-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UjD0jL7HrUZHqUIgkgRMd9dKxS+vXugqN+7/aUWkdZEvTA5Ah5QfQwsD0I4M+5+3 bV8198PQi79oFlxXS/ptyw== 0000950123-09-066007.txt : 20091125 0000950123-09-066007.hdr.sgml : 20091125 20091125114628 ACCESSION NUMBER: 0000950123-09-066007 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091125 DATE AS OF CHANGE: 20091125 EFFECTIVENESS DATE: 20091125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WT MUTUAL FUND CENTRAL INDEX KEY: 0000927413 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-08648 FILM NUMBER: 091206957 BUSINESS ADDRESS: STREET 1: 1100 NORTH MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19890 BUSINESS PHONE: 3026518280 MAIL ADDRESS: STREET 1: 1100 NORTH MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19890 FORMER COMPANY: FORMER CONFORMED NAME: KIEWIT MUTUAL FUND DATE OF NAME CHANGE: 19941026 FORMER COMPANY: FORMER CONFORMED NAME: KIEWIT INSTITUTIONAL FUND DATE OF NAME CHANGE: 19940725 0000927413 S000001303 WILMINGTON PRIME MONEY MARKET FUND C000003513 SERVICE WPRXX C000003514 INSTITUTIONAL WPSXX C000035552 CLASS W WPWXX 0000927413 S000001304 WILMINGTON MULTI-MANAGER INTERNATIONAL FUND C000003515 INSTITUTIONAL WMIIX C000010725 CLASS A WMMFX 0000927413 S000001308 WILMINGTON MULTI-MANAGER REAL ASSET FUND C000003521 INSTITUTIONAL WMRIX C000010727 CLASS A WMMRX 0000927413 S000001310 WILMINGTON MULTI-MANAGER LARGE-CAP FUND C000003523 INSTITUTIONAL WMLIX C000010729 CLASS A WMMLX 0000927413 S000001312 WILMINGTON SMALL-CAP STRATEGY FUND C000003525 INSTITUTIONAL WMSIX C000010731 CLASS A WMMSX 0000927413 S000001314 WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND C000003527 SERVICE WGSXX C000003528 INSTITUTIONAL WGOXX C000035553 CLASS W WGWXX 0000927413 S000001315 WILMINGTON TAX-EXEMPT MONEY MARKET FUND C000003529 CLASS W WTEXX C000003530 INSTITUTIONAL WTSXX 0000927413 S000001316 WILMINGTON SHORT/INTERMEDIATE-TERM BOND FUND C000003531 CLASS A WSIBX C000003532 INSTITUTIONAL WSIIX 0000927413 S000001317 WILMINGTON BROAD MARKET BOND FUND C000003533 INSTITUTIONAL WBRIX C000010732 CLASS A WBRBX 0000927413 S000001318 WILMINGTON MUNICIPAL BOND FUND C000003534 INSTITUTIONAL WTAIX C000010733 CLASS A WTABX 0000927413 S000003842 WILMINGTON AGGRESSIVE ASSET ALLOCATION FUND C000010719 INSTITUTIONAL WAAIX C000010720 CLASS A WAAAX 0000927413 S000003844 WILMINGTON CONSERVATIVE ASSET ALLOCATION FUND C000010723 INSTITUTIONAL WCAIX C000010724 CLASS A WCAAX N-Q 1 b55830wtfunds_nq.txt WILMINGTON TRUST FUNDS N-Q 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: September 30, 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 / SEPTEMBER 30, 2009 (UNAUDITED) (Showing Percentage of Net Assets)
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ------------ ----------- --------------- CORPORATE BONDS -- 1.8% American Honda Finance Corp., 0.78%, 11/27/09** A1, A+ $45,000,000 $ 45,000,000 --------------- TOTAL CORPORATE BONDS (COST $45,000,000) 45,000,000 --------------- CERTIFICATES OF DEPOSIT -- 13.8% FOREIGN BANKS, U.S BRANCHES -- 11.8% Barclays Bank, NY, 0.30%, 11/04/09 P-1, A-1+ 50,000,000 50,000,000 Deutsche Bank, NY, 0.30%, 10/06/09 P-1, A-1 50,000,000 50,000,000 Lloyds TSB Bank, PLC, NY, 0.53%, 10/01/09 P-1, A-1 50,000,000 50,000,000 Rabobank Nederland, NY, 0.32%, 03/10/10 P-1, A-1+ 50,000,000 50,000,000 Royal Bank of Scotland, PLC, NY, 0.48%, 11/04/09 P-1, A-1 50,000,000 50,000,236 Societe Generale, NY, 0.28%, 12/03/09 P-1, A-1+ 50,000,000 50,000,437 --------------- 300,000,673 --------------- U.S. BANKS, U.S. BRANCHES -- 2.0% State Street Bank & Trust, 0.30%, 10/13/09 P-1, A-1+ 50,000,000 50,000,000 --------------- TOTAL CERTIFICATES OF DEPOSIT (COST $350,000,673) 350,000,673 --------------- COMMERCIAL PAPER -- 6.1% CONSUMER PRODUCTS -- 4.1% Coca-Cola Co., 0.25%, 01/04/10* P-1, A-1 50,000,000 49,967,014 Straight-A Funding LLC, 0.35%, 10/09/09* P-1, A-1+ 55,000,000 54,995,722 --------------- 104,962,736 --------------- FINANCE & INSURANCE -- 2.0% HSBC Finance, Inc., 0.20%, 10/13/09* P-1, A-1+ 50,000,000 49,996,667 --------------- TOTAL COMMERCIAL PAPER (COST $154,959,403) 154,959,403 --------------- MUNICIPAL COMMERCIAL PAPER -- 14.3% Alaska Housing Finance Corp., 0.70%, 11/20/09* P-1, A-1+ 24,139,000 24,115,531 Anchorage, AL Ser. A, 1.00%, 10/23/09* NR, A-1+ 40,000,000 40,000,000 Brown University Ser. A, 0.40%, 12/11/09* P-1, A-1+ 20,100,000 20,084,143 Catholic Health Initiatives, CO Ser. A, 0.80%, 10/21/09* P-1, A-1+ 11,300,000 11,300,000 Catholic Health Initiatives, CO Ser. A, 0.80%, 10/21/09* P-1, A-1+ 25,000,000 25,000,000 Catholic Health Initiatives, CO Ser. A, 0.42%, 12/17/09* P-1, A-1+ 25,063,000 25,063,000 Metropolitan Govt. of Nashville, TN, 0.40%, 10/08/09* P-1, A-1+ 16,150,000 16,150,000 Ohio Higher Education Facility, 0.35%, 12/03/09* P-1, A-1+ 20,700,000 20,700,000 Rochester Health Care Ser. B, 0.40%, 10/08/09* AA2, A-1+ 39,400,000 39,400,000 Salt River Agricultural Improv., 0.36%, 10/15/09* P-1, A-1+ 35,000,000 35,000,000 Sunshine St. Govt. Fin., FL Ser. L, 0.90%, 10/15/09* P-1, A-1+ 50,000,000 50,000,000 Tennessee State School Board Authority, 0.38%, 12/10/09* P-1, A-1+ 13,300,000 13,300,000 Vanderbilt University Ser. C, 0.40%, 11/10/09* P-1, A-1+ 18,000,000 17,992,000 Vanderbilt University Ser. C, 0.40%, 11/17/09* P-1, A-1+ 6,000,000 5,996,867 Wisconsin Transportation Rev., 0.40%, 10/13/09* P-1, A-1+ 16,474,000 16,474,000 --------------- TOTAL MUNICIPAL COMMERCIAL PAPER (COST $360,575,541) 360,575,541 --------------- MUNICIPAL BONDS -- 19.8% Calhoun Cnty., TX Naval Industrial Dev. Auth., 0.33%, 01/01/09** VMIG-1, A-1+ 20,000,000 20,000,000 California Housing Finance Agency, 0.75%, 10/01/09** VMIG-1, NR 25,180,000 25,180,000 Connecticut St Housing Fin. Auth., (Bank of America), 0.30%, 10/01/09** NR, A-1+ 77,300,000 77,300,000 Gulf Coast Waste Disposal Auth., 0.24%, 10/01/17** AA, A-1+ 25,000,000 25,000,000 Las Vegas Valley, NV Water District, 0.38%, 10/01/09** P-1, A-1 49,215,000 49,215,000 Massachusetts St. Health & Educational Fac. Auth. Rev., 0.40%, 10/07/09** P-1, NR 12,000,000 12,000,000 Massachusetts State Dev. Fin. Agency, 0.35%, 10/01/09** VMIG-1, A-1+ 33,600,000 33,600,000 Michigan Muni Bond Authority, 3.00%, 08/20/10 P-1+, NR 19,500,000 19,772,130
1 WILMINGTON FUNDS -- MONEY MARKET FUNDS PRIME MONEY MARKET FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ------------ ----------- --------------- New Hampshire Health & Educ. Fac. Auth. VRDB, 0.25%, 10/07/09** VMIG-1, A-1+ $30,985,000 $ 30,985,000 Philadelphia, PA Hospitals & Higher Educ. Fac. Auth., 0.27%, 10/01/09** AA, A-1+ 25,700,000 25,700,000 St. Joseph Cnty., IN Ind. Educational Fac. Auth., 0.45%, 10/01/09** VMIG-1, NR 35,000,000 35,000,000 Washington State Health Care Fac. Auth., 0.33%, 10/07/09** AAA, A-1+ 67,800,000 67,800,000 Wisconsin Housing & Econ. Dev. Auth. Home Ownership Rev., 0.52%, 10/07/09** NR, A-1 80,430,000 80,430,000 --------------- TOTAL MUNICIPAL BONDS (COST $501,982,130) 501,982,130 --------------- U.S. AGENCY OBLIGATIONS -- 12.4% FEDERAL HOME LOAN BANKS DISCOUNT NOTES*** -- 4.0% Federal Home Loan Banks Discount Notes, 0.84%, 11/18/09 50,000,000 49,944,667 Federal Home Loan Banks Discount Notes, 0.80%, 12/09/09 25,000,000 24,961,667 Federal Home Loan Banks Discount Notes, 0.35%, 12/15/09 25,000,000 24,982,031 --------------- 99,888,365 --------------- FEDERAL HOME LOAN BANKS NOTES -- 7.0% Federal Home Loan Banks Notes, 0.63%, 10/01/09** 40,000,000 40,000,000 Federal Home Loan Banks Notes, 1.02%, 02/26/10 50,000,000 49,982,929 Federal Home Loan Banks Notes, 0.90%, 04/07/10 25,000,000 24,992,274 Federal Home Loan Banks Notes, 0.82%, 04/23/10 13,000,000 13,000,729 Federal Home Loan Banks Notes, 0.55%, 06/03/10 50,000,000 50,000,000 --------------- 177,975,932 --------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION NOTES -- 1.4% Federal National Mortgage Association Notes, 3.25%, 02/10/10 35,807,000 36,086,639 --------------- TOTAL U.S. AGENCY OBLIGATIONS (COST $313,950,936) 313,950,936 ---------------
SHARES ----------- MONEY MARKET MUTUAL FUNDS -- 31.8% AIM STIT - Liquid Assets Portfolio 275,919,777 275,919,777 BlackRock Liquidity Funds TempFund Portfolio - Institutional Series 239,268,019 239,268,019 Federated Prime Government Obligations Fund - Institutional Series 287,963,141 287,963,141 --------------- TOTAL MONEY MARKET MUTUAL FUNDS (COST $803,150,937) 803,150,937 --------------- TOTAL INVESTMENTS -- 100.0% (Cost $2,529,619,620)+ $ 2,529,619,620 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0% 776,905 --------------- NET ASSETS -- 100.0% $ 2,530,396,525 ===============
(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. * 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 September 30, 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 as of the time of purchase. + Cost for federal income tax purposes. PLC - Public Limited Company VRDB - Variable Rate Demand Bonds The following table provides a summary of inputs used to value the Funds' net assets as of September 30, 2009:
LEVEL 2 LEVEL 3 TOTAL VALUE AT SIGNIFICANT SIGNIFICANT SEPTEMBER 30, LEVEL 1 OBSERVABLE UNOBSERVABLE 2009 QUOTED PRICES INPUTS INPUTS -------------- ------------- -------------- ------------ INVESTMENTS IN SECURITIES: Corporate Bonds $ 45,000,000 $ -- $ 45,000,000 $-- Certificates of Deposit 350,000,673 -- 350,000,673 -- Commercial Paper 154,959,403 -- 154,959,403 -- Municipal Commercial Paper 360,575,541 -- 360,575,541 -- Municipal Bonds 501,982,130 -- 501,982,130 -- U.S. Agency Obligations 313,950,936 -- 313,950,936 -- Money Market Mutual Funds 803,150,937 803,150,937 -- -- -------------- ------------ -------------- --- Total $2,529,619,620 $803,150,937 $1,726,468,683 $-- -------------- ------------ -------------- ---
2 WILMINGTON FUNDS -- MONEY MARKET FUNDS U.S. GOVERNMENT MONEY MARKET FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) (Showing Percentage of Net Assets)
PRINCIPAL AMOUNT VALUE ------------ -------------- U.S. AGENCY OBLIGATIONS -- 54.9% FEDERAL FARM CREDIT BANKS -- 1.8% Federal Farm Credit Banks, 0.32%, 11/02/09 $ 15,000,000 $ 14,995,733 Federal Farm Credit Banks, 0.35%, 12/28/09 24,925,000 24,903,675 -------------- 39,899,408 -------------- FEDERAL HOME LOAN BANKS DISCOUNT NOTES(1) -- 8.1% Federal Home Loan Banks Discount Notes, 0.21%, 10/02/09 50,000,000 49,999,708 Federal Home Loan Banks Discount Notes, 0.46%, 11/02/09 25,000,000 24,989,778 Federal Home Loan Banks Discount Notes, 0.83%, 11/18/09 25,000,000 24,972,333 Federal Home Loan Banks Discount Notes, 0.53%, 12/07/09 25,000,000 24,975,340 Federal Home Loan Banks Discount Notes, 0.80%, 12/09/09 25,000,000 24,961,667 Federal Home Loan Banks Discount Notes, 0.50%, 02/01/10 25,000,000 24,957,292 -------------- 174,856,118 -------------- FEDERAL HOME LOAN BANKS NOTES -- 5.5% Federal Home Loan Banks Notes, 0.59%, 02/02/10* 30,000,000 30,000,000 Federal Home Loan Banks Notes, 1.02%, 02/26/10 25,000,000 24,991,465 Federal Home Loan Banks Notes, 0.90%, 04/07/10 25,000,000 24,992,274 Federal Home Loan Banks Notes, 0.82%, 04/23/10 12,600,000 12,600,706 Federal Home Loan Banks Notes, 0.48%, 05/11/10 25,080,000 25,109,419 -------------- 117,693,864 -------------- FEDERAL HOME LOAN MORTGAGE CORPORATION DISCOUNT NOTES(1) -- 20.3% Federal Home Loan Mortgage Corporation Discount Notes, 0.22%, 10/13/09 50,000,000 49,996,333 Federal Home Loan Mortgage Corporation Discount Notes, 0.25%, 10/19/09 18,550,000 18,547,681 Federal Home Loan Mortgage Corporation Discount Notes, 0.30%, 10/26/09 25,000,000 24,994,792 Federal Home Loan Mortgage Corporation Discount Notes, 0.31%, 10/26/09 25,000,000 24,994,618 Federal Home Loan Mortgage Corporation Discount Notes, 0.28%, 12/14/09 25,000,000 24,985,611 Federal Home Loan Mortgage Corporation Discount Notes, 0.28%, 12/21/09 21,000,000 20,986,770 Federal Home Loan Mortgage Corporation Discount Notes, 0.23%, 12/22/09 25,000,000 24,986,903 Federal Home Loan Mortgage Corporation Discount Notes, 0.15%, 01/06/10 21,575,000 21,566,280 Federal Home Loan Mortgage Corporation Discount Notes, 0.28%, 02/08/10 50,000,000 49,949,445 Federal Home Loan Mortgage Corporation Discount Notes, 0.26%, 02/16/10 25,000,000 24,975,083 Federal Home Loan Mortgage Corporation Discount Notes, 0.25%, 03/15/10 25,000,000 24,971,354 Federal Home Loan Mortgage Corporation Discount Notes, 0.24%, 03/31/10 50,000,000 49,940,924 Federal Home Loan Mortgage Corporation Discount Notes, 0.28%, 04/15/10 27,150,000 27,108,611 Federal Home Loan Mortgage Corporation Discount Notes, 0.21%, 04/19/10 50,000,000 49,941,667 -------------- 437,946,072 -------------- FEDERAL HOME LOAN MORTGAGE CORPORATION NOTES -- 3.7% Federal Home Loan Mortgage Corporation Notes, 4.00%, 12/15/09 14,000,000 14,102,667 Federal Home Loan Mortgage Corporation Notes, 0.56%, 01/08/10* 65,000,000 65,000,000 -------------- 79,102,667 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION DISCOUNT NOTES(1) -- 13.9% Federal National Mortgage Association Discount Notes, 0.41%, 10/07/09 50,000,000 49,996,583 Federal National Mortgage Association Discount Notes, 0.28%, 12/14/09 25,000,000 24,985,611 Federal National Mortgage Association Discount Notes, 0.27%, 12/21/09 37,200,000 37,177,401 Federal National Mortgage Association Discount Notes, 0.53%, 12/21/09 25,000,000 24,970,188 Federal National Mortgage Association Discount Notes, 0.26%, 01/04/10 37,000,000 36,974,614 Federal National Mortgage Association Discount Notes, 0.25%, 01/11/10 49,949,306 49,949,306 Federal National Mortgage Association Discount Notes, 0.21%, 03/24/10 50,000,000 49,949,250 Federal National Mortgage Association Discount Notes, 0.28%, 04/06/10 25,650,000 25,612,693 -------------- 299,615,646 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION NOTES -- 1.6% Federal National Mortgage Association Notes, 3.25%, 02/10/10 26,000,000 26,204,199
1 WILMINGTON FUNDS -- MONEY MARKET FUNDS U.S. GOVERNMENT MONEY MARKET FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
PRINCIPAL AMOUNT VALUE ------------ -------------- Federal National Mortgage Association Notes, 2.50%, 04/09/10 $ 9,125,000 $ 9,229,664 -------------- 35,433,863 -------------- TOTAL U.S. AGENCY OBLIGATIONS (COST $1,184,547,638) 1,184,547,638 -------------- REPURCHASE AGREEMENTS -- 29.4% With Bank of America: at 0.03%, dated 09/30/09, to be repurchased on 10/01/09, repurchase price $185,000,154 (collateralized by Federal Home Loan Mortgage Corporation Notes, ranging in par value $98,118,286-$156,629,524, coupon rates 5.00%-6.00%, 07/01/35-11/01/38 with a total market value $190,550,000) 185,000,000 185,000,000 With Credit Siusse First Boston: at 0.04%, dated 09/30/09, to be repurchased on 10/01/09, repurchase price $200,000,222 (collateralized by Government National Mortgage Association Notes, ranging in par value $23,881,800-$181,225,000, coupon rate 1.875%, 02/28/14-04/30/14 with a total market value $204,003,745) 200,000,000 200,000,000 With Credit Suisse First Boston: at 0.05%, dated 09/30/09, to be repurchased on 10/01/09, repurchase price $250,000,347 (collateralized by Government National Mortgage Association Notes, ranging in par value $100,000-$62,590,000, coupon rates 0.000%-8.125%, 10/07/09-09/15/39 with a total market value $255,001,846) 250,000,000 250,000,000 -------------- TOTAL REPURCHASE AGREEMENTS (COST $635,000,000) 635,000,000 --------------
SHARES ------------ MONEY MARKET MUTUAL FUNDS -- 15.7% AIM STIT-Government & Agency Portfolio 250,420,639 250,420,639 BlackRock Liquidity Funds FedFund Portfolio - Institutional Series 11,749,408 11,749,408 Federated Government Obligations Fund - Institutional Series 75,422,849 75,422,849 -------------- TOTAL MONEY MARKET MUTUAL FUNDS (COST $337,592,896) 337,592,896 -------------- TOTAL INVESTMENTS -- 100.0% (Cost $2,157,140,534)+ $2,157,140,534 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0% 438,325 -------------- NET ASSETS -- 100.0% $2,157,578,859 ==============
(1) The interest rate shown is the effective yield as of the date 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 September 30, 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. The following table provides a summary of inputs used to value the Funds' net assets as of September 30, 2009:
LEVEL 2 LEVEL 3 TOTAL VALUE AT SIGNIFICANT SIGNIFICANT SEPTEMBER 30, LEVEL 1 OBSERVABLE UNOBSERVABLE 2009 QUOTED PRICES INPUTS INPUTS -------------- ------------- -------------- ------------- INVESTMENTS IN SECURITIES: U.S. Agency Obligations $1,184,547,638 $ -- $1,184,547,638 $-- Repurchase Agreements 635,000,000 635,000,000 Money Market Mutual Funds 337,592,896 337,592,896 -- -- -------------- ------------ -------------- --- Total $2,157,140,534 $337,592,896 $1,819,547,638 $-- -------------- ------------ -------------- ---
2 WILMINGTON FUNDS -- MONEY MARKET FUNDS TAX-EXEMPT MONEY MARKET FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) (Showing Percentage of Net Assets)
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ------------ ----------- --------------- MUNICIPAL BONDS -- 83.4% ARIZONA -- 3.6% Salt River Proj. AZ, Agric. Impt. & Pwr. Dist. TECP, 0.33%, 10/09/09 P-1, A-1+ $ 5,594,000 $ 5,594,000 Salt River Proj. AZ, Agric. Impt. & Pwr. Dist. TECP, 0.33%, 10/09/09 P-1, A-1+ 7,300,000 7,300,000 --------------- 12,894,000 --------------- CONNECTICUT -- 4.5% Connecticut St. Health & Educ. Auth. TECP (Yale University), 0.40%, 01/13/10 P-1, A-1+ 15,900,000 15,900,000 --------------- DELAWARE -- 2.8% Delaware Economic Dev. Auth. VRDB (St. Andrews School Proj.), Ser. 2003, 0.37%, 10/01/09* VMIG-1, A-1 10,100,000 10,100,000 --------------- FLORIDA -- 3.6% City of Jacksonville, FL (Florida Pwr. & Lt.) TECP, 0.40%, 12/01/09 P-1, A-1 5,600,000 5,600,000 Orange County, FL Ind. Dev. Auth. Rev. Bonds VRDB, LOC Bank of America, 0.37%, 10/01/09* 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, 0.30%, 10/07/09* NR, A-1+ 4,235,000 4,235,000 --------------- 12,755,000 --------------- GEORGIA -- 3.2% Met. Atlanta Rapid Transit Auth. TECP LOC Dexia, 0.90%, 11/06/09 P-1, A-1+ 11,500,000 11,500,000 --------------- ILLINOIS -- 7.0% Illinois Dev. Fin. Auth. Rev. VRDB (Goodman Theatre Proj.), LOC Banc One N.A./Northern Trust, Ser. 1999, 0.37%, 10/07/09* NR, A-1+ 13,400,000 13,400,000 Illinois Dev. Fin. Auth. Rev. VRDB (Radiological Society Proj.), LOC JPMorgan Chase, Ser.1997, 0.45%, 10/07/09* NR, A-1+ 1,370,000 1,370,000 Illinois Educ. Fac. Auth. Rev. TECP, 0.38%, 12/10/09 NR, A-1+ 3,820,000 3,820,000 Illinois Educ. Fac. Auth. Rev. VRDB (ACI / Cultural Pooled Financing Proj.), LOC Bank of America, Ser. 1998, 0.35%, 10/07/09* NR, A-1 6,325,000 6,325,000 --------------- 24,915,000 --------------- INDIANA -- 2.6% Marion, IN Economic VRDB (Wesleyan Univ.), LOC Bank of America, 0.37%, 10/01/09* VMIG-1, NR 1,450,000 1,450,000 St. Joseph Cnty. Educ. Fac. Auth. Rev. VRDB (Notre Dame Univ.), 0.45%, 10/01/09* VMIG-1, NR 8,000,000 8,000,000 --------------- 9,450,000 --------------- KANSAS -- 1.4% Wamego, KS PCRB VRDB (Utilicorp United, Inc. Proj.), LOC Bank of America, Ser. 1996, 0.37%, 10/07/09* P-1, A-1 5,000,000 5,000,000 --------------- MARYLAND -- 2.8% Maryland Health & Higher Educ. Fac. (John Hopkins Univ. Proj.) TECP, 0.35%, 12/10/09 P-1, A-1+ 10,000,000 10,000,000 --------------- MINNESOTA -- 2.7% Rochester, MN Health Fac. Auth. Ser. 2001-D TECP, 0.40%, 10/08/09 NR, A-1+ 9,500,000 9,500,000
1 WILMINGTON FUNDS -- MONEY MARKET FUNDS TAX-EXEMPT MONEY MARKET FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ------------ ----------- --------------- NEVADA -- 3.8% Las Vegas Valley, NV Water Dist. Ser. A TECP, 0.30%, 10/09/09 P-1, A-1+ $13,500,000 $ 13,500,000 --------------- NEW YORK -- 5.5% Metropolitan Transn. Auth. Rev. Bd., 2.00%, 12/31/09 VMIG-1, SP-1+ 9,500,000 9,537,909 New York City Muni Wtr. Fin. Auth. TECP, 0.35%, 10/05/09 P-1, A-1+ 10,000,000 10,000,000 --------------- 19,537,909 --------------- OHIO -- 3.6% Ohio Higher Educ. Fac. Auth. Rev. TECP (Cleveland Clinic), 0.47%, 01/27/10 P-1, A-1+ 13,000,000 13,000,000 --------------- OREGON -- 2.7% State of Oregon Tax Antic. Notes, 2.50%, 06/30/10 VMIG-1, SP-1+ 9,500,000 9,642,853 --------------- PENNSYLVANIA -- 1.2% Beaver County, PA Ind. Dev. Auth. PCRB VRDB (Atlantic Richfield Co. Proj.), Ser. 1995, 0.34%, 10/07/09* VMIG-1, A-1+ 4,200,000 4,200,000 --------------- TENNESSEE -- 9.7% Clarksville, TN Pub. Bldg. Auth. Rev. VRDB (Tennessee Municipal Bond Fund Proj.), LOC Bank of America, Ser. 1984, 0.37%, 10/07/09* NR, A-1 1,045,000 1,045,000 Clarksville, TN Pub. Bldg. Auth. Rev. VRDB (Tennessee Municipal Bond Fund Proj.), LOC Bank of America, Ser. 1995, 0.37%, 10/07/09* NR, A-1 400,000 400,000 Metro Govt. Nashville & Davidson Cnty., TN Ind. Dev. G.O. TECP, 0.32%, 12/03/09 P-1, A-1+ 7,285,000 7,285,000 Metro Govt. Nashville & Davidson Cnty., TN Ind. Dev. G.O. TECP, 0.40%, 12/04/09 P-1, A-1+ 5,000,000 5,000,000 Metro Govt. Nashville & Davidson Cnty., TN Ind. Dev. G.O. TECP, 0.40%, 12/10/09 P-1, A-1+ 10,000,000 10,000,000 Tenn. St. Sch. Bd. Auth. Series A TECP, 0.35%, 12/10/09 P-1, A-1+ 2,800,000 2,800,000 Tenn. St. Sch. Bd. Auth. Series A TECP, 0.35%, 12/10/09 P-1, A-1+ 8,000,000 8,000,000 --------------- 34,530,000 --------------- TEXAS -- 13.7% Board of Regents of Univ. of Texas A&M University System TECP, 0.30%, 10/01/09 P-1, A-1+ 5,400,000 5,400,000 City of Houston, TX G.O. Ser. H-2 TECP, 0.40%, 12/09/09 P-1, A-1+ 10,000,000 10,000,000 Harris County, TX G.O. TECP, 0.35%, 12/14/09 P-1, A-1+ 9,248,000 9,248,000 San Antonio, TX Elec. & Gas Rev. Ser.A TECP, 0.38%, 12/31/09 P-1, A-1+ 13,400,000 13,400,000 San Antonio, TX Wtr. Sys. Ser. A TECP, 0.35%, 12/14/09 P-1, A-1+ 6,500,000 6,500,000 Texas State. Pub. Fin. Auth. TECP, 0.35%, 12/11/09 P-1, A-1+ 4,300,000 4,300,000 --------------- 48,848,000 --------------- WASHINGTON -- 1.1% Washington Health Care Fac. Auth. Lease Rev. VRDB (National Healthcare Research & Educ. Proj.), LOC BNP Paribas, 0.32%, 10/07/09* VMIG-1, NR 3,800,000 3,800,000 --------------- WISCONSIN -- 7.9% Wisconsin St. Transn. Rev. Ser. A TECP, Ser. 2006A, 0.40%, 11/17/09 P-1, A-1+ 11,055,000 11,055,000 Wisconsin State G.O. TECP Notes, 0.30%, 10/06/09 P-1, A-1+ 10,000,000 10,000,000
2 WILMINGTON FUNDS -- MONEY MARKET FUNDS TAX-EXEMPT MONEY MARKET FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(1) AMOUNT VALUE ------------ ----------- --------------- Wisconsin State G.O. TECP Notes, 0.30%, 10/09/09 P-1, A-1+ $ 6,951,000 $ 6,951,000 --------------- 28,006,000 --------------- TOTAL MUNICIPAL BONDS (COST $297,078,762) 297,078,762 ---------------
SHARES ----------- MONEY MARKET MUTUAL FUNDS -- 16.6% BlackRock Liquidity Funds MuniCash Portfolio - Institutional Series 29,462,508 29,462,508 BlackRock Liquidity Funds MuniFund Portfolio - Institutional Series 29,462,508 29,462,508 --------------- TOTAL MONEY MARKET MUTUAL FUNDS (COST $58,925,016) 58,925,016 --------------- TOTAL INVESTMENTS -- 100.0% (Cost $356,003,778)+ $ 356,003,778 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0% 57,959 --------------- NET ASSETS -- 100.0% $ 356,061,737 ===============
(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 September 30, 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 The following table provides a summary of inputs used to value the Funds' net assets as of September 30, 2009:
LEVEL 2 LEVEL 3 TOTAL VALUE AT SIGNIFICANT SIGNIFICANT SEPTEMBER 30, LEVEL 1 OBSERVABLE UNOBSERVABLE 2009 QUOTED PRICES INPUTS INPUTS -------------- ------------- -------------- ------------ INVESTMENTS IN SECURITIES: Municipal Bonds $297,078,762 $ -- $297,078,762 $-- Money Market Mutual Funds 58,925,016 58,925,016 -- -- -------------- ------------ ------------ --- Total $356,003,778 $58,925,016 $297,078,762 $-- -------------- ------------ ------------ ---
3 WILMINGTON FUNDS -- FIXED INCOME FUNDS SHORT/INTERMEDIATE-TERM BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) (Showing Percentage of Net Assets)
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ CORPORATE BONDS -- 47.6% CONSUMER DISCRETIONARY -- 4.8% Anheuser-Busch InBev Worldwide, Inc. 144A, 7.75%, 01/15/19@ Baa2, BBB+ $ 2,000,000 $ 2,366,520 Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13 Baa1, BBB+ 1,765,000 2,049,961 Comcast Corp., 5.70%, 07/01/19(1) Baa1, BBB+ 1,100,000 1,162,264 Royal Caribbean Cruises Ltd., 7.00%, 06/15/13 Ba3, BB- 1,200,000 1,143,000 Time Warner, Inc., 5.50%, 11/15/11 Baa2, BBB 1,250,000 1,329,004 ------------ 8,050,749 ------------ CONSUMER STAPLES -- 1.3% CVS Caremark Corp., 5.75%, 06/01/17 Baa2, BBB+ 1,250,000 1,338,131 Kraft Foods, Inc., 6.13%, 02/01/18 Baa2, A- 800,000 847,743 ------------ 2,185,874 ------------ ENERGY -- 5.2% Anadarko Petroleum Corp., 8.70%, 03/15/19 Baa3, BBB- 1,250,000 1,494,576 Chesapeake Energy Corp., 9.50%, 02/15/15 Ba3, BB 625,000 657,813 ConocoPhillips, 9.38%, 02/15/11 A1, A 750,000 827,288 Kinder Morgan Energy Partners LP, 7.13%, 03/15/12 Baa2, BBB 1,150,000 1,256,000 Sunoco, Inc., 9.63%, 04/15/15 Baa2, BBB 1,200,000 1,425,568 Transocean, Inc., 5.25%, 03/15/13 Baa2, BBB+ 750,000 792,975 Valero Energy Corp., 4.75%, 04/01/14 Baa2, BBB 1,845,000 1,806,360 Weatherford International Ltd., 5.15%, 03/15/13 Baa1, BBB+ 450,000 472,676 ------------ 8,733,256 ------------ FINANCIALS -- 15.5% American Express Co., 4.88%, 07/15/13 A3, BBB+ 500,000 515,214 American Honda Finance Corp. 144A, 4.63%, 04/02/13@ A1, A+ 1,500,000 1,528,957 Bank of America Corp., 7.63%, 06/01/19 A2, A 750,000 845,093 Bank of New York Mellon Corp.(The), 4.95%, 11/01/12 Aa2, AA- 1,900,000 2,058,701 Bank One Corp., 8.00%, 04/29/27 Aa3, A+ 265,000 315,914 Bear Stearns Cos. LLC (The), 4.55%, 06/23/10 Aa2, A+ 1,825,000 1,874,171 BP Capital Markets PLC, 5.25%, 11/07/13 Aa1, AA 1,300,000 1,424,058 Caterpillar Financial Services Corp., 5.75%, 02/15/12 A2, A 1,750,000 1,859,132 Devon Financing Corp., 6.88%, 09/30/11 Baa1, BBB+ 1,465,000 1,593,820 Ford Motor Credit Co., LLC, 7.88%, 06/15/10 B1, CCC+ 1,350,000 1,355,916 General Electric Capital Corp., 4.88%, 10/21/10 Aaa, AA+ 875,000 902,287 Goldman Sachs Group, Inc. (The), 7.50%, 02/15/19 A1, A 1,500,000 1,715,425 John Deere Capital Corp., 4.90%, 09/09/13 A2, A 900,000 962,369 JPMorgan Chase & Co., 4.65%, 06/01/14 Aa3, A+ 1,250,000 1,303,733 MetLife, Inc., 5.00%, 06/15/15 Baa1, A- 730,000 762,339 Morgan Stanley, 4.75%, 04/01/14 A2, A- 1,750,000 1,737,085 Simon Property Group LP, 5.75%, 12/01/15 A3, A- 1,000,000 1,022,912 SLM Corp., 4.50%, 07/26/10 Ba1, BBB- 900,000 874,498 Swiss Bank Corp., 7.38%, 06/15/17 Aa2, A+ 700,000 698,970 Textron Financial Corp., 5.13%, 02/03/11 Baa3, BBB- 1,550,000 1,550,921 Wachovia Corp., 7.57%, 08/01/26++ A1, NR 175,000 182,571 Wells Fargo & Co., 5.13%, 09/01/12 A1, AA- 348,000 366,741 Wells Fargo Financial, Inc., 5.50%, 08/01/12 Aa1, AA- 615,000 652,975 ------------ 26,103,802 ------------ HEALTH CARE -- 2.0% Merck & Co., Inc., 4.38%, 02/15/13 Aa3, AA- 700,000 731,241 Pfizer, Inc., 5.35%, 03/15/15 Aa2, AAA 1,100,000 1,218,038 Schering-Plough Corp., 5.55%, 12/01/13 Baa1, A- 875,000 957,944
1 WILMINGTON FUNDS -- FIXED INCOME FUNDS SHORT/INTERMEDIATE-TERM BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ United Health Group, Inc., 6.00%, 06/15/17 Baa1, A- $ 500,000 $ 521,955 ------------ 3,429,178 ------------ INDUSTRIALS -- 6.8% Allied Waste North America, Inc., 6.38%, 04/15/11 Baa3, BBB 500,000 521,577 Allied Waste North America, Inc., 6.88%, 06/01/17 B1, BBB 600,000 633,706 CSX Corp., 7.90%, 05/01/17 Baa3, BBB- 685,000 810,011 GATX Corp., 4.75%, 10/01/12 Baa1, BBB+ 500,000 503,039 General Electric Co., 5.00%, 02/01/13 Aa2, AA+ 875,000 923,038 Honeywell International, Inc., 5.00%, 02/15/19 A2, A 1,000,000 1,052,638 Ingersoll-Rand Co., 6.02%, 02/15/28 Baa1, BBB+ 2,015,000 2,094,085 The Boeing Co., 5.00%, 03/15/14 A2, A 1,250,000 1,363,061 Time Warner Entertainment Co., LP, 8.88%, 10/01/12 Baa2, BBB 1,185,000 1,372,111 Time Warner Entertainment Co., LP, 8.38%, 03/15/23 Baa2, BBB 175,000 209,920 Tyco Electronics Group SA, 6.00%, 10/01/12 Baa2, BBB- 1,150,000 1,216,676 United Technologies Corp., 6.35%, 03/01/11 A2, A 700,000 744,820 ------------ 11,444,682 ------------ INFORMATION TECHNOLOGY -- 1.1% Cisco Systems, Inc., 5.50%, 02/22/16 A1, A+ 800,000 880,924 International Business Machines Corp., 4.75%, 11/29/12 A1, A+ 875,000 946,431 ------------ 1,827,355 ------------ MATERIALS -- 2.8% Alcoa, Inc., 5.72%, 02/23/19 Baa3, BBB- 1,100,000 995,795 Dow Chemical Co. (The), 4.85%, 08/15/12 Baa3, BBB- 2,000,000 2,079,716 EI Du Pont de Nemours & Co., 5.00%, 07/15/13 A2, A 1,000,000 1,089,308 Weyerhaeuser Co., 6.75%, 03/15/12 Ba1, BBB- 625,000 651,112 ------------ 4,815,931 ------------ TELECOMMUNICATION SERVICES -- 3.2% AT&T, Inc., 5.10%, 09/15/14 A2, A 875,000 943,397 Embarq Corp., 6.74%, 06/01/13 Baa3, BBB- 1,150,000 1,247,063 Verizon Global Funding Corp., 7.25%, 12/01/10 A3, A 860,000 915,284 Verizon New Jersey, Inc., 5.88%, 01/17/12 Baa1, A 1,400,000 1,504,657 Verizon Wireless Capital LLC 144A, 5.25%, 02/01/12@ A3, A 750,000 800,870 ------------ 5,411,271 ------------ UTILITIES -- 4.9% Alabama Power Co., 5.20%, 01/15/16 A2, A 850,000 895,993 CMS Energy Corp., 6.55%, 07/17/17 Ba1, BBB- 625,000 610,115 Detroit Edison Co. (The), 5.60%, 06/15/18 A3, A- 950,000 1,016,745 Exelon Generation Co. LLC, 6.20%, 10/01/17 A3, BBB 1,000,000 1,091,364 Florida Power & Light Co., 5.55%, 11/01/17 Aa2, A 500,000 547,260 Oklahoma Gas & Electric Co., 6.65%, 07/15/27 A2, BBB+ 440,000 483,731 Pacific Gas & Electric Co., 4.20%, 03/01/11 A3, BBB+ 875,000 905,740 PECO Energy Corp., 4.75%, 10/01/12 A2, BBB 2,000,000 2,103,144
2 WILMINGTON FUNDS -- FIXED INCOME FUNDS SHORT/INTERMEDIATE-TERM BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ Southern California Edison Corp., 5.00%, 01/15/16 A2, A $ 654,000 $ 698,974 ------------ 8,353,066 ------------ TOTAL CORPORATE BONDS (COST $76,184,976) 80,355,164 ------------ MUNICIPAL BONDS -- 0.5% CALIFORNIA -- 0.5% California State G.O. Unltd. Bonds, 7.50%, 04/01/34 A2, A 750,000 823,635 ------------ TOTAL MUNICIPAL BONDS (COST $793,643) 823,635 ------------
PRINCIPAL AMOUNT VALUE ----------- ------------ MORTGAGE-BACKED SECURITIES -- 4.7% Federal Home Loan Mortgage Corporation Notes, 2751 VT, 6.00%, 02/15/34 7,633 7,857 Federal Home Loan Mortgage Corporation Notes, 3159 PB, 6.00%, 01/15/29 1,100,000 1,141,238 Federal Home Loan Mortgage Corporation Notes, Pool B19228, 4.50%, 04/01/20 352,427 368,985 Federal Home Loan Mortgage Corporation Notes, Pool E00530, 6.00%, 01/01/13 25,972 27,360 Federal Home Loan Mortgage Corporation Notes, Pool G01625, 5.00%, 11/01/33 408,069 423,771 Federal Home Loan Mortgage Corporation Notes, Pool G02390, 6.00%, 09/01/36 330,284 349,605 Federal Home Loan Mortgage Corporation Notes, Pool G08097, 6.50%, 11/01/35 199,300 212,886 Federal Home Loan Mortgage Corporation Notes, Pool G08193, 6.00%, 04/01/37 599,951 634,674 Federal Home Loan Mortgage Corporation Notes, Pool M80842, 3.50%, 08/01/10 1,098,229 1,109,676 Federal National Mortgage Association Notes, 2005-29 WC, 4.75%, 04/25/35 308,062 321,630 Federal National Mortgage Association Notes, 2005-97 LB, 5.00%, 11/25/35 805,921 810,934 Federal National Mortgage Association Notes, Pool 254833, 4.50%, 08/01/18 144,438 152,578 Federal National Mortgage Association Notes, Pool 256639, 5.00%, 02/01/27 604,179 631,128 Federal National Mortgage Association Notes, Pool 256752, 6.00%, 06/01/27 331,354 352,835 Federal National Mortgage Association Notes, Pool 257007, 6.00%, 12/01/27 682,433 726,672 Federal National Mortgage Association Notes, Pool 612514, 3.97%, 05/01/33++ 150,083 154,633 Federal National Mortgage Association Notes, Pool 629603, 5.50%, 02/01/17 137,932 147,490 Federal National Mortgage Association Notes, Pool 688996, 8.00%, 11/01/24 53,789 60,648 Federal National Mortgage Association Notes, Pool 745412, 5.50%, 12/01/35 295,825 309,846 ------------ TOTAL MORTGAGE-BACKED SECURITIES (COST $7,592,718) 7,944,446 ------------ U.S. AGENCY OBLIGATIONS -- 27.8% FEDERAL HOME LOAN BANKS NOTES -- 7.6% Federal Home Loan Banks Notes, 4.38%, 03/17/10 1,225,000 1,248,013 Federal Home Loan Banks Notes, 4.88%, 11/18/11 5,195,000 5,609,504 Federal Home Loan Banks Notes, 4.50%, 09/16/13 1,200,000 1,304,030 Federal Home Loan Banks Notes, 5.50%, 08/13/14 2,000,000 2,266,678 Federal Home Loan Banks Notes, 4.88%, 05/17/17(1) 2,250,000 2,455,789 ------------ 12,884,014 ------------ FEDERAL HOME LOAN MORTGAGE CORPORATION NOTES -- 7.6% Federal Home Loan Mortgage Corporation Notes, 6.88%, 09/15/10 3,300,000 3,498,970 Federal Home Loan Mortgage Corporation Notes, 5.50%, 09/15/11 615,000 668,923 Federal Home Loan Mortgage Corporation Notes, 4.38%, 07/17/15 1,315,000 1,416,864 Federal Home Loan Mortgage Corporation Notes, 5.25%, 04/18/16 6,500,000 7,250,217 ------------ 12,834,974 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION NOTES -- 12.6% Federal National Mortgage Association Notes, 4.75%, 03/12/10 1,795,000 1,832,257 Federal National Mortgage Association Notes, 6.63%, 11/15/10 3,300,000 3,522,106 Federal National Mortgage Association Notes, 5.50%, 03/15/11 2,405,000 2,572,018 Federal National Mortgage Association Notes, 5.00%, 10/15/11 1,250,000 1,354,054 Federal National Mortgage Association Notes, 4.13%, 04/15/14 4,985,000 5,340,974 Federal National Mortgage Association Notes, 5.00%, 02/13/17 2,500,000 2,763,830
3 WILMINGTON FUNDS -- FIXED INCOME FUNDS SHORT/INTERMEDIATE-TERM BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
PRINCIPAL AMOUNT VALUE ----------- ------------ Federal National Mortgage Association Notes, 5.00%, 05/11/17 $ 3,500,000 $ 3,868,245 ------------ 21,253,484 ------------ TOTAL U.S. AGENCY OBLIGATIONS (COST $43,435,197) 46,972,472 ------------ U.S. GOVERNMENT INFLATION-LINKED SECURITIES -- 15.3% U.S. TREASURY NOTES -- 15.3% U.S. Treasury Notes, 4.25%, 10/15/10 350,000 363,863 U.S. Treasury Notes, 5.00%, 08/15/11 180,000 193,929 U.S. Treasury Notes, 1.50%, 07/15/12(1) 3,000,000 3,015,000 U.S. Treasury Notes, 4.25%, 11/15/14(1) 1,300,000 1,419,844 U.S. Treasury Notes, 4.13%, 05/15/15 4,420,000 4,786,029 U.S. Treasury Notes, 4.25%, 08/15/15 2,000,000 2,178,124 U.S. Treasury Notes, 4.50%, 02/15/16(1) 2,000,000 2,206,718 U.S. Treasury Notes, 2.63%, 04/30/16(1) 6,000,000 5,922,186 U.S. Treasury Notes, 4.75%, 08/15/17 500,000 557,149 U.S. Treasury Notes, 4.25%, 11/15/17 3,000,000 3,232,500 U.S. Treasury Notes, 2.75%, 02/15/19(1) 2,000,000 1,908,594 ------------ 25,783,936 ------------ TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $24,982,190) 25,783,936 ------------
SHARES ----------- SHORT-TERM INVESTMENTS -- 2.7% BlackRock Liquidity Funds TempCash Portfolio - Institutional Series 2,238,502 2,238,502 BlackRock Liquidity Funds TempFund Portfolio - Institutional Series 2,238,501 2,238,501 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $4,477,003) 4,477,003 ------------ SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES -- 9.8% Institutional Money Market Trust 16,586,610 16,586,610 ------------ TOTAL SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES(2) (COST $16,586,610) 16,586,610 ------------ TOTAL INVESTMENTS -- 108.4% (Cost $174,052,337)(3) $182,943,266 LIABILITIES IN EXCESS OF OTHER ASSETS -- (8.4)% (14,114,470) ------------ NET ASSETS -- 100.0% $168,828,796 ============
+ 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 September 30, 2009. @ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other "accredited investors". Unless otherwise indicated security is considered liquid. (1) Security partially or fully on loan. (2) At September 30, 2009, the market value of securities on loan for the Short/Intermediate Bond Fund was $16,328,416. (3) The cost for Federal income tax purposes is $174,052,337. At September 30, 2009, net unrealized appreciation was $8,890,929. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $9,205,576 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $314,647. PLC - Public Limited Company The following table provides a summary of inputs used to value the Funds' net assets as of September 30, 2009:
LEVEL 2 LEVEL 3 TOTAL VALUE AT SIGNIFICANT SIGNIFICANT SEPTEMBER 30, LEVEL 1 OBSERVABLE UNOBSERVABLE 2009 QUOTED PRICES INPUTS INPUTS -------------- ------------- ------------ ------------ INVESTMENTS IN SECURITIES: Corporate Bonds $ 80,355,164 $ -- $ 80,355,164 $-- Mortgage-Backed Securities 7,944,446 -- 7,944,446 -- U.S. Treasury and Agency Obligations 72,756,408 -- 72,756,408 -- Municipal Bonds 823,635 -- 823,635 -- Short-Term Investments 21,063,613 21,063,613 -- -- ------------ ----------- ------------ --- Total $182,943,266 $21,063,613 $161,879,653 $-- ============ =========== ============ ===
4 WILMINGTON FUNDS -- FIXED INCOME FUNDS BROAD MARKET BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) (Showing Percentage of Net Assets)
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ----------- CORPORATE BONDS -- 63.2% CONSUMER DISCRETIONARY -- 5.8% Anheuser-Busch InBev Worldwide, Inc. 144A, 7.75%, 01/15/19@ Baa2, BBB+ $ 650,000 $ 769,119 Anheuser-Busch InBev Worldwide, Inc. 144A, 8.20%, 01/15/39@ Baa2, BBB+ 500,000 659,319 Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13 Baa1, BBB+ 896,000 1,040,660 Comcast Corp., 5.70%, 07/01/19(1) Baa1, BBB+ 400,000 422,642 Royal Caribbean Cruises Ltd., 7.00%, 06/15/13 Ba3, BB- 300,000 285,750 Time Warner, Inc., 5.50%, 11/15/11 Baa2, BBB 600,000 637,922 ----------- 3,815,412 ----------- CONSUMER STAPLES -- 2.3% CVS Caremark Corp., 5.75%, 06/01/17 Baa2, BBB+ 250,000 267,626 General Mills, Inc., 5.65%, 02/15/19 Baa1, BBB+ 500,000 541,516 Kraft Foods, Inc., 5.25%, 10/01/13 Baa2, A- 400,000 421,279 Kraft Foods, Inc., 6.13%, 02/01/18 Baa2, A- 300,000 317,904 ----------- 1,548,325 ----------- ENERGY -- 7.8% Anadarko Petroleum Corp., 8.70%, 03/15/19 Baa3, BBB- 400,000 478,264 Chesapeake Energy Corp., 9.50%, 02/15/15 Ba3, BB 400,000 421,000 Kinder Morgan Energy Partners LP, 7.13%, 03/15/12 Baa2, BBB 500,000 546,087 Marathon Oil Corp., 6.80%, 03/15/32 Baa1, BBB+ 1,700,000 1,826,953 Sunoco, Inc., 9.63%, 04/15/15 Baa2, BBB 550,000 653,385 Transocean, Inc., 5.25%, 03/15/13 Baa2, BBB+ 250,000 264,325 Valero Energy Corp., 4.75%, 04/01/14 Baa2, BBB 785,000 768,560 Weatherford International Ltd., 5.15%, 03/15/13 Baa1, BBB+ 200,000 210,078 ----------- 5,168,652 ----------- FINANCIALS -- 20.9% American Honda Finance Corp. 144A, 4.63%, 04/02/13@ A1, A 750,000 764,479 Bank of America Corp., 7.63%, 06/01/19 A2, A 500,000 563,395 Bank of New York Mellon Corp.(The), 4.95%, 11/01/12 Aa2, AA- 600,000 650,116 Bank One Corp., 8.00%, 04/29/27 Aa3, A+ 425,000 506,654 Bear Stearns Cos. LLC (The), 4.55%, 06/23/10 Aa2, A+ 843,000 865,713 Caterpillar Financial Services Corp., 5.75%, 02/15/12 A2, A 1,000,000 1,062,361 Devon Financing Corp., 6.88%, 09/30/11 Baa1, BBB+ 750,000 815,949 Ford Motor Credit Co., LLC, 7.88%, 06/15/10 B1, CCC+ 400,000 401,753 General Electric Capital Corp., 4.88%, 10/21/10 Aaa, AA+ 300,000 309,355 Goldman Sachs Group, Inc. (The), 7.50%, 02/15/19 A1, A 750,000 857,713 John Deere Capital Corp., 4.90%, 09/09/13 A2, A 425,000 454,452 JPMorgan Chase & Co., 4.65%, 06/01/14 Aa3, A+ 500,000 521,493 MetLife, Inc., 5.00%, 06/15/15 Baa1, A- 400,000 417,720 Morgan Stanley, 4.75%, 04/01/14 A2, A 1,000,000 992,620 Simon Property Group LP, 5.75%, 12/01/15 A3, A- 500,000 511,456 SLM Corp., 4.50%, 07/26/10 Ba1, BBB- 300,000 291,499 Swiss Bank Corp., 7.38%, 06/15/17 Aa2, A+ 1,400,000 1,397,941 Textron Financial Corp., 5.13%, 02/03/11 Baa3, BBB- 625,000 625,371 Wachovia Corp., 7.57%, 08/01/26++ A1, NR 591,000 616,570 Wells Fargo & Co., 5.13%, 09/01/12 A1, AA- 700,000 737,697 Wells Fargo Financial, Inc., 5.50%, 08/01/12 Aa2, AA- 400,000 424,699 ----------- 13,789,006 ----------- HEALTH CARE -- 2.9% Johnson & Johnson, 5.85%, 07/15/38 Aaa, AAA 700,000 787,889 Merck & Co., Inc., 4.38%, 02/15/13 Aa3, AA- 325,000 339,505 Pfizer, Inc., 5.35%, 03/15/15 Aa2, AAA 500,000 553,653
1 WILMINGTON FUNDS -- FIXED INCOME FUNDS BROAD MARKET BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ----------- United Health Group, Inc., 6.00%, 06/15/17 Baa1, A- $ 250,000 $ 260,978 ----------- 1,942,025 ----------- INDUSTRIALS -- 12.4% Allied Waste North America, Inc., 6.38%, 04/15/11 Baa3, BBB 500,000 521,577 Allied Waste North America, Inc., 6.88%, 06/01/17 Baa3, BBB 300,000 316,853 CSX Corp., 7.90%, 05/01/17 Baa3, BBB- 1,414,000 1,672,052 GATX Corp., 4.75%, 10/01/12 Baa1, BBB+ 250,000 251,519 General Electric Co., 5.00%, 02/01/13 Aa2, AA+ 700,000 738,431 Honeywell International, Inc., 5.00%, 02/15/19 A2, A 750,000 789,478 Ingersoll-Rand Co., 6.02%, 02/15/28 Baa1, BBB+ 900,000 935,323 The Boeing Co., 5.00%, 03/15/14 A2, A+ 750,000 817,837 Time Warner Entertainment Co., LP, 8.88%, 10/01/12 Baa2, BBB 300,000 347,370 Time Warner Entertainment Co., LP, 8.38%, 03/15/23 Baa2, BBB 900,000 1,079,586 Tyco Electronics Group SA, 6.00%, 10/01/12 Baa2, BBB- 400,000 423,192 United Technologies Corp., 6.35%, 03/01/11 A2, A 300,000 319,209 ----------- 8,212,427 ----------- MATERIALS -- 3.1% Alcoa, Inc., 5.72%, 02/23/19 Baa3, BBB- 550,000 497,897 Dow Chemical Co. (The), 4.85%, 08/15/12 Baa3, BBB- 750,000 779,894 EI Du Pont de Nemours & Co., 5.00%, 07/15/13 A2, A 325,000 354,025 Weyerhaeuser Co., 6.75%, 03/15/12 Ba1, BBB- 400,000 416,712 ----------- 2,048,528 ----------- TELECOMMUNICATION SERVICES -- 2.4% Embarq Corp., 6.74%, 06/01/13 Baa3, BBB- 450,000 487,981 Verizon Global Funding Corp., 7.25%, 12/01/10 A3, A 540,000 574,713 Verizon New Jersey, Inc., 5.88%, 01/17/12 Baa1, A 500,000 537,378 ----------- 1,600,072 ----------- UTILITIES -- 5.6% CMS Energy Corp., 6.55%, 07/17/17 Ba1, BBB- 300,000 292,855 Florida Power Corp., 6.35%, 09/15/37 A3, BBB+ 425,000 498,758 Nevada Power Co., 8.25%, 06/01/11 Baa3, BBB 1,000,000 1,088,190 Oklahoma Gas & Electric Co., 6.65%, 07/15/27 A2, BBB+ 565,000 621,155 Pacific Gas & Electric Co., 4.20%, 03/01/11 A3, BBB+ 450,000 465,809 PECO Energy Corp., 4.75%, 10/01/12 A2, BBB 670,000 704,553 ----------- 3,671,320 ----------- TOTAL CORPORATE BONDS (COST $39,398,415) 41,795,767 ----------- MUNICIPAL BONDS -- 1.3% CALIFORNIA -- 1.3% California State G.O. Unltd. Bonds, 7.50%, 04/01/34 A2, A 800,000 878,544 ----------- TOTAL MUNICIPAL BONDS (COST $846,552) 878,544 -----------
PRINCIPAL AMOUNT VALUE ----------- ----------- MORTGAGE-BACKED SECURITIES -- 5.9% Federal Home Loan Mortgage Corporation Notes, 3159 PB, 6.00%, 01/15/29 700,000 726,243 Federal Home Loan Mortgage Corporation Notes, Pool E00530, 6.00%, 01/01/13 15,691 16,530 Federal Home Loan Mortgage Corporation Notes, Pool G01625, 5.00%, 11/01/33 408,069 423,771 Federal Home Loan Mortgage Corporation Notes, Pool G02390, 6.00%, 09/01/36 188,733 199,774 Federal Home Loan Mortgage Corporation Notes, Pool G08097, 6.50%, 11/01/35 123,158 131,553 Federal Home Loan Mortgage Corporation Notes, Pool M80842, 3.50%, 08/01/10 95,962 96,962
2 WILMINGTON FUNDS -- FIXED INCOME FUNDS BROAD MARKET BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
PRINCIPAL AMOUNT VALUE ----------- ----------- Federal Home Loan Mortgage Corporation Notes, Pool M80865, 7 Yr. Balloon, 4.50%, 11/01/10 $ 225,404 $ 232,234 Federal National Mortgage Association Notes, 2005-29 WC, 4.75%, 04/25/35 142,182 148,444 Federal National Mortgage Association Notes, Pool 254833, 4.50%, 08/01/18 108,328 114,433 Federal National Mortgage Association Notes, Pool 256515, 6.50%, 11/01/36 294,026 314,942 Federal National Mortgage Association Notes, Pool 256639, 5.00%, 02/01/27 302,090 315,564 Federal National Mortgage Association Notes, Pool 256752, 6.00%, 06/01/27 265,083 282,268 Federal National Mortgage Association Notes, Pool 629603, 5.50%, 02/01/17 82,759 88,494 Federal National Mortgage Association Notes, Pool 745412, 5.50%, 12/01/35 293,478 307,387 Federal National Mortgage Association Notes, Pool 838891, 6.00%, 07/01/35 454,702 482,012 ----------- TOTAL MORTGAGE-BACKED SECURITIES (COST $3,694,636) 3,880,611 ----------- U.S. AGENCY OBLIGATIONS -- 14.3% FEDERAL HOME LOAN BANKS NOTES -- 6.3% Federal Home Loan Banks Notes, 5.75%, 05/15/12 1,185,000 1,316,484 Federal Home Loan Banks Notes, 4.50%, 11/15/12 1,000,000 1,082,129 Federal Home Loan Banks Notes, 4.50%, 09/16/13 300,000 326,008 Federal Home Loan Banks Notes, 5.25%, 06/18/14 800,000 897,004 Federal Home Loan Banks Notes, 5.50%, 08/13/14 500,000 566,669 ----------- 4,188,294 ----------- FEDERAL HOME LOAN MORTGAGE CORPORATION NOTES -- 0.8% Federal Home Loan Mortgage Corporation Notes, 4.38%, 07/17/15 500,000 538,732 ----------- 538,732 ----------- FEDERAL NATIONAL MORTGAGE ASSOCIATION NOTES -- 7.2% Federal National Mortgage Association Notes, 4.88%, 12/15/16 800,000 876,235 Federal National Mortgage Association Notes, 5.00%, 02/13/17 1,000,000 1,105,532 Federal National Mortgage Association Notes, 5.00%, 05/11/17 1,000,000 1,105,213 Federal National Mortgage Association Notes, 6.25%, 05/15/29 900,000 1,104,285 Federal National Mortgage Association Notes, 7.25%, 05/15/30 400,000 548,356 ----------- 4,739,621 ----------- TOTAL U.S. AGENCY OBLIGATIONS (COST $8,792,772) 9,466,647 ----------- U.S. GOVERNMENT INFLATION-LINKED SECURITIES -- 13.3% U.S. TREASURY BONDS -- 7.4% U.S. Treasury Bonds, 7.50%, 11/15/16 300,000 386,742 U.S. Treasury Bonds, 8.88%, 02/15/19(1) 1,130,000 1,633,910 U.S. Treasury Bonds, 7.13%, 02/15/23 525,000 703,992 U.S. Treasury Bonds, 6.00%, 02/15/26 300,000 372,234 U.S. Treasury Bonds, 6.38%, 08/15/27 450,000 584,860 U.S. Treasury Bonds, 6.25%, 05/15/30 500,000 654,375 U.S. Treasury Bonds, 5.38%, 02/15/31 500,000 594,063 ----------- 4,930,176 ----------- U.S. TREASURY NOTES -- 5.9% U.S. Treasury Notes, 4.75%, 03/31/11 400,000 424,453 U.S. Treasury Notes, 3.13%, 04/30/13 400,000 419,969 U.S. Treasury Notes, 4.25%, 11/15/13(1) 800,000 873,687 U.S. Treasury Notes, 4.13%, 05/15/15 570,000 617,203 U.S. Treasury Notes, 4.50%, 02/15/16(1) 500,000 551,680
3 WILMINGTON FUNDS -- FIXED INCOME FUNDS BROAD MARKET BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
PRINCIPAL AMOUNT VALUE ----------- ----------- U.S. Treasury Notes, 2.63%, 04/30/16(1) $ 1,000,000 $ 987,031 ----------- 3,874,023 ----------- TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $7,787,195) 8,804,199 -----------
SHARES ----------- PREFERRED STOCK -- 0.4% FINANCIALS -- 0.4% Wachovia Capital Trust IX, 6.375%(1) 12,000 259,440 ----------- TOTAL PREFERRED STOCK (COST $300,000) 259,440 ----------- SHORT-TERM INVESTMENTS -- 0.4% BlackRock Liquidity Funds TempCash Portfolio - Institutional Series 126,085 126,085 BlackRock Liquidity Funds TempFund Portfolio - Institutional Series 126,084 126,084 ----------- TOTAL SHORT-TERM INVESTMENTS (COST $252,169) 252,169 ----------- SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES -- 6.9% Institutional Money Market Trust 4,555,977 4,555,977 ----------- TOTAL SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES(2) (COST $4,555,977) 4,555,977 ----------- TOTAL INVESTMENTS -- 105.7% (Cost $65,627,716)(3) $69,893,354 LIABILITIES IN EXCESS OF OTHER ASSETS -- (5.7)% (3,761,628) ----------- NET ASSETS -- 100.0% $66,131,726 ===========
+ 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 September 30, 2009. @ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other "accredited investors". Unless otherwise indicated security is considered liquid. (1) Security partially or fully on loan. (2) At September 30, 2009, the market value of securities on loan for the Broad Market Bond Fund was $4,480,953. (3) The cost for Federal income tax purposes is $65,627,716. At September 30, 2009, net unrealized appreciation was $4,265,638. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $4,510,163, and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $244,525. The following table provides a summary of inputs used to value the Funds' net assets as of September 30, 2009:
LEVEL 2 LEVEL 3 TOTAL VALUE AT SIGNIFICANT SIGNIFICANT SEPTEMBER 30, LEVEL 1 OBSERVABLE UNOBSERVABLE 2009 QUOTED PRICES INPUTS INPUTS -------------- ------------- ----------- ------------ INVESTMENTS IN SECURITIES: Corporate Bonds $41,795,767 $ -- $41,795,767 $-- Mortgage-Backed Securities 3,880,611 -- 3,880,611 -- U.S. Treasury and Agency Obligations 18,270,846 -- 18,270,846 -- Municipal Bonds 878,544 -- 878,544 -- Preferred Stocks 259,440 259,440 -- Short-Term Investments 4,808,146 4,808,146 -- -- ----------- ---------- ----------- --- Total $69,893,354 $5,067,586 $64,825,768 $-- ----------- ---------- ----------- ---
4 WILMINGTON FUNDS -- FIXED INCOME FUNDS MUNICIPAL BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) (Showing Percentage of Net Assets)
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ MUNICIPAL BONDS -- 93.8% ALABAMA -- 8.5% Alabama 21st Century Auth. Tobacco Settlement Rev. Bonds, 5.10%, 12/01/09 Baa1, A- $ 500,000 $ 501,950 Alabama 21st Century Auth. Tobacco Settlement Rev. Bonds, 5.75%, 12/01/17 Baa1, A- 465,000 481,396 Alabama Housing Fin. Auth. Single Family Mtge. Rev. Bonds, Ser. A-1, (GNMA/FNMA), 5.00%, 10/01/14 Aaa, NR 100,000 100,198 Alabama State Brd. of Educ. Calhoun Community College Rev. Bonds, (AMBAC), 5.00%, 05/01/15 A2, NR 500,000 551,065 Alabama Water Poll. Cntrl. Auth. Rev. Bonds, Ser. B, (AMBAC), 4.50%, 08/15/10 NR, NR 250,000 251,775 Birmingham, AL Airport Auth. Rev. Bond Ref.- AMT, (AMBAC), 5.00%, 07/01/12(2) A2, A 2,370,000 2,435,104 East Alabama Health Care Auth. Ser. A, 5.25%, 09/01/36++ NR, A 200,000 201,262 Jefferson Cnty., AL Sewer Rev. Bonds, (FSA), 5.25%, 02/01/11 Aa3, AAA 250,000 246,220 Mobile, AL Industrial Development Board VRDB Ser. A, 4.75%, 06/01/34++ A2, A 500,000 535,395 Mobile, AL Industrial Development Board VRDB Ser. C, 5.00%, 06/01/34++ A2, A 5,000,000 5,663,700 Trussville, AL G.O. Ltd. Bonds, (NATL-RE), 4.60%, 10/01/13 A1, NR 165,000 171,412 Univ. of Alabama at Birmingham Hospital Rev. Bonds, Ser. A, 5.00%, 09/01/15 A1, A+ 500,000 543,580 Univ. of Alabama at Birmingham Hospital Rev. Bonds, Ser. A, 5.75%, 09/01/22++ A1, A+ 1,000,000 1,087,780 ------------ 12,770,837 ------------ ARIZONA -- 1.0% Greenlee Cnty., AZ School Dist. G.O. Unltd. Bonds, 5.00%, 07/01/10 Baa3, NR 150,000 149,594 Greenlee Cnty., AZ School Dist. G.O. Unltd. Bonds, 5.00%, 07/01/13 Baa3, NR 200,000 218,482 Tucson, AZ Certificate Participation Bonds, Public Improvements, Ser. A, (NATL-RE), 5.00%, 07/01/21 A1, A+ 1,000,000 1,068,240 ------------ 1,436,316 ------------ CALIFORNIA -- 13.7% 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 1,304,785 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 3,504,560 California Health Facilities Fin. Auth. Rev. Bonds, 5.13%, 07/01/22 A2, A 1,000,000 1,034,810 California Health Facilities Fin. Auth. Ser. H, 4.45%, 07/01/26++ A2, A 510,000 531,950 California Infrastructure & Economic Dev. Rev. Bonds, 5.00%, 10/01/18 Aa2, AA+ 365,000 403,938 California State Public Works Brd. Lease. Rev. Bonds (Dept. Health Services - Richmond Lab), Ser. B, (XLCA), 5.00%, 11/01/23 Baa2, A- 960,000 978,586 California State Public Works Brd. Ref. Rev. Bonds, Ser. D, (NATL-RE), 5.25%, 10/01/11 A1, A 150,000 158,914 California State School Imps. Ref. G.O. Bonds, 5.25%, 02/01/14 Baa1, A 585,000 647,104 Glendale, CA Univ. School Dist. G.O. Bonds, Ser. C, (FSA), 5.50%, 09/01/15 Aa3, AAA 125,000 128,135
1 WILMINGTON FUNDS -- FIXED INCOME FUNDS MUNICIPAL BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ Lancaster, CA Redev. Agency Tax Allocation Ref. Bonds, (XCLA), 5.25%, 12/01/20 NR, A $ 400,000 $ 407,196 Palm Desert, CA Fin. Auth., (NATL-RE) Ser.1A, 5.00%, 04/01/25 A3, A 500,000 496,800 Redwood City, CA Elementary School Dist. G.O. Bonds, (FGIC), 5.50%, 08/01/14 NR, A+ 125,000 142,359 Sacramento City Financing Auth. Ser. B, 5.40%, 11/01/20 A2, A 4,000,000 4,314,200 San Francisco, CA City & Cnty., International Airport Rev. Bonds, (AMBAC) Ser. A, 5.25%, 01/01/19(2) A3, BBB+ 1,540,000 1,524,338 San Jose, CA Redevelopment Agency Tax Allocation (Merged Area Redev. Proj.) Ser. C (NATL-RE)San Jose, CA Redevelopment Agency Ser. C (NATL-RE), 5.00%, 08/01/24 A3, A 1,655,000 1,669,812 State Of California, 5.00%, 12/01/22 Baa1, A 2,000,000 2,124,560 Tulare Cnty., CA Ctfs. Participation Ref. Bonds, (NATL-RE), 5.00%, 08/15/10 A3, NR 50,000 51,609 Univ. of CA Rev. Bonds, Ser. H, (NATL-RE), 5.00%, 05/15/18 Aa1, AA 490,000 539,196 Visalia, CA Cert. Participation Ref. Bonds, (NATL-RE), 5.00%, 12/01/18 Baa1, A+ 500,000 541,830 ------------ 20,504,682 ------------ COLORADO -- 2.9% Denver, CO Convention Center Hotel Auth. Ref. Bonds, (XLCA), 5.25%, 12/01/21 Baa3, BBB- 1,000,000 962,540 Denver, CO Convention Center Hotel Auth. Ref. Bonds, (XLCA), 5.13%, 12/01/24 Baa3, BBB- 3,065,000 2,834,727 Denver, CO X Ref. Bonds, (XLCA), 5.00%, 11/15/23 A1, A+ 500,000 527,680 ------------ 4,324,947 ------------ CONNECTICUT -- 0.7% Bristol, CT Resource Recovery Rev. Bonds (Solid Waste Oper. Committee), (AMBAC), 5.00%, 07/01/14 A1, A+ 1,000,000 1,098,810 ------------ 1,098,810 ------------ DELAWARE -- 1.1% Delaware State Economic Dev. Auth. Ref. Rev. Bonds, (Delmarva Power Poll. Cntrl. Proj.), Ser. 2001C, (AMBAC), 4.90%, 05/01/26++ NR, BBB 250,000 250,402 Delaware State Economic Dev. Auth. Rev. Bonds, (Student Housing Univ. Courtyard), (RADIAN), 5.38%, 08/01/11 NR, BBB- 170,000 177,565 Delaware State Health Facilities Auth. Ser. A, 5.50%, 06/01/24 Baa1, BBB+ 1,250,000 1,255,500 ------------ 1,683,467 ------------ FLORIDA -- 3.8% Broward Cnty., FL Resource Recovery Ref. Bonds, Wheelabrator South Ser. A, 5.38%, 12/01/09 A3, AA 250,000 251,370 Florida State Division of Bond Finance (Dept. Enviromental Preservation) Ser. 2000-A (AMBAC), 5.00%, 07/01/12 A1, AA- 1,750,000 1,753,272 Florida State Turnpike Auth. Ser. B, (AMBAC), 5.00%, 07/01/10 Aa2, AA- 100,000 103,291 Lakeland, FL Energy Sys. Rev. Bonds, (NATL-RE), 5.50%, 10/01/14 A1, A+ 455,000 486,177 Orlando & Orange Counties, FL Expressway Auth. Rev Ser. C-4 (FSA), 0.40%, 07/01/25++ Aa3, AAA 2,000,000 2,000,000
2 WILMINGTON FUNDS -- FIXED INCOME FUNDS MUNICIPAL BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ Osceola Cnty., FL School Brd. Cert. Participation Four Corners Charter School Bonds, Ser. A, (NATL-RE), 5.80%, 08/01/15 Baa1, NR $ 100,000 $ 105,210 Reedy Creek, FL Impt. Dist. Utilities Rev. Bonds, Ser. 1, (NATL-RE), 5.25%, 10/01/14 A3, A 900,000 943,461 ------------ 5,642,781 ------------ GEORGIA -- 1.3% Atlanta, GA Auth. Rev. Bonds, Ser. A, (FGIC), 5.88%, 01/01/16 A1, A+ 1,370,000 1,396,126 Clayton Cnty., GA Dev. Auth. Rev. Bonds, Ser. A, (NATL-RE), 5.00%, 08/01/18 Aa3, AA 465,000 514,062 ------------ 1,910,188 ------------ ILLINOIS -- 2.9% Chicago IL, Board of Educ. Ref. - Ded. Revs Bonds, Ser. B, (AMBAC), 5.00%, 12/01/21 A1, AA- 1,000,000 1,093,380 Chicago, IL Water Rev. Sr. Lien Bonds, (AMBAC), 5.75%, 11/01/11 Aa3, AA 200,000 211,884 Illinois Finance Auth. Rev. Bonds Ser. B, (FSA), 5.25%, 01/01/22 Aa3, NR 2,830,000 3,036,873 ------------ 4,342,137 ------------ INDIANA -- 3.4% Blackford Cnty., IN Industrial Sch. Bldg. Corp. Rev. Ref. Bond, First Mortgage, Ser. A, (NATL-RE), 5.00%, 07/15/17 Baa1, AA+ 1,755,000 1,951,665 Indiana Finance Auth. Health System Rev. Bonds, 5.00%, 11/01/21 Aa3, NR 2,000,000 2,136,720 Indiana Health Facility Fin. Auth. Ser. A, 5.00%, 11/01/27++ Aa2, AA- 1,000,000 1,070,080 ------------ 5,158,465 ------------ KANSAS -- 0.6% Butler & Sedgwick Cnty., KS Univ. School Dist. G.O. Unltd. Bonds, (FSA), 6.00%, 09/01/14 Aa3, AAA 500,000 588,645 Topeka, KS G.O. Bonds (College Hill Pub. Imps.) Ser. A, (NATL-RE), 5.50%, 08/15/14 Aa3, NR 275,000 296,483 ------------ 885,128 ------------ LOUISIANA -- 0.3% Louisiana State Citizens Prop. Ins. Corp. Rev. Bonds, Pub. Imps., (AMBAC), 5.00%, 06/01/15 Baa2, A- 435,000 450,121 ------------ 450,121 ------------ MARYLAND -- 0.4% Maryland Health & Higher Educ. Fac. Auth., John Hopkins Health Systems, 5.00%, 05/15/42++ A1, A+ 550,000 586,762 ------------ 586,762 ------------ MASSACHUSETTS -- 2.0% Lawrence, MA School Imps. G.O. Bonds, (AMBAC), 5.00%, 04/01/27 NR, AA- 2,000,000 2,201,700 Massachusetts State Dev. Fin. Agency Rev. Bond (Univ. of MA, Visual & Perfoming Arts Proj.), 6.00%, 08/01/16 A2, NR 310,000 360,945 Massachusetts State Housing Fin. Agency VRDB Rev. Bonds, 4.00%, 12/01/10++,(2) Aa2, AA 85,000 85,503
3 WILMINGTON FUNDS -- FIXED INCOME FUNDS MUNICIPAL BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ Massachusetts State Special Oblig. Rev. Bonds (Federal Highway Grant Auth.), Ser. A, (FSA), 5.00%, 12/15/12 Aa3, NR $ 275,000 $ 305,726 ------------ 2,953,874 ------------ MICHIGAN -- 1.8% Detroit, MI Water Utility Imps. Rev. Bonds, Ser. A, (FSA), 5.00%, 07/01/23 Aa3, AAA 550,000 583,841 Fowlerville, MI Community Schools Dist. G.O. Bonds, (FGIC), 5.00%, 05/01/15 Aa3, AA- 650,000 722,163 Michigan State Hosp. Fin. Auth. Ref. Bonds, 5.00%, 07/15/21 A2, A 1,600,000 1,460,784 ------------ 2,766,788 ------------ MINNESOTA -- 0.6% St. Paul, MN Housing & Redev. Auth. Health Care Fac. Rev. Bonds, 5.00%, 05/15/12 Baa1, BBB 85,000 88,239 St. Paul, MN Housing & Redev. Auth. Health Care Fac. Rev. Bonds, 5.00%, 05/15/13 Baa1, BBB 225,000 234,715 St. Paul, MN Housing & Redev. Auth. Health Care Fac. Rev. Bonds, 5.00%, 05/15/15 Baa1, BBB 270,000 280,549 St. Paul, MN Housing & Redev. Auth. Health Care Fac. Rev. Bonds, 5.00%, 05/15/16 Baa1, BBB 300,000 309,174 ------------ 912,677 ------------ MISSISSIPPI -- 0.2% Warren Cnty., MS Gulf Opportunity Zone Rev. Bonds Ser. A, 6.50%, 09/01/32 Baa3, BBB 250,000 270,695 ------------ 270,695 ------------ MISSOURI -- 1.1% Kansas City, MO Special Fac. Rev. Bonds Overhaul Base Proj., 4.00%, 09/01/10(2) A2, AA- 540,000 553,127 Kansas City, MO Special Fac. Rev. Bonds, MCI Overhaul Base Proj., 4.00%, 09/01/11(2) A2, AA- 465,000 469,580 Truman State Univ., MO Housing Sys. Rev. Bonds, (AMBAC), 5.00%, 06/01/15 A2, NR 615,000 665,461 ------------ 1,688,168 ------------ NEVADA -- 1.4% Clark Cnty., NV, (AMBAC), 5.00%, 11/01/25 Aa1, AA+ 1,000,000 1,057,250 Nevada State G.O. Unref. Bal. Bonds Dist No. 64-A, 5.13%, 09/01/10 Aa2, AA+ 20,000 20,058 Nevada State Highway Imp. Rev. Bonds (Motor Vehicle Fuel Tax), (FGIC), 5.50%, 12/01/11 Aa3, AA+ 250,000 272,075 North Las Vegas, NV Ref. Bonds Ser. 60-B, 5.00%, 12/01/16 NR, NR 760,000 720,480 ------------ 2,069,863 ------------ NEW HAMPSHIRE -- 0.7% New Hampshire Business Fin. Auth., (NATL-RE) Ser. C, 5.45%, 05/01/21 A3, A 1,000,000 1,035,660 ------------ 1,035,660 ------------ NEW JERSEY -- 3.4% Camden Cnty., NJ Impt. Auth. Cooper Health Sys. Oblig. Group A, 5.00%, 02/15/15 Baa3, BBB 1,090,000 1,078,337 Camden Cnty., NJ Impt. Auth. Cooper Health Sys. Oblig. Group B, 5.00%, 02/15/15 Baa3, BBB 2,435,000 2,408,945 New Jersey Economic Development Auth. Rev. Bonds, (RADIAN), 5.50%, 06/15/16 Baa2, BBB- 200,000 207,670
4 WILMINGTON FUNDS -- FIXED INCOME FUNDS MUNICIPAL BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ New Jersey Health Care Fac. Fin. Auth., Hackensack Univ. Medical Center, 5.13%, 01/01/21 Baa1, NR $ 600,000 $ 613,914 New Jersey State Educ. Fac. Auth. Ref. Bonds Ser. A, 5.00%, 07/01/19 Baa2, BBB+ 775,000 814,510 ------------ 5,123,376 ------------ NEW YORK -- 10.4% Cattaraugus Cnty., NY Industrial Dev. Agency (Olean Gen. Hosp. Proj.) Ser. A, 5.25%, 08/01/23 NR, A+ 525,000 526,339 Long Island, NY Power Auth. Rev Ser. N, 0.30%, 12/01/29++ Aa3, AAA 5,000,000 5,000,000 New York City Health & Hospital Corp. Rev (Health System) Ser. A (FSA), 5.00%, 02/15/13 A1, A+ 2,755,000 2,996,999 New York City Ind. Dev. Agency Ref. Bonds, 5.00%, 01/01/13(2) A3, BBB+ 700,000 726,845 New York City Ser. E-1, 6.00%, 10/15/23 Aa3, AA 750,000 904,372 New York State Dorm. Auth. School Improv. Rev. Bonds Ser. C, 5.00%, 12/15/24 NR, AAA 1,000,000 1,110,060 New York State Environ. Fac. Corp. Rev. Bonds, Ser. A, 5.00%, 03/15/13 NR, AA- 515,000 566,897 New York State Thruway Auth., NY Highway Improv. Rev. Bonds, (AMBAC) Ser. F, 5.00%, 01/01/25 A1, A+ 1,000,000 1,063,300 New York Tobacco Sett. Fund. Corp. Rev. Bonds, Ser. A-1, 5.50%, 06/01/14 A1, AA- 115,000 115,125 New York, NY G.O. Bonds, Ser. E, 5.25%, 08/01/12 Aa3, AA 250,000 275,805 New York, NY Pub. Imps. G.O. Bonds, Ser. D1, 5.00%, 12/01/21 Aa3, AA 1,000,000 1,111,580 Tobacco Settlement Fin. Auth. Ser. B-1C, 5.50%, 06/01/14 A1, AA- 75,000 75,082 Tobacco Settlement Fin. Auth., Ser. C-1, (FGIC), 5.50%, 06/01/20 A1, AA- 1,000,000 1,073,350 ------------ 15,545,754 ------------ NORTH CAROLINA -- 2.7% Charlotte, NC Airport Rev. Bonds, Ser. B, (NATL-RE), 5.25%, 07/01/11(2) A1, A+ 1,000,000 1,014,050 Univ. of North Carolina Sys. Pool Rev., (NATL-RE), 5.00%, 10/01/23 A1, A+ 2,725,000 2,983,548 ------------ 3,997,598 ------------ OHIO -- 3.2% Dayton-Montgomery Cnty., OH Port. Auth. Dev. Rev. Dayton Regl. Bond Ser. A, 5.13%, 05/15/22(2) NR, NR 2,380,000 1,948,530 Lorain Cnty., OH Hosp. Rev. Bonds, (Catholic Healthcare Partners), Ser. A, 5.63%, 10/01/16 A1, AA- 500,000 521,960 Lorain Cnty., OH Hospital Ref. Rev. Bonds (Catholic Healthcare) Ser. A, 5.63%, 10/01/13 A1, AA- 800,000 848,752 Ohio State Air Quality Dev. Auth. Rev. (Pollution Control Proj.) Ser. D, 4.75%, 08/01/29++ Baa1, BBB 1,250,000 1,298,062
5 WILMINGTON FUNDS -- FIXED INCOME FUNDS MUNICIPAL BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ Pickerington, OH Local School Dist. Construction & Imp. G.O. Bonds, (FGIC), 5.80%, 12/01/09 A1, A $ 110,000 $ 110,887 ------------ 4,728,191 ------------ OREGON -- 0.2% Portland, OR Urban Renewal & Redev. Ref. Bonds, Ser. A, (FGIC), 5.00%, 06/15/17 A3, NR 320,000 344,058 ------------ 344,058 ------------ PENNSYLVANIA -- 6.1% Cumberland Cnty., Municipal Auth. Ser. Q1- AI, 2.75%, 11/01/39++ NR, A 400,000 400,932 Lancaster Cnty., PA Solid Waste Management Auth. (Resource Recovery System), Ser. A, (AMBAC), 5.00%, 12/15/14(2) A3, A+ 500,000 503,515 Pennsylvania State Economic Dev. Fin. Auth. Facs. Rev. (Exelon Generation), 5.00%, 12/01/42++ A3, BBB 600,000 633,852 Pennsylvania State Higher Educ. Facs. Auth. Rev. Bonds (Philadelphia College of Osteopathic Medicine), 5.00%, 12/01/16 NR, A+ 1,560,000 1,626,940 Pennsylvania State Higher Educ. Facs. Auth. Rev. Bonds, (Philadelphia College of Osteopathic Medicine), 5.00%, 12/01/17 NR, A+ 500,000 516,300 Pennsylvania State Pub. School Bldg. Auth. Rev. Bonds, (FGIC), 5.25%, 11/01/15 NR, AA 545,000 603,789 Philadelphia, PA Airport Rev. Bonds Ser. A, (NATL-RE), 5.00%, 06/15/18(2) A2, A+ 600,000 606,768 Philadelphia, PA Airport Rev. Bonds, (FGIC), Ser. B, 5.50%, 06/15/18(2) A2, A+ 1,350,000 1,389,339 Philadelphia, PA Auth. For Indl. Dev. Rev. Bonds Ser. A, 4.90%, 05/01/17 NR, BBB- 285,000 256,001 Philadelphia, PA G.O. Bonds, (CIFG), 5.00%, 08/01/23 Baa1, BBB 1,000,000 1,023,720 Philadelphia, PA Redev. Auth. For Neighborhood Transformation. Rev. Bonds Ser. A, 5.50%, 04/15/20 Baa1, A 925,000 933,658 Philadelphia, PA School District Ref. Bonds, Ser. A, (AMBAC), 5.00%, 08/01/17 Aa3, A+ 600,000 640,164 Pittsburgh, PA Stadium Auth. Lease Rev. Bonds, 6.50%, 04/01/11 Aaa, AAA 55,000 56,358 ------------ 9,191,336 ------------ PUERTO RICO -- 0.4% Puerto Rico Pub. Impt. Ser. A, 5.50%, 07/01/21 Baa3, BBB- 250,000 267,403
6 WILMINGTON FUNDS -- FIXED INCOME FUNDS MUNICIPAL BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ The Childrens' Trust Fund, Puerto Rico, Tobacco Settlement Rev. Bonds, 5.75%, 07/01/14 NR, AAA $ 250,000 $ 259,665 ------------ 527,068 ------------ SOUTH CAROLINA -- 1.1% South Carolina State Pub. Servicing Auth. Rev. Bonds, Ser. D, (FSA), 5.00%, 01/01/20 Aa2, AAA 1,500,000 1,613,490 ------------ 1,613,490 ------------ SOUTH DAKOTA -- 0.7% South Dakota Health & Educational Facilities Auth., 5.00%, 11/01/12 A1, AA- 1,000,000 1,071,630 ------------ 1,071,630 ------------ TENNESSEE -- 0.2% Memphis, TN Sewer Sys. Ref. Rev. Bonds, 5.25%, 10/01/13 A2, AA 250,000 279,473 ------------ 279,473 ------------ TEXAS -- 9.8% Cedar Park, TX Utility Sys. Rev. Bonds, (NATL-RE), 5.00%, 08/15/18 A2, AA 400,000 431,040 Corpus Christi, TX Utility Sys. Rev. Bonds, Ser. A, (AMBAC), 5.00%, 07/15/18 A2, A+ 500,000 534,850 Dallas-Fort Worth International Airport Fac. Improv. Corp Jt Ser A, (FGIC), 6.00%, 11/01/28(2) A1, A+ 5,000,000 5,003,750 Georgetown, TX Indpt. School Dist. G.O. Ref. Bonds, (PSF-GTD), 5.00%, 02/15/17 Aaa, AAA 500,000 553,510 Howard Cnty., TX Jr. College District, (AMBAC), 5.00%, 02/15/26 NR, A 2,810,000 3,009,707 Katy, TX Indpt. School Dist. G.O. Bonds, (PSF-GTD), 5.50%, 02/15/15 Aaa, AAA 175,000 184,198 North Texas Tollway Auth. First Tier Ser. L-2, 6.00%, 01/01/38++ A2, A- 1,900,000 2,044,134 Port Arthur, TX Independent School District G.O Bonds, (AMBAC), 5.00%, 02/15/22 A3, A 170,000 182,218 Tarrant Cnty., TX Cultural Educ. Fac. Finance Corp. Ser. A, 5.00%, 02/15/20 Aa3, AA- 100,000 105,339 Tarrant Cnty., TX Cultural Educ. Fac. Finance Corp. Ser. A, 5.00%, 02/15/22 Aa3, AA- 345,000 360,746 Tarrant Cnty., TX Health Fac. Corp. Hosp. Rev. Ref. (Cook Childrens' Medical Center) Ser. B, (FSA), 5.00%, 12/01/21 Aa3, AAA 2,000,000 2,133,600 Univ. of Texas Ref. Rev. Bonds, Ser. A, 6.25%, 07/01/13 Aaa, AAA 60,000 65,810 Univ. of Texas Ref. Rev. Bonds, Ser. A, 6.25%, 07/01/13 Aaa, AAA 85,000 98,535 ------------ 14,707,437 ------------ UTAH -- 0.4% Salt Lake Cnty., UT Sales Tax Rev. Bonds, 5.00%, 08/01/17 NR, AAA 500,000 568,480 ------------ 568,480 ------------ WASHINGTON -- 6.4% Klickitat Cnty., WA Public Utility District No. 1 Ser. B, (FGIC), 5.25%, 12/01/22 A3, NR 2,000,000 2,089,540 Seattle, WA Muni. Light & Power Ref. Rev. Bonds, (FSA), 5.00%, 07/01/10 Aa2, AAA 350,000 350,770 Washington Health Care Fac. Auth. Group Health Coop., (RADIAN), 5.00%, 12/01/25 NR, BBB+ 1,000,000 976,120
7 WILMINGTON FUNDS -- FIXED INCOME FUNDS MUNICIPAL BOND FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) - CONTINUED
MOODY'S/S&P PRINCIPAL RATINGS(+) AMOUNT VALUE ----------- ----------- ------------ Washington Health Care Fac. Auth., (RADIAN), 5.00%, 12/01/23 NR, BBB+ $ 1,570,000 $ 1,557,330 Washington State Econ. Dev. Fin. Auth. Biomedical Resh Properties II, (NATL-RE), 5.25%, 06/01/21 Aaa, AA+ 1,000,000 1,097,850 Washington State Econ. Dev. Fin. Auth. Lease Rev. Washington Biomedical RESH PPTYS II, (NATL-RE), 5.00%, 06/01/23 Aa2, AA+ 3,240,000 3,508,175 ------------ 9,579,785 ------------ WEST VIRGINIA -- 0.2% West Virginia State Bldg. Ref. Rev. Bonds, Ser. A, (AMBAC), 5.38%, 07/01/18 NR, NR 250,000 275,320 ------------ 275,320 ------------ WISCONSIN -- 0.2% Sheboygan, WI Pollution Ctrl. Rev., (FGIC), 5.00%, 09/01/15 A2, A- 200,000 221,952 Wisconsin State Trans. Rev. Ref. Bonds, Ser.1, (AMBAC), 5.75%, 07/01/14 Aa3, AA+ 105,000 116,271 ------------ 338,223 ------------ TOTAL MUNICIPAL BONDS (COST $136,865,960) 140,383,585 ------------
SHARES ----------- SHORT-TERM INVESTMENTS -- 5.7% BlackRock Liquidity Funds MuniCash Portfolio - Institutional Series 4,277,797 4,277,797 BlackRock Liquidity Funds MuniFund Portfolio - Institutional Series 4,277,797 4,277,797 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $8,555,594) 8,555,594 ------------ TOTAL INVESTMENTS -- 99.5% (Cost $145,421,554)(1) $148,939,179 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.5% 698,160 ------------ NET ASSETS -- 100.0% $149,637,339 ============
+ 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 September 30, 2009. (1) The cost for federal income tax purposes is $145,421,554. At September 30, 2009 net unrealized appreciation was $3,517,625. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $5,205,028 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $1,687,403. (2) Security is subject to the Alternative Minimum Tax. 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. FSA - Credit rating enhanced by guaranty or insurance from Financial Security Assurance. LOC - Letter of Credit NATL-RE - Credit rating enhanced by guaranty or insurance from National Public Finance Guarantee Corp. PSF-GTD - Public School Fund Guarantee RADIAN - Credit rating enhanced by guaranty or insurance from Radian Asset Assurance, Inc. VRDB - Variable Rate Demand Bonds XLCA - Credit rating enhanced by guaranty or insurance from XL Capital Assurance. The following table provides a summary of inputs used to value the Funds' net assets as of September 30, 2009:
LEVEL 2 LEVEL 3 TOTAL VALUE AT SIGNIFICANT SIGNIFICANT SEPTEMBER 30, LEVEL 1 OBSERVABLE UNOBSERVABLE 2009 QUOTED PRICES INPUTS INPUTS -------------- ------------- ------------ ------------ INVESTMENTS IN SECURITIES: Municipal Bonds $140,383,585 $ -- $140,383,585 $-- Short-Term Investments 8,555,594 8,555,594 -- -- ------------ ---------- ------------ --- Total $148,939,179 $8,555,594 $140,383,585 $-- ------------ ---------- ------------ ---
8 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER LARGE-CAP FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) (Showing Percentage of Net Assets)
SHARES VALUE --------- ------------ COMMON STOCK -- 95.8% CONSUMER DISCRETIONARY -- 9.0% AUTO COMPONENTS -- 0.1% Autoliv, Inc. 370 $ 12,432 BorgWarner, Inc. 340 10,288 Gentex Corp. 640 9,056 Johnson Controls, Inc. 3,230 82,559 The Goodyear Tire & Rubber Co.* 610 10,388 TRW Automotive Holdings Corp.* 620 10,385 WABCO Holdings, Inc. 200 4,200 ------------ 139,308 ------------ AUTOMOBILES -- 0.1% Ford Motor Co.* 20,940 150,977 Harley-Davidson, Inc. 1,210 27,830 Thor Industries, Inc. 280 8,666 ------------ 187,473 ------------ DISTRIBUTORS -- 0.1% Genuine Parts Co. 4,510 171,650 LKQ Corp.* 340 6,304 ------------ 177,954 ------------ DIVERSIFIED CONSUMER SERVICES -- 0.3% Apollo Group, Inc. - Class A* 2,067 152,276 Brink's Home Security Holdings, Inc.* 120 3,695 Career Education Corp.* 445 10,849 DeVry, Inc. 150 8,298 H&R Block, Inc. 7,710 141,710 Hillenbrand, Inc. 200 4,074 ITT Educational Services, Inc.* 120 13,249 Service Corp. International 1,670 11,707 Strayer Education, Inc. 30 6,530 Weight Watchers International, Inc. 360 9,878 ------------ 362,266 ------------ HOTELS, RESTAURANTS & LEISURE -- 1.9% Boyd Gaming Corp.* 280 3,060 Brinker International, Inc. 620 9,753 Burger King Holdings, Inc. 520 9,147 Carnival Corp. 2,140 71,219 Chipotle Mexican Grill, Inc. - Class A* 100 9,705 Choice Hotels International, Inc. 60 1,864 Darden Restaurants, Inc. 720 24,574 International Game Technology 1,440 30,931 International Speedway Corp. - Class A 70 1,930 Las Vegas Sands Corp.* 970 16,335 Marriott International, Inc. - Class A 1,858 51,262 McDonald's Corp. 31,459 1,795,365 MGM MIRAGE* 1,620 19,505 Panera Bread Co. - Class A* 45 2,475 Penn National Gaming, Inc.* 280 7,745 Royal Caribbean Cruises, Ltd.* 790 19,023 Scientific Games Corp. - Class A* 200 3,166 Starbucks Corp.* 3,020 62,363 Starwood Hotels & Resorts Worldwide, Inc. 1,150 37,984 Tim Hortons, Inc. 40 1,132 Wendy's/Arby's Group, Inc. - Class A 1,200 5,676
SHARES VALUE --------- ------------ WMS Industries, Inc.* 70 $ 3,119 Wyndham Worldwide Corp. 27,180 443,578 Wynn Resorts, Ltd.* 270 19,140 Yum! Brands, Inc. 2,130 71,909 ------------ 2,721,960 ------------ HOUSEHOLD DURABLES -- 0.4% Black & Decker Corp. 590 27,311 D.R. Horton, Inc. 1,770 20,196 Fortune Brands, Inc. 900 38,682 Garmin, Ltd. 5,200 196,248 Harman International Industries, Inc. 290 9,825 Jarden Corp. 460 12,912 KB Home 810 13,454 Leggett & Platt, Inc. 1,020 19,788 Lennar Corp. - Class A 1,870 26,648 M.D.C. Holdings, Inc. 230 7,990 Mohawk Industries, Inc.* 380 18,122 Newell Rubbermaid, Inc. 1,560 24,476 NVR, Inc.* 30 19,121 Pulte Homes, Inc. 1,710 18,793 Snap-On, Inc. 330 11,471 The Stanley Works 500 21,345 Toll Brothers, Inc.* 750 14,655 Whirlpool Corp. 430 30,083 ------------ 531,120 ------------ INTERNET & CATALOG RETAIL -- 0.2% Amazon.com, Inc.* 1,150 107,364 Expedia, Inc.* 940 22,513 Liberty Media Corp.- Interactive - Class A* 14,280 156,651 Netflix, Inc.* 80 3,694 Priceline.com, Inc.* 130 21,557 ------------ 311,779 ------------ LEISURE EQUIPMENT & PRODUCTS -- 0.0% Eastman Kodak Co. 370 1,769 Hasbro, Inc. 740 20,535 Mattel, Inc. 2,070 38,212 ------------ 60,516 ------------ MEDIA -- 2.5% Ascent Media Corp. - Class A* 2 51 Cablevision Systems New York Group - Class A 5,240 124,450 CBS Corp. - Class B 5,610 67,601 Central European Media Enterprises, Ltd. - Class A* 160 5,480 Clear Channel Outdoor Holdings, Inc. - Class A* 500 3,500 Comcast Corp. - Class A 34,660 585,408 Comcast Corp. - Special Class A 28,900 464,712 CTC Media, Inc.* 20 314 Discovery Communications, Inc. - Class A* 25 722 Discovery Communications, Inc. - Class C* 875 22,776 DISH Network Corp.* 10,240 197,222 DreamWorks Animation SKG, Inc. - Class A* 190 6,758 E.W. Scripps Co. - Class A* 1,894 14,205 Gannett Co., Inc. 4,040 50,540 John Wiley & Sons, Inc. - Class A 200 6,956
1 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER LARGE-CAP FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE --------- ------------ Lamar Advertising Co. - Class A* 300 $ 8,232 Liberty Global, Inc. - Class A* 5,480 123,684 Liberty Media Corp. - Capital Class A* 770 16,108 Liberty Media Corp. - Entertainment Class A* 1,760 54,754 Marvel Entertainment, Inc.* 90 4,466 Meredith Corp. 360 10,778 Morningstar, Inc.* 100 4,856 News Corp. - Class A 12,480 149,635 Omnicom Group, Inc. 1,640 60,582 Regal Entertainment Group - Class A 770 9,486 Scripps Networks Interactive, Inc. - Class A 280 10,346 The DIRECTV Group, Inc.* 1,710 47,162 The Interpublic Group of Cos., Inc.* 1,180 8,874 The McGraw-Hill Cos., Inc. 1,880 47,263 The New York Times Co. - Class A 120 974 The Walt Disney Co. 34,980 960,551 The Washington Post Co. - Class B 40 18,723 Time Warner Cable, Inc. 1,094 47,141 Time Warner, Inc. 11,856 341,216 Viacom, Inc. - Class B* 1,840 51,594 Virgin Media, Inc. 1,540 21,437 Warner Music Group Corp.* 480 2,654 ------------ 3,551,211 ------------ MULTILINE RETAIL -- 0.5% Big Lots, Inc.* 224 5,605 Dollar Tree, Inc.* 271 13,192 Family Dollar Stores, Inc. 496 13,094 J.C. Penney Co., Inc. 1,090 36,788 Kohl's Corp.* 1,160 66,178 Macy's, Inc. 1,480 27,069 Nordstrom, Inc. 1,080 32,983 Sears Holdings Corp.* 1,860 121,477 Target Corp. 7,750 361,770 ------------ 678,156 ------------ SPECIALTY RETAIL -- 2.2% Aaron`s, Inc. 200 5,280 Abercrombie & Fitch Co. - Class A 570 18,742 Advance Auto Parts, Inc. 4,150 163,012 Aeropostale, Inc.* 160 6,955 American Eagle Outfitters, Inc. 900 15,174 AutoNation, Inc.* 580 10,486 AutoZone, Inc.* 130 19,009 Barnes & Noble, Inc. 150 3,333 Bed Bath & Beyond, Inc.* 940 35,288 Best Buy Co., Inc. 2,190 82,169 Carmax, Inc.* 600 12,540 Chico's FAS, Inc.* 290 3,770 Dick's Sporting Goods, Inc.* 300 6,720 Foot Locker, Inc. 830 9,918 GameStop Corp. - Class A* 620 16,411 Guess?, Inc. 370 13,705 Limited Brands, Inc. 1,590 27,014 Lowe's Cos., Inc. 33,730 706,306 O'Reilly Automotive, Inc.* 350 12,649 Office Depot, Inc.* 1,880 12,446 OfficeMax, Inc.* 180 2,264
SHARES VALUE --------- ------------ PetSmart, Inc. 310 $ 6,743 RadioShack Corp. 610 10,108 Ross Stores, Inc. 400 19,108 Signet Jewelers, Ltd.* 460 12,112 Staples, Inc. 3,360 78,019 The Gap, Inc. 14,970 320,358 The Home Depot, Inc. 17,080 455,011 The Sherwin-Williams Co. 438 26,350 The TJX Cos., Inc. 25,430 944,724 Tiffany & Co. 440 16,953 Urban Outfitters, Inc.* 310 9,353 Williams-Sonoma, Inc. 620 12,543 ------------ 3,094,573 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 0.7% Coach, Inc. 1,330 43,784 Hanesbrands, Inc.* 160 3,424 Jones Apparel Group, Inc. 230 4,124 Nike, Inc. - Class B 14,480 936,856 Phillips-Van Heusen Corp. 180 7,702 Polo Ralph Lauren Corp. 300 22,986 V.F. Corp. 550 39,836 ------------ 1,058,712 ------------ TOTAL CONSUMER DISCRETIONARY 12,875,028 ------------ CONSUMER STAPLES -- 12.6% BEVERAGES -- 3.1% Brown-Forman Corp. - Class B 498 24,013 Central European Distribution Corp.* 180 5,897 Coca-Cola Enterprises, Inc. 1,670 35,755 Constellation Brands, Inc. Class A* 1,030 15,604 Dr Pepper Snapple Group, Inc.* 630 18,112 Hansen Natural Corp.* 284 10,434 Molson Coors Brewing Co. - Class B 560 27,261 Pepsi Bottling Group, Inc. 920 33,525 PepsiAmericas, Inc. 100 2,856 PepsiCo, Inc. 30,444 1,785,845 The Coca-Cola Co. 47,661 2,559,396 ------------ 4,518,698 ------------ FOOD & STAPLES RETAILING -- 4.0% BJ's Wholesale Club, Inc.* 280 10,142 Costco Wholesale Corp. 21,450 1,211,067 CVS Caremark Corp. 41,140 1,470,343 Safeway, Inc. 2,460 48,511 SUPERVALU, Inc. 1,710 25,753 SYSCO Corp. 3,530 87,720 The Kroger Co. 12,806 264,316 Wal-Mart Stores, Inc. 49,363 2,423,230 Walgreen Co. 3,920 146,882 Whole Foods Market, Inc.* 420 12,806 ------------ 5,700,770 ------------ FOOD PRODUCTS -- 1.5% Archer-Daniels-Midland Co. 2,790 81,524 Bunge, Ltd. 520 32,557 Campbell Soup Co. 6,806 222,012 ConAgra Foods, Inc. 2,080 45,094 Corn Products International, Inc. 270 7,700 Dean Foods Co.* 910 16,189 Del Monte Foods Co. 11,280 130,622 Flowers Foods, Inc. 200 5,258
2 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER LARGE-CAP FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE --------- ------------ General Mills, Inc. 2,802 $ 180,393 Green Mountain Coffee Roasters, Inc.* 80 5,907 H.J. Heinz Co. 1,770 70,357 Hormel Foods Corp. 230 8,170 Kellogg Co. 1,520 74,830 Kraft Foods, Inc. - Class A 30,477 800,631 McCormick & Co., Inc. 530 17,988 Ralcorp Holdings, Inc.* 150 8,771 Sara Lee Corp. 26,100 290,754 Smithfield Foods, Inc.* 900 12,420 The Hershey Co. 880 34,197 The J.M. Smucker Co. 449 23,801 Tyson Foods, Inc. - Class A 1,390 17,556 ------------ 2,086,731 ------------ HOUSEHOLD PRODUCTS -- 2.9% Church & Dwight Co., Inc. 3,366 190,987 Colgate-Palmolive Co. 17,998 1,372,887 Energizer Holdings, Inc.* 340 22,556 Kimberly-Clark Corp. 4,010 236,510 Procter & Gamble Co. 38,706 2,241,851 The Clorox Co. 508 29,881 ------------ 4,094,672 ------------ PERSONAL PRODUCTS -- 0.1% Alberto-Culver Co. 200 5,536 Avon Products, Inc. 2,400 81,504 Estee Lauder Cos., Inc. - Class A 600 22,248 Herbalife, Ltd. 280 9,167 Mead Johnson Nutrition Co. 120 5,413 NBTY, Inc.* 180 7,125 ------------ 130,993 ------------ TOBACCO -- 1.0% Altria Group, Inc. 19,460 346,583 Lorillard, Inc. 940 69,842 Philip Morris International, Inc. 16,440 801,285 Reynolds American, Inc. 5,430 241,744 ------------ 1,459,454 ------------ TOTAL CONSUMER STAPLES 17,991,318 ------------ ENERGY -- 10.8% ENERGY EQUIPMENT & SERVICES -- 3.1% Atwood Oceanics, Inc.* 200 7,054 Baker Hughes, Inc. 1,270 54,178 BJ Services Co. 620 12,047 Cameron International Corp.* 28,830 1,090,350 Diamond Offshore Drilling, Inc. 840 80,237 Dresser-Rand Group, Inc.* 200 6,214 ENSCO International, Inc. 630 26,800 Exterran Holdings, Inc.* 400 9,496 FMC Technologies, Inc.* 430 22,463 Global Industries, Ltd.* 10 95 Halliburton Co. 4,630 125,566 Helix Energy Solutions Group, Inc.* 8,730 130,775 Helmerich & Payne, Inc. 680 26,880 Nabors Industries, Ltd.* 1,030 21,527 National Oilwell Varco, Inc.* 6,520 281,207 Oceaneering International, Inc.* 140 7,945 Oil States International, Inc.* 260 9,134 Patterson-UTI Energy, Inc. 730 11,023 Pride International, Inc.* 5,340 162,550
SHARES VALUE --------- ------------ Rowan Cos., Inc. 340 $ 7,844 Schlumberger, Ltd. 34,934 2,082,066 SEACOR Holdings, Inc.* 60 4,898 Seahawk Drilling, Inc.* 30 933 Smith International, Inc. 990 28,413 Superior Energy Services, Inc.* 240 5,405 Tidewater, Inc. 130 6,122 Transocean Ltd.* 3,600 307,908 Unit Corp.* 220 9,075 Weatherford International, Ltd.* 30 622 ------------ 4,538,827 ------------ OIL, GAS & CONSUMABLE FUELS -- 7.7% Alpha Natural Resources, Inc.* 496 17,410 Anadarko Petroleum Corp. 6,910 433,464 Apache Corp. 1,100 101,013 Arch Coal, Inc. 880 19,474 Cabot Oil & Gas Corp. 340 12,155 Chesapeake Energy Corp. 2,500 71,000 Chevron Corp. 27,790 1,957,250 Cimarex Energy Co. 260 11,263 CNX Gas Corp.* 20 614 Comstock Resources, Inc.* 130 5,210 Concho Resources, Inc.* 180 6,538 ConocoPhillips 23,000 1,038,680 Consol Energy, Inc. 600 27,066 Continental Resources, Inc.* 160 6,267 Denbury Resources, Inc.* 630 9,532 Devon Energy Corp. 8,370 563,552 El Paso Corp. 43,450 448,404 Encore Acquisition Co.* 150 5,610 EOG Resources, Inc. 940 78,500 EXCO Resources, Inc.* 720 13,457 Exxon Mobil Corp. 45,700 3,135,477 Forest Oil Corp.* 300 5,871 Frontier Oil Corp. 530 7,378 Frontline, Ltd. 610 14,268 Hess Corp. 1,360 72,706 Holly Corp. 310 7,942 Marathon Oil Corp. 9,740 310,706 Mariner Energy, Inc.* 200 2,836 Massey Energy Co. 520 14,503 Murphy Oil Corp. 780 44,905 Newfield Exploration Co.* 340 14,470 Noble Energy, Inc. 690 45,512 Occidental Petroleum Corp. 20,690 1,622,096 Overseas Shipholding Group, Inc. 330 12,332 Patriot Coal Corp.* 36 423 Peabody Energy Corp. 990 36,848 Petrohawk Energy Corp.* 750 18,158 Pioneer Natural Resources Co. 460 16,693 Plains Exploration & Production Co.* 391 10,815 Quicksilver Resources, Inc.* 290 4,115 Range Resources Corp. 450 22,212 SandRidge Energy, Inc.* 430 5,573 Southern Union Co. 510 10,603 Southwestern Energy Co.* 1,128 48,143 Spectra Energy Corp. 4,060 76,896 St. Mary Land & Exploration Co. 350 11,361 Sunoco, Inc. 1,070 30,442 Teekay Corp. 520 11,372 Tesoro Corp. 1,450 21,721
3 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER LARGE-CAP FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE --------- ------------ Valero Energy Corp. 11,480 $ 222,597 W&T Offshore, Inc. 210 2,459 Whiting Petroleum Corp.* 130 7,485 Williams Cos., Inc. 2,720 48,606 XTO Energy, Inc. 6,230 257,424 ------------ 11,001,407 ------------ TOTAL ENERGY 15,540,234 ------------ FINANCIALS -- 13.4% CAPITAL MARKETS -- 3.2% Affiliated Managers Group, Inc.* 220 14,302 Ameriprise Financial, Inc. 1,260 45,776 BlackRock, Inc. 860 186,465 Eaton Vance Corp. 570 15,954 Federated Investors, Inc. 520 13,712 Franklin Resources, Inc. 3,000 301,800 GLG Partners, Inc. 370 1,491 Goldman Sachs Group, Inc. 3,870 713,435 Greenhill & Co., Inc. 40 3,583 Invesco, Ltd. 1,870 42,561 Investment Technology Group, Inc.* 230 6,422 Janus Capital Group, Inc. 900 12,762 Jefferies Group, Inc.* 860 23,418 Lazard, Ltd. - Class A 450 18,590 Legg Mason, Inc. 810 25,134 Morgan Stanley 10,660 329,181 Northern Trust Corp. 5,170 300,687 Raymond James Financial, Inc. 770 17,926 SEI Investments Co. 640 12,595 State Street Corp. 1,590 83,634 T.Rowe Price Group, Inc. 1,170 53,469 TD Ameritrade Holding Corp.* 8,870 174,029 The Bank of New York Mellon Corp. 18,910 548,201 The Charles Schwab Corp. 84,960 1,626,984 Waddell & Reed Financial, Inc. - Class A 440 12,518 ------------ 4,584,629 ------------ COMMERCIAL BANKS -- 1.5% Associated Banc-Corp. 885 10,107 Bancorpsouth, Inc. 310 7,567 Bank of Hawaii Corp. 2,930 121,712 BB&T Corp. 5,230 142,465 BOK Financial Corp. 170 7,874 CapitalSource, Inc. 2,340 10,156 City National Corp. 190 7,397 Comerica, Inc. 740 21,956 Commerce Bancshares, Inc. 283 10,539 Cullen/Frost Bankers, Inc. 240 12,394 Fifth Third Bancorp 2,880 29,174 First Horizon National Corp.* 699 9,250 Fulton Financial Corp. 990 7,286 Huntington Bancshares, Inc. 2,181 10,273 KeyCorp. 3,380 21,970 M&T Bank Corp. 630 39,262 Marshall & Ilsley Corp. 1,790 14,445 PNC Financial Services Group, Inc. 2,010 97,666 Popular, Inc. 890 2,519 Regions Financial Corp. 3,596 22,331 SunTrust Banks, Inc. 2,390 53,894 Synovus Financial Corp. 1,590 5,963
SHARES VALUE --------- ------------ TCF Financial Corp. 710 $ 9,258 U.S. Bancorp 7,770 169,852 Valley National Bancorp 1,144 14,060 Webster Financial Corp. 110 1,372 Wells Fargo & Co. 42,395 1,194,691 Whitney Holdings Corp. 730 6,964 Zions Bancorp 590 10,602 ------------ 2,072,999 ------------ CONSUMER FINANCE -- 0.7% American Express Co. 11,360 385,104 AmeriCredit Corp.* 1,300 20,527 Capital One Financial Corp. 5,470 195,443 Discover Financial Services 18,500 300,255 SLM Corp.* 1,660 14,475 The Student Loan Corp. 120 5,568 ------------ 921,372 ------------ DIVERSIFIED FINANCIAL SERVICES -- 3.3% Bank of America Corp. 77,910 1,318,237 CIT Group, Inc. 4,330 5,239 Citigroup, Inc. 42,710 206,716 CME Group, Inc. 260 80,129 IntercontinentalExchange, Inc.* 200 19,438 JPMorgan Chase & Co. 69,090 3,027,524 Leucadia National Corp.* 520 12,854 Moody's Corp. 1,260 25,780 MSCI, Inc.* 240 7,109 NYSE Euronext, Inc. 1,240 35,824 The NASDAQ OMX Group, Inc.* 830 17,472 ------------ 4,756,322 ------------ INSURANCE -- 3.4% ACE, Ltd.* 7,180 383,843 AFLAC, Inc. 11,070 473,132 Alleghany Corp.* 30 7,772 Allied World Assurance Holdings, Ltd. 330 15,817 American Financial Group, Inc. 1,040 26,520 American International Group, Inc.* 200 8,822 American National Insurance Co. 160 13,632 AON Corp. 4,900 199,381 Arch Capital Group, Ltd.* 580 39,173 Arthur J. Gallagher & Co. 630 15,353 Aspen Insurance Holdings, Ltd. 450 11,912 Assurant, Inc. 1,200 38,472 AXIS Capital Holdings, Ltd. 1,450 43,761 Brown & Brown, Inc. 470 9,005 Chubb Corp. 7,650 385,636 Cincinnati Financial Corp. 1,316 34,203 CNA Financial Corp.* 1,770 42,728 Conseco, Inc.* 5,950 31,297 Endurance Specialty Holdings, Ltd. 600 21,882 Erie Indemnity Co. - Class A 270 10,114 Everest Re Group, Ltd. 420 36,834 Fidelity National Financial, Inc. - Class A 1,120 16,890 First American Corp. 630 20,393 Genworth Financial, Inc. - Class A 10,780 128,821 Hartford Financial Services Group, Inc. 6,160 163,240 HCC Insurance Holdings, Inc. 770 21,060 Lincoln National Corp. 1,950 50,524
4 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER LARGE-CAP FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE --------- ------------ Loews Corp. 5,320 $ 182,210 Markel Corp.* 50 16,491 Marsh & McLennan Cos., Inc. 2,880 71,222 MBIA, Inc.* 2,410 18,702 Mercury General Corp. 340 12,301 MetLife, Inc. 18,441 702,049 Odyssey Re Holdings Corp. 80 5,185 Old Republic International Corp. 2,890 35,200 OneBeacon Insurance Group, Ltd. 550 7,557 PartnerRe, Ltd. 460 35,392 Protective Life Corp. 1,650 35,343 Prudential Financial, Inc. 4,420 220,602 Reinsurance Group of America, Inc. 670 29,882 RenaissanceRe Holdings, Ltd. 370 20,261 StanCorp Financial Group, Inc. 430 17,359 The Allstate Corp. 5,420 165,960 The Hanover Insurance Group, Inc. 330 13,639 The Principal Financial Group, Inc. 2,790 76,418 The Progressive Corp.* 3,710 61,512 The Travelers Cos., Inc. 8,030 395,317 Torchmark Corp. 630 27,361 TransAtlantic Holdings, Inc. 560 28,095 Unitrin, Inc. 440 8,576 Unum Group 12,930 277,219 Validus Holdings, Ltd. 230 5,934 W.R. Berkley Corp. 1,480 37,414 White Mountains Insurance Group, Ltd. 30 9,210 XL Capital, Ltd. - Class A 3,960 69,142 ------------ 4,835,770 ------------ REAL ESTATE INVESTMENT TRUSTS -- 1.1% Alexandria Real Estate Equities, Inc. 250 13,588 AMB Property Corp. 1,090 25,016 Annaly Mortgage Management, Inc. 16,830 305,296 Apartment Investment & Management Co. - Class A 980 14,455 AvalonBay Communities, Inc. 502 36,511 Boston Properties, Inc. 730 47,852 Brandywine Realty Trust 1,130 12,475 BRE Properties, Inc. 470 14,711 Camden Property Trust 540 21,762 CBL & Associates Properties, Inc. 1,308 12,688 Chimera Investment Corp. 1,640 6,265 Corporate Office Properties Trust 140 5,163 Digital Realty Trust, Inc. 390 17,827 Douglas Emmett, Inc. 1,140 13,999 Duke Realty Corp. 1,800 21,618 Equity Residential 2,120 65,084 Essex Property Trust, Inc. 210 16,712 Federal Realty Investment Trust 370 22,707 Health Care Property Investors, Inc. 2,150 61,791 Health Care REIT, Inc. 880 36,626 Hospitality Properties Trust 550 11,204 Host Hotels & Resorts, Inc. 2,310 27,189 HRPT Properties Trust 2,970 22,334 Kilroy Realty Corp. 260 7,212 Kimco Realty Corp. 3,980 51,899 Liberty Property Trust 880 28,626
SHARES VALUE --------- ------------ Mack-Cali Realty Corp. 700 $ 22,631 Nationwide Health Properties, Inc. 630 19,524 Plum Creek Timber Co., Inc. 1,010 30,946 ProLogis 3,370 40,170 Public Storage 3,010 226,472 Rayonier, Inc. 410 16,773 Realty Income Corp. 240 6,156 Regency Centers Corp. 460 17,043 Senior Housing Properties Trust 290 5,542 Simon Property Group, Inc. 1,635 113,518 SL Green Realty Corp. 380 16,663 Taubman Centers, Inc. 490 17,679 The Macerich Co. 986 29,905 UDR, Inc. 1,300 20,462 Ventas, Inc. 930 35,805 Vornado Realty Trust 1,232 79,353 Walter Investment Management Corp. 43 689 Weingarten Realty, Inc. 760 15,139 ------------ 1,635,080 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.0% CB Richard Ellis Group, Inc. - Class A* 1,060 12,445 Forest City Enterprises, Inc. - Class A 400 5,348 Jones Lang LaSalle, Inc. 180 8,527 The St. Joe Co.* 220 6,406 ------------ 32,726 ------------ THRIFTS & MORTGAGE FINANCE -- 0.2% Astoria Financial Corp. 720 7,949 Capitol Federal Financial 304 10,008 First Niagara Financial Group, Inc. 410 5,055 Guaranty Financial Group, Inc.* 1 -- Hudson City Bancorp, Inc. 16,182 212,793 New York Community Bancorp, Inc. 3,070 35,059 People's United Financial, Inc. 1,353 21,053 TFS Financial Corp. 250 2,975 Tree.com, Inc.* 50 378 Washington Federal, Inc. 670 11,296 ------------ 306,566 ------------ TOTAL FINANCIALS 19,145,464 ------------ HEALTH CARE -- 12.6% BIOTECHNOLOGY -- 1.8% Abraxis Bioscience, Inc.* 39 1,419 Alexion Pharmaceuticals, Inc.* 220 9,799 Amgen, Inc.* 13,554 816,357 Amylin Pharmaceuticals, Inc.* 220 3,012 Biogen Idec, Inc.* 1,000 50,520 BioMarin Pharmaceutical, Inc.* 240 4,339 Celgene Corp.* 1,250 69,875 Cephalon, Inc.* 203 11,823 Dendreon Corp.* 310 8,677 Genzyme Corp.* 970 55,028 Gilead Sciences, Inc.* 31,587 1,471,322 Myriad Genetics, Inc.* 200 5,480 OSI Pharmaceuticals, Inc.* 200 7,060 United Therapeutics Corp.* 90 4,409 Vertex Pharmaceuticals, Inc.* 433 16,411 ------------ 2,535,531 ------------
5 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER LARGE-CAP FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE --------- ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 1.5% Baxter International, Inc. 3,150 $ 179,581 Beckman Coulter, Inc. 240 16,546 Becton, Dickinson & Co. 1,010 70,447 Boston Scientific Corp.* 5,830 61,740 C.R. Bard, Inc. 280 22,011 CareFusion Corp.* 1,115 24,307 Covidien PLC 10,090 436,493 DENTSPLY International, Inc. 520 17,961 Edwards Lifesciences Corp.* 133 9,298 Gen-Probe, Inc.* 410 16,990 Hill-Rom Holdings, Inc. 260 5,663 Hologic, Inc.* 840 13,726 Hospira, Inc.* 4,010 178,846 Idexx Laboratories, Inc.* 190 9,500 Intuitive Surgical, Inc.* 100 26,225 Inverness Medical Innovations, Inc.* 200 7,746 Kinetic Concepts, Inc.* 3,140 116,117 Medtronic, Inc. 5,400 198,720 ResMed, Inc.* 180 8,136 St. Jude Medical, Inc.* 1,260 49,153 Stryker Corp. 13,900 631,477 Teleflex, Inc. 260 12,561 The Cooper Cos., Inc. 350 10,406 Varian Medical Systems, Inc.* 480 20,222 Zimmer Holdings, Inc.* 930 49,708 ------------ 2,193,580 ------------ HEALTH CARE PROVIDERS & SERVICES -- 1.6% Aetna, Inc. 2,690 74,863 AmerisourceBergen Corp. 8,310 185,978 Brookdale Senior Living, Inc.* 170 3,082 Cardinal Health, Inc. 2,970 79,596 CIGNA Corp. 1,480 41,573 Community Health Systems, Inc.* 520 16,604 Coventry Health Care, Inc.* 1,280 25,549 DaVita, Inc.* 2,534 143,526 Express Scripts, Inc.* 940 72,925 Health Management Associates, Inc. - Class A* 950 7,116 Health Net, Inc.* 910 14,014 Henry Schein, Inc.* 310 17,022 Humana, Inc.* 1,040 38,792 Laboratory Corp. of America Holdings* 360 23,652 LifePoint Hospitals, Inc.* 420 11,365 Lincare Holdings, Inc.* 380 11,875 McKesson Corp. 5,080 302,514 Medco Health Solutions, Inc.* 6,050 334,625 MEDNAX, Inc.* 170 9,336 Omnicare, Inc. 809 18,219 Patterson Cos., Inc.* 420 11,445 Quest Diagnostics, Inc. 540 28,183 Tenet Healthcare Corp.* 1,200 7,056 UnitedHealth Group, Inc. 14,850 371,844 Universal Health Services, Inc. - Class B 140 8,670 VCA Antech, Inc.* 370 9,949 WellCare Health Plans, Inc.* 370 9,120 WellPoint, Inc.* 8,330 394,509 ------------ 2,273,002 ------------
SHARES VALUE --------- ------------ HEALTH CARE TECHNOLOGY -- 0.0% Allscripts Healthcare Solutions, Inc. 300 $ 6,081 Cerner Corp.* 210 15,708 HLTH Corp.* 300 4,383 IMS Health, Inc. 1,160 17,806 ------------ 43,978 ------------ LIFE SCIENCES TOOLS & SERVICES -- 0.5% Bio-Rad Laboratories, Inc. - Class A* 30 2,756 Charles River Laboratories International, Inc.* 270 9,985 Covance, Inc.* 190 10,288 Illumina, Inc.* 300 12,750 Life Technologies Corp.* 531 24,718 Mettler-Toledo International, Inc.* 110 9,965 Millipore Corp.* 170 11,956 PerkinElmer, Inc. 820 15,777 Pharmaceutical Product Development, Inc. 560 12,286 Techne Corp. 71 4,441 Thermo Fisher Scientific, Inc.* 13,070 570,767 Waters Corp.* 310 17,317 ------------ 703,006 ------------ PHARMACEUTICALS -- 7.2% Abbott Laboratories 52,379 2,591,189 Allergan, Inc. 17,790 1,009,760 Bristol-Myers Squibb Co. 18,580 418,422 Eli Lilly & Co. 8,950 295,619 Endo Pharmaceuticals Holdings, Inc.* 5,910 133,743 Forest Laboratories, Inc.* 1,350 39,744 Johnson & Johnson 24,910 1,516,770 King Pharmaceuticals, Inc.* 1,330 14,324 Merck & Co., Inc. 20,210 639,242 Mylan Laboratories, Inc.* 980 15,690 Perrigo Co. 230 7,818 Pfizer, Inc. 79,980 1,323,669 Schering-Plough Corp. 68,250 1,928,062 Valeant Pharmaceuticals International* 230 6,454 Warner Chilcott PLC - Class A* 70 1,513 Watson Pharmaceuticals, Inc.* 340 12,458 Wyeth 8,260 401,271 ------------ 10,355,748 ------------ TOTAL HEALTH CARE 18,104,845 ------------ INDUSTRIALS -- 9.8% AEROSPACE & DEFENSE -- 2.4% Alliant Techsystems, Inc.* 170 13,235 BE Aerospace, Inc.* 200 4,028 General Dynamics Corp. 2,180 140,828 Goodrich Corp. 530 28,800 Honeywell International, Inc. 4,630 172,005 ITT Corp. 6,850 357,228 L-3 Communications Holdings, Inc. 620 49,798 Lockheed Martin Corp. 4,330 338,086 Northrop Grumman Corp. 3,330 172,328 Precision Castparts Corp. 500 50,935 Raytheon Co. 6,030 289,259 Rockwell Collins, Inc. 9,070 460,756
6 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER LARGE-CAP FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE --------- ------------ Spirit Aerosystems Holdings, Inc. - Class A* 440 $ 7,946 The Boeing Co. 4,700 254,505 TransDigm Group, Inc.* 90 4,483 United Technologies Corp. 19,480 1,186,916 ------------ 3,531,136 ------------ AIR FREIGHT & LOGISTICS -- 0.7% C.H. Robinson Worldwide, Inc. 424 24,486 Expeditors International Washington, Inc. 680 23,902 FedEx Corp. 1,370 103,051 United Parcel Service, Inc. - Class B 15,750 889,403 UTi Worldwide, Inc. 400 5,792 ------------ 1,046,634 ------------ AIRLINES -- 0.1% AMR Corp.* 1,650 13,118 Continental Airlines, Inc. - Class B* 1,060 17,426 Copa Holdings SA 70 3,114 Delta Airlines Co.* 1,920 17,203 Southwest Airlines Co. 2,380 22,848 ------------ 73,709 ------------ BUILDING PRODUCTS -- 0.0% Armstrong World Industries, Inc.* 40 1,378 Lennox International, Inc. 340 12,281 Masco Corp. 2,960 38,243 Owens Corning, Inc.* 390 8,756 ------------ 60,658 ------------ COMMERCIAL SERVICES & SUPPLIES -- 0.4% Avery Dennison Corp. 820 29,528 Cintas Corp. 580 17,580 Copart, Inc.* 190 6,310 Corrections Corp. of America* 300 6,795 Covanta Holding Corp.* 720 12,240 Iron Mountain, Inc.* 480 12,797 Pitney Bowes, Inc. 1,380 34,293 R.R. Donnelley & Sons Co. 14,310 304,231 Republic Services, Inc. 1,690 44,903 Steelcase, Inc. - Class A 1,290 8,011 Stericycle, Inc.* 202 9,787 The Brink's Co. 200 5,382 Waste Connections, Inc.* 200 5,772 Waste Management, Inc. 2,900 86,478 ------------ 584,107 ------------ CONSTRUCTION & ENGINEERING -- 0.8% Aecom Technology Corp.* 250 6,785 Fluor Corp. 14,040 713,934 Foster Wheeler AG* 110 3,510 Jacobs Engineering Group, Inc.* 450 20,678 KBR, Inc. 9,970 232,201 Quanta Services, Inc.* 790 17,483 The Shaw Group, Inc.* 5,090 163,338 URS Corp.* 280 12,222 ------------ 1,170,151 ------------ ELECTRICAL EQUIPMENT -- 0.8% ABB Ltd.* 21,420 429,257 AMETEK, Inc. 380 13,266 Cooper Industries PLC - Class A 810 30,432 Emerson Electric Co. 16,400 657,312
SHARES VALUE --------- ------------ First Solar, Inc.* 180 $ 27,515 General Cable Corp.* 160 6,264 Hubbell, Inc. - Class B 290 12,180 Rockwell Automation, Inc. 600 25,560 Roper Industries, Inc. 360 18,353 Sunpower Corp. - Class A* 240 7,173 Thomas & Betts Corp.* 230 6,918 ------------ 1,234,230 ------------ INDUSTRIAL CONGLOMERATES -- 2.2% 3M Co. 18,050 1,332,090 Carlisle Cos., Inc. 240 8,138 General Electric Co. 104,150 1,710,143 McDermott International, Inc.* 930 23,501 Textron, Inc. 1,680 31,887 Tyco International, Ltd. 40 1,379 ------------ 3,107,138 ------------ MACHINERY -- 1.0% AGCO Corp.* 360 9,947 Bucyrus International, Inc. 260 9,261 Caterpillar, Inc. 4,050 207,887 Crane Co. 350 9,034 Cummins, Inc. 1,090 48,843 Danaher Corp. 1,140 76,745 Deere & Co. 2,270 97,428 Donaldson Co., Inc. 230 7,965 Dover Corp. 1,070 41,473 Eaton Corp. 1,070 60,551 Flowserve Corp. 2,740 270,000 Gardner Denver, Inc.* 230 8,022 Graco, Inc. 490 13,656 Harsco Corp. 310 10,977 IDEX Corp. 320 8,944 Illinois Tool Works, Inc. 2,680 114,463 Ingersoll-Rand PLC 1,000 30,670 John Bean Technologies Corp. 12 218 Joy Global, Inc. 500 24,470 Kennametal, Inc. 520 12,797 Lincoln Electric Holdings, Inc. 200 9,490 Navistar International Corp.* 160 5,987 Oshkosh Corp. 500 15,465 PACCAR, Inc. 1,890 71,272 Pall Corp. 2,770 89,416 Parker Hannifin Corp. 850 44,064 Pentair, Inc. 420 12,398 SPX Corp. 230 14,092 Terex Corp.* 830 17,206 The Manitowoc Co., Inc. 1,370 12,974 The Toro Co. 220 8,749 Timken Co. 500 11,715 Trinity Industries, Inc. 480 8,251 Valmont Industries, Inc. 60 5,111 Wabtec Corp. 60 2,252 ------------ 1,391,793 ------------ MARINE -- 0.0% Alexander & Baldwin, Inc. 260 8,343 Kirby Corp.* 100 3,682 ------------ 12,025 ------------ PROFESSIONAL SERVICES -- 0.1% Equifax, Inc. 560 16,318 FTI Consulting, Inc.* 170 7,244 IHS, Inc. - Class A* 90 4,602
7 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER LARGE-CAP FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE --------- ------------ Manpower, Inc. 460 $ 26,086 Monster Worldwide, Inc.* 520 9,090 Robert Half International, Inc. 660 16,513 The Corporate Executive Board Co. 100 2,490 The Dun & Bradstreet Corp. 240 18,077 ------------ 100,420 ------------ ROAD & RAIL -- 1.2% Burlington Northern Santa Fe Corp. 7,460 595,532 Con-way, Inc. 240 9,197 CSX Corp. 14,410 603,203 Hertz Global Holdings, Inc.* 650 7,039 JB Hunt Transport Services, Inc. 330 10,603 Kansas City Southern Industries, Inc.* 530 14,040 Landstar System, Inc. 290 11,037 Norfolk Southern Corp. 2,430 104,757 Ryder Systems, Inc. 400 15,624 Union Pacific Corp. 5,880 343,098 ------------ 1,714,130 ------------ TRADING COMPANIES & DISTRIBUTORS -- 0.1% Fastenal Co. 530 20,511 GATX Corp. 530 14,813 MSC Industrial Direct Co., Inc. - Class A 240 10,459 W.W. Grainger, Inc. 310 27,702 WESCO International, Inc.* 380 10,944 ------------ 84,429 ------------ TOTAL INDUSTRIALS 14,110,560 ------------ INFORMATION TECHNOLOGY -- 19.3% COMMUNICATIONS EQUIPMENT -- 4.1% ADC Telecommunications, Inc.* 280 2,335 Brocade Communications Systems, Inc.* 2,140 16,821 Ciena Corp.* 340 5,535 Cisco Systems, Inc.* 55,280 1,301,291 CommScope, Inc.* 520 15,564 EchoStar Corp. - Class A* 270 4,984 F5 Networks, Inc.* 210 8,322 Harris Corp. 6,670 250,792 Harris Stratex Networks, Inc. - Class A* 937 6,559 JDS Uniphase Corp.* 300 2,133 Juniper Networks, Inc.* 34,790 940,026 Motorola, Inc. 10,290 88,391 QUALCOMM, Inc. 47,040 2,115,859 Research in Motion, Ltd.* 17,000 1,148,350 Tellabs, Inc.* 1,100 7,612 ------------ 5,914,574 ------------ COMPUTERS & PERIPHERALS -- 6.5% Apple, Inc.* 15,820 2,932,554 Dell, Inc.* 23,040 351,591 Diebold, Inc. 423 13,929 EMC Corp.* 21,940 373,858 Hewlett-Packard Co. 68,710 3,243,799 International Business Machines Corp. 16,480 1,971,173 Lexmark International, Inc. - Class A* 980 21,109
SHARES VALUE --------- ------------ NCR Corp.* 1,120 $ 15,478 NetApp, Inc.* 1,300 34,684 QLogic Corp.* 590 10,148 SanDisk Corp.* 850 18,445 Seagate Technology 1,920 29,203 Sun Microsystems, Inc.* 780 7,090 Teradata Corp.* 520 14,310 Western Digital Corp.* 6,030 220,276 ------------ 9,257,647 ------------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 0.7% Agilent Technologies, Inc.* 1,410 39,240 Amphenol Corp. - Class A 4,700 177,096 Arrow Electronics, Inc.* 5,680 159,892 Avnet, Inc.* 5,360 139,199 AVX Corp. 200 2,386 Corning, Inc. 6,540 100,127 Dolby Laboratories, Inc.* 150 5,729 FLIR Systems, Inc.* 540 15,104 Ingram Micro, Inc. - Class A* 800 13,480 Itron, Inc.* 170 10,904 Jabil Circuit, Inc. 12,170 163,200 Molex, Inc. 850 17,748 National Instruments Corp. 220 6,079 Tech Data Corp.* 2,900 120,669 Trimble Navigation, Ltd.* 350 8,368 Tyco Electronics, Ltd. 1,110 24,731 Vishay Intertechnology, Inc.* 570 4,503 ------------ 1,008,455 ------------ INTERNET SOFTWARE & SERVICES -- 1.9% Akamai Technologies, Inc.* 700 13,776 eBay, Inc.* 5,250 123,952 Equinix, Inc.* 90 8,280 Google, Inc. - Class A* 4,935 2,447,020 IAC/InterActiveCorp.* 630 12,720 Sohu.com, Inc.* 100 6,878 VeriSign, Inc.* 850 20,137 Yahoo!, Inc.* 4,630 82,460 ------------ 2,715,223 ------------ IT SERVICES -- 2.0% Accenture PLC 1,170 43,606 Affiliated Computer Services, Inc.* 3,500 189,595 Alliance Data Systems Corp.* 290 17,713 Amdocs, Ltd.* 770 20,698 Automatic Data Processing, Inc. 2,630 103,359 Broadridge Financial Solutions, Inc. 480 9,648 Cognizant Technology Solutions Corp. - Class A* 1,180 45,619 Computer Sciences Corp.* 820 43,222 Convergys Corp.* 880 8,747 DST Systems, Inc.* 220 9,856 Fidelity National Information Services, Inc. 10,190 259,947 Fiserv, Inc.* 630 30,366 Genpact, Ltd.* 400 4,920 Global Payments, Inc. 220 10,274 Hewitt Associates, Inc.* 380 13,843 Lender Processing Services, Inc. 320 12,214 Mastercard, Inc. - Class A 980 198,107 Metavante Technologies, Inc.* 220 7,586 NeuStar, Inc. - Class A* 300 6,780
8 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER LARGE-CAP FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE --------- ------------ Paychex, Inc. 1,870 $ 54,324 SAIC, Inc.* 500 8,770 The Western Union Co. 9,690 183,335 Total System Services, Inc. 820 13,210 Visa, Inc. - Class A 22,430 1,550,137 ------------ 2,845,876 ------------ OFFICE ELECTRONICS -- 0.3% Xerox Corp. 57,830 447,604 Zebra Technologies Corp. - Class A* 100 2,593 ------------ 450,197 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.2% Advanced Micro Devices, Inc.* 1,400 7,924 Altera Corp. 1,230 25,227 Analog Devices, Inc. 1,420 39,164 Applied Materials, Inc. 7,450 99,830 Atmel Corp.* 1,220 5,112 Broadcom Corp. - Class A* 1,980 60,766 Cree, Inc.* 280 10,290 Cypress Semiconductor Corp.* 230 2,376 Fairchild Semiconductor International, Inc.* 510 5,217 Integrated Device Technology, Inc.* 690 4,664 Intel Corp. 49,220 963,235 International Rectifier Corp.* 410 7,991 Intersil Holding Corp. - Class A 900 13,779 KLA-Tencor Corp. 820 29,405 Lam Research Corp.* 610 20,838 Linear Technology Corp. 1,220 33,709 LSI Logic Corp.* 1,620 8,894 Marvell Technology Group, Ltd.* 1,860 30,113 Maxim Integrated Products, Inc. 770 13,968 MEMC Electronic Materials, Inc.* 1,210 20,122 Microchip Technology, Inc. 1,140 30,210 Micron Technology, Inc.* 2,120 17,384 National Semiconductor Corp. 1,710 24,402 Novellus Systems, Inc.* 440 9,231 NVIDIA Corp.* 1,830 27,505 ON Semiconductor Corp.* 1,570 12,952 PMC-Sierra, Inc.* 550 5,258 Rambus, Inc.* 200 3,480 Silicon Laboratories, Inc.* 80 3,709 Teradyne, Inc.* 350 3,238 Texas Instruments, Inc. 6,590 156,117 Varian Semiconductor Equipment Associates, Inc.* 140 4,598 Xilinx, Inc. 1,300 30,446 ------------ 1,731,154 ------------ SOFTWARE -- 2.6% Activision Blizzard, Inc.* 1,770 21,930 Adobe Systems, Inc.* 2,230 73,679 ANSYS, Inc.* 280 10,492 Autodesk, Inc.* 880 20,944 BMC Software, Inc.* 650 24,394 CA, Inc. 9,830 216,162 Cadence Design Systems, Inc.* 1,110 8,147 Citrix Systems, Inc.* 580 22,753 Compuware Corp.* 1,080 7,916 Electronic Arts, Inc.* 1,010 19,241 FactSet Research Systems, Inc. 140 9,274
SHARES VALUE --------- ------------ Intuit, Inc.* 920 $ 26,220 McAfee, Inc.* 500 21,895 MICROS Systems, Inc.* 320 9,661 Microsoft Corp. 62,740 1,624,339 Novell, Inc.* 700 3,157 Nuance Communications, Inc.* 550 8,228 Oracle Corp. 50,360 1,049,502 Red Hat, Inc.* 680 18,795 Rovi Corp.* 300 10,080 Salesforce.com, Inc.* 320 18,218 Sybase, Inc.* 210 8,169 Symantec Corp.* 12,700 209,169 Synopsys, Inc.* 550 12,331 VMware, Inc.* 5,060 203,260 ------------ 3,657,956 ------------ TOTAL INFORMATION TECHNOLOGY 27,581,082 ------------ MATERIALS -- 3.2% CHEMICALS -- 1.8% Agrium, Inc.* 6,110 304,217 Air Products & Chemicals, Inc. 970 75,253 Airgas, Inc. 380 18,381 Albemarle Corp. 380 13,148 Ashland, Inc. 530 22,907 Cabot Corp. 690 15,946 Celanese Corp. - Series A 520 13,000 CF Industries Holdings, Inc. 100 8,623 Cytec Industries, Inc. 350 11,364 E.I. DuPont de Nemours & Co. 6,370 204,732 Eastman Chemical Co. 430 23,022 Ecolab, Inc. 890 41,145 FMC Corp. 280 15,750 Huntsman Corp. 16,710 152,228 International Flavors & Fragrances, Inc. 400 15,172 Intrepid Potash, Inc.* 100 2,359 Monsanto Co. 6,580 509,292 Nalco Holding Co. 760 15,572 PPG Industries, Inc. 1,000 58,210 Praxair, Inc. 6,680 545,689 RPM International, Inc. 760 14,052 Sigma-Aldrich Corp. 440 23,751 Terra Industries, Inc. 250 8,667 The Dow Chemical Co. 6,840 178,319 The Lubrizol Corp. 3,180 227,243 The Mosaic Co. 800 38,456 The Scotts Miracle - Gro Co. - Class A 170 7,301 The Valspar Corp. 420 11,554 Valhi, Inc. 530 6,424 ------------ 2,581,777 ------------ CONSTRUCTION MATERIALS -- 0.0% Eagle Materials, Inc. 160 4,573 Martin Marietta Materials Corp. 190 17,493 Vulcan Materials Co. 630 34,064 ------------ 56,130 ------------ CONTAINERS & PACKAGING -- 0.6% AptarGroup, Inc. 180 6,725 Ball Corp. 450 22,140 Bemis Co., Inc. 5,940 153,905 Crown Holdings, Inc.* 8,340 226,848 Greif, Inc. - Class A 270 14,864
9 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER LARGE-CAP FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE --------- ------------ Owens-Illinois, Inc.* 5,930 $ 218,817 Packaging Corp. of America 450 9,180 Pactiv Corp.* 6,680 174,014 Sealed Air Corp. 900 17,667 Sonoco Products Co. 610 16,799 Temple-Inland, Inc. 830 13,629 ------------ 874,588 ------------ METALS & MINING -- 0.5% AK Steel Holding Corp. 470 9,273 Alcoa, Inc. 4,220 55,366 Allegheny Technologies, Inc. 490 17,145 Carpenter Technology Corp. 620 14,502 Cliffs Natural Resources, Inc. 760 24,594 Commercial Metals Co. 870 15,573 Compass Minerals International, Inc. 100 6,162 Freeport-McMoRan Copper & Gold, Inc. 1,530 104,973 Newmont Mining Corp. 1,530 67,351 Nucor Corp. 2,090 98,251 Reliance Steel & Aluminum Co. 350 14,896 Royal Gold, Inc. 100 4,560 Schnitzer Steel Industries, Inc. - Class A 140 7,455 Southern Copper Corp. 1,210 37,135 Steel Dynamics, Inc. 1,130 17,334 Titanium Metals Corp. 251 2,407 United States Steel Corp. 1,000 44,370 Walter Industries, Inc. 3,460 207,808 ------------ 749,155 ------------ PAPER & FOREST PRODUCTS -- 0.3% International Paper Co. 12,960 288,101 MeadWestvaco Corp. 950 21,195 Weyerhaeuser Co. 990 36,283 ------------ 345,579 ------------ TOTAL MATERIALS 4,607,229 ------------ TELECOMMUNICATION SERVICES -- 2.4% DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.1% AT&T, Inc. 74,030 1,999,550 CenturyTel, Inc. 1,470 49,392 Frontier Communications Corp. 3,170 23,902 Level 3 Communications, Inc.* 4,020 5,588 Qwest Communications International, Inc. 13,680 52,121 TW Telecom, Inc.* 500 6,725 Verizon Communications, Inc. 27,940 845,744 Windstream Corp. 3,800 38,494 ------------ 3,021,516 ------------ WIRELESS TELECOMMUNICATION SERVICES -- 0.3% American Tower Corp. - Class A* 1,360 49,504 Crown Castle International Corp.* 1,440 45,158 Leap Wireless International, Inc.* 490 9,580 MetroPCS Communications, Inc.* 1,280 11,981 NII Holdings, Inc.* 1,840 55,163 SBA Communications Corp. - Class A* 360 9,731 Sprint Nextel Corp.* 56,790 224,320 Telephone & Data Systems, Inc. 750 23,257
SHARES VALUE --------- ------------ U.S. Cellular Corp.* 250 $ 9,768 ------------ 438,462 ------------ TOTAL TELECOMMUNICATION SERVICES 3,459,978 ------------ UTILITIES -- 2.7% ELECTRIC UTILITIES -- 1.2% Allegheny Energy, Inc. 710 18,829 American Electric Power Co., Inc. 2,780 86,152 DPL, Inc. 660 17,226 Duke Energy Corp. 8,450 133,003 Edison International 1,690 56,750 Entergy Corp. 1,050 83,853 Exelon Corp. 12,820 636,129 FirstEnergy Corp. 1,870 85,497 FPL Group, Inc. 3,640 201,037 Great Plains Energy, Inc. 720 12,924 Hawaiian Electric Industries, Inc. 750 13,590 ITC Holdings Corp. 80 3,636 Northeast Utilities 780 18,517 NV Energy, Inc. 1,380 15,994 Pepco Holdings, Inc. 1,780 26,486 Pinnacle West Capital Corp. 710 23,302 PPL Corp. 1,960 59,466 Progress Energy, Inc. 1,860 72,652 Southern Co. 4,570 144,732 Westar Energy, Inc. 260 5,073 ------------ 1,714,848 ------------ GAS UTILITIES -- 0.4% AGL Resources, Inc. 240 8,465 Atmos Energy Corp. 410 11,554 Energen Corp. 2,030 87,493 EQT Corp. 450 19,170 National Fuel Gas Co. 310 14,201 ONEOK, Inc. 610 22,338 Questar Corp. 4,690 176,157 UGI Corp. 6,440 161,386 ------------ 500,764 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.3% AES Corp.* 2,610 38,680 Calpine Corp.* 1,000 11,520 Constellation Energy Group, Inc. 880 28,486 Dynegy, Inc. - Class A* 4,730 12,061 Mirant Corp.* 11,230 184,509 NRG Energy, Inc.* 5,660 159,555 Ormat Technologies, Inc. 100 4,082 RRI Energy, Inc.* 1,740 12,424 ------------ 451,317 ------------ MULTI-UTILITIES -- 0.8% Alliant Energy Corp. 600 16,710 Ameren Corp. 1,570 39,690 CenterPoint Energy, Inc. 2,300 28,589 CMS Energy Corp. 9,210 123,414 Consolidated Edison, Inc. 1,870 76,558 Dominion Resources, Inc. 3,480 120,060 DTE Energy Co. 1,080 37,951 Integrys Energy Group, Inc. 750 26,917 MDU Resources Group, Inc. 880 18,348 NiSource, Inc. 2,040 28,336 NSTAR 420 13,364 OGE Energy Corp. 430 14,224 PG&E Corp. 1,890 76,526
10 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER LARGE-CAP FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE --------- ------------ Public Service Enterprise Group, Inc. 10,850 $ 341,124 SCANA Corp. 730 25,477 Sempra Energy 1,160 57,780 TECO Energy, Inc. 1,670 23,514 Vectren Corp. 220 5,069 Wisconsin Energy Corp. 450 20,326 Xcel Energy, Inc. 2,350 45,214 ------------ 1,139,191 ------------ WATER UTILITIES -- 0.0% American Water Works Co., Inc. 230 4,586 Aqua America, Inc. 300 5,292 ------------ 9,878 ------------ TOTAL UTILITIES 3,815,998 ------------ TOTAL COMMON STOCK (Cost $112,393,886) 137,231,736 ------------ RIGHTS -- 0.0% Fresenius Kabi Pharmaceuticals Holding, Inc.* (Cost $0) 132 76 ------------ EXCHANGE-TRADED FUNDS -- 1.5% iShares S&P 100 Index Fund (Cost $2,062,625) 43,862 2,140,466 ------------ SHORT TERM INVESTMENTS -- 1.1% BlackRock Liquidity Funds TempFund Portfolio - Institutional Series (Cost $1,592,619) 1,592,619 1,592,619 ------------ TOTAL INVESTMENTS -- 98.4% (Cost $116,049,130)+ $140,964,897 OTHER ASSETS IN EXCESS OF LIABILITIES -- 1.6% 2,256,987 ------------ NET ASSETS -- 100.0% $143,221,884 ============
* Non-income producing security. + The cost for Federal income tax purposes is $119,865,915. At September 30, 2009, net unrealized appreciation was $21,098,982. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $22,184,304 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $1,085,322. The following table provides a summary of inputs used to value the Funds' net assets as of September 30, 2009:
LEVEL 2 LEVEL 3 TOTAL VALUE AT SIGNIFICANT SIGNIFICANT SEPTEMBER 30, LEVEL 1 OBSERVABLE UNOBSERVABLE 2009 QUOTED PRICES INPUTS INPUTS -------------- ------------- ----------- ------------ INVESTMENTS IN SECURITIES: Common Stocks $137,231,736 $137,231,736 $-- $-- Exchange-Traded Funds 2,140,466 2,140,466 -- -- Rights 76 76 -- -- Short-Term Investments 1,592,619 1,592,619 -- -- ------------ ------------ --- --- Total $140,964,897 $140,964,897 $-- $-- ------------ ------------ --- ---
11 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) (Showing Percentage of Net Assets)
SHARES VALUE ------- ----------- COMMON STOCK -- 99.3% CONSUMER DISCRETIONARY -- 13.8% AUTO COMPONENTS -- 0.8% American Axle & Manufacturing Holdings, Inc. 3,545 $ 25,099 Amerigon, Inc.* 1,877 13,796 ArvinMeritor, Inc. 7,400 57,868 Cooper Tire & Rubber Co. 4,796 84,314 Dana Holding Corp.* 7,210 49,100 Dorman Products, Inc.* 796 11,956 Drew Industries, Inc.* 1,694 36,743 Exide Technologies* 4,822 38,431 Fuel Systems Solutions, Inc.* 1,136 40,885 Hawk Corp. - Class A* 1,060 14,543 Modine Manufacturing Co. 3,285 30,452 Raser Technologies, Inc.* 3,873 5,926 Spartan Motors, Inc. 2,789 14,335 Standard Motor Products, Inc. 1,610 24,472 Stoneridge, Inc.* 488 3,455 Superior Industries International, Inc. 2,166 30,757 Tenneco, Inc.* 3,890 50,725 Wonder Auto Technology, Inc.* 1,244 14,928 ----------- 547,785 ----------- AUTOMOBILES -- 0.1% Winnebago Industries, Inc.* 3,285 48,322 ----------- DISTRIBUTORS -- 0.0% Audiovox Corp. - Class A* 1,698 11,631 Core-Mark Holding Co., Inc.* 823 23,538 ----------- 35,169 ----------- DIVERSIFIED CONSUMER SERVICES -- 1.2% American Public Education, Inc.* 1,905 66,180 Bridgepoint Education, Inc.* 890 13,581 Capella Education Co.* 1,105 74,411 ChinaCast Education Corp.* 2,820 20,501 Coinstar, Inc.* 2,558 84,363 Corinthian Colleges, Inc.* 6,531 121,215 Grand Canyon Education, Inc.* 1,164 20,754 Jackson Hewitt Tax Service, Inc. 2,188 11,159 K12, Inc.* 2,150 35,432 Learning Tree International, Inc.* 720 8,201 Lincoln Educational Services Corp.* 538 12,309 Mac-Gray Corp.* 380 4,096 Matthews International Corp. - Class A 2,532 89,582 Pre-Paid Legal Services, Inc.* 535 27,178 Princeton Review, Inc.* 850 3,570 Regis Corp. 4,648 72,044 Sotheby's Holdings, Inc. - Class A 5,372 92,560 Steiner Leisure, Ltd.* 1,135 40,588 Stewart Enterprises, Inc. - Class A 6,349 33,205 Universal Technical Institute, Inc.* 1,541 30,358 ----------- 861,287 ----------- HOTELS, RESTAURANTS & LEISURE -- 2.5% AFC Enterprises, Inc.* 2,475 20,840 Ambassadors Group, Inc. 1,158 18,123 Ameristar Casinos, Inc. 2,725 43,001 Bally Technologies, Inc.* 4,356 167,140 Benihana, Inc .- Class A* 380 2,177
SHARES VALUE ------- ----------- BJ's Restaurants, Inc.* 1,440 $ 21,586 Bluegreen Corp.* 1,037 3,163 Bob Evans Farms, Inc. 2,406 69,918 Buffalo Wild Wings, Inc.* 1,422 59,169 California Pizza Kitchen, Inc.* 1,437 22,446 CEC Entertainment, Inc.* 2,268 58,650 Churchill Downs, Inc. 782 30,107 CKE Restaurants, Inc. 3,197 33,537 Cracker Barrel Old Country Store, Inc. 1,772 60,957 Denny's Corp.* 8,090 21,519 DineEquity, Inc. 1,312 32,472 Domino's Pizza, Inc.* 2,424 21,428 Dover Downs Gaming & Entertainment, Inc. 744 4,241 Einstein Noah Restaurant Group, Inc.* 704 8,476 Gaylord Entertainment Co.* 2,604 52,340 Great Wolf Resorts, Inc.* 4,000 14,280 Interval Leisure Group, Inc.* 3,210 40,061 Isle of Capri Casinos, Inc.* 941 11,094 Jack in the Box, Inc.* 4,656 95,401 Krispy Kreme Doughnuts, Inc.* 3,530 12,602 Lakes Entertainment, Inc.* 4,470 15,019 Landry's Restaurants, Inc.* 885 9,293 Life Time Fitness, Inc.* 3,287 92,200 Luby's, Inc.* 2,591 10,882 McCormick & Schmick's Seafood Restaurants, Inc.* 1,920 14,285 Monarch Casino & Resort, Inc.* 928 9,985 Morgans Hotel Group Co.* 2,643 14,325 Multimedia Games, Inc.* 3,200 16,384 O' Charley's, Inc.* 2,050 19,209 Orient-Express Hotels, Ltd. 6,380 73,434 Papa John's International, Inc.* 1,906 46,830 Peet's Coffee & Tea, Inc.* 920 25,972 PF Chang's China Bistro, Inc.* 1,971 66,955 Pinnacle Entertainment, Inc.* 5,237 53,365 Red Robin Gourmet Burgers, Inc.* 992 20,257 Ruby Tuesday, Inc.* 5,220 43,952 Shuffle Master, Inc.* 4,490 42,296 Sonic Corp.* 4,805 53,143 Speedway Motorsports, Inc. 1,091 15,699 Texas Roadhouse, Inc.* 3,975 42,215 The Cheesecake Factory, Inc.* 5,006 92,711 The Marcus Corp. 1,587 20,298 The Steak 'n Shake Co.* 2,405 28,307 Town Sports International Holdings, Inc.* 1,220 3,062 Universal Travel Group* 540 6,966 Vail Resorts, Inc.* 2,420 81,167 Youbet.com, Inc.* 5,740 12,054 ----------- 1,854,993 ----------- HOUSEHOLD DURABLES -- 1.2% American Greetings Corp. 3,157 70,401 Beazer Homes USA, Inc.* 2,370 13,248 Blyth, Inc. 590 22,851 Cavco Industries, Inc.* 405 14,377 CSS Industries, Inc. 658 13,009 Ethan Allen Interiors, Inc. 2,086 34,419 Furniture Brands International, Inc.* 1,670 9,235
1 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Helen of Troy, Ltd.* 1,903 $ 36,975 Hooker Furniture Corp. 861 11,624 Hovnanian Enterprises, Inc.* 7,373 28,312 iRobot Corp.* 1,170 14,403 La-Z-Boy, Inc. 4,336 37,506 M/I Homes, Inc.* 1,164 15,819 Meritage Homes Corp.* 2,642 53,633 National Presto Industries, Inc. 372 32,182 Ryland Group, Inc. 3,631 76,505 Sealy Corp.* 4,245 13,584 Skyline Corp. 539 12,160 Standard Pacific Corp.* 7,380 27,232 Tempur-Pedic International, Inc.* 6,208 117,580 Tupperware Brands Corp. 5,309 211,935 Universal Electronics, Inc.* 898 18,337 ----------- 885,327 ----------- INTERNET & CATALOG RETAIL -- 0.5% 1-800-FLOWERS.COM, Inc. - Class A* 3,112 10,736 Blue Nile, Inc.* 992 61,623 Drugstore.com, Inc.* 9,080 22,064 Gaiam, Inc. - Class A* 1,143 7,978 HSN, Inc.* 3,460 56,329 NutriSystem, Inc. 2,659 40,576 Orbitz Worldwide, Inc.* 3,339 20,635 Overstock.com, Inc.* 1,162 17,047 PetMed Express, Inc. 2,237 42,167 Shutterfly, Inc.* 1,542 25,644 Stamps.com, Inc.* 1,150 10,638 Ticketmaster Entertainment, Inc.* 2,100 24,549 ----------- 339,986 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.8% Brunswick Corp. 7,501 89,862 Callaway Golf Co. 6,121 46,581 Eastman Kodak Co. 22,150 105,877 JAKKS Pacific, Inc.* 2,138 30,616 Leapfrog Enterprises, Inc.* 2,887 11,866 Marine Products Corp. 1,100 6,083 Polaris Industries, Inc. 2,487 101,420 Pool Corp. 3,965 88,102 RC2 Corp.* 1,462 20,833 Smith & Wesson Holdings Corp.* 5,857 30,632 Steinway Musical Instruments* 568 6,742 Sturm, Ruger & Co., Inc. 1,640 21,222 ----------- 559,836 ----------- MEDIA -- 0.9% Arbitron, Inc. 2,244 46,585 Ascent Media Corp. - Class A* 1,040 26,624 Belo Corp. - Class A 7,150 38,682 Carmike Cinemas, Inc.* 1,500 15,165 Cinemark Holdings, Inc. 2,287 23,693 CKX, Inc.* 4,326 29,028 Dolan Media Co.* 2,109 25,287 E.W. Scripps Co. - Class A* 3,000 22,500 Fisher Communications, Inc.* 627 11,399 Global Sources, Ltd.* 868 5,963 Harte-Hanks, Inc. 2,876 39,775 Journal Communications, Inc. - Class A 3,830 14,094 Knology, Inc.* 2,699 26,315 LIN TV Corp. - Class A* 2,930 13,859
SHARES VALUE ------- ----------- Live Nation, Inc.* 6,290 $ 51,515 Lodgenet Entertainment Corp.* 890 6,720 Martha Stewart Living Omnimedia, Inc. - Class A* 1,923 12,038 Mediacom Communications Corp. - Class A* 3,435 19,786 National Cinemedia, Inc. 3,262 55,356 Outdoor Channel Holdings, Inc.* 1,170 7,652 Primedia, Inc. 1,510 3,805 RCN Corp.* 2,778 25,835 Rentrak Corp.* 1,030 18,396 Scholastic Corp. 1,986 48,339 Sinclair Broadcast Group, Inc. - Class A 4,028 14,420 Valassis Communications, Inc.* 3,980 71,162 World Wrestling Entertainment, Inc. - Class A 1,177 16,490 ----------- 690,483 ----------- MULTILINE RETAIL -- 0.3% 99 Cents Only Stores* 3,630 48,824 Dillard's, Inc. - Class A 4,082 57,556 Fred's, Inc. - Class A 3,332 42,416 Retail Ventures, Inc.* 2,930 15,441 Saks, Inc.* 9,730 66,359 Tuesday Morning Corp.* 1,800 7,488 ----------- 238,084 ----------- SPECIALTY RETAIL -- 3.4% America's Car-Mart, Inc.* 750 17,963 AnnTaylor Stores Corp.* 4,830 76,749 Asbury Automotive Group, Inc.* 2,714 34,414 Bebe Stores, Inc. 2,876 21,167 Big 5 Sporting Goods Corp. 2,112 31,891 Borders Group, Inc.* 5,560 17,292 Brown Shoe Co., Inc. 3,765 30,195 Build-A-Bear Workshop, Inc.* 1,721 8,381 Cabela's, Inc.* 4,234 56,482 Charlotte Russe Holdings, Inc.* 1,722 30,135 Charming Shoppes, Inc.* 9,620 47,234 Christopher & Banks Corp. 2,415 16,350 Citi Trends, Inc.* 1,256 35,758 Coldwater Creek, Inc.* 5,040 41,328 Collective Brands, Inc.* 5,827 100,982 Conn's, Inc.* 861 9,721 Dress Barn, Inc.* 3,149 56,462 DSW, Inc. - Class A* 957 15,283 Genesco, Inc.* 1,351 32,519 Group 1 Automotive, Inc. 1,934 51,928 Haverty Furniture Cos., Inc.* 1,797 21,223 hhgregg, Inc.* 1,265 21,429 Hibbett Sports, Inc.* 2,514 45,830 Hot Topic, Inc.* 3,051 22,852 J. Crew Group, Inc.* 4,166 149,226 Jo-Ann Stores, Inc.* 2,312 62,031 Jos. A. Bank Clothiers, Inc.* 1,510 67,603 Kirkland's, Inc.* 690 9,833 Lithia Motors, Inc. - Class A 1,680 26,191 Lumber Liquidators, Inc.* 991 21,495 Midas, Inc.* 1,154 10,848 Monro Muffler Brake, Inc. 1,598 50,800 New York & Co., Inc.* 2,080 10,650 OfficeMax, Inc.* 7,010 88,186
2 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Pacific Sunwear of California, Inc.* 4,290 $ 22,094 Pier 1 Imports, Inc.* 8,870 34,327 Rent-A-Center, Inc.* 5,314 100,328 Rex Stores Corp.* 790 8,611 Sally Beauty Holdings, Inc.* 8,063 57,328 Shoe Carnival, Inc.* 1,209 18,643 Sonic Automotive, Inc. - Class A 1,028 10,794 Stage Stores, Inc. 3,248 42,094 Stein Mart, Inc.* 2,410 30,631 Syms Corp.* 760 6,148 Systemax, Inc.* 942 11,426 Talbots, Inc. 2,310 21,321 The Buckle, Inc. 2,365 80,741 The Cato Corp. - Class A 2,293 46,525 The Children's Place Retail Stores, Inc.* 1,848 55,366 The Finish Line, Inc. - Class A 3,364 34,178 The Gymboree Corp.* 2,355 113,935 The Men's Wearhouse, Inc. 4,189 103,468 The Pep Boys - Manny, Moe & Jack 3,853 37,644 Tractor Supply Co.* 2,774 134,317 Tween Brands, Inc.* 2,380 19,968 Ulta Salon Cosmetics & Fragrance, Inc.* 2,191 36,173 West Marine, Inc.* 1,890 14,855 Wetseal, Inc. - Class A* 7,786 29,431 Zale Corp.* 2,342 16,745 Zumiez, Inc.* 1,403 23,023 ----------- 2,450,545 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 2.1% American Apparel, Inc.* 2,943 10,330 Carter's, Inc.* 4,691 125,250 Cherokee, Inc. 628 15,053 Columbia Sportswear Co. 963 39,637 Crocs, Inc.* 5,860 38,969 Deckers Outdoor Corp.* 1,047 88,838 FGX International Holdings, Ltd.* 825 11,509 Fossil, Inc.* 3,907 111,154 Fuqi International, Inc.* 830 24,302 G-III Apparel Group, Ltd.* 607 8,589 Iconix Brand Group, Inc.* 5,995 74,758 Jones Apparel Group, Inc. 6,940 124,434 K-Swiss, Inc. - Class A 2,058 18,090 Kenneth Cole Productions, Inc. - Class A 850 8,525 Liz Claiborne, Inc. 7,690 37,912 Lululemon Athletica, Inc.* 3,263 74,233 Maidenform Brands, Inc.* 1,459 23,432 Movado Group, Inc. 1,355 19,688 Oxford Industries, Inc. 1,630 32,111 Perry Ellis International, Inc.* 1,077 17,275 Quiksilver, Inc.* 8,750 24,062 Skechers U.S.A., Inc. - Class A* 2,573 44,101 Steven Madden, Ltd.* 1,336 49,178 The Timberland Co. - Class A* 3,325 46,284 The Warnaco Group, Inc.* 3,871 169,782 True Religion Apparel, Inc.* 2,127 55,153 Under Armour, Inc.- Class A* 2,623 72,998 Unifi, Inc.* 3,913 12,522 Unifirst Corp. 1,128 50,140
SHARES VALUE ------- ----------- Volcom, Inc.* 1,133 $ 18,672 Weyco Group, Inc. 411 9,412 Wolverine World Wide, Inc. 3,796 94,293 ----------- 1,550,686 ----------- TOTAL CONSUMER DISCRETIONARY 10,062,503 ----------- CONSUMER STAPLES -- 3.2% BEVERAGES -- 0.1% Coca-Cola Bottling Co. Consolidated 251 12,156 Heckmann Corp.* 6,170 28,258 National Beverage Corp.* 1,170 13,467 The Boston Beer Co., Inc. - Class A* 695 25,771 ----------- 79,652 ----------- FOOD & STAPLES RETAILING -- 0.8% Arden Group, Inc. - Class A 53 6,333 Casey's General Stores, Inc. 4,086 128,219 Great Atlantic & Pacific Tea Co., Inc.* 2,990 26,641 Ingles Markets, Inc. - Class A 995 15,751 Nash-Finch Co. 878 24,004 PriceSmart, Inc. 1,336 25,050 Ruddick Corp. 3,460 92,105 Spartan Stores, Inc. 1,709 24,148 Susser Holdings Corp.* 831 10,446 The Andersons, Inc. 1,445 50,864 The Pantry, Inc.* 1,660 26,029 United Natural Foods, Inc.* 3,617 86,519 Village Super Market - Class A 494 14,558 Weis Markets, Inc. 918 29,330 Winn-Dixie Store, Inc.* 3,971 52,099 ----------- 612,096 ----------- FOOD PRODUCTS -- 1.3% AgFeed Industries, Inc.* 2,450 13,083 Alico, Inc. 220 6,466 American Dairy, Inc.* 738 20,908 American Italian Pasta Co.* 1,800 48,924 B&G Foods, Inc. - Class A 1,866 15,283 Cal-Maine Foods, Inc. 1,232 32,981 Calavo Growers, Inc. 677 12,849 Chiquita Brands International, Inc.* 3,511 56,738 Darling International, Inc.* 6,957 51,134 Diamond Foods, Inc. 1,375 43,615 Farmer Brothers Co. 388 8,032 Fresh Del Monte Produce, Inc.* 3,089 69,842 Griffin Land & Nurseries, Inc. 246 7,872 HQ Sustainable Maritime Industries, Inc.* 735 6,468 Imperial Sugar Co. 1,036 13,136 J&J Snack Foods Corp. 1,194 51,569 Lancaster Colony Corp. 1,462 74,957 Lance, Inc. 2,161 55,797 Omega Protein Corp.* 2,946 14,288 Overhill Farms, Inc.* 960 5,808 Sanderson Farms, Inc. 1,541 58,003 Seneca Foods Corp. - Class A* 580 15,892 Smart Balance, Inc.* 4,149 25,475 Synutra International, Inc.* 1,419 19,454 The Hain Celestial Group, Inc.* 3,173 60,826 Tootsie Roll Industries, Inc. 1,938 46,086
3 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- TreeHouse Foods, Inc.* 2,262 $ 80,685 Zapata Corp.* 1,670 11,623 Zhongpin, Inc.* 2,354 34,651 ----------- 962,445 ----------- HOUSEHOLD PRODUCTS -- 0.1% Central Garden & Pet Co. - Class A* 4,554 49,775 Orchids Paper Products Co.* 190 3,800 WD-40 Co. 1,704 48,394 ----------- 101,969 ----------- PERSONAL PRODUCTS -- 0.6% American Oriental Bioengineering, Inc.* 3,929 19,095 Bare Escentuals, Inc.* 5,400 64,206 Chattem, Inc.* 1,688 112,100 China Sky One Medical, Inc.* 599 7,901 China-Biotics, Inc.* 860 13,760 Elizabeth Arden, Inc.* 2,007 23,622 International Parfums, Inc. 1,608 19,634 Mannatech, Inc. 1,390 5,324 Medifast, Inc.* 1,030 22,372 Nu Skin Enterprises, Inc. - Class A 4,348 80,568 Prestige Brands Holdings, Inc.* 2,497 17,579 Revlon, Inc. - Class A* 3,330 16,184 Schiff Nutrition International, Inc. 1,915 9,977 The Female Health Co.* 3,070 15,503 USANA Health Sciences, Inc.* 355 12,109 ----------- 439,934 ----------- TOBACCO -- 0.3% Alliance One International, Inc.* 9,822 44,003 Star Scientific, Inc.* 5,009 4,658 Universal Corp. 1,992 83,305 Vector Group, Ltd. 3,409 53,118 ----------- 185,084 ----------- TOTAL CONSUMER STAPLES 2,381,180 ----------- ENERGY -- 4.8% ENERGY EQUIPMENT & SERVICES -- 1.8% Allis-Chalmers Energy, Inc.* 5,144 22,428 Basic Energy Services, Inc.* 1,782 15,129 Bolt Technology Corp.* 757 9,515 Boots & Coots, Inc.* 9,320 15,005 Bristow Group, Inc.* 2,441 72,473 Bronco Drilling Co., Inc.* 2,243 14,692 Cal Dive International, Inc.* 3,499 34,605 CARBO Ceramics, Inc. 1,368 70,520 Complete Production Services, Inc.* 5,116 57,811 Dawson Geophysical Co.* 693 18,974 Dril-Quip, Inc.* 2,328 115,562 ENGlobal, Corp.* 2,143 8,829 Geokinetics, Inc.* 690 14,628 Global Industries, Ltd.* 8,360 79,420 Gulf Island Fabrication, Inc. 813 15,236 GulfMark Offshore, Inc.* 1,641 53,726 Hercules Offshore, Inc.* 7,590 37,267 Hornbeck Offshore Services, Inc.* 1,878 51,758 ION Geophysical Corp.* 8,677 30,543 Key Energy Services, Inc.* 10,260 89,262 Lufkin Industries, Inc. 1,210 64,348 Matrix Service Co.* 1,633 17,751
SHARES VALUE ------- ----------- NATCO Group, Inc. - Class A* 1,458 $ 64,560 Natural Gas Services Group, Inc.* 594 10,466 Newpark Resources, Inc.* 7,242 23,247 Oyo Geospace Corp.* 291 7,517 Parker Drilling Co.* 9,124 49,817 Petroleum Helicopters, Inc.* 1,015 20,584 Pioneer Drilling Co.* 3,838 28,171 RPC, Inc. 1,859 19,482 Sulphco, Inc.* 1,280 1,754 Superior Well Services, Inc.* 1,199 11,606 T-3 Energy Services, Inc.* 803 15,819 Tetra Technologies, Inc.* 6,320 61,241 Union Drilling, Inc.* 1,770 13,523 Vantage Drilling Co.* 8,160 14,933 Willbros Group, Inc.* 3,268 49,772 ----------- 1,301,974 ----------- OIL, GAS & CONSUMABLE FUELS -- 3.0% Alon USA Energy, Inc. 1,174 11,658 Apco Oil and Gas International, Inc. 600 13,752 Approach Resources, Inc.* 780 7,082 Arena Resources, Inc.* 3,070 108,985 Atlas Energy, Inc. 2,648 71,681 ATP Oil & Gas Co.* 2,952 52,811 Berry Petroleum Co. - Class A 3,904 104,549 Bill Barret Corp.* 3,015 98,862 BPZ Resources, Inc.* 9,233 69,432 Brigham Exploration Co.* 6,523 59,229 Carrizo Oil & Gas, Inc.* 2,256 55,249 Cheniere Energy, Inc.* 3,527 10,334 Clayton Williams Energy, Inc.* 543 16,355 Clean Energy Fuels Corp.* 2,969 42,783 Contango Oil & Gas Co.* 1,009 51,520 Crosstex Energy, Inc. 4,023 21,241 CVR Energy, Inc.* 1,916 23,835 Delek US Holdings, Inc. 1,412 12,101 Delta Petroleum Corp.* 12,103 21,180 DHT Maritime, Inc. 2,873 10,803 Endeavour International Corp.* 12,750 15,428 Evergreen Energy, Inc.* 19,060 11,817 FX Energy, Inc.* 2,273 7,342 General Maritime Corp. 4,253 32,918 Georesources, Inc.* 564 6,232 GMX Resources, Inc.* 2,370 37,233 Golar LNG, Ltd. 2,288 25,305 Goodrich Petroleum Corp.* 2,435 62,847 Gran Tierra Energy, Inc.* 16,762 69,730 Gulfport Energy Corp.* 1,120 9,789 Harvest Natural Resources, Inc.* 2,549 13,076 International Coal Group, Inc.* 8,460 34,094 Isramco, Inc.* 40 5,226 James River Coal Co.* 1,892 36,156 Knightsbridge Tankers, Ltd. 863 11,254 McMoRan Exploration Co.* 6,358 48,003 Nordic American Tanker Shipping 3,108 91,935 Northern Oil And Gas, Inc.* 1,510 12,684 Oilsands Quest, Inc.* 18,680 21,108 Panhandle Oil and Gas, Inc. - Class A 586 12,517 Parallel Petroleum Corp.* 1,504 4,768 Patriot Coal Corp.* 6,890 81,026 Penn Virginia Corp. 3,674 84,171
4 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Petroleum Development Corp.* 1,709 $ 31,890 Petroquest Energy, Inc.* 2,743 17,802 Rex Energy Corp.* 1,205 10,062 Rosetta Resources, Inc.* 4,268 62,697 Ship Finance International, Ltd. 3,279 40,299 Southern Union Co. 1 20 Stone Energy Corp.* 3,444 56,172 Swift Energy Co.* 3,086 73,077 Syntroleum Corp.* 3,350 9,045 Teekay Tankers, Ltd.- Class A 948 7,916 Toreador Resources Corp. 1,919 19,171 Uranium Energy Corp.* 1,060 3,127 USEC, Inc.* 8,855 41,530 Vaalco Energy, Inc. 4,607 21,192 Venoco, Inc.* 1,340 15,423 W&T Offshore, Inc. 2,830 33,139 Warren Resources, Inc.* 3,150 9,324 Western Refining, Inc.* 4,205 27,122 Westmoreland Coal Co.* 900 7,317 World Fuel Services Corp. 2,467 118,589 Zion Oil & Gas, Inc.* 680 6,637 ----------- 2,209,652 ----------- TOTAL ENERGY 3,511,626 ----------- FINANCIALS -- 20.1% CAPITAL MARKETS -- 2.8% Allied Capital Corp. 15,040 46,173 American Capital Ltd.* 26,080 84,238 Apollo Investment Corp. 13,509 129,011 Ares Capital Corp. 8,855 97,582 BGC Partners, Inc. - Class A 4,660 19,945 Blackrock Kelso Capital Corp. 1,440 10,685 Broadpoint Gleacher Securities Group, Inc.* 4,075 33,986 Calamos Asset Management, Inc. - Class A 1,855 24,226 Capital Southwest Corp. 262 20,109 Cohen & Steers, Inc. 1,213 29,112 Diamond Hill Investment Group, Inc.* 160 9,275 Duff & Phelps Corp. - Class A 1,654 31,691 E*TRADE Group, Inc.* 76,840 134,470 Epoch Holding Corp. 940 8,225 Evercore Partners, Inc. - Class A 873 25,509 FBR Capital Markets Corp.* 2,236 13,259 FCStone Group, Inc.* 2,671 12,874 GAMCO Investors, Inc. - Class A 682 31,167 GFI Group, Inc. 4,681 33,844 Gladstone Capital Corp. 1,982 17,699 Gladstone Investment Corp. 2,617 12,692 Harris & Harris Group, Inc.* 2,760 17,250 Hercules Technology Growth Capital, Inc. 2,915 28,625 International Assets Holding Corp.* 559 9,229 JMP Group, Inc. 1,710 16,519 Kayne Anderson Energy Development Co. 1,108 14,659 KBW, Inc.* 2,533 81,613 Knight Capital Group, Inc. - Class A* 7,312 159,036 Kohlberg Capital Corp. 858 5,174
SHARES VALUE ------- ----------- LaBranche & Co., Inc.* 4,795 $ 16,303 MCG Capital Corp.* 5,940 24,889 MF Global, Ltd.* 41,500 301,705 MVC Capital, Inc. 1,954 17,156 NGP Capital Resources Co. 1,723 12,509 Oppenheimer Holdings, Inc. 750 18,263 optionsXpress Holdings, Inc. 3,489 60,290 PennantPark Investment Corp. 2,262 18,345 Penson Worldwide, Inc.* 1,568 15,272 Piper Jaffray Cos.* 1,560 74,443 Prospect Capital Corp. 4,534 48,557 Pzena Investment Management, Inc. - Class A* 665 5,433 Riskmetrics Group, Inc.* 2,094 30,614 Safeguard Scientifics, Inc.* 1,185 12,999 Sanders Morris Harris Group, Inc. 1,795 10,608 Stifel Financial Corp.* 2,107 115,674 SWS Group, Inc. 2,087 30,053 Teton Advisors, Inc.* 10 -- Thomas Weisel Partners Group, Inc.* 76 406 TICC Capital Corp. 855 4,309 TradeStation Group, Inc.* 1,490 12,144 US Global Investors, Inc.- Class A 1,229 15,154 Virtus Investment Partners, Inc.* 503 7,852 Westwood Holdings Group, Inc. 290 10,063 ----------- 2,020,918 ----------- COMMERCIAL BANKS -- 5.7% 1st Source Corp. 838 13,659 American National Bankshares, Inc. 630 13,747 Ameris Bancorp 1,111 7,940 Ames National Corp. 481 11,597 Arrow Financial Corp. 1,072 29,261 Auburn National Bancorporation, Inc. 150 3,660 Bancfirst Corp. 414 15,289 Banco Latinoamericano De Exportaciones SA 2,124 30,203 Bank of Kentucky Financial Corp. 690 14,600 Bank of Marin BanCorp. 660 20,678 Bank of the Ozarks, Inc. 976 25,893 Banner Corp. 1,380 3,767 Boston Private Financial Holdings, Inc. 4,778 31,105 Bridge Bancorp, Inc. 610 14,841 Bryn Mawr Bank Corp. 475 8,298 Camden National Corp. 503 16,619 Capital City Bank Group, Inc. 951 13,504 Cardinal Financial Corp. 1,390 11,440 Cathay General Bancorp 3,362 27,199 Centerstate Banks of Florida, Inc. 1,006 7,937 Central Pacific Financial Corp. 2,393 6,030 Chemical Financial Corp. 1,738 37,871 Chicopee BanCorp., Inc.* 1,630 21,532 Citizens & Northern Corp. 661 9,776 Citizens Republic Bancorp, Inc.* 10,917 8,297 City Holding Co. 1,232 36,726 CNB Financial Corp. 1,200 20,604 CoBiz Financial, Inc. 1,549 7,714 Columbia Banking System, Inc. 2,479 41,027 Community Bank Systems, Inc. 2,564 46,844
5 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Community Trust Bancorp, Inc. 1,318 $ 34,492 CVB Financial Corp. 6,734 51,111 East West Bancorp, Inc. 7,442 61,769 Enterprise BanCorp., Inc. 400 5,120 Enterprise Financial Services Corp. 753 6,965 Farmers Capital Bank Corp. 529 9,459 Financial Institutions, Inc. 873 8,704 First Bancorp, Inc. 939 17,465 First Bancorp/North Carolina 1,095 19,765 First Bancorp/Puerto Rico 6,366 19,416 First Busey Corp. 2,081 9,781 First California Financial Group, Inc.* 3,160 15,168 First Commonwealth Financial Corp. 6,716 38,147 First Community Bancshares, Inc. 481 6,070 First Financial Bancorp 4,175 50,309 First Financial Bankshares, Inc. 1,601 79,185 First Financial Corp./Indiana 725 22,214 First Merchants Corp. 1,945 13,557 First Midwest Bancorp, Inc. 3,511 39,569 First South Bancorp 862 9,913 FirstMerit Corp. 6,341 120,669 FNB Corp. 9,756 69,365 Glacier Bancorp, Inc. 4,701 70,233 Great Southern Bancorp, Inc. 1,020 24,184 Guaranty Bancorp* 5,210 7,711 Hampton Roads Bankshares, Inc. 2,410 6,941 Hancock Holding Co. 1,969 73,975 Harleysville National Corp. 3,518 18,751 Heartland Financial USA, Inc. 983 14,499 Home BanCorp., Inc.* 1,780 21,663 Home Bancshares, Inc. 1,292 28,321 IBERIABANK Corp. 1,614 73,534 Independent Bank Corp./Massachusetts 1,856 41,073 International Bancshares Corp. 3,662 59,727 Investors Bancorp, Inc.* 4,391 46,589 Lakeland Bancorp, Inc. 1,655 12,412 Lakeland Financial Corp. 885 18,275 MainSource Financial Group, Inc. 1,619 11,009 MB Financial, Inc. 3,085 64,692 Merchants Bancshares, Inc. 760 16,234 Metro Bancorp, Inc.* 352 4,284 Nara Bancorp, Inc. 1,841 12,795 National Bankshares, Inc. 280 7,126 National Penn Bancshares, Inc. 9,741 59,518 NBT Bancorp, Inc. 2,608 58,784 Northfield Bancorp, Inc. 2,526 32,333 Norwood Financial Corp. 840 26,124 Ohio Valley Banc Corp. 820 21,730 Old National Bancorp/Indiana 5,281 59,147 Old Point Financial Corp. 1,320 21,991 Old Second Bancorp, Inc. 1,140 6,532 Oriental Financial Group 1,974 25,070 Orrstown Financial Services, Inc. 340 13,138 Pacific Capital Bancorp 3,831 5,517 Pacific Continental Corp. 856 9,014 PacWest Bancorp 1,939 36,938 Park National Corp. 848 49,472 Peapack-Gladstone Financial Corp. 807 12,960 Penns Woods Bancorp., Inc. 430 13,764
SHARES VALUE ------- ----------- Peoples Bancorp, Inc./Ohio 846 $ 11,040 Peoples Financial Corp./Mississippi 650 12,097 Pinnacle Financial Partners, Inc.* 2,871 36,490 PremierWest Bancorp 1,715 4,648 PrivateBancorp, Inc. 2,740 67,020 Prosperity Bancshares, Inc. 3,625 126,114 Renasant Corp. 1,661 24,666 Republic Bancorp, Inc./Kentucky - Class A 727 14,511 S&T Bancorp, Inc. 1,970 25,531 S.Y. Bancorp, Inc. 949 21,912 Sandy Springs Bancorp, Inc. 1,287 20,952 Santander BanCorp* 650 6,338 SCBT Financial Corp. 1,019 28,634 Shore Bancshares, Inc. 574 9,603 Sierra Bancorp 516 6,197 Signature Bank* 3,174 92,046 Simmons First National Corp. - Class A 1,006 28,983 Smithtown Bancorp, Inc. 627 7,236 Southside Bancshares, Inc. 955 21,507 Southwest Bancorp, Inc. 1,192 16,736 State Bancorp, Inc. 1,199 10,132 StellarOne Corp. 1,803 26,594 Sterling Bancorp 1,287 9,292 Sterling Bancshares, Inc. 6,462 47,237 Sterling Financial Corp./Washington* 4,480 8,960 Suffolk Bancorp 594 17,588 Sun Bancorp, Inc.* 1,365 7,207 Susquehanna Bancshares, Inc. 7,303 43,015 SVB Financial Group* 2,698 116,742 Texas Capital Bancshares, Inc.* 3,108 52,339 The Bancorp Bank* 2,550 14,586 The First of Long Island Corp. 880 23,399 The South Financial Group, Inc. 16,967 24,941 Tompkins Financial Corp. 491 21,457 TowneBank 1,600 20,400 Trico Bancshares 1,043 17,105 Trustmark Corp. 4,678 89,116 UCBH Holdings, Inc. 8,921 7,137 UMB Financial Corp. 2,494 100,857 Umpqua Holdings Corp. 8,096 85,818 Union Bankshares Corp. 1,069 13,309 United Bankshares, Inc. 3,064 60,024 United Community Banks, Inc.* 3,661 18,305 United Security Bancshares 810 17,974 Univest Corp. of PA 1,173 25,419 Washington Trust Bancorp, Inc. 1,196 20,954 Webster Financial Corp. 5,810 72,451 WesBanco, Inc. 1,656 25,602 West Bancorp, Inc. 1,387 6,880 Westamerica Bancorp 2,313 120,276 Western Alliance Bancorp* 3,761 23,732 Wilshire Bancorp, Inc. 1,470 10,790 Wintrust Financial Corp. 1,933 54,047 Yadkin Valley Financial Corp. 807 3,769 ----------- 4,151,646 ----------- CONSUMER FINANCE -- 0.4% Advance America Cash Advance Centers, Inc. 4,510 25,256
6 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Cardtronics, Inc.* 330 $ 2,581 Cash America International, Inc. 2,496 75,279 CompuCredit Holdings Corp.* 2,332 10,984 Credit Acceptance Corp.* 485 15,612 Dollar Financial Corp.* 1,942 31,111 EzCorp, Inc.- Class A* 3,779 51,621 First Cash Financial Services, Inc.* 2,269 38,868 Nelnet, Inc. - Class A* 1,442 17,938 Rewards Network, Inc.* 3 41 The First Marblehead Corp.* 5,080 11,176 World Acceptance Corp.* 1,484 37,412 ----------- 317,879 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.5% Asset Acceptance Capital Corp.* 1,100 7,975 Compass Diversified Holdings 1,831 19,171 Encore Capital Group, Inc.* 1,485 19,973 Fifth Street Finance Corp. 2,149 23,489 Financial Federal Corp. 2,041 50,372 Life Partners Holdings, Inc. 498 8,914 MarketAxess Holdings, Inc.* 2,647 31,896 Medallion Financial Corp. 1,311 10,960 NewStar Financial, Inc.* 3,064 10,081 PHH Corp.* 4,567 90,609 PICO Holdings, Inc.* 1,826 60,897 Portfolio Recovery Associates, Inc.* 1,389 62,963 Resource America, Inc. - Class A 1,310 6,301 ----------- 403,601 ----------- INSURANCE -- 3.3% AMBAC Financial Group, Inc. 17,130 28,778 American Equity Investment Life Holding Co. 4,973 34,910 American Physicians Capital, Inc. 1,527 43,993 American Physicians Service Group, Inc. 1,720 39,629 American Safety Insurance Holdings, Ltd.* 957 15,121 Amerisafe, Inc.* 1,542 26,600 Amtrust Financial Services, Inc. 1,003 11,444 Argo Group International Holdings, Ltd.* 2,241 75,477 Assured Guaranty, Ltd. 8,959 173,984 Baldwin & Lyons, Inc. - Class B 652 15,289 Citizens, Inc.* 3,457 21,917 CNA Surety Corp.* 1,048 16,978 Conseco, Inc.* 15,330 80,636 Crawford & Co.* 2,037 8,983 Delphi Financial Group, Inc. - Class A 3,853 87,193 Donegal Group, Inc. - Class A 750 11,580 Eastern Insurance Holdings, Inc. 1,550 14,772 eHealth, Inc.* 2,144 31,131 EMC Insurance Group, Inc. 445 9,403 Employers Holdings, Inc. 4,217 65,279 Enstar Group, Ltd.* 409 25,468 FBL Financial Group, Inc. - Class A 1,233 23,957 First Acceptance Corp.* 1,630 4,401 First Mercury Financial Corp. 1,105 14,719 Flagstone Reinsurance Holdings, Ltd. 2,687 30,309
SHARES VALUE ------- ----------- FPIC Insurance Group, Inc.* 661 $ 22,177 Greenlight Capital Re, Ltd.- Class A* 1,950 36,660 Hallmark Financial Services, Inc.* 1,217 9,797 Harleysville Group, Inc. 1,069 33,834 Hilltop Holdings, Inc.* 3,691 45,252 Horace Mann Educators Corp. 3,474 48,532 Independence Holding Co. 990 5,821 Infinity Property & Casualty Corp. 1,088 46,218 Kansas City Life Insurance Co. 400 12,456 Maiden Holdings, Ltd. 4,032 29,313 Max Capital Group, Ltd. 3,965 84,732 Meadowbrook Insurance Group, Inc. 4,515 33,411 Montpelier Re Holdings, Ltd. 6,244 101,902 National Financial Partners Corp.* 3,700 32,264 National Interstate Corp. 519 9,083 National Western Life Insurance Co. - Class A 145 25,517 Navigators Group, Inc.* 1,026 56,430 NYMagic, Inc. 624 10,770 Platinum Underwriters Holdings, Ltd. 4,320 154,829 PMA Capital Corp.* 2,485 14,140 Presidential Life Corp. 2,190 22,688 ProAssurance Corp.* 2,507 130,840 RLI Corp. 1,626 85,820 Safety Insurance Group, Inc. 1,214 39,965 SeaBright Insurance Holdings, Inc.* 1,684 19,231 Selective Insurance Group, Inc. 4,273 67,214 State Auto Financial Corp. 1,158 20,763 Stewart Information Services Corp. 1,499 18,543 The Phoenix Cos., Inc.* 10,064 32,708 Tower Group, Inc. 3,147 76,755 United America Indemnity, Ltd. - Class A* 2,979 22,015 United Fire & Casualty Co. 1,595 28,550 Universal Insurance Holdings, Inc. 3,000 15,090 Zenith National Insurance Corp. 3,387 104,658 ----------- 2,409,929 ----------- REAL ESTATE INVESTMENT TRUSTS -- 5.9% Acadia Realty Trust 3,175 47,847 Agree Realty Corp. 749 17,175 Alexander's, Inc. 176 52,075 American Campus Communities, Inc. 4,095 109,951 American Capital Agency Corp. 898 25,548 Anthracite Capital, Inc.* 5,638 5,920 Anworth Mortgage Asset Corp. 7,921 62,417 Ashford Hospitality Trust, Inc.* 5,090 17,611 Associated Estates Realty Corp. 1,164 11,198 BioMed Realty Trust, Inc. 8,116 112,001 CapLease Funding, Inc. 4,301 17,333 Capstead Mortgage Corp. 4,840 67,324 Care Investment Trust, Inc. 1,180 9,051 CBL & Associates Properties, Inc. 11,290 109,513 Cedar Shopping Centers, Inc. 3,446 22,227 Cogdell Spencer, Inc. 1,127 5,410 Colonial Properties Trust 4,113 40,019 Cousins Properties, Inc. 3,427 28,378 DCT Industrial Trust, Inc. 17,015 86,947
7 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Developers Diversified Realty Corp. 11,780 $ 108,847 DiamondRock Hospitality Co.* 9,219 74,674 DuPont Fabros Technology, Inc.* 1,815 24,194 Dynex Capital, Inc. 1,710 14,415 Eastgroup Properties, Inc. 2,034 77,739 Education Realty Trust, Inc. 4,881 28,944 Entertainment Properties Trust 2,869 97,948 Equity Lifestyle Properties, Inc. 1,957 83,740 Equity One, Inc. 2,702 42,340 Extra Space Storage, Inc. 7,092 74,821 FelCor Lodging Trust, Inc. 6,270 28,403 First Industrial Realty Trust, Inc. 4,042 21,221 First Potomac Realty Trust 2,424 28,021 Franklin Street Properties Corp. 4,587 60,090 Getty Realty Corp. 1,377 33,792 Gladstone Commercial Corp. 1,100 15,048 Glimcher Realty Trust 3,615 13,267 Hatteras Financial Corp. 2,681 80,376 Healthcare Realty Trust, Inc. 4,956 104,720 Hersha Hospitality Trust 4,218 13,076 Highwoods Properties, Inc. 5,705 179,422 Home Properties, Inc. 2,724 117,377 Inland Real Estate Corp. 6,265 54,881 Investors Real Estate Trust 5,907 53,399 iStar Financial, Inc.* 8,190 24,898 Kilroy Realty Corp. 3,520 97,645 Kite Realty Group Trust 6,500 27,105 LaSalle Hotel Properties 5,351 105,201 Lexington Realty Trust 7,226 36,853 LTC Properties, Inc. 1,522 36,589 Medical Properties Trust, Inc. 6,485 50,648 MFA Mortgage Investments, Inc. 22,021 175,287 Mid-America Apartment Communities, Inc. 2,530 114,179 Mission West Properties, Inc. 1,485 9,994 Monmouth Real Estate - Class A 1,412 9,828 National Health Investors, Inc. 1,994 63,110 National Retail Properties, Inc. 6,944 149,088 NorthStar Realty Finance Corp. 5,790 20,323 Omega Healthcare Investors, Inc. 6,505 104,210 One Liberty Properties, Inc. -- 1 Parkway Properties, Inc. 1,799 35,440 Pennsylvania Real Estate Investment Trust 3,321 25,273 Post Properties, Inc. 3,571 64,278 Potlatch Corp. 3,071 87,370 PS Business Parks, Inc. 1,419 72,823 RAIT Financial Trust 5,741 16,879 Ramco-Gershenson Properties Trust 1,124 10,026 Redwood Trust, Inc. 6,469 100,269 Resource Capital Corp. 2,752 14,971 Saul Centers, Inc. 628 20,159 Sovran Self Storage, Inc. 1,937 58,943 Strategic Hotels & Resources, Inc.* 6,380 16,524 Sun Communities, Inc. 1,141 24,554 Sunstone Hotel Investors, Inc.* 6,184 43,906 Tanger Factory Outlet Centers, Inc. 3,382 126,284 Transcontinental Realty Investors, Inc.* 380 4,446 U-Store-It Trust 7,014 43,837
SHARES VALUE ------- ----------- Universal Health Realty Income Trust 877 $ 28,546 Urstadt Biddle Properties, Inc. - Class A 1,585 23,125 Walter Investment Management Corp. 1,610 25,792 Washington Real Estate Investment Trust 4,602 132,538 Winthrop Realty Trust 990 9,643 ----------- 4,289,285 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.2% Avatar Holdings, Inc.* 512 9,728 China Housing & Land Development, Inc.* 3,300 12,705 Consolidated Tomoka Land Co. 320 12,256 Forestar Real Estate Group, Inc* 2,998 51,505 Tejon Ranch Co.* 1,198 30,765 ----------- 116,959 ----------- THRIFTS & MORTGAGE FINANCE -- 1.3% Abington Bancorp, Inc. 1,867 14,451 Astoria Financial Corp. 7,090 78,274 Bank Mutual Corp. 3,831 33,866 BankFinancial Corp. 1,661 15,912 Beneficial Mutual Bancorp, Inc.* 2,557 23,345 Berkshire Hills Bancorp, Inc. 1,111 24,375 Brookline Bancorp, Inc. 4,778 46,442 Brooklyn Federal Bancorp, Inc. 700 8,540 Clifton Savings Bancorp, Inc. 405 3,969 Danvers Bancorp, Inc. 1,001 13,604 Dime Community Bancshares 1,893 21,637 Doral Financial Corp.* 1,568 5,802 ESB Financial Corp. 1,420 19,014 First Defiance Financial Corp. 1,040 15,506 First Financial Holdings, Inc. 964 15,395 First Financial Northwest, Inc. 1,927 11,215 Flushing Financial Corp. 1,824 20,794 Fox Chase Bancorp, Inc.* 917 9,188 Home Federal Bancorp, Inc. 323 3,689 Kearny Financial Corp. 1,319 13,744 Kentucky First Federal Bancorp. 340 4,247 Meridian Interstate Bancorp, Inc.* 1,140 9,690 MGIC Investment Corp.* 10,280 76,175 NewAlliance Bancshares, Inc. 7,905 84,583 Northwest Bancorp, Inc. 1,383 31,588 OceanFirst Financial Corp. 798 9,257 Ocwen Financial Corp.* 4,786 54,177 Oritani Financial Corp. 756 10,312 Provident Financial Services, Inc. 5,355 55,103 Provident New York Bancorp 3,234 30,885 Prudential BanCorp., Inc. of Pennsylvania 470 4,719 Radian Group, Inc. 6,676 70,632 Rockville Financial, Inc. 773 8,310 Roma Financial Corp. 767 9,534 The PMI Group, Inc. 5,800 24,650 TrustCo Bank Corp. 5,494 34,337 United Financial Bancorp, Inc. 1,880 21,770 ViewPoint Financial Group 601 8,438 Westfield Financial, Inc. 2,324 19,684
8 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- WSFS Financial Corp. 508 $ 13,533 ----------- 980,386 ----------- TOTAL FINANCIALS 14,690,603 ----------- HEALTH CARE -- 13.8% BIOTECHNOLOGY -- 3.9% Acorda Therapeutics, Inc.* 2,693 62,693 Affymax, Inc.* 855 20,426 Alkermes, Inc.* 6,973 64,082 Allos Therapeutics, Inc.* 6,068 43,993 Alnylam Pharmaceuticals, Inc.* 3,038 68,902 AMAG Pharmaceuticals, Inc.* 1,390 60,715 Amicus Therapeutics, Inc.* 1,880 16,450 Arena Pharmaceuticals, Inc.* 6,710 29,994 Ariad Pharmaceuticals, Inc.* 11,580 25,708 ArQule, Inc.* 2,610 11,849 Array Biopharma, Inc.* 2,963 7,052 AVI BioPharma, Inc.* 2,300 3,956 BioCryst Pharmaceuticals, Inc.* 2,490 20,518 Biospecifics Technologies Corp.* 150 4,801 Celera Corp.* 6,033 37,586 Cell Therapeutics, Inc.* 40,310 49,581 Celldex Therapeutics, Inc.* 973 5,342 Cepheid, Inc.* 4,137 54,691 Chelsea Therapeutics International, Inc.* 4,770 11,973 Clinical Data, Inc.* 845 14,086 Cubist Pharmaceuticals, Inc.* 4,562 92,152 Curis, Inc.* 2,180 5,101 Cytokinetics, Inc.* 3,020 15,976 Cytori Therapeutics, Inc.* 1,467 5,795 Dyax Corp.* 7,101 25,493 Emergent Biosolutions, Inc.* 1,451 25,625 Enzon Pharmaceuticals, Inc.* 3,552 29,304 Exelixis, Inc.* 9,162 58,453 Facet Biotech Corp.* 1,681 29,064 Genomic Health, Inc.* 1,270 27,762 Geron Corp.* 6,187 40,587 GTx, Inc.* 1,098 14,054 Halozyme Therapeutics, Inc.* 5,721 40,676 Hemispherx Biopharma, Inc.* 9,290 18,580 Human Genome Sciences, Inc.* 13,620 256,328 Idenix Pharmaceuticals, Inc.* 1,712 5,290 Idera Pharmaceuticals, Inc.* 1,334 9,885 Immunogen, Inc.* 4,088 33,154 Immunomedics, Inc.* 5,910 32,623 Incyte Corp.* 6,117 41,290 Infinity Pharmaceuticals, Inc.* 2,710 16,883 Insmed, Inc.* 17,780 14,580 InterMune, Inc.* 2,956 47,089 Isis Pharmaceuticals, Inc.* 6,812 99,251 Lexicon Pharmaceuticals, Inc.* 8,740 18,616 Ligand Pharmaceuticals, Inc.- Class B* 9,151 21,139 MannKind Corp.* 4,797 47,250 Martek Bioscience Corp.* 2,356 53,222 Maxygen, Inc.* 1,716 11,480 Medivation, Inc.* 2,341 63,535 Metabolix, Inc.* 1,156 11,884 Micromet, Inc.* 4,550 30,303 Molecular Insight Pharmaceuticals, Inc.* 2,540 14,046
SHARES VALUE ------- ----------- Momenta Pharmaceuticals, Inc.* 2,980 $ 31,618 Myriad Pharmaceuticals, Inc.* 1,881 11,023 Nabi Biopharmaceuticals* 4,188 15,035 Nanosphere, Inc.* 1,299 9,301 Neurocrine Biosciences, Inc.* 3,017 9,202 Novavax, Inc.* 5,273 20,881 NPS Pharmaceuticals, Inc.* 3,012 12,108 OncoGenex Pharmaceutical, Inc.* 240 8,640 Onyx Pharmaceuticals, Inc.* 5,174 155,065 Opko Health, Inc.* 6,200 14,136 Orexigen Therapeutics, Inc.* 1,905 18,764 Osiris Therapeutics, Inc.* 1,494 9,950 PDL BioPharma, Inc. 10,476 82,551 Pharmasset, Inc.* 1,538 32,513 Poniard Pharmaceuticals, Inc.* 1,440 10,771 Progenics Pharmaceuticals, Inc.* 1,706 8,939 Protalix BioTherapeutics, Inc.* 3,160 26,102 Regeneron Pharmaceuticals, Inc.* 4,642 89,591 Repligen Corp.* 3,750 18,787 Rigel Pharmaceuticals, Inc.* 3,531 28,954 Sangamo Biosciences, Inc.* 2,895 23,768 Savient Pharmaceuticals, Inc.* 4,938 75,058 Sciclone Pharmaceuticals, Inc.* 1,900 8,094 Seattle Genetics, Inc.* 7,125 99,964 SIGA Technologies, Inc.* 2,580 20,356 Spectrum Pharmaceuticals, Inc.* 3,860 25,978 StemCells, Inc.* 11,150 18,174 Synta Pharmaceuticals Corp.* 2,000 6,200 Theravance, Inc.* 4,266 62,454 Vanda Pharmaceuticals, Inc.* 2,190 25,492 Vical, Inc.* 1,900 8,094 Zymogenetics, Inc.* 2,575 15,553 ----------- 2,873,984 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 3.6% Abaxis, Inc.* 1,881 50,317 Abiomed, Inc.* 2,082 20,216 AccuRay, Inc.* 3,180 20,670 Align Technology, Inc.* 4,611 65,568 Alphatec Holdings, Inc.* 1,850 8,510 American Medical Systems Holdings, Inc.* 5,624 95,158 Analogic Corp. 1,048 38,797 AngioDynamics, Inc.* 1,729 23,826 Aspect Medical Systems, Inc.* 1,350 16,173 Atrion Corp. 190 27,436 ATS Medical, Inc.* 2,990 8,013 Bovie Medical Corp.* 2,160 16,956 Cantel Medical Corp.* 1,044 15,723 Cardiac Science Corp.* 1,667 6,668 Conceptus, Inc.* 2,371 43,958 Conmed Corp.* 2,223 42,615 Cryolife, Inc.* 1,550 12,354 Cyberonics, Inc.* 2,780 44,313 Cynosure, Inc.- Class A* 603 7,025 Delcath Systems, Inc.* 2,950 14,485 DexCom, Inc.* 3,393 26,906 Electro-Optical Sciences, Inc.* 2,310 22,130 Endologix, Inc.* 3,030 18,756 ev3, Inc.* 6,195 76,260 Exactech, Inc.* 622 9,790 Greatbatch, Inc.* 1,901 42,715 Haemonetics Corp.* 2,585 145,070
9 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Hansen Medical, Inc.* 1,503 $ 5,261 HeartWare International, Inc.* 390 11,696 I-Flow Corp.* 2,277 25,935 ICU Medical, Inc.* 1,117 41,173 Immucor, Inc.* 5,669 100,341 Insulet Corp.* 1,551 17,418 Integra LifeSciences Holdings Corp.* 1,627 55,562 Invacare Corp. 2,134 47,546 IRIS International, Inc.* 1,005 11,357 Kensey Nash Corp.* 558 16,154 MAKO Surgical Corp.* 660 5,782 Masimo Corp.* 3,931 102,992 Medical Action Industries, Inc.* 1,124 13,567 Meridian Bioscience, Inc. 2,904 72,629 Merit Medical Systems, Inc.* 2,522 43,706 Micrus Endovascular Corp.* 929 12,031 Natus Medical, Inc.* 2,223 34,301 Neogen Corp.* 1,409 45,497 NuVasive, Inc.* 2,840 118,598 NxStage Medical, Inc.* 2,581 17,267 OraSure Technologies, Inc.* 3,287 9,532 Orthofix International N.V.* 1,421 41,763 Orthovita, Inc.* 3,708 16,278 Palomar Medical Technologies, Inc.* 1,403 22,743 Quidel Corp.* 1,627 26,406 Rochester Medical Corp.* 1,660 19,986 Rockwell Medical Technologies, Inc.* 580 4,512 RTI Biologics, Inc.* 4,000 17,400 Sirona Dental Systems, Inc.* 1,232 36,652 Somanetics Corp.* 632 10,188 SonoSite, Inc.* 1,415 37,441 Spectranetics Corp.* 2,018 12,935 Stereotaxis, Inc.* 2,246 10,017 STERIS Corp. 4,900 149,205 SurModics, Inc.* 960 23,616 Symmetry Medical, Inc.* 2,878 29,845 Synovis Life Technologies, Inc.* 634 8,749 Thoratec Corp.* 4,086 123,683 TomoTherapy, Inc.* 4,263 18,459 TranS1, Inc.* 847 4,074 Utah Medical Products, Inc. 630 18,472 Vascular Solutions, Inc.* 720 5,954 Volcano Corp.* 4,249 71,468 West Pharmaceutical Services, Inc. 2,618 106,317 Wright Medical Group, Inc.* 3,110 55,545 Young Innovations, Inc. 770 20,259 Zoll Medical Corp.* 1,833 39,446 ----------- 2,660,166 ----------- HEALTH CARE PROVIDERS & SERVICES -- 3.4% Air Methods Corp.* 781 25,437 Alliance Imaging, Inc.* 410 2,321 Allied Healthcare International, Inc.* 5,710 15,988 Allion Healthcare, Inc.* 410 2,399 Almost Family, Inc.* 548 16,303 Amedisys, Inc.* 2,046 89,267 America Service Group, Inc. 1,280 21,171 American Dental Partners, Inc.* 1,800 25,200 AMERIGROUP Corp.* 4,178 92,626
SHARES VALUE ------- ----------- AMN Healthcare Services, Inc.* 2,568 $ 24,422 AmSurg Corp.* 2,550 54,136 Assisted Living Concepts, Inc.* 752 15,581 Bio-Reference Labs, Inc.* 1,209 41,590 BioScrip, Inc.* 3,990 26,972 Capital Senior Living Corp.* 2,468 15,055 CardioNet, Inc.* 1,800 12,096 Catalyst Health Solutions, Inc.* 2,626 76,548 Centene Corp.* 4,127 78,165 Chemed Corp. 1,715 75,271 Chindex International, Inc.* 861 10,831 Clarient, Inc.* 670 2,821 Corvel Corp.* 410 11,644 Cross Country Healthcare, Inc.* 2,414 22,474 Emergency Medical Services Corp. - Class A* 892 41,478 Emeritus Corp.* 1,436 31,520 Genoptix, Inc.* 1,655 57,561 Gentiva Health Services, Inc.* 1,957 48,945 Hanger Orthopedic Group, Inc.* 2,653 36,797 Health Grades, Inc.* 1,760 8,712 HealthSouth Corp.* 7,044 110,168 Healthspring, Inc.* 3,173 38,869 Healthways, Inc.* 2,910 44,581 HMS Holdings Corp.* 1,959 74,893 inVentiv Health, Inc.* 2,397 40,102 IPC The Hospitalist Co., Inc.* 1,520 47,804 Kindred Healthcare, Inc.* 3,239 52,569 Landauer, Inc. 626 34,417 LCA - Vision, Inc.* 1,950 13,670 LHC Group, Inc.* 1,397 41,812 Magellan Health Services, Inc.* 2,905 90,229 Medcath Corp.* 1,454 12,752 Molina Healthcare, Inc.* 1,088 22,511 MWI Veterinary Supply, Inc.* 900 35,955 National HealthCare Corp. 976 36,395 Nighthawk Radiology Holdings, Inc.* 2,522 18,234 Odyssey Healthcare, Inc.* 2,633 32,912 Owens & Minor, Inc. 3,511 158,873 PharMerica Corp.* 2,289 42,507 Providence Service Corp.* 1,280 14,925 PSS World Medical, Inc.* 5,102 111,377 Psychiatric Solutions, Inc.* 4,947 132,382 RadNet, Inc.* 3,431 8,886 RehabCare Group, Inc.* 1,502 32,578 Res-Care, Inc.* 2,075 29,486 Skilled Healthcare Group, Inc.- Class A* 1,569 12,599 Sun Healthcare Group, Inc.* 2,620 22,637 Sunrise Senior Living, Inc.* 1,330 4,030 The Ensign Group, Inc. 569 7,983 Triple-S Management Corp.- Class B* 1,271 21,315 U.S. Physical Therapy, Inc.* 812 12,237 Universal American Corp.* 2,473 23,296 Virtual Radiologic Corp.* 280 3,648 WellCare Health Plans, Inc.* 3,400 83,810 ----------- 2,453,773 ----------- HEALTH CARE TECHNOLOGY -- 0.7% AMICAS, Inc.* 730 2,628 Athenahealth, Inc.* 2,830 108,587
10 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Computer Programs & Systems, Inc. 883 $ 36,565 Eclipsys Corp.* 4,361 84,167 MedAssets, Inc.* 3,299 74,458 Merge Healthcare, Inc.* 1,000 4,110 Omnicell, Inc.* 1,668 18,582 Phase Forward, Inc.* 3,643 51,148 Quality Systems, Inc. 1,888 116,244 Transcend Services, Inc.* 340 5,940 Vital Images, Inc.* 1,210 15,149 ----------- 517,578 ----------- LIFE SCIENCES TOOLS & SERVICES -- 0.8% Accelrys, Inc.* 2,562 14,860 Affymetrix, Inc.* 5,874 51,574 Albany Molecular Research, Inc.* 1,747 15,129 Bruker Corp.* 4,056 43,277 Cambrex Corp.* 2,214 13,948 Dionex Corp.* 1,565 101,678 Enzo Biochem, Inc.* 2,252 15,944 eResearch Technology, Inc.* 2,783 19,481 Kendle International, Inc.* 866 14,480 Life Sciences Research, Inc.* 521 4,147 Luminex, Corp.* 3,668 62,356 Paraxel International Corp.* 4,729 64,267 Sequenom, Inc.* 5,148 16,628 Varian, Inc.* 2,186 111,617 ----------- 549,386 ----------- PHARMACEUTICALS -- 1.4% Acura Pharmaceuticals, Inc.* 1,700 8,687 Adolor Corp.* 2,670 4,245 Ardea Biosciences, Inc.* 1,156 21,178 Auxilium Pharmaceuticals, Inc.* 3,311 113,269 AVANIR Pharmaceuticals, Inc. - Class A* 1,480 3,078 Biodel, Inc.* 1,021 5,483 Biomimetic Therapeutics, Inc.* 839 10,244 BMP Sunstone Corp.* 1,953 7,949 Cadence Pharmaceuticals, Inc.* 1,939 21,445 Caraco Pharmaceutical Laboratories, Ltd.* 1,004 5,110 Cypress Bioscience, Inc.* 2,574 21,030 Depomed, Inc.* 4,260 18,616 Discovery Laboratories, Inc.* 3,580 4,869 Durect Corp.* 5,105 13,630 Hi-Tech Pharmacal Co., Inc.* 300 6,732 Impax Laboratories, Inc.* 3,870 33,824 Inspire Pharmaceuticals, Inc.* 5,754 30,036 ISTA Pharmaceuticals, Inc.* 750 3,345 Javelin Pharmaceuticals, Inc.* 7,550 14,723 KV Pharmaceutical Co. - Class A* 4,263 13,087 MAP Pharmaceuticals, Inc.* 284 2,971 Matrixx Initiatives, Inc.* 530 3,010 Medicis Pharmaceutical Corp. - Class A 4,687 100,068 Nektar Therapeutics* 7,372 71,803 Obagi Medical Products, Inc.* 870 10,092 Optimer Pharmaceuticals, Inc.* 2,365 31,999 Pain Therapeutics, Inc.* 1,910 9,665 Par Pharmaceutical Cos., Inc.* 2,600 55,926 Pozen, Inc.* 2,105 15,493 Questcor Pharmaceuticals, Inc.* 5,289 29,195
SHARES VALUE ------- ----------- Salix Pharmaceuticals, Ltd.* 3,747 $ 79,661 Santarus, Inc.* 6,610 21,747 Sucampo Pharmaceuticals, Inc.- Class A* 892 5,200 SuperGen, Inc.* 7,290 19,464 The Medicines Co.* 4,299 47,332 ViroPharma, Inc.* 6,274 60,356 Vivus, Inc.* 5,806 60,673 XenoPort, Inc.* 2,324 49,339 ----------- 1,034,574 ----------- TOTAL HEALTH CARE 10,089,461 ----------- INDUSTRIALS -- 15.5% AEROSPACE & DEFENSE -- 1.7% AAR Corp.* 2,976 65,293 Aerovironment, Inc.* 1,074 30,169 American Science & Engineering, Inc. 694 47,220 Applied Signal Technology, Inc. 1,276 29,692 Argon ST, Inc.* 757 14,421 Ascent Solar Technologies, Inc.* 2,850 21,489 Ceradyne, Inc.* 1,872 34,314 Cubic Corp. 1,308 51,627 Curtiss-Wright Corp. 3,676 125,462 DigitalGlobe, Inc.* 1,340 29,976 Ducommun, Inc. 1,194 22,578 DynCorp International, Inc. - Class A* 1,878 33,804 Esterline Technologies Corp.* 2,427 95,163 GenCorp, Inc.* 3,309 17,736 HEICO Corp. 1,723 74,709 Herley Industries, Inc.* 1,153 15,047 Hexcel Corp.* 8,043 92,012 Ladish Co., Inc.* 1,340 20,274 LMI Aerospace, Inc.* 657 6,590 Moog, Inc. - Class A* 3,536 104,312 Orbital Sciences Corp.* 4,381 65,584 Stanley, Inc.* 1,042 26,800 Taser International, Inc.* 5,621 26,531 Teledyne Technologies, Inc.* 3,174 114,232 Triumph Group, Inc. 1,280 61,427 ----------- 1,226,462 ----------- AIR FREIGHT & LOGISTICS -- 0.3% Air Transport Services Group, Inc.* 5,960 20,622 Atlas Air Worldwide Holdings, Inc.* 1,134 36,254 Dynamex, Inc.* 500 8,165 Forward Air Corp. 2,141 49,564 Hub Group, Inc. - Class A* 2,992 68,367 Pacer International, Inc. 2,615 10,094 ----------- 193,066 ----------- AIRLINES -- 0.8% AirTran Holdings, Inc.* 9,562 59,762 Alaska Air Group, Inc.* 2,907 77,879 Allegiant Travel Co.* 1,174 44,718 Hawaiian Holdings, Inc.* 4,123 34,056 JetBlue Airways Corp.* 20,324 121,537 Republic Airways Holdings, Inc.* 3,021 28,186 SkyWest, Inc. 4,663 77,313 UAL Corp.* 11,482 105,864
11 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- US Airways Group, Inc.* 13,156 $ 61,833 ----------- 611,148 ----------- BUILDING PRODUCTS -- 0.5% AAON, Inc. 922 18,514 American Woodmark Corp. 645 12,474 Ameron International Corp. 727 50,875 Apogee Enterprises, Inc. 2,037 30,596 Builders FirstSource, Inc.* 2,760 12,034 Gibraltar Industries, Inc. 2,250 29,858 Griffon Corp.* 3,599 36,242 Insteel Industries, Inc. 1,260 15,057 NCI Building Systems, Inc.* 1,690 5,408 Quanex Building Products Corp. 2,783 39,964 Simpson Manufacturing Co., Inc. 2,671 67,469 Trex Co., Inc.* 1,129 20,548 Universal Forest Products, Inc. 1,416 55,875 ----------- 394,914 ----------- COMMERCIAL SERVICES & SUPPLIES -- 2.5% ABM Industries, Inc. 3,729 78,458 ACCO Brands Corp.* 4,800 34,656 American Ecology Corp. 1,674 31,304 American Reprographics Co.* 4,228 40,251 AMREP Corp.* 277 3,656 APAC Customer Services, Inc.* 2,750 16,253 ATC Technology Corp.* 1,779 35,153 Bowne & Co., Inc. 2,839 21,860 Cenveo, Inc.* 5,163 35,728 Clean Harbors, Inc.* 1,667 93,786 Consolidated Graphics, Inc.* 752 18,762 Cornell Cos., Inc.* 843 18,917 Courier Corp. 824 12,484 Deluxe Corp. 3,775 64,553 Energy Solutions, Inc. 6,061 55,883 EnerNOC, Inc.* 1,094 36,277 Ennis, Inc. 1,949 31,437 Fuel Tech, Inc.* 1,231 13,787 G & K Services, Inc. - Class A 1,574 34,880 GeoEye, Inc.* 1,599 42,853 Healthcare Services Group, Inc. 3,890 71,420 Herman Miller, Inc. 4,085 69,077 HNI Corp. 4,083 96,359 Innerworkings, Inc.* 1,930 9,534 Interface, Inc. - Class A 4,185 34,736 Kimball International, Inc. - Class B 2,860 21,822 Knoll, Inc. 4,952 51,649 M&F Worldwide Corp.* 1,083 21,920 McGrath RentCorp 1,520 32,330 Metalico, Inc.* 1,773 7,393 Mine Safety Appliances Co. 2,263 62,255 Mobile Mini, Inc.* 2,938 51,004 Multi-Color Corp. 681 10,508 North American Galvanizing & Coating, Inc.* 2,520 15,296 Perma-Fix Environmental Services* 1,260 2,948 Rollins, Inc. 3,881 73,157 Schawk, Inc. 1,303 15,206 Standard Parking Corp.* 568 9,934 Standard Register Co. 1,208 7,103 Steelcase, Inc. - Class A 5,990 37,198
SHARES VALUE ------- ----------- Sykes Enterprises, Inc.* 2,902 $ 60,420 Team, Inc.* 924 15,662 Tetra Tech, Inc.* 4,944 131,164 The GEO Group, Inc.* 4,193 84,573 United Stationers, Inc.* 1,909 90,888 Viad Corp. 1,265 25,186 Waste Services, Inc.* 1,897 8,764 ----------- 1,838,444 ----------- CONSTRUCTION & ENGINEERING -- 0.9% Argan, Inc.* 70 941 Comfort Systems USA, Inc. 2,501 28,987 Dycom Industries, Inc.* 3,277 40,307 EMCOR Group, Inc.* 5,282 133,740 Furmanite Corp.* 2,481 10,693 Granite Construction, Inc. 2,760 85,394 Great Lakes Dredge & Dock Corp. 3,486 24,332 Insituform Technologies, Inc. - Class A* 3,143 60,157 Integrated Electrical Services, Inc.* 696 5,603 Layne Christensen Co.* 1,550 49,677 MasTec, Inc.* 4,024 48,892 Michael Baker Corp.* 614 22,313 MYR Group, Inc.* 1,550 32,690 Northwest Pipe Co.* 861 28,869 Orion Marine Group, Inc.* 2,288 46,996 Pike Electric Corp.* 1,200 14,376 Sterling Construction Co., Inc.* 675 12,089 Tutor Perini Corp.* 2,171 46,242 ----------- 692,298 ----------- ELECTRICAL EQUIPMENT -- 2.2% Acuity Brands, Inc. 3,573 115,086 Advanced Battery Technologies, Inc.* 3,809 16,531 American Superconductor Corp.* 3,545 118,899 AZZ, Inc.* 957 38,443 Baldor Electric Co. 3,877 105,997 Belden, Inc. 3,924 90,644 Brady Corp. - Class A 3,789 108,820 Broadwind Energy, Inc.* 2,530 19,962 China BAK Battery, Inc.* 2,544 12,593 Encore Wire Corp. 1,487 33,220 Ener1, Inc.* 3,580 24,774 Energy Conversion Devices, Inc.* 4,085 47,304 EnerSys, Inc.* 3,197 70,718 Evergreen Solar, Inc.* 12,477 23,956 Franklin Electric Co., Inc. 1,936 55,505 FuelCell Energy, Inc.* 4,724 20,171 Fushi Copperweld, Inc.* 1,190 10,067 GrafTech International, Ltd.* 10,274 151,028 GT Solar International, Inc.* 2,544 14,781 Harbin Electric, Inc.* 1,511 25,506 II-VI, Inc.* 1,897 48,260 LaBarge, Inc.* 771 8,674 LSI Industries, Inc. 1,623 10,793 Microvision, Inc.* 6,120 33,721 Orion Energy Systems , Inc* 1,038 3,249 Polypore International, Inc.* 1,437 18,552 Powell Industries, Inc.* 709 27,218 Power-One, Inc.* 5,330 10,393 PowerSecure International, Inc.* 746 5,058 Preformed Line Products Co. 194 7,770
12 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Regal-Beloit Corp. 2,767 $ 126,479 Satcon Technology Corp.* 1,800 3,078 Smith (A.O.) Corp. 1,589 60,541 Ultralife Corp.* 837 5,072 Valence Technology, Inc.* 4,230 7,614 Vicor Corp.* 1,799 13,888 Woodward Governor Co. 4,991 121,082 ----------- 1,615,447 ----------- INDUSTRIAL CONGLOMERATES -- 0.3% Otter Tail Corp. 2,838 67,913 Raven Industries, Inc. 1,301 34,776 Seaboard Corp. 27 35,100 Standex International Corp. 918 18,204 Tredegar Industries Corp. 1,918 27,811 ----------- 183,804 ----------- MACHINERY -- 2.7% 3-D Systems Corp.* 1,445 13,337 Actuant Corp. - Class A 5,810 93,309 Alamo Group, Inc. 769 12,150 Albany International Corp. - Class A 2,170 42,098 Altra Holdings, Inc.* 1,663 18,609 American Railcar Industries, Inc. 589 6,249 Ampco-Pittsburgh Corp. 586 15,582 Astec Industries, Inc.* 1,421 36,193 Badger Meter, Inc. 1,218 47,124 Barnes Group, Inc. 3,755 64,173 Blount International, Inc.* 2,970 28,126 Briggs & Stratton Corp. 3,748 72,749 Cascade Corp. 613 16,392 Chart Industries, Inc.* 2,339 50,499 China Fire & Security Group, Inc.* 1,071 20,563 CIRCOR International, Inc. 1,418 40,073 Clarcor, Inc. 3,878 121,614 Colfax Corp.* 2,945 31,305 Columbus McKinnon Corp.* 1,635 24,770 Dynamic Materials Corp. 835 16,667 Energy Recovery, Inc.* 4,249 24,729 EnPro Industries, Inc.* 1,557 35,593 ESCO Technologies, Inc.* 2,262 89,123 Federal Signal Corp. 3,989 28,681 Flander Corp.* 2,740 14,138 Flow International, Corp.* 1,441 3,732 Force Protection, Inc.* 6,684 36,495 FreightCar America, Inc. 913 22,186 Graham Corp. 495 7,697 Greenbrier Cos., Inc. 1,730 20,258 Hurco Cos., Inc.* 569 9,719 John Bean Technologies Corp. 2,180 39,611 K-Tron International, Inc.* 131 12,473 Kadant, Inc.* 1,164 14,119 Kaydon Corp. 2,752 89,220 L.B. Foster Co.- Class A* 856 26,176 Lindsay Corp. 988 38,907 Met-Pro Corp. 770 7,461 Middleby Corp.* 1,394 76,684 Mueller Industries, Inc. 2,756 65,786 Mueller Water Products, Inc. - Class A 10,370 56,828 NACCO Industries, Inc. - Class A 506 30,395 Nordson Corp. 2,767 155,201
SHARES VALUE ------- ----------- Omega Flex, Inc. 150 $ 2,516 PMFG, Inc.* 1,247 16,036 RBC Bearings, Inc.* 1,797 41,924 Robbins & Myers, Inc. 2,123 49,848 Sauer-Danfoss, Inc. 1,244 9,541 Sun Hydraulics Corp. 665 14,005 Tecumseh Products Co. - Class A* 1,442 16,338 Tennant Co. 1,521 44,200 The Gorman-Rupp Co. 1,150 28,646 Titan International, Inc. 2,835 25,232 TriMas Corp.* 790 4,029 Twin Disc, Inc. 833 10,388 Watts Water Technologies, Inc. - Class A 2,264 68,486 ----------- 2,007,983 ----------- MARINE -- 0.2% American Commercial Lines, Inc.* 564 16,424 Eagle Bulk Shipping, Inc. 7,418 38,054 Genco Shipping & Trading, Ltd. 2,069 42,994 Horizon Lines, Inc. - Class A 2,278 14,465 International Shipholding Corp. 375 11,554 TBS International, Ltd. - Class A* 634 5,516 Ultrapetrol Bahamas, Ltd.* 4,400 21,648 ----------- 150,655 ----------- PROFESSIONAL SERVICES -- 1.6% Acacia Research - Acacia Technologies* 3,160 27,524 Administaff, Inc. 1,851 48,626 CBIZ, Inc.* 5,107 38,098 CDI Corp. 1,113 15,638 COMSYS IT Partners, Inc.* 174 1,114 CoStar Group, Inc.* 1,639 67,560 CRA International, Inc.* 707 19,294 Diamond Management & Technology Consultants, Inc. 1,750 11,987 Exponent, Inc.* 1,287 36,255 First Advantage Corp. - Class A* 877 16,268 Franklin Covey Co.* 2,570 15,034 GP Strategies Corp.* 50 374 Heidrick & Struggles International, Inc. 1,560 36,286 Hill International, Inc.* 1,739 12,347 Huron Consulting Group, Inc.* 1,742 44,996 ICF International, Inc.* 697 21,133 Kelly Services, Inc. - Class A 2,277 28,007 Kforce, Inc.* 2,263 27,201 Korn/Ferry International, Inc.* 3,694 53,895 MPS Group, Inc.* 7,626 80,226 Navigant Consulting, Inc.* 3,672 49,572 Odyssey Marine Exploration, Inc.* 3,565 6,631 On Assignment, Inc.* 2,935 17,170 Resources Connection, Inc.* 3,675 62,695 School Specialty, Inc.* 1,716 40,704 Spherion Corp.* 3,874 24,058 The Advisory Board Co.* 1,188 29,866 The Corporate Executive Board Co. 2,710 67,479 Trueblue, Inc.* 3,561 50,103 Volt Information Sciences, Inc.* 1,493 18,244 VSE Corp. 296 11,547
13 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Watson Wyatt Worldwide, Inc. - Class A 3,607 $ 157,121 ----------- 1,137,053 ----------- ROAD & RAIL -- 1.0% Amerco, Inc.* 722 33,111 Arkansas Best Corp. 2,126 63,652 Avis Budget Group, Inc.* 8,950 119,572 Celadon Group, Inc.* 1,858 21,014 Dollar Thrifty Automotive Group, Inc.* 2,260 55,573 Genesee & Wyoming, Inc. - Class A* 3,017 91,476 Heartland Express, Inc. 3,788 54,547 Knight Transportation, Inc. 5,107 85,696 Marten Transport, Ltd.* 1,279 21,820 Old Dominion Freight Line, Inc.* 2,277 69,289 Patriot Transportation Holding, Inc.* 100 7,550 Saia, Inc.* 1,179 18,958 Universal Truckload Services, Inc. 380 6,274 Werner Enterprises, Inc. 2,881 53,673 YRC Worldwide, Inc.* 4,989 22,201 ----------- 724,406 ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.8% Aceto Corp. 1,723 11,372 Aircastle, Ltd. 3,375 32,636 Applied Industrial Technologies, Inc. 3,180 67,289 Beacon Roofing Supply, Inc.* 3,424 54,715 DXP Enterprises, Inc.* 390 4,348 H&E Equipment Services, Inc.* 1,405 15,919 Houston Wire & Cable Co. 1,199 13,249 Interline Brands, Inc.* 2,748 46,304 Kaman Corp. 2,202 48,400 Lawson Products, Inc. 430 7,486 RSC Holdings, Inc.* 4,794 34,852 Rush Enterprises, Inc. - Class A* 1,870 24,160 TAL International Group, Inc. 1,089 15,486 Textainer Group Holdings, Ltd. 1,164 18,636 Titan Machinery, Inc.* 780 9,766 United Rentals, Inc.* 5,050 52,015 Watsco, Inc. 2,153 116,068 ----------- 572,701 ----------- TRANSPORTATION INFRASTRUCTURE -- 0.0% CAI International, Inc.* 1,441 10,620 ----------- TOTAL INDUSTRIALS 11,359,001 ----------- INFORMATION TECHNOLOGY -- 19.3% COMMUNICATIONS EQUIPMENT -- 3.5% 3Com Corp.* 33,346 174,400 Acme Packet, Inc.* 3,423 34,264 ADC Telecommunications, Inc.* 8,030 66,970 Adtran, Inc. 4,081 100,188 Airvana, Inc.* 3,407 23,065 Anaren, Inc.* 1,241 21,097 Arris Group, Inc.* 10,011 130,243 Aruba Networks, Inc.* 5,395 47,692 Avocent Corp.* 3,479 70,519 Bel Fuse, Inc. - Class B 937 17,831 Bigband Networks, Inc.* 4,057 16,269 Black Box Corp. 1,388 34,825
SHARES VALUE ------- ----------- Blue Coat Systems, Inc.* 3,174 $ 71,701 Cogo Group, Inc.* 1,589 9,725 Comtech Telecommunications Corp.* 2,199 73,051 DG FastChannel, Inc.* 2,067 43,283 Digi International, Inc.* 1,982 16,887 Emcore Corp.* 10,950 14,235 EMS Technologies, Inc.* 1,273 26,504 Emulex Corp.* 6,910 71,104 Extreme Networks, Inc.* 7,086 19,841 Globecomm Systems, Inc.* 1,996 14,511 Harmonic, Inc.* 7,542 50,381 Harris Stratex Networks, Inc. - Class A* 5,088 35,616 Hughes Communications, Inc.* 654 19,842 Infinera Corp.* 7,776 61,819 InterDigital, Inc.* 3,408 78,929 Ixia* 3,095 21,232 KVH Industries, Inc.* 1,580 15,784 Loral Space & Communications, Inc.* 1,311 36,026 Netgear, Inc.* 2,857 52,426 Network Equipment Technologies, Inc.* 4,200 30,366 Oplink Communications, Inc.* 1,661 24,118 Opnext, Inc.* 3,388 9,927 Palm, Inc.* 11,676 203,513 Parkervision, Inc.* 1,499 6,131 PC-Tel, Inc.* 1,868 11,675 Plantronics, Inc. 3,816 102,307 Polycom, Inc.* 7,091 189,684 Powerwave Technologies, Inc.* 12,570 20,112 Riverbed Technology, Inc.* 4,464 98,029 Seachange International, Inc.* 2,330 17,475 ShoreTel, Inc.* 3,330 26,007 Sonus Networks, Inc.* 14,300 30,316 Starent Networks Corp.* 3,169 80,556 Sycamore Networks, Inc.* 15,954 48,181 Symmetricom, Inc.* 4,128 21,383 Tekelec* 5,753 94,522 UTStarcom, Inc.* 8,620 18,016 Viasat, Inc.* 2,292 60,921 ----------- 2,563,499 ----------- COMPUTERS & PERIPHERALS -- 0.8% 3Par, Inc.* 1,948 21,487 ActivIdentity Corp.* 1,510 4,183 Adaptec, Inc.* 10,777 35,995 Avid Technology, Inc.* 2,507 35,324 Compellent Technologies, Inc.* 964 17,400 Cray, Inc.* 2,840 23,657 Electronics for Imaging, Inc.* 3,608 40,662 Imation Corp. 2,568 23,805 Immersion Corp.* 1,927 8,248 Intermec, Inc.* 4,982 70,246 Intevac, Inc.* 2,196 29,514 Isilon Systems, Inc.* 1,340 8,174 Netezza Corp.* 4,168 46,848 Novatel Wireless, Inc.* 2,481 28,184 Quantum Corp.* 19,990 25,187 Rimage Corp.* 794 13,570 STEC, Inc.* 1,936 56,899 Stratasys, Inc.* 1,450 24,882
14 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Super Micro Computer, Inc.* 1,598 $ 13,519 Synaptics, Inc.* 2,783 70,132 ----------- 597,916 ----------- ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 2.1% Anixter International, Inc.* 2,545 102,080 Benchmark Electronics, Inc.* 5,130 92,340 Brightpoint, Inc.* 4,435 38,806 Checkpoint Systems, Inc.* 3,293 54,137 China Security & Surveillance Technology, Inc.* 2,287 16,329 Cogent, Inc.* 4,557 46,026 Cognex Corp. 2,980 48,812 Coherent, Inc.* 1,724 40,204 Comverge, Inc.* 1,438 17,558 CPI International, Inc.* 331 3,704 CTS Corp. 2,978 27,695 Daktronics, Inc. 2,528 21,665 DTS, Inc.* 1,447 39,619 Echelon Corp.* 2,699 34,736 Electro Rent Corp. 1,504 17,326 Electro Scientific Industries, Inc.* 2,473 33,113 Faro Technologies, Inc.* 1,033 17,747 ICx Technologies, Inc.* 1,506 8,915 Insight Enterprises, Inc.* 4,000 48,840 IPG Photonics Corp.* 1,883 28,622 L-1 Identity Solutions, Inc.* 6,127 42,828 Littelfuse, Inc.* 1,605 42,115 Maxwell Technologies, Inc.* 1,848 34,059 Measurement Specialties, Inc.* 1,551 15,836 Mercury Computer Systems, Inc.* 1,855 18,290 Methode Electronics, Inc. 3,657 31,706 MTS Systems Corp. 1,280 37,389 Multi-Fineline Electronix, Inc.* 683 19,609 Newport Corp.* 2,882 25,246 OSI Systems, Inc.* 1,079 19,735 Park Electrochemical Corp. 1,782 43,926 PC Connection, Inc.* 1,259 6,849 PC Mall, Inc.* 1,392 9,549 Plexus Corp.* 3,148 82,918 Radisys Corp.* 2,192 19,048 Rofin-Sinar Technologies, Inc.* 2,403 55,173 Rogers Corp.* 1,442 43,217 ScanSource, Inc.* 2,071 58,651 SMART Modular Technologies (WWH), Inc.* 4,310 20,516 Spectrum Control, Inc.* 110 934 Synnex Corp.* 1,442 43,952 Technitrol, Inc. 3,222 29,675 TTM Technologies, Inc.* 3,359 38,528 Universal Display Corp.* 2,357 28,142 Zygo Corp.* 270 1,831 ----------- 1,507,996 ----------- INTERNET SOFTWARE & SERVICES -- 2.3% Art Technology Group, Inc.* 10,960 42,306 comScore, Inc.* 1,585 28,546 Constant Contact, Inc.* 1,723 33,168 DealerTrack Holdings, Inc.* 3,278 61,987 Dice Holdings, Inc.* 990 6,494 Digital River, Inc.* 3,191 128,661 DivX, Inc.* 2,112 11,532 Earthlink, Inc. 7,693 64,698
SHARES VALUE ------- ----------- GSI Commerce, Inc.* 2,044 $ 39,470 InfoSpace, Inc.* 2,274 17,601 Innodata Isogen, Inc.* 1,670 13,276 Internap Network Services Corp.* 3,975 12,760 Internet Brands, Inc.- Class A* 1,310 10,454 Internet Capital Group, Inc.* 2,984 24,946 j2 Global Communications, Inc.* 3,375 77,659 Keynote Systems, Inc.* 1,429 13,475 Limelight Networks, Inc.* 2,732 11,092 Liquidity Services, Inc.* 800 8,256 LivePerson, Inc.* 1,830 9,223 LoopNet, Inc.* 1,742 15,748 Marchex, Inc.- Class B 2,015 9,894 MercadoLibre, Inc.* 2,133 82,035 ModusLink Global Solutions, Inc.* 4,189 33,889 Move, Inc.* 12,490 33,723 NIC, Inc. 3,413 30,342 Omniture, Inc.* 5,584 119,721 OpenTable, Inc.* 1,570 43,269 Openwave Systems, Inc.* 8,500 22,100 Perficient, Inc.* 2,866 23,702 Rackspace Hosting, Inc.* 5,517 94,120 RealNetworks, Inc.* 6,407 23,834 Saba Software, Inc.* 3,490 14,693 SAVVIS, Inc.* 2,822 44,644 support.com, Inc.* 5,191 12,458 Switch And Data Facilities Co., Inc.* 1,572 21,395 TechTarget, Inc.* 1,335 7,609 Terremark Worldwide, Inc.* 4,376 27,219 The Knot, Inc.* 3,104 33,896 United Online, Inc. 6,813 54,776 ValueClick, Inc.* 7,039 92,844 VistaPrint NV* 4,198 213,048 Vocus, Inc.* 1,274 26,614 Web.com Group, Inc.* 899 6,374 Zix Corp.* 4,540 9,988 ----------- 1,713,539 ----------- IT SERVICES -- 2.4% Acxiom Corp.* 5,601 52,986 CACI International, Inc. - Class A* 2,253 106,499 Cass Information Systems, Inc. 905 27,023 China Information Security Technology, Inc.* 3,149 17,446 CIBER, Inc.* 6,412 25,648 Computer Task Group, Inc.* 1,060 8,597 CSG Systems International, Inc.* 3,170 50,752 CyberSource Corp.* 5,824 97,086 Euronet Worldwide, Inc.* 4,026 96,745 ExlService Holdings, Inc.* 755 11,219 Forrester Research, Inc.* 1,225 32,634 Gartner, Inc.* 4,681 85,522 Global Cash Access Holdings, Inc.* 3,501 25,592 Heartland Payment Systems, Inc. 2,659 38,582 iGate Corp. 1,878 16,113 infoGROUP, Inc.* 2,927 20,518 Integral Systems, Inc.* 939 6,479 Lionbridge Technologies, Inc.* 2,610 6,786 Mantech International Corp. - Class A* 1,941 91,538 MAXIMUS, Inc. 1,452 67,663
15 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- MoneyGram International, Inc.* 6,700 $ 21,038 NCI, Inc. - Class A* 342 9,802 Ness Technologies, Inc.* 3,251 25,650 Online Resources Corp.* 2,332 14,389 Perot Systems Corp. - Class A* 6,702 199,049 RightNow Technologies, Inc.* 1,661 23,985 Sapient Corp.* 7,290 58,612 Silicon Graphics, Inc.* 2,180 14,628 SRA International, Inc. - Class A* 3,060 66,065 StarTek, Inc.* 140 1,215 Syntel, Inc. 895 42,718 Teletech Holdings, Inc.* 2,978 50,805 The Hackett Group, Inc.* 3,913 11,348 Tier Technologies, Inc. - Class B* 2,530 21,454 TNS, Inc.* 1,816 49,758 Unisys Corp.* 29,910 79,860 VeriFone Holdings, Inc.* 6,020 95,658 Virtusa Corp.* 1,109 10,524 Wright Express Corp.* 3,196 94,314 ----------- 1,776,300 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 3.7% Actel Corp.* 2,023 24,620 Advanced Analogic Technologies, Inc.* 3,703 14,701 Advanced Energy Industries, Inc.* 2,622 37,337 Amkor Technology, Inc.* 9,224 63,461 ANADIGICS, Inc.* 5,750 27,083 Applied Micro Circuits Corp.* 5,294 52,887 Atheros Communications, Inc.* 4,830 128,140 ATMI, Inc.* 2,542 46,137 Brooks Automation, Inc.* 6,014 46,488 Cabot Microelectronics Corp.* 1,711 59,646 Cavium Networks, Inc.* 2,894 62,134 Ceva, Inc.* 1,672 17,974 Cirrus Logic, Inc.* 4,630 25,743 Cohu, Inc. 1,913 25,940 Cymer, Inc.* 2,276 88,445 Diodes, Inc.* 2,385 43,145 DSP Group, Inc.* 2,095 17,053 Entegris, Inc.* 8,070 39,947 Entropic Communications, Inc.* 2,520 6,905 Exar Corp.* 3,050 22,418 FEI Co.* 3,122 76,957 FormFactor, Inc.* 3,671 87,810 Hittite Microwave Corp.* 1,648 60,614 Intellon Corp.* 1,490 10,564 IXYS Corp.* 1,502 12,782 Kopin Corp.* 5,818 27,926 Kulicke & Soffa Industries, Inc.* 5,490 33,105 Lattice Semiconductor Corp.* 9,110 20,498 Micrel, Inc. 2,876 23,439 Microsemi Corp.* 6,652 105,035 Microtune, Inc.* 4,887 8,894 MIPS Technologies, Inc.* 3,870 14,590 MKS Instruments, Inc.* 3,619 69,811 Monolithic Power Systems, Inc.* 2,587 60,665 Netlogic Microsystems, Inc.* 1,447 65,115 NVE Corp.* 389 20,679 Omnivision Technologies, Inc.* 4,211 68,555 Pericom Semiconductor Corp.* 1,293 12,684 Photronics, Inc.* 2,100 9,954 PLX Technology, Inc.* 2,083 7,020
SHARES VALUE ------- ----------- Power Integrations, Inc. 1,914 $ 63,794 RF Micro Devices, Inc.* 21,690 117,777 Rubicon Technology, Inc.* 1,162 17,244 Rudolph Technologies, Inc.* 3,027 22,400 Semitool, Inc.* 2,098 17,728 Semtech Corp.* 5,130 87,261 Sigma Designs, Inc.* 1,515 22,013 Silicon Image, Inc.* 4,565 11,093 Silicon Storage Technology, Inc.* 7,224 17,482 Skyworks Solutions, Inc.* 14,186 187,823 Standard Microsystems Corp.* 1,664 38,621 Supertex, Inc.* 1,155 34,650 Techwell, Inc.* 1,080 11,858 Tessera Techonologies, Inc.* 4,056 113,122 Trident Microsystems, Inc.* 1,490 3,859 TriQuint Semiconductor, Inc.* 11,265 86,966 Ultratech, Inc.* 2,441 32,294 Veeco Instruments, Inc.* 2,390 55,735 Volterra Semiconductor Corp.* 1,712 31,449 Zoran Corp.* 4,594 52,923 ----------- 2,672,993 ----------- SOFTWARE -- 4.5% ACI Worldwide, Inc.* 2,934 44,391 Actuate Corp.* 3,993 23,080 Advent Software, Inc.* 1,307 52,607 American Software, Inc. - Class A 2,584 16,874 ArcSight, Inc.* 1,610 38,753 Ariba, Inc.* 6,939 80,492 AsiaInfo Holdings, Inc.* 2,589 51,702 Blackbaud, Inc. 3,392 78,694 Blackboard, Inc.* 2,480 93,694 Bottomline Technologies, Inc.* 1,867 24,084 Callidus Software, Inc.* 1,998 6,014 China TransInfo Technology Corp.* 30 284 Chordiant Software, Inc.* 2,613 10,165 CommVault Systems, Inc.* 3,351 69,533 Concur Technologies, Inc.* 3,253 129,339 Deltek, Inc.* 1,655 12,727 DemandTec, Inc.* 1,475 13,024 Double-Take Software, Inc.* 1,326 13,512 Ebix, Inc.* 446 24,691 Epicor Software Corp.* 3,628 23,110 EPIQ Systems, Inc.* 2,541 36,844 Fair Isaac & Co., Inc. 4,064 87,335 FalconStor Software, Inc.* 2,261 11,237 GSE Systems, Inc.* 2,770 17,229 i2 Technologies, Inc.* 843 13,522 Informatica Corp.* 7,146 161,357 Interactive Intelligence, Inc.* 763 14,581 Jack Henry & Associates, Inc. 6,679 156,756 JDA Software Group, Inc.* 1,995 43,770 Kenexa Corp.* 1,518 20,463 Lawson Software, Inc.* 12,787 79,791 Manhattan Associates, Inc.* 1,915 38,683 Mentor Graphics Corp.* 7,388 68,782 MicroStrategy, Inc. - Class A* 759 54,299 Monotype Imaging Holdings, Inc.* 908 7,636 MSC.Software Corp.* 3,613 30,385 Net 1 UEPS Technologies, Inc.* 2,981 62,482 Netscout Systems, Inc.* 1,811 24,467 NetSuite, Inc.* 1,163 17,794
16 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Opnet Technologies, Inc. 1,159 $ 12,668 Parametric Technology Corp.* 9,607 132,769 Pegasystems, Inc. 1,309 45,200 Phoenix Technologies, Ltd.* 1,467 5,355 Progress Software Corp.* 3,453 78,210 PROS Holdings, Inc.* 976 8,218 QAD, Inc. 1,510 6,870 Quest Software, Inc.* 4,545 76,583 Radiant Systems, Inc.* 2,301 24,713 Renaissance Learning, Inc. 550 5,467 Rosetta Stone, Inc.* 790 18,138 S1 Corp.* 5,657 34,960 Smith Micro Software, Inc.* 2,249 27,798 SolarWinds, Inc.* 890 19,607 Solera Holdings, Inc. 5,615 174,683 SonicWALL, Inc.* 3,981 33,440 Sourcefire, Inc.* 1,728 37,100 SPSS, Inc.* 1,485 74,176 SuccessFactors, Inc.* 2,948 41,478 Symvx Technologies, Inc.* 2,355 15,590 Synchronoss Technologies, Inc.* 949 11,834 Take-Two Interactive Software, Inc.* 6,721 75,342 Taleo Corp. - Class A* 3,011 68,169 TeleCommunication Systems, Inc. - Class A* 2,852 23,843 The Ultimate Software Group, Inc.* 2,037 58,503 THQ, Inc.* 5,103 34,905 TIBCO Software, Inc.* 15,224 144,476 TiVo, Inc.* 8,090 83,812 Tyler Technologies, Inc.* 2,939 50,228 Unica Corp.* 840 6,401 Vasco Data Security International, Inc.* 935 6,938 Websense, Inc.* 3,661 61,505 ----------- 3,253,162 ----------- TOTAL INFORMATION TECHNOLOGY 14,085,405 ----------- MATERIALS -- 4.4% CHEMICALS -- 2.1% A. Schulman, Inc. 1,878 37,429 American Vanguard Corp. 1,064 8,842 Arch Chemicals, Inc. 1,848 55,422 Balchem Corp. 1,567 41,212 Calgon Carbon Corp.* 4,721 70,012 China Green Agriculture, Inc.* 90 1,055 Ferro Corp. 3,162 28,142 Gentek, Inc.* 652 24,802 H.B. Fuller Co. 3,859 80,653 Hawkins, Inc. 360 8,410 ICO, Inc.* 3,515 16,415 Innophos Holdings, Inc. 1,595 29,507 Innospec, Inc. 2,112 31,152 Koppers Holdings, Inc. 1,774 52,599 Landec Corp.* 1,667 10,669 LSB Industries, Inc.* 1,471 22,903 Minerals Technologies, Inc. 1,375 65,395 NewMarket Corp. 786 73,129 NL Industries, Inc. 842 5,641 Olin Corp. 6,225 108,564 OM Group, Inc.* 2,576 78,285
SHARES VALUE ------- ----------- Omnova Solutions, Inc.* 2,970 $ 19,246 PolyOne Corp.* 7,679 51,219 Quaker Chemical Corp. 732 16,053 Rockwood Holdings, Inc.* 4,012 82,527 Sensient Technologies Corp. 3,622 100,583 ShengdaTech, Inc.* 1,854 11,791 Solutia, Inc.* 9,785 113,310 Spartech Corp. 2,618 28,196 Stepan Co. 629 37,790 W.R. Grace & Co.* 5,895 128,157 Westlake Chemical Corp. 1,558 40,041 Zep, Inc. 2,564 41,665 Zoltek Cos., Inc.* 2,437 25,589 ----------- 1,546,405 ----------- CONSTRUCTION MATERIALS -- 0.2% Headwaters, Inc.* 3,605 13,951 Texas Industries, Inc. 1,910 80,201 United States Lime & Minerals, Inc.* 196 7,040 US Concrete, Inc.* 3,565 6,168 ----------- 107,360 ----------- CONTAINERS & PACKAGING -- 0.5% AEP Industries, Inc.* 297 11,850 Boise, Inc.* 610 3,221 BWAY Holding Co.* 931 17,233 Graphic Packaging Holding Co.* 11,460 26,473 Myers Industries, Inc. 3,782 40,732 Rock-Tenn Co. - Class A 3,332 156,971 Silgan Holdings, Inc. 2,250 118,642 ----------- 375,122 ----------- METALS & MINING -- 1.0% A.M. Castle & Co. 1,470 14,612 Allied Nevada Gold Corp.* 3,433 33,609 AMCOL International Corp. 1,990 45,551 Brush Engineered Materials, Inc.* 1,592 38,940 Century Aluminum Co.* 3,700 34,595 China Precision Steel, Inc.* 5,530 15,042 Coeur d'Alene Mines Corp. - Class A* 6,200 127,100 General Moly, Inc.* 7,200 22,680 General Steel Holdings, Inc.* 745 2,898 Haynes International, Inc.* 954 30,356 Hecla Mining Co.* 17,618 77,343 Horsehead Holding Corp.* 2,838 33,262 Kaiser Aluminum Corp. 1,331 48,395 Olympic Steel, Inc. 625 17,931 Paramount Gold and Silver Corp.* 10,770 14,755 RTI International Metals, Inc.* 1,952 48,624 Stillwater Mining Co.* 3,124 20,993 Universal Stainless & Alloy* 876 15,987 US Gold Corp.* 7,630 22,051 Worthington Industries, Inc. 4,849 67,401 ----------- 732,125 ----------- PAPER & FOREST PRODUCTS -- 0.6% Buckeye Technologies, Inc.* 3,498 37,533 Clearwater Paper Corp.* 987 40,793 Deltic Timber Corp. 835 38,218 Domtar Corp.* 3,380 119,044 Glatfelter 3,523 40,444 KapStone Paper and Packaging Corp.* 560 4,558
17 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ------- ----------- Louisiana-Pacific Corp.* 8,556 $ 57,068 Neenah Paper, Inc. 1,421 16,725 Schweitzer-Mauduit International, Inc. 1,224 66,537 Wausau Paper Corp. 3,701 37,010 ----------- 457,930 ----------- TOTAL MATERIALS 3,218,942 ----------- TELECOMMUNICATION SERVICES -- 1.2% DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.8% AboveNet, Inc.* 990 48,272 Alaska Communications Systems Group, Inc. 3,144 29,082 Atlantic Tele-Network, Inc. 760 40,599 Cbeyond, Inc.* 2,019 32,566 Cincinnati Bell, Inc.* 16,340 57,190 Cogent Communications Group, Inc.* 3,423 38,680 Consolidated Communications Holdings, Inc. 1,809 28,962 D&E Communications, Inc. 1,830 21,027 Fairpoint Communications, Inc. 8,131 3,334 General Communication, Inc. - Class A* 3,892 26,699 Global Crossing, Ltd.* 2,040 29,172 HickoryTech Corp. 460 3,933 inContact, Inc.* 4,860 14,483 Iowa Telecommunications Services, Inc. 2,847 35,872 Neutral Tandem, Inc.* 2,830 64,411 PAETEC Holdings Corp.* 9,640 37,307 Premiere Global Services, Inc.* 5,518 45,854 SureWest Communications* 1,430 17,761 ----------- 575,204 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.4% Centennial Communications Corp.* 6,645 53,027 iPCS, Inc.* 1,335 23,229 NTELOS Holdings Corp. 1,945 34,349 Shenandoah Telecommunication Co. 1,976 35,469 Syniverse Holdings, Inc.* 5,480 95,900 USA Mobility, Inc. 1,988 25,606 Virgin Mobile USA, Inc.- Class A* 4,350 21,750 ----------- 289,330 ----------- TOTAL TELECOMMUNICATION SERVICES 864,534 ----------- UTILITIES -- 3.2% ELECTRIC UTILITIES -- 1.2% ALLETE, Inc. 2,226 74,727 Central Vermont Public Service Corp. 874 16,868 Cleco Corp. 4,695 117,751 El Paso Electric Co.* 3,170 56,014 IDACORP, Inc. 3,302 95,064 MGE Energy, Inc. 2,689 98,095 PNM Resources, Inc. 7,657 89,434 Portland General Electric Co. 5,837 115,106 The Empire District Electric Co. 2,826 51,122 UIL Holdings Corp. 2,636 69,564 UniSource Energy Corp. 3,165 97,324
SHARES VALUE ------- ----------- Unitil Corp. 870 $ 19,531 ----------- 900,600 ----------- GAS UTILITIES -- 1.2% Chesapeake Utilities Corp. 447 13,853 New Jersey Resources Corp. 3,687 133,875 Nicor, Inc. 3,509 128,394 Northwest Natural Gas Co. 2,288 95,318 Piedmont Natural Gas Co. 5,534 132,484 South Jersey Industries, Inc. 2,811 99,228 Southwest Gas Corp. 3,398 86,921 The Laclede Group, Inc. 1,768 56,859 WGL Holdings, Inc. 4,250 140,845 ----------- 887,777 ----------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.0% US Geothermal, Inc.* 3,140 4,898 ----------- MULTI-UTILITIES -- 0.4% Avista Corp. 4,238 85,693 Black Hills Corp. 3,298 83,011 CH Energy Group, Inc. 885 39,214 NorthWestern Corp. 3,249 79,373 ----------- 287,291 ----------- WATER UTILITIES -- 0.4% American States Water Co. 1,437 51,991 Artesian Resources Corp. - Class A 1,290 21,698 Cadiz, Inc.* 906 10,600 California Water Service Group 1,574 61,292 Connecticut Water Service, Inc. 913 20,442 Consolidated Water Co., Inc. 1,087 17,751 Middlesex Water Co. 991 14,944 Pennichuck Corp. 240 5,222 SJW Corp. 1,038 23,718 Southwest Water Co. 2,270 11,168 York Water Co 600 8,316 ----------- 247,142 ----------- TOTAL UTILITIES 2,327,708 ----------- TOTAL COMMON STOCK (Cost $58,405,795) 72,590,963 ----------- EXCHANGE-TRADED FUNDS -- 0.8% iShares Russell 2000 Index Fund (Cost $451,824) 9,200 554,116 ----------- CALL WARRANTS -- 0.0% Greenhunter Energy, Inc. Expires 09/15/11 (Cost $0) 48 -- ----------- TOTAL INVESTMENTS -- 100.1% (Cost $58,857,619)+ $73,145,079 LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1)% (69,537) ----------- NET ASSETS -- 100.0% $73,075,542 ===========
* Non-income producing security. + The cost for Federal income tax purposes is $79,899,738. At September 30, 2009, net unrealized depreciation was $6,754,659. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $16,655,295, and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $23,409,954. 18 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS SMALL-CAP STRATEGY FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED The following table provides a summary of inputs used to value the Funds' net assets as of September 30, 2009:
LEVEL 2 LEVEL 3 TOTAL VALUE AT SIGNIFICANT SIGNIFICANT SEPTEMBER 30, LEVEL 1 OBSERVABLE UNOBSERVABLE 2009 QUOTED PRICES INPUTS INPUTS -------------- ------------- ----------- ------------ INVESTMENTS IN SECURITIES: Common Stocks $72,590,963 $72,590,963 $-- $-- Exchange-Traded Funds 554,116 554,116 -- -- ----------- ----------- --- --- Total $73,145,079 $73,145,079 $-- $-- =========== =========== === ===
19 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) (Showing Percentage of Net Assets)
SHARES VALUE ----------- ------------ COMMON STOCK -- 90.5% ARGENTINA -- 0.2% Banco Macro SA - ADR 9,900 $ 239,085 BBVA Banco Frances SA - ADR 5,120 28,931 Cresud SA - ADR(1) 13,700 176,593 Grupo Financiero Galicia SA - ADR* 16,400 77,244 IRSA Inversiones y Representaciones SA - GDR* 3,700 30,710 MercadoLibre, Inc.* 4,800 184,608 Petrobras Energia SA - ADR 5,619 100,629 Telecom Argentina SA - ADR* 10,150 162,298 Transportadora de Gas del Sur SA - ADR 16,900 52,897 ------------ TOTAL ARGENTINA 1,052,995 ------------ AUSTRALIA -- 4.3% ABB Grain, Ltd. 6,080 50,151 Aditya Birla Minerals, Ltd.* 44,123 49,824 AGL Energy, Ltd. 2,572 31,017 AJ Lucas Group, Ltd. 24,040 104,768 Alumina, Ltd.* 39,855 64,343 AMP, Ltd. 14,364 82,621 Asciano Group* 8,371 12,222 Australia & New Zealand Banking Group, Ltd. 104,347 2,245,219 Australian Pharmaceutical Industries, Ltd. 31,625 23,715 Australian Stock Exchange, Ltd. 15,542 482,632 Australian Worldwide Exploration, Ltd.* 17,440 41,849 AXA Asia Pacific Holdings, Ltd. 9,173 35,364 Bank of Queensland, Ltd. 5,603 58,970 Bendigo and Adelaide Bank, Ltd. 15,756 130,659 BHP Billiton, Ltd. 81,019 2,696,750 BlueScope Steel, Ltd. 107,498 277,866 Boral, Ltd. 29,164 156,686 Brambles Industries, Ltd. 11,550 82,330 Brickworks, Ltd. 7,102 93,041 Caltex Australia, Ltd.* 38,641 412,819 CFS Retail Property Trust 21,778 38,617 Coca-Cola Amatil, Ltd. 1,213 10,498 Cochlear, Ltd. 614 36,162 Commonwealth Bank of Australia 31,178 1,423,395 Computershare, Ltd. 4,043 39,805 Crown, Ltd. 23,776 187,308 CSG, Ltd. 14,390 17,773 CSL, Ltd. 5,250 154,972 CSR, Ltd. 2,431 4,032 Dexus Property Group 42,106 31,388 Downer EDI, Ltd. 25,543 184,554 Energy Resources of Australia, Ltd. 2,143 47,661 Fairfax Media, Ltd. 93,073 140,817 Fortescue Metals Group, Ltd.* 7,230 24,365 Foster's Group, Ltd. 19,871 97,293 General Property Trust 100,728 60,871 Goodman Fielder, Ltd. 49,660 73,163 Goodman Group 71,854 42,154 Incitec Pivot, Ltd. 34,489 86,106 Insurance Australia Group, Ltd. 17,024 56,770
SHARES VALUE ----------- ------------ Leighton Holdings, Ltd. 2,240 $ 71,477 Lend Lease Corp., Ltd. 17,036 159,311 Macmahon Holdings, Ltd. 31,199 18,854 Macquarie Airports 100,189 251,018 Macquarie Group, Ltd. 14,134 733,053 Macquarie Infrastructure Group 75,957 98,839 Mirvac Group 21,924 32,493 National Australia Bank, Ltd. 25,339 687,611 Octaviar, Ltd.* 28,635 -- OneSteel, Ltd. 31,831 85,086 Orica, Ltd. 1,744 36,156 Origin Energy, Ltd. 6,921 99,645 Pan Pacific Petroleum NL* 77,799 38,092 Qantas Airways, Ltd. 49,369 124,563 QBE Insurance Group, Ltd. 17,337 367,990 Rio Tinto, Ltd. 22,552 1,178,602 Santos, Ltd. 49,885 668,930 Sigma Pharmaceuticals, Ltd. 263,005 247,104 Sims Metal Management, Ltd. 8,696 175,143 Sonic Healthcare, Ltd. 15,743 197,355 Stockland Corp., Ltd. 24,171 87,001 Suncorp-Metway, Ltd. 80,790 632,901 Tabcorp Holdings, Ltd. 5,064 31,853 Tatts Group, Ltd. 11,943 26,762 Telstra Corp., Ltd. 56,541 163,109 Toll Holdings, Ltd. 5,378 40,470 Washington H Soul Pattinson And Co., Ltd. 5,543 67,140 Wesfarmers, Ltd. 41,492 969,646 Wesfarmers, Ltd. - PPS 1,611 37,733 Westfield Group 28,526 349,802 Westpac BankingCorp., Ltd. 40,230 931,636 Woodside Petroleum, Ltd. 8,624 396,610 Woolworths, Ltd. 31,849 821,843 WorleyParsons, Ltd. 16,378 429,270 ------------ TOTAL AUSTRALIA 20,147,648 ------------ AUSTRIA -- 0.4% Andritz AG 43 2,144 Erste Bank der oesterreichischen Sparkassen AG 6,062 270,916 Oesterreichische Elektrizitaetswirtschafts AG - Class A 578 29,223 OMV AG 24,793 1,000,268 Raiffeisen International Bank-Holding AG 1,124 73,293 Telekom Austria AG 3,276 59,062 Voestalpine AG 7,036 251,124 ------------ TOTAL AUSTRIA 1,686,030 ------------ BELGIUM -- 0.5% Agfa Gevaert NV* 17,702 97,400 Anheuser-Busch InBev NV 5,088 232,339 Belgacom SA 1,180 45,966 Compagnie Immobiliere de Belgique SA* 379 10,676 Delhaize Group 2,925 203,058 Delhaize Group - ADR 2,400 166,560 Dexia* 6,884 63,465 Fortis* 39,827 186,558 Groupe Bruxelles Lambert SA 915 84,516 Intervest Offices 782 25,599
1 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ KBC Groupe* 3,801 $ 190,923 Nationale A Portefeuille 583 31,720 Nyrstar* 9,417 114,102 Punch International NV* 266 3,507 Recticel SA 665 5,411 Retail Estates 430 24,541 Solvay SA 3,671 381,142 Tessenderlo Chemie NV 3,723 143,503 UCB SA 8,680 366,324 Umicore 4,474 133,953 Zetes Industries SA 488 12,640 ------------ TOTAL BELGIUM 2,523,903 ------------ BERMUDA -- 0.0% Credicorp, Ltd. 1,300 101,088 Lancashire Holdings, Ltd. 1,778 14,520 Seadrill, Ltd.* 3,156 65,895 ------------ TOTAL BERMUDA 181,503 ------------ BOTSWANA -- 0.1% Barclays Bank of Botswana, Ltd.(1) 134,600 122,485 Botswana Insurance Holdings, Ltd.(1) 60,900 73,281 First National Bank of Botswana(1) 274,700 116,596 Letshego Holdings, Ltd.(1) 19,400 36,892 Sechaba Breweries, Ltd.(1) 80,703 162,322 Standard Chartered Bank of Botswana, Ltd. 41,700 102,547 ------------ TOTAL BOTSWANA 614,123 ------------ BRAZIL -- 1.5% All America Latina Logistica SA 4,600 35,728 B2W Companhia Global do Varejo 1,500 42,191 Banco do Brazil SA 19,306 342,072 BM&F BOVESPA SA 18,707 138,222 BR Malls Participacoes SA* 20,488 241,933 BRF Brasil Food SA* 17,774 471,538 Centrais Eletricas Brasileiras SA - ELETROBRAS 4,200 65,314 Cia Brasileira Pfd Receipt 198 5,582 Cia de Bebidas das Americas 1,203 84,895 Cia de Concessoes Rodoviarias 2,100 36,272 Cia Energetica de Minas Gerais 1,785 21,612 Cia Siderurgica Nacional SA 4,793 146,771 Companhia de Bebidas das Americas - ADR 4,114 338,418 Cosan SA Industria e Comercio* 21,000 232,925 CPFL Energia SA 1,500 27,128 Cyrela Brazil Realty SA 7,700 100,792 Dufry South America, Ltd. 5,700 96,362 EDP Energias do Brasil SA 1,500 24,656 EDP Renovaveis SA* 2,017 22,181 Empresa Brasileira de Aeronautica SA* 47,300 272,330 Gafisa SA 3,400 51,434 Global Village Telecom Holding SA* 2,500 57,265 LLX Logistica SA* 2,000 7,383 Localiza Rent A Car SA 2,700 27,052 Lojas Renner SA 12,900 224,563
SHARES VALUE ----------- ------------ Lupatech SA* 1,200 $ 17,510 Marfrig Frigorificose e Comercio de Alimentos SA* 5,000 47,697 MMX Mineracao E Metalicos SA* 2,000 12,452 MRV Engenharia e Participacoes SA 2,200 42,656 Natura Cosmeticos SA 4,800 86,295 Petroleo Brasileiro SA - ADR 47,238 2,168,224 Redecard SA 6,500 100,494 Rossi Residencial SA 65,583 527,522 Souza Cruz SA 5,800 206,385 Tele Norte Leste Participacoes SA 4,100 92,525 Telecomunicacoes de Sao Paulo SA 1,000 22,296 Tim Participacoes SA* 5,300 17,441 Totvs SA 1,000 49,108 Tractebel Energia SA 2,700 32,005 Usinas Siderurgicas de Minas Gerais SA 1,125 28,893 Vale SA sponsored ADR 12,158 281,215 Vivo Participacoes SA - ADR 6,722 169,731 Votorantim Celulose e Papel SA* 1,183 19,412 Weg SA 8,800 84,692 ------------ TOTAL BRAZIL 7,121,172 ------------ BULGARIA -- 0.1% Bulgarian American Credit Bank JSCO*(1) 2,600 38,514 Central Cooperative Bank AD* 20,482 22,556 Chimimport AD* 10,600 19,984 Doverie Holding AD*(1) 11,040 34,690 Olovno Tzinkov Komplex AD*(1) 900 10,571 Petrol AD*(1) 37,250 144,915 Sopharma AD* 14,000 43,781 ------------ TOTAL BULGARIA 315,011 ------------ CANADA -- 3.4% Agrium, Inc.* 1,331 66,356 Alimentation Couche Tard, Inc. - Series B 3,400 59,543 Ballard Power Systems, Inc.* 5,900 15,981 Bank of Montreal 16,924 856,503 Bank of Nova Scotia 13,440 612,809 BCE, Inc. 7,744 190,933 Biovail Corp. 2,160 33,329 Bombardier, Inc. - Class B 28,254 131,156 Brookfield Asset Management, Inc. - Class A 2,700 61,317 Brookfield Properties Corp. 2,956 33,285 CAE, Inc. 2,102 17,783 Cameco Corp. 581 16,152 Canadian Imperial Bank of Commerce 5,776 352,354
2 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Canadian National Railway Co. 1,235 $ 60,503 Canadian Natural Resources, Ltd. 2,096 140,937 Canadian Oil Sands Trust 1,300 37,337 Canadian Pacific Railway, Ltd. 6,560 306,929 Canadian Tire Corp., Ltd. Class A 2,300 124,082 Canadian Utilities, Ltd. - Class A 900 31,851 CGI Group, Inc. - Class A* 42,800 501,226 CI Financial Corp. 1,700 32,693 Crescent Point Energy Corp. 1,000 34,430 Empire Co., Ltd. - Class A 1,800 73,486 EnCana Corp. 2,696 156,122 Fairfax Financial Holdings, Ltd. 938 348,273 Finning International, Inc. 1,900 28,394 First Quantum Minerals, Ltd. 600 39,228 Fortis, Inc. 1,300 30,331 Franco-Nevada Corp. 1,100 28,860 George Weston, Ltd. 2,400 124,948 Goldcorp, Inc. 14,300 574,057 Great-West Lifeco, Inc. 1,600 39,692 Groupe Aeroplan, Inc. 3,454 31,938 Husky Energy, Inc. 3,078 86,649 IAMGOLD Corp. 3,000 42,420 IGM Financial, Inc. 800 31,727 Industrial Alliance Insurance and Financial Services, Inc. 1,124 30,770 Intact Financial Corp. 2,369 74,965 Loblaw Cos., Ltd. 3,800 112,156 Magna International, Inc. - Class A 1,800 76,645 Manitoba Telecom Services, Inc. 1,400 43,570 Manulife Financial Corp. 67,372 1,414,521 Metro, Inc. - Class A 900 29,413 National Bank of Canada 2,516 139,917 Niko Resources, Ltd. 400 31,289 Onex Corp. 6,670 163,472 Penn West Energy Trust 4,561 72,246 Potash Corp. of Saskatchewan, Inc. 918 83,273 Power Corp. of Canada 7,276 198,983 Power Financial Corp. 4,400 126,783 Provident Energy Trust 5,826 33,558 Research in Motion, Ltd.* 1,569 105,986 Rogers Communications, Inc. - Class B 666 18,805 Rona, Inc.* 5,600 78,457 Royal Bank of Canada 18,698 1,002,436 Saputo, Inc. 1,400 32,860 Shoppers Drug Mart Corp. 1,276 52,368 Silver Wheaton Corp.* 3,200 40,288 Sino-Forest Corp.* 11,089 175,141 SNC-Lavalin Group, Inc. 800 36,128
SHARES VALUE ----------- ------------ Sun Life Financial, Inc. 17,070 $ 534,510 Suncor Energy, Inc. 7,366 256,999 Talisman Energy, Inc. 61,839 1,075,687 Tech Resources, Ltd.* 17,383 479,007 TELUS Corp. 1,100 34,199 The Data Group Income Fund 2,300 11,020 The Toronto-Dominion Bank 30,222 1,954,769 Thomson Reuters Corp. 7,720 258,860 TMX Group, Inc. 1,000 33,540 Toronto-Dominion Bank 8,777 565,678 TransAlta Corp. 1,500 30,780 TransCanada Corp. 22,156 689,717 TVA Group, Inc. B Shares 1,100 13,254 Vicwest Income Fund 900 12,147 Viterra, Inc.* 9,000 89,777 Yamana Gold, Inc. 20,300 218,230 Yellow Pages Income Fund 14,043 70,828 ------------ TOTAL CANADA 15,856,646 ------------ CAYMAN ISLANDS -- 0.0% Tingyi Cayman Islands Holding Corp. 30,000 61,935 ------------ TOTAL CAYMAN ISLANDS 61,935 ------------ CHILE -- 0.6% Administradora de Fondos de Pensiones Provida SA* 31,000 71,502 AES Gener SA 130,000 55,689 Almendral SA 371,854 35,714 Antarchile SA 6,794 109,618 Banco de Chile 1,071,865 84,813 Banco de Credito e Inversiones 2,386 69,415 Banco Santander Chile 876,218 48,453 Banco Santander Chile - ADR 4,560 262,382 Banmedica SA 1,266 1,243 Cia Cervecerias Unidas SA - ADR 1,000 34,340 Cia General de Electricidad 17,400 108,246 Colbun SA 349,247 84,111 Empresa Nacional de Electricidad SA 100,176 156,163 Empresa Nacional de Telecomunicaciones SA 3,369 43,817 Empresas CMPC SA 4,750 166,758 Empresas Copec SA 18,346 234,602 Enersis SA 294,355 107,676 Enersis SA - ADR 17,648 325,606 Enersur SA 12,100 59,634 Grupo Security SA 131,265 35,766 Lan Airlines SA 4,526 59,194 Madeco SA - Sponsored ADR 1,718 11,322 Masisa SA 125,000 18,645 Parque Arauco SA 95,300 88,583 Quinenco SA 15,702 28,562 S.A.C.I. Falabella 53,188 234,917 Sigdo Koppers SA 60,400 51,858
3 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Sociedad de Inversiones Pampa Calichera SA - Class A 60,000 $ 96,589 Sociedad Matriz Banco de Chile - Class B 516,983 52,662 Sonda SA 22,877 31,210 Vina Concha y Toro SA 2,436 5,096 Vina Concha y Toro SA - ADR 1,100 45,815 ------------ TOTAL CHILE 2,820,001 ------------ CHINA -- 1.7% Air China, Ltd. - Class H* 264,000 152,267 Alibaba.com, Ltd. 19,000 44,129 Anhui Conch Cement Co., Ltd. - Class H 36,000 239,921 Baidu, Inc.- ADR* 300 117,315 Bank of China, Ltd. - Class H 1,739,338 915,671 Bank of Communications Co., Ltd. - Class H 313,000 381,252 China Citic Bank - Class H 113,000 74,507 China Coal Energy Co. - Class H 45,000 58,877 China Communications Construction Co., Ltd. - Class H 50,000 54,129 China Construction Bank Corp. - Class H 1,290,280 1,030,552 China Eastern Airlines Corp, Ltd. - Class H* 74,000 25,303 China Huiyuan Juice Group, Ltd. - Class H 29,000 18,522 China International Marine Containers Co., Ltd. - Class B 39,000 39,956 China Medical Technologies, Inc. - ADR 1,000 16,220 China Merchants Bank Co., Ltd. - Class H 29,250 65,218 China Molybdenum Co., Ltd. 162,000 129,808 China Oilfield Services, Ltd. - Class H 30,000 27,987 China Railway Construction Corp., Ltd. - Class H 26,900 35,751 China Railway Group, Ltd. - Class H* 44,000 37,811 China Shenhua Energy Co., Ltd. - Class H 125,500 548,148 China Shipping Development Co., Ltd. - Class H 26,000 32,877 China Southern Airlines Co., Ltd. - Class H* 81,000 25,606 China Telecom Corp., Ltd.- Class H 644,000 304,132 China Yurun Food Group, Ltd. 31,000 66,800 Ctrip.com International, Ltd. - ADR* 1,400 82,306 Datang International Power Generation Co., Ltd. - Class H 48,000 25,084 Dazhong Transportation Group Co., Ltd. - Class B 75,600 51,862 Focus Media Holding, Ltd. - ADR* 3,300 36,432 Golden Eagle Retail Group, Ltd. 47,000 78,838 Harbin Power Equipment Co., Ltd. - Class H 24,000 22,668
SHARES VALUE ----------- ------------ Huaneng Power International, Inc. - Class H 234,000 $ 154,892 Industrial & Commerical Bank of China - Class H 1,165,660 878,376 Inner Mongolia Yitai Coal Co. - Class B 7,000 38,822 KWG Property Holding, Ltd. 279,500 180,682 Maanshan Iron & Steel - Class H* 46,000 27,778 Netease.com - ADR* 2,000 91,360 Parkson Retail Group, Ltd. 35,000 51,845 Perfect World Co., Ltd. - ADR* 4,513 217,075 PICC Property & Casualty Co., Ltd. - Class H* 54,000 37,138 Ping An Insurance Group Co. of China, Ltd. - Class H 14,500 115,064 Semiconductor Manufacturing International Corp.* 386,000 18,179 Shandong Weigao Group Medical Polymer Co., Ltd. - Class H 28,000 92,490 Shanghai Electric Group Co., Ltd. - Class H 90,000 43,432 Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Class B 24,600 43,173 Shanghai Zhenhua Heavy Industry Co., Ltd. - Class B 62,400 48,984 Shimao Property Holdings, Ltd. 70,500 119,531 Sina Corp./China* 1,000 37,960 Sino-Ocean Land Holdings, Ltd. 55,500 50,272 Sinopec Shanghai Petrochemical Co., Ltd. - Class H* 54,000 22,506 Suntech Power Holdings Co., Ltd. - ADR* 1,900 28,880 Tencent Holdings, Ltd. 8,600 139,929 Want Want China Holdings, Ltd. 160,000 94,141 Weichai Power Co., Ltd. 35,000 184,483 Yangzijiang Shipbuilding Holdings, Ltd. 56,000 38,363 Yantai Changyu Pioneer Wine Co. - Class B 7,000 44,872 Yanzhou Coal Mining Co., Ltd. - Class H 159,999 230,810 Zhejiang Expressway Co., Ltd. - Class H 182,000 159,454 Zijin Mining Group Co., Ltd. - Class H 206,000 202,277 ZTE Corp. - Class H 2,600 13,721 ------------ TOTAL CHINA 8,146,438 ------------ COLOMBIA -- 0.2% Almacenes Exito SA 6,300 52,083 Banco de Bogota SA 3,110 53,497 BanColumbia SA - ADR 2,800 120,204 Cementos Argos SA 7,800 44,155 Ecopetrol SA 79,500 111,060 Empresa de Telecomunicaciones de Bogota 116,000 63,187 Grupo Aval Acciones Y Valores 158,000 60,122 Grupo de Inversiones Suramericana SA 3,800 50,114
4 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Grupo Nacional de Chocolates SA 9,000 $ 107,526 Interconexion Electrica SA 14,278 90,353 Inversiones Argos SA 9,000 74,123 Promigas SA(1) 2,000 42,744 ------------ TOTAL COLOMBIA 869,168 ------------ CROATIA -- 0.2% Atlantska Plovidba DD 713 161,242 Dalekovod DD* 340 28,490 Ericsson Nikola Tesla 200 60,387 Hrvatske Telekomunikacije DD 2,950 154,789 Institut IGH* 20 16,438 Koncar-Elektroindustrija DD* 920 81,731 Podravka DD* 1,000 57,396 Privredna Banka Zagreb DD*(1) 830 109,506 Tankerska Plovidba DD 40 15,107 VIRO Tvornica Secera* 370 35,028 ------------ TOTAL CROATIA 720,114 ------------ CZECH REPUBLIC -- 0.6% CEZ AS 16,990 906,144 Komercni Banka AS 5,929 1,182,376 Philip Morris CR AS 170 86,726 Telefonica 02 Czech Republic AS 13,100 324,276 Unipetrol AS* 22,200 181,463 ------------ TOTAL CZECH REPUBLIC 2,680,985 ------------ DENMARK -- 0.5% A P Moller - Maersk A/S - Class B 85 584,818 A P Moller-Maersk A/S - Class A 16 106,938 Carlsberg A/S - Class B 4,070 294,826 Coloplast A/S - Class B 861 72,017 Danisco A/S 1,270 77,081 Danske Bank A/S* 25,856 677,271 DSV A/S* 2,091 37,282 FLSmith & Co. A/S 225 12,252 Novo Nordisk A/S - Class B 10,173 636,931 Novozymes A/S - Class B 180 16,940 PER Aarsleff A/S - Class B 200 22,764 Sydbank A/S* 1,644 43,063 Vestas Wind Systems A/S* 316 22,844 ------------ TOTAL DENMARK 2,605,027 ------------ EGYPT -- 0.3% Alexandria Mineral Oils Co. 4,000 32,010 Arab Cotton Ginning 32,000 32,628 Commercial International Bank 18,150 189,285 Eastern Tobacco Co. 2,600 63,478 Egypt Kuwait Holding Co. 30,249 72,598 Egyptian Co. for Mobile Services 1,400 55,616 Egyptian for Tourism Resorts* 60,000 29,008 Egyptian International Pharmaceutical Industrial Co. 7,900 50,183 El Ezz Aldekhela Steel - Alexandria 350 53,242 El Sewedy Cables Holding Co. 3,630 51,936 El Watany Bank of Egypt(1) 5,466 33,798 Misr Beni Suef Cement Co. 2,350 55,611 Misr Cement Co.(1) 2,600 43,522
SHARES VALUE ----------- ------------ National Societe General Bank SAE 5,445 $ 28,264 Olympic Group Financial Investments 7,000 41,908 Orascom Construction Industries 5,050 216,107 Orascom Telecom Holding SAE 10,250 65,260 Oriental Weavers 4,647 28,615 Sidi Kerir Petrochemcials Co. 23,000 48,701 Six of October Development & Investment* 1,340 20,789 South Valley Cement* 10,835 15,715 Talaat Moustafa Group* 23,500 27,506 Telecom Egypt 30,200 97,483 ------------ TOTAL EGYPT 1,353,263 ------------ ESTONIA -- 0.2% AS Baltika*(1) 29,700 43,027 AS Eesti Ehitus(1) 12,000 27,043 AS Jarvevana* 14,700 9,035 AS Merko Ehitus(1) 14,700 115,301 AS Tallinna Vesi(1) 2,900 44,559 Eesti Telekom 18,850 174,608 Olympic Entertainment Group AS* 31,330 35,761 Tallink Group, Ltd.* 323,120 193,864 Tallinna Kaubamaja AS(1) 14,100 103,167 ------------ TOTAL ESTONIA 746,365 ------------ FINLAND -- 0.6% Elisa Oyj 1,789 36,704 Fortum Oyj 11,119 285,069 Kesko Oyj - Class B 3,670 122,985 Kone Oyj - Class B 1,089 40,031 Metso Oyj 4,699 132,232 Neste Oil Oyj 8,541 157,731 Nokia Oyj 62,847 924,275 Nokian Renkaat Oyj 347 8,089 OKO Bank PLC - Class A 10,085 115,112 Outokumpu Oyj 5,542 104,294 Sampo Oyj - Class A 6,392 160,978 Stora Enso Oyj - Class R* 64,303 447,908 UPM-Kymmene Oyj 25,179 302,136 Wartsila Oyj 5,128 205,462 ------------ TOTAL FINLAND 3,043,006 ------------ FRANCE -- 5.5% Accor SA 6,169 343,404 Aeroports de Paris 1,795 161,517 Air France KLM* 6,636 120,609 Alcatel-Lucent* 42,218 188,861 Alstom 9,337 681,392 Atos Origin SA* 2,360 119,147 AXA SA 68,502 1,854,494 BNP Paribas 22,987 1,836,646 Bouygues SA 3,074 156,318 Bull SA* 37,193 181,241 Cap Gemini SA 5,277 276,414 Carrefour SA 5,108 231,720 Casino Guichard-Perrachon SA 1,773 140,624 Christian Dior SA 5,605 553,643 Cie Generale de Geophysique-Veritas* 1,200 28,080 Ciments Francais SA 345 38,748
5 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ CNP Assurances 3,758 $ 382,916 Compagnie de Saint-Gobain 14,004 726,472 Compagnie Generale de Geophysique* 4,366 101,873 Compagnie Generale des Etablissements Michelin - Class B 2,587 202,952 Credit Agricole SA 32,488 678,893 Dassault Systemes SA 620 34,558 Devoteam SA 600 16,331 Eiffage SA 163 10,385 Electricite de France 2,420 143,565 Eramet 19 6,594 Eutelsat Communications 1,191 36,199 Fonciere Des Regions 251 29,234 France Telecom SA 27,954 744,706 GDF Suez 15,908 706,404 Groupe Danone 4,134 249,119 Groupe Eurotunnel SA 5,435 55,602 Groupe Steria SCA 4,279 152,159 Klepierre 1,169 46,368 L'Air Liquide SA 1,788 203,432 L'Oreal SA 2,962 294,527 LaCie SA 2,361 12,783 Lafarge SA 10,369 927,863 Lagardere SCA 7,410 345,148 Legrand Holding SA 6,515 181,237 Linedata Services 1,883 22,375 LVMH Moet Hennessy Louis Vuitton SA 2,814 283,022 Natexis* 13,253 79,903 NetGem SA 4,954 24,503 Nexans SA 2,212 178,777 Parrot SA* 900 11,787 Pernod-Ricard SA 1,118 88,787 Peugeot SA* 4,821 146,988 Pinault-Printemps-Redoute SA 3,515 450,537 Plastic Omnium SA 3,537 95,651 Publicis Groupe 2,424 97,228 Renault SA* 8,095 377,469 Sanofi-Aventis SA 44,889 3,294,286 Schneider Electric SA 5,173 524,295 SCOR SE 25,442 695,470 Societe BIC SA 828 58,887 Societe Generale 21,031 1,692,673 Sodexo 576 34,508 Spir Communication* 396 12,169 Suez Environnement SA 1,613 36,846 Technip SA 5,633 359,811 Thales SA 326 16,172 Total SA 38,419 2,282,843 Unibail- Rodamco SE 444 92,229 Valeo SA* 5,481 144,252 Vallourec SA 682 115,569 Veolia Environnement 3,514 134,675 Vinci SA 6,603 373,554 Vivendi Universal SA 37,430 1,158,185 ------------ TOTAL FRANCE 26,085,629 ------------ GERMANY -- 4.9% Adidas AG 8,679 459,376 ADVA AG Optical Networking* 16,476 52,560 Allianz SE Registered Shares 25,789 3,221,738
SHARES VALUE ----------- ------------ BASF SE 32,257 $ 1,709,240 Bayer AG 4,620 320,120 Bayerische Motoren Werke (BMW) AG 11,827 570,270 Beiersdorf AG 149 8,750 Celesio AG 456 12,572 Cewe Color Holding AG 1,000 34,784 Commerzbank AG* 23,232 294,582 DaimlerChrysler AG - Registered shares 8,005 403,026 DaimlerChrysler AG - Registered shares 26,400 1,328,184 Deutsche Bank AG 16,364 1,255,868 Deutsche Bank AG - Registered shares 6,600 506,682 Deutsche Boerse AG 426 34,816 Deutsche Lufthansa AG - Registered shares 78,806 1,396,542 Deutsche Post AG - Registered shares 7,380 138,235 Deutsche Postbank AG* 1,112 39,331 Deutsche Telekom AG 59,959 818,628 Deutsche Telekom AG - ADR 36,500 498,590 E.On AG 55,752 2,364,336 Fraport AG Frankfurt Airport Services Worldwide 10,077 536,026 Fresenius SE 813 39,986 GEA Group AG 13,890 289,849 Generali Deutschland Holding AG 495 46,576 Grammer AG* 2,104 20,783 Hamburger Hafen Und Logistik AG 96 4,325 Hannover Rueckversicherungs AG* 750 34,385 HeidelbergCement AG 1,792 116,012 Henkel AG & Co.KGaA 1,063 38,624 Highlight Communications AG 3,483 20,387 Infineon Technologies AG* 31,641 178,495 K+S AG 297 16,207 Linde AG 835 90,519 MAN AG 1,677 138,408 Merck KGaA 475 47,232 Metro AG 1,331 75,280 MTU Aero Engines Holding AG 6,537 309,555 Muenchener Rueckversicherungs-Gesellschaft AG 10,214 1,629,642 OHB Technology AG 1,036 13,508 RWE AG 14,500 1,346,750 RWE AG 405 33,349 Salzgitter AG 2,276 218,154 SAP AG 6,399 311,635 Siemens AG 10,804 1,000,464 STO AG 290 21,961 Suedzucker AG 9,640 195,379 ThyssenKrupp AG 20,036 689,896 Villeroy & Boch AG 1,585 13,221 Volkswagen AG 1,653 271,718 VTG AG 1,200 16,208 Wacker Chemie AG 87 13,570 ------------ TOTAL GERMANY 23,246,334 ------------
6 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ GHANA -- 0.0% Aluworks Ghana, Ltd.*(1) 232,000 $ 51,075 CAL Bank, Ltd.(1) 264,000 43,727 Ghana Commercial Bank, Ltd.(1) 106,696 58,907 Produce Buying Co., Ltd.(1) 162,500 23,327 Standard Chartered Bank(1) 2,200 44,030 ------------ TOTAL GHANA 221,066 ------------ GREECE -- 0.3% Alpha Bank AE* 4,021 74,140 Bank of Cyprus, Public Co.,Ltd. 5,038 38,337 Coca-Cola Hellenic Bottling Co. SA 6,937 184,652 EFG Eurobank Ergasias SA* 2,625 41,294 Hellenic Petroleum SA 1,993 22,632 Hellenic Telecommunications Organization SA 2,978 49,244 Marfin Investment Group SA* 111,840 481,166 National Bank of Greece SA* 4,039 144,807 National Bank of Greece SA - ADR 44,529 321,054 Piraeus Bank SA* 10,509 194,845 Titan Cement Co SA 847 29,251 ------------ TOTAL GREECE 1,581,422 ------------ HONG KONG -- 3.0% Agile Property Holdings, Ltd. 154,000 181,222 Alco Holdings, Ltd. 18,000 5,783 Aluminum Corp. of China, Ltd. - Class H* 38,000 41,481 ASM Pacific Technology, Ltd. 4,900 34,742 Bank of East Asia, Ltd. 9,200 33,238 Beijing Capital International Airport Co., Ltd.- Class H* 54,684 34,010 Beijing Enterprises Holdings, Ltd. - Class H 12,000 63,561 BOC Hong Kong, Ltd. 21,000 46,064 Cathay Pacific Airways, Ltd.* 44,000 69,491 Champion Technology Holdings, Ltd. 640,000 22,710 Chaoda Modern Agriculture Holdings, Ltd. 36,140 21,824 Cheung Kong Holdings, Ltd. 55,000 697,963 China Agri-Industries Holdings, Ltd. 51,000 47,644 China COSCO Holdings Co., Ltd. - Class H 36,000 43,107 China Green Holdings, Ltd. 45,000 38,206 China Life Insurance Co., Ltd. - Class H 175,931 766,146 China Mengniu Dairy Co., Ltd.* 94,000 240,638 China Merchants Holdings International Co., Ltd. 35,470 117,622 China Mobile, Ltd. 147,728 1,441,054 China Overseas Land & Investment, Ltd. 46,320 100,170 China Petroleum & Chemical Corp. - Class H 998,498 849,040 China Pharmaceutical Group, Ltd. 210,000 118,141 China Resources Enterprise, Ltd. 28,000 81,470 China Resources Land, Ltd. 44,000 96,402
SHARES VALUE ----------- ------------ China Resources Power Holdings Co., Ltd. 17,600 $ 40,923 China Unicom Hongkong, Ltd. 94,652 134,100 Chinese Estates Holdings, Ltd. 5,000 8,452 Citic Pacific, Ltd. 39,000 102,406 CLP Holdings, Ltd. 86,500 587,080 CNOOC, Ltd. 565,531 760,361 COSCO Pacific, Ltd. 16,000 22,957 Dah Chong Hong Holdings, Ltd. 107,000 44,871 Denway Motors, Ltd. 114,000 50,748 Dongfeng Motor Group Co., Ltd. - Class H 304,000 323,219 Emperor Entertainment Hotel, Ltd. 85,000 9,103 Esprit Holdings, Ltd. 38,500 258,321 Foxconn International Holdings, Ltd.* 89,000 58,453 Global Bio-Chem Tecnology Group Co., Ltd. 130,000 32,877 GOME Electrical Appliances Holdings, Ltd.* 67,331 17,984 Hang Lung Group, Ltd. 15,000 75,096 Hang Lung Properties, Ltd. 17,000 62,625 Hang Seng Bank, Ltd. 6,500 93,683 Henderson Land Development Co., Ltd. 93,000 611,996 Hong Kong & China Gas Co., Ltd. 23,000 58,108 Hong Kong Exchanges & Clearing, Ltd. 26,700 484,042 Hongkong Electric Holdings, Ltd. 24,500 134,354 Hopewell Holdings 10,000 31,419 Hung Hing Printing Group, Ltd. 80,000 21,884 Hutchinson Whampoa, Ltd. 104,400 753,696 Hutchison Telecommunications International, Ltd. 92,000 18,993 Jiangxi Copper Co., Ltd. - Class H 20,000 44,748 Jinhui Holdings, Ltd.* 32,000 9,579 Keck Seng Investments 62,000 31,680 Kerry Properties, Ltd. 32,500 173,821 Kingboard Chemicals Holdings, Ltd. 13,000 49,400 Lenovo Group, Ltd. 88,000 39,174 Li & Fung, Ltd. 32,000 129,031 Lifestyle International Holdings, Ltd. 12,500 18,935 Mongolia Energy Co., Ltd.* 32,000 11,355 MTR Corp. 8,500 29,503 New World Development Co., Ltd. 72,851 156,793 Nine Dragons Paper Holdings, Ltd. 16,000 20,604 Noble Group, Ltd. 38,602 67,139 Pacific Basin Shipping, Ltd. 45,000 29,671 PetroChina Co., Ltd. - Class H 519,141 586,793 Shanghai Industrial Holdings, Ltd. 59,000 266,069 Shangri-La Asia, Ltd. 26,000 48,980 Shenzhen Investment, Ltd. 262,000 101,419 Sino Land Co., Ltd. 76,000 136,113
7 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Sun Hung Kai Properties, Ltd. 53,000 $ 780,976 SUNeVision Holdings, Ltd. 104,000 12,077 Swire Pacific, Ltd. - Class A 27,500 323,256 Wharf Holdings, Ltd. 77,625 412,161 Wheelock & Co., Ltd. 108,000 353,959 Wumart Stores, Inc. - Class H 57,000 84,874 Yue Yuen Industrial, Ltd. 17,000 47,161 ------------ TOTAL HONG KONG 13,954,751 ------------ HUNGARY -- 0.8% Egis Gyogyszergyar Nyrt PLC 680 72,410 FHB Mortgage Bank PLC* 2,400 17,081 Gedeon Richter Nyrt 2,340 484,364 Magyar Telecom Telecommunications PLC 140,410 614,080 MOL Hungarian Oil and Gas Nyrt* 7,390 617,091 OTP Bank Nyrt* 67,627 1,929,639 Raba Automotive Holding PLC* 4,085 16,823 ------------ TOTAL HUNGARY 3,751,488 ------------ INDIA -- 1.2% Bajaj Holdings and Investment, Ltd. - GDR 2,000 17,240 Dr Reddys Laboratories, Ltd.- ADR 27,974 545,493 GAIL India, Ltd. - GDR 1,770 79,650 HDFC Bank, Ltd. - ADR 3,130 370,498 ICICI Bank, Ltd. - Sponsored ADR 11,779 454,198 Infosys Technologies, Ltd. - Sponsored ADR 21,821 1,058,101 ITC, Ltd. RegS GDR* 84,500 408,980 Larsen & Toubro, Ltd. - 144A GDR 3,577 125,606 Reliance Industries, Ltd. - 144A GDR (New York Exchange) 4,038 369,619 Reliance Industries, Ltd.-144A GDR (London Exchange) 5,870 540,627 Reliance Infrastructure, Ltd. - GDR 1,720 129,000 State Bank of India, Ltd. - GDR (New York Exchange) 2,100 190,680 State Bank of India, Ltd. - GDR (New York Exhange) 4,510 411,567 State Bank of India, Ltd. - GDR (London Exchange) 608 55,267 Sterlite Industries India, Ltd.- ADR 32,818 524,104 Tata Motors, Ltd. - ADR 16,778 217,443 Wipro, Ltd. - ADR 5,680 101,956 ------------ TOTAL INDIA 5,600,029 ------------ INDONESIA -- 1.1% AKR Corporindo Tbk Pt 376,000 40,848 Aneka Tambang (Persero) Tbk Pt 190,000 48,163 Astra International Tbk Pt 235,500 812,615 Bakrie and Brothers Tbk Pt* 5,603,500 75,950 Bank Central Asia Tbk Pt 664,500 317,984 Bank Danamon Indonesia Tbk Pt 373,622 191,353 Bank Mandiri Persero Tbk Pt 1,075,500 523,006 Bank Negara Indonesia Persero Tbk Pt 915,000 201,177
SHARES VALUE ----------- ------------ Bank Rakyat Indonesia (Persero) Tbk Pt 474,517 $ 368,223 Barito Pacific Tbk Pt* 269,000 42,584 Bumi Resources Tbk Pt 911,000 303,981 Gudang Garam Tbk Pt 94,500 145,685 Holcim Indonesia Tbk Pt* 460,000 63,301 Indah Kiat Pulp & Paper Corp. Tbk Pt* 276,000 51,973 Indocement Tunggal Prakarsa Tbk Pt 65,000 71,288 Indofood Sukses Makmur Tbk Pt 531,000 166,195 Indosat Tbk Pt 137,500 77,535 International Nickel Indonesia Tbk Pt* 150,000 64,408 Kalbe Farma Tbk Pt 644,000 88,621 Lippo Karawaci Tbk Pt* 501,000 34,730 Medco Energi Internasional Tbk Pt 133,000 39,907 Perusahaan Gas Negara Pt 559,000 211,107 Semen Gresik (Persero) Tbk Pt 122,500 79,850 Sinar Mas Agro Resources and Technology Tbk Pt(1) 69,500 24,449 Tambang Balubara Bukit Asam Tbk Pt 58,500 85,344 Telekomunikasi Indonesia Tbk Pt 705,210 631,150 Unilever Indonesia Tbk Pt 93,000 102,959 United Tractors Tbk Pt 275,500 444,677 ------------ TOTAL INDONESIA 5,309,063 ------------ IRELAND -- 0.3% Allied Irish Banks PLC* 3,658 17,491 CRH PLC (Dublin Exchange) 4,399 122,180 CRH PLC (London Exchange) 9,634 266,522 CRH PLC - ADR 11,400 316,236 Kerry Group PLC - Class A 13,678 391,289 The Governor & Co. of the Bank of Ireland* 17,739 88,778 ------------ TOTAL IRELAND 1,202,496 ------------ ISRAEL -- 0.8% Africa Israel Investments, Ltd.* 400 4,768 Alvarion, Ltd.* 3,200 12,701 Arab East Investment Co., Ltd.* 10,828 19,277 Bank Leumi le-Israel BM* 46,100 176,861 Bezeq Israeli Telecommunication Corp., Ltd. 166,922 358,972 Cellcom Israel, Ltd. 650 19,780 Check Point Software Technologies, Ltd.* 12,531 355,254 Clal Insurance Enterprises Holdings, Ltd.* 1,100 23,253 Delek Automotive Systems, Ltd. 3,400 40,170 Delek Group, Ltd. 500 84,203 Discount Investment Corp. 1,000 22,567 Elbit Systems, Ltd. 700 47,391 Gazit Globe, Ltd. 2,400 21,027 Harel Insurance Investments & Financial Services, Ltd.* 550 26,284 IDB Holding Corp., Ltd. 950 23,202 Israel Chemicals, Ltd. 23,370 267,423 Israel Corp., Ltd.* 160 96,429
8 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Israel Discount Bank, Ltd. - Class A* 38,000 $ 71,732 Koor Industries, Ltd. 450 13,262 Makhteshim-Agan Industries, Ltd. 20,000 90,270 Migdal Insurance & Financial Holding, Ltd.* 29,594 47,379 Mizrahi Tefahot Bank, Ltd.* 12,100 103,026 Nice Systems, Ltd.* 2,100 62,891 Oil Refineries, Ltd. 55,500 23,576 Orbotech, Ltd.* 1,300 12,292 Ormat Industries 3,500 29,364 Partner Communications Co., Ltd. 3,743 70,756 Property & Building Corp., Ltd. 500 31,793 Shufersal Ltd. 7,500 33,154 Teva Pharmaceutical Industries, Ltd. - ADR 30,562 1,545,215 ------------ TOTAL ISRAEL 3,734,272 ------------ ITALY -- 2.1% A2A SPA 112 220 Alleanza Assicurazioni SPA 4,132 37,277 Assicurazioni Generali SPA 10,978 300,893 Atlantia SPA 7,496 181,762 Banca Monte dei Paschi di Siena SPA 127,134 271,994 Banca Popolare di Milano Scrl 4,665 35,498 Banco Popolare Scrl* 30,570 293,237 Danieli & Co SPA 2,598 66,227 Enel SPA 214,480 1,361,372 ENI SPA 39,776 994,167 Fiat SPA* 24,168 310,871 Finmeccanica SPA 2,586 45,714 Fondiaria Sai SPA 1,656 34,823 Intesa Sanpaolo SPA* 299,786 1,325,953 Intesa Sanpaolo SPA - RSP 19,527 69,366 Luxottica Group SPA* 1,485 38,464 Mediaset SPA 7,120 49,803 Mediobanca SPA 4,513 61,681 Parmalat SPA 223,785 618,605 Permasteelisa SPA* 500 9,687 Saipem SPA 522 15,721 Servizi Italia SPA 2,333 19,767 Snam Rete Gas SPA 6,690 32,551 Telecom Italia SPA 173,316 304,094 Telecom Italia SpA 97,031 119,273 Telecom Italia SPA - ADR 17,000 298,010 Terna SPA 8,239 32,131 UniCredit SPA* 730,711 2,855,008 Unione di Banche Italiane SCPA 11,474 176,133 Unipol SPA* 26,474 40,174 ------------ TOTAL ITALY 10,000,476 ------------ JAPAN -- 11.6% Acom Co., Ltd. 1,760 27,097 Advantest Corp. 1,600 44,383 Aeon Fantasy Co., Ltd. 5,200 63,954 Aeon Mall Co., Ltd. 600 12,493 Aioi Insurance Co., Ltd. 7,000 35,715 Airport Facilities Co., Ltd. 5,300 31,470 Aisan Industry Co., Ltd. 1,200 8,689 Aisin Seiki Co., Ltd. 13,216 322,431
SHARES VALUE ----------- ------------ Ajinomoto Co., Inc. 10,000 $ 100,150 Alfresa Holdings Corp. 3,100 126,397 Amada Co., Ltd. 89,000 598,853 Amiyaki Tei Co., Ltd. 10 17,245 Ando Corp. 7,000 10,138 AOI Electronic Co., Ltd. 1,600 30,283 Aoyama Trading Co., Ltd. 6,500 111,586 Aozora Bank, Ltd.* 30,000 43,447 Arakawa Chemical Industries, Ltd. 5,200 60,362 Argo Graphics, Inc. 5,800 67,198 Asahi Breweries, Ltd. 2,600 47,560 Asahi Glass Co., Ltd. 42,000 339,219 Asahi Industries Co., Ltd. 6 13,903 Asahi Kasei Corp. 92,000 468,379 Asahi Kogyosha Co., Ltd. 2,000 8,177 Astellas Pharma, Inc. 31,500 1,294,881 Benesse Corp. 1,100 53,919 Bridgestone Corp. 5,800 104,092 Brother Industries, Ltd. 14,500 173,809 C Uyemura & Co., Ltd. 300 14,939 CAC Corp. 4,000 31,549 Canon Marketing Japan, Inc. 2,700 47,795 Canon, Inc. 16,933 684,752 Central Japan Railway Co. 93 668,245 Certo Corp. 3,700 62,446 Chubu Electric Power Co., Inc. 3,700 89,857 Chubu Steel Plate Co., Ltd. 17,400 134,137 Chuetsu Pulp & Paper Co., Ltd. 33,000 79,775 Chuo Mitsui Trust Holdings, Inc. 17,000 63,065 cocokara fine HOLDINGS, Inc. 1,800 39,483 COMSYS Holdings Corp. 3,000 32,886 Cosmo Oil Co., Ltd. 23,000 64,056 Crescendo Investment Corp. 76 116,330 Cybernet Systems Co., Ltd. 26 10,978 Dai Nippon Printing Co., Ltd. 54,000 743,541 Dai-Dan Co., Ltd. 5,000 29,466 Daicel Chemical Industries, Ltd. 26,000 156,988 Daido Steel Co., Ltd. 11,725 42,582 Daihatsu Diesel Manufacturing Co., Ltd. 2,000 9,848 Daiichi Jitsugyo Co., Ltd. 33,000 99,627 Daiichi Sankyo Co., Ltd. 3,700 76,378 Daiichikosho Co., Ltd. 700 9,007 Daikin Industries, Ltd. 502 18,063 Daisyo Corp. 7,800 107,314 Daito Trust Construction Co., Ltd. 17,300 755,484 Daiwa House Industry Co., Ltd. 26,000 272,266 Daiwa Securities Group, Inc. 53,000 273,369 Denso Corp. 4,868 143,168 Dentsu, Inc. 1,500 34,925 DTS Corp. 2,700 24,694 East Japan Railway Co., Ltd. 6,070 436,832 Eisai Co., Ltd. 2,216 83,441 Electric Power Development Co., Ltd. 1,000 31,694 Epilda Memory, Inc.* 2,200 28,846 Falco Biosystems, Ltd. 1,100 12,217 FamilyMart Co., Ltd. 200 6,439 Fanuc, Ltd. 2,633 236,124 Fuji Electric Holdings Co., Ltd.* 39,000 72,122
9 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Fuji Film Holdings Corp. 14,200 $ 425,533 Fuji Heavy Industries, Ltd.* 63,000 244,940 Fuji Media Holdings, Inc. 415 679,608 Fuji Soft, Inc. 9,100 153,280 Fujitsu General, Ltd. 9,000 31,282 Fujitsu, Ltd. 54,900 359,007 Fukuda Denshi Co., Ltd. 400 11,363 Fukuoka Financial Group, Inc. 77,000 319,958 Furusato Industries, Ltd. 5,800 44,002 Gendai Agency, Inc. 82 104,139 GS Yuasa Corp. 10,000 91,350 Hakuhodo DY Holdings, Inc. 770 41,946 Hazama Corp. 21,500 22,514 HI-LEX Corp. 1,000 9,436 Hirose Electric Co., Ltd. 200 22,548 HIS Co., Ltd. 3,700 76,337 Hitachi Cable, Ltd. 26,000 76,177 Hitachi Construction Machinery Co., Ltd. 4,309 92,502 Hitachi Information Systems, Inc. 4,700 151,579 Hitachi Medical Corp. 7,000 66,596 Hitachi, Ltd.* 213,000 654,910 Hitachi, Ltd. - ADR* 16,182 494,846 Hokkaido Electric Power Co. 1,600 33,296 Hokkaido Gas Co., Ltd. 13,000 37,075 Hokuhoku Financial Group, Inc. 12,000 28,073 Hokuriku Electric Power Co. 1,300 33,092 Honda Motor Co., Ltd. 55,140 1,698,458 Hoya Corp. 4,500 106,277 Ibiden Co., Ltd. 1,100 40,929 ICHINEN HOLDINGS Co., Ltd. 1,800 8,502 Idemitsu Kosan Co., Ltd. 2,800 231,137 IHI Corp.* 16,000 32,440 Imasen Electric Industrial 5,000 55,645 Inabata & Co., Ltd. 12,000 49,864 Ines Corp. 1,300 11,050 Information Services International-Dentsu, Ltd. 11,300 80,692 INPEX Corp. 1 8,533 Isetan Mitsukoshi Holdings, Ltd. 19,300 221,671 Isuzu Motors, Ltd.* 78,000 165,098 Itochu Corp. 35,690 236,568 Itochu Enex Co., Ltd. 7,000 40,784 J Front Retailing Co., Ltd. 6,000 36,161 Japan Prime Realty Investment Corp. 13 31,600 Japan Real Estate Investment Corp. 5 40,885 Japan Retail Fund Investment Corp. 7 37,977 Japan Tobacco, Inc. 28 96,073 JBCC Holdings, Inc. 7,000 49,674 JFE Holdings, Inc. 5,100 174,990 JGC Corp. 2,000 40,907 JMS Co., Ltd. 15,000 67,175 Joban Kosan Co., Ltd. 5,000 8,634 JS Group Corp. (Tostem Inax Holding Corp.) 6,200 108,784 JSR Corp. 2,000 40,996 JTEKT Corp. 9,800 114,196 Kamei Corp. 10,000 57,595
SHARES VALUE ----------- ------------ Kamigumi Co., Ltd. 10,000 $ 81,658 Kaneka Corp. 44,000 316,159 Kanematsu Corp.* 7,000 6,238 Kanematsu Electronics, Ltd. 11,700 118,349 Kanto Auto Works, Ltd. 7,000 70,495 Kao Corp. 8,200 202,796 Kasumi Co., Ltd. 3,000 14,471 Kawasaki Heavy Industries, Ltd. 4,000 10,160 Kawasaki Kisen Kaisha, Ltd.* 28,000 103,871 KDDI Corp. 33 186,019 Keihanshin Real Estate Co., Ltd. 11,000 57,472 Keyence Corp. 100 21,367 Kirin Holdings Co., Ltd. 18,800 288,184 Kobe Steel, Ltd.* 48,000 83,953 Kokuyo Co., Ltd. 4,500 41,157 Komatsu Wall Industry Co., Ltd. 800 10,516 Komatsu, Ltd. 6,711 125,749 Konica Minolta Holdings, Inc.. 4,000 37,921 Konishi Co., Ltd. 5,100 49,543 Kubota Corp. 10,074 83,833 Kuraray Co., Ltd. 12,500 136,467 Kurita Water Industries, Ltd. 3,523 126,375 Kyocera Corp. 2,939 272,733 Kyocera Corp. - ADR 600 55,056 Kyodo Printing Co., Ltd. 25,000 81,045 Kyowa Hakko Konin Co., Ltd. 3,000 37,999 Kyushu Electric Power Co., Inc. 3,600 81,613 Lawson, Inc. 200 9,291 Leopalace21 Corp. 45,700 367,066 Maezawa Kasei Industries Co., Ltd. 4,900 52,403 Makita Corp. 3,300 104,774 Marubeni Corp. 21,000 105,977 Marubun Corp. 2,700 16,904 Marui Co., Ltd. 13,400 95,986 Matsui Securities Co., Ltd. 11,200 91,332 Maxvalu Tokai Co., Ltd. 2,400 33,581 Mazda Motor Corp.* 39,000 87,328 Meisei Industrial Co., Ltd. 34,000 82,571 Mercian Corp. 47,000 121,473 Mimasu Semiconductor Industry Co., Ltd. 10,200 145,787 Mitsubishi Chemical Holdings Corp. 34,500 143,358 Mitsubishi Corp. 23,576 476,957 Mitsubishi Electric Corp.* 50,335 381,304 Mitsubishi Estate Co., Ltd. 3,500 55,055 Mitsubishi Gas Chemical Co., Inc. 26,000 141,347 Mitsubishi Heavy Industries, Ltd. 87,000 329,527 Mitsubishi Materials Corp.* 36,000 99,460 Mitsubishi Tanabe Pharma Corp. 2,000 26,670 Mitsubishi UFJ Financial Group, Inc. 129,893 697,470 Mitsubishi UFJ Lease & Finance Co., Ltd. 1,140 34,417 Mitsui & Co., Ltd. 50,194 656,467 Mitsui Chemicals, Inc. 35,000 124,770 Mitsui Engineering & Shipbuilding Co., Ltd. 30,000 77,870 Mitsui Fudosan Co., Ltd. 10,000 169,220 Mitsui Home Co., Ltd. 14,000 80,945
10 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Mitsui O.S.K Lines, Ltd. 11,000 $ 65,192 Mitsumi Electric Co., Ltd. 13,600 293,620 Mizuho Financial Group, Inc. 176,500 349,992 Murata Manufacturing Co., Ltd. 1,300 61,694 Nafco Co., Ltd. 1,000 18,716 Nagase & Co., Ltd. 5,000 61,828 Namura Shipbuilding Co., Ltd. 2,300 13,862 NEC Corp.* 49,000 153,935 NEC Mobiling, Ltd. 4,100 109,848 NGK Insulators, Ltd. 3,000 69,515 Nichiban Co., Ltd. 15,000 54,643 Nidec Corp. 1,919 155,846 Nihon Kagaku Sangyo Co., Ltd. 1,000 7,353 Nihon Shokuhin Kako Co., Ltd. 2,000 16,064 Nihon Yamamura Glass Co., Ltd. 55,000 183,813 Nikon Corp. 1,000 18,292 Nintendo Co., Ltd. 2,443 625,957 Nippo Corp. 24,000 195,978 Nippon Building Fund, Inc. 5 44,616 Nippon Express Co., Ltd. 126,000 512,338 Nippon Game Card Corp. 13 20,420 Nippon Mining Holdings, Inc. 125,000 615,496 Nippon Oil Corp. 22,000 123,523 Nippon Paper Group, Inc. 2,200 63,477 Nippon Sheet Glass Co., Ltd. 43,000 143,709 Nippon Shinyaku Co., Ltd. 2,000 28,296 Nippon Shokubai Co., Ltd. 7,000 61,995 Nippon Steel Corp. 26,000 95,004 Nippon System Development Co., Ltd. 1,100 11,862 Nippon Telegraph & Telephone Corp. 51,426 2,383,247 Nippon Yusen Kabushiki Kaisha 25,000 96,641 Nipponkoa Insurance Co., Ltd. 5,000 31,304 NIS Group Co., Ltd.* 27,300 8,820 Nishimatsu Construction Co., Ltd. 39,000 55,612 Nissan Chemical Industries, Ltd. 11,000 158,570 Nissan Motor Co., Ltd.* 162,600 1,099,518 Nisshin Seifun Group, Inc. 36,000 503,715 Nisshinbo Holdings, Inc. 5,000 53,194 Nitori Co., Ltd. 400 34,089 Nittan Valve Co., Ltd. 2,100 7,744 Nitto Denko Corp. 1,000 30,636 Noevir Co., Ltd. 6,000 63,967 Nomura Holdings, Inc. 34,700 213,770 Nomura Real Estate Holdings, Inc. 5,400 87,769 NS Solutions Corp. 1,300 23,823 NSK, Ltd. 15,000 93,076 NTN Corp. 20,000 82,883 NTT Data Corp. 9 28,835 NTT DoCoMo, Inc. 225 359,439 Ohashi Technica, Inc. 5,500 33,331 OJI Paper Co., Ltd. 7,000 31,582 Okabe Co., Ltd. 10,000 37,877 Olympus Corp. 1,600 42,422 Omron Corp. 1,800 33,969 Ono Pharmaceutical Co., Ltd. 600 31,215 Onward Kashiyama Co., Ltd. 7,000 52,092 Oriental Yeast Co., Ltd. 2,000 11,697 ORIX Corp. 1,280 78,142
SHARES VALUE ----------- ------------ Osaka Gas Co., Ltd. 34,000 $ 119,312 Osaka Steel Co., Ltd. 1,000 17,535 Pal Co., Ltd. 1,450 29,803 Panasonic Corp. 9,925 146,279 Panasonic Electric Works Co., Ltd. 7,000 83,674 Panasonic Electric Works Information Systems Co., Ltd. 6,700 177,642 Piolax, Inc. 1,000 18,214 Pressance Corp. 6 11,477 Prima Meat Packers, Ltd. 51,000 61,360 Promise Co., Ltd.* 9,750 53,222 Relo Holdings, Inc. 2,700 38,501 Resona Holdings, Inc. 3,600 46,321 Ricoh Co., Ltd. 37,276 543,163 Rock Field Co., Ltd. 1,200 16,964 Rohm Co., Ltd. 5,200 363,794 Ryoden Trading Co., Ltd. 20,000 129,003 Ryoyo Electro Corp. 7,500 64,669 Saison Information Systems Co., Ltd. 4,200 30,787 Sankyo Co., Ltd. 500 31,304 Sankyo Seiko Co., Ltd. 7,700 19,300 Sankyo-Tateyama Holdings, Inc.* 108,000 104,673 Sanoyas Hishino Meisho Corp. 2,100 7,252 Sanshin Electronics Co., Ltd. 2,600 20,941 Sapporo Hokuyo Holdings, Inc. 45,700 162,405 Sato Shoji Corp. 4,800 26,469 SBI Holdings, Inc. 142 28,095 Secom Co., Ltd. 1,100 55,389 Seino Holdings Corp. 23,000 199,086 Sekisui Chemical Co., Ltd. 35,000 203,531 Sekisui House, Ltd. 22,000 198,518 Seven & I Holdings Co., Ltd. 400 9,581 Seven Bank Ltd. 78 192,904 Shikoku Electric Power Co., Inc. 900 27,472 Shimano, Inc. 400 17,290 Shin-Etsu Chemical Co., Ltd. 6,733 414,038 Shinagawa Refractories Co., Ltd. 1,000 2,440 Shinko Electric Industries Co. Ltd. 1,900 33,845 Shinmaywa Industries, Ltd. 7,000 27,449 Shinsei Bank, Ltd.* 37,000 56,882 Shionogi & Co., Ltd. 1,000 23,673 Shiroki Corp.* 14,000 23,706 Shiseido Co., Ltd. 1,000 17,434 Showa Denko KK 79,000 161,054 Sinanen Co., Ltd. 5,000 26,736 SMC Corp. 400 49,195 Soft99 Corp. 3,300 21,102 Softbank Corp. 500 10,990 Soken Chemical & Engineering Co., Ltd. 1,600 24,633 Sompo Japan Insurance, Inc. 49,000 329,705 Sony Corp. 74,802 2,212,436 Sony Corp. - ADR 3,300 96,360 Sony Financial Holdings, Inc. 4 11,492 Sorun Corp. 14,600 75,468 Stanley Electric Co., Ltd. 4,600 93,266 Starzen Co., Ltd. 4,000 10,605 Studio Alice Co., Ltd. 2,400 25,373
11 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Sugimoto & Co., Ltd. 1,800 $ 18,849 Sumikin Bussan Corp. 9,000 20,453 Sumitomo Bakelite Co., Ltd. 9,000 47,725 Sumitomo Chemical Co., Ltd. 43,000 179,157 Sumitomo Corp. 77,800 801,704 Sumitomo Electric Industries, Ltd. 42,600 557,148 Sumitomo Forestry Co., Ltd. 6,000 50,465 Sumitomo Heavy Industries, Ltd.* 6,000 29,276 Sumitomo Metal Industries, Ltd. 6,000 14,772 Sumitomo Metal Mining Co., Ltd. 9,000 147,786 Sumitomo Mitsui Financial Group, Inc. 21,301 742,741 Sumitomo Realty & Development Co., Ltd. 6,500 118,972 Sun Wave Corp. 3,000 8,355 Suzuki Motor Corp. 4,334 101,150 SystemPro Co., Ltd. 48 23,528 T&D Holdings Inc. 150 4,061 Tachibana Eletech Co., Ltd. 1,200 9,585 Taihei Kogyo Co., Ltd. 10,000 30,636 Taiheiyo Cement Corp.* 71,000 94,914 Taiho Kogyo Co., Ltd. 15,400 117,690 Taikisha, Ltd. 3,276 44,013 Taisei Corp. 12,000 23,795 Taiyo Nippon Sanso Corp. 3,000 35,727 Takachiho Electric Co., Ltd. 3,600 42,391 Takashimaya Co., Ltd. 4,000 31,995 Takeda Pharmaceutical Co., Ltd. 18,989 791,164 Takeuchi Manufacturing Co., Ltd. 1,600 16,042 TDK Corp. 600 34,691 TDK Corp. - ADR 5,000 286,750 Teijin, Ltd. 36,000 112,293 Terumo Corp. 800 44,026 The 77 Bank, Ltd. 14,000 79,853 The Bank of Kyoto, Ltd. 11,000 101,097 The Bank of Nagoya, Ltd. 9,000 38,902 The Bank of Yokohama, Ltd. 39,000 191,166 The Chiba Bank, Ltd. 14,000 86,715 The Chugoku Electric Power Co., Inc. 1,400 30,787 The Daishi Bank, Ltd. 12,000 48,527 The Gunma Bank, Ltd. 6,000 33,020 The Hachijuni Bank, Ltd. 13,000 72,411 The Higo Bank, Ltd. 8,000 47,234 The Hokkoku Bank, Ltd. 14,000 58,486 The Hyakugo Bank, Ltd. 8,000 41,174 The Japan Steel Works, Ltd. 553 6,358 The Juroku Bank, Ltd. 12,000 41,040 The Kagoshima Bank, Ltd. 7,000 55,679 The Kansai Electric Power Co. Inc. 7,300 176,472 The Nishi-Nippon City Bank, Ltd. 28,000 70,807 The San-In Godo Bank, Ltd. 5,000 42,611 The Shiga Bank, Ltd. 8,000 50,175 The Shizuoka Bank, Ltd. 6,000 63,365 The Sumitomo Trust & Banking Co., Ltd. 46,000 244,438
SHARES VALUE ----------- ------------ The Suruga Bank, Ltd. 1,000 $ 9,458 The Yamanashi Chuo Bank, Ltd. 8,000 38,679 TKC 2,700 58,954 Toda Corp. 11,000 38,846 Toenec Corp. 12,000 74,327 Toho Co., Ltd. 1,800 30,500 Tohoku Electric Power Co., Inc. 2,300 51,245 Tohokushinsha Film Corp. 1,800 10,267 Token Corp. 5,840 189,972 Tokio Marine Holdings, Inc. 6,900 199,855 Tokyo Electric Power Co., Inc. 12,400 325,316 Tokyo Electron, Ltd. 5,100 325,550 Tokyo Gas Co., Ltd. 69,000 286,715 Tokyo Rakutenchi Co., Ltd. 8,000 33,242 Tokyo Steel Manufacturing Co., Ltd. 22,600 276,945 Tokyo Tatemono Co., Ltd. 39,000 190,731 Tokyo Tekko Co., Ltd. 7,000 24,174 Tokyu Land Corp. 23,000 91,985 Tomen Devices Corp. 700 13,171 Tomen Electronics Corp. 900 10,126 Tomoe Engineering Co., Ltd. 1,500 24,547 Tomoku Co., Ltd. 20,000 46,566 Toppan Printing Co., Ltd. 38,000 359,828 Toray Industries, Inc. 7,000 42,422 Toshiba Corp.* 37,000 194,140 Tosoh Corp. 46,000 116,326 Toyo Seikan Kaisha, Ltd. 6,900 132,750 Toyo Wharf & Warehouse Co., Ltd. 15,000 28,407 Toyota Boshoku Corp. 30 592 Toyota Industries Corp. 1,100 30,207 Toyota Motor Corp. 35,758 1,422,114 Toyota Tsusho Corp. 300 4,525 Tsurumi Manufacturing Co., Ltd. 1,000 7,520 Uni-Charm Corp. 700 66,440 Universe Co., Ltd. 3,000 50,265 Usen Corp.* 11,186 11,464 VITAL KSK HOLDINGS, Inc.* 5,000 29,354 Wellnet Corp. 12 8,903 West Japan Railway Co. 8 30,301 Wowow, Inc. 30 66,474 Yachiyo Industry Co., Ltd. 1,700 14,583 Yahoo! Japan Corp. 59 20,047 Yamada Denki Co., Ltd. 530 35,898 Yamaguchi Financial Group, Inc. 15,000 155,573 Yamaha Corp. 4,000 47,324 Yamaha Motor Co., Ltd. 8,600 106,057 Yamato Holdings Co., Ltd. 24,000 394,363 Yamato Kogyo Co., Ltd. 2,500 70,462 Yokogawa Electric Corp. 23,300 206,355 Yondenko Corp. 2,000 10,784 ------------ TOTAL JAPAN 54,896,246 ------------ JORDAN -- 0.1% Arab Bank PLC 17,700 346,372 Arab Potash Co. 2,100 102,663 Jordan Petroleum Refinery Co. 1,380 14,565 Jordan Steel 5,259 22,589 Jordanian Electric Power Co. 17,117 82,231 Lafarge Jordan Cement 3,000 29,248 Middle East Complex*(1) 3,860 8,574 Taameer Jordan Holdings PSC* 12,900 12,212
12 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ United Arab Investors* 17,000 $ 16,814 ------------ TOTAL JORDAN 635,268 ------------ KAZAKHSTAN -- 0.1% KazMunaiGas Exploration Production GDR 12,500 279,750 ------------ TOTAL KAZAKHSTAN 279,750 ------------ KENYA -- 0.1% Bamburi Cement Co., Ltd.(1) 23,000 49,363 Barclays Bank of Kenya, Ltd. 48,400 28,404 Centum Investment Co., Ltd.* 102,300 15,781 East African Breweries, Ltd. 87,480 164,282 Equity Bank, Ltd. 331,000 61,938 Kenya Airways, Ltd.(1) 195,900 52,555 Kenya Commercial Bank, Ltd. 332,800 91,514 Kenya Electricity Generating Co., Ltd. 268,600 41,434 Mumias Sugar Co., Ltd. 238,200 21,887 Nation Media Group 24,200 38,304 Safaricom, Ltd. 1,820,600 90,358 Standard Chartered Bank Kenya, Ltd. 9,200 17,277 ------------ TOTAL KENYA 673,097 ------------ LATVIA -- 0.0% Latvian Shipping Co.*(1) 91,206 109,240 ------------ TOTAL LATVIA 109,240 ------------ LEBANON -- 0.0% Solidere - GDR 9,400 235,940 ------------ TOTAL LEBANON 235,940 ------------ LITHUANIA -- 0.2% Apranga PVA*(1) 137,400 177,023 Invalda PVA* 17,284 23,587 Lietuvos Energija*(1) 17,374 21,354 Lifosa PVA* 4,400 57,994 Panevezio Statybos Trestas 16,900 34,021 Pieno Zvaigzdes 10,687 14,131 Rytu Skirstomieji Tinklai* 26,729 27,754 Sanitas* 9,500 43,886 Siauliu Bankas* 30,912 16,507 TEO LT AB 308,900 248,738 Ukio Bankas* 252,062 139,942 ------------ TOTAL LITHUANIA 804,937 ------------ LUXEMBOURG -- 0.4% ArcelorMittal (London Exchange) 15,299 572,011 ArcelorMittal (New York Exchange) 29,000 1,077,060 Evraz Group SA GDR Registered Shares* 5,430 141,452 SES SA 4,551 103,226 Tenaris SA 1,728 30,799 ------------ TOTAL LUXEMBOURG 1,924,548 ------------ MALAYSIA -- 0.7% Alliance Financial Group Bhd 28,800 21,136 Astro All Asia Networks PLC 23,200 23,461 Batu Kawan Bhd 12,600 33,712 British American Tobacco Bhd 6,700 85,255 Bumiputra-Commerce Holdings Bhd 61,100 195,958
SHARES VALUE ----------- ------------ Bursa Malaysia Bhd 14,500 $ 34,229 Dialog Group Bhd 83,500 29,675 Digi.com Bhd 5,000 30,945 Eastern & Oriental Bhd* 15,700 6,578 EON Capital Bhd 67,300 104,810 Genting Bhd 59,200 117,339 Hong Leong Bank Bhd 16,400 31,132 IJM Corp. Bhd 61,460 79,910 IOI Corp. Bhd 30,450 45,750 KLCC Property Holdings Bhd 54,800 52,567 KNM Group Bhd 108,300 23,312 Kuala Lumpur Kepong Bhd 22,300 88,916 Kulim Malaysia Bhd 24,400 52,170 Lion Industries Corp. Bhd 88,800 38,999 Malayan Banking Bhd 183,590 352,752 Malaysian Airline System Bhd* 64,500 55,536 Malaysian Resources Corp. Bhd* 55,800 21,927 MISC Bhd 32,000 82,288 MMC Corp. Bhd 90,800 65,063 Muhibbah Engineering M Bhd 68,300 25,260 Multi-Purpose Holdings Bhd 94,600 50,840 Pelikan International Corp. Bhd 20,700 9,330 Petronas Dagangan Bhd 17,900 44,478 PPB Group Bhd 33,700 149,951 Proton Holdings Bhd 102,500 119,647 Public Bank Bhd 28,285 83,359 Ranhill Bhd 52,000 13,973 RHB Capital Bhd 21,200 31,056 Samling Global Bhd 354,000 26,036 SapuraCrest Petroleum Bhd 132,200 72,956 Scomi Group Bhd 69,500 11,848 Shell Refining Co. Federation of Malaya Bhd 9,800 30,241 Sime Darby Bhd 113,446 278,616 SP Setia Bhd 19,800 23,055 TA Ann Holdings Bhd 11,000 13,762 Tanjong PLC 7,700 33,372 Telekom Malaysia Bhd 140,900 124,982 Tenaga Nasional Bhd 39,300 92,998 UMW Holdings Bhd 15,400 27,988 Wah Seong Corp. Bhd 35,625 24,807 WCT Engineering Bhd 35,466 28,693 YTL Corp. Bhd 33,558 69,327 YTL Power International Bhd 113,816 71,361 Zelan Bhd 17,600 4,526 ------------ TOTAL MALAYSIA 3,135,882 ------------ MAURITIUS -- 0.2% Ireland Blyth, Ltd.(1) 18,300 30,600 Mauritius Commercial Bank 77,100 358,958 Mauritius Development Investment Trust Co., Ltd.(1) 221,000 34,418 Naiade Resorts, Ltd. 7,000 11,361 New Mauritius Hotels, Ltd. 18,900 86,754 Rogers & Co., Ltd.(1) 7,100 69,836 State Bank of Mauritius, Ltd. 74,300 197,321 Sun Resorts, Ltd. - Class A 17,890 43,405 ------------ TOTAL MAURITIUS 832,653 ------------ MEXICO -- 1.8% Alfa SAB de CV - Class A 28,500 136,303 America Movil SAB de CV - Series L 905,300 1,982,042
13 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ America Movil SAB de CV - Series L ADR 24,720 $1,083,478 Axtel SAB de CV* 16,800 12,534 Banco Compartamos SA de CV 27,000 98,622 Carso Global Telecom SAB de CV - Series A1* 14,200 58,443 Carso Infraestructura y Construccion SAB de CV* 41,900 23,500 Cemex SAB de CV* 715,479 923,438 Cemex SAB de CV Sponsored ADR* 5,238 67,675 Coca-Cola Femsa SAB de CV - Series L 6,400 30,708 Consorcio ARA SAB de CV* 21,400 12,843 Controladora Comercial Mexicana SAB de CV* 13,600 10,842 Corp GEO SAB de CV - Series B* 161,300 438,594 Corp Interamericana de Entretenimiento SAB de CV - Series B* 18,679 9,618 Corp Moctezuma, SAB de CV 20,900 41,809 Desarrolladora Homex SAB de CV* 9,200 57,789 Empresas ICA SAB de CV* 47,700 112,385 Fomento Economico Mexicano, SAB de CV 75,300 286,706 Grupo Aeroportuario del Centro Norte, SAB de CV 17,800 27,880 Grupo Aeroportuario del Pacifico, SAB de CV - Class B 14,700 41,420 Grupo Aeroportuario del Sureste, SAB de CV - Class B 7,500 32,063 Grupo Bimbo SAB de CV - Series A 9,900 55,137 Grupo Carso SAB de CV - Series A1 34,000 109,857 Grupo Elektra SAB de CV 1,800 71,349 Grupo Financiero Banorte SAB de CV - Series O 144,391 483,122 Grupo Financiero Inbursa SAB de CV - Series O 75,000 212,269 Grupo Mexico SAB de CV - Series B* 414,073 763,291 Grupo Modelo SAB de CV - Series C* 17,500 65,166 Grupo Simec SAB de CV - Series B* 12,500 33,156 Grupo Televisa SA, ADR 3,395 63,113 Grupo Televisa SAB 49,026 181,400 Impulsora Del Desarrollo Y El Empleo en America Latina SAB de CV* 94,900 88,382 Industrias CH SAB de CV - Series B* 7,500 26,289 Industrias Penoles SAB de CV 5,150 85,971 Kimberly-Clark de Mexico SAB de CV - Series A 14,000 58,097 Mexichem SAB de CV 25,593 38,587 Organizacion Soriana SAB de CV - Series B* 10,800 26,758
SHARES VALUE ----------- ------------ Promotora Y Operadora de Infraestructura SAB de CV* 36,900 $ 67,747 Telefonos de Mexico SAB de CV 181,500 158,545 Telmex Internacional SAB de CV - Class L 125,300 87,729 TV Azteca SAB de CV 38,700 16,774 Urbi Desarrollos Urbanos SAB de CV* 22,900 46,421 Vitro SAB de CV - Class A* 13,000 6,405 Wal-Mart de Mexico SAB de CV - Series V 91,500 317,271 ------------ TOTAL MEXICO 8,551,528 ------------ MOROCCO -- 0.3% Attijariwafa Bank 4,709 163,702 Banque Centrale Populaire 590 20,359 Banque Marocaine du Commerce et de l'Industrie 320 31,313 Banque Marocaine du Commerce Exterieur 5,670 173,967 Brasseries Maroc 171 84,985 Ciments du Maroc 250 48,573 Compagnie Generale Immobiliere 270 65,877 Credit Immobilier et Hotelier 800 39,038 Douja Promotion Groupe Addoha SA 5,300 82,638 Lafarge Ciments 375 67,596 Managem* 600 19,159 Maroc Telecom 13,200 237,937 ONA SA 844 141,486 RISMA* 132 4,674 SAMIR* 440 34,558 Societe Nationale d'Investissement 420 91,930 Sonasid 210 53,022 ------------ TOTAL MOROCCO 1,360,814 ------------ NETHERLANDS -- 4.0% Aegon NV* 45,643 387,460 Akzo Nobel NV 2,364 146,453 Amrest Holdings NV* 1,200 31,818 ASML Holding NV 5,179 152,332 Ballast Nedam 600 13,565 Corio NV 587 40,484 European Aeronautic Defence and Space Co. NV 72,109 1,619,224 Fugro NV 146 8,432 Gamma Holding NV* 1,330 13,233 Heineken Holding NV 909 37,079 Heineken NV 5,583 257,393 ING Groep NV- CVA* 102,581 1,831,375 Koninklijke Ahold NV 6,774 81,483 Koninklijke DSM NV 20,986 876,771 Koninklijke KPN NV 18,159 301,206 Koninklijke Philips Electronics NV 29,373 715,240 Koninklijke Philips Electronics NV- NY Regs 9,200 224,112 New World Resources NV - Class A 27,200 266,169 OCE NV* 5,342 34,584
14 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ QIAGEN NV* 1,626 $ 34,502 Randstad Holdings NV* 1,461 63,102 Reed Elsevier NV 7,234 81,617 Royal Dutch Shell PLC - ADR 54,150 3,019,945 Royal Dutch Shell PLC - Class A 105,722 3,024,563 Royal Dutch Shell PLC - Class A 37,626 1,085,088 Royal Dutch Shell PLC - Class B 43,318 1,201,816 SBM Offshore NV 2,080 44,226 STMicroelectronics NV 66,198 623,755 TNT NV 7,921 212,584 Unilever NV 76,296 2,198,914 Wavin NV 25,288 54,953 Wolters Kluwer NV 1,718 36,692 X5 Retail Group NV - GDR* 2,700 65,610 ------------ TOTAL NETHERLANDS 18,785,780 ------------ NEW ZEALAND -- 0.1% Contact Energy, Ltd.* 18,804 78,220 Fletcher Building, Ltd. 19,041 114,824 Telecom Corp. of New Zealand, Ltd. 26,831 51,544 ------------ TOTAL NEW ZEALAND 244,588 ------------ NIGERIA -- 0.1% Access Bank PLC 272,500 11,184 African Petroleum PLC 61,333 12,688 Diamond Bank PLC 294,470 16,153 Ecobank Transnational, Inc. 262,889 20,263 Fidelity Bank PLC* 533,000 6,758 First Bank of Nigeria PLC 1,247,771 120,572 First City Monument Bank PLC* 279,500 11,191 Flour Mills Nigeria PLC* 77,990 11,965 Guaranty Trust Bank PLC 760,045 67,864 Guinness Nigeria PLC 45,800 44,012 Intercontinental Bank PLC* 386,600 9,778 Lafarge Cement WAPCO Nigeria PLC 142,000 30,797 Nestle Foods Nigeria PLC 26,500 36,783 Nigerian Breweries PLC 207,400 76,123 Oando PLC 42,240 24,665 Oceanic Bank International PLC* 399,300 8,634 PlatinumHabib Bank PLC 199,600 4,662 Skye Bank PLC 1,315,000 40,806 UAC of Nigeria PLC 99,400 24,543 Union Bank Nigeria PLC 214,200 10,220 United Bank For Africa PLC 859,562 80,478 Zenith Bank, Ltd. 401,100 37,474 ------------ TOTAL NIGERIA 707,613 ------------ NORWAY -- 0.4% Blom ASA* 500 1,298 DnB NOR ASA* 20,599 238,582 Marine Harvest* 90,000 65,333 Norsk Hydro ASA* 35,153 233,944 Norske Skogindustrier ASA* 43,853 86,475 Orkla ASA 35,778 337,271 Sparebank 1 SMN 480 4,030 StatoilHydro ASA 15,189 341,589 Storebrand ASA* 24,500 149,517 Telenor ASA* 15,490 179,408 Veidekke ASA 200 1,496
SHARES VALUE ----------- ------------ Yara International ASA 1,713 $ 53,916 ------------ TOTAL NORWAY 1,692,859 ------------ OMAN -- 0.1% Bank Dhofar SAOG 27,170 43,043 Bank Muscat SAOG 47,300 111,908 Dhofar International Development & Investment Holding Co. SAOG 8,500 9,360 National Bank of Oman, Ltd. 48,170 41,408 Oman Cables Industry 12,100 50,971 Oman Cement Co. 25,000 47,202 Oman Flour Mills 34,000 51,391 Oman International Bank 75,900 61,304 Oman National Investment Corp. Holdings* 16,900 22,647 Oman Oil Marketing Co. 13,300 28,531 Oman Telecommunications Co. 23,500 85,443 Renaissance Services Co. SAOG 35,992 62,627 ------------ TOTAL OMAN 615,835 ------------ PAKISTAN -- 0.2% Engro Chemical Pakistan, Ltd. 23,900 51,979 Fauji Fertilizer Co., Ltd. 31,350 38,735 HUB Power Co. 151,500 57,186 Jahangir Siddiqui & Co., Ltd.* 142,300 65,571 Lucky Cement, Ltd. 51,000 45,959 MCB Bank Ltd. 45,000 119,632 National Bank Of Pakistan 51,480 51,672 Nishat Mills, Ltd. 121,000 96,774 Oil & Gas Development Co., Ltd. 64,900 83,802 Pakistan Petroleum, Ltd. 25,920 58,906 Pakistan State Oil Co., Ltd. 11,700 44,052 Pakistan Telecommunication Co., Ltd. 135,000 32,451 United Bank, Ltd. 90,000 64,632 ------------ TOTAL PAKISTAN 811,351 ------------ PERU -- 0.3% Alicorp SA(1) 102,800 76,710 Austral Group SA* 425,900 62,083 Banco Continental 23,671 101,873 Cia de Minas Buenaventura SA - ADR 6,700 235,907 Cia Minera Milpo SA* 26,522 67,932 Corp Aceros Arequipa SA(1) 24,049 17,946 Credicorp, Ltd. 1,900 146,490 Ferreyros SA(1) 120,093 120,875 Minsur SA 35,553 99,949 Sociedad Minera Cerro Verde SA 1,400 33,600 Sociedad Minera el Brocal SA 5,700 80,121 Southern Copper Corp. 10,158 311,749 ------------ TOTAL PERU 1,355,235 ------------ PHILIPPINES -- 0.3% Aboitiz Equity Ventures, Inc.(1) 1,086,900 165,169 Atlas Consolidated Mining & Development* 330,000 60,595 Ayala Land, Inc. 285,100 69,199 Banco De Oro Unibank, Inc. 52,400 38,155 Bank of the Philippine Islands 55,580 52,788 Energy Development Corp. 587,000 58,229
15 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ International Container Term Services, Inc. 80,800 $ 37,518 Jollibee Foods Corp. 47,600 49,730 Manila Electric Co. 66,110 237,204 Metropolitan Bank & Trust 88,500 71,913 Philex Mining Corp.* 338,750 62,202 Philippine Long Distance Telephone Co. 3,200 162,769 San Miguel Corp. - Class B 125,900 176,706 SM Prime Holdings, Inc. 287,400 63,692 Union Bank of Philippines 90,700 57,429 ------------ TOTAL PHILIPPINES 1,363,298 ------------ POLAND -- 0.8% Agora SA* 8,600 65,831 Asseco Poland SA 6,260 134,793 Bank Handlowy W Warszawie SA* 1,500 33,135 Bank Millennium SA* 22,000 34,877 Bank Pekao SA* 4,712 249,547 Bank Zachodni WBK SA* 1,500 78,394 BRE Bank SA* 650 54,376 Budimex SA 950 26,778 Cersanit-Krasnystaw SA* 9,300 52,201 ComArch SA* 400 9,616 Cyfrowy Polsat SA 13,930 72,220 Dom Development SA 1,800 28,536 Eurocash SA 11,800 57,559 Galp Energia SGPS SA B Shares 224 3,874 Getin Holding SA* 18,000 57,071 Globe Trade Centre SA* 8,100 68,015 Grupa Kety SA* 450 16,149 Grupa Lotos SA* 2,600 22,185 ING Bank Slaski SA* 200 44,598 KGHM Polaksa Miedz SA 28,534 858,973 LPP SA* 90 47,821 Mostalzab SA* 17,000 26,062 Mostostal-Warszawa SA* 2,300 61,665 Multimedia Polska SA* 19,300 55,141 Netia SA* 21,500 30,039 Orbis SA* 2,900 49,005 PBG SA* 1,090 79,753 Polimex Mostostal SA 51,700 70,252 Polish Energy Partners SA* 4,100 48,270 Polnord SA* 1,000 12,832 Polska Grupa Farmaceutyczna SA* 1,200 19,651 Polski Koncern Miesny Duda SA* 19,100 9,916 Polski Koncern Naftowy Orlen* 17,850 185,024 Polskie Gornictwo Naftowe I Gazownictwo SA 50,940 63,895 Powszechna Kasa Oszczednosci Bank Polski SA 39,911 466,539 Przedsiebiorstwo Eksportu I Importu Kopex SA* 3,300 25,157 Synthos SA* 99,800 41,727 Telekomunikacja Polska SA 46,720 257,195 TVN SA 25,250 124,486 Vistula Group SA* 12,900 12,135
SHARES VALUE ----------- ------------ Zaklad Przetworstwa Hutniczego Stalprodukt SA 250 $ 47,429 ------------ TOTAL POLAND 3,702,722 ------------ PORTUGAL -- 0.1% Banco Comercial Portugues SA - Class R 320,855 474,690 Banco Espirito Santo SA 5,165 36,658 Cimpor Cimentos de Portugal SGPS SA 4,175 34,488 EDP - Energias de Portugal SA 13,515 61,903 Portugal Telecom SGPS SA 3,327 35,224 ------------ TOTAL PORTUGAL 642,963 ------------ QATAR -- 0.3% Barwa Real Estate Co.* 4,856 47,074 Commercial Bank of Qatar 3,008 66,002 Doha Bank QSC 5,658 79,399 First Finance Co. 3,938 24,657 Industries Qatar 8,430 263,915 Masraf Al Rayan 25,900 89,619 Qatar Electricity & Water Co. 2,230 62,281 Qatar Fuel Co. 1,900 88,128 Qatar Gas Transport Co. Nakilat* 10,800 76,520 Qatar Insurance Co. 1,715 32,215 Qatar International Islamic Bank 1,680 21,638 Qatar Islamic Bank 4,370 108,008 Qatar National Bank 3,255 134,709 Qatar Navigation 2,253 42,011 Qatar Real Estate Investment Co. 3,864 28,332 Qatar Shipping Co. 3,740 34,510 Qatar Telecom Q-Tel QSC 1,673 68,870 ------------ TOTAL QATAR 1,267,888 ------------ ROMANIA -- 0.2% Antibiotice 128,000 32,206 Banca Transilvania 410,345 227,859 Biofarm Bucuresti* 1,024,687 77,881 BRD-Groupe Societe Generale 93,400 405,185 Rompetrol Rafinare SA* 950,800 18,644 SNP Petrom SA* 1,768,000 162,601 Transelectrica SA* 6,650 30,003 ------------ TOTAL ROMANIA 954,379 ------------ RUSSIA -- 2.2% AvtoVAZ* 92,900 45,696 CTC Media, Inc.* 4,400 69,168 Evraz Group SA - GDR* 1,400 36,470 Fifth Power Generation Co., OGK-5* 321,200 17,024 Gazprom OAO - ADR (London Exchange) 55,100 1,281,075 Gazprom OAO - ADR (New York Exchange) 47,620 1,125,737 Irkutsk Elek Net* 82,604 4,622 Irkutskenergo OJSC* 79,800 35,112 JSC Gazprom Neft 8,500 34,935 KAMAZ* 31,400 72,711 LUKOIL - ADR (London Exchange) 10,700 579,940 LUKOIL - ADR (New York Exchange) 15,556 853,247 Magnit OAO 1,600 95,200
16 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Mechel - Sponsored ADR 3,984 $ 71,632 Miikhaylovsky Gok CNV 56,000 50 Mining & Metallurgical Co., Norilsk Nickel - ADR* 50,172 627,150 Mining & Metallurgical Co., Norilsk Nickel - ADR* 10,000 124,100 Mobile Telesystems OJSC 25,700 173,475 Mobile Telesystems OJSC - ADR 6,481 312,838 NovaTek OAO - GDR 900 36,900 Novolipetsk Steel - GDR*(1) 12,754 324,589 Polyus Gold Co. - ADR 2,400 54,840 RAO Unified Energy System - GDR* 1,300 130,000 Rosneft Oil Co. - GDR 120,888 909,078 Rostelecom - ADR 1,866 54,786 Sberbank of Russian Federation 700,271 1,393,539 Severstal(1) 4,300 34,152 Severstal - GDR Reg S(1) 1,503 11,937 Severstal RegS GDR 2,200 16,962 Sistema JSFC - GDR* 3,500 51,100 Surgutneftegaz - ADR 10,000 36,500 Surgutneftegaz - ADR (London Exchnage) 5,500 48,125 Surgutneftegaz - ADR (New York Exchange) 32,000 273,920 Tatneft - ADR* 6,638 168,472 Tatneft - GDR 4,000 99,000 TGK-2* 665,824 153 TMK OAO - GDR 1,300 20,306 Unified Energy System - GDR* 3,400 341,700 Vimpel-Communications - ADR* 25,954 485,340 Vsmpo-Avisma Corp. 200 14,800 VTB Bank OJSC Registered Shares 5,450 20,383 Wimm-Bill-Dann Foods OJSC - ADR* 1,800 128,718 ------------ TOTAL RUSSIA 10,215,482 ------------ SAUDI ARABIA -- 0.1% The Saudi Arabia Investment Fund, Ltd. 13,047 541,842 ------------ TOTAL SAUDI ARABIA 541,842 ------------ SINGAPORE -- 1.0% CapitaLand, Ltd. 129,000 340,667 CapitaMall Trust 25,000 32,833 Chemoil Energy, Ltd. 42,000 23,520 City Developments, Ltd. 8,000 58,609 ComfortDelgro Corp., Ltd. 33,000 37,717 DBS Group Holdings, Ltd. 20,000 188,549 Fortune Real Estate Investment Trust 45,000 14,981 Fraser & Neave, Ltd. 49,000 138,097 Golden Agri-Resources, Ltd.* 1,040,520 317,626 GuocoLeisure, Ltd. 11,000 5,544 Hi-P International, Ltd. 126,000 63,955 Jardine Cycle & Carriage, Ltd. 68,251 1,177,368 K1 Ventures, Ltd. 373,000 50,311 Keppel Corp., Ltd. 13,000 74,752 Macquarie International Infrastructure Fund, Ltd. 464,000 110,347
SHARES VALUE ----------- ------------ Neptune Orient Lines, Ltd. 59,500 $ 75,185 Oversea-Chinese Banking Corp., Ltd. 66,029 367,961 SembCorp Industries, Ltd. 51,000 122,734 Singapore Airlines, Ltd. 32,000 313,037 Singapore Airport Terminal Services, Ltd. 22,630 36,307 Singapore Exchange, Ltd. 10,000 59,774 Singapore Press Holdings, Ltd. 41,000 112,349 Singapore Telecommunications, Ltd. 146,000 336,847 United Overseas Bank, Ltd. 10,000 119,121 United Overseas Land Group, Ltd. 73,000 178,270 UOB-Kay Hian Holdings, Ltd. 10,000 10,719 Venture Corp., Ltd. 22,000 140,404 Wilmar International, Ltd 30,000 134,597 ------------ TOTAL SINGAPORE 4,642,181 ------------ SLOVENIA -- 0.1% Gorenje Velenje* 2,600 43,374 Krka dd Novo mesto 2,670 281,433 Luka Koper* 1,120 39,646 Mercator Poslovni Sistem 300 78,288 Nova Kreditna Banka Maribor 4,800 84,360 Petrol 110 52,146 SAVA 100 33,711 Telekom Slovenije DD 400 87,913 ------------ TOTAL SLOVENIA 700,871 ------------ SOUTH AFRICA -- 1.6% ABSA Group, Ltd. 4,900 78,275 Adcorp Holdings, Ltd. 10,600 38,861 Aeci, Ltd. 3,000 23,482 African Bank Investments, Ltd. 11,480 45,083 African Rainbow Minerals, Ltd. 2,100 41,933 Allied Electronics Corp., Ltd. 4,900 17,612 Anglo Platinum, Ltd.* 1,205 106,993 AngloGold Ashanti, Ltd. 3,200 128,435 ArcelorMittal South Africa, Ltd. 2,610 41,693 Aspen Pharmacare Holdings, Ltd.* 25,203 207,509 Astral Foods, Ltd. 1,200 16,612 Aveng, Ltd. 48,647 280,083 AVI, Ltd. 12,300 31,110 Barloworld, Ltd. 7,400 48,269 Bidvest Group, Ltd. 13,487 212,844 DataTec, Ltd. 18,700 60,317 Discovery Holdings, Ltd. 7,999 31,093 Eqstra Holdings, Ltd.* 9,300 9,025 Exxaro Resources, Ltd. 3,700 44,329 FirstRand, Ltd. 69,081 151,827 Foschini, Ltd. 23,456 193,593 Fountainhead Property Trust 18,100 15,011 Gold Fields, Ltd. 10,200 137,820 Grindrod, Ltd. 12,600 26,669 Group Five, Ltd. 4,500 26,328 Growthpoint Properties, Ltd. 36,400 65,415 Harmony Gold Mining Co., Ltd. 4,800 51,118 Impala Platinum Holdings, Ltd. 21,479 500,376 Imperial Holdings, Ltd. 5,000 53,135 Investec, Ltd. 7,000 53,236 JD Group, Ltd. 22,455 133,319
17 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ JSE, Ltd. 2,600 $ 21,459 Kumba Iron Ore, Ltd. 1,400 46,219 Liberty Holdings, Ltd. 2,800 25,346 Massmart Holdings, Ltd. 5,100 59,826 Medi-Clinic Corp, Ltd. 17,600 52,247 Mondi, Ltd. 6,100 31,669 MTN Group, Ltd. 68,828 1,119,188 Murray & Roberts Holdings, Ltd. 11,000 86,908 Nampak, Ltd. 11,100 25,120 Naspers, Ltd. 9,726 332,318 Nedbank Group, Ltd. 6,300 100,220 Netcare, Ltd.* 31,200 43,070 Northam Platinum, Ltd. 8,000 35,144 Pick'n Pay Stores, Ltd. 11,500 61,082 Pretoria Portland Cement Co., Ltd. 4,421 19,951 Raubex Group, Ltd. 10,200 34,693 Remgro, Ltd. 7,500 88,458 Reunert, Ltd. 6,700 49,947 RMB Holdings, Ltd. 18,000 65,463 SA Corporate Real Estate Fund 99,600 32,219 Sanlam, Ltd. 138,712 378,725 Sappi, Ltd. 13,300 50,105 Sasol, Ltd. 14,210 534,199 Shoprite Holdings, Ltd. 38,188 315,183 Standard Bank Group, Ltd. 45,073 582,913 Steinhoff International Holdings, Ltd. 29,000 63,698 Sun International, Ltd.* 4,500 52,596 Telkom SA, Ltd. 22,958 132,088 The Spar Group, Ltd. 7,200 62,013 Tiger Brands, Ltd. 3,800 76,132 Tongaat Hulett, Ltd. 11,831 148,045 Truworths International, Ltd. 11,700 66,194 Wilson Bayly Holmes-Ovcon, Ltd. 2,800 47,036 Woolworths Holdings, Ltd. 30,600 65,787 ------------ TOTAL SOUTH AFRICA 7,776,666 ------------ SOUTH KOREA -- 3.4% Amorepacific Corp. 70 50,142 Busan Bank 25,245 280,679 Cheil Industries, Inc. 890 38,599 CJ Corp. 630 29,729 Daegu Bank 14,820 212,568 Daelim Industrial Co.,Ltd. 5,247 321,967 Daewoo Engineering & Construction Co., Ltd. 4,364 51,853 Daewoo International Corp. 1,339 40,002 Daewoo Shipbuilding & Marine Engineering Co., Ltd. 870 12,700 Daishin Securities Co., Ltd. 4,590 63,109 Dong-A Pharmaceutical Co., Ltd. 510 42,505 Dongkuk Steel Mill Co., Ltd. 1,010 23,402 Doosan Heavy Industries and Construction Co., Ltd. 485 27,744 Doosan Infracore Co., Ltd. 2,200 31,835 GS Engineering & Construction Corp. 690 53,994 GS Holdings Corp. 1,920 53,204 GwangjuShinsegae Co., Ltd. 200 20,369 Hana Financial Group, Inc. 12,350 425,555 Hanjin Shipping Co., Ltd. 1,570 27,383
SHARES VALUE ----------- ------------ Hankuk Electric Glass Co., Ltd. 690 $ 15,987 Hanmi Pharm Co., Ltd. 315 32,081 Hanwha Chem Corp. 18,480 200,759 Hanwha Corp. 1,980 72,344 Hite Brewery Co., Ltd. 170 24,239 Honam Petrochemical Corp. 750 56,461 Hynix Semiconductor, Inc.* 15,540 261,143 Hyosung Corp. 3,210 184,440 Hyundai Department Store Co., Ltd. 430 40,144 Hyundai Development Co. 700 25,428 Hyundai Engineering & Construction Co., Ltd. 1,210 65,725 Hyundai Heavy Industries 815 124,507 Hyundai Merchant Marine Co., Ltd. 2,080 49,164 Hyundai Mipo Dockyard Co., Ltd. 370 39,096 Hyundai Mobis 700 98,324 Hyundai Motor Co. 7,047 666,871 Hyundai Securities Co. 4,630 64,445 Hyundai Steel Co. 750 48,504 Industrial Bank of Korea* 22,070 270,665 KB Financial Group, Inc.* 4,948 254,054 KB Financial Group, Inc. - ADR* 1,293 66,551 KCC Corp. 120 36,053 Kia Motors Corp.* 15,370 242,633 Kolon Industries, Inc. 2,130 75,745 Korea Electric Power Corp.* 5,000 151,920 Korea Exchange Bank 27,040 317,848 Korea Express Co., Ltd.* 266 15,645 Korea Gas Corp. 400 18,095 Korea Line Corp. 330 14,116 Korea Zinc Co., Ltd. 1,910 284,494 Korean Air Lines Co., Ltd.* 4,650 189,433 Korean Reinsurance Co. 25,720 258,673 KT Corp. 3,832 131,548 KT&G Corp. 2,083 126,226 LG Chem, Ltd. 1,227 228,061 LG Corp. 14,119 946,659 LG Display Co., Ltd. 48,550 1,396,856 LG Electronics, Inc. 5,552 591,365 LG Hausys, Ltd.* 71 7,653 LG Household & Health Care, Ltd. 300 67,218 LG Telecom, Ltd. 5,860 42,324 Lotte Shopping Co., Ltd. 1,046 281,863 Macquarie Korea Infrastructure Fund 5,769 25,069 Mirae Asset Securities Co., Ltd. 388 23,183 NHN Corp.* 523 77,013 OCI Co., Ltd. 270 60,497 POSCO 1,593 658,426 POSCO - ADR 5,492 570,838 S-Oil Corp. 740 39,128 Samsung C&T Corp. 1,000 46,170 Samsung Card Co. 1,000 44,812 Samsung Electro-Mechanics Co., Ltd. 1,070 92,175 Samsung Electronics Co., Ltd. 3,753 2,595,964 Samsung Engineering Co., Ltd. 1,030 90,915
18 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Samsung Fire & Marine Insurance Co., Ltd. 780 $ 159,542 Samsung Heavy Industries Co., Ltd. 6,280 136,446 Samsung SDI Co., Ltd. 851 107,616 Samsung Securities Co., Ltd. 540 31,486 Shinhan Financial Group Co., Ltd.* 6,650 265,266 Shinsegae Co., Ltd. 150 75,748 SK Energy Co., Ltd. 800 85,551 SK Holdings Co., Ltd. 320 30,554 SK Telecom Co., Ltd. 2,162 334,874 STX Engine Co., Ltd. 4,980 90,661 STX Offshore & Shipbuilding Co., Ltd. 1,560 19,264 Tong Yang Securities, Inc. 5,400 60,038 Woongjin Coway Co., Ltd. 1,510 48,507 Woori Finance Holdings Co., Ltd.* 27,300 369,561 Woori Investment & Securities Co., Ltd. 1,600 22,746 ------------ TOTAL SOUTH KOREA 16,054,749 ------------ SPAIN -- 3.1% Abertis Infraestructuras SA 1,551 35,203 Acciona SA 893 121,531 Acerinox SA 4,883 104,969 Banco Bilbao Vizcaya Argentaria SA 124,484 2,209,657 Banco de Sabadell SA 42,535 314,643 Banco Popular Espanol SA 83,090 832,894 Banco Santander Central Hispano SA - ADR 201,993 3,262,187 Banco Santander SA 122,779 1,976,365 Bankinter SA 3,053 38,533 Criteria Caixacorp SA 25,583 131,404 Enagas 1,592 33,268 Fomento de Construcciones y Contratas SA 1,476 69,117 Gas Natural SDG SA 1,663 36,747 Grifols SA 5,291 100,770 Grupo Ferrovial SA 367 17,556 Iberdrola Renovables SA 30,487 149,901 Iberdrola SA 40,734 399,674 Indra Sistemas SA 1,348 33,613 Industria de Diseno Textil SA 2,155 123,650 Red Electrica Corporacion SA 658 33,672 Repsol YPF SA 8,512 231,559 Repsol YPF SA - ADR 36,595 993,920 Sacyr Vallehermoso SA 1,408 26,651 Telefonica SA 114,920 3,170,828 ------------ TOTAL SPAIN 14,448,312 ------------ SWEDEN -- 1.5% Acando AB 14,300 29,333 Alfa Laval AB 12,012 140,946 Assa Abloy AB 2,256 36,665 Atlas Copco AB - Class A 6,294 81,075 Autoliv, Inc. 238 8,006 Bankas Snoras AB* 30,780 16,567 Boliden AB 2,644 28,407 Bure Equity AB* 23,181 127,354 Electrolux AB - Series B* 45,745 1,046,616
SHARES VALUE ----------- ------------ Getinge AB - Class B 4,795 $ 80,474 Hennes & Mauritz AB - Class B 4,093 229,856 Holmen AB - Class B 2,300 63,345 Investor AB - Class B 1,902 34,718 Micronic Laser Systems AB* 24,945 45,264 Millicom International Cellular SA* 487 35,557 Nordea Bank AB 68,194 686,699 Sandvik AB 13,504 149,155 Scania AB - Class B 2,786 34,569 Securitas AB - Class B 12,883 124,370 Skandinaviska Enskilda Banken AB* 26,259 177,035 Skanska AB - Class B 27,677 406,142 SKF AB - Class B 8,012 125,846 SSAB AB - Class A 7,033 108,955 SSAB AB B Shares 1,865 26,351 Svenska Cellulosa AB - Class B 28,322 383,918 Svenska Handelsbanken AB - Class A 14,485 369,847 Swedbank AB (ForeningsSparbanken AB) - Class A* 22,067 210,498 Swedish Match AB 18,076 363,006 Tele2 AB - Class B 10,517 139,546 Telefonaktiebolaget LM Ericsson - ADR 34,600 346,692 Telefonaktiebolaget LM Ericsson - Class B 50,591 507,989 TeliaSonera AB 43,911 288,484 Volvo AB - Class A 18,991 170,259 Volvo AB - Class B 44,517 411,878 ------------ TOTAL SWEDEN 7,035,422 ------------ SWITZERLAND -- 4.6% ABB, Ltd.* 66,972 1,344,222 Actelion, Ltd.* 1,091 67,747 Adecco SA 12,227 650,109 Advanced Digital Broadcast Holdings SA* 421 22,710 Aryzta AG* 911 36,922 Baloise Holding AG 6,297 601,566 Banque Cantonale Vaudoise 90 37,084 Bossard Holding AG 182 10,977 Charles Voegele Holding AG* 1,600 70,250 Coltene Holding AG 796 39,750 Compagnie Financiere Richemont SA 32,453 916,939 Credit Suisse Group - ADR 24,400 1,357,860 Credit Suisse Group AG 20,198 1,120,703 Emmi AG 100 12,216 Flughafen Zuerich AG 221 64,404 Geberit AG 2,502 384,366 Givaudan SA 410 307,411 Holcim, Ltd.* 12,917 886,229 Julius Baer Holding AG 868 43,346 Kardex AG* 893 30,591 Lonza Group AG 1,094 119,292 Nestle SA 103,293 4,401,639 Nobel Biocare Holding AG 902 29,855 Novartis AG 28,717 1,436,820 Roche Holding AG - Genusschein 13,828 2,235,057
19 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Schindler Holding AG 1,958 $ 137,927 Schindler Holding AG 4,279 293,373 Swatch Group AG 1,072 252,509 Swiss Life Holding AG* 991 117,241 Swiss Reinsurance 8,556 386,229 Swisscom AG 282 100,889 Swisslog Holding AG Registered Shares 70,393 63,852 Syngenta AG 271 62,265 Synthes, Inc. 4,218 508,374 The Swatch Group AG 1,418 64,448 UBS AG* 72,213 1,321,896 Walter Meire AG 12 1,032 Zurich Financial Services AG 8,260 1,964,769 ------------ TOTAL SWITZERLAND 21,502,869 ------------ TAIWAN -- 2.5% Acer, Inc. 34,855 88,905 Advanced Semiconductor Engineering, Inc. 64,961 53,447 Asia Cement Corp. 38,213 42,792 Asia Optical Co., Inc. 11,221 20,070 Asustek Computer, Inc. 42,084 72,261 AU Optronics Corp. 142,099 138,129 AU Optronics Corp. ADR 3,506 33,938 Capital Securities Corp.* 79,200 41,142 Catcher Technology Co., Ltd. 9,438 25,072 Cathay Financial Holding Co., Ltd.* 355,000 589,679 Cathay Real Estate Development Co., Ltd.* 84,000 34,882 Chang Hwa Commercial Bank 67,000 30,741 Cheng Shin Rubber Industry Co., Ltd. 104,940 221,971 Chicony Electronics Co., Ltd. 57,000 128,901 China Airlines* 80,005 26,753 China Development Financial Holding Corp.* 188,979 50,260 China Motor Corp.* 73,000 48,821 China Steel Corp. 234,675 218,265 Chinatrust Financial Holding Co., Ltd. 157,861 102,383 Chunghwa Picture Tubes, Ltd.* 166,000 19,105 Chunghwa Telecom Co., Ltd. 118,559 213,530 Chunghwa Telecom Co., Ltd. - ADR 1,663 30,001 Compal Electronics, Inc. 184,921 215,419 D-Link Corp. 36,047 31,956 Delta Electronics, Inc. 22,889 65,146 E.Sun Financial Holding Co., Ltd.* 106,049 44,204 Epistar Corp. 10,099 36,440 Far Eastern Department Stores Co., Ltd. 43,260 42,926 Far EasTone Telecommunications Co., Ltd. 36,000 42,105 First Financial Holding Co., Ltd. 76,760 47,874 First Steamship Co., Ltd. 22,824 27,405 Formosa Chemicals & Fibre Corp. 66,950 128,702 Formosa Petrochemical Corp. 33,990 89,024 Formosa Plastics Corp. 77,040 156,965
SHARES VALUE ----------- ------------ Fubon Financial Holding Co., Ltd.* 163,000 $ 184,052 Gemtek Technology Corp. 1,376 2,380 HannStar Display Corp.* 144,049 31,635 High Tech Computer Corp. 7,770 85,318 HON HAI Precision Industry Co., Ltd. 254,707 1,022,063 Hotai Motor Co., Ltd. 20,000 48,837 Hua Nan Financial Holdings Co., Ltd. 70,390 44,229 Huaku Construction Co., Ltd. 48,000 121,687 Innolux Display Corp. 37,389 47,568 KGI Securities Co., Ltd. 101,000 54,352 KGI Securities Co., Ltd. GDR 144A* 11,721 100,097 Lien Hwa Industrial Corp. 72,919 33,910 Lite-On Technology Corp. 164,208 215,297 MediaTek, Inc. 44,138 735,910 Mega Financial Holding Co., Ltd. 690,000 436,777 Motech Industries, Inc. 11,513 31,445 Nan Kang Rubber Tire Co., Ltd.* 46,800 50,297 Nan Ya Plastics Corp. 93,730 153,359 Nanya Technology Corp.* 31,220 19,908 Novatek Microelectronics Corp., Ltd. 10,145 23,985 POU Chen Corp. 45,253 29,279 Powerchip Semiconductor Corp.* 107,000 9,852 Powertech Technology, Inc. 35 105 President Chain Store Corp. 16,576 40,630 ProMos Technologies, Inc.* 114,000 5,567 Qisda Corp.* 69,120 38,486 Quanta Computer, Inc. 40,572 85,187 Realtek Semiconductor Corp. 8,654 20,189 Shin Kong Financial Holding Co., Ltd.* 70,705 28,152 Shin Zu Shing Co., Ltd. 15,000 83,753 Siliconware Precision Industries Co. 261,000 368,589 Simplo Technology Co., Ltd. 36,300 206,070 Sincere Navigation 90,000 100,924 Sino-American Silicon Products, Inc. 11,742 28,160 SinoPac Financial Holdings Co., Ltd.* 121,000 49,683 Synnex Technology International Corp. 21,780 46,408 Tainan Spinning Co., Ltd.* 108,000 40,985 Taishin Financial Holdings Co., Ltd.* 82,000 35,710 Taiwan Cement Corp. 56,560 63,513 Taiwan Cooperative Bank 80,500 49,580 Taiwan Fertilizer Co., Ltd. 16,000 57,235 Taiwan Kolin Co., Ltd.* 141,000 -- Taiwan Mobile Co., Ltd. 156,527 289,703 Taiwan Semiconductor Manufacturing Co., Ltd. 651,697 1,307,529 Taiwan Semiconductor Manufacturing Co., Ltd. - ADR 19,122 209,577 Tatung Co., Ltd.* 102,000 23,257
20 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Tripod Technology Corp. 82,271 $ 210,872 Tung Ho Steel Enterprise Corp. 161,683 171,501 Uni-President Enterprises Corp. 295,400 348,253 Unimicron Technology Corp. 37,370 45,451 United Microelectronics Corp.* 570,000 279,255 United Microelectronics Corp. ADR* 6,369 24,202 Walsin Lihwa Corp.* 120,000 41,247 Winbond Electronics Corp.* 184,000 37,317 Wintek Corp.* 58,000 42,398 Wistron Corp. 175,301 326,086 WPG Holdings Co., Ltd. 138,000 195,315 Yang Ming Marine Transport Corp. 83,598 32,895 Yuanta Financial Holding Co., Ltd. 222,000 164,352 Yulon Motor Co., Ltd. 43,640 50,159 Zinwell Corp. 22,435 45,920 ------------ TOTAL TAIWAN 11,835,666 ------------ THAILAND -- 0.8% Advanced Info Service PCL 79,400 223,988 Advanced Info Service PCL - For Reg 62,800 177,160 Airports of Thailand PCL 56,200 71,070 Bangkok Bank PCL 56,400 207,639 Bangkok Dusit Medical Service PCL 20,600 15,877 Bangkok Expressway PCL 50,500 27,963 Banpu PCL 15,600 199,844 BEC World PCL 76,100 51,477 Bumrungrad Hospital PCL 54,000 46,872 Calcomp Electronics Thailand PCL 211,500 22,030 Central Pattana PCL 44,600 31,104 Charoen Pokphand Foods PCL 382,800 91,088 CP ALL (Seven Eleven) PCL 203,400 122,369 Delta Electronics Thai PCL 52,900 28,026 Electricity Generating PCL 15,300 35,147 Glow Energy PCL 53,700 52,639 Hana Microelectronics PCL 230,900 132,002 IRPC PCL (Thai Petrochemical Industry PCL) 624,900 81,175 Kasikornbank PCL 58,900 155,139 Kasikornbank PCL 100 247 Khon Kaen Sugar Industry PCL 127,100 52,879 Krung Thai Bank PCL 345,500 93,588 Major Cineplex Group PCL 98,300 24,715 Minor International PCL 117,450 43,591 PTT Aromatics & Refining PCL 59,778 43,657 PTT Chemical PCL 28,200 61,827 PTT Exploration & Production PCL 31,800 137,537 PTT Exploration & Production PCL - For Reg 21,400 92,556 PTT PCL 62,900 493,260 Quality House PCL 838,700 60,248 Ratchaburi Electricity Generating Holding PCL 46,000 51,631 Siam Cement PCL 12,000 79,737 Siam City Bank PCL 63,100 43,250 Siam City Cement PCL 4,600 32,356 Siam Commercial Bank PCL 22,000 55,971
SHARES VALUE ----------- ------------ Siam Commercial Bank PCL - For Reg 33,300 $ 84,720 Siam Makro PCL 18,000 39,868 Sino Thai Engineering & Construction PCL* 180,500 35,657 Thai Airways International PCL* 46,000 30,703 Thai Beverage PCL 344,000 61,051 Thai Oil PCL 53,300 72,189 Thai Union Frozen Products PCL 48,300 37,226 Thanachart Capital PCL 120,600 62,809 Thoresen Thai Agencies PCL 8,760 6,817 TMB Bank PCL* 546,200 19,455 Total Access Communication PCL 65,000 78,650 ------------ TOTAL THAILAND 3,668,804 ------------ TURKEY -- 1.0% Adana Cimento - Class A 4,735 19,304 Akbank TAS 33,677 195,163 Akcansa Cimento AS 4,900 19,811 Akenerji Electrik Uretim AS 7,800 73,059 Aksigorta AS 19,400 69,286 Alarko Holding AS 12,928 35,543 Anadolu Efes Biracilik ve Malt Sanayii AS 19,263 210,284 Anadolu Efes Biracilik ve Malt Sanayii AS - ADR 3 7 Arcelik AS* 31,020 89,883 Asya Katilim Bankasi AS* 84,198 175,885 Aygaz AS 11,368 44,430 Bim Birlesik Magazalar AS 4,050 165,111 Cimsa Cimento Sanayi ve Tica 4,400 19,421 Dogan Sirketler Grubu Holding AS 127,008 95,855 Dogan Yayin Holding* 36,433 26,515 Dogus Otomotiv Servis ve Ticaret AS* 6,500 22,338 Eczacibasi Ilac Sanayi 19,500 20,893 Enka Insaat ve Sanayi AS 29,521 125,325 Eregli Demir ve Celik Fabrikalari TAS* 44,554 192,145 Ford Otomotiv Sanayi AS 9,100 57,028 Haci Omer Sabinci Holding AS 20,478 79,346 Hurriyet Gazetecilik AS* 14,173 12,797 Ihlas Holding* 53,700 18,817 Is Gayrimenkul Yatirim Ortakligi AS 18,400 20,334 Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS* 68,862 29,234 KOC Holding AS* 75,215 197,669 Koza Anadolu Metal Madencilik AS* 21,000 46,981 Petkim Petrokimya Holding AS* 16,620 83,996 Petrol Ofisi AS* 6,495 31,730 Sekerbank TAS* 23,875 40,221 Tofas Turk Otomobil Fabrikasi AS 46,810 131,850 Trakya Cam Sanayi AS* 27,861 34,169 Tupras-Turkiye Petrol Rafine 11,946 198,027 Turcas Petrolculuk AS 9,100 27,349 Turk Hava Yollari Anonim Ortakligi 84,512 219,822
21 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Turk Sise ve Cam Fabrikalari AS* 1 $ 1 Turk Telekomunikasyon AS 30,747 92,407 Turkcell Iletisim Hizmet AS 37,209 265,778 Turkiye Garanti Bankasi AS 111,267 419,876 Turkiye Halk Bankasi AS 50,722 300,777 Turkiye Is Bankasi 42,871 167,555 Turkiye Sinai Kalkinma Bankasi AS* 28,950 28,677 Turkiye Vakiflar Bankasi Tao* 264,112 605,109 Ulker Biskuvi Sanayi AS 8,022 19,352 Yapi ve Kredi Bankasi AS* 38,179 83,355 Yazicilar Holding AS 13,300 80,660 ------------ TOTAL TURKEY 4,893,175 ------------ UKRAINE -- 0.0% UkrTelecom - GDR*(1) 75,799 155,289 ------------ TOTAL UKRAINE 155,289 ------------ UNITED ARAB EMIRATES -- 0.3% Aabar Investments PJSC* 76,000 53,797 Abu Dhabi Commercial Bank 60,000 40,348 Abu Dhabi National Hotels 86,800 106,106 Air Arabia 591,400 183,552 Aldar Properties PJSC 61,000 99,811 Amlak Finance PJSC* 50,900 15,188 Dana Gas PJSC* 427,000 138,340 DP World, Ltd. 343,400 192,304 Dubai Financial Market 34,800 22,549 Dubai Investments PJSC 132,732 50,591 Dubai Islamic Bank PJSC 62,427 53,537 Emaar Properties PJSC* 193,400 213,248 Emirates NBD PJSC 52,030 62,327 First Gulf Bank PJSC 9,400 42,610 Gulf Cement Co. 65,000 42,295 National Bank of Abu Dhabi PJSC 34,200 127,562 RAK Properties 150,000 33,896 Tabreed* 185,260 50,942 Union National Bank/Abu Dhabi 39,600 46,898 Union Properties PJSC* 65,340 17,967 ------------ TOTAL UNITED ARAB EMIRATES 1,593,868 ------------ UNITED KINGDOM -- 10.1% Amlin PLC 24,016 147,193 Anglo American PLC* 4,036 128,236 Anglo American PLC (London Exchange)* 14,402 458,723 Anite PLC 15,823 8,977 Antofagasta PLC (Johannesburg Exchange) 46,769 567,683 Associated British Foods PLC 14,427 195,290 AstraZeneca PLC 50,611 2,267,999 Aviva PLC 117,423 840,907 Avocet Mining PLC* 3,530 4,217 BAE Systems PLC 150,165 838,036 Barclays PLC* 165,252 977,166 BG Group PLC 8,608 149,538 BHP Billiton PLC 53,277 1,454,278 BP PLC 379,650 3,355,278 BP PLC - ADR 9,278 493,868 Braemar Shipping Services PLC 1,198 7,467 British Airways PLC* 28,176 99,291
SHARES VALUE ----------- ------------ British American Tobacco PLC 14,819 $ 464,900 British Land Co. PLC 4,655 35,352 British Sky Broadcasting Group PLC 6,307 57,605 BT Group PLC 83,791 174,085 Burberry Group PLC 2,781 22,378 Cadbury PLC 15,440 198,145 Cape PLC* 1,753 7,186 Carnival PLC 1,183 40,308 Carnival PLC - ADR 8,500 293,165 Carphone Warehouse PLC 15,741 48,099 Centrica PLC 27,907 112,213 Clarkson PLC 1,200 16,435 Cobham PLC 10,288 35,991 Colt Telecom Group SA* 16,600 31,490 Compass Group PLC 28,630 174,922 Computacenter PLC 13,947 71,371 Costain Group PLC 78,324 35,988 Dangote Sugar Refinery PLC 211,920 20,902 Dart Group PLC 5,970 5,248 Delta PLC 87,839 251,983 Diageo PLC 17,988 275,978 Drax Group PLC 71,928 542,000 DS Smith PLC 33,297 57,099 easyJet PLC* 11,331 68,668 Eurasian Natural Resources Corp. 40,028 560,707 Fiberweb PLC 23,108 27,328 FirstGroup PLC 4,594 30,374 Friends Provident Group PLC 419,952 558,397 GKN PLC* 6,832 12,414 GlaxoSmithKline PLC 96,742 1,900,919 Hammerson PLC 5,401 34,035 Healthcare Locums PLC 5,953 24,831 HFC Bank Ghana, Ltd. 243,750 73,680 Hogg Robinson Group PLC 6,272 3,583 Home Retail Group PLC 47,684 207,206 HSBC Holdings PLC 314,657 3,600,563 HSBC Holdings PLC 14,400 167,039 HSBC Holdings PLC - ADR 23,087 1,324,039 Imperial Tobacco Group PLC 21,042 608,003 Intercontinental Hotels Group PLC 1,555 20,192 International Power PLC 113,258 523,102 Invensys PLC 7,598 35,348 Investec PLC 12,752 93,339 Investec PLC (Johannesburg Exchange) 31,902 231,706 J Sainsbury PLC 297,918 1,547,391 Johnson Matthey PLC 570 12,644 Kazakhmys PLC* 38,899 667,671 Kingfisher PLC 110,639 376,447 Ladbrokes PLC 9,604 28,763 Land Securities Group PLC 10,396 103,840 Lavendon Group PLC 3,518 10,233 Legal & General Group PLC 426,738 598,792 Liberty International PLC 4,173 32,012 Lloyds Banking Group PLC* 298,830 495,248 London Stock Exchange Group PLC 13,735 187,898 Lonmin PLC* 11,141 298,057 Man Group PLC 44,881 237,560
22 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Marks & Spencer Group PLC 15,560 $ 90,045 Mondi PLC 3,380 16,686 National Grid PLC 67,075 647,467 Next PLC 1,161 33,250 Old Mutual PLC 264,577 422,836 Paragon Group of Cos PLC 11,894 28,665 Pearson PLC 5,023 61,892 Pearson PLC - ADR 33,490 416,281 Petrofac Ltd. 10,956 172,906 Prudential PLC 32,881 316,083 Rexam PLC 71,890 299,868 Rio Tinto PLC 13,444 573,345 Rolls-Royce Group PLC* 13,568 102,087 Royal & Sun Alliance Insurance Group PLC 91,525 195,711 Royal Bank of Scotland Group PLC* 178,065 150,683 RPC Group PLC 5,700 22,409 SABMiller PLC 8,707 209,980 Schroders PLC 2,630 45,941 Segro PLC 5,908 34,699 Senior PLC 82,070 80,992 Shire PLC 672 11,642 Smiths Group PLC - Class B 2,496 35,442 Standard Chartered PLC 59,722 1,471,766 Standard Life PLC 50,197 175,688 Tesco PLC 24,015 153,366 The Davis Service Group PLC 9,900 63,461 The Sage Group PLC 5,312 19,814 The Vitec Group PLC 7,179 41,877 Thomas Cook Group PLC 220,630 819,094 THOMSON CORP 1,025 31,025 Travis Perkins PLC* 3,143 41,842 TUI Travel PLC 10,752 43,749 Unilever PLC 36,755 1,044,403 United Utilities Group PLC 5,392 39,346 Vedanta Resources PLC 31,516 957,991 Vodafone Group PLC 789,601 1,769,195 Vodafone Group PLC - ADR 141,963 3,194,167 Whitbread PLC 6,622 128,689 WM Morrison Supermarkets PLC 425,155 1,884,157 Wolseley PLC* 9,312 224,273 WPP PLC 24,114 206,949 Xstrata PLC* 125,519 1,850,529 ------------ TOTAL UNITED KINGDOM 47,799,310 ------------ UNITED STATES -- 0.2% Enbridge, Inc. 1,800 69,840 Gerdau Ameristeel Corp. 4,173 33,050 Gerdau Ameristeel Corp. (Toronto Exchange) 9,400 74,979 Rosneft Oil Co. GDR* 13,950 106,020 Thomson Reuters Corp. 15,544 521,812 ------------ TOTAL UNITED STATES 805,701 ------------ VIETNAM -- 0.2% Dragon Capital - Vietnam Enterprise Investments, Ltd.* 458,445 825,201 ------------ TOTAL VIETNAM 825,201 ------------ TOTAL COMMON STOCK (Cost $369,705,349) 427,312,181 ------------
SHARES VALUE ----------- ------------ EXCHANGE-TRADED FUNDS -- 4.9% Enerplus Resources Fund 1,300 $ 29,757 iShares MSCI India Index Fund* 34,100 220,286 iShares MSCI Taiwan Index Fund 70,241 863,964 Nikkei 225 ETF 6,929 786,571 Nomura TOPIX ETF 37,585 385,627 Vanguard Emerging Markets Fund ETF 536,900 20,702,864 ------------ TOTAL EXCHANGE-TRADED FUNDS (Cost $19,242,841) 22,989,069 ------------ PREFERRED STOCK -- 2.2% BRAZIL -- 1.9% AES Tiete SA, 11.34% 3,080 34,945 Aracruz Celulose SA - Class B, 0.00% 6,700 14,976 Banco Bradesco SA, 0.59% 53,263 1,062,795 Banco Itau Holding Financeira SA, 0.44% 74,462 1,504,713 Bradespar SA, 0.59% 4,600 84,387 Brasil Telecom Participacoes SA, 1.43% 8,500 90,441 Brasil Telecom SA, 1.14% 4,100 36,033 Braskem SA - Class A, 0.00% 3,300 20,862 Centrais Eletricas Brasileiras SA - Class B, 6.72% 1,073 15,051 Cia Brasileira de Distribuicao Grupo Pao de Acucar, 0.64% 3,675 103,658 Cia de Bebidas das Americas, 0.64% 3,035 250,118 Cia Energetica de Minas Gerais, 2.93% 4,856 73,459 Cia Energetica de Sao Paulo, 0.95% 4,100 50,428 Cia Vale do Rio Doce - Class A, 3.37% 89,319 1,846,276 Confab Industrial SA, 3.74% 26,459 81,994 Eletropaulo Metropolitana Eletricidade de Sao Paulo SA, 5.41% 9,260 190,678 Ferbasa-Ferro Ligas da Bahia, 4.73% 1,300 9,517 Fertilizantes Fosfatados SA, 2.48% 4,400 44,979 Gerdau SA, 0.74% 29,698 399,807 Gol Linhas Aereas Inteligentes SA 1,000 10,301 Investimentos Itau SA, 0.62% 81,241 491,591 Lojas Americanas SA, 0.35% 17,100 115,345 Marcopolo SA, 1.47% 7,900 26,800 Metalurgica Gerdau SA, 1.49% 3,600 60,474 Net Servicos de Comunicacao SA 3,000 34,850 Petroleo Brasileiro SA, 1.07% 63,608 1,252,700 Tam SA, 0.00% 1,300 16,885 Telecomunicacoes de Sao Paulo SA, 4.46% 900 22,759 Telemar Norte Leste SA - Class A, 7.43% 1,100 36,323 Tim Participacoes SA, 2.84% 10,000 24,893 Ultrapar Participacoes SA, 2.73% 2,400 96,428 Usinas Siderurgicas de Minas Gerais SA - Class A, 1.26% 19,866 525,469
23 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Vivo Participacoes SA, 1.76% 3,071 $ 77,070 ------------ TOTAL BRAZIL 8,707,005 ------------ CHILE -- 0.1% Embotelladora Andina SA - Class B, 2.42% 12,700 37,470 Embotelladora Andina SA, 2.58% 17,190 43,151 Sociedad Quimica y Minera de Chile SA B, 3.94% 3,000 117,326 ------------ TOTAL CHILE 197,947 ------------ CROATIA -- 0.0% Adris Grupa DD 1,219 66,941 ------------ TOTAL CROATIA 66,941 ------------ GERMANY -- 0.2% Dyckerhoff AG, 5.13% 356 22,193 Fresenius SE AG, 1.98% 1,972 115,401 Henkel AG & KGaA-Vorzug, 2.28% 925 39,823 Jungheinrich AG, 5.91% 4,647 93,435 Porsche Automobil Holding SE AG, 1.44% 6,146 483,416 Volkswagen AG, 3.74% 1,348 157,000 ------------ TOTAL GERMANY 911,268 ------------ RUSSIA -- 0.0% Sberbank of Russian Federation- Class S, 3.02% 91,150 113,190 Transneft, 1.54% 25 20,750 ------------ TOTAL RUSSIA 133,940 ------------ SOUTH KOREA -- 0.0% Hyundai Motor Co., Ltd., 3.04% 1,490 51,722 Samsung Electronics Co., Ltd., 1.27% 180 75,315 ------------ TOTAL SOUTH KOREA 127,037 ------------ THAILAND -- 0.0% Siam Commercial Bank PCL, 5.25% 16,600 40,742 ------------ TOTAL THAILAND 40,742 ------------ TOTAL PREFERRED STOCK (Cost $7,675,771) 10,184,880 ------------ RIGHTS -- 0.0% AUSTRALIA -- 0.0% Sigma Pharmaceuticals Ltd. 87,668 3,480 ------------ TOTAL AUSTRALIA 3,480 ------------ BRAZIL -- 0.0% Lupatech SA 8 -- ------------ TOTAL BRAZIL -- ------------ FRANCE -- 0.0% BNP PARIBAS 22,987 49,785 ------------ TOTAL FRANCE 49,785 ------------ GERMANY -- 0.0% HeidelbergCement AG 1,496 7,881 ------------ TOTAL GERMANY 7,881 ------------ MALAYSIA -- 0.0% IJM Corp. Bhd 6,146 755 ------------ TOTAL MALAYSIA 755 ------------
SHARES VALUE ----------- ------------ MOROCCO -- 0.0% Douja Promotion Groupe Addoha SA 6,000 $ 94,248 Lafarge Ciments 110 55,136 ------------ TOTAL MOROCCO 149,384 ------------ POLAND -- 0.0% Polski Koncern Miesny Duda SA 19,100 -- ------------ TOTAL POLAND -- ------------ SWEDEN -- 0.0% Swedbank AB 3,300 6,509 ------------ TOTAL SWEDEN 6,509 ------------ TOTAL RIGHTS (Cost $179,113) 217,794 ------------ CALL WARRANTS -- 1.1% Citigroup Global Markets Holdings, Inc. - Kuwait Finance House* 12,500 56,699 Citigroup Global Markets Holdings, Inc. - Kuwait Projects Co. Holdings* 35,000 56,176 Citigroup Global Markets Holdings, Inc. - Mobile Telecommunication Co.* 27,500 122,819 Citigroup Global Markets Holdings, Inc. - National Bank of Kuwait* 17,500 78,158 Citigroup Global Markets Holdings, Inc. - National Industries Group Holdings* 95,000 152,477 Citigroup Global Markets Holdings, Inc. - Public Warehousing Co.* 15,000 64,899 Citigroup Global Markets Holdings, Inc. - Sultan Center Food Products* 60,000 52,337 Citigroup Global Markets Holdings, Inc. - Commercial Bank of Kuwait* 10,000 34,543 Mediobanca SPA, Exp. 03/18/11* 4,298 305 Merrill Lynch Int'l & Co. - CW10 Burgan Bank, Exp. 12/06/10 30,000 38,206 Merrill Lynch Int'l & Co. - CW12 ABB Ltd. India, Exp. 06/27/12* 2,560 41,746 Merrill Lynch Int'l & Co. - CW13 Divi's Labatories, Ltd., Exp. 05/22/13 80 938 Merrill Lynch Int'l. & Co. - CW09 NTPC, Ltd., Exp. 10/19/09* 22,673 100,745 Merrill Lynch Int'l. & Co. - CW10 Aditya Birla Nuvo, Ltd., Exp. 06/28/10* 1,600 31,664 Merrill Lynch Int'l. & Co. - CW10 Ambuja Cements, Ltd., Exp. 06/23/10* 26,400 54,688
24 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Merrill Lynch Int'l. & Co. - CW10 Apollo Hospitals Enterprise, Ltd., Exp. 07/21/10* 224 $ 2,601 Merrill Lynch Int'l. & Co. - CW10 Asian Paints, Ltd., Exp. 08/17/10* 1,300 37,989 Merrill Lynch Int'l. & Co. - CW10 Axis Bank, Ltd., Exp. 04/21/10* 2,760 56,522 Merrill Lynch Int'l. & Co. - CW10 Bharat Heavy Electricals, Ltd., Exp. 09/01/10* 3,394 164,310 Merrill Lynch Int'l. & Co. - CW10 Bharat Petroleum Corp., Ltd., Exp. 09/02/10* 5,100 60,860 Merrill Lynch Int'l. & Co. - CW10 Container Corp. Of India, Exp. 02/16/10* 2,800 69,655 Merrill Lynch Int'l. & Co. - CW10 Crompton Greaves, Ltd., Exp. 07/27/10* 5,500 35,861 Merrill Lynch Int'l. & Co. - CW10 EIH, Ltd., Exp. 02/18/10* 5,409 13,858 Merrill Lynch Int'l. & Co. - CW10 HCL Technologies, Ltd., Exp. 09/01/10* 8,500 60,218 Merrill Lynch Int'l. & Co. - CW10 HDFC Bank, Ltd. - ADR, Exp. 12/30/10* 2,551 87,526 Merrill Lynch Int'l. & Co. - CW10 Hindustan Unilever, Ltd., Exp. 12/30/10* 14,000 76,424 Merrill Lynch Int'l. & Co. - CW10 Infrastructure Development Finance Co., Ltd., Exp. 08/12/10* 25,900 78,634 Merrill Lynch Int'l. & Co. - CW10 Jaiprakash Associates, Ltd., Exp. 07/01/10* 21,400 105,654 Merrill Lynch Int'l. & Co. - CW10 Nestle India, Ltd., Exp. 09/30/10* 1,500 70,776 Merrill Lynch Int'l. & Co. - CW10 Ranbaxy Laboratories, Ltd., Exp. 11/08/10* 8,900 75,399 Merrill Lynch Int'l. & Co. - CW10 Sesa GOA, Ltd., Exp. 01/21/10* 14,000 77,327 Merrill Lynch Int'l. & Co. - CW10 Sun Pharmaceutical Industries, Ltd., Exp. 02/17/10* 2,400 70,229 Merrill Lynch Int'l. & Co. - CW10 Suzlon Energy, Ltd., Exp. 09/16/10* 10,500 19,994 Merrill Lynch Int'l. & Co. - CW10 Tata Power Co., Ltd., Exp. 09/30/10* 4,040 110,694
SHARES VALUE ----------- ------------ Merrill Lynch Int'l. & Co. - CW10 Unitech, Ltd., Exp. 07/12/10* 10,200 $ 22,773 Merrill Lynch Int'l. & Co. - CW11 Adani Enterprises, Ltd., Exp. 09/06/11* 2,200 30,451 Merrill Lynch Int'l. & Co. - CW11 Bharti Airtel, Ltd., Exp. 03/17/11* 34,096 296,803 Merrill Lynch Int'l. & Co. - CW11 Cairn India, Ltd., Exp. 12/27/11* 12,470 67,878 Merrill Lynch Int'l. & Co. - CW11 Cipla, Ltd./India, Exp. 08/16/11* 6,800 39,566 Merrill Lynch Int'l. & Co. - CW11 Dr. Reddy's Laboratories, Ltd., Exp. 01/03/11* 4,500 92,867 Merrill Lynch Int'l. & Co. - CW11 Grasim Industries, Ltd., Exp. 05/02/11* 1,400 80,722 Merrill Lynch Int'l. & Co. - CW11 Hero Honda Motors, Ltd., Exp. 05/02/11* 1,400 48,672 Merrill Lynch Int'l. & Co. - CW11 Housing Development Finance Corp., Exp. 01/18/11* 4,560 264,429 Merrill Lynch Int'l. & Co. - CW11 Indian Oil Corp., Ltd., Exp. 08/25/11* 4,600 65,072 Merrill Lynch Int'l. & Co. - CW11 Mahindra & Mahindra, Ltd., Exp. 05/03/11* 5,900 108,323 Merrill Lynch Int'l. & Co. - CW11 Maruti Suzuki India, Ltd., Exp. 06/13/11* 3,700 130,863 Merrill Lynch Int'l. & Co. - CW11 Reliance Capital, Ltd., Exp. 09/20/11* 3,100 59,155 Merrill Lynch Int'l. & Co. - CW11 Reliance Communications, Ltd., Exp. 01/25/11* 20,229 130,087 Merrill Lynch Int'l. & Co. - CW11 Reliance Natural Resources, Ltd., Exp. 01/25/11* 42,400 77,608 Merrill Lynch Int'l. & Co. - CW11 Reliance Petroleum, Ltd., Exp. 05/18/11* 23,100 62,882 Merrill Lynch Int'l. & Co. - CW11 Siemens India, Ltd., Exp. 12/13/11* 3,800 44,011 Merrill Lynch Int'l. & Co. - CW11 Sterlite Industries India, Ltd., Exp. 03/24/11* 6,300 101,641 Merrill Lynch Int'l. & Co. - CW11 Tata Steel, Ltd., Exp. 10/18/11* 10,950 122,202
25 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER INTERNATIONAL FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE ----------- ------------ Merrill Lynch Int'l. & Co. - CW11 United Spirits, Ltd., Exp. 10/05/11* 2,200 $41,837 Merrill Lynch Int'l. & Co. - CW12 Colgate Palmolive India, Ltd., Exp. 10/25/12* 5,200 68,393 Merrill Lynch Int'l. & Co. - CW12 DLF, Ltd., Exp. 06/21/12* 4,300 39,152 Merrill Lynch Int'l. & Co. - CW12 Essar Oil, Ltd., Exp. 07/20/12* 21,430 70,832 Merrill Lynch Int'l. & Co. - CW12 Idea Cellular, Ltd., Exp. 03/05/12* 57,200 89,477 Merrill Lynch Int'l. & Co. - CW12 Kotak Mahindra Bank, Ltd., Exp. 04/20/12* 4,200 68,057 Merrill Lynch Int'l. & Co. - CW12 Mundra Port and Special Economic Zone, Ltd., Exp. 11/23/12* 4,200 45,388 Merrill Lynch Int'l. & Co. - CW12 Power Grid Corp of India, Ltd., Exp. 09/27/12* 24,600 56,226 Merrill Lynch Int'l. & Co. - CW12 Punj Lloyd, Ltd., Exp. 06/25/12* 4,400 24,476 Merrill Lynch Int'l. & Co. - CW13 Indiabulls Securities, Ltd., Exp. 01/08/13* 4,800 114 Merrill Lynch Int'l. & Co. - CW13 Jindal Steel & Power, Ltd., Exp. 01/30/13* 10,800 131,787 Merrill Lynch Int'l. & Co. - CW13 Piramal Healthcare, Ltd., Exp. 02/05/13* 6,060 48,299 Merrill Lynch Int'l. & Co. - CW14 Larsen & Toubro, Ltd., Exp. 06/10/14* 7,200 251,974 Merrill Lynch Int'l. & Co. - CW14 Oil & Natural Gas Corp., Ltd., Exp. 02/18/14* 4,257 103,277 Merrill Lynch Int'l. & Co. - CW14 Tata Consultancy Services, Ltd., Exp. 08/06/14* 5,840 76,144 Merrill Lynch Int'l. & Co. - CW11 ACC, Ltd., Exp. 07/12/11* 2,900 49,449 Merrill Lynch Int'l. & Co. - CW14 Steel Authority of India, Ltd., Exp. 03/25/14* 9,100 32,653 UBI Banca SCPA, Exp. 06/30/11* 8,321 991 ------------ TOTAL CALL WARRANTS (Cost $5,128,803) 5,205,462 ------------ CERTIFICATES -- 0.1% SAUDI ARABIA -- 0.1% HSBC Bank PLC - Alinma Bank, Exp. 06/04/12 10,150 36,334
PRICIPAL AMOUNT/ MARKET SHARES VALUE ----------- ------------ HSBC Bank PLC - Arab National Bank, Exp. 06/04/12 3,000 $38,997 HSBC Bank PLC - Banque Saudi Fransi, Exp. 04/30/12 3,300 39,509 HSBC Bank PLC - Saudi Arabian Fertilizer Co., Exp. 06/04/12 1,100 36,700 HSBC Bank PLC - Saudi Electricity Co., Exp. 06/25/12 14,000 37,984 HSBC Bank PLC - Saudi Ind Investment Group., Exp. 06/11/12 5,750 35,302 HSBC Bank PLC - Saudi Kayan Petrochemical Co., Exp. 06/04/12 9,000 36,897 ------------ TOTAL SAUDI ARABIA 261,723 ------------ TOTAL CERTIFICATES (Cost $247,051) 261,723 ------------ CORPORATE BONDS -- 0.0% OMAN -- 0.0% Bank Muscat SAOG Cv., 7%, 04/20/14 1,419 OMR 35 ------------ TOTAL OMAN 35 ------------ SHORT TERM INVESTMENTS -- 0.6% BlackRock Liquidity Funds TempFund Portfolio - Institutional Series (Cost $2,999,196) 2,999,196 2,999,196 ------------ TOTAL INVESTMENTS -- 99.4% (Cost $405,178,501)+ $469,170,340 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.6% 2,796,407 ------------ NET ASSETS -- 100.0% $471,966,747 ============
* Non-income producing security. + The cost for Federal income tax purposes is $401,706,648. At September 30, 2009 net unrealized depreciation was $6,588,635. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $41,452,988, and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $48,041,623. (1) Illiquid security. ADR - American Depository Receipt GDR - Global Depository Receipt PLC - Public Limited Company OMR - Omani Rial At September 30, 2009, the Multi Manager International Fund 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 SEPTEMBER 30,2009 (DEPRECIATION) - --------------- ------------------------------- --------- ----------------- -------------- October 2009 890,661 Polish Zloty 320,785 309,826 ($10,959) October 2009 772,905 Polish Zloty 289,132 268,863 (20,269) October 2009 46,393 Canadian Dollars 42,683 43,331 648 October 2009 3,382,653 Czechoslovakia Koruna 172,990 195,949 22,959 October 2009 15,348 Czechoslovakia Koruna 665 889 224 October 2009 1,052,515 Czechoslovakia Koruna 58,665 60,970 2,305 October 2009 591,803 Czechoslovakia Koruna 31,279 34,294 3,015 October 2009 2,316,267 Czechoslovakia Koruna 125,339 134,176 8,837 November 2009 2,533,553 Polish Zloty 937,282 879,343 (57,939) December 2009 553,509 United Kingdom Pound 924,000 884,390 (39,610) December 2009 123,650,514 Japanese Yen 1,366,493 1,378,223 11,730 -------- ($79,059) ========
NET UNREALIZED CONTRACT VALUE AT APPRECIATION SETTLEMENT DATE CURRENCY SOLD AMOUNT SEPTEMBER 30,2009 (DEPRECIATION) - --------------- ------------------------------- --------- ----------------- -------------- October 2009 3,029,534 Czechoslovakia Koruna 158,142 175,494 ($17,352) October 2009 607,151 Czechoslovakia Koruna 32,961 35,183 (2,222) October 2009 5,415,964 Czechoslovakia Koruna 270,217 313,734 (43,517) October 2009 1,066,657 Czechoslovakia Koruna 54,283 61,789 (7,506) October 2009 4,278,570 Czechoslovakia Koruna 217,131 247,848 (30,717) October 2009 1,663,566 Polish Zloty 530,558 578,690 (48,132) October 2009 1,114,111 Japanese Yen 12,465 12,411 54 November 2009 1,923,190 Polish Zloty 613,497 667,499 (54,002) November 2009 610,363 Polish Zloty 193,597 211,844 (18,247) December 2009 28,577,452 Japanese Yen 320,553 318,528 2,025 --------- ($219,616) =========
At September 30, 2009, the Multi Manager International Fund had open financial futures contracts as follows:
NET UNREALIZED NUMBER OF UNDERLYING EXPIRATION Contract VALUE AT APPRECIATION CONTRACTS CONTRACTS TO BUY DATE AMOUNT SEPTEMBER 30, 2009 (DEPRECIATION) - --------- ---------------- ------------- -------- ------------------ -------------- 1 TOPIX Index December 2009 104,254 101,375 ($2,879) 5 DJ EURO STOXX 50 December 2009 206,570 209,041 2,471 1 FTSE 100 INDEX December 2009 79,871 81,362 1,491 ------- $ 1,083 =======
The following table provides a summary of inputs used to value the Funds' net assets as of September 30, 2009:
LEVEL 2 LEVEL 3 TOTAL VALUE AT SIGNIFICANT SIGNIFICANT SEPTEMBER 30, LEVEL 1 OBSERVABLE UNOBSERVABLE 2009 QUOTED PRICES INPUTS INPUTS -------------- ------------- ----------- ------------ INVESTMENTS IN SECURITIES: Common Stocks $427,312,181 $427,312,181 $ -- $-- Exchange-Traded Funds 22,989,069 22,989,069 -- -- Preferred Stocks 10,184,880 10,184,880 -- -- Rights 217,794 217,794 -- -- Call Warrants 5,205,462 -- 5,205,462 -- Certificates 261,723 -- 261,723 -- Corporate Bonds 35 -- 35 -- Short-Term Investments 2,999,196 2,999,196 -- -- ------------ ------------ ---------- --- Total $469,170,340 $463,703,120 $5,467,220 $-- ============ ============ ========== === Other financial instruments* $ (297,592) $ 1,083 $ (298,675) $--
* Other financial instruments are forward foreign currency contracts, swaps, options written, and futures contracts not reflected in the Schedule of Investments, which are valued at the unrealized appreciation (depreciation) on the investment. FASB ASC 815-10 "Derivatives and Hedging" includes required disclosure for (i) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (iii) the fair value of the credit derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. FASB "Guarantees" requires additional disclosures about the current status of the payment/performance risk of a guarantee. All of this information has been incorporated for the current period as part of the Notes to the Schedules of Investments. 26 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER REAL ASSET FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) (Showing Percentage of Net Assets)
PRICIPAL AMOUNT/ MARKET SHARES VALUE -------------- ------------ INFLATION-LINKED & FIXED INCOME SECURITIES -- 49.1% CORPORATE BONDS -- 0.9% FINANCIALS -- 0.9% American International Group, Inc., 5.85%, 01/16/18 $ 1,800,000 $ 1,303,214 Merrill Lynch & Co., Inc., 6.88%, 04/25/18 1,300,000 1,367,206 Wachovia Corp., 5.50%, 05/01/13 900,000 962,974 ------------ TOTAL CORPORATE BONDS (Cost $3,446,379) 3,633,394 ------------ EXCHANGE-TRADED FUNDS -- 1.3% iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund, (Cost $5,398,290) 54,938 5,652,021 ------------ VARIABLE RATE DEMAND NOTES++ -- 0.9% FINANCIALS -- 0.9% Metropolitan Life Global Funding I, 144A@, 2.20%, 06/10/11 1,100,000 1,098,206 Morgan Stanley, 2.55%, 05/14/10 1,300,000 1,314,245 Swedbank AB, 144A@, 1.06%, 01/14/13 800,000 797,407 Wachovia Corp., 0.51%, 03/01/12 400,000 391,054 ------------ TOTAL VARIABLE RATE DEMAND NOTES (Cost $3,570,797) 3,600,912 ------------ U.S. GOVERNMENT INFLATION-LINKED SECURITIES -- 17.6% U.S. Treasury Inflation Indexed Bonds, 3.38%, 01/15/12 1,362,000 1,756,724 U.S. Treasury Inflation Indexed Bonds, 2.00%, 04/15/12 542,000 596,082 U.S. Treasury Inflation Indexed Bonds, 0.63%, 04/15/13 576,000 585,608 U.S. Treasury Inflation Indexed Bonds, 1.25%, 04/15/14 340,000 351,505 U.S. Treasury Inflation Indexed Bonds, 2.00%, 01/15/16 808,000 909,614 U.S. Treasury Inflation Indexed Bonds, 2.38%, 01/15/17 1,000,000 1,136,333 U.S. Treasury Inflation Indexed Bonds, 2.13%, 01/15/19 10,000 10,532 U.S. Treasury Inflation Indexed Bonds, 2.38%, 01/15/27 616,000 691,348 U.S. Treasury Inflation Indexed Bonds, 1.75%, 01/15/28 278,000 273,817 U.S. Treasury Inflation Indexed Bonds, 2.50%, 01/15/29 3,548,000 3,824,775 U.S. Treasury Inflation Indexed Bonds, 3.38%, 04/15/32 604,000 904,828
PRINCIPAL AMOUNT VALUE -------------- ------------ U.S. Treasury Inflation Indexed Notes, 3.50%, 01/15/11 $ 6,002,000 $ 7,730,854 U.S. Treasury Inflation Indexed Notes, 3.00%, 07/15/12 6,777,000 8,629,835 U.S. Treasury Inflation Indexed Notes, 1.88%, 07/15/13 5,778,000 6,999,654 U.S. Treasury Inflation Indexed Notes, 2.00%, 01/15/14 930,000 1,122,568 U.S. Treasury Inflation Indexed Notes, 2.00%, 07/15/14 1,530,000 1,816,901 U.S. Treasury Inflation Indexed Notes, 1.88%, 07/15/15 4,000,000 4,575,545 U.S. Treasury Inflation Indexed Notes, 2.50%, 07/15/16 4,080,000 4,663,678 U.S. Treasury Inflation Indexed Notes, 2.63%, 07/15/17 5,185,000 5,849,115 U.S. Treasury Inflation Indexed Notes, 2.38%, 01/15/25 3,723,000 4,459,677 U.S. Treasury Inflation Indexed Notes, 2.00%, 01/15/26 4,926,000 5,333,360 U.S. Treasury Inflation Indexed Notes, 3.63%, 04/15/28 384,000 632,104 U.S. Treasury Inflation Indexed Notes, 3.88%, 04/15/29 6,699,000 11,299,046 ------------ TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (Cost $69,557,093) 74,153,503 ------------ FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES -- 25.8% Australia Government Bond, 4.00%, 08/20/20 1,800,000 AUD 2,429,547 Brazil Notas do Tesouro Nacional Series B, 6.00%, 05/15/17 3,618,000 BRL 3,796,776 Brazil Notas do Tesouro Nacional Series B, 6.00%, 05/15/45 4,578,000 BRL 4,717,049 Bundesobligation Inflation Linked, 2.25%, 04/15/13 1,000,000 EUR 1,623,526 Canadian Government Bond, 4.25%, 12/01/21 900,000 CAD 1,496,637 Canadian Government Bond, 2.00%, 12/01/41 1,000,000 CAD 1,020,736 Deutsche Bundesrepublik Inflation Linked, 1.50%, 04/15/16 2,500,000 EUR 4,029,486 France Government Bond OAT, 3.00%, 07/25/12 800,000 EUR 1,462,861 France Government Bond OAT, 2.50%, 07/25/13 1,200,000 EUR 2,109,381 France Government Bond OAT, 1.60%, 07/25/15 500,000 EUR 835,630 France Government Bond OAT, 1.00%, 07/25/17 600,000 EUR 925,062 France Government Bond OAT, 2.25%, 07/25/20 1,600,000 EUR 2,837,310 France Government Bond OAT, 3.40%, 07/25/29 250,000 EUR 553,904 France Government Bond OAT, 3.15%, 07/25/32 1,700,000 EUR 3,595,534 France Government Bond OAT, 1.80%, 07/25/40 1,500,000 EUR 2,394,988 France Government Bond OAT, 1.80%, 07/25/40 200,000 EUR 319,332
1 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER REAL ASSET FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
PRINCIPAL AMOUNT VALUE -------------- ------------ Hellenic Republic Government Bond, 2.90%, 07/25/25 600,000 EUR $ 1,027,276 Italy Buoni Poliennali Del Tesoro, 2.15%, 09/15/14 800,000 EUR 1,375,891 Italy Buoni Poliennali Del Tesoro, 2.10%, 09/15/17 800,000 EUR 1,297,996 Italy Buoni Poliennali Del Tesoro, 2.35%, 09/15/19 2,000,000 EUR 3,095,938 Italy Buoni Poliennali Del Tesoro, 2.60%, 09/15/23 1,200,000 EUR 1,918,539 Italy Buoni Poliennali Del Tesoro, 2.35%, 09/15/35 300,000 EUR 493,028 Japanese Government CPI Linked Bond, 1.10%, 12/10/16 190,000,000 JPY 1,972,349 Japanese Government CPI Linked Bond, 1.20%, 12/10/17 580,000,000 JPY 5,995,291 Japanese Government CPI Linked Bond, 1.40%, 03/10/18 1,150,000,000 JPY 11,970,960 Mexican Udibonos, 3.50%, 12/14/17 9,614,900 MXN 3,064,801 Network Rail Infrastructure Finance PLC, 1.38%, 11/22/37 220,000 GBP 406,243 New South Wales Treasury Corp., 3.75%, 11/20/20 800,000 GBP 723,278 Poland Government Bond, 3.00%, 08/24/16 1,160,000 PLN 441,998 South Africa Government Bond, 2.60%, 03/31/28 4,500,000 ZAR 860,407 Sweden Government Bond, 3.50%, 12/01/15 10,500,000 SEK 2,016,333 Sweden Government Bond, 4.00%, 12/01/20 3,000,000 SEK 660,733 Sweden Government Bond, 3.50%, 12/01/28 4,000,000 SEK 881,637 U.K. Gilt Inflation Linked, 2.50%, 08/16/13 900,000 GBP 3,672,090 U.K. Gilt Inflation Linked, 2.50%, 07/26/16 900,000 GBP 4,122,205 U.K. Gilt Inflation Linked, 1.25%, 11/22/17 1,600,000 GBP 2,880,717 U.K. Gilt Inflation Linked, 2.50%, 04/16/20 950,000 GBP 4,429,043 U.K. Gilt Inflation Linked, 1.88%, 11/22/22 2,500,000 GBP 4,547,054 U.K. Gilt Inflation Linked, 2.50%, 07/17/24 800,000 GBP 3,279,855 U.K. Gilt Inflation Linked, 1.25%, 11/22/27 2,500,000 GBP 4,583,214 U.K. Gilt Inflation Linked, 4.13%, 07/22/30 500,000 GBP 1,988,006 U.K. Gilt Inflation Linked, 1.13%, 11/22/37 2,000,000 GBP 3,804,696 U.K. Gilt Inflation Linked, 0.63%, 11/22/42 650,000 GBP 1,067,685 U.K. Gilt Inflation Linked, 4.50%, 12/07/42 100,000 GBP 171,540 U.K. Gilt Inflation Linked, 0.75%, 11/22/47 900,000 GBP 1,615,822 ------------ TOTAL FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES (Cost $94,249,174) 108,512,384 ------------
PRICIPAL AMOUNT/ MARKET SHARES VALUE -------------- ------------ ASSET-BACKED SECURITIES -- 0.9% Ally Auto Receivables Trust, 1.32%, 03/15/12 $ 1,500,000 $ 1,486,641 Bank of America Auto Trust, 1.16%, 02/15/12 1,000,000 1,000,568 Ford Credit Auto Owner Trust, 0.36%, 09/15/10 1,000,000 1,000,299 WaMu Mortgage Pass Through Certificates++, 5.61%, 11/25/36 729,820 522,832 ------------ TOTAL ASSET-BACKED SECURITIES (Cost $3,963,489) 4,010,340 ------------ MORTGAGE-BACKED SECURITIES -- 1.7% Fannie Mae Pool, 6.00%, 10/01/36 3,510,145 3,707,808 Fannie Mae Pool, 6.00%, 07/01/37 489,077 517,077 Fannie Mae Pool, 6.00%, 09/01/37 1,710,240 1,806,547 Fannie Mae Pool, 6.00%, 05/01/38 751,267 793,648 Fannie Mae Pool, 6.00%, 08/01/38 188,317 198,921 ------------ TOTAL MORTGAGE-BACKED SECURITIES (Cost $6,937,952) 7,024,001 ------------ TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (Cost $187,123,174) 206,586,555 ------------ REAL ESTATE RELATED SECURITIES -- 19.5% COMMON STOCK -- 7.4% DEPARTMENT STORES -- 0.2% Lifestyle International Holdings, Ltd. 524,400 794,376 ------------ DIVERSIFIED -- 0.1% Shaftesbury PLC 37,000 211,278 Top REIT, Inc. 5 24,063 ------------ 235,341 ------------ DIVERSIFIED REAL ESTATE ACTIVITIES -- 4.1% CapitaLand, Ltd. 617,750 1,631,370 City Developments, Ltd. 131,000 959,727 Daito Trust Construction Co., Ltd. 8,401 366,868 Daiwa House Industry Co., Ltd. 66,000 691,138 GPT Group* 963,982 -- Great Eagle Holdings, Ltd. 34,700 85,697 Hang Lung Group, Ltd. 80,900 405,019 Hang Lung Properties, Ltd. 433,400 1,596,579 Henderson Land Development Co., Ltd. 51,000 335,611 Kerry Properties, Ltd. 413,700 2,212,614 Mitsubishi Estate Co., Ltd. 115,200 1,812,092 Mitsui Fudosan Co., Ltd. 151,689 2,566,876 Sumitomo Realty & Development Co., Ltd. 68,900 1,261,101 Sun Hung Kai Properties, Ltd. 176,700 2,603,743 Wharf Holdings, Ltd. 124,500 661,051 ------------ 17,189,486 -------------
2 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER REAL ASSET FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
SHARES VALUE -------------- ------------ HOTELS, RESORTS & CRUISE LINES -- 0.4% Shangri-La Asia, Ltd. 355,000 $ 668,770 Sol Melia, SA 95,000 959,231 ------------ 1,628,001 ------------ INDUSTRIAL -- 0.0% Segro PLC 8,512 49,993 ------------ OFFICE -- 0.1% ING Office Fund 302,000 149,197 Japan Excellent, Inc. 7 38,211 Nomura Real Estate Office Fund, Inc. 4 26,603 ------------ 214,011 ------------ REAL ESTATE DEVELOPMENT -- 1.1% Cheung Kong Holdings, Ltd. 157,510 1,998,840 China Overseas Land & Investment, Ltd. 425,000 919,091 China Resources Land, Ltd. 92,400 202,444 Guangzhou R&F Properties Co., Ltd. 85,000 149,380 Helical Bar PLC 13,770 82,547 KWG Property Holding, Ltd. 306,000 197,813 Shimao Property Holdings, Ltd. 139,600 236,688 Shui On Land, Ltd. 239,200 137,346 Sino Land Co., Ltd. 54,100 96,891 Sino-Ocean Land Holdings, Ltd. 421,400 381,704 Wing Tai Holdings, Ltd. 340,000 405,494 ------------ 4,808,238 ------------ REAL ESTATE OPERATING COMPANIES -- 1.3% Aeon Mall Co., Ltd. 47,900 997,327 Atrium European Real Estate, Ltd.* 17,209 118,108 BR Malls Participacoes SA* 34,500 407,394 Castellum AB 20,100 194,618 Central Pattana PCL - NVDR 850,000 592,787 Fabege AB 15,600 91,747 Gagfah SA 22,080 244,594 Grainger PLC 8,900 42,329 Hongkong Land Holdings, Ltd. 312,100 1,357,635 Hysan Development Co., Ltd. 298,213 746,490 Norwegian Property ASA* 154,160 260,221 NTT Urban Development Corp. 138 126,677 ProLogis European Properties 30,081 187,346 Safestore Holdings PLC 49,200 118,730 Sponda OYJ* 39,340 156,011 Swiss Prime Site AG* 1,510 79,777 ------------ 5,721,791 ------------ REAL ESTATE SERVICES -- 0.1% Lend Lease Corp., Ltd. 46,700 436,707 ------------ TOTAL COMMON STOCK (Cost $24,752,868) 31,077,944 ------------ REAL ESTATE INVESTMENT TRUSTS -- 11.9% DIVERSIFIED -- 2.4% British Land Co. PLC 125,169 950,590 Canadian Real Estate Investment Trust 3,488 84,052 Dexus Property Group 1,194,114 890,163 Gecina SA 2,060 245,683 General Property Trust 631,882 381,851 ICADE 6,040 646,992
SHARES VALUE -------------- ------------ Kenedix Realty Investment Corp. 58 $ 217,746 Land Securities Group PLC 134,959 1,348,037 Liberty Property Trust 18,000 585,540 Mirvac Group 338,875 502,245 Stockland Corp., Ltd. 511,414 1,840,771 United Urban Investment Corp. 42 246,109 Vornado Realty Trust 33,427 2,153,033 ------------ 10,092,812 ------------ INDUSTRIAL -- 0.5% AMB Property Corp. 19,200 440,640 Ascendas Real Estate Investment Trust 297,600 407,743 Goodman Group 953,919 559,629 Japan Logistics Fund, Inc. 29 235,838 ProLogis 56,700 675,864 ------------ 2,319,714 ------------ OFFICE -- 1.5% Alexandria Real Estate Equities, Inc. 5,400 293,490 Boston Properties, Inc. 18,900 1,238,895 Corporate Office Properties Trust 1,300 47,944 Derwent London PLC 50,948 993,361 Digital Realty Trust, Inc. 10,800 493,668 Douglas Emmett, Inc. 35,900 440,852 Duke Realty Corp. 29,400 353,094 Highwoods Properties, Inc. 35,800 1,125,910 Japan Real Estate Investment Corp. 37 302,545 Kilroy Realty Corp. 12,400 343,976 Nippon Building Fund, Inc. 18 160,619 Orix Jreit, Inc. 61 315,992 SL Green Realty Corp. 6,900 302,565 ------------ 6,412,911 ------------ RESIDENTIAL -- 0.9% American Campus Communities, Inc. 17,000 456,450 Apartment Investment & Management Co. - Class A 15,900 234,525 AvalonBay Communities, Inc. 6,829 496,673 BRE Properties, Inc. 9,700 303,610 Camden Property Trust 8,600 346,580 Equity Residential 8,100 248,670 Essex Property Trust, Inc. 15,000 1,193,700 Nippon Accommodations Fund, Inc. 17 94,503 UDR, Inc. 22,319 351,301 ------------ 3,726,012 ------------ RETAIL -- 5.0% Acadia Realty Trust 9,731 146,646 Calloway Real Estate Investment Trust 9,000 159,716 CapitaMall Trust 287,442 377,502 CFS Retail Property Trust 182,785 324,118 Corio NV 15,952 1,100,178 Eurocommercial Properties NV 10,780 426,871 Federal Realty Investment Trust 20,700 1,270,359 Frontier Real Estate Investment Corp. 32 247,758 Hammerson PLC 75,619 476,516 Immobiliare Grande Distribuzione 257,000 506,208
3 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER REAL ASSET FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED
PRICIPAL AMOUNT/ MARKET SHARES VALUE -------------- ------------ Japan Retail Fund Investment Corp. 18 $97,655 Kimco Realty Corp. 14,900 194,296 Klepierre 40,579 1,609,538 Liberty International PLC 66,359 509,051 Macquarie Countrywide Trust 19,900 11,236 Mercialys SA 8,831 350,857 Primaris Retail Real Estate Investment Trust(1) 7,300 103,638 Regency Centers Corp. 8,100 300,105 RioCan Real Estate Investment Trust 9,000 151,310 Simon Property Group, Inc. 68,763 4,774,215 Tanger Factory Outlet Centers, Inc. 15,600 582,504 Taubman Centers, Inc. 28,200 1,017,456 The Link Real Estate Investment Trust 139,100 306,197 The Macerich Co. 13,043 395,594 Unibail- Rodamco SE 13,793 2,865,132 Weingarten Realty, Inc. 17,700 352,584 Westfield Group 179,405 2,199,968 ------------ 20,857,208 ------------ SPECIALIZED -- 1.6% Extra Space Storage, Inc. 14,100 148,755 Health Care Property Investors, Inc. 56,900 1,635,306 Health Care REIT, Inc. 7,900 328,798 Host Hotels & Resorts, Inc. 88,300 1,039,291 Nationwide Health Properties, Inc. 22,300 691,077 Omega Healthcare Investors, Inc. 15,800 253,116 Public Storage 18,400 1,384,416 Ventas, Inc. 37,700 1,451,450 ------------ 6,932,209 ------------ TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $38,373,955) 50,340,866 ------------ EXCHANGE-TRADED FUNDS -- 0.2% iShares Cohen & Steers Realty Majors Index Fund (Cost $722,495) 18,700 909,194 ------------ TOTAL REAL ESTATE RELATED SECURITIES (Cost $63,849,318) 82,328,004 ------------ COMMODITY RELATED SECURITIES -- 27.0% STRUCTURED NOTE -- 0.9% Deutsche Bank AG, London Branch, Structured Note Linked to the DB Liquidity Commodity Index, 0.13%, 01/07/10 (Cost $3,300,000) $ 3,300,000 3,962,310 ------------ EXCHANGE-TRADED FUNDS -- 15.9% PowerShares DB Commodity Index Tracking Fund* (Cost $74,895,050) 3,033,000 66,907,980 ------------ INVESTMENT COMPANIES -- 10.2% Credit Suisse Commodity Return Strategy Fund 2,558,348 21,387,788
SHARES VALUE -------------- ------------ PIMCO Commodity RealReturn Strategy Fund - Institutional Shares 2,790,326 $ 21,457,604 ------------ TOTAL INVESTMENT COMPANIES (Cost $45,272,369) 42,845,392 ------------ TOTAL COMMODITY RELATED SECURITIES (Cost $123,467,419) 113,715,682 ------------ SHORT-TERM INVESTMENTS -- 5.3% MONEY MARKET FUND -- 4.1% BlackRock Liquidity Funds TempFund Portfolio - Institutional Series 17,116,890 17,116,890 ------------ REPURCHASE AGREEMENT -- 0.7% With JPMorgan Securities, Inc: at 0.04%, dated 09/30/09, to be purchased 10/0109, repurchase price $2,900,000 collateralized by U.S. Treasury Inflation Indexed Bond, par value $2,442,100, 0.88%, 7/15/13, market value $2,900,003 2,900,000 2,900,000 ------------ U.S. AGENCY OBLIGATIONS -- 0.5% U.S. Treasury Bills 2,356,000 2,354,558 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $22,370,504) 22,371,448 ------------ TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN -- 100.9% (Cost $396,810,415) + $425,001,689 SECURITIES SOLD SHORT -- (1.5)% FNMA TBA,, 6.00%, 11/12/39 (Proceeds $6,402,141) (6,100,000) (6,416,438) ============ OPTIONS WRITTEN -- 0.0% U.S. 10YR Futures Expires 11/23/09 at 3.00%, 11/24/09 (200) (6,015) U.S. 5YR Futures Expires 06/15/10 at 5.00%, 06/15/10 (100) (3,125) U.S. 5YR Futures Expires 11/23/09 at 3.75%, 11/24/09 (1,300) (6,841) U.S. 7YR Futures Expires 08/31/10 at 6.00%, 08/31/10 (420) (14,309) U.S. 7YR Futures Expires 11/23/09 at 4.00%, 11/23/09 (200) (2,658) U.S. 7YR Futures Expires 11/23/09 at 4.00%, 11/24/09 (100) $ (1,329) ------------ TOTAL OPTIONS WRITTEN (Premiums received $214,815) (34,277) ============ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.6% 2,680,217 ------------ NET ASSETS -- 100.0% $421,231,191 ============
@ Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other "accredited investors". Unless otherwise indicated security is considered liquid. 4 WILMINGTON FUNDS -- MULTI-MANAGER FUNDS MULTI-MANAGER REAL ASSET FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) -- CONTINUED ++ 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 September 30, 2009. * Non-income producing security. + The cost for Federal income tax purposes is $417,852,534. At September 30, 2009 net unrealized appreciation was $7,149,155. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $35,300,733, and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $28,151,578. (1) Foreign-denominated security; Canadian PLC -- Public Limited Company AUD -- Australian Dollar BRL -- Brazilian Real CAD -- Canadian Dollar EUR -- Euro GBP -- British Pound JPY -- Japanese Yen MXN -- Mexico Peso PLN -- Polish Zloty SEK -- Swedish Krona ZAR -- South African Rand At September 30, 2009, the Multi Manager Real Asset Fund 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:
CONTRACT VALUE AT NET APPRECIATION SETTLEMENT DATE CURRENCY BOUGHT AMOUNT SEPTEMBER 30, 2009 (DEPRECIATION) --------------- ------------------------------- ---------- ------------------ ---------------- October 2009 462,504 United Kingdom Pound 762,113 739,122 ($22,991) October 2009 241,437 Euro 356,028 353,307 (2,721) October 2009 1,012,885 Euro 1,496,444 1,482,203 (14,241) October 2009 400,000 Euro 587,202 585,340 (1,862) October 2009 1,091,160 Australian Dollar 951,488 961,918 10,430 October 2009 16,991,000 Sweden Krona 2,432,960 2,437,278 4,318 October 2009 26,015,627 Japanese Yen 290,714 289,829 (885) October 2009 230,014 United Kingdom Pound 371,382 367,582 (3,800) October 2009 100,000 United Kingdom Pound 162,159 159,794 (2,365) October 2009 14,802,869 Brazilian Real 7,861,322 8,353,056 491,734 November 2009 45,987 South African Rand 5,616 6,064 448 November 2009 162,305 Mexican Peso 11,765 11,928 163 November 2009 663,270 Mexican Peso 49,200 48,745 (455) November 2009 414,959 Mexican Peso 30,715 30,496 (219) November 2009 2,680,740 Mexican Peso 200,000 197,014 (2,986) November 2009 171,632 Mexican Peso 12,699 12,613 (86) November 2009 491,003 Mexican Peso 33,526 36,085 2,559 November 2009 1,361,300 Mexican Peso 100,000 100,045 45 November 2009 2,729,200 Mexican Peso 200,000 200,575 575 November 2009 119,400,000 South Korean Won 100,000 101,271 1,271 November 2009 118,900,000 South Korean Won 100,000 100,847 847 November 2009 31,997 Polish Zloty 11,088 11,111 23 February 2010 119,540,000 South Korean Won 100,000 101,222 1,222 February 2010 119,100,000 South Korean Won 100,000 100,849 849 February 2010 241,220,000 South Korean Won 200,000 204,255 4,255 ------------ $ 466,128 ============
CONTRACT VALUE AT NET APPRECIATION SETTLEMENT DATE CURRENCY SOLD AMOUNT SEPTEMBER 30, 2009 (DEPRECIATION) --------------- ------------------------------- ---------- ------------------ ---------------- October 2009 949,334 Euro 1,381,098 1,389,209 ($8,111) October 2009 181,514 Euro 257,734 265,618 (7,884) October 2009 6,346,424 Euro 9,124,635 9,287,027 (162,392) October 2009 528,004 Euro 749,353 772,653 (23,300) October 2009 347,758 Euro 494,551 508,891 (14,340) October 2009 327,188 Euro 466,506 478,790 (12,284) October 2009 13,112,000 Euro 18,643,781 19,187,431 (543,650) October 2009 3,812,912 Australian Dollar 3,196,421 3,361,295 (164,874) October 2009 894,528 Canadian Dollar 833,072 835,512 (2,440) October 2009 1,665,000 Canadian Dollar 1,539,372 1,555,206 (15,834) October 2009 4,769,873 Sweden Krona 689,824 684,256 5,568 October 2009 3,123,603 Sweden Krona 458,349 448,092 10,257 October 2009 16,991,000 Sweden Krona 2,202,362 2,437,279 (234,917) October 2009 13,571,557 Brazilian Dollar 6,731,923 7,658,244 (926,321) October 2009 1,231,312 Brazilian Dollar 656,000 694,813 (38,813) October 2009 26,015,627 Japanese Yen 281,164 289,829 (8,665) October 2009 693,652,000 Japanese Yen 7,499,500 7,728,463 (228,963) October 2009 26,016,000 Japanese Yen 290,747 289,862 885 October 2009 290,000 United Kingdom Pound 465,749 463,404 2,345 October 2009 1,410,000 United Kingdom Pound 2,313,984 2,253,102 60,882 October 2009 107,000 United Kingdom Pound 170,980 172,187 (1,207) October 2009 556,662 United Kingdom Pound 902,067 889,613 12,454 October 2009 11,661,000 United Kingdom Pound 19,436,555 18,633,630 802,925 October 2009 8,949,692 United Kingdom Pound 15,171,500 14,302,413 869,087 October 2009 115,635 United Kingdom Pound 190,798 184,796 6,002 October 2009 216,547 United Kingdom Pound 355,356 346,062 9,294 October 2009 1,066,694,920 Japanese Yen 11,247,856 11,883,915 (636,059) November 2009 4,904,536 Mexican Peso 358,600 360,445 (1,845) November 2009 26,702,560 Mexican Peso 1,978,384 1,962,408 15,976 November 2009 8,645,600 Mexican Peso 644,232 635,384 8,848 November 2009 800,000 Australian Dollar 696,370 703,687 (7,317) November 2009 5,226,352 South African Rand 525,261 689,183 (163,922) November 2009 1,174,815 Polish Zloty 348,796 407,960 (59,164) December 2009 16,991,000 Sweden Krona 2,434,405 2,438,728 (4,323) February 2010 14,802,869 Brazilian Real 7,691,800 8,173,490 (481,690) ----------- ($1,943,792) ===========
At September 30, 2009, the Multi Manager Real Asset Fund had open commodity futures contracts as follows:
NUMBER OF EXPIRATION CONTRACT VALUE AT UNREALIZED APPRECIATION CONTRACTS CONTRACTS TO BUY DATE AMOUNT SEPTEMBER 30, 2009 (DEPRECIATION) - --------- ---------------- -------------- ----------- ------------------ ----------------------- 24 90 DAYS EURO June 2010 $ 5,920,750 $ 5,941,800 $ 21,050 24 90 DAYS EURO September 2010 5,892,725 5,918,100 25,375 50 FIN FUT EURO December 2009 12,413,125 12,453,750 40,625 20 3MO EURO EURIBOR December 2010 7,160,940 7,178,134 17,194 7 FIN FUT UK March 2011 1,355,039 1,359,514 4,475 23 FIN FUT UK June 2010 4,504,930 4,534,056 29,126 7 FIN FUT UK September 2010 1,362,730 1,372,659 9,929 7 FIN FUT UK December 2010 1,358,255 1,365,527 7,272 2 EURO BUND December 2009 354,659 356,708 2,049 11 90 DAYS EURO March 2010 2,720,988 2,732,813 11,825 25 FIN FUT EURIBOR March 2010 8,975,961 9,060,927 84,966 58 FIN FUT EURIBOR June 2010 20,859,924 20,957,694 97,770 25 FIN FUT EURIBOR September 2010 8,942,487 9,002,850 60,363 -------- $412,019 ========
At September 30, 2009, the Multi-Manager Real Asset Fund had entered into a interest swap agreement as follows:
UNREALIZED COUNTERPARTY TERMINATION DATE NOTIONAL AMOUNT FIXED RATE FLOATING RATE APPRECIATION - ------------ ---------------- ----------------- ---------- ------------- ------------ JP Morgan Chase Bank, NA* 9/16/2014 3,900,000 GBP 3.50% 6 MONTH LIBOR $38,424
* Portfolio pays the floating rate and receives the fixed rate. At September 30, 2009, the Multi-Manager Real Asset Fund had entered into credit default swap agreements as follows:
UNREALIZED COUNTERPARTY TERMINATION DATE NOTIONAL AMOUNT FIXED RATE REFERENCE ENTITY/OBLIGATION APPRECIATION - ------------ ---------------- --------------- ---------- ----------------------------- ------------ Deutsche Bank AG** 6/20/2014 $1,222,000 5.00% Dow Jones CDX HY-12 5Y BP DUB $10,205 Deutsche Bank AG** 6/20/2014 188,000 5.00% Dow Jones CDX HY-12 5Y BP MS 1,128 ------- $11,333 =======
** Portfolio buys the protection and pays the fixed rate. The following table provides a summary of inputs used to value the Funds' net assets as of September 30, 2009:
LEVEL 2 LEVEL 3 SIGNIFICANT SIGNIFICANT TOTAL VALUE AT LEVEL 1 OBSERVABLE UNOBSERVABLE SEPTEMBER 30, 2009 QUOTED PRICES INPUTS INPUTS ------------------ ------------- ------------ ------------ INVESTMENTS IN SECURITIES: Assets: Inflation-Linked & Fixed Income Securities: Corporate Bonds $ 3,633,394 $ -- $ 3,633,394 $-- Exchange-Traded Funds 5,652,021 5,652,021 -- -- Variable Rate Demand Notes 3,600,912 -- 3,600,912 -- U.S Government Inflation-Linked Securities 74,153,503 -- 74,153,503 -- Foreign Government Inflation-Linked Securities 108,512,384 -- 108,512,384 -- Asset-Backed Securities 4,010,340 -- 4,010,340 -- Mortgage-Backed Securities 7,024,001 -- 7,024,001 -- Real Estate Related Securities: Common Stocks 31,077,944 31,077,944 -- -- Real Estate Investment Trusts 50,340,866 50,340,866 -- -- Exchange-Traded Funds 909,194 909,194 Commodity Related Securities: Structured Note 3,962,310 -- 3,962,310 -- Exchange-Traded Funds 66,907,980 66,907,980 -- -- Investment Companies 42,845,392 42,845,392 -- -- Short-Term Investments 22,371,448 17,116,890 5,254,558 -- ------------ ------------ ------------ --- Total $425,001,689 $214,850,287 $210,151,402 $-- ------------ ------------ ------------ ---
LEVEL 2 LEVEL 3 SIGNIFICANT SIGNIFICANT TOTAL VALUE AT LEVEL 1 OBSERVABLE UNOBSERVABLE SEPTEMBER 30, 2009 QUOTED PRICES INPUTS INPUTS ------------------ ------------- ------------ ------------ INVESTMENTS IN SECURITIES: Liabilities: U.S. Agency Obligations on short sales $(6,416,438) $ -- $(6,416,438) $-- Other financial instruments* (1,050,165) 412,019 (1,462,184) --
* Other financial instruments are forward foreign currency contracts, swaps, options written, and futures contracts not reflected in the Schedule of Investments, which are valued at the unrealized appreciation (depreciation) on the investment. FASB ASC 815-10 "Derivatives and Hedging" includes required disclosure for (i) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (iii) the fair value of the credit derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. FASB "Guarantees" requires additional disclosures about the current status of the payment/performance risk of a guarantee. All of this information has been incorporated for the current period as part of the Notes to the Schedules of Investments. 5 WILMINGTON FUNDS -- ASSET ALLOCATION FUNDS AGGRESSIVE ASSET ALLOCATION FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) (Showing Percentage of Net Assets)
SHARES VALUE --------- ----------- AFFILIATED INVESTMENT COMPANIES++ -- 96.5% Wilmington Multi-Manager International Fund 4,268,520 $27,574,640 Wilmington Multi-Manager Large-Cap Fund 2,020,825 19,743,462 Wilmington Multi-Manager Real Asset Fund 941,312 11,587,550 Wilmington Prime Money Market Fund 387,490 387,490 Wilmington Small-Cap Strategy Fund 803,813 6,261,703 ----------- TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $67,959,565) 65,554,845 ----------- NON-AFFILIATED INVESTMENT COMPANIES -- 4.1% Vanguard High-Yield Corporate Fund - Admiral Shares (Cost $2,312,881) 521,891 2,771,240 ----------- TOTAL NON-AFFILIATED INVESTMENT COMPANIES (Cost $2,312,881) 2,771,240 ----------- TOTAL INVESTMENTS -- 100.6% (Cost $70,272,446)+ $68,326,085 LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.6)% (402,158) ----------- NET ASSETS -- 100.0% $67,923,927 ===========
++ The Fund invests in the Institutional Shares of the Affiliated Investment Companies. + The cost for Federal income tax purposes is $80,807,267. At September 30, 2009 net unrealized depreciation was $12,481,182. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $458,359 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $12,939,541. The following table provides a summary of inputs used to value the Funds' net assets as of September 30, 2009:
LEVEL 2 LEVEL 3 TOTAL VALUE AT SIGNIFICANT SIGNIFICANT SEPTEMBER 30, LEVEL 1 OBSERVABLE UNOBSERVABLE 2009 QUOTED PRICES INPUTS INPUTS -------------- ------------- ----------- ------------ INVESTMENTS IN SECURITIES: Affiliated Investment Companies $65,554,845 $65,554,845 $-- $-- Non-Affiliated Investment Companies 2,771,240 2,771,240 -- -- ----------- ----------- --- --- Total $68,326,085 $68,326,085 $-- $-- ----------- ----------- --- ---
1 WILMINGTON FUNDS -- ASSET ALLOCATION FUNDS CONSERVATIVE ASSET ALLOCATION FUND INVESTMENTS / SEPTEMBER 30, 2009 (UNAUDITED) (Showing Percentage of Net Assets)
SHARES VALUE --------- ----------- AFFILIATED INVESTMENT COMPANIES++ -- 48.0% Wilmington Multi-Manager International Fund 698,608 $ 4,513,005 Wilmington Multi-Manager Large-Cap Fund 283,044 2,765,343 Wilmington Multi-Manager Real Asset Fund 340,440 4,190,816 Wilmington Short/Intermediate-Term Bond Fund 1,815,348 19,387,912 Wilmington Small-Cap Strategy Fund 88,176 686,894 ----------- TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $29,538,620) 31,543,970 ----------- NON-AFFILIATED INVESTMENT COMPANIES -- 6.2% Vanguard High-Yield Corporate Fund - Admiral Shares 448,081 2,379,310 Vanguard Intermediate-Term Investment Grade Fund - Admiral Shares 174,747 1,681,071 ----------- TOTAL NON-AFFILIATED INVESTMENT COMPANIES (Cost $3,494,207) 4,060,381 ----------- TOTAL INVESTMENTS -- 54.2% (Cost $33,032,827)+ $35,604,351 OTHER ASSETS IN EXCESS OF LIABILITIES -- 45.8% 30,115,731 ----------- NET ASSETS -- 100.0% $65,720,082 ===========
++ The Fund invests in the Institutional Shares of the Affiliated Investment Companies. + The cost for Federal income tax purposes is $34,309,333. At September 30, 2009 net unrealized appreciation was $1,295,018. This consisted of aggregate gross unrealized appreciation for all securities for which there was an excess of market value over tax cost of $1,468,013 and aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over market value of $172,995. The following table provides a summary of inputs used to value the Funds' net assets as of September 30, 2009:
LEVEL 2 LEVEL 3 TOTAL VALUE AT SIGNIFICANT SIGNIFICANT SEPTEMBER 30, LEVEL 1 OBSERVABLE UNOBSERVABLE 2009 QUOTED PRICES INPUTS INPUTS -------------- ------------- ----------- ------------ INVESTMENTS IN SECURITIES: Affiliated Investment Companies $31,543,970 $31,543,970 $-- $-- Non-Affiliated Investment Companies 4,060,381 4,060,381 -- -- ----------- ----------- --- --- Total $35,604,351 $35,604,351 $-- $-- ----------- ----------- --- ---
1 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 November 25, 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 November 25, 2009 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ John C. McDonnell ------------------------------------------------------- John C. McDonnell, Vice President & Chief Financial Officer (principal financial officer) Date November 25, 2009 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 b55830_cert.txt 302 CERTIFICATION CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, John J. Kelley, certify that: 1. I have reviewed this report on Form N-Q of WT Mutual Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 25, 2009 /s/ John J. Kelley ---------------------- -------------------------------------------- John J. Kelley, President & Chief Executive Officer (principal executive officer) CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, John C. McDonnell, certify that: 1. I have reviewed this report on Form N-Q of WT Mutual Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 25, 2009 /s/ John C. McDonnell ---------------------- ------------------------------------------- John C. McDonnell, Vice President & Chief Financial Officer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----