N-Q 1 b51336wt_nq.txt WILMINGTON TRUST NQ FILING 3-09 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-08648 --------- WT Mutual Fund -------------------------------------------------- (Exact name of registrant as specified in charter) 1100 N. Market Street Wilmington, DE 19890 -------------------------------------------------- (Address of principal executive offices) (Zip code) John J. Kelley 1100 N. Market Street Wilmington, DE 19890 -------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 800-254-3948 ------------ Date of fiscal year end: June 30 ------- Date of reporting period: March 31, 2009 -------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. WILMINGTON FUNDS -- MONEY MARKET FUNDS -------------------------------------- Prime Money Market Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- -------------- CERTIFICATES OF DEPOSIT -- 14.4% FOREIGN BANKS, U.S BRANCHES -- 9.1% BNP Paribas Finance, 1.00%, 05/11/09* P-1, A-1+ $50,000,000 $ 50,000,000 Lloyds TSB Bank, PLC, NY, 1.15%, 07/01/09 A-1, P-1 50,000,000 50,000,000 Rabobank Nederland, NY, 0.76%, 05/06/09 P-1, A-1+ 75,000,000 75,000,000 Royal Bank of Scotland, PLC, NY, 1.40%, 06/25/09 P-1, A-1+ 75,000,000 75,000,000 Societe General, NY, 0.85%, 04/22/09 P-1, A-1+ 50,000,000 50,000,000 -------------- 300,000,000 -------------- U.S. BANKS, U.S. BRANCHES -- 5.3% Bank of America Corp., 0.50%, 05/20/09 P-1, A-1 50,000,000 50,000,000 State Street Bank & Trust, 1.05%, 06/12/09 P-1, A-1+ 50,000,000 50,000,000 Wells Fargo Co., 0.25%, 04/17/09 P-1, A-1+ 75,000,000 75,000,000 -------------- 175,000,000 -------------- TOTAL CERTIFICATES OF DEPOSIT (COST $475,000,000) 475,000,000 -------------- CORPORATE COMMERCIAL PAPER -- 22.4% ELECTRIC, GAS, WATER, & UTILITIES -- 3.0% Northern Illinois Gas Co., 0.20%, 04/01/09* P-1, A-1+ 100,000,000 100,000,000 -------------- FINANCE & INSURANCE -- 10.8% American Honda Finance Corp., 0.60%, 04/06/09* P-1, A-1 30,000,000 29,997,500 BNP Paribas Finance, 0.19%, 04/01/09* P-1, A-1+ 50,000,000 50,000,000 CME Group, Inc., 0.35%, 04/14/09* P-1, A-1+ 50,000,000 49,993,680 General Electric Capital Co., 0.35%, 05/26/09* P-1, A-1+ 75,000,000 74,959,896 Lloyds TSB Bank, PLC, NY, 0.34%, 04/01/09* P-1, A-1 50,000,000 50,000,000 Rabobank USA Financial Corp., 0.15%, 04/08/09* P-1, A-1+ 25,000,000 24,999,271 Toyota Motor Credit Corp., 0.60%, 06/08/09* P-1, A-1+ 75,000,000 74,915,000 -------------- 354,865,347 -------------- FOOD & BEVERAGE -- 3.0% Nestle Capital Corp., 0.15%, 04/01/09* P-1, A-1 100,000,000 100,000,000 -------------- INFORMATION TECHNOLOGY -- 0.6% Hewlett-Packard Co., 0.40%, 04/02/09* P-1, A-1 20,900,000 20,899,768 -------------- MACHINERY & EQUIPMENT -- 1.2% Parker-Hanifin, 0.50%, 04/01/09* P-1, A-1 19,600,000 19,600,000 Parker-Hanifin, 0.45%, 04/16/09* P-1, A-1 20,000,000 19,996,250 -------------- 39,596,250 -------------- OIL & GAS -- 3.8% Chevron Corp., 0.52%, 05/18/09* P-1, A-1+ 50,000,000 49,966,056 ConocoPhilips, 0.23%, 04/06/09* P-1, A-1 75,000,000 74,997,604 -------------- 124,963,660 -------------- TOTAL COMMERCIAL PAPER (COST $740,325,025) 740,325,025 -------------- MUNICIPAL COMMERCIAL PAPER -- 6.4% Alaska Housing Finance Corp., 1.30%, 06/11/09* P-1, A-1+ 24,139,000 24,077,110 Michigan State University Series 08B, 1.75%, 05/27/09 P-1, A-1+ 17,200,000 17,200,000 Michigan State University Series 08B, 1.75%, 06/04/09 P-1, A-1+ 21,300,000 21,300,000 New York City Muni Water, 2.10%, 04/09/09** P-1, A-1+ 89,900,000 89,900,000 Vanderbilt University, 2.25%, 04/07/09* P-1, A-1+ 13,000,000 12,995,125 Yale University, 0.75%, 06/19/09* P-1, A-1+ 45,200,000 45,125,609 -------------- TOTAL MUNICIPAL COMMERCIAL PAPER (COST $210,597,844) 210,597,844 -------------- MUNICIPAL BONDS -- 2.8% Massachusetts St. Health & Educational Fac. Auth. Rev. LOC TD Bank NA, 2.00%, 04/07/09** AAA, AAA 12,000,000 12,000,000
1 WILMINGTON FUNDS -- MONEY MARKET FUNDS -------------------------------------- Prime Money Market Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- -------------- Wisconsin Housing & Economic Dev. Auth. Home Ownership Rev., 1.05%, 04/07/09** NR, A-1+ $ 80,635,000 $ 80,635,000 -------------- TOTAL MUNICIPAL BONDS (COST $92,635,000) 92,635,000 -------------- U.S. AGENCY OBLIGATIONS*** -- 27.5% FEDERAL HOME LOAN BANKS DISCOUNT NOTES -- 5.3% Federal Home Loan Bank Discount Notes, 3.15%, 04/13/09 50,000,000 49,948,334 Federal Home Loan Bank Discount Notes, 0.67%, 09/01/09 50,000,000 49,857,625 Federal Home Loan Bank Discount Notes, 0.83%, 11/18/09 50,000,000 49,733,708 Federal Home Loan Bank Discount Notes, 0.80%, 12/09/09 25,000,000 24,860,000 -------------- 174,399,667 -------------- FEDERAL HOME LOAN BANKS NOTES -- 8.8% Federal Home Loan Banks Notes, 0.45%, 04/01/09** 50,000,000 50,000,000 Federal Home Loan Banks Notes, 0.53%, 04/01/09** 50,000,000 50,000,000 Federal Home Loan Banks Notes, 0.53%, 04/01/09** 50,000,000 50,000,000 Federal Home Loan Banks Notes, 0.64%, 04/01/09** 40,000,000 40,000,000 Federal Home Loan Banks Notes, 1.26%, 04/07/09 50,000,000 50,008,613 Federal Home Loan Banks Notes, 1.10%, 02/26/10 50,000,000 49,961,822 -------------- 289,970,435 -------------- FEDERAL HOME LOAN MORTGAGE CORPORATION DISCOUNT NOTES -- 4.4% Federal Home Loan Mortgage Corporation Discount Notes, 1.16%, 05/11/09 40,000,000 39,948,666 Federal Home Loan Mortgage Corporation Discount Notes, 1.82%, 05/18/09 25,000,000 24,941,250 Federal Home Loan Mortgage Corporation Discount Notes, 0.51%, 07/06/09 50,000,000 49,932,000 Federal Home Loan Mortgage Corporation Discount Notes, 0.70%, 09/21/09 30,084,000 29,982,801 -------------- 144,804,717 -------------- FEDERAL HOME LOAN MORTGAGE CORPORATION NOTES -- 1.6% Federal Home Loan Mortgage Corporation Notes, 0.68%, 09/15/09 50,000,000 51,353,060 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION DISCOUNT NOTES -- 4.8% Federal National Mortgage Association Discount Notes, 1.21%, 05/05/09 35,000,000 34,960,333 Federal National Mortgage Association Discount Notes, 1.21%, 05/11/09 25,000,000 24,966,667 Federal National Mortgage Association Discount Notes, 0.55%, 07/20/09 75,000,000 74,873,958 Federal National Mortgage Association Discount Notes, 0.70%, 09/21/09 25,000,000 24,914,702 -------------- 159,715,660 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION NOTES -- 2.6% Federal National Mortgage Association Notes, 0.69%, 08/15/09 50,000,000 50,876,325
2 WILMINGTON FUNDS -- MONEY MARKET FUNDS -------------------------------------- Prime Money Market Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- -------------- Federal National Mortgage Association Notes, 1.06%, 02/10/10 $35,807,000 $ 36,477,433 -------------- 87,353,758 -------------- TOTAL U.S. AGENCY OBLIGATIONS (COST $907,597,297) 907,597,297 -------------- REPURCHASE AGREEMENTS -- 2.0% With Bank of America Corp: at 0.22%, dated 03/31/09, to be repurchased on 04/01/09, repurchasing price $67,798,414 (collateralized by Federal National Mortgage Association Notes, par value $78,009,700, 5.50%, 05/01/37; a total market value of $69,831,940. 67,798,000 67,798,000 -------------- TOTAL REPURCHASE AGREEMENTS (COST $67,798,000) 67,798,000 -------------- SHARES ----------- MONEY MARKET MUTUAL FUNDS -- 24.5% AIM STIT - Liquid Assets Portfolio 200,282,296 200,282,296 BlackRock Liquidity Funds TempFund Portfolio - Institutional Series 307,238,169 307,238,169 Federated Prime Government Obligations Fund - Institutional Series 300,963,141 300,963,141 -------------- TOTAL MONEY MARKET MUTUAL FUNDS (COST $808,483,606) 808,483,606 -------------- TOTAL INVESTMENTS -- 100.0% (Cost $3,302,436,772)+ $3,302,436,772 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0% 315,618 -------------- NET ASSETS -- 100.0% $3,302,752,390 ==============
(1) The ratings shown are unaudited. * Discounted commercial paper. The interest rate shown is the yield as of the time of purchase. ** Denotes a Variable or Floating Rate Note. Variable or Floating Rate Notes are instruments whose rates change periodically. The rates shown are the interest rates as of March 31, 2009. The dates shown are the next dates the interest rates on the instruments are scheduled to be reset. *** The interest rate shown is the effective yield. + Cost for federal income tax purposes. LOC - Letter of Credit PLC - Public Limited Company 3 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- Level 1 - Quoted Prices $ 808,483,606 $ -- ----------------------------------------------------------------------------------------------- Level 2 - Other Significant Observable Inputs 2,493,953,166 -- ----------------------------------------------------------------------------------------------- Level 3 - Significant Unobservable Inputs -- -- ----------------------------------------------------------------------------------------------- Total $3,302,436,772 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- MONEY MARKET FUNDS -------------------------------------- U.S. Government Money Market Fund --------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ------------ -------------- CERTIFICATES OF DEPOSIT -- 1.7% Bank of America Corp., 0.50%, 05/20/09 $ 50,000,000 $ 50,000,000 -------------- 50,000,000 -------------- U.S. AGENCY OBLIGATIONS(1) -- 54.1% FEDERAL FARM CREDIT BANKS -- 2.5% Federal Farm Credit Banks, 2.41%, 04/01/09* 75,000,000 75,000,000 -------------- 75,000,000 -------------- FEDERAL HOME LOAN BANKS DISCOUNT NOTES -- 16.4% Federal Home Loan Bank Discount Notes, 3.15%, 04/13/09 50,000,000 49,948,333 Federal Home Loan Bank Discount Notes, 2.53%, 04/14/09 25,000,000 24,977,431 Federal Home Loan Bank Discount Notes, 2.84%, 04/15/09 50,000,000 49,945,556 Federal Home Loan Bank Discount Notes, 0.31%, 04/21/09 50,000,000 49,991,389 Federal Home Loan Bank Discount Notes, 0.41%, 05/04/09 28,222,000 28,211,393 Federal Home Loan Bank Discount Notes, 0.40%, 05/11/09 63,000,000 62,972,000 Federal Home Loan Bank Discount Notes, 0.42%, 05/14/09 25,000,000 24,987,458 Federal Home Loan Bank Discount Notes, 0.45%, 06/09/09 35,000,000 34,969,813 Federal Home Loan Bank Discount Notes, 0.37%, 06/24/09 50,000,000 49,956,833 Federal Home Loan Bank Discount Notes, 0.50%, 06/29/09 25,000,000 24,969,097 Federal Home Loan Bank Discount Notes, 0.51%, 07/13/09 38,500,000 38,444,373 Federal Home Loan Bank Discount Notes, 0.83%, 11/18/09 25,000,000 24,866,854 Federal Home Loan Bank Discount Notes, 0.80%, 12/09/09 25,000,000 24,860,000 -------------- 489,100,530 -------------- FEDERAL HOME LOAN BANKS NOTES -- 13.0% Federal Home Loan Banks Notes, 0.48%, 04/01/09* 30,000,000 30,000,000 Federal Home Loan Banks Notes, 2.33%, 04/01/09* 25,000,000 25,000,000 Federal Home Loan Banks Notes, 2.35%, 04/01/09* 25,000,000 25,000,000 Federal Home Loan Banks Notes, 2.66%, 04/01/09* 50,000,000 50,000,000 Federal Home Loan Banks Notes, 0.86%, 04/03/09 75,000,000 75,009,800 Federal Home Loan Banks Notes, 1.26%, 04/07/09 50,000,000 50,008,613 Federal Home Loan Banks Notes, 0.29%, 04/21/09 50,000,000 49,973,525 Federal Home Loan Banks Notes, 0.42%, 04/21/09 25,000,000 25,000,000 Federal Home Loan Banks Notes, 0.71%, 09/18/09 34,200,000 34,878,968 Federal Home Loan Banks Notes, 1.10%, 02/26/10 25,000,000 24,980,911 -------------- 389,851,817 -------------- FEDERAL HOME LOAN MORTGAGE CORPORATION DISCOUNT NOTES -- 9.2% Federal Home Loan Mortgage Corporation Discount Notes, 0.36%, 04/27/09 20,750,000 20,744,605 Federal Home Loan Mortgage Corporation Discount Notes, 0.35%, 05/01/09 25,000,000 24,992,708 Federal Home Loan Mortgage Corporation Discount Notes, 1.16%, 05/11/09 35,000,000 34,955,083 Federal Home Loan Mortgage Corporation Discount Notes, 1.80%, 05/18/09 25,000,000 24,941,250 Federal Home Loan Mortgage Corporation Discount Notes, 0.44%, 06/01/09 38,780,000 38,751,088 Federal Home Loan Mortgage Corporation Discount Notes, 0.48%, 06/15/09 21,000,000 20,979,000 Federal Home Loan Mortgage Corporation Discount Notes, 0.47%, 06/22/09 25,000,000 24,973,236 Federal Home Loan Mortgage Corporation Discount Notes, 0.48%, 06/24/09 35,000,000 34,960,800 Federal Home Loan Mortgage Corporation Discount Notes, 0.51%, 07/06/09 50,000,000 49,932,000 -------------- 275,229,770 -------------- FEDERAL HOME LOAN MORTGAGE CORPORATION NOTES -- 3.9% Federal Home Loan Mortgage Corporation Notes, 0.56%, 04/01/09* 65,000,000 65,000,000 Federal Home Loan Mortgage Corporation Notes, 2.15%, 04/09/09 25,000,000 25,000,000 Federal Home Loan Mortgage Corporation Notes, 0.50%, 06/11/09 25,000,000 25,219,542 -------------- 115,219,542 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION DISCOUNT NOTES -- 4.3% Federal National Mortgage Association Discount Notes, 1.21%, 05/05/09 35,000,000 34,960,333 Federal National Mortgage Association Discount Notes, 1.21%, 05/11/09 25,000,000 24,966,667 Federal National Mortgage Association Discount Notes, 0.53%, 07/15/09 20,000,000 19,969,083 Federal National Mortgage Association Discount Notes, 0.55%, 07/20/09 25,000,000 24,957,986
1 WILMINGTON FUNDS -- MONEY MARKET FUNDS -------------------------------------- U.S. Government Money Market Fund --------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ------------ -------------- Federal National Mortgage Association Discount Notes, 0.71%, 09/21/09 $ 25,000,000 $ 24,914,702 -------------- 129,768,771 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION NOTES -- 4.8% Federal National Mortgage Association Notes, 0.40%, 04/15/09 50,000,000 50,086,833 Federal National Mortgage Association Notes, 0.69%, 08/15/09 25,000,000 25,438,163 Federal National Mortgage Association Notes, 0.50%, 09/15/09 40,166,000 41,268,539 Federal National Mortgage Association Notes, 1.06%, 02/10/10 26,000,000 26,487,294 -------------- 143,280,829 -------------- TOTAL U.S. AGENCY OBLIGATIONS (COST $1,617,451,259) 1,617,451,259 -------------- REPURCHASE AGREEMENTS -- 19.7% With Bank of America Corp: at 0.22%, dated 03/31/09, to be repurchased on 04/01/09, repurchase price $405,231,476 (collateralized by Federal National Mortgage Association Notes, in par value $604,517,143, 5.00%, 07/01/35, with a total market value $417,385,871) 405,229,000 405,229,000 With Credit Suisse First Boston: at 0.15%, dated 03/31/09, to be repurchased on 04/01/09, repurchased price $100,000,417 (collateralized by Government National Mortgage Association Notes, par value $100,000,000, 2.00%, 09/30/10 with a market value $102,003,537) 100,000,000 100,000,000 With Goldman Sachs Group, Inc: at 0.10%, dated 03/31/09, to be repurchased on 04/01/09, repurchase price $85,000,236 (collateralized by various Federal National Mortgage Association Notes, ranging in par value $222,103-$13,390,042, coupon rates 5.00%-7.00%, 03/01/30-10/01/38, and Federal Home Loan Mortgage Corporation Notes, ranging in par value $227,720-$21,268,479, coupon rates 4.00%-8.50%, 09/01/30-02/01/38 with a total market value $87,550,000) 85,000,000 85,000,000 -------------- TOTAL REPURCHASE AGREEMENTS (COST $590,229,000) 590,229,000 -------------- SHARES ----------- MONEY MARKET MUTUAL FUNDS -- 24.4% AIM STIT-Government & Agency Portfolio 150,096,021 150,096,021 BlackRock Liquidity Funds FedFund Portfolio - Institutional Series 303,882,105 303,882,105 Federated Government Obligations Fund - Institutional Series 275,422,849 275,422,849 -------------- TOTAL MONEY MARKET MUTUAL FUNDS (COST $729,400,975) 729,400,975 -------------- TOTAL INVESTMENTS -- 99.9% (Cost $2,987,081,234)+ $2,987,081,234 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1% 3,557,552 -------------- NET ASSETS -- 100.0% $2,990,638,786 ==============
(1) The interest rate shown is the effective yield. * Denotes a Variable or Floating Rate Note. Variable or Floating Rate Notes are instruments whose rates change periodically. The rates shown are the interest rates as of March 31, 2009. The dates shown are the next dates the interest rates on the instruments are scheduled to be reset. + Cost for federal income tax purposes. 2 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- Level 1 - Quoted Prices $ 729,400,975 $ -- ----------------------------------------------------------------------------------------------- Level 2 - Other Significant Observable Inputs 2,257,680,259 -- ----------------------------------------------------------------------------------------------- Level 3 - Significant Unobservable Inputs -- -- ----------------------------------------------------------------------------------------------- Total $2,987,081,234 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- MONEY MARKET FUNDS -------------------------------------- Tax-Exempt Money Market Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- -------------- MUNICIPAL BONDS -- 86.8% ARIZONA -- 4.7% Salt River Proj. AZ, Agric. Impt. & Pwr. Dist. TECP, 0.55%, 04/06/09 P-1, A-1+ $ 3,000,000 $ 3,000,000 Salt River Proj. AZ, Agric. Impt. & Pwr. Dist. TECP, 0.55%, 04/06/09 P-1, A-1+ 8,000,000 8,000,000 Salt River Proj. AZ, Agric. Impt. & Pwr. Dist. TECP, 0.60%, 05/11/09 P-1, A-1+ 6,800,000 6,800,000 Salt River Proj. AZ, Agric. Impt. & Pwr. Dist. TECP, 0.75%, 05/11/09 P-1, A-1+ 5,594,000 5,594,000 -------------- 23,394,000 -------------- CONNECTICUT -- 3.2% Conneticut St. Health & Educ. Fac. Auth. TECP, 0.55%, 07/28/09 VMIG-1, A-1+ 15,900,000 15,900,000 -------------- DELAWARE -- 2.0% Delaware St. Eco. Dev. Auth. Rev. VRDB (St. Andrews School Proj.) Ser. 2003, 0.55%, 04/02/09* VMIG-1, A-1+ 10,100,000 10,100,000 -------------- FLORIDA -- 2.6% City of Jacksonvile, FL Power TECP, 0.70%, 05/01/09 P-1, A-1 5,600,000 5,600,000 Orange County, FL Ind. Dev. Auth. Rev. Bonds VRDB, LOC Bank of America, 0.55%, 04/02/09* NR, NR 2,920,000 2,920,000 Orange County, FL Housing Fin. Auth. Multi-Family Housing VDRB Ref. Rev. Bonds (Post Fountains at Lee Vista Proj)., FNMA Gtd., Ser. 1997E, 0.50%, 04/07/09* NR, A-1+ 4,235,000 4,235,000 -------------- 12,755,000 -------------- GEORGIA -- 7.8% Clayton County, GA Hosp. Auth. Rev. Ant. Cert. VRDB (Southern Regional Medical Center Proj.), LOC SunTrust Bank, Ser. 1998B, 0.58%, 04/07/09* AA1, NR 13,570,000 13,570,000 Cobb County, GA Dev. Auth. VRDB Ref. Bonds (Institute of Nuclear Power Operations Proj.), LOC SunTrust Bank, 0.58%, 04/01/09* AA2, NR 700,000 700,000 Fulton County, GA Dev. Auth. Rev. VRDB (Arthritis Foundation, Inc. Proj.), LOC Sun Trust Bank, Ser. 1996, 0.58%, 04/07/09* AA2, NR 700,000 700,000 Fulton County, GA Dev. Auth. Rev. VRDB (Trinity Schol, Inc. Proj.) Ser. 2000, 0.58%, 04/07/09* VMIG-1, NR 12,800,000 12,800,000 Met Atlanta Rapid Transit Auth. TECP, 2.00%, 04/06/09 P-1, A-1+ 11,000,000 11,000,000 -------------- 38,770,000 -------------- ILLINOIS -- 5.5% Illinois Dev. Fin. Auth. Rev. VRDB (Goodman Theatre Proj.), LOC Banc One N.A. / Northern Trust, Ser. 1999, 0.50%, 04/08/09* NR, A-1+ 13,400,000 13,400,000 Illinois Dev. Fin. Auth. Rev. VRDB (Radiological Society Proj.), LOC JPMorgan Chase, Ser. 1997, 0.50%, 04/07/09* NR, A-1+ 1,470,000 1,470,000 Illinois Educ. Fac. Auth. Rev. TECP, 0.60%, 06/01/09 P-1, A-1+ 6,184,000 6,184,000 Illinois Educ. Fac. Auth. Rev. VRDB (ACI / Cultural Pooled Financing Proj.), LOC Bank of America, Ser. 1998, 0.55%, 04/07/09* NR, A-1+ 6,325,000 6,325,000 -------------- 27,379,000 -------------- INDIANA -- 0.3% Marion, IN Economic VRDB (Wesleyan Univ.), LOC Bank of America, 0.55%, 04/02/09* VMIG-1, NR 1,450,000 1,450,000
1 WILMINGTON FUNDS -- MONEY MARKET FUNDS -------------------------------------- Tax-Exempt Money Market Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- -------------- KANSAS -- 1.0% Wamego, KS PCRB VRDB (Utilicorp United, Inc. Proj.), LOC Citibank NA, Ser. 1996, 0.50%, 04/07/09* P-1, A-1+ $ 5,000,000 $ 5,000,000 -------------- MARYLAND -- 8.9% Howard County, MD Pub. Improvements TECP, 0.60%, 05/14/09 P-1, A-1+ 3,000,000 3,000,000 Maryland Health & Higher Educ. Fac. Auth. (John Hopkins Univ. Proj.) TECP, 0.45%, 05/01/09 P-1, A-1+ 10,000,000 10,000,000 Maryland Health & Higher Educ. Fac. Auth. (John Hopkins Univ. Proj.) TECP, 0.45%, 05/08/09 P-1, A-1+ 4,400,000 4,400,000 Maryland Health & Higher Educ. Fac. Auth. Rev. VRDB (Johns Hopkins Univ. Proj.) Ser. A, 0.35%, 04/02/09* VMIG-1, A-1+ 9,000,000 9,000,000 Maryland Health & Higher Educ. Fac. Auth. Rev. VRDB (Univ. of Maryland Medical System Proj.) Ser. D, 0.50%, 04/01/09* VMIG-1, A-1+ 14,900,000 14,900,000 Maryland Health & Higher Educ. Fac. Auth. VRDB, 0.90%, 05/05/09* P-1, A-1+ 3,000,000 3,000,000 -------------- 44,300,000 -------------- MASSACHUSETTS -- 3.8% Commonwealth of MA Gen. Oblig. Ltd. VRDB (Central Artery/Ted Williams Tunnel Infra. Loan), Ser. B, 4.00%, 04/30/09* VMIG-1, SP-1+ 10,000,000 10,014,119 Commonwealth of MA Health & Educ. Fac. Auth. TECP, 0.68%, 06/22/09 P-1, A-1+ 9,000,000 9,000,000 -------------- 19,014,119 -------------- MICHIGAN -- 4.0% Michigan St. NTS Ser. A Gen. Oblig., 3.00%, 09/30/09 VMIG-1, SP-1+ 10,000,000 10,046,549 Michigan St. NTS Ser. B Gen. Oblig., 3.00%, 09/30/09 VMIG-1, SP-1+ 10,000,000 10,066,395 -------------- 20,112,944 -------------- NEVADA -- 3.0% Las Vegas Valley NV Water Dist. Ser. A TECP, 0.55%, 05/05/09 P-1, A-1+ 15,000,000 15,000,000 -------------- NEW YORK -- 1.6% New York, NY City Muni. Water Fin. Auth. TECP, 2.10%, 04/09/09 A-1+, P-1 8,000,000 8,000,000 -------------- OREGON -- 4.9% State of Oregon VRDB (Veterans Welfare Proj.), Ser. 86, 0.50%, 04/01/09* NR, A-1+ 6,310,000 6,310,000 State of Oregon VRDB (Veterans Welfare Proj.), Ser. 88-B, 0.50%, 04/01/09* VMIG-1, A-1+ 4,800,000 4,800,000 State of Oregon VRDB (Veterans Welfare Proj.), Ser. B, 1.00%, 04/01/09* VMIG-1, A-1+ 13,000,000 13,000,000 -------------- 24,110,000 -------------- PENNSYLVANIA -- 0.9% Beaver County, PA Ind. Dev. Auth. PCRB VRDB (Atlantic Richfield Co. Proj.), Ser. 1995, 0.50%, 04/07/09* VMIG-1, A-1+ 4,200,000 4,200,000 -------------- SOUTH CAROLINA -- 0.5% South Carolina St. Pub. Auth. TECP, 0.55%, 05/08/09 P-1, A-1+ 2,437,000 2,437,000 -------------- TENNESSEE -- 11.9% Clarksville, TN Pub. Bldg. Auth. Rev. VRDB (Tennessee Municipal Bond Fund Proj.) LOC Bank of America Ser. 1984, 0.55%, 04/08/09* NR, A-1+ 1,245,000 1,245,000
2 WILMINGTON FUNDS -- MONEY MARKET FUNDS -------------------------------------- Tax-Exempt Money Market Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- -------------- Clarksville, TN Pub. Bldg. Auth. Rev. VRDB (Tennessee Municipal Bond Fund Proj.), LOC Bank of America, Ser. 1995, 0.55%, 04/07/09* NR, A-1+ $ 500,000 $ 500,000 Metro Govt. Nashville & Davidson Cnty. TN Indl. Dev. (Vanderbilt Univ.) TECP, 0.70%, 05/07/09 P-1, A-1+ 10,000,000 10,000,000 Metro Govt. Nashville & Davidson Cnty. TN Indl. Dev. Gen. Oblig. TECP, 0.50%, 05/13/09 P-1, A-1+ 9,250,000 9,250,000 Metro Govt. Nashville & Davidson Cnty. TN Indl. Dev. Gen. Oblig. TECP, 0.55%, 06/09/09 P-1, A-1+ 9,250,000 9,250,000 Metro Govt. Nashville & Davidson Cnty. TN Indl. Dev. Gen. Oblig. TECP, 0.60%, 06/11/09 P-1, A-1+ 5,000,000 5,000,000 Shelby County, TN Pub. Impt. & Sch. Series B VRDB, 0.40%, 04/02/09* VMIG-1, A-1+ 7,500,000 7,500,000 Tenn. St. Sch. Bd. Auth. Ser. A TECP, 0.85%, 04/06/09 P-1, A-1+ 13,300,000 13,300,000 Tenn. St. Sch. Bd. Auth. Ser. A TECP, 0.65%, 05/06/09 P-1, A-1+ 3,390,000 3,390,000 -------------- 59,435,000 -------------- TEXAS -- 13.7% Bexar County TX Gen. Oblig. Ser. A TECP, 1.85%, 04/07/09 P-1, A-1+ 4,500,000 4,500,000 Board of Regents of Univ. of Texas A&M University System TECP, 0.55%, 06/15/09 P-1, A-1+ 5,400,000 5,400,000 Board of Regents of Univ. of Texas A&M University System TECP, 0.50%, 07/28/09 P-1, A-1+ 11,500,000 11,500,000 Harris County, TX Ser. A1 TECP, 0.50%, 05/14/09 A-1+, P-1 6,145,000 6,145,000 San Antonio TX Wtr. Sys. Ser. A TECP, 0.70%, 05/01/09 P-1, A-1+ 4,150,000 4,150,000 San Antonio TX Wtr. Sys. Ser. A TECP, 0.60%, 05/14/09 P-1, A-1+ 6,500,000 6,500,000 San Antonio, TX Elec & Gas Rev. Ser. A TECP, 0.60%, 06/12/09 P-1, A-1+ 10,900,000 10,900,000 Texas St. Pub. Fin. Auth. Ser. A TECP, 0.25%, 04/07/09 P-1, A-1+ 5,000,000 5,000,000 Texas St. Pub. Fin. Auth. Ser. A TECP, 0.50%, 05/13/09 P-1, A-1+ 4,300,000 4,300,000 Texas St. Pub. Fin. Auth. Ser. A TECP, 0.50%, 06/12/09 P-1, A-1+ 4,000,000 4,000,000 Texas St. Pub. Fin. Auth. Ser. A TECP, 0.50%, 06/19/09 P-1, A-1+ 6,000,000 6,000,000 -------------- 68,395,000 -------------- WASHINGTON -- 0.8% Washington Health Care Fac. Auth. Lease Rev. VRDB (National Healthcare Research & Educ. Proj.), LOC BNP Paribas, 0.45%, 04/07/09* VMIG-1, NR 3,800,000 3,800,000 -------------- WISCONSIN -- 3.6% State of Wisconsin G.O. TECP, 0.60%, 05/13/09 P-1, A-1+ 6,951,000 6,951,000 Wisconsin St. Transn. Rev. IAM Ser. A TECP, 0.70%, 04/07/09 P-1, A-1+ 11,055,000 11,055,000 -------------- 18,006,000 -------------- WYOMING -- 2.1% Uinta County, WY PCRB (Chevron USA Inc. Proj.), 0.43%, 04/01/09* VMG1, NR 10,450,000 10,450,000 -------------- TOTAL MUNICIPAL BONDS (COST $432,008,063) 432,008,063 -------------- SHARES ----------- MONEY MARKET MUTUAL FUNDS -- 13.1% BlackRock Liquidity Funds MuniCash Portfolio -- Institutional Series 32,710,034 32,710,034
3 WILMINGTON FUNDS -- MONEY MARKET FUNDS -------------------------------------- Tax-Exempt Money Market Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
SHARES ----------- BlackRock Liquidity Funds MuniFund Portfolio -- Institutional Series 32,710,034 $ 32,710,034 -------------- TOTAL MONEY MARKET MUTUAL FUNDS (COST $65,420,068) 65,420,068 -------------- TOTAL INVESTMENTS -- 99.9% (Cost $497,428,131)+ $ 497,428,131 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1% 373,681 -------------- NET ASSETS -- 100.0% $ 497,801,812 ==============
(1) Although certain securities are not rated (NR) by either Moody's or S&P, they have been determined to be of comparable quality to investment grade securities by the investment adviser. The ratings shown are unaudited. * Denotes a Variable or Floating Rate Note. Variable or Floating Rate Notes are instruments whose rates change periodically. The rates shown are the interest rates as of March 31, 2009. The dates shown are the next dates the interest rates on the instruments are scheduled to be reset. + Cost for Federal income tax purposes. LOC - Letter of Credit MBIA - Credit rating enhanced by guaranty or insurance from MBIA Inc. PCRB - Pollution Control Revenue Bonds TECP - Tax-Exempt Commercial Paper and multi-modal bonds in commercial paper mode VRDB - Variable Rate Demand Bonds 4 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- Level 1 - Quoted Prices $ 65,420,068 $ -- ----------------------------------------------------------------------------------------------- Level 2 - Other Significant Observable Inputs 432,008,063 -- ----------------------------------------------------------------------------------------------- Level 3 - Significant Unobservable Inputs -- -- ----------------------------------------------------------------------------------------------- Total $497,428,131 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Short/Intermediate-Term Bond Fund --------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ CORPORATE BONDS -- 45.4% BANKS -- 1.6% Bear Stearns Cos. LLC (The), 4.55%, 06/23/10 Aa3, A+ $ 1,825,000 $ 1,801,352 Wells Fargo & Co., 5.13%, 09/01/12 A1, AA 348,000 328,139 ------------ 2,129,491 ------------ CONSUMER DISCRETIONARY -- 5.2% Anheuser-Busch InBev Worldwide. Inc., 7.75%, 01/15/19 Baa2, BBB+ 2,000,000 1,994,202 Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13 Baa1, BBB+ 1,765,000 1,887,542 Royal Caribbean Cruises Ltd., 7.00%, 06/15/13 Ba1, BB- 1,200,000 673,500 Time Warner Entertainment Co., LP, 8.88%, 10/01/12 Baa2, BBB 1,185,000 1,211,454 Time Warner Entertainment Co., LP, 8.38%, 03/15/23 Baa2, BBB 175,000 169,484 Time Warner, Inc., 5.50%, 11/15/11 Baa2, BBB 1,250,000 1,233,262 ------------ 7,169,444 ------------ DIVERSIFIED -- 0.6% John Deere Capital Corp., 4.90%, 09/09/13 NR, A 900,000 895,137 ------------ 895,137 ------------ ENERGY -- 2.4% ConocoPhillips, 9.38%, 02/15/11 A1, A 750,000 832,264 Transocean, Inc., 5.25%, 03/15/13 BAA2, BBB+ 750,000 751,884 Valero Energy Corp., 4.75%, 04/01/14 Baa2, BBB 1,845,000 1,729,278 ------------ 3,313,426 ------------ FINANCIALS -- 12.4% Bank of America Corp., 7.80%, 02/15/10 A2, A 525,000 504,345 Bank of New York Mellon Corp. (The), 4.95%, 11/01/12 Aa2, AA- 1,900,000 1,939,311 Bank One Corp., 8.00%, 04/29/27 Aa3, A 265,000 261,740 BP Capital Markets PLC, 5.25%, 11/07/13 Aa1, AA 1,300,000 1,391,451 Capital One Financial Corp., 1.57%, 09/10/09++ A3, BBB+ 800,000 774,864 Caterpillar Financial Services Corp., 5.75%, 02/15/12 A2, A 1,750,000 1,749,650 CIT Group, Inc., 7.63%, 11/30/12 A2, BBB 2,000,000 1,472,062 FIA Card Services, NA, 4.63%, 08/03/09 Aaa, A+ 1,465,000 1,450,794 Ford Motor Credit Co., LLC, 7.88%, 06/15/10 Caa1, CCC+ 1,350,000 1,115,647 General Electric Capital Corp., 4.88%, 10/21/10 Aa2, AA+ 875,000 869,781 HSBC Corp., 6.38%, 11/27/12 Aa3, A 875,000 706,521 International Lease Finance Corp., 5.13%, 11/01/10 A1, BBB+ 660,000 494,254 JPMorgan Chase & Co., 3.13%, 12/01/11 Aa1, AA- 750,000 777,059 Morgan Stanley, 4.75%, 04/01/14 A1, A- 1,750,000 1,430,760 SLM Corp., 4.50%, 07/26/10 Baa1, BBB- 900,000 675,000 Swiss Bank Corp., 7.38%, 06/15/17 Aa3, A 700,000 620,412 Wachovia Corp., 7.57%, 08/01/26++ A1, AA- 175,000 176,318 Wells Fargo Financial, Inc., 5.50%, 08/01/12 Aa1, AA 615,000 595,783 ------------ 17,005,752 ------------ HEALTH CARE -- 2.1% Merck & Co., Inc., 4.38%, 02/15/13 Aa3, AA- 700,000 732,493 Pfizer, Inc., 5.35%, 03/15/15 Aa2, AAA 1,100,000 1,160,550 Schering-Plough Corp., 5.55%, 12/01/13 Baa1, A- 875,000 919,642 ------------ 2,812,685 ------------ INDUSTRIALS -- 8.1% Allied Waste North America, Inc., 6.88%, 06/01/17 Baa3, BBB 600,000 546,000 Boeing Co., 5.00%, 03/15/14 A2, A+ 1,250,000 1,281,322 CSX Corp., 7.90%, 05/01/17 Baa3, BBB- 685,000 669,422 Donnelley (R.R) & Sons, 3.75%, 04/01/09 Baa2, BBB 1,165,000 1,165,000 EI Du Pont de Nemours & Co., 5.00%, 07/15/13 A2, A 1,000,000 1,035,760
1 WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Short/Intermediate-Term Bond Fund --------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ General Electric Co., 5.00%, 02/01/13 Aaa, AA+ $ 875,000 $ 875,098 Hess Corp., 6.65%, 08/15/11 Baa2, BBB- 750,000 765,047 Honeywell International, Inc., 5.00%, 02/15/19 NR, A 1,000,000 998,411 Ingersoll-Rand Co., 6.02%, 02/15/28 Baa1, BBB+ 2,015,000 2,016,731 Tyco Electronics Group SA, 6.00%, 10/01/12 Baa2, BBB- 1,150,000 978,601 United Technologies Corp., 6.35%, 03/01/11 A2, A 700,000 746,044 ------------ 11,077,436 ------------ INFORMATION TECHNOLOGY -- 1.9% Cisco Systems, Inc., 5.50%, 02/22/16 A1, A+ 800,000 846,510 International Business Machines Corp., 4.75%, 11/29/12 A1, A+ 875,000 927,419 Oracle Corp., 5.00%, 01/15/11 A2, A 790,000 828,229 ------------ 2,602,158 ------------ MATERIALS -- 0.5% Alcoa, Inc., 5.72%, 02/23/19 Baa3, BBB- 1,100,000 672,416 ------------ 672,416 ------------ TELECOMMUNICATION SERVICES -- 3.7% AT&T, Inc., 5.10%, 09/15/14 A2, A 875,000 877,946 Embarq Corp., 6.74%, 06/01/13 Baa3, BBB- 1,150,000 1,072,375 Verizon California, Inc., 6.70%, 09/01/09 A3, A 525,000 534,361 Verizon Global Funding Corp., 7.25%, 12/01/10 A3, A 1,750,000 1,848,843 Verizon Wireless Capital LLC, 5.25%, 02/01/12 A3, A 750,000 760,059 ------------ 5,093,584 ------------ UTILITIES -- 6.9% Alabama Power Co., 5.20%, 01/15/16 A2, A 850,000 853,014 CMS Energy Corp., 6.55%, 07/17/17 Ba1, BB+ 625,000 548,437 Detroit Edison Co. (The), 5.60%, 06/15/18 A3, BBB 950,000 930,817 Devon Financing Corp., 6.88%, 09/30/11 Baa1, BBB+ 1,465,000 1,532,088 Florida Power Corp., 6.65%, 07/15/11 A3, BB+ 1,500,000 1,602,448 Oklahoma Gas & Electric Co., 6.65%, 07/15/27 A2, BBB+ 440,000 408,396 Pacific Gas & Electric Co., 4.20%, 03/01/11 A3, BBB+ 875,000 888,506 PECO Energy Corp., 4.75%, 10/01/12 A2, A- 2,000,000 1,985,532 Southern California Edison Corp., 5.00%, 01/15/16 A2, A 654,000 658,588 ------------ 9,407,826 ------------ TOTAL CORPORATE BONDS (COST $64,546,528) 62,179,355 ------------ PRINCIPAL AMOUNT VALUE MORTGAGE-BACKED SECURITIES -- 6.7% ----------- ------------ Federal Home Loan Mortgage Corporation Notes, 2751 VT, 6.00%, 02/15/34 7,633 7,564 Federal Home Loan Mortgage Corporation Notes, 3159 PB, 6.00%, 01/15/29 1,100,000 1,128,770 Federal Home Loan Mortgage Corporation Notes, Pool B19228, 4.50%, 04/01/20 374,649 386,622 Federal Home Loan Mortgage Corporation Notes, Pool E00530, 6.00%, 01/01/13 32,563 33,919 Federal Home Loan Mortgage Corporation Notes, Pool G01625, 5.00%, 11/01/33 447,915 463,824 Federal Home Loan Mortgage Corporation Notes, Pool G02390, 6.00%, 09/01/36 412,673 431,973 Federal Home Loan Mortgage Corporation Notes, Pool G08097, 6.50%, 11/01/35 220,803 233,296 Federal Home Loan Mortgage Corporation Notes, Pool G08193, 6.00%, 04/01/37 722,679 756,364 Federal Home Loan Mortgage Corporation Notes, Pool M80842, 3.50%, 08/01/10 1,483,987 1,486,710 Federal National Mortgage Association Notes, 2005-29 WC, 4.75%, 04/25/35 308,081 321,570 Federal National Mortgage Association Notes, 2005-97 LB, 5.00%, 11/25/35 972,849 984,028 Federal National Mortgage Association Notes, Pool 254833, 4.50%, 08/01/18 163,701 169,751 Federal National Mortgage Association Notes, Pool 256639, 5.00%, 02/01/27 733,313 759,926 Federal National Mortgage Association Notes, Pool 256752, 6.00%, 06/01/27 390,364 409,074 Federal National Mortgage Association Notes, Pool 257007, 6.00%, 12/01/27 801,146 839,545 Federal National Mortgage Association Notes, Pool 612514, 4.22%, 05/01/33++ 172,482 174,641
2 WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Short/Intermediate-Term Bond Fund --------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ----------- ------------ Federal National Mortgage Association Notes, Pool 629603, 5.50%, 02/01/17 $ 157,801 $ 165,777 Federal National Mortgage Association Notes, Pool 688996, 8.00%, 11/01/24 55,688 60,343 Federal National Mortgage Association Notes, Pool 745412, 5.50%, 12/01/35 337,819 350,936 ------------ TOTAL MORTGAGE-BACKED SECURITIES (COST $8,834,749) 9,164,633 ------------ U.S. AGENCY OBLIGATIONS -- 34.6% FEDERAL HOME LOAN BANKS NOTES -- 9.5% Federal Home Loan Banks Notes, 4.38%, 03/17/10 1,225,000 1,264,858 Federal Home Loan Banks Notes, 4.88%, 11/18/11 5,195,000 5,624,892 Federal Home Loan Banks Notes, 4.50%, 09/16/13 1,200,000 1,304,851 Federal Home Loan Banks Notes, 5.50%, 08/13/14 2,000,000 2,278,742 Federal Home Loan Banks Notes, 4.88%, 05/17/17 2,250,000 2,441,729 ------------ 12,915,072 ------------ FEDERAL HOME LOAN MORTGAGE CORPORATION NOTES -- 9.5% Federal Home Loan Mortgage Corporation Notes, 6.88%, 09/15/10 3,300,000 3,554,301 Federal Home Loan Mortgage Corporation Notes, 5.50%, 09/15/11 615,000 672,016 Federal Home Loan Mortgage Corporation Notes, 4.38%, 07/17/15 1,315,000 1,434,223 Federal Home Loan Mortgage Corporation Notes, 5.25%, 04/18/16 6,500,000 7,355,218 ------------ 13,015,758 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION DISCOUNT NOTES -- 15.6% Federal National Mortgage Association Notes, 4.75%, 03/12/10 1,795,000 1,858,055 Federal National Mortgage Association Notes, 6.63%, 11/15/10 3,300,000 3,583,869 Federal National Mortgage Association Notes, 5.50%, 03/15/11 2,405,000 2,594,136 Federal National Mortgage Association Notes, 5.00%, 10/15/11 1,250,000 1,352,400 Federal National Mortgage Association Notes, 4.13%, 04/15/14 4,985,000 5,355,839 Federal National Mortgage Association Notes, 5.00%, 02/13/17 2,500,000 2,736,073 Federal National Mortgage Association Notes, 5.00%, 05/11/17 3,500,000 3,883,708 ------------ 21,364,080 ------------ TOTAL U.S. AGENCY OBLIGATIONS (COST $43,461,842) 47,294,910 ------------ U.S. TREASURY OBLIGATIONS -- 9.4% U.S. Treasury Notes, 4.25%, 10/15/10(1) 350,000 369,920 U.S. Treasury Notes, 5.00%, 08/15/11 180,000 197,831 U.S. Treasury Notes, 4.25%, 11/15/14(1) 1,300,000 1,475,500 U.S. Treasury Notes, 4.13%, 05/15/15 5,920,000 6,686,361 U.S. Treasury Notes, 4.50%, 02/15/16(1) 2,000,000 2,307,500 U.S. Treasury Notes, 4.75%, 08/15/17(1) 1,100,000 1,286,657 U.S. Treasury Notes, 4.00%, 08/15/18(1) 500,000 555,625 ------------ 12,879,394 ------------ TOTAL U.S. TREASURY OBLIGATIONS (COST $11,365,811) 12,879,394 ------------ PRINCIPAL AMOUNT VALUE ----------- ------------ SHORT-TERM INVESTMENTS -- 2.8% BlackRock Liquidity Funds TempCash Portfolio -- Institutional Series 1,897,115 1,897,115 BlackRock Liquidity Funds TempFund Portfolio -- Institutional Series 1,897,115 1,897,115 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $3,794,230) 3,794,230 ------------ SHARES ----------- SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES -- 4.4% Branch Banking and Trust Co. Time Deposit 561,313 561,313
3 WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Short/Intermediate-Term Bond Fund --------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
SHARES ----------- Institutional Money Market Trust 5,425,402 $ 5,425,402 ------------ TOTAL SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES(2) (COST $5,986,715) 5,986,715 ------------ TOTAL INVESTMENTS -- 103.3% (Cost $137,989,875)(3) $141,299,237 LIABILITIES IN EXCESS OF OTHER ASSETS -- (3.3)% (4,485,982) ------------ NET ASSETS -- 100.0% $136,813,255 ============
+ The ratings shown are unaudited. ++ Denotes a Variable or Floating or Step Rate Note. Variable or Floating or Step Rate Notes are instruments whose rates change periodically. The rates shown are the interest rates as of March 31, 2009. (1) Security partially or fully on loan. (2) At March 31, 2009, the market value of securities on loan for the Short/Intermediate Bond Fund was $5,842,731 (3) The cost for Federal income tax purposes is $137,989,875. At March 31, 2009, net unrealized appreciation was $3,309,362. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $6,758,982 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $3,449,620. PLC - Public Limited Company 4 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- Level 1 - Quoted Prices $ 9,219,632 $ -- ----------------------------------------------------------------------------------------------- Level 2 - Other Significant Observable Inputs 132,079,605 -- ----------------------------------------------------------------------------------------------- Level 3 - Significant Unobservable Inputs -- -- ----------------------------------------------------------------------------------------------- Total $141,299,237 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Broad Market Bond Fund ---------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ----------- CORPORATE BONDS -- 51.3% BANKS -- 2.3% Bear Stearns Cos. LLC (The), 4.55%, 06/23/10 Aa3, A+ $ 843,000 $ 832,077 Wells Fargo & Co., 5.13%, 09/01/12 A1, AA 700,000 660,050 ----------- 1,492,127 ----------- CONSUMER DISCRETIONARY -- 6.2% Anheuser-Busch InBev Worldwide, Inc., 8.20%, 01/15/39 Baa2, BBB+ 500,000 490,617 Anheuser-Busch InBev Worldwide. Inc., 7.75%, 01/15/19 Baa2, BBB+ 650,000 648,116 Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13 Baa1, BBB+ 896,000 958,208 Royal Caribbean Cruises Ltd., 7.00%, 06/15/13 Ba2, BB- 300,000 168,375 Time Warner Entertainment Co., LP, 8.88%, 10/01/12 Baa2, BBB 300,000 306,697 Time Warner Entertainment Co., LP, 8.38%, 03/15/23 Baa2, BBB 900,000 871,633 Time Warner, Inc., 5.50%, 11/15/11 Baa2, BBB 600,000 591,965 ----------- 4,035,611 ----------- CONSUMER STAPLES -- 1.4% General Mills, Inc., 5.65%, 02/15/19 Baa1, BBB+ 500,000 509,027 Kraft Foods, Inc., 5.25%, 10/01/13 Baa2, BBB+ 400,000 415,711 ----------- 924,738 ----------- DIVERSIFIED -- 0.6% John Deere Capital Corp., 4.90%, 09/09/13 A2, A 425,000 422,704 ----------- 422,704 ----------- ENERGY -- 3.8% Marathon Oil Corp., 6.80%, 03/15/32 Baa1, BBB+ 1,700,000 1,472,737 Transocean, Inc., 5.25%, 03/15/13 Baa2, BBB+ 250,000 250,628 Valero Energy Corp., 4.75%, 04/01/14 Baa2, BBB 785,000 735,763 ----------- 2,459,128 ----------- FINANCIALS -- 12.9% Bank of America Corp., 7.80%, 02/15/10 A2, A 350,000 336,230 Bank of New York Mellon Corp. (The), 4.95%, 11/01/12 Aa2, AA- 600,000 612,414 Bank One Corp., 8.00%, 04/29/27 Aa3, A 425,000 419,772 Caterpillar Financial Services Corp., 5.75%, 02/15/12 A2, A 1,000,000 999,800 CIT Group, Inc., 7.63%, 11/30/12 A2, BBB 900,000 662,428 FIA Card Services, NA, 4.63%, 08/03/09 Aaa, A+ 900,000 891,273 Ford Motor Credit Co., LLC, 7.88%, 06/15/10 Caa1, CCC+ 400,000 330,562 General Electric Capital Corp., 4.88%, 10/21/10 Aa2, AA+ 300,000 298,211 JPMorgan Chase & Co., 3.13%, 12/01/11 Aa1, AA- 550,000 569,843 Morgan Stanley, 4.75%, 04/01/14 A1, A- 1,000,000 817,577 SLM Corp., 4.50%, 07/26/10 Baa1, BBB- 300,000 225,000 Swiss Bank Corp., 7.38%, 06/15/17 Aa3, A 1,400,000 1,240,824 Wachovia Corp., 7.57%, 08/01/26++ A1, AA- 591,000 595,453 Wells Fargo Financial, Inc., 5.50%, 08/01/12 Aa2, AA 400,000 387,501 ----------- 8,386,888 ----------- HEALTH CARE -- 2.5% Johnson & Johnson, 5.85%, 07/15/38 Aaa, AAA 700,000 730,153 Merck & Co., Inc., 4.38%, 02/15/13 Aa3, AA- 325,000 340,086 Pfizer, Inc., 5.35%, 03/15/15 Aa2, AAA 500,000 527,523 ----------- 1,597,762 ----------- INDUSTRIALS -- 10.9% Allied Waste North America, Inc., 6.88%, 06/01/17 Baa3, BBB 300,000 273,000 Boeing Co., 5.00%, 03/15/14 A2, A+ 750,000 768,794 CSX Corp., 7.90%, 05/01/17 Baa3, BBB- 1,414,000 1,381,844
1 WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Broad Market Bond Fund ---------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ----------- Donnelley (R.R) & Sons, 3.75%, 04/01/09 Baa3, BBB $ 800,000 $ 800,000 EI Du Pont de Nemours & Co., 5.00%, 07/15/13 A2, A 325,000 336,622 General Electric Co., 5.00%, 02/01/13 Aa2, AA+ 700,000 700,079 Hess Corp., 6.65%, 08/15/11 Baa2, BBB- 530,000 540,633 Honeywell International, Inc., 5.00%, 02/15/19 A2, A 750,000 748,808 Ingersoll-Rand Co., 6.02%, 02/15/28 Baa1, BBB+ 900,000 900,773 Tyco Electronics Group SA, 6.00%, 10/01/12 Baa2, BBB- 400,000 340,383 United Technologies Corp., 6.35%, 03/01/11 A2, A 300,000 319,733 ----------- 7,110,669 ----------- MATERIALS -- 0.5% Alcoa, Inc., 5.72%, 02/23/19 Baa3, BBB- 550,000 336,208 ----------- 336,208 ----------- TELECOMMUNICATION SERVICES -- 3.8% Embarq Corp., 6.74%, 06/01/13 Baa3, BBB- 450,000 419,625 Verizon Communications, Inc., 8.95%, 03/01/39 A3, A 500,000 574,597 Verizon Global Funding Corp., 7.25%, 12/01/10 A3, A 1,400,000 1,479,075 ----------- 2,473,297 ----------- UTILITIES -- 6.4% CMS Energy Corp., 6.55%, 07/17/17 Ba1, BB+ 300,000 263,250 Devon Financing Corp., 6.88%, 09/30/11 Baa1, BBB+ 750,000 784,346 Florida Power Corp., 6.35%, 09/15/37 A2, A- 425,000 441,009 Nevada Power Co., 8.25%, 06/01/11 Baa3, BBB 1,000,000 1,048,804 Oklahoma Gas & Electric Co., 6.65%, 07/15/27 A2, BBB+ 565,000 524,417 Pacific Gas & Electric Co., 4.20%, 03/01/11 A3, BBB+ 450,000 456,946 PECO Energy Corp., 4.75%, 10/01/12 A2, A- 670,000 665,153 ----------- 4,183,925 ----------- TOTAL CORPORATE BONDS (COST $34,938,278) 33,423,057 ----------- MORTGAGE-BACKED SECURITIES -- 6.6% Federal Home Loan Mortgage Corporation Notes, 3159 PB, 6.00%, 01/15/29 700,000 718,308 Federal Home Loan Mortgage Corporation Notes, Pool E00530, 6.00%, 01/01/13 19,673 20,492 Federal Home Loan Mortgage Corporation Notes, Pool G01625, 5.00%, 11/01/33 447,915 463,824 Federal Home Loan Mortgage Corporation Notes, Pool G02390, 6.00%, 09/01/36 235,813 246,842 Federal Home Loan Mortgage Corporation Notes, Pool G08097, 6.50%, 11/01/35 136,445 144,166 Federal Home Loan Mortgage Corporation Notes, Pool M80842, 3.50%, 08/01/10 129,669 129,907 Federal Home Loan Mortgage Corporation Notes, Pool M80865, 7 Yr. Balloon, 4.50%, 11/01/10 298,278 303,886 Federal National Mortgage Association Notes, 2005-29 WC, 4.75%, 04/25/35 142,191 148,417 Federal National Mortgage Association Notes, Pool 254833, 4.50%, 08/01/18 122,776 127,313 Federal National Mortgage Association Notes, Pool 256515, 6.50%, 11/01/36 328,530 346,493 Federal National Mortgage Association Notes, Pool 256639, 5.00%, 02/01/27 366,657 379,963 Federal National Mortgage Association Notes, Pool 256752, 6.00%, 06/01/27 312,292 327,259 Federal National Mortgage Association Notes, Pool 629603, 5.50%, 02/01/17 94,681 99,466 Federal National Mortgage Association Notes, Pool 745412, 5.50%, 12/01/35 335,138 348,151 Federal National Mortgage Association Notes, Pool 838891, 6.00%, 07/01/35 458,068 479,491 ----------- TOTAL MORTGAGE-BACKED SECURITIES (COST $4,120,219) 4,283,978 ----------- U.S. TREASURY OBLIGATIONS -- 18.8% U.S. TREASURY BONDS -- 11.6% U.S. Treasury Bonds, 7.50%, 11/15/16 300,000 402,773 U.S. Treasury Bonds, 8.88%, 02/15/19(1) 1,130,000 1,704,888 U.S. Treasury Bonds, 7.13%, 02/15/23 525,000 738,281 U.S. Treasury Bonds, 6.00%, 02/15/26 800,000 1,054,000 U.S. Treasury Bonds, 6.38%, 08/15/27 450,000 620,016
2 WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Broad Market Bond Fund ---------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ----------- ----------- U.S. Treasury Bonds, 5.25%, 02/15/29 $ 500,000 $ 615,703 U.S. Treasury Bonds, 6.25%, 05/15/30 500,000 693,906 U.S. Treasury Bonds, 5.38%, 02/15/31 1,350,000 1,702,054 ----------- 7,531,621 ----------- U.S. TREASURY NOTES -- 7.2% U.S. Treasury Notes, 4.75%, 03/31/11 400,000 431,625 U.S. Treasury Notes, 3.13%, 04/30/13 400,000 428,031 U.S. Treasury Notes, 4.25%, 11/15/13 800,000 897,125 U.S. Treasury Notes, 4.13%, 05/15/15 770,000 869,679 U.S. Treasury Notes, 4.50%, 02/15/16(1) 500,000 576,875 U.S. Treasury Notes, 4.75%, 08/15/17(1) 800,000 935,750 U.S. Treasury Notes, 4.00%, 08/15/18(1) 500,000 555,625 ----------- 4,694,710 ----------- TOTAL U.S. TREASURY OBLIGATIONS (COST $10,254,434) 12,226,331 ----------- U.S. AGENCY OBLIGATIONS -- 18.7% FEDERAL HOME LOAN BANKS NOTES -- 6.4% Federal Home Loan Banks Notes, 5.75%, 05/15/12 1,185,000 1,325,232 Federal Home Loan Banks Notes, 4.50%, 11/15/12 1,000,000 1,081,697 Federal Home Loan Banks Notes, 4.50%, 09/16/13 300,000 326,213 Federal Home Loan Banks Notes, 5.25%, 06/18/14 800,000 899,945 Federal Home Loan Banks Notes, 5.50%, 08/13/14 500,000 569,685 ----------- 4,202,772 ----------- FEDERAL HOME LOAN MORTGAGE CORPORATION NOTES -- 4.1% Federal Home Loan Mortgage Corporation Notes, 6.88%, 09/15/10 1,000,000 1,077,061 Federal Home Loan Mortgage Corporation Notes, 4.38%, 07/17/15 500,000 545,332 Federal Home Loan Mortgage Corporation Notes, 5.25%, 04/18/16 900,000 1,018,414 ----------- 2,640,807 ----------- FEDERAL NATIONAL MORTGAGE ASSOCIATION DISCOUNT NOTES -- 8.2% Federal National Mortgage Association Notes, 6.63%, 11/15/10 500,000 543,010 Federal National Mortgage Association Notes, 5.00%, 02/13/17 1,000,000 1,094,429 Federal National Mortgage Association Notes, 5.00%, 05/11/17 1,000,000 1,109,631 Federal National Mortgage Association Notes, 6.25%, 05/15/29 900,000 1,126,118 Federal National Mortgage Association Notes, 7.25%, 05/15/30 400,000 558,410 Federal National Mortgage Association Notes, 4.88%, 12/15/16 800,000 884,482 ----------- 5,316,080 ----------- TOTAL U.S. AGENCY OBLIGATIONS (COST $11,243,854) 12,159,659 ----------- SHARES VALUE ----------- ----------- PREFERRED STOCK -- 0.3% FINANCIALS -- 0.3% Wachovia Capital Trust IX, 6.375% 12,000 167,880 ----------- TOTAL PREFERRED STOCK (COST $300,000) 167,880 ----------- SHORT-TERM INVESTMENTS -- 3.9% BlackRock Liquidity Funds TempCash Portfolio -- Institutional Series 1,268,300 $ 1,268,300
3 WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Broad Market Bond Fund ---------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
SHARES VALUE ----------- ----------- BlackRock Liquidity Funds TempFund Portfolio -- Institutional Series 1,268,299 1,268,299 ----------- 2,536,599 ----------- TOTAL SHORT-TERM INVESTMENTS (COST $2,536,599) 2,536,599 ----------- SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES -- 4.8% Branch Banking and Trust Co. Time Deposit 295,135 295,135 Institutional Money Market Trust 2,852,649 2,852,650 ----------- TOTAL SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES (COST $3,147,785)(2) 3,147,785 ----------- TOTAL INVESTMENTS -- 104.4% (Cost $66,541,169)(3) $67,945,289 LIABILITIES IN EXCESS OF OTHER ASSETS -- (4.4)% (2,845,161) ----------- NET ASSETS -- 100.0% $65,100,128 ===========
+ The ratings shown are unaudited. ++ Denotes a Variable or Floating Rate Note. Variable or Floating Rate Notes are instruments whose rates change periodically. The rates shown are the interest rates as of March 31, 2009. (1) Security partially or fully on loan. (2) At March 31, 2009, the market value of securities on loan for the Broad Market Bond Fund was $3,077,554. (3) The cost for Federal income tax purposes is $66,541,169. At March 31, 2009, net unrealized appreciation was $1,404,120. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $3,518,598, and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $2,114,478. 4 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- Level 1 - Quoted Prices $ 5,261,994 $ -- ----------------------------------------------------------------------------------------------- Level 2 - Other Significant Observable Inputs 62,683,295 -- ----------------------------------------------------------------------------------------------- Level 3 - Significant Unobservable Inputs -- -- ----------------------------------------------------------------------------------------------- Total $67,945,289 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Municipal Bond Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- ------------ MUNICIPAL BONDS -- 91.0% ALABAMA -- 9.7% Alabama 21st Century Auth. Tobacco Settlement Rev. Bonds, 5.10%, 12/01/09 Baa1, A- $ 500,000 $ 502,420 Alabama 21St Century Auth. Tobacco Settlement Rev. Bonds, 5.75%, 12/01/17 Baa1, A- 465,000 441,550 Alabama Housing Fin. Auth. Single Family Mtge. Rev. Bonds, Ser. A-1, (GNMA/FNMA), 5.00%, 10/01/14 Aaa, NR 110,000 102,685 Alabama State Brd. of Educ. Calhoun Community College Rev. Bonds, (AMBAC), 5.00%, 05/01/15 A2, NR 500,000 543,905 Alabama Water Poll. Cntrl. Auth. Rev. Bonds, Ser. B, (AMBAC), 4.50%, 08/15/10 Baa1, A 250,000 252,118 Birmingham, AL Airport Auth. Rev. Bond Ref.- Amt, (AMBAC), 5.00%, 07/01/12 A2, A 2,370,000 2,395,264 East Alabama Health Care Auth. Ser. A, 5.25%, 09/01/36 NR, A 200,000 187,134 Jefferson County, AL Sewer Rev. Bonds, (FSA), 5.25%, 02/01/11 Aa3, AAA 250,000 232,320 Mobile, AL Industrial Development Board VRDB, 4.75%, 06/01/34* A2, A 500,000 516,715 Mobile, AL Industrial Development Board VRDB, 5.00%, 06/01/34* A2, A 5,000,000 5,208,900 Trussville, AL Gen. Oblig. Ltd. Bonds, (MBIA), 4.60%, 10/01/13 A1, NR 165,000 172,661 Univ. of Alabama at Birmingham Hospital Rev. Bonds, Ser. A, 5.00%, 09/01/15 A1, A+ 500,000 502,975 Univ. of Alabama at Birmingham Hospital Rev. Bonds, Ser. A, 5.75%, 09/01/22 A1, A+ 1,000,000 975,330 ------------ 12,033,977 ------------ ARIZONA -- 2.1% Greenlee County, AZ School Dist. Gen. Oblig. Unltd. Bonds, 5.00%, 07/01/09 Baa3, NR 175,000 174,764 Greenlee County, AZ School Dist. Gen. Oblig. Unltd. Bonds, 5.00%, 07/01/10 Baa3, NR 150,000 148,474 Greenlee County, AZ School Dist. Gen. Oblig. Unltd. Bonds, 5.00%, 07/01/13 Baa3, NR 200,000 217,402 Salt River Proj., AZ Agric. Imp. & Power Dist. Rev. Bonds, Ser. A, 5.25%, 01/01/20 Aa1, AA 1,000,000 1,054,450 Tucson, AZ Certificate Participation Bonds, Public Improvements, Ser. A, (MBIA), 5.00%, 07/01/21 A1, AA- 1,000,000 1,060,360 ------------ 2,655,450 ------------ CALIFORNIA -- 8.1% ABAG Fin. Auth. for Nonprofit Coros, California Rev. Bonds (Windemere Ranch Financing Prog.), Ser. A, (CIFG), 5.00%, 09/02/20 NR, BBB 1,340,000 1,170,597 ABAG Fin. Auth. for Nonprofit Coros, California Rev. Bonds (Windemere Ranch Financing Prog.), Ser. A, (CIFG), 5.00%, 09/02/21 NR, BBB 3,660,000 3,156,347 California Health Facilities Fin. Auth. Rev. Bonds, 5.13%, 07/01/22 A2, A 1,000,000 978,950 California Infrastructure & Economic Dev. Rev. Bonds, 5.00%, 10/01/18 Aa2, AA+ 365,000 392,718 California State Public Works Brd. Ref. Rev. Bonds, Ser. D, (MBIA), 5.25%, 10/01/11 A3, AA 150,000 159,018 California State School Imps. Ref. Gen. Oblig. Bonds, 5.25%, 02/01/14 A1, A 585,000 623,815 Glendale, CA Univ. School Dist. Gen. Oblig. Bonds, Ser. C, (FSA), 5.50%, 09/01/15 Aa3, AAA 125,000 128,081
1 WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Municipal Bond Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- ------------ Lancaster, CA Redev. Agency Tax Allocation Ref. Bonds, (XCLA), 5.25%, 12/01/20 NR, A $ 400,000 $ 367,920 Palm Desert, CA Fin. Auth., (MBIA), 5.00%, 04/01/25 A3, AA- 500,000 417,965 Redwood City, CA Elementary School Dist. Gen. Oblig. Bonds, (FGIC), 5.50%, 08/01/14 NR, AA- 125,000 143,458 San Francisco, CA City & County International Airport Rev. Bonds, (AMBAC), 5.25%, 01/01/19 A3, A 1,540,000 1,446,245 Tulare County, CA Ctfs. Participation Ref. Bonds, (MBIA), 5.00%, 08/15/10 A3, NR 50,000 52,198 Univ. of CA Rev. Bonds, Ser. H, (MBIA), 5.00%, 05/15/18 Aa1, AA 490,000 520,821 Visalia, CA Cert. Participation Ref. Bonds, (MBIA), 5.00%, 12/01/18 Baa1, AA- 500,000 521,690 ------------ 10,079,823 ------------ COLORADO -- 4.8% Colorado Springs, CO Utilities Rev. Ref. Bond, Sys. Sub Lien, Ser. A, (AMBAC), 5.38%, 11/15/19 Aa2, AA 2,170,000 2,323,766 Denver, CO Convention Center Hotel Auth. Ref. Bonds, (XLCA), 5.25%, 12/01/21 Baa3, BBB- 1,000,000 808,960 Denver, CO Convention Center Hotel Auth. Ref. Bonds, (XLCA), 5.13%, 12/01/24 Baa3, BBB- 3,065,000 2,308,129 Denver, CO X Ref. Bonds, (XLCA), 5.00%, 11/15/23 A1, A+ 500,000 510,130 ------------ 5,950,985 ------------ CONNECTICUT -- 0.8% Bristol, CT Resource Recovery Rev. Bonds (Solid Waste Oper. Committee), (AMBAC), 5.00%, 07/01/14 A1, A+ 1,000,000 979,190 ------------ 979,190 ------------ DELAWARE -- 0.4% Delaware State Economic Dev. Auth. Ref. Rev. Bonds, (Delmarva Power Poll. Cntrl. Proj.), Ser. 2001C, (AMBAC), 4.90%, 05/01/26* Baa1, A 250,000 248,968 Delaware State Economic Dev. Auth. Rev. Bonds, (Student Housing Univ. Courtyard), (RADIAN), 5.38%, 08/01/11 NR, BBB+ 250,000 258,420 ------------ 507,388 ------------ FLORIDA -- 1.5% Broward County, FL Resource Recovery Ref. Bonds, Wheelabrator South Ser. A, 5.38%, 12/01/09 A3, AA 250,000 253,850 Florida State Turnpike Auth. Ser. B, (AMBAC), 5.00%, 07/01/10 Aa2, AA- 100,000 104,006 Lakeland, FL Energy Sys. Rev. Bonds, (MBIA), 5.50%, 10/01/14 A1, AA- 455,000 482,254 Osceola County, FL School Brd. Cert. Participation Four Corners Charter School Bonds, Ser. A, (MBIA), 5.80%, 08/01/15 Baa1, NR 100,000 107,509 Reedy Creek, FL Impt. Dist. Utilities Rev. Bonds, Ser. 1, (MBIA), 5.25%, 10/01/14 A3, AA- 900,000 924,975 ------------ 1,872,594 ------------ GEORGIA -- 1.5% Atlanta, GA Auth. Rev. Bonds, Ser. A, (FGIC), 5.88%, 01/01/16 A1, AA- 1,370,000 1,406,757
2 WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Municipal Bond Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- ------------ Clayton County, GA Dev. Auth. Rev. Bonds, Ser. A, (MBIA), 5.00%, 08/01/18 Aa2, AA $ 465,000 $ 503,711 ------------ 1,910,468 ------------ ILLINOIS -- 3.4% Chicago IL, Board of Educ. Ref. - Ded. Revs Bonds, Ser. B, (AMBAC), 5.00%, 12/01/21 A1, AA- 1,000,000 1,057,920 Chicago, IL Water Rev. Sr. Lien Bonds, (AMBAC), 5.75%, 11/01/11 Aa3, AA 200,000 215,286 Illinois Finance Auth. Rev. Bonds Ser. B, (FSA), 5.25%, 01/01/22 Aa3, NR 2,830,000 2,882,921 ------------ 4,156,127 ------------ INDIANA -- 3.1% Blackford County, IN Industrial Sch. Bldg. Corp. Rev. Ref. Bond, First Mortgage, Ser. 2005A, (MBIA), 5.00%, 07/15/17 Baa1, AA+ 1,755,000 1,917,759 Indiana Finance Auth. Health System Rev. Bonds, 5.00%, 11/01/21 Aa3, NR 2,000,000 1,966,940 ------------ 3,884,699 ------------ KANSAS -- 0.7% Butler & Sedgwick County, KS Univ. School Dist. Gen. Oblig. Unltd. Bonds, (FSA), 6.00%, 09/01/14 Aa3, AAA 500,000 579,260 Topeka, KS Gen. Oblig. Bonds (College Hill Pub. Improvement) Ser. A, (MBIA), 5.50%, 08/15/14 Aa3, NR 275,000 294,228 ------------ 873,488 ------------ LOUISIANA -- 0.4% Louisiana State Citizens Prop. Ins. Corp. Rev. Bonds, Pub. Imps., Ser. B, (AMBAC), 5.00%, 06/01/15 Ba1, A 435,000 431,337 ------------ 431,337 ------------ MARYLAND -- 0.5% Maryland Health & Higher Educ. Fac. Auth., John Hopkins Health Systems, 5.00%, 05/15/42* A1, A+ 550,000 579,453 ------------ 579,453 ------------ MASSACHUSETTS -- 2.2% Lawrence, MA School Imps. Gen Oblig. Bonds, (AMBAC), 5.00%, 04/01/27 Baa1, AA- 2,000,000 2,040,660 Massachusetts State Dev. Fin. Agency Rev. Bond (Univ. of MA, Visual & Perfoming Arts Proj.), 6.00%, 08/01/16 A2, NR 310,000 353,034 Massachusetts State Housing Fin. Agency VRDB Rev. Bonds, 4.00%, 12/01/10* Aa2, AA 85,000 85,444 Massachusetts State Special Oblig. Rev. Bonds (Federal Highway Grant Ant.), Ser. A, (FSA), 5.00%, 12/15/12 Aa3, NR 275,000 301,799 ------------ 2,780,937 ------------ MICHIGAN -- 2.1% Detroit, MI Water Utility Imps. Rev. Bonds, Ser. A, (FSA), 5.00%, 07/01/23 Aa3, AAA 550,000 526,009 Fowlerville, MI Community Schools Dist. Gen. Oblig. Bonds, (FGIC), 5.00%, 05/01/15 Aa3, AA- 650,000 705,367 Michigan State Hosp. Fin. Auth. Ref. Bonds, 5.00%, 07/15/21 A2, A 1,600,000 1,360,960 ------------ 2,592,336 ------------ MINNESOTA -- 0.7% St. Paul, MN Housing & Redev. Auth. Health Care Fac. Rev. Bonds, 5.00%, 05/15/12 Baa1, BBB 85,000 84,705
3 WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Municipal Bond Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- ------------ St. Paul, MN Housing & Redev. Auth. Health Care Fac. Rev. Bonds, 5.00%, 05/15/13 Baa1, BBB $ 225,000 $ 221,949 St. Paul, MN Housing & Redev. Auth. Health Care Fac. Rev. Bonds, 5.00%, 05/15/15 Baa1, BBB 270,000 258,055 St. Paul, MN Housing & Redev. Auth. Health Care Fac. Rev. Bonds, 5.00%, 05/15/16 Baa1, BBB 300,000 280,827 -------------- 845,536 -------------- MISSISSIPPI -- 0.1% Warren County, MS Gulf Opportunity Zone Rev. Bonds Ser. A, 6.50%, 09/01/32 Baa3, BBB 250,000 181,928 -------------- 181,928 -------------- MISSOURI -- 1.3% Kansas City, MO Special Fac. Rev. Bonds Overhaul Base Proj. Ser. G, 4.00%, 09/01/10 A2, AA- 540,000 541,825 Kansas City, MO Special Fac. Rev. Bonds, MCI Overhaul Base Proj. Ser. G, 4.00%, 09/01/11 A2, AA- 465,000 465,093 Truman State Univ., MO Housing Sys. Rev. Bonds, (AMBAC), 5.00%, 06/01/15 A2, NR 615,000 660,012 -------------- 1,666,930 -------------- NEVADA -- 1.5% Clarck County, NV, (AMBAC), 5.00%, 11/01/25 Aa1, AA+ 1,000,000 943,240 Nevada State Gen. Oblig. Unref. Bal. Bonds Dist No. 60-B, 5.13%, 09/01/10 Aa1, AA+ 20,000 20,002 Nevada State Highway Imp. Rev. Bonds (Motor Vehicle Fuel Tax), (FGIC), 5.50%, 12/01/11 Aa3, AA+ 250,000 277,163 North Las Vegas, NV Ref. Bonds, 5.00%, 12/01/16 NR, NR 765,000 619,000 -------------- 1,859,405 -------------- NEW HAMPSHIRE -- 0.7% New Hampshire Business Fin. Auth., (MBIA), 5.45%, 05/01/21 Baa1, AA- 1,000,000 902,920 -------------- 902,920 -------------- NEW JERSEY -- 3.7% Camden County, NJ Impt. Auth. Cooper Health Sys. Oblig. Group A, 5.00%, 02/15/15 Baa3, BBB 1,090,000 979,681 Camden County, NJ Impt. Auth. Cooper Health Sys. Oblig. Group B, 5.00%, 02/15/15 Baa3, BBB 2,435,000 2,188,554 New Jersey Economic Development Auth. Rev. Bonds, (RADIAN), 5.50%, 06/15/16 Baa2, BBB+ 200,000 184,872 New Jersey Health Care Fac. Fin. Auth., Hackensack Univ. Medical Center, 5.13%, 01/01/21 A3, NR 600,000 552,366 New Jersey State Educ. Fac. Auth. Ref. Bonds Ser. A, 5.00%, 07/01/19 Baa2, BBB+ 775,000 684,170 -------------- 4,589,643 -------------- NEW YORK -- 6.0% Cattaraugus County, NY Industrial Dev. Agency (Olean Gen. Hosp. Proj.) Ser. A, 5.25%, 08/01/23 NR, A+ 525,000 524,958 New York City Ind. Dev. Agency Ref. Bonds, 5.00%, 01/01/13 A3, BBB+ 700,000 697,823 New York City Ser. E-1, 6.00%, 10/15/23 Aa3e, AA 750,000 812,820 New York State Dorm. Auth. School Improv. Rev. Bonds, 5.00%, 12/15/24 NR, AAA 1,000,000 1,029,540 New York State Environ. Fac. Corp. Rev. Bonds, Ser. A, 5.00%, 03/15/13 NR, AA- 515,000 549,526
4 WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Municipal Bond Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- ------------ New York State Thruway Auth., NY Highway Improv. Rev. Bonds, (AMBAC), 5.00%, 01/01/25 A1, A+ $ 1,000,000 $ 1,006,870 New York Tobacco Sett. Fund. Corp. Rev. Bonds, Ser. A-1, 5.50%, 06/01/14 A1, AA- 450,000 451,408 New York, NY Gen. Oblig. Bonds, Ser. E, 5.25%, 08/01/12 Aa3, AA 250,000 271,230 New York, NY Pub. Imps. Gen. Oblig. Bonds, Ser. D1, 5.00%, 12/01/21 Aa3, AA 1,000,000 1,016,810 Tobacco Settlement Fin. Auth. Ser. B-1C, 5.50%, 06/01/14 A1, AA- 75,000 75,235 Tobacco Settlement Fin. Auth., Ser. C-1, (FGIC), 5.50%, 06/01/20 A1, AA- 1,000,000 1,029,090 ------------ 7,465,310 ------------ NORTH CAROLINA -- 3.1% Charlotte, NC Airport Rev. Bonds, Ser. B, (MBIA), 5.25%, 07/01/11 A1, AA- 1,000,000 1,012,950 Univ. of North Carolina Sys. Pool Rev., Ser. A (MBIA), 5.00%, 10/01/23 A1, AA- 2,725,000 2,842,556 ------------ 3,855,506 ------------ OHIO -- 2.0% Dayton-Montgomery County, OH Port. Auth. Dev. Rev. Dayton Regl. Bond Ser. A, 5.13%, 05/15/22 NR, NR 2,440,000 1,837,393 Lorain County, OH Hosp. Rev. Bonds, (Catholic Healthcare Partners), Ser. A, 5.63%, 10/01/16 A1, AA- 500,000 518,205 Pickerington, OH Local School Dist. Construction & Imp. Gen. Oblig. Bonds, (FGIC), 5.80%, 12/01/09 A1, AA- 110,000 110,724 ------------ 2,466,322 ------------ OREGON -- 0.3% Portland, OR Urban Renewal & Redev. Ref. Bonds, Ser. A, (FGIC), 5.00%, 06/15/17 A3, NR 320,000 326,298 ------------ 326,298 ------------ PENNSYLVANIA -- 8.5% Central Bucks, PA School District Ref. Bonds, 5.00%, 05/15/25 Aa2, N-R 2,500,000 2,621,100 Lancaster Cnty, PA Solid Waste Management Auth. (Resource Recovery System), Ser. A, (AMBAC), 5.00%, 12/15/14 A3, A+ 500,000 506,640 Pennsylvania State Higher Educ. Fac. Auth. Rev. Bonds (Philadelphia College of Osteopathic Medicine), 5.00%, 12/01/16 NR, A 1,560,000 1,597,643 Pennsylvania State Higher Educ. Fac. Auth. Rev. Bonds, (Philadelphia College of Osteopathic Medicine), 5.00%, 12/01/17 NR, A 500,000 506,315 Pennsylvania State Pub. School Bldg. Auth. Rev. Bonds, (FGIC), 5.25%, 11/01/15 NR, AA 545,000 587,156 Philadelphia, PA Airport Rev. Bonds, (FGIC), Ser. B, 5.50%, 06/15/18 A2, AA- 1,350,000 1,328,859 Philadelphia, PA Airport Rev. Bonds, (MBIA), Ser. A, 5.00%, 06/15/18 A2, AA- 600,000 566,568 Philadelphia, PA Auth. For Indl. Dev. Rev. Bonds Ser. A, 4.90%, 05/01/17 NR, BBB- 290,000 239,055 Philadelphia, PA Gen. Oblig. Bonds, (CIFG), 5.00%, 08/01/23 Baa1, BBB 1,000,000 928,260 Philadelphia, PA Redev. Auth. For Neighborhood Transformation. Rev. Bonds Ser. A, 5.50%, 04/15/20 Baa1, AA- 925,000 929,329 Philadelphia, PA School District Ref. Bonds, Ser. A, (AMBAC), 5.00%, 08/01/17 Aa3, A+ 600,000 625,380
5 WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Municipal Bond Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- ------------ Pittsburgh, PA Stadium Auth. Lease Rev. Bonds, 6.50%, 04/01/11 Aaa, AAA $ 80,000 $ 83,673 ------------ 10,519,978 ------------ PUERTO RICO -- 0.5% Puerto Rico Pub. Impt. Ser. A, 5.50%, 07/01/21 Baa3, BBB- 250,000 226,292 The Childrens Trust Fund, Puerto Rico, Tobacco Settlement Rev. Bonds, 5.00%, 05/15/09 Baa3, BBB 100,000 100,037 The Childrens Trust Fund, Puerto Rico, Tobacco Settlement Rev. Bonds, 5.75%, 07/01/14 NR, AAA 250,000 265,775 ------------ 592,104 ------------ SOUTH CAROLINA -- 1.3% South Carolina State Pub. Servicing Auth. Rev. Bonds, Ser. D, (FSA), 5.00%, 01/01/20 Aa2, AAA 1,500,000 1,564,845 ------------ 1,564,845 ------------ TENNESSEE -- 0.2% Memphis, TN Sewer Sys. Ref. Rev. Bonds, 5.25%, 10/01/13 A2, AA 250,000 276,255 ------------ 276,255 ------------ TEXAS -- 11.6% Cedar Park, TX Utility Sys. Rev. Bonds, (MBIA), 5.00%, 08/15/18 A2, AA 400,000 423,484 Corpus Christi, TX Utility Sys. Rev. Bonds, Ser. A, (AMBAC), 5.00%, 07/15/18 A2, A+ 500,000 535,250 Dallas-Fort Worth International Airport Fac. Improv. Corp Jt Ser A, (FGIC), 6.00%, 11/01/28 A1, AA- 5,000,000 4,920,600 Georgetown, TX Indpt. School Dist. Gen. Oblig. Ref. Bonds, (PSF-GTD), 5.00%, 02/15/17 Aaa, AAA 500,000 547,085 Houston, TX Unrefunded Pub. Impt. Ref. Bonds, Ser. A, 5.25%, 03/01/13 Aa3, AA 100,000 100,048 Howard County, TX Jr. College District, (AMBAC), 5.00%, 02/15/26 Baa1, A 2,810,000 2,833,464 Katy, TX Indpt. School Dist. Gen. Oblig. Bonds, (PSF-GTD), 5.50%, 02/15/15 Aaa, AAA 175,000 185,169 North Texas Tollway Auth. First Tier Ser. L-2, 6.00%, 01/01/38* A2, A- 1,900,000 1,994,373 Port Arthur, TX Independent School District Gen. Oblig Bonds, (AMBAC), 5.00%, 02/15/22 A3, A 170,000 175,573 Tarrant County, TX Cultural Educ. Fac. Finance Corp. Ser. A, 5.00%, 02/15/20 Aa3, AA- 100,000 100,446 Tarrant County, TX Cultural Educ. Fac. Finance Corp. Ser. A, 5.00%, 02/15/22 Aa3, AA- 345,000 339,197 Tarrant County, TX Health Fac. Corp. Hosp. Rev. Ref. (Cook Childrens Medical Center) Ser. B, (FSA), 5.00%, 12/01/21 Aa3, AAA 2,000,000 2,039,300 Univ. of Texas Ref. Rev. Bonds, Ser. A, 6.25%, 07/01/13 Aaa, AAA 60,000 66,959 Univ. of Texas Ref. Rev. Bonds, Ser. A, 6.25%, 07/01/13 Aaa, AAA 85,000 98,802 ------------ 14,359,750 ------------ UTAH -- 0.5% Salt Lake County, UT Sales Tax Rev. Bonds, 5.00%, 08/01/17 NR, AAA 500,000 556,615 ------------ 556,615 ------------ WASHINGTON -- 7.2% Klickitat County, WA Public Utility District No. 1 Ser. B, (FGIC), 5.25%, 12/01/22 A3, NR 2,000,000 1,995,980
6 WILMINGTON FUNDS -- FIXED INCOME FUNDS -------------------------------------- Municipal Bond Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED --------------------------------------------------------------------------------
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- ------------ Seattle, WA Muni. Light & Power Ref. Rev. Bonds, (FSA), 5.00%, 07/01/10 Aa2, AAA $ 350,000 $ 353,160 Washington Health Care Fac. Auth. Group Health Coop., (RADIAN), 5.00%, 12/01/25 Aa2, A- 1,000,000 808,540 Washington Health Care Fac. Auth., (RADIAN), 5.00%, 12/01/23 NR, A- 1,570,000 1,320,527 Washington State Econ. Dev. Fin. Auth. Biomedical Resh Properties II, (MBIA), 5.25%, 06/01/21 NR, AA+ 1,000,000 1,062,790 Washington State Econ. Dev. Fin. Auth. Lease Rev. Washington Biomedical RESH PPTYS II, (MBIA), 5.00%, 06/01/23 Aa2, AA+ 3,240,000 3,348,054 ------------ 8,889,051 ------------ WEST VIRGINIA -- 0.2% West Virginia State Bldg. Ref. Rev. Bonds, Ser. A, (AMBAC), 5.38%, 07/01/18 Baa1, A 250,000 266,183 ------------ 266,183 ------------ WISCONSIN -- 0.3% Sheboygan, WI Pollution Ctrl. Rev., (FGIC), 5.00%, 09/01/15 A2, A- 200,000 217,208 Wisconsin State Trans. Rev. Ref. Bonds, Ser. 1, (AMBAC), 5.75%, 07/01/14 Aa3, AA+ 105,000 116,328 ------------ 333,536 ------------ TOTAL MUNICIPAL BONDS (COST $116,660,993) 112,806,367 ------------ SHARES ----------- SHORT-TERM INVESTMENTS -- 5.2% BlackRock Liquidity Funds MuniCash Portfolio -- Institutional Series 3,189,207 3,189,207 BlackRock Liquidity Funds MuniFund Portfolio -- Institutional Series 3,189,208 3,189,208 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $6,378,415) 6,378,415 ------------ MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ----------- ----------- ------------ CORPORATE COMMERCIAL PAPER -- 0.8% California State, 4.00%, 04/02/09 NR, NR 1,000,000 1,000,000 ------------ TOTAL COMMERCIAL PAPER (COST $1,000,000) 1,000,000 ------------ TOTAL INVESTMENTS -- 97.0% (Cost $124,039,408)(+) $120,184,782 OTHER ASSETS IN EXCESS OF LIABILITIES -- 3.0% 3,780,599 ------------ NET ASSETS -- 100.0% $123,965,381 ============
(1) Although certain securities are not rated (NR) by either Moody's or S&P, they have been determined to be of comparable quality to investment grade securities by the investment adviser. The ratings shown are unaudited. * Denotes a Variable or Floating Rate Note. Variable or Floating Rate Notes are instruments whose rates change periodically. The rates shown are the interest rates as of March 31, 2009. + The cost for federal income tax purposes is $124,039,408. At March 31, 2009 net unrealized depreciation was $3,854,626. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $1,607,806, and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $5,462,432. AMBAC - Credit rating enhanced by guaranty or insurance from AMBAC Indemnity Corp. CIFG - Credit rating enhanced by guaranty or insurance from CIFG. FGIC - Credit rating enhanced by guaranty or insurance from Financial Guaranty Insurance Corp. FNMA - Credit rating enhanced by guaranty or insurance from Federal National Mortgage Association. FSA - Credit rating enhanced by guaranty or insurance from Financial Security Assurance. GNMA - Credit rating enhanced by guaranty or insurance from Government National Mortgage Association. LOC - Letter of Credit MBIA - Credit rating enhanced by guaranty or insurance from MBIA Inc. PSF-GTD - Public School Fund Guarantee RADIAN - Credit rating enhanced by guaranty or insurance from Radian Asset Assuarance, Inc. VRDB - Variable Rate Demand Bonds XLCA - Credit rating enhanced by guaranty or insurance from XL Capital Assurance. 7 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- Level 1 - Quoted Prices $ 6,378,415 $ -- ----------------------------------------------------------------------------------------------- Level 2 - Other Significant Observable Inputs 113,806,367 -- ----------------------------------------------------------------------------------------------- Level 3 - Significant Unobservable Inputs -- -- ----------------------------------------------------------------------------------------------- Total $120,184,782 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Large-Cap Growth Fund --------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- COMMON STOCK -- 99.7% CONSUMER DISCRETIONARY -- 10.3% AUTO COMPONENTS -- 0.2% Gentex Corp. 4,200 $ 41,832 ----------- DIVERSIFIED CONSUMER SERVICES -- 1.3% Brink's Home Security Holdings, Inc.* 1,600 36,160 DeVry, Inc. 300 14,454 Strayer Education, Inc. 1,000 179,870 ----------- 230,484 ----------- HOTELS, RESTAURANTS & LEISURE -- 2.0% Chipotle Mexican Grill, Inc. - Class A* 700 46,466 Choice Hotels International, Inc. 3,000 77,460 Marriott International, Inc. - Class A 2,000 32,720 Panera Bread Co. - Class A* 400 22,360 Starbucks Corp.* 2,300 25,553 Tim Hortons, Inc. 1,700 43,129 Yum! Brands, Inc. 4,500 123,660 ----------- 371,348 ----------- HOUSEHOLD DURABLES -- 0.7% NVR, Inc.* 300 128,325 ----------- INTERNET & CATALOG RETAIL -- 0.9% Amazon.com, Inc.* 2,100 154,224 ----------- MEDIA -- 1.0% John Wiley & Sons, Inc. - Class A 2,100 62,538 The DIRECTV Group, Inc.* 800 18,232 The Walt Disney Co. 3,000 54,480 Viacom, Inc. - Class B* 3,000 52,140 ----------- 187,390 ----------- MULTILINE RETAIL -- 1.6% Big Lots, Inc.* 3,700 76,886 Kohl's Corp.* 500 21,160 Target Corp. 5,300 182,267 ----------- 280,313 ----------- SPECIALTY RETAIL -- 2.1% Carmax, Inc.* 4,200 52,248 Lowe's Cos., Inc. 2,000 36,500 O'Reilly Automotive, Inc.* 600 21,006 PetSmart, Inc. 1,500 31,440 Ross Stores, Inc. 1,100 39,468 Staples, Inc. 4,700 85,117 The Sherwin-Williams Co. 2,300 119,531 ----------- 385,310 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.5% Nike, Inc. - Class B 1,900 89,091 ----------- TOTAL CONSUMER DISCRETIONARY 1,868,317 ----------- CONSUMER STAPLES -- 16.3% BEVERAGES -- 5.1% Brown-Forman Corp. - Class B 2,200 85,426 PepsiCo, Inc. 10,400 535,392 The Coca-Cola Co. 7,100 312,045 ----------- 932,863 ----------- FOOD & STAPLES RETAILING -- 5.4% Costco Wholesale Corp. 5,900 273,288 CVS Caremark Corp. 1,239 34,060 SHARES VALUE ------ ----------- SYSCO Corp. 6,600 $ 150,480 Wal-Mart Stores, Inc. 6,500 338,650 Walgreen Co. 6,400 166,144 Whole Foods Market, Inc. 1,300 21,840 ----------- 984,462 ----------- FOOD PRODUCTS -- 2.4% Campbell Soup Co. 3,900 106,704 General Mills, Inc. 3,100 154,628 The Hershey Co. 2,100 72,975 The J.M. Smucker Co. 2,700 100,629 ----------- 434,936 ----------- HOUSEHOLD PRODUCTS -- 2.0% Church & Dwight Co., Inc. 3,200 167,136 Colgate-Palmolive Co. 2,200 129,756 Procter & Gamble Co. 1,633 76,898 ----------- 373,790 ----------- PERSONAL PRODUCTS -- 0.1% Avon Products, Inc. 900 17,307 ----------- TOBACCO -- 1.3% Altria Group, Inc. 1,400 22,428 Philip Morris International, Inc. 5,800 206,364 ----------- 228,792 ----------- TOTAL CONSUMER STAPLES 2,972,150 ----------- ENERGY -- 6.9% ENERGY EQUIPMENT & SERVICES -- 2.8% Baker Hughes, Inc. 1,600 45,680 Halliburton Co. 2,600 40,222 IHS, Inc. - Class A* 400 16,472 Key Energy Services, Inc.* 2,600 7,488 National Oilwell Varco, Inc.* 1,000 28,710 Noble Corp. 1,000 24,090 Patterson-UTI Energy, Inc. 1,800 16,128 Schlumberger, Ltd. 6,000 243,720 Smith International, Inc. 1,300 27,924 Transocean Ltd.* 929 54,662 ----------- 505,096 ----------- OIL, GAS & CONSUMABLE FUELS -- 4.1% Chesapeake Energy Corp. 900 15,354 EOG Resources, Inc. 800 43,808 Exxon Mobil Corp. 6,700 456,270 Frontier Oil Corp. 1,900 24,301 Hess Corp. 500 27,100 Mariner Energy, Inc.* 1,100 8,525 Murphy Oil Corp. 800 35,816 Occidental Petroleum Corp. 2,600 144,690 ----------- 755,864 ----------- TOTAL ENERGY 1,260,960 ----------- FINANCIALS -- 1.4% CAPITAL MARKETS -- 0.9% Eaton Vance Corp. 1,000 22,850 Goldman Sachs Group, Inc. 200 21,204 Northern Trust Corp. 700 41,874 SEI Investments Co. 1,300 15,873 The Charles Schwab Corp. 4,200 65,100 ----------- 166,901 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.3% CME Group, Inc. 200 49,278 ----------- 1 WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Large-Cap Growth Fund --------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- INSURANCE -- 0.0% Brown & Brown, Inc. 200 $ 3,782 ----------- THRIFTS & MORTGAGE FINANCE -- 0.2% Capitol Federal Financial 900 34,029 ----------- TOTAL FINANCIALS 253,990 ----------- HEALTH CARE -- 17.0% BIOTECHNOLOGY -- 2.6% Biogen Idec, Inc.* 1,700 89,114 Celgene Corp.* 3,300 146,520 Genzyme Corp.* 1,400 83,146 Gilead Sciences, Inc.* 3,400 157,488 ----------- 476,268 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 4.2% Baxter International, Inc. 5,000 256,100 Becton, Dickinson & Co. 400 26,896 C.R. Bard, Inc. 1,700 135,524 Edwards Lifesciences Corp.* 3,500 212,205 Intuitive Surgical, Inc.* 200 19,072 Medtronic, Inc. 1,900 55,993 ResMed, Inc.* 300 10,602 Stryker Corp. 1,600 54,464 ----------- 770,856 ----------- HEALTH CARE PROVIDERS & SERVICES -- 1.9% AmerisourceBergen Corp. 2,900 94,714 Cardinal Health, Inc. 1,500 47,220 DaVita, Inc.* 1,000 43,950 Express Scripts, Inc.* 900 41,553 McKesson Corp. 1,000 35,040 Medco Health Solutions, Inc.* 1,000 41,340 MEDNAX, Inc.* 1,200 35,364 ----------- 339,181 ----------- LIFE SCIENCES TOOLS & SERVICES -- 1.8% Charles River Laboratories International, Inc.* 1,100 29,931 Covance, Inc.* 1,100 39,193 Pharmaceutical Product Development, Inc. 1,500 35,580 Techne Corp. 3,900 213,369 Waters Corp.* 200 7,390 ----------- 325,463 ----------- PHARMACEUTICALS -- 6.5% Abbott Laboratories 800 38,160 Allergan, Inc. 1,400 66,864 Bristol-Myers Squibb Co. 10,400 227,968 Eli Lilly & Co. 500 16,705 Endo Pharmaceuticals Holdings, Inc.* 1,000 17,680 Johnson & Johnson 10,000 526,000 Merck & Co., Inc. 2,400 64,200 Schering-Plough Corp. 8,300 195,465 Sepracor, Inc.* 2,000 29,320 ----------- 1,182,362 ----------- TOTAL HEALTH CARE 3,094,130 ----------- INDUSTRIALS -- 11.4% AEROSPACE & DEFENSE -- 0.9% Honeywell International, Inc. 1,900 52,934 The Boeing Co. 1,200 42,696 SHARES VALUE ------ ----------- United Technologies Corp. 1,500 $ 64,470 ----------- 160,100 ----------- AIR FREIGHT & LOGISTICS -- 1.6% C.H. Robinson Worldwide, Inc. 2,400 109,464 Expeditors International Washington, Inc. 2,200 62,238 United Parcel Service, Inc. - Class B 2,300 113,206 ----------- 284,908 ----------- BUILDING PRODUCTS -- 0.2% Lennox International, Inc. 1,300 34,398 ----------- COMMERCIAL SERVICES & SUPPLIES -- 1.6% Copart, Inc.* 1,900 56,354 Corrections Corp. of America* 3,000 38,430 Republic Services, Inc. 700 12,005 Stericycle, Inc.* 4,000 190,920 ----------- 297,709 ----------- CONSTRUCTION & ENGINEERING -- 1.4% Aecom Technology Corp.* 2,700 70,416 Fluor Corp. 1,000 34,550 Jacobs Engineering Group, Inc.* 1,400 54,124 KBR, Inc. 2,000 27,620 The Shaw Group, Inc.* 700 19,187 URS Corp.* 1,400 56,574 ----------- 262,471 ----------- ELECTRICAL EQUIPMENT -- 1.4% AMETEK, Inc. 1,000 31,270 Emerson Electric Co. 2,200 62,876 Hubbell, Inc. - Class B 3,000 80,880 Roper Industries, Inc. 1,900 80,655 ----------- 255,681 ----------- INDUSTRIAL CONGLOMERATES -- 0.7% 3M Co. 2,500 124,300 ----------- MACHINERY -- 0.3% Caterpillar, Inc. 1,300 36,348 Danaher Corp. 300 16,266 ----------- 52,614 ----------- PROFESSIONAL SERVICES -- 1.7% Equifax, Inc. 2,800 68,460 FTI Consulting, Inc.* 4,200 207,816 Robert Half International, Inc. 2,500 44,575 ----------- 320,851 ----------- ROAD & RAIL -- 0.2% Landstar System, Inc. 1,000 33,470 ----------- TRADING COMPANIES & DISTRIBUTORS -- 1.4% Fastenal Co. 2,300 73,957 W.W. Grainger, Inc. 2,600 182,468 ----------- 256,425 ----------- TOTAL INDUSTRIALS 2,082,927 ----------- INFORMATION TECHNOLOGY -- 30.4% COMMUNICATIONS EQUIPMENT -- 4.5% Cisco Systems, Inc.* 29,400 493,038 Corning, Inc. 4,700 62,369 QUALCOMM, Inc. 6,800 264,588 ----------- 819,995 ----------- COMPUTERS & PERIPHERALS -- 7.2% Apple Computer, Inc.* 3,300 346,896 2 WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Large-Cap Growth Fund --------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Dell, Inc.* 8,600 $ 81,528 Hewlett-Packard Co. 11,300 362,278 International Business Machines Corp. 4,700 455,383 Teradata Corp.* 3,800 61,636 Western Digital Corp.* 600 11,604 ----------- 1,319,325 ----------- ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 0.9% Agilent Technologies, Inc.* 1,500 23,055 AVX Corp. 11,500 104,420 National Instruments Corp. 2,000 37,300 ----------- 164,775 ----------- INTERNET SOFTWARE & SERVICES -- 2.4% eBay, Inc.* 5,300 66,568 Google, Inc. - Class A* 900 313,254 Yahoo!, Inc.* 4,600 58,926 ----------- 438,748 ----------- IT SERVICES -- 3.0% Accenture, Ltd. - Class A 3,900 107,211 Automatic Data Processing, Inc. 3,300 116,028 Cognizant Technology Solutions Corp. - Class A* 2,600 54,054 NeuStar, Inc. - Class A* 8,600 144,050 The Western Union Co. 1,100 13,827 Total System Services, Inc. 2,800 38,668 Visa, Inc. - Class A 1,400 77,840 ----------- 551,678 ----------- OFFICE ELECTRONICS -- 0.4% Zebra Technologies Corp. - Class A* 3,300 62,766 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 5.3% Altera Corp. 5,400 94,770 Analog Devices, Inc. 1,400 26,978 Applied Materials, Inc. 6,600 70,950 Broadcom Corp. - Class A* 4,900 97,902 Cavium Networks, Inc.* 1,000 11,540 Intel Corp. 27,700 416,885 Linear Technology Corp. 1,200 27,576 MEMC Electronic Materials, Inc.* 2,200 36,278 Microchip Technology, Inc. 3,000 63,570 Texas Instruments, Inc. 5,500 90,805 Xilinx, Inc. 1,500 28,740 ----------- 965,994 ----------- SOFTWARE -- 6.7% Adobe Systems, Inc.* 3,100 66,309 BMC Software, Inc.* 3,700 122,100 CA, Inc. 3,500 61,635 Citrix Systems, Inc.* 4,000 90,560 Electronic Arts, Inc.* 1,000 18,190 FactSet Research Systems, Inc. 1,200 59,988 Microsoft Corp. 41,100 755,007 Oracle Corp. 2,700 48,789 ----------- 1,222,578 ----------- TOTAL INFORMATION TECHNOLOGY 5,545,859 ----------- MATERIALS -- 3.2% CHEMICALS -- 2.5% Ecolab, Inc. 2,600 90,298 Monsanto Co. 2,800 232,680 SHARES VALUE ------ ----------- Praxair, Inc. 300 $ 20,187 Sigma-Aldrich Corp. 1,400 52,906 The Scotts Miracle - Gro Co. - Class A 1,500 52,050 Valhi, Inc. 400 3,752 ----------- 451,873 ----------- CONTAINERS & PACKAGING -- 0.2% AptarGroup, Inc. 1,500 46,710 ----------- METALS & MINING -- 0.5% Newmont Mining Corp. 1,800 80,568 United States Steel Corp. 200 4,226 ----------- 84,794 ----------- TOTAL MATERIALS 583,377 ----------- TELECOMMUNICATION SERVICES -- 0.8% WIRELESS TELECOMMUNICATION SERVICES -- 0.8% American Tower Corp. - Class A* 1,800 54,774 Leap Wireless International, Inc.* 1,100 38,357 MetroPCS Communications, Inc.* 2,500 42,700 ----------- 135,831 ----------- TOTAL TELECOMMUNICATION SERVICES 135,831 ----------- UTILITIES -- 2.0% ELECTRIC UTILITIES -- 1.3% Allegheny Energy, Inc. 900 20,853 DPL, Inc. 2,500 56,350 Entergy Corp. 900 61,281 Exelon Corp. 1,300 59,007 PPL Corp. 1,400 40,194 ----------- 237,685 ----------- GAS UTILITIES -- 0.3% EQT Corp. 1,600 50,128 ----------- MULTI-UTILITIES -- 0.4% Public Service Enterprise Group, Inc. 2,800 82,516 ----------- TOTAL UTILITIES 370,329 ----------- TOTAL COMMON STOCK (Cost $22,832,648) 18,167,870 ----------- SHORT TERM INVESTMENTS -- 0.2% BlackRock Liquidity Funds TempFund Portfolio -- Institutional Series (Cost $46,931) 46,931 46,931 ----------- TOTAL INVESTMENTS -- 99.9% (Cost $22,879,579)(1) $18,214,801 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1% 9,792 ----------- NET ASSETS -- 100.0% $18,224,593 =========== * Non-income producing security. (1) The cost for Federal income tax purposes is $23,204,925. At March 31, 2009 net unrealized depreciation was $4,990,124. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $9,146 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $4,999,270. 3 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- Level 1 - Quoted Prices $18,214,801 $ -- ----------------------------------------------------------------------------------------------- Level 2 - Other Significant Observable Inputs -- -- ----------------------------------------------------------------------------------------------- Level 3 - Significant Unobservable Inputs -- -- ----------------------------------------------------------------------------------------------- Total $18,214,801 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Large-Cap Value Fund -------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- COMMON STOCK -- 99.7% CONSUMER DISCRETIONARY -- 8.6% AUTO COMPONENTS -- 0.1% Johnson Controls, Inc. 1,200 $ 14,400 ----------- DISTRIBUTORS -- 1.3% Genuine Parts Co. 7,400 220,964 ----------- HOTELS, RESTAURANTS & LEISURE -- 1.8% International Speedway Corp. - Class A 800 17,648 McDonald's Corp. 5,400 294,678 ----------- 312,326 ----------- HOUSEHOLD DURABLES -- 1.4% NVR, Inc.* 500 213,875 Snap-On, Inc. 1,200 30,120 ----------- 243,995 ----------- MEDIA -- 2.1% Cablevision Systems New York Group - Class A 1,400 18,116 CBS Corp. - Class B 3,700 14,208 News Corp. - Class A 3,500 23,170 Regal Entertainment Group - Class A 2,500 33,525 The Walt Disney Co.(1) 9,800 177,968 Time Warner Cable, Inc.(1) 853 21,165 Time Warner, Inc. 3,400 65,620 ----------- 353,772 ----------- MULTILINE RETAIL -- 0.2% Macy's, Inc. 3,000 26,700 ----------- SPECIALTY RETAIL -- 1.4% Barnes & Noble, Inc.(1) 1,500 32,070 Staples, Inc. 2,400 43,464 The Home Depot, Inc. 4,300 101,308 Williams-Sonoma, Inc. 5,500 55,440 ----------- 232,282 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.3% V.F. Corp. 800 45,688 ----------- TOTAL CONSUMER DISCRETIONARY 1,450,127 ----------- CONSUMER STAPLES -- 12.8% BEVERAGES -- 0.1% The Coca-Cola Co.(1) 400 17,580 ----------- FOOD & STAPLES RETAILING -- 2.5% BJ's Wholesale Club, Inc.* 6,800 217,532 CVS Caremark Corp. 2,000 54,980 Wal-Mart Stores, Inc. 2,000 104,200 Walgreen Co.(1) 1,900 49,324 ----------- 426,036 ----------- FOOD PRODUCTS -- 4.0% Archer-Daniels-Midland Co. 1,900 52,782 Bunge, Ltd. 500 28,325 Hormel Foods Corp. 7,600 240,996 Kellogg Co.(1) 2,600 95,238 Kraft Foods, Inc. - Class A 657 14,644 The J.M. Smucker Co. 6,000 223,620 Tyson Foods, Inc. - Class A(1) 2,800 26,292 ----------- 681,897 ----------- HOUSEHOLD PRODUCTS -- 4.3% Church & Dwight Co., Inc. 6,000 313,380 Kimberly-Clark Corp. 5,000 230,550 SHARES VALUE ------ ----------- Procter & Gamble Co. 4,086 $ 192,410 ----------- 736,340 ----------- TOBACCO -- 1.9% Philip Morris International, Inc. 6,700 238,386 Reynolds American, Inc. 2,200 78,848 ----------- 317,234 ----------- TOTAL CONSUMER STAPLES 2,179,087 ----------- ENERGY -- 17.8% ENERGY EQUIPMENT & SERVICES -- 0.6% Patterson-UTI Energy, Inc. 1,800 16,128 SEACOR Holdings, Inc.* 1,400 81,634 ----------- 97,762 ----------- OIL, GAS & CONSUMABLE FUELS -- 17.2% Anadarko Petroleum Corp. 1,800 70,002 Apache Corp.(1) 1,400 89,726 Chesapeake Energy Corp.(1) 1,500 25,590 Chevron Corp. 10,024 674,014 ConocoPhillips 6,300 246,708 Devon Energy Corp. 1,200 53,628 Exxon Mobil Corp.(1) 21,803 1,484,784 Marathon Oil Corp. 1,800 47,322 Newfield Exploration Co.* 1,000 22,700 Noble Energy, Inc. 800 43,104 Occidental Petroleum Corp. 300 16,695 Spectra Energy Corp. 3,850 54,439 Tesoro Corp. 900 12,123 Valero Energy Corp. 2,000 35,800 XTO Energy, Inc. 1,700 52,054 ----------- 2,928,689 ----------- TOTAL ENERGY 3,026,451 ----------- FINANCIALS -- 17.8% CAPITAL MARKETS -- 2.7% Goldman Sachs Group, Inc. 1,700 180,234 Morgan Stanley 4,700 107,019 State Street Corp.(1) 1,500 46,170 The Bank of New York Mellon Corp. 4,400 124,300 ----------- 457,723 ----------- COMMERCIAL BANKS -- 4.1% Bancorpsouth, Inc. 5,700 118,788 Bank of Hawaii Corp.(1) 1,400 46,172 BB&T Corp.(1) 1,100 18,612 Comerica, Inc. 900 16,479 First Horizon National Corp. 5,711 61,336 SunTrust Banks, Inc. 3,200 37,568 U.S. Bancorp 6,700 97,887 Valley National Bancorp 2,000 24,740 Wells Fargo & Co.(1) 18,600 264,864 ----------- 686,446 ----------- DIVERSIFIED FINANCIAL SERVICES -- 2.3% JPMorgan Chase & Co. 14,679 390,168 ----------- INSURANCE -- 6.5% American National Insurance Co. 800 41,928 Assurant, Inc. 1,000 21,780 AXIS Capital Holdings, Ltd. 700 15,778 Chubb Corp. 5,800 245,456 Endurance Specialty Holdings, Ltd. 2,900 72,326 Loews Corp. 4,700 103,870 1 WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Large-Cap Value Fund -------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Markel Corp.* 300 $ 85,164 Prudential Financial, Inc. 1,800 34,236 The Travelers Cos., Inc. 5,600 227,584 Wesco Financial Corp. 900 248,400 ----------- 1,096,522 ----------- REAL ESTATE INVESTMENT TRUSTS -- 1.7% AvalonBay Communities, Inc.(1) 1,422 66,919 Hospitality Properties Trust 1,900 22,800 Kilroy Realty Corp. 1,900 32,661 Liberty Property Trust 1,100 20,834 Public Storage(1) 2,100 116,025 Regency Centers Corp. 1,200 31,884 ----------- 291,123 ----------- THRIFTS & MORTGAGE FINANCE -- 0.5% Astoria Financial Corp. 2,100 19,299 Capitol Federal Financial 1,900 71,839 ----------- 91,138 ----------- TOTAL FINANCIALS 3,013,120 ----------- HEALTH CARE -- 14.2% BIOTECHNOLOGY -- 1.2% Amgen, Inc.* 3,200 158,464 Biogen Idec, Inc.*(1) 900 47,178 ----------- 205,642 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 0.5% Beckman Coulter, Inc. 1,700 86,717 ----------- HEALTH CARE PROVIDERS & SERVICES -- 3.0% AmerisourceBergen Corp. 6,500 212,290 Cardinal Health, Inc. 4,900 154,252 CIGNA Corp. 1,300 22,867 McKesson Corp. 800 28,032 MEDNAX, Inc.* 500 14,735 UnitedHealth Group, Inc. 2,400 50,232 WellPoint, Inc.* 800 30,376 ----------- 512,784 ----------- HEALTH CARE TECHNOLOGY -- 0.6% IMS Health, Inc. 7,900 98,513 ----------- LIFE SCIENCES TOOLS & SERVICES -- 1.7% Charles River Laboratories International, Inc.* 1,200 32,652 Life Technologies Corp.* 4,700 152,656 PerkinElmer, Inc. 7,900 100,883 ----------- 286,191 ----------- PHARMACEUTICALS -- 7.2% Eli Lilly & Co. 3,700 123,617 Forest Laboratories, Inc.* 2,000 43,920 Johnson & Johnson 7,500 394,500 Merck & Co., Inc. 5,900 157,825 Pfizer, Inc.(1) 24,300 330,966 Wyeth 3,700 159,248 ----------- 1,210,076 ----------- TOTAL HEALTH CARE 2,399,923 ----------- INDUSTRIALS -- 6.8% AEROSPACE & DEFENSE -- 0.8% Raytheon Co. 3,700 144,078 ----------- AIR FREIGHT & LOGISTICS -- 0.1% FedEx Corp. 300 13,347 ----------- COMMERCIAL SERVICES & SUPPLIES -- 0.9% Copart, Inc.* 2,180 64,659 SHARES VALUE ------ ----------- Corrections Corp. of America* 5,500 $ 70,455 Republic Services, Inc. 700 12,005 ----------- 147,119 ----------- CONSTRUCTION & ENGINEERING -- 1.1% Aecom Technology Corp.*(1) 2,900 75,632 KBR, Inc. 1,500 20,715 Quanta Services, Inc.* 1,200 25,740 URS Corp.* 1,600 64,656 ----------- 186,743 ----------- INDUSTRIAL CONGLOMERATES -- 2.5% General Electric Co.(1) 42,700 431,697 ----------- MACHINERY -- 0.6% Dover Corp. 900 23,742 Illinois Tool Works, Inc. 2,500 77,125 ----------- 100,867 ----------- PROFESSIONAL SERVICES -- 0.8% Equifax, Inc. 5,600 136,920 ----------- TOTAL INDUSTRIALS 1,160,771 ----------- INFORMATION TECHNOLOGY -- 3.8% COMPUTERS & PERIPHERALS -- 1.0% International Business Machines Corp.(1) 600 58,134 Sun Microsystems, Inc.* 7,500 54,900 Teradata Corp.*(1) 3,700 60,014 ----------- 173,048 ----------- ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 1.4% AVX Corp.(1) 24,800 225,184 Tyco Electronics, Ltd. 1,700 18,768 ----------- 243,952 ----------- OFFICE ELECTRONICS -- 0.3% Zebra Technologies Corp. - Class A* 2,800 53,256 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.4% Intel Corp. 4,000 60,200 ----------- SOFTWARE -- 0.7% Symantec Corp.* 2,000 29,880 Synopsys, Inc.* 4,000 82,920 ----------- 112,800 ----------- TOTAL INFORMATION TECHNOLOGY 643,256 ----------- MATERIALS -- 2.6% CHEMICALS -- 1.7% E.I. DuPont de Nemours & Co.(1) 1,200 26,796 FMC Corp. 1,300 56,082 PPG Industries, Inc. 900 33,210 RPM International, Inc. 5,500 70,015 Sigma-Aldrich Corp. 1,200 45,348 The Dow Chemical Co. 1,600 13,488 The Lubrizol Corp. 1,300 44,213 ----------- 289,152 ----------- METALS & MINING -- 0.8% Freeport-McMoRan Copper & Gold, Inc. 2,400 91,464 Nucor Corp. 1,100 41,987 ----------- 133,451 ----------- PAPER & FOREST PRODUCTS -- 0.1% Weyerhaeuser Co. 700 19,299 ----------- 2 WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Large-Cap Value Fund -------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- TOTAL MATERIALS 441,902 ----------- TELECOMMUNICATION SERVICES -- 8.4% DIVERSIFIED TELECOMMUNICATION SERVICES -- 7.0% AT&T, Inc. 24,300 $ 612,360 Verizon Communications, Inc. 18,800 567,760 ----------- 1,180,120 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 1.4% Crown Castle International Corp.* 1,500 30,615 Leap Wireless International, Inc.* 1,600 55,792 Telephone & Data Systems, Inc. 3,200 84,832 U.S. Cellular Corp.* 2,000 66,680 ----------- 237,919 ----------- TOTAL TELECOMMUNICATION SERVICES 1,418,039 ----------- UTILITIES -- 6.9% ELECTRIC UTILITIES -- 3.8% Exelon Corp. 2,000 90,780 FirstEnergy Corp. 4,000 154,400 FPL Group, Inc.(1) 1,500 76,095 NV Energy, Inc. 2,400 22,536 PPL Corp. 6,700 192,357 Southern Co. 3,400 104,108 ----------- 640,276 ----------- GAS UTILITIES -- 1.2% AGL Resources, Inc. 2,100 55,713 Atmos Energy Corp. 1,400 32,368 Energen Corp. 1,800 52,434 EQT Corp. 1,900 59,527 ----------- 200,042 ----------- MULTI-UTILITIES -- 1.9% OGE Energy Corp. 9,300 221,526 SCANA Corp. 1,800 55,602 Vectren Corp. 2,500 52,725 ----------- 329,853 ----------- TOTAL UTILITIES 1,170,171 ----------- TOTAL COMMON STOCK (Cost $20,494,374) 16,902,847 ----------- SHORT TERM INVESTMENTS -- 0.4% BlackRock Liquidity Funds TempFund Portfolio -- Institutional Series (Cost $68,178) 68,178 68,178 ----------- SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES -- 18.0% Institutional Money Market Trust 2,768,533 2,768,533 ----------- Branch Banking and Trust Co. Time Deposit 286,433 286,433 ----------- TOTAL SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $3,054,966) 3,054,966 ----------- TOTAL INVESTMENTS -- 118.1% (Cost $23,617,518)+ $20,025,991(2) LIABILITIES IN EXCESS OF OTHER ASSETS -- (18.1)% (3,069,748) ----------- NET ASSETS -- 100.0% $16,956,243 =========== * Non-income producing security. + The cost for Federal income tax purposes is $23,854,181. At March 31, 2009, net unrealized depreciation was $3,828,190. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $1,077,963 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $4,906,153. (1) Security partially or fully on loan. (2) At March 31, 2009, the market value of securities on loan for the Large-Cap Value Fund was $2,941,769. 3 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- Level 1 - Quoted Prices $19,739,558 $ -- ----------------------------------------------------------------------------------------------- Level 2 - Other Significant Observable Inputs 286,433 -- ----------------------------------------------------------------------------------------------- Level 3 - Significant Unobservable Inputs -- -- ----------------------------------------------------------------------------------------------- Total $20,025,991 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Small-Cap Core Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- COMMON STOCK -- 99.3% CONSUMER DISCRETIONARY -- 13.2% DISTRIBUTORS -- 0.3% Core-Mark Holding Co., Inc.* 810 $ 14,758 LKQ Corp.* 1,090 15,555 ----------- 30,313 ----------- DIVERSIFIED CONSUMER SERVICES -- 1.6% Capella Education Co.* 210 11,130 Corinthian Colleges, Inc.* 290 5,641 DeVry, Inc. 180 8,672 Lincoln Educational Services Corp.* 1,690 30,961 Matthews International Corp. - Class A 1,180 33,996 Sotheby's Holdings, Inc. - Class A 760 6,840 Steiner Leisure Ltd.* 1,930 47,111 Strayer Education, Inc. 150 26,980 ----------- 171,331 ----------- HOTELS, RESTAURANTS & LEISURE -- 1.8% AFC Enterprises, Inc.* 1,760 7,938 Ameristar Casinos, Inc. 910 11,448 Bally Technologies, Inc.* 640 11,789 BJ's Restaurants, Inc.*(1) 510 7,094 CKE Restaurants, Inc. 480 4,032 DineEquity, Inc. 980 11,623 Domino's Pizza, Inc.* 3,980 26,069 PF Chang's China Bistro, Inc.*(1) 330 7,550 Sonic Corp.* 420 4,208 Speedway Motorsports, Inc. 510 6,028 Texas Roadhouse, Inc.* 3,160 30,115 The Cheesecake Factory, Inc.* 850 9,733 Vail Resorts, Inc.* 1,080 22,064 WMS Industries, Inc.* 1,765 36,906 ----------- 196,597 ----------- HOUSEHOLD DURABLES -- 0.9% American Greetings Corp. 1,070 5,414 Blyth, Inc. 212 5,540 CSS Industries, Inc. 320 5,440 Ethan Allen Interiors, Inc.(1) 950 10,697 Meritage Homes Corp.* 370 4,225 Palm Harbor Homes, Inc.* 2,080 4,638 Skyline Corp. 2,180 41,442 Tempur-Pedic International, Inc. 870 6,351 Tupperware Brands Corp. 650 11,044 Universal Electronics, Inc.* 360 6,516 ----------- 101,307 ----------- INTERNET & CATALOG RETAIL -- 1.0% Blue Nile, Inc.* 700 21,105 Netflix, Inc.* 350 15,022 Overstock.com, Inc.* 420 3,843 PetMed Express, Inc.* 3,740 61,635 Priceline.com, Inc.* 90 7,090 ----------- 108,695 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.3% Callaway Golf Co. 3,290 23,622 Steinway Musical Instruments* 1,270 15,202 ----------- 38,824 ----------- SHARES VALUE ------ ----------- MEDIA -- 1.9% Arbitron, Inc. 670 $ 10,057 Dolan Media Co.* 850 6,689 Fisher Communications, Inc. 1,520 14,835 Interactive Data Corp. 3,760 93,474 Knology, Inc.* 1,760 7,251 National Cinemedia, Inc. 550 7,249 Outdoor Channel Holdings, Inc.* 9,010 61,448 RCN Corp.* 560 2,072 Scholastic Corp. 410 6,179 ----------- 209,254 ----------- MULTILINE RETAIL -- 0.7% 99 Cents Only Stores* 6,850 63,294 Dollar Tree Stores, Inc.* 345 15,370 ----------- 78,664 ----------- SPECIALTY RETAIL -- 3.1% Aeropostale, Inc.* 1,250 33,200 Cabela's, Inc.* 1,780 16,216 Charlotte Russe Holdings, Inc.* 950 7,743 Conn's, Inc.*(1) 720 10,109 J. Crew Group, Inc.* 1,470 19,375 Monro Muffler Brake, Inc.(1) 3,970 108,500 Sally Beauty Holdings, Inc.* 1,780 10,110 The Buckle, Inc. 1,140 36,400 The Cato Corp. - Class A 2,970 54,292 The Gymboree Corp.* 1,070 22,844 The Men's Wearhouse, Inc. 650 9,841 Tractor Supply Co.* 440 15,866 ----------- 344,496 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 1.6% Columbia Sportswear Co.(1) 220 6,582 Deckers Outdoor Corp.* 100 5,304 Fossil, Inc.* 1,080 16,956 K-Swiss, Inc. - Class A 1,830 15,628 Maidenform Brands, Inc.* 1,870 17,129 Skechers U.S.A., Inc. - Class A* 2,620 17,476 The Timberland Co. - Class A* 910 10,866 The Warnaco Group, Inc.* 1,090 26,160 Under Armour, Inc. - Class A* 170 2,793 Unifirst Corp. 630 17,539 Wolverine World Wide, Inc. 2,695 41,988 ----------- 178,421 ----------- TOTAL CONSUMER DISCRETIONARY 1,457,902 ----------- CONSUMER STAPLES -- 6.9% BEVERAGES -- 0.9% National Beverage Corp.* 11,000 100,870 ----------- FOOD & STAPLES RETAILING -- 2.5% Arden Group, Inc. - Class A 1,410 164,744 Casey's General Stores, Inc. 500 13,330 PriceSmart, Inc. 500 9,005 Susser Holdings Corp.* 840 11,290 United Natural Foods, Inc.* 1,512 28,683 Weis Markets, Inc. 1,580 49,043 ----------- 276,095 ----------- FOOD PRODUCTS -- 2.5% Calavo Growers, Inc. 1,130 13,583 Darling International, Inc.* 1,120 4,155 Farmer Brothers Co. 720 12,816 Fresh Del Monte Produce, Inc.* 280 4,598 1 WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Small-Cap Core Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Lancaster Colony Corp. 2,000 $ 82,960 Lance, Inc. 3,350 69,747 Ralcorp Holdings, Inc.* 430 23,168 Sanderson Farms, Inc. 780 29,289 The Hain Celestial Group, Inc.* 1,800 25,632 Tootsie Roll Industries, Inc. 453 9,843 ----------- 275,791 ----------- HOUSEHOLD PRODUCTS -- 1.0% WD-40 Co. 4,200 101,388 ----------- PERSONAL PRODUCTS -- 0.0% Mannatech, Inc. 210 699 ----------- TOTAL CONSUMER STAPLES 754,843 ----------- ENERGY -- 1.4% ENERGY EQUIPMENT & SERVICES -- 0.7% Bristow Group, Inc.*(1) 1,050 22,502 Cal Dive International, Inc.* 3,620 24,507 Core Laboratories N.V. 100 7,316 Dril-Quip, Inc.* 510 15,657 Matrix Service Co.* 580 4,768 ----------- 74,750 ----------- OIL, GAS & CONSUMABLE FUELS -- 0.7% APCO Argentina, Inc. 1,180 13,003 Arena Resources, Inc.* 180 4,586 Bill Barret Corp.*(1) 90 2,002 Comstock Resources, Inc.* 360 10,728 Contango Oil & Gas Co.* 180 7,056 EXCO Resources, Inc.* 1,600 16,000 Panhandle Oil and Gas, Inc. - Class A 390 6,677 Southern Union Co. 1 7 Toreador Resources Corp. 80 201 Western Refining, Inc. 1,800 21,492 ----------- 81,752 ----------- TOTAL ENERGY 156,502 ----------- FINANCIALS -- 20.0% CAPITAL MARKETS -- 1.1% Blackrock Kelso Capital Corp.(1) 650 2,724 Capital Southwest Corp. 200 15,278 Evercore Partners, Inc. - Class A 930 14,368 Gladstone Capital Corp. 1,580 9,891 Greenhill & Co., Inc. 170 12,554 MVC Capital, Inc. 1,580 13,288 optionsXpress Holdings, Inc. 1,560 17,737 Prospect Capital Corp. 600 5,112 Westwood Holdings Group, Inc. 730 28,536 ----------- 119,488 ----------- COMMERCIAL BANKS -- 6.3% Bancfirst Corp. 850 30,940 Bank of Hawaii Corp. 900 29,682 Banner Corp.(1) 3,180 9,254 Capitol Bancorp, Ltd. 560 2,324 Cardinal Financial Corp. 2,620 15,039 Cathay General Bancorp 1,340 13,976 Central Pacific Financial Corp. 420 2,352 Chemical Financial Corp. 3,590 74,708 CoBiz Financial, Inc. 560 2,940 Cullen/Frost Bankers, Inc. 1,980 92,941 CVB Financial Corp.(1) 3,780 25,062 First Busey Corp.(1) 570 4,423 SHARES VALUE ------ ----------- First Community Bancshares, Inc. 470 $ 5,485 First Midwest Bancorp, Inc. 1,040 8,934 FirstMerit Corp. 920 16,744 Greene Bancshares, Inc. 848 7,462 Hancock Holding Co. 1,220 38,162 MB Financial, Inc. 290 3,944 National Penn Bancshares, Inc.(1) 1,030 8,549 NBT Bancorp, Inc. 280 6,059 Old National Bancorp/Indiana 600 6,702 PacWest Bancorp 570 8,168 PremierWest Bancorp 6,636 26,677 PrivateBancorp, Inc. 160 2,314 Prosperity Bancshares, Inc.(1) 850 23,248 S&T Bancorp, Inc.(1) 190 4,030 Sandy Springs Bancorp, Inc. 630 7,031 SCBT Financial Corp. 350 7,315 Signature Bank* 180 5,081 StellarOne Corp. 520 6,193 Susquehanna Bancshares, Inc. 2,180 20,339 SVB Financial Group*(1) 640 12,806 TowneBank 1,610 26,291 Trico Bancshares 350 5,859 Trustmark Corp. 3,040 55,875 UMB Financial Corp. 410 17,421 Umpqua Holdings Corp. 880 7,973 United Community Banks, Inc./Georgia(1) 3,958 16,466 Westamerica Bancorp(1) 140 6,378 Western Alliance Bancorp* 2,370 10,807 Wintrust Financial Corp. 1,110 13,653 ----------- 689,607 ----------- CONSUMER FINANCE -- 0.1% Cash America International, Inc. 810 12,685 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.4% Life Partners Holdings, Inc. 188 3,207 PHH Corp.* 1,230 17,281 PICO Holdings, Inc.* 780 23,455 ----------- 43,943 ----------- INSURANCE -- 4.8% American Safety Insurance Holdings, Ltd.* 500 5,755 Aspen Insurance Holdings, Ltd. 2,400 53,904 Assured Guaranty, Ltd. 2,500 16,925 Delphi Financial Group, Inc. - Class A 1,560 20,998 eHealth, Inc.* 390 6,244 FBL Financial Group, Inc. - Class A 600 2,490 First Mercury Financial Corp.* 1,190 17,184 Hilltop Holdings, Inc.* 10,530 120,042 Horace Mann Educators Corp. 1,310 10,965 Max Capital Group, Ltd. 2,000 34,480 Meadowbrook Insurance Group, Inc. 3,140 19,154 National Interstate Corp. 1,540 26,041 Navigators Group, Inc.* 490 23,118 NYMagic, Inc. 670 8,174 Odyssey Re Holdings Corp. 380 14,413 Presidential Life Corp. 710 5,531 2 WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Small-Cap Core Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- ProAssurance Corp.* 850 $ 39,627 Protective Life Corp. 2,220 11,655 RLI Corp. 110 5,522 SeaBright Insurance Holdings, Inc.* 1,530 16,004 Selective Insurance Group, Inc. 490 5,958 Stewart Information Services Corp. 2,280 44,460 United Fire & Casualty Co. 320 7,027 Validus Holdings, Ltd.(1) 500 11,840 ----------- 527,511 ----------- REAL ESTATE INVESTMENT TRUSTS -- 4.4% Alexander's, Inc. 30 5,111 Alexandria Real Estate Equities, Inc. 390 14,196 DiamondRock Hospitality Co. 6,070 24,341 Entertainment Properties Trust 890 14,026 Equity One, Inc.(1) 900 10,971 First Industrial Realty Trust, Inc.(1) 3,740 9,163 Franklin Street Properties Corp. 2,120 26,076 Getty Realty Corp. 370 6,790 Highwoods Properties, Inc. 580 12,424 Home Properties, Inc. 210 6,437 Investors Real Estate Trust(1) 5,040 49,694 LaSalle Hotel Properties(1) 2,410 14,074 LTC Properties, Inc.(1) 2,780 48,761 MFA Mortgage Investments, Inc. 1,240 7,291 National Health Investors, Inc. 2,390 64,219 National Retail Properties, Inc. 2,510 39,758 Post Properties, Inc. 1,170 11,864 PS Business Parks, Inc. 190 7,002 Realty Income Corp.(1) 2,170 40,839 Redwood Trust, Inc. 540 8,289 Saul Centers, Inc. 170 3,905 Senior Housing Properties Trust 3,840 53,837 Sun Communities, Inc. 660 7,808 ----------- 486,876 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1% Consolidated Tomoka Land Co. 370 10,989 ----------- THRIFTS & MORTGAGE FINANCE -- 2.8% Abington Bancorp, Inc. 5,770 47,775 Brookline Bancorp, Inc. 9,770 92,815 First Niagara Financial Group, Inc. 1,990 21,691 NewAlliance Bancshares, Inc. 6,970 81,828 Northwest Bancorp, Inc. 2,480 41,912 Provident Financial Services, Inc. 1,800 19,458 TrustCo Bank Corp. NY 730 4,395 ----------- 309,874 ----------- TOTAL FINANCIALS 2,200,973 ----------- HEALTH CARE -- 12.4% BIOTECHNOLOGY -- 2.6% Acorda Therapeutics, Inc.* 310 6,141 Affymax, Inc.* 1,270 20,460 Alexion Pharmaceuticals, Inc.* 910 34,271 Alkermes, Inc.* 1,300 15,769 Allos Therapeutics, Inc.* 2,040 12,607 Arena Pharmaceuticals, Inc.* 1,230 3,702 SHARES VALUE ------ ----------- Array Biopharma, Inc.* 1,530 $ 4,039 Cepheid, Inc.* 200 1,380 Cubist Pharmaceuticals, Inc.* 1,000 16,360 Enzon Pharmaceuticals, Inc.* 2,500 15,175 Geron Corp.* 970 4,336 Halozyme Therapeutics, Inc.* 4,830 26,372 Idera Pharmaceuticals, Inc.* 1,340 8,670 Maxygen, Inc.* 3,990 27,132 Myriad Genetics, Inc.* 500 22,735 Onyx Pharmaceuticals, Inc.* 420 11,991 PDL BioPharma, Inc. 860 6,089 Progenics Pharmaceuticals, Inc.* 580 3,822 Savient Pharmaceuticals, Inc.* 1,830 9,058 Theravance, Inc.* 420 7,140 United Therapeutics Corp.* 370 24,453 ----------- 281,702 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 3.2% Abaxis, Inc.* 510 8,792 Align Technology, Inc.* 800 6,344 Cyberonics, Inc.*(1) 190 2,521 Edwards Lifesciences Corp.* 1,530 92,764 Haemonetics Corp.* 270 14,872 Hologic, Inc.* 180 2,356 I-Flow Corp.* 810 2,957 Idexx Laboratories, Inc.* 965 33,370 Immucor, Inc.* 2,355 59,228 Insulet Corp.* 560 2,296 Medical Action Industries, Inc.* 980 8,124 Meridian Bioscience, Inc. 920 16,670 Merit Medical Systems, Inc.* 3,200 39,072 Orthofix International N.V.* 1,030 19,076 Stereotaxis, Inc.* 1,590 6,344 STERIS Corp. 910 21,185 The Cooper Cos., Inc.(1) 660 17,450 Zoll Medical Corp.* 360 5,170 ----------- 358,591 ----------- HEALTH CARE PROVIDERS & SERVICES -- 3.5% AmSurg Corp.* 510 8,084 CardioNet, Inc.* 335 9,400 Catalyst Health Solutions, Inc.* 370 7,333 Corvel Corp.* 1,670 33,767 Genoptix, Inc.* 240 6,547 HealthSouth Corp.* 4,880 43,334 Healthways, Inc.* 550 4,824 inVentiv Health, Inc.* 360 2,938 MEDNAX, Inc.* 635 18,714 Molina Healthcare, Inc.* 920 17,498 National HealthCare Corp. 570 22,886 National Research Corp. 730 18,133 PSS World Medical, Inc.* 5,320 76,342 Psychiatric Solutions, Inc.* 1,305 20,528 RehabCare Group, Inc.* 2,860 49,879 Res-Care, Inc.* 790 11,502 The Ensign Group, Inc. 1,520 23,499 Virtual Radiologic Corp.* 1,670 11,673 ----------- 386,881 ----------- HEALTH CARE TECHNOLOGY -- 1.0% Allscripts Healthcare Solutions, Inc. 760 7,820 Athenahealth, Inc.* 1,520 36,647 Cerner Corp.* 1,030 45,289 3 WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Small-Cap Core Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Computer Programs & Systems, Inc.(1) 280 $ 9,316 Eclipsys Corp.* 970 9,836 ----------- 108,908 ----------- LIFE SCIENCES TOOLS & SERVICES -- 1.1% Affymetrix, Inc.* 930 3,041 Bio-Rad Laboratories, Inc. - Class A* 415 27,348 Bruker Corp.* 360 2,218 Exelixis, Inc.* 1,580 7,268 Luminex, Corp.* 790 14,315 Paraxel International Corp.* 1,890 18,390 Pharmaceutical Product Development, Inc. 1,350 32,022 Sequenom, Inc.* 430 6,115 Varian, Inc.* 360 8,546 ----------- 119,263 ----------- PHARMACEUTICALS -- 1.0% Acura Pharmaceuticals, Inc.* 3,360 21,571 Cypress Bioscience, Inc.*(1) 2,620 18,628 MAP Pharmaceuticals, Inc.* 1,550 3,255 Medicis Pharmaceutical Corp. - Class A 3,070 37,976 Noven Pharmaceuticals, Inc.* 870 8,248 Sucampo Pharmaceuticals, Inc. - Class A* 2,240 13,731 Vivus, Inc.* 1,270 5,486 ----------- 108,895 ----------- TOTAL HEALTH CARE 1,364,240 ----------- INDUSTRIALS -- 18.8% AEROSPACE & DEFENSE -- 0.8% AAR Corp.* 1,640 20,566 Cubic Corp. 920 23,304 Curtiss-Wright Corp. 230 6,451 Ducommun, Inc. 720 10,469 Esterline Technologies Corp.* 150 3,029 Hexcel Corp.* 260 1,708 Moog, Inc. - Class A* 1,135 25,957 ----------- 91,484 ----------- AIR FREIGHT & LOGISTICS -- 0.1% Forward Air Corp. 410 6,654 ----------- AIRLINES -- 0.4% Allegiant Travel Co.*(1) 830 37,732 UAL Corp.*(1) 2,310 10,349 ----------- 48,081 ----------- BUILDING PRODUCTS -- 0.8% Ameron International Corp. 510 26,856 Apogee Enterprises, Inc. 400 4,392 Gibraltar Industries, Inc. 400 1,888 Simpson Manufacturing Co., Inc. 280 5,046 Universal Forest Products, Inc. 1,940 51,623 ----------- 89,805 ----------- COMMERCIAL SERVICES & SUPPLIES -- 4.8% ABM Industries, Inc. 4,540 74,456 American Ecology Corp. 290 4,043 Clean Harbors, Inc.* 170 8,160 Comfort Systems USA, Inc. 2,260 23,436 Courier Corp. 560 8,495 Deluxe Corp. 410 3,948 SHARES VALUE ------ ----------- Energy Solutions, Inc. 690 $ 5,968 EnerNOC, Inc.* 3,210 46,673 Ennis, Inc. 2,210 19,581 G & K Services, Inc. - Class A 3,112 58,848 HNI Corp. 820 8,528 ICT Group, Inc.* 2,330 12,978 Kimball International, Inc. - Class B 3,450 22,632 Knoll, Inc. 1,555 9,532 McGrath RentCorp 250 3,940 Mine Safety Appliances Co. 1,295 25,926 PRG-Schultz International, Inc.* 3,140 8,918 Rollins, Inc. 1,640 28,126 Standard Register Co. 1,200 5,496 The GEO Group, Inc.* 320 4,240 United Stationers, Inc.* 300 8,424 Viad Corp. 330 4,660 Waste Connections, Inc.* 3,700 95,090 Waste Services, Inc.* 7,120 30,474 ----------- 522,572 ----------- CONSTRUCTION & ENGINEERING -- 2.1% EMCOR Group, Inc.* 2,280 39,147 Granite Construction, Inc. 1,610 60,343 Michael Baker Corp.* 790 20,540 Perini Corp.* 1,720 21,156 Sterling Construction Co., Inc.* 4,670 83,313 ----------- 224,499 ----------- ELECTRICAL EQUIPMENT -- 1.7% Acuity Brands, Inc. 640 14,426 American Superconductor Corp.* 460 7,963 AZZ, Inc.*(1) 1,380 36,418 Belden, Inc. 410 5,129 GrafTech International, Ltd.* 1,180 7,269 II-VI, Inc.* 460 7,903 LSI Industries, Inc. 1,690 8,737 Preformed Line Products Co. 1,910 71,892 Regal-Beloit Corp.(1) 720 22,061 Ultralife Corp.* 510 3,942 ----------- 185,740 ----------- INDUSTRIAL CONGLOMERATES -- 0.2% Otter Tail Corp. 1,060 23,373 ----------- MACHINERY -- 2.1% 3-D Systems Corp.* 980 6,458 Actuant Corp. - Class A 450 4,649 Alamo Group, Inc. 1,030 10,980 Badger Meter, Inc. 350 10,112 Barnes Group, Inc. 310 3,314 Blount International, Inc.* 1,010 4,666 Briggs & Stratton Corp.(1) 1,330 21,945 CIRCOR International, Inc. 190 4,279 Clarcor, Inc.(1) 750 18,892 ESCO Technologies, Inc.* 855 33,088 Kaydon Corp.(1) 1,543 42,170 Key Technology, Inc.* 820 7,216 L.B. Foster Co. - Class A* 1,140 28,306 Lindsay Corp. 110 2,970 Mueller Industries, Inc. 750 16,268 Nordson Corp. 510 14,499 Tennant Co. 180 1,687 4 WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Small-Cap Core Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Wabtec Corp. 150 $ 3,957 ----------- 235,456 ----------- MARINE -- 0.0% Eagle Bulk Shipping, Inc. 650 2,763 Kirby Corp.* 10 266 ----------- 3,029 ----------- PROFESSIONAL SERVICES -- 4.2% Administaff, Inc. 740 15,636 CDI Corp. 3,290 31,979 CoStar Group, Inc.* 250 7,562 Exponent, Inc.* 5,240 132,729 FTI Consulting, Inc.* 550 27,214 Hill International, Inc.* 1,320 4,013 Kelly Services, Inc. - Class A 1,510 12,155 Korn/Ferry International, Inc.* 4,080 36,965 LECG Corp.* 920 2,337 Navigant Consulting, Inc.* 2,560 33,459 Resources Connection, Inc.* 410 6,183 The Advisory Board Co.* 1,035 17,160 VSE Corp. 420 11,214 Watson Wyatt Worldwide, Inc. - Class A 2,510 123,919 ----------- 462,525 ----------- ROAD & RAIL -- 0.4% Landstar System, Inc. 750 25,102 Old Dominion Freight Line, Inc.* 855 20,084 ----------- 45,186 ----------- TRADING COMPANIES & DISTRIBUTORS -- 1.2% Aceto Corp. 10,560 62,938 Beacon Roofing Supply, Inc.* 1,175 15,733 Houston Wire & Cable Co. 1,210 9,378 Lawson Products, Inc. 560 6,815 Watsco, Inc. 1,075 36,582 ----------- 131,446 ----------- TOTAL INDUSTRIALS 2,069,850 ----------- INFORMATION TECHNOLOGY -- 18.6% COMMUNICATIONS EQUIPMENT -- 3.4% Acme Packet, Inc.* 790 4,795 Adtran, Inc. 6,750 109,417 Arris Group, Inc.* 960 7,075 Bigband Networks, Inc.* 4,810 31,506 Ceragon Networks, Ltd.* 1,785 7,586 Digi International, Inc.* 740 5,676 Hughes Communications, Inc.* 1,010 12,150 Infinera Corp.* 4,730 35,002 Loral Space & Communications, Inc.* 920 19,651 Netgear, Inc.* 1,160 13,978 Neutral Tandem, Inc.* 2,070 50,943 ORBCOMM, Inc.* 8,910 13,098 Palm, Inc.*(1) 3,030 26,119 Polycom, Inc.* 520 8,003 Riverbed Technology, Inc.* 1,450 18,966 Starent Networks Corp.* 610 9,644 ----------- 373,609 ----------- COMPUTERS & PERIPHERALS -- 1.0% Data Domain, Inc.* 1,170 14,707 Electronics for Imaging, Inc.* 2,090 20,482 SHARES VALUE ------ ----------- Hutchinson Technology, Inc.* 510 $ 1,326 Imation Corp. 1,110 8,492 Netezza Corp.* 1,820 12,376 Novatel Wireless, Inc.* 570 3,203 Rimage Corp.* 690 9,212 Super Micro Computer, Inc.* 6,520 32,078 Synaptics, Inc.* 140 3,746 ----------- 105,622 ----------- ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 2.2% Anixter International, Inc.* 1,815 57,499 Brightpoint, Inc.* 1,230 5,264 Checkpoint Systems, Inc.* 1,650 14,800 Cognex Corp. 210 2,804 Comverge, Inc.* 2,880 20,016 CTS Corp. 200 722 Daktronics, Inc. 1,080 7,074 Echelon Corp.* 760 6,148 Electro Rent Corp. 9,490 91,484 FLIR Systems, Inc.* 460 9,421 OSI Systems, Inc.* 545 8,317 Park Electrochemical Corp. 400 6,912 Radisys Corp.* 1,000 6,060 ----------- 236,521 ----------- INTERNET SOFTWARE & SERVICES -- 1.5% Chordiant Software, Inc.* 1,990 6,030 comScore, Inc.* 540 6,529 Digital River, Inc.* 490 14,612 DivX, Inc.* 3,720 18,712 Equinix, Inc.* 385 21,618 Liquidity Services, Inc.* 1,350 9,436 MercadoLibre, Inc.* 460 8,533 ModusLink Global Solutions, Inc.* 800 2,072 Omniture, Inc.* 1,080 14,245 SAVVIS, Inc.* 1,610 9,966 Skillsoft PLC - ADR* 3,405 22,779 Sohu.com, Inc.* 200 8,262 TechTarget, Inc.* 3,250 7,800 ValueClick, Inc.* 880 7,489 VistaPrint, Ltd.* 250 6,872 ----------- 164,955 ----------- IT SERVICES -- 3.8% Acxiom Corp. 560 4,144 Cass Information Systems, Inc. 1,370 44,429 CSG Systems International, Inc.* 660 9,425 ExlService Holdings, Inc.* 1,640 14,137 Forrester Research, Inc.* 360 7,402 Gartner, Inc.* 460 5,065 Global Payments, Inc. 1,020 34,078 Heartland Payment Systems, Inc. 750 4,957 MAXIMUS, Inc. 4,700 187,342 Perot Systems Corp. - Class A* 6,130 78,954 Teletech Holdings, Inc.* 2,450 26,680 Wright Express Corp.* 330 6,013 ----------- 422,626 ----------- OFFICE ELECTRONICS -- 0.3% Zebra Technologies Corp. - Class A* 1,620 30,812 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.9% ATMI, Inc.* 480 7,406 5 WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Small-Cap Core Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Cavium Networks, Inc.* 350 $ 4,039 FormFactor, Inc.* 490 8,830 Kulicke & Soffa Industries, Inc.* 2,890 7,572 Microsemi Corp.* 1,485 17,226 Pericom Semiconductor Corp.* 2,960 21,638 Photronics, Inc.* 6,940 6,662 Rubicon Technology, Inc.* 810 4,301 Rudolph Technologies, Inc.* 1,190 3,606 Semtech Corp.* 600 8,010 Sigma Designs, Inc.* 590 7,340 Veeco Instruments, Inc.* 1,120 7,470 ----------- 104,100 ----------- SOFTWARE -- 5.5% ACI Worldwide, Inc.* 2,250 42,187 ANSYS, Inc.* 1,200 30,120 Ariba, Inc.* 1,840 16,063 Blackbaud, Inc. 520 6,037 CommVault Systems, Inc.* 790 8,666 Concur Technologies, Inc.* 820 15,736 Double-Take Software, Inc.* 760 5,138 EPIQ Systems, Inc.* 3,320 59,860 Fair Isaac & Co., Inc. 980 13,789 Jack Henry & Associates, Inc. 7,280 118,810 JDA Software Group, Inc.* 4,500 51,975 Manhattan Associates, Inc.* 3,310 57,329 MICROS Systems, Inc.* 2,665 49,969 Net 1 UEPS Technologies, Inc.* 560 8,518 Perfect World Co., Ltd. - ADR* 330 4,636 PROS Holdings, Inc.* 1,950 9,067 Renaissance Learning, Inc. 2,310 20,721 Sonic Solutions, Inc.* 1,020 1,224 SuccessFactors, Inc.* 1,660 12,666 Synchronoss Technologies, Inc.* 990 12,137 The Ultimate Software Group, Inc.* 1,080 18,641 TiVo, Inc.* 5,050 35,552 Vasco Data Security International, Inc.* 1,440 8,309 ----------- 607,150 ----------- TOTAL INFORMATION TECHNOLOGY 2,045,395 ----------- MATERIALS -- 1.7% CHEMICALS -- 0.6% American Vanguard Corp.(1) 470 6,063 H.B. Fuller Co. 490 6,370 Landec Corp.* 760 4,233 Minerals Technologies, Inc. 1,220 39,101 NewMarket Corp. 130 5,759 OM Group, Inc.* 270 5,217 ----------- 66,743 ----------- CONTAINERS & PACKAGING -- 0.1% Rock-Tenn Co. - Class A 240 6,492 ----------- METALS & MINING -- 0.9% AMCOL International Corp. 350 5,194 Compass Minerals International, Inc. 160 9,019 Haynes International, Inc.* 250 4,455 Kaiser Aluminum Corp. 730 16,878 Olympic Steel, Inc. 470 7,130 Royal Gold, Inc.(1) 1,170 54,709 SHARES VALUE ------ ----------- Worthington Industries, Inc.(1) 1,140 $ 9,929 ----------- 107,314 ----------- PAPER & FOREST PRODUCTS -- 0.1% Deltic Timber Corp. 210 8,276 ----------- TOTAL MATERIALS 188,825 ----------- TELECOMMUNICATION SERVICES -- 1.5% DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.0% Atlantic Tele-Network, Inc. 720 13,810 Cbeyond, Inc.* 670 12,616 Cogent Communications Group, Inc.* 900 6,480 Fairpoint Communications, Inc. 2,980 2,324 General Communication, Inc. - Class A* 750 5,010 Premiere Global Services, Inc.* 690 6,086 Shenandoah Telecommunication Co. 1,360 31,008 TW Telecom, Inc.* 3,790 33,163 ----------- 110,497 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.5% Centennial Communications Corp.* 760 6,278 iPCS, Inc.* 3,850 37,383 USA Mobility, Inc. 1,710 15,749 ----------- 59,410 ----------- TOTAL TELECOMMUNICATION SERVICES 169,907 ----------- UTILITIES -- 4.8% ELECTRIC UTILITIES -- 1.6% Central Vermont Public Service Corp. 340 5,882 Cleco Corp. 1,890 40,994 El Paso Electric Co.* 3,798 53,514 IDACORP, Inc. 320 7,475 MGE Energy, Inc. 490 15,371 The Empire District Electric Co. 480 6,931 UniSource Energy Corp. 660 18,606 Westar Energy, Inc. 1,490 26,120 ----------- 174,893 ----------- GAS UTILITIES -- 1.6% Chesapeake Utilities Corp. 2,000 60,960 New Jersey Resources Corp. 380 12,913 Nicor, Inc. 1,010 33,562 Northwest Natural Gas Co. 170 7,381 Piedmont Natural Gas Co. 480 12,427 South Jersey Industries, Inc. 440 15,400 The Laclede Group, Inc.(1) 120 4,678 WGL Holdings, Inc. 880 28,864 ----------- 176,185 ----------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.0% Ormat Technologies, Inc. 140 3,844 ----------- MULTI-UTILITIES -- 1.1% Avista Corp. 4,150 57,187 Black Hills Corp. 720 12,881 CH Energy Group, Inc. 280 13,132 NorthWestern Corp. 880 18,902 PNM Resources, Inc.(1) 1,870 15,446 ----------- 117,548 ----------- 6 WILMINGTON FUNDS -- EQUITY FUNDS -------------------------------- Small-Cap Core Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- WATER UTILITIES -- 0.5% American States Water Co. 540 $ 19,613 Connecticut Water Service, Inc. 1,240 25,147 Consolidated Water Co., Inc. 1,090 11,827 ----------- 56,587 ----------- TOTAL UTILITIES 529,057 ----------- TOTAL COMMON STOCK (Cost $13,465,795) 10,937,494 ----------- SHORT-TERM INVESTMENTS -- 0.6% BlackRock Liquidity Funds TempFund Portfolio -- Institutional Series (Cost $59,528) 59,528 59,528 ----------- SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES -- 6.1% Branch Banking and Trust Co. Time Deposit 62,841 62,841 Institutional Money Market Trust 607,395 607,395 ----------- TOTAL SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES (Cost $670,236) 670,236 ----------- TOTAL INVESTMENTS -- 106.0% (Cost $14,195,559)+ $11,667,258(2) LIABILITIES IN EXCESS OF OTHER ASSETS -- (6.0)% (657,026) ----------- NET ASSETS -- 100.0% $11,010,232 =========== * Non-income producing security. + The cost for Federal income tax purposes is $14,278,937. At March 31, 2009, net unrealized depreciation was $2,611,679. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $416,375 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $3,028,054. (1) Security partially or fully on loan. (2) At March 31, 2009, the market value of securities on loan for the Small-Cap Core Fund was $646,009. ADR - American Depository Receipt 7 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- Level 1 - Quoted Prices $11,604,417 $ -- ----------------------------------------------------------------------------------------------- Level 2 - Other Significant Observable Inputs 62,841 -- ----------------------------------------------------------------------------------------------- Level 3 - Significant Unobservable Inputs -- -- ----------------------------------------------------------------------------------------------- Total $11,667,258 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Large-Cap Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- COMMON STOCK -- 97.2% CONSUMER DISCRETIONARY -- 8.6% AUTO COMPONENTS -- 0.1% Autoliv, Inc. 740 $ 13,742 BorgWarner, Inc. 630 12,789 Gentex Corp. 610 6,075 Johnson Controls, Inc. 3,190 38,280 The Goodyear Tire & Rubber Co.* 500 3,130 WABCO Holdings, Inc. 200 2,462 ----------- 76,478 ----------- AUTOMOBILES -- 0.0% Ford Motor Co.* 5,400 14,202 General Motors Corp. 1,800 3,492 Harley-Davidson, Inc. 2,070 27,717 ----------- 45,411 ----------- DISTRIBUTORS -- 0.0% Genuine Parts Co. 740 22,096 LKQ Corp.* 400 5,708 ----------- 27,804 ----------- DIVERSIFIED CONSUMER SERVICES -- 0.3% Apollo Group, Inc. - Class A* 2,237 175,224 Brink's Home Security Holdings, Inc.* 100 2,260 Career Education Corp.* 545 13,058 DeVry, Inc. 200 9,636 H&R Block, Inc. 9,590 174,442 Hillenbrand, Inc. 200 3,202 ITT Educational Services, Inc.* 130 15,785 Service Corp. International 1,940 6,771 Weight Watchers International, Inc. 420 7,791 ----------- 408,169 ----------- HOTELS, RESTAURANTS & LEISURE -- 2.1% Boyd Gaming Corp. 280 1,044 Brinker International, Inc. 1,160 17,516 Burger King Holdings, Inc. 200 4,590 Carnival Corp. 1,710 36,936 Choice Hotels International, Inc. 60 1,549 Darden Restaurants, Inc. 660 22,612 International Game Technology 2,540 23,419 Marriott International, Inc. - Class A 1,600 26,176 McDonald's Corp. 38,649 2,109,076 MGM MIRAGE* 770 1,794 Panera Bread Co. - Class A* 45 2,516 Penn National Gaming, Inc.* 190 4,588 Royal Caribbean Cruises, Ltd. 1,580 12,656 Scientific Games Corp. - Class A Stock* 200 2,422 Starbucks Corp.* 2,970 32,997 Starwood Hotels & Resorts Worldwide, Inc. 1,510 19,177 Tim Hortons, Inc. 440 11,163 Wyndham Worldwide Corp. 16,110 67,662 Wynn Resorts, Ltd.* 310 6,191 Yum! Brands, Inc. 4,280 117,614 ----------- 2,521,698 ----------- SHARES VALUE ------ ----------- HOUSEHOLD DURABLES -- 0.2% Black & Decker Corp. 530 $ 16,727 Centex Corp. 1,820 13,650 D.R. Horton, Inc. 1,040 10,088 Fortune Brands, Inc. 1,170 28,723 Garmin, Ltd. 1,010 21,422 Harman International Industries, Inc. 870 11,771 Jarden Corp.* 540 6,842 KB Home Co. 440 5,799 Leggett & Platt, Inc. 1,460 18,965 Lennar Corp. - Class A 1,770 13,293 M.D.C. Holdings, Inc. 490 15,259 Mohawk Industries, Inc.* 410 12,247 Newell Rubbermaid, Inc. 2,390 15,248 NVR, Inc.* 30 12,832 Pulte Homes, Inc. 1,320 14,428 Snap-On, Inc. 330 8,283 The Stanley Works 630 18,346 Toll Brothers, Inc.* 820 14,891 Whirlpool Corp. 530 15,683 ----------- 274,497 ----------- INTERNET & CATALOG RETAIL -- 0.3% Amazon.com, Inc.* 2,620 192,413 Expedia, Inc.* 1,850 16,798 Liberty Media Corp. - Interactive - Class A* 1,000 2,900 Priceline.com, Inc.* 1,530 120,533 ----------- 332,644 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.1% Eastman Kodak Co. 3,030 11,514 Hasbro, Inc. 770 19,304 Mattel, Inc. 1,980 22,829 ----------- 53,647 ----------- MEDIA -- 2.0% Ascent Media Corp. - Class A* 2 50 Cablevision Systems New York Group - Class A 12,600 163,044 CBS Corp. - Class B 9,300 35,712 Citadel Broadcasting Corp.* 1 -- Comcast Corp. - Class A 32,290 440,436 Comcast Corp. - Special Class A 32,800 422,136 Discovery Communications, Inc. - Class A* 25 401 Discovery Communications, Inc. - Class C* 785 11,500 DISH Network Corp.* 1,800 19,998 DreamWorks Animation SKG, Inc. - Class A* 210 4,544 E.W. Scripps Co. - Class A 4,184 5,648 Gannett Co., Inc. 5,560 12,232 John Wiley & Sons, Inc. - Class A 220 6,552 Lamar Advertising Co. - Class A* 490 4,777 Liberty Global, Inc. - Class A* 6,450 93,912 Liberty Media Corp. - Capital Class A* 1,410 9,842 Liberty Media Corp. - Entertainment Class A* 1,200 23,940 Meredith Corp. 530 8,819 1 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Large-Cap Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- News Corp. - Class A 12,830 $ 84,935 Omnicom Group, Inc. 1,930 45,162 Regal Entertainment Group - Class A 1,450 19,444 Scripps Networks Interactive, Inc. 280 6,303 The DIRECTV Group, Inc.* 4,810 109,620 The Interpublic Group of Cos., Inc.* 1,600 6,592 The McGraw-Hill Cos., Inc. 2,210 50,543 The New York Times Co. - Class A 1,330 6,012 The Walt Disney Co. 18,390 333,962 The Washington Post Co. - Class B 20 7,142 Time Warner Cable, Inc. 4,505 111,735 Time Warner, Inc. 16,770 323,661 Viacom, Inc. - Class B* 1,910 33,196 Virgin Media, Inc. 600 2,880 ----------- 2,404,730 ----------- MULTILINE RETAIL -- 0.5% Big Lots, Inc.* 224 4,655 Dollar Tree Stores, Inc.* 271 12,073 Family Dollar Stores, Inc. 466 15,550 J.C. Penney Co., Inc. 12,280 246,460 Kohl's Corp.* 1,310 55,439 Macy's, Inc. 2,840 25,276 Nordstrom, Inc. 1,270 21,273 Sears Holdings Corp.* 760 34,740 Target Corp. 6,650 228,693 ----------- 644,159 ----------- SPECIALTY RETAIL -- 1.6% Abercrombie & Fitch Co. - Class A 720 17,136 Advance Auto Parts, Inc. 3,720 152,818 American Eagle Outfitters, Inc. 1,440 17,626 AutoNation, Inc.* 540 7,495 AutoZone, Inc.* 120 19,514 Barnes & Noble, Inc. 350 7,483 Bed Bath & Beyond, Inc.* 1,130 27,968 Best Buy Co., Inc. 2,090 79,336 Carmax, Inc.* 600 7,464 Dick's Sporting Goods, Inc.* 300 4,281 Foot Locker, Inc. 1,480 15,510 GameStop Corp. - Class A* 300 8,406 Guess?, Inc. 370 7,800 Limited Brands, Inc. 1,940 16,878 Lowe's Cos., Inc. 35,070 640,028 O'Reilly Automotive, Inc.* 310 10,853 OfficeMax, Inc. 1,220 3,806 Penske Auto Group, Inc. 1,200 11,196 PetSmart, Inc. 300 6,288 RadioShack Corp. 1,250 10,713 Ross Stores, Inc. 330 11,840 Signet Jewelers, Ltd. 1,640 18,778 Staples, Inc. 3,070 55,598 The Gap, Inc. 16,360 212,516 The Home Depot, Inc. 18,220 429,263 The Sherwin-Williams Co. 298 15,487 The TJX Cos., Inc. 4,230 108,457 Tiffany & Co. 670 14,445 SHARES VALUE ------ ----------- Urban Outfitters, Inc.* 400 $ 6,548 Williams-Sonoma, Inc. 620 6,250 ----------- 1,951,781 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 1.4% Coach, Inc.* 1,750 29,225 Hanesbrands, Inc.* 400 3,828 Jones Apparel Group, Inc. 1,620 6,836 Nike, Inc. - Class B 28,920 1,356,059 Phillips-Van Heusen Corp. 100 2,268 Polo Ralph Lauren Corp. 4,510 190,547 V.F. Corp. 660 37,693 ----------- 1,626,456 ----------- TOTAL CONSUMER DISCRETIONARY 10,367,474 ----------- CONSUMER STAPLES -- 14.4% BEVERAGES -- 3.7% Brown-Forman Corp. - Class B 358 13,901 Coca-Cola Enterprises, Inc. 2,510 33,107 Constellation Brands, Inc. Class A* 8,960 106,624 Dr Pepper Snapple Group, Inc.* 600 10,146 Hansen Natural Corp.* 434 15,624 Molson Coors Brewing Co. - Class B 530 18,168 Pepsi Bottling Group, Inc. 990 21,919 PepsiAmericas, Inc. 210 3,623 PepsiCo, Inc. 35,044 1,804,065 The Cocoa-Cola Co. 55,601 2,443,664 ----------- 4,470,841 ----------- FOOD & STAPLES RETAILING -- 5.0% BJ's Wholesale Club, Inc.* 3,320 106,207 Costco Wholesale Corp. 26,350 1,220,532 CVS Caremark Corp. 54,660 1,502,603 Safeway, Inc. 1,880 37,957 SUPERVALU, Inc. 1,810 25,847 SYSCO Corp. 10,590 241,452 The Kroger Co. 13,666 289,993 Wal-Mart Stores, Inc. 46,563 2,425,932 Walgreen Co. 6,300 163,548 Whole Foods Market, Inc. 440 7,392 ----------- 6,021,463 ----------- FOOD PRODUCTS -- 1.2% Archer-Daniels-Midland Co. 10,560 293,357 Bunge, Ltd. 460 26,059 Campbell Soup Co. 1,326 36,279 ConAgra Foods, Inc. 2,300 38,801 Corn Products International, Inc. 510 10,812 Dean Foods Co.* 300 5,424 Del Monte Foods Co. 580 4,228 General Mills, Inc. 2,882 143,754 H.J. Heinz Co. 1,790 59,177 Hormel Foods Corp. 490 15,538 Kellogg Co. 1,350 49,450 Kraft Foods, Inc. - Class A 29,847 665,290 McCormick & Co., Inc. 480 14,194 Sara Lee Corp. 3,760 30,381 Smithfield Foods, Inc.* 450 4,257 The Hershey Co. 760 26,410 The J.M. Smucker Co. 376 14,013 Tyson Foods, Inc. - Class A 2,040 19,156 ----------- 1,456,580 ----------- 2 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Large-Cap Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- HOUSEHOLD PRODUCTS -- 3.3% Church & Dwight Co., Inc. 3,946 $ 206,099 Colgate-Palmolive Co. 19,518 1,151,172 Energizer Holdings, Inc.* 400 19,876 Kimberly-Clark Corp. 2,890 133,258 Procter & Gamble Co. 53,156 2,503,116 The Clorox Co. 558 28,726 ----------- 4,042,247 ----------- PERSONAL PRODUCTS -- 0.1% Alberto-Culver Co. 200 4,522 Avon Products, Inc. 2,150 41,345 Estee Lauder Cos., Inc. - Class A 640 15,776 Herbalife, Ltd. 150 2,247 NBTY, Inc.* 740 10,419 ----------- 74,309 ----------- TOBACCO -- 1.1% Altria Group, Inc. 30,090 482,042 Lorillard, Inc. 1,090 67,296 Philip Morris International, Inc. 20,250 720,495 Reynolds American, Inc. 1,870 67,021 ----------- 1,336,854 ----------- TOTAL CONSUMER STAPLES 17,402,294 ----------- ENERGY -- 12.4% ENERGY EQUIPMENT & SERVICES -- 3.4% Atwood Oceanics, Inc.* 200 3,318 Baker Hughes, Inc. 7,200 205,560 BJ Services Co. 1,820 18,109 Cameron International Corp.* 33,870 742,769 Diamond Offshore Drilling, Inc. 3,480 218,753 Dresser-Rand Group, Inc.* 200 4,420 ENSCO International, Inc. 640 16,896 Exterran Holdings, Inc.* 100 1,602 FMC Technologies, Inc.* 590 18,508 Global Industries, Ltd.* 10 38 Halliburton Co. 45,940 710,692 Helmerich & Payne, Inc. 280 6,376 IHS, Inc. - Class A* 100 4,118 Nabors Industries, Ltd.* 1,580 15,784 National Oilwell Varco, Inc.* 1,560 44,788 Noble Corp. 9,210 221,869 Oceaneering International, Inc.* 200 7,374 Oil States International, Inc.* 5,100 68,442 Patterson-UTI Energy, Inc. 920 8,243 Pride International, Inc.* 5,960 107,161 Rowan Cos., Inc. 340 4,070 Schlumberger, Ltd. 41,244 1,675,331 SEACOR Holdings, Inc.* 100 5,831 Smith International, Inc. 990 21,265 Superior Energy Services, Inc.* 100 1,289 Tidewater, Inc. 140 5,198 Unit Corp.* 100 2,092 Weatherford International, Ltd.* 770 8,524 ----------- 4,148,420 ----------- OIL, GAS & CONSUMABLE FUELS -- 9.0% Alpha Natural Resources, Inc.* 100 1,775 Anadarko Petroleum Corp. 7,850 305,286 Apache Corp. 2,820 180,734 Arch Coal, Inc. 440 5,883 Cabot Oil & Gas Corp. 270 6,364 Chesapeake Energy Corp. 2,620 44,697 SHARES VALUE ------ ----------- Chevron Corp. 28,930 $ 1,945,253 Cimarex Energy Co. 200 3,676 ConocoPhillips 25,300 990,748 Consol Energy, Inc. 530 13,377 Continental Resources, Inc.* 10 212 Denbury Resources, Inc.* 500 7,430 Devon Energy Corp. 21,130 944,300 El Paso Corp. 45,970 287,312 Encore Acquisition Co.* 200 4,654 EOG Resources, Inc. 800 43,808 Exxon Mobil Corp. 50,860 3,463,566 Forest Oil Corp.* 300 3,945 Frontier Oil Corp. 530 6,779 Frontline, Ltd. 570 9,912 Hess Corp. 2,340 126,828 Holly Corp. 560 11,872 Marathon Oil Corp. 4,300 113,047 Massey Energy Co. 400 4,048 Murphy Oil Corp. 5,230 234,147 Newfield Exploration Co.* 300 6,810 Noble Energy, Inc. 770 41,488 Occidental Petroleum Corp. 24,700 1,374,555 Overseas Shipholding Group, Inc. 290 6,574 Patriot Coal Corp.* 36 134 Peabody Energy Corp. 5,520 138,221 Petrohawk Energy Corp.* 600 11,538 Pioneer Natural Resources Co. 370 6,094 Plains Exploration & Production Co.* 101 1,740 Range Resources Corp. 370 15,229 Southern Union Co. 1,080 16,438 Southwestern Energy Co.* 2,568 76,244 Spectra Energy Corp. 3,540 50,056 Sunoco, Inc. 780 20,654 Teekay Corp. 270 3,842 Tesoro Corp. 1,450 19,532 Valero Energy Corp. 5,110 91,469 Walter Industries, Inc. 220 5,031 Whiting Petroleum Corp.* 200 5,170 Williams Cos., Inc. 12,310 140,088 XTO Energy, Inc. 2,000 61,240 ----------- 10,851,800 ----------- TOTAL ENERGY 15,000,220 ----------- FINANCIALS -- 10.0% CAPITAL MARKETS -- 3.2% Affiliated Managers Group, Inc.* 100 4,171 Ameriprise Financial, Inc. 1,290 26,432 BlackRock, Inc. 340 44,214 Eaton Vance Corp. 750 17,138 Federated Investors, Inc. 900 20,034 Franklin Resources, Inc. 990 53,331 Goldman Sachs Group, Inc. 4,100 434,682 Invesco, Ltd. 1,860 25,780 Investment Technology Group, Inc.* 4,900 125,048 Janus Capital Group, Inc. 1,420 9,443 Jefferies Group, Inc. 550 7,590 Lazard, Ltd. - Class A 310 9,114 Legg Mason, Inc. 1,050 16,695 Morgan Stanley 23,120 526,442 3 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Large-Cap Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Northern Trust Corp. 3,690 $ 220,736 Raymond James Financial, Inc. 690 13,593 SEI Investments Co. 1,020 12,454 State Street Corp. 1,890 58,174 T.Rowe Price Group, Inc. 1,330 38,384 TD Ameritrade Holding Corp.* 790 10,910 The Bank of New York Mellon Corp. 22,780 643,535 The Charles Schwab Corp. 97,110 1,505,205 Waddell & Reed Financial, Inc. - Class A 320 5,782 ----------- 3,828,887 ----------- COMMERCIAL BANKS -- 1.2% Associated Banc-Corp. 715 11,040 Bancorpsouth, Inc. 280 5,835 Bank of Hawaii Corp. 4,010 132,250 BB&T Corp. 3,650 61,758 BOK Financial Corp. 220 7,601 CapitalSource, Inc. 1,200 1,464 City National Corp. 330 11,144 Comerica, Inc. 1,250 22,887 Commerce Bancshares, Inc. 33 1,198 Cullen/Frost Bankers, Inc. 230 10,796 Fifth Third Bancorp 1,200 3,504 First Horizon National Corp. 1,033 11,091 Fulton Financial Corp. 1,780 11,801 Huntington Bancshares, Inc. 3,291 5,463 KeyCorp. 3,530 27,781 M&T Bank Corp. 530 23,977 Marshall & Ilsley Corp. 2,440 13,737 PNC Financial Services Group, Inc. 2,250 65,902 Popular, Inc. 1,990 4,338 Regions Financial Corp. 5,256 22,391 SunTrust Banks, Inc. 3,160 37,098 Synovus Financial Corp. 2,290 7,443 TCF Financial Corp. 1,110 13,054 U.S. Bancorp 16,810 245,594 Valley National Bancorp 980 12,123 Webster Financial Corp. 700 2,975 Wells Fargo & Co. 48,675 693,132 Whitney Holdings Corp. 880 10,076 Zions Bancorp 960 9,437 ----------- 1,486,890 ----------- CONSUMER FINANCE -- 0.3% American Express Co. 18,470 251,746 AmeriCredit Corp.* 2,710 15,880 Capital One Financial Corp. 5,070 62,057 Discover Financial Services 3,490 22,022 SLM Corp.* 2,220 10,989 The Student Loan Corp. 240 10,426 ----------- 373,120 ----------- DIVERSIFIED FINANCIAL SERVICES -- 1.6% Bank of America Corp. 39,694 270,713 CIT Group, Inc. 1,500 4,275 Citigroup, Inc. 13,100 33,143 CME Group, Inc. 320 78,845 IntercontinentalExchange, Inc.* 220 16,383 JPMorgan Chase & Co. 53,200 1,414,056 Leucadia National Corp.* 740 11,019 Moody's Corp. 1,330 30,483 SHARES VALUE ------ ----------- NYSE Euronext, Inc. 1,470 $ 26,313 The NASDAQ OMX Group, Inc.* 760 14,881 ----------- 1,900,111 ----------- INSURANCE -- 2.8% ACE, Ltd. 8,080 326,432 AFLAC, Inc. 10,310 199,602 Alleghany Corp.* 41 11,050 Allied World Assurance Holdings, Ltd. 290 11,029 American Financial Group, Inc. 1,230 19,742 American National Insurance Co. 240 12,578 AON Corp. 5,460 222,877 Arch Capital Group, Ltd.* 460 24,776 Arthur J. Gallagher & Co. 120 2,040 Assurant, Inc. 900 19,602 AXIS Capital Holdings, Ltd. 1,430 32,232 Brown & Brown, Inc. 210 3,971 Chubb Corp. 8,960 379,187 Cincinnati Financial Corp. 6,806 155,653 CNA Financial Corp. 1,870 17,129 Conseco, Inc.* 5,410 4,977 Endurance Specialty Holdings, Ltd. 800 19,952 Erie Indemnity Co. - Class A 280 9,570 Everest Re Group, Ltd. 470 33,276 Fidelity National Financial, Inc. - Class A 1,020 19,900 First American Corp. 600 15,906 Genworth Financial, Inc. - Class A 2,100 3,990 Hartford Financial Services Group, Inc. 7,130 55,971 HCC Insurance Holdings, Inc. 670 16,877 Lincoln National Corp. 3,760 25,155 Loews Corp. 2,220 49,062 Markel Corp.* 30 8,516 Marsh & McLennan Cos., Inc. 2,450 49,613 MBIA, Inc.* 4,180 19,144 Mercury General Corp. 340 10,098 MetLife, Inc. 23,441 533,752 Old Republic International Corp. 500 5,410 OneBeacon Insurance Group, Ltd. 550 5,313 PartnerRe, Ltd. 410 25,449 Principal Financial Group, Inc. 2,810 22,986 Protective Life Corp. 1,240 6,510 Prudential Financial, Inc. 4,730 89,965 Reinsurance Group of America, Inc. 660 21,377 RenaissanceRe Holdings, Ltd. 400 19,776 StanCorp Financial Group, Inc. 390 8,884 The Allstate Corp. 5,460 104,559 The Hanover Insurance Group, Inc. 300 8,646 The Progressive Corp.* 3,960 53,223 The Travelers Cos., Inc. 8,430 342,595 Torchmark Corp. 3,660 96,002 TransAtlantic Holdings, Inc. 690 24,612 Unitrin, Inc. 830 11,603 Unum Group 12,930 161,625 W.R. Berkley Corp. 1,440 32,472 4 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Large-Cap Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- White Mountains Insurance Group, Ltd. 30 $ 5,157 XL Capital, Ltd. - Class A 800 4,368 ----------- 3,364,191 ----------- REAL ESTATE INVESTMENT TRUSTS -- 0.7% Alexandria Real Estate Equities, Inc. 250 9,100 AMB Property Corp. 460 6,624 Annaly Mortgage Management, Inc. 4,750 65,883 Apartment Investment & Management Co. - Class A 1,598 8,757 AvalonBay Communities, Inc. 502 23,624 Boston Properties, Inc. 570 19,967 Brandywine Realty Trust 1,450 4,133 BRE Properties, Inc. 490 9,619 Camden Property Trust 430 9,279 CBL & Associates Properties, Inc. 1,360 3,210 Digital Realty Trust, Inc. 580 19,245 Douglas Emmett, Inc. 1,060 7,833 Duke Realty Corp. 1,380 7,590 Equity Residential 1,660 30,461 Essex Property Trust, Inc. 230 13,188 Federal Realty Investment Trust 270 12,420 Health Care Property Investors, Inc. 1,600 28,560 Health Care REIT, Inc. 600 18,354 Hospitality Properties Trust 1,290 15,480 Host Hotels & Resorts, Inc. 2,810 11,015 HRPT Properties Trust 1,200 3,828 Kilroy Realty Corp. 260 4,469 Kimco Realty Corp. 2,160 16,459 Liberty Property Trust 780 14,773 Mack-Cali Realty Corp. 720 14,263 Nationwide Health Properties, Inc. 600 13,314 Plum Creek Timber Co., Inc. 1,010 29,361 ProLogis 3,150 20,475 Public Storage 3,240 179,010 Rayonier, Inc. 420 12,692 Regency Centers Corp. 470 12,488 Simon Property Group, Inc. 1,561 54,073 SL Green Realty Corp. 450 4,860 Taubman Centers, Inc. 540 9,202 The Macerich Co. 800 5,008 UDR, Inc. 1,260 10,849 Ventas, Inc. 820 18,540 Vornado Realty Trust 964 32,043 Weingarten Realty, Inc. 820 7,806 ----------- 787,855 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.0% CB Richard Ellis Group, Inc. - Class A* 900 3,627 Jones Lang LaSalle, Inc. 240 5,583 The St. Joe Co.* 200 3,348 ----------- 12,558 ----------- THRIFTS & MORTGAGE FINANCE -- 0.2% Astoria Financial Corp. 1,020 9,374 Capitol Federal Financial 304 11,494 Guaranty Financial Group, Inc.* 1 1 SHARES VALUE ------ ----------- Hudson City Bancorp, Inc. 17,682 $ 206,703 New York Community Bancorp, Inc. 2,400 26,808 People's United Financial, Inc. 1,413 25,392 Tree.com, Inc.* 52 240 Washington Federal, Inc. 860 11,429 ----------- 291,441 ----------- TOTAL FINANCIALS 12,045,053 ----------- HEALTH CARE -- 15.3% BIOTECHNOLOGY -- 2.3% Abraxis Bioscience, Inc.* 39 1,860 Amgen, Inc.* 15,534 769,244 Amylin Pharmaceuticals, Inc.* 500 5,875 Biogen Idec, Inc.* 2,170 113,751 BioMarin Pharmaceutical, Inc.* 300 3,705 Celgene Corp.* 2,580 114,552 Cephalon, Inc.* 233 15,867 Genzyme Corp.* 890 52,857 Gilead Sciences, Inc.* 36,477 1,689,615 Vertex Pharmaceuticals, Inc.* 373 10,716 ----------- 2,778,042 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 2.1% Baxter International, Inc. 5,610 287,344 Beckman Coulter, Inc. 180 9,182 Becton, Dickinson & Co. 2,120 142,549 Boston Scientific Corp.* 6,020 47,859 C.R. Bard, Inc. 240 19,133 Covidien, Ltd. 15,270 507,575 DENTSPLY International, Inc. 620 16,647 Edwards Lifesciences Corp.* 123 7,458 Gen-Probe, Inc.* 100 4,558 Hill-Rom Holdings, Inc. 80 791 Hologic, Inc.* 720 9,425 Hospira, Inc.* 740 22,836 Idexx Laboratories, Inc.* 100 3,458 Intuitive Surgical, Inc.* 110 10,490 Inverness Medical Innovations, Inc.* 300 7,989 Kinetic Concepts, Inc.* 510 10,771 Medtronic, Inc. 11,010 324,465 ResMed, Inc.* 2,800 98,952 St. Jude Medical, Inc.* 1,210 43,959 Stryker Corp. 25,270 860,191 Teleflex, Inc. 160 6,254 The Cooper Cos., Inc. 200 5,288 Varian Medical Systems, Inc.* 560 17,046 Zimmer Holdings, Inc.* 1,020 37,230 ----------- 2,501,450 ----------- HEALTH CARE PROVIDERS & SERVICES -- 1.5% Aetna, Inc. 2,370 57,662 AmerisourceBergen Corp. 1,130 36,906 Brookdale Senior Living, Inc. 170 859 Cardinal Health, Inc. 2,170 68,312 CIGNA Corp. 2,440 42,920 Community Health Systems, Inc.* 400 6,136 Coventry Health Care, Inc.* 1,220 15,787 DaVita, Inc.* 394 17,316 Express Scripts, Inc.* 5,920 273,326 Health Net, Inc.* 380 5,502 Henry Schein, Inc.* 290 11,603 5 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Large-Cap Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Humana, Inc.* 860 $ 22,429 Laboratory Corp. of America Holdings* 500 29,245 LifePoint Hospitals, Inc.* 4,850 101,171 Lincare Holdings, Inc.* 210 4,578 McKesson Corp. 10,720 375,629 Medco Health Solutions, Inc.* 5,810 240,185 MEDNAX, Inc.* 270 7,957 Omnicare, Inc. 4,369 106,997 Patterson Cos., Inc.* 470 8,864 Quest Diagnostics, Inc. 740 35,135 UnitedHealth Group, Inc. 12,680 265,392 Universal Health Services, Inc. - Class B 140 5,368 VCA Antech, Inc.* 100 2,255 WellCare Health Plans, Inc.* 750 8,437 WellPoint, Inc.* 2,580 97,963 ----------- 1,847,934 ----------- HEALTH CARE TECHNOLOGY -- 0.0% Cerner Corp.* 100 4,397 HLTH Corp.* 300 3,105 IMS Health, Inc. 1,160 14,465 ----------- 21,967 ----------- LIFE SCIENCES TOOLS & SERVICES -- 0.5% Charles River Laboratories International, Inc.* 400 10,884 Covance, Inc.* 300 10,689 Illumina, Inc.* 400 14,896 Life Technologies Corp.* 621 20,170 Millipore Corp.* 140 8,037 PerkinElmer, Inc. 1,040 13,281 Pharmaceutical Product Development, Inc. 510 12,097 Techne Corp. 61 3,337 Thermo Fisher Scientific, Inc.* 15,210 542,541 Waters Corp.* 440 16,258 ----------- 652,190 ----------- PHARMACEUTICALS -- 8.9% Abbott Laboratories 54,109 2,580,999 Allergan, Inc. 20,390 973,826 Bristol-Myers Squibb Co. 19,890 435,989 Eli Lilly & Co. 10,460 349,469 Endo Pharmaceuticals Holdings, Inc.* 380 6,718 Forest Laboratories, Inc.* 1,480 32,501 Johnson & Johnson 34,220 1,799,972 King Pharmaceuticals, Inc.* 970 6,858 Merck & Co., Inc. 23,130 618,728 Mylan Laboratories, Inc.* 910 12,203 Perrigo Co. 230 5,711 Pfizer, Inc. 107,300 1,461,426 Schering-Plough Corp. 77,930 1,835,251 Sepracor, Inc.* 350 5,131 Teva Pharmaceutical Industries, Ltd. - ADR 125 5,631 Warner Chilcott, Ltd.* 400 4,208 Watson Pharmaceuticals, Inc.* 4,000 124,440 Wyeth 11,800 507,872 ----------- 10,766,933 ----------- TOTAL HEALTH CARE 18,568,516 ----------- SHARES VALUE ------ ----------- INDUSTRIALS -- 9.1% AEROSPACE & DEFENSE -- 2.2% Alliant Techsystems, Inc.* 1,520 $ 101,810 BE Aerospace, Inc.* 500 4,335 General Dynamics Corp. 3,950 164,280 Goodrich Corp. 3,900 147,771 Honeywell International, Inc. 7,580 211,179 L-3 Communications Holdings, Inc. 2,520 170,856 Lockheed Martin Corp. 4,430 305,803 Northrop Grumman Corp. 8,040 350,865 Precision Castparts Corp. 550 32,945 Raytheon Co. 4,070 158,486 Rockwell Collins, Inc. 880 28,723 Spirit Aerosystems Holdings, Inc. - Class A* 300 2,991 The Boeing Co. 5,220 185,728 United Technologies Corp. 17,890 768,912 ----------- 2,634,684 ----------- AIR FREIGHT & LOGISTICS -- 0.7% C.H. Robinson Worldwide, Inc. 642 29,282 Expeditors International Washington, Inc. 790 22,349 FedEx Corp. 1,180 52,498 United Parcel Service, Inc. - Class B 15,510 763,402 UTi Worldwide, Inc. 400 4,780 ----------- 872,311 ----------- AIRLINES -- 0.0% AMR Corp.* 1,530 4,881 Continental Airlines, Inc. - Class B* 570 5,021 Copa Holdings SA 200 5,734 Delta Airlines Co.* 1,400 7,882 Southwest Airlines Co. 3,130 19,813 ----------- 43,331 ----------- BUILDING PRODUCTS -- 0.0% Armstrong World Industries, Inc.* 220 2,422 Masco Corp. 4,060 28,339 Owens Corning, Inc.* 300 2,712 ----------- 33,473 ----------- COMMERCIAL SERVICES & SUPPLIES -- 0.3% Avery Dennison Corp. 660 14,744 Cintas Corp. 800 19,776 Copart, Inc.* 230 6,822 Corrections Corp. of America* 300 3,843 Covanta Holding Corp.* 610 7,985 Iron Mountain, Inc.* 430 9,533 Pitney Bowes, Inc. 1,360 31,756 R.R. Donnelley & Sons Co. 2,030 14,880 Republic Services, Inc. 1,140 19,551 Steelcase, Inc. - Class A 1,570 7,866 Stericycle, Inc.* 322 15,369 The Brink's Co. 200 5,292 Waste Management, Inc. 8,450 216,320 ----------- 373,737 ----------- CONSTRUCTION & ENGINEERING -- 1.2% Aecom Technology Corp.* 200 5,216 Fluor Corp. 35,100 1,212,705 6 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Large-Cap Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Foster Wheeler AG* 310 $ 5,416 Jacobs Engineering Group, Inc.* 3,440 132,990 KBR, Inc. 7,170 99,018 Quanta Services, Inc.* 500 10,725 The Shaw Group, Inc.* 160 4,386 URS Corp.* 430 17,376 ----------- 1,487,832 ----------- ELECTRICAL EQUIPMENT -- 1.2% ABB Ltd. 23,920 333,445 AMETEK, Inc. 700 21,889 Cooper Industries, Ltd. - Class A 6,100 157,746 Emerson Electric Co. 28,680 819,674 First Solar, Inc.* 100 13,270 General Cable Corp.* 200 3,964 Hubbell, Inc. - Class B 420 11,323 Rockwell Automation, Inc. 840 18,346 Roper Industries, Inc. 410 17,404 Sunpower Corp. - Class A* 100 2,378 Thomas & Betts Corp.* 230 5,755 ----------- 1,405,194 ----------- INDUSTRIAL CONGLOMERATES -- 1.5% 3M Co. 6,960 346,051 Carlisle Cos., Inc. 240 4,711 General Electric Co. 130,860 1,322,995 McDermott International, Inc.* 1,300 17,407 Textron, Inc. 3,000 17,220 Tyco International, Ltd. 3,390 66,308 ----------- 1,774,692 ----------- MACHINERY -- 1.2% AGCO Corp.* 700 13,720 Bucyrus International, Inc. 100 1,518 Caterpillar, Inc. 3,260 91,150 Crane Co. 550 9,284 Cummins, Inc. 1,140 29,013 Danaher Corp. 2,320 125,790 Deere & Co. 2,070 68,041 Donaldson Co., Inc. 310 8,320 Dover Corp. 6,600 174,108 Eaton Corp. 1,090 40,177 Flowserve Corp. 4,090 229,531 Gardner Denver, Inc.* 7,300 158,702 Graco, Inc. 280 4,780 Harsco Corp. 400 8,868 IDEX Corp. 590 12,903 Illinois Tool Works, Inc. 2,950 91,007 Ingersoll Rand Co., Ltd. - Class A 2,340 32,292 ITT Corp. 5,600 215,432 John Bean Technologies Corp. 12 126 Joy Global, Inc. 610 12,993 Kennametal, Inc. 190 3,080 Lincoln Electric Holdings, Inc. 240 7,606 Oshkosh Corp. 1,110 7,481 PACCAR, Inc. 1,750 45,080 Pall Corp. 640 13,075 Parker Hannifin Corp. 1,040 35,339 Pentair, Inc. 570 12,352 SPX Corp. 300 14,103 Terex Corp.* 970 8,973 The Manitowoc Co., Inc. 200 654 The Toro Co. 370 8,947 SHARES VALUE ------ ----------- Timken Co. 630 $ 8,795 Trinity Industries, Inc. 400 3,656 ----------- 1,496,896 ----------- MARINE -- 0.0% Alexander & Baldwin, Inc. 290 5,519 Kirby Corp.* 100 2,664 ----------- 8,183 ----------- PROFESSIONAL SERVICES -- 0.1% Equifax, Inc. 720 17,604 FTI Consulting, Inc.* 150 7,422 Manpower, Inc. 710 22,386 Monster Worldwide, Inc.* 840 6,846 Robert Half International, Inc. 760 13,551 The Corporate Executive Board Co. 70 1,015 The Dun & Bradstreet Corp. 220 16,940 ----------- 85,764 ----------- ROAD & RAIL -- 0.6% Burlington Northern Santa Fe Corp. 2,710 163,007 Con-way, Inc. 660 11,834 CSX Corp. 1,970 50,925 Hertz Global Holdings, Inc.* 700 2,751 JB Hunt Transport Services, Inc. 230 5,545 Kansas City Southern Industries, Inc.* 100 1,271 Landstar System, Inc. 130 4,351 Norfolk Southern Corp. 6,780 228,825 Ryder Systems, Inc. 3,640 103,048 Union Pacific Corp. 4,520 185,817 ----------- 757,374 ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.1% Fastenal Co. 320 10,289 GATX Corp. 500 10,115 MSC Industrial Direct Co., Inc. - Class A 100 3,107 W.W. Grainger, Inc. 300 21,054 WESCO International, Inc.* 390 7,067 ----------- 51,632 ----------- TOTAL INDUSTRIALS 11,025,103 ----------- INFORMATION TECHNOLOGY -- 18.7% COMMUNICATIONS EQUIPMENT -- 4.4% Brocade Communications Systems, Inc.* 700 2,415 Cisco Systems, Inc.* 75,370 1,263,955 CommScope, Inc.* 540 6,134 Corning, Inc. 7,530 99,923 F5 Networks, Inc.* 200 4,190 Harris Corp. 570 16,496 JDS Uniphase Corp.* 1,000 3,250 Juniper Networks, Inc.* 52,160 785,530 Motorola, Inc. 5,600 23,688 QUALCOMM, Inc. 55,740 2,168,843 Research in Motion, Ltd.* 22,200 956,154 Tellabs, Inc.* 1,400 6,412 ----------- 5,336,990 ----------- COMPUTERS & PERIPHERALS -- 5.9% Apple Computer, Inc.* 21,720 2,283,206 Dell, Inc.* 12,900 122,292 7 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Large-Cap Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Diebold, Inc. 223 $ 4,761 EMC Corp.* 19,080 217,512 Hewlett-Packard Co. 76,710 2,459,322 International Business Machines Corp. 18,940 1,835,097 Lexmark International Group, Inc. - Class A* 640 10,797 NCR Corp.* 15,100 120,045 NetApp, Inc.* 1,780 26,415 QLogic Corp.* 1,080 12,010 SanDisk Corp.* 1,620 20,493 Seagate Technology 1,400 8,414 Sun Microsystems, Inc.* 1,600 11,712 Teradata Corp.* 500 8,110 Western Digital Corp.* 1,450 28,043 ----------- 7,168,229 ----------- ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 0.3% Agilent Technologies, Inc.* 1,780 27,359 Amphenol Corp. - Class A 900 25,641 Arrow Electronics, Inc.* 780 14,867 Avnet, Inc.* 1,060 18,561 AVX Corp. 890 8,081 Dolby Laboratories, Inc.* 4,720 160,999 FLIR Systems, Inc.* 300 6,144 Ingram Micro, Inc. - Class A* 1,110 14,030 Jabil Circuit, Inc. 2,690 14,956 Mettler-Toledo International, Inc.* 130 6,673 Molex, Inc. 1,170 16,076 Tech Data Corp.* 270 5,881 Trimble Navigation, Ltd.* 400 6,112 Tyco Electronics, Ltd. 2,280 25,171 Vishay Intertechnology, Inc.* 2,550 8,874 ----------- 359,425 ----------- INTERNET SOFTWARE & SERVICES -- 2.1% Akamai Technologies, Inc.* 550 10,670 eBay, Inc.* 5,440 68,326 Equinix, Inc.* 100 5,615 Google, Inc. - Class A* 6,355 2,211,921 IAC/InterActiveCorp.* 1,020 15,535 Sohu.com, Inc.* 3,700 152,847 VeriSign, Inc.* 540 10,190 Yahoo!, Inc.* 5,200 66,612 ----------- 2,541,716 ----------- IT SERVICES -- 1.8% Accenture, Ltd. - Class A 6,260 172,087 Affiliated Computer Services, Inc.* 390 18,677 Alliance Data Systems Corp.* 530 19,584 Automatic Data Processing, Inc. 5,010 176,152 Broadridge Financial Solutions, Inc. 440 8,188 Cognizant Technology Solutions Corp. - Class A* 910 18,919 Computer Sciences Corp.* 1,240 45,682 Convergys Corp.* 1,550 12,524 DST Systems, Inc.* 440 15,233 Fidelity National Information Services, Inc. 940 17,108 Fiserv, Inc.* 930 33,908 Global Payments, Inc. 300 10,023 SHARES VALUE ------ ----------- Hewitt Associates, Inc.* 370 $ 11,011 Lender Processing Services, Inc. 200 6,122 Mastercard, Inc. - Class A 590 98,813 Metavante Technologies, Inc.* 497 9,920 NeuStar, Inc. - Class A* 100 1,675 Paychex, Inc. 1,860 47,746 SAIC, Inc.* 9,400 175,498 The Western Union Co. 10,740 135,002 Total System Services, Inc. 1,140 15,743 Visa, Inc. - Class A 20,670 1,149,252 ----------- 2,198,867 ----------- OFFICE ELECTRONICS -- 0.2% Xerox Corp. 44,070 200,518 Zebra Technologies Corp. - Class A* 100 1,902 ----------- 202,420 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.5% Advanced Micro Devices, Inc.* 1,400 4,270 Altera Corp. 1,810 31,766 Analog Devices, Inc. 3,140 60,508 Applied Materials, Inc. 8,360 89,870 Atmel Corp.* 1,100 3,993 Broadcom Corp. - Class A* 4,090 81,718 Cree, Inc.* 620 14,589 Cypress Semiconductor Corp.* 1,600 10,832 Integrated Device Technology, Inc.* 2,300 10,465 Intel Corp. 60,390 908,869 International Rectifier Corp.* 410 5,539 Intersil Holding Corp. - Class A 1,420 16,330 KLA-Tencor Corp. 1,310 26,200 Lam Research Corp.* 970 22,087 Linear Technology Corp. 1,510 34,700 LSI Logic Corp.* 1,900 5,776 Marvell Technology Group, Ltd.* 2,650 24,274 MEMC Electronic Materials, Inc.* 1,240 20,448 Microchip Technology, Inc. 1,470 31,149 Micron Technology, Inc.* 1,500 6,090 National Semiconductor Corp. 2,090 21,464 Novellus Systems, Inc.* 820 13,637 NVIDIA Corp.* 2,950 29,087 ON Semiconductor Corp.* 800 3,120 Rambus, Inc.* 400 3,784 Silicon Laboratories, Inc.* 100 2,640 Teradyne, Inc.* 900 3,942 Texas Instruments, Inc. 14,650 241,871 Varian Semiconductor Equipment Associates, Inc.* 100 2,166 Xilinx, Inc. 1,420 27,207 ----------- 1,758,391 ----------- SOFTWARE -- 2.5% Activision Blizzard, Inc.* 1,600 16,736 Adobe Systems, Inc.* 2,170 46,416 Amdocs, Ltd.* 1,100 20,372 ANSYS, Inc.* 200 5,020 Autodesk, Inc.* 900 15,129 BMC Software, Inc.* 1,000 33,000 CA, Inc. 2,230 39,270 Cadence Design Systems, Inc.* 1,000 4,200 8 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Large-Cap Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Citrix Systems, Inc.* 790 $ 17,886 Compuware Corp.* 1,920 12,653 Electronic Arts, Inc.* 1,140 20,737 FactSet Research Systems, Inc. 140 6,999 Intuit, Inc.* 1,510 40,770 McAfee, Inc.* 610 20,435 Microsoft Corp. 76,830 1,411,367 Novell, Inc.* 700 2,982 Nuance Communications, Inc.* 400 4,344 Oracle Corp. 57,500 1,039,025 Red Hat, Inc.* 510 9,098 Salesforce.com, Inc.* 400 13,092 Symantec Corp.* 7,760 115,934 Synopsys, Inc.* 550 11,402 VMware, Inc.* 6,600 155,892 ----------- 3,062,759 ----------- TOTAL INFORMATION TECHNOLOGY 22,628,797 ----------- MATERIALS -- 3.2% CHEMICALS -- 2.2% Air Products & Chemicals, Inc. 960 54,000 Airgas, Inc. 450 15,214 Albemarle Corp. 480 10,450 Ashland, Inc. 1,200 12,396 Cabot Corp. 130 1,366 Celanese Corp. - Series A 1,160 15,509 CF Industries Holdings, Inc. 190 13,515 Cytec Industries, Inc. 380 5,708 E.I. DuPont de Nemours & Co. 10,290 229,776 Eastman Chemical Co. 530 14,204 Ecolab, Inc. 770 26,742 FMC Corp. 160 6,902 International Flavors & Fragrances, Inc. 510 15,535 Monsanto Co. 17,530 1,456,743 Nalco Holding Co. 1,360 17,775 PPG Industries, Inc. 1,170 43,173 Praxair, Inc. 6,920 465,647 Rohm & Haas Co. 282 22,233 RPM International, Inc. 1,090 13,876 Sigma-Aldrich Corp. 560 21,162 Terra Industries, Inc. 3,800 106,742 The Dow Chemical Co. 9,680 81,602 The Lubrizol Corp. 490 16,665 The Mosaic Co. 920 38,622 The Scotts Miracle - Gro Co. - Class A 100 3,470 The Valspar Corp. 810 16,176 Valhi, Inc. 530 4,971 ----------- 2,730,174 ----------- CONSTRUCTION MATERIALS -- 0.0% Eagle Materials, Inc. 260 6,305 Martin Marietta Materials Corp. 190 15,067 Vulcan Materials Co. 520 23,031 ----------- 44,403 ----------- CONTAINERS & PACKAGING -- 0.4% AptarGroup, Inc. 120 3,737 Ball Corp. 3,360 145,824 Bemis Co., Inc. 250 5,242 Crown Holdings, Inc.* 7,100 161,383 Greif, Inc. - Class A 2,700 89,883 Owens-Illinois, Inc.* 610 8,808 SHARES VALUE ------ ----------- Packaging Corp. 890 $ 11,588 Pactiv Corp.* 200 2,918 Sealed Air Corp. 1,140 15,732 Sonoco Products Co. 560 11,749 Temple-Inland, Inc. 2,060 11,062 ----------- 467,926 ----------- METALS & MINING -- 0.5% AK Steel Holding Corp. 470 3,346 Alcoa, Inc. 5,610 41,177 Allegheny Technologies, Inc. 590 12,939 Carpenter Technology Corp. 110 1,553 Cliffs Natural Resources, Inc. 6,270 113,863 Commercial Metals Co. 740 8,547 Freeport-McMoRan Copper & Gold, Inc. 2,280 86,891 Newmont Mining Corp. 1,340 59,979 Nucor Corp. 3,270 124,816 Reliance Steel & Aluminum Co. 290 7,636 Schnitzer Steel Industries, Inc. - Class A 100 3,139 Southern Copper Corp. 4,960 86,403 Steel Dynamics, Inc. 1,530 13,479 Titanium Metals Corp. 251 1,373 United States Steel Corp. 1,050 22,187 ----------- 587,328 ----------- PAPER & FOREST PRODUCTS -- 0.1% International Paper Co. 4,140 29,146 MeadWestvaco Corp. 1,250 14,987 Weyerhaeuser Co. 1,460 40,252 ----------- 84,385 ----------- TOTAL MATERIALS 3,914,216 ----------- TELECOMMUNICATION SERVICES -- 2.9% DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.6% AT&T, Inc. 81,940 2,064,888 CenturyTel, Inc. 1,140 32,057 Embarq Corp. 2,500 94,625 Frontier Communications Corp. 3,120 22,402 Qwest Communications International, Inc. 13,990 47,846 Verizon Communications, Inc. 29,720 897,544 Windstream Corp. 3,770 30,386 ----------- 3,189,748 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.3% American Tower Corp. - Class A* 6,490 197,491 Crown Castle International Corp.* 1,600 32,656 Leap Wireless International, Inc.* 180 6,276 MetroPCS Communications, Inc.* 600 10,248 NII Holdings, Inc.* 300 4,500 SBA Communications Corp. - Class A* 270 6,291 Sprint Nextel Corp.* 6,800 24,276 Telephone & Data Systems, Inc. 720 19,087 U.S. Cellular Corp.* 90 3,001 ----------- 303,826 ----------- TOTAL TELECOMMUNICATION SERVICES 3,493,574 ----------- 9 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Large-Cap Fund ---------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ------------ UTILITIES -- 2.6% ELECTRIC UTILITIES -- 1.6% Allegheny Energy, Inc. 710 $ 16,451 American Electric Power Co., Inc. 4,020 101,545 DPL, Inc. 360 8,114 Duke Energy Corp. 13,060 187,019 Edison International Co. 1,660 47,825 Entergy Corp. 1,810 123,243 Exelon Corp. 13,740 623,659 FirstEnergy Corp. 2,950 113,870 FPL Group, Inc. 3,860 195,818 Great Plains Energy, Inc. 950 12,796 Hawaiian Electric Industries, Inc. 200 2,748 Northeast Utilities Co. 750 16,192 NV Energy, Inc. 1,660 15,587 Pepco Holdings, Inc. 2,170 27,082 Pinnacle West Capital Corp. 520 13,811 PPL Corp. 3,610 103,643 Progress Energy, Inc. 1,700 61,642 Southern Co. 7,140 218,627 ------------ 1,889,672 ------------ GAS UTILITIES -- 0.1% AGL Resources, Inc. 270 7,163 Atmos Energy Corp. 200 4,624 Energen Corp. 260 7,574 EQT Corp. 620 19,424 National Fuel Gas Co. 310 9,508 ONEOK, Inc. 700 15,841 Questar Corp. 670 19,718 UGI Corp. 4,300 101,523 ------------ 185,375 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.1% AES Corp.* 3,780 21,962 Calpine Corp.* 1,000 6,810 Constellation Energy Group, Inc. 1,250 25,825 Dynegy, Inc. - Class A* 100 141 Mirant Corp.* 600 6,840 NRG Energy, Inc.* 500 8,800 Reliant Energy, Inc.* 1,200 3,828 ------------ 74,206 ------------ MULTI-UTILITIES -- 0.8% Alliant Energy Corp. 520 12,839 Ameren Corp. 1,420 32,930 CenterPoint Energy, Inc. 2,230 23,259 CMS Energy Corp. 11,140 131,898 Consolidated Edison, Inc. 1,940 76,843 Dominion Resources, Inc. 2,950 91,420 DTE Energy Co. 1,570 43,489 Integrys Energy Group, Inc. 450 11,718 MDU Resources Group, Inc. 830 13,396 NiSource, Inc. 2,570 25,186 NSTAR 350 11,158 OGE Energy Corp. 560 13,339 PG&E Corp. 3,540 135,299 Public Service Enterprise Group, Inc. 4,930 145,287 SCANA Corp. 530 16,372 Sempra Energy Co. 2,260 104,502 TECO Energy, Inc. 1,550 17,282 Vectren Corp. 240 5,062 SHARES VALUE ------ ------------ Wisconsin Energy Corp. 370 $ 15,233 Xcel Energy, Inc. 2,360 43,967 ------------ 970,479 ------------ WATER UTILITIES -- 0.0% American Water Works Co., Inc. 90 1,732 Aqua America, Inc. 360 7,200 ------------ 8,932 ------------ TOTAL UTILITIES 3,128,664 ------------ TOTAL COMMON STOCK (Cost $123,290,621) 117,573,911 ------------ RIGHTS -- 0.0% Fresenius Kabi Pharmaceuticals Holding, Inc.* (Cost $0) 132 49 ------------ EXCHANGE-TRADED FUNDS -- 1.7% iShares S&P 100 Index Fund (Cost $2,083,432) 54,300 2,048,739 ------------ SHORT TERM INVESTMENTS -- 1.0% BlackRock Liquidity Funds TempFund Portfolio - Institutional Series (Cost $1,189,723) 1,189,723 1,189,723 ------------ TOTAL INVESTMENTS -- 99.9% (Cost $126,563,776)+ $120,812,422 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1% 165,102 ------------ NET ASSETS -- 100.0% $120,977,524 ============ * Non-income producing security. + The cost for Federal income tax purposes is $131,883,756. At March 31, 2008 net unrealized depreciation was $11,071,334. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $651,378 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $11,722,712. 10 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- LEVEL 1 - QUOTED PRICES $120,812,422 $ -- ----------------------------------------------------------------------------------------------- LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- TOTAL $120,812,422 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- COMMON STOCK -- 97.7% CONSUMER DISCRETIONARY -- 12.1% AUTO COMPONENTS -- 0.3% American Axle & Manufacturing Holdings, Inc. 4,595 $ 6,065 Amerigon, Inc.* 1,877 6,945 ArvinMeritor, Inc. 7,050 5,569 Cooper Tire & Rubber Co. 5,156 20,830 Dorman Products, Inc.* 796 7,427 Drew Industries, Inc.* 1,694 14,704 Exide Technologies* 4,682 14,046 Fuel Systems Solutions, Inc.* 736 9,921 Lear Corp.* 8,211 6,158 Modine Manufacturing Co. 3,285 8,212 Raser Technologies, Inc.* 3,873 16,228 Spartan Motors, Inc. 2,789 11,212 Stoneridge, Inc.* 2,708 5,714 Superior Industries International, Inc. 1,316 15,595 Tenneco, Inc.* 4,000 6,520 Wonder Auto Technology, Inc.* 1,244 4,454 ----------- 159,600 ----------- AUTOMOBILES -- 0.0% Winnebago Industries, Inc. 1,795 9,531 ----------- DISTRIBUTORS -- 0.1% Audiovox Corp. - Class A* 1,698 5,824 Core-Mark Holding Co., Inc.* 823 14,995 The Aristotle Corp.* 752 2,602 ----------- 23,421 ----------- DIVERSIFIED CONSUMER SERVICES -- 1.2% American Public Education, Inc.* 835 35,120 Capella Education Co.* 1,045 55,385 Coinstar, Inc.* 1,988 65,127 Corinthian Colleges, Inc.* 6,151 119,637 Grand Canyon Education, Inc.* 584 10,080 Jackson Hewitt Tax Service, Inc. 2,188 11,421 K12, Inc.* 290 4,031 Learning Tree International, Inc.* 720 6,099 Lincoln Educational Services Corp.* 48 879 Matthews International Corp. - Class A 2,252 64,880 Pre-Paid Legal Services, Inc.* 435 12,628 Princeton Review, Inc.* 850 3,698 Regis Corp. 3,058 44,188 Sotheby's Holdings, Inc. - Class A 5,002 45,018 Steiner Leisure Ltd.* 1,135 27,705 Stewart Enterprises, Inc. - Class A 7,679 24,880 Universal Technical Institute, Inc.* 1,541 18,492 ----------- 549,268 ----------- HOTELS, RESTAURANTS & LEISURE -- 2.6% AFC Enterprises, Inc.* 2,475 11,162 Ambassadors Group, Inc. 1,158 9,403 Ameristar Casinos, Inc. 1,605 20,191 Bally Technologies, Inc.* 3,936 72,501 SHARES VALUE ------ ----------- BJ's Restaurants, Inc.* 1,200 $ 16,692 Bluegreen Corp.* 1,037 1,804 Bob Evans Farms, Inc. 2,146 48,113 Buffalo Wild Wings, Inc.* 1,332 48,725 California Pizza Kitchen, Inc.* 1,437 18,796 CEC Entertainment, Inc.* 1,748 45,238 Churchill Downs, Inc. 782 23,507 CKE Restaurants, Inc. 3,277 27,527 Cracker Barrel Old Country Store, Inc. 1,582 45,308 DineEquity, Inc. 1,232 14,612 Domino's Pizza, Inc.* 2,424 15,877 Dover Downs Gaming & Entertainment, Inc. 744 2,284 Einstein Noah Restaurant Group, Inc.* 704 4,104 Gaylord Entertainment Co.* 2,554 21,275 Great Wolf Resorts, Inc.* 4,000 9,320 Isle of Capri Casinos, Inc.* 2,101 11,114 Jack in the Box, Inc.* 4,006 93,300 Landry's Restaurants, Inc.* 885 4,620 Life Time Fitness, Inc.* 2,847 35,758 Lodgian, Inc.* 1,338 2,810 Luby's, Inc.* 2,591 12,722 Monarch Casino & Resort, Inc.* 928 4,788 Morgans Hotel Group Co.* 2,643 8,220 O' Charley's, Inc. 2,050 6,171 Papa John's International, Inc.* 1,386 31,698 Peet's Coffee & Tea, Inc.* 920 19,890 PF Chang's China Bistro, Inc.* 1,501 34,343 Pinnacle Entertainment, Inc.* 3,857 27,153 Red Robin Gourmet Burgers, Inc.* 992 17,489 Rick's Cabaret International, Inc.* 679 3,083 Ruby Tuesday, Inc.* 3,220 9,402 Shuffle Master, Inc.* 3,170 9,098 Sonic Corp.* 3,965 39,729 Speedway Motorsports, Inc. 1,091 12,896 Texas Roadhouse, Inc.* 3,905 37,215 The Cheesecake Factory, Inc.* 4,496 51,479 The Marcus Corp. 1,587 13,490 The Steak 'n Shake Co.* 2,405 18,206 Town Sports International Holdings, Inc.* 1,220 3,648 Vail Resorts, Inc.* 2,280 46,580 Wendy's/Arby's Group, Inc. - Class A 28,160 141,645 WMS Industries, Inc.* 3,153 65,929 ----------- 1,218,915 ----------- HOUSEHOLD DURABLES -- 0.9% American Greetings Corp. 3,757 19,011 Blyth, Inc. 590 15,417 Cavco Industries, Inc.* 405 9,558 CSS Industries, Inc. 658 11,186 Ethan Allen Interiors, Inc. 2,086 23,488 Furniture Brands International, Inc. 4,840 7,115 Helen of Troy, Ltd.* 2,033 27,954 Hooker Furniture Corp. 861 7,267 Hovnanian Enterprises, Inc.* 5,893 9,193 iRobot Corp.* 1,170 8,892 1 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- La-Z-Boy, Inc. 4,476 $ 5,595 Libbey, Inc. 1,302 1,198 M/I Homes, Inc. 1,164 8,136 Meritage Homes Corp.* 2,072 23,662 National Presto Industries, Inc. 292 17,815 Palm Harbor Homes, Inc.* 2,261 5,042 Russ Berrie & Co., Inc.* 3,190 4,211 Ryland Group, Inc. 3,011 50,163 Sealy Corp.* 4,245 6,325 Skyline Corp. 539 10,246 Tempur-Pedic International, Inc. 5,288 38,602 Tupperware Brands Corp. 4,389 74,569 Universal Electronics, Inc.* 898 16,254 ----------- 400,899 ----------- INTERNET & CATALOG RETAIL -- 0.6% 1-800-FLOWERS.COM, Inc. - Class A* 3,112 6,442 Bidz.com, Inc.* 787 3,164 Blue Nile, Inc.* 862 25,989 Gaiam, Inc. - Class A* 1,143 3,749 Netflix, Inc.* 2,939 126,142 NutriSystem, Inc. 1,739 24,816 Orbitz Worldwide, Inc.* 3,339 4,307 Overstock.com, Inc.* 1,162 10,632 PetMed Express, Inc.* 2,007 33,075 Shutterfly, Inc.* 1,542 14,449 Stamps.com, Inc.* 1,150 11,155 ----------- 263,920 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.4% Brunswick Corp. 5,281 18,220 Callaway Golf Co. 4,511 32,389 JAKKS Pacific, Inc.* 2,138 26,404 Leapfrog Enterprises, Inc.* 2,887 3,984 Marine Products Corp. 1,100 4,664 Nautilus, Inc.* 5,034 3,171 Polaris Industries, Inc. 2,377 50,963 Pool Corp. 3,035 40,669 RC2 Corp.* 1,462 7,705 Smith & Wesson Holdings Corp.* 2,337 14,069 Steinway Musical Instruments* 568 6,799 ----------- 209,037 ----------- MEDIA -- 1.0% Arbitron, Inc. 1,724 25,877 Cinemark Holdings, Inc. 2,287 21,475 CKX, Inc.* 3,626 14,867 Cox Radio, Inc. - Class A* 1,554 6,371 Dolan Media Co.* 2,849 22,422 Fisher Communications, Inc. 627 6,119 Global Sources, Ltd.* 868 3,376 Harte-Hanks, Inc. 2,876 15,387 Interactive Data Corp. 2,539 63,120 Knology, Inc.* 2,699 11,120 Live Nation, Inc.* 6,290 16,794 Martha Stewart Living Omnimedia, Inc. - Class A* 1,923 4,788 Marvel Entertainment, Inc.* 3,480 92,394 Mediacom Communications Corp. - Class A* 3,435 13,843 National Cinemedia, Inc. 3,262 42,993 Outdoor Channel Holdings, Inc.* 1,170 7,979 SHARES VALUE ------ ----------- Primedia, Inc. 4,920 $ 12,152 RCN Corp.* 2,778 10,279 RHI Entertainment, Inc.* 1,500 2,280 Scholastic Corp. 2,016 30,381 Sinclair Broadcast Group, Inc. - Class A 4,028 4,149 World Wrestling Entertainment, Inc. - Class A 1,177 13,583 ----------- 441,749 ----------- MULTILINE RETAIL -- 0.2% 99 Cents Only Stores* 3,300 30,492 Dillard's, Inc. - Class A 4,922 28,055 Fred's, Inc. - Class A 3,332 37,585 ----------- 96,132 ----------- SPECIALTY RETAIL -- 3.3% Aaron Rents, Inc. 3,246 86,538 Aeropostale, Inc.* 4,816 127,913 America's Car-Mart, Inc.* 750 10,193 Asbury Automotive Group, Inc. 2,714 11,697 Bebe Stores, Inc. 2,876 19,183 Big 5 Sporting Goods Corp. 2,112 12,397 Brown Shoe Co., Inc. 3,765 14,119 Build-A-Bear Workshop, Inc.* 1,721 10,446 Cabela's, Inc.* 2,814 25,636 Cache, Inc.* 2,455 7,070 Charlotte Russe Holdings, Inc.* 1,722 14,034 Charming Shoppes, Inc.* 10,790 15,106 Chico's FAS, Inc.* 12,157 65,283 Christopher & Banks Corp. 2,415 9,877 Citi Trends, Inc.* 1,256 28,750 Coldwater Creek, Inc.* 5,040 12,650 Collective Brands, Inc.* 4,547 44,288 Conn's, Inc.* 861 12,088 Dress Barn, Inc.* 3,149 38,701 DSW, Inc. - Class A* 957 8,891 Genesco, Inc.* 1,151 21,673 Group 1 Automotive, Inc. 2,004 27,996 Haverty Furniture Cos., Inc. 1,797 18,922 hhgregg, Inc.* 1,265 17,900 Hibbett Sports, Inc.* 2,244 43,130 Hot Topic, Inc.* 3,051 34,141 J. Crew Group, Inc.* 3,336 43,969 Jo-Ann Stores, Inc.* 1,522 24,870 Jos. A. Bank Clothiers, Inc.* 1,420 39,490 Lumber Liquidators, Inc.* 551 7,025 MarineMax, Inc.* 3,665 7,183 Midas, Inc.* 1,154 9,140 Monro Muffler Brake, Inc. 1,358 37,114 New York & Co., Inc.* 2,080 7,384 Rent-A-Center, Inc.* 4,594 88,986 Rex Stores Corp.* 790 8,469 Sally Beauty Holdings, Inc.* 8,063 45,798 Shoe Carnival, Inc.* 89 921 Sonic Automotive, Inc. - Class A 2,938 4,701 Stage Stores, Inc. 3,248 32,740 Stein Mart, Inc.* 3,870 11,184 Syms Corp.* 760 4,651 Systemax, Inc.* 942 12,171 Talbots, Inc. 2,310 8,108 The Buckle, Inc. 1,675 53,483 The Cato Corp. - Class A 2,033 37,163 2 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- The Children's Place Retail Stores, Inc.* 1,568 $ 34,324 The Finish Line, Inc. - Class A 3,364 22,270 The Gymboree Corp.* 1,885 40,245 The Men's Wearhouse, Inc. 3,609 54,640 The Pep Boys - Manny, Moe & Jack 3,853 16,992 Tractor Supply Co.* 2,264 81,640 Tween Brands, Inc.* 2,380 5,093 Ulta Salon Cosmetics & Fragrance, Inc.* 1,431 9,473 Wetseal, Inc. - Class A* 7,786 26,161 Zale Corp.* 3,102 6,049 Zumiez, Inc.* 1,403 13,609 ----------- 1,533,668 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 1.5% American Apparel, Inc.* 2,943 8,594 Carter's, Inc.* 3,901 73,378 Cherokee, Inc. 628 9,797 Columbia Sportswear Co. 963 28,813 Deckers Outdoor Corp.* 957 50,759 FGX International Holdings, Ltd.* 825 9,587 Fossil, Inc.* 3,377 53,019 G-III Apparel Group, Ltd.* 1,687 9,312 Iconix Brand Group, Inc.* 3,905 34,559 K-Swiss, Inc. - Class A 2,058 17,575 Kenneth Cole Productions, Inc. - Class A 850 5,432 Lululemon Athletica, Inc.* 1,443 12,496 Maidenform Brands, Inc.* 1,459 13,364 Movado Group, Inc. 1,355 10,217 Oxford Industries, Inc. 1,350 8,330 Perry Ellis International, Inc.* 1,077 3,726 Quiksilver, Inc.* 8,750 11,200 Skechers U.S.A., Inc. - Class A* 2,573 17,162 Steven Madden, Ltd.* 1,336 25,090 The Timberland Co. - Class A* 3,325 39,700 The Warnaco Group, Inc.* 3,281 78,744 True Religion Apparel, Inc.* 987 11,656 Under Armour, Inc. - Class A* 2,553 41,946 Unifi, Inc.* 3,913 2,504 Unifirst Corp. 1,128 31,404 Volcom, Inc.* 1,063 10,311 Weyco Group, Inc. 411 10,653 Wolverine World Wide, Inc. 3,526 54,935 ----------- 684,263 ----------- TOTAL CONSUMER DISCRETIONARY 5,590,403 ----------- CONSUMER STAPLES -- 4.0% BEVERAGES -- 0.1% Coca-Cola Bottling Co. Consolidated 251 13,064 National Beverage Corp.* 1,170 10,729 The Boston Beer Co., Inc. - Class A* 465 9,700 ----------- 33,493 ----------- FOOD & STAPLES RETAILING -- 1.0% Arden Group, Inc. - Class A 53 6,193 Casey's General Stores, Inc. 3,356 89,471 Great Atlantic & Pacific Tea Co., Inc.* 2,990 15,877 SHARES VALUE ------ ----------- Ingles Markets, Inc. - Class A 995 $ 14,855 Nash-Finch Co. 1,228 34,494 PriceSmart, Inc. 866 15,597 Ruddick Corp. 2,900 65,105 Spartan Stores, Inc. 1,709 26,336 Susser Holdings Corp.* 831 11,169 The Andersons, Inc. 1,585 22,412 The Pantry, Inc.* 1,750 30,817 United Natural Foods, Inc.* 3,217 61,026 Village Super Market - Class A 494 15,398 Weis Markets, Inc. 918 28,495 Winn-Dixie Store, Inc.* 3,861 36,911 ----------- 474,156 ----------- FOOD PRODUCTS -- 2.1% Alico, Inc. 220 5,280 American Dairy, Inc.* 338 5,716 B&G Foods, Inc. - Class A 1,866 9,703 Cal-Maine Foods, Inc. 692 15,494 Calavo Growers, Inc. 677 8,137 Chiquita Brands International, Inc.* 3,511 23,278 Darling International, Inc.* 6,957 25,810 Diamond Foods, Inc. 1,315 36,728 Farmer Brothers Co. 388 6,906 Flowers Foods, Inc. 5,185 121,744 Fresh Del Monte Produce, Inc.* 2,909 47,766 Green Mountain Coffee Roasters, Inc.* 1,273 61,104 Griffin Land & Nurseries, Inc. 246 8,610 HQ Sustainable Maritime Industries, Inc.* 735 5,623 Imperial Sugar Co. 1,036 7,449 J&J Snack Foods Corp. 1,074 37,150 Lancaster Colony Corp. 1,372 56,911 Lance, Inc. 1,911 39,787 Omega Protein Corp.* 2,946 7,777 Ralcorp Holdings, Inc.* 3,908 210,563 Sanderson Farms, Inc. 1,401 52,608 Smart Balance, Inc.* 4,349 26,268 Synutra International, Inc.* 909 7,463 The Hain Celestial Group, Inc.* 3,173 45,183 Tootsie Roll Industries, Inc. 1,679 36,466 TreeHouse Foods, Inc.* 2,342 67,426 Zhongpin, Inc.* 924 8,205 ----------- 985,155 ----------- HOUSEHOLD PRODUCTS -- 0.1% Central Garden & Pet Co. - Class A* 4,554 34,246 WD-40 Co. 1,074 25,927 ----------- 60,173 ----------- PERSONAL PRODUCTS -- 0.4% American Oriental Bioengineering, Inc.* 3,929 15,166 Chattem, Inc.* 1,378 77,237 China Sky One Medical, Inc.* 599 6,888 Elizabeth Arden, Inc.* 2,007 11,701 International Parfums, Inc. 1,608 9,375 Mannatech, Inc. 1,390 4,629 Nu Skin Enterprises, Inc. - Class A 3,318 34,806 Prestige Brands Holdings, Inc.* 2,497 12,934 3 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Schiff Nutrition International, Inc.* 1,915 $ 8,617 USANA Health Sciences, Inc.* 355 7,938 ----------- 189,291 ----------- TOBACCO -- 0.3% Alliance One International, Inc.* 5,802 22,280 Star Scientific, Inc.* 5,009 21,438 Universal Corp. 1,742 52,121 Vector Group, Ltd. 1,977 25,681 ----------- 121,520 ----------- TOTAL CONSUMER STAPLES 1,863,788 ----------- ENERGY -- 4.0% ENERGY EQUIPMENT & SERVICES -- 1.2% Allis-Chalmers Energy, Inc.* 2,572 4,964 Basic Energy Services, Inc.* 2,502 16,188 Bolt Technology Corp.* 757 5,382 Bristow Group, Inc.* 1,681 36,024 Bronco Drilling Co., Inc.* 2,243 11,798 Cal Dive International, Inc.* 3,499 23,688 CARBO Ceramics, Inc. 1,498 42,603 Complete Production Services, Inc.* 3,796 11,692 Dawson Geophysical Co.* 693 9,356 Dril-Quip, Inc.* 2,238 68,707 ENGlobal, Corp.* 2,143 9,729 Gulf Island Fabrication, Inc. 813 6,512 GulfMark Offshore, Inc.* 1,481 35,337 Hornbeck Offshore Services, Inc.* 1,878 28,621 ION Geophysical Corp.* 5,307 8,279 Lufkin Industries, Inc. 1,190 45,077 Matrix Service Co.* 1,633 13,423 Mitcham Industries, Inc.* 1,372 5,227 NATCO Group, Inc. - Class A* 1,258 23,814 Natural Gas Services Group, Inc.* 594 5,346 Newpark Resources, Inc.* 7,242 18,322 Oyo Geospace Corp.* 291 3,800 Parker Drilling Co.* 9,124 16,788 Petroleum Helicopters, Inc.* 1,015 10,130 Pioneer Drilling Co.* 3,838 12,589 RPC, Inc. 1,459 9,673 Superior Well Services, Inc.* 1,199 6,151 T-3 Energy Services, Inc.* 803 9,459 Trico Marine Services, Inc.* 876 1,840 Union Drilling, Inc.* 2,049 7,786 Willbros Group, Inc.* 3,268 31,700 ----------- 540,005 ----------- OIL, GAS & CONSUMABLE FUELS -- 2.8% Alon USA Energy, Inc. 1,174 16,084 APCO Argentina, Inc. 880 9,698 Approach Resources, Inc.* 780 4,836 Arena Resources, Inc.* 2,780 70,834 Atlas America, Inc. 2,258 19,757 ATP Oil & Gas Co.* 1,992 10,219 Berry Petroleum Co. - Class A 3,184 34,897 Bill Barret Corp.* 2,675 59,492 BPZ Resources, Inc.* 5,363 19,843 Brigham Exploration Co.* 3,853 7,321 Callon Petroleum Co.* 4,300 4,687 Carrizo Oil & Gas, Inc.* 1,616 14,350 SHARES VALUE ------ ----------- Cheniere Energy, Inc.* 3,527 $ 15,025 Clayton Williams Energy, Inc.* 543 15,877 Clean Energy Fuels Corp.* 1,719 10,469 Comstock Resources, Inc.* 3,259 97,118 Concho Resources, Inc.* 4,005 102,488 Contango Oil & Gas Co.* 1,009 39,553 Crosstex Energy, Inc. 4,023 6,598 CVR Energy, Inc.* 1,916 10,615 Delek US Holdings, Inc. 1,412 14,628 Delta Petroleum Corp.* 3,673 4,408 DHT Maritime, Inc. 2,873 11,032 EXCO Resources, Inc.* 10,679 106,790 FX Energy, Inc.* 2,273 6,319 General Maritime Corp. 2,833 19,831 Georesources, Inc.* 564 3,790 GMX Resources, Inc.* 1,220 7,930 Golar LNG, Ltd. 2,288 7,848 Goodrich Petroleum Corp.* 1,705 33,009 Gran Tierra Energy, Inc.* 16,642 41,771 GreenHunter Energy, Inc.* 2,173 4,129 Gulfport Energy Corp.* 2,980 6,914 Harvest Natural Resources, Inc.* 2,549 8,641 International Coal Group, Inc.* 8,460 13,621 James River Coal Co.* 2,632 32,479 Knightsbridge Tankers, Ltd. 953 13,866 McMoRan Exploration Co.* 3,768 17,710 Nordic American Tanker Shipping 2,448 71,726 Northern Oil And Gas, Inc.* 1,640 5,904 Panhandle Oil and Gas, Inc. - Class A 586 10,032 Parallel Petroleum Corp.* 1,504 1,925 Penn Virginia Corp. 3,204 35,180 Petroleum Development Corp.* 889 10,499 Petroquest Energy, Inc.* 2,853 6,847 Rex Energy Corp.* 1,205 3,458 Rosetta Resources, Inc.* 4,248 21,028 Ship Finance International, Ltd. 2,484 16,295 Southern Union Co. 1 14 Stone Energy Corp.* 2,484 8,272 Swift Energy Co.* 2,466 18,002 Teekay Tankers, Ltd. - Class A 948 9,015 Toreador Resources Corp. 1,919 4,817 TXCO Resources, Inc.* 6,723 2,770 USEC, Inc.* 8,855 42,504 Vaalco Energy, Inc.* 4,607 24,371 Venoco, Inc.* 1,340 4,395 Western Refining, Inc. 1,995 23,820 Westmoreland Coal Co.* 900 6,453 World Fuel Services Corp. 2,037 64,430 ----------- 1,316,234 ----------- TOTAL ENERGY 1,856,239 ----------- FINANCIALS -- 20.1% CAPITAL MARKETS -- 1.8% Apollo Investment Corp. 9,824 34,188 Ares Capital Corp. 6,325 30,613 Blackrock Kelso Capital Corp. 1,352 5,665 Broadpoint Securities Group, Inc.* 1,805 5,957 Calamos Asset Management, Inc. - Class A 1,855 8,923 4 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Capital Southwest Corp. 262 $ 20,014 Cohen & Steers, Inc. 1,213 13,537 Diamond Hill Investment Group, Inc.* 160 6,291 Epoch Holding Corp. 940 6,458 Evercore Partners, Inc. - Class A 873 13,488 FBR Capital Markets Corp.* 2,236 7,356 FCStone Group, Inc.* 2,671 6,090 GAMCO Investors, Inc. - Class A 682 22,267 GFI Group, Inc. 3,841 12,330 Gladstone Capital Corp. 1,982 12,407 Gladstone Investment Corp. 2,617 9,997 Greenhill & Co., Inc. 1,231 90,909 Harris & Harris Group, Inc.* 2,760 10,212 Hercules Technology Growth Capital, Inc. 2,728 13,642 International Assets Holding Corp.* 559 5,696 Kayne Anderson Energy Development Co. 1,053 9,835 KBW, Inc.* 1,683 34,249 Knight Capital Group, Inc. - Class A* 6,702 98,787 Kohlberg Capital Corp. 3,056 9,351 LaBranche & Co., Inc.* 4,795 17,933 MVC Capital, Inc. 1,954 16,433 NGP Capital Resources Co. 1,638 8,141 optionsXpress Holdings, Inc. 3,359 38,192 Patriot Capital Funding, Inc. 6 11 PennantPark Investment Corp. 2,072 7,770 Penson Worldwide, Inc.* 1,568 10,082 Piper Jaffray Cos.* 1,190 30,690 Prospect Capital Corp. 2,377 20,252 Pzena Investment Management, Inc. - Class A 665 1,270 Riskmetrics Group, Inc.* 1,314 18,777 Sanders Morris Harris Group, Inc. 1,795 7,001 Stifel Financial Corp.* 1,837 79,560 SWS Group, Inc. 2,087 32,411 Teton Advisors, Inc. 10 -- thinkorswim Group, Inc.* 3,750 32,400 Thomas Weisel Partners Group, Inc.* 146 523 TICC Capital Corp. 5 18 TradeStation Group, Inc.* 1,710 11,286 US Global Investors, Inc. - Class A 1,229 5,985 Virtus Investment Partners, Inc.* 503 3,275 Westwood Holdings Group, Inc. 290 11,336 ----------- 841,608 ----------- COMMERCIAL BANKS -- 6.2% 1st Source Corp. 1,378 24,873 Amcore Financial, Inc. 3,652 5,843 Ameris Bancorp 1,102 5,190 Ames National Corp. 481 8,220 Arrow Financial Corp. 341 8,078 Bancfirst Corp. 414 15,070 Banco Latinoamericano De Exportaciones SA 2,124 19,902 BancTrust Financial Group, Inc. 1,419 8,982 SHARES VALUE ------ ----------- Bank of the Ozarks, Inc. 976 $ 22,526 Banner Corp. 1,380 4,016 Boston Private Financial Holdings, Inc. 4,778 16,771 Bryn Mawr Bank Corp. 475 8,004 Camden National Corp. 13 297 Capital City Bank Group, Inc. 951 10,898 Capitol Bancorp, Ltd. 1,518 6,300 Cardinal Financial Corp. 1,390 7,979 Cascade Bancorp 2,178 3,550 Cathay General Bancorp 3,362 35,066 Centerstate Banks of Florida, Inc. 1,006 11,076 Central Pacific Financial Corp. 2,393 13,401 Chemical Financial Corp. 1,408 29,300 Citizens & Northern Corp. 21 388 Citizens Republic Bancorp, Inc.* 10,917 16,921 City Bank/Lynnwood, Washington 1,966 6,488 City Holding Co. 1,232 33,621 CoBiz Financial, Inc. 1,549 8,132 Columbia Banking System, Inc. 1,599 10,234 Community Bank Systems, Inc. 1,874 31,389 Community Trust Bancorp, Inc. 1,318 35,256 CVB Financial Corp. 4,124 27,342 East West Bancorp, Inc. 5,332 24,367 Enterprise Financial Services Corp. 753 7,349 Farmers Capital Bank Corp. 529 8,289 Financial Institutions, Inc. 873 6,652 First Bancorp, Inc. 159 2,522 First Bancorp/North Carolina 1,095 13,107 First Bancorp/Puerto Rico 4,166 17,747 First Busey Corp. 2,081 16,149 First Commonwealth Financial Corp. 5,376 47,685 First Community Bancshares, Inc. 681 7,947 First Financial Bancorp 2,915 27,780 First Financial Bankshares, Inc. 1,601 77,120 First Financial Corp./Indiana 725 26,753 First Merchants Corp. 1,945 20,987 First Midwest Bancorp, Inc. 3,011 25,864 First South Bancorp 862 9,154 FirstMerit Corp. 5,432 98,862 FNB Corp. 5,786 44,379 Frontier Financial Corp. 3,951 4,346 Glacier Bancorp, Inc. 4,221 66,312 Greene Bancshares, Inc. 1,072 9,434 Guaranty Bancorp* 5,210 9,118 Hancock Holding Co. 1,779 55,647 Hanmi Financial Corp. 5,300 6,890 Harleysville National Corp. 3,518 21,319 Heartland Financial USA, Inc. 983 13,310 Heritage Commerce Corp. 967 5,077 Home Bancshares, Inc. 1,292 25,801 IBERIABANK Corp. 1,004 46,124 Independent Bank Corp./Massachusetts 1,256 18,526 Integra Bank Corp. 3,896 7,363 International Bancshares Corp. 3,352 26,146 Investors Bancorp, Inc.* 2,961 25,080 Lakeland Bancorp, Inc. 1,655 13,290 5 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Lakeland Financial Corp. 885 $ 16,983 MainSource Financial Group, Inc. 1,619 13,017 MB Financial, Inc. 2,345 31,892 Nara Bancorp, Inc. 1,841 5,413 National Penn Bancshares, Inc. 5,281 43,832 NBT Bancorp, Inc. 2,038 44,102 Northfield Bancorp, Inc. 926 10,121 Old National Bancorp/Indiana 4,361 48,712 Old Second Bancorp, Inc. 1,140 7,239 Oriental Financial Group 1,974 9,633 Pacific Capital Bancorp 3,831 25,936 Pacific Continental Corp. 856 9,964 PacWest Bancorp 1,939 27,786 Park National Corp. 638 35,568 Peapack-Gladstone Financial Corp. 769 13,865 Pennsylvania Commerce Bancorp, Inc.* 352 6,477 Peoples Bancorp, Inc./Ohio 846 10,981 Pinnacle Financial Partners, Inc.* 1,641 38,908 PremierWest Bancorp 1,716 6,897 PrivateBancorp, Inc. 1,280 18,509 Prosperity Bancshares, Inc. 2,575 70,426 Provident Bankshares Corp. 2,170 15,299 Renasant Corp. 1,661 20,862 Republic Bancorp, Inc./Kentucky - Class A 727 13,573 S&T Bancorp, Inc. 1,410 29,906 S.Y. Bancorp, Inc. 949 23,061 Sandy Springs Bancorp, Inc. 1,287 14,363 Santander BanCorp 650 5,122 SCBT Financial Corp. 1,019 21,297 Seacoast Banking Corp. of Florida 1,783 5,402 Shore Bancshares, Inc. 574 9,615 Sierra Bancorp 516 5,021 Signature Bank* 2,474 69,841 Simmons First National Corp. - Class A 1,006 25,341 Smithtown Bancorp, Inc. 627 7,073 Southside Bancshares, Inc. 909 17,180 Southwest Bancorp, Inc. 1,192 11,181 State Bancorp, Inc. 1,199 9,232 StellarOne Corp. 1,803 21,474 Sterling Bancorp 1,287 12,741 Sterling Bancshares, Inc. 4,602 30,097 Sterling Financial Corp./Washington 4,480 9,274 Suffolk Bancorp 594 15,438 Sun Bancorp, Inc.* 1,300 6,747 Susquehanna Bancshares, Inc. 5,733 53,489 SVB Financial Group* 2,298 45,983 Texas Capital Bancshares, Inc.* 2,268 25,538 The Colonial BancGroup, Inc. 17,798 16,018 The South Financial Group, Inc. 6,187 6,806 Tompkins Financial Corp. 491 21,113 TowneBank 1,600 26,128 Trico Bancshares 1,043 17,460 Trustmark Corp. 3,338 61,352 UCBH Holdings, Inc. 8,921 13,471 UMB Financial Corp. 2,174 92,373 SHARES VALUE ------ ----------- Umpqua Holdings Corp. 3,916 $ 35,479 Union Bankshares Corp. 1,069 14,806 United Bankshares, Inc. 2,494 42,997 United Community Banks, Inc./Georgia 3,606 15,003 United Security Bancshares 974 7,169 Univest Corp. of PA 1,173 20,528 W Holding Co., Inc. 540 4,909 Washington Trust Bancorp, Inc. 526 8,548 WesBanco, Inc. 1,656 37,806 West Bancorp, Inc. 1,387 10,333 West Coast Bancorp/Oregon 1,678 3,725 Westamerica Bancorp 2,063 93,990 Western Alliance Bancorp* 1,791 8,167 Wilshire Bancorp, Inc. 1,470 7,585 Wintrust Financial Corp. 1,933 23,776 Yadkin Valley Financial Corp. 807 6,012 ----------- 2,887,574 ----------- CONSUMER FINANCE -- 0.3% Advance America Cash Advance Centers, Inc. 4,510 7,622 Advanta Corp. - Class B 4,472 2,952 Cash America International, Inc. 2,046 32,040 Compucredit Corp.* 2,332 5,713 Credit Acceptance Corp.* 485 10,423 Dollar Financial Corp.* 1,512 14,394 EzCorp, Inc. - Class A* 3,179 36,781 First Cash Financial Services, Inc.* 1,169 17,442 Nelnet, Inc. - Class A* 1,442 12,747 World Acceptance Corp.* 974 16,655 ----------- 156,769 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.6% Asset Acceptance Capital Corp.* 1,100 5,841 Compass Diversified Holdings 1,831 16,333 Encore Capital Group, Inc.* 1,485 6,727 Fifth Street Finance Corp. 750 5,805 Financial Federal Corp. 2,041 43,228 Interactive Brokers Group, Inc. - Class A* 2,983 48,116 Life Partners Holdings, Inc. 498 8,496 MarketAxess Holdings, Inc.* 2,647 20,223 Medallion Financial Corp. 1,311 9,715 NewStar Financial, Inc.* 3,064 7,108 PHH Corp.* 3,747 52,645 PICO Holdings, Inc.* 1,146 34,460 Portfolio Recovery Associates, Inc.* 989 26,545 Resource America, Inc. - Class A 1,310 5,227 ----------- 290,469 ----------- INSURANCE -- 4.2% American Equity Investment Life Holding Co. 2,893 12,035 American Physicians Capital, Inc. 583 23,856 American Safety Insurance Holdings, Ltd.* 957 11,015 Amerisafe, Inc.* 1,542 23,623 Amtrust Financial Services, Inc. 1,073 10,247 Argo Group International Holdings, Ltd.* 2,241 67,521 6 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Aspen Insurance Holdings, Ltd. 5,958 $ 133,817 Assured Guaranty, Ltd. 3,559 24,094 Baldwin & Lyons, Inc. - Class B 652 12,336 Citizens, Inc.* 3,457 25,132 CNA Surety Corp.* 1,048 19,325 Crawford & Co.* 2,037 13,689 Delphi Financial Group, Inc. - Class A 2,873 38,671 Donegal Group, Inc. - Class A 750 11,528 eHealth, Inc.* 2,144 34,325 EMC Insurance Group, Inc. 445 9,376 Employers Holdings, Inc. 3,227 30,786 Enstar Group, Ltd.* 409 23,035 FBL Financial Group, Inc. - Class A 1,233 5,117 First Acceptance Corp.* 1,630 3,945 First Mercury Financial Corp.* 1,105 15,956 Flagstone Reinsurance Holdings, Ltd. 2,687 20,932 FPIC Insurance Group, Inc.* 661 24,477 Greenlight Capital Re, Ltd. - Class A* 1,950 31,141 Hallmark Financial Services, Inc.* 1,217 8,434 Harleysville Group, Inc. 1,069 34,005 Hilltop Holdings, Inc.* 3,631 41,393 Horace Mann Educators Corp. 2,594 21,712 Independence Holding Co. 990 4,960 Infinity Property & Casualty Corp. 1,168 39,630 IPC Holdings, Ltd. 3,195 86,393 Kansas City Life Insurance Co. 400 14,340 Maiden Holdings, Ltd. 4,032 18,023 Max Capital Group, Ltd. 4,005 69,046 Meadowbrook Insurance Group, Inc. 4,515 27,542 Montpelier Re Holdings, Ltd. 6,344 82,218 National Financial Partners Corp. 3,700 11,840 National Interstate Corp. 519 8,776 National Western Life Insurance Co. - Class A 145 16,385 Navigators Group, Inc.* 1,026 48,407 NYMagic, Inc. 624 7,613 Odyssey Re Holdings Corp. 1,524 57,805 Platinum Underwriters Holdings, Ltd. 3,210 91,036 PMA Capital Corp.* 2,485 10,362 Presidential Life Corp. 920 7,167 ProAssurance Corp.* 2,247 104,755 RLI Corp. 1,236 62,047 Safety Insurance Group, Inc. 1,214 37,731 SeaBright Insurance Holdings, Inc.* 1,684 17,615 Selective Insurance Group, Inc. 3,583 43,569 State Auto Financial Corp. 1,158 20,381 Stewart Information Services Corp. 1,499 29,231 The Phoenix Cos., Inc. 10,064 11,775 Tower Group, Inc. 2,407 59,284 United America Indemnity, Ltd. - Class A* 2,979 11,976 United Fire & Casualty Co. 1,595 35,026 SHARES VALUE ------ ----------- Validus Holdings, Ltd. 4,524 $ 107,128 Zenith National Insurance Corp. 2,407 58,033 ----------- 1,931,617 ----------- REAL ESTATE INVESTMENT TRUSTS -- 5.2% Acadia Realty Trust 2,475 26,260 Agree Realty Corp. 749 11,752 Alexander's, Inc. 136 23,172 American Campus Communities, Inc. 2,885 50,084 American Capital Agency Corp. 898 15,365 Anthracite Capital, Inc. 5,638 1,917 Anworth Mortgage Asset Corp. 5,991 36,725 Arbor Realty Trust, Inc. 4,089 2,944 Associated Estates Realty Corp. 1,164 6,611 BioMed Realty Trust, Inc. 5,606 37,953 Capital Trust, Inc. - Class A 2,898 3,188 CapLease Funding, Inc. 4,301 8,473 Capstead Mortgage Corp. 3,920 42,101 Care Investment Trust, Inc. 1,180 6,443 Cedar Shopping Centers, Inc. 3,446 5,996 Chimera Investment Corp. 9,602 32,263 Cogdell Spencer, Inc. 1,127 5,748 Colonial Properties Trust 4,113 15,670 Corporate Office Properties Trust 2,920 72,504 Cousins Properties, Inc. 3,329 21,439 DCT Industrial Trust, Inc. 11,915 37,770 DiamondRock Hospitality Co. 6,419 25,740 DuPont Fabros Technology, Inc. 1,295 8,910 Eastgroup Properties, Inc. 1,844 51,761 Education Realty Trust, Inc. 2,401 8,379 Entertainment Properties Trust 2,249 35,444 Equity Lifestyle Properties, Inc. 1,377 52,464 Equity One, Inc. 2,702 32,937 Extra Space Storage, Inc. 5,782 31,859 First Industrial Realty Trust, Inc. 4,042 9,903 First Potomac Realty Trust 2,424 17,816 Franklin Street Properties Corp. 3,937 48,425 Getty Realty Corp. 1,377 25,268 Glimcher Realty Trust 3,615 5,061 Hatteras Financial Corp. 1,261 31,512 Healthcare Realty Trust, Inc. 4,086 61,249 Hersha Hospitality Trust 4,218 8,014 Highwoods Properties, Inc. 4,455 95,426 Home Properties, Inc. 2,104 64,488 Inland Real Estate Corp. 4,435 31,444 Investors Real Estate Trust 4,057 40,002 Kite Realty Group Trust 2,210 5,414 LaSalle Hotel Properties 3,651 21,322 Lexington Realty Trust 7,250 17,255 LTC Properties, Inc. 1,522 26,696 Medical Properties Trust, Inc. 4,685 17,100 MFA Mortgage Investments, Inc. 14,791 86,971 Mid-America Apartment Communities, Inc. 2,020 62,277 Mission West Properties, Inc. 1,665 10,656 Monmouth Real Estate - Class A 1,412 9,333 National Health Investors, Inc. 1,504 40,412 National Retail Properties, Inc. 5,424 85,916 NorthStar Realty Finance Corp. 5,790 13,433 Omega Healthcare Investors, Inc. 5,635 79,341 One Liberty Properties, Inc. 1,423 5,009 Parkway Properties, Inc. 1,249 12,865 7 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Pennsylvania Real Estate Investment Trust 3,321 $ 11,789 Post Properties, Inc. 2,981 30,227 Potlatch Corp. 3,071 71,216 PS Business Parks, Inc. 1,129 41,604 RAIT Financial Trust 5,741 7,004 Ramco-Gershenson Properties Trust 534 3,444 Realty Income Corp. 7,037 132,436 Redwood Trust, Inc. 4,279 65,683 Resource Capital Corp. 2,752 8,366 Saul Centers, Inc. 628 14,425 Senior Housing Properties Trust 8,036 112,665 Sovran Self Storage, Inc. 1,427 28,654 Sun Communities, Inc. 1,141 13,498 Sunstone Hotel Investors, Inc. 4,474 11,767 Tanger Factory Outlet Centers, Inc. 2,182 67,336 U-Store-It Trust 4,554 9,199 Universal Health Realty Income Trust 877 25,635 Urstadt Biddle Properties, Inc. - Class A 1,585 21,271 Washington Real Estate Investment Trust 3,912 67,678 Winthrop Realty Trust 990 6,841 ----------- 2,395,218 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.2% Avatar Holdings, Inc.* 512 7,670 Consolidated Tomoka Land Co. 320 9,504 Forestar Real Estate Group, Inc* 2,998 22,935 Maui Land & Pineapple Co., Inc.* 948 8,049 Stratus Properties, Inc.* 851 5,149 Tejon Ranch Co.* 638 13,187 Thomas Properties Group, Inc. 3,697 4,362 ----------- 70,856 ----------- THRIFTS & MORTGAGE FINANCE -- 1.6% Abington Bancorp, Inc. 1,867 15,459 Anchor BanCorp Wisconsin, Inc. 4,793 6,470 Bank Mutual Corp. 3,831 34,709 BankFinancial Corp. 1,661 16,560 Beneficial Mutual Bancorp, Inc.* 2,557 25,186 Berkshire Hills Bancorp, Inc. 1,111 25,464 Brookline Bancorp, Inc. 4,778 45,391 Brooklyn Federal Bancorp, Inc. 700 7,721 Clifton Savings Bancorp, Inc. 1,325 13,250 Danvers Bancorp, Inc. 1,001 13,824 Dime Community Bancshares 1,893 17,756 Doral Financial Corp.* 1,568 2,822 Encore Bancshares, Inc.* 911 8,081 ESSA Bancorp, Inc. 97 1,291 Federal Agricultural Mortgage Corp. - Class C 1,575 4,221 First Financial Holdings, Inc. 964 7,375 First Financial Northwest, Inc. 1,937 16,155 First Niagara Financial Group, Inc. 8,017 87,385 First Place Financial Corp. 1,669 5,608 Flushing Financial Corp. 1,824 10,980 Fox Chase Bancorp, Inc.* 917 8,666 SHARES VALUE ------ ----------- Guaranty Financial Group, Inc.* 7,128 $ 7,484 Home Federal Bancorp, Inc. 323 2,820 Kearny Financial Corp. 1,319 13,823 Meridian Interstate Bancorp, Inc.* 1,140 9,599 NASB Financial, Inc. 4 100 NewAlliance Bancshares, Inc. 6,855 80,478 Northwest Bancorp, Inc. 1,383 23,373 OceanFirst Financial Corp. 798 8,156 Ocwen Financial Corp.* 2,496 28,529 Oritani Financial Corp.* 756 10,584 Provident Financial Services, Inc. 3,945 42,645 Provident New York Bancorp 3,234 27,651 Radian Group, Inc. 6,786 12,350 Rockville Financial, Inc. 773 7,034 Roma Financial Corp. 767 9,933 The PMI Group, Inc. 2,570 1,593 TrustCo Bank Corp. NY 5,494 33,074 United Financial Bancorp, Inc. 1,442 18,876 ViewPoint Financial Group 601 7,230 Westfield Financial, Inc. 2,324 20,451 WSFS Financial Corp. 508 11,359 ----------- 751,516 ----------- TOTAL FINANCIALS 9,325,627 ----------- HEALTH CARE -- 15.4% BIOTECHNOLOGY -- 5.2% Acorda Therapeutics, Inc.* 2,743 54,339 Affymax, Inc.* 685 11,035 Alexion Pharmaceuticals, Inc.* 5,940 223,700 Alkermes, Inc.* 6,973 84,583 Allos Therapeutics, Inc.* 3,428 21,185 Alnylam Pharmaceuticals, Inc.* 2,698 51,370 Arena Pharmaceuticals, Inc.* 5,800 17,458 ArQule, Inc.* 2,610 10,805 Array Biopharma, Inc.* 2,963 7,822 Celera Corp.* 6,033 46,032 Celldex Therapeutics, Inc.* 973 6,334 Cepheid, Inc.* 5,227 36,066 Cougar Biotechnology, Inc.* 1,161 37,384 Cubist Pharmaceuticals, Inc.* 4,022 65,800 CV Therapeutics, Inc.* 4,372 86,915 Cytori Therapeutics, Inc.* 1,467 2,523 Dendreon Corp.* 5,809 24,398 Dyax Corp.* 3,491 8,762 Emergent Biosolutions, Inc.* 921 12,443 Enzon Pharmaceuticals, Inc.* 2,792 16,947 Facet Biotech Corp.* 1,681 15,970 Genomic Health, Inc.* 1,270 30,963 Geron Corp.* 5,527 24,706 GTx, Inc.* 1,098 11,617 Halozyme Therapeutics, Inc.* 5,721 31,237 Human Genome Sciences, Inc.* 8,240 6,839 Idenix Pharmaceuticals, Inc.* 1,712 5,273 Idera Pharmaceuticals, Inc.* 1,334 8,631 Immunogen, Inc.* 4,088 29,025 Incyte Corp.* 4,947 11,576 InterMune, Inc.* 2,596 42,678 Isis Pharmaceuticals, Inc.* 6,732 101,047 Ligand Pharmaceuticals, Inc. - Class B* 9,151 27,270 8 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- MannKind Corp.* 3,877 $ 13,492 Martek Bioscience Corp. 2,356 42,997 Maxygen, Inc.* 1,716 11,669 Medarex, Inc.* 9,739 49,961 Metabolix, Inc.* 1,156 7,884 Molecular Insight Pharmaceuticals, Inc.* 2,540 9,042 Momenta Pharmaceuticals, Inc.* 2,490 27,415 Myriad Genetics, Inc.* 6,426 292,190 Nabi Biopharmaceuticals* 4,188 15,496 Nanosphere, Inc.* 1,299 6,456 Neurocrine Biosciences, Inc.* 3,017 10,710 Novavax, Inc.* 5,273 5,378 NPS Pharmaceuticals, Inc.* 3,012 12,650 Onyx Pharmaceuticals, Inc.* 4,104 117,169 Orexigen Therapeutics, Inc.* 1,905 4,972 OSI Pharmaceuticals, Inc.* 4,118 157,555 Osiris Therapeutics, Inc.* 1,494 20,617 PDL BioPharma, Inc. 8,896 62,984 Pharmasset, Inc.* 1,028 10,085 Progenics Pharmaceuticals, Inc.* 1,706 11,243 Regeneron Pharmaceuticals, Inc.* 4,622 64,061 Repligen Corp.* 1,040 4,982 Rigel Pharmaceuticals, Inc.* 2,241 13,760 Sangamo Biosciences, Inc.* 1,865 7,889 Savient Pharmaceuticals, Inc.* 3,258 16,127 Seattle Genetics, Inc.* 5,035 49,645 Synta Pharmaceuticals Corp.* 2,000 4,280 Targacept, Inc.* 1,791 4,800 Theravance, Inc.* 3,776 64,192 United Therapeutics Corp.* 1,650 109,049 Zymogenetics, Inc.* 2,575 10,274 ----------- 2,411,757 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 3.7% Abaxis, Inc.* 1,401 24,153 Abiomed, Inc.* 2,002 9,810 AccuRay, Inc.* 2,390 12,022 Align Technology, Inc.* 5,251 41,640 American Medical Systems Holdings, Inc.* 5,244 58,471 Analogic Corp. 1,048 33,557 AngioDynamics, Inc.* 1,729 19,434 Atrion Corp. 50 4,412 Cantel Medical Corp.* 1,044 13,436 Cardiac Science Corp.* 1,667 5,018 Conceptus, Inc.* 1,941 22,807 Conmed Corp.* 2,223 32,033 Cryolife, Inc.* 1,550 8,029 Cyberonics, Inc.* 2,300 30,521 Cynosure, Inc. - Class A* 603 3,672 DexCom, Inc.* 2,303 9,534 ev3, Inc.* 4,685 33,263 Exactech, Inc.* 622 7,147 Greatbatch, Inc.* 1,901 36,784 Haemonetics Corp.* 1,935 106,580 Hansen Medical, Inc.* 1,503 6,042 I-Flow Corp.* 1,017 3,712 ICU Medical, Inc.* 707 22,709 Immucor, Inc.* 5,209 131,006 Insulet Corp.* 1,551 6,359 SHARES VALUE ------ ----------- Integra LifeSciences Holdings Corp.* 1,057 $ 26,140 Invacare Corp. 2,134 34,208 IRIS International, Inc.* 1,005 11,588 Kensey Nash Corp.* 558 11,869 Masimo Corp.* 3,431 99,430 Medical Action Industries, Inc.* 1,124 9,318 Meridian Bioscience, Inc. 3,024 54,795 Merit Medical Systems, Inc.* 1,552 18,950 Micrus Endovascular Corp.* 929 5,546 Natus Medical, Inc.* 1,753 14,918 Neogen Corp.* 799 17,442 NuVasive, Inc.* 2,670 83,785 NxStage Medical, Inc.* 2,581 6,659 OraSure Technologies, Inc.* 3,287 8,316 Orthofix International N.V.* 1,421 26,317 Orthovita, Inc.* 3,988 10,688 Palomar Medical Technologies, Inc.* 1,403 10,186 Quidel Corp.* 1,667 15,370 RTI Biologics, Inc.* 4,000 11,400 Sirona Dental Systems, Inc.* 1,032 14,778 Somanetics Corp.* 632 9,594 SonoSite, Inc.* 1,015 18,148 Spectranetics Corp.* 2,018 5,106 Stereotaxis, Inc.* 2,246 8,961 STERIS Corp. 4,210 98,009 SurModics, Inc.* 920 16,790 Symmetry Medical, Inc.* 2,878 18,160 Synovis Life Technologies, Inc.* 634 8,775 Thoratec Corp.* 4,026 103,428 TomoTherapy, Inc.* 4,263 11,297 TranS1, Inc.* 847 5,158 Vision-Sciences, Inc.* 2,071 2,651 VNUS Medical Technologies, Inc.* 720 15,314 Volcano Corp.* 3,319 48,291 West Pharmaceutical Services, Inc. 2,328 76,382 Wright Medical Group, Inc.* 3,110 40,523 Zoll Medical Corp.* 1,833 26,322 ----------- 1,686,763 ----------- HEALTH CARE PROVIDERS & SERVICES -- 3.2% Air Methods Corp.* 781 13,207 Alliance Imaging, Inc.* 1,380 9,384 Almost Family, Inc.* 338 6,452 Amedisys, Inc.* 1,986 54,595 AMERIGROUP Corp.* 3,798 104,597 AMN Healthcare Services, Inc.* 2,108 10,751 AmSurg Corp.* 2,550 40,417 Assisted Living Concepts, Inc.* 752 10,197 Bio-Reference Labs, Inc.* 659 13,780 BMP Sunstone Corp.* 1,953 6,308 Capital Senior Living Corp.* 2,468 6,022 CardioNet, Inc.* 150 4,209 Catalyst Health Solutions, Inc.* 2,426 48,083 Centene Corp.* 3,007 54,186 Chemed Corp. 1,445 56,210 Chindex International, Inc.* 511 2,540 Corvel Corp.* 360 7,279 Cross Country Healthcare, Inc.* 2,414 15,812 9 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Emergency Medical Services Corp. - Class A* 692 $ 21,722 Emeritus Corp.* 1,436 9,420 Genoptix, Inc.* 445 12,140 Gentiva Health Services, Inc.* 1,957 29,746 Hanger Orthopedic Group, Inc.* 2,653 35,152 HealthSouth Corp.* 6,354 56,424 Healthspring, Inc.* 3,433 28,734 Healthways, Inc.* 2,160 18,943 HMS Holdings Corp.* 1,899 62,477 inVentiv Health, Inc.* 1,847 15,072 IPC The Hospitalist Co., Inc.* 250 4,757 Kindred Healthcare, Inc.* 1,809 27,045 Landauer, Inc. 616 31,219 LHC Group, Inc.* 1,397 31,125 Magellan Health Services, Inc.* 2,865 104,401 Medcath Corp.* 1,454 10,571 Molina Healthcare, Inc.* 1,088 20,694 MWI Veterinary Supply, Inc.* 900 25,632 National HealthCare Corp. 466 18,710 Nighthawk Radiology Holdings, Inc.* 2,522 6,809 Odyssey Healthcare, Inc.* 2,633 25,540 Owens & Minor, Inc. 2,881 95,448 PharMerica Corp.* 2,119 35,260 Providence Service Corp.* 1,280 8,806 PSS World Medical, Inc.* 4,522 64,891 Psychiatric Solutions, Inc.* 3,997 62,873 RadNet, Inc.* 3,431 4,254 RehabCare Group, Inc.* 1,502 26,195 Res-Care, Inc.* 2,075 30,212 Skilled Healthcare Group, Inc. - Class A* 1,569 12,881 Sun Healthcare Group, Inc.* 2,620 22,113 The Ensign Group, Inc. 569 8,797 Triple-S Management Corp. - Class B* 1,271 15,659 U.S. Physical Therapy, Inc.* 812 7,860 Universal American Corp.* 3,383 28,654 ----------- 1,484,265 ----------- HEALTH CARE TECHNOLOGY -- 0.6% Allscripts Healthcare Solutions, Inc. 10,475 107,788 Athenahealth, Inc.* 1,570 37,853 Computer Programs & Systems, Inc. 503 16,735 Eclipsys Corp.* 4,061 41,178 MedAssets, Inc.* 1,109 15,803 Omnicell, Inc.* 1,988 15,546 Phase Forward, Inc.* 3,363 43,013 Vital Images, Inc.* 1,210 13,637 ----------- 291,553 ----------- LIFE SCIENCES TOOLS & SERVICES -- 1.4% Accelrys, Inc.* 2,562 10,197 Affymetrix, Inc.* 5,084 16,625 Albany Molecular Research, Inc.* 1,747 16,474 AMAG Pharmaceuticals, Inc.* 1,270 46,698 Bio-Rad Laboratories, Inc. - Class A* 1,354 89,229 Bruker Corp.* 3,366 20,734 SHARES VALUE ------ ----------- Cambrex Corp.* 2,214 $ 5,048 Clinical Data, Inc.* 845 9,126 Dionex Corp.* 1,345 63,551 Enzo Biochem, Inc.* 2,252 9,053 eResearch Technology, Inc.* 2,783 14,639 Exelixis, Inc.* 7,862 36,165 Kendle International, Inc.* 866 18,151 Life Sciences Research, Inc.* 521 3,736 Luminex, Corp.* 3,118 56,498 Medivation, Inc.* 2,211 40,395 Nektar Therapeutics* 6,792 36,609 Paraxel International Corp.* 4,429 43,094 Sequenom, Inc.* 4,428 62,966 Varian, Inc.* 2,166 51,421 ----------- 650,409 ----------- PHARMACEUTICALS -- 1.3% Adolor Corp.* 2,670 5,447 Alexza Pharmaceuticals, Inc.* 4,030 8,906 Ardea Biosciences, Inc.* 886 9,117 Auxilium Pharmaceuticals, Inc.* 3,051 84,574 Biodel, Inc.* 1,021 5,319 Biomimetic Therapeutics, Inc.* 762 5,410 Cadence Pharmaceuticals, Inc.* 1,369 12,841 Caraco Pharmaceutical Laboratories, Ltd.* 1,004 3,534 Cypress Bioscience, Inc.* 2,354 16,737 Depomed, Inc.* 4,260 10,054 Durect Corp.* 5,105 11,384 Inspire Pharmaceuticals, Inc.* 2,854 11,587 KV Pharmaceutical Co. - Class A* 4,263 7,034 MAP Pharmaceuticals, Inc.* 284 596 Medicis Pharmaceutical Corp. - Class A 4,117 50,927 Noven Pharmaceuticals, Inc.* 1,472 13,955 Obagi Medical Products, Inc.* 870 4,681 Optimer Pharmaceuticals, Inc.* 2,365 31,194 Pain Therapeutics, Inc.* 1,910 8,022 Par Pharmaceutical Cos., Inc.* 2,870 27,179 Pozen, Inc.* 2,105 12,883 Questcor Pharmaceuticals, Inc.* 2,849 14,017 Salix Pharmaceuticals, Ltd.* 4,057 38,541 Sucampo Pharmaceuticals, Inc. - Class A* 892 5,468 The Medicines Co.* 4,299 46,601 Valeant Pharmaceuticals International* 4,664 82,973 ViroPharma, Inc.* 4,954 26,009 Vivus, Inc.* 4,396 18,991 XenoPort, Inc.* 2,034 39,378 ----------- 613,359 ----------- TOTAL HEALTH CARE 7,138,106 ----------- INDUSTRIALS -- 15.0% AEROSPACE & DEFENSE -- 1.8% AAR Corp.* 2,976 37,319 Aerovironment, Inc.* 1,074 22,447 American Science & Engineering, Inc. 654 36,493 Applied Signal Technology, Inc. 1,106 22,374 Argon ST, Inc.* 757 14,360 Ascent Solar Technologies, Inc.* 370 1,502 10 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Axsys Technologies, Inc.* 515 $ 21,651 Ceradyne, Inc.* 1,872 33,939 Cubic Corp. 1,308 33,132 Curtiss-Wright Corp. 3,176 89,087 Ducommun, Inc. 394 5,729 DynCorp International, Inc. - Class A* 1,878 25,034 Esterline Technologies Corp.* 1,877 37,897 GenCorp, Inc.* 3,309 7,015 HEICO Corp. 1,623 39,439 Herley Industries, Inc.* 1,153 13,790 Hexcel Corp.* 6,893 45,287 Ladish Co., Inc.* 1,340 9,728 LMI Aerospace, Inc.* 657 4,757 Moog, Inc. - Class A* 3,016 68,976 Orbital Sciences Corp.* 4,141 49,236 Stanley, Inc.* 432 10,968 Taser International, Inc.* 5,621 26,306 Teledyne Technologies, Inc.* 2,554 68,141 TransDigm Group, Inc.* 2,288 75,138 Triumph Group, Inc. 1,180 45,076 ----------- 844,821 ----------- AIR FREIGHT & LOGISTICS -- 0.3% Atlas Air Worldwide Holdings, Inc.* 1,194 20,716 Dynamex, Inc.* 500 6,540 Forward Air Corp. 2,141 34,748 Hub Group, Inc. - Class A* 2,362 40,154 Pacer International, Inc. 2,615 9,153 Park-Ohio Holdings Corp.* 1,858 6,057 ----------- 117,368 ----------- AIRLINES -- 0.7% AirTran Holdings, Inc.* 8,672 39,458 Alaska Air Group, Inc.* 2,537 44,575 Allegiant Travel Co.* 1,084 49,279 Hawaiian Holdings, Inc.* 2,743 10,231 JetBlue Airways Corp.* 12,124 44,252 Republic Airways Holdings, Inc.* 3,021 19,576 SkyWest, Inc. 3,743 46,563 UAL Corp.* 8,862 39,702 US Airways Group, Inc.* 9,316 23,569 ----------- 317,205 ----------- BUILDING PRODUCTS -- 0.5% AAON, Inc. 652 11,814 American Woodmark Corp. 645 11,326 Ameron International Corp. 727 38,284 Apogee Enterprises, Inc. 2,037 22,366 China Architectural Engineering, Inc.* 4,725 4,631 Gibraltar Industries, Inc. 2,250 10,620 Griffon Corp.* 4,629 34,717 Insteel Industries, Inc. 1,260 8,770 NCI Building Systems, Inc.* 1,690 3,752 Quanex Building Products Corp. 2,783 21,151 Simpson Manufacturing Co., Inc. 2,591 46,690 Trex Co., Inc.* 1,129 8,614 Universal Forest Products, Inc. 1,036 27,568 ----------- 250,303 ----------- COMMERCIAL SERVICES & SUPPLIES -- 2.6% ABM Industries, Inc. 2,999 49,184 SHARES VALUE ------ ----------- ACCO Brands Corp.* 2,520 $ 2,470 American Ecology Corp. 854 11,905 American Reprographics Co.* 1,988 7,038 AMREP Corp.* 277 4,349 ATC Technology Corp.* 1,779 19,925 Bowne & Co., Inc. 2,770 8,892 Cenveo, Inc.* 3,003 9,760 Clean Harbors, Inc.* 1,437 68,976 Comfort Systems USA, Inc. 2,501 25,935 Consolidated Graphics, Inc.* 752 9,565 Cornell Cos., Inc.* 843 13,800 Courier Corp. 824 12,500 Deluxe Corp. 3,775 36,353 Energy Solutions, Inc. 2,281 19,731 EnerNOC, Inc.* 764 11,109 Ennis, Inc. 1,949 17,268 Fuel Tech, Inc.* 1,231 12,876 G & K Services, Inc. - Class A 1,574 29,764 GeoEye, Inc.* 1,359 26,840 Healthcare Services Group, Inc. 3,070 45,958 Herman Miller, Inc. 4,035 43,013 HNI Corp. 2,843 29,567 Innerworkings, Inc.* 1,930 8,241 Interface, Inc. - Class A 3,225 9,643 Kimball International, Inc. - Class B 2,860 18,762 Knoll, Inc. 4,372 26,800 M&F Worldwide Corp.* 1,083 12,682 McGrath RentCorp 1,520 23,955 Metalico, Inc.* 1,773 3,014 Mine Safety Appliances Co. 2,263 45,305 Mobile Mini, Inc.* 2,178 25,091 Multi-Color Corp. 681 8,329 PRG-Schultz International, Inc.* 1,239 3,519 Rollins, Inc. 3,061 52,496 Schawk, Inc. 1,303 7,870 Standard Parking Corp.* 568 9,315 Standard Register Co. 1,208 5,533 Sykes Enterprises, Inc.* 2,492 41,442 Team, Inc.* 1,074 12,587 Tetra Tech, Inc.* 4,254 86,696 The GEO Group, Inc.* 3,873 51,317 United Stationers, Inc.* 1,569 44,057 Viad Corp. 1,275 18,003 Waste Connections, Inc.* 5,658 145,411 Waste Services, Inc.* 1,897 8,119 ----------- 1,184,965 ----------- CONSTRUCTION & ENGINEERING -- 1.0% Dycom Industries, Inc.* 3,447 19,958 EMCOR Group, Inc.* 4,582 78,673 Furmanite Corp.* 2,481 7,716 Granite Construction, Inc. 2,370 88,828 Great Lakes Dredge & Dock Corp. 3,486 10,493 Insituform Technologies, Inc. - Class A* 3,143 49,156 Integrated Electrical Services, Inc.* 696 6,347 Layne Christensen Co.* 1,230 19,766 MasTec, Inc.* 3,424 41,396 Michael Baker Corp.* 534 13,884 Northwest Pipe Co.* 561 15,972 11 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Orion Marine Group, Inc.* 1,408 $ 18,445 Perini Corp.* 3,811 46,875 Pike Electric Corp.* 1,200 11,100 Sterling Construction Co., Inc.* 675 12,042 ----------- 440,651 ----------- ELECTRICAL EQUIPMENT -- 1.9% Acuity Brands, Inc. 2,933 66,110 Advanced Battery Technologies, Inc.* 3,809 8,151 Akeena Solar, Inc.* 1,616 1,810 American Superconductor Corp.* 3,075 53,228 AZZ, Inc.* 957 25,255 Baldor Electric Co. 3,217 46,614 Belden, Inc. 3,674 45,962 Brady Corp. - Class A 3,549 62,569 China BAK Battery, Inc.* 2,544 4,350 Coleman Cable, Inc.* 2,529 5,387 Encore Wire Corp. 1,487 31,866 Ener1, Inc.* 2,470 12,770 Energy Conversion Devices, Inc.* 3,285 43,592 EnerSys, Inc.* 2,107 25,537 Evergreen Solar, Inc.* 12,477 26,576 Franklin Electric Co., Inc. 1,576 34,877 FuelCell Energy, Inc.* 4,044 9,706 Fushi Copperweld, Inc.* 1,190 5,712 GrafTech International, Ltd.* 9,314 57,374 GT Solar International, Inc.* 2,544 16,892 Harbin Electric, Inc.* 611 3,758 II-VI, Inc.* 1,897 32,591 LaBarge, Inc.* 771 6,453 LSI Industries, Inc. 1,623 8,391 Orion Energy Systems, Inc* 1,038 4,578 Polypore International, Inc.* 1,437 5,777 Powell Industries, Inc.* 709 25,035 PowerSecure International, Inc.* 746 2,551 Preformed Line Products Co. 194 7,302 Regal-Beloit Corp. 2,247 68,848 Smith (A.O.) Corp. 1,589 40,011 Ultralife Corp.* 837 6,470 Valence Technology, Inc.* 4,230 9,010 Vicor Corp. 1,799 8,797 Woodward Governor Co. 4,691 52,445 ----------- 866,355 ----------- INDUSTRIAL CONGLOMERATES -- 0.3% Otter Tail Corp. 2,488 54,860 Raven Industries, Inc. 1,301 27,035 Seaboard Corp. 27 27,270 Standex International Corp. 918 8,446 Tredegar Industries Corp. 1,918 31,321 ----------- 148,932 ----------- MACHINERY -- 2.7% 3-D Systems Corp.* 1,445 9,523 Actuant Corp. - Class A 4,300 44,419 Alamo Group, Inc. 769 8,198 Albany International Corp. - Class A 1,620 14,661 Altra Holdings, Inc.* 1,663 6,452 American Railcar Industries, Inc. 589 4,494 Ampco-Pittsburgh Corp. 586 7,770 SHARES VALUE ------ ----------- Astec Industries, Inc.* 1,421 $ 37,273 Badger Meter, Inc. 1,148 33,166 Barnes Group, Inc. 3,035 32,444 Blount International, Inc.* 2,970 13,721 Briggs & Stratton Corp. 3,008 49,632 Cascade Corp. 413 7,281 Chart Industries, Inc.* 1,789 14,097 China Fire & Security Group, Inc.* 1,071 8,418 CIRCOR International, Inc. 1,118 25,177 Clarcor, Inc. 3,388 85,344 Colfax Corp.* 1,325 9,103 Columbus McKinnon Corp.* 1,635 14,257 Dynamic Materials Corp. 835 7,649 Energy Recovery, Inc.* 1,509 11,468 EnPro Industries, Inc.* 1,557 26,625 ESCO Technologies, Inc.* 1,862 72,059 Federal Signal Corp. 3,989 21,022 Flow International, Corp.* 1,441 2,334 Force Protection, Inc.* 4,554 21,859 FreightCar America, Inc. 913 16,005 Graham Corp. 495 4,440 Greenbrier Cos., Inc. 1,730 6,332 Hurco Cos., Inc.* 569 6,048 K-Tron International, Inc.* 131 7,948 Kadant, Inc.* 1,164 13,409 Kaydon Corp. 2,452 67,013 Key Technology, Inc.* 637 5,606 L.B. Foster Co. - Class A* 856 21,255 Lindsay Corp. 718 19,386 Lydall, Inc.* 1,934 5,744 Met-Pro Corp. 770 6,276 Middleby Corp.* 1,344 43,586 Mueller Industries, Inc. 2,576 55,873 Mueller Water Products, Inc. - Class A 7,930 26,169 NACCO Industries, Inc. - Class A 566 15,384 Nordson Corp. 2,417 68,715 Omega Flex, Inc. 150 2,417 PMFG, Inc.* 1,247 9,826 RBC Bearings, Inc.* 1,367 20,888 Robbins & Myers, Inc. 2,123 32,206 Sauer-Danfoss, Inc. 1,244 3,035 Sun Hydraulics Corp. 665 9,716 Tecumseh Products Co. - Class A* 1,442 6,518 Tennant Co. 1,111 10,410 The Gorman-Rupp Co. 1,150 22,770 Thermadyne Holdings Corp.* 1,450 3,074 Titan International, Inc. 1,995 10,035 Twin Disc, Inc. 833 5,764 Wabash National Corp. 2,690 3,309 Wabtec Corp. 3,486 91,961 Watts Water Technologies, Inc. - Class A 2,344 45,849 ----------- 1,255,413 ----------- MARINE -- 0.2% American Commercial Lines, Inc.* 2,257 7,155 Eagle Bulk Shipping, Inc. 3,288 13,974 Genco Shipping & Trading, Ltd. 2,069 25,532 12 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Horizon Lines, Inc. - Class A 2,278 $ 6,902 International Shipholding Corp. 375 7,376 TBS International, Ltd. - Class A* 634 4,660 Ultrapetrol Bahamas, Ltd.* 3,443 9,296 ----------- 74,895 ----------- PROFESSIONAL SERVICES -- 1.6% Administaff, Inc. 1,311 27,701 CBIZ, Inc.* 2,337 16,289 CDI Corp. 1,113 10,818 COMSYS IT Partners, Inc.* 2,404 5,313 CoStar Group, Inc.* 1,409 42,622 CRA International, Inc.* 707 13,348 Duff & Phelps Corp. - Class A* 564 8,883 Exponent, Inc.* 797 20,188 First Advantage Corp. - Class A* 877 12,085 Heidrick & Struggles International, Inc. 1,560 27,674 Hill International, Inc.* 1,739 5,287 Hudson Highland Group, Inc.* 3,150 3,497 Huron Consulting Group, Inc.* 1,472 62,457 ICF International, Inc.* 407 9,349 Kelly Services, Inc. - Class A 2,277 18,330 Kforce, Inc.* 2,263 15,909 Korn/Ferry International, Inc.* 3,984 36,095 LECG Corp.* 2,013 5,113 MPS Group, Inc.* 6,426 38,235 Navigant Consulting, Inc.* 3,662 47,862 Odyssey Marine Exploration, Inc.* 3,565 12,085 On Assignment, Inc.* 2,935 7,954 Resources Connection, Inc.* 3,245 48,935 School Specialty, Inc.* 1,036 18,223 Spherion Corp.* 3,874 8,058 The Advisory Board Co.* 1,018 16,879 Trueblue, Inc.* 3,561 29,378 Volt Information Sciences, Inc.* 1,493 9,929 VSE Corp. 296 7,903 Watson Wyatt Worldwide, Inc. - Class A 3,047 150,430 ----------- 736,829 ----------- ROAD & RAIL -- 0.8% Amerco, Inc.* 722 24,209 Arkansas Best Corp. 1,846 35,111 Celadon Group, Inc.* 1,858 10,312 Genesee & Wyoming, Inc. - Class A* 1,937 41,161 Heartland Express, Inc. 3,588 53,138 Knight Transportation, Inc. 3,987 60,443 Marten Transport, Ltd.* 1,279 23,892 Old Dominion Freight Line, Inc.* 1,817 42,681 Patriot Transportation Holding, Inc.* 100 6,232 Saia, Inc.* 1,179 14,089 Universal Truckload Services, Inc. 380 5,449 Werner Enterprises, Inc. 2,881 43,561 YRC Worldwide, Inc.* 4,989 22,400 ----------- 382,678 ----------- SHARES VALUE ------ ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.6% Aceto Corp. 1,723 $ 10,269 Aircastle, Ltd. 2,635 12,253 Applied Industrial Technologies, Inc. 3,180 53,646 Beacon Roofing Supply, Inc.* 3,204 42,901 DXP Enterprises, Inc.* 390 4,029 H&E Equipment Services, Inc.* 1,425 9,334 Houston Wire & Cable Co. 1,199 9,292 Interline Brands, Inc.* 2,748 23,166 Kaman Corp. 1,392 17,456 Lawson Products, Inc. 430 5,233 RSC Holdings, Inc.* 2,764 14,539 Rush Enterprises, Inc. - Class A* 1,850 16,502 TAL International Group, Inc. 1,089 7,971 Textainer Group Holdings, Ltd. 1,164 7,857 Titan Machinery, Inc.* 780 7,012 Watsco, Inc. 1,663 56,592 ----------- 298,052 ----------- TRANSPORTATION INFRASTRUCTURE -- 0.0% CAI International, Inc.* 1,441 4,078 ----------- TOTAL INDUSTRIALS 6,922,545 ----------- INFORMATION TECHNOLOGY -- 17.9% COMMUNICATIONS EQUIPMENT -- 2.9% 3Com Corp.* 28,746 88,825 Acme Packet, Inc.* 1,463 8,880 Adtran, Inc. 3,831 62,100 Airvana, Inc.* 1,117 6,534 Anaren, Inc.* 1,241 13,577 Arris Group, Inc.* 8,801 64,863 Aruba Networks, Inc.* 2,865 8,996 Avocent Corp.* 2,949 35,801 Bel Fuse, Inc. - Class B 937 12,593 Bigband Networks, Inc.* 1,807 11,836 Black Box Corp. 1,388 32,771 Blue Coat Systems, Inc.* 2,074 24,909 Cogo Group, Inc.* 1,589 10,614 Comtech Telecommunications Corp.* 1,479 36,635 DG FastChannel, Inc.* 1,097 20,591 Digi International, Inc.* 1,982 15,202 EMS Technologies, Inc.* 1,273 22,227 Emulex Corp.* 5,454 27,434 Extreme Networks, Inc.* 7,086 10,771 Globecomm Systems, Inc.* 1,996 11,557 Harmonic, Inc.* 7,542 49,023 Harris Stratex Networks, Inc. - Class A* 2,178 8,385 Hughes Communications, Inc.* 654 7,868 Infinera Corp.* 6,826 50,512 InterDigital, Inc.* 3,358 86,704 Ixia* 3,095 16,001 Loral Space & Communications, Inc.* 1,111 23,731 Netgear, Inc.* 2,857 34,427 Neutral Tandem, Inc.* 970 23,872 Oplink Communications, Inc.* 1,661 12,790 Opnext, Inc.* 3,388 5,793 Palm, Inc.* 7,686 66,253 Parkervision, Inc.* 1,499 2,533 PC-Tel, Inc. 1,868 8,032 13 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Plantronics, Inc. 3,376 $ 40,748 Polycom, Inc.* 6,281 96,665 Riverbed Technology, Inc.* 4,084 53,419 Seachange International, Inc.* 2,330 13,328 ShoreTel, Inc.* 2,960 12,758 Starent Networks Corp.* 2,409 38,086 Sycamore Networks, Inc.* 15,954 42,597 Symmetricom, Inc.* 4,128 14,448 Tekelec* 4,653 61,559 Viasat, Inc.* 2,102 43,764 ----------- 1,340,012 ----------- COMPUTERS & PERIPHERALS -- 0.9% 3Par, Inc.* 1,688 11,090 Adaptec, Inc.* 10,777 25,865 Avid Technology, Inc.* 2,507 22,914 Compellent Technologies, Inc.* 684 7,421 Cray, Inc.* 2,840 9,940 Data Domain, Inc.* 1,861 23,393 Electronics for Imaging, Inc.* 3,608 35,358 Hutchinson Technology, Inc.* 537 1,396 Imation Corp. 2,568 19,645 Immersion Corp.* 1,927 5,646 Intermec, Inc.* 4,562 47,445 Intevac, Inc.* 2,196 11,441 Isilon Systems, Inc.* 3,760 8,272 Netezza Corp.* 3,558 24,194 Novatel Wireless, Inc.* 2,481 13,943 Prestek, Inc.* 3,752 7,767 Rackable Systems, Inc.* 2,708 10,995 Rimage Corp.* 794 10,600 STEC, Inc.* 1,846 13,605 Stratasys, Inc.* 1,270 10,503 Super Micro Computer, Inc.* 1,598 7,862 Synaptics, Inc.* 2,493 66,713 ----------- 396,008 ----------- ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 1.9% Agilysys, Inc. 2,374 10,208 Anixter International, Inc.* 2,145 67,954 Benchmark Electronics, Inc.* 5,350 59,920 Brightpoint, Inc.* 4,435 18,982 Checkpoint Systems, Inc.* 2,353 21,106 China Security & Surveillance Technology, Inc.* 2,287 8,782 Cogent, Inc.* 2,737 32,570 Cognex Corp. 2,930 39,116 Coherent, Inc.* 1,944 33,534 Comverge, Inc.* 1,438 9,994 CPI International, Inc.* 331 3,111 CTS Corp. 2,978 10,751 Daktronics, Inc. 1,968 12,890 DTS, Inc.* 1,447 34,815 Echelon Corp.* 1,779 14,392 Electro Rent Corp. 1,504 14,499 Electro Scientific Industries, Inc.* 2,473 14,640 Faro Technologies, Inc.* 1,033 13,884 Gerber Scientific, Inc.* 2,475 5,915 ICx Technologies, Inc.* 1,506 6,099 Insight Enterprises, Inc.* 4,000 12,240 IPG Photonics Corp.* 1,883 15,855 L-1 Identity Solutions, Inc.* 6,127 31,309 SHARES VALUE ------ ----------- Littelfuse, Inc.* 1,605 $ 17,639 Maxwell Technologies, Inc.* 1,458 10,133 Measurement Specialties, Inc.* 1,551 6,344 Mercury Computer Systems, Inc.* 1,855 10,258 Methode Electronics, Inc. 3,657 13,092 MTS Systems Corp. 1,280 29,120 Multi-Fineline Electronix, Inc.* 683 11,502 Newport Corp.* 2,882 12,738 OSI Systems, Inc.* 1,079 16,466 Park Electrochemical Corp. 1,782 30,793 PC Connection, Inc.* 1,259 4,784 PC Mall, Inc.* 1,392 6,320 Plexus Corp.* 3,148 43,505 Radisys Corp.* 2,192 13,284 Rofin-Sinar Technologies, Inc.* 2,403 38,736 Rogers Corp.* 1,442 27,225 ScanSource, Inc.* 1,711 31,790 Synnex Corp.* 1,442 28,364 Technitrol, Inc. 3,222 5,510 TTM Technologies, Inc.* 3,359 19,482 Universal Display Corp.* 1,817 16,662 Zygo Corp.* 270 1,239 ----------- 887,552 ----------- INTERNET SOFTWARE & SERVICES -- 2.2% Art Technology Group, Inc.* 10,960 27,948 AsiaInfo Holdings, Inc.* 2,589 43,625 Bankrate, Inc.* 1,058 26,397 Chordiant Software, Inc.* 2,613 7,917 comScore, Inc.* 1,055 12,755 Constant Contact, Inc.* 1,733 24,245 DealerTrack Holdings, Inc.* 3,278 42,942 Dice Holdings, Inc.* 3,220 8,952 Digital River, Inc.* 2,681 79,947 DivX, Inc.* 2,112 10,623 Earthlink, Inc.* 7,693 50,543 GSI Commerce, Inc.* 1,534 20,095 Infospace, Inc.* 2,274 11,825 Internap Network Services Corp.* 3,975 10,693 Internet Brands, Inc. - Class A* 1,310 7,690 Internet Capital Group, Inc.* 2,984 12,026 j2 Global Communications, Inc.* 3,255 71,252 Keynote Systems, Inc.* 1,429 11,332 Limelight Networks, Inc.* 2,732 9,152 Liquidity Services, Inc.* 800 5,592 LoopNet, Inc.* 1,742 10,591 Marchex, Inc. - Class B 2,015 6,932 MercadoLibre, Inc.* 2,073 38,454 ModusLink Global Solutions, Inc.* 4,189 10,849 NIC, Inc. 2,463 12,808 Omniture, Inc.* 4,524 59,672 Perficient, Inc.* 2,866 15,476 Rackspace Hosting, Inc.* 1,767 13,235 RealNetworks, Inc.* 6,407 14,928 S1 Corp.* 2,787 14,353 SAVVIS, Inc.* 3,712 22,977 SonicWALL, Inc.* 3,981 17,755 SupportSoft, Inc.* 5,191 9,967 Switch And Data Facilities Co., Inc.* 1,572 13,786 14 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- TechTarget, Inc.* 1,335 $ 3,204 Terremark Worldwide, Inc.* 3,386 9,108 The Knot, Inc.* 1,514 12,415 TheStreet.com, Inc. 1,600 3,152 United Online, Inc. 5,183 23,116 ValueClick, Inc.* 6,529 55,562 Vignette Corp.* 1,731 11,563 VistaPrint, Ltd.* 3,198 87,913 Vocus, Inc.* 1,004 13,343 Web.com Group, Inc.* 2,999 9,957 Websense, Inc.* 3,731 44,772 ----------- 1,031,439 ----------- IT SERVICES -- 1.9% Acxiom Corp. 4,041 29,903 CACI International, Inc. - Class A* 2,253 82,212 Cass Information Systems, Inc. 315 10,216 China Information Security Technology, Inc.* 3,149 9,951 CIBER, Inc.* 6,412 17,505 CSG Systems International, Inc.* 2,300 32,844 CyberSource Corp.* 4,984 73,813 Euronet Worldwide, Inc.* 3,286 42,915 ExlService Holdings, Inc.* 755 6,508 Forrester Research, Inc.* 1,225 25,186 Gartner, Inc.* 4,291 47,244 Gevity HR, Inc. 20 79 Global Cash Access Holdings, Inc.* 3,501 13,374 Heartland Payment Systems, Inc. 1,519 10,041 iGate Corp. 1,878 6,085 infoGROUP, Inc.* 2,927 12,176 Integral Systems, Inc.* 939 8,075 Mantech International Corp. - Class A* 1,481 62,054 MAXIMUS, Inc. 1,312 52,296 NCI, Inc. - Class A* 342 8,892 Ness Technologies, Inc.* 3,251 9,590 Online Resources Corp.* 2,332 9,818 Perot Systems Corp. - Class A* 5,972 76,919 RightNow Technologies, Inc.* 1,661 12,574 Sapient Corp.* 5,450 24,362 SRA International, Inc. - Class A* 3,060 44,982 Syntel, Inc. 715 14,715 Teletech Holdings, Inc.* 2,978 32,430 The Hackett Group, Inc.* 3,913 7,904 TNS, Inc.* 1,506 12,319 VeriFone Holdings, Inc.* 4,940 33,592 Virtusa Corp.* 1,109 6,876 Wright Express Corp.* 2,826 51,490 ----------- 888,940 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 3.2% Actel Corp.* 2,023 20,473 Advanced Analogic Technologies, Inc.* 3,703 13,331 Advanced Energy Industries, Inc.* 2,622 19,744 Amkor Technology, Inc.* 8,664 23,220 ANADIGICS, Inc.* 5,750 11,903 Applied Micro Circuits Corp.* 5,144 25,000 SHARES VALUE ------ ----------- Atheros Communications, Inc.* 4,310 $ 63,185 ATMI, Inc.* 2,542 39,223 Brooks Automation, Inc.* 4,164 19,196 Cabot Microelectronics Corp.* 1,711 41,115 Cavium Networks, Inc.* 2,574 29,704 Ceva, Inc.* 1,672 12,172 Cirrus Logic, Inc.* 4,630 17,409 Cohu, Inc. 1,913 13,774 Cymer, Inc.* 2,276 50,664 Diodes, Inc.* 1,885 20,000 DSP Group, Inc.* 2,095 9,050 Entegris, Inc.* 4,220 3,629 Exar Corp.* 3,050 19,032 FEI Co.* 3,102 47,864 FormFactor, Inc.* 3,431 61,827 Hittite Microwave Corp.* 1,478 46,114 IXYS Corp. 1,502 12,106 Kopin Corp.* 5,818 13,498 Kulicke & Soffa Industries, Inc.* 4,270 11,187 Micrel, Inc. 2,876 20,247 Microsemi Corp.* 5,972 69,275 Microtune, Inc.* 4,887 8,894 MIPS Technologies, Inc.* 3,870 11,339 MKS Instruments, Inc.* 3,469 50,890 Monolithic Power Systems, Inc.* 2,367 36,688 Netlogic Microsystems, Inc.* 1,507 41,412 NVE Corp.* 389 11,207 Omnivision Technologies, Inc.* 3,401 22,855 Pericom Semiconductor Corp.* 1,293 9,452 PLX Technology, Inc.* 2,083 4,520 PMC-Sierra, Inc.* 15,714 100,255 Power Integrations, Inc. 1,984 34,125 Rubicon Technology, Inc.* 1,162 6,170 Rudolph Technologies, Inc.* 3,027 9,172 Semitool, Inc.* 2,098 5,832 Semtech Corp.* 4,500 60,075 Sigma Designs, Inc.* 1,725 21,459 Silicon Image, Inc.* 4,565 10,956 Silicon Storage Technology, Inc.* 7,224 11,920 Sirf Technology Holdings, Inc.* 4,370 10,051 Skyworks Solutions, Inc.* 12,526 100,960 Standard Microsystems Corp.* 1,664 30,950 Supertex, Inc.* 605 13,975 Techwell, Inc.* 1,080 6,815 Tessera Techonologies, Inc.* 3,666 49,014 TriQuint Semiconductor, Inc.* 9,685 23,922 Ultra Clean Holdings* 2,684 2,872 Ultratech, Inc.* 1,401 17,498 Veeco Instruments, Inc.* 2,080 13,874 Volterra Semiconductor Corp.* 1,542 13,014 Zoran Corp.* 3,294 28,987 ----------- 1,503,095 ----------- SOFTWARE -- 4.9% ACI Worldwide, Inc.* 2,544 47,700 Actuate Corp.* 3,993 12,219 Advent Software, Inc.* 1,307 43,536 American Software, Inc. - Class A 2,584 13,618 ArcSight, Inc.* 500 6,385 Ariba, Inc.* 6,439 56,212 Blackbaud, Inc. 3,672 42,632 15 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Blackboard, Inc.* 2,210 $ 70,145 Bottomline Technologies, Inc.* 1,867 12,285 Callidus Software, Inc.* 1,998 5,794 CommVault Systems, Inc.* 3,381 37,090 Concur Technologies, Inc.* 3,163 60,698 Deltek, Inc.* 1,140 4,936 DemandTec, Inc.* 1,475 12,906 Double-Take Software, Inc.* 1,326 8,964 Ebix, Inc.* 446 11,083 Epicor Software Corp.* 4,728 18,014 EPIQ Systems, Inc.* 2,371 42,749 Fair Isaac & Co., Inc. 3,364 47,331 FalconStor Software, Inc.* 2,261 5,404 Guidance Software, Inc.* 1,082 4,415 i2 Technologies, Inc.* 1,833 14,481 Informatica Corp.* 6,286 83,352 Interactive Intelligence, Inc.* 763 6,913 Jack Henry & Associates, Inc. 5,289 86,316 JDA Software Group, Inc.* 1,995 23,042 Kenexa Corp.* 1,518 8,182 Lawson Software, Inc.* 9,187 39,045 Macrovision Solutions Corp.* 5,868 104,392 Manhattan Associates, Inc.* 1,915 33,168 Mentor Graphics Corp.* 7,388 32,803 MICROS Systems, Inc.* 5,840 109,500 MicroStrategy, Inc. - Class A* 599 20,480 Monotype Imaging Holdings, Inc.* 908 3,396 MSC.Software Corp.* 3,613 20,377 Net 1 UEPS Technologies, Inc.* 3,661 55,684 Netscout Systems, Inc.* 1,811 12,967 NetSuite, Inc.* 723 8,141 Opnet Technologies, Inc.* 1,159 10,048 Parametric Technology Corp.* 8,217 82,006 Pegasystems, Inc. 819 15,209 Phoenix Technologies, Ltd.* 1,467 2,377 Progress Software Corp.* 3,173 55,083 PROS Holdings, Inc.* 976 4,538 QAD, Inc. 1,510 3,820 Quality Systems, Inc. 1,288 58,282 Quest Software, Inc.* 4,545 57,631 Radiant Systems, Inc.* 1,861 8,207 Renaissance Learning, Inc. 550 4,933 Smith Micro Software, Inc.* 1,959 10,246 Solera Holdings, Inc.* 3,935 97,509 Sourcefire, Inc.* 1,388 10,105 SPSS, Inc.* 1,325 37,670 SuccessFactors, Inc.* 1,988 15,168 Sybase, Inc.* 5,660 171,441 Symvx Technologies, Inc.* 2,355 10,480 Synchronoss Technologies, Inc.* 1,229 15,068 Take-Two Interactive Software, Inc. 5,721 47,770 Taleo Corp. - Class A* 1,561 18,451 TeleCommunication Systems, Inc. - Class A* 2,852 26,153 The Ultimate Software Group, Inc.* 2,037 35,159 THQ, Inc.* 4,603 13,993 TIBCO Software, Inc.* 12,484 73,281 TiVo, Inc.* 7,350 51,744 Tyler Technologies, Inc.* 2,069 30,269 SHARES VALUE ------ ----------- Unica Corp.* 840 $ 4,057 Vasco Data Security International, Inc.* 3,065 17,685 Wind River Systems, Inc.* 5,681 36,358 ----------- 2,251,096 ----------- TOTAL INFORMATION TECHNOLOGY 8,298,142 ----------- MATERIALS -- 3.6% CHEMICALS -- 1.6% A. Schulman, Inc. 2,298 31,138 American Vanguard Corp. 1,064 13,726 Arch Chemicals, Inc. 1,848 35,038 Balchem Corp. 1,387 34,855 Calgon Carbon Corp.* 4,021 56,978 Ferro Corp. 3,162 4,522 Flotek Industries, Inc.* 2,820 4,427 Gentek, Inc.* 652 11,403 H.B. Fuller Co. 3,409 44,317 ICO, Inc.* 3,515 7,241 Innophos Holdings, Inc. 715 8,065 Innospec, Inc. 2,112 7,962 Koppers Holdings, Inc. 1,774 25,758 Landec Corp.* 1,667 9,285 LSB Industries, Inc.* 1,471 14,548 Minerals Technologies, Inc. 1,375 44,069 NewMarket Corp. 986 43,680 NL Industries, Inc. 842 8,420 Olin Corp. 5,255 74,989 OM Group, Inc.* 2,116 40,881 Penford Corp. 1,010 3,666 PolyOne Corp.* 7,679 17,739 Quaker Chemical Corp. 732 5,812 Rockwood Holdings, Inc.* 3,502 27,806 Sensient Technologies Corp. 3,122 73,367 ShengdaTech, Inc.* 1,854 5,747 Solutia, Inc.* 6,605 12,351 Spartech Corp. 3,028 7,449 Stepan Co. 389 10,620 W.R. Grace & Co.* 4,655 29,420 Westlake Chemical Corp. 1,558 22,794 Zep, Inc. 1,064 10,885 Zoltek Cos., Inc.* 1,577 10,739 ----------- 759,697 ----------- CONSTRUCTION MATERIALS -- 0.2% Headwaters, Inc.* 3,605 11,320 Texas Industries, Inc. 1,800 45,000 United States Lime & Minerals, Inc.* 196 5,362 US Concrete, Inc.* 3,565 7,130 ----------- 68,812 ----------- CONTAINERS & PACKAGING -- 0.4% AEP Industries, Inc.* 667 10,185 BWAY Holding Co.* 931 7,345 Myers Industries, Inc. 1,932 11,862 Rock-Tenn Co. - Class A 2,792 75,524 Silgan Holdings, Inc. 1,750 91,945 ----------- 196,861 ----------- METALS & MINING -- 1.1% A.M. Castle & Co. 1,470 13,113 Allied Nevada Gold Corp.* 3,143 18,387 AMCOL International Corp. 1,990 29,532 16 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- Brush Engineered Materials, Inc.* 1,752 $ 24,300 Compass Minerals International, Inc. 2,309 130,158 General Steel Holdings, Inc.* 745 1,959 Haynes International, Inc.* 954 17,000 Hecla Mining Co.* 12,938 25,876 Horsehead Holding Corp.* 2,838 15,609 Kaiser Aluminum Corp. 1,361 31,466 Olympic Steel, Inc. 625 9,481 Royal Gold, Inc. 2,174 101,656 RTI International Metals, Inc.* 1,952 22,839 Stillwater Mining Co.* 3,124 11,559 Universal Stainless & Alloy* 876 8,471 Worthington Industries, Inc. 4,579 39,883 ----------- 501,289 ----------- PAPER & FOREST PRODUCTS -- 0.3% Buckeye Technologies, Inc.* 3,498 7,451 Clearwater Paper Corp.* 1,357 10,897 Deltic Timber Corp. 835 32,907 Glatfelter 3,523 21,984 Louisiana-Pacific Corp. 9,236 20,596 Mercer International, Inc.* 6,261 4,132 Neenah Paper, Inc. 1,421 5,158 Schweitzer-Mauduit International, Inc. 1,314 24,257 Wausau Paper Corp. 3,701 19,467 ----------- 146,849 ----------- TOTAL MATERIALS 1,673,508 ----------- TELECOMMUNICATION SERVICES -- 1.2% DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.9% Alaska Communications Systems Group, Inc. 2,754 18,452 Atlantic Tele-Network, Inc. 760 14,577 Cbeyond, Inc.* 2,019 38,018 Cincinnati Bell, Inc.* 16,340 37,582 Cogent Communications Group, Inc.* 2,903 20,902 Consolidated Communications Holdings, Inc. 1,809 18,560 Fairpoint Communications, Inc. 8,131 6,342 General Communication, Inc. - Class A* 3,892 25,998 Global Crossing, Ltd.* 2,040 14,280 Invitel Holdings A/S - ADR* 361 1,354 Iowa Telecommunications Services, Inc. 2,847 32,627 NTELOS Holdings Corp. 1,895 34,375 Premiere Global Services, Inc.* 4,138 36,497 Shenandoah Telecommunication Co. 1,976 45,053 TW Telecom, Inc.* 10,542 92,242 ----------- 436,859 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.3% Centennial Communications Corp.* 4,845 40,020 iPCS, Inc.* 1,335 12,963 Syniverse Holdings, Inc.* 3,890 61,306 SHARES VALUE ------ ----------- USA Mobility, Inc. 1,988 $ 18,310 ----------- 132,599 ----------- TOTAL TELECOMMUNICATION SERVICES 569,458 ----------- UTILITIES -- 4.4% ELECTRIC UTILITIES -- 1.8% ALLETE, Inc. 1,806 48,202 Central Vermont Public Service Corp. 874 15,120 Cleco Corp. 4,015 87,085 El Paso Electric Co.* 3,170 44,665 IDACORP, Inc. 3,732 87,180 ITC Holdings Corp. 3,422 149,268 MGE Energy, Inc. 1,789 56,121 Portland General Electric Co. 4,127 72,594 The Empire District Electric Co. 2,826 40,808 UIL Holdings Corp. 2,076 46,336 UniSource Energy Corp. 2,315 65,260 Westar Energy, Inc. 6,812 119,414 ----------- 832,053 ----------- GAS UTILITIES -- 1.6% Chesapeake Utilities Corp. 507 15,453 New Jersey Resources Corp. 2,947 100,139 Nicor, Inc. 3,159 104,974 Northwest Natural Gas Co. 1,738 75,464 Piedmont Natural Gas Co. 5,094 131,884 South Jersey Industries, Inc. 2,351 82,285 Southwest Gas Corp. 2,858 60,218 The Laclede Group, Inc. 1,538 59,951 WGL Holdings, Inc. 3,400 111,520 ----------- 741,888 ----------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.1% Ormat Technologies, Inc. 1,506 41,355 ----------- MULTI-UTILITIES -- 0.5% Avista Corp. 3,438 47,376 Black Hills Corp. 2,618 46,836 CH Energy Group, Inc. 1,005 47,135 NorthWestern Corp. 2,259 48,523 PNM Resources, Inc. 5,817 48,048 ----------- 237,918 ----------- WATER UTILITIES -- 0.4% American States Water Co. 1,497 54,371 Cadiz, Inc.* 906 7,230 California Water Service Group 1,524 63,795 Connecticut Water Service, Inc. 283 5,739 Consolidated Water Co., Inc. 1,087 11,794 Middlesex Water Co. 991 14,270 SJW Corp. 1,038 26,396 Southwest Water Co. 2,270 9,761 ----------- 193,356 ----------- TOTAL UTILITIES 2,046,570 ----------- TOTAL COMMON STOCK (Cost $49,997,594) 45,284,386 ----------- EXCHANGE-TRADED FUNDS -- 1.8% iShares Russell 2000 Index Fund (Cost $850,108) 20,000 838,800 17 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Small-Cap Strategy Fund ----------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------ ----------- CALL WARRANTS -- 0.0% Greenhunter Energy, Inc. Expires 09/15/11 (Cost $0) 48 $ -- ----------- SHORT TERM INVESTMENTS -- 0.0% BlackRock Liquidity Funds TempFund Portfolio - Institutional Series (Cost $5,028) 5,028 5,028 ----------- TOTAL INVESTMENTS -- 99.5% (Cost $50,852,730)+ $46,128,214 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.5% 213,271 ----------- NET ASSETS -- 100.0% $46,341,485 =========== * Non-income producing security. + The cost for Federal income tax purposes is $51,925,754. At March 31, 2009, net unrealized depreciation was $5,797,540. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $1,644,153, and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $7,441,693. 18 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- LEVEL 1 - QUOTED PRICES $46,128,214 $ -- ----------------------------------------------------------------------------------------------- LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- TOTAL $46,128,214 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ COMMON STOCK -- 94.4% ARGENTINA -- 0.1% Banco Macro SA - ADR 4,200 $ 42,672 BBVA Banco Frances SA - ADR 4,500 11,430 Cresud SA - ADR 13,700 99,462 Grupo Financiero Galicia SA - ADR* 16,400 29,356 IRSA Inversiones y Representaciones SA - GDR* 3,700 14,578 MercadoLibre, Inc.* 4,800 89,040 Petrobras Energia Participaciones SA - ADR 15,650 89,048 Telecom Argentina SA - ADR* 5,150 39,913 Transportadora de Gas del Sur SA - ADR 16,900 33,969 ------------ TOTAL ARGENTINA 449,468 ------------ AUSTRALIA -- 4.3% ABB Grain, Ltd. 6,080 25,339 AGL Energy, Ltd. 16,239 168,461 Amcor, Ltd. 69,307 214,357 Amcor, Ltd. - ADR 4,091 50,524 Australia & New Zealand Banking Group, Ltd. 103,299 1,128,783 Australian Stock Exchange, Ltd. 2,236 45,634 Australian Worldwide Exploration, Ltd.* 17,440 29,614 Bank of Queensland, Ltd. 4,563 26,806 Bendigo and Adelaide Bank, Ltd. 9,650 54,859 BHP Billiton, Ltd. 191,430 4,230,844 BlueScope Steel, Ltd. 6,783 12,168 Boral, Ltd. 13,495 33,937 Brickworks, Ltd. 7,102 48,647 Caltex Australia, Ltd. 33,348 207,190 Coca-Cola Amatil, Ltd. 16,723 100,779 Cochlear, Ltd. 5,815 202,780 Commonwealth Bank of Australia 17,219 413,370 Computershare, Ltd. 17,982 109,644 Crown, Ltd. 18,832 83,596 CSL, Ltd. 8,369 189,111 CSR, Ltd. 2,431 2,033 Dominion Mining, Ltd. 5,163 20,231 Downer EDI, Ltd. 25,148 77,740 Fairfax Media, Ltd. 65,011 46,006 Foster's Group, Ltd. 9,381 32,992 Goodman Fielder, Ltd. 76,819 55,670 Harvey Norman Holdings, Ltd. 16,589 29,623 Insurance Australia Group, Ltd. 79,523 193,138 Lend Lease Corp., Ltd. 12,000 54,497 Lion Nathan, Ltd. 38,680 216,723 Macquarie Airports 93,935 118,584 Macquarie Group, Ltd. 9,306 175,233 Metcash, Ltd. 203,171 572,199 National Australia Bank, Ltd. 3,908 54,553 Newcrest Mining, Ltd. 6,204 142,813 SHARES VALUE --------- ------------ Octaviar, Ltd.* 28,635 $ -- Origin Energy, Ltd. 13,948 143,499 Qantas Airways, Ltd. 72,837 88,009 QBE Insurance Group, Ltd. 25,856 346,859 Rio Tinto, Ltd. 31,021 1,232,015 Santos, Ltd. 45,183 531,802 Seven Network, Ltd. 5,495 22,439 Sims Group, Ltd. 4,784 56,822 St. George Bank, Ltd.* 266 18,524 Suncorp-Metway, Ltd. 59,656 249,150 Tattersalls, Ltd. 72,521 139,582 Telstra Corp., Ltd. 32,928 73,504 Washington H Soul Pattinson And Co., Ltd. 5,543 38,543 Wesfarmers, Ltd. 12,084 158,567 Westpac BankingCorp., Ltd. 38,066 502,663 Woodside Petroleum, Ltd. 17,523 466,746 Woolworths, Ltd. 13,510 234,488 ------------ TOTAL AUSTRALIA 13,471,690 ------------ AUSTRIA -- 0.2% Erste Bank der oesterreichischen Sparkassen AG 2,531 42,869 Oesterreichische Elektrizitaetswirtschafts AG - Class A 1,147 43,569 OMV AG 13,832 462,736 Telekom Austria AG 6,867 103,994 Voestalpine AG 1,334 17,437 ------------ TOTAL AUSTRIA 670,605 ------------ BELGIUM -- 1.0% Agfa Gevaert NV* 17,702 29,823 Anheuser-Busch InBev NV 14,765 406,558 Compagnie Immobiliere de Belgique SA 379 5,679 Delhaize Group 12,455 808,256 Delhaize Group - ADR 2,400 155,520 Dexia 12,241 42,202 Intervest Offices 782 21,078 Mobistar SA 10,620 670,571 Nationale A Portefeuille 731 33,932 Nyrstar 9,417 36,981 Punch International NV* 266 3,700 Retail Estates 430 17,184 Solvay SA 5,608 393,297 Tessenderlo Chemie NV 3,723 113,293 UCB SA 17,532 516,491 ------------ TOTAL BELGIUM 3,254,565 ------------ BERMUDA -- 0.3% Credicorp, Ltd. 4,659 218,228 Frontline, Ltd. 4,900 87,102 Lancashire Holdings, Ltd.* 35,770 245,739 Seadrill, Ltd. 23,450 226,678 ------------ TOTAL BERMUDA 777,747 ------------ BOTSWANA -- 0.1% Barclays Bank of Botswana, Ltd. 89,600 62,639 Botswana Insurance Holdings, Ltd. 23,800 24,576 1 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ First National Bank of Botswana 274,700 $ 69,010 Letshego 19,400 25,192 Sechaba Breweries, Ltd. 43,703 81,277 Standard Chartered Bank of Botswana 27,700 64,008 ------------ TOTAL BOTSWANA 326,702 ------------ BRAZIL -- 1.5% All America Latina Logistica SA 4,600 19,532 B2W Companhia Global do Varejo 1,500 13,786 Banco do Brazil SA 50,805 375,165 BM&FBOVESPA SA 18,707 56,853 Bradespar SA 15,500 151,609 Centrais Eletricas Brasileiras SA - ELETROBRAS 4,200 46,712 Cia Brasileira de Distribuicao Grupo Pao de Acucar - ADR 4,739 128,332 Cia De Bebidas Americas 1,200 47,053 Cia De Concessoes Rodoviarias 2,100 19,164 Cia De Transmissao De Energia Eletrica Paulista 7,500 155,997 Cia Energetica De Minas Gerais 1,428 15,771 Cia Siderurgica Nacional SA 4,000 59,558 Companhia De Bebidas Das Americas - ADR 7,269 347,095 Companhia Vale do Rio Doce - ADR 32,697 434,870 Confab Industrial SA 59,500 103,367 Cosan SA Industria e Comercio* 4,200 17,508 CPFL Energia SA 1,500 20,369 Cyrela Brazil Realty SA 7,700 30,571 EDP Energias do Brasil SA 1,500 15,726 EDP Renovaveis SA* 9,340 76,288 Eletropaulo Metropolitana Eletricidade de Sao Paulo SA 10,823 152,705 Empresa Brasileira de Aeronautica SA 15,200 50,650 Fertilizantes Fosfatados SA 4,400 25,379 Gafisa SA* 3,400 17,134 Global Village Telecom Holding SA* 2,500 28,150 Itau Unibanco Banco Multiplo SA - ADR 16,664 181,302 LLX Logistica SA* 2,000 1,371 Localiza Rent A Car SA 2,700 9,660 Lojas Renner SA 4,200 25,999 Lupatech SA* 1,200 12,617 Marfrig Frigorificose e Comercio de Alimentos SA* 5,000 16,122 Mmx Mineracao E Metalicos SA* 2,000 2,880 MRV Engenharia e Participacoes SA* 2,200 13,088 Natura Cosmeticos SA 4,800 47,033 Perdigao SA 3,600 45,020 SHARES VALUE --------- ------------ Petroleo Brasileiro SA sponsored ADR 36,017 $ 1,097,438 Redecard SA 31,727 384,458 Rossi Residencial SA* 4,600 7,416 Souza Cruz SA 1,100 21,035 Tele Norte Leste Participacoes SA 4,100 67,304 Telecomunicacoes de Sao Paulo SA 1,000 16,545 Tim Participacoes SA* 5,300 13,663 Totvs SA 1,000 17,666 Tractebel Energia SA 2,700 19,915 Usinas Siderurgicas de Minas Gerais SA 1,125 12,900 Vivo Participacoes SA 13,090 170,824 Weg SA 8,800 43,625 ------------ TOTAL BRAZIL 4,637,225 ------------ BULGARIA -- 0.1% Albena AD 1,830 18,534 Bulgarian American Credit Bank JSCO 2,600 14,929 Central Cooperative Bank AD* 20,482 12,257 Chimimport AD* 10,600 11,859 Doverie Holding AD* 11,040 29,922 Olovno Tzinkov Komplex AD* 900 5,502 Petrol AD* 37,250 201,569 Sopharma AD 14,000 17,083 ------------ TOTAL BULGARIA 311,655 ------------ CANADA -- 1.8% Alimentation Couche Tard, Inc. - Series B 3,400 35,650 Bank of Montreal 19,387 507,279 Bank of Nova Scotia 2,400 59,143 Barrick Gold Corp. 4,000 129,473 Bird Construction Income Fund 224 3,976 Canadian Pacific Railway, Ltd. 600 17,855 Canadian Tire Corp., Ltd. Class A 1,700 59,058 CGI Group, Inc. - Class A* 52,600 424,705 Computer Modelling Group, Ltd. 3,400 24,944 Empire Co., Ltd. - Class A 1,800 75,666 EnCana Corp. 6,451 264,016 Fairfax Financial Holdings, Ltd. 700 180,996 First Quantum Minerals, Ltd. 1,200 33,788 Genivar Income Fund 3,700 65,296 George Weston, Ltd. 1,900 88,158 Goldcorp, Inc. 7,200 242,360 Home Capital Group Inc 1,200 23,785 Laurentian Bank of Canada 1,500 31,647 Loblaw Cos., Ltd. 2,900 72,109 Manitoba Telecom Services, Inc. 1,400 35,477 Manulife Financial Corp. 24,000 270,305 Metro, Inc. - Class A 4,300 129,259 National Bank of Canada 900 28,739 Onex Corp. 3,800 46,656 2 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Petro-Canada 11,616 $ 312,051 Power Corp. of Canada 1,400 21,819 Power Financial Corp. 1,421 23,195 Research in Motion, Ltd.* 959 41,304 Rona, Inc.* 5,600 52,722 Royal Bank of Canada 4,900 142,943 Sino-Forest Corp.* 10,500 73,204 Sun Life Financial, Inc. 4,000 72,462 Talisman Energy, Inc. 57,956 613,668 The Data Group Income Fund 2,300 4,834 The Toronto-Dominion Bank 25,700 885,884 Thompson Creek Metals Co., Inc.* 10,300 40,602 Thomson Reuters Corp. 7,047 181,094 TransCanada Corp. 16,052 379,784 Vicwest Income Fund 3,200 20,305 Viterra, Inc.* 9,000 62,675 ------------ TOTAL CANADA 5,778,886 ------------ CAYMAN ISLANDS -- 0.0% Tingyi Cayman Islands Holding Corp. 30,000 34,722 ------------ TOTAL CAYMAN ISLANDS 34,722 ------------ CHILE -- 0.8% AES Gener SA 130,000 47,285 AFP Provida SA 31,000 37,763 Almendral SA 371,854 30,113 Antarchile SA 6,794 78,099 Banco de Chile 1,022,113 60,676 Banco de Credito e Inversiones 2,327 42,324 Banco Santander Chile SA 876,218 29,014 Banco Santander Chile SA - ADR* 6,360 218,466 Banmedica SA 1,266 945 Cia Cervecerias Unidas SA 1,000 28,100 Cia Cervecerias Unidas SA - ADR 19,378 108,884 Cia General de Electricidad 17,400 85,082 Colbun SA* 349,247 65,919 Embotelladora Andina SA 17,190 36,866 Empresa Nacional de Electricidad SA 100,176 124,436 Empresa Nacional de Telecomunicaciones SA 18,667 216,183 Empresas CMPC SA 4,750 98,610 Empresas Copec SA 18,346 166,825 Enersis SA 294,355 89,390 Enersis SA - ADR 18,433 278,338 Enersur SA 12,100 49,757 Grupo Security SA 113,300 21,383 Lan Airlines SA 4,526 37,933 Masisa SA 125,000 10,723 Parque Arauco SA 95,300 51,505 Quinenco SA 15,702 25,593 S.A.C.I. Falabella* 53,188 165,354 Salfacorp SA 517 390 Sigdo Koppers SA 60,400 44,249 Sociedad de Inversiones Pampa Calichera SA - Class A 60,000 54,560 Sociedad Matriz Banco de Chile - Class B 516,983 40,802 SHARES VALUE --------- ------------ Sociedad Quimica y Minera de Chile SA - Class B 3,000 $ 79,523 Sonda SA 22,877 26,886 Vina Concha y Toro SA 2,436 4,137 Vina Concha y Toro SA - ADR 1,100 36,520 ------------ TOTAL CHILE 2,492,633 ------------ CHINA -- 1.8% Air China, Ltd. - Class H 46,000 14,871 Alibaba.Com, Ltd.* 19,000 17,428 Angang Steel Co., Ltd. - Class H 60,000 60,747 Anhui Conch Cement Co., Ltd. - Class H* 36,000 198,860 Baidu.com - ADR* 300 52,980 Bank of China, Ltd. - Class H 1,764,000 584,829 Bank of Communications Co., Ltd. - Class H 48,000 33,305 Bengang Steel Pirates Co. - Class B 71,400 30,045 China Citic Bank - Series H 84,000 31,794 China Coal Energy Co. - Series H 45,000 33,212 China Communications Construction Co., Ltd. - Class H 109,000 119,614 China Construction Bank Corp. 855,718 485,773 China Eastern Airlines Corp, Ltd.* 74,000 11,382 China Huiyuan Juice Group, Ltd. 29,000 18,480 China International Marine Containers Co., Ltd. - Class B 39,000 24,658 China Medical Technologies, Inc. - ADR 1,000 13,770 China Merchants Bank Co., Ltd. - Class H 22,500 39,203 China Merchants Property Development Co., Ltd. - Class B 50 74 China Oilfield Services, Ltd. - Series H 30,000 23,776 China Railway Construction Corp., Ltd. - Class H* 26,900 35,029 China Railway Group, Ltd. - Class H* 44,000 25,658 China Shenhua Energy Co., Ltd. - Class H* 28,500 64,304 China Shipping Development Co., Ltd. 26,000 24,653 China Southern Airlines Co., Ltd.* 81,000 15,849 China Telecom Corp., Ltd. 2,230,000 921,112 China Yurun Food Group, Ltd. 31,000 39,601 Ctrip.com International, Ltd. - ADR 1,400 38,360 Datang International Power Generation Co., Ltd. - Class H 48,000 21,066 3 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Dazhong Transportation Group Co., Ltd. - Class B* 75,600 $ 43,470 Focus Media Holding, Ltd. - ADR* 3,300 22,440 Golden Eagle Retail Group, Ltd. 47,000 30,910 Harbin Power Equipment Co., Ltd. - Class H 24,000 15,641 Huaneng Power International, Inc. - Class H* 304,000 203,645 Industrial & Commerical Bank of China - Class H 856,104 444,936 Inner Mongolia Yitai Coal Co. - Class B 7,000 33,348 Maanshan Iron & Steel - Class H 46,000 16,190 Netease.com - ADR* 9,904 265,922 Parkson Retail Group, Ltd. 35,000 35,505 PICC Property & Casualty Co., Ltd. - Class H* 284,000 154,583 Ping An Insurance Group Co. of China, Ltd. - Class H 61,968 368,888 Renhe Commercial Holdings Co., Ltd.* 600,000 134,699 Semiconductor Manufacturing International Corp.* 386,000 14,794 Shandong Weigao Group Medical Polymer Co., Ltd. - Class H 28,000 49,840 Shanghai Electric Group Co., Ltd. - Class H 90,000 25,923 Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Class B 24,600 32,718 Shanghai Zhenhua Port Machinery Co. - Class B 48,000 44,769 Sina Corp./China* 1,000 23,250 Sinopec Shanghai Petrochemical Co., Ltd. - Class H 54,000 13,295 Suntech Power Holdings Co., Ltd. - ADR* 1,900 22,211 Tencent Holdings, Ltd. 57,939 428,725 Want Want China Holdings, Ltd. 160,000 74,250 Yangzijiang Shipbuilding Holdings, Ltd. 56,000 14,755 Yantai Changyu Pioneer Wine Co. - Class B 7,000 25,496 Yanzhou Coal Mining Co., Ltd. - Class H 22,000 15,750 Zhejiang Expressway Co., Ltd. - Class H 112,000 81,619 Zijin Mining Group Co., Ltd. - Class H 206,000 146,663 ZTE Corp. - Class H 2,000 8,152 ------------ TOTAL CHINA 5,772,820 ------------ COLOMBIA -- 0.2% Almacenes Exito SA 6,300 26,047 Banco de Bogota SA 3,110 28,166 BanColumbia SA - ADR 9,834 191,468 Cementos Argos SA 7,800 19,595 SHARES VALUE --------- ------------ Ecopetrol SA 79,500 $ 66,678 Empresa de Telecomunicaciones de Bogota 116,000 30,832 Grupo Aval Acciones Y Valores 158,000 28,432 Grupo Nacional de Chocolates SA 9,000 53,158 Interconexion Electrica SA 14,278 41,323 Inversiones Argos SA 9,000 32,958 Promigas SA 2,000 29,154 Suramericana de Inversiones SA 3,800 23,312 ------------ TOTAL COLOMBIA 571,123 ------------ CROATIA -- 0.1% Atlantska Plovidba DD 658 75,865 Dalekovod DD 340 19,827 Ericsson Nikola Tesla 200 40,577 Hrvatske Telekomunikacije DD 2,950 114,736 Institut Gradevinarstva Hrvatske DD 20 10,098 Koncar-Elektroindustrija DD* 920 38,392 Podravka DD* 1,000 32,533 Privredna Banka Zagreb DD* 830 51,581 Tankerska Plovidba DD 40 10,157 VIRO Tvornica Secera 370 15,261 ------------ TOTAL CROATIA 409,027 ------------ CZECH REPUBLIC -- 0.7% CEZ AS 23,218 830,381 Komercni Banka AS 8,964 902,856 Philip Morris CR AS 170 47,314 Telefonica 02 Czech Republic AS 15,873 315,721 Unipetrol AS 22,200 126,177 ------------ TOTAL CZECH REPUBLIC 2,222,449 ------------ DENMARK -- 0.5% A P Moller-Maersk A/S - Class A 37 160,726 Alk-Abello A/S 377 19,711 AP Moller - Maersk A/S - Class B 90 395,485 Carlsberg A/S - Class B 1,527 62,704 Danisco A/S 6,388 191,421 Danske Bank A/S* 18,060 152,114 Novo Nordisk A/S - Class B 11,012 527,980 Sydbank A/S* 1,644 20,970 ------------ TOTAL DENMARK 1,531,111 ------------ EGYPT -- 0.3% Alexandria Mineral Oils Co. 4,000 29,412 Arab Cotton Ginning 32,000 23,988 Commercial International Bank 18,150 103,495 Eastern Tobacco Co. 1,300 33,526 Egypt Kuwait Holding Co. 30,249 33,097 Egyptian Co. for Mobile Services 1,400 36,700 Egyptian Financial & Industrial Co.* 9,064 34,668 Egyptian for Tourism Resorts 60,000 15,667 4 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Egyptian International Pharmaceutical Industrial Co. 7,900 $ 34,257 El Ezz Aldekhela Steel - Alexandria 350 40,618 El Ezz Steel Co. 15,000 19,314 El Sewedy Cables Holding Co.* 3,630 32,905 El Watany Bank of Egypt* 5,466 34,933 Misr Beni Suef Cement Co. 2,350 22,215 Misr Cement Co. 2,600 35,822 National Societe General Bank 4,950 15,842 Olympic Group Financial Investments 7,000 22,226 Orascom Construction Industries 6,330 151,421 Orascom Telecom Holding SAE 10,250 47,082 Oriental Weavers 4,647 22,019 Sidi Kerir Petrochemcials Co. 23,000 39,272 Six of October Development & Investment* 1,340 8,424 South Valley Cement* 27,089 26,488 Talaat Moustafa Group* 23,500 15,767 Telecom Egypt 30,200 79,483 ------------ TOTAL EGYPT 958,641 ------------ ESTONIA -- 0.1% AS Eesti Ehitus 12,000 9,751 AS Merko Ehitus* 14,700 39,566 AS Tallinna Vesi 2,900 34,637 Baltika AS* 29,700 21,373 Eesti Telekom 18,850 116,569 Merko Ehitus* 14,700 3,301 Olympic Entertainment Group AS 31,330 18,314 Tallink Group, Ltd.* 323,120 133,346 Tallinna Kaubamaja AS 14,100 35,016 ------------ TOTAL ESTONIA 411,873 ------------ FINLAND -- 0.8% Elisa Oyj - Class A 11,822 172,324 KCI Konecranes Oyj 1,772 29,601 Kesko Oyj - Class B 18,773 389,467 Kone Oyj - Class B 847 17,546 Neste Oil Oyj 7,575 100,686 Nokia Oyj 109,767 1,283,774 OKO Bank PLC - Class A 4,100 24,104 Orion Oyj - Class B 19,033 275,427 Sampo Oyj - Class A 5,513 81,291 Stora Enso Oyj - Class R* 16,348 57,908 TietoEnator Oyj 2,842 29,450 UPM-Kymmene OYJ 23,905 137,966 ------------ TOTAL FINLAND 2,599,544 ------------ FRANCE -- 5.6% Accor SA 482 16,775 Aeroports de Paris 2,297 122,292 Air France KLM 3,985 35,433 Alstom 5,828 302,219 AXA SA 31,309 375,785 BNP Paribas SA 8,214 338,882 Bouygues SA 1,282 45,812 SHARES VALUE --------- ------------ Cap Gemini SA 2,186 $ 70,256 Carrefour SA 2,589 100,997 Casino Guichard-Perrachon SA 3,698 240,619 Christian Dior SA 2,278 124,782 Ciments Francais SA 345 25,217 CNP Assurances 1,908 120,331 Compagnie de Saint-Gobain 15,554 435,809 Compagnie Generale de Geophysique SA* 9,799 113,437 Compagnie Generale des Etablissements Michelin - Class B 1,665 61,712 Credit Agricole SA 18,413 203,162 Eutelsat Communications 3,355 71,297 France Telecom SA 38,916 887,176 Gaz de France SA 21,751 745,943 Groupe Danone 9,114 443,520 Groupe Eurotunnel SA* 5,435 28,854 Hermes International 797 92,723 L'Air Liquide SA 2,451 199,312 L'Oreal SA 1,512 103,943 Lafarge SA 4,346 196,207 Lagardere SCA 3,056 85,755 Linedata Services 1,883 10,969 LVMH Moet Hennessy Louis Vuitton SA 5,286 331,706 Nexans SA 3,821 144,890 Pernod-Ricard SA 7,884 439,373 Pinault-Printemps-Redoute SA 1,140 73,086 Publicis Groupe 9,891 253,558 Renault SA 926 19,041 Safran SA 15,642 145,615 Sanofi-Aventis SA 50,722 2,846,584 Schneider Electric SA 4,058 269,884 SCOR SE 21,151 434,646 Societe BIC SA 828 40,685 Societe Generale 18,255 714,080 Suez Environnement SA* 1,937 28,483 Thomson* 68,598 62,368 Total SA 91,784 4,538,675 Valeo SA 13,737 200,836 Vinci SA 5,558 206,339 Vivendi Universal SA 50,690 1,340,700 ------------ TOTAL FRANCE 17,689,768 ------------ GERMANY -- 4.9% Aareal Bank AG 10,667 86,698 Adidas-Salomon AG 20,649 685,327 Allianz AG 11,258 942,325 AMB Generali Holding AG 168 12,689 BASF AG 33,267 1,005,372 Bayer AG 27,705 1,323,652 Bayerische Motoren Werke (BMW) AG 16,735 482,725 Commerzbank AG 8,084 43,005 DaimlerChrysler AG - Registered shares 8,327 209,802 DaimlerChrysler AG - Registered shares ADR 20,200 515,908 Demag Cranes AG 4,765 82,596 Deutsche Bank AG - Registered shares ADR 4,200 170,730 5 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Deutsche Lufthansa AG - Registered shares 168,166 $ 1,821,861 Deutsche Post AG - Registered shares 5,399 58,175 Deutsche Telekom AG 36,500 450,775 Deutsche Telekom AG sponsored ADR 36,774 455,483 Dyckerhoff NV 656 33,028 E.On AG 8,755 242,813 Fielmann AG 245 15,045 Fraport AG Frankfurt Airport Services Worldwide 15,744 505,559 Fresenius AG 3,036 114,936 Fresenius Medical Care AG 9,359 363,172 GEA Group AG 13,263 141,179 Grammer AG 2,104 9,179 HeidelbergCement AG 959 31,416 Henkel AG* 3,939 99,366 Highlight Communications AG 3,483 19,594 K+S Group AG 1,964 90,792 Linde AG 3,091 209,873 MAN AG 1,768 76,744 Merck KGaA 533 47,094 MTU Aero Engines Holding AG 6,537 152,676 Muenchener Rueckversicherungs-Gesellschaft AG 4,841 589,471 Norddeutsche Affinerie AG 9,146 231,438 RWE AG 10,239 717,044 Salzgitter AG 323 17,977 SAP AG 29,896 1,045,381 Siemens AG 21,416 1,222,634 Suedzucker AG 7,978 153,901 ThyssenKrupp AG 18,577 324,101 Volkswagen AG 2,457 754,513 ------------ TOTAL GERMANY 15,556,049 ------------ GHANA -- 0.1% Aluworks Ghana, Ltd.* 232,000 90,368 Cal Bank, Ltd. 264,000 56,090 Ghana Commercial Bank, Ltd.* 106,696 34,004 Produce Buying Co., Ltd.* 162,500 24,168 ------------ TOTAL GHANA 204,630 ------------ GREECE -- 0.3% Hellenic Petroleum SA 29,237 279,300 Hellenic Telecommunications Organization SA 2,978 44,639 Marfin Investment Group SA* 133,964 485,436 National Bank of Greece SA - ADR 44,529 137,150 ------------ TOTAL GREECE 946,525 ------------ HONG KONG -- 3.4% Agile Property Holdings, Ltd. 260,000 147,432 Aluminum Corp. of China, Ltd. - Class H 38,000 22,148 Beijing Capital International Airport Co., Ltd. 99,684 44,328 SHARES VALUE --------- ------------ Beijing Enterprises Holdings, Ltd. - Class H 63,000 $ 262,441 Brilliance China Automotive Holdings, Ltd.* 2,986,000 188,609 Cathay Pacific Airways, Ltd. 43,000 42,655 Chaoda Modern Agriculture 36,140 21,539 Cheung Kong, Ltd. 21,000 180,996 China Agri-Industries Holdings, Ltd.* 51,000 24,278 China Cosco Holdings Co., Ltd. - Class H 36,000 23,455 China Green Holdings, Ltd. 45,000 26,594 China Life Insurance Co., Ltd. - Class H 197,000 647,935 China Mengniu Dairy Co., Ltd. 21,000 29,334 China Merchants Holdings International Co., Ltd. 59,470 136,889 China Mobile, Ltd. 172,009 1,498,356 China Overseas Land & Investment, Ltd. 90,320 141,557 China Petroleum & Chemical Corp. - Class H 704,000 451,122 China Pharmaceutical Group, Ltd. 512,000 204,684 China Resources Enterprise, Ltd. 28,000 43,431 China Resources Land, Ltd. 28,000 43,350 China Resources Power Holdings Co., Ltd. 16,000 33,600 China Unicom, Ltd. 66,652 69,553 Chinese Estates Holdings, Ltd. 68,000 82,525 CLP Holdings, Ltd. 60,000 412,263 CNOOC, Ltd. 614,531 617,517 Cosco Pacific, Ltd. 16,000 15,756 Dah Chong Hong Holdings, Ltd. 107,000 16,958 Denway Motors, Ltd. 78,000 30,225 Dongfeng Motor Group Co., Ltd. - Class H 90,000 46,505 Esprit Holdings, Ltd. 20,600 105,109 Foxconn International Holdings, Ltd.* 77,000 32,606 Global Bio-Chem Tecnology Group, Ltd. 130,000 16,767 GOME Electrical Appliances Holdings, Ltd. 140,959 20,369 Guangdong Investment, Ltd. 108,000 43,541 Hang Lung Group, Ltd. 48,000 146,202 Hang Seng Bank, Ltd. 28,300 285,605 Henderson Land Development Co., Ltd. 110,000 419,449 Hengan International Group Co., Ltd. 52,000 209,171 Hong Kong & China Gas Co., Ltd. 63,000 99,308 Hong Kong Exchanges & Clearing, Ltd. 32,200 303,886 Hongkong Electric, Ltd. 26,000 154,463 Hutchinson Whampoa, Ltd. 158,400 777,597 Hutchison Telecommunications International, Ltd. 165,000 51,615 6 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Jiangxi Copper Co., Ltd. - Class H 20,000 $ 20,833 Kerry Properties, Ltd. 17,500 42,179 Kingboard Chemicals Holdings, Ltd. 45,000 92,520 Lenovo Group, Ltd. 88,000 20,210 Li & Fung, Ltd. 126,000 295,383 MTR Corp. 3,500 8,411 New World Development Co., Ltd. 63,851 63,738 Nine Dragons Paper Holdings, Ltd. 16,000 6,065 Noble Group, Ltd. 27,000 21,134 Orient Overseas International, Ltd. 2,000 4,974 Oriental Press Group 600,000 54,151 Pacific Basin Shipping, Ltd. 255,000 116,240 PetroChina Co., Ltd. - Class H 907,957 724,362 Shanghai Industrial Holdings, Ltd. 102,000 283,122 Shun Tak Holdings, Ltd. 50,895 15,829 Sino Land Co., Ltd. 58,000 58,110 Sun Hung Kai Properties, Ltd. 14,000 125,622 Swire Pacific, Ltd. - Class A 34,500 230,076 Wharf Holdings, Ltd. 59,625 148,456 Wheelock & Co., Ltd. 161,000 270,775 Wumart Stores, Inc. - Class H 57,000 40,596 ------------ TOTAL HONG KONG 10,814,509 ------------ HUNGARY -- 0.7% Danubius Hotel and Spa PLC* 550 9,286 Egis Gyogyszergyar Nyrt PLC 1,190 58,604 FHB Mortgage Bank PLC* 2,400 5,613 Gedeon Richter Nyrt 2,900 316,756 Magyar Telecom Telecommunications PLC 167,960 388,871 MOL Hungarian Oil and Gas Nyrt 9,790 439,035 OTP Bank Nyrt* 100,912 850,225 RABA Automotive Holding PLC* 8,500 18,780 ------------ TOTAL HUNGARY 2,087,170 ------------ INDIA -- 0.9% Bajaj Auto, Ltd. - Sponsored GDR 2,000 9,989 Cipla, Ltd. - GDR 71,614 312,237 GAIL India, Ltd. - GDR 1,770 50,952 HDFC Bank, Ltd. - ADR 2,951 179,804 ICICI Bank, Ltd. - ADR 8,700 115,623 Infosys Technologies, Ltd. - ADR 21,743 579,016 ITC, Ltd. RegS GDR* 84,500 325,325 Mahindra & Mahindra, Ltd. 9,227 70,125 Reliance Energy, Ltd. - GDR 1,720 57,032 Reliance Industries, Ltd. 144A GDR (London Exchange) 5,870 351,566 Reliance Industries, Ltd. 144A GDR (New York Exchange)* 7,251 435,832 State Bank of India, Ltd. - GDR (London Exchange) 608 24,937 SHARES VALUE --------- ------------ State Bank of India, Ltd. - GDR (New York Exchange) 2,100 $ 83,034 State Bank of India, Ltd. - GDR (New York Exchange) 4,928 207,299 Tata Motors, Ltd. - ADR 4,990 24,601 Wipro, Ltd. - ADR 5,680 40,385 ------------ TOTAL INDIA 2,867,757 ------------ INDONESIA -- 0.7% AKR Corporindo Tbk Pt 376,000 17,638 Aneka Tambang (Persero) Tbk Pt 190,000 17,984 Astra International Tbk Pt 156,500 193,723 Bakrie and Brothers Tbk Pt* 5,603,500 24,265 Bank Central Asia Tbk Pt 664,500 178,092 Bank Danamon Indonesia Tbk Pt 225,500 61,134 Bank Mandiri Persero Tbk Pt 858,500 162,612 Bank Rakyat Indonesia (Persero) Tbk Pt 734,017 267,542 Barito Pacific Tbk Pt* 269,000 12,409 Bumi Resources Tbk Pt 1,475,000 104,752 Gudang Garam Tbk Pt 94,500 48,480 Holcim Indonesia Tbk Pt* 460,000 21,967 Indah Kiat Pulp & Paper Corp. Tbk Pt* 276,000 21,288 Indocement Tunggal Prakarsa Tbk Pt 65,000 29,640 Indofood Sukses Makmur Tbk Pt 531,000 43,323 Indosat Tbk Pt 299,000 122,622 International Nickel Indonesia Tbk Pt 150,000 28,948 Kalbe Farma Tbk Pt 644,000 34,690 Lippo Karawaci Tbk Pt* 501,000 36,516 Medco Energi Internasional Tbk Pt* 133,000 25,471 Perusahaan Gas Negara Pt 559,000 104,347 Semen Gresik (Persero) Tbk Pt 365,000 117,706 Sinar Mas Agro Resources and Technology Tbk Pt 69,500 9,536 Tam SA 239,289 140,199 Telekomunikasi Indonesia Tbk Pt 360,500 235,273 Unilever Indonesia Tbk Pt 93,000 64,159 United Tractors Tbk Pt 178,000 104,626 ------------ TOTAL INDONESIA 2,228,942 ------------ IRELAND -- 0.4% CRH PLC* 6,865 149,308 CRH PLC (Dublin Exchange) 28,497 620,167 CRH PLC - ADR 11,400 247,836 Kerry Group PLC - Class A 8,516 172,627 ------------ TOTAL IRELAND 1,189,938 ------------ ISRAEL -- 1.1% Africa Israel Investments, Ltd. 400 3,527 Alvarion, Ltd.* 3,200 10,063 Arab East Investment Co., Ltd. 10,828 24,974 Bezeq Israeli Telecommunication Corp., Ltd. 229,634 360,249 Cellcom Israel, Ltd. 10,399 221,499 7 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Check Point Software Technologies, Ltd.* 21,628 $ 480,358 Clal Insurance 1,100 7,554 Delek Automotive Systems, Ltd. 3,400 21,411 Delek Group, Ltd. 500 42,654 Discount Investment Corp. 1,000 10,494 Elbit Systems, Ltd. 700 33,477 Gazit Globe, Ltd. 2,400 10,664 Harel Insurance Investments, Ltd.* 550 13,002 IDB Holding Corp., Ltd. 950 14,078 Israel Chemicals, Ltd. 18,470 149,834 Israel Corp., Ltd. 160 49,563 Israel Discount Bank, Ltd. - Class A 38,000 28,393 Koor Industries, Ltd.* 450 7,011 Makhteshim-Agan Industries, Ltd. 20,000 84,251 Migdal Insurance & Financial Holding, Ltd. 29,594 24,030 Mizrahi Tefahot Bank, Ltd. 31,131 150,406 Oil Refineries, Ltd. 55,500 18,068 Orbotech, Ltd.* 1,300 4,927 Ormat Industries 3,500 23,953 Partner Communications Co., Ltd. 3,743 56,417 Property & Building Corp., Ltd. 500 25,230 Super-Sol, Ltd. 7,500 21,045 Teva Pharmaceutical Industries, Ltd. - ADR 32,573 1,467,414 ------------ TOTAL ISRAEL 3,364,546 ------------ ITALY -- 1.4% Atlantia SPA 4,627 69,834 Banca Monte dei Paschi di Siena SPA 103,152 142,627 Enel SPA 68,426 328,122 ENI SPA 60,365 1,168,804 Fiat SPA 19,880 139,209 Intesa Sanpaolo SPA 204,283 561,878 Parmalat SPA 387,931 798,663 Pirelli & Co. SPA 208,581 48,676 Snam Rete Gas SPA 2,041 10,951 Telecom Italia SPA 94,294 121,567 Telecom Italia SPA - ADR 17,000 217,430 Terna SPA 27,324 85,057 UniCredito SPA 319,985 526,653 Unione di Banche Italiane SCPA 8,321 91,624 ------------ TOTAL ITALY 4,311,095 ------------ JAPAN -- 15.1% Aeon Fantasy Co., Ltd. 5,200 35,890 Aioi Insurance Co., Ltd. 14,000 54,510 Airport Facilities Co., Ltd. 5,300 27,512 Aisin Seiki Co., Ltd. 11,416 183,187 Alfresa Holdings Corp. 1,300 47,638 Alps Electric Co., Ltd. 15,946 55,125 Amada Co., Ltd. 44,000 235,084 Aoyama Trading Co., Ltd. 2,400 31,685 SHARES VALUE --------- ------------ Arakawa Chemical Industries, Ltd. 5,200 $ 32,993 Argo Graphics, Inc. 5,800 57,494 Asahi Breweries Ltd. 4,500 53,974 Asahi Glass Co., Ltd. 34,000 180,505 Asahi Kasei Corp. 68,000 246,975 Astellas Pharma, Inc. 34,500 1,067,641 Benesse Corp. 1,000 36,836 Brother Industries, Ltd. 24,099 178,647 CAC Corp. 4,000 22,809 Canon Sales Co., Inc. 9,300 131,015 Canon, Inc. 41,833 1,219,508 Casio Computer Co., Ltd. 8,000 57,220 Central Japan Railway Co. 6 33,833 Certo Corp. 2,300 27,123 Chubu Electric Power Co., Inc. 3,300 72,734 Chubu Steel Plate Co., Ltd. 14,400 84,818 Chuetsu Pulp & Paper Co., Ltd. 33,000 83,394 Coca-Cola Central Japan Co., Ltd. 3,300 43,935 Coca-Cola West Co., Ltd. 5,600 89,594 Comsys Holdings Corp. 3,000 25,349 Cosmo Oil Co., Ltd. 23,000 70,016 Crescendo Investment Corp. 36 43,245 CSK Holdings Corp.* 19,400 48,313 Dai Nippon Printing Co., Ltd. 65,000 599,059 Daicel Chemical Industries, Ltd. 40,000 144,176 Daido Steel Co., Ltd. 25,725 64,082 Daiichi Jitsugyo Co., Ltd. 30,000 73,636 Daikin Industries, Ltd. 702 19,327 Dainippon Sumito Pharma Co. Ltd. 48,000 400,670 Daisyo Corp. 7,800 110,213 Daito Trust Construction Co., Ltd. 19,900 670,867 Daiwa House Industry Co., Ltd. 31,000 251,917 Denso Corp. 2,168 43,827 DTS Corp. 2,700 17,576 East Japan Railway Co., Ltd. 2,700 140,762 Ebara Corp.* 33,000 73,194 Eiken Chemical Co., Ltd. 4,100 25,778 Eisai Co., Ltd. 1,116 32,849 Fanuc, Ltd. 1,933 132,211 Fast Retailing Co., Ltd. 700 80,150 Fuji Film Holdings Corp. 15,200 334,573 Fuji Heavy Industries, Ltd. 54,000 179,725 Fuji Soft, Inc. 6,800 104,792 Fuji Television Network, Inc. 203 228,169 Fujitsu Business Systems, Ltd. 1,400 17,240 Fukuoka Financial Group, Inc. 65,000 200,125 Furusato Industries, Ltd. 3,600 29,373 Futaba Corp. 4,400 69,652 Gendai Agency, Inc. 82 58,878 Gunze, Ltd. 1,000 2,888 Hakuhodo DY Holdings, Inc. 770 33,121 HIitachi Chemical Co., Ltd. 2,800 33,869 Hino Motors, Ltd. 63,000 138,942 HIS Co., Ltd. 3,700 73,827 8 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Hisamitsu Pharmaceutical Co., Inc. 2,200 $ 67,971 Hitachi Construction Machinery Co., Ltd. 3,900 51,489 Hitachi High-Technologies Corp. 8,400 119,121 Hitachi Information Systems, Inc. 4,700 77,307 Hitachi Medical Corp. 7,000 54,552 Hitachi Software Engineering Co., Ltd. 10,400 129,004 Hitachi Systems & Systems, Ltd. 2,600 23,426 Hitachi, Ltd. 489,000 1,337,903 Hitachi, Ltd. - ADR 16,182 444,196 Hokkaido Gas Co., Ltd. 13,000 33,752 Hokuhoku Financial Group, Inc. 52,000 95,440 Honda Motor Co., Ltd. 47,600 1,128,120 Honda Motor Co., Ltd. 22,640 538,963 Idemitsu Kosan Co., Ltd. 3,400 256,846 Imasen Electric Industrial 2,900 15,320 Inabata & Co., Ltd. 7,400 19,098 Information Services International - Dentsu, Ltd. 11,300 59,886 Isetan Mitsukoshi Holdings, Ltd. - Class L 16,400 126,916 Ishikawajima-Harima Heavy Industries Co., Ltd.* 46,000 52,848 Isuzu Motors, Ltd. 60,000 73,694 ITC Networks Corp. 6 8,825 Itochu Corp. 29,690 146,491 Itochu Enex Co., Ltd. 4,600 24,347 Itoham Foods, Inc. 18,000 52,055 Japan Hotel & Resort, Inc. 6 7,039 Japan Petroleum Exploration Co. 2,100 85,545 JBCC Holdings, Inc. 5,100 29,924 JFE Holdings, Inc. 1,800 39,732 JMS Co., Ltd. 15,000 60,489 JS Group Corp. (Tostem Inax Holding Corp.) 4,400 49,763 Kaken Pharmaceutical Co., Ltd. 3,000 25,290 Kamei corp. 8,000 35,863 Kamigumi Co., Ltd. 6,000 39,944 Kaneka Corp. 50,000 247,208 Kanematsu Corp.* 51,000 40,908 Kanmatsu Electronics, Ltd. 4,000 29,209 Kanto Auto Works, Ltd. 7,000 67,608 Kao Corp. 16,000 312,198 Kasumi Co., Ltd. 3,000 11,387 Kawasaki Kisen Kaisha, Ltd. 99,000 311,164 KDDI Corp. 36 169,529 Keihanshin Real Estate Co., Ltd. 11,000 37,457 Keisei Electric Railway Co., Ltd. 50,000 251,784 Kobe Steel, Ltd. 48,000 62,071 Kokuyo Co., Ltd. 4,500 33,204 Komatsu, Ltd. 2,611 28,895 Konishi Co., Ltd. 3,000 22,438 SHARES VALUE --------- ------------ Koyo Seiko Co., Ltd. 39,400 $ 278,459 Kubota Corp. 85,074 471,459 Kyocera Corp. 2,039 136,101 Kyocera Corp. - ADR 600 40,176 Kyodo Printing Co., Ltd. 25,000 53,489 Kyoei Steel, Ltd. 800 15,759 Kyushu Electric Power Co., Inc. 8,000 179,619 Leopalace21 Corp. 56,300 336,622 Makita Corp. 1,200 26,671 Marui Co., Ltd. 19,800 106,433 Matsui Securities Co., Ltd. 29,900 196,317 Matsushita Electric Industrial Co., Ltd. 6,225 68,717 Matsushita Electric Works, Ltd. 6,000 43,921 Matsuya Foods Co., Ltd. 4,700 64,411 Maxvalu Tokai Co., Ltd. 2,400 26,651 Mazda Motor Corp. 130,000 220,380 Meisei Industrial Co., Ltd. 34,000 69,611 Mercian Corp. 65,000 111,555 Mikuni Coca-Cola Bottling Co., Ltd. 2,100 16,440 Millea Holdings, Inc. 27,400 674,834 Mimasu Semiconductor Industry Co., Ltd. 10,200 112,807 Mistui Mining & Smelting Co., Ltd.* 2 3 Mitsuba Corp.* 8,000 20,168 Mitsubishi Chemical Holdings Corp. 22,000 75,925 Mitsubishi Corp. 23,276 308,564 Mitsubishi Electric Corp. 55,335 251,474 Mitsubishi Gas Chemical Co. Ltd. 20,000 86,526 Mitsubishi Heavy Industries, Ltd. 114,000 348,950 Mitsubishi Materials Corp. 36,000 98,064 Mitsubishi Tokyo Financial Group, Inc. 20 99 Mitsui & Co., Ltd. 40,594 413,543 Mitsui Chemicals, Inc. 35,000 85,672 Mitsui High-Tec, Inc. 5,200 33,781 Mitsui Home Co., Ltd. 10,000 42,243 Mitsui O.S.K Lines, Ltd. 52,000 257,345 Mitsui Sumitomo Insurance Group Holdings, Inc. 9,000 212,042 Mitsumi Electric Co., Ltd. 4,200 61,349 Mizuho Financial Group, Inc. 447,800 874,447 Morinaga Milk Industry Co., Ltd. 6,000 17,957 Musashi Seimitsu Industry Co., Ltd. 700 7,185 Nagase & Co., Ltd. 5,000 38,706 Namco Bandai Holdings, Inc. 8,800 88,339 NEC Electronics Corp.* 5,600 34,433 NEC Mobiling, Ltd. 4,100 63,735 Net One Systems Co., Ltd. 53 70,013 NGK Insulators, Ltd. 3,000 46,922 NGK Spark Plug Co., Ltd. 5,000 42,562 Nichiban Co., Ltd. 10,000 27,574 Nichirei Corp. 31,000 110,848 9 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Nidec Corp. 1,719 $ 77,380 Nihon Unisys, Ltd. 3,200 23,006 Nihon Yamamura Glass Co., Ltd. 50,000 104,249 Nintendo Co., Ltd. 4,151 1,214,300 Nippo Corp. 24,000 195,751 Nippon Electric Glass Co., Ltd. 6,000 42,555 Nippon Express Co., Ltd. 150,000 472,714 Nippon Flour Mills Co., Ltd. 9,000 36,778 Nippon Kayaku Co., Ltd. 4,000 20,288 Nippon Mining Holdings, Inc. 37,000 148,306 Nippon Paper Group, Inc. 2,200 53,562 Nippon Sheet Glass Co. 25,000 62,511 Nippon Shinyaku Co., Ltd. 2,000 17,716 Nippon Shokubai Co., Ltd. 7,000 44,174 Nippon Soda Co., Ltd. 37,000 109,184 Nippon System Development Co., Ltd. 6,000 38,379 Nippon Telegraph & Telephone Corp. 64,500 2,461,624 Nippon Yusen Kabushiki Kaisha 141,000 544,681 NIS Group Co., Ltd.* 27,300 8,132 Nishimatsu Construction Co., Ltd. 39,000 31,271 Nissan Motor Co., Ltd. 110,500 399,383 Nisshin Seifun Group, Inc. 62,000 668,013 Nisshin Steel Co., Ltd. 3,000 5,091 Nisshinbo Industries, Inc. 27,000 257,348 Noevir Co., Ltd. 3,800 32,604 Nomura Real Estate Holdings, Inc. 16,700 254,767 NSK, Ltd. 15,000 58,223 NTN Corp. 26,000 73,787 NTT DoCoMo, Inc. 83 113,082 Ohashi Technica, Inc. 5,500 39,440 Okabe Co., Ltd. 10,000 35,065 Omron Corp. 7,100 84,213 Ono Pharmaceutical Co., Ltd 3,800 166,777 Onward Kashiyama Co., Ltd. 7,000 46,337 Oriental Land Co., Ltd. 1,200 76,466 Osaka Gas Co., Ltd. 362,000 1,133,183 Panasonic Corp. 8,700 95,961 Panasonic Electric Works Information Systems Co., Ltd. 4,300 60,367 Piolax, Inc. 1,000 11,996 Pioneer Corp.* 13,700 18,251 Prima Meat Packers, Ltd. 64,000 79,951 QP Corp. 21,812 234,948 Relo Holdings, Inc. 2,700 19,760 Resona Holdings, Inc. 2,900 38,380 Ricoh Co., Ltd. 28,276 341,911 Rock Field Co., Ltd. 2,300 28,017 Rohm Co., Ltd. 3,200 159,881 Ryoden Trading Co., Ltd. 13,000 55,980 Ryoyo Electro Corp. 2,900 24,111 Sankyo Co., Ltd. 3,300 144,221 Sankyo-Tateyama Holdings, Inc. 108,000 75,092 Sanshin Electronics Co., Ltd. 2,600 16,697 SHARES VALUE --------- ------------ Santen Pharmaceuticals 4,800 $ 133,881 Sapporo Hokuyo Holdings, Inc.* 13,000 36,863 Sato Saji Corp. 4,800 26,620 Seiko Epson Corp. 21,200 291,603 Seino Transportation Co., Ltd. 23,000 111,245 Sekisui Chemical Co., Ltd. 39,000 194,796 Sekisui House, Ltd. 27,000 206,697 Seven & I Holdings Co., Ltd. 21,900 483,488 Seven Bank Ltd. 47 125,220 Sharp Corp. 31,134 249,141 Shikoku Coca-Cola Bottling Co., Ltd. 4,200 32,813 Shikoku Electric Power Co., Ltd. 5,300 141,547 Shin-Etsu Chemical Co., Ltd. 8,733 429,055 Shinagawa Refractories Co., Ltd. 14,000 22,170 Shinko Securities Co., Ltd. 20,000 39,480 Shinsei Bank, Ltd.* 67,000 68,081 Shiroki Corp. 14,000 29,513 Showa Denko KK 61,000 75,816 Sompo Japan Insurance, Inc. 52,000 272,559 Sony Corp. 45,102 932,911 Sony Corp. - ADR 3,300 68,079 Sorun Corp. 14,600 59,470 Starzen Co., Ltd. 15,000 35,240 Sumitomo Bakelite Co., Ltd. 9,000 36,289 Sumitomo Chemical Co., Ltd. 69,000 237,217 Sumitomo Corp. 44,900 390,158 Sumitomo Electric Industries, Ltd. 30,000 252,771 Sumitomo Forestry Co., Ltd. 6,000 40,008 Sumitomo Metal Industries, Ltd. 66,000 133,946 Sumitomo Mitsui Financial Group, Inc. 46,500 1,637,329 Suzuki Motor Corp. 4,534 76,260 T&D Holdings Inc. 6,200 150,999 Taihei Kogyo Co., Ltd. 10,000 22,505 Taiheiyo Cement Corp. 25,000 36,824 Taiho Kogyo Co., Ltd. 15,400 69,011 Taikisha, Ltd. 3,276 35,224 Takeda Pharmaceutical Co., Ltd. 1,789 62,069 Tanabe Seiyaku Co., Ltd. 3,000 29,429 TDK Corp. 5,500 208,175 Teijin, Ltd. 36,000 78,658 The 77 Bank, Ltd. 14,000 69,835 The Bank of Kyoto, Ltd. 7,000 59,453 The Bank of Nagoya, Ltd. 9,000 37,895 The Bank of Saga, Ltd. 11,000 36,523 The Bank of Yokohama, Ltd. 73,000 312,989 The Daishi Bank, Ltd. 24,000 94,883 The Gunma Bank, Ltd. 12,000 65,296 The Hachijuni Bank, Ltd. 13,000 75,841 The Higo Bank, Ltd. 8,000 46,355 The Hokkoku Bank, Ltd. 14,000 50,097 The Hyakugo Bank, Ltd. 8,000 41,145 The Japan steel Works, Ltd. 11,000 104,873 The Juroku Bank, Ltd. 12,000 40,239 The Kagawa Bank, Ltd. 5,000 21,071 10 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ The Kagoshima Bank, Ltd. 7,000 $ 49,039 The Kansai Electric Power Co. Inc. 20,500 445,516 The Kita-Nippon Bank, Ltd. 2,600 76,642 The San-In Godo Bank, Ltd. 7,000 54,027 The Shiga Bank, Ltd. 8,000 43,758 The Shimizu Bank, Ltd. 500 20,684 The Sumitomo Trust & Banking Co., Ltd. 39,000 151,000 The Yamanashi Chuo Bank, Ltd. 8,000 42,034 TKC 3,500 69,653 Toda Corp. 11,000 33,898 Toenec corp. 10,000 53,275 Toho Gas Co., Ltd. 90,000 413,942 Tohoku Electric Power Co., Inc. 15,800 347,766 Tokuyama Corp. 15,000 96,316 Tokyo Electric Power Co., Inc. 22,700 567,355 Tokyo Electron, Ltd. 6,400 239,704 Tokyo Gas Co., Ltd. 83,000 291,178 Tokyo Rakutenchi Co., Ltd. 8,000 31,972 Tokyo Steel Manufacturing Co., Ltd. 24,400 245,929 Tokyo Tatemono Co., Ltd. 17,000 44,127 Tokyu Land Corp. 23,000 64,137 Tomoku Co., Ltd. 20,000 36,234 Toppan Printing Co., Ltd. 85,000 583,446 Tosoh Corp. 11,000 20,970 Toyo Engineering Corp. 9,000 26,583 Toyo Seikan Kaisha, Ltd. 6,900 101,850 Toyo Suisan Kaisha, Ltd. 7,000 144,436 Toyo Wharf & Warehouse Co., Ltd. 15,000 20,798 Toyota Boshoku Corp. 30 313 Toyota Motor Corp. 10,358 329,010 Toyota Tsusho Corp. 7,500 73,289 Universe Co., Ltd. 2,300 25,664 Usen Corp.* 11,186 10,425 Vital-Net, Inc. 5,000 30,607 West Japan Railway Co. 71 225,135 Wowow, Inc. 66 90,805 Yachiyo Industry Co., Ltd. 1,700 8,602 Yamaguchi Financial Group, Inc. 11,000 104,269 Yamaha Corp. 13,300 130,831 Yamaha Motor Co., Ltd. 12,600 113,045 Yokogawa Electric 35,400 143,781 Yondenko Corp. 2,000 9,583 ------------ TOTAL JAPAN 47,656,337 ------------ JORDAN -- 0.1% Arab Bank PLC 11,205 176,839 Arab Potash Co. 700 36,852 Jordan Petroleum Refinery Co. 1,380 14,190 Jordan Steel 5,259 19,135 Jordanian Electric Power Co. 8,442 39,650 Lafarge Jordan Cement 3,000 29,517 Middle East Complex* 3,860 8,344 Taameer Jordan Holdings Public Shareholding Co.* 12,900 16,567 SHARES VALUE --------- ------------ United Arab Investors* 17,000 $ 26,294 ------------ TOTAL JORDAN 367,388 ------------ KENYA -- 0.2% Bamburi Cement Co., Ltd. 23,000 34,196 Barclays Bank of Kenya, Ltd. 48,400 24,430 East African Breweries, Ltd. 28,080 40,724 Equity Bank, Ltd. 331,000 72,296 ICDC Investment Co., Ltd. 102,300 13,121 Kenya Airways, Ltd. 195,900 48,371 Kenya Commercial Bank, Ltd.* 332,800 82,338 Kenya Electricity Generating Co., Ltd. 268,600 42,629 Mumias Sugar Co., Ltd. 238,200 13,757 Nation Media Group 24,200 38,877 Safaricom, Ltd.* 1,820,600 68,273 Standard Chartered Bank Kenya, Ltd. 9,200 15,986 ------------ TOTAL KENYA 494,998 ------------ LATVIA -- 0.0% Latvian Shipping Co.* 91,206 78,804 ------------ TOTAL LATVIA 78,804 ------------ LITHUANIA -- 0.1% Apranga PVA 87,700 64,201 Invalda PVA 17,284 10,338 Lietuvos Energija* 17,374 9,958 Lifosa PVA* 4,400 38,133 Panevezio Statybos Trestas 16,900 9,393 Pieno Zvaigzdes 10,687 7,022 Rytu Skirstomieji Tinklai* 26,729 13,330 Sanitas 9,500 25,079 Siauliu Bankas* 30,912 8,702 TEO LT AB 308,900 145,025 Ukio Bankas* 201,700 69,097 ------------ TOTAL LITHUANIA 400,278 ------------ LUXEMBOURG -- 0.3% ArcelorMittal (London Exchange) 16,263 331,825 ArcelorMittal (New York Exchange) 4,200 84,168 SES SA 23,164 442,153 ------------ TOTAL LUXEMBOURG 858,146 ------------ MALAYSIA -- 0.6% Alliance Financial Group Bhd 28,800 13,364 Astro All Asia Networks PLC 23,200 13,794 Batu Kawan Bhd 12,600 27,674 British American Tobacco Bhd 6,700 83,674 Bursa Malaysia Bhd 14,500 20,488 Dialog Group Bhd 83,500 19,369 Digi.com Bhd 28,500 165,756 Eastern & Oriental Bhd* 15,700 1,986 Eon Capital Bhd 28,200 20,737 Genting Bhd 59,200 59,761 Hong Leong Bank Bhd 16,400 24,104 IJM Corp. Bhd 43,900 50,398 IOI Corp. Bhd 30,450 31,789 KLCC Property Holdings Bhd 54,800 45,081 KNM Group Bhd 108,300 11,448 Kuala Lumpur Kepong Bhd 22,300 64,873 11 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Kulim Malaysia Bhd 24,400 $ 33,370 Lion Industries Corp. Bhd 88,800 14,872 Malayan Banking Bhd 38,200 40,490 Malaysian Airline System Bhd 64,500 50,775 Malaysian Resources Corp. Bhd 55,800 13,017 MISC Bhd 32,000 73,326 MMC Corp. Bhd 90,800 35,365 Muhibbah Engineering M Bhd 68,300 14,819 Multi-Purpose Holdings Bhd 86,000 26,180 Pelikan International Corp. Bhd 20,700 3,951 Petronas Dagangan Bhd 17,900 38,810 PPB Group Bhd 33,700 90,648 Public Bank Bhd 28,286 58,653 Ranhill Bhd 52,000 10,417 Resorts World Bhd 129,100 75,802 RHB Capital Bhd 21,200 20,622 Samling Global Bhd 354,000 12,551 SapuraCrest Petroleum Bhd 132,200 26,873 Scomi Group Bhd 69,500 6,107 Shell Refining Co. Federation of Malaya Bhd 9,800 25,805 Sime Darby Bhd 113,446 177,553 SP Setia Bhd 19,800 15,173 TA Ann Holdings Bhd 11,000 8,907 Tanjong PLC 7,700 29,166 Telekom Malaysia Bhd 83,800 80,923 Tenaga Nasional Bhd 123,000 205,863 UMW Holdings Bhd 15,400 22,193 Wah Seong Corp. Bhd 35,625 12,694 WCT Engineering Bhd 35,466 10,522 YTL Corp. Bhd 32,900 62,786 YTL Power International Bhd 113,816 59,922 Zelan Bhd 17,600 2,705 ------------ TOTAL MALAYSIA 2,015,156 ------------ MAURITIUS -- 0.2% Ireland Blyth, Ltd. 18,300 18,291 Mauritius Commercial Bank 77,100 223,528 Mauritius Development Investment Trust Co., Ltd. 221,000 25,442 Naiade Resorts, Ltd. 7,000 5,634 New Mauritius Hotels, Ltd. 18,900 43,987 Rogers & Co., Ltd. 7,100 44,467 State Bank of Mauritius, Ltd. 74,300 110,789 Sun Resorts, Ltd. - Class A 17,890 19,556 ------------ TOTAL MAURITIUS 491,694 ------------ MEXICO -- 1.3% Alfa SAB de CV - Class A 28,500 44,224 America Movil SAB de CV - Series L 647,200 877,250 America Movil SAB de CV - Series L ADR 12,109 327,912 Axtel SAB de CV* 16,800 6,748 Banco Compartamos SAB de CV 27,000 50,798 Carso Global Telecom SAB de CV - Series A1* 14,200 46,615 Carso Infraestructura y Construccion SAB de CV* 41,900 19,375 Cemex SAB de CV* 737,521 462,350 SHARES VALUE --------- ------------ Coca-Cola Femsa SAB de CV - Series L 34,600 $ 117,442 Consorcio ARA SAB de CV 21,400 5,605 Controladora Comercial Mexicana SAB de CV* 13,600 3,850 Corp GEO SAB de CV - Series B* 26,000 26,248 Corp Interamericana de Entretenimiento SAB de CV - Series B* 12,000 7,201 Corp Moctezuma, SAB de CV 20,900 28,034 Desarrolladora Homex SAB de CV - ADR* 4,729 62,612 Desarrolladora Homex SAB de CV* 9,200 20,394 Empresas ICA SAB de CV* 47,700 80,819 Fomento Economico Mexicano, SAB de CV 75,300 191,160 Grupo Aeroportuario del Centro Norte, SAB de CV 17,800 16,273 Grupo Aeroportuario del Pacifico, SAB de CV - Class B 14,700 26,723 Grupo Aeroportuario del Sureste, SAB de CV - Class B 7,500 21,650 Grupo Bimbo SAB de CV - Series A* 9,900 37,042 Grupo Carso SAB de CV - Series A1 34,000 82,570 Grupo Elektra SAB de CV 1,800 60,360 Grupo Financiero Banorte SAB de CV - Series O 162,135 214,501 Grupo Financiero Inbursa SAB de CV - Series O 75,000 193,258 Grupo Mexico SAB de CV - Series B 272,285 198,375 Grupo Modelo SAB de CV - Series C 17,500 53,000 Grupo Simec SAB de CV - Series B* 12,500 17,914 Grupo Televisa SAB 43,700 118,775 Impulsora Del Desarrollo Y El Empleo en America Latina SAB de CV* 94,900 53,731 Industrias CH SAB de CV - Series B* 7,500 15,355 Industrias Penoles SAB de CV 5,150 53,987 Kimberly-Clark de Mexico SAB de CV - Series A 48,600 157,757 Mexichem SAB de CV 23,400 16,354 Organizacion Soriana SAB de CV - Series B* 10,800 17,307 Promotora Y Operadora de Infraestructura SAB de CV* 36,900 50,120 Telefonos de Mexico SAB de CV - ADR 181,500 137,358 Telmex Internacional SAB de CV - Class L 125,300 57,497 TV Azteca SAB de CV 38,700 12,431 Urbi Desarrollos Urbanos SA de CV* 22,900 20,160 12 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Vitro SAB de CV - Class A 13,000 $ 4,084 Wal-Mart de Mexico SAB de CV - Series V* 91,500 213,683 ------------ TOTAL MEXICO 4,228,902 ------------ MOROCCO -- 0.2% Attijariwafa Bank 3,309 106,459 Banque Centrale Populaire 590 18,048 Banque Marocaine du Commerce et de l'Industrie 320 31,020 Banque Marocaine du Commerce Exterieur 3,670 98,620 Brasseries Maroc 171 40,682 Ciments du Maroc 250 40,733 Compagnie Generale Immobiliere 120 26,532 Credit Immobilier et Hotelier 800 31,248 Douja Promotion Groupe Addoha SA 2,600 34,773 Lafarge Ciments 60 10,125 Managem 600 11,133 Maroc Telecom 6,100 111,001 ONA SA 444 61,476 RISMA* 132 4,581 Societe Nationale d'Investissement 250 44,144 Sonasid 210 62,329 ------------ TOTAL MOROCCO 732,904 ------------ NETHERLANDS -- 4.3% Aegon NV 28,786 111,587 Amrest Holdings NV* 1,200 13,730 ASML Holding NV 6,364 112,057 European Aeronautic Defence and Space Co. NV 83,345 968,458 Gamma Holding NV 1,330 6,193 Heineken NV 5,857 166,381 Koninklijke Ahold NV 50,414 552,172 Koninklijke Boskalis Westminster NV 4,707 94,567 Koninklijke DSM NV 18,477 486,180 Koninklijke KPN NV 49,751 664,229 Koninklijke Philips Electronics NV 50,815 752,173 Koninklijke Philips Electronics NV (New York Exchange) 1,400 20,818 New World Resources NV - Class A* 27,200 94,721 OCE NV 5,342 15,873 QIAGEN NV* 5,048 80,398 Reed Elsevier NV 8,452 90,444 Royal Dutch Shell PLC - ADR 45,750 1,995,157 Royal Dutch Shell PLC - Class A 205,736 4,589,789 Royal Dutch Shell PLC - Class B 61,314 1,333,872 STMicroelectronics NV 77,966 390,122 TNT NV 2,294 39,320 Unilever NV 49,161 968,531 Unit 4 Agresso NV 1,329 14,995 X5 Retail Group NV - GDR* 2,700 26,975 ------------ TOTAL NETHERLANDS 13,588,742 ------------ SHARES VALUE --------- ------------ NEW ZEALAND -- 0.0% Auckland International Airport, Ltd. 10,487 $ 10,231 Contact Energy, Ltd. 14,568 47,542 Fletcher Building, Ltd. 19,041 65,155 Telecom Corp. of New Zealand, Ltd. 1 1 ------------ TOTAL NEW ZEALAND 122,929 ------------ NIGERIA -- 0.1% Access Bank Nigeria PLC 272,500 8,932 African Petroleum PLC* 61,333 25,874 Diamond Bank PLC 294,470 9,463 Ecobank Transnational, Inc. 262,889 20,140 Fidelity Bank 533,000 10,243 First Bank of Nigeria PLC 512,375 54,841 First City Monument Bank PLC 279,500 7,362 Flour Mills Nigeria PLC 77,990 7,450 Guaranty Trust Bank PLC 256,036 17,089 Guinness Nigeria PLC 45,800 27,786 Intercontinental Bank PLC 386,600 16,545 Nigerian Breweries PLC 207,400 50,087 Oando PLC 42,240 18,289 Oceanic Bank International PLC* 363,000 15,908 Platinum Habib Bank PLC* 199,600 7,722 UAC of Nigeria PLC* 99,400 17,755 Union Bank Nigeria PLC 214,199 14,623 United Bank For Africa PLC 237,562 12,898 West African Portland Cement PLC 142,000 14,585 Zenith Bank, Ltd. 267,400 21,273 ------------ TOTAL NIGERIA 378,865 ------------ NORWAY -- 0.4% Aker Kvaerner ASA 7,200 46,494 Blom ASA* 500 946 DnB NOR ASA 9,400 42,170 Marine Harvest* 90,000 28,333 Norsk Hydro ASA 26,200 98,587 Norske Skogindustrier ASA* 43,853 80,275 Orkla ASA 5,775 39,616 Sparebank 1 SMN 480 1,732 StatoilHydro ASA 21,961 384,333 Storebrand ASA 32,000 99,233 Telenor ASA 87,200 498,489 Veidekke ASA 200 891 Yara International ASA 3,450 75,595 ------------ TOTAL NORWAY 1,396,694 ------------ OMAN -- 0.1% Bank Dhofar SAOG 27,170 26,669 Bank Muscat SAOG 47,300 71,629 Dhofar International Development 8,500 5,404 National Bank of Oman, Ltd. 48,170 33,932 Oman Cables Industry 12,100 19,100 Oman Cement Co. 25,000 21,480 Oman Flour Mills 34,000 25,680 Oman International Bank 75,900 58,623 Oman National Investment Corp. Holdings 16,900 11,740 13 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Oman Oil Marketing Co. 13,300 $ 40,578 Oman Telecommunications Co. 23,500 72,416 Renaissance Services Co. SAOG 35,993 39,273 ------------ TOTAL OMAN 426,524 ------------ PAKISTAN -- 0.0% MCB Bank Ltd. 45,000 78,922 Oil & Gas Development Co., Ltd. 64,900 58,096 ------------ TOTAL PAKISTAN 137,018 ------------ PERU -- 0.2% Alicorp SA 102,800 50,518 Austral Group SA* 425,900 32,407 Banco Continental* 23,671 45,404 Cia de Minas Buenaventura SA - ADR 6,700 160,666 Cia Minera Milpo SA 24,978 46,327 Corp Aceros Arequipa SA 21,688 10,521 Credicorp, Ltd. 1,900 88,996 Ferreyros SA* 106,793 69,410 Minsur SA 35,553 48,470 Sociedad Minera Cerro Verde SA 1,400 20,594 Sociedad Minera el Brocal SA 5,700 36,144 Southern Copper Corp. 9,200 160,264 ------------ TOTAL PERU 769,721 ------------ PHILIPPINES -- 0.3% Aboitiz Equity Ventures, Inc. 1,086,900 126,239 Atlas Consolidated Mining & Development* 330,000 29,333 Ayala Land, Inc. 285,100 33,652 Banco De Oro Unibank, Inc. 52,400 27,680 Bank of the Philippine Islands 55,580 39,071 International Container Term Services, Inc. 80,800 20,044 Jollibee Foods Corp. 47,600 42,887 Manila Electric Co. 66,110 119,131 Metropolitan Bank & Trust 88,500 47,592 Philex Mining Corp.* 271,000 31,390 Philippine Long Distance Telephone Co. 6,960 311,192 PNOC Energy Development Corp. 587,000 47,444 San Miguel Corp. - Class B 125,900 135,843 SM Prime Holdings, Inc. 287,400 43,463 Union Bank of Philippines 26,400 12,709 ------------ TOTAL PHILIPPINES 1,067,670 ------------ POLAND -- 0.7% Agora SA 8,600 33,024 Asseco Poland SA 6,260 78,794 Bank Handlowy W Warszawie SA 1,500 16,098 Bank Millennium SA 22,000 11,413 Bank Pekao SA 7,513 180,926 Bank Zachodni WBK SA 1,500 29,440 BRE Bank SA* 650 19,675 Budimex SA* 950 18,693 Cersanit-Krasnystaw SA* 9,300 29,167 ComArch SA* 400 6,677 SHARES VALUE --------- ------------ Cyfrowy Polsat SA 13,930 $ 54,272 Dom Development SA 1,800 11,931 Eurocash SA 11,800 31,387 Getin Holding SA* 18,000 20,841 Globe Trade Centre SA* 8,100 34,587 Grupa Kety SA 450 7,918 Grupa Lotos SA* 2,600 12,396 Ing Bank Slaski SA 200 12,176 KGHM Polaksa Miedz SA 10,621 140,369 LPP SA* 90 24,809 Mostalzab SA* 17,000 15,160 Mostostal-Warszawa SA* 2,300 31,791 Multimedia Polska SA 19,300 34,585 Netia SA* 21,500 19,173 Orbis SA 2,900 24,739 PBG SA* 1,090 59,912 Polimex Mostostal SA 51,700 44,577 Polish Energy Partners SA* 4,100 26,543 Polnord SA* 1,000 7,769 Polska Grupa Farmaceutyczna SA* 1,200 7,225 Polski Koncern Miesny Duda SA* 19,100 3,128 Polski Koncern Naftowy Orlen 20,625 142,225 Polskie Gornictwo Naftowe I Gazownictwo SA 50,940 49,346 Powszechna Kasa Oszczednosci Bank Polski SA 70,860 438,216 Przedsiebiorstwo Eksportu I Importu Kopex SA* 3,300 11,750 Synthos SA* 99,800 15,493 Telekomunikacja Polska SA 46,720 253,060 TVN SA 25,250 62,031 Vistula & Wolczanka SA* 12,900 5,115 Zaklad Przetworstwa Hutniczego Stalprodukt SA 250 26,111 ------------ TOTAL POLAND 2,052,542 ------------ PORTUGAL -- 0.4% Banco Comercial Portugues SA - Class R 77,579 63,625 EDP - Energias de Portugal SA 74,206 257,246 Jeronimo Martins SGPS SA* 46,735 230,087 Portugal Telecom SGPS SA 70,400 543,837 ------------ TOTAL PORTUGAL 1,094,795 ------------ QATAR -- 0.3% Barwa Real Estate Co.* 4,856 27,095 Commercial Bank of Qatar 3,008 38,322 Doha Bank, Ltd. 5,658 41,341 First Finance Co.* 3,751 18,931 Industries Qatar* 8,430 183,674 Masraf Al Rayan 25,900 71,100 Qatar Electricity & Water Co. 2,230 49,104 Qatar Fuel Co. 1,900 67,665 Qatar Gas Transport Co. Nakilat* 10,800 51,918 Qatar Insurance Co. 1,715 17,913 Qatar International Islamic Bank 1,680 18,052 Qatar Islamic Bank 4,370 70,366 Qatar National Bank 3,255 83,571 14 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Qatar National Cement Co. 50 $ 818 Qatar Navigation 2,253 30,415 Qatar Real Estate Investment Co. 3,864 17,488 Qatar Shipping Co. 3,740 24,769 Qatar Telecom Q-Tel QSC 1,673 43,159 ------------ TOTAL QATAR 855,701 ------------ ROMANIA -- 0.1% Antibiotice 128,000 15,872 Banca Transilvania* 410,345 101,027 Biofarm Bucuresti* 1,024,687 25,663 Impact SA* 36,601 2,313 Iproeb Bistrita SA 17,850 4,813 Romanian Development Bank - Groupe Societe Generale 93,400 182,976 Rompetrol Rafinare SA* 950,800 8,631 SNP Petrom SA 1,768,000 84,891 Transelectrica SA 6,650 20,633 ------------ TOTAL ROMANIA 446,819 ------------ RUSSIA -- 1.5% AvtoVAZ 92,900 34,838 CTC Media, Inc.* 4,400 20,064 Evraz Group SA - GDR 1,400 11,542 Fifth Power Generation Co., OGK-5* 321,200 7,648 Gazprom OAO - ADR (London Exchange) 55,100 816,465 Gazprom OAO - ADR (New York Exchange) 32,189 479,616 Gazpromneft OAO 8,500 23,970 Holding Mrsk OAO* 56,000 560 Inter Rao Ues OAO - 144A GDR* 3,344 8,694 Irkutsk Elek Net 82,603 66 Irkutskenergo OJSC 79,800 13,015 JSC Scientific Production Corp. IRKUT - ADR* 2,200 3,465 KAMAZ* 31,400 18,051 Kuzbassenergo OJSC* 35,853 61 Kuzbassenergo OJSC - GDR* 1,112 1,223 LUKOIL - ADR (London Exchange) 10,700 401,164 LUKOIL - ADR (New York Exchange) 12,613 475,510 Magnit OAO* 1,600 36,754 Mechel - ADR 3,000 12,510 Miikhaylovsky Gok CNV 56,000 -- Mining & Metallurgical Co., Norilsk Nickel - ADR 10,000 61,400 Mining & Metallurgical Co., Norilsk Nickel - ADR 20,450 124,745 Mobile Telesystems OJSC 25,700 111,795 Mobile Telesystems OJSC - ADR 800 23,936 Novolipetsk Steel - GDR 2,800 33,312 OAO Rosneft Oil Company - GDR* 106,515 456,209 OGK-1 OAO* 49,337 414 OGK-1 OAO - 144A GDR* 11,544 4,444 OGK-2 OAO - 144A GDR* 4,000 3,104 OGK-3 OJSC 21,099 253 SHARES VALUE --------- ------------ OGK-3 OJSC 144A GDR* 6,576 $ 3,946 OGK-6 OAO 29,932 245 OGK-6 OAO - 144A GDR* 4,664 3,941 Polyus Gold Co. - ADR 2,400 59,520 RAO Energy System of East OAO* 800,000 1,600 RAO Energy System of East OAO - Preference* 56,000 129 RAO Unified Energy System, GDR* 1,300 130,000 RBC Information Systems* 50 20 Rostelecom 1,000 51,560 Rostelecom - Class S 5,200 44,676 Sberbank 91,150 24,155 Sberbank - Class S 466,500 287,881 Severstal - BRD 4,300 16,453 Severstal - GDR Reg S 4,800 16,320 Severstal RegS GDR 31,590 102,352 Sistema JSFC - GDR 3,500 20,006 Sitronics - GDR Reg S* 12,500 4,625 Surgutneftegaz - ADR (London Exchnage)* 5,500 34,100 Surgutneftegaz - ADR (New York Exchange)* 32,000 202,240 Tatneft - GDR 1,200 55,195 TGK-1 OAO* 1,960,781 196 TGK-1 OAO - 144A GDR* 6,112 1,834 TGK-13 OAO* 88,378 80 TGK-14* 498,161 15 TGK-14 - 144A GDR* 256 461 TGK-2* 665,824 33 TGK-2 - GDR* 1,032 929 TGK-4 - 144A GDR* 2,536 1,902 TGK-5* 697,216 77 TGK-6* 785,986 79 TGK-8 OAO* 885,303 956 TGK-9 OAO 3,453,248 104 TGK-9 OAO - 144A GDR* 2,688 2,688 TMK OAO 1,300 6,264 Unified Energy System - GDR* 3,400 341,700 Volga Territorial Generating Co.* 17,150 149 Volga Territorial Generating Co. - GDR* 2,672 2,282 Vsmpo-Avisma Corp. 200 4,600 Wimm-Bill-Dann Foods OJSC - ADR* 1,800 57,258 Yenisei Territorial Generating Co. OJSC - GDR* 2,752 1,101 ------------ TOTAL RUSSIA 4,666,500 ------------ SAUDI ARABIA -- 0.2% The Saudi Arabia Investment Fund, Ltd. 16,307 568,951 ------------ TOTAL SAUDI ARABIA 568,951 ------------ SINGAPORE -- 1.0% Ascendas Real Estate Investment Trust 26,000 20,916 CapitaLand, Ltd. 114,000 174,805 Ezra Holdings, Ltd. 175,000 77,737 15 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Fortune Real Estate Investment Trust 231,000 $ 79,574 Fraser & Neave, Ltd. 44,000 73,299 Genting International PLC* 70 24 Golden Agri-Resources, Ltd. 2,015,520 365,431 Guocoleisure, Ltd. 11,000 2,027 Hi-P International, Ltd. 126,000 38,172 Jardine Cycle & Carriage, Ltd. 114,251 891,929 K1 Ventures, Ltd. 373,000 29,415 Keppel Corp., Ltd. 16,000 52,862 Macquarie International Infrastructure Fund, Ltd. 464,000 88,276 Neptune Orient Lines, Ltd. 58,000 45,082 Oversea-Chinese Banking Corp., Ltd. 74,000 235,909 SembCorp Industries, Ltd. 82,000 127,182 Singapore Airlines, Ltd. 35,000 230,821 Singapore Exchange, Ltd. 22,000 73,923 Singapore Technologies Engineering, Ltd. 9,000 14,582 Singapore Telecommunications, Ltd. 172,000 286,701 United Overseas Bank, Ltd. 17,000 109,043 United Overseas Land Group, Ltd. 68,000 83,814 Venture Corp., Ltd. 34,000 112,761 Wilmar International, Ltd 30,000 62,773 ------------ TOTAL SINGAPORE 3,277,058 ------------ SLOVENIA -- 0.0% Telekom Slovenije DD 400 74,327 ------------ TOTAL SLOVENIA 74,327 ------------ SOUTH AFRICA -- 1.9% ABSA Group, Ltd. 27,184 276,117 Adcorp Holdings, Ltd. 10,600 19,001 Aeci, Ltd. 3,000 13,937 African Bank Investments, Ltd. 11,480 30,542 African Rainbow Minerals, Ltd. 2,100 30,733 Allied Electronics Corp., Ltd. 4,900 10,347 Anglo Platinum, Ltd. 900 45,255 AngloGold Ashanti, Ltd. 3,200 116,090 ArcelorMittal South Africa, Ltd. 2,900 22,384 Aspen Pharmacare Holdings, Ltd.* 7,622 36,727 Astral Foods, Ltd. 1,200 11,613 Aveng, Ltd. 48,647 133,861 AVI, Ltd. 12,300 22,443 Barloworld, Ltd. 7,400 25,048 Bidvest Group, Ltd. 12,625 117,192 DataTec, Ltd.* 18,700 29,008 Discovery Holdings, Ltd. 7,999 21,158 Eqstra Holdings, Ltd.* 9,300 5,097 Exxaro Resources, Ltd. 3,700 27,009 FirstRand, Ltd. 59,000 75,214 Foschini, Ltd. 5,700 26,448 Fountainhead Property Trust 18,100 10,805 Gold Fields, Ltd. 37,078 416,502 Grindrod, Ltd. 12,600 16,058 Group Five, Ltd. 4,500 13,415 SHARES VALUE --------- ------------ Growthpoint Properties, Ltd. 36,400 $ 52,220 Harmony Gold Mining Co., Ltd.* 26,310 284,041 Impala Platinum Holdings, Ltd. 15,557 260,351 Imperial Holdings, Ltd. 5,000 28,256 Investec, Ltd. 7,000 28,742 JSE, Ltd. 2,600 12,221 Kumba Iron Ore, Ltd. 1,400 24,236 Liberty Holdings, Ltd. 2,800 18,623 Massmart Holdings, Ltd. 5,100 37,495 Medi-Clinic Corp, Ltd. 17,600 40,036 Mondi, Ltd. 6,100 17,815 MTN Group, Ltd. 88,588 982,928 Murray & Roberts Holdings, Ltd. 11,000 47,119 Nampak, Ltd. 11,100 14,750 Naspers, Ltd. 8,501 143,842 Nedbank Group, Ltd. 6,300 56,620 Network Healthcare Holdings, Ltd.* 31,200 26,204 Northam Platinum, Ltd. 8,000 21,767 Pick'n Pay Stores, Ltd. 11,500 35,792 Pretoria Portland Cement Co., Ltd. 45,666 151,480 Raubex Group, Ltd. 10,200 19,366 Remgro, Ltd. 7,500 53,428 Reunert, Ltd. 6,700 25,940 RMB Holdings, Ltd. 18,000 39,098 SA Corporate Real Estate Fund 99,600 25,279 Sanlam, Ltd. 138,712 246,755 Sappi, Ltd. 13,300 25,655 Sasol, Ltd. 16,174 468,849 Shoprite Holdings, Ltd. 51,466 274,800 Standard Bank Group, Ltd. 39,086 328,007 Steinhoff International Holdings, Ltd. 29,000 30,883 Sun International, Ltd. 4,500 34,135 Telkom SA, Ltd. 17,209 191,734 The Spar Group, Ltd. 7,200 39,401 Tiger Brands, Ltd. 15,965 227,761 Truworths International, Ltd. 59,620 202,244 Wilson Bayly Holmes-Ovcon, Ltd. 2,800 25,150 Woolworths Holdings, Ltd. 30,600 36,815 ------------ TOTAL SOUTH AFRICA 6,131,842 ------------ SOUTH KOREA -- 3.5% Amorepacific Corp. 70 31,002 Cheil Industries, Inc. 890 24,541 CJ Corp. 630 17,550 Daegu Bank 27,600 147,115 Daewoo Engineering & Construction Co., Ltd. 19,734 139,145 Daewoo International Corp. 1,339 24,241 Daewoo Shipbuilding & Marine Engineering Co., Ltd. 870 13,701 Daishin Securities Co., Ltd.* 4,590 57,075 DC Chemical Co., Ltd. 270 39,456 Dong-A Pharmaceutical Co., Ltd. 510 32,806 16 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Dongkuk Steel Mill Co., Ltd. 1,010 $ 18,778 Doosan Corp. 1,409 102,870 Doosan Heavy Industries and Construction Co., Ltd. 430 21,419 Doosan Infracore Co., Ltd. 2,200 23,708 Global & Yuasa Battery Co., Ltd. 737 12,149 GS Engineering & Construction Corp. 690 30,878 GS Holdings Corp. 5,710 123,467 Hana Financial Group, Inc. 18,700 284,919 Hanjin Heavy Industries & Construction Co., Ltd. 2,590 53,547 Hanjin Shipping Co., Ltd. 1,570 21,411 Hanmi Pharm Co., Ltd. 315 34,275 Hanwha Corp. 1,980 43,053 Hite Brewery Co., Ltd. 190 18,902 Honam Petrochemical Corp. 1,986 86,173 Hynix Semiconductor, Inc.* 5,190 46,727 Hyosung Corp. 5,699 269,950 Hyundai Department Store Co., Ltd. 430 22,431 Hyundai Development Co. 700 17,213 Hyundai Engineering & Construction Co., Ltd. 1,210 52,158 Hyundai Heavy Industries 1,496 214,186 Hyundai Marine & Fire Insurance Co., Ltd* 8,010 73,377 Hyundai Merchant Marine Co., Ltd. 2,080 40,814 Hyundai Mipo Dockyard Co., Ltd. 370 35,012 Hyundai Mobis 6,413 372,424 Hyundai Motor Co., Ltd. 4,139 167,484 Hyundai Motor Co., Ltd. - 2nd PFD 1,490 22,461 Hyundai Securities Co.* 4,630 38,506 Hyundai Steel Co. 750 23,549 Industrial Bank of Korea* 5,180 25,940 KB Financial Group, Inc.* 3,260 78,859 KB Financial Group, Inc. - ADR* 1,200 29,100 KCC Corp. 120 26,509 Kia Motors Corp.* 3,820 23,756 Korea Electric Power Corp.* 10,750 197,017 Korea Exchange Bank 8,450 38,410 Korea Express Co., Ltd.* 470 34,513 Korea Gas Corp. 3,472 102,263 Korea Investment Holdings Co., Ltd.* 2,990 65,047 Korea Kumho Petrochemical 620 9,688 Korea Line Corp. 330 14,104 Korea Zinc Co., Ltd. 1,910 158,281 Korean Air Lines Co., Ltd.* 800 20,139 KT Corp. 4,556 126,764 KT Freetel Co., Ltd.* 7,900 158,501 KT&G Corp. 7,422 409,672 LG Chem, Ltd. 600 37,979 LG Corp. 7,189 259,022 LG Electronics, Inc. 3,749 249,432 LG Household & Health Care, Ltd. 300 32,840 SHARES VALUE --------- ------------ LG Philips LCD Co., Ltd. 44,530 $ 908,853 LG Telecom, Ltd. 13,900 85,131 Lotte Shopping Co., Ltd. 190 26,464 Macquarie Korea Infrastructure Fund 5,769 18,611 Mirae Asset Securities Co., Ltd.* 389 20,177 NHN Corp.* 1,339 147,539 Nong Shim Co., Ltd. 497 77,443 POSCO 1,752 466,872 POSCO - ADR 5,202 347,650 Pusan Bank 3,215 13,860 S-Oil Corp. 2,656 108,739 Samsung C&T Corp. 1,000 29,022 Samsung Card Co. 1,000 22,901 Samsung Electro-Mechanics Co., Ltd. 1,070 37,973 Samsung Electronics Co., Ltd. 3,838 1,585,698 Samsung Engineering Co., Ltd. 1,030 43,719 Samsung Fire & Marine Insurance Co., Ltd.* 780 90,839 Samsung Heavy Industries Co., Ltd. 1,680 31,526 Samsung SDI Co., Ltd. 670 31,968 Samsung Securities Co., Ltd.* 540 22,717 Shinhan Financial Group Co., Ltd.* 9,625 174,097 Shinsegae Co., Ltd. 396 124,372 SK Energy Co., Ltd. 800 51,795 SK Holdings Co., Ltd. 2,380 186,679 SK Telecom Co., Ltd. 7,344 1,021,523 STX Engine Co., Ltd. 6,930 99,577 STX Shipbuilding Co., Ltd. 1,560 15,157 Tong Yang Securities, Inc.* 5,400 30,557 Woongjin Coway Co., Ltd. 1,510 32,987 Woori Finance Holdings Co., Ltd.* 5,090 26,179 Woori Investment & Securities Co., Ltd.* 1,600 19,816 Youngone Corp. 24,400 153,570 ------------ TOTAL SOUTH KOREA 10,950,320 ------------ SPAIN -- 3.0% Acerinox SA 6,116 71,240 ACS, Actividades de Construccion y Servicios, SA 3,512 145,671 Banco Bilbao Vizcaya Argentaria SA 125,138 1,015,718 Banco de Sabadell SA 39,825 199,883 Banco Popular Espanol SA 27,623 174,860 Banco Santander Central Hispano SA 98,438 678,711 Banco Santander Central Hispano SA - ADR 232,293 1,602,822 Corporacion Mapfre SA 105,754 231,577 Fomento de Construcciones y Contratas SA 1,476 45,171 Iberdrola Renovables SA* 6,084 25,198 Iberdrola SA 161,610 1,133,857 Iberia Lineas Aereas de Espana SA 116,564 244,459 17 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Industria de Diseno Textil SA 5,851 $ 228,008 Repsol YPF SA 17,984 310,314 Repsol YPF SA - ADR 39,095 668,134 Telefonica SA 127,004 2,532,633 Union Fenosa SA 6,062 144,854 ------------ TOTAL SPAIN 9,453,110 ------------ SWEDEN -- 1.3% Alfa Laval AB 8,687 65,705 Atlas Copco AB - Class A 10,281 77,198 Bankas Snoras AB* 30,780 6,753 Bure Equity AB 23,181 64,258 Electrolux AB - Series B* 56,015 438,409 Getinge AB - Class B 3,342 32,367 Hennes & Mauritz AB - Class B 15,958 598,268 Holmen AB - Class B 2,300 38,218 JM AB 4,696 26,182 Lundbergforetagen AB - Class B 862 27,732 Millicom International Cellular SA 953 35,672 NCC AB - Class B 5,200 37,237 Sandvik AB 31,785 182,079 SAS AB* 4,500 2,268 Securitas AB - Class B 4,252 31,035 Skanska AB - Class B 3,967 34,241 SKF AB - Class B 13,059 113,039 Svenska Cellulosa AB - Class B 17,707 134,391 Svenska Handelsbanken AB - Class A 3,150 44,513 Swedish Match AB 34,412 497,702 Tele2 AB - Class B 15,755 132,814 Telefonaktiebolaget Ericsson LM - Class B* 56,754 458,867 Telefonaktiebolaget LM Ericsson - ADR* 34,600 279,914 TeliaSonera AB 83,703 402,587 Volvo AB - Class A 18,991 100,973 Volvo AB - Class B 33,001 175,112 ------------ TOTAL SWEDEN 4,037,534 ------------ SWITZERLAND -- 6.8% ABB, Ltd.* 101,739 1,418,929 Actelion, Ltd.* 9,396 428,799 Addax Petroleum Corp. 1,886 40,837 Adecco SA 3,393 106,032 Aryzta AG* 4,804 114,723 Baloise Holding, Ltd. 5,093 325,506 Banque Cantonale Vaudoise 90 29,839 Compaghnie Financiere Richmont SA 49,512 773,057 Credit Suisse Group - ADR 15,000 457,350 Flughafen Zuerich AG 401 72,193 Geberit AG 442 39,707 Givaudan SA 356 184,263 Holcim, Ltd. - Class B 4,037 143,793 Kardex AG* 893 22,059 Lonza Group AG* 1,622 160,257 Nestle SA 169,426 5,723,950 Nobel Biocare Holding AG 748 12,767 Novartis AG 105,749 4,000,862 SHARES VALUE --------- ------------ PSP Swiss Property AG* 828 $ 34,907 Roche Holding AG - Genusschein 19,619 2,692,711 Schindler Holding AG 485 22,150 Sulzer AG* 2,120 109,398 Swatch Group AG 1,015 122,419 Swiss Reinsurance 2,583 42,202 Swisscom AG 473 132,808 Syngenta AG 5,732 1,152,204 Synthes, Inc. 5,689 633,752 The Swatch Group AG 1,418 34,644 UBS AG* 91,566 858,454 Valiant Holding 1,211 213,324 Walter Meire AG 12 562 Zurich Financial Services AG 8,297 1,311,285 ------------ TOTAL SWITZERLAND 21,415,743 ------------ TAIWAN -- 2.1% Acer, Inc. 161,830 243,681 Advanced Semiconductor Engineering, Inc. 64,961 31,698 Asia Cement Corp. 37,100 32,167 Asia Optical Co., Inc. 11,110 13,285 Asustek Computer, Inc. 42,000 44,285 AU Optronics Corp. 52,552 43,750 AU Optronics Corp. 46,589 390,882 Capital Securities Corp. 79,200 22,394 Catcher Technology Co., Ltd. 8,580 18,872 Cathay Financial Holding Co., Ltd. 103,000 88,753 Cathay Real Estate Development Co., Ltd. 84,000 22,597 Chang Hwa Commercial Bank 67,000 22,575 Cheng Shin Rubber Industry Co., Ltd. 41,400 40,254 China Airlines* 101,000 25,190 China Development Financial Holding Corp. 188,979 37,598 China Motor Corp. 73,000 23,604 China Steel Corp. 134,000 87,956 Chinatrust Financial Holding Co., Ltd. 381,489 139,933 Chunghwa Picture Tubes, Ltd. 166,000 20,161 Chunghwa Telecom Co., Ltd. 214,951 391,990 Compal Electronics, Inc. 259,290 186,207 D-Link Corp. 31,620 22,451 Delta Electronics, Inc. 22,440 41,368 E.Sun Financial Holding Co., Ltd. 102,960 25,227 Epistar Corp. 10,099 15,208 Far Eastern Department Stores Co., Ltd. 42,000 21,811 Far EasTone Telecommunications Co., Ltd. 36,000 37,051 First Financial Holding Co., Ltd. 74,888 34,629 First Steamship Co., Ltd. 20,700 24,091 Formosa Chemicals & Fibre Corp. 65,000 76,855 Formosa Petrochemical Corp. 33,000 65,395 Formosa Plastics Corp. 72,000 108,696 18 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Fubon Financial Holding Co., Ltd. 87,000 $ 52,588 Gemtek Technology Corp. 76,000 107,960 HannStar Display Corp. 144,049 25,872 High Tech Computer Corp. 26,400 325,063 HON HAI Precision Industry Co., Ltd. 90,050 203,765 Hotai Motor Co., Ltd. 20,000 28,085 Hua Nan Financial Holdings Co., Ltd. 68,340 35,937 Innolux Display Corp. 36,300 35,396 KGI Securities Co., Ltd. 101,000 29,329 Lien Hwa Industrial Corp. 70,453 25,193 Lite-On Technology Corp. 33,391 22,637 MediaTek, Inc. 49,050 461,741 Mega Financial Holding Co., Ltd. 135,000 48,434 Motech Industries, Inc. 9,596 26,659 Nan Kang Rubber Tire Co., Ltd. 46,800 26,280 Nan Ya Plastics Corp. 91,000 104,390 Nanya Technology Corp.* 93,000 21,346 Novatek Microelectronics Corp., Ltd. 10,095 15,339 POU Chen Corp. 43,098 23,754 Powerchip Semiconductor Corp.* 107,000 13,926 Powertech Technology, Inc. 700 1,264 President Chain Store Corp. 80,000 183,715 ProMos Technologies, Inc.* 114,000 4,437 Qisda Corp. 69,120 20,316 Quanta Computer, Inc. 149,170 188,511 Realtek Semiconductor Corp. 8,568 11,231 Shin Kong Financial Holding Co., Ltd. 70,705 20,330 Siliconware Precision Industries Co. 36,000 37,854 Sino-American Silicon Products, Inc. 9,787 21,033 SinoPac Financial Holdings Co., Ltd. 466,000 93,003 Synnex Technology International Corp. 19,800 25,074 Tainan Spinning Co., Ltd. 108,000 23,057 Taishin Financial Holdings Co., Ltd. 82,000 13,321 Taiwan Cement Corp. 244,560 201,948 Taiwan Cooperative Bank 80,500 37,485 Taiwan Fertilizer Co., Ltd. 16,000 32,902 Taiwan Kolin Co., Ltd.* 141,000 2,910 Taiwan Mobile Co., Ltd. 42,527 61,732 Taiwan Semiconductor Manufacturing Co., Ltd. 645,798 972,476 Taiwan Semiconductor Manufacturing Co., Ltd. - ADR 25,682 229,854 Tatung Co., Ltd.* 102,000 20,122 Tripod Technology Corp. 19,080 25,467 TSRC Corp. 140,000 125,480 Tung Ho Steel Enterprise Corp. 35,000 28,137 SHARES VALUE --------- ------------ Uni-President Enterprises Corp. 70,950 $ 57,592 Unimicron Technology Corp. 37,370 22,273 United Microelectronics Corp. 131,000 42,762 Walsin Lihwa Corp. 120,000 24,118 Winbond Electronics Corp.* 184,000 23,142 Wintek Corp. 58,000 26,586 Wistron Corp. 25,179 27,158 Yang Ming Marine Transport Corp. 83,598 26,301 Yuanta Financial Holding Co., Ltd. 100,000 45,791 Yulon Motor Co., Ltd. 43,640 23,789 Zinwell Corp. 22,435 31,156 ------------ TOTAL TAIWAN 6,766,635 ------------ THAILAND -- 0.7% Advanced Info Service PCL 79,400 185,097 Advanced Info Service PCL - For Reg 94,600 222,730 Airports of Thailand PCL 56,200 25,318 Bangkok Bank PCL - For Reg 92,600 195,923 Bangkok Dusit Medical Service PCL 20,600 9,887 Bangkok Expressway PCL 50,500 22,785 Banpu PCL - For Reg 19,800 119,586 BEC World PCL 76,100 39,924 Bumrungrad Hospital PCL 54,000 27,257 Calcomp Electronics Thailand PCL 211,500 7,698 Central Pattana PCL 44,600 15,738 Charoen Pokphand Foods PCL 382,800 34,963 CP ALL (Seven Eleven) PCL 203,400 72,265 Delta Electronics Thai PCL 52,900 13,734 Electricity Generating PCL 15,300 28,569 Glow Energy PCL 53,700 31,788 Hana Microelectronics PCL 230,900 65,840 IRPC PCL (Thai Petrochemical Industry PCL) 624,900 33,356 Kasikornbank PCL 58,900 75,083 Kasikornbank Public Co., Ltd. 100 126 Khon Kaen Sugar Industry PCL 127,100 23,342 Krung Thai Bank PCL 345,500 44,209 Major Cineplex Group PCL 98,300 18,162 Minor International PCL 117,450 21,357 PTT Aromatics & Refining PCL 59,778 15,427 PTT Chemical PCL 28,200 23,070 PTT Exploration & Production PCL 31,800 87,358 PTT Exploration & Production PCL - For Reg 21,400 58,780 PTT PCL 39,700 172,390 Quality House PCL - Foreign* 838,700 19,151 Ratchaburi Electricity Generating Holding PCL 46,000 49,932 Siam Cement PCL 12,000 33,349 Siam City Bank PCL* 63,100 13,174 Siam City Cement PCL 4,600 16,213 Siam Commercial Bank PCL 22,000 33,777 19 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Siam Commercial Bank PCL - For Reg 105,100 $ 161,510 Siam Makro PCL 18,000 34,052 Sino Thai Engineering & Construction PCL* 180,500 16,579 Thai Airways International PCL 46,000 12,397 Thai Beverage PCL 344,000 39,638 Thai Oil PCL 53,300 38,336 Thai Union Frozen Products PCL 48,300 27,786 Thanachart Capital PCL 120,600 32,683 Thoresen Thai Agencies PCL 8,760 3,114 TMB Bank PCL* 546,200 6,776 Total Access Communication PCL* 65,000 49,294 TPI Polene PCL* 885,000 68,379 ------------ TOTAL THAILAND 2,347,902 ------------ TURKEY -- 0.8% Adana Cimento - Class A* 4,736 9,859 Akbank TAS 33,677 98,955 Akcansa Cimento AS* 4,900 7,421 Akenerji Electrik Uretim AS* 7,800 28,524 Aksigorta AS 19,400 30,341 Alarko Holding AS 12,489 13,454 Anadolu Efes Biracilik ve Malt Sanayii AS 19,264 118,822 Anadolu Efes Biracilik ve Malt Sanayii AS - ADR* 3 4 Anadolu Sigorta 41,433 22,638 Arcelik AS 18,800 20,591 Aygaz AS 11,368 13,755 Bim Birlesik Magazalar AS 4,050 85,908 Cimsa Cimento Sanayi ve Tica 4,400 8,812 Dogan Sirketler Grubu Holding AS* 127,009 41,785 Dogan Yayin Holding* 28,097 9,117 Dogus Otomotiv Servis ve Ticaret AS 6,500 7,689 Eczacibasi Ilac Sanayi 19,500 11,741 Enka Insaat ve Sanayi AS 19,681 69,737 Eregli Demir ve Celik Fabrikalari TAS 44,554 83,574 Ford Otomotiv Sanayi AS 9,100 24,867 Haci Omer Sabinci Holding AS 19,400 33,207 Hurriyet Gazetecilik AS* 11,811 4,253 Ihlas Holding* 53,700 6,748 Is Gayrimenkul Yatirim Ortakligi AS 18,400 10,611 Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS* 43,100 13,186 KOC Holding AS* 94,433 132,624 Koza Davetiyeleri Imalat Ithalat ve Ihracat AS* 21,000 20,138 Petkim Petrokimya Holding AS* 16,620 40,736 Petrol Ofisi AS* 6,186 14,166 Sekerbank TAS 19,100 10,770 Tofas Turk Otomobil Fabrikasi AS 11,700 10,248 Trakya Cam Sanayi AS* 25,726 14,049 SHARES VALUE --------- ------------ Tupras-Turkiye Petrol Rafine 26,448 $ 264,967 Turcas Petrolculuk AS 9,100 14,079 Turk Hava Yollari Anonim Ortakligi* 68,362 268,732 Turk Sise ve Cam Fabrikalari AS* 1 -- Turk Telekomunikasyon AS* 30,747 71,144 Turkcell Iletisim Hizmetleri AS 61,583 301,667 Turkiye Garanti Bankasi AS* 114,953 162,700 Turkiye Halk Bankasi AS 14,354 31,360 Turkiye Is Bankasi 38,374 86,108 Turkiye Sinai Kalkinma Bankasi AS* 24,125 10,417 Turkiye Vakiflar Bankasi Tao 296,670 223,974 Ulker Biskuvi Sanayi AS 8,022 8,422 Yapi ve Kredi Bankasi AS* 74,879 76,974 Yazicilar Holding AS 13,300 40,199 ------------ TOTAL TURKEY 2,579,073 ------------ UKRAINE -- 0.0% UkrTelecom - GDR 75,799 95,168 ------------ TOTAL UKRAINE 95,168 ------------ UNITED ARAB EMIRATES -- 0.3% Aabar Investments PJSC 76,000 36,453 Abu Dhabi Commercial Bank 60,000 26,100 Abu Dhabi National Hotels 86,800 67,112 Air Arabia 591,400 170,000 Aldar Properties PJSC 61,000 44,235 Amlak Finance PJSC* 50,900 14,135 Dana Gas PJSC* 427,000 67,199 DP World, Ltd. 343,400 82,416 Dubai Financial Market* 34,800 11,629 Dubai Investments* 120,666 35,664 Dubai Islamic Bank PJSC 59,455 43,340 Emaar Properties PJSC* 99,400 59,413 Emirates NBD PJSC 47,300 40,034 First Gulf Bank PJSC 9,400 21,697 Gulf Cement Co.* 65,000 42,647 RAK Properties 150,000 19,948 Tabreed* 185,260 29,168 Union National Bank/Abu Dhabi 39,600 22,538 Union Properties PJSC* 59,400 11,587 ------------ TOTAL UNITED ARAB EMIRATES 845,315 ------------ UNITED KINGDOM -- 11.9% Amec PLC 15,029 114,770 Amlin PLC 24,016 118,366 Anglo American PLC 6,598 111,774 Anglo American PLC (London Exchange) 8,285 141,082 Antofagasta PLC (Johannesburg Exchange) 41,859 302,945 Associated British Foods PLC 14,427 132,424 AstraZeneca PLC 60,120 2,129,141 Aveva Group PLC 2,890 23,326 Aviva PLC 14,738 45,702 BAE Systems PLC 233,479 1,119,789 BG Group PLC 120,625 1,819,555 BHP Billiton PLC 154,211 3,041,899 BP PLC 89,837 602,389 20 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ BP PLC - ADR 66,622 $ 2,671,542 Braemar Shipping Services PLC 3,435 10,881 British Airways PLC 9,589 19,306 British American Tobacco PLC 27,916 644,881 British Land Co. PLC 7,070 36,531 Cadbury PLC 21,506 162,219 Carnival PLC - ADR 5,000 113,400 Centrica PLC 440,561 1,438,130 Compass Group PLC 109,860 502,412 Dangote Sugar Refinery PLC 211,920 19,189 Diageo PLC 10,026 111,958 Drax Group PLC 98,266 727,902 DS Smith PLC 12,197 8,742 easyJet PLC* 15,270 61,098 Friends Provident PLC 372,665 369,523 GlaxoSmithKline PLC 112,564 1,753,144 GlaxoSmithKline PLC - ADR 28,967 900,005 Hammerson PLC 11,335 41,356 Healthcare Locums PLC 2,326 4,262 Home Finance Co.* 243,750 107,029 HSBC Holdings PLC 163,129 908,229 HSBC Holdings PLC - ADR 22,808 643,651 Imperial Tobacco Group PLC 6,480 145,530 International Power PLC 175,490 529,978 Investec PLC 12,752 53,393 Investec PLC 23,581 97,138 ITV PLC 42,921 11,690 J Sainsbury PLC 348,713 1,563,020 Kazakhmys PLC 3,922 20,915 Kingfisher PLC 40,375 86,544 Legal & General Group PLC 32,270 19,868 London Stock Exchange Group PLC 26,486 214,154 Lonmin PLC 7,929 162,094 Marks & Spencer Group PLC 18,691 79,242 Mondi PLC 3,380 7,161 National Grid PLC 25,176 193,364 Next PLC 35,739 678,192 Old Mutual PLC 52,383 38,997 Pearson PLC 10,138 101,950 Pearson PLC - ADR 11,800 118,118 Reckitt Benckiser Group PLC 17,673 663,083 Rexam PLC 34,013 131,668 Rio Tinto PLC 42,849 1,438,782 Rolls-Royce Group PLC* 9,252 38,973 SABMiller PLC 8,707 129,461 Schroders PLC 2,630 29,814 Scottish & Southern Energy PLC 4,615 73,332 Smith & Nephew PLC 7,691 47,872 Standard Chartered PLC 23,258 288,801 Tate & Lyle PLC 115,407 430,484 Tesco PLC 167,364 799,621 Thomas Cook Group PLC 216,043 743,956 Thomson Reuters PLC 21,156 472,410 Thomson Reuters PLC - ADR 2,374 317,428 TUI Travel PLC 47,733 156,638 Tullow Oil PLC 20,332 233,768 Vedanta Resources PLC 2,272 22,027 Vodafone Group PLC 317,579 553,683 SHARES VALUE --------- ------------ Vodafone Group PLC - ADR 116,324 $ 2,026,364 Whitbread PLC 2,490 28,120 WM Morrison Supermarkets PLC 824,212 3,017,580 WPP PLC 22,177 124,719 Xstrata PLC 136,581 916,178 ------------ TOTAL UNITED KINGDOM 37,764,662 ------------ UNITED STATES -- 0.0% Dr Pepper Snapple Group, Inc.* 1,193 20,174 Gerdau Ameristeel Corp. 9,400 28,331 ------------ TOTAL UNITED STATES 48,505 ------------ VIETNAM -- 0.2% Dragon Capital - Vietnam Enterprise Investments, Ltd.* 458,445 458,445 ------------ TOTAL VIETNAM 458,445 ------------ TOTAL COMMON STOCK (Cost $378,680,258) 299,087,132 ------------ EXCHANGE-TRADED FUNDS -- 1.2% iShares MSCI EAFE Index Fund 14,859 558,550 Nikkei 225 ETF 9,048 762,341 TOPIX ETF 220,210 1,773,070 Vanguard Europe Pacific ETF 30,000 690,300 ------------ TOTAL EXCHANGE-TRADED FUNDS (Cost $4,011,252) 3,784,261 ------------ PREFERRED STOCK -- 1.6% BRAZIL -- 1.4% AES Tiete SA, 10.01% 3,080 23,580 Aracruz Celulose SA B, 1.49% 6,700 4,419 Banco Bradesco SA, 0.04% 15,220 151,692 Banco Itau Holding Financeira SA, 0.32% 53,313 588,346 Brasil Telecom Participacoes SA 4.33% 8,500 62,658 Brasil Telecom SA, 3.93% 4,100 22,641 Braskem SA A, 4.61%* 3,300 6,899 Centrais Eletricas Brasileiras SA B, 1.60% 6,000 64,481 Cia Brasileira de Distribuicao Grupo Pao de Acucar, 0.64% 2,800 37,744 Cia de Bebidas das Americas, 2.36% 2,500 119,312 Cia Energetica de Minas Gerais, 2.58% 17,149 253,936 Cia Energetica de Sao Paulo, 0.14% 4,100 23,171 Cia Paranaense de Energia B, 0.90% 11,000 114,185 Cia Vale do Rio Doce A, 0.38% 97,919 1,131,677 Gerdau SA, 1.83% 23,846 132,092 Gol Linhas Aereas Inteligentes SA, 2.99% 1,000 2,884 Investimentos Itau SA, 0.12% 105,100 361,547 Lojas Americanas SA, 0.72% 17,100 48,209 Marcopolo SA, 2.99% 7,900 11,409 Metalurgica Gerdau SA, 2.38% 3,600 26,072 21 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Net Servicos de Comunicacao SA* 3,000 $ 21,791 Petroleo Brasileiro SA, 0.06% 66,945 825,936 Sadia SA, 0.31% 13,000 17,765 Tam SA, 0.66%* 1,300 7,212 Telecomunicacoes de Sao Paulo SA, 3.24% 900 18,661 Telemar Norte Leste SA A, 1.61% 1,100 24,829 Tim Participacoes SA, 2.49% 10,000 12,372 Ultrapar Participacoes SA, 3.08% 2,400 57,317 Usinas Siderurgicas de Minas Gerais SA A, 0.82% 16,116 204,459 Vivo Participacoes SA, 1.98% 2,200 28,859 Votorantim Celulose e Papel SA* 1,300 6,008 ------------ TOTAL BRAZIL 4,412,163 ------------ CHILE -- 0.0% Embotelladora Andina SA B, 2.51% 12,700 31,159 ------------ TOTAL CHILE 31,159 ------------ CROATIA -- 0.0% Adris Grupa DD, 0.62% 1,219 32,737 ------------ TOTAL CROATIA 32,737 ------------ GERMANY -- 0.2% Fresenius SE AG, 1.21% 5,163 236,186 Porsche Automobil Holding SE AG, 0.58% 4,816 225,622 Volkswagen AG, 1.82% 418 24,003 ------------ TOTAL GERMANY 485,811 ------------ RUSSIA -- 0.0% Silvinit, 2.39% 326 48,865 Surgutneftegaz - ADR, 2.19% 10,000 25,500 Transneft, 0.77% 25 7,163 ------------ TOTAL RUSSIA 81,528 ------------ SOUTH KOREA -- 0.0% Samsung Electronics Co., Ltd., 1.55% 180 41,266 ------------ TOTAL SOUTH KOREA 41,266 ------------ THAILAND -- 0.0% Siam Commercial Bank PCL, 2.42% 16,600 24,808 ------------ TOTAL THAILAND 24,808 ------------ TOTAL PREFERRED STOCK (Cost $6,764,790) 5,109,472 ------------ RIGHTS -- 0.1% AUSTRALIA -- 0.0% Fairfax Media, Ltd. 24,379 4,577 Suncorp - Metway 9,877 10,302 ------------ TOTAL AUSTRALIA 14,879 ------------ BRAZIL -- 0.0% Gol Linhas Aereas Inteligentes* 129 -- LLX Logistica SA* 1,860 56 Vivo Participacoes SA* 34 37 SHARES VALUE --------- ------------ Votorantim Celulose e Papel SA* 1,445 $ -- ------------ TOTAL BRAZIL 93 ------------ CHILE -- 0.0% Masisa SA* 29,280 201 Sociedad de Inversiones Pampa Calichera SA* 11,483 591 ------------ TOTAL CHILE 792 ------------ FINLAND -- 0.0% Pohjola Bank PLC* 4,100 5,572 ------------ TOTAL FINLAND 5,572 ------------ ISRAEL -- 0.0% Shanghai Industrial Holdings, Ltd.* 140 -- ------------ TOTAL ISRAEL -- ------------ LITHUANIA -- 0.0% Siauliu Bankas* 3,428 -- ------------ TOTAL LITHUANIA -- ------------ MALAYSIA -- 0.0% Malayan Banking Bhd* 17,190 5,281 ------------ TOTAL MALAYSIA 5,281 ------------ MOROCCO -- 0.1% Douja Promotion Groupe Addoha SA* 6,000 84,280 Lafarge Ciments 110 48,548 ------------ TOTAL MOROCCO 132,828 ------------ NETHERLANDS -- 0.0% Koninklijke DSM 18,477 -- ------------ TOTAL NETHERLANDS -- ------------ OMAN -- 0.0% Bank Muscat SAOG 1,419 2,156 ------------ TOTAL OMAN 2,156 ------------ POLAND -- 0.0% Polski Koncern Miesny Duda SA 19,100 -- ------------ TOTAL POLAND -- ------------ TOTAL RIGHTS (Cost $188,225) 161,601 ------------ CALL WARRANTS -- 0.7% Merrill Lynch Int'l & Co. - CW12 ABB Ltd. India, Exp. 06/27/12 2,560 21,566 Merrill Lynch Int'l & Co. - CW13 Divi's Labatories, Ltd., Exp. 05/22/13 40 745 Merrill Lynch Int'l. & Co. - CW09 Larsen & Toubro, Ltd., Exp. 06/23/09 7,200 95,458 Merrill Lynch Int'l. & Co. - CW09 NTPC, Ltd., Exp. 10/19/09 22,673 80,373 Merrill Lynch Int'l. & Co. - CW09 Oil & Natural Gas Corp., Ltd., Exp. 02/18/14 4,257 65,464 22 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Merrill Lynch Int'l. & Co. - CW09 Ranbaxy Laboratories, Ltd., Exp. 11/08/10 8,900 $ 29,067 Merrill Lynch Int'l. & Co. - CW09 Steel Authority of India, Ltd., Exp. 04/21/09 9,100 17,300 Merrill Lynch Int'l. & Co. - CW09 Tata Consultancy Services, Ltd., Exp. 08/24/09 2,920 30,996 Merrill Lynch Int'l. & Co. - CW10 Aditya Birla Nuvo, Ltd., Exp. 06/28/10 1,600 14,002 Merrill Lynch Int'l. & Co. - CW10 Ambuja Cements, Ltd., Exp. 06/23/10 26,400 36,737 Merrill Lynch Int'l. & Co. - CW10 Apollo Hospitals Enterprise, Ltd., Exp. 07/21/10 224 1,687 Merrill Lynch Int'l. & Co. - CW10 Asian Paints, Ltd., Exp. 08/17/10 1,300 20,149 Merrill Lynch Int'l. & Co. - CW10 Axis Bank, Ltd., Exp. 04/21/10 2,760 22,573 Merrill Lynch Int'l. & Co. - CW10 Bharat Heavy Electricals, Ltd., Exp. 09/01/10 3,394 101,051 Merrill Lynch Int'l. & Co. - CW10 Bharat Petroleum Corp., Ltd., Exp. 09/02/10 5,100 37,801 Merrill Lynch Int'l. & Co. - CW10 Container Corp. Of India, Exp. 02/16/10 2,800 39,675 Merrill Lynch Int'l. & Co. - CW10 Crompton Greaves, Ltd., Exp. 07/27/10 5,500 13,388 Merrill Lynch Int'l. & Co. - CW10 EIH, Ltd., Exp. 02/18/10 5,409 9,222 Merrill Lynch Int'l. & Co. - CW10 HCL Technologies, Ltd., Exp. 09/01/10 8,500 17,097 Merrill Lynch Int'l. & Co. - CW10 HDFC Bank, Ltd. - ADR, Exp. 12/30/10 2,551 48,943 Merrill Lynch Int'l. & Co. - CW10 Hindustan Unilever, Ltd., Exp. 12/30/10 14,000 65,537 Merrill Lynch Int'l. & Co. - CW10 Infrastructure Development Finance Co., Ltd., Exp. 08/12/10 25,900 27,618 Merrill Lynch Int'l. & Co. - CW10 Jaiprakash Associates, Ltd., Exp. 07/01/10 21,400 35,473 Merrill Lynch Int'l. & Co. - CW10 Nestle India, Ltd., Exp. 09/30/10 1,500 46,016 SHARES VALUE --------- ------------ Merrill Lynch Int'l. & Co. - CW10 Sesa GOA, Ltd., Exp. 01/21/10 14,000 $ 27,484 Merrill Lynch Int'l. & Co. - CW10 Sun Pharmaceutical Industries, Ltd., Exp. 02/17/10 2,400 52,577 Merrill Lynch Int'l. & Co. - CW10 Suzlon Energy, Ltd., Exp. 09/16/10 10,500 8,765 Merrill Lynch Int'l. & Co. - CW10 Tata Power Co., Ltd., Exp. 09/30/10 4,040 61,203 Merrill Lynch Int'l. & Co. - CW10 Unitech, Ltd., Exp. 07/12/10 10,200 7,016 Merrill Lynch Int'l. & Co. - CW11 Adani Enterprises, Ltd., Exp. 09/06/11 2,200 11,606 Merrill Lynch Int'l. & Co. - CW11 Bharti Airtel, Ltd., Exp. 03/17/11 17,048 210,265 Merrill Lynch Int'l. & Co. - CW11 Cairn India, Ltd., Exp. 12/27/11 12,470 45,249 Merrill Lynch Int'l. & Co. - CW11 Cipla, Ltd./India, Exp. 08/16/11 6,800 29,493 Merrill Lynch Int'l. & Co. - CW11 Dr. Reddy's Laboratories, Ltd., Exp. 01/03/11 4,500 43,479 Merrill Lynch Int'l. & Co. - CW11 Grasim Industries, Ltd., Exp. 05/02/11 1,400 43,658 Merrill Lynch Int'l. & Co. - CW11 Hero Honda Motors, Ltd., Exp. 05/02/11 1,400 29,558 Merrill Lynch Int'l. & Co. - CW11 Housing Development Finance Corp., Exp. 01/18/11 4,560 126,927 Merrill Lynch Int'l. & Co. - CW11 Indian Oil Corp., Ltd., Exp. 08/25/11 4,600 35,161 Merrill Lynch Int'l. & Co. - CW11 Mahindra & Mahindra, Ltd., Exp. 05/03/11 5,900 44,615 Merrill Lynch Int'l. & Co. - CW11 Maruti Suzuki India, Ltd., Exp. 06/13/11 3,700 56,873 Merrill Lynch Int'l. & Co. - CW11 Reliance Capital, Ltd., Exp. 09/20/11 3,100 21,596 Merrill Lynch Int'l. & Co. - CW11 Reliance Communications, Ltd., Exp. 01/25/11 20,229 69,716 23 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager International Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE --------- ------------ Merrill Lynch Int'l. & Co. - CW11 Reliance Natural Resources, Ltd., Exp. 01/25/11 42,400 $ 37,482 Merrill Lynch Int'l. & Co. - CW11 Reliance Petroleum, Ltd., Exp. 05/18/11 23,100 43,300 Merrill Lynch Int'l. & Co. - CW11 Siemens India, Ltd., Exp. 12/13/11 3,800 20,080 Merrill Lynch Int'l. & Co. - CW11 Sterlite Industries India, Ltd., Exp. 03/24/11 6,300 44,405 Merrill Lynch Int'l. & Co. - CW11 Tata Steel, Ltd., Exp. 10/18/11 10,950 44,439 Merrill Lynch Int'l. & Co. - CW11 United Spirits, Ltd., Exp. 10/05/11 2,200 28,140 Merrill Lynch Int'l. & Co. - CW12 Colgate Palmolive India, Ltd., Exp. 10/25/12 5,200 48,295 Merrill Lynch Int'l. & Co. - CW12 DLF, Ltd., Exp. 06/21/12 4,300 14,179 Merrill Lynch Int'l. & Co. - CW12 Essar Oil, Ltd., Exp. 07/20/12 21,430 30,645 Merrill Lynch Int'l. & Co. - CW12 Idea Cellular, Ltd., Exp. 03/05/12 57,200 56,484 Merrill Lynch Int'l. & Co. - CW12 Kotak Mahindra Bank, Ltd., Exp. 04/20/12 4,200 23,361 Merrill Lynch Int'l. & Co. - CW12 Mundra Port and Special Economic Zone, Ltd., Exp. 11/23/12 4,200 26,764 Merrill Lynch Int'l. & Co. - CW12 Power Grid Corp of India, Ltd., Exp. 09/27/12 24,600 46,354 Merrill Lynch Int'l. & Co. - CW12 Punj Lloyd, Ltd., Exp. 06/25/12 4,400 7,905 Merrill Lynch Int'l. & Co. - CW13 Jindal Steel & Power, Ltd., Exp. 01/30/13 1,800 42,771 Merrill Lynch Int'l. & Co. - CW13 Piramal Healthcare, Ltd., Exp. 02/05/13 6,060 23,399 Merrill Lynch Int'l. & Co. - CW11 ACC, Ltd., Exp. 07/12/11 2,900 32,833 ------------ TOTAL CALL WARRANTS (Cost $4,827,255) 2,374,015 ------------ CERTIFICATES -- 0.2% Citigroup Global Markets Holdings, Inc. - Burgan Bank 30,000 38,883 SHARES VALUE --------- ------------ Citigroup Global Markets Holdings, Inc. - Kuwait Finance House 12,500 $ 49,750 Citigroup Global Markets Holdings, Inc. - Kuwait Projects Co. Holdings 35,000 42,700 Citigroup Global Markets Holdings, Inc. - Mobile Telecommunication Co. 27,500 66,000 Citigroup Global Markets Holdings, Inc. - National Bank of Kuwait 17,500 59,500 Citigroup Global Markets Holdings, Inc. - National Industries Group Holdings 95,000 107,350 Citigroup Global Markets Holdings, Inc. - Public Warehousing Co. 15,000 32,230 Citigroup Global Markets Holdings, Inc. - Sultan Center Food Products 60,000 34,800 Citigroup Global Markets Holdings, Inc. - Commercial Bank of Kuwait 10,000 34,789 Deutsche Bank AG/London - Unified Energy Systems 8 -- Deutsche Bank AG/London - Unified Energy Systems - OGK4 6 8,383 Deutsche Bank AG/London - Unified Energy Systems - TGK11 8 1,485 ------------ TOTAL GERMANY 475,870 ------------ TOTAL CERTIFICATES (Cost $466,568) 475,870 ------------ SHORT TERM INVESTMENTS -- 1.8% BlackRock Liquidity Funds TempFund Portfolio - Institutional Series (Cost $5,782,366) 5,782,366 5,782,366 ------------ TOTAL INVESTMENTS -- 100.0% (Cost $400,720,714)+ $316,774,717 LIABILITIES IN EXCESS OF OTHER ASSETS -- --% (3,210) ------------ NET ASSETS -- 100.0% $316,771,507 ============ * Non-income producing security. + The cost for Federal income tax purposes is $444,735,129. At March 31, 2009 net unrealized depreciation was $127,960,412. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $10,449,893, and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $138,410,305. ADR - American Depository Receipt GDR - Global Depository Receipt PLC - Public Limited Company At March 31, 2009, the Multi-Manager International Fund had entered into forward foreign currency exchange contracts, which contractually obligate the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:
NET UNREALIZED CONTRACT VALUE AT APPRECIATION SETTLEMENT DATE CURRENCY BOUGHT AMOUNT MARCH 31, 2009 (DEPRECIATION) ----------------------------------------------------------------------------------------------------------------------- April-09 450,796 Euro $ 612,929 $ 598,926 $ (14,003) April-09 221,016 Euro 300,199 293,641 (6,558) April-09 132,880 Euro 180,041 176,543 (3,498) April-09 477,871 Euro 651,893 634,898 (16,995) April-09 828,896 Euro 1,089,808 1,101,269 11,461 April-09 763,998 Euro 1,003,351 1,015,046 11,695 April-09 134,005 Euro 180,886 178,039 (2,847) April-09 4,808,267 Czechoslovakia Koruna 208,511 233,325 24,814 April-09 424,547 Euro 603,908 564,027 (39,881) April-09 721,674 Euro 1,031,305 958,770 (72,535) April-09 2,176,282 Euro 3,055,660 2,891,257 (164,403) April-09 568,649 Euro 735,661 755,471 19,810 April-09 474,678 Euro 610,839 630,627 19,788 May-09 258,726 Polish Zloty 82,120 74,242 (7,878) May-09 257,375 Polish Zloty 76,289 73,854 (2,435) May-09 749,334 Polish Zloty 250,664 215,021 (35,643) May-09 389,452 Polish Zloty 115,650 111,742 (3,908) May-09 386,102 Polish Zloty 103,126 110,782 7,656 May-09 44,193,312 Hungarian Forint 198,434 188,722 (9,712) May-09 39,346,523 Hungarian Forint 191,393 168,025 (23,368) May-09 42,559,753 Hungarian Forint 211,005 181,746 (29,259) May-09 27,717,342 Hungarian Forint 115,769 118,364 2,595 May-09 725,699 Czechoslovakia Koruna 31,455 35,190 3,735 May-09 145,821 Polish Zloty 38,937 41,829 2,892 May-09 357,655 Polish Zloty 119,597 102,596 (17,001) July-09 604,844 Czechoslovakia Koruna 26,215 29,294 3,079 October-09 15,348 Czechoslovakia Koruna 665 742 77 October-09 772,905 Polish Zloty 289,132 221,372 (67,760) October-09 890,661 Polish Zloty 320,785 255,099 (65,686) October-09 591,803 Czechoslovakia Koruna 31,279 28,622 (2,657) October-09 2,316,267 Czechoslovakia Koruna 125,339 112,004 (13,335) October-09 3,382,653 Czechoslovakia Koruna 172,990 163,569 (9,421) November-09 2,533,553 Polish Zloty 937,282 725,479 (211,803) ---------- (712,984) ==========
NET UNREALIZED CONTRACT VALUE AT APPRECIATION SETTLEMENT DATE CURRENCY SOLD AMOUNT MARCH 31, 2009 (DEPRECIATION) ----------------------------------------------------------------------------------------------------------------------- April-09 6,062,283 Czechoslovakia Koruna $ 308,435 $ 294,177 $ 14,258 April-09 1,794,668 Euro 2,289,386 2,384,391 (95,005) April-09 941,263 Czechoslovakia Koruna 50,297 45,675 4,622 April-09 812,725 Czechoslovakia Koruna 37,586 39,438 (1,852) April-09 1,214,794 Euro 1,553,284 1,613,972 (60,688) April-09 4,365,819 Euro 5,842,776 5,800,151 42,625 May-09 415,000 Polish Zloty 152,506 119,083 33,423 May-09 850,435 Polish Zloty 302,012 244,031 57,981 May-09 868,621 Polish Zloty 305,012 249,227 55,785 May-09 897,976 Polish Zloty 311,780 257,649 54,131 May-09 127,791,847 Hungarian Forint 596,879 545,720 51,159 May-09 81,906,276 Hungarian Forint 378,868 349,771 29,097 May-09 725,699 Czechoslovakia Koruna 36,059 35,190 869 May-09 71,810 Polish Zloty 23,338 20,599 2,739 May-09 431,665 Polish Zloty 140,288 123,826 16,462 July-09 604,844 Czechoslovakia Koruna 32,961 29,294 3,667 October-09 607,151 Czechoslovakia Koruna 32,962 29,365 3,597 October-09 1,663,566 Polish Zloty 530,558 476,472 54,086 October-09 1,066,657 Czechoslovakia Koruna 54,283 51,579 2,704 October-09 4,278,570 Czechoslovakia Koruna 217,131 206,892 10,239 October-09 5,415,964 Czechoslovakia Koruna 270,217 261,891 8,326 November-09 1,923,190 Polish Zloty 613,497 550,702 62,795 November-09 610,363 Polish Zloty 193,597 174,776 18,821 -------- $369,841 ========
At March 31, 2009, the Multi-Manager International Fund had open financial futures contracts as follows:
EXPIRATION CONTRACT VALUE AT UNREALIZED Contracts to Buy DATE AMOUNT MARCH 31, 2009 APPRECIATION -------------------------- ---------------------------------------------------------- 3 TOPIX Index Futures June 2009 $211,044 $235,490 $24,446 19 EURO STOXX June 2009 491,802 503,102 11,300 1 SFE/SFE SPI June 2009 59,178 61,991 2,813 4 FTSE 100 IDX June 2009 217,992 222,975 4,983 ------- $43,542 =======
24 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- LEVEL 1 - QUOTED PRICES $ 58,500,843 $ 43,542 ----------------------------------------------------------------------------------------------- LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS 258,273,874 (343,143) ----------------------------------------------------------------------------------------------- LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- TOTAL $316,774,717 $(299,601) -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Real Asset Fund ----------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ INFLATION-LINKED & FIXED INCOME SECURITIES -- 54.2% CORPORATE BONDS -- 1.3% FINANCIALS -- 1.3% American International Group, Inc., 5.85%, 01/16/18 $ 1,800,000 $ 704,707 General Electric Capital Corp.++, 6.38%, 11/15/67 600,000 291,349 Merrill Lynch & Co., Inc., 6.88%, 04/25/18 1,900,000 1,485,977 Morgan Stanley++, 3.34%, 05/14/10 1,300,000 1,266,312 Wachovia Corp., 5.50%, 05/01/13 900,000 829,848 ------------ TOTAL CORPORATE BONDS (Cost $5,648,393) 4,578,193 ------------ U.S. TREASURY OBLIGATIONS -- 29.3% U.S. Treasury Inflation Indexed Notes, 0.88%, 04/15/10 4,145,000 4,596,010 U.S. Treasury Inflation Indexed Notes, 3.50%, 01/15/11 6,780,000 8,586,371 U.S. Treasury Inflation Indexed Notes, 3.00%, 07/15/12 7,077,000 8,841,855 U.S. Treasury Inflation Indexed Notes, 1.88%, 07/15/13 1,930,000 2,273,899 U.S. Treasury Inflation Indexed Notes, 2.00%, 07/15/14 13,088,000 15,134,693 U.S. Treasury Inflation Indexed Notes, 1.63%, 01/15/15 7,287,000 8,137,219 U.S. Treasury Inflation Indexed Notes, 1.88%, 07/15/15 12,846,000 14,304,176 U.S. Treasury Inflation Indexed Notes, 2.50%, 07/15/16 3,900,000 4,357,233 U.S. Treasury Inflation Indexed Notes, 2.63%, 07/15/17 11,985,000 13,257,176 U.S. Treasury Inflation Indexed Notes, 2.38%, 01/15/25 4,751,000 5,528,875 U.S. Treasury Inflation Indexed Notes, 2.00%, 01/15/26 12,868,000 13,533,196 U.S. Treasury Inflation Indexed Notes, 3.63%, 04/15/28 2,888,000 4,647,197 U.S. Treasury Inflation Indexed Notes, 3.88%, 04/15/29 1,803,000 2,973,858 ------------ TOTAL U.S. TREASURY OBLIGATIONS (Cost $98,458,970) 106,171,758 ------------ FOREIGN GOVERNMENT SECURITIES -- 11.9% Brazil Notas do Tesouro Nacional Series B, 6.00%, 05/15/17 3,618,000 2,759,723 Brazil Notas do Tesouro Nacional Series B, 6.00%, 05/15/45 3,308,000 2,348,540 Canadian Government Bond, 2.00%, 12/01/41 1,000,000 846,727 Deutsche Bundesrepublik Inflation Linked, 1.50%, 04/15/16 2,000,000 2,830,503 France Government Bond OAT, 3.00%, 07/25/12 3,600,000 5,892,011 PRINCIPAL MARKET AMOUNT/SHARES VALUE -------------- ------------ France Government Bond OAT, 2.50%, 07/25/13 $ 1,200,000 $ 1,876,395 France Government Bond OAT, 2.25%, 07/25/20 1,500,000 2,277,079 France Government Bond OAT, 3.40%, 07/25/29 250,000 466,933 France Government Bond OAT, 3.15%, 07/25/32 1,000,000 1,755,168 France Government Bond OAT, 1.80%, 07/25/40 1,000,000 1,277,529 Japanese Government CPI Linked Bond, 1.10%, 12/10/16 190,000,000 1,669,344 Japanese Government CPI Linked Bond, 1.20%, 12/10/17 340,000,000 2,951,855 Mexican Udibonos, 3.50%, 12/14/17 6,577,400 1,925,796 Network Rail Infrastructure Finance PLC, 1.38%, 11/22/37 220,000 326,504 Poland Government Bond, 3.00%, 08/24/16 1,160,000 332,735 South Africa Government Bond, 2.60%, 03/31/28 4,500,000 629,903 Sweden Government Bond, 3.50%, 12/01/15 8,000,000 1,288,604 Sweden Government Bond, 3.50%, 12/01/28 2,000,000 368,580 U.K. Gilt Inflation Linked, 2.50%, 08/16/13 600,000 2,108,303 U.K. Gilt Inflation Linked, 2.50%, 04/16/20 850,000 3,469,104 U.K. Gilt Inflation Linked, 1.88%, 11/22/22 100,000 156,967 U.K. Gilt Inflation Linked, 1.25%, 11/22/27 3,500,000 5,433,486 ------------ TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $41,953,942) 42,991,789 ------------ ASSET-BACKED SECURITIES -- 0.2% MBNA Credit Card Master Note Trust, 0.60%, 05/15/13 (Cost $836,835) 900,000 848,689 ------------ EXCHANGE-TRADED FUNDS -- 11.5% iShares Lehman U.S. Treasury Inflation Protected Securities Index Fund, (Cost $40,585,148) 404,642 41,576,966 ------------ TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (Cost $187,483,288) 196,167,395 ------------ REAL ESTATE RELATED SECURITIES -- 13.8% COMMON STOCK -- 4.6% DEPARTMENT STORES -- 0.1% Lifestyle International Holdings, Ltd. 450,000 360,879 ------------ DIVERSIFIED REAL ESTATE ACTIVITIES -- 3.0% CapitaLand, Ltd. 836,750 1,283,057 City Developments, Ltd. 95,000 319,771 1 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Real Asset Fund ----------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- SHARES VALUE ------------ ------------ Daito Trust Construction Co., Ltd. 8,801 $ 296,699 Daiwa House Industry Co., Ltd. 43,000 349,433 Fonciere Des Regions 1,380 64,794 Hang Lung Group, Ltd. 123,300 375,557 Hang Lung Properties, Ltd. 483,500 1,137,461 Henderson Land Development Co., Ltd. 51,000 194,472 Kerry Properties, Ltd. 271,300 653,887 Land Securities Group PLC 44,434 278,772 Mitsubishi Estate Co., Ltd. 175,300 1,988,660 Mitsui Fudosan Co., Ltd. 157,300 1,725,559 Sumitomo Realty & Development Co., Ltd. 54,500 608,903 Sun Hung Kai Properties, Ltd. 163,700 1,468,877 Wharf Holdings, Ltd. 57,400 142,916 ------------ 10,888,818 ------------ HOTELS, RESORTS & CRUISE LINES -- 0.2% Shangri-La Asia, Ltd. 290,000 329,348 Sol Melia, SA 65,000 183,963 Starwood Hotels & Resorts Worldwide, Inc. 9,100 115,570 ------------ 628,881 ------------ OFFICE -- 0.0% Nomura Real Estate Office Fund, Inc. 18 100,828 ------------ REAL ESTATE DEVELOPMENT -- 0.5% Cheung Kong, Ltd. 108,510 935,230 China Overseas Land & Investment, Ltd. 391,900 614,219 Sino Land Co., Ltd. 126,100 126,339 Wing Tai Holdings, Ltd. 340,000 156,813 ------------ 1,832,601 ------------ REAL ESTATE OPERATING COMPANIES -- 0.8% Aeon Mall Co., Ltd. 47,300 608,410 BR Malls Participacoes SA* 13,700 84,158 Brookfield Properties Corp. 6,000 34,440 Castellum AB 22,220 124,886 Central Pattana PCL - NVDR 850,000 299,931 Deutsche Euroshop AG 4,679 134,825 Hongkong Land Holdings, Ltd. 278,100 634,068 Hufvudstaden AB - Class A 19,721 101,486 Hysan Development Co., Ltd. 310,455 525,416 NTT Urban Development Corp. 83 67,174 PSP Swiss Property AG* 6,980 294,262 Safestore Holdings PLC 69,100 53,176 ------------ 2,962,232 ------------ TOTAL COMMON STOCK (Cost $21,577,789) 16,774,239 ------------ REAL ESTATE INVESTMENT TRUSTS -- 8.6% DIVERSIFIED -- 1.3% British Land Co. PLC 174,469 901,483 Canadian Real Estate Investment Trust 10,788 171,044 Dexus Property Group 1,008,089 525,182 General Property Trust 483,491 146,825 ICADE 7,970 564,289 Liberty Property Trust 20,400 386,376 Mirvac Group 408,460 239,746 SHARES VALUE ------------ ------------ Stockland Corp., Ltd. 185,439 $ 396,199 Tokyu, Inc. 24 128,048 United Urban Investment Corp. 20 82,177 Vornado Realty Trust 28,261 939,396 Wereldhave NV 1,916 133,968 ------------ 4,614,733 ------------ INDUSTRIAL -- 0.3% AMB Property Corp. 21,200 305,280 Ascendas Real Estate Investment Trust 206,960 166,495 Goodman Group 781,017 177,289 Japan Logistics Fund, Inc. 13 80,129 ProLogis 49,900 324,350 Segro PLC 93,100 30,346 ------------ 1,083,889 ------------ OFFICE -- 1.2% Alexandria Real Estate Equities, Inc. 7,100 258,440 BioMed Realty Trust, Inc. 13,300 90,041 Boston Properties, Inc. 19,400 679,582 Corporate Office Properties Trust 5,100 126,633 Derwent London PLC 39,448 375,639 Digital Realty Trust, Inc. 13,000 431,340 Douglas Emmett, Inc. 28,500 210,615 Great Portland Estates PLC 23,200 80,990 Highwoods Properties, Inc. 17,900 383,418 Japan Real Estate Investment Corp. 87 668,351 Nippon Building Fund, Inc. 75 648,223 Orix Jreit, Inc. 28 115,586 SL Green Realty Corp. 7,300 78,840 Societe Immobiliere de Location Pour l'Industrie et le Commerce 1,633 122,380 ------------ 4,270,078 ------------ RESIDENTIAL -- 0.7% AvalonBay Communities, Inc. 10,933 514,507 BRE Properties, Inc. 11,500 225,745 Equity Lifestyle Properties, Inc. 1,700 64,770 Equity Residential 21,500 394,525 Essex Property Trust, Inc. 13,500 774,090 Home Properties, Inc. 4,400 134,860 Nippon Accommodations Fund, Inc. 8 32,484 UDR, Inc. 35,519 305,818 ------------ 2,446,799 ------------ RETAIL -- 3.8% Acadia Realty Trust 7,031 74,599 Calloway Real Estate Investment Trust 15,800 125,192 CapitaMall Trust 434,443 378,416 CFS Retail Property Trust 214,085 243,248 Corio NV 18,922 782,572 Equity One, Inc. 11,200 136,528 Eurocommercial Properties NV 13,450 365,227 Federal Realty Investment Trust 26,500 1,219,000 Frontier Real Estate Investment Corp. 20 98,916 General Growth Properties, Inc. 24,000 17,040 Hammerson PLC 181,149 660,925 Immobiliare Grande Distribuzione 310,000 375,893 2 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Real Asset Fund ----------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- PRINCIPAL MARKET AMOUNT/SHARES VALUE -------------- ------------ Japan Retail Fund Investment Corp. 26 $ 99,592 Klepierre* 28,523 501,107 Land Securities Group PLC 71,095 445,489 Liberty International PLC 21,460 119,700 Macquarie Prime REIT 104,000 31,083 Mercialys SA 11,431 330,842 Primaris Retail Real Estate Investment Trust(1) 8,500 61,215 Regency Centers Corp. 4,400 116,908 RioCan Real Estate Investment Trust 30,700 305,588 Simon Property Group, Inc. 54,891 1,901,424 Tanger Factory Outlet Centers, Inc. 9,900 305,514 Taubman Centers, Inc. 25,200 429,408 The Link Real Estate Investment Trust 218,100 432,432 The Macerich Co. 20,300 127,078 Union du Credit-Bail Immobilier 18,123 2,564,537 Vastned Retail NV 1,658 66,897 Westfield Group 247,305 1,714,317 ------------ 14,030,687 ------------ SPECIALIZED -- 1.3% Extra Space Storage, Inc. 6,100 33,611 Health Care Property Investors, Inc. 35,600 635,460 Health Care REIT, Inc. 22,500 688,275 Hospitality Properties Trust 18,900 226,800 Host Hotels & Resorts, Inc. 109,500 429,240 LaSalle Hotel Properties 6,949 40,582 Nationwide Health Properties, Inc. 21,300 472,647 Omega Healthcare Investors, Inc. 15,800 222,464 Public Storage 23,400 1,292,850 Ventas, Inc. 35,100 793,611 ------------ 4,835,540 ------------ TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $42,859,247) 31,281,726 ------------ PREFERRED STOCK -- 0.0% Maguire Properties, Inc., 7.625% (Cost $63,495) 10,500 14,175 ------------ EXCHANGE-TRADED FUNDS -- 0.6% iShares Cohen & Steers Realty Majors Index Fund, (Cost $3,000,284) 76,600 2,126,416 ------------ TOTAL REAL ESTATE RELATED SECURITIES (Cost $67,500,815) 50,196,556 ------------ COMMODITY RELATED SECURITIES -- 25.9% STRUCTURED NOTE -- 0.8% Deutsche Bank AG, London Branch, Structured Note Linked to the DB Liquidity Commodity Index (Cost $3,300,000) $ 3,300,000 3,017,850 ------------ SHARES VALUE ------------ ------------ EXCHANGE-TRADED FUNDS -- 16.0% PowerShares DB Commodity Index Tracking Fund* (Cost $76,737,761) 2,907,200 $ 58,144,000 ------------ INVESTMENT COMPANIES -- 9.1% Credit Suisse Commodity Return Strategy Fund 1,989,321 14,323,108 PIMCO Commodity RealReturn Strategy Fund - Institutional Shares 2,977,406 18,638,560 ------------ TOTAL INVESTMENT COMPANIES (Cost $47,741,205) 32,961,668 ------------ TOTAL COMMODITY RELATED SECURITIES (Cost $127,778,966) 94,123,518 ------------ SHORT-TERM INVESTMENTS -- 6.7% MONEY MARKET FUND -- 4.7% BlackRock Liquidity Funds TempFund Portfolio - Institutional Series 17,112,474 17,112,474 ------------ REPURCHASE AGREEMENT -- 0.8% With JPMorgan Securities, Inc.: at 0.190%, dated 03/31/09, to be repurchased on 04/01/09 repurchase price $2,700,014 collateralized by FHLMC, par value $2,450,000, 4.875%, 11/15/13 market value $2,700,000. 2,700,000 2,700,000 ------------ U.S. AGENCY OBLIGATIONS -- 1.2% Federal Home Loan Bank Notes, 1.82%, 05/13/09 3,000,000 2,999,391 U.S. Treasury Bill, 0.20%, 05/07/09 55,000 54,990 U.S. Treasury Bill, 0.18%, 05/14/09 1,295,000 1,294,737 ------------ 4,349,118 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $24,155,901) 24,161,592 ------------ TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN -- 100.6% (Cost $406,918,970) $364,649,061 ------------ OPTIONS WRITTEN -- 0.0% INSURANCE -- 0.0% 90 Day Euro Dollar Futures Expires 06/15/09 Strike Price $98.50 (Premium received $1,560) (6) (600) ------------ TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN -- 100.6% (Cost $406,917,410)+ $364,648,461 LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.6)% (2,087,299) ------------ NET ASSETS -- 100.0% $362,561,162 ============ ++ Denotes a Variable or Floating Rate Note. Variable or Floating Rate Notes are instruments whose rates change periodically. The rates shown are the interest rates as of March 31, 2009. * Non-income producing security. 3 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS --------------------------------------- Multi-Manager Real Asset Fund ----------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) -- CONTINUED -------------------------------------------------------------------------------- + The cost for Federal income tax purposes is $421,345,991. At March 31, 2009 net unrealized appreciation was $10,955,069. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $53,116,739, and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $42,161,671. (1) Foreign-denominated security; Canadian PLC - Public Limited Company At March 31, 2009, the Multi-Manager Real Asset Fund had entered into forward foreign currency exchange contracts, which contractually obligate the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:
NET UNREALIZED CONTRACT VALUE AT APPRECIATION SETTLEMENT DATE CURRENCY BOUGHT AMOUNT MARCH 31, 2009 (DEPRECIATION) -------------------------------------------------------------------------------------------------------------------------------- April-09 59,985 British Pound $ 85,865 $ 86,071 $ 206 May-09 1,174,814 Polish Zloty 349,127 337,119 (12,008) May-09 5,226,352 South African Rand 540,192 545,980 5,788 May-09 1,115,111 Mexican Peso 78,405 77,997 (408) November-09 491,003 Mexican Peso 33,526 33,689 163 -------- (6,259) ========
NET UNREALIZED CONTRACT VALUE AT APPRECIATION SETTLEMENT DATE CURRENCY SOLD AMOUNT MARCH 31, 2009 (DEPRECIATION) -------------------------------------------------------------------------------------------------------------------------------- April-09 974,000 Canadian Dollar $ 779,262 $ 772,536 $ 6,726 April-09 8,132,000 British Pound 11,796,190 11,668,420 127,770 April-09 47,000 British Pound 66,565 67,439 (874) April-09 12,414,000 Euro 15,706,443 16,492,732 (786,289) May-09 1,174,814 Polish Zloty 323,240 337,119 (13,879) May-09 283,369,000 Japanese Yen 2,856,398 2,864,285 (7,887) May-09 160,471,000 Japanese Yen 1,630,392 1,622,036 8,356 May-09 3,135,000 Japanese Yen 32,270 31,688 582 May-09 5,226,352 South African Rand 512,362 545,980 (33,618) May-09 27,817,371 Mexican Peso 1,862,251 1,945,715 (83,464) June-09 11,496,668 Brazilian Real 4,796,274 4,879,130 (82,856) June-09 3,135,000 Japanese Yen 32,294 31,703 591 June-09 13,664,000 Swedish Krona 1,481,790 1,662,863 (181,073) November-09 1,174,814 Polish Zloty 348,796 336,425 12,371 November-09 5,226,352 South African Rand 525,262 530,357 (5,095) ----------- $(1,038,639) ===========
At March 31, 2009, the Multi-Manager Real Asset Fund had open financial futures contracts as follows:
EXPIRATION CONTRACT VALUE AT UNREALIZED CONTRACTS TO BUY DATE AMOUNT MARCH 31, 2009 APPRECIATION ----------------------- -------------------------------------------------------------------------------------------------- 25 3 Month Euro Euribor March 2010 $8,154,405 $8,183,385 $ 28,980 25 3 Month Euro Euribor June 2010 8,134,791 8,162,193 27,402 25 3 Month Euro Euribor September 2010 8,119,012 8,144,339 25,327 25 3 Month Euro Euribor December 2010 8,155,882 8,184,613 28,731 -------- $110,440 ========
At March 31, 2009, the Multi-Manager Real Asset Fund had entered into an interest swap agreement as follows:
TERMINATION NOTIONAL FLOATING UNREALIZED COUNTERPARTY DATE AMOUNT (000) FIXED RATE RATE APPRECIATION ------------------------ ----------- --------------- ---------- ------------- ------------ JP Morgan Chase Bank, NA 9/16/2014 $ 6,000,000 GBP 3.50% 6 MONTH LIBOR $ 111,462 *
* Portfolio pays the floating rate and receives the fixed rate. 4 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- LEVEL 1 - QUOTED PRICES $169,537,411 $ 110,440 ----------------------------------------------------------------------------------------------- LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS 195,111,050 (933,436) ----------------------------------------------------------------------------------------------- LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- TOTAL $364,648,461 $(822,996) -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- ASSET ALLOCATION FUNDS ------------------------------------------ Aggressive Asset Allocation Fund -------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) -------------------------------------------------------------------------------- SHARES VALUE ------------ ------------ AFFILIATED INVESTMENT COMPANIES++ -- 90.8% Wilmington Multi-Manager Large-Cap Fund 1,689,339 $12,636,256 Wilmington Small-Cap Strategy Fund 728,415 3,991,716 Wilmington Multi-Manager International Fund 3,529,689 15,212,958 Wilmington Multi-Manager Real Asset Fund 694,115 7,454,796 Wilmington Prime Money Market Fund 200,656 200,656 ----------- TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $59,292,690) 39,496,382 ----------- NON-AFFILIATED INVESTMENT COMPANIES -- 9.8% Vanguard High-Yield Corporate Fund 486,843 2,127,503 Vanguard Intermediate-Term Investment Grade Fund 250,419 2,126,056 ----------- TOTAL NON-AFFILIATED INVESTMENT COMPANIES (Cost $4,321,196) 4,253,559 ----------- TOTAL INVESTMENTS -- 100.6% (Cost $63,613,886)+ $43,749,941 LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.6)% (261,262) ------------ NET ASSETS -- 100.0% $43,488,679 =========== ++ The Fund invests in the Institutional Shares of the Affiliated Investment Companies. + The cost for Federal income tax purposes is $72,318,795. At March 31, 2009 net unrealized depreciation was $28,568,854. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $0 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $28,568,854. 1 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- LEVEL 1 - QUOTED PRICES $43,749,941 $ -- ----------------------------------------------------------------------------------------------- LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- TOTAL $43,749,941 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- ASSET ALLOCATION FUNDS ------------------------------------------ Moderate Asset Allocation Fund ------------------------------ INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) -------------------------------------------------------------------------------- SHARES VALUE ------------ ------------ AFFILIATED INVESTMENT COMPANIES++ -- 89.4% Wilmington Multi-Manager Large-Cap Fund 583,422 $ 4,363,998 Wilmington Small-Cap Strategy Fund 211,502 1,159,031 Wilmington Multi-Manager International Fund 1,119,432 4,824,754 Wilmington Multi-Manager Real Asset Fund 269,829 2,897,964 Wilmington Short/Intermediate-Term Bond Fund 787,592 8,135,823 Wilmington Prime Money Market Fund 49,308 49,308 ----------- TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $28,050,719) 21,430,878 ----------- NON-AFFILIATED INVESTMENT COMPANIES -- 10.6% Vanguard High-Yield Corporate Fund 295,824 1,292,752 Vanguard Intermediate-Term Investment Grade Fund 148,114 1,257,488 ----------- TOTAL NON-AFFILIATED INVESTMENT COMPANIES (Cost $2,592,716) 2,550,240 ----------- TOTAL INVESTMENTS -- 100.0% (Cost $30,643,435)+ $23,981,118 LIABILITIES IN EXCESS OF OTHER ASSETS -- --% (2,077) ----------- NET ASSETS -- 100.0% $23,979,041 =========== ++ The Fund invests in the Institutional Shares of the Affiliated Investment Companies. + The cost for Federal income tax purposes is $31,734,143 At March 31, 2009 net unrealized depreciation was 7,753,025. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $369,791 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $8,122,816 1 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- LEVEL 1 - QUOTED PRICES $23,981,118 $ -- ----------------------------------------------------------------------------------------------- LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- TOTAL $23,981,118 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- ASSET ALLOCATION FUNDS ------------------------------------------ Conservative Asset Allocation Fund ---------------------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) -------------------------------------------------------------------------------- SHARES VALUE ------------ ------------ AFFILIATED INVESTMENT COMPANIES++ -- 89.8% Wilmington Multi-Manager Large-Cap Fund 140,278 $ 1,049,276 Wilmington Small-Cap Strategy Fund 49,771 272,746 Wilmington Multi-Manager International Fund 391,042 1,685,391 Wilmington Multi-Manager Real Asset Fund 142,678 1,532,358 Wilmington Short/Intermediate-Term Bond Fund 682,128 7,046,385 ----------- TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $13,369,432) 11,586,156 ----------- NON-AFFILIATED INVESTMENT COMPANIES -- 9.5% Vanguard High-Yield Corporate Fund 139,400 609,179 Vanguard Intermediate-Term Investment Grade Fund 73,111 620,712 ----------- TOTAL NON-AFFILIATED INVESTMENT COMPANIES (Cost $1,249,295) 1,229,891 ----------- TOTAL INVESTMENTS -- 99.3% (Cost $14,618,727)+ $12,816,047 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.7% 92,160 ----------- NET ASSETS -- 100.0% $12,908,207 =========== ++ The Fund invests in the Institutional Shares of the Affiliated Investment Companies. + The cost for Federal income tax purposes is $14,925,985. At March 31, 2009 net unrealized depreciation was $2,109,938. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $217,722 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $2,327,660. 1 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- LEVEL 1 - QUOTED PRICES $12,816,047 $ -- ----------------------------------------------------------------------------------------------- LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- TOTAL $12,816,047 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. WILMINGTON FUNDS -- ASSET ALLOCATION FUNDS ------------------------------------------ ETF Allocation Fund ------------------- INVESTMENTS / MARCH 31, 2009 (UNAUDITED) (Showing Percentage of Net Assets) -------------------------------------------------------------------------------- SHARES VALUE ------------ ------------ EXCHANGE-TRADED FUNDS -- 99.3% iShares S&P 500 Growth Index Fund 203,733 $ 8,528,263 iShares Russell 2000 Value Index Fund 46,820 1,847,517 iShares MSCI EAFE Growth Index Fund 15,894 615,416 Vanguard Emerging Markets Fund ETF 25,580 603,688 Vanguard Europe Pacific ETF 26,606 612,204 ----------- TOTAL EXCHANGE-TRADED FUNDS (Cost $13,049,301) 12,207,088 ----------- SHORT TERM INVESTMENTS -- 0.5% BlackRock Liquidity Funds TempFund Portfolio - Institutional Series (Cost $64,048) 64,048 64,048 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $64,048) 64,048 ----------- TOTAL INVESTMENTS -- 99.8% (Cost $13,113,349)+ $12,271,136 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.2% 24,331 ----------- NET ASSETS -- 100.0% $12,295,467 =========== + The cost for Federal income tax purposes is $13,362,996. At March 31, 2009 net unrealized depreciation was $1,091,860. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $65,199 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $1,157,059. 1 Various inputs are used in determining the value of the Portfolio'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 Portfolio's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's assets carried at fair value:
----------------------------------------------------------------------------------------------- INVESTMENTS OTHER FINANCIAL VALUATION INPUTS IN SECURITIES INSTRUMENTS* ----------------------------------------------------------------------------------------------- LEVEL 1 - QUOTED PRICES $12,271,136 $ -- ----------------------------------------------------------------------------------------------- LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS -- -- ----------------------------------------------------------------------------------------------- TOTAL $12,271,136 $ -- -----------------------------------------------------------------------------------------------
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. As of June 30, 2008 and March 31, 2009 the Portfolio did not use any significant unobservable inputs (Level 3) in determining the value of investments. ITEM 2. 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 last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. 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) WT Mutual Fund ------------------------------------------------------------------- By (Signature and Title)* /s/ John J. Kelley ------------------------------------------------------- John J. Kelley, President & Chief Executive Officer (principal executive officer) Date May 29, 2009 ---------------------------------------------------------------------------- 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/ John J. Kelley ------------------------------------------------------- John J. Kelley, President & Chief Executive Officer (principal executive officer) Date May 29, 2009 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ John C. McDonnell ------------------------------------------------------- John C. McDonnell, Vice President & Chief Financial Officer (principal financial officer) Date May 29, 2009 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.