Funds Average	0.07	%
Source: iMoneyNet, Inc. and Lipper

April 30, 2017 (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, 2017, Wilmington Funds Management Corporation has 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, 2017 (unaudited)

3    

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) 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, 2016 to April 30, 2017.

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 11/01/16		Ending Account Value 4/30/17		Expenses Paid During Period1		Annualized Net     Expense Ratio
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,000.10		$2.58		0.52%
Institutional Class		$1,000.00		$1,001.40		$1.34		0.27%
Select Class		$1,000.00		$1,001.00		$1.74		0.35%
Service Class		$1,000.00		$1,000.10		$2.68		0.54%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,022.22		$2.61		0.52%
Institutional Class		$1,000.00		$1,023.46		$1.35		0.27%
Select Class		$1,000.00		$1,023.06		$1.76		0.35%
Service Class		$1,000.00		$1,022.12		$2.71		0.54%
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,000.10		$2.48		0.50%
Select Class		$1,000.00		$1,001.00		$1.64		0.33%
Service Class		$1,000.00		$1,000.10		$2.38		0.48%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,022.32		$2.51		0.50%
Select Class		$1,000.00		$1,023.16		$1.66		0.33%
Service Class		$1,000.00		$1,022.41		$2.41		0.48%

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

April 30, 2017 (unaudited) / ANNUAL REPORT

    4

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At April 30, 2017, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
	Total Net Assets
U.S. Government Agency Obligations		61.9	%
U.S. Treasury Obligations		22.3	%
Repurchase Agreements		15.8	%
Money Market Fund		0.0	%2
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) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2017

Description	Par Value		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 61.9%
FEDERAL FARM CREDIT BANK (FFCB) – 7.3%
0.96%, 10/25/17D	$	98,500,000	$	98,500,000
0.98%, 11/15/17D		75,000,000		75,000,000
0.86%, 12/12/17D		75,000,000		74,997,673
0.81%, 5/03/18D		100,000,000		99,996,530
0.87%, 7/23/18D		70,000,000		70,026,173
1.05%, 9/24/18D		29,700,000		29,683,673
0.90%, 10/22/18D		60,000,000		60,038,062
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	508,242,111
FEDERAL HOME LOAN BANK (FHLB) – 39.8%
0.77%, 5/09/17‡		100,000,000		99,983,111
0.56%, 5/10/17‡		47,000,000		46,993,537
0.65%, 5/17/17‡		232,800,000		232,734,049
0.78%, 5/18/17‡		75,000,000		74,972,906
0.77%, 5/19/17‡		100,000,000		99,962,050
0.76%, 5/26/17‡		72,037,000		71,999,481
0.79%, 6/05/17‡		100,000,000		99,924,167
0.73%, 6/14/17‡		293,000,000		292,744,983
0.82%, 6/15/17‡		50,000,000		49,950,000
0.79%, 6/16/17‡		126,000,000		125,873,947
0.79%, 6/21/17‡		100,000,000		99,889,500
0.84%, 7/05/17‡		79,800,000		79,681,131
0.83%, 7/07/17‡		25,000,000		24,962,080

Description	Par Value		Value
0.85%, 7/14/17‡	$	141,500,000	$	141,255,502
0.73%, 7/17/17D		100,000,000		99,999,876
0.87%, 7/19/17‡		124,550,000		124,317,186
0.88%, 7/26/17‡		86,000,000		85,823,318
0.61%, 8/01/17D		150,000,000		149,989,540
0.64%, 8/10/17D		150,000,000		149,996,804
0.66%, 8/10/17D		50,000,000		50,000,000
0.75%, 8/16/17D		100,000,000		100,000,000
0.76%, 8/22/17D		50,000,000		49,998,567
1.07%, 12/15/17D		100,000,000		100,000,000
0.77%, 1/25/18D		250,000,000		250,000,000
0.69%, 5/09/18D		50,000,000		50,000,000
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	2,751,051,735
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 4.0%
0.56%, 5/18/17‡		50,000,000		49,987,014
0.76%, 5/22/17‡		75,000,000		74,967,231
0.77%, 6/19/17‡		50,000,000		49,948,618
0.79%, 6/21/17‡		50,000,000		49,945,458
0.78%, 10/12/17D		50,000,000		50,000,000
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	274,848,321
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 10.8%
0.71%, 5/01/17‡		300,000,000		300,000,000

ANNUAL REPORT / April 30, 2017

5    PORTFOLIOS OF INVESTMENTS

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

Description	Par Value		Value
0.78%, 5/10/17‡	$	26,136,000	$	26,130,969
0.77%, 6/07/17‡		25,000,000		24,980,498
0.77%, 6/14/17‡		110,000,000		109,897,957
0.77%, 6/21/17‡		208,112,000		207,886,821
0.81%, 7/03/17‡		75,000,000		74,896,313
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	743,792,558
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $4,277,934,725)			$	4,277,934,725
U.S. TREASURY OBLIGATIONS – 22.3%
U.S. TREASURY BILLS – 18.5%
0.65%, 5/04/17‡		100,000,000		99,994,687
0.54%, 5/11/17‡		100,000,000		99,985,375
0.59%, 5/18/17‡		300,000,000		299,917,479
0.61%, 6/01/17‡		100,000,000		99,948,764
0.66%, 6/15/17‡		100,000,000		99,919,688
0.68%, 7/06/17‡		225,000,000		224,725,825
0.72%, 7/20/17‡		271,830,000		271,405,999
0.61%, 7/27/17‡		85,000,000		84,876,750
TOTAL U.S. TREASURY BILLS			$	1,280,774,567
U.S. TREASURY NOTES – 3.8%
0.88%, 5/15/17		160,000,000		160,019,093
0.50%, 7/31/17		50,000,000		49,986,060
1.09%, 1/31/18D		50,000,000		50,107,197
TOTAL U.S. TREASURY NOTES			$	260,112,350
TOTAL U.S. TREASURY OBLIGATIONS (COST $1,540,886,917)			$	1,540,886,917
	Number of Shares
MONEY MARKET FUND – 0.0%**
Dreyfus Government Cash Management Fund, Institutional Shares, 0.69%^		3,890,362		3,890,362
TOTAL MONEY MARKET FUND (COST $3,890,362)			$	3,890,362

Description	Par Value		Value
REPURCHASE AGREEMENTS – 15.8%
Credit Suisse First Boston LLC, 0.80%, dated 4/28/17, due 5/01/17, repurchase price $95,006,333, collateralized by U.S. Treasury Securities, 1.38% to 1.63%, maturing 6/30/20 to 1/31/21; total market value of $96,900,589.	$	95,000,000	$	95,000,000
Deutsche Bank Securities, Inc., 0.84%, dated 4/28/17, due 5/01/17, repurchase price $53,003,710, collateralized by U.S. Treasury Securities, 0.88% to 1.00%, maturing 4/15/19 to 2/15/46; total market value of $54,060,019.		53,000,000		53,000,000
Mizuho Securities USA, Inc., 0.82%, dated 4/28/17, due 5/01/17, repurchase price $250,017,083, collateralized by U.S. Treasury Securities, 1.25% to 3.13%, maturing 4/30/19 to 2/15/27; total market value of $255,000,044.		250,000,000		250,000,000
RBC Capital Markets LLC, 0.79%, dated 4/28/17, due 5/01/17, repurchase price $150,009,875, collateralized by U.S. Treasury Securities, 2.50% to 3.75%, maturing 5/15/24 to 11/15/43; total market value of $153,000,089.		150,000,000		150,000,000
RBC Capital Markets LLC, 0.80%, dated 4/28/17, due 5/01/17, repurchase price $75,005,000, collateralized by U.S. Government Securities, 2.13% to 4.50%, maturing 1/01/25 to 4/01/47; total market value of $76,500,000.		75,000,000		75,000,000
TD Securities, Inc., 0.80%, dated 4/28/17, due 5/01/17, repurchase price $192,012,800, collateralized by U.S. Government & Treasury Securities, 0.75% to 4.00%, maturing 10/31/18 to 3/01/47; total market value of $197,752,993.		192,000,000		192,000,000
TD Securities, Inc., 0.82%, dated 4/28/17, due 5/01/17, repurchase price $275,018,792, collateralized by U.S. Government & Treasury Securities, 0.75% to 4.50%, maturing 10/31/18 to 3/01/47; total market value of $283,238,025.		275,000,000		275,000,000
TOTAL REPURCHASE AGREEMENTS
(COST $1,090,000,000)			$	1,090,000,000
TOTAL INVESTMENTS – 100.0%
(COST $6,912,712,004)			$	6,912,712,004
OTHER LIABILITIES LESS ASSETS – 0.0%**				(1,241,137	)
TOTAL NET ASSETS – 100.0%			$	6,911,470,867

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

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    6

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, 2017 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		$	—		$	4,277,934,725		$	—		$	4,277,934,725
U.S. Treasury Obligations			—			1,540,886,917			—			1,540,886,917
Money Market Fund			3,890,362			—			—			3,890,362
Repurchase Agreements			—			1,090,000,000			—			1,090,000,000
Total		$	3,890,362		$	6,908,821,642		$	—		$	6,912,712,004

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

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

** Represents less than 0.05%.

^ 7-Day net yield.

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

ANNUAL REPORT / April 30, 2017

7    

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At April 30, 2017, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Obligations		78.4	%
Repurchase Agreements		19.9	%
Money Market Fund		1.6	%
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, 2017

Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 78.4%
U.S. TREASURY BILLS – 54.4%
0.59%, 5/04/17‡	$	64,350,000	$	64,346,895
0.54%, 5/11/17‡		50,000,000		49,992,687
0.64%, 5/18/17‡		50,000,000		49,985,243
0.53%, 6/01/17‡		25,000,000		24,988,870
0.76%, 6/22/17‡		50,000,000		49,945,725
0.79%, 6/29/17‡		25,000,000		24,968,144
0.64%, 7/06/17‡		25,000,000		24,971,308
0.84%, 7/13/17‡		10,620,000		10,602,234
0.74%, 7/20/17‡		55,000,000		54,911,722
0.79%, 7/27/17‡		63,295,000		63,176,941
0.97%, 10/12/17‡		12,350,000		12,296,552
TOTAL U.S. TREASURY BILLS			$	430,186,321
U.S. TREASURY NOTES – 24.0%
0.88%, 5/15/17		40,000,000		40,004,610
0.63%, 7/31/17		25,000,000		25,000,581
0.99%, 10/31/17D		50,000,000		50,023,314
1.09%, 1/31/18D		25,000,000		25,049,872
1.01%, 4/30/18D		25,000,000		25,029,931
0.99%, 7/31/18D		25,000,000		25,034,333
TOTAL U.S. TREASURY NOTES			$	190,142,641
TOTAL U.S. TREASURY OBLIGATIONS
(COST $620,328,962)			$	620,328,962

Description	Number of Shares		Value
MONEY MARKET FUND – 1.6%
Blackrock Liquidity Funds T-Fund Institutional Shares, 0.64%		12,986,558	$	12,986,558
TOTAL MONEY MARKET FUND
(COST $12,986,558)			$	12,986,558
	Par Value
REPURCHASE AGREEMENTS – 19.9%
Deutsche Bank Securities, Inc., 0.84%, dated 4/28/17, due 5/01/17, repurchase price $37,002,590, collateralized by U.S. Treasury Securities, 0.00% to 8.50%, maturing 4/30/17 to 2/15/47; total market value of $37,740,051.	$	37,000,000		37,000,000
RBC Capital Markets LLC, 0.79%, dated 4/28/17, due 5/01/17, repurchase price $120,007,900, collateralized by U.S. Treasury Securities, 0.63% to 7.25%, maturing 9/30/17 to 2/15/38; total market value of $122,400,035.		120,000,000		120,000,000
TOTAL REPURCHASE AGREEMENTS (COST $157,000,000)			$	157,000,000
TOTAL INVESTMENTS – 99.9% (COST $790,315,520)			$	790,315,520
OTHER ASSETS LESS LIABILITIES – 0.1%				814,913
TOTAL NET ASSETS – 100.0%			$	791,130,433

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

April 30, 2017 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     8

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, 2017 in valuing the Fund’s assets carried at fair value:

	Level  1		Level  2		Level  3		Total
Investments in Securities
U.S. Treasury Obligations	$	—	$	620,328,962	$	—	$	620,328,962
Money Market Fund		12,986,558		—		—		12,986,558
Repurchase Agreements		—		157,000,000		—		157,000,000
Total	$	12,986,558	$	777,328,962	$	—	$	790,315,520

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

ANNUAL REPORT / April 30, 2017

9    STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2017	Wilmington U.S. Government Money Market Fund				Wilmington   U.S. Treasury   Money Market   Fund
ASSETS:
Investments, at identified cost		$	6,912,712,004			$	790,315,520
Investments in repurchase agreements, at value		$	1,090,000,000			$	157,000,000
Investments in securities, at value			5,822,712,004				633,315,520
TOTAL INVESTMENTS			6,912,712,004				790,315,520
Cash			—				663,870
Interest receivable			2,030,573				489,231
Receivable for shares sold			221,597				24,886
Prepaid assets			112,972				31,560
TOTAL ASSETS			6,915,077,146				791,525,067
LIABILITIES:
Income distribution payable			1,304,699				120,290
Payable for shares redeemed			234,220				1,028
Payable for Trustees’ fees			3,305				3,305
Payable for distribution services fee			595,708				101,958
Payable for shareholder services fee			608,707				65,357
Other accrued expenses			859,640				102,696
TOTAL LIABILITIES			3,606,279				394,634
NET ASSETS		$	6,911,470,867			$	791,130,433
NET ASSETS CONSIST OF:
Paid-in capital		$	6,911,529,871			$	791,137,429
Undistributed (distributions in excess of) net investment income			(11,286	)			297
Accumulated net realized gain (loss) on investments			(47,718	)			(7,293	)
TOTAL NET ASSETS		$	6,911,470,867			$	791,130,433
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets		$	1,516,147,454			$	479,283,964
Shares outstanding (unlimited shares authorized)			1,516,405,239				479,324,830
Net Asset Value per share		$	1.00			$	1.00
Institutional Class
Net Assets		$	359,523,763			$	—
Shares outstanding (unlimited shares authorized)			359,594,521				—
Net Asset Value per share		$	1.00			$	—
Select Class
Net Assets		$	3,671,693,529			$	311,815,264
Shares outstanding (unlimited shares authorized)			3,672,182,568				311,836,276
Net Asset Value per share		$	1.00			$	1.00
Service Class
Net Assets		$	1,364,106,121			$	31,205
Shares outstanding (unlimited shares authorized)			1,364,079,938				31,205
Net Asset Value per share		$	1.00			$	1.00
See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

STATEMENTS OF OPERATIONS    10

Year Ended April 30, 2017	Wilmington U.S. Government Money Market Fund				Wilmington   U.S. Treasury   Money Market Fund
INVESTMENT INCOME:
Dividends		$	245,600			$	29,126
Interest			28,730,596				3,584,902
TOTAL INVESTMENT INCOME			28,976,196				3,614,028
EXPENSES:
Investment advisory fee			18,105,599				2,642,399
Administrative personnel and services fees			1,969,664				269,230
Portfolio accounting and administration fees			1,709,297				250,526
Transfer and dividend disbursing agent fees and expenses			112,384				4,145
Custodian fees			150,228				23,470
Trustees’ fees			49,907				52,280
Professional fees			96,003				81,799
Distribution services fee—Administrative Class			4,187,978				1,366,591
Distribution services fee—Service Class			2,990,682				77
Shareholder services fee— Administrative Class			4,187,978				1,366,591
Shareholder services fee— Select Class			7,323,071				732,025
Shareholder services fee— Service Class			2,990,682				77
Share registration costs			53,267				30,975
Printing and postage			188,072				9,417
Miscellaneous			321,102				84,790
TOTAL EXPENSES			44,435,914				6,914,392
Waiver/reimbursement by investment advisor			(5,357,857	)			(1,165,663	)
Waiver of distribution services fee—Administrative Class			(2,942,450	)			(994,637	)
Waiver of distribution services fee—Service Class			(2,020,553	)			(59	)
Waiver of shareholder services fee—Administrative Class			(3,219,789	)			(1,073,565	)
Waiver of shareholder services fee—Select Class			(5,856,256	)			(615,411	)
Waiver of shareholder services fee—Service Class			(1,887,611	)			(49	)
TOTAL WAIVERS AND REIMBURSEMENTS			(21,284,516	)			(3,849,384	)
Net expenses			23,151,398				3,065,008
Net investment income			5,824,798				549,020
REALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			(40,404	)			27,664
Net realized gain (loss) on investments			(40,404	)			27,664
Change in net assets resulting from operations		$	5,784,394			$	576,684
See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

11    STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington U.S. Government Money Market Fund								Wilmington U.S. Treasury Money Market Fund
	Year Ended April 30, 2017				Year Ended April 30, 2016				Year Ended April 30, 2017				Year Ended April 30, 2016
OPERATIONS:
Net investment income		$	5,824,798			$	687,113			$	549,020			$	91,258
Net realized gain (loss) on investments			(40,404	)			17,283				27,664				126
Change in net assets resulting from operations			5,784,394				704,396				576,684				91,384
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Administrative Class			(632,310	)			(381,356	)			(180,326	)			(64,773	)
Institutional Class			(665,254	)			(4,895	)			—				—
Select Class			(4,414,350	)			(218,174	)			(367,894	)			(27,263	)
Service Class			(124,817	)			(83,677	)			(4	)			(1	)
Change in net assets resulting from distributions to shareholders			(5,836,731	)			(688,102	)			(548,224	)			(92,037	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class			4,359,929,007				4,556,771,179				1,456,907,456				1,228,266,198
Institutional Class			1,867,489,404				181,731,782				—				—
Select Class			4,840,610,360				2,508,685,382				1,558,933,919				782,092,004
Service Class			2,051,789,717				1,571,057,766				113,092				8,000
Proceeds from shares issued in connection with Reorganizations (Note 6)
Administrative Class			384,941,821				—				—				—
Institutional Class			320,775,976				—				—				—
Select Class			2,724,737,598				—				—				—
Service Class			792,316,095				—				—				—
Distributions reinvested
Administrative Class			68				2,406				727				285
Institutional Class			28,389				872				—				—
Select Class			288,879				4,615				120,785				5,252
Service Class			33,998				10,115				4				1
Cost of shares redeemed
Administrative Class			(4,848,392,448	)			(4,493,385,278	)			(1,623,991,505	)			(1,213,389,026	)
Institutional Class			(1,841,596,374	)			(194,972,218	)			—				—
Select Class			(4,870,212,072	)			(2,537,908,763	)			(1,489,846,115	)			(804,455,029	)
Service Class			(2,274,974,200	)			(2,128,399,325	)			(108,094	)			—
Change in net assets resulting from share transactions			3,507,766,218				(536,401,467	)			(97,869,731	)			(7,472,315	)
Change in net assets			3,507,713,881				(536,385,173	)			(97,841,271	)			(7,472,968	)
NET ASSETS:
Beginning of year			3,403,756,986				3,940,142,159				888,971,704				896,444,672
End of year		$	6,911,470,867			$	3,403,756,986			$	791,130,433			$	888,971,704
Undistributed (distributions in excess of) net investment income included in net assets at end of year		$	(11,286	)		$	647			$	297			$	(330	)

April 30, 2017 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded)    12

	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2017			Year Ended April 30, 2016
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		4,359,929,009			4,556,771,179			1,456,907,456			1,228,266,198
Institutional Class		1,867,489,404			181,731,782			—			—
Select Class		4,840,610,359			2,508,685,382			1,558,933,919			782,092,004
Service Class		2,051,789,717			1,571,057,766			113,092			8,000
Shares issued in connection with Reorganizations (Note 6)
Administrative Class		384,995,266			—			—			—
Institutional Class		320,831,015			—			—			—
Select Class		2,725,077,645			—			—			—
Service Class		792,293,499			—			—			—
Distributions reinvested
Administrative Class		67			2,406			727			285
Institutional Class		28,389			872			—			—
Select Class		288,879			4,615			120,785			5,252
Service Class		33,998			10,115			4			1
Shares redeemed
Administrative Class		(4,848,392,448	)		(4,493,385,278	)		(1,623,991,505	)		(1,213,389,026	)
Institutional Class		(1,841,596,374	)		(194,972,218	)		—			—
Select Class		(4,870,212,072	)		(2,537,908,763	)		(1,489,846,115	)		(804,455,029	)
Service Class		(2,274,974,200	)		(2,128,399,325	)		(108,094	)		—
Net change in shares outstanding		3,508,192,153			(536,401,467	)		(97,869,731	)		(7,472,315	)
See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2017

13    FINANCIAL HIGHLIGHTS

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

    WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

ADMINISTRATIVE CLASS	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
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)		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		0.04	%		0.02	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$1,516,147			$1,619,679			$1,556,286			$1,673,462			$1,885,193
Ratios to Average Net Assets
Gross Expense		0.89	%		0.97	%		0.97	%		0.97	%		0.96	%
Net Expenses(b)		0.42	%		0.18	%		0.07	%		0.08	%		0.15	%
Net Investment Income		0.04	%		0.02	%		0.01	%		0.01	%		0.01	%
INSTITUTIONAL CLASS	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.001			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)		0.000	(a)
Total Income (Loss) From Operations		0.001			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.001	)		(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		0.17	%		0.02	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$359,524			$12,840			$26,079			$83,595			$25,683
Ratios to Average Net Assets
Gross Expense		0.34	%		0.47	%		0.47	%		0.47	%		0.46	%
Net Expenses(b)		0.27	%		0.13	%		0.07	%		0.08	%		0.15	%
Net Investment Income		0.21	%		0.01	%		0.01	%		0.01	%		0.01	%
SELECT CLASS	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.001			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)		0.000	(a)
Total Income (Loss) From Operations		0.001			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.001	)		(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		0.13	%		0.02	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$3,671,694			$976,287			$1,005,503			$889,158			$1,164,388
Ratios to Average Net Assets
Gross Expense		0.61	%		0.72	%		0.72	%		0.72	%		0.71	%
Net Expenses(b)		0.33	%		0.18	%		0.07	%		0.08	%		0.15	%
Net Investment Income		0.15	%		0.02	%		0.01	%		0.01	%		0.01	%

April 30, 2017 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS    14

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

SERVICE CLASS	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
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)		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		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$1,364,106			$794,950			$1,352,274			$1,371,495			$1,131,306
Ratios to Average Net Assets
Gross Expense		0.88	%		0.97	%		0.97	%		0.97	%		0.96	%
Net Expenses(b)		0.46	%		0.18	%		0.07	%		0.08	%		0.14	%
Net Investment Income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%

(a) Represents less than $0.001.

(b) 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, 2017

15    FINANCIAL HIGHLIGHTS (concluded)

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

     WILMINGTON U.S. TREASURY MONEY MARKET FUND

ADMINISTRATIVE CLASS	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
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)		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		0.03	%		0.01	%		0.00	%(b)		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$479,284			$646,349			$631,472			$782,360			$827,103
Ratios to Average Net Assets
Gross Expense		0.91	%		0.99	%		0.98	%		0.97	%		0.97	%
Net Expenses(c)		0.39	%		0.15	%		0.06	%		0.06	%		0.14	%
Net Investment Income		0.03	%		0.01	%		0.00	%(b)		0.01	%		0.01	%
SELECT CLASS	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.001			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)		0.000	(a)
Total Income (Loss) From Operations		0.001			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.001	)		(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		0.12	%		0.01	%		0.00	%(b)		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$311,815			$242,597			$264,955			$314,375			$386,574
Ratios to Average Net Assets
Gross Expense		0.66	%		0.74	%		0.74	%		0.72	%		0.73	%
Net Expenses(c)		0.31	%		0.15	%		0.06	%		0.06	%		0.14	%
Net Investment Income		0.13	%		0.01	%		0.00	%(b)		0.01	%		0.01	%
SERVICE CLASS	Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
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)		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		0.01	%		0.01	%		0.00	%(b)		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$31			$26			$18			$6			$10,034
Ratios to Average Net Assets
Gross Expense		0.90	%		0.97	%		0.99	%		0.97	%		0.97	%
Net Expenses(c)		0.42	%		0.17	%		0.06	%		0.06	%		0.14	%
Net Investment Income		0.01	%		0.01	%		0.00	%(b)		0.01	%		0.01	%

(a) Represents less than $0.001.

(b) Represents less than 0.01%.

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

See Notes which are an integral part of the Financial Statements

April 30, 2017 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    16

Wilmington Funds

April 30, 2017

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 12 portfolios, 2 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 10 funds are presented in separate reports.

Fund	Investment Goal
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.

(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 Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 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 New York Stock Exchange (“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, when it represents the best estimate of fair value 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 and techniques used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs and techniques 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 techniques 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, 2017, 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, 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.

ANNUAL REPORT / April 30, 2017

17    NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

At April 30, 2017, 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 (1)		Cash Collateral Received(1)		Net  Amount(2)
U.S. Government Money Market Fund
Credit Suisse First Boston LLC	$	95,000,000	$	95,000,000	$	—	$	—
Deutsche Bank Securities, Inc.		53,000,000		53,000,000		—		—
Mizuho Securities USA, Inc.		250,000,000		250,000,000		—		—
RBC Capital Markets LLC		150,000,000		150,000,000		—		—
RBC Capital Markets LLC		75,000,000		75,000,000		—		—
TD Securities, Inc.		192,000,000		192,000,000		—		—
TD Securities, Inc.		275,000,000		275,000,000		—		—
	$	1,090,000,000	$	1,090,000,000	$	—	$	—
U.S. Treasury Money Market Fund
Deutsche Bank Securities, Inc.		37,000,000		37,000,000		—		—
RBC Capital Markets LLC		120,000,000		120,000,000		—		—
	$	157,000,000	$	157,000,000	$	—	$	—

⁽¹⁾  The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

⁽²⁾  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. 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, 2017, the Funds did not incur any interest or penalties.

April 30, 2017 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    18

3.    FEDERAL TAX INFORMATION

As of April 30, 2017, 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 2016, 2015 and 2014, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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. 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.

For the year ended April 30, 2017, 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)
U.S. Government Money Market Fund		$	35		$	—		$	(35)
U.S. Treasury Money Market Fund			—			(169)			169

The tax character of distributions for the corresponding fiscal year ends were as follows:

	2017						2016
Fund	Ordinary Income*			Long-Term Capital Gains			Ordinary Income*			Long-Term Capital Gains
U.S. Government Money Market Fund		$	5,836,731		$	—		$	688,102		$	—
U.S. Treasury Money Market Fund			548,224			—			92,037			—

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

As of April 30, 2017, 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			Late Year Loss Deferrals
U.S. Government Money Market Fund		$	1,293,413		$	—		$	(1,304,699)		$	—		$	(47,718)		$	—
U.S. Treasury Money Market Fund			120,587			—			(120,290)			—			(7,293)			—

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, 2017, none of the Funds have any losses deferred to May 1, 2017.

At April 30, 2017, 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.

Fund	Short-Term No Expiration			Long-Term No Expiration			Total Capital   Loss   Carryforwards
U.S. Government Money Market Fund		$	47,718		$	—		$	47,718
U.S. Treasury Money Market Fund			7,293			—			7,293

The Funds utilized capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2017:

Fund	Capital Loss     Carryforwards     Utilized
U.S. Treasury Money Market Fund	$27,833

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.

Effective October 1, 2016, 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 its services.

ANNUAL REPORT / April 30, 2017

19    NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Advisory Fee     Annual Rate
U.S. Government Money Market Fund	0.25%
U.S. Treasury Money Market Fund	0.25%

Prior to October 1, 2016, 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
U.S. Government Money Market Fund	0.40%
U.S. Treasury Money Market Fund	0.40%

During the fiscal year ended April 30, 2017, Wilmington Funds Management Corporation has 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.

Effective October 1, 2016, WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through September 30, 2017, so that total annual fund operating expenses paid by the Funds (not including the effects of 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 Fund’s distributor, will recoup previously waived fees/expenses in subsequent years.

	Contractual Current Expense Limitatons
Fund	Administrative Class	Institutional Class	Select Class	Service Class
U.S. Government Money
Market Fund	0.62%	0.27%	0.37%	0.77%
U.S. Treasury Money
Market Fund	0.60%	N/A	0.35%	0.75%

Administrative Fees – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. The fees as described in the table below are a component of “Portfolio accounting and administration fees” as disclosed in the Statements of Operations. WFMC, in its role as Co-Administrator, provides the the Funds with certain administrative personnel and services necessary to operate the Funds. The fees as described in the table below are accrued and paid daily and are disclosed on the Statement of Operations as “Administrative personnel and services fees.”

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 and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC, nor BNYM, will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2017, neither WFMC nor BNYM waived any administrative personnel and services fees.

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.

April 30, 2017 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    20

For the year ended April 30, 2017, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Distribution Fees
U.S. Government Money Market Fund		$2,168,780
U.S. Treasury Money Market Fund		363,770

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.

For the year ended April 30, 2017, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder Services Fee
U.S. Government Money Market Fund	$3,405,565
U.S. Treasury Money Market Fund	380,310

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

Effective April 6, 2017, the Trust is participating in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is 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 includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of the current LOC is April 5, 2018.

The Funds did not utilize the LOC during the year ended April 30, 2017.

6.    REORGANIZATION

REORGANIZATION - FISCAL YEAR 2017

On March 15, 2016, the Board approved an Agreement and Plans of Reorganization (the “Reorganizations”) which provided for the transfer of all the assets of the Tax-Exempt Money Market Fund and the Prime Money Market Fund, each a series of the Trust (the “Acquired Funds”), for shares of the U.S. Government Money Market Fund (the “Acquiring Fund”), respectively. The shareholders approved the Tax-Exempt Money Market Fund Reorganization at a meeting held on August 10, 2016 and the Reorganization closed on August 22, 2016. The shareholders of the Prime Money Market Fund, under applicable law, were not required to vote on the Reorganization. Therefore, the Reorganization closed on August 15, 2016. The acquisitions were accomplished through tax-free exchanges of assets and shares. For financial reporting purposes, the Acquiring Fund, the U.S. Government Money Market Fund, is deemed to be the accounting survivor.

	Value of Shares		Acquired Fund Shares Prior to Reorganization		Shares Issued by Acquiring Fund		Net Assets on Date of Reorganization
Acquiring Fund
Wilmington U.S. Government Money Market Fund							$	3,080,145,214
Acquired Funds
Wilmington Tax-Exempt Money Market Fund								499,487,643
Administrative Class shares in exchange for Administrative Class shares	$	52,603,411		52,606,533		52,606,533

ANNUAL REPORT / April 30, 2017

21    NOTES TO FINANCIAL STATEMENTS (continued)

	Value of  Shares		Acquired Fund   Shares Prior to   Reorganization		Shares  Issued   by Acquiring   Fund		Net Assets on Date of Reorganization
Select Class shares in exchange for Select Class shares		385,623,982		385,673,201		385,673,201
Service Class shares in exchange for Service Class shares		61,260,250		61,258,312		61,258,312
Wilmington Prime Money Market Fund								3,723,283,847
Administrative Class shares in exchange for Administrative Class shares		332,338,410		332,388,733		332,388,733
Institutional Class shares in exchange for Institutional Class shares		320,775,976		320,831,015		320,831,015
Select Class shares in exchange for Select Class shares		2,339,113,616		2,339,404,444		2,339,404,444
Service Class shares in exchange for Service Class shares		731,055,845		731,035,187		731,035,187
							$	7,302,916,704

The financial statements of the Acquiring Fund reflect the operations of the Acquiring Fund 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 had 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 had been included in the combined Fund’s Statement of Operations since the Reorganizations were completed. Assuming the Reorganizations had been completed on May 1, 2016, the pro forma net investment income, net realized gain on investments and net increase in net assets from operations for the twelve months through April, 2017 would have been $8,337,470, ($15,054) and $8,322,416.

7.    RECENT REGULATORY UPDATES

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

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.

April 30, 2017 / ANNUAL REPORT

    22

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 U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund (two of the series constituting the Wilmington Funds) (the “Funds”) as of April 30, 2017, 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 five years in the period then ended. 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 the 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, 2017, 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 U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund (two of the series constituting the Wilmington Funds) at April 30, 2017, 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 five years in the period then ended in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

June 29, 2017

ANNUAL REPORT / April 30, 2017

23    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 12 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 Year   Position With Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley*   Birth year: 1951   TRUSTEE   Began serving: December 2015	Principal Occupations: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company. Other Directorships Held: Director, AXA Equitable (variable annuity) (2013-Present); Director, 1290 Mutual Funds (retail funds) (2013-Present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005-Present); Director, M&T Bank Corporation (commercial bank) (2011-2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007-2011); Chairman, Director and President’s Council, Union College (private college) (2011-2015). Previous Positions: Director of M&T Bank Corporation and M&T Bank (2011 to 2012). Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010-2011); Senior Vice President and Treasurer at ITT Corporation (1996-2010); Assistant Treasurer at International Paper (1989-1996).
Christopher D. Randall*   Birth year: 1965   TRUSTEE   Began serving: September 2015   PRESIDENT   Began serving: September 2014	Principal Occupations: Chief Operations Officer and a Senior Vice President of Wilmington Trust’s Wealth and Institutional Services Division (WISD) (2015 to present); Senior Vice President of M&T Bank. Other Directorships Held: Trustee, Hilbert College (2015 to present). Previous Positions: President and Chief Executive Officer of Wilmington Trust Investment Advisors, Inc. and President of Wilmington Trust Investment Management, LLC (2014-2015); Senior Vice President, Head of Asset Management and Retirement Services (2012 to 2015); President, Mid-Atlantic Division, Wilmington Trust, N.A. (2011 to 2012); President, M&T Securities, Inc. (2009 to 2011).

* Christopher D. Randall is “interested” due to the positions he currently holds with the Funds, Wilmington Trust’s Wealth and Institutional Services Division, M&T Bank, the parent of the Fund’s Advisor, and previous positions held with WTIA and WFMC. Donald E. Foley is “interested” due to the positions he previously held with Wilmington Trust Corporation, M&T Bank Corporation and M&T Bank, the parent of the Fund’s Advisor.

April 30, 2017 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS     24

INDEPENDENT TRUSTEES BACKGROUND
Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano   Birth year: 1943   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 (body-worn products) Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Robert H. Arnold   Birth year: 1944   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) (5/03 to present); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).
Joseph J. Castiglia   Birth year: 1934   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 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); HCR Corporation (home care) (3/14 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 New York (5/92 to 5/07); Lead Director and Director, Energy East Corporation (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 year: 1942   TRUSTEE   Began serving: December 2000	Principal Occupations: Retired. Other Directorships Held: Chairman and Director, CI Supply Corp. (medical supplies and equipment) (1/14 to 1/15); Director, Check Med Corp. (medical supplies and equipment) (6/08 to 1/14); Director, Highmark Blue Shield (health insurance) (2/01 to 6/10). Previous Positions: Consultant, Yaffe & Co. (compensation consultants) (6/02 to 6/12); President and Chief Executive Officer, Pinnacle Health Systems (nonprofit hospital and health care system in Central Pennsylvania).
Daniel R. Gernatt, Jr.   Birth year: 1940   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 year: 1941   TRUSTEE   Began serving: September 2003	Principal Occupations: President, R.B. Seidel & Associates (legal and consulting) (1/14 to present); President, Girard Private (investment) (1/14 to present); Chairman, Girard Capital (broker-dealer) (1/10 to 2016); Chairman, Girard Partners, Ltd. (1/10 to 2016). Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).

ANNUAL REPORT / April 30, 2017 (unaudited)

25    BOARD OF TRUSTEES AND TRUST OFFICERS

OFFICERS

Name    Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
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   CHIEF OPERATIONS OFFICER   Began serving: June 2017	Principal Occupations: Chief Operations Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc.; 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 to 2010).
John J. Kelley   Birth year: 1959   VICE PRESIDENT   Began serving: December 2016	Principal Occupations: President, Wilmington Funds Management Corporation Group; Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors,Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing), (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).
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 to 2003).
Christopher W. Roleke   10 High Street, Suite 302   Boston, MA 02110   Birth year: 1972   CHIEF FINANCIAL OFFICER   AND TREASURER   Began serving: July 2013	Principal Occupation: Managing Director and 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   Atlantic Terminal Office Tower, 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).

April 30, 2017 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS    26

Name    Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
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, 2017 (unaudited)

27    

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, 2017 / ANNUAL REPORT

    28

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, 2017

29    

• 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, 2017 / ANNUAL REPORT

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Item 2. Code of Ethics.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer

(b) There have been no amendments to the registrant’s code of ethics that apply to its Principal Executive Officer or Principal Financial Officer.

(c) There have been no amendments to the Funds’ code of ethics during the reporting period for this Form N-CSR.

(d) The registrant has not granted any waivers, including an implicit waiver, from any provisions of its code of ethics during the reporting period for this Form N-CSR.

(e) Not Applicable

(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-836-2211, 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 2017 - $415,763

Fiscal year ended 2016 - $444,940

(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 2017 - $0

Fiscal year ended 2016 - $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 2017 - $170,058

Fiscal year ended 2016 - $173,825

These tax services included review of federal and state income tax returns, federal excise returns, review of estimated excise distributions calculations and PFIC analyzer services.

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $170,058 and $173,825, 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 2017 - $0

Fiscal year ended 2016 - $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 2017 – 0%

Fiscal year ended 2016 – 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 2017 – 0%

Fiscal year ended 2016 – 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(d)

Fiscal year ended 2017 – 0%

Fiscal year ended 2016 – 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 2017 – $170,058

Fiscal year ended 2016 – $173,825

(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     7/07/2017

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     7/07/2017

By (Signature and Title)*	/s/ Christopher W. Roleke
	Christopher W. Roleke     (Principal Financial Officer)

Date     7/07/2017

^* Print the name and title of each signing officer under his or her signature.