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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-5514
(Investment Company Act File Number)
Wilmington Funds
(Exact Name of Registrant as Specified in Charter)
Wilmington Trust Investment Advisors, Inc.
111 South Calvert Street, 26th Floor
Baltimore, Maryland 21202
(Address of Principal Executive Offices)
410.986.5600
(Registrant’s Telephone Number)
Gregory B. McShea
Wilmington Trust Investment Advisors, Inc.
111 South Calvert Street, 26th Floor
Baltimore, Maryland 21202
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 04/30
Date of Reporting Period: Fiscal year ended 04/30/12
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
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ITEM 1. | REPORT(S) TO STOCKHOLDERS. |
The Trust’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
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April 30, 2012
PRESIDENT’S MESSAGE AND
Annual Report
WILMINGTON FUNDS
Fixed Income Funds
Wilmington Broad Market Bond Fund
Wilmington Intermediate-Term Bond Fund
Wilmington Short-Term Corporate Bond Fund
Wilmington Short Duration Government Bond Fund
Wilmington Municipal Bond Fund
Wilmington Maryland Municipal Bond Fund
Wilmington New York Municipal Bond Fund
Wilmington Pennsylvania Municipal Bond Fund
Wilmington Virginia Municipal Bond Fund
Money Market Funds
Wilmington Prime Money Market Fund
Wilmington U.S. Government Money Market Fund
Wilmington U.S. Treasury Money Market Fund
Wilmington Tax-Exempt Money Market Fund
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Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”) formerly MTB Income Fund
Wilmington Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”) formerly MTB Intermediate Term Bond Fund
Wilmington Short-Term Corporate Bond Fund (“Short-Term Corporate Bond Fund”) formerly MTB Short-Term Corporate Bond Fund
Wilmington Short Duration Government Bond Fund (“Short Duration Government Bond Fund”) formerly MTB Short Duration Government Bond Fund
Wilmington Municipal Bond Fund (“Municipal Bond Fund”) formerly a series of the WT Mutual Fund
Wilmington Maryland Municipal Bond Fund (“Maryland Municipal Bond Fund”) formerly MTB Maryland Municipal Bond Fund
Wilmington New York Municipal Bond Fund (“New York Municipal Bond Fund”) formerly MTB New York Municipal Bond Fund
Wilmington Pennsylvania Municipal Bond Fund (“Pennsylvania Municipal Bond Fund”) formerly MTB Pennsylvania Municipal Bond Fund
Wilmington Virginia Municipal Bond Fund (“Virginia Municipal Bond Fund”) formerly MTB Virginia Municipal Bond Fund
Wilmington Prime Money Market Fund (“Prime Money Market Fund”) formerly MTB Money Market Fund
Wilmington U.S. Government Money Market Fund (“U.S. Government Money Market Fund”) formerly MTB US Government Money Market Fund
Wilmington U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”) formerly MTB U.S. Treasury Money Market Fund
Wilmington Tax-Exempt Money Market Fund (“Tax-Exempt Money Market Fund”) formerly MTB Tax-Free Money Market Fund
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PRESIDENT’S MESSAGE | ||||
President’s Message | i | |||
WILMINGTON FUNDS ANNUAL REPORT | ||||
Management’s Discussion of Fund Performance | 1 | |||
Shareholder Expense Example | 30 | |||
Portfolios of Investments | 33 | |||
Notes to Portfolios of Investments | 92 | |||
Statements of Assets and Liabilities | 96 | |||
Statements of Operations | 99 | |||
Statements of Changes in Net Assets | 102 | |||
Financial Highlights | 110 | |||
Notes to Financial Statements | 128 | |||
139 | ||||
Board of Trustees and Trust Officers | 140 | |||
Board Approval of Investment Advisory Agreements | 144 | |||
Shareholder Proxy Results | 147 |
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I am pleased to enclose the Annual Report of the Wilmington Funds, formerly known as the MTB Group of Funds (the “Trust”). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2011 through April 30, 2012. Inside, you will find a discussion of the factors impacting each Fund’s performance during the reporting period, as well as a complete listing of each Fund’s holdings and financial statements.
The Economy and Financial Markets in Review
Wilmington Funds Management Corporation, the new advisor to the Trust, and Wilmington Trust Investment Advisors, Inc. (formerly known as MTB Investments Advisors, Inc.), the sub-advisor to the Trust, have provided the following review of the economy, bond and stock markets over the 12-month reporting period:
The Economy
The U.S. economy continues to show positive growth, but it is a slow rate of growth. The Commerce Department announced its early estimate of Gross Domestic Product (“GDP”) growth of 2.2% in the first quarter. Momentum is improving, but economic expansion remains mediocre. Since the beginning of the current recovery (third quarter of calendar year 2009), the country has averaged a 2.4% growth rate. This is significantly lower than the 4.5% annual growth rate during the last seven economic recoveries over the past 40 years. Currently, personal consumption accounts for 70% of GDP, and there is a reluctance – or inability – to ramp up spending. Consumers are concerned about the value of their homes and the outlook for jobs. Post-recession employment growth has averaged less than 1% annually since the recession ended in 2009. Jobless recoveries have become the norm. At the same time, worker productivity (output per hour) has increased. These productivity gains allow employers to keep labor costs in check, boosting profitability.
There are pockets of strength in the U.S. economic recovery, and the warm winter may have brought an early spring to the economy. Private sector hiring picked up, but government cutbacks (state and local) held back over-all job growth. April’s unemployment rate dropped to 8.1% and the economy added 115,000 jobs in the month. While this appears favorable, over 300,000 workers have dropped out of the work force and 41% of the unemployed have been out of work for six months or more.
Global concerns remain; including a slower growth in China’s economy, austerity programs in the peripheral Eurozone countries, and a technical recession in the United Kingdom. On this side of the Atlantic, we are seeing some positive contributions from the consumer, exports, and private inventory investments. The Federal Reserve (the “Fed”) has noted an improving economy; however, “not enough to warrant a change in stimulative policies at this time”. They predicted economic growth between 2.4% and 2.9% this year, which is significantly better than the 1.7% last year.
The Bond Markets
The bond market, the subject of so much stress last summer, has been much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.
While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.
The Fed responded to the slow economic growth by embarking on “Operation Twist” where it simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that it would keep short-term interest rates extremely low into 2014. The European Central Bank (ECB) initiated its “Long-Term Refinancing Operations” which addressed some of the liquidity concerns of its banking system by allowing banks to borrow cash from the ECB at a discounted borrowing rate by depositing longer-term loans with the ECB.
PRESIDENT’S MESSAGE / April 30, 2012
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ii |
Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries.
It’s been a good year in fixed income, particularly in the tax-exempt bond arena. Two trends in the municipal market appeared during the 12 months ending 4/30/2012, both reflecting a reversal of the trends in place during the prior fiscal year. One trend was the increased supply of municipal debt issues where levels had moved into a more traditional range as compared to the previous period’s depressed levels, and the other trend was the increased level of demand for municipal securities compared to the previous period’s sell off of municipal securities.
For the 12-month reporting period May 1, 2011 through April 30, 2012, certain Barclays Capital indices performed as follows1:
Barclays Capital U.S. Aggregate Bond Index2 | Barclays Capital U.S. Treasury Bond Index3 | Barclays Capital U.S. Mortgage- Backed Securities Index4 | Barclays Capital U.S. Credit Bond Index5 | Barclays Capital Municipal Bond Index6 | ||||||||||||
7.54% | 8.89% | 5.74% | 9.20% | 11.36% |
The Stock Markets
The Funds’ fiscal year ended with broad U.S. stock indices modestly higher. The slight net change masks an index drop of nearly 20% and a recovery. The potential effects of a European insolvency in both sovereign credit and banks put a scare into equity markets in August but were alleviated at least temporarily by allowing European banks to move their funding needs out to three years to provide some insurance against a liquidity crisis. While concerns about Europe fluctuated, the economic picture in the U.S. appeared to firm with a marginally better employment picture and confidence improving for both consumers and small businesses. As employment improves, it is expected that the housing market will show signs of stability with the hope of potentially adding to domestic growth at some point in the future.
The S&P 500 jumped 12.6% (including dividends) in the first quarter of 2012 with the unusual feature of having positive returns in each of the three months. One strategist points out that this has happened in only 17 of the past 66 years and there were no down years in those periods. Of course, past performance is no indication of future performance. As we approach mid-year, the market has its eyes on many issues including weakness in the European Union; the elections in the U.S.; a slowdown in China; and, the “fiscal cliff” in the U.S. which refers to a combination of expiring tax cuts, the end of the 2009 stimulus package, automatic spending cuts and new healthcare-related taxes which will be a drag on the economy.
The best performing industries during the fiscal year included computer hardware, auto retailing and homebuilding. The worst performing industries, suggesting a concern about a cyclical slowdown, included tires and rubber, aluminum, coal and consumable fuel.
For the 12-month reporting period May 1, 2011 through April 30, 2012, certain stock market indices performed as follows:
S&P 500 Index7 | Dow Jones Industrial Average8 | NASDAQ Composite Index9 | MSCI All Country World ex-US (Net) Index10 | |||||||||
4.76% | 5.97% | 7.17% | (12.90)% |
April 30, 2012 / PRESIDENT’S MESSAGE
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The Trust, with assets of $12.8 billion as of April 30, 2012, gives investors access to every major asset class and sector. Whether you are looking for a comfortable retirement, to fund a child’s higher education, pursue tax-free income11, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds may provide you with the diversification, flexibility and professional management you need.
Sincerely,
Kenneth Thompson
President
June 4, 2012
PRESIDENT’S MESSAGE / April 30, 2012
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For more complete information, please download the Funds’ prospectus available on www.wilmingtonfunds.com or call 1-800-836-2211 for a copy. You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds’ prospectus, which you should read carefully before investing.
Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.
All investments involve risk, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International Investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
1. | Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. |
2. | Barclays Capital U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index. |
3. | Barclays Capital U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index. |
4. | Barclays Capital U.S. Mortgage-Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index. |
5. | Barclays Capital U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index. |
6. | Barclays Capital Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index. |
7. | S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index. |
8. | Dow Jones Industrial Average (“DJIA”) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIA’s average movements are leading economic indicators for the stock market as a whole. The average is unmanaged and investments cannot be made directly in an average. |
9. | NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index. |
10. | MSCI All Country World ex-US (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices. |
11. | Income generated by tax-free funds may be subject to the federal alternative minimum tax and state and local taxes. |
Sector allocation and credit quality percentages are based on total portfolio as of quarter-end and are subject to change at any time. This data is shown for informational purposes only and is not to be considered a recommendation to purchase or sell any security. The credit quality of the investments in the Fund’s portfolio does not apply to the safety and stability of the Fund and are subject to change. Ratings shown are assigned by one or more Nationally Recognized Statistical Rating Organizations (NRSRO), such as Standard & Poor’s, and typically range from AAA (highest) to D (lowest). When ratings from two NRSROs are available, the lowest rating is used. Bonds not rated by an NRSRO are included in the Not Rated category, which does not necessarily indicate low quality. Cash is defined as bonds with stated maturities of seven days or less and includes money market funds and other cash equivalents. For more information regarding rating methodologies for S&P visit www.standardandpoors.com and for Moody’s visit www.moodys.com.
April 30, 2012 / PRESIDENT’S MESSAGE
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1 |
WILMINGTON BROAD MARKET BOND FUND
(formerly known as MTB Income Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of 6.54%* for A Shares and 6.90%* for I Shares, versus its benchmark, the Barclays Capital U.S. Aggregate Bond Index**, which had a total return of 7.54%, and its peer group, the Lipper Corporate A-Rated Debt Funds Average***, which had a total return of 7.10%.
The bond market, the subject of so much stress last summer, was much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.
While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.
The Federal Reserve (the “Fed”) responded to the slow economic growth by embarking on “Operation Twist” where it simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that it would keep short-term interest rates extremely low into 2014. The European Central Bank initiated the Long-Term Refinancing Operations which addressed some of the liquidity concerns of its banking system.
Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries. However, for the past fiscal year the Corporate and Mortgage-Backed sectors underperformed the Treasury market as risk premiums widened.
The change in key interest rates over the last twelve months is presented below.
4/30/11 | 10/31/11 | 4/30/12 | ||||||||||
Federal Fund Target | 0.00% - 0.25% | 0.00% - 0.25% | 0.00% - 0.25% | |||||||||
2 Year Treasury Note | 0.60% | 0.24% | 0.26% | |||||||||
10 Year Treasury Note | 3.29% | 2.11% | 1.91% |
The yield curve has flattened as investors seek to maintain current income. In sum, the bond market performed very strongly over the last twelve months.
The Fund underperformed the benchmark over the last fiscal year. The underperformance can be attributed to the decision to remain overweight the higher-yielding Corporate sector of the bond market. Given that long-term interest rates were providing negative real rates, we allocated more assets to the higher-yielding Corporate sector. However, given the concerns surrounding Europe and the fragility of the economic recovery, the Corporate sector underperformed in 2011 and for the fiscal year. The decision to remain underweight the Mortgage-Backed sector of the market versus the benchmark aided performance as the Mortgage-Backed sector underperformed as investors required higher risk premiums to compensate for increased prepayment risk associated with historically low mortgage rates.
Our duration and yield curve management strategies also aided performance during the fiscal year. For example, we maintained a longer duration than the benchmark as interest rates declined during last summer in response to the Fed decision to maintain the accommodative policy into mid- 2013.
Looking forward we will continue to utilize our disciplined active relative value investment process.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was 1.73%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Barclays Capital U.S. Aggregate Bond Index is an index measuring both the capital price changes and income provided by the underlying universe of securities, comprised of U.S. Treasury obligations, U.S. investment grade corporate debt and mortgage backed obligations. The index is unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
ANNUAL REPORT / April 30, 2012
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2 |
WILMINGTON BROAD MARKET BOND FUND – A SHARES* AND I SHARES†,*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Broad Market Bond Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”)2 and the Lipper Corporate A-Rated Debt Funds Average.2
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Broad Market Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital Aggregate Bond Index (BCAB)2 and the Lipper Corporate A-Rated Debt Funds Average.2
Average Annual Total Returns for the Period Ended April 30, 2012
A Shares | I Shares | |||||||
1 Year | 1.73% | 6.90% | ||||||
5 Years | 4.79% | 6.01% | ||||||
10 Years | 4.48% | 5.21% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50% for A Shares.
Annual Operating Expense Ratio
A Shares | I Shares | |||||||
Before Waivers | 1.18% | 0.93% | ||||||
After Waivers | 1.00% | 0.65% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Fund, BCAB and the Lipper Corporate A-Rated Debt Funds Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
† | The Wilmington Broad Market Bond Fund is the successor to the ARK Income Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Income Portfolio. |
* | Formerly Class A Shares and Institutional I Shares. |
April 30, 2012 / ANNUAL REPORT
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3 |
WILMINGTON INTERMEDIATE-TERM BOND FUND
(formerly known as MTB Intermediate-Term Bond Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington Intermediate-Term Bond Fund (the “Fund”) had a total return of 4.96%* for A Shares, 4.28%* for C Shares, and 5.33%* for I Shares, versus its benchmark, the Barclays Capital Intermediate U.S. Government/Credit Bond Index**, which had a total return of 5.86% and its peer group, the Lipper Short-Intermediate Investment Grade Debt Funds Average***, which had a total return of 4.17%.
The bond market, the subject of so much stress last summer, was much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.
While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.
The Federal Reserve (the “Fed”) responded to the slow economic growth by embarking on “Operation Twist” where they simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that it would keep short-term interest rates extremely low into 2014. The European Central Bank initiated the Long-Term Refinancing Operations which addressed some of the liquidity concerns of its banking system.
Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries. However, for the past fiscal year the Corporate and Mortgage-Backed sectors underperformed the Treasury market as risk premiums widened.
The change in key interest rates over the last twelve months is presented below.
4/30/11 | 10/31/11 | 4/30/12 | ||||||||||
Federal Fund Target | 0.00% - 0.25% | 0.00% - 0.25% | 0.00% - 0.25% | |||||||||
2 Year Treasury Note | 0.60% | 0.24% | 0.26% | |||||||||
10 Year Treasury Note | 3.29% | 2.11% | 1.91% |
The yield curve has flattened as investors seek to maintain current income. In sum, the bond market performed very strongly over the last twelve months.
The Fund had a shorter average maturity than its benchmark which detracted from performance. In addition, the Fund was underweight Treasuries and overweight Corporate securities relative to the benchmark. This hurt the Fund’s relative performance as Treasuries outperformed Corporate securities. Performance was also hampered in the first quarter of 2012 as large U.S. and U.S. dollar-denominated European banks and broker dealers significantly outperformed the overall credit portion of the benchmark. Earlier in the fiscal year the Fund reduced its exposure to this more risky sector of the market.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was 0.21%, adjusted for the Fund’s maximum sales charge, and the total return for C Shares was 3.29%, adjusted for the Fund’s contingent deferred sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Barclays Capital Intermediate U.S, Government/Credit Bond Index is a widely recognized, market value weighted index of U.S. Treasury securities, U.S. government agency obligations, corporate debt securities, Yankee bonds and non-convertible corporate debt securities issued by or guaranteed by foreign governments and agencies. The index is unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
ANNUAL REPORT / April 30, 2012
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4 |
WILMINGTON INTERMEDIATE-TERM BOND FUND – A SHARES* AND C SHARES*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Intermediate-Term Bond Fund (A Shares) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2012, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”)3 and the Lipper Short Intermediate Investment Grade Debt Funds Average.3
The graph below illustrates the hypothetical investment of $10,000,2 in the Wilmington Intermediate-Term Bond Fund (C Shares) (the “Fund”) from March 31, 2010 (start of performance) to April 30, 2012, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”)3 and the Lipper Short Intermediate Investment Grade Debt Funds Average.3
Average Annual Total Returns for the Period Ended April 30, 2012
A Shares | C Shares | |||||||
1 Year | 0.21% | 3.29% | ||||||
5 Years | 5.39% | N/A | ||||||
Start of Performance4 | 4.55% | 4.90% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50% for A Shares and contingent deferred sales charge (“CDSC”) of up to 1.00% for C Shares.
Annual Operating Expense Ratio
A Shares | C Shares | |||||||
Before Waivers | 1.23% | 1.98% | ||||||
After Waivers | 0.95% | 1.68% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | Represents a hypothetical investment of $10,000 in C Shares of the Fund. The ending value does not reflect a contingent deferred sales load on any redemption over 1 year from purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. |
3 | The performance for the BCIGC and the Lipper Short Intermediate Investment Grade Debt Funds Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. Lipper Short Intermediate Investment Grade Debt Funds Average performance is as of the month-end following the inception date of the Fund. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
4 | The start of performance for A Shares was August 18, 2003 and C Shares was March 31, 2010. |
* | Formerly Class A Shares and Class C Shares. |
April 30, 2012 / ANNUAL REPORT
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5 |
WILMINGTON INTERMEDIATE-TERM BOND FUND – I SHARES†,*
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Intermediate-Term Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”)1 and the Lipper Short Intermediate Investment Grade Debt Funds Average.1
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | 5.33% | |||
5 Years | 6.62% | |||
10 Years | 5.59% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers | 0.98% | |||
After Waivers | 0.60% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | The performance for the Fund, the BCIGC and the Lipper Short Intermediate Investment Grade Debt Funds Average assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
† | The Wilmington Intermediate-Term Bond Fund is the successor to the ARK Intermediate Fixed-Income Portfolio pursuant to a reorganization that took place on August 15, 2003. The information presented above, for the periods prior to August 15, 2003, is historical information for the ARK Intermediate Fixed-Income Portfolio. |
* | Formerly Institutional I Shares. |
ANNUAL REPORT / April 30, 2012
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6 |
WILMINGTON SHORT-TERM CORPORATE BOND FUND
(formerly known as MTB Short-Term Corporate Bond Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington Short-Term Corporate Bond Fund (the “Fund”) had a total return of 1.48%* for A Shares, 0.71%* for C Shares, and 1.74%* for I Shares, versus its benchmark, the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index**, which had a total return of 1.48%, and its peer group, the Lipper Short Investment Grade Debt Funds Average***, which had a total return of 1.72%.
The bond market, the subject of so much stress last summer, was much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.
While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.
The Federal Reserve (the “Fed”) responded to the slow economic growth by embarking on “Operation Twist” where they simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that it would keep short-term interest rates extremely low into 2014. The European Central Bank initiated the Long-Term Refinancing Operations which addressed some of the liquidity concerns of its banking system.
Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries. However, for the past fiscal year the Corporate and Mortgage-Backed sectors underperformed the Treasury market as risk premiums widened.
The change in key interest rates over the last twelve months is presented below.
4/30/11 | 10/31/11 | 4/30/12 | ||||||||||
Federal Fund Target | 0.00% - 0.25% | 0.00% - 0.25% | 0.00% - 0.25% | |||||||||
2 Year Treasury Note | 0.60% | 0.24% | 0.26% | |||||||||
10 Year Treasury Note | 3.29% | 2.11% | 1.91% |
The yield curve has flattened as investors seek to maintain current income. In sum, the bond market performed very strongly over the last twelve months.
The Fund had a shorter average maturity than its benchmark which detracted slightly from performance. In addition, relative performance was also hampered over the first quarter of 2012 as large U.S. and U.S. dollar-denominated European banks and broker dealers significantly outperformed the overall credit portion of the benchmark. Earlier in the year the Fund reduced its exposure to this more risky sector of the market. However, the Fund’s corporate exposure caused it to outperform the benchmark over the last 12 months.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was (0.26)%, adjusted for the Fund’s maximum sales charge, and the total return for C Shares was (0.29)%, adjusted for the Fund’s contingent deferred sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Barclays Capital 1-3 Year U.S. Government/Credit Bond Index is an index that captures funds with exposures to both government and commercial credit. The index is unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
April 30, 2012 / ANNUAL REPORT
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7 |
WILMINGTON SHORT-TERM CORPORATE BOND FUND – A SHARES* AND C SHARES*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Short-Term Corporate Bond Fund (A Shares) (the “Fund”) from August 25, 2003 (start of performance) to April 30, 2012, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BCGC”)3 and the Lipper Short Investment Grade Debt Funds Average.3
The graph below illustrates the hypothetical investment of $10,0002 in the Wilmington Short-Term Corporate Bond Fund (C Shares) (the “Fund”) from April 08, 2010 (start of performance) to April 30, 2012, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BCGC”)3 and the Lipper Short Investment Grade Debt Funds Average.3
Average Annual Total Returns for the Period Ended April 30, 2012
A Shares | C Shares | |||||||
1 Year | (0.26)% | (0.29)% | ||||||
5 Years | 3.13% | N/A | ||||||
Start of Performance4 | 2.90% | 1.43% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 1.75% for A Shares and contingent deferred sales charge (“CDSC”) of up to 1.00% for C Shares.
Annual Operating Expense Ratio
A Shares | C Shares | |||||||
Before Waivers | 1.25% | 2.00% | ||||||
After Waivers | 0.86% | 1.61% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 1.75% ($10,000 investment minus $175 sales charge = $9,825). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | Represents a hypothetical investment of $10,000 in C Shares of the Fund. The ending value does not reflect a contingent deferred sales load on any redemption over 1 year from purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. |
3 | The performance for the BCGC and the Lipper Short Investment Grade Debt Funds Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. Lipper Short Investment Grade Debt Funds Average performance is as of the month-end following the inception date of the Fund. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
4 | The start of performance for A Shares was August 25, 2003 and C Shares was April 8, 2010. |
* | Formerly Class A Shares and Class C Shares. |
ANNUAL REPORT / April 30, 2012
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8 |
WILMINGTON SHORT-TERM CORPORATE BOND FUND – I SHARES†,*
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Short-Term Corporate Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BC1-3GCB”)1 and the Lipper Short Investment Grade Debt Funds Average.1
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | 1.74% | |||
5 Years | 3.71% | |||
10 Years | 3.44% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers | 1.00% | |||
After Waivers | 0.61% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | The performance for the Fund, the BC1-3GCB and the Lipper Short Investment Grade Debt Funds Average assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
† | Performance presented prior to August 22, 2003 reflects the performance of the ARK Short-Term Bond Portfolio, which the Wilmington Short-Term Corporate Bond Fund acquired pursuant to a reorganization on that date. |
* | Formerly Institutional I Shares. |
April 30, 2012 / ANNUAL REPORT
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9 |
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND
(formerly known as MTB Short Duration Government Bond Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington Short Duration Government Bond Fund (the “Fund”) had a total return of 1.40%* for A Shares, 0.61%* for C Shares, and 1.66%* for I Shares, versus its benchmark, the Barclays Capital 1-3 Year U.S. Government Bond Index**, which had a total return of 1.25%, and its peer group, the Lipper Short U.S. Government Bond Funds Average***, which had a total return of 1.21%.
The bond market, the subject of so much stress last summer, was much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.
While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.
The Federal Reserve (the “Fed”) responded to the slow economic growth by embarking on “Operation Twist” where it simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that they would keep short-term interest rates extremely low into 2014. The European Central Bank initiated the Long-Term Refinancing Operations which addressed some of the liquidity concerns of its banking system.
Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries. However, for the past fiscal year the Corporate and Mortgage-Backed sectors underperformed the Treasury market as risk premiums widened.
The change in key interest rates over the last 12 months is presented below.
4/30/11 | 10/31/11 | 4/30/12 | ||||||||||
Federal Fund Target | 0.00% - 0.25% | 0.00% - 0.25% | 0.00% - 0.25% | |||||||||
2 Year Treasury Note | 0.60% | 0.24% | 0.26% | |||||||||
10 Year Treasury Note | 3.29% | 2.11% | 1.91% |
The yield curve has flattened as investors seek to maintain current income. In sum, the bond market performed very strongly over the last twelve months.
While having a shorter average maturity than its benchmark, which detracted slightly from performance, the maintenance and acquisition of well-structured collateralized mortgage obligations significantly enhanced the Fund’s total return.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was (0.42)%, adjusted for the Fund’s maximum sales charge, and the total return for C Shares was (0.38)%, adjusted for the Fund’s contingent deferred sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Barclays Capital 1-3 Year U.S. Government Bond Index is a widely recognized index of U.S. Government obligations with maturities between one and three years. This index is unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
ANNUAL REPORT / April 30, 2012
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10 |
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND –
A SHARES* AND C SHARES*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Short Duration Government Bond Fund (A Shares) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2012, compared to the Barclays Capital 1-3 Year U.S. Government Bond Index (“BC1-3GB”)3 and the Lipper Short U.S. Government Average.3
The graph below illustrates the hypothetical investment of $10,0002 in the Wilmington Short Duration Government Bond Fund (C Shares) (the “Fund”) from April 9, 2010 (start of performance) to April 30, 2012, compared to the Barclays Capital 1-3 Year U.S. Government Bond Index
(“BC1-3GB”)3 and the Lipper Short U.S. Government Average.3
Average Annual Total Returns for the Period Ended April 30, 2012
A Shares | C Shares | |||||||
1 Year | (0.42)% | (0.38)% | ||||||
5 Years | 3.01% | N/A | ||||||
Start of Performance4 | 2.79% | 1.07% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 1.75% for A Shares and contingent deferred sales charge (“CDSC”) of up to 1.00% for C Shares.
Annual Operating Expense Ratio
A Shares | C Shares | |||||||
Before Waivers | 1.26% | 2.01% | ||||||
After Waivers | 0.89% | 1.66% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 1.75% ($10,000 investment minus $175 sales charge = $9,825). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | Represents a hypothetical investment of $10,000 in C Shares of the Fund. The ending value does not reflect a contingent deferred sales load on any redemption over 1 year from purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. |
3 | The performance for the BC1-3GB and the Lipper Short U.S. Government Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. Lipper Short U.S. Government Average performance is as of the month-end following the inception date of the Fund. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
4 | The start of performance for A Shares was August 18, 2003 and C Shares was April 9, 2010. |
* | Formerly Class A Shares and Class C Shares. |
April 30, 2012 / ANNUAL REPORT
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11 |
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND – I SHARES*
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Short Duration Government Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital 1-3 Year U.S. Government Bond Index (“BC1-3GB”)1 and the Lipper Short U.S. Government Average.1
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | 1.66% | |||
5 Years | 3.61% | |||
10 Years | 3.26% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers | 1.01% | |||
After Waivers | 0.64% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | The performance for the Fund, the BC1-3GB and the Lipper Short U.S. Government Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
* | Formerly Institutional I Shares. |
ANNUAL REPORT / April 30, 2012
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WILMINGTON MUNICIPAL BOND FUND
(formerly a series of WT Mutual Fund)
Management’s Discussion of Fund Performance
For the ten-month fiscal period ended April 30, 2012, Wilmington Municipal Bond Fund (the “Fund”) had a total return of 8.18%* for A Shares and 8.33%* for I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 7.84%, and its peer group, the Lipper Intermediate Municipal Debt Funds Average***, which had a total return of 7.08%.
It was a good year in fixed income securities, particularly in the tax-exempt bond arena. Two trends in the municipal bond market appeared during the 12 months ended April 30, 2012, both reflecting a reversal of the trends in place in the prior period. One trend had to do with the supply of municipal debt issues and the other had to do with the demand for those issues.
Regarding the supply of new issues, you need to return to the fourth quarter of 2010 to gather perspective on the dramatic decline during the calendar year 2011. The ability for states and municipalities to issue taxable “Build America Bonds” (“BABs”) was expiring at year end 2010. For municipalities, BABs were viewed as a viable alternative to issuing traditional tax-exempt bonds—particularly at the 35% reimbursement rate that they would receive back from the Federal government on the interest paid out. This “sunset” provision drove supply in the fourth quarter of 2010 much higher—in essence, taking the supply of Municipal Bonds away from the first and second quarters of 2011. Slowly, over the course of 2011, the new issue calendar began to build back up—not to the elevated 2010 levels, but more of a traditional pattern. By the first quarter of 2012, the supply could be described as moderate, not the drought like conditions of 2011 and not near record-breaking pace of 2010. We consider the return to a normal pattern to be positive for the market—often times a market without sufficient supply lacks direction and a market that is swamped in new issues struggles to efficiently place all the new bonds.
Much like the discussion of supply, the patterns of demand for municipal bonds begins with a consideration of the environment immediately prior to our 10-month reporting period. Sparked by the negative prognostications of municipal credit during the last few months of 2010, investors—particularly mutual fund investors—retreated and exited the tax-exempt market. As reported by the Investment Company Institute, flows into and out of long-term municipal bond funds for the first eight months of 2011 netted an outflow of $23 billion. Despite a turnaround in the final quarter, tax-exempt bond funds lost $12 billion in assets over the course of the calendar year 2011. The trend established at the end of 2011 has carried over into 2012 and the fund flows have been positive, some weeks very strong and some weeks almost none existent, but overall, the pattern is positive.
These two trends helped the municipal market generate some of the positive performance experienced over the last 10 months. With a couple of bumps along the way, municipal yields fell during the year. In fact, looking at the yields on 10-year high grade tax-exempt bonds, the high mark was the very beginning of the reporting period (April 29, 2011) with a 2.85% yield, as measured by the MMD1 AAA-rated scale. Municipal yields hit their low point in the middle
of January 2012, with the 10-year touching 1.67%. From there rates were somewhat flat in February, ticked up in March and came right back down in April, ending the fiscal year at 1.87%. As you might expect in a falling rate environment, each extension out the maturity curve added to the overall total return. As measured by the components of the Barclays Capital Municipal Bond Index**, the 3-, 5-, 10-Year, and Long segments of the Index produced total returns for the year ending April 30, 2012 of 3.24%, 6.39%, 11.46%, and 18.57%, respectively.
Another trend worth noting was the reach for yield during the fiscal year. Two ways of reaching for yield are by extending out the curve and extending down in credit quality. From both perspectives, we can measurably see the impact of this reach. The slope of the yield curve measures the difference between yields at 2 different maturities. On April 29, 2011, the yield differential between 2- and 10-year high grade bonds (again as measured by the MMD AAA-rated scale) was 2.29%—in other words, investors were getting compensated with an additional 2.29% in yield for extending their maturity from 2 to 10-years. By the end of the fiscal year, that additional yield compensation had narrowed to 1.56%. Likewise, there is a yield spread between high-grade bonds and lower-rated investment grade securities. Comparing the yields of similar maturity bonds (i.e., 10-year terms), but with different ratings (AAA vs. BBB), we can see that during the year the differential in yield between these also narrowed—beginning the year at a 1.99% yield spread and ending the year with a 1.87% yield spread. Just as investors were reaching out the curve and driving down the slope, they reached down in credit and narrowed the spread between AAA and BBB rated bonds.
The Fund outperformed both its benchmark and its Lipper peer group. The Fund’s performance reflected the market trends discussed above. The longest bonds in the Fund generated the best total returns for the 10-month period. The Fund was slightly overweight bonds with durations exceeding 6 years (43.3% exposure versus 41.3% for the Index), which contributed positively to performance relative to the benchmark. Another positive influence on relative returns was the Fund’s sector positioning. The Fund was overweight Healthcare (10.8% vs. 5.8%) when healthcare revenue bonds outperformed and was underweight Pre-refunded bonds (2.4% vs. 4.7%) when Pre-refunded bonds underperformed. Detracting slightly was the Fund’s credit positioning—being underweight A-rated and lower rated securities (26% to 39% for the Index) in a market where credit spreads compressed.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was 3.32% for the |
April 30, 2012 / ANNUAL REPORT
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13 |
10-month period ended April 30, 2012, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | Standard & Poor’s (S&P) Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the Rebalancing Date. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT). The Barclays Capital 3-, 5-, 10-Year, and Long Municipal Bond Indices are widely recognized indices of investment grade tax-exempt bonds with maturities representative of the appropriately named Index. The indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indices are unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
1 | Municipal Market Data (MMD) is a municipal market securities information service provided by Thomson Reuters. |
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. |
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default. |
Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk. Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Income may be subject to the federal alternative minimum tax. |
ANNUAL REPORT / April 30, 2012
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14 |
WILMINGTON MUNICIPAL BOND FUND – A SHARES*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Municipal Bond Fund (A Shares) (the “Fund”) from December 19, 2005 to April 30, 2012, compared to the S&P Intermediate Municipal Index2.
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | 4.55% | |||
5 Years | 4.32% | |||
Start of Performance (12/19/05) | 4.16% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50%.
Annual Operating Expense Ratio
Before Waivers | 1.19% | |||
After Waivers | 0.87% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the S&P Intermediate Municipal Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged. |
* | Formerly Class A Shares. |
April 30, 2012 / ANNUAL REPORT
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WILMINGTON MUNICIPAL BOND FUND – I SHARES*
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Municipal Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the S&P Intermediate Municipal Index.1
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | 9.69% | |||
5 Years | 5.53% | |||
10 Years | 4.47% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers | 0.94% | |||
After Waivers | 0.62% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | The performance for the Fund and the S&P Intermediate Municipal Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
* | Formerly Institutional I Shares. |
ANNUAL REPORT / April 30, 2012
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WILMINGTON MARYLAND MUNICIPAL BOND FUND
(formerly known as MTB Maryland Municipal Bond Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington Maryland Municipal Bond Fund (the “Fund”) had a total return of 7.71%* for A Shares and 7.89%* for I Shares, versus its benchmarks, the Barclays Capital 7-Year Municipal Bond Index** and Barclays Capital 10-Year Municipal Bond Index**, which had total returns of 9.34% and 11.46%, respectively. The Fund’s peer group, the Lipper Other States Intermediate Municipal Debt Funds Average***, had a total return of 7.93%.
It was a good year in fixed income securities, particularly in the tax-exempt bond arena. Two trends in the municipal bond market appeared during the 12 months ended April 30, 2012, both reflecting a reversal of the trends in place in the prior period. One trend had to do with the supply of municipal debt issues and the other had to do with the demand for those issues.
Regarding the supply of new issues, you need to return to the fourth quarter of 2010 to gather perspective on the dramatic decline during the calendar year 2011. The ability for states and municipalities to issue taxable “Build America Bonds” (“BABs”) was expiring at year end 2010. For municipalities, BABs were viewed as a viable alternative to issuing traditional tax-exempt bonds—particularly at the 35% reimbursement rate that they would receive back from the Federal government on the interest paid out. This “sunset” provision drove supply in the fourth quarter of 2010 much higher—in essence, taking the supply of Municipal Bonds away from the first and second quarters of 2011. Slowly, over the course of 2011, the new issue calendar began to build back up—not to the elevated 2010 levels, but more of a traditional pattern. By the first quarter of 2012, the supply could be described as moderate, not the drought like conditions of 2011 and not the near record-breaking pace of 2010. We consider the return to a normal pattern to be positive for the market—often times a market without sufficient supply lacks direction and a marketthat is swamped in new issues struggles to efficiently place all the new bonds.
Much like the discussion of supply, the patterns of demand for municipal bonds begins with a consideration of the environment immediately prior to our 12-month reporting period. Sparked by the negative prognostications of municipal credit during the last few months of 2010, investors—particularly mutual fund investors—retreated and exited the tax-exempt market. As reported by the Investment Company Institute, flows into and out of long-term municipal bond funds for the first eight months of 2011 netted an outflow of $23 billion. Despite a turnaround in the final quarter, tax-exempt bond funds lost $12 billion in assets over the course of the calendar year 2011. The trend established at the end of 2011 has carried over into 2012 and the fund flows have been positive, some weeks very strong and some weeks almost none existent, but overall, the pattern is positive.
These two trends helped the municipal market generate some of the positive performance experienced over the last 12 months. With a couple of bumps along the way, municipal yields fell during the year. In fact, looking at the yields on 10-year high grade tax-exempt bonds, the high mark was the very beginning of the reporting period
(April 29, 2011) with a 2.85% yield, as measured by the MMD1 AAA-rated scale. Municipal yields hit their low point in the middle of January 2012, with the 10-year touching 1.67%. From there rates were somewhat flat in February, ticked up in March and came right back down in April, ending the fiscal year at 1.87%. As you might expect in a falling rate environment, each extension out the maturity curve added to the overall total return. As measured by the components of the Barclays Capital Municipal Index, the 3-, 5-, 10-Year, and Long segments of the Index produced total returns for the year ending April 30, 2012 of 3.24%, 6.39%, 11.46%, and 18.57%, respectively.
Another trend worth noting was the reach for yield during the fiscal year. Two ways of reaching for yield are by extending out the curve and extending down in credit quality. From both perspectives, we can measurably see the impact of this reach. The slope of the yield curve measures the difference between yields at 2 different maturities. On April 29, 2011, the yield differential between 2 and 10-year high grade bonds (again as measured by the MMD AAA-rated scale) was 2.29%—in other words, investors were getting compensated with an additional 2.29% in yield for extending their maturity from 2 to 10-years. By the end of the fiscal year, that additional yield compensation had narrowed to 1.56%. Likewise, there is a yield spread between high-grade bonds and lower-rated investment grade securities. Comparing the yields of similar maturity bonds (i.e., 10-year terms), but with different ratings (AAA vs. BBB), we can see that during the year the differential in yield between these also narrowed—beginning the year at a 1.99% yield spread and ending the year with a 1.87% yield spread. Just as investors were reaching out the curve and driving down the slope, they reached down in credit and narrowed the spread between AAA and BBB rated bonds.
The Fund’s performance reflected these trends in the market. While the Fund is managed to an intermediate maturity and duration, that goal is achieved by using a barbell approach, with heavy weightings of both long and short bonds. As one might expect, the shorter bonds in the portfolio were among the weakest relative performers and the long bonds were the best performers. Ironically, these best and worst sectors, as measured by their term to maturity, were exaggerated by their credit ratings. While not universally true, many of the Fund’s short bonds were high rated—such as AAA bonds secured by escrowed U.S. Treasury securities—and hence were not advantaged by the reach for yield down the credit spectrum. Many of the long positions in the Fund were A-rated or below, positioning them to perform well not just because of their longer term to maturity, but also from the tightening of yield spreads. Overall, the Fund’s performance reflected its intermediate positioning—right in between the Barclays Capital Municipal 5 and 10-year Indices and very close the average for its Lipper peer group.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an |
April 30, 2012 / ANNUAL REPORT
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17 |
investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was 2.87%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Barclays Capital 7-Year Municipal Bond Index is a widely recognized index of long-term investment grade tax-exempt bonds with maturities between six and eight years. The Barclays Capital 10-Year Municipal Bond Index is a widely recognized index of long-term investment grade tax-exempt bonds with maturities between eight and twelve years. The Barclays Capital 3-, 5-Year, and Long Municipal Bond Indices are widely recognized indices of investment grade tax-exempt bonds with maturities representative of the appropriately named Index. The Indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indexes are unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
1 | Municipal Market Data (MMD) is a municipal market securities information service provided by Thomson Reuters. |
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. |
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default. |
Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk. Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Maryland Investment Risks. The Fund will be more susceptible to any economic, business, political or other developments which generally affect securities issued by Maryland issuers. The economy of Maryland is relatively diversified across the service, trade and government sectors, but could be adversely impacted by changes to any of these sectors. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Income may be subject to the federal alternative minimum tax. |
ANNUAL REPORT / April 30, 2012
Table of Contents
18 |
WILMINGTON MARYLAND MUNICIPAL BOND FUND – A SHARES* AND I SHARES†,*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Maryland Municipal Bond Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital 10-Year Municipal Bond Index (“BC10MB”),2 the Barclays Capital 7-Year Municipal Bond Index (“BC7MB”)2 and the Lipper Other States Intermediate Municipal Debt Funds Average.2
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Maryland Municipal Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the BC10MB,2 the BC7MB2 and the Lipper Other States Intermediate Municipal Debt Funds Average.2
Average Annual Total Returns for the Period Ended April 30, 2012
A Shares | I Shares | |||||||
1 Year | 2.87% | 7.89% | ||||||
5 Years | 3.16% | 4.29% | ||||||
10 Years | 3.66% | 4.30% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50% for A Shares.
Annual Operating Expense Ratio
A Shares | I Shares | |||||||
Before Waivers | 1.18% | 0.93% | ||||||
After Waivers | 0.95% | 0.67% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BC10MB, BC7MB and the Lipper Other States Intermediate Municipal Debt Funds Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
† | The Wilmington Maryland Municipal Bond Fund is the successor to the ARK Maryland Tax-Free Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the period prior to August 22, 2003, is historical information for the ARK Maryland Tax-Free Portfolio. |
* | Formerly Class A Shares and Institutional I Shares. |
April 30, 2012 / ANNUAL REPORT
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19 |
WILMINGTON NEW YORK MUNICIPAL BOND FUND
(formerly known as MTB New York Municipal Bond Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of 7.96%* for A Shares and 8.33%* for I Shares, versus its benchmark, the Barclays Capital New York Tax-Exempt Index**, which had a total return of 10.08%, and its peer group, the Lipper Intermediate Municipal Debt Funds Average***, which had a total return of 8.08%.
It was a good year in fixed income securities, particularly in the tax-exempt bond arena. Two trends in the municipal bond market appeared during the 12 months ended April 30, 2012, both reflecting a reversal of the trends in place in the prior period. One trend had to do with the supply of municipal debt issues and the other had to do with the demand for those issues.
Regarding the supply of new issues, you need to return to the fourth quarter of 2010 to gather perspective on the dramatic decline during the calendar year 2011. The ability for states and municipalities to issue taxable “Build America Bonds” (“BABs”) was expiring at year end 2010. For municipalities, BABs were viewed as a viable alternative to issuing traditional tax-exempt bonds—particularly at the 35% reimbursement rate that they would receive back from the Federal government on the interest paid out. This “sunset” provision drove supply in the fourth quarter of 2010 much higher—in essence, taking the supply of Municipal Bonds away from the first and second quarters of 2011. Slowly, over the course of 2011, the new issue calendar began to build back up—not to the elevated 2010 levels, but more of a traditional pattern. By the first quarter of 2012, the supply could be described as moderate, not the drought like conditions of 2011 and not the near record-breaking pace of 2010. We consider the return to a normal pattern to be positive for the market—often times a market without sufficient supply lacks direction and a market that is swamped in new issues struggles to efficiently place all the new bonds.
Much like the discussion of supply, the patterns of demand for municipal bonds begins with a consideration of the environment immediately prior to our 12-month reporting period. Sparked by the negative prognostications of municipal credit during the last few months of 2010, investors—particularly mutual fund investors—retreated and exited the tax-exempt market. As reported by the Investment Company Institute, flows into and out of long-term municipal bond funds for the first eight months of 2011 netted an outflow of $23 billion. Despite a turnaround in the final quarter, tax-exempt bond funds lost $12 billion in assets over the course of the calendar year 2011. The trend established at the end of 2011 has carried over into 2012 and the fund flows have been positive, some weeks very strong and some weeks almost none existent, but overall, the pattern is positive.
These two trends helped the municipal market generate some of the positive performance experienced over the last 12 months. With a couple of bumps along the way, municipal yields fell during the year. In fact, looking at the yields on 10-year high grade tax-exempt bonds, the high mark was the very beginning of the reporting period (April 29, 2011) with a 2.85% yield, as measured by the MMD1
AAA- rated scale. Municipal yields hit their low point in the middle of January 2012, with the 10-year touching 1.67%. From there rates were somewhat flat in February, ticked up in March and came right back down in April, ending the fiscal year at 1.87%. As you might expect in a falling rate environment, each extension out the maturity curve added to the overall total return. As measured by the components of the Barclays Capital Municipal Index**, the 3-, 5-, 10-Year, and Long segments of the Index produced total returns for the year ending April 30, 2012 of 3.24%, 6.39%, 11.46%, and 18.57%, respectively.
Another trend worth noting was the reach for yield during the fiscal year. Two ways of reaching for yield are by extending out the curve and extending down in credit quality. From both perspectives, we can measurably see the impact of this reach. The slope of the yield curve measures the difference between yields at 2 different maturities. On April 29, 2011, the yield differential between 2 and 10-year high grade bonds (again as measured by the MMD AAA-rated scale) was 2.29%—in other words, investors were getting compensated with an additional 2.29% in yield for extending their maturity from 2 to 10-years. By the end of the fiscal year, that additional yield compensation had narrowed to 1.56%. Likewise, there is a yield spread between high-grade bonds and lower-rated investment grade securities. Comparing the yields of similar maturity bonds (i.e., 10-year terms), but with different ratings (AAA vs. BBB), we can see that during the year the differential in yield between these also narrowed—beginning the year at a 1.99% yield spread and ending the year with a 1.87% yield spread. Just as investors were reaching out the curve and driving down the slope, they reached down in credit and narrowed the spread between AAA and BBB rated bonds.
The Fund’s performance reflected these trends in the market. While the Fund is managed to an intermediate maturity and duration, that goal is achieved by using a barbell approach, with heavy weightings of both long and short bonds. As one might expect, the shorter bonds in the portfolio were among the weakest relative performers and the long bonds were the best performers. Ironically, these best and worst sectors as measured by their term to maturity were exaggerated by their credit ratings. While not universally true, many of our short bonds were high rated—such as AAA bonds secured by escrowed U.S. Treasury securities—and hence were not advantaged by the reach for yield down the credit spectrum. Many of the long positions in the Fund were A-rated or below, positioning them to perform well not just because of their longer term to maturity, but also from the tightening of yield spreads. Overall, the Fund’s performance reflected its intermediate positioning—right in between the Barclays Capital Municipal 5 and 10-year Indices and it outperformed the average for its Lipper peer group. The Fund trailed its Barclays Capital benchmark as that benchmark represents all New York issues across the curve, including long bonds. While the Fund’s average duration is close to 5 years (representative of its intermediate-term mandate), the average duration of the benchmark is over 7 years—reflecting the exposure to longer bonds.
ANNUAL REPORT / April 30, 2012
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* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was 3.15%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Barclays Capital New York Tax-Exempt Index is a total return performance benchmark for the New York long-term investment grade tax-exempt bond market. Returns and attributes for this index are calculated semi-monthly using approximately 22,000 municipal bonds classified as general obligation bonds (state and local), revenue bonds (excluding insured revenue bonds), insured bonds (includes all bond insurers with Aaa/AAA ratings), and pre-refunded bonds. The Barclays Capital 3-, 5-, 10-Year, and Long Municipal Bond Indices are widely recognized indices of investment grade tax-exempt bonds with maturities representative of the appropriately named index. The indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The index is unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
1 | Municipal Market Data (MMD) is a municipal market securities information service provided by Thomson Reuters. |
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. |
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default. |
Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk. Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
New York Investment Risks. The Fund will be more susceptible to any economic, business, political or other developments which generally affect securities issued by New York issuers. The economy of New York state is large and diverse, from agriculture, manufacturing, and high technology in upstate counties to advertising, finance and banking in New York City. Any major changes to the financial conditions on New York City, however, would ultimately have an effect on the stateBond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Income may be subject to the federal alternative minimum tax. |
April 30, 2012 / ANNUAL REPORT
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21 |
WILMINGTON NEW YORK MUNICIPAL BOND FUND – A SHARES*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington New York Municipal Bond Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital New York Tax-Exempt Index (“BCNYTE”)2 and the Lipper New York Intermediate Municipal Debt Funds Average.2
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | 3.15% | |||
5 Years | 2.73% | |||
10 Years | 3.50% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50%.
Annual Operating Expense Ratio
Before Waivers | 1.20% | |||
After Waivers | 0.84% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Fund, the BCNYTE and the Lipper New York Intermediate Municipal Debt Funds Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
* | Formerly Class A Shares. |
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WILMINGTON NEW YORK MUNICIPAL BOND FUND – I SHARES*
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington New York Municipal Bond Fund (I Shares) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2012, compared to the BCNYTE1 and the Lipper New York Intermediate Municipal Debt Funds Average.1
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | 8.33% | |||
5 Years | 3.88% | |||
Start of Performance (8/18/03) | 4.08% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers | 0.95% | |||
After Waivers | 0.59% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | The performance for the Fund, the BCNYTE and the Lipper New York Intermediate Municipal Debt Funds Average assumes the reinvestment of all dividends and distributions. Lipper New York Intermediate Municipal Debt Funds Average performance is as of the month-end following the inception date of the Fund. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
* | Formerly Institutional I Shares. |
April 30, 2012 / ANNUAL REPORT
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23 |
WILMINGTON PENNSYLVANIA MUNICIPAL BOND FUND
(formerly known as MTB Pennsylvania Municipal Bond Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington Pennsylvania Municipal Bond Fund (the “Fund”) had a total return of 8.19% for A Shares and 8.57% for I Shares, versus its benchmarks, the Barclays Capital 7-Year Municipal Bond Index** and the Barclays Capital 10-Year Municipal Bond Index**, which had total returns of 9.34% and 11.46%, respectively. The Fund’s peer group, the Lipper Other States Intermediate Municipal Debt Funds Average***, had a total return of 7.93%.
It was a good year in fixed income securities, particularly in the tax-exempt bond arena. Two trends in the municipal bond market appeared during the 12 months ended April 30, 2012, both reflecting a reversal of the trends in place in the prior period. One trend had to do with the supply of municipal debt issues and the other had to do with the demand for those issues.
Regarding the supply of new issues, you need to return to the fourth quarter of 2010 to gather perspective on the dramatic decline during the calendar year 2011. The ability for states and municipalities to issue taxable “Build America Bonds” (“BABs”) was expiring at year end 2010. For municipalities, BABs were viewed as a viable alternative to issuing traditional tax-exempt bonds—particularly at the 35% reimbursement rate that they would receive back from the Federal government on the interest paid out. This “sunset” provision drove supply in the fourth quarter of 2010 much higher—in essence, taking the supply of Municipal Bonds away from the first and second quarters of 2011. Slowly, over the course of 2011, the new issue calendar began to build back up—not to the elevated 2010 levels, but more of a traditional pattern. By the first quarter of 2012, the supply could be described as moderate, not the drought like conditions of 2011 and not the near record-breaking pace of 2010. We consider the return to a normal pattern to be positive for the market—often times a market without sufficient supply lacks direction and a market that is swamped in new issues struggles to efficiently place all the new bonds.
Much like the discussion of supply, the patterns of demand for municipal bonds begins with a consideration of the environment immediately prior to our 12-month reporting period. Sparked by the negative prognostications of municipal credit during the last few months of 2010, investors—particularly mutual fund investors—retreated and exited the tax-exempt market. As reported by the Investment Company Institute, flows into and out of long-term municipal bond funds for the first eight months of 2011 netted an outflow of $23 billion. Despite a turnaround in the final quarter, tax-exempt bond funds lost $12 billion in assets over the course of the calendar year 2011. The trend established at the end of 2011 has carried over into 2012 and the fund flows have been positive, some weeks very strong and some weeks almost none existent, but overall, the pattern is positive.
These two trends helped the municipal market generate some of the positive performance experienced over the last 12 months. With a couple of bumps along the way, municipal yields fell during the
year. In fact, looking at the yields on 10-year high grade tax-exempt bonds, the high mark was the very beginning of the reporting period (April 29, 2011) with a 2.85% yield, as measured by the MMD1 AAA-rated scale. Municipal yields hit their low point in the middle of January 2012, with the 10-year touching 1.67%. From there rates were somewhat flat in February, ticked up in March and came right back down in April, ending the fiscal year at 1.87%. As you might expect in a falling rate environment, each extension out the maturity curve added to the overall total return. As measured by the components of the Barclays Capital Municipal Index**, the 3-, 5-, 10-Year, and Long segments of the Index produced total returns for the year ending April 30, 2012 of 3.24%, 6.39%, 11.46%, and 18.57%, respectively.
Another trend worth noting was the reach for yield during the fiscal year. Two ways of reaching for yield are by extending out the curve and extending down in credit quality. From both perspectives, we can measurably see the impact of this reach. The slope of the yield curve measures the difference between yields at 2 different maturities. On April 29, 2011, the yield differential between 2 and 10-year high grade bonds (again as measured by the MMD AAA-rated scale) was 2.29%—in other words, investors were getting compensated with an additional 2.29% in yield for extending their maturity from 2 to 10-years. By the end of the fiscal year, that additional yield compensation had narrowed to 1.56%. Likewise, there is a yield spread between high-grade bonds and lower-rated investment grade securities. Comparing the yields of similar maturity bonds (i.e., 10-year terms), but with different ratings (AAA vs. BBB), we can see that during the year the differential in yield between these also narrowed—beginning the year at a 1.99% yield spread and ending the year with a 1.87% yield spread. Just as investors were reaching out the curve and driving down the slope, they reached down in credit and narrowed the spread between AAA and BBB rated bonds.
The Fund’s performance reflected these trends in the market. While the Fund is managed to an intermediate maturity and duration, that goal is achieved by using a barbell approach, with heavy weightings of both long and short bonds. As one might expect, the shorter bonds in the portfolio were among the weakest relative performers and the long bonds were the best performers. Ironically, these best and worst sectors, as measured by their term to maturity, were exaggerated by their credit ratings. While not universally true, many of our short bonds were high rated—such as AAA bonds secured by escrowed U.S. Treasury securities—and hence were not advantaged by the reach for yield down the credit spectrum. Many of the long positions in the Fund were A-rated or below, positioning them to perform well not just because of their longer term to maturity, but also from the tightening of yield spreads. Overall, the Fund’s performance reflected its intermediate positioning—right in between the Barclays Capital Municipal 5- and 10-year Indices and it outperformed the average for its Lipper peer group.
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* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was 3.35%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Barclays Capital 7-Year Municipal Bond Index is a widely recognized index of long-term investment grade tax-exempt bonds with maturities between six and eight years. The Barclays Capital 10-Year Municipal Bond Index is a widely recognized index of long-term investment grade tax-exempt bonds with maturities between eight and twelve years. The Barclays Capital 3-, 5-Year, and Long Municipal Bond Indices are widely recognized indices of investment grade tax-exempt bonds with maturities representative of the appropriately named Index. The Indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indexes are unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. |
1 | Municipal Market Data (MMD) is a municipal market securities information service provided by Thomson Reuters. |
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default. |
Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk. Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. Income may be subject to the federal alternative minimum tax. |
Pennsylvania Investment Risks. The Fund will be more susceptible to any economic, business, political or other developments which generally affect securities issued by Pennsylvania issuers. Pennsylvania’s economy has historically been dependent on heavy industry and agriculture but has diversified recently into medical and health services, education and financial services. Future economic difficulties in any of these industries could have an adverse impact on the finances of the state. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Income may be subject to the federal alternative minimum tax. |
April 30, 2012 / ANNUAL REPORT
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WILMINGTON PENNSYLVANIA MUNICIPAL BOND FUND – A SHARES* AND I SHARES†,*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Pennsylvania Municipal Bond Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital 10-Year Municipal Bond Index (“BC10MB”),2 the Barclays Capital 7-Year Municipal Bond Index (“BC7MB”)2 and the Lipper Other States Intermediate Municipal Debt Funds Average.2
The graph below illustrates the hypothetical investment of $1,000,0002 in the Wilmington Pennsylvania Municipal Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the BC10MB2, the BC7MB2 and the Lipper Other States Intermediate Municipal Debt Funds Average.2
Average Annual Total Returns for the Period Ended April 30, 2012
A Shares | I Shares | |||||||
1 Year | 3.35% | 8.57% | ||||||
5 Years | 3.46% | 4.61% | ||||||
10 Years | 3.60% | 4.21% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50% for A Shares.
Annual Operating Expense Ratio
A Shares | I Shares | |||||||
Before Waivers | 1.20% | 0.95% | ||||||
After Waivers | 0.95% | 0.70% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BC10MB, BC7MB and the Lipper Other States Intermediate Municipal Debt Funds Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
† | Performance presented prior to August 15, 2003 reflects the performance of the ARK Pennsylvania Tax-Free Portfolio, which the Wilmington Pennsylvania Municipal Bond Fund acquired pursuant to a reorganization on that date. |
* | Formerly Class A Shares and Institutional I Shares. |
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WILMINGTON VIRGINIA MUNICIPAL BOND FUND
(formerly known as MTB Virginia Municipal Bond Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington Virginia Municipal Bond Fund (the “Fund”) generated a positive total return of 7.22%* for A Shares, versus its benchmarks, the Barclays Capital 7-Year Municipal Bond Index** and the Barclays Capital 10-Year Municipal Bond Index**, which had total returns of 9.34% and 11.46%, respectively. The Fund’s peer group, the Lipper Virginia Municipal Debt Funds Average***, had a total return of 11.23%.
It was a good year in fixed income securities, particularly in the tax-exempt bond arena. Two trends in the municipal bond market appeared during the 12 months ended April 30, 2012, both reflecting a reversal of the trends in place in the prior period. One trend had to do with the supply of municipal debt issues and the other had to do with the demand for those issues.
Regarding the supply of new issues, you need to return to the fourth quarter of 2010 to gather perspective on the dramatic decline during the calendar year 2011. The ability for states and municipalities to issue taxable “Build America Bonds” (“BABs”) was expiring at year end 2010. For municipalities, BABs were viewed as a viable alternative to issuing traditional tax-exempt bonds—particularly at the 35% reimbursement rate that they would receive back from the Federal government on the interest paid out. This “sunset” provision drove supply in the fourth quarter of 2010 much higher—in essence, taking the supply of Municipal Bonds away from the first and second quarters of 2011. Slowly, over the course of 2011, the new issue calendar began to build back up—not to the elevated 2010 levels, but more of a traditional pattern. By the first quarter of 2012, the supply could be described as moderate, not the drought like conditions of 2011 and not the near record-breaking pace of 2010. We consider the return to normal pattern to be positive for the market—often times a market without sufficient supply lacks direction and a market that is swamped in new issues struggles to efficiently place all the new bonds.
Much like the discussion of supply, the patterns of demand for municipal bonds begins with a consideration of the environment immediately prior to our 12-month reporting period. Sparked by the negative prognostications of municipal credit during the last few months of 2010, investors—particularly mutual fund investors—retreated and exited the tax-exempt market. As reported by the Investment Company Institute, flows into and out of long-term municipal bond funds for the first eight months of 2011 netted an outflow of $23 billion. Despite a turnaround in the final quarter, tax-exempt bond funds lost $12 billion in assets over the course of the calendar year 2011. The trend established at the end of 2011 has carried over into 2012 and the fund flows have been positive, some weeks very strong and some weeks almost none existent, but overall, the pattern is positive.
These two trends helped the municipal market generate some of the positive performance experienced over the last 12 months. With a couple of bumps along the way, municipal yields fell during the year. In fact, looking at the yields on 10-year high grade tax-exempt bonds, the high mark was the very beginning of the reporting period
(April 29, 2011) with a 2.85% yield, as measured by the MMD1 AAA-rated scale. Municipal yields hit their low point in the middle of January 2012, with the 10-year touching 1.67%. From there rates were somewhat flat in February, ticked up in March and came right back down in April, ending the fiscal year at 1.87%. As you might expect in a falling rate environment, each extension out the maturity curve added to the overall total return. As measured by the components of the Barclays Capital Municipal Index**, the 3-, 5-, 10-Year, and Long segments of the Index produced total returns for the year ending April 30, 2012 of 3.24%, 6.39%, 11.46%, and 18.57%, respectively.
Another trend worth noting was the reach for yield during the fiscal year. Two ways of reaching for yield are by extending out the curve and extending down in credit quality. From both perspectives, we can measurably see the impact of this reach. The slope of the yield curve measures the difference between yields at 2 different maturities. On April 29, 2011, the yield differential between 2 and 10-year high grade bonds (again as measured by the MMD AAA-rated scale) was 2.29%—in other words, investors were getting compensated with an additional 2.29% in yield for extending their maturity from 2 to 10-years. By the end of the fiscal year, that additional yield compensation had narrowed to 1.56%. Likewise, there is a yield spread between high-grade bonds and lower-rated investment grade securities. Comparing the yields of similar maturity bonds (i.e., 10-year terms), but with different ratings (AAA vs. BBB), we can see that during the year the differential in yield between these also narrowed—beginning the year at a 1.99% yield spread and ending the year with a 1.87% yield spread. Just as investors were reaching out the curve and driving down the slope, they reached down in credit and narrowed the spread between AAA and BBB rated bonds.
The Fund’s performance reflected these trends in the market. While the Fund is managed to an intermediate maturity and duration, that goal is achieved by using a barbell approach, with heavy weightings of both long and short bonds. As one might expect, the shorter bonds in the portfolio were among the weakest relative performers and the long bonds were the best performers. Ironically, these best and worst sectors, as measured by their term to maturity, were exaggerated by their credit ratings. While not universally true, many of the Fund’s short bonds were high rated—such as AAA bonds secured by escrowed U.S. Treasury securities—and hence were not advantaged by the reach for yield down the credit spectrum. Many of the long positions in the Fund were A-rated or below, positioning them to perform well not just because of their longer term to maturity, but also from the tightening of yield spreads. Overall, the Fund’s performance reflected its intermediate positioning—right in between the Barclays Capital Municipal 5 and 10-year Indices. It trailed its Lipper peer group as that group incorporates all long-term VA municipal bond mutual funds. While the Fund’s average duration is close to 5 years (representative of its intermediate term mandate), the average duration of the funds participating in the Lipper peer group is over 7 years—reflecting the longer nature of the peer group.
April 30, 2012 / ANNUAL REPORT
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* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was 2.37%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Barclays Capital 7-Year Municipal Bond Index is a widely recognized index of long-term investment grade tax-exempt bonds with maturities between six and eight years. The Barclays Capital 10-Year Municipal Bond Index is a widely recognized index of long-term investment grade tax-exempt bonds with maturities between eight and twelve years. The Barclays Capital 3-, 5-Year, and Long Municipal Bond Indices are widely recognized indices of investment grade tax-exempt bonds with maturities representative of the appropriately named Index. The Indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indexes are unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
1 | Municipal Market Data (MMD) is a municipal market securities information service provided by Thomson Reuters. |
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. |
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default. |
Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk. Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Virginia Investment Risks. The Fund will be more susceptible to any economic, business, political or other developments which generally affect securities issued by Virginia issuers. The economy of Virginia is relatively diversified across the service, trade and government sectors, but could be adversely impacted by changes to any of these sectors. Such changes could include changes in political parties in power, government spending cuts or economic downturn. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Income may be subject to the federal alternative minimum tax. |
ANNUAL REPORT / April 30, 2012
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WILMINGTON VIRGINIA MUNICIPAL BOND FUND – A SHARES†,*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Virginia Municipal Bond Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital 10-Year Municipal Bond Index (“BC10MB”),2 the Barclays Capital 7-Year Municipal Bond Index (“BC7MB”),2 the Lipper Virginia Municipal Debt Funds Average2 and the Lipper Other States Intermediate Municipal Debt Funds Average.2
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | 2.37% | |||
5 Years | 3.27% | |||
10 Years | 3.62% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50%.
Annual Operating Expense Ratio
Before Waivers | 1.59% | |||
After Waivers | 0.96% |
The Expense Ratio Before Waiver represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BC10MB, BC7MB, Lipper Virginia Municipal Debt Funds Average and the Lipper Other States Intermediate Municipal Debt Funds Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
† | The Wilmington Virginia Municipal Bond Fund is the successor to the FBR Virginia Tax-Free Portfolio pursuant to a reorganization that took place on February 24, 2006. The information presented above, for the periods prior to February 24, 2006, is historical information for the FBR Virginia Tax-Free Portfolio. |
* | Formerly Class A Shares. |
April 30, 2012 / ANNUAL REPORT
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WILMINGTON MONEY MARKET FUNDS
(formerly known as the MTB Money Market Funds)
The bond market, the subject of so much stress last summer, has been much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.
While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-backed Securities which underperformed the Treasury market in the fourth quarter of 2011.
The Federal Reserve (the “Fed”) responded to the slow economic growth by embarking on “Operation Twist” where it simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter obligations. The Fed also indicated that it would keep short-term rates extremely low into 2014. The European Central Bank initiated the Long-Term Refinancing Operations which addressed some of the liquidity concerns of their banking system.
While liquidity issues have been temporarily addressed, the underlying problems facing Europe have not been resolved. The rise in the three-month London Interbank Offered Rate (LIBOR) noted below is reflective of European credit concerns. The Wilmington Funds have and will continue to maintain a conservative posture toward European exposures for the foreseeable future. Unfortunately, with the Fed planning to maintain its zero interest rate policy, the result will be continued low returns for money market investors during the coming year.
The change in key interest rates over the last twelve months is presented below.
4/30/11 | 10/31/11 | 4/30/12 | ||||||||||
Federal Fund Target | 0.00% - 0.25% | 0.00% - 0.25% | 0.00% - 0.25% | |||||||||
3 Month LIBOR | 0.273% | 0.429% | 0.466% | |||||||||
2 Year Treasury Note | 0.60% | 0.24% | 0.26% | |||||||||
10 Year Treasury Note | 3.29% | 2.11% | 1.91% |
The following is a comparison of the performance of the Wilmington Prime Money Market Fund (formerly the MTB Money Market Fund), Wilmington U.S. Government Money Market Fund (formerly the MTB U.S. Government Money Market Fund), Wilmington U.S. Treasury Money Market Fund (formerly the MTB U.S. Treasury Money Market Fund) and Wilmington Tax-Exempt Money Market Fund (formerly the MTB Tax Free Money Market Fund) versus their respective iMoneyNet and Lipper peer group average returns for the fiscal year ended April 30, 2012:
Wilmington Prime Money Market Fund – Administrative Shares | 0.03 | % | ||
Wilmington Prime Money Market Fund – Institutional Shares | 0.01 | %* | ||
Wilmington Prime Money Market Fund – Select Shares | 0.02 | % | ||
Wilmington Prime Money Market Fund – Service Shares | 0.01 | % | ||
iMoneyNet, Inc. First Tier Institutional Average | 0.05 | % | ||
Lipper Money Market Funds Average | 0.01 | % | ||
Wilmington U.S. Government Money Market Fund – Administrative Shares | 0.01 | % | ||
Wilmington U.S. Government Money Market Fund – Institutional Shares | 0.00 | %* | ||
Wilmington U.S. Government Money Market Fund – Select Shares | 0.01 | % | ||
Wilmington U.S. Government Money Market Fund – Service Shares | 0.01 | % | ||
iMoneyNet, Inc. Government & Agency Institutional Average | 0.01 | % | ||
Lipper U.S. Government Money Market Funds Average | 0.01 | % | ||
Wilmington U.S. Treasury Money Market Fund – Administrative Shares | 0.01 | % | ||
Wilmington U.S. Treasury Money Market Fund – Select Shares | 0.01 | % | ||
Wilmington U.S. Treasury Money Market Fund – Service Shares | 0.01 | % | ||
iMoneyNet, Inc. Treasury and Repo Institutional Average | 0.01 | % | ||
Lipper U.S. Treasury Money Market Funds Average | 0.00 | % | ||
Wilmington Tax-Exempt Money Market Fund – Administrative Shares | 0.01 | % | ||
Wilmington Tax-Exempt Money Market Fund – Select Shares | 0.01 | % | ||
Wilmington Tax-Exempt Money Market Fund – Service Shares | 0.01 | % | ||
iMoneyNet, Inc. Tax-Free Institutional Average | 0.02 | % | ||
Lipper Tax-Exempt Money Market Funds | 0.01 | % |
* | Performance shown is the cumulative return for the period March 12, 2012 (commencement of operations) through April 30, 2012. |
Source: iMoneyNet, Inc. and Lipper |
Performance shown represents past performance and does not guarantee future results. Investment return will fluctuate. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. You should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. A prospectus with this and other information may be obtained by calling 800-836-2211 or visiting the Funds’ web site at www.wilmingtonfunds.com. The prospectus should be read before investing. |
The Funds’ shares are not bank deposits and are not insured by, guaranteed by, endorsed by or obligations of the Federal Deposit Insurance Corporation, the Federal Reserve Board, any government agency or any bank. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. |
During the fiscal year ended April 30, 2012, Wilmington Funds Management Corporation, the Funds’ current investment adviser, and Wilmington Trust Investment Advisors, Inc., the Funds’ previous investment adviser, voluntarily agreed to reduce their advisory fees and/or reimburse certain of the Funds’ operating expenses, or certain "class-specific fees and expenses" to prevent the Funds’ (or a class thereof, as applicable) current annualized yield from being below 0.01% (1 basis point) annually. The fee waiver does not take into consideration acquired fund fees and expenses. Any such waiver or expense reimbursement may be discontinued at any time. |
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As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2011 to April 30, 2012.
Actual Expenses
This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which is not the Funds’ actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning Account Value 11/1/11 | Ending Account Value 4/30/12 | Expenses Paid During Period1 | Annualized Net Expense Ratio2 | |||||||||||||
WILMINGTON BROAD MARKET BOND FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,030.50 | $ | 5.05 | 1.00 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,032.70 | $ | 3.29 | 0.65 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,019.89 | $ | 5.02 | 1.00 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,021.63 | $ | 3.27 | 0.65 | % | ||||||||
WILMINGTON INTERMEDIATE-TERM BOND FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,026.00 | $ | 4.99 | 0.99 | % | ||||||||
C Shares | $ | 1,000.00 | $ | 1,023.20 | $ | 8.55 | 1.70 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,027.70 | $ | 3.18 | 0.63 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,019.94 | $ | 4.97 | 0.99 | % | ||||||||
C Shares | $ | 1,000.00 | $ | 1,016.41 | $ | 8.52 | 1.70 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,021.73 | $ | 3.17 | 0.63 | % | ||||||||
WILMINGTON SHORT-TERM CORPORATE BOND FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,011.70 | $ | 4.30 | 0.86 | % | ||||||||
C Shares | $ | 1,000.00 | $ | 1,007.90 | $ | 8.04 | 1.61 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,013.00 | $ | 3.05 | 0.61 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,020.59 | $ | 4.32 | 0.86 | % | ||||||||
C Shares | $ | 1,000.00 | $ | 1,016.86 | $ | 8.07 | 1.61 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,021.83 | $ | 3.07 | 0.61 | % |
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Beginning Account Value 11/1/11 | Ending Account Value 4/30/12 | Expenses Paid During Period1 | Annualized Net Expense Ratio2 | |||||||||||||
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,007.40 | $ | 4.34 | 0.87 | % | ||||||||
C Shares | $ | 1,000.00 | $ | 1,002.50 | $ | 8.17 | 1.64 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,008.60 | $ | 3.10 | 0.62 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,020.54 | $ | 4.37 | 0.87 | % | ||||||||
C Shares | $ | 1,000.00 | $ | 1,016.71 | $ | 8.22 | 1.64 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,021.78 | $ | 3.12 | 0.62 | % | ||||||||
WILMINGTON MUNICIPAL BOND FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,053.70 | $ | 4.44 | 0.87 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,055.00 | $ | 3.17 | 0.62 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,020.54 | $ | 4.37 | 0.87 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,021.78 | $ | 3.12 | 0.62 | % | ||||||||
WILMINGTON MARYLAND MUNICIPAL BOND FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,035.50 | $ | 4.76 | 0.94 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,035.80 | $ | 3.34 | 0.66 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,020.19 | $ | 4.72 | 0.94 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,021.58 | $ | 3.32 | 0.66 | % | ||||||||
WILMINGTON NEW YORK MUNICIPAL BOND FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,041.40 | $ | 4.26 | 0.84 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,043.70 | $ | 3.00 | 0.59 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,020.69 | $ | 4.22 | 0.84 | % | ||||||||
Institutional I Shares | $ | 1,000.00 | $ | 1,021.93 | $ | 2.97 | 0.59 | % | ||||||||
WILMINGTON PENNSYLVANIA MUNICIPAL BOND FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,044.60 | $ | 4.73 | 0.93 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,046.90 | $ | 3.46 | 0.68 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,020.24 | $ | 4.67 | 0.93 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,021.48 | $ | 3.42 | 0.68 | % | ||||||||
WILMINGTON VIRGINIA MUNICIPAL BOND FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,037.90 | $ | 4.86 | 0.96 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,020.09 | $ | 4.82 | 0.96 | % | ||||||||
WILMINGTON PRIME MONEY MARKET FUND | ||||||||||||||||
Actual | ||||||||||||||||
Administrative Shares | $ | 1,000.00 | $ | 1,000.20 | $ | 0.80 | 0.16 | % | ||||||||
Institutional Shares3 | $ | 1,000.00 | $ | 1,000.10 | $ | 0.25 | 0.18 | % | ||||||||
Select Shares | $ | 1,000.00 | $ | 1,000.10 | $ | 0.80 | 0.16 | % | ||||||||
Service Shares | $ | 1,000.00 | $ | 1,000.10 | $ | 0.90 | 0.18 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
Administrative Shares | $ | 1,000.00 | $ | 1,024.07 | $ | 0.81 | 0.16 | % | ||||||||
Institutional Shares3 | $ | 1,000.00 | $ | 1,023.97 | $ | 0.91 | 0.18 | % | ||||||||
Select Shares | $ | 1,000.00 | $ | 1,024.07 | $ | 0.81 | 0.16 | % | ||||||||
Service Shares | $ | 1,000.00 | $ | 1,023.97 | $ | 0.91 | 0.18 | % |
ANNUAL REPORT / April 30, 2012
Table of Contents
32 |
Beginning Account Value 11/1/11 | Ending Account Value 4/30/12 | Expenses Paid During Period1 | Annualized Net Expense Ratio2 | |||||||||||||
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND | ||||||||||||||||
Actual | ||||||||||||||||
Administrative Shares | $ | 1,000.00 | $ | 1,000.10 | $ | 0.55 | 0.11 | % | ||||||||
Institutional Shares3 | $ | 1,000.00 | $ | 1,000.00 | $ | 0.18 | 0.13 | % | ||||||||
Select Shares | $ | 1,000.00 | $ | 1,000.10 | $ | 0.60 | 0.12 | % | ||||||||
Service Shares | $ | 1,000.00 | $ | 1,000.10 | $ | 0.65 | 0.13 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
Administrative Shares | $ | 1,000.00 | $ | 1,024.32 | $ | 0.55 | 0.11 | % | ||||||||
Institutional Shares3 | $ | 1,000.00 | $ | 1,024.22 | $ | 0.65 | 0.13 | % | ||||||||
Select Shares | $ | 1,000.00 | $ | 1,024.27 | $ | 0.60 | 0.12 | % | ||||||||
Service Shares | $ | 1,000.00 | $ | 1,024.22 | $ | 0.65 | 0.13 | % | ||||||||
WILMINGTON U.S. TREASURY MONEY MARKET FUND | ||||||||||||||||
Actual | ||||||||||||||||
Administrative Shares | $ | 1,000.00 | $ | 1,000.10 | $ | 0.30 | 0.06 | % | ||||||||
Select Shares | $ | 1,000.00 | $ | 1,000.10 | $ | 0.35 | 0.07 | % | ||||||||
Service Shares | $ | 1,000.00 | $ | 1,000.10 | $ | 0.30 | 0.06 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
Administrative Shares | $ | 1,000.00 | $ | 1,024.57 | $ | 0.30 | 0.06 | % | ||||||||
Select Shares | $ | 1,000.00 | $ | 1,024.52 | $ | 0.35 | 0.07 | % | ||||||||
Service Shares | $ | 1,000.00 | $ | 1,024.57 | $ | 0.30 | 0.06 | % | ||||||||
WILMINGTON TAX-EXEMPT MONEY MARKET FUND | ||||||||||||||||
Actual | ||||||||||||||||
Administrative Shares | $ | 1,000.00 | $ | 1,000.10 | $ | 1.01 | 0.21 | % | ||||||||
Select Shares | $ | 1,000.00 | $ | 1,000.10 | $ | 0.99 | 0.20 | % | ||||||||
Service Shares | $ | 1,000.00 | $ | 1,000.10 | $ | 0.99 | 0.20 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
Administrative Shares | $ | 1,000.00 | $ | 1,023.82 | $ | 1.06 | 0.21 | % | ||||||||
Select Shares | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | 0.20 | % | ||||||||
Service Shares | $ | 1,000.00 | $ | 1,023.87 | $ | 1.01 | 0.20 | % |
(1) | Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent one-half year period (except for Wilmington Prime Money Market Fund and Wilmington U.S. Government Money Market Fund actual return information for Institutional Shares which reflect the 50 day period, respectively, from commencement of investment operations through April 30, 2012). |
(2) | Expense ratio does not reflect the indirect expenses of the underlying funds it invests in. |
(3) | Wilmington Prime Money Market Fund and Wilmington U.S. Government Money Market Fund, Institutional Shares commenced investment operations on March 12, 2012. |
April 30, 2012 / ANNUAL REPORT
Table of Contents
33 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Broad Market Bond Fund
At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)
Percentage of Total Net Assets | ||||
Corporate Bonds | 51.9 | % | ||
Mortgage-Backed Securities | 23.5 | % | ||
U.S. Treasury | 15.1 | % | ||
Commercial Paper | 4.8 | % | ||
Collateralized Mortgage Obligations | 3.2 | % | ||
Government Agencies | 2.5 | % | ||
Asset-Backed Securities | 1.4 | % | ||
Enhanced Equipment Trust Certificates | 0.7 | % | ||
Municipal Bond | 0.2 | % | ||
Preferred Stock | 0.1 | % | ||
Cash Equivalents1 | 4.8 | % | ||
Other Assets and Liabilities – Net2 | (8.2 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
Credit Quality Diversification3 | Percentage of Total Net Assets | |||
AAA | 5.4 | % | ||
AA | 7.5 | % | ||
A | 20.1 | % | ||
BBB | 27.3 | % | ||
BB | 3.7 | % | ||
B | 0.8 | % | ||
Not Rated | 4.8 | % | ||
U.S. Government | 23.5 | % | ||
U.S. Treasury | 15.1 | % | ||
Other Assets and Liabilities – Net2 | (8.2 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
ASSET-BACKED SECURITIES – 1.4% | ||||||||
FINANCIAL SERVICES – 1.2% | ||||||||
14Hyundai Auto Receivables Trust, Series 2011-A, Class A2, 0.69%, 11/15/13 | $ | 623,340 | $ | 624,048 | ||||
6,7LA Arena Funding LLC, Series 1999-1, Class A, 7.66%, 12/15/26 | 1,273,714 | 1,388,254 | ||||||
14Nissan Auto Lease Trust, Series 2011-A, Class A2A, 0.70%, 1/15/14 | 1,707,361 | 1,700,694 | ||||||
TOTAL FINANCIAL SERVICES | $ | 3,712,996 | ||||||
WHOLE LOAN – 0.2% | ||||||||
1,6,7,14SLM Student Loan Trust, Series 2011-A, Class A1, 1.24%, 10/15/24 | 611,396 | 611,690 | ||||||
TOTAL ASSET-BACKED SECURITIES (COST $4,215,751) | $ | 4,324,686 | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.2% | ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 1.5% | ||||||||
6,7American Tower Trust, Series 2007-1A, Class AFX, 5.42%, 4/15/37 | 1,000,000 | 1,071,777 |
Description | Par Value | Value | ||||||
14Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A2, | $ | 626,690 | $ | 645,099 | ||||
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.80%, 5/12/39 | 983,524 | 1,006,799 | ||||||
Morgan Stanley Capital I, Series 2004-IQ7, Class A4, 5.54%, 6/15/38 | 1,000,000 | 1,063,631 | ||||||
14Morgan Stanley Capital I, Series 2005-T19, Class AAB, 4.85%, 6/12/47 | 619,466 | 632,341 | ||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) | $ | 4,419,647 | ||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.1% | ||||||||
Series 1988-23, Class C, 9.75%, 9/25/18 | 8,379 | 9,508 | ||||||
Series 2005-29, Class WC, 4.75%, 4/25/35 | 118,538 | 128,967 | ||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $ | 138,475 | ||||||
WHOLE LOAN – 1.6% | ||||||||
1,14Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 3.00%, 2/25/34 | 395,189 | 350,706 |
(Wilmington Broad Market Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
34 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, | $ | 1,656,664 | $ | 1,669,092 | ||||
1Indymac INDA Mortgage Loan Trust Series 2005-AR1, Class 2A1, 5.06%, 11/25/35 | 1,164,041 | 937,247 | ||||||
Morgan Stanley Mortgage Loan Trust Series 2004-1, Class 1A8, 4.75%, 11/25/18 | 26,534 | 26,515 | ||||||
WaMu Mortgage Pass-Through Certificates, Series 2004-CB1, Class 1A, 5.25%, 6/25/19 | 1,883,226 | 1,917,018 | ||||||
TOTAL WHOLE LOAN | $ | 4,900,578 | ||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $9,463,138) | $ | 9,458,700 | ||||||
4COMMERCIAL PAPER – 4.8% | ||||||||
BEVERAGES – 0.6% | ||||||||
6,7Diageo Capital PLC, 0.47%, 5/09/12 | 2,000,000 | 1,999,765 | ||||||
COMMERCIAL SERVICES – 0.7% | ||||||||
6,7Western Union Co., 0.32%, 5/01/12 | 2,000,000 | 1,999,982 | ||||||
ELECTRIC – 1.1% | ||||||||
6,7Dominion Resources, Inc., 0.39%, 5/07/12 | 1,500,000 | 1,499,886 | ||||||
6,7Pacific Gas & Electric Co., 0.38%, 5/02/12 | 2,000,000 | 1,999,958 | ||||||
TOTAL ELECTRIC | $ | 3,499,844 | ||||||
FOOD – 0.7% | ||||||||
6,7Kroger Co., 0.39%, 5/01/12 | 2,000,000 | 1,999,979 | ||||||
HEALTHCARE-PRODUCTS – 0.7% | ||||||||
6,7Baxter International, Inc., 0.25%, 5/02/12 | 2,000,000 | 1,999,972 | ||||||
RETAIL – 0.7% | ||||||||
6,7CVS Caremark Corp., 0.30%, 5/01/12 | 2,000,000 | 1,999,983 | ||||||
TRANSPORTATION – 0.3% | ||||||||
Ryder System, Inc., 0.39%, 5/16/12 | 1,000,000 | 999,827 | ||||||
TOTAL COMMERCIAL PAPER (COST $14,499,496) | $ | 14,499,352 | ||||||
CORPORATE BONDS – 51.9% | ||||||||
AEROSPACE & DEFENSE – 0.5% | ||||||||
6,7BAE Systems Holdings, Inc., Company Guaranteed, 6.38%, 6/01/19 | 500,000 | 572,396 | ||||||
L-3 Communications Corp., Company Guaranteed, 4.75%, 7/15/20 | 1,000,000 | 1,064,940 | ||||||
TOTAL AEROSPACE & DEFENSE | $ | 1,637,336 | ||||||
AUTO MANUFACTURERS – 0.3% | ||||||||
6,7Daimler Finance North America LLC, Company Guaranteed, 3.88%, 9/15/21 | 250,000 | 262,380 | ||||||
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 1.00%, 2/17/15 | 250,000 | 250,859 | ||||||
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 2.05%, 1/12/17 | 300,000 | 308,347 | ||||||
TOTAL AUTO MANUFACTURERS | $ | 821,586 | ||||||
AUTO PARTS & EQUIPMENT – 0.1% | ||||||||
6,7Delphi Corp., Company Guaranteed, | 125,000 | 132,500 |
Description | Par Value | Value | ||||||
6,7Delphi Corp., Company Guaranteed, | $ | 50,000 | $ | 53,500 | ||||
Johnson Controls, Inc., Sr. Unsecured, | 250,000 | 254,384 | ||||||
TOTAL AUTO PARTS & EQUIPMENT | $ | 440,384 | ||||||
BANKS – 9.3% | ||||||||
Bank of America Corp., Sr. Unsecured, | 1,250,000 | 1,373,698 | ||||||
Bank of Montreal, Sr. Unsecured, MTN, | 1,250,000 | 1,285,121 | ||||||
Bank of New York Mellon Corp., Sr. Unsecured, MTN, 2.30%, 7/28/16 | 1,000,000 | 1,033,108 | ||||||
Bank One Corp., Subordinated, | 425,000 | 537,028 | ||||||
14BB&T Corp., Subordinated, | 500,000 | 508,215 | ||||||
BB&T Corp., Sr. Unsecured, MTN, | 700,000 | 740,299 | ||||||
BB&T Corp., Sr. Unsecured, | 905,000 | 1,130,558 | ||||||
6,7BNY Institutional Capital Trust A, Limited Guarantee, 7.78%, 12/01/26 | 1,500,000 | 1,526,250 | ||||||
Capital One Financial Corp., Sr. Unsecured, | 250,000 | 277,730 | ||||||
1,14Citigroup, Inc., Sr. Unsecured, | 275,000 | 265,095 | ||||||
14Citigroup, Inc., Sr. Unsecured, | 1,000,000 | 1,036,162 | ||||||
Citigroup, Inc., Sr. Unsecured, | 500,000 | 533,492 | ||||||
Citigroup, Inc., Sr. Unsecured, | 250,000 | 261,241 | ||||||
Citigroup, Inc., Sr. Unsecured, | 275,000 | 305,013 | ||||||
Comerica, Inc., Sr. Unsecured, | 1,300,000 | 1,354,432 | ||||||
Fifth Third Bancorp, Sr. Unsecured, | 1,200,000 | 1,262,833 | ||||||
Fifth Third Bancorp, Sr. Unsecured, | 500,000 | 502,166 | ||||||
Goldman Sachs Group, Inc., Sr. Notes, | 1,000,000 | 1,001,820 | ||||||
HSBC Holdings PLC, Sr. Unsecured, | 2,000,000 | 2,034,702 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, | 500,000 | 532,741 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, | 500,000 | 510,217 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, | 150,000 | 173,134 | ||||||
JPMorgan Chase & Co., Sr. Notes, | 100,000 | 106,448 | ||||||
JPMorgan Chase Capital XVIII, Series R, Limited Guarantee, 6.95%, 8/17/36 | 1,000,000 | 1,006,298 | ||||||
1,14JPMorgan Chase Capital XXIII, Limited Guarantee, 1.50%, 5/15/47 | 1,000,000 | 740,994 |
(Wilmington Broad Market Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 35 |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
KeyCorp, Sr. Unsecured, MTN, | $ | 1,000,000 | $ | 1,057,209 | ||||
1,14Morgan Stanley, Sr. Unsecured, | 450,000 | 436,615 | ||||||
PNC Bank N.A., Subordinated, BKNT, | 500,000 | 602,290 | ||||||
1,14PNC Funding Corp., Bank Guaranteed, | 500,000 | 495,498 | ||||||
Royal Bank of Canada, Sr. Notes, MTN, | 1,500,000 | 1,542,544 | ||||||
State Street Corp., Sr. Unsecured, | 250,000 | 267,649 | ||||||
Toronto-Dominion Bank, Sr. Unsecured, | 1,000,000 | 1,039,649 | ||||||
14U.S. Bank N.A., Sr. Unsecured, MTN, | 305,922 | 306,972 | ||||||
US Bancorp, Sr. Unsecured, MTN, | 500,000 | 515,879 | ||||||
Wells Fargo & Co., Sr. Unsecured, MTN, | 240,000 | 240,825 | ||||||
Wells Fargo & Co., Sr. Unsecured, | 500,000 | 538,092 | ||||||
Wells Fargo & Co., Sr. Unsecured, MTN, | 750,000 | 762,002 | ||||||
TOTAL BANKS | $ | 27,844,019 | ||||||
BEVERAGES – 1.0% | ||||||||
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 7.75%, 1/15/19 | 250,000 | 331,072 | ||||||
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 5.38%, 1/15/20 | 1,000,000 | 1,200,182 | ||||||
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 8.20%, 1/15/39 | 500,000 | 792,064 | ||||||
Coca-Cola Enterprises, Inc., Sr. Unsecured, | 150,000 | 152,090 | ||||||
Dr Pepper Snapple Group, Inc., Company Guaranteed, 2.60%, 1/15/19 | 500,000 | 504,988 | ||||||
TOTAL BEVERAGES | $ | 2,980,396 | ||||||
BIOTECHNOLOGY – 0.3% | ||||||||
Gilead Sciences, Inc., Sr. Unsecured, | 800,000 | 871,152 | ||||||
BUILDING MATERIALS – 0.3% | ||||||||
Masco Corp., Sr. Unsecured, | 1,000,000 | 1,026,441 | ||||||
CHEMICALS – 0.6% | ||||||||
Dow Chemical Co., Sr. Unsecured, | 500,000 | 520,745 | ||||||
Dow Chemical Co., Sr. Unsecured, | 500,000 | 521,073 | ||||||
Potash Corp. of Saskatchewan, Inc., Sr. Unsecured, 4.88%, 3/30/20 | 500,000 | 575,120 | ||||||
TOTAL CHEMICALS | $ | 1,616,938 |
Description | Par Value | Value | ||||||
COAL – 0.2% | ||||||||
CONSOL Energy, Inc., Company Guaranteed, | $ | 625,000 | $ | 662,500 | ||||
COMMERCIAL SERVICES – 0.4% | ||||||||
Stanford University, Bonds, | 500,000 | 589,067 | ||||||
Western Union Co., Sr. Unsecured, | 500,000 | 541,227 | ||||||
TOTAL COMMERCIAL SERVICES | $ | 1,130,294 | ||||||
COMPUTERS – 0.7% | ||||||||
Dell, Inc., Sr. Unsecured, | 275,000 | 284,959 | ||||||
Hewlett-Packard Co., Sr. Unsecured, | 500,000 | 507,655 | ||||||
Hewlett-Packard Co., Sr. Unsecured, | 500,000 | 516,330 | ||||||
Hewlett-Packard Co., Sr. Unsecured, | 500,000 | 501,293 | ||||||
International Business Machines Corp., Sr. Unsecured, 1.95%, 7/22/16 | 275,000 | 284,028 | ||||||
TOTAL COMPUTERS | $ | 2,094,265 | ||||||
DIVERSIFIED FINANCIAL | ||||||||
American Express Co., Sr. Unsecured, | 335,000 | 349,917 | ||||||
American Express Credit Corp., Sr. Unsecured, MTN, 2.38%, 3/24/17 | 1,000,000 | 1,019,475 | ||||||
6,7American Honda Finance Corp., Sr. Unsecured, MTN, 4.63%, 4/02/13 | 500,000 | 519,101 | ||||||
6,7,14ASIF Global Financing XIX, Sr. Secured, | 1,175,000 | 1,196,360 | ||||||
BlackRock, Inc., Series 2, Sr. Unsecured, | 250,000 | 287,632 | ||||||
Charles Schwab Corp., Sr. Unsecured, MTN, | 1,000,000 | 1,201,439 | ||||||
Charles Schwab Corp., Sr. Unsecured, | 250,000 | 276,382 | ||||||
6,7FMR LLC, Sr. Unsecured, | 1,000,000 | 1,105,933 | ||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, | 800,000 | 833,000 | ||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, | 250,000 | 279,375 | ||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, | 250,000 | 287,500 | ||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, | 500,000 | 562,500 | ||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, | 1,000,000 | 1,132,500 | ||||||
6,7FUEL Trust, Secured, 3.98%, 6/15/16 | 300,000 | 311,525 | ||||||
1,14General Electric Capital Corp., Series A, Sr. Unsecured, MTNA, 0.66%, 10/06/15 | 200,000 | 193,431 |
(Wilmington Broad Market Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
36 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
12General Electric Capital Corp., Sr. Unsecured, 2.90%, 1/09/17 | $ | 1,000,000 | $ | 1,037,573 | ||||
General Electric Capital Corp., Subordinated, | 250,000 | 275,145 | ||||||
General Electric Capital Corp., Sr. Unsecured, | 1,200,000 | 1,307,461 | ||||||
6,7Harley-Davidson Funding Corp., Company Guaranteed, 5.75%, 12/15/14 | 500,000 | 544,436 | ||||||
6,7Hyundai Capital America, Company Guaranteed, 4.00%, 6/08/17 | 250,000 | 258,695 | ||||||
6,7Hyundai Capital Services, Inc., Sr. Unsecured, 3.50%, 9/13/17 | 250,000 | 252,542 | ||||||
International Lease Finance Corp., Sr. Unsecured, 5.88%, 5/01/13 | 1,150,000 | 1,178,750 | ||||||
John Deere Capital Corp., Sr. Unsecured, MTN, 1.40%, 3/15/17 | 250,000 | 250,756 | ||||||
MBNA Capital, Series A, Limited Guarantee, | 1,000,000 | 1,020,000 | ||||||
Merrill Lynch & Co., Inc., Sr. Unsecured, | 400,000 | 418,947 | ||||||
Raymond James Financial, Inc., Sr. Unsecured, 4.25%, 4/15/16 | 1,000,000 | 1,041,839 | ||||||
SLM Corp., Series A, Sr. Unsecured, MTNA, | 1,000,000 | 1,024,182 | ||||||
14TD Ameritrade Holding Corp., Company Guaranteed, 2.95%, 12/01/12 | 500,000 | 506,035 | ||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES | $ | 18,672,431 | ||||||
ELECTRIC – 2.5% | ||||||||
Ameren Illinois Co., Sr. Secured, | 600,000 | 825,996 | ||||||
CMS Energy Corp., Sr. Unsecured, | 300,000 | 340,500 | ||||||
Commonwealth Edison Co., 1st Mortgage, | 1,000,000 | 1,025,082 | ||||||
Dominion Resources, Inc., Series A, Sr. Unsecured, 5.60%, 11/15/16 | 500,000 | 585,540 | ||||||
DTE Energy Co., Sr. Unsecured, | 250,000 | 280,873 | ||||||
Duke Energy Corp., Sr. Unsecured, | 714,000 | 780,912 | ||||||
Entergy Corp., Sr. Unsecured, | 500,000 | 524,601 | ||||||
Exelon Generation Co. LLC, Sr. Unsecured, | 650,000 | 763,399 | ||||||
Florida Power Corp., 1st Mortgage, | 500,000 | 514,771 | ||||||
Florida Power Corp., 1st Mortgage, | 425,000 | 565,825 | ||||||
Oklahoma Gas & Electric Co., Sr. Secured, | 565,000 | 730,868 | ||||||
Pacific Gas & Electric Co., Sr. Unsecured, | 125,000 | 130,360 | ||||||
UIL Holdings Corp., Sr. Unsecured, | 400,000 | 416,843 |
Description | Par Value | Value | ||||||
Wisconsin Electric Power Co., Sr. Unsecured, 2.95%, 9/15/21 | $ | 250,000 | $ | 257,275 | ||||
TOTAL ELECTRIC | $ | 7,742,845 | ||||||
ELECTRONICS – 0.3% | ||||||||
FLIR Systems, Inc., Sr. Unsecured, | 250,000 | 256,206 | ||||||
Honeywell International, Inc., Sr. Unsecured, | 250,000 | 296,804 | ||||||
Thermo Fisher Scientific, Inc., Sr. Unsecured, 4.50%, 3/01/21 | 250,000 | 286,489 | ||||||
TOTAL ELECTRONICS | $ | 839,499 | ||||||
ENERGY EQUIPMENT & | ||||||||
14National Oilwell Varco, Inc., Sr. Unsecured, | 1,500,000 | 1,533,530 | ||||||
ENVIRONMENTAL CONTROL – 0.1% | ||||||||
14Allied Waste North America, Inc., Company Guaranteed, 6.88%, 6/01/17 | 300,000 | 312,375 | ||||||
FOOD – 2.0% | ||||||||
General Mills, Inc., Sr. Unsecured, | 750,000 | 907,402 | ||||||
HJ Heinz Co., Sr. Unsecured, | 500,000 | 496,256 | ||||||
Kellogg Co., Sr. Unsecured, | 1,000,000 | 1,018,913 | ||||||
1Kraft Foods, Inc., Sr. Unsecured, | 350,000 | 351,380 | ||||||
Kraft Foods, Inc., Unsecured, | 400,000 | 424,832 | ||||||
Kroger Co., Company Guaranteed, | 250,000 | 271,902 | ||||||
Kroger Co., Sr. Unsecured, | 250,000 | 255,096 | ||||||
Kroger Co., Company Guaranteed, | 500,000 | 666,971 | ||||||
McCormick & Co., Inc., Sr. Unsecured, | 500,000 | 601,679 | ||||||
McCormick & Co., Inc., Sr. Unsecured, | 500,000 | 547,361 | ||||||
6,7WM Wrigley Jr. Co., Sr. Secured, | 500,000 | 517,640 | ||||||
TOTAL FOOD | $ | 6,059,432 | ||||||
HEALTHCARE PROVIDERS & SERVICES – 0.3% | ||||||||
Quest Diagnostics, Inc., Company Guaranteed, 4.70%, 4/01/21 | 500,000 | 551,461 | ||||||
UnitedHealth Group, Inc., Sr. Unsecured, | 250,000 | 302,311 | ||||||
TOTAL HEALTHCARE PROVIDERS & SERVICES | $ | 853,772 | ||||||
HOME BUILDERS – 0.2% | ||||||||
Ryland Group, Inc., Company Guaranteed, | 500,000 | 500,000 |
(Wilmington Broad Market Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 37 |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
HOME FURNISHINGS – 0.1% | ||||||||
Whirlpool Corp., Sr. Unsecured, | $ | 350,000 | $ | 392,601 | ||||
HOUSEHOLD PRODUCTS – 0.3% | ||||||||
Tupperware Brands Corp., Company Guaranteed, 4.75%, 6/01/21 | 1,000,000 | 1,030,243 | ||||||
INSURANCE – 2.7% | ||||||||
CNA Financial Corp., Sr. Unsecured, | 1,000,000 | 1,095,891 | ||||||
6,7Liberty Mutual Group, Inc., Company Guaranteed, 5.00%, 6/01/21 | 500,000 | 507,219 | ||||||
Lincoln National Corp., Sr. Unsecured, | 1,000,000 | 1,009,963 | ||||||
MetLife, Inc., Sr. Unsecured, | 400,000 | 442,033 | ||||||
MetLife, Inc., Sr. Unsecured, | 500,000 | 551,429 | ||||||
6,7,14Metropolitan Life Global Funding I, Sr. Secured, 2.50%, 1/11/13 | 500,000 | 507,173 | ||||||
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.88%, 1/14/15 | 1,000,000 | 1,056,154 | ||||||
Prudential Financial, Inc., Sr. Unsecured, | 500,000 | 554,417 | ||||||
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.00%, 5/12/16 | 1,000,000 | 1,034,659 | ||||||
WR Berkley Corp., Sr. Unsecured, | 280,000 | 329,672 | ||||||
WR Berkley Corp., Sr. Unsecured, | 1,000,000 | 1,023,764 | ||||||
TOTAL INSURANCE | $ | 8,112,374 | ||||||
INTERNET – 0.2% | ||||||||
eBay, Inc., Sr. Unsecured, | 500,000 | 511,843 | ||||||
IRON/STEEL – 0.4% | ||||||||
ArcelorMittal, Sr. Unsecured, | 1,000,000 | 977,086 | ||||||
Cliffs Natural Resources, Inc., Sr. Unsecured, | 275,000 | 289,895 | ||||||
TOTAL IRON/STEEL | $ | 1,266,981 | ||||||
LEISURE TIME – 0.3% | ||||||||
6,7Harley-Davidson Financial Services, Inc., Company Guaranteed, 2.70%, 3/15/17 | 500,000 | 501,471 | ||||||
Royal Caribbean Cruises Ltd., Sr. Unsecured, | 300,000 | 315,000 | ||||||
TOTAL LEISURE TIME | $ | 816,471 | ||||||
MACHINERY – 0.2% | ||||||||
Caterpillar, Inc., Sr. Unsecured, | 500,000 | 594,670 | ||||||
MEDIA – 4.1% | ||||||||
CBS Corp., Company Guaranteed, | 540,000 | 530,601 |
Description | Par Value | Value | ||||||
14Comcast Cable Communications Holdings, Inc., Company Guaranteed, 8.38%, 3/15/13 | $ | 400,000 | $ | 427,031 | ||||
Comcast Corp., Company Guaranteed, | 1,000,000 | 1,161,371 | ||||||
Comcast Corp., Company Guaranteed, | 1,800,000 | 2,144,551 | ||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, | 500,000 | 528,483 | ||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, | 1,000,000 | 1,150,523 | ||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, | 500,000 | 535,291 | ||||||
6,7DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, | 500,000 | 491,447 | ||||||
NBCUniversal Media LLC, Sr. Unsecured, | 480,000 | 514,000 | ||||||
Time Warner Cable, Inc., Company Guaranteed, 4.00%, 9/01/21 | 500,000 | 519,087 | ||||||
Time Warner Cable, Inc., Company Guaranteed, 5.50%, 9/01/41 | 500,000 | 525,863 | ||||||
Time Warner Entertainment Co. LP, Company Guaranteed, 8.38%, 3/15/23 | 750,000 | 1,014,875 | ||||||
Viacom, Inc., Sr. Unsecured, | 350,000 | 377,346 | ||||||
Viacom, Inc., Sr. Unsecured, | 1,000,000 | 1,178,960 | ||||||
Viacom, Inc., Sr. Unsecured, | 850,000 | 900,876 | ||||||
Walt Disney Co., Series E, Sr. Unsecured, | 250,000 | 251,983 | ||||||
TOTAL MEDIA | $ | 12,252,288 | ||||||
METALS & MINING – 1.5% | ||||||||
Alcoa, Inc., Sr. Unsecured, | 550,000 | 594,384 | ||||||
6,7Barrick Gold Corp., Sr. Unsecured, | 2,000,000 | 2,105,306 | ||||||
Rio Tinto Finance USA Ltd., Company Guaranteed, 9.00%, 5/01/19 | 750,000 | 1,029,286 | ||||||
14Xstrata Canada Corp., Company Guaranteed, | 800,000 | 810,413 | ||||||
TOTAL METALS & MINING | $ | 4,539,389 | ||||||
MISCELLANEOUS MANUFACTURING –1.2% | ||||||||
GE Capital Trust I, Limited Guarantee, | 1,000,000 | 1,025,000 | ||||||
14General Electric Co., Sr. Unsecured, | 400,000 | 413,404 | ||||||
Ingersoll-Rand Co., Series B, Company Guaranteed, MTNB, 6.02%, 2/15/28 | 900,000 | 986,647 | ||||||
Ingersoll-Rand Global Holding Co. Ltd., Company Guaranteed, 6.00%, 8/15/13 | 700,000 | 744,864 |
(Wilmington Broad Market Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
38 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
Textron, Inc., Sr. Unsecured, | $ | 500,000 | $ | 551,035 | ||||
TOTAL MISCELLANEOUS MANUFACTURING | $ | 3,720,950 | ||||||
OFFICE/BUSINESS | ||||||||
Xerox Corp., Sr. Unsecured, | 1,000,000 | 1,150,428 | ||||||
Xerox Corp., Sr. Unsecured, | 250,000 | 255,734 | ||||||
Xerox Corp., Sr. Unsecured, | 250,000 | 261,827 | ||||||
TOTAL OFFICE/BUSINESS EQUIPMENT | $ | 1,667,989 | ||||||
OIL & GAS – 3.5% | ||||||||
Anadarko Finance Co., Series B, Company Guaranteed, 7.50%, 5/01/31 | 1,000,000 | 1,261,124 | ||||||
Anadarko Petroleum Corp., Sr. Unsecured, | 250,000 | 272,167 | ||||||
Apache Corp., Sr. Unsecured, | 570,000 | 590,635 | ||||||
Apache Corp., Sr. Unsecured, | 1,000,000 | 1,067,755 | ||||||
BP Capital Markets PLC, Company Guaranteed, 3.20%, 3/11/16 | 300,000 | 319,835 | ||||||
Enterprise Products Operating LLC, Series B, Company Guaranteed, 7.03%, 1/15/68 | 1,000,000 | 1,075,000 | ||||||
Nabors Industries, Inc., Company Guaranteed, 4.63%, 9/15/21 | 500,000 | 532,388 | ||||||
6,7Phillips 66, Company Guaranteed, | 250,000 | 256,566 | ||||||
6,7Phillips 66, Company Guaranteed, | 500,000 | 521,386 | ||||||
1,14Sempra Energy, Sr. Unsecured, | 1,000,000 | 1,000,752 | ||||||
Sempra Energy, Sr. Unsecured, | 500,000 | 595,195 | ||||||
Shell International Finance BV, Company Guaranteed, 4.00%, 3/21/14 | 250,000 | 266,054 | ||||||
Sunoco, Inc., Sr. Unsecured, | 550,000 | 644,181 | ||||||
Transocean, Inc., Company Guaranteed, | 450,000 | 484,167 | ||||||
Transocean, Inc., Company Guaranteed, | 1,000,000 | 1,120,190 | ||||||
Valero Energy Corp., Company Guaranteed, | 550,000 | 585,332 | ||||||
TOTAL OIL & GAS | $ | 10,592,727 | ||||||
OIL & GAS FIELD SERVICES – 0.4% | ||||||||
NuStar Pipeline Operating Partnership, LP, Company Guaranteed, 5.88%, 6/01/13 | 1,250,000 | 1,296,857 | ||||||
PHARMACEUTICALS – 0.4% | ||||||||
Allergan, Inc., Sr. Unsecured, | 225,000 | 263,064 |
Description | Par Value | Value | ||||||
Pfizer, Inc., Sr. Unsecured, 5.35%, 3/15/15 | $ | 250,000 | $ | 282,563 | ||||
Sanofi, Sr. Unsecured, 4.00%, 3/29/21 | 275,000 | 305,472 | ||||||
Teva Pharmaceutical Finance Co. BV, Company Guaranteed, 2.40%, 11/10/16 | 400,000 | 415,478 | ||||||
TOTAL PHARMACEUTICALS | $ | 1,266,577 | ||||||
PIPELINES – 1.1% | ||||||||
Enterprise Products Operating LLC, Company Guaranteed, 4.05%, 2/15/22 | 500,000 | 529,884 | ||||||
Enterprise Products Operating LLC, Company Guaranteed, 5.70%, 2/15/42 | 500,000 | 557,405 | ||||||
Enterprise Products Operating LLC, Company Guaranteed, 4.85%, 8/15/42 | 250,000 | 246,267 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., Company Guaranteed, | 500,000 | 557,913 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., Sr. Unsecured, | 1,000,000 | 1,011,837 | ||||||
6,7Rockies Express Pipeline LLC, Sr. Unsecured, 5.63%, 4/15/20 | 500,000 | 450,000 | ||||||
TOTAL PIPELINES | $ | 3,353,306 | ||||||
REAL ESTATE – 0.1% | ||||||||
ProLogis LP, Company Guaranteed, | 250,000 | 262,478 | ||||||
REAL ESTATE INVESTMENT TRUSTS (REIT) – 2.9% | ||||||||
AvalonBay Communities, Inc., Sr. Unsecured, MTN, 3.95%, 1/15/21 | 250,000 | 262,540 | ||||||
BioMed Realty LP, Company Guaranteed, 3.85%, 4/15/16 | 1,000,000 | 1,040,290 | ||||||
Boston Properties LP, Sr. Unsecured, | 650,000 | 714,211 | ||||||
Boston Properties LP, Sr. Unsecured, | 1,000,000 | 1,159,709 | ||||||
Boston Properties LP, Sr. Unsecured, | 250,000 | 262,503 | ||||||
Commonwealth REIT, Sr. Unsecured, | 500,000 | 544,587 | ||||||
Commonwealth REIT, Sr. Unsecured, | 500,000 | 519,301 | ||||||
Digital Realty Trust LP, Company Guaranteed, 5.25%, 3/15/21 | 500,000 | 535,772 | ||||||
HCP, Inc., Sr. Unsecured, MTN, | 500,000 | 568,515 | ||||||
Health Care REIT, Inc., Sr. Unsecured, 4.95%, 1/15/21 | 1,000,000 | 1,044,481 | ||||||
Health Care REIT, Inc., Sr. Unsecured, 5.25%, 1/15/22 | 250,000 | 265,678 | ||||||
Mack-Cali Realty LP, Sr. Unsecured, | 250,000 | 307,513 | ||||||
Simon Property Group LP, Sr. Unsecured, 5.65%, 2/01/20 | 500,000 | 583,824 |
(Wilmington Broad Market Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 39 |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 4.75%, 6/01/21 | $ | 1,000,000 | $ | 1,036,294 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT) | $ | 8,845,218 | ||||||
RETAIL – 1.1% | ||||||||
CVS Caremark Corp., Sr. Unsecured, | 500,000 | 592,694 | ||||||
CVS Caremark Corp., Sr. Unsecured, | 500,000 | 566,620 | ||||||
Kohl’s Corp., Sr. Unsecured, | 250,000 | 301,812 | ||||||
Target Corp., Sr. Unsecured, 2.90%, 1/15/22 | 1,400,000 | 1,408,452 | ||||||
Yum! Brands, Inc., Sr. Unsecured, | 250,000 | 263,321 | ||||||
TOTAL RETAIL | $ | 3,132,899 | ||||||
SEMICONDUCTORS – 0.8% | ||||||||
Applied Materials, Inc., Sr. Unsecured, | 1,250,000 | 1,472,381 | ||||||
Broadcom Corp., Sr. Unsecured, | 500,000 | 515,370 | ||||||
Texas Instruments, Inc., Sr. Unsecured, 2.38%, 5/16/16 | 250,000 | 263,044 | ||||||
TOTAL SEMICONDUCTORS | $ | 2,250,795 | ||||||
TELECOMMUNICATIONS – 2.3% | ||||||||
AT&T, Inc., Sr. Unsecured, | 1,000,000 | 1,090,870 | ||||||
2.95%, 5/15/16 | 200,000 | 212,932 | ||||||
3.88%, 8/15/21 | 500,000 | 539,493 | ||||||
5.55%, 8/15/41 | 325,000 | 370,994 | ||||||
Corning, Inc., Sr. Unsecured, 4.75%, 3/15/42 | 300,000 | 300,629 | ||||||
6,7Crown Castle Towers LLC, Sr. Secured, 4.17%, 8/15/17 | 2,000,000 | 2,105,000 | ||||||
Verizon Communications, Inc., Sr. Unsecured, 1.25%, 11/03/14 | 295,000 | 298,955 | ||||||
Verizon Communications, Inc., Sr. Unsecured, 3.00%, 4/01/16 | 1,000,000 | 1,068,272 | ||||||
Verizon Communications, Inc., Sr. Unsecured, 5.50%, 2/15/18 | 250,000 | 295,846 | ||||||
Verizon Communications, Inc., Sr. Unsecured, 4.60%, 4/01/21 | 500,000 | 566,935 | ||||||
TOTAL TELECOMMUNICATIONS | $ | 6,849,926 | ||||||
TRANSPORTATION – 1.8% | ||||||||
CSX Corp., Sr. Unsecured, 7.90%, 5/01/17 | 1,114,000 | 1,391,106 | ||||||
CSX Corp., Sr. Unsecured, 4.75%, 5/30/42 | 250,000 | 251,731 | ||||||
Norfolk Southern Corp., Sr. Unsecured, | 250,000 | 303,496 | ||||||
14Ryder System, Inc., Sr. Unsecured, MTN, | 665,000 | 690,289 | ||||||
Ryder System, Inc., Sr. Unsecured, MTN, | 300,000 | 311,670 |
Description | Par Value | Value | ||||||
Ryder System, Inc., Sr. Unsecured, MTN, | $ | 500,000 | $ | 504,210 | ||||
Union Pacific Corp., Sr. Unsecured, | 900,000 | 1,078,290 | ||||||
Union Pacific Corp., Sr. Unsecured, | 500,000 | 534,801 | ||||||
TOTAL TRANSPORTATION | $ | 5,065,593 | ||||||
TRUCKING AND LEASING – 0.2% | ||||||||
GATX Corp., Sr. Unsecured, | 500,000 | 568,662 | ||||||
TOTAL CORPORATE BONDS (COST $146,260,082) | $ | 156,030,032 | ||||||
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.7% | ||||||||
AIRLINES – 0.7% | ||||||||
American Airlines 2011-1, Series A, Pass-Through Certificates, 5.25%, 7/31/21 | 485,408 | 500,577 | ||||||
Continental Airlines, Inc., Series A, Pass-Through Certificates, 7.25%, 11/10/19 | 231,715 | 261,548 | ||||||
Delta Air Lines, Inc., Series A, Pass-Through Certificates, 7.75%, 12/17/19 | 438,623 | 499,482 | ||||||
Delta Air Lines, Inc., Series 071A, Pass-Through Certificates, 6.82%, 8/10/22 | 366,467 | 399,678 | ||||||
United Air Lines, Inc., Series 09-2, Pass-Through Certificates, 9.75%, 1/15/17 | 417,443 | 480,581 | ||||||
TOTAL AIRLINES | $ | 2,141,866 | ||||||
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $1,939,656) | $ | 2,141,866 | ||||||
GOVERNMENT AGENCIES – 2.5% | ||||||||
FEDERAL HOME LOAN BANK | ||||||||
5.25%, 6/18/14 | 175,000 | 193,460 | ||||||
125.50%, 8/13/14 | 500,000 | 559,063 | ||||||
TOTAL FEDERAL HOME LOAN BANK (FHLB) | $ | 752,523 | ||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.9% | ||||||||
1.75%, 5/30/19 | 2,000,000 | 2,018,668 | ||||||
2.38%, 1/13/22 | 125,000 | 125,925 | ||||||
4.38%, 7/17/15 | 500,000 | 560,681 | ||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | $ | 2,705,274 | ||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.3% | ||||||||
1.38%, 11/15/16 | 500,000 | 510,324 | ||||||
4.88%, 12/15/16 | 700,000 | 825,264 | ||||||
5.00%, 5/11/17 | 750,000 | 894,094 | ||||||
6.25%, 5/15/29 | 750,000 | 1,044,469 |
(Wilmington Broad Market Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
40 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
7.25%, 5/15/30 | $ | 400,000 | $ | 615,923 | ||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $ | 3,890,074 | ||||||
TOTAL GOVERNMENT AGENCIES (COST $6,668,637) | $ | 7,347,871 | ||||||
MORTGAGE-BACKED SECURITIES – 23.5% | ||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 15.2% | ||||||||
Pool A13990, 4.50%, 10/01/33 | 187,378 | 201,697 | ||||||
Pool A83578, 5.00%, 12/01/38 | 255,746 | 276,573 | ||||||
Pool A93415, 4.00%, 8/01/40 | 9,833,785 | 10,379,099 | ||||||
Pool A93505, 4.50%, 8/01/40 | 6,900,443 | 7,367,373 | ||||||
Pool A97047, 4.50%, 2/01/41 | 6,975,368 | 7,447,367 | ||||||
Pool B17616, 5.50%, 1/01/20 | 195,771 | 212,890 | ||||||
Pool C00478, 8.50%, 9/01/26 | 31,876 | 37,399 | ||||||
Pool C01272, 6.00%, 12/01/31 | 124,082 | 138,743 | ||||||
Pool E00530, 6.00%, 1/01/13 | 1,973 | 2,054 | ||||||
Pool E00560, 6.00%, 7/01/13 | 19,170 | 19,704 | ||||||
Pool G01625, 5.00%, 11/01/33 | 201,351 | 218,000 | ||||||
Pool G02296, 5.00%, 6/01/36 | 1,352,093 | 1,462,627 | ||||||
Pool G02390, 6.00%, 9/01/36 | 64,779 | 71,786 | ||||||
Pool G02976, 5.50%, 6/01/37 | 938,669 | 1,023,511 | ||||||
Pool G02988, 6.00%, 5/01/37 | 804,121 | 890,590 | ||||||
Pool G03703, 5.50%, 12/01/37 | 453,647 | 494,650 | ||||||
Pool G04776, 5.50%, 7/01/38 | 658,171 | 717,249 | ||||||
Pool G06222, 4.00%, 1/01/41 | 6,866,205 | 7,251,249 | ||||||
Pool G08097, 6.50%, 11/01/35 | 63,008 | 71,149 | ||||||
Pool G12709, 5.00%, 7/01/22 | 307,698 | 333,669 | ||||||
Pool Q01443, 4.50%, 6/01/41 | 6,153,458 | 6,569,842 | ||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | $ | 45,187,221 | ||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 8.3% | ||||||||
Pool 254007, 6.50%, 10/01/31 | 60,178 | 68,774 | ||||||
Pool 254759, 4.50%, 6/01/18 | 290,819 | 313,139 | ||||||
Pool 254833, 4.50%, 8/01/18 | 48,829 | 52,573 | ||||||
Pool 256515, 6.50%, 12/01/36 | 127,157 | 143,573 | ||||||
14Pool 256639, 5.00%, 2/01/27 | 97,152 | 106,317 | ||||||
Pool 256752, 6.00%, 6/01/27 | 116,898 | 129,653 | ||||||
Pool 329794, 7.00%, 2/01/26 | 61,595 | 70,639 | ||||||
Pool 398162, 6.50%, 1/01/28 | 23,515 | 26,859 | ||||||
Pool 402255, 6.50%, 12/01/27 | 6,418 | 7,287 | ||||||
Pool 535939, 6.00%, 5/01/16 | 95,119 | 102,163 | ||||||
Pool 629603, 5.50%, 2/01/17 | 35,786 | 39,278 | ||||||
Pool 638023, 6.50%, 4/01/32 | 144,920 | 165,893 | ||||||
Pool 642345, 6.50%, 5/01/32 | 156,773 | 179,167 | ||||||
Pool 651292, 6.50%, 7/01/32 | 241,744 | 276,125 |
Description | Par Value | Value | ||||||
Pool 686398, 6.00%, 3/01/33 | $ | 333,626 | $ | 373,624 | ||||
Pool 688987, 6.00%, 5/01/33 | 538,084 | 602,258 | ||||||
Pool 695818, 5.00%, 4/01/18 | 338,403 | 367,197 | ||||||
Pool 745412, 5.50%, 12/01/35 | 143,497 | 157,988 | ||||||
Pool 838891, 6.00%, 7/01/35 | 137,522 | 152,807 | ||||||
14Pool 889982, 5.50%, 11/01/38 | 1,214,957 | 1,330,055 | ||||||
Pool 975207, 5.00%, 3/01/23 | 328,871 | 357,266 | ||||||
Pool AB1796, 3.50%, 11/01/40 | 2,732,106 | 2,839,512 | ||||||
Pool AE2520, 3.00%, 1/01/26 | 2,525,554 | 2,640,045 | ||||||
Pool TBA, 5.00%, 5/01/42 | 13,000,000 | 14,119,219 | ||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $ | 24,621,411 | ||||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION | ||||||||
Pool 2077, 7.00%, 9/20/25 | 25,883 | 29,817 | ||||||
Pool 354677, 7.50%, 10/15/23 | 58,296 | 67,659 | ||||||
Pool 354713, 7.50%, 12/15/23 | 35,986 | 41,766 | ||||||
Pool 354765, 7.00%, 2/15/24 | 73,875 | 85,058 | ||||||
Pool 354827, 7.00%, 5/15/24 | 76,917 | 88,560 | ||||||
Pool 360869, 7.50%, 5/15/24 | 31,758 | 36,986 | ||||||
Pool 361843, 7.50%, 10/15/24 | 56,553 | 65,635 | ||||||
Pool 373335, 7.50%, 5/15/22 | 24,911 | 28,823 | ||||||
Pool 385623, 7.00%, 5/15/24 | 69,069 | 79,747 | ||||||
Pool 503405, 6.50%, 4/15/29 | 95,913 | 111,232 | ||||||
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) | $ | 635,283 | ||||||
TOTAL MORTGAGE-BACKED SECURITIES (COST $68,249,379) | $ | 70,443,915 | ||||||
MUNICIPAL BOND – 0.2% | ||||||||
BUILD AMERICA BONDS – 0.2% | ||||||||
1,14New Jersey State, EDA, Revenue Bonds, | 650,000 | 652,294 | ||||||
TOTAL MUNICIPAL BOND (COST $650,000) | $ | 652,294 | ||||||
PREFERRED STOCK – 0.1% | ||||||||
BANKS – 0.1% | ||||||||
Wachovia Capital Trust IX, | 12,000 | 303,120 | ||||||
TOTAL PREFERRED STOCK (COST $300,000) | $ | 303,120 | ||||||
U.S. TREASURY – 15.1% | ||||||||
INFLATION INDEXED NOTES – 1.4% | ||||||||
0.13%, 4/15/16 | 500,000 | 546,567 | ||||||
1.13%, 1/15/21 | 3,000,000 | 3,578,322 | ||||||
2.00%, 1/15/14 | 100,000 | 130,767 | ||||||
TOTAL INFLATION INDEXED NOTES | $ | 4,255,656 |
(Wilmington Broad Market Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 41 |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
U.S. TREASURY BONDS – 3.3% | ||||||||
3.13%, 2/15/42 | $ | 3,250,000 | $ | 3,253,555 | ||||
5.25%, 2/15/29 | 500,000 | 678,125 | ||||||
5.38%, 2/15/31 | 600,000 | 837,094 | ||||||
6.00%, 2/15/26 | 1,000,000 | 1,421,719 | ||||||
6.25%, 5/15/30 | 500,000 | 758,125 | ||||||
6.38%, 8/15/27 | 450,000 | 670,219 | ||||||
7.50%, 11/15/16 | 300,000 | 390,609 | ||||||
8.88%, 2/15/19 | 1,130,000 | 1,697,119 | ||||||
TOTAL U.S. TREASURY BONDS | $ | 9,706,565 | ||||||
U.S. TREASURY NOTES – 10.4% | ||||||||
0.88%, 1/31/17 | 7,000,000 | 7,036,095 | ||||||
120.88%, 2/28/17 | 4,000,000 | 4,018,125 | ||||||
1.00%, 3/31/17 | 1,500,000 | 1,515,000 | ||||||
1.25%, 9/30/15 | 1,000,000 | 1,026,094 | ||||||
1.25%, 1/31/19 | 250,000 | 249,844 | ||||||
121.38%, 2/28/19 | 7,000,000 | 7,045,937 | ||||||
1.75%, 7/31/15 | 500,000 | 521,016 | ||||||
2.00%, 11/15/21 | 1,210,000 | 1,222,856 | ||||||
2.00%, 2/15/22 | 1,500,000 | 1,510,547 | ||||||
2.13%, 8/15/21 | 250,000 | 256,328 | ||||||
2.25%, 1/31/15 | 1,000,000 | 1,051,250 | ||||||
2.25%, 3/31/16 | 1,250,000 | 1,331,055 | ||||||
2.25%, 7/31/18 | 500,000 | 533,828 | ||||||
2.50%, 4/30/15 | 1,000,000 | 1,062,344 | ||||||
2.63%, 7/31/14 | 200,000 | 210,406 | ||||||
2.63%, 11/15/20 | 500,000 | 538,594 | ||||||
3.13%, 5/15/19 | 750,000 | 841,992 | ||||||
3.63%, 2/15/20 | 750,000 | 868,359 | ||||||
4.00%, 8/15/18 | 500,000 | 588,281 | ||||||
TOTAL U.S. TREASURY NOTES | $ | 31,427,951 | ||||||
TOTAL U.S. TREASURY (COST $42,733,918) | $ | 45,390,172 | ||||||
REPURCHASE AGREEMENT – 1.0% | ||||||||
Credit Suisse First Boston LLC, 0.17%, dated 04/30/12, due 05/01/12, repurchase price $3,046,885, collateralized by a U.S. Treasury Security 3.13%, maturing 05/15/21; total market value of $3,111,810. | 3,046,871 | 3,046,871 | ||||||
TOTAL REPURCHASE AGREEMENT (COST $3,046,871) | $ | 3,046,871 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 104.4% (COST $298,026,928) | $ | 313,638,879 |
Description | Par Value | Value | ||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.8% | ||||||||
REPURCHASE AGREEMENTS – 3.8% | ||||||||
Barclays Capital, Inc., 0.20%, dated 04/30/12, due 05/01/12, repurchase price $2,698,428, collateralized by U.S. Government Securities 3.00% to 5.00%, maturing 04/01/27 to 09/01/41; total market value of $2,752,386. | $ | 2,698,413 | $ | 2,698,413 | ||||
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $2,698,426, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $2,752,382. | 2,698,413 | 2,698,413 | ||||||
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $568,092, collateralized by U.S. Treasury Securities 0.25% to 4.00%, maturing 09/30/13 to 04/30/19; total market value of $579,451. | 568,089 | 568,089 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $2,698,426, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $2,752,392. | 2,698,413 | 2,698,413 | ||||||
RBS Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $2,698,427, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 06/15/12 to 07/15/32; total market value of $2,752,404. | 2,698,413 | 2,698,413 | ||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $11,361,741) | $ | 11,361,741 | ||||||
TOTAL INVESTMENTS – 108.2% (COST $309,388,669) | $ | 325,000,620 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (3.8%) | (11,361,741 | ) | ||||||
OTHER LIABILITIES LESS ASSETS – (4.4%) | (13,232,066 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 300,406,813 |
(Wilmington Broad Market Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
42 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (concluded)
Cost of investments for Federal income tax purposes is $309,410,445. The net unrealized appreciation/(depreciation) of investments was $15,590,175. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $16,252,254 and net unrealized depreciation from investments for those securities having an excess of cost over value of $662,079.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 4,324,686 | $ | — | $ | 4,324,686 | ||||||||
Collateralized Mortgage Obligations | — | 9,458,700 | — | 9,458,700 | ||||||||||||
Commercial Paper | — | 14,499,352 | — | 14,499,352 | ||||||||||||
Corporate Bonds | — | 156,030,032 | — | 156,030,032 | ||||||||||||
Enhanced Equipment Trust Certificates | — | 2,141,866 | — | 2,141,866 | ||||||||||||
Government Agencies | — | 7,347,871 | — | 7,347,871 | ||||||||||||
Mortgage-Backed Securities | — | 70,443,915 | — | 70,443,915 | ||||||||||||
Municipal Bond | — | 652,294 | — | 652,294 | ||||||||||||
Preferred Stock | 303,120 | — | — | 303,120 | ||||||||||||
U.S. Treasury | — | 45,390,172 | — | 45,390,172 | ||||||||||||
Repurchase Agreements | — | 14,408,612 | — | 14,408,612 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 303,120 | $ | 324,697,500 | $ | — | $ | 325,000,620 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
April 30, 2012 / ANNUAL REPORT
Table of Contents
43 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Intermediate-Term Bond Fund
At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)
Percentage of Total Net Assets | ||||
Corporate Bonds | 53.6 | % | ||
U.S. Treasury | 19.8 | % | ||
Government Agencies | 8.0 | % | ||
Mortgage-Backed Securities | 7.6 | % | ||
Collateralized Mortgage Obligations | 3.0 | % | ||
Enhanced Equipment Trust Certificates | 0.8 | % | ||
Municipal Bond | 0.6 | % | ||
Asset-Backed Securities | 0.2 | % | ||
Cash Equivalents1 | 6.6 | % | ||
Other Assets and Liabilities – Net2 | (0.2 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual fund and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
Credit Quality Diversification3 | Percentage of Total Net Assets | |||
AAA | 11.2 | % | ||
AA | 6.6 | % | ||
A | 18.3 | % | ||
BBB | 25.7 | % | ||
BB | 3.9 | % | ||
B | 0.3 | % | ||
Not Rated | 6.7 | % | ||
U.S. Government | 7.8 | % | ||
U.S. Treasury | 19.7 | % | ||
Other Assets and Liabilities – Net2 | (0.2 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
ASSET-BACKED SECURITY – 0.2% | ||||||||
WHOLE LOAN – 0.2% | ||||||||
1,6,7SLM Student Loan Trust, Series 2011-A, Class A1, 1.24%, 10/15/24 | $ | 611,396 | $ | 611,690 | ||||
TOTAL ASSET-BACKED SECURITY (COST $611,396) | $ | 611,690 | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.0% | ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 1.2% | ||||||||
6,7American Tower Trust, Series 2007-1A, Class AFX, 5.42%, 4/15/37 | 1,000,000 | 1,071,777 | ||||||
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.80%, 5/12/39 | 983,524 | 1,006,799 | ||||||
Morgan Stanley Capital I, Series 2004-IQ7, Class A4, 5.54%, 6/15/38 | 1,000,000 | 1,063,631 | ||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) | $ | 3,142,207 | ||||||
FEDERAL HOME LOAN BANK | ||||||||
Series 1, Class , 4.88%, 5/17/17 | 3,000,000 | 3,589,566 |
Description | Par Value | Value | ||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.2% | ||||||||
Series 2005-29, Class WC, 4.75%, 4/25/35 | $ | 256,831 | $ | 279,428 | ||||
Series 2005-97, Class LB, 5.00%, 11/25/35 | 135,881 | 137,283 | ||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $ | 416,711 | ||||||
WHOLE LOAN – 0.3% | ||||||||
1Indymac INDA Mortgage Loan Trust Series 2005-AR1, Class 2A1, 5.06%, 11/25/35 | 1,164,040 | 937,247 | ||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $7,865,384) | $ | 8,085,731 | ||||||
CORPORATE BONDS – 53.6% | ||||||||
AEROSPACE & DEFENSE – 0.9% | ||||||||
Boeing Co., Sr. Unsecured, 5.00%, 3/15/14 | 950,000 | 1,029,574 | ||||||
L-3 Communications Corp., Company Guaranteed, 4.75%, 7/15/20 | 1,250,000 | 1,331,176 | ||||||
TOTAL AEROSPACE & DEFENSE | $ | 2,360,750 |
(Wilmington Intermediate-Term Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
44 | PORTFOLIOS OF INVESTMENTS |
Wilmington Intermediate-Term Bond Fund (continued)
Description | Par Value | Value | ||||||
AUTO MANUFACTURERS – 0.6% | ||||||||
6,7Daimler Finance North America LLC, Company Guaranteed, 3.88%, 9/15/21 | $ | 250,000 | $ | 262,380 | ||||
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 1.00%, 2/17/15 | 500,000 | 501,718 | ||||||
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 2.05%, 1/12/17 | 700,000 | 719,475 | ||||||
TOTAL AUTO MANUFACTURERS | $ | 1,483,573 | ||||||
AUTO PARTS & EQUIPMENT – 0.0%** | ||||||||
6,7Delphi Corp., Company Guaranteed, | 125,000 | 132,500 | ||||||
6,7Delphi Corp., Company Guaranteed, | 50,000 | 53,500 | ||||||
TOTAL AUTO PARTS & EQUIPMENT | $ | 186,000 | ||||||
BANKS – 10.3% | ||||||||
Bank of Montreal, Sr. Unsecured, MTN, 2.50%, 1/11/17 | 1,500,000 | 1,542,146 | ||||||
Bank of Nova Scotia, Sr. Notes, | 1,500,000 | 1,529,628 | ||||||
1BB&T Corp., Sr. Unsecured, 1.17%, 4/28/14 | 1,000,000 | 1,003,610 | ||||||
BB&T Corp., Sr. Unsecured, MTN, | 1,000,000 | 1,057,570 | ||||||
Capital One Financial Corp., Sr. Unsecured, 2.15%, 3/23/15 | 1,655,000 | 1,667,724 | ||||||
1Citigroup, Inc., Sr. Unsecured, | 500,000 | 481,991 | ||||||
Citigroup, Inc., Sr. Unsecured, | 500,000 | 533,492 | ||||||
Citigroup, Inc., Sr. Unsecured, | 750,000 | 831,853 | ||||||
Comerica, Inc., Sr. Unsecured, | 1,000,000 | 1,041,871 | ||||||
Credit Suisse, Sr. Unsecured, | 750,000 | 831,689 | ||||||
Fifth Third Bancorp, Sr. Unsecured, | 1,175,000 | 1,180,090 | ||||||
Goldman Sachs Group, Inc., Sr. Notes, | 255,000 | 255,464 | ||||||
Goldman Sachs Group, Inc., Sr. Unsecured, 3.70%, 8/01/15 | 1,400,000 | 1,424,344 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, | 1,250,000 | 1,331,851 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, | 250,000 | 288,557 | ||||||
JPMorgan Chase & Co., Sr. Notes, | 300,000 | 319,344 | ||||||
1JPMorgan Chase Capital XXIII, Limited Guarantee, 1.50%, 5/15/47 | 1,000,000 | 740,994 | ||||||
1Morgan Stanley, Sr. Unsecured, | 1,100,000 | 1,067,282 | ||||||
1PNC Funding Corp., Bank Guaranteed, | 1,500,000 | 1,486,494 | ||||||
PNC Funding Corp., Bank Guaranteed, | 1,500,000 | 1,636,940 | ||||||
Royal Bank of Canada, Sr. Notes, MTN, 2.30%, 7/20/16 | 2,000,000 | 2,056,726 | ||||||
Toronto-Dominion Bank, Sr. Unsecured, 2.50%, 7/14/16 | 1,000,000 | 1,039,649 |
Description | Par Value | Value | ||||||
U.S. Bank N.A., Sr. Unsecured, MTN, | $ | 458,883 | $ | 460,458 | ||||
U.S. Bank N.A., Subordinated, BKNT, | 305,000 | 332,764 | ||||||
US Bancorp, Sr. Unsecured, MTN, | 500,000 | 515,879 | ||||||
Wells Fargo & Co., Sr. Unsecured, MTN, 1.25%, 2/13/15 | 640,000 | 642,201 | ||||||
Wells Fargo & Co., Sr. Unsecured, MTN, 3.50%, 3/08/22 | 750,000 | 762,002 | ||||||
Wells Fargo Bank NA, Subordinated, | 500,000 | 567,772 | ||||||
Westpac Banking Corp., Sr. Unsecured, 4.88%, 11/19/19 | 750,000 | 816,687 | ||||||
TOTAL BANKS | $ | 27,447,072 | ||||||
BEVERAGES – 2.6% | ||||||||
Anheuser-Busch Cos. LLC, Company Guaranteed, 5.05%, 10/15/16 | 2,000,000 | 2,292,914 | ||||||
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 7.75%, 1/15/19 | 2,000,000 | 2,648,578 | ||||||
Coca-Cola Co., Sr. Unsecured, | 2,000,000 | 2,058,865 | ||||||
TOTAL BEVERAGES | $ | 7,000,357 | ||||||
BIOTECHNOLOGY – 0.4% | ||||||||
Gilead Sciences, Inc., Sr. Unsecured, | 500,000 | 547,849 | ||||||
Gilead Sciences, Inc., Sr. Unsecured, | 350,000 | 381,129 | ||||||
TOTAL BIOTECHNOLOGY | $ | 928,978 | ||||||
BUILDING MATERIALS – 0.4% | ||||||||
Masco Corp., Sr. Unsecured, | 1,000,000 | 1,026,441 | ||||||
CHEMICALS – 0.6% | ||||||||
Dow Chemical Co., Sr. Unsecured, | 1,000,000 | 1,126,644 | ||||||
Dow Chemical Co., Sr. Unsecured, | 500,000 | 520,745 | ||||||
TOTAL CHEMICALS | $ | 1,647,389 | ||||||
COAL – 0.3% | ||||||||
Consol Energy, Inc., Company Guaranteed, 8.00%, 4/01/17 | 625,000 | 662,500 | ||||||
COMPUTERS – 0.5% | ||||||||
Hewlett-Packard Co., Sr. Unsecured, | 500,000 | 501,293 | ||||||
International Business Machines Corp., Sr. Unsecured, 1.95%, 7/22/16 | 725,000 | 748,801 | ||||||
TOTAL COMPUTERS | $ | 1,250,094 | ||||||
DIVERSIFIED FINANCIAL | ||||||||
American Express Co., Sr. Unsecured, | 765,000 | 799,065 | ||||||
6,7American Honda Finance Corp., Sr. Unsecured, MTN, 4.63%, 4/02/13 | 1,500,000 | 1,557,305 | ||||||
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19 | 650,000 | 747,844 | ||||||
BP Capital Markets PLC, Company Guaranteed, 5.25%, 11/07/13 | 1,000,000 | 1,064,538 |
(Wilmington Intermediate-Term Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 45 |
Wilmington Intermediate-Term Bond Fund (continued)
Description | Par Value | Value | ||||||
Caterpillar Financial Services Corp., Notes, 1.55%, 12/20/13 | $ | 2,000,000 | $ | 2,034,382 | ||||
Charles Schwab Corp., Sr. Unsecured, MTN, 6.38%, 9/01/17 | 1,000,000 | 1,201,439 | ||||||
Charles Schwab Corp., Sr. Unsecured, | 250,000 | 276,382 | ||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, 3.88%, 1/15/15 | 1,500,000 | 1,561,875 | ||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, 7.00%, 4/15/15 | 250,000 | 279,375 | ||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, 6.63%, 8/15/17 | 250,000 | 287,500 | ||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, 5.88%, 8/02/21 | 1,000,000 | 1,132,500 | ||||||
6,7FUEL Trust, Secured, 3.98%, 6/15/16 | 300,000 | 311,525 | ||||||
1General Electric Capital Corp., Series A, Sr. Unsecured, MTNA, 0.66%, 10/06/15 | 1,000,000 | 967,153 | ||||||
General Electric Capital Corp., Unsecured, MTN, 2.30%, 4/27/17 | 750,000 | 753,911 | ||||||
General Electric Capital Corp., Sr. Unsecured, MTN, 4.65%, 10/17/21 | 500,000 | 544,775 | ||||||
6,7Harley-Davidson Funding Corp., Company Guaranteed, 5.75%, 12/15/14 | 500,000 | 544,436 | ||||||
6,7Hyundai Capital America, Company Guaranteed, 4.00%, 6/08/17 | 250,000 | 258,695 | ||||||
6,7Hyundai Capital Services, Inc., Sr. Unsecured, 3.50%, 9/13/17 | 250,000 | 252,542 | ||||||
John Deere Capital Corp., Sr. Unsecured, MTN, 1.40%, 3/15/17 | 1,040,000 | 1,043,144 | ||||||
Merrill Lynch & Co., Inc., Sr. Unsecured, 5.45%, 7/15/14 | 500,000 | 523,684 | ||||||
SLM Corp., Series A, Sr. Unsecured, MTNA, 5.00%, 10/01/13 | 1,000,000 | 1,024,182 | ||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES | $ | 17,166,252 | ||||||
ELECTRIC – 4.7% | ||||||||
Ameren Illinois Co., Sr. Secured, | 2,775,000 | 3,820,230 | ||||||
CMS Energy Corp., Sr. Unsecured, | 625,000 | 709,375 | ||||||
Commonwealth Edison Co., 1st Mortgage, 1.95%, 9/01/16 | 1,000,000 | 1,025,082 | ||||||
Detroit Edison Co., Series G, Sr. Secured, 5.60%, 6/15/18 | 950,000 | 1,146,496 | ||||||
Dominion Resources, Inc., Sr. Unsecured, 2.25%, 9/01/15 | 500,000 | 519,147 | ||||||
Entergy Corp., Sr. Unsecured, | 500,000 | 524,601 | ||||||
Exelon Generation Co. LLC, Sr. Unsecured, 6.20%, 10/01/17 | 1,000,000 | 1,174,460 | ||||||
Florida Power & Light Co., 1st Mortgage, 5.55%, 11/01/17 | 500,000 | 607,492 | ||||||
Florida Power Corp., 1st Mortgage, | 500,000 | 514,771 | ||||||
Oklahoma Gas & Electric Co., Sr. Secured, 6.65%, 7/15/27 | 440,000 | 569,171 | ||||||
Southern California Edison Co., Series 05-A, 1st Mortgage, 5.00%, 1/15/16 | 654,000 | 745,020 |
Description | Par Value | Value | ||||||
UIL Holdings Corp., Sr. Unsecured, | $ | 1,250,000 | $ | 1,302,634 | ||||
TOTAL ELECTRIC | $ | 12,658,479 | ||||||
ELECTRONICS – 0.8% | ||||||||
FLIR Systems, Inc., Sr. Unsecured, | 650,000 | 666,135 | ||||||
Thermo Fisher Scientific, Inc., Sr. Unsecured, 2.25%, 8/15/16 | 1,500,000 | 1,565,333 | ||||||
TOTAL ELECTRONICS | $ | 2,231,468 | ||||||
ENVIRONMENTAL CONTROL – 0.2% | ||||||||
Allied Waste North America, Inc., Company Guaranteed, 6.88%, 6/01/17 | 600,000 | 624,750 | ||||||
FOOD – 1.5% | ||||||||
1Kraft Foods, Inc., Sr. Unsecured, | 1,220,000 | 1,224,809 | ||||||
Kraft Foods, Inc., Unsecured, | 750,000 | 796,560 | ||||||
Kraft Foods, Inc., Sr. Unsecured, | 1,500,000 | 1,643,280 | ||||||
Kroger Co., Company Guaranteed, | 250,000 | 271,902 | ||||||
TOTAL FOOD | $ | 3,936,551 | ||||||
HEALTHCARE PROVIDERS & SERVICES – 0.2% | ||||||||
UnitedHealth Group, Inc., Sr. Unsecured, 6.00%, 6/15/17 | 500,000 | 604,623 | ||||||
HOME FURNISHINGS – 0.4% | ||||||||
Whirlpool Corp., Sr. Unsecured, | 1,000,000 | 1,121,717 | ||||||
HOUSEHOLD PRODUCTS – 0.4% | ||||||||
Tupperware Brands Corp., Company Guaranteed, 4.75%, 6/01/21 | 1,000,000 | 1,030,243 | ||||||
INSURANCE – 1.3% | ||||||||
MetLife, Inc., Sr. Unsecured, | 730,000 | 806,710 | ||||||
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.88%, 1/14/15 | 1,700,000 | 1,795,463 | ||||||
WR Berkley Corp., Sr. Unsecured, | 710,000 | 835,953 | ||||||
TOTAL INSURANCE | $ | 3,438,126 | ||||||
IRON/STEEL – 0.3% | ||||||||
Cliffs Natural Resources, Inc., Sr. Unsecured, 4.88%, 4/01/21 | 700,000 | 737,914 | ||||||
LEISURE TIME – 0.5% | ||||||||
Royal Caribbean Cruises Ltd., Sr. Unsecured, 7.00%, 6/15/13 | 1,200,000 | 1,260,000 | ||||||
MEDIA – 4.7% | ||||||||
CBS Corp., Company Guaranteed, | 1,485,000 | 1,459,152 |
(Wilmington Intermediate-Term Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
46 | PORTFOLIOS OF INVESTMENTS |
Wilmington Intermediate-Term Bond Fund (continued)
Description | Par Value | Value | ||||||
Comcast Cable Communications Holdings, Inc., Company Guaranteed, | $ | 1,765,000 | $ | 1,884,275 | ||||
Comcast Corp., Company Guaranteed, | 2,000,000 | 2,288,399 | ||||||
Comcast Corp., Company Guaranteed, | 500,000 | 595,709 | ||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, | 2,000,000 | 2,113,931 | ||||||
NBCUniversal Media LLC, Sr. Unsecured, 3.65%, 4/30/15 | 1,000,000 | 1,070,834 | ||||||
Time Warner Entertainment Co. LP, Company Guaranteed, 8.38%, 3/15/23 | 175,000 | 236,804 | ||||||
Viacom, Inc., Sr. Unsecured, | 1,555,000 | 1,676,496 | ||||||
Viacom, Inc., Sr. Unsecured, | 1,250,000 | 1,324,818 | ||||||
TOTAL MEDIA | $ | 12,650,418 | ||||||
METALS & MINING – 0.9% | ||||||||
Alcoa, Inc., Sr. Unsecured, 6.00%, 7/15/13 | 1,251,000 | 1,325,942 | ||||||
Alcoa, Inc., Sr. Unsecured, 5.72%, 2/23/19 | 1,100,000 | 1,188,768 | ||||||
TOTAL METALS & MINING | $ | 2,514,710 | ||||||
MISCELLANEOUS | ||||||||
Ingersoll-Rand Co., Series B, Company Guaranteed, MTNB, 6.02%, 2/15/28 | 2,015,000 | 2,208,992 | ||||||
Ingersoll-Rand Global Holding Co. Ltd., Company Guaranteed, 6.00%, 8/15/13 | 1,000,000 | 1,064,092 | ||||||
Textron, Inc., Sr. Unsecured, | 1,500,000 | 1,653,106 | ||||||
TOTAL MISCELLANEOUS MANUFACTURING | $ | 4,926,190 | ||||||
OIL & GAS – 4.5% | ||||||||
Anadarko Petroleum Corp., Sr. Unsecured, 6.38%, 9/15/17 | 695,000 | 827,386 | ||||||
BP Capital Markets PLC, Company Guaranteed, 3.20%, 3/11/16 | 775,000 | 826,240 | ||||||
Chesapeake Energy Corp., Company Guaranteed, 9.50%, 2/15/15 | 625,000 | 678,906 | ||||||
Marathon Oil Corp., Sr. Unsecured, | 1,000,000 | 1,182,541 | ||||||
6,7Phillips 66, Company Guaranteed, | 250,000 | 256,566 | ||||||
6,7Phillips 66, Company Guaranteed, | 500,000 | 521,386 | ||||||
Sempra Energy, Sr. Unsecured, | 800,000 | 821,907 | ||||||
Shell International Finance BV, Company Guaranteed, 4.00%, 3/21/14 | 2,000,000 | 2,128,430 | ||||||
Sunoco, Inc., Sr. Unsecured, | 1,200,000 | 1,405,486 | ||||||
Total Capital SA, Company Guaranteed, 3.13%, 10/02/15 | 945,000 | 1,003,340 |
Description | Par Value | Value | ||||||
Transocean, Inc., Company Guaranteed, 4.95%, 11/15/15 | $ | 1,000,000 | $ | 1,075,926 | ||||
Valero Energy Corp., Company Guaranteed, 4.75%, 4/01/14 | 1,245,000 | 1,324,979 | ||||||
TOTAL OIL & GAS | $ | 12,053,093 | ||||||
OIL & GAS SERVICES – 0.2% | ||||||||
Weatherford International Ltd., Company Guaranteed, 5.15%, 3/15/13 | 10,000 | 10,350 | ||||||
Weatherford International Ltd., Company Guaranteed, 4.50%, 4/15/22 | 500,000 | 516,762 | ||||||
TOTAL OIL & GAS SERVICES | $ | 527,112 | ||||||
PHARMACEUTICALS – 0.9% | ||||||||
Allergan, Inc., Sr. Unsecured, | 575,000 | 672,273 | ||||||
6,7Express Scripts Holding Co., Company Guaranteed, 2.10%, 2/12/15 | 150,000 | 152,379 | ||||||
Sanofi, Sr. Unsecured, 4.00%, 3/29/21 | 725,000 | 805,334 | ||||||
Teva Pharmaceutical Finance Co. BV, Company Guaranteed, 2.40%, 11/10/16 | 775,000 | 804,988 | ||||||
TOTAL PHARMACEUTICALS | $ | 2,434,974 | ||||||
PIPELINES – 0.8% | ||||||||
Enterprise Products Operating LLC, Company Guaranteed, 4.05%, 2/15/22 | 500,000 | 529,884 | ||||||
Kinder Morgan Energy Partners LP, Sr. Unsecured, 3.95%, 9/01/22 | 1,000,000 | 1,008,577 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., Company Guaranteed, 5.00%, 2/01/21 | 500,000 | 557,913 | ||||||
TOTAL PIPELINES | $ | 2,096,374 | ||||||
REAL ESTATE – 0.3% | ||||||||
ProLogis LP, Company Guaranteed, | 750,000 | 787,433 | ||||||
REAL ESTATE INVESTMENT TRUSTS (REIT) – 0.8% | ||||||||
Commonwealth REIT, Sr. Unsecured, | 500,000 | 519,301 | ||||||
HCP, Inc., Sr. Unsecured, MTN, | 1,000,000 | 1,137,030 | ||||||
Vornado Realty LP, Sr. Unsecured, | 500,000 | 524,038 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT) | $ | 2,180,369 | ||||||
RETAIL – 0.3% | ||||||||
Kohl’s Corp., Sr. Unsecured, | 730,000 | 881,292 | ||||||
SOFTWARE – 0.1% | ||||||||
Microsoft Corp., Sr. Unsecured, | 150,000 | 161,756 | ||||||
TELECOMMUNICATIONS – 2.6% | ||||||||
AT&T, Inc., Sr. Unsecured, 2.95%, 5/15/16 | 750,000 | 798,497 | ||||||
AT&T, Inc., Sr. Unsecured, 5.63%, 6/15/16 | 2,000,000 | 2,344,501 |
(Wilmington Intermediate-Term Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 47 |
Wilmington Intermediate-Term Bond Fund (continued)
Description | Par Value | Value | ||||||
AT&T, Inc., Sr. Unsecured, | $ | 500,000 | $ | 539,493 | ||||
Corning, Inc., Sr. Unsecured, | 275,000 | 335,696 | ||||||
Telefonica Emisiones Sau, Company Guaranteed, 2.58%, 4/26/13 | 1,225,000 | 1,220,577 | ||||||
Verizon Communications, Inc., Sr. Unsecured, 1.25%, 11/03/14 | 760,000 | 770,189 | ||||||
Verizon Communications, Inc., Sr. Unsecured, 5.50%, 2/15/18 | 750,000 | 887,537 | ||||||
TOTAL TELECOMMUNICATIONS | $ | 6,896,490 | ||||||
TRANSPORTATION – 1.9% | ||||||||
CSX Corp., Sr. Unsecured, | 685,000 | 855,393 | ||||||
CSX Corp., Sr. Unsecured, | 500,000 | 545,716 | ||||||
Ryder System, Inc., Sr. Unsecured, MTN, 6.00%, 3/01/13 | 500,000 | 519,014 | ||||||
Ryder System, Inc., Sr. Unsecured, MTN, 3.15%, 3/02/15 | 850,000 | 883,065 | ||||||
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/17 | 500,000 | 504,210 | ||||||
Union Pacific Corp., Sr. Unsecured, | 1,500,000 | 1,797,151 | ||||||
TOTAL TRANSPORTATION | $ | 5,104,549 | ||||||
TRUCKING AND LEASING – 0.5% | ||||||||
GATX Corp., Sr. Unsecured, | 1,250,000 | 1,421,656 | ||||||
TOTAL CORPORATE BONDS (COST $136,446,008) | $ | 143,439,693 | ||||||
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.8% | ||||||||
AIRLINES – 0.8% | ||||||||
American Airlines 2011-1, Series A, Pass-Through Certificates, 5.25%, 7/31/21 | 485,408 | 500,577 | ||||||
Continental Airlines, Inc., Series A, Pass-Through Certificates, 7.25%, 11/10/19 | 231,715 | 261,548 | ||||||
Delta Air Lines, Inc., Series A, Pass-Through Certificates, 7.75%, 12/17/19 | 438,623 | 499,482 | ||||||
Delta Air Lines, Inc., Series 071A, Pass-Through Certificates, 6.82%, 8/10/22 | 732,934 | 799,356 | ||||||
TOTAL AIRLINES | $ | 2,060,963 | ||||||
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $1,878,785) | $ | 2,060,963 | ||||||
GOVERNMENT AGENCIES – 8.0% | ||||||||
FEDERAL HOME LOAN BANK | ||||||||
125.50%, 8/13/14 | 2,000,000 | 2,236,253 |
Description | Par Value | Value | ||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 3.2% | ||||||||
1.75%, 5/30/19 | $ | 2,000,000 | $ | 2,018,668 | ||||
2.38%, 1/13/22 | 2,500,000 | 2,518,509 | ||||||
2.50%, 5/27/16 | 2,500,000 | 2,672,815 | ||||||
4.38%, 7/17/15 | 1,315,000 | 1,474,592 | ||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | $ | 8,684,584 | ||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 4.0% | ||||||||
0.63%, 10/30/14 | 2,000,000 | 2,010,426 | ||||||
1.38%, 11/15/16 | 2,500,000 | 2,551,620 | ||||||
1.63%, 10/26/15 | 1,500,000 | 1,550,782 | ||||||
3.00%, 9/16/14 | 1,500,000 | 1,592,819 | ||||||
14.18%, 6/10/20 | 1,000,000 | 1,090,500 | ||||||
5.00%, 5/11/17 | 1,500,000 | 1,788,188 | ||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $ | 10,584,335 | ||||||
TOTAL GOVERNMENT AGENCIES (COST $20,675,322) | $ | 21,505,172 | ||||||
MORTGAGE-BACKED SECURITIES – 7.6% | ||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 4.6% | ||||||||
Pool A18401, 6.00%, 2/01/34 | 148,070 | 165,196 | ||||||
Pool A93415, 4.00%, 8/01/40 | 4,830,631 | 5,098,505 | ||||||
Pool B19228, 4.50%, 4/01/20 | 101,119 | 108,705 | ||||||
Pool C90293, 7.50%, 9/01/19 | 228,522 | 263,074 | ||||||
Pool C90504, 6.50%, 12/01/21 | 90,659 | 102,599 | ||||||
Pool E00530, 6.00%, 1/01/13 | 3,265 | 3,400 | ||||||
Pool E76204, 5.50%, 4/01/14 | 732 | 766 | ||||||
Pool E83022, 6.00%, 4/01/16 | 38,019 | 40,894 | ||||||
Pool E92817, 5.00%, 12/01/17 | 320,848 | 346,325 | ||||||
Pool G01625, 5.00%, 11/01/33 | 201,351 | 218,000 | ||||||
Pool G02390, 6.00%, 9/01/36 | 113,364 | 125,625 | ||||||
Pool G08097, 6.50%, 11/01/35 | 101,963 | 115,137 | ||||||
Pool G08193, 6.00%, 4/01/37 | 264,430 | 292,865 | ||||||
Pool G11311, 5.00%, 10/01/17 | 194,166 | 209,705 | ||||||
Pool G12709, 5.00%, 7/01/22 | 2,002,242 | 2,171,243 | ||||||
Pool G13077, 5.50%, 4/01/23 | 2,696,430 | 2,930,542 | ||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | $ | 12,192,581 | ||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.8% | ||||||||
Pool 254240, 7.00%, 3/01/32 | 147,301 | 168,560 | ||||||
Pool 254833, 4.50%, 8/01/18 | 65,106 | 70,097 | ||||||
Pool 256639, 5.00%, 2/01/27 | 194,304 | 212,634 | ||||||
Pool 256752, 6.00%, 6/01/27 | 146,123 | 162,066 | ||||||
Pool 257007, 6.00%, 12/01/27 | 281,806 | 312,422 |
(Wilmington Intermediate-Term Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
48 | PORTFOLIOS OF INVESTMENTS |
Wilmington Intermediate-Term Bond Fund (continued)
Description | Par Value | Value | ||||||
Pool 424286, 6.50%, 6/01/13 | $ | 2,863 | $ | 2,938 | ||||
Pool 526062, 7.50%, 12/01/29 | 15,451 | 17,914 | ||||||
1Pool 612514, 2.47%, 5/01/33 | 107,996 | 113,255 | ||||||
Pool 619054, 5.50%, 2/01/17 | 139,187 | 152,771 | ||||||
Pool 629603, 5.50%, 2/01/17 | 59,643 | 65,464 | ||||||
Pool 688996, 8.00%, 11/01/24 | 16,941 | 18,717 | ||||||
Pool 745412, 5.50%, 12/01/35 | 144,645 | 159,252 | ||||||
Pool 832365, 5.50%, 8/01/20 | 1,720,086 | 1,883,109 | ||||||
Pool 838741, 5.00%, 9/01/20 | 1,360,998 | 1,481,907 | ||||||
Pool 839291, 5.00%, 9/01/20 | 22,401 | 24,391 | ||||||
Pool AE2520, 3.00%, 1/01/26 | 2,525,554 | 2,640,045 | ||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $ | 7,485,542 | ||||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION | ||||||||
Pool 2616, 7.00%, 7/20/28 | 100,085 | 115,718 | ||||||
Pool 2701, 6.50%, 1/20/29 | 187,443 | 218,934 | ||||||
Pool 426727, 7.00%, 2/15/29 | 17,934 | 20,823 | ||||||
Pool 780825, 6.50%, 7/15/28 | 183,922 | 213,102 | ||||||
Pool 781231, 7.00%, 12/15/30 | 88,578 | 102,960 | ||||||
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) | $ | 671,537 | ||||||
TOTAL MORTGAGE-BACKED SECURITIES (COST $19,158,029) | $ | 20,349,660 | ||||||
MUNICIPAL BOND – 0.6% | ||||||||
BUILD AMERICA BONDS – 0.6% | ||||||||
1New Jersey State, EDA, Revenue Bonds, 1.47%, 6/15/13 | 1,500,000 | 1,505,295 | ||||||
TOTAL MUNICIPAL BOND (COST $1,500,000) | $ | 1,505,295 | ||||||
U.S. TREASURY – 19.8% | ||||||||
INFLATION INDEXED NOTES – 1.2% | ||||||||
0.13%, 4/15/16 | 1,500,000 | 1,639,700 | ||||||
1.25%, 7/15/20 | 500,000 | 606,534 | ||||||
1.63%, 1/15/15 | 500,000 | 647,661 | ||||||
3.00%, 7/15/12 | 180,000 | 231,437 | ||||||
TOTAL INFLATION INDEXED NOTES | $ | 3,125,332 | ||||||
U.S. TREASURY NOTES – 18.6% | ||||||||
0.38%, 4/15/15 | 2,500,000 | 2,500,195 | ||||||
0.75%, 9/15/13 | 600,000 | 604,266 | ||||||
0.88%, 1/31/17 | 3,000,000 | 3,015,469 | ||||||
1.00%, 5/15/14 | 30,000 | 30,436 | ||||||
1.25%, 1/31/19 | 1,500,000 | 1,499,063 | ||||||
1.50%, 8/31/18 | 2,500,000 | 2,553,125 |
Description | Par Value/ Shares | Value | ||||||
2.00%, 4/30/16 | $ | 1,600,000 | $ | 1,688,250 | ||||
2.00%, 11/15/21 | 190,000 | 192,019 | ||||||
2.13%, 8/15/21 | 500,000 | 512,656 | ||||||
2.63%, 4/30/16 | 1,500,000 | 1,618,828 | ||||||
2.63%, 8/15/20 | 5,000,000 | 5,395,312 | ||||||
2.63%, 11/15/20 | 1,000,000 | 1,077,187 | ||||||
2.75%, 2/15/19 | 1,500,000 | 1,646,953 | ||||||
3.50%, 2/15/18 | 1,500,000 | 1,708,359 | ||||||
3.63%, 2/15/20 | 1,500,000 | 1,736,719 | ||||||
4.00%, 8/15/18 | 2,000,000 | 2,353,125 | ||||||
4.13%, 5/15/15 | 2,420,000 | 2,690,359 | ||||||
4.25%, 11/15/14 | 2,500,000 | 2,745,703 | ||||||
4.25%, 8/15/15 | 2,000,000 | 2,247,187 | ||||||
4.25%, 11/15/17 | 2,500,000 | 2,942,969 | ||||||
4.50%, 2/15/16 | 2,000,000 | 2,294,063 | ||||||
4.75%, 8/15/17 | 7,250,000 | 8,696,602 | ||||||
TOTAL U.S. TREASURY NOTES | $ | 49,748,845 | ||||||
TOTAL U.S. TREASURY (COST $50,085,918) | $ | 52,874,177 | ||||||
MONEY MARKET FUND – 0.0%** | ||||||||
8Dreyfus Cash Management Fund, Institutional Shares, 0.06% | 4,109 | 4,109 | ||||||
TOTAL MONEY MARKET FUND (COST $4,109) | $ | 4,109 | ||||||
REPURCHASE AGREEMENT – 5.8% | ||||||||
Credit Suisse First Boston LLC, 0.17%, dated 04/30/12, due 05/01/12, repurchase price $15,609,074, collateralized by a U.S. Treasury Security 1.50%, maturing 06/30/16; total market value of $15,926,164. | 15,609,000 | 15,609,000 | ||||||
TOTAL REPURCHASE AGREEMENT (COST $15,609,000) | $ | 15,609,000 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 99.4% (COST $253,833,951) |
| $ | 266,045,490 | |||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.8% | ||||||||
REPURCHASE AGREEMENTS – 0.8% | ||||||||
Deutsche Bank Securities, Inc., 0.22%, dated 04/30/12, due 05/01/12, repurchase price $305,304, collateralized by U.S. Government Securities 2.49% to 7.00%, maturing 08/01/25 to 04/01/42; total market value of $311,408. | 305,302 | 305,302 | ||||||
Mizuho Securities, Inc., 0.23%, dated 04/30/12, due 05/01/12, repurchase price $1,000,006, collateralized by U.S. Government Securities 0.00% to 7.50%, maturing 02/01/26 to 02/25/44; total market value of $1,020,000. | 1,000,000 | 1,000,000 |
(Wilmington Intermediate-Term Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 49 |
Wilmington Intermediate-Term Bond Fund (concluded)
Description | Par Value | Value | ||||||
UBS Securities LLC 0.22%, dated 04/30/12, due 05/01/12, repurchase price $1,000,006, collateralized by U.S. Government Securities 3.50% to 6.00%, maturing 02/01/20 to 01/01/48; total market value of $1,020,000. | $ | 1,000,000 | $ | 1,000,000 | ||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,305,302) | $ | 2,305,302 | ||||||
TOTAL INVESTMENTS – 100.2% (COST $256,139,253) | $ | 268,350,792 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (0.8%) | (2,305,302 | ) | ||||||
OTHER ASSETS LESS LIABILITIES – 0.6% | 1,700,086 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 267,745,576 |
Cost of investments for Federal income tax purposes is $256,142,996. The net unrealized appreciation/(depreciation) of investments was $12,207,795. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $12,625,781 and net unrealized depreciation from investments for those securities having an excess of cost over value of $417,986.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 611,690 | $ | — | $ | 611,690 | ||||||||
Collateralized Mortgage Obligations | — | 8,085,731 | — | 8,085,731 | ||||||||||||
Corporate Bonds | — | 143,439,693 | — | 143,439,693 | ||||||||||||
Enhanced Equipment Trust Certificates | — | 2,060,963 | — | 2,060,963 | ||||||||||||
Government Agency | — | 21,505,172 | — | 21,505,172 | ||||||||||||
Mortgage-Backed Securities | — | 20,349,660 | — | 20,349,660 | ||||||||||||
Municipal Bond | — | 1,505,295 | — | 1,505,295 | ||||||||||||
U.S. Treasury | — | 52,874,177 | — | 52,874,177 | ||||||||||||
Money Market Fund | 4,109 | — | — | 4,109 | ||||||||||||
Repurchase Agreements | — | 17,914,302 | — | 17,914,302 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 4,109 | $ | 268,346,683 | $ | — | $ | 268,350,792 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
Table of Contents
50 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Short-Term Corporate Bond Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Percentage of Total Net Assets | ||||
Banks | 17.7 | % | ||
Diversified Financial Services | 10.0 | % | ||
Media | 6.9 | % | ||
Oil & Gas | 6.4 | % | ||
Food | 6.0 | % | ||
Real Estate Investment Trusts (REIT) | 5.6 | % | ||
Insurance | 4.3 | % | ||
Electric | 3.6 | % | ||
Beverages | 3.4 | % | ||
Retail | 3.3 | % | ||
Telecommunications | 2.9 | % | ||
Chemicals | 2.7 | % | ||
U.S. Treasury Note | 2.6 | % | ||
Transportation | 2.4 | % | ||
Computers | 2.0 | % | ||
Internet | 2.0 | % | ||
Commercial Mortgage-Backed Securities (CMBS) | 1.8 | % | ||
Pipelines | 1.8 | % | ||
Office/Business Equipment | 1.7 | % | ||
Pharmaceuticals | 1.5 | % | ||
Financial Services | 1.3 | % | ||
Cosmetics/Personal Care | 1.1 | % | ||
Healthcare Providers & Services | 1.0 | % | ||
Metals & Mining | 1.0 | % | ||
Iron/Steel | 0.8 | % | ||
Software | 0.8 | % | ||
Auto Manufacturers | 0.7 | % | ||
Electronics | 0.6 | % | ||
Auto Parts & Equipment | 0.5 | % | ||
Building Materials | 0.5 | % | ||
Gas | 0.5 | % | ||
Leisure Time | 0.5 | % | ||
Semiconductors | 0.5 | % | ||
Federal Home Loan Mortgage Corporation (FHLMC) | 0.4 | % | ||
Whole Loan | 0.4 | % | ||
Commercial Services | 0.3 | % | ||
Biotechnology | 0.1 | % | ||
Federal National Mortgage Association (FNMA) | 0.0 | %4 | ||
Cash Equivalents1 | 1.0 | % | ||
Other Assets and Liabilities – Net2 | (0.6 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual fund and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
(4) | Represent less than 0.05%. |
Credit Quality Diversification3 | Percentage of Total Net Assets | |||
AAA | 4.5 | % | ||
AA | 12.8 | % | ||
A | 28.3 | % | ||
BBB | 47.6 | % | ||
BB | 3.4 | % | ||
Not Rated | 1.0 | % | ||
U.S. Government Agency Securities | 0.4 | % | ||
U.S. Treasuries | 2.6 | % | ||
Other Assets and Liabilities – Net2 | (0.6 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(Wilmington Short-Term Corporate Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
51 |
Wilmington Short-Term Corporate Bond Fund
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
ADJUSTABLE RATE MORTGAGE – 0.0%** | ||||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%** | ||||||||
1Pool 399251, 2.19%, 9/01/27 | $ | 64 | $ | 67 | ||||
TOTAL ADJUSTABLE RATE MORTGAGE | $ | 67 | ||||||
ASSET-BACKED SECURITIES – 1.7% | ||||||||
FINANCIAL SERVICES – 1.3% | ||||||||
Hyundai Auto Receivables Trust, Series 2011-A, Class A2, 0.69%, 11/15/13 | 831,120 | 832,064 | ||||||
6,7Porsche Financial Auto Securitization Trust, Series 2011-1, Class A2, 0.56%, 12/16/13 | 767,182 | 767,715 | ||||||
Volkswagen Auto Loan Enhanced Trust, Series 2011-1, Class A2, 0.67%, 12/20/13 | 921,353 | 923,117 | ||||||
TOTAL FINANCIAL SERVICES | $ | 2,522,896 | ||||||
WHOLE LOAN – 0.4% | ||||||||
1,6,7SLM Student Loan Trust, Series 2011-A, Class A1, 1.24%, 10/15/24 | 815,195 | 815,587 | ||||||
TOTAL ASSET-BACKED SECURITIES (COST $3,334,746) | $ | 3,338,483 | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.2% | ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 1.8% | ||||||||
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.80%, 5/12/39 | 1,311,365 | 1,342,399 | ||||||
Morgan Stanley Capital I, Series 2004-IQ7, | 2,000,000 | 2,127,262 | ||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) | $ | 3,469,661 | ||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.4% | ||||||||
Series 2003-2632, Class A, 4.00%, 1/15/18 | 453,494 | 465,353 | ||||||
Series 2003-2649, Class KA, 4.50%, 7/15/18 | 280,902 | 298,140 | ||||||
Series 2005-2915, Class KP, 5.00%, 11/15/29 | 27,356 | 27,632 | ||||||
Series 2005-3075, Class TP, 5.50%, 1/15/30 | 25,373 | 25,636 | ||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | $ | 816,761 | ||||||
WHOLE LOAN – 0.0%** | ||||||||
Morgan Stanley Mortgage Loan Trust Series 2004-1, Class 1A8, 4.75%, 11/25/18 | 12,061 | 12,052 | ||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $4,342,952) | $ | 4,298,474 | ||||||
Description | Par Value | Value | ||||||
4COMMERCIAL PAPER – 0.5% | ||||||||
FOOD – 0.5% | ||||||||
6,7Kroger Co., 0.39%, 5/01/12 | $ | 1,000,000 | $ | 999,989 | ||||
TOTAL COMMERCIAL PAPER (COST $1,000,000) | $ | 999,989 | ||||||
CORPORATE BONDS – 92.6% | ||||||||
AUTO MANUFACTURERS – 0.7% | ||||||||
6,7Daimler Finance North America LLC, Company Guaranteed, 2.63%, 9/15/16 | 1,000,000 | 1,036,131 | ||||||
6,7Hyundai Motor Manufacturing Czech s.r.o., Company Guaranteed, 4.50%, 4/15/15 | 250,000 | 263,544 | ||||||
TOTAL AUTO MANUFACTURERS | $ | 1,299,675 | ||||||
AUTO PARTS & EQUIPMENT – 0.5% | ||||||||
1Johnson Controls, Inc., Sr. Unsecured, | 1,000,000 | 1,002,041 | ||||||
BANKS – 17.7% | ||||||||
1Bank of America Corp., Sr. Unsecured, MTN, 1.89%, 1/30/14 | 1,000,000 | 982,072 | ||||||
Bank of New York Mellon Corp., Sr. Unsecured, MTN, 2.30%, 7/28/16 | 1,000,000 | 1,033,108 | ||||||
1Bank of Nova Scotia, Certificate of Deposit, 0.82%, 2/15/13 | 1,000,000 | 1,002,292 | ||||||
Bank of Nova Scotia, Sr. Unsecured, | 2,000,000 | 2,054,670 | ||||||
1BB&T Corp., Sr. Unsecured, 1.17%, 4/28/14 | 1,000,000 | 1,003,610 | ||||||
BB&T Corp., Sr. Unsecured, 5.70%, 4/30/14 | 1,000,000 | 1,093,116 | ||||||
Capital One Financial Corp., Sr. Unsecured, 7.38%, 5/23/14 | 250,000 | 277,730 | ||||||
Capital One Financial Corp., Sr. Unsecured, 2.13%, 7/15/14 | 675,000 | 680,719 | ||||||
Capital One Financial Corp., Sr. Unsecured, 2.15%, 3/23/15 | 1,000,000 | 1,007,688 | ||||||
1Citigroup, Inc., Sr. Unsecured, | 1,300,000 | 1,296,190 | ||||||
1Citigroup, Inc., Sr. Unsecured, | 2,000,000 | 1,950,808 | ||||||
Citigroup, Inc., Sr. Unsecured, | 1,000,000 | 999,077 | ||||||
Citigroup, Inc., Sr. Unsecured, | 250,000 | 262,205 | ||||||
Comerica, Inc., Sr. Unsecured, 3.00%, 9/16/15 | 2,000,000 | 2,083,742 | ||||||
Fifth Third Bancorp, Sr. Unsecured, | 850,000 | 894,507 | ||||||
Goldman Sachs Group, Inc., Sr. Notes, | 900,000 | 901,638 | ||||||
1JPMorgan Chase & Co., Sr. Unsecured, MTN, 1.22%, 5/02/14 | 1,000,000 | 1,001,059 |
(Wilmington Short-Term Corporate Bond Fund continued next page)
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Table of Contents
52 | PORTFOLIOS OF INVESTMENTS |
Wilmington Short-Term Corporate Bond Fund (continued)
Description | Par Value | Value | ||||||
1JPMorgan Chase & Co., Sr. Unsecured, MTN, 1.27%, 1/24/14 | $ | 1,000,000 | $ | 1,001,489 | ||||
JPMorgan Chase & Co., Sr. Unsecured, | 1,000,000 | 1,037,289 | ||||||
1JPMorgan Chase Capital XXIII, Limited Guarantee, 1.50%, 5/15/47 | 1,000,000 | 740,994 | ||||||
KeyCorp, Sr. Unsecured, MTN, | 1,000,000 | 1,057,209 | ||||||
National City Corp., Sr. Unsecured, | 1,000,000 | 1,097,832 | ||||||
PNC Funding Corp., Bank Guaranteed, | 1,000,000 | 1,068,087 | ||||||
Royal Bank of Canada, Sr. Unsecured, | 2,000,000 | 2,027,688 | ||||||
Royal Bank of Canada, Sr. Unsecured, MTN, 1.15%, 3/13/15 | 1,000,000 | 1,003,287 | ||||||
Toronto-Dominion Bank, Sr. Unsecured, | 2,000,000 | 2,062,894 | ||||||
U.S. Bancorp, Sr. Unsecured, 4.20%, 5/15/14 | 2,000,000 | 2,140,708 | ||||||
Wachovia Bank NA, Subordinated, BKNT, | 2,000,000 | 2,157,459 | ||||||
Wells Fargo & Co., Sr. Unsecured, MTN, | 1,000,000 | 1,003,439 | ||||||
Wells Fargo & Co., Sr. Unsecured, | 250,000 | 267,309 | ||||||
TOTAL BANKS | $ | 35,189,915 | ||||||
BEVERAGES – 3.4% | ||||||||
1Anheuser-Busch InBev Worldwide, Inc., Series FRN, Company Guaranteed, | 500,000 | 502,760 | ||||||
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 2.50%, 3/26/13 | 1,000,000 | 1,017,788 | ||||||
Diageo Capital PLC, Company Guaranteed, 5.20%, 1/30/13 | 1,000,000 | 1,034,861 | ||||||
Diageo Finance BV, Company Guaranteed, 3.25%, 1/15/15 | 2,000,000 | 2,126,568 | ||||||
Dr Pepper Snapple Group, Inc., Company Guaranteed, 2.35%, 12/21/12 | 1,000,000 | 1,012,186 | ||||||
PepsiCo, Inc., Sr. Unsecured, | 1,050,000 | 1,052,209 | ||||||
TOTAL BEVERAGES | $ | 6,746,372 | ||||||
BIOTECHNOLOGY – 0.1% | ||||||||
Gilead Sciences, Inc., Sr. Unsecured, | 270,000 | 279,873 | ||||||
BUILDING MATERIALS – 0.5% | ||||||||
Masco Corp., Sr. Unsecured, | 1,000,000 | 1,026,441 | ||||||
CHEMICALS – 2.7% | ||||||||
Dow Chemical Co., Sr. Unsecured, | 250,000 | 281,661 | ||||||
Ecolab, Inc., Sr. Unsecured, 2.38%, 12/08/14 | 1,000,000 | 1,035,404 | ||||||
1EI DU Pont de Nemours & Co., Sr. Unsecured, 0.89%, 3/25/14 | 2,000,000 | 2,016,163 |
Description | Par Value | Value | ||||||
Potash Corp. of Saskatchewan, Inc., Sr. Unsecured, 4.88%, 3/01/13 | $ | 2,000,000 | $ | 2,069,182 | ||||
TOTAL CHEMICALS | $ | 5,402,410 | ||||||
COMMERCIAL SERVICES – 0.3% | ||||||||
1Western Union Co., Sr. Unsecured, | 500,000 | 500,912 | ||||||
COMPUTERS – 2.0% | ||||||||
Hewlett-Packard Co., Sr. Unsecured, | 1,000,000 | 1,000,910 | ||||||
International Business Machines Corp., Sr. Unsecured, 2.10%, 5/06/13 | 1,000,000 | 1,018,137 | ||||||
International Business Machines Corp., Sr. Unsecured, 1.00%, 8/05/13 | 800,000 | 806,117 | ||||||
International Business Machines Corp., Sr. Unsecured, 1.95%, 7/22/16 | 1,000,000 | 1,032,829 | ||||||
TOTAL COMPUTERS | $ | 3,857,993 | ||||||
COSMETICS/PERSONAL CARE – 1.1% | ||||||||
Procter & Gamble Co., Sr. Unsecured, | 2,000,000 | 2,158,332 | ||||||
DIVERSIFIED FINANCIAL | ||||||||
American Express Co., Sr. Unsecured, | 1,000,000 | 1,118,288 | ||||||
American Express Credit Corp., Sr. Unsecured, 5.13%, 8/25/14 | 1,000,000 | 1,086,648 | ||||||
1BlackRock, Inc., Sr. Unsecured, | 1,000,000 | 1,002,776 | ||||||
BlackRock, Inc., Sr. Unsecured, | 1,000,000 | 1,070,436 | ||||||
Capital One Bank USA NA, Subordinated, 6.50%, 6/13/13 | 1,000,000 | 1,052,778 | ||||||
Charles Schwab Corp., Sr. Unsecured, | 1,000,000 | 1,083,169 | ||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, 3.88%, 1/15/15 | 400,000 | 416,500 | ||||||
Ford Motor Credit Co., LLC, Sr. Unsecured, 8.00%, 6/01/14 | 2,000,000 | 2,232,500 | ||||||
6,7FUEL Trust, Secured, 3.98%, 6/15/16 | 400,000 | 415,367 | ||||||
1General Electric Capital Corp., Sr. Unsecured, MTN, 1.10%, 4/07/14 | 1,000,000 | 1,000,244 | ||||||
General Electric Capital Corp., Sr. Unsecured, 2.10%, 1/07/14 | 1,000,000 | 1,018,573 | ||||||
12General Electric Capital Corp., Sr. Unsecured, 2.90%, 1/09/17 | 500,000 | 518,787 | ||||||
1HSBC Finance Corp., Sr. Unsecured, | 1,000,000 | 999,702 | ||||||
John Deere Capital Corp., Sr. Unsecured, MTN, 4.95%, 12/17/12 | 1,000,000 | 1,028,729 | ||||||
John Deere Capital Corp., Sr. Unsecured, MTN, 4.90%, 9/09/13 | 500,000 | 529,675 | ||||||
John Deere Capital Corp., Unsecured, | 750,000 | 753,008 |
(Wilmington Short-Term Corporate Bond Fund continued next page)
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Table of Contents
PORTFOLIOS OF INVESTMENTS | 53 |
Wilmington Short-Term Corporate Bond Fund (continued)
Description | Par Value | Value | ||||||
Raymond James Financial, Inc., Sr. Unsecured, 4.25%, 4/15/16 | $ | 1,500,000 | $ | 1,562,759 | ||||
SLM Corp., Series A, Sr. Unsecured, MTNA, 5.00%, 10/01/13 | 1,000,000 | 1,024,182 | ||||||
TD Ameritrade Holding Corp., Company Guaranteed, 2.95%, 12/01/12 | 2,000,000 | 2,024,139 | ||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES | $ | 19,938,260 | ||||||
ELECTRIC – 3.6% | ||||||||
Consolidated Edison Co. of New York, Inc., Series 03-B, Sr. Unsecured, 3.85%, 6/15/13 | 400,000 | 414,201 | ||||||
Consolidated Edison Co. of New York, Inc., Series 05-C, Sr. Unsecured, 5.38%, 12/15/15 | 110,000 | 126,580 | ||||||
Dominion Resources, Inc., Sr. Unsecured, 2.25%, 9/01/15 | 2,000,000 | 2,076,586 | ||||||
1DTE Energy Co., Sr. Unsecured, | 1,000,000 | 1,004,036 | ||||||
Entergy Corp., Sr. Unsecured, | 500,000 | 524,601 | ||||||
Georgia Power Co., Sr. Unsecured, | 1,000,000 | 1,011,531 | ||||||
Virginia Electric and Power Co., Sr. Unsecured, 5.10%, 11/30/12 | 2,000,000 | 2,053,976 | ||||||
TOTAL ELECTRIC | $ | 7,211,511 | ||||||
ELECTRONICS – 0.6% | ||||||||
Agilent Technologies, Inc., Sr. Unsecured, 5.50%, 9/14/15 | 1,000,000 | 1,128,346 | ||||||
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.20%, 5/01/15 | 100,000 | 106,440 | ||||||
TOTAL ELECTRONICS | $ | 1,234,786 | ||||||
FOOD – 5.5% | ||||||||
Kellogg Co., Sr. Unsecured, | 1,000,000 | 1,027,897 | ||||||
Kellogg Co., Sr. Unsecured Notes, | 3,000,000 | 3,096,380 | ||||||
Kraft Foods, Inc., Unsecured, | 1,000,000 | 1,062,080 | ||||||
Kraft Foods, Inc., Sr. Unsecured, | 2,000,000 | 2,191,040 | ||||||
Kroger Co., Company Guaranteed, | 250,000 | 259,247 | ||||||
Kroger Co., Company Guaranteed, | 1,580,000 | 1,645,265 | ||||||
6,7WM Wrigley Jr. Co., Sr. Secured, | 1,500,000 | 1,552,919 | ||||||
TOTAL FOOD | $ | 10,834,828 | ||||||
GAS – 0.5% | ||||||||
National Fuel Gas Co., Sr. Unsecured, | 1,000,000 | 1,033,821 | ||||||
HEALTHCARE PROVIDERS & | ||||||||
1Quest Diagnostics, Inc., Company Guaranteed, 1.32%, 3/24/14 | 2,000,000 | 2,011,589 |
Description | Par Value | Value | ||||||
INSURANCE – 4.3% | ||||||||
Lincoln National Corp., Sr. Unsecured, | $ | 1,246,000 | $ | 1,265,348 | ||||
MassMutual Global Funding II, Sr. Secured | ||||||||
1,6,70.85%, 1/14/14 | 1,000,000 | 996,019 | ||||||
6,73.63%, 7/16/12 | 500,000 | 503,379 | ||||||
MetLife, Inc., Sr. Unsecured, 2.38%, 2/06/14 | 1,750,000 | 1,792,665 | ||||||
6,7Metropolitan Life Global Funding I, Sr. Secured, 2.50%, 1/11/13 | 1,000,000 | 1,014,345 | ||||||
Principal Financial Group, Inc., Company Guaranteed, 7.88%, 5/15/14 | 1,100,000 | 1,226,973 | ||||||
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.63%, 9/17/12 | 750,000 | 758,175 | ||||||
Prudential Financial, Inc., Sr. Unsecured, MTN, 2.75%, 1/14/13 | 1,000,000 | 1,013,050 | ||||||
TOTAL INSURANCE | $ | 8,569,954 | ||||||
INTERNET – 2.0% | ||||||||
eBay, Inc., Sr. Unsecured, 0.88%, 10/15/13 | 1,000,000 | 1,007,216 | ||||||
Google, Inc., Sr. Unsecured, 1.25%, 5/19/14 | 3,000,000 | 3,048,931 | ||||||
TOTAL INTERNET | $ | 4,056,147 | ||||||
IRON/STEEL – 0.8% | ||||||||
ArcelorMittal, Sr. Unsecured, 3.75%, 8/05/15 | 1,000,000 | 1,014,827 | ||||||
12ArcelorMittal, Sr. Unsecured, 3.75%, 3/01/16 | 500,000 | 501,310 | ||||||
TOTAL IRON/STEEL | $ | 1,516,137 | ||||||
LEISURE TIME – 0.5% | ||||||||
6,7Harley-Davidson Financial Services, Inc., Company Guaranteed, 3.88%, 3/15/16 | 1,000,000 | 1,050,145 | ||||||
MEDIA – 6.9% | ||||||||
Comcast Cable Communications Holdings, Inc., Company Guaranteed, 8.38%, 3/15/13 | 2,000,000 | 2,135,156 | ||||||
COX Communications, Inc., Sr. Unsecured, 7.13%, 10/01/12 | 1,535,000 | 1,576,498 | ||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, | 2,000,000 | 2,119,393 | ||||||
NBCUniversal Media LLC, Sr. Unsecured, | 2,000,000 | 2,097,158 | ||||||
News America, Inc., Company Guaranteed, 5.30%, 12/15/14 | 2,000,000 | 2,212,226 | ||||||
Time Warner Cable, Inc., Company Guaranteed, 7.50%, 4/01/14 | 1,000,000 | 1,121,201 | ||||||
Viacom, Inc., Sr. Unsecured, 4.38%, 9/15/14 | 2,001,000 | 2,157,343 | ||||||
Viacom, Inc., Sr. Unsecured, 1.25%, 2/27/15 | 300,000 | 300,702 | ||||||
TOTAL MEDIA | $ | 13,719,677 | ||||||
METALS & MINING – 1.0% | ||||||||
Vale Canada Ltd., Sr. Unsecured, | 525,000 | 526,110 | ||||||
Xstrata Canada Corp., Company Guaranteed, 7.35%, 6/05/12 | 750,000 | 754,457 |
(Wilmington Short-Term Corporate Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
54 | PORTFOLIOS OF INVESTMENTS |
Wilmington Short-Term Corporate Bond Fund (continued)
Description | Par Value | Value | ||||||
Xstrata Canada Corp., Company Guaranteed, 7.25%, 7/15/12 | $ | 710,000 | $ | 719,241 | ||||
TOTAL METALS & MINING | $ | 1,999,808 | ||||||
OFFICE/BUSINESS EQUIPMENT – 1.7% | ||||||||
Pitney Bowes, Inc., Sr. Unsecured, | 1,000,000 | 1,027,169 | ||||||
Xerox Corp., Sr. Unsecured, | 2,000,000 | 2,003,568 | ||||||
1Xerox Corp., Sr. Unsecured, | 250,000 | 248,405 | ||||||
TOTAL OFFICE/BUSINESS EQUIPMENT | $ | 3,279,142 | ||||||
OIL & GAS – 6.4% | ||||||||
Anadarko Petroleum Corp., Sr. Unsecured, 5.75%, 6/15/14 | 1,000,000 | 1,088,669 | ||||||
Chesapeake Energy Corp., Company Guaranteed, 7.63%, 7/15/13 | 1,000,000 | 1,040,000 | ||||||
Devon Energy Corp., Sr. Unsecured, | 2,000,000 | 2,165,414 | ||||||
Diamond Offshore Drilling, Inc., Sr. Unsecured, 4.88%, 7/01/15 | 1,000,000 | 1,104,961 | ||||||
6,7,12Phillips 66, Company Guaranteed, | 500,000 | 505,039 | ||||||
1Sempra Energy, Sr. Unsecured, | 500,000 | 500,376 | ||||||
Tesoro Corp., Company Guaranteed, | 1,000,000 | 1,025,000 | ||||||
Transocean, Inc., Company Guaranteed, | 1,000,000 | 1,086,126 | ||||||
Valero Energy Corp., Company Guaranteed, 4.75%, 6/15/13 | 2,000,000 | 2,077,341 | ||||||
Valero Energy Corp., Company Guaranteed, 4.50%, 2/01/15 | 2,000,000 | 2,150,300 | ||||||
TOTAL OIL & GAS | $ | 12,743,226 | ||||||
PHARMACEUTICALS – 1.5% | ||||||||
Abbott Laboratories, Sr. Unsecured, | 257,000 | 272,715 | ||||||
McKesson Corp., Sr. Unsecured, | 2,000,000 | 2,150,835 | ||||||
Mead Johnson Nutrition Co., Sr. Unsecured, 3.50%, 11/01/14 | 500,000 | 522,907 | ||||||
TOTAL PHARMACEUTICALS | $ | 2,946,457 | ||||||
PIPELINES – 1.8% | ||||||||
Enterprise Products Operating LLC, Series G, Company Guaranteed, 5.60%, 10/15/14 | 1,000,000 | 1,108,810 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., Company Guaranteed, 4.25%, 9/01/12 | 2,500,000 | 2,528,459 | ||||||
TOTAL PIPELINES | $ | 3,637,269 |
Description | Par Value | Value | ||||||
REAL ESTATE INVESTMENT TRUSTS (REIT) – 5.6% | ||||||||
AvalonBay Communities, Inc., Sr. Unsecured, MTN, 5.70%, 3/15/17 | $ | 1,000,000 | $ | 1,157,772 | ||||
Boston Properties LP, Sr. Unsecured, | 1,175,000 | 1,211,417 | ||||||
Boston Properties LP, Sr. Unsecured, | 1,000,000 | 1,111,888 | ||||||
CommonWealth REIT, Sr. Unsecured, | 1,000,000 | 1,037,060 | ||||||
HCP, Inc., Sr. Unsecured, 6.45%, 6/25/12 | 385,000 | 387,917 | ||||||
HCP, Inc., Sr. Unsecured, 2.70%, 2/01/14 | 500,000 | 508,533 | ||||||
Health Care REIT, Inc., Sr. Unsecured, | 2,000,000 | 2,118,066 | ||||||
Simon Property Group LP, Sr. Unsecured, 5.10%, 6/15/15 | 1,325,000 | 1,466,575 | ||||||
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 3.13%, 11/30/15 | 2,000,000 | 2,051,021 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT) | $ | 11,050,249 | ||||||
RETAIL – 3.3% | ||||||||
CVS Caremark Corp., Sr. Unsecured, | 2,000,000 | 2,192,890 | ||||||
Home Depot, Inc., Sr. Unsecured, | 2,000,000 | 2,154,081 | ||||||
Lowe’s Cos., Inc., Sr. Unsecured, | 323,000 | 329,364 | ||||||
Staples, Inc., Company Guaranteed, | 1,375,000 | 1,411,835 | ||||||
Wal-Mart Stores Pass-Through Trust 1994, Series A-2, Pass-Through Certificates, | 416,165 | 462,464 | ||||||
|
| |||||||
TOTAL RETAIL | $ | 6,550,634 | ||||||
SEMICONDUCTORS – 0.5% | ||||||||
Broadcom Corp., Sr. Unsecured, | 1,000,000 | 1,014,616 | ||||||
SOFTWARE – 0.8% | ||||||||
Oracle Corp., Sr. Unsecured, | 1,500,000 | 1,603,784 | ||||||
TELECOMMUNICATIONS – 2.9% | ||||||||
AT&T, Inc., Sr. Unsecured, | 1,000,000 | 999,209 | ||||||
Cisco Systems, Inc., Sr. Unsecured, | 2,000,000 | 2,121,953 | ||||||
Juniper Networks, Inc., Sr. Unsecured, | 500,000 | 521,538 | ||||||
1Verizon Communications, Inc., Series FRN, Sr. Unsecured, 1.08%, 3/28/14 | 1,000,000 | 1,008,481 | ||||||
Verizon Communications, Inc., Sr. Unsecured, 4.35%, 2/15/13 | 1,000,000 | 1,027,342 | ||||||
TOTAL TELECOMMUNICATIONS | $ | 5,678,523 |
(Wilmington Short-Term Corporate Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 55 |
Wilmington Short-Term Corporate Bond Fund (continued)
Description | Par Value/ Shares | Value | ||||||
TRANSPORTATION – 2.4% | ||||||||
Federal Express Corp., Sr. Unsecured, | $ | 2,600,000 | $ | 2,628,153 | ||||
Ryder System, Inc., Sr. Unsecured, MTN, 3.15%, 3/02/15 | 2,000,000 | 2,077,801 | ||||||
TOTAL TRANSPORTATION | $ | 4,705,954 | ||||||
TOTAL CORPORATE BONDS (COST $181,801,242) | $ | 183,850,481 | ||||||
U.S. TREASURY – 2.6% | ||||||||
U.S. TREASURY NOTES – 2.6% | ||||||||
0.63%, 4/30/13 | 2,600,000 | 2,610,766 | ||||||
0.75%, 3/31/13 | 420,000 | 422,116 | ||||||
1.25%, 2/15/14 | 1,000,000 | 1,017,734 | ||||||
2.00%, 4/30/16 | 1,000,000 | 1,055,156 | ||||||
TOTAL U.S. TREASURY NOTES | $ | 5,105,772 | ||||||
TOTAL U.S. TREASURY (COST $5,032,581) | $ | 5,105,772 | ||||||
MONEY MARKET FUND – 0.0%** | ||||||||
8Dreyfus Cash Management Fund, Institutional Shares, 0.06% | 3,169 | 3,169 | ||||||
TOTAL MONEY MARKET FUND (COST $3,169) | $ | 3,169 | ||||||
REPURCHASE AGREEMENT – 0.2% | ||||||||
Credit Suisse First Boston LLC, 0.17%, dated 04/30/12, due 05/01/12, repurchase price $494,069, collateralized by a U.S. Treasury Security 3.13%, maturing 05/15/21; total market value of $507,360. | 494,067 | 494,067 | ||||||
TOTAL REPURCHASE AGREEMENT (COST $494,067) | $ | 494,067 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 99.8% (COST $196,008,821) |
| $ | 198,090,502 |
Description | Par Value | Value | ||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.8% | ||||||||
REPURCHASE AGREEMENTS – 0.8% | ||||||||
Barclays Capital, Inc., 0.20%, dated 04/30/12, due 05/01/12, repurchase price $372,905, collateralized by U.S. Government Securities 3.00% to 5.00%, maturing 04/01/27 to 09/01/41; total market value of $380,362. | $ | 372,903 | $ | 372,903 | ||||
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $372,905, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $380,361. | 372,903 | 372,903 | ||||||
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $78,508, collateralized by U.S. Treasury Securities 0.25% to 4.00%, maturing 09/30/13 to 04/30/19; total market value of $80,078. | 78,508 | 78,508 | ||||||
Goldman Sachs & Co., 0.20%, dated 04/30/12, due 05/01/12, repurchase price $372,905, collateralized by U.S. Government Securities 3.50% to 5.50%, maturing 02/01/18 to 07/15/41; total market value of $380,361. | 372,903 | 372,903 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $372,905, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $380,363. | 372,903 | 372,903 | ||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,570,120) | $ | 1,570,120 | ||||||
TOTAL INVESTMENTS – 100.6% (COST $197,578,941) | $ | 199,660,622 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (0.8%) | (1,570,120 | ) | ||||||
OTHER ASSETS LESS LIABILITIES – 0.2% | 347,771 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 198,438,273 |
Cost of investments for Federal income tax purposes is $197,578,941. The net unrealized appreciation/(depreciation) of investments was $2,081,681. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,321,208 and net unrealized depreciation from investments for those securities having an excess of cost over value of $239,527.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
(Wilmington Short-Term Corporate Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
56 | PORTFOLIOS OF INVESTMENTS |
Wilmington Short-Term Corporate Bond Fund (concluded)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Adjustable Rate Mortgage | $ | — | $ | 67 | $ | — | $ | 67 | ||||||||
Asset-Backed Securities | — | 3,338,483 | — | 3,338,483 | ||||||||||||
Collateralized Mortgage Obligations | — | 4,298,474 | — | 4,298,474 | ||||||||||||
Commercial Paper | — | 999,989 | — | 999,989 | ||||||||||||
Corporate Bonds | — | 183,850,481 | — | 183,850,481 | ||||||||||||
U.S. Treasury | — | 5,105,772 | — | 5,105,772 | ||||||||||||
Money Market Fund | 3,169 | — | — | 3,169 | ||||||||||||
Repurchase Agreements | — | 2,064,187 | — | 2,064,187 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,169 | $ | 199,657,453 | $ | — | $ | 199,660,622 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
April 30, 2012 / ANNUAL REPORT
Table of Contents
57 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Short Duration Government Bond Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Percentage of Total Net Assets | ||||
Federal Home Loan Mortgage Corporation (FHLMC) | 28.2 | % | ||
Federal National Mortgage Association (FNMA) | 27.3 | % | ||
U.S. Treasury Note | 13.1 | % | ||
Government National Mortgage Association (GNMA) | 11.6 | % | ||
Diversified Financial Services | 5.2 | % | ||
Federal Farm Credit Bank (FFCB) | 4.1 | % | ||
Banks | 3.7 | % | ||
Inflation Indexed Notes | 2.2 | % | ||
Federal Home Loan Bank (FHLB) | 1.4 | % | ||
Whole Loan | 1.3 | % | ||
Transportation | 0.4 | % | ||
Healthcare Providers & Services | 0.3 | % | ||
Small Business Administration | 0.3 | % | ||
Facilities | 0.2 | % | ||
Development | 0.1 | % | ||
Housing | 0.0 | %4 | ||
Cash Equivalents1 | 0.6 | % | ||
Other Assets and Liabilities – Net2 | 0.0 | %4 | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual fund. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
(4) | Represent less than 0.05%. |
Credit Quality Diversification3 | Percentage of Total Net Assets | |||
AAA | 28.6 | % | ||
AA | 4.8 | % | ||
BB | 1.3 | % | ||
BBB | 0.6 | % | ||
Not Rated | 0.6 | % | ||
U.S. Government Agency Securities | 48.8 | % | ||
U.S. Treasuries | 15.3 | % | ||
Other Assets and Liabilities – Net2 | 0.0 | %4 | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 34.7% | ||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 13.8% | ||||||||
Series 1988-6, Class C, 9.05%, 6/15/19 | $ | 17,994 | $ | 20,161 | ||||
Series 1989-112, Class I, 6.50%, 1/15/21 | 3,410 | 3,703 | ||||||
Series 1990-136, Class E, 6.00%, 4/15/21 | 9,089 | 9,851 | ||||||
Series 1990-141, Class D, 5.00%, 5/15/21 | 3,271 | 3,488 | ||||||
Series 1993-1577, Class PK, 6.50%, 9/15/23 | 139,609 | 156,925 | ||||||
Series 1993-1644, Class K, 6.75%, 12/15/23 | 120,070 | 134,347 | ||||||
Series 1994-1686, Class PJ, 5.00%, 2/15/24 | 24,416 | 26,116 |
Description | Par Value | Value | ||||||
Series 2003-2590, Class NU, 5.00%, 6/15/17 | $ | 34,566 | $ | 34,703 | ||||
Series 2003-2664, Class MA, 5.00%, 4/15/30 | 339,960 | 340,205 | ||||||
Series 2004-2747, Class HA, 4.00%, 10/15/13 | 33,668 | 33,787 | ||||||
Series 2004-2773, Class JD, 5.00%, 3/15/18 | 945,555 | 974,887 | ||||||
Series 2004-2786, Class PD, 4.50%, 1/15/18 | 947,068 | 970,301 | ||||||
Series 2004-2844, Class PV, 5.00%, 8/15/15 | 448,816 | 477,680 | ||||||
Series 2005-2931, Class QC, 4.50%, 1/15/19 | 1,000,000 | 1,035,907 | ||||||
Series 2005-2966, Class NC, 5.00%, 4/15/31 | 2,014,111 | 2,044,709 | ||||||
Series 2005-3062, Class LU, 5.50%, 10/15/16 | 3,979,345 | 4,349,998 | ||||||
Series 2005-3074, Class BG, 5.00%, 9/15/33 | 1,816,785 | 1,916,114 | ||||||
Series 2006-3116, Class PB, 5.00%, 6/15/29 | 169,374 | 170,171 |
(Wilmington Short Duration Government Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
58 | PORTFOLIOS OF INVESTMENTS |
Wilmington Short Duration Government Bond Fund (continued)
Description | Par Value | Value | ||||||
Series 2006-R009, Class AJ, 5.75%, 12/15/18 | $ | 1,427,858 | $ | 1,456,473 | ||||
Series 2007-3289, Class NC, 5.50%, 6/15/35 | 3,593,880 | 3,688,039 | ||||||
Series 2008-3481, Class BA, 5.00%, 8/15/34 | 1,043,504 | 1,063,653 | ||||||
Series 2009-3610, Class AB, 1.40%, 12/15/14 | 1,130,402 | 1,138,231 | ||||||
Series 2011-3871, Class PA, 4.00%, 1/15/41 | 4,059,012 | 4,105,309 | ||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | $ | 24,154,758 | ||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 8.4% | ||||||||
Series 1993-113, Class PK, 6.50%, 7/25/23 | 87,343 | 96,550 | ||||||
Series 1993-127, Class H, 6.50%, 7/25/23 | 82,421 | 91,029 | ||||||
Series 1993-202, Class J, 6.50%, 11/25/23 | 45,487 | 50,487 | ||||||
Series 1994-3, Class PL, 5.50%, 1/25/24 | 80,364 | 87,484 | ||||||
Series 1994-55, Class H, 7.00%, 3/25/24 | 95,478 | 106,955 | ||||||
Series 2002-52, Class QA, 6.00%, 7/18/32 | 48,921 | 54,213 | ||||||
Series 2003-113, Class PD, 4.00%, 2/25/17 | 331,425 | 334,320 | ||||||
Series 2003-122, Class OK, 4.00%, 6/25/17 | 354,229 | 358,296 | ||||||
Series 2003-45, Class AB, 3.75%, 5/25/33 | 48,765 | 50,210 | ||||||
Series 2003-64, Class BD, 5.00%, 3/25/30 | 107,643 | 108,995 | ||||||
Series 2003-74, Class VA, 5.50%, 7/25/14 | 1,995,755 | 2,078,773 | ||||||
Series 2003-80, Class BA, 5.00%, 5/25/31 | 174,496 | 177,998 | ||||||
Series 2003-80, Class CD, 5.00%, 4/25/30 | 159,943 | 162,609 | ||||||
Series 2003-84, Class GD, 4.50%, 3/25/17 | 240,493 | 243,575 | ||||||
Series 2004-52, Class ND, 4.50%, 5/25/29 | 211,917 | 212,842 | ||||||
Series 2004-96, Class QB, 5.00%, 2/25/32 | 406,072 | 415,120 | ||||||
Series 2005-30, Class UD, 5.00%, 8/25/30 | 3,247,705 | 3,285,810 | ||||||
Series 2005-87, Class PC, 5.00%, 2/25/27 | 24,748 | 24,751 | ||||||
Series 2007-26, Class C, 5.50%, 3/25/33 | 1,448,327 | 1,502,731 | ||||||
14Series 2008-74, Class AD, 5.00%, 4/25/37 | 356,337 | 359,053 | ||||||
Series 2011-81, Class PA, 3.50%, 8/25/26 | 4,634,091 | 4,882,077 | ||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $ | 14,683,878 | ||||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION | ||||||||
Series 2003-10, Class PV, 5.50%, 1/20/14 | 2,350,545 | 2,434,547 | ||||||
Series 2004-65, Class PA, 4.50%, 9/20/32 | 35,628 | 35,639 | ||||||
14Series 2005-20, Class VA, 5.00%, 6/16/16 | 3,014,918 | 3,041,535 | ||||||
Series 2005-44, Class PC, 5.00%, 12/20/33 | 2,402,375 | 2,571,578 | ||||||
Series 2010-17, Class K, 4.00%, 3/16/22 | 7,608,421 | 8,030,626 | ||||||
Series 2010-91, Class PA, 3.00%, 8/20/31 | 3,528,450 | 3,572,788 | ||||||
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) | $ | 19,686,713 | ||||||
WHOLE LOAN – 1.3% | ||||||||
1Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 3.00%, 2/25/34 | 423,619 | 375,937 | ||||||
1Banc of America Mortgage Securities, Inc., Series 2004-B, Class 2A1, 3.05%, 3/25/34 | 358,122 | 327,829 |
Description | Par Value | Value | ||||||
1Indymac INDA Mortgage Loan Trust Series 2005-AR1, Class 2A1, 5.06%, 11/25/35 | $ | 1,940,067 | $ | 1,562,078 | ||||
TOTAL WHOLE LOAN | $ | 2,265,844 | ||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $60,976,611) | $ | 60,791,193 | ||||||
CORPORATE BONDS – 9.2% | ||||||||
BANKS – 3.7% | ||||||||
Ally Financial, Inc., FDIC Guaranteed, | 5,000,000 | 5,061,899 | ||||||
First Tennessee Bank N.A., Subordinated, BKNT, 4.63%, 5/15/13 | 1,000,000 | 1,028,494 | ||||||
U.S. Bank N.A., Sr. Unsecured, MTN, | 305,922 | 306,972 | ||||||
TOTAL BANKS | $ | 6,397,365 | ||||||
DIVERSIFIED FINANCIAL | ||||||||
Citigroup Funding, Inc., FDIC Guaranteed, 1.88%, 10/22/12 | 5,000,000 | 5,039,320 | ||||||
2Sallie Mae, Inc., Sr. Unsecured, | 5,595,000 | 4,150,606 | ||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES | $ | 9,189,926 | ||||||
HEALTHCARE PROVIDERS & SERVICES – 0.3% | ||||||||
Howard Hughes Medical Institute, Sr. Unsecured, 3.45%, 9/01/14 | 500,000 | 534,132 | ||||||
TOTAL CORPORATE BONDS (COST $15,445,448) | $ | 16,121,423 | ||||||
GOVERNMENT AGENCIES – 25.2% | ||||||||
FEDERAL FARM CREDIT BANK | ||||||||
4.50%, 10/17/12 | 7,000,000 | 7,140,767 | ||||||
FEDERAL HOME LOAN BANK | ||||||||
Series 656 5.38%, 5/18/16 | 2,000,000 | 2,373,789 | ||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 11.6% | ||||||||
0.63%, 12/29/14 | 3,000,000 | 3,016,005 | ||||||
0.63%, 11/08/13 | 5,000,000 | 5,001,266 | ||||||
1.00%, 3/08/17 | 3,000,000 | 3,001,729 | ||||||
2.00%, 8/25/16 | 1,000,000 | 1,048,885 | ||||||
4.75%, 1/19/16 | 1,000,000 | 1,151,794 | ||||||
4.88%, 6/13/18 | 2,000,000 | 2,417,250 | ||||||
5.13%, 10/18/16 | 2,000,000 | 2,370,008 | ||||||
5.25%, 4/18/16 | 2,000,000 | 2,349,535 | ||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | $ | 20,356,472 |
(Wilmington Short Duration Government Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 59 |
Wilmington Short Duration Government Bond Fund (continued)
Description | Par Value | Value | ||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 7.4% | ||||||||
14.18%, 6/10/20 | $ | 5,000,000 | $ | 5,452,500 | ||||
Sr. Subordinated 5.25%, 8/01/12 | 7,500,000 | 7,595,243 | ||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $ | 13,047,743 | ||||||
HOUSING – 0.0%** | ||||||||
10Federal Housing Administration, Project Pass-Through Certificate, 7.43%, 4/01/22 | 35,340 | 34,986 | ||||||
U.S. Department of Housing and Urban Development, U.S. Government Guaranteed, Series 96-A, 7.66%, 8/01/15 | 3,455 | 3,509 | ||||||
TOTAL HOUSING | $ | 38,495 | ||||||
SMALL BUSINESS | ||||||||
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-C, 6.70%, 3/01/16 | 38,108 | 41,151 | ||||||
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-L, 6.70%, 12/01/16 | 131,085 | 139,580 | ||||||
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-K, 6.95%, 11/01/16 | 300,708 | 330,576 | ||||||
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1997-E, 7.30%, 5/01/17 | 8,213 | 8,973 | ||||||
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1999-I, 7.30%, 9/01/19 | 11,593 | 12,819 | ||||||
TOTAL SMALL BUSINESS ADMINISTRATION | $ | 533,099 | ||||||
TRANSPORTATION – 0.4% | ||||||||
Vessel Management Services, Inc., U.S. Government Guaranteed, | 552,000 | 678,437 | ||||||
TOTAL GOVERNMENT AGENCIES (COST $41,750,618) | $ | 44,168,802 | ||||||
MORTGAGE-BACKED SECURITIES – 14.7% | ||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.8% | ||||||||
Pool 287773, 7.50%, 3/01/17 | 1,018 | 1,073 | ||||||
Pool 538733, 9.00%, 9/01/19 | 330 | 381 | ||||||
Pool A18401, 6.00%, 2/01/34 | 1,220,275 | 1,361,407 | ||||||
Pool C78010, 5.50%, 4/01/33 | 2,005,526 | 2,203,091 | ||||||
Pool C80328, 7.50%, 7/01/25 | 61,826 | 71,599 | ||||||
Pool E00540, 6.00%, 3/01/13 | 38,145 | 38,971 | ||||||
Pool G01425, 7.50%, 5/01/32 | 142,295 | 164,966 | ||||||
Pool G01831, 6.00%, 5/01/35 | 483,616 | 539,550 | ||||||
Pool G12709, 5.00%, 7/01/22 | 469,483 | 509,111 | ||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | $ | 4,890,149 |
Description | Par Value | Value | ||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 11.5% | ||||||||
Pool 202957, 8.00%, 8/01/21 | $ | 5,907 | $ | 6,706 | ||||
Pool 252439, 6.50%, 5/01/29 | 67,912 | 77,613 | ||||||
Pool 255933, 5.50%, 11/01/35 | 590,114 | 647,124 | ||||||
Pool 323419, 6.00%, 12/01/28 | 125,806 | 140,732 | ||||||
Pool 334593, 7.00%, 5/01/24 | 93,842 | 107,401 | ||||||
Pool 39862, 9.75%, 9/01/17 | 8,136 | 9,353 | ||||||
Pool 436746, 6.50%, 8/01/28 | 72,105 | 82,179 | ||||||
Pool 440401, 6.50%, 8/01/28 | 274,708 | 313,090 | ||||||
Pool 485678, 6.50%, 3/01/29 | 121,993 | 139,343 | ||||||
Pool 494375, 6.50%, 4/01/29 | 30,333 | 34,666 | ||||||
Pool 545051, 6.00%, 9/01/29 | 216,889 | 242,486 | ||||||
Pool 604867, 7.00%, 1/01/25 | 85,133 | 96,462 | ||||||
Pool 625596, 7.00%, 2/01/32 | 40,861 | 46,758 | ||||||
Pool 725418, 6.50%, 5/01/34 | 344,381 | 393,573 | ||||||
Pool 763704, 5.00%, 4/01/34 | 938,577 | 1,021,548 | ||||||
Pool 833143, 5.50%, 9/01/35 | 2,141,574 | 2,358,441 | ||||||
Pool 843323, 5.50%, 10/01/35 | 310,194 | 340,162 | ||||||
Pool AB1796, 3.50%, 11/01/40 | 910,702 | 946,504 | ||||||
Pool AB3417, 4.00%, 8/01/41 | 2,191,046 | 2,320,888 | ||||||
Pool AE2520, 3.00%, 1/01/26 | 841,851 | 880,015 | ||||||
Pool MA0921, 3.00%, 12/01/21 | 9,405,924 | 9,946,960 | ||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $ | 20,152,004 | ||||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION | ||||||||
Pool 1061, 9.00%, 4/20/23 | 19,254 | 22,646 | ||||||
Pool 146927, 9.00%, 9/15/16 | 2,088 | 2,124 | ||||||
Pool 1886, 9.00%, 10/20/24 | 2,865 | 3,355 | ||||||
Pool 188603, 9.00%, 11/15/16 | 7,589 | 8,779 | ||||||
Pool 208196, 9.00%, 2/15/17 | 11,526 | 13,333 | ||||||
Pool 306066, 8.50%, 7/15/21 | 6,583 | 7,719 | ||||||
Pool 307983, 8.50%, 7/15/21 | 19,516 | 22,883 | ||||||
Pool 341948, 8.50%, 1/15/23 | 13,850 | 16,071 | ||||||
Pool 346572, 7.00%, 5/15/23 | 20,647 | 23,772 | ||||||
Pool 484269, 7.00%, 9/15/28 | 51,921 | 60,285 | ||||||
Pool 581522, 6.00%, 5/15/33 | 261,736 | 298,857 | ||||||
Pool 592505, 6.00%, 4/15/33 | 215,320 | 244,646 | ||||||
Pool 780440, 8.50%, 11/15/17 | 2,563 | 2,950 | ||||||
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) | $ | 727,420 | ||||||
TOTAL MORTGAGE-BACKED SECURITIES (COST $24,573,251) | $ | 25,769,573 |
(Wilmington Short Duration Government Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
60 | PORTFOLIOS OF INVESTMENTS |
Wilmington Short Duration Government Bond Fund (continued)
Description | Par Value | Value | ||||||
MUNICIPAL BONDS – 0.3% | ||||||||
DEVELOPMENT – 0.1% | ||||||||
Miami FL, Rent Revenue, Series 1998 (Lease payments guaranteed by U.S. Government), 8.65%, 7/01/19 | $ | 130,000 | $ | 170,957 | ||||
FACILITIES – 0.2% | ||||||||
Tacoma City, WA, Lease Revenue Bonds, (Lease payments guaranteed by U.S. Government), 8.20%, 9/15/13 | 300,000 | 313,170 | ||||||
TOTAL MUNICIPAL BONDS (COST $463,713) | $ | 484,127 | ||||||
U.S. TREASURY – 15.3% | ||||||||
INFLATION INDEXED NOTES – 2.2% | ||||||||
1.13%, 1/15/21 | 1,100,000 | 1,312,052 | ||||||
2.00%, 1/15/14 | 2,000,000 | 2,615,346 | ||||||
TOTAL INFLATION INDEXED NOTES | $ | 3,927,398 | ||||||
U.S. TREASURY NOTE – 13.1% | ||||||||
0.25%, 10/31/13 | 2,300,000 | 2,300,539 | ||||||
0.50%, 10/15/13 | 6,700,000 | 6,725,648 |
Description | Par Value/ Shares | Value | ||||||
1.25%, 10/31/15 | $ | 425,000 | $ | 436,024 | ||||
1.75%, 10/31/18 | 2,000,000 | 2,070,000 | ||||||
2.13%, 8/15/21 | 2,000,000 | 2,050,625 | ||||||
2.25%, 7/31/18 | 1,000,000 | 1,067,656 | ||||||
3.13%, 8/31/13 | 8,000,000 | 8,306,875 | ||||||
TOTAL U.S. TREASURY NOTE | $ | 22,957,367 | ||||||
TOTAL U.S. TREASURY (COST $26,429,117) | $ | 26,884,765 | ||||||
MONEY MARKET FUND – 0.6% | ||||||||
8Dreyfus Government Cash Management Fund, Institutional Shares, 0.00% | 992,504 | 992,504 | ||||||
TOTAL MONEY MARKET FUND (COST $992,504) | $ | 992,504 | ||||||
TOTAL INVESTMENTS – 100.0% (COST $170,631,262) | $ | 175,212,387 | ||||||
OTHER LIABILITIES LESS ASSETS – 0.0%** | (33,534 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 175,178,853 |
Cost of investments for Federal income tax purposes is $170,675,592. The net unrealized appreciation/(depreciation) of investments was $4,536,795. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $5,644,499 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,107,704.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Collateralized Mortgage Obligations | $ | — | $ | 60,791,193 | $ | — | $ | 60,791,193 | ||||||||
Corporate Bonds | — | 16,121,423 | — | 16,121,423 | ||||||||||||
Government Agencies | — | 44,133,816 | 34,986 | 44,168,802 | ||||||||||||
Mortgage-Backed Securities | — | 25,769,573 | — | 25,769,573 | ||||||||||||
Municipal Bonds | — | 484,127 | — | 484,127 | ||||||||||||
U.S. Treasury | — | 26,884,765 | — | 26,884,765 | ||||||||||||
Money Market Fund | 992,504 | — | — | 992,504 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 992,504 | $ | 174,184,897 | $ | 34,986 | $ | 175,212,387 | ||||||||
|
|
|
|
|
|
|
|
The security in Level 3 in the table above was considered a Level 3 security because it was fair valued under procedures adopted by the Board of Trustees at April 30, 2012. Such valuation is based on a review of inputs such as, but not limited to, similar securities, company specific financial information and company specific news. There were no changes in the valuation techniques used since the April 30, 2011 annual report for this security.
(Wilmington Short Duration Government Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 61 |
Wilmington Short Duration Government Bond Fund (concluded)
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
Investments In Securities | ||||
Balance as of 4/30/2011 | $ | — | ||
Realized gain (loss) | 64 | |||
Change in unrealized appreciation (depreciation) | 3,799 | |||
Net purchases (sales) | 31,123 | |||
Transfers in and/or out of Level 3 | — | |||
|
| |||
Balance as of 4/30/2012 | $ | 34,986 | ||
|
| |||
Net change in unrealized appreciation/(depreciation) for investments still held as of 4/30/2012 | $ | 3,799 |
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
Table of Contents
62 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Municipal Bond Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Percentage of Total Net Assets | ||||
Dedicated Tax | 18.6 | % | ||
Lease | 15.0 | % | ||
School District | 13.7 | % | ||
General Obligation | 11.8 | % | ||
Medical | 10.8 | % | ||
Water | 8.6 | % | ||
Higher Education | 8.0 | % | ||
Airport | 2.4 | % | ||
Pre-Refunded/Escrow | 2.3 | % | ||
Power | 1.5 | % | ||
Transportation | 1.4 | % | ||
Water & Sewer | 1.3 | % | ||
Education | 0.2 | % | ||
Cash Equivalents1 | 6.3 | % | ||
Other Assets and Liabilities – Net2 | (1.9 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual fund. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
Credit Quality Diversification3 | Percentage of Total Net Assets | |||
AAA | 25.2 | % | ||
AA | 46.5 | % | ||
BBB | 23.1 | % | ||
BB | 0.8 | % | ||
Not Rated | 6.3 | % | ||
Other Assets and Liabilities – Net2 | (1.9 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
MUNICIPAL BONDS – 95.6% | ||||||||
ALABAMA – 0.8% | ||||||||
MEDICAL – 0.8% | ||||||||
University of Alabama, Hospital Revenue, Refunding Bonds, (Series A), 5.75%, 5/07/12 | $ | 1,000,000 | $ | 1,150,220 | ||||
TOTAL ALABAMA | $ | 1,150,220 | ||||||
ARIZONA – 3.9% | ||||||||
DEDICATED TAX – 0.8% | ||||||||
Mesa, AZ, Highway Revenue Bonds, (Series A), 5.00%, 7/01/19 | 1,000,000 | 1,118,640 | ||||||
LEASE – 0.7% | ||||||||
Tucson, AZ, Certificate Participation Bonds, (Series A), (National Reinsurance), | 1,000,000 | 1,087,820 |
Description | Par Value | Value | ||||||
WATER – 2.4% | ||||||||
Arizona State, Water Infrastructure Finance Authority, Revenue Bonds, (Series A), | $ | 3,000,000 | $ | 3,534,270 | ||||
TOTAL ARIZONA | $ | 5,740,730 | ||||||
CALIFORNIA – 6.8% | ||||||||
AIRPORT – 1.1% | ||||||||
5San Francisco, CA, City & County Airports Commission, Revenue Bonds, AMT, (Series A), (AMBAC)/(SFO Fuel Co. LLC, OBG), | 1,540,000 | 1,542,695 | ||||||
GENERAL OBLIGATIONS – 0.4% | ||||||||
California State, GO Unlimited Bonds, | 500,000 | 602,165 |
(Wilmington Municipal Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 63 |
Wilmington Municipal Bond Fund (continued)
Description | Par Value | Value | ||||||
LEASE – 3.1% | ||||||||
Sacramento, CA, City Financing Authority, Refunding Revenue Bonds, (Series B), 5.40%, 11/01/20 | $ | 4,000,000 | $ | 4,595,040 | ||||
MEDICAL – 2.2% | ||||||||
California State, Health Facilities Financing Authority, Revenue Bonds, (Series H), (Catholic Healthcare West, OBG), 5.13%, 7/01/22 | 875,000 | 948,273 | ||||||
California State, Statewide Communities Development Authority, Revenue Bonds, | 2,000,000 | 2,317,220 | ||||||
TOTAL MEDICAL | $ | 3,265,493 | ||||||
TOTAL CALIFORNIA | $ | 10,005,393 | ||||||
COLORADO – 3.8% | ||||||||
DEDICATED TAX – 0.8% | ||||||||
Grand Junction, CO, Refunding Revenue Bonds, 5.00%, 3/01/16 | 1,000,000 | 1,155,140 | ||||||
WATER – 3.0% | ||||||||
Colorado State, Water Resources & Power Development Authority, Refunding Revenue Bonds, (Series A), 5.00%, 9/01/22 | 4,000,000 | 4,379,680 | ||||||
TOTAL COLORADO | $ | 5,534,820 | ||||||
GEORGIA – 4.4% | ||||||||
DEDICATED TAX – 1.3% | ||||||||
Georgia State, Road & Tollway Authority, Refunding Revenue Bonds, (Series B), | 1,500,000 | 1,892,520 | ||||||
GENERAL OBLIGATIONS – 1.6% | ||||||||
Georgia State, GO Unlimited, Refunding Revenue Bonds, (Series C), 5.00%, 7/01/21 | 2,000,000 | 2,367,240 | ||||||
HIGHER EDUCATION – 1.5% | ||||||||
Fulton County Development Authority, GA, Refunding Revenue Bonds, (Series A), (Georgia Technology Foundation Inc., OBG), | 1,750,000 | 2,260,073 | ||||||
TOTAL GEORGIA | $ | 6,519,833 | ||||||
ILLINOIS – 6.2% | ||||||||
DEDICATED TAX – 3.1% | ||||||||
Illinois State, Sales Tax Revenue Bonds, | 1,195,000 | 1,289,142 | ||||||
Illinois State, Sales Tax Revenue Bonds, (National Reinsurance FGIC), 6.00%, 6/15/26 | 2,500,000 | 3,294,075 | ||||||
TOTAL DEDICATED TAX | $ | 4,583,217 | ||||||
SCHOOL DISTRICT – 3.1% | ||||||||
Chicago Board of Education, IL, GO Unlimited Bonds, (Series B), (AMBAC), 5.00%, 12/01/21 | 1,000,000 | 1,084,680 | ||||||
Chicago Board of Education, IL, GO Unlimited Bonds, (Series D), (AGM), 5.00%, 12/01/21 | 3,000,000 | 3,399,570 | ||||||
TOTAL SCHOOL DISTRICT | $ | 4,484,250 | ||||||
TOTAL ILLINOIS | $ | 9,067,467 |
Description | Par Value | Value | ||||||
INDIANA – 1.6% | ||||||||
MEDICAL – 1.6% | ||||||||
Indiana State, Finance Authority Health System, Refunding Revenue Bonds, (Series C), (Franciscan Alliance Inc., OBG), 5.00%, 11/01/21 | $ | 2,000,000 | $ | 2,279,060 | ||||
TOTAL INDIANA | $ | 2,279,060 | ||||||
LOUISIANA – 0.8% | ||||||||
HIGHER EDUCATION – 0.8% | ||||||||
Louisiana State, Public Facilities Authority, Revenue Bonds, (Loyola University, OBG), | 1,000,000 | 1,188,280 | ||||||
TOTAL LOUISIANA | $ | 1,188,280 | ||||||
MASSACHUSETTS – 4.9% | ||||||||
DEDICATED TAX – 3.3% | ||||||||
Massachusetts Bay, MA, Transportation Authority, Sales Tax Refunding Revenue Bonds, (Series C), 5.50%, 7/01/23 | 2,000,000 | 2,621,420 | ||||||
Massachusetts State, School Building Authority, Sales Tax Revenue Bonds, (Series A), (AGM), | 2,000,000 | 2,266,740 | ||||||
TOTAL DEDICATED TAX | $ | 4,888,160 | ||||||
LEASE – 0.3% | ||||||||
Massachusetts State, Development Finance Agency, Lease Revenue Bonds, (Visual & Performing Arts Project), 6.00%, 8/01/16 | 310,000 | 369,870 | ||||||
WATER & SEWER – 1.3% | ||||||||
Massachusetts State, Water Resources Authority, Revenue Bonds, (Series B), (AGM), | 1,500,000 | 1,919,520 | ||||||
TOTAL MASSACHUSETTS | $ | 7,177,550 | ||||||
MICHIGAN – 2.4% | ||||||||
MEDICAL – 1.2% | ||||||||
Michigan State, Hospital Finance Authority, Refunding Revenue Bonds, (Series A), (Hospital Oakwood, OBG), 5.00%, 7/15/21 | 1,600,000 | 1,737,728 | ||||||
SCHOOL DISTRICT – 0.8% | ||||||||
Ann Arbor School District, MI, GO Unlimited, Refunding Revenue Bonds, (Q-SBLF), | 1,000,000 | 1,191,270 | ||||||
WATER – 0.4% | ||||||||
Detroit, MI, Water Supply System Revenue Bonds, (Series A), (AGM), 5.00%, 7/01/23 | 550,000 | 585,348 | ||||||
TOTAL MICHIGAN | $ | 3,514,346 | ||||||
MISSOURI – 1.5% | ||||||||
LEASE – 1.5% | ||||||||
Saint Louis Municipal Finance Corp., MO, Refunding Revenue Bonds, (Leasehold Revenue Refunded City Justice Center), 5.00%, 2/15/17 | 1,890,000 | 2,145,944 | ||||||
TOTAL MISSOURI | $ | 2,145,944 |
(Wilmington Municipal Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
64 | PORTFOLIOS OF INVESTMENTS |
Description | Par Value | Value | ||||||
NEVADA – 4.7% | ||||||||
DEDICATED TAX – 1.6% | ||||||||
Clark County, NV, Highway Improvement, Motor Vehicle Fuel Tax, Refunding Revenue Bonds, 5.00%, 7/01/18 | $ | 2,000,000 | $ | 2,394,680 | ||||
GENERAL OBLIGATIONS – 2.3% | ||||||||
Clark County, NV, GO Limited Bonds, (AMBAC), 5.00%, 11/01/25 | 1,000,000 | 1,120,230 | ||||||
Las Vegas Valley, NV, Water District, GO Limited Bonds, (Series A), (AGM), 5.00%, 6/01/20 | 2,000,000 | 2,278,880 | ||||||
TOTAL GENERAL OBLIGATIONS | $ | 3,399,110 | ||||||
SCHOOL DISTRICT – 0.8% | ||||||||
Washoe County, NV, School District, GO Limited, Refunding Revenue Bonds, (Series A), | 1,000,000 | 1,137,830 | ||||||
TOTAL NEVADA | $ | 6,931,620 | ||||||
NEW JERSEY – 4.9% | ||||||||
HIGHER EDUCATION – 0.6% | ||||||||
New Jersey State, Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Stevens Institution of Technology, OBG), | 775,000 | 847,517 | ||||||
LEASE – 4.3% | ||||||||
New Jersey Economic Development Authority, Refunding Revenue Bonds, (Series W), (School Facilities Construction), (AGM), 5.00%, 3/01/18 | 3,000,000 | 3,557,280 | ||||||
New Jersey Economic Development Authority, Revenue Bonds, (Series N-1), (School Facilities Construction), (AGM), 5.50%, 9/01/25 | 2,250,000 | 2,829,892 | ||||||
TOTAL LEASE | $ | 6,387,172 | ||||||
TOTAL NEW JERSEY | $ | 7,234,689 | ||||||
NEW YORK – 10.3% | ||||||||
DEDICATED TAX – 5.0% | ||||||||
New York City, NY, Transitional Finance Authority, Future Tax Secured Revenue, Refunding Revenue Bonds, (Subseries E), | 4,125,000 | 5,032,789 | ||||||
New York State Dormitory Authority, State Personal Income Tax Revenue Bonds, (Series B), (AMBAC), 5.50%, 3/15/25 | 1,750,000 | 2,332,837 | ||||||
TOTAL DEDICATED TAX | $ | 7,365,626 | ||||||
GENERAL OBLIGATIONS – 1.4% | ||||||||
New York City, NY, GO Unlimited Bonds, | 1,000,000 | 1,167,700 | ||||||
New York City, NY, GO Unlimited Bonds, | 750,000 | 922,125 | ||||||
TOTAL GENERAL OBLIGATIONS | $ | 2,089,825 | ||||||
LEASE – 3.2% | ||||||||
Erie County, NY, IDA, School Facility, Refunding Revenue Bonds, (State Aid Withholding), | 1,000,000 | 1,195,700 |
Description | Par Value | Value | ||||||
New York State Urban Development Corp., State Personal Income Tax Revenue Bonds, | $ | 3,000,000 | $ | 3,444,300 | ||||
TOTAL LEASE | $ | 4,640,000 | ||||||
TRANSPORTATION – 0.7% | ||||||||
New York State Thruway Authority, Revenue Bonds, (Series F), (AMBAC), 5.00%, 1/01/25 | 1,000,000 | 1,080,430 | ||||||
TOTAL NEW YORK | $ | 15,175,881 | ||||||
NORTH CAROLINA – 1.1% | ||||||||
WATER – 1.1% | ||||||||
Charlotte, NC, Water & Sewer System, Refunding Revenue Bonds, 5.00%, 12/01/19 | 1,250,000 | 1,577,612 | ||||||
TOTAL NORTH CAROLINA | $ | 1,577,612 | ||||||
OHIO – 7.6% | ||||||||
DEDICATED TAX – 1.2% | ||||||||
Hamilton County, OH, Sales Tax Revenue Bonds, (Series A), (AMBAC), 5.00%, 12/01/17 | 1,500,000 | 1,743,165 | ||||||
GENERAL OBLIGATIONS – 2.4% | ||||||||
Akron, OH, GO Limited, (AMBAC), | 1,000,000 | 1,111,440 | ||||||
Akron-Summit County, OH, Public Library, GO Unlimited, Refunding Revenue Bonds, | 1,960,000 | 2,371,522 | ||||||
TOTAL GENERAL OBLIGATIONS | $ | 3,482,962 | ||||||
PRE-REFUNDED/ESCROW – 2.3% | ||||||||
Ohio State Water Development Authority, Water Pollution Control Revenue Bonds, (Series B), (PRF to 6/1/15), 5.00%, 6/01/18 | 2,340,000 | 2,658,357 | ||||||
Ohio State Water Development Authority, Water Pollution Control Revenue Bonds, (Series B), (RRF to 6/1/15), 5.00%, 6/01/18 | 660,000 | 749,793 | ||||||
TOTAL PRE-REFUNDED/ESCROW | $ | 3,408,150 | ||||||
WATER – 1.7% | ||||||||
Ohio State, Water Development Authority, Refunding Revenue Bonds, (Series C), | 2,000,000 | 2,531,920 | ||||||
TOTAL OHIO | $ | 11,166,197 | ||||||
PENNSYLVANIA – 5.5% | ||||||||
EDUCATION – 0.2% | ||||||||
Philadelphia, PA, Authority For Industrial Development, Refunding Revenue Bonds, (Series A), (The Bayer School Foundation, OBG), | 280,000 | 284,665 | ||||||
GENERAL OBLIGATIONS – 0.7% | ||||||||
Philadelphia, PA, GO Unlimited Bonds, (CIFG), | 1,000,000 | 1,054,530 | ||||||
MEDICAL – 1.2% | ||||||||
Allegheny County, PA, Hospital Development Authority, Revenue Bonds, (Series A), | 1,430,000 | 1,689,731 |
(Wilmington Municipal Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Wilmington Municipal Bond Fund (continued)
Table of Contents
PORTFOLIOS OF INVESTMENTS | 65 |
Wilmington Municipal Bond Fund (continued)
Description | Par Value | Value | ||||||
SCHOOL DISTRICT – 2.7% | ||||||||
Hamburg, PA, Area School District, GO Unlimited, Refunding Revenue Notes, (Series A), | $ | 2,405,000 | $ | 2,856,755 | ||||
Hempfield, PA, Area School District, Westmoreland County, GO Limited Bonds, | 1,000,000 | 1,170,490 | ||||||
TOTAL SCHOOL DISTRICT | $ | 4,027,245 | ||||||
TRANSPORTATION – 0.7% | ||||||||
Delaware River, PA, Joint Toll Bridge Commission, Refunding Revenue Bonds, | 1,000,000 | 1,030,070 | ||||||
TOTAL PENNSYLVANIA | $ | 8,086,241 | ||||||
SOUTH CAROLINA – 0.9% | ||||||||
GENERAL OBLIGATIONS – 0.9% | ||||||||
South Carolina State, GO Unlimited, Refunding Revenue Bonds, (Series A), (SCSDE), | 1,000,000 | 1,274,370 | ||||||
TOTAL SOUTH CAROLINA | $ | 1,274,370 | ||||||
TENNESSEE – 1.3% | ||||||||
GENERAL OBLIGATIONS – 1.3% | ||||||||
Metropolitan Government of Nashville & Davidson County, TN, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/01/17 | 1,610,000 | 1,939,052 | ||||||
TOTAL TENNESSEE | $ | 1,939,052 | ||||||
TEXAS – 11.4% | ||||||||
AIRPORT – 1.3% | ||||||||
5Dallas-Fort Worth International Airport, TX, Revenue Bonds, AMT, (Series A), (National Reinsurance FGIC), 6.00%, 11/01/28 | 1,960,000 | 1,967,801 | ||||||
MEDICAL – 3.8% | ||||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Refunding Revenue Bonds, (Series A), (Texas Health Resources, OBG), | 5,000,000 | 5,568,400 | ||||||
SCHOOL DISTRICT – 6.3% | ||||||||
Lewisville, TX, Independent School District, GO Unlimited Bonds, (PSF-GTD), 5.00%, 8/15/17 | 1,000,000 | 1,171,470 | ||||||
San Antonio Independent School District, TX, GO Unlimited Bonds, (PSF-GTD), 5.00%, 8/15/21 | 5,000,000 | 5,679,050 | ||||||
Spring Independent School District, TX, GO Unlimited Bonds, (Series A), (PSF-GTD), | 2,000,000 | 2,355,800 | ||||||
TOTAL SCHOOL DISTRICT | $ | 9,206,320 | ||||||
TOTAL TEXAS | $ | 16,742,521 |
Description | Par Value/ Shares | Value | ||||||
VIRGINIA – 5.1% | ||||||||
HIGHER EDUCATION – 5.1% | ||||||||
Virginia State, College Building Authority, Educational Facilities Revenue Bonds, (Series A), (Public Higher Education Financing, OBG), | $ | 6,000,000 | $ | 7,471,500 | ||||
TOTAL VIRGINIA | $ | 7,471,500 | ||||||
WASHINGTON – 5.7% | ||||||||
DEDICATED TAX – 1.5% | ||||||||
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (National Reinsurance FGIC), 5.25%, 2/01/21 | 1,750,000 | 2,208,710 | ||||||
GENERAL OBLIGATIONS – 0.8% | ||||||||
King County, WA, GO Unlimited Bonds, | 1,000,000 | 1,087,150 | ||||||
LEASE – 1.9% | ||||||||
Washington State, Economic Development Finance Authority, Lease Revenue Bonds, (National Reinsurance)/(Washington | 1,510,000 | 1,651,562 | ||||||
5.25%, 6/01/21 | 1,000,000 | 1,106,020 | ||||||
TOTAL LEASE | $ | 2,757,582 | ||||||
POWER – 1.5% | ||||||||
Klickitat County Public Utility District No. 1, WA, Refunding Revenue Bonds, (Series B), (National-Reinsurance, FGIC), 5.25%, 12/01/22 | 2,000,000 | 2,238,900 | ||||||
TOTAL WASHINGTON | $ | 8,292,342 | ||||||
TOTAL MUNICIPAL BONDS (COST $132,826,660) | $ | 140,215,668 | ||||||
MONEY MARKET FUND – 6.3% | ||||||||
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.02% | 9,307,931 | 9,307,931 | ||||||
TOTAL MONEY MARKET FUND (COST $9,307,931) | $ | 9,307,931 | ||||||
TOTAL INVESTMENTS – 101.9% (COST $142,134,591) | $ | 149,523,599 | ||||||
OTHER LIABILITIES LESS ASSETS – (1.9%) | (2,806,892 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 146,716,707 |
(Wilmington Municipal Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
66 | PORTFOLIOS OF INVESTMENTS |
Wilmington Municipal Bond Fund (concluded)
Cost of investments for Federal income tax purposes is $142,134,591. The net unrealized appreciation/(depreciation) of investments was $7,389,008. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $7,405,678 and net unrealized depreciation from investments for those securities having an excess of cost over value of $16,670.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ | — | $ | 140,215,668 | $ | — | $ | 140,215,668 | ||||||||
Money Market Fund | 9,307,931 | — | — | 9,307,931 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 9,307,931 | $ | 140,215,668 | $ | — | $ | 149,523,599 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
April 30, 2012 / ANNUAL REPORT
Table of Contents
67 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Maryland Municipal Bond Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Percentage of Total Net Assets | ||||
General Obligation | 33.1 | % | ||
Medical | 17.4 | % | ||
Pre-Refunded/Escrow | 13.0 | % | ||
Transportation | 10.6 | % | ||
Higher Education | 6.3 | % | ||
Lease | 5.0 | % | ||
Continuing Care | 3.7 | % | ||
Not-For-Profit | 2.0 | % | ||
Water & Sewer | 1.9 | % | ||
Education | 1.3 | % | ||
Dedicated Tax | 0.8 | % | ||
Housing | 0.0 | %4 | ||
Cash Equivalents1 | 6.0 | % | ||
Other Assets and Liabilities – Net2 | (1.1 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual fund. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
(4) | Represent less than 0.05%. |
Credit Quality Diversification3 | Percentage of Total Net Assets | |||
AAA | 23.7 | % | ||
AA | 39.8 | % | ||
A | 12.9 | % | ||
BBB | 11.8 | % | ||
BB | 0.5 | % | ||
Not Rated | 12.4 | % | ||
Other Assets and Liabilities – Net2 | (1.1 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
MUNICIPAL BONDS – 95.1% | ||||||||
MARYLAND – 92.0% | ||||||||
CONTINUING CARE – 3.7% | ||||||||
Baltimore County, MD, Revenue Bonds, (Series A), (Oak Crest Village, Inc.), | $ | 1,200,000 | $ | 1,268,124 | ||||
Maryland State Health & Higher Educational Facilities Authority, (Hebrew Home of Greater Washington)/(Landow House, Inc.), 5.80%, 1/01/32 | 2,135,000 | 2,137,882 | ||||||
Maryland State Health & Higher Educational Facilities Authority, (Series B), (Peninsula United Methodist), 5.25%, 10/01/13 | 1,000,000 | 673,060 | ||||||
TOTAL CONTINUING CARE |
| $ | 4,079,066 |
Description | Par Value | Value | ||||||
DEDICATED TAX – 0.8% | ||||||||
Montgomery County, MD, Revenue Bonds, (Series A), (Department of Liquor Controls), 5.00%, 4/01/29 | $ | 555,000 | $ | 621,123 | ||||
Montgomery County, MD, Special Obligation, Special Tax, (Series A), (Radian), 5.38%, 7/01/20 | 250,000 | 253,060 | ||||||
TOTAL DEDICATED TAX |
| $ | 874,183 | |||||
EDUCATION – 1.3% | ||||||||
11Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Series 2006), (Washington Christian Academy), 5.50%, 7/01/38 | 1,000,000 | 399,990 | ||||||
Maryland State IDFA, Economic Development Revenue Bonds, (Series 2005A), (Our Lady of Good Counsel High School), 6.00%, 5/01/35 | 1,000,000 | 1,020,860 | ||||||
TOTAL EDUCATION |
| $ | 1,420,850 |
(Wilmington Maryland Municipal Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
68 | PORTFOLIOS OF INVESTMENTS |
Wilmington Maryland Municipal Bond Fund (continued)
Description | Par Value | Value | ||||||
GENERAL OBLIGATIONS – 33.1% | ||||||||
5Anne Arundel County, MD, GO Limited Bonds, AMT, 5.50%, 9/01/15 | $ | 500,000 | $ | 501,590 | ||||
Anne Arundel County, MD, GO Limited Bonds, General Improvements, 4.50%, 3/01/25 | 2,000,000 | 2,198,320 | ||||||
Anne Arundel County, MD, GO Limited, Refunding Bonds, 5.00%, 3/01/16 | 495,000 | 513,652 | ||||||
Anne Arundel County, MD, Refunding Revenue Bonds, (National Business Park Project)/(County Guaranty), 5.13%, 7/01/28 | 2,200,000 | 2,369,070 | ||||||
Baltimore County, MD, GO Unlimited, Refunding Revenue Bonds, 4.00%, 8/01/27 | 1,000,000 | 1,094,710 | ||||||
Cecil County, MD, GO Unlimited, Refunding Revenue Bonds, 5.00%, 11/01/23 | 2,590,000 | 3,271,766 | ||||||
Frederick County, MD, GO Unlimited Bonds, 5.25%, 11/01/19 | 1,500,000 | 1,908,480 | ||||||
Frederick County, MD, GO Unlimited Refunding Bonds, (Series A), 5.25%, 7/01/13 | 1,425,000 | 1,466,482 | ||||||
Frederick County, MD, Public Improvements, GO Unlimited Bonds, (Series A), 4.75%, 3/01/28 | 610,000 | 704,233 | ||||||
Harford County, MD, GO Unlimited Bonds, (Series A), 3.00%, 1/15/27 | 2,005,000 | 2,020,960 | ||||||
Harford County, MD, Public Improvements, GO Unlimited Bonds, 4.00%, 7/01/20 | 2,000,000 | 2,350,520 | ||||||
Howard County, MD, GO Unlimited Bonds, (Series A), 4.00%, 2/15/24 | 1,475,000 | 1,638,459 | ||||||
Howard County, MD, GO Unlimited, Refunding Bonds, (Series B), 5.00%, 8/15/18 | 2,500,000 | 3,098,625 | ||||||
Maryland State Community Development Administration, Revenue Bonds, (Series A), (National Reinsurance), 5.00%, 6/01/21 | 40,000 | 40,506 | ||||||
Maryland State, GO Unlimited Bonds, 5.00%, 7/15/17 | 2,725,000 | 3,304,580 | ||||||
MarylandState, State & Local Facilities Loan, GO Unlimited, Refunding Revenue Bonds, (Series C), 5.00%, 11/01/18 | 2,000,000 | 2,491,900 | ||||||
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series A), 5.00%, 7/01/22 | 2,000,000 | 2,432,360 | ||||||
Prince Georges County, MD, GO Limited Bonds, (Series A), 5.00%, 9/15/27 | 2,570,000 | 3,113,015 | ||||||
Queen Anne’s County, MD, (National Reinsurance), 5.00%, 11/15/16 | 1,000,000 | 1,146,480 | ||||||
Washington Suburban Sanitation District, MD, GO Unlimited Bonds, 6.00%, 6/01/18 | 1,000,000 | 1,288,430 | ||||||
TOTAL GENERAL OBLIGATIONS |
| $ | 36,954,138 | |||||
HIGHER EDUCATION – 6.3% | ||||||||
Maryland State Economic Development Corp., Revenue Bonds, Morgan State University Project, (Series A), 6.00%, 7/01/22 | 500,000 | 506,530 | ||||||
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Maryland Institute College of Art), 5.00%, 6/01/36 | 1,900,000 | 1,930,590 |
Description | Par Value | Value | ||||||
St. Mary’s College of Maryland, Academic & Auxiliary Fee, Revenue Bonds, (Subseries A), (AMBAC), 4.50%, 9/01/30 | $ | 2,250,000 | $ | 2,309,827 | ||||
University System, MD, Auxiliary Facility & Tuition Revenue Bonds, (Series A), 4.00%, 4/01/16 | 2,000,000 | 2,250,160 | ||||||
TOTAL HIGHER EDUCATION | $ | 6,997,107 | ||||||
HOUSING – 0.0%** | ||||||||
5Prince Georges County, MD, Housing Authority, Single Family Mortgage, AMT, (Series A), (GNMA)/(FNMA)/(FHLMC), 5.55%, 12/01/33 | 5,000 | 5,142 | ||||||
LEASE – 5.0% | ||||||||
Maryland State Economic Development Corp., Lease Refunding Revenue Bonds, (Dept. Transaction Headquarters), 4.00%, 6/01/21 | 2,570,000 | 2,984,412 | ||||||
Maryland State, Economic Development Corp., Lease Revenue Bonds, 5.00%, 6/01/19 | 1,000,000 | 1,225,470 | ||||||
Montgomery County, MD, Revenue Authority Lease, Revenue Bonds, 5.00%, 4/01/13 | 1,330,000 | 1,387,350 | ||||||
TOTAL LEASE |
| $ | 5,597,232 | |||||
MEDICAL – 17.4% | ||||||||
Maryland State Health & Higher Educational Facilities Authority, (Carroll County, MD General Hospital), 6.00%, 7/01/37 | 2,250,000 | 2,257,020 | ||||||
Maryland State Health & Higher Educational Facilities Authority, (Frederick Memorial Hospital), 5.00%, 7/01/22 | 3,000,000 | 3,006,150 | ||||||
Maryland State Health & Higher Educational Facilities Authority, (Series A), (Suburban Hospital), 5.50%, 7/01/16 | 600,000 | 646,278 | ||||||
Maryland State Health & Higher Educational Facilities Authority, (Series B), (University of Maryland Medical System)/(AMBAC INS), 5.00%, 7/01/15 | 1,740,000 | 1,806,677 | ||||||
Maryland State Health & Higher Educational Facilities Authority, (University of Maryland Medical System), 5.00%, 7/01/12 | 355,000 | 357,882 | ||||||
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Baltimore Medical Center), 5.00%, 7/01/25 | 1,015,000 | 1,137,825 | ||||||
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series C), (Upper Chesapeake Medical Center), 5.50%, 1/01/28 | 2,500,000 | 2,711,475 | ||||||
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Johns Hopkins Health System, OBG) | 1,000,000 | 1,223,720 | ||||||
5.00%, 7/01/22 | 1,000,000 | 1,231,310 | ||||||
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Peninsula Regional Medical Center) | 1,745,000 | 1,942,639 | ||||||
5.00%, 7/01/26 | 1,000,000 | 1,045,620 |
(Wilmington Maryland Municipal Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 69 |
Wilmington Maryland Municipal Bond Fund (continued)
Description | Par Value | Value | ||||||
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, | $ | 1,935,000 | $ | 2,072,598 | ||||
TOTAL MEDICAL |
| $ | 19,439,194 | |||||
NOT-FOR-PROFIT – 2.0% | ||||||||
Maryland State Economic Development Corp., (Lutheran World Relief, Inc.), 5.25%, 4/01/29 | 2,100,000 | 2,177,175 | ||||||
PRE-REFUNDED/ESCROW – 9.9% | ||||||||
Anne Arundel County, MD, GO Limited, Refunding Bonds, (PRF to 3/01/13 @ 100), 5.00%, 3/01/16 | 505,000 | 525,230 | ||||||
Baltimore County, MD, Wastewater Project Revenue Bonds, (Series B), (National Reinsurance)/(PRF 7/01/15 @ 100), 5.00%, 7/01/22 | 1,290,000 | 1,472,961 | ||||||
Baltimore County, MD, Water Projects Revenue Bonds, ETM, (Series A), (FGIC INS), 5.38%, 7/01/15 | 775,000 | 852,461 | ||||||
Maryland State Department of Transportation, Refunding Revenue Bonds, (PRF 5/1/14 @ 100), 5.00%, 5/01/15 | 1,375,000 | 1,504,580 | ||||||
Maryland State Health & Higher Educational Facilities Authority, ETM, (AMBAC INS)/(Helix Health Systems, Inc.), 5.00%, 7/01/27 | 3,630,000 | 4,475,899 | ||||||
Maryland State Health & Higher Educational Facilities Authority, ETM, (Howard County General Hospital, MD), 5.50%, 7/01/13 | 260,000 | 265,515 | ||||||
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Series A), (Sheppard Pratt Health System)/(PRF 7/1/13), 5.25%, 7/01/35 | 500,000 | 527,505 | ||||||
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, ETM, (Frederick Memorial Hospital)/(FGIC INS), 5.25%, 7/01/13 | 210,000 | 214,616 | ||||||
Montgomery County, MD, GO Unlimited Bonds, (Series A), (PRF 5/1/17 @ 100), 5.00%, 5/01/19 | 1,000,000 | 1,211,140 | ||||||
TOTAL PRE-REFUNDED/ESCROW |
| $ | 11,049,907 | |||||
TRANSPORTATION – 10.6% | ||||||||
Baltimore City, MD, Refunding Revenue Bonds, (Series A), (National Reinsurance FGIC), 5.25%, 7/01/17 | 1,000,000 | 1,125,980 | ||||||
Maryland State Department of Transportation, County Transportation, Revenue Bonds, 5.50%, 2/01/17 | 1,785,000 | 2,178,449 | ||||||
Maryland State Department of Transportation, Refunding Revenue Bonds, 5.00%, 5/01/17 | 2,000,000 | 2,411,780 | ||||||
Maryland State Department of Transportation, Revenue Bonds | 1,590,000 | 1,906,283 | ||||||
5.50%, 2/01/16 | 1,000,000 | 1,180,650 |
Description | Par Value/ Shares | Value | ||||||
Maryland State Transportation Authority, Facilities Project Revenue, Refunding Bonds, 5.00%, 7/01/18 | $ | 2,500,000 | $ | 3,062,425 | ||||
TOTAL TRANSPORTATION |
| $ | 11,865,567 | |||||
WATER & SEWER – 1.9% | ||||||||
Baltimore County, MD, Wastewater Project Revenue Bonds, (National Reinsurance FGIC), 6.00%, 7/01/15 | 705,000 | 757,664 | ||||||
Baltimore, MD, Wastewater Project Revenue Bonds, (Series A), 5.00%, 7/01/22 | 1,135,000 | 1,408,739 | ||||||
TOTAL WATER & SEWER |
| $ | 2,166,403 | |||||
TOTAL MARYLAND | $ | 102,625,964 | ||||||
PUERTO RICO – 3.1% | ||||||||
PRE-REFUNDED/ESCROW – 3.1% | ||||||||
Puerto Rico Housing Finance Authority, Prerefunded Revenue Bonds, Capital Guaranteed Program, (HUD LN)/(PRF 12/1/13 @ 100), 5.00%, 12/01/18 | 1,400,000 | 1,501,206 | ||||||
Puerto Rico Public Finance Corp., (Series A), (AMBAC INS), 5.38%, 6/01/19 | 1,500,000 | 1,898,445 | ||||||
TOTAL PRE-REFUNDED/ESCROW |
| $ | 3,399,651 | |||||
TOTAL PUERTO RICO | $ | 3,399,651 | ||||||
TOTAL MUNICIPAL BONDS (COST $101,193,926) | $ | 106,025,615 | ||||||
MONEY MARKET FUND – 6.0% | ||||||||
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.02% | 6,694,880 | 6,694,880 | ||||||
TOTAL MONEY MARKET FUND (COST $6,694,880) | $ | 6,694,880 | ||||||
TOTAL INVESTMENTS – 101.1% (COST $107,888,806) | $ | 112,720,495 | ||||||
OTHER LIABILITIES LESS ASSETS – (1.1%) | (1,218,188 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 111,502,307 |
(Wilmington Maryland Municipal Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
70 | PORTFOLIOS OF INVESTMENTS |
Wilmington Maryland Municipal Bond Fund (continued)
See Notes to Portfolios of Investments
Cost of investments for Federal income tax purposes is $107,797,823. The net unrealized appreciation/(depreciation) of investments was $4,922,672. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $5,841,217 and net unrealized depreciation from investments for those securities having an excess of cost over value of $918,545.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Municipal Bonds | $ | — | $ | 106,025,615 | $ | — | $ | 106,025,615 | ||||||||
Money Market Fund | 6,694,880 | — | — | 6,694,880 | ||||||||||||
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Total | $ | 6,694,880 | $ | 106,025,615 | $ | — | $ | 112,720,495 | ||||||||
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April 30, 2012 / ANNUAL REPORT
Table of Contents
71 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington New York Municipal Bond Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Percentage of Total Net Assets | ||||
Lease | 27.2 | % | ||
General Obligation | 16.4 | % | ||
School District | 11.1 | % | ||
Water & Sewer | 10.8 | % | ||
Dedicated Tax | 9.2 | % | ||
Higher Education | 6.3 | % | ||
Medical | 6.0 | % | ||
Pre-Refunded/Escrow | 5.4 | % | ||
Transportation | 2.9 | % | ||
Utilities | 1.2 | % | ||
Not-For-Profit | 1.0 | % | ||
Cash Equivalents1 | 5.9 | % | ||
Other Assets and Liabilities – Net2 | (3.4 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual fund. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
Credit Quality Diversification3 | Percentage of Total Net Assets | |||
AAA | 10.3 | % | ||
AA | 66.2 | % | ||
A | 15.2 | % | ||
BBB | 4.2 | % | ||
Not Rated | 7.5 | % | ||
Other Assets and Liabilities – Net2 | (3.4 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
MUNICIPAL BONDS – 97.5% | ||||||||
NEW YORK – 97.5% | ||||||||
DEDICATED TAX – 9.2% | ||||||||
Grand Central, NY, District Management Association, Inc., 5.00%, 1/01/21 | $ | 1,000,000 | $ | 1,055,510 | ||||
Metropolitan Transportation Authority, NY, Dedicated Tax Fund, Refunding Revenue Bonds, (Subseries B-2), 5.00%, 11/01/16 | 1,000,000 | 1,182,710 | ||||||
New York State Local Government Assistance Corp., Refunding Revenue Bonds, (Series A), (GO of Corp.), 5.00%, 4/01/20 | 3,000,000 | 3,780,750 | ||||||
New York State Thruway Authority, State Personal Income Tax Revenue, (Series A) 5.00%, 3/15/27 | 1,000,000 | 1,157,940 | ||||||
5.25%, 3/15/23 | 2,500,000 | 3,000,375 | ||||||
TOTAL DEDICATED TAX |
| $ | 10,177,285 |
Description | Par Value | Value | ||||||
GENERAL OBLIGATIONS – 16.4% | ||||||||
Erie County, NY, GO Unlimited Bonds, (Series D-1), (National-Reinsurance), 5.00%, 6/01/12 | $ | 1,000,000 | $ | 1,003,882 | ||||
New York City, NY, GO Unlimited Bonds, (Subseries G-1), 5.00%, 4/01/19 | 5,000,000 | 6,068,400 | ||||||
New York City, NY, GO Unlimited, Refunding Bonds, (Series B), 5.75%, 8/01/14 | 1,555,000 | 1,576,133 | ||||||
New York City, NY, GO Unlimited, Refunding Revenue Bonds, (Series E), 5.00%, 8/01/17 | 1,215,000 | 1,451,937 | ||||||
New York State Municipal Bond Bank Agency, Recovery Act, Refunding Revenue Bonds, (Subseries B1), (AGM GO of Bond Bank), 5.00%, 4/15/21 | 3,000,000 | 3,514,800 | ||||||
New York State, GO Unlimited Bonds, | 2,090,000 | 2,653,192 | ||||||
Westchester County, NY, GO Unlimited, Refunding Revenue Bonds, (Series A), | 1,425,000 | 1,735,935 | ||||||
TOTAL GENERAL OBLIGATIONS |
| $ | 18,004,279 |
(Wilmington New York Municipal Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
72 | PORTFOLIOS OF INVESTMENTS |
Wilmington New York Municipal Bond Fund (continued)
Description | Par Value | Value | ||||||
HIGHER EDUCATION – 6.3% | ||||||||
Geneva, NY, Revenue Bonds, (Project A), 5.38%, 2/01/33 | $ | 1,000,000 | $ | 1,027,960 | ||||
New York State Dormitory Authority, Non-State Supported Debt, Refunding Revenue Bonds, (Yeshiva University, OBG) | 1,000,000 | 1,099,320 | ||||||
5.00%, 9/01/27 | 1,415,000 | 1,537,383 | ||||||
New York State Dormitory Authority, State University Educational Facilities, Refunding Revenue Bonds, (Series A), 7.50%, 5/15/13 | 3,000,000 | 3,223,950 | ||||||
TOTAL HIGHER EDUCATION |
| $ | 6,888,613 | |||||
LEASE – 27.2% | ||||||||
Erie County, NY, IDA, School Facility Revenue Bonds, (Series A), (School District Buffalo Project)/(State Aid Withholding), | 3,000,000 | 3,580,470 | ||||||
Erie County, NY, IDA, School Faculty Revenue Bonds, (Series A), (AGM), 5.75%, 5/01/21 | 1,000,000 | 1,189,910 | ||||||
Erie County, NY, IDA, School Faculty Revenue, Refunding Bonds, (State Aid Withholding), 5.00%, 5/01/17 | 1,000,000 | 1,176,320 | ||||||
New York City, NY, Transitional Finance Authority, Building Aid Revenue Bonds, | 2,000,000 | 2,269,280 | ||||||
New York State Dormitory Authority Lease Revenue, Refunding Bonds, (Series A), (Mental Health Services Facilities), 5.00%, 8/15/24 | 2,000,000 | 2,329,600 | ||||||
New York State Dormitory Authority, State Supported Debt, Mental Health Services Facilities, Revenue Bonds, (Series D), (National-Reinsurance FGIC State Appropriations), | 2,000,000 | 2,209,740 | ||||||
New York State Dormitory Authority, State Supported Debt, Revenue Bonds, (AGM), 5.00%, 7/01/18 | 1,000,000 | 1,167,750 | ||||||
New York State Urban Development Corp., Service Contract Obligation, Refunding Revenue Bonds, (Series B), 5.25%, 1/01/23 | 5,500,000 | 6,340,895 | ||||||
Tobacco Settlement Financing Corp., NY, (Series B-1C), Mandatory Redemption, | 1,000,000 | 1,053,690 | ||||||
Tobacco Settlement Financing Corp., NY, Asset-Backed Series, (Series A-1), | 4,575,000 | 4,821,135 | ||||||
Tobacco Settlement Financing Corp., NY, Asset-Backed Series, (Series A-1), (AMBAC State GTD), 5.25%, 6/01/22 | 3,000,000 | 3,152,970 | ||||||
Tobacco Settlement Financing Corp., NY, Unrefunded Revenue Bonds, Asset Backed, (Series A-1), 5.50%, 6/01/18 | 660,000 | 662,541 | ||||||
TOTAL LEASE |
| $ | 29,954,301 | |||||
MEDICAL – 6.0% | ||||||||
Monroe County, NY, IDA, (Highland Hospital Rochester Project), 5.00%, 8/01/22 | 1,000,000 | 1,044,780 |
Description | Par Value | Value | ||||||
Monroe County, NY, IDA, Civic Facilities Revenue Bonds, (Highland Hospital Rochester Project), 5.00%, 8/01/25 | $ | 995,000 | $ | 1,025,188 | ||||
New York State Dormitory Authority, FHA Insured Mortgage Ellis Hospital Revenue Bonds, (FHA INS), 5.05%, 8/15/24 | 730,000 | 787,721 | ||||||
New York State Dormitory Authority, Health, Hospital, Nursing Home Improvement Revenue Bonds, (AMBAC FHA INS), 5.10%, 2/01/19 | 910,000 | 912,685 | ||||||
New York State Dormitory Authority, Non-State Supported Debt, Refunding Revenue Bonds, (Series A), (North Shore Long Island Jewish, OBG) | ||||||||
5.00%, 5/01/16 | 1,000,000 | 1,140,710 | ||||||
5.00%, 5/01/17 | 1,300,000 | 1,508,234 | ||||||
Tompkins, NY, Healthcare Corp., (FHA INS), 10.80%, 2/01/28 | 210,000 | 220,153 | ||||||
TOTAL MEDICAL |
| $ | 6,639,471 | |||||
NOT-FOR-PROFIT – 1.0% | ||||||||
New York City, NY, Trust for Cultural Resources, Refunding Revenue Bonds, (Series A), 5.00%, 4/01/15 | 1,000,000 | 1,128,850 | ||||||
PRE-REFUNDED/ESCROW – 5.4% | ||||||||
New York State Thruway Authority, Local Highway & Bridge, Refunding Revenue Bonds, 5.00%, 4/01/18 | 1,035,000 | 1,247,910 | ||||||
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, ETM, (Series Y), (CAPMAC - ITC GO of Authority), 6.13%, 1/01/21 | 3,500,000 | 4,655,280 | ||||||
TOTAL PRE-REFUNDED/ESCROW |
| $ | 5,903,190 | |||||
SCHOOL DISTRICT – 11.1% | ||||||||
Clarence Central School District, NY, GO Unlimited Bonds, (AGM State Aid Withholding), 5.00%, 5/15/16 | 1,000,000 | 1,002,020 | ||||||
Greece, NY, Central School District, GO Unlimited, Refunding Revenue Bonds, | 1,000,000 | 1,193,220 | ||||||
New York State Dormitory Authority, Non-State Supported Debt, School District Board Funding Program, Refunding Revenue Bonds, (Series C), (State Aid Withholding)/(GO of Authority), 7.25%, 10/01/28 | 3,000,000 | 3,768,270 | ||||||
New York State Dormitory Authority, Non-State Supported Debt, School District Board Funding Program, Revenue Bonds, | 2,000,000 | 2,398,240 | ||||||
New York State Dormitory Authority, School Districts Financing Program, (Series D), (National Reinsurance State Aid Withholding), 5.50%, 10/01/17 | 895,000 | 910,206 | ||||||
New York State, Dormitory Authority Non State Supported Debt, Revenue Bonds, (Series H), (School District Funding Program)/(AGM State Aid Withholding), 5.00%, 10/01/23 | 2,500,000 | 2,910,250 | ||||||
TOTAL SCHOOL DISTRICT |
| $ | 12,182,206 |
(Wilmington New York Municipal Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 73 |
Wilmington New York Municipal Bond Fund (concluded)
Description | Par Value | Value | ||||||
TRANSPORTATION – 2.9% | ||||||||
Metropolitan Transportation Authority, NY, Revenue Bonds, (Series B), 5.00%, 11/15/22 | $ | 1,000,000 | $ | 1,145,770 | ||||
Metropolitan Transportation Authority, NY, Service Contract, Refunding Revenue Bonds, (Series A), (National Reinsurance FGIC), 5.00%, 7/01/25 | 2,000,000 | 2,012,440 | ||||||
TOTAL TRANSPORTATION |
| $ | 3,158,210 | |||||
UTILITIES – 1.2% | ||||||||
Long Island Power Authority, NY, Electric System, Refunding Revenue Bonds, (Series 2010A), 5.00%, 5/01/14 | 1,210,000 | 1,313,528 | ||||||
WATER & SEWER – 10.8% | ||||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer System, Refunding Revenue Bonds, (Series BB), 5.00%, 6/15/27 | 5,000,000 | 5,714,600 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds, (Series C), (National Reinsurance), 5.00%, 6/15/27 | 3,000,000 | 3,316,320 |
Description | Par Value/ Shares | Value | ||||||
New York State Environmental Facilities Corp., NY, State Clean Water & Drinking Revolving Funds, Pooled Financing Program, (Series B), 5.00%, 11/15/18 | $ | 1,450,000 | $ | 1,581,529 | ||||
New York State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, Refunding Revenue Bonds, 5.00%, 6/15/17 | 1,020,000 | 1,221,124 | ||||||
TOTAL WATER & SEWER |
| $ | 11,833,573 | |||||
TOTAL NEW YORK | $ | 107,183,506 | ||||||
TOTAL MUNICIPAL BONDS (COST $101,056,770) | $ | 107,183,506 | ||||||
MONEY MARKET FUND – 5.9% | ||||||||
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.02% | 6,541,088 | 6,541,088 | ||||||
TOTAL MONEY MARKET FUND (COST $6,541,088) | $ | 6,541,088 | ||||||
TOTAL INVESTMENTS – 103.4% (COST $107,597,858) | $ | 113,724,594 | ||||||
OTHER LIABILITIES LESS ASSETS – (3.4%) | (3,712,323 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 110,012,271 |
Cost of investments for Federal income tax purposes is $107,532,327. The net unrealized appreciation/(depreciation) of investments was $6,192,267. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $6,258,242 and net unrealized depreciation from investments for those securities having an excess of cost over value of $65,975.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1–quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Municipal Bonds | $ | — | $ | 107,183,506 | $ | — | $ | 107,183,506 | ||||||||
Money Market Fund | 6,541,088 | — | — | 6,541,088 | ||||||||||||
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| |||||||||
Total | $ | 6,541,088 | $ | 107,183,506 | $ | — | $ | 113,724,594 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
Table of Contents
74 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Pennsylvania Municipal Bond Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Percentage of Total Net Assets | ||||
Higher Education | 24.5 | % | ||
General Obligation | 16.0 | % | ||
School District | 14.3 | % | ||
Pre-Refunded/Escrow | 14.0 | % | ||
Transportation | 8.9 | % | ||
Medical | 7.9 | % | ||
Lease | 6.7 | % | ||
Water & Sewer | 4.3 | % | ||
Continuing Care | 1.8 | % | ||
Dedicated Tax | 1.2 | % | ||
Cash Equivalents1 | 9.0 | % | ||
Other Assets and Liabilities – Net2 | (8.6 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual fund. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
Credit Quality Diversification3 | Percentage of Total Net Assets | |||
AAA | 4.6 | % | ||
AA | 42.5 | % | ||
A | 32.4 | % | ||
BBB | 10.7 | % | ||
Not Rated | 18.4 | % | ||
Other Assets and Liabilities – Net2 | (8.6 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
MUNICIPAL BONDS – 99.6% | ||||||||
PENNSYLVANIA – 99.6% | ||||||||
CONTINUING CARE – 1.8% | ||||||||
Montgomery County, PA, IDA, (ACTS Retirement-Life Community, Inc.), | $ | 1,850,000 | $ | 1,850,870 | ||||
DEDICATED TAX – 1.2% | ||||||||
Pittsburgh & Allegheny County, PA, Sports & Exhibition Authority, Regional Asset District, Sales Tax Refunding Revenue Bonds, (AGM), 5.00%, 2/01/23 | 1,000,000 | 1,149,860 | ||||||
GENERAL OBLIGATIONS – 16.0% | ||||||||
Allegheny County, PA, GO Unlimited, (Series C-57), (National Reinsurance FGIC), | 2,000,000 | 2,173,640 | ||||||
Berks County, PA, GO Unlimited, Refunding Revenue Bonds, 5.00%, 11/15/21 | 2,000,000 | 2,373,720 | ||||||
Commonwealth of Pennsylvania, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/01/18 | 2,500,000 | 3,069,100 |
Description | Par Value | Value | ||||||
Lower Merion Township, PA, GO Unlimited, Refunding Revenue Bonds, (Series A) | $ | 1,470,000 | $ | 1,748,315 | ||||
5.00%, 1/01/18 | 1,445,000 | 1,756,109 | ||||||
Pennsylvania State, GO Unlimited Bonds | 1,235,000 | 1,422,275 | ||||||
5.00%, 11/15/23 | 2,000,000 | 2,467,000 | ||||||
Township of Cranberry, PA, GO Unlimited, Refunding Revenue Bonds, | 1,000,000 | 1,113,420 | ||||||
TOTAL GENERAL OBLIGATIONS | $ | 16,123,579 | ||||||
HIGHER EDUCATION – 24.5% | ||||||||
Huntingdon County, PA, General Authority Refunding Revenue Bonds, (Series A), | 1,765,000 | 1,952,108 | ||||||
Lancaster, PA, Higher Education Authority, College Revenue, Refunding Bonds, (Franklin & Marshall College), 5.00%, 4/15/18 | 2,350,000 | 2,650,917 |
(Wilmington Pennsylvania Municipal Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 75 |
Wilmington Pennsylvania Municipal Bond Fund (continued)
Description | Par Value | Value | ||||||
Montgomery County, PA, Higher Education & Health Authority Hospital, (Series FF1), (Dickinson College)/(CIFG INS) | $ | 1,420,000 | $ | 1,569,370 | ||||
5.00%, 5/01/20 | 1,490,000 | 1,632,950 | ||||||
Montgomery County, PA, Higher Education & Health Authority, Revenue Bonds, (Arcadia University, OBG)/(Radian), 5.00%, 4/01/21 | 300,000 | 316,677 | ||||||
Pennsylvania State Higher Education Facilities Authority, (Philadelphia College of Osteopathic Medicine), 5.00%, 12/01/13 | 1,345,000 | 1,427,529 | ||||||
Pennsylvania State Higher Education Facilities Authority, (Series EE 1), (York College of PA)/(XLCA), 5.00%, 11/01/18 | 1,020,000 | 1,117,512 | ||||||
Pennsylvania State Higher Education Facilities Authority, (St. Joseph’s University)/(Radian), 5.50%, 12/15/15 | 1,940,000 | 2,006,309 | ||||||
Pennsylvania State Higher Education Facilities Authority, (York College of Pennsylvania)/(National Reinsurance FGIC), | 550,000 | 576,158 | ||||||
Pennsylvania State Higher Educational Facilities Authority, Refunding Revenue Bonds, | 1,000,000 | 1,234,280 | ||||||
Pennsylvania State Higher Educational Revenue, (National Reinsurance FGIC)/(Drexel University), 5.00%, 5/01/27 | 1,250,000 | 1,337,625 | ||||||
Pennsylvania State, Higher Educational Facilities Authority, Refunding Revenue Bonds, (Bryn Mawr College), 5.00%, 12/01/17 | 4,500,000 | 5,430,690 | ||||||
State Public School Building Authority, PA, College Revenue Bonds, (Harrisburg Area Community College, OBG), 5.00%, 10/01/19 | 2,150,000 | 2,466,416 | ||||||
Union County, PA, Higher Educational Facilities Financing Authority, Refunding Revenue Bonds, (Series A), (Bucknell University), | 1,000,000 | 1,041,200 | ||||||
TOTAL HIGHER EDUCATION |
| $ | 24,759,741 | |||||
LEASE – 6.7% | ||||||||
Berks County, PA, Vocational Technical School Authority, Refunding Revenue Bonds, (National-Reinsurance), 5.00%, 6/01/14 | 1,655,000 | 1,778,430 | ||||||
Charleroi, PA, Area School District, (Series C), (FGIC State Aid Withholding), | 30,000 | 30,111 | ||||||
Philadelphia Redevelopment Authority, PA, Transportation Initiative, Refunding Revenue Bonds, 5.00%, 4/15/24 | 3,000,000 | 3,423,270 | ||||||
Philadelphia, PA, Redevelopment Authority, (Series C), (National Reinsurance FGIC), | 1,500,000 | 1,549,425 | ||||||
TOTAL LEASE |
| $ | 6,781,236 | |||||
MEDICAL – 7.9% | ||||||||
Allegheny County, PA, HDA, Revenue Bonds, (Series A), (Jefferson Regional Medical Center, PA), 4.25%, 5/01/12 | 290,000 | 290,009 |
Description | Par Value | Value | ||||||
Central Bradford Progress Authority, PA, Refunding Revenue Bonds, (Guthrie Healthcare System, OBG), 5.00%, 12/01/26 | $ | 2,000,000 | $ | 2,241,780 | ||||
Lancaster County, PA, Hospital Authority, (Series B), (Lancaster General Hospital), | 1,770,000 | 1,949,885 | ||||||
Lancaster County, PA, Hospital Authority, Refunding Revenue Bonds, (Series B), (Lancaster General Hospital, OBG), | 1,485,000 | 1,697,073 | ||||||
Pennsylvania State Higher Educational Facilities Authority, Revenue Bonds, (Series A), (University of Pennsylvania Health System, OBG), 5.00%, 8/15/24 | 1,500,000 | 1,765,155 | ||||||
TOTAL MEDICAL |
| $ | 7,943,902 | |||||
PRE-REFUNDED/ESCROW – 14.0% | ||||||||
Bucks County, PA, IDA, Refunding Revenue Bonds, ETM, (Series A), (Senior Lifestyles, Inc., OBG), 10.00%, 5/15/19 | 4,775,000 | 7,503,149 | ||||||
Jenkintown, PA, School District, GO Unlimited Bonds, (Series A), (FGIC State Aid Withholding)/(PRF 5/15/12 @ 100), | 1,375,000 | 1,377,777 | ||||||
Pennsylvania Convention Center Authority, Revenue Bonds, ETM, (Series A), (FGIC INS), | 2,410,000 | 3,092,126 | ||||||
Pennsylvania State Turnpike Commission, Oil Franchise Tax Revenue Bonds, ETM, (Series A), (AMBAC INS)/(Escrowed in State & Local Government Series COL), 5.00%, 12/01/15 | 2,090,000 | 2,098,172 | ||||||
TOTAL PRE-REFUNDED/ESCROW |
| $ | 14,071,224 | |||||
SCHOOL DISTRICT – 14.3% | ||||||||
Eastern York, PA, School District, GO Unlimited Bonds, (Series A), (FSA State Aid Withholding), 5.00%, 9/01/24 | 1,200,000 | 1,360,260 | ||||||
Hempfield, PA, School District, GO Unlimited Bonds, (Series B), (National Reinsurance FGIC State Aid Withholding), 5.00%, 10/15/18 | 2,650,000 | 2,924,196 | ||||||
Mifflin County, PA, School District, GO Unlimited, (National-IBC XLCA State Aid Withholding), 7.50%, 9/01/26 | 2,000,000 | 2,486,940 | ||||||
Muhlenberg, PA, School District, GO Unlimited, Revenue Bonds, (Series A), (State Aid Withholding), 5.00%, 9/01/16 | 1,000,000 | 1,158,150 | ||||||
Philadelphia, PA, School District, GO Unlimited, (Series D), (FSA State Aid Withholding), 5.50%, 6/01/17 | 1,300,000 | 1,533,662 | ||||||
Pittsburgh Public Schools, PA, GO Unlimited, Refunding Revenue Bonds, (Series A), (State Aid Withholding), | 1,500,000 | 1,736,325 | ||||||
Pittsburgh School District, PA, GO Unlimited Bonds, (Series A), (AGM State Aid Withholding), 5.00%, 9/01/21 | 1,775,000 | 2,132,875 | ||||||
Tredyffrin-Easttown, PA, School District, GO Unlimited Bonds, Refunding Bonds, (State Aid Withholding), 5.00%, 2/15/15 | 1,000,000 | 1,125,190 | ||||||
TOTAL SCHOOL DISTRICT | $ | 14,457,598 |
(Wilmington Pennsylvania Municipal Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
76 | PORTFOLIOS OF INVESTMENTS |
Wilmington Pennsylvania Municipal Bond Fund (concluded)
Description | Par Value | Value | ||||||
TRANSPORTATION – 8.9% | ||||||||
Allegheny County Port Authority, PA, Special Refunding Revenue Bonds, | $ | 1,000,000 | $ | 1,136,190 | ||||
Delaware River Joint Toll Bridge Commission, PA, Refunding Revenue Bonds, 5.25%, 7/01/18 | 1,500,000 | 1,562,970 | ||||||
Pennsylvania State Turnpike Commission, Refunding Revenue Bonds, (Series B), | 2,400,000 | 2,849,592 | ||||||
Pittsburgh, PA, Public Parking Authority, Refunding Revenue Bonds, (Series A), (National Reinsurance FGIC), | 2,565,000 | 2,705,588 | ||||||
Southeastern Pennsylvania Transportation Authority, Refunding Revenue Bonds, | 650,000 | 728,825 | ||||||
TOTAL TRANSPORTATION | $ | 8,983,165 |
Description | Par Value/ Shares | Value | ||||||
WATER & SEWER – 4.3% | ||||||||
Allegheny County Sanitary Authority, PA, Sewer Revenue Bonds, (Series A), (National-Reinsurance), 5.00%, 12/01/30 | $ | 2,000,000 | $ | 2,204,700 | ||||
Erie Sewer Authority, PA, Revenue Bonds, 4.63%, 12/01/24 | 2,000,000 | 2,170,780 | ||||||
TOTAL WATER & SEWER | $ | 4,375,480 | ||||||
TOTAL PENNSYLVANIA | $ | 100,496,655 | ||||||
TOTAL MUNICIPAL BONDS (COST $94,568,988) | $ | 100,496,655 | ||||||
MONEY MARKET FUND – 9.0% | ||||||||
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.02% | 9,122,025 | 9,122,025 | ||||||
TOTAL MONEY MARKET FUND (COST $9,122,025) | $ | 9,122,025 | ||||||
TOTAL INVESTMENTS – 108.6% (COST $103,691,013) | $ | 109,618,680 | ||||||
OTHER LIABILITIES LESS ASSETS – (8.6%) | (8,673,400 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 100,945,280 |
Cost of investments for Federal income tax purposes is $103,524,550. The net unrealized appreciation/(depreciation) of investments was $6,094,130. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $6,105,858 and net unrealized depreciation from investments for those securities having an excess of cost over value of $11,728.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ | — | $ | 100,496,655 | $ | — | $ | 100,496,655 | ||||||||
Money Market Fund | 9,122,025 | — | — | 9,122,025 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 9,122,025 | $ | 100,496,655 | $ | — | $ | 109,618,680 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
April 30, 2012 / ANNUAL REPORT
Table of Contents
77 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Virginia Municipal Bond Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Percentage of Total Net Assets | ||||
General Obligations | 34.2 | % | ||
Lease | 23.0 | % | ||
Water & Sewer | 12.1 | % | ||
Pre-Refunded/Escrow | 8.0 | % | ||
Medical | 7.1 | % | ||
School District | 5.8 | % | ||
Transportation | 4.7 | % | ||
Higher Education | 2.7 | % | ||
Multi-Family Housing | 0.1 | % | ||
Cash Equivalents1 | 1.9 | % | ||
Other Assets and Liabilities – Net2 | 0.4 | % | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual fund. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
Credit Quality Diversification3 | Percentage of Total Net Assets | |||
AAA | 26.5 | % | ||
AA | 60.6 | % | ||
A | 3.7 | % | ||
BBB | 3.1 | % | ||
Not Rated | 5.7 | % | ||
Other Assets and Liabilities – Net2 | 0.4 | % | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
MUNICIPAL BONDS – 97.7% | ||||||||
PUERTO RICO – 1.0% | ||||||||
TRANSPORTATION – 1.0% | ||||||||
Puerto Rico Highway and Transportation Authority, (Series W), 5.50%, 7/01/13 | $ | 185,000 | $ | 196,390 | ||||
TOTAL PUERTO RICO | $ | 196,390 | ||||||
VIRGINIA – 96.8% | ||||||||
GENERAL OBLIGATIONS – 34.2% | ||||||||
Chesterfield County, VA, GO Unlimited, Refunding Revenue Bonds, (Series B), | 500,000 | 628,520 | ||||||
Falls Church, VA, GO Unlimited, Refunding Revenue Bonds, 4.00%, 8/01/17 | 1,000,000 | 1,160,530 | ||||||
Hanover County, VA, Public Improvements, GO Unlimited, Refunding Bonds, | 110,000 | 137,573 | ||||||
Henrico County, VA, GO Unlimited, Refunding Bonds, 5.00%, 7/15/19 | 500,000 | 628,460 | ||||||
Leesburg, VA, GO Unlimited, Refunding Revenue Bonds, (Series A), | 500,000 | 608,745 |
Description | Par Value | Value | ||||||
Loudoun County, VA, GO Unlimited Bonds, (Series A), 5.00%, 7/01/25 | $ | 400,000 | $ | 483,928 | ||||
Loudoun County, VA, GO UT, (Series B), (State Aid Withholding), 5.25%, 12/01/14 | 500,000 | 562,645 | ||||||
Newport News, VA, GO Unlimited Bonds, Refunding Notes, (Series 2007A), | 100,000 | 120,390 | ||||||
Poquoson, VA, GO Unlimited, Refunding Revenue Bonds, 5.00%, 2/15/18 | 500,000 | 605,210 | ||||||
Prince William County, VA, GO Unlimited, Refunding Revenue Bonds, (Series A), | 735,000 | 953,971 | ||||||
Virginia Beach, Public Improvement, GO Unlimited Bonds, (Series B), 5.00%, 5/01/20 | 400,000 | 459,796 | ||||||
Virginia Beach, VA, GO Unlimited, Refunding Revenue Bonds, (Series B), (State Aid Withholding), 5.00%, 4/01/24 | 500,000 | 625,665 | ||||||
TOTAL GENERAL OBLIGATIONS | $ | 6,975,433 | ||||||
HIGHER EDUCATION – 2.7% | ||||||||
Virginia College Building Authority, Educational Facilities, Refunding Revenue Bonds, (Series B), (University of Richmond, OBG), 5.00%, 3/01/21 | 250,000 | 313,893 |
(Wilmington Virginia Municipal Bond Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
78 | PORTFOLIOS OF INVESTMENTS |
Wilmington Virginia Municipal Bond Fund (continued)
Description | Par Value | Value | ||||||
Virginia College Building Authority, Educational Facilities, Revenue Bonds, | $ | 200,000 | $ | 233,216 | ||||
TOTAL HIGHER EDUCATION | $ | 547,109 | ||||||
LEASE – 23.0% | ||||||||
Fairfax County, VA, EDA, Refunding Revenue Bonds, (Series A), (Laurel Hill Public Facilities Projects), 5.00%, 6/01/17 | 750,000 | 897,285 | ||||||
Frederick County, VA, IDA, Revenue Bonds, (AMBAC INS), 5.00%, 12/01/14 | 455,000 | 502,625 | ||||||
Henrico County, VA, EDA, Refunding Revenue Bonds, (Series B), 4.50%, 8/01/21 | 325,000 | 385,362 | ||||||
Manassas Park Economic Development Authority, VA, Refunding Revenue Bonds, (Series A), 4.38%, 7/15/17 | 370,000 | 395,600 | ||||||
Virginia Beach, Development Authority, Social Services Facility, (AMBAC INS), | 100,000 | 100,332 | ||||||
Virginia Beach, Development Authority, Town Center Project Phase I, (Series A), | 50,000 | 50,494 | ||||||
Virginia State, College Building Authority, Educational Facilities Revenue Bonds, | 150,000 | 190,938 | ||||||
Virginia State, Public Building Authority, Public Facility Revenue Bonds, (Series B) | ||||||||
5.00%, 8/01/16 | 135,000 | 158,728 | ||||||
5.00%, 8/01/23 | 500,000 | 573,475 | ||||||
Virginia State, Public School Authority, Revenue Bonds, (Series B), (School Financing-1997 Resolution)/(National-Reinsurance), | 400,000 | 459,648 | ||||||
Virginia State, Resources Authority Infrastructure, Refunding Revenue Bonds, (VA Pooled Funding Program)/(Moral Obligated), | 500,000 | 575,975 | ||||||
Virginia State, Resources Authority Infrastructure, Revenue Bonds, (Series A), | 350,000 | 393,190 | ||||||
TOTAL LEASE | $ | 4,683,652 | ||||||
MEDICAL – 7.1% | ||||||||
Fairfax County, VA, IDA, Refunding Revenue Bonds, (Inova Health System), | 500,000 | 584,290 | ||||||
Fairfax County, VA, IDA, Revenue Bonds, (Inova Health System), 5.00%, 8/15/23 | 250,000 | 303,947 | ||||||
Smyth County, VA, IDA, Hospital Refunding Revenue Bonds, (Mountain States Health Alliance), 5.00%, 7/01/15 | 400,000 | 436,084 | ||||||
Virginia Beach, Development Authority, (Virginia Beach, VA General Hospital)/(AMBAC INS), 5.13%, 2/15/18 | 110,000 | 129,227 | ||||||
TOTAL MEDICAL | $ | 1,453,548 |
Description | Par Value | Value | ||||||
MULTI-FAMILY HOUSING – 0.1% | ||||||||
5Arlington County, VA, IDA, Colonial Village Revenue Bonds, AMT, (AHC LP-2)/(FANNIE MAE), Mandatory Tender 11/01/19, | $ | 10,000 | $ | 10,327 | ||||
PRE-REFUNDED/ESCROW – 8.0% | ||||||||
Fairfax County, VA, Water Authority Revenue Bonds, ETM, (Escrowed in U.S. Treasuries, COL), 5.80%, 1/01/16 | 375,000 | 412,867 | ||||||
Fredericksburg, VA, IDA, Revenue Bonds, (Mary Washington College R/E)/(State and Local Government PRF 4/01/14 @ 100), | 250,000 | 271,897 | ||||||
Henrico County, VA, EDA, Revenue Bonds, (Series A), (Obligated Group)/(Bon Secours Health System, Inc., St. Francis Medical)/(State and Local Government PRF 11/15/12 @ 100), 5.60%, 11/15/30 | 5,000 | 5,146 | ||||||
Southeastern Public Service Authority, VA, Prerefunded Revenue Bonds, ETM, (AMBAC), | 255,000 | 282,571 | ||||||
Southeastern Public Service Authority, VA, Refunding Revenue Bonds, ETM, (AMBAC), | 245,000 | 270,703 | ||||||
Tobacco Settlement Financing Corp., VA, Revenue Bonds, (PRF 6/01/15 @ 100), | 335,000 | 386,530 | ||||||
TOTAL PRE-REFUNDED/ESCROW | $ | 1,629,714 | ||||||
SCHOOL DISTRICT – 5.8% | ||||||||
Fauquier County, VA, GO Unlimited, Refunding Revenue Bonds, (State Aid Withholding), | 1,000,000 | 1,178,350 | ||||||
TRANSPORTATION – 3.7% | ||||||||
Richmond, VA, Metropolitan Authority Expressway, Refunding Revenue Bonds, (National-Reinsurance FGIC), | 170,000 | 187,420 | ||||||
Virginia Commonwealth Transportation Board, Federal Highway Reimbursement, Revenue Bonds, Anticipation Notes, | 500,000 | 574,005 | ||||||
TOTAL TRANSPORTATION | $ | 761,425 | ||||||
WATER & SEWER – 12.1% | ||||||||
Fairfax County, VA, Water Authority Revenue, Refunding Bonds, 5.00%, 4/01/21 | 100,000 | 122,972 | ||||||
Henrico County, VA, Water & Sewer Revenue, Refunding Bonds, 5.00%, 5/01/24 | 550,000 | 652,778 | ||||||
Norfolk, VA, Water Revenue Bonds, | 500,000 | 500,310 | ||||||
5.88%, 11/01/15 | 500,000 | 500,315 | ||||||
Upper Occoquan Sewage Authority, VA, | 575,000 | 698,263 | ||||||
TOTAL WATER & SEWER | $ | 2,474,638 | ||||||
TOTAL VIRGINIA | $ | 19,714,196 | ||||||
TOTAL MUNICIPAL BONDS (COST $18,739,281) | $ | 19,910,586 |
(Wilmington Virginia Municipal Bond Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 79 |
Wilmington Virginia Municipal Bond Fund (concluded)
Description | Shares | Value | ||||||
MONEY MARKET FUND – 1.9% | ||||||||
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.02% | 393,115 | $ | 393,115 | |||||
TOTAL MONEY MARKET FUND (COST $393,115) | $ | 393,115 | ||||||
TOTAL INVESTMENTS – 99.6% (COST $19,132,396) | $ | 20,303,701 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.4% | 70,681 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 20,374,382 |
Cost of investments for Federal income tax purposes is $19,107,486. The net unrealized appreciation/(depreciation) of investments was $1,196,215. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,213,880 and net unrealized depreciation from investments for those securities having an excess of cost over value of $17,665.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ | — | $ | 19,910,586 | $ | — | $ | 19,910,586 | ||||||||
Money Market Fund | 393,115 | — | — | 393,115 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 393,115 | $ | 19,910,586 | $ | — | $ | 20,303,701 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
Table of Contents
80 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Prime Money Market Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Percentage of Total Net Assets | ||||
Banks | 12.7 | % | ||
Diversified Financial Services | 9.4 | % | ||
Chemicals | 7.7 | % | ||
Food | 4.8 | % | ||
Agriculture | 3.8 | % | ||
Municipal | 3.8 | % | ||
Federal Farm Credit Bank (FFCB) | 3.4 | % | ||
Miscellaneous Manufacturing | 3.1 | % | ||
Beverages | 2.7 | % | ||
Pharmaceuticals | 2.7 | % | ||
Auto Manufacturers | 2.7 | % | ||
Development | 2.6 | % | ||
Commercial Services | 2.5 | % | ||
Federal Home Loan Bank (FHLB) | 2.0 | % | ||
Oil & Gas | 1.7 | % | ||
Federal National Mortgage Association (FNMA) | 1.6 | % | ||
Asset-Backed Securities | 1.6 | % | ||
Media | 1.5 | % | ||
Pollution Control | 1.4 | % | ||
Insurance | 1.4 | % | ||
Regional(State/Province) | 1.2 | % | ||
General Obligation | 1.2 | % | ||
Oil & Gas Services | 1.2 | % | ||
Electronics | 1.1 | % | ||
Cosmetics/Personal Care | 0.9 | % | ||
School District | 0.5 | % | ||
Retail | 0.5 | % | ||
Water | 0.5 | % | ||
Cash Equivalents1 | 19.8 | % | ||
Other Assets and Liabilities – Net2 | 0.0 | %3 | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represent less than 0.05%. |
(Wilmington Prime Money Market Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
81 |
Wilmington Prime Money Market Fund
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
ASSET-BACKED COMMERCIAL PAPER – 6.6% | ||||||||
6,7CRC Funding LLC, 0.25%, 5/10/2012 | $ | 70,000,000 | $ | 69,995,625 | ||||
MetLife Short Term Funding LLC | ||||||||
6,70.21%, 7/25/2012 | 25,000,000 | 24,987,604 | ||||||
6,70.23%, 7/11/2012 | 50,000,000 | 49,977,319 | ||||||
6,7Old Line Funding LLC, 0.23%, 8/6/2012 | 100,000,000 | 99,938,028 | ||||||
TOTAL ASSET-BACKED COMMERCIAL PAPER (COST $244,898,576) | $ | 244,898,576 | ||||||
CERTIFICATE OF DEPOSIT – 9.4% | ||||||||
Bank of Montreal, CHI, 0.15%, 5/23/2012 | 100,000,000 | 100,000,000 | ||||||
Bank of Nova Scotia, HOU, 0.21%, 6/13/2012 | 50,000,000 | 50,000,000 | ||||||
Chase Bank USA, 0.18%, 7/2/2012 | 100,000,000 | 100,000,000 | ||||||
Toronto Dominion Bank, NY, 0.17%, 6/27/2012 | 100,000,000 | 100,000,000 | ||||||
TOTAL CERTIFICATE OF DEPOSIT (COST $350,000,000) | $ | 350,000,000 | ||||||
CORPORATE NOTES & BONDS – 2.0% | ||||||||
1,6,7American Honda Finance Corp., | 25,000,000 | 25,000,000 | ||||||
Goldman Sachs Group, Inc., FDIC Guaranteed, 3.25%, 6/15/2012 | 50,000,000 | 50,187,490 | ||||||
TOTAL CORPORATE NOTES & BONDS (COST $75,187,490) | $ | 75,187,490 | ||||||
FINANCIAL COMPANY COMMERCIAL PAPER – 7.0% | ||||||||
6,7Australia & New Zealand Banking Group Ltd., 0.17%, 5/9/2012 | 25,000,000 | 24,999,056 | ||||||
6,7Commonwealth Bank of Australia, | 50,000,000 | 49,979,583 | ||||||
National Rural Utilities Cooperative Finance Corp, 0.15%, 6/7/2012 | 35,000,000 | 34,994,604 | ||||||
6,7Pacific Life Insurance Co., | 50,000,000 | 49,996,889 | ||||||
Toyota Motor Credit Corp. | 25,000,000 | 24,990,139 | ||||||
0.43%, 7/9/2012 | 75,000,000 | 74,938,187 | ||||||
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER (COST $259,898,458) | $ | 259,898,458 | ||||||
MUNICIPAL COMMERCIAL PAPER – 7.5% | ||||||||
Alaska Housing Finance Corp., 0.20%, 5/15/2012 | 24,600,000 | 24,598,087 |
Description | Par Value | Value | ||||||
Catholic Health Initiatives, CO, (Series B), 0.30%, 7/2/2012 | $ | 20,000,000 | $ | 20,000,000 | ||||
City of Houston, Combined Utility System,TX, (Series B-1), (JP Morgan Chase, LOC) | ||||||||
0.20%, 5/21/2012 | 25,000,000 | 25,000,000 | ||||||
0.24%, 6/6/2012 | 20,000,000 | 20,000,000 | ||||||
Regional Transportation Authority, IL, (Series B-1), (JP Morgan Chase, LOC), 0.20%, 5/23/2012 | 45,000,000 | 45,000,000 | ||||||
St Joseph County, IN, (University of Notre Dame), 0.17%, 5/8/2012 | 20,000,000 | 19,999,339 | ||||||
Stanford University | 24,200,000 | 24,198,857 | ||||||
0.20%, 7/3/2012 | 47,000,000 | 46,983,550 | ||||||
University Of California Revenue, 0.20%, 6/7/2012 | 50,000,000 | 49,989,722 | ||||||
TOTAL MUNICIPAL COMMERCIAL PAPER (COST $275,769,555) | $ | 275,769,555 | ||||||
3MUNICIPAL NOTES & BONDS – 6.2% | ||||||||
Chicago Board of Education, IL, GO Unlimited Bonds, (Series B) Weekly VRDNs, (Wells Fargo Bank N.A., LOC), 0.25%, 5/3/2012 | 20,000,000 | 20,000,000 | ||||||
Jackson County, MS, Pollution Control Revenue, Refunding Bonds, Daily VRDNs, (Chevron Corp., OBG), 0.23%, 5/1/2012 | 30,005,000 | 30,005,000 | ||||||
Mississippi State Business Finance Commission Corp., Gulf Opportunity Revenue Bonds, (Series I) Daily VRDNs, (Chevron Corp., OBG), 0.23%, 5/1/2012 | 19,100,000 | 19,100,000 | ||||||
Mississippi State, Business Finance Commission Gulf Opportunity, Revenue Bonds, (Series D) Daily VRDNs, (Chevron Corp., OBG), 0.23%, 5/1/2012 | 21,290,000 | 21,290,000 | ||||||
Parish of St James, LA, Revenue Bonds, (Series B-1) Weekly VRDNs, (Nucor Corp.)/(Nucor Steel Louisiana LLC, OBG), 0.24%, 5/2/2012 | 37,100,000 | 37,100,000 | ||||||
Texas Transportation Commission, GO Unlimited Bonds, (Series B) Weekly VRDNs, (State Street/Calpers, SPA), 0.25%, 5/2/2012 | 43,200,000 | 43,200,000 | ||||||
Uinta County, WY, Pollution Control Refunding Revenue Bonds, Daily VRDNs, (Chevron Corp., OBG), 0.23%, 5/1/2012 | 23,850,000 | 23,850,000 | ||||||
Valdez City, AK, Marine Terminal Revenue Bonds, (Series C) Daily VRDNs, (Exxon Pipeline Co. Project/Exxon Mobil, OBG), 0.21%, 5/1/2012 | 19,110,000 | 19,110,000 |
(Wilmington Prime Money Market Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
82 | PORTFOLIOS OF INVESTMENTS |
Wilmington Prime Money Market Fund (continued)
Description | Par Value | Value | ||||||
Water Development Board, TX, Revenue Bonds, (Series A) Daily VRDNs, (JP Morgan Chase Bank NA, SPA), | $ | 17,230,000 | $ | 17,230,000 | ||||
TOTAL MUNICIPAL NOTES & BONDS (COST $230,885,000) | $ | 230,885,000 | ||||||
OTHER COMMERCIAL PAPER – 34.5% | ||||||||
Air Products & Chemicals, Inc. | ||||||||
6,70.15%, 5/2/2012 | 52,000,000 | 51,999,783 | ||||||
6,70.15%, 5/4/2012 | 41,000,000 | 40,999,487 | ||||||
Archer-Daniels-Midland Co. | ||||||||
6,70.15%, 5/7/2012 | 40,000,000 | 39,999,000 | ||||||
6,70.15%, 5/14/2012 | 50,000,000 | 49,997,292 | ||||||
6,7Baker Hughes, Inc., 0.16%, 5/2/2012 | 42,576,000 | 42,575,811 | ||||||
BASF SE | ||||||||
6,70.16%, 6/28/2012 | 44,800,000 | 44,788,452 | ||||||
6,70.18%, 6/26/2012 | 50,000,000 | 49,986,000 | ||||||
1,6,7BP Capital Markets PLC, 0.67%, 2/8/2013 | 25,000,000 | 25,000,000 | ||||||
Coca Cola Co. | ||||||||
6,70.14%, 6/19/2012 | 50,000,000 | 49,990,472 | ||||||
6,70.17%, 5/14/2012 | 50,000,000 | 49,996,931 | ||||||
EI Du Pont de Nemours & Co. | ||||||||
6,70.16%, 5/2/2012 | 20,000,000 | 19,999,911 | ||||||
6,70.16%, 6/11/2012 | 40,000,000 | 39,992,711 | ||||||
6,70.16%, 6/14/2012 | 40,000,000 | 39,992,178 | ||||||
General Electric Co. | ||||||||
0.15%, 6/26/2012 | 40,000,000 | 39,990,667 | ||||||
0.15%, 6/28/2012 | 50,000,000 | 49,987,917 | ||||||
6,7Glaxosmithkline Finance PLC, 0.15%, 5/10/2012 | 45,000,000 | 44,998,313 | ||||||
Honeywell International, Inc. | ||||||||
6,70.25%, 9/25/2012 | 25,000,000 | 24,974,479 | ||||||
6,70.30%, 12/28/2012 | 14,500,000 | 14,470,898 | ||||||
Motiva Enterprises LLC, 0.15%, 5/11/2012 | 36,815,000 | 36,813,466 | ||||||
6,7Nestle Capital Corp., 0.26%, 10/1/2012 | 80,000,000 | 79,911,600 | ||||||
6,7Philip Morris International, Inc., | 50,000,000 | 49,983,111 | ||||||
6,7Procter & Gamble Co., 0.12%, 5/8/2012 | 35,000,000 | 34,999,183 | ||||||
6,7Sanofi, 0.21%, 6/13/2012 | 100,000,000 | 99,974,917 | ||||||
6,7Siemens Capital Co., LLC, | 27,100,000 | 27,096,161 | ||||||
Straight-A Funding LLC, 0.13%, 5/1/2012 | 60,000,000 | 60,000,000 | ||||||
6,7Sysco Corp., 0.15%, 5/9/2012 | 48,930,000 | 48,928,369 | ||||||
6,7Unilever Capital Corp., 0.15%, 7/12/2012 | 50,000,000 | 49,985,000 | ||||||
6,7Wal-Mart Stores, Inc., 0.12%, 5/7/2012 | 20,000,000 | 19,999,600 | ||||||
6,7Walt Disney Co., 0.10%, 5/21/2012 | 54,009,000 | 54,006,149 | ||||||
TOTAL OTHER COMMERCIAL PAPER (COST $1,281,437,858) | $ | 1,281,437,858 |
Description | Par Value | Value | ||||||
U.S. GOVERNMENT AGENCY & OBLIGATIONS – 7.0% | ||||||||
Federal Farm Credit Bank | ||||||||
10.23%, 8/22/2012 | $ | 65,000,000 | $ | 64,997,965 | ||||
10.26%, 10/12/2012 | 60,000,000 | 60,000,000 | ||||||
Federal Home Loan Bank | ||||||||
10.19%, 11/23/12 | 47,000,000 | 46,994,719 | ||||||
0.26%, 1/8/2013 | 25,000,000 | 25,000,000 | ||||||
1Federal National Mortgage Association, 0.21%, 11/18/2013 | 60,200,000 | 60,181,999 | ||||||
TOTAL U.S. GOVERNMENT AGENCY & OBLIGATIONS (COST $257,174,683) | $ | 257,174,683 | ||||||
REPURCHASE AGREEMENTS – 19.8% | ||||||||
Barclays Capital, Inc., 0.17%, dated 04/30/12, due 05/01/12, repurchase price $31,000,146, collateralized by a U.S. Treasury Security 1.38%, maturing 09/15/12; total market value of $31,310,071. | 31,000,000 | 31,000,000 | ||||||
Credit Suisse First Boston LLC, 0.17%, dated 04/30/12, due 05/01/12, repurchase price $140,000,661, collateralized by a U.S. Treasury Security 3.63%, maturing 08/15/19; total market value of $142,802,138. | 140,000,000 | 140,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.20%, dated 04/30/12, due 05/01/12, repurchase price $365,002,028, collateralized by U.S. Government Securities 0.45% to 5.13%, maturing 08/23/13; total market value of $368,650,956. | 365,000,000 | 365,000,000 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.17%, dated 04/30/12, due 05/01/12, repurchase price $199,600,943, collateralized by U.S. Treasury Securities 0.25% to 3.63%, maturing 09/15/14 to 02/15/21; total market value of $201,596,115. | 199,600,000 | 199,600,000 | ||||||
TOTAL REPURCHASE AGREEMENTS (COST $735,600,000) | $ | 735,600,000 | ||||||
TOTAL INVESTMENTS – 100.0% (COST $3,710,851,620) | $ | 3,710,851,620 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.0%** | 267,507 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 3,711,119,127 |
(Wilmington Prime Money Market Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 83 |
Wilmington Prime Money Market Fund (concluded)
Cost of investments for Federal income tax purposes is the same as for financial statement purposes.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Asset-Backed Commercial Paper | $ | — | $ | 244,898,576 | $ | — | $ | 244,898,576 | ||||||||
Certificate Of Deposit | — | 350,000,000 | — | 350,000,000 | ||||||||||||
Corporate Notes & Bonds | — | 75,187,490 | — | 75,187,490 | ||||||||||||
Financial Company Commercial Paper | — | 259,898,458 | — | 259,898,458 | ||||||||||||
Municipal Commercial Paper | — | 275,769,555 | — | 275,769,555 | ||||||||||||
Municipal Notes & Bonds | — | 230,885,000 | — | 230,885,000 | ||||||||||||
Other Commercial Paper | — | 1,281,437,858 | — | 1,281,437,858 | ||||||||||||
Repurchase Agreements | — | 735,600,000 | — | 735,600,000 | ||||||||||||
U.S. Government Agency & Obligations | — | 257,174,683 | — | 257,174,683 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 3,710,851,620 | $ | — | $ | 3,710,851,620 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
Table of Contents
84 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington U.S. Government Money Market Fund
At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)
Percentage of Total Net Assets | ||||
U.S. Government Agency & Obligations | 60.4 | % | ||
Cash Equivalents1 | 39.6 | % | ||
Other Assets and Liabilities – Net2 | 0.0 | %3 | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represent less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
U.S. GOVERNMENT AGENCY & OBLIGATIONS – 60.4% | ||||||||
FEDERAL FARM CREDIT BANK (FFCB) – 6.8% | ||||||||
10.14%, 10/31/12 | $ | 25,000,000 | $ | 25,000,000 | ||||
10.23%, 2/22/13 | 13,845,000 | 13,853,551 | ||||||
10.23%, 8/22/12 | 100,000,000 | 99,996,869 | ||||||
10.27%, 9/20/12 | 59,500,000 | 59,530,703 | ||||||
20.05%, 5/11/12 | 25,000,000 | 24,999,653 | ||||||
20.09%, 5/29/12 | 20,000,000 | 19,998,613 | ||||||
20.11%, 9/13/12 | 25,000,000 | 24,989,688 | ||||||
TOTAL FEDERAL FARM CREDIT BANK (FFCB) | $ | 268,369,077 | ||||||
FEDERAL HOME LOAN BANK (FHLB) – 14.0% | ||||||||
1Federal Home Loan Bank, 0.19%, 11/23/12 | 48,000,000 | 47,994,607 | ||||||
20.08%, 5/16/12 | 40,000,000 | 39,998,750 | ||||||
20.09%, 5/09/12 | 25,000,000 | 24,999,528 | ||||||
20.11%, 6/13/12 | 50,000,000 | 49,993,431 | ||||||
20.12%, 6/20/12 | 50,000,000 | 49,991,666 | ||||||
20.12%, 7/20/12 | 23,000,000 | 22,993,867 | ||||||
20.15%, 5/17/12 | 30,000,000 | 29,997,942 | ||||||
20.15%, 10/26/12 | 94,000,000 | 93,930,283 | ||||||
20.18%, 10/16/12 | 50,000,000 | 49,958,000 | ||||||
0.08%, 5/29/12 | 20,000,000 | 19,999,383 | ||||||
10.33%, 2/25/13 | 100,000,000 | 100,000,000 | ||||||
1.38%, 6/08/12 | 25,000,000 | 25,032,300 | ||||||
TOTAL FEDERAL HOME LOAN BANK (FHLB) | $ | 554,889,757 |
Description | Par Value | Value | ||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 18.6% | ||||||||
20.06%, 5/07/12 | $ | 91,000,000 | $ | 90,998,939 | ||||
20.08%, 5/21/12 | 50,000,000 | 49,997,778 | ||||||
20.08%, 6/19/12 | 50,000,000 | 49,994,556 | ||||||
20.09%, 5/29/12 | 50,000,000 | 49,996,500 | ||||||
20.10%, 5/18/12 | 35,725,000 | 35,723,397 | ||||||
20.12%, 7/09/12 | 50,000,000 | 49,988,500 | ||||||
20.12%, 7/10/12 | 25,000,000 | 24,994,167 | ||||||
20.12%, 7/16/12 | 55,000,000 | 54,986,067 | ||||||
20.12%, 8/27/12 | 27,180,000 | 27,169,309 | ||||||
20.12%, 9/12/12 | 50,000,000 | 49,977,666 | ||||||
20.13%, 6/26/12 | 25,000,000 | 24,994,944 | ||||||
20.14%, 8/20/12 | 50,000,000 | 49,978,417 | ||||||
20.15%, 10/22/12 | 30,000,000 | 29,978,250 | ||||||
10.20%, 3/21/13 | 21,438,000 | 21,446,771 | ||||||
0.52%, 11/26/12 | 13,999,000 | 14,023,720 | ||||||
1.00%, 8/28/12 | 100,000,000 | 100,314,000 | ||||||
1.75%, 6/15/12 | 14,048,000 | 14,075,987 | ||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | $ | 738,638,968 | ||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 19.8% | ||||||||
20.05%, 5/09/12 | 50,000,000 | 49,999,448 | ||||||
20.05%, 5/14/12 | 49,300,000 | 49,299,199 | ||||||
20.07%, 7/02/12 | 200,000,000 | 199,974,167 | ||||||
20.08%, 5/01/12 | 36,055,000 | 36,055,000 | ||||||
20.09%, 6/25/12 | 25,000,000 | 24,996,586 | ||||||
20.09%, 10/02/12 | 50,000,000 | 49,980,750 |
(Wilmington U.S. Government Money Market Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 85 |
Wilmington U.S. Government Money Market Fund (concluded)
Description | Par Value | Value | ||||||
20.12%, 5/30/12 | $ | 16,000,000 | $ | 15,998,453 | ||||
20.12%, 7/11/12 | 25,000,000 | 24,994,083 | ||||||
20.14%, 7/16/12 | 125,750,000 | 125,712,338 | ||||||
20.14%, 7/18/12 | 25,201,000 | 25,193,134 | ||||||
20.15%, 10/24/12 | 25,000,000 | 24,981,667 | ||||||
20.18%, 10/01/12 | 14,000,000 | 13,989,290 | ||||||
10.21%, 11/18/13 | 45,000,000 | 44,986,544 | ||||||
0.38%, 12/28/12 | 25,000,000 | 25,037,611 | ||||||
1.13%, 7/30/12 | 25,000,000 | 25,059,820 | ||||||
4.75%, 11/19/12 | 49,406,000 | 50,629,307 | ||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $ | 786,887,397 | ||||||
U.S. TREASURY BILL – 1.3% | ||||||||
20.13%, 10/25/12 | 50,000,000 | 49,967,550 | ||||||
TOTAL U.S. GOVERNMENT AGENCY & OBLIGATIONS (COST $2,398,752,749) |
| $ | 2,398,752,749 | |||||
REPURCHASE AGREEMENTS – 39.6% | ||||||||
Barclays Capital, Inc., 0.17%, dated 04/30/12, due 05/01/12, repurchase price $150,000,708, collateralized by U.S. Treasury Securities 2.75% to 6.13%, maturing 02/15/19 to 11/15/27; total market value of $151,500,113. | 150,000,000 | 150,000,000 |
Description | Par Value | Value | ||||||
Credit Suisse First Boston LLC, 0.17%, dated 04/30/12, due 05/01/12, repurchase price $405,701,916, collateralized by U.S. Treasury Securities 2.38% to 2.50%, maturing 02/25/15 to 03/21/15; total market value of $413,818,755. | $ | 405,700,000 | $ | 405,700,000 | ||||
Deutsche Bank Securities, Inc., 0.20%, dated 04/30/12, due 05/01/12, repurchase price $667,003,706, collateralized by U.S. Government Securities 0.00% – 6.25%, maturing 05/10/2012 – 11/15/2030; total market value of $673,670,218. | 667,000,000 | 667,000,000 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.17%, dated 04/30/12, due 05/01/12, repurchase price $350,001,653, collateralized by U.S. Treasury Securities 0.00% – 4.5%, maturing 04/04/2013 – 08/15/2039; total market value of $353,500,007. | 350,000,000 | 350,000,000 | ||||||
TOTAL REPURCHASE AGREEMENTS (COST $1,572,700,000) | $ | 1,572,700,000 | ||||||
TOTAL INVESTMENTS – 100.0% (COST $3,971,452,749) | $ | 3,971,452,749 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.0%** | 1,408,247 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 3,972,860,996 |
Cost of investments for Federal income tax purposes is the same as for financial statement purposes.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Repurchase Agreements | $ | — | $ | 1,572,700,000 | $ | — | $ | 1,572,700,000 | ||||||||
U.S. Government Agency & Obligations | — | 2,398,752,749 | — | 2,398,752,749 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 3,971,452,749 | $ | — | $ | 3,971,452,749 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
Table of Contents
86 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington U.S. Treasury Money Market Fund
At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)
Percentage of Total Net Assets | ||||
U.S. Government Agency & Obligations | 46.6 | % | ||
Cash Equivalents1 | 53.4 | % | ||
Other Assets and Liabilities – Net2 | 0.0 | %3 | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represent less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
U.S. GOVERNMENT AGENCY & OBLIGATIONS – 46.6% | ||||||||
U.S. TREASURY BILLS – 37.7% | ||||||||
20.01%, 5/17/12 | $ | 50,000,000 | $ | 49,999,778 | ||||
20.04%, 7/05/12 | 100,000,000 | 99,991,875 | ||||||
20.10%, 8/02/12 | 50,000,000 | 49,987,471 | ||||||
20.10%, 8/16/12 | 50,000,000 | 49,984,322 | ||||||
20.12%, 9/13/12 | 25,000,000 | 24,988,656 | ||||||
20.13%, 10/18/12 | 25,000,000 | 24,984,653 | ||||||
20.13%, 10/25/12 | 25,000,000 | 24,983,775 | ||||||
20.14%, 9/20/12 | 100,000,000 | 99,946,158 | ||||||
TOTAL U.S. TREASURY BILLS |
| $ | 424,866,688 | |||||
U.S. TREASURY NOTES – 8.9% | ||||||||
0.38%, 9/30/12 | 25,000,000 | 25,022,304 | ||||||
1.75%, 8/15/12 | 75,000,000 | 75,351,690 | ||||||
TOTAL U.S. TREASURY NOTES |
| $ | 100,373,994 | |||||
TOTAL U.S. GOVERNMENT AGENCY & OBLIGATIONS (COST $525,240,682) |
| $ | 525,240,682 | |||||
REPURCHASE AGREEMENTS – 53.4% | ||||||||
Barclays Capital, Inc., 0.17%, dated 04/30/12, due 05/01/12, repurchase price $233,001,100, collateralized by U.S. Treasury Securities 1.75% to 2.75%, maturing 07/31/15 to 02/15/19; total market value of $235,330,091. | 233,000,000 | 233,000,000 |
Description | Par Value | Value | ||||||
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $260,001,372, collateralized by U.S. Treasury Securities 0.00%, maturing 05/21/12 to 01/15/29; total market value of $262,600,099. | $ | 260,000,000 | $ | 260,000,000 | ||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.17%, dated 04/30/12, due 05/01/12, repurchase price $110,000,519, collateralized by a U.S. Treasury Security 0.75%, maturing 06/15/14; total market value of $111,100,091. | 110,000,000 | 110,000,000 | ||||||
TOTAL REPURCHASE AGREEMENTS (COST $603,000,000) | $ | 603,000,000 | ||||||
TOTAL INVESTMENTS – 100.0% (COST $1,128,240,682) | $ | 1,128,240,682 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.0%** | 205,338 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 1,128,446,020 |
(Wilmington U.S. Treasury Money Market Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 87 |
Wilmington U.S. Treasury Money Market Fund (concluded)
Cost of investments for Federal income tax purposes is the same as for financial statement purposes.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Repurchase Agreements | $ | — | $ | 603,000,000 | $ | — | $ | 603,000,000 | ||||||||
U.S. Government Agency & Obligations | — | 525,240,682 | — | 525,240,682 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 1,128,240,682 | $ | — | $ | 1,128,240,682 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
Table of Contents
88 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Tax-Exempt Money Market Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Percentage of Total Net Assets | ||||
Higher Education | 31.7 | % | ||
Medical | 10.5 | % | ||
Municipal | 8.7 | % | ||
Regional(State/Province) | 8.0 | % | ||
Development | 7.1 | % | ||
Electric | 7.0 | % | ||
Water | 5.4 | % | ||
General Obligation | 5.4 | % | ||
School District | 4.2 | % | ||
Pollution Control | 3.5 | % | ||
Transportation | 2.5 | % | ||
Commercial Services | 2.5 | % | ||
Multi-Family Housing | 1.8 | % | ||
General Revenue | 0.6 | % | ||
Water & Sewer | 0.6 | % | ||
Education | 0.4 | % | ||
Other Assets and Liabilities – Net1 | 0.1 | % | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
COMMERCIAL PAPER – 45.9% | ||||||||
ARIZONA – 1.8% | ||||||||
Salt River Project Agricultural Improvement & Power District, (Series C), 0.17%, 5/17/12 | $ | 8,400,000 | $ | 8,400,000 | ||||
TOTAL ARIZONA | $ | 8,400,000 | ||||||
CALIFORNIA – 2.3% | ||||||||
University Of California, 0.15%, 6/11/12 | 10,500,000 | 10,500,000 | ||||||
TOTAL CALIFORNIA | $ | 10,500,000 | ||||||
FLORIDA – 4.2% | ||||||||
JEA, 0.15%, 5/09/12 | 19,300,000 | 19,300,000 | ||||||
TOTAL FLORIDA | $ | 19,300,000 | ||||||
GEORGIA – 3.4% | ||||||||
Metropolitan Atlanta Rapid Transit Authority, GA, (Series 7C-1), 0.24%, 5/24/12 | 4,800,000 | 4,800,000 |
Description | Par Value | Value | ||||||
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue, Commercial Paper Notes, (Series 7C-1), 0.23%, 7/13/12 | $ | 3,000,000 | $ | 3,000,000 | ||||
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue, Commercial Paper Notes, (Series 7D-1), 0.15%, 5/10/12 | 7,850,000 | 7,850,000 | ||||||
TOTAL GEORGIA | $ | 15,650,000 | ||||||
ILLINOIS – 1.5% | ||||||||
Illinois Educational Facilities Authority, Pooled Financing Program, (Series 95), | 7,083,000 | 7,083,000 | ||||||
TOTAL ILLINOIS | $ | 7,083,000 | ||||||
MARYLAND – 6.6% | ||||||||
Howard County, MD, (Series 2011), | 9,266,000 | 9,266,000 | ||||||
Johns Hopkins University, 0.15%, 7/19/12 | 21,200,000 | 21,200,000 | ||||||
TOTAL MARYLAND | $ | 30,466,000 |
(Wilmington Tax-Exempt Money Market Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 89 |
Wilmington Tax-Exempt Money Market Fund (continued)
Description | Par Value | Value | ||||||
MICHIGAN – 2.5% | ||||||||
University of Michigan, 0.15%, 5/09/12 | $ | 11,500,000 | $ | 11,500,000 | ||||
TOTAL MICHIGAN | $ | 11,500,000 | ||||||
MISSOURI – 4.3% | ||||||||
Curators of University of Missouri, (Series A) 0.16%, 5/01/12 | 4,500,000 | 4,500,000 | ||||||
0.17%, 5/09/12 | 15,500,000 | 15,500,000 | ||||||
TOTAL MISSOURI | $ | 20,000,000 | ||||||
NEVADA – 2.4% | ||||||||
Las Vegas Valley Water District, (Series 04-A) | 8,000,000 | 8,000,000 | ||||||
0.15%, 6/12/12 | 3,000,000 | 3,000,000 | ||||||
TOTAL NEVADA | $ | 11,000,000 | ||||||
OHIO – 1.3% | ||||||||
Ohio Higher Educational Facility Commission, (Case Western University) | 2,700,000 | 2,700,000 | ||||||
0.16%, 6/06/12 | 3,500,000 | 3,500,000 | ||||||
TOTAL OHIO | $ | 6,200,000 | ||||||
SOUTH CAROLINA – 1.0% | ||||||||
South Carolina Public Service Authority, (Series B), 0.15%, 5/14/12 | 3,360,000 | 3,360,000 | ||||||
South Carolina Public Service Authority, Revenue Notes, Tax-Exempt Commercial Paper, (Subseries C), 0.15%, 6/04/12 | 1,326,000 | 1,326,000 | ||||||
TOTAL SOUTH CAROLINA | $ | 4,686,000 | ||||||
TENNESSEE – 2.0% | ||||||||
Metropolitan Government Of Nashville & Davidson County, TN, (Series A), | 9,000,000 | 9,000,000 | ||||||
TOTAL TENNESSEE | $ | 9,000,000 | ||||||
TEXAS – 10.6% | ||||||||
City of Houston, TX, General Obligation Commercial Paper Notes, (Series H-2), 0.16%, 5/17/12 | 5,400,000 | 5,400,000 | ||||||
Texas A&M University, (Series B), | 10,000,000 | 10,000,000 | ||||||
Texas Tech University | 3,057,000 | 3,057,000 | ||||||
0.15%, 7/19/12 | 10,000,000 | 10,000,000 | ||||||
University of Texas System | 5,383,000 | 5,383,000 | ||||||
0.15%, 6/12/12 | 15,300,000 | 15,300,000 | ||||||
TOTAL TEXAS | $ | 49,140,000 | ||||||
WISCONSIN – 2.0% | ||||||||
State Of Wisconsin, 0.17%, 5/23/12 | 9,101,000 | 9,101,000 | ||||||
TOTAL WISCONSIN | $ | 9,101,000 | ||||||
TOTAL COMMERCIAL PAPER (COST $212,026,000) | $ | 212,026,000 |
Description | Par Value | Value | ||||||
MUNICIPAL BONDS – 10.4% | ||||||||
ALABAMA – 0.6% | ||||||||
Jefferson County, AL, Sewer Revenue Warrants, Revenue Bonds, (Series D), (FGIC),(PRF to 8/01/12 @ 100), | $ | 2,500,000 | $ | 2,531,406 | ||||
TOTAL ALABAMA | $ | 2,531,406 | ||||||
ARIZONA – 0.7% | ||||||||
Southern Arizona, Capital Facilities Finance Corp., Student Housing Revenue Bonds, (National-Reinsurance)/(University of Arizona, OBG), (PRF to 9/01/12 @ 100), | 3,000,000 | 3,049,556 | ||||||
TOTAL ARIZONA | $ | 3,049,556 | ||||||
IDAHO – 1.1% | ||||||||
Idaho State, GO Unlimited Notes, TANs, | 5,000,000 | 5,013,606 | ||||||
TOTAL IDAHO | $ | 5,013,606 | ||||||
NEW YORK – 5.4% | ||||||||
Byron-Bergen Central School District, NY, GO Unlimited, Refunding Notes, BANs, (State Aid Withholding), 1.50%, 7/13/12 | 5,830,000 | 5,838,068 | ||||||
Cattaraugus-Little Valley Central School District, NY, GO Unlimited, Refunding Notes, BANs, (State Aid Withholding), | 4,665,765 | 4,672,011 | ||||||
East Bloomfield-Holcomb Fire District, NY, GO Unlimited Notes, BANs, (State Aid Withholding), 2.00%, 8/15/12 | 1,180,000 | 1,183,382 | ||||||
Seneca Falls, NY, Central School District, GO Unlimited Notes, BANs, (State Aid Withholding), 1.50%, 6/15/12 | 3,900,000 | 3,903,327 | ||||||
Suffolk County, NY, GO Unlimited Bonds, Public Improvements, (Series B), | 4,300,000 | 4,333,248 | ||||||
Wyandanch, NY, Union Free School District, GO Unlimited Notes, TANs, (State Aid Withholding) | 4,000,000 | 4,001,955 | ||||||
2.25%, 6/22/12 | 1,000,000 | 1,001,189 | ||||||
TOTAL NEW YORK | $ | 24,933,180 | ||||||
OHIO – 0.3% | ||||||||
State of Ohio, Revitalization Project Revenue Notes, BANs, (Series A), 0.35%, 6/01/12 | 1,500,000 | 1,500,000 | ||||||
TOTAL OHIO | $ | 1,500,000 | ||||||
OREGON – 1.5% | ||||||||
Oregon State, GO Limited Notes, TANs, | 7,000,000 | 7,019,485 | ||||||
TOTAL OREGON | $ | 7,019,485 | ||||||
TENNESSEE – 0.1% | ||||||||
Montgomery County, TN, GO Unlimited Bonds, (FGIC), (REF to 5/01/12 @ 100), | 500,000 | 500,000 | ||||||
TOTAL TENNESSEE | $ | 500,000 |
(Wilmington Tax-Exempt Money Market Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
90 | PORTFOLIOS OF INVESTMENTS |
Wilmington Tax-Exempt Money Market Fund (continued)
Description | Par Value | Value | ||||||
WISCONSIN – 0.7% | ||||||||
Wisconsin State, Revenue Notes, | $ | 1,200,000 | $ | 1,202,605 | ||||
Wisconsin State, School Districts Cash Flow Administration, Temporary Borrowing Program, Revenue Notes, 1.00%, 10/15/12 | 2,000,000 | 2,005,454 | ||||||
TOTAL WISCONSIN | $ | 3,208,059 | ||||||
TOTAL MUNICIPAL BONDS (COST $47,755,292) | $ | 47,755,292 | ||||||
3SHORT-TERM MUNICIPAL | ||||||||
ALASKA – 2.5% | ||||||||
Valdez Alaska Marine Term, Refunding Revenue Bonds, Daily VRDNs, (Exxon Mobil Corporation), 0.20%, 5/01/12 | 1,000,000 | 1,000,000 | ||||||
Valdez City, AK, Marine Terminal Revenue Bonds, (Series C) Daily VRDNs, (Exxon Pipeline Co. Project/Exxon Mobil, OBG), | 5,200,000 | 5,200,000 | ||||||
Valdez, AK, Marine Terminal Revenue Bonds, (Series B) Daily VRDNs, (Exxon Pipeline Co. Project, OBG), 0.21%, 5/01/12 | 5,500,000 | 5,500,000 | ||||||
TOTAL ALASKA | $ | 11,700,000 | ||||||
CONNECTICUT – 1.5% | ||||||||
Connecticut State Health & Educational Facility Authority, Revenue Bonds, | 5,370,000 | 5,370,000 | ||||||
Connecticut State Health & Educational Facility Authority, Revenue Bonds, | 1,700,000 | 1,700,000 | ||||||
TOTAL CONNECTICUT | $ | 7,070,000 | ||||||
DELAWARE – 7.9% | ||||||||
Delaware State Health Facilities Authority, Revenue Bonds, (Series A) Daily VRDNs, (Christiana Care Health Services, OBG), | 16,700,000 | 16,700,000 | ||||||
University of Delaware, DE, Refunding Revenue Bonds, Daily VRDNs, (TD Bank N.A., SPA), 0.26%, 5/01/12 | 19,675,000 | 19,675,000 | ||||||
TOTAL DELAWARE | $ | 36,375,000 | ||||||
FLORIDA – 0.9% | ||||||||
Orange County Housing Finance Authority, FL, Refunding Revenue Bonds, Weekly VRDNs, (Walk Apartments LLC, OBG)/(Fannie Mae, LIQ & Guarantor), 0.25%, 5/02/12 | 4,035,000 | 4,035,000 | ||||||
TOTAL FLORIDA | $ | 4,035,000 | ||||||
ILLINOIS – 0.5% | ||||||||
Educational Facilities Authority, IL, Revenue Bonds, (Series B-3), (University of Chicago, OBG), 0.44%, 5/03/12 | 2,400,000 | 2,400,000 | ||||||
TOTAL ILLINOIS | $ | 2,400,000 |
Description | Par Value | Value | ||||||
KENTUCKY – 1.2% | ||||||||
Shelby County, KY, Lease Revenue Bonds, (Series A) Daily VRDNs, (U.S Bank NA, LOC), | $ | 5,520,000 | $ | 5,520,000 | ||||
TOTAL KENTUCKY | $ | 5,520,000 | ||||||
LOUISIANA – 1.6% | ||||||||
Parish of St James, LA, Revenue Bonds, (Series B-1) Weekly VRDNs, (Nucor Corp.)/(Nucor Steel Louisiana LLC, OBG), | 7,200,000 | 7,200,000 | ||||||
TOTAL LOUISIANA | $ | 7,200,000 | ||||||
MARYLAND – 1.5% | ||||||||
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series B) Daily VRDNs, (Well Fargo Bank N.A., SPA), 0.23%, 5/01/12 | 6,700,000 | 6,700,000 | ||||||
TOTAL MARYLAND | $ | 6,700,000 | ||||||
MASSACHUSETTS – 0.2% | ||||||||
Massachusetts State Health & Educational Facilities Authority, Refunding Revenue Bonds, (Series R) Daily VRDNs, (Harvard University, OBG), 0.22%, 5/01/12 | 800,000 | 800,000 | ||||||
TOTAL MASSACHUSETTS | $ | 800,000 | ||||||
MISSISSIPPI – 1.0% | ||||||||
Mississippi State Business Finance Commission Corp., Gulf Opportunity Revenue Bonds, (Series F) Daily VRDNs, (Chevron Corp.)/(Chevron U.S.A. Inc., OBG), | 4,490,000 | 4,490,000 | ||||||
TOTAL MISSISSIPPI | $ | 4,490,000 | ||||||
MISSOURI – 2.2% | ||||||||
Missouri State Health & Educational Facilities Authority, Revenue Bonds, (Series B) Daily VRDNs, (Well Fargo Bank N. A., SPA)/(Washington University, OBG), | 10,255,000 | 10,255,000 | ||||||
TOTAL MISSOURI | $ | 10,255,000 | ||||||
NEW HAMPSHIRE – 0.8% | ||||||||
New Hampshire, HEFA, Refunding Revenue Bonds, Weekly VRDNs, (Dartmouth College)/(U.S. Bank), 0.23%, 5/02/12 | 3,525,000 | 3,525,000 | ||||||
TOTAL NEW HAMPSHIRE | $ | 3,525,000 | ||||||
NEW YORK – 0.2% | ||||||||
New York State, Dormitory Authority State Supported Debt, Revenue Bonds, (Series B) Daily VRDNs, (University of Rochester, OBG)/(HSBC Bank USA NA, LOC), 0.23%, 5/01/12 | 800,000 | 800,000 | ||||||
TOTAL NEW YORK | $ | 800,000 | ||||||
OHIO – 3.3% | ||||||||
Ohio State, Higher Educational Facility Commission, Refunding Revenue Bonds, (Series B-4) Daily VRDNs, (Cleveland Clinic, OBG), 0.23%, 5/01/12 | 15,355,000 | 15,355,000 | ||||||
TOTAL OHIO | $ | 15,355,000 |
(Wilmington Tax-Exempt Money Market Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 91 |
Wilmington Tax-Exempt Money Market Fund (concluded)
Description | Par Value | Value | ||||||
OKLAHOMA – 2.5% | ||||||||
Oklahoma State Turnpike Authority, Revenue Bonds, (Series E) Daily VRDNs, (JP Morgan Chase Bank NA, SPA), 0.24%, 5/01/12 | $ | 11,720,000 | $ | 11,720,000 | ||||
TOTAL OKLAHOMA | $ | 11,720,000 | ||||||
PENNSYLVANIA – 1.0% | ||||||||
Delaware County, PA, IDA, (Series G) Weekly VRDNs, (General Electric Capital Co.(GTD)), | 1,075,000 | 1,075,000 | ||||||
Delaware County, PA, IDA, Refunding Revenue Bonds, (Series G) Weekly VRDNs, (General Electric Capital Corp.), | 1,000,000 | 1,000,000 | ||||||
Delaware County, PA, IDA, Revenue Bonds, (Series G) Weekly VRDNs, (Resource Recovery Facility)/(General Electric Capital Corp.), 0.23%, 5/02/12 | 2,580,000 | 2,580,000 | ||||||
TOTAL PENNSYLVANIA | $ | 4,655,000 | ||||||
TEXAS – 13.9% | ||||||||
Gulf Coast Waste Disposal Authority, TX, Pollution Control, Refunding Revenue Bonds, Daily VRDNs, (Exxon Mobil Corp.), | 2,300,000 | 2,300,000 | ||||||
Gulf Coast Waste Disposal Authority, TX, Revenue Bonds, Weekly VRDNs, (Air Products LP, OBG), 0.22%, 5/02/12 | 13,100,000 | 13,100,000 | ||||||
Harris County Health Facilities Development Corp., TX, Refunding Revenue Bonds, (series B) Daily VRDNs, (JP Morgan Chase/Northern Trust/Bank of America, SPA)/(St. Lukes Episcopal Hospital, OBG), 0.26%, 5/01/12 | 16,500,000 | 16,500,000 | ||||||
Houston Higher Education Finance Corp., TX, Revenue Bonds, (Series A) Daily VRDNs, (William Marsh Rice University, OBG), | 5,300,000 | 5,300,000 |
Description | Par Value | Value | ||||||
Houston Higher Education Finance Corp., TX, Revenue Bonds, (Series B) Daily VRDNs, (William Marsh Rice University, OBG), | $ | 2,300,000 | $ | 2,300,000 | ||||
Lower Neches Valley Authority Industrial Development Corp., TX, Refunding Revenue Bonds, (Series A-2) Daily VRDNs, (Exxon Mobile Corp.)/(Exxon Capital Ventures, OBG), | 2,300,000 | 2,300,000 | ||||||
Lower Neches Valley Authority Industrial Development Corp., TX, Refunding Revenue Bonds, (Series A-2) Daily VRDNs, (Exxon Mobile Project, OBG), | 3,050,000 | 3,050,000 | ||||||
Water Development Board, TX, Revenue Bonds, (Series A) Daily VRDNs, (JP Morgan Chase Bank NA, SPA), 0.26%, 5/01/12 | 19,390,000 | 19,390,000 | ||||||
TOTAL TEXAS | $ | 64,240,000 | ||||||
WISCONSIN – 0.9% | ||||||||
Wisconsin State, Housing & Economic Development Authority, Revenue Bonds, (Series E) Weekly VRDNs, (AGM GO of Authority)/(Federal Home Loan Bank, SPA), | 4,135,000 | 4,135,000 | ||||||
TOTAL WISCONSIN | $ | 4,135,000 | ||||||
TOTAL SHORT-TERM MUNICIPAL BONDS (COST $200,975,000) | $ | 200,975,000 | ||||||
TOTAL INVESTMENTS – 99.9% (COST $460,756,292) | $ | 460,756,292 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.1% | 686,532 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 461,442,824 |
Cost of investments for Federal income tax purposes is the same as for financial statement purposes.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Commercial Paper | $ | — | $ | 212,026,000 | $ | — | $ | 212,026,000 | ||||||||
Municipal Bonds | — | 47,755,292 | — | 47,755,292 | ||||||||||||
Short-Term Municipal Bonds | — | 200,975,000 | — | 200,975,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 460,756,292 | $ | — | $ | 460,756,292 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
Table of Contents
92 |
NOTES TO PORTFOLIOS OF INVESTMENTS
(1) | Floating rate note with current rate and stated maturity date shown. |
(2) | Zero coupon security. The rate shown reflects the effective yield at purchase date. |
(3) | Current rate and next reset date shown for Variable Rate Demand Notes. |
(4) | Discount rate at time of purchase. |
(5) | At April 30, 2012, the percentage of total investments at market value subject to the alternative minimum tax is as follows: |
Wilmington Fund | Amount | Percentage of Total Investments | ||||||
Wilmington Municipal Bond Fund | $3,510,496 | 1.0% | ||||||
Wilmington Maryland Municipal Bond Fund | 506,732 | 0.4% | ||||||
Wilmington Virginia Municipal Bond Fund | 10,327 | 0.1% |
(6) | Denotes a restricted security, or a portion thereof, that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2012, these liquid restricted securities were as follows: |
Wilmington Fund | Amount | Percentage of Total Net Assets | ||||||
Wilmington Broad Market Bond Fund | $31,270,072 | 10.4% | ||||||
Wilmington Intermediate-Term Bond Fund | 5,986,681 | 2.2% | ||||||
Wilmington Short-Term Corporate Bond Fund | 9,920,180 | 5.0% | ||||||
Wilmington Prime Money Market Fund | 1,489,519,912 | 40.1% |
(7) | Denotes a restricted security, or a portion thereof, that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, or (b) is subject to a contractual restriction on public sales. At April 30, 2012, these restricted securities were as follows: |
Security | Acquisition Date | Acquisition Cost | Market Value | Percentage of Total Net Assets | ||||||||||
Wilmington Broad Market Bond Fund | ||||||||||||||
American Honda Finance Corp. | 08/20/2009 | $502,572 | $519,101 | |||||||||||
American Tower Trust | 04/30/2007 | 1,000,000 | 1,071,777 | |||||||||||
ASIF Global Financing XIX | 01/08/2003 | 1,172,807 | 1,196,360 | |||||||||||
BAE Systems Holdings, Inc. | 06/01/2009 | 498,255 | 572,396 | |||||||||||
Barrick Gold Corp. | 03/29/2012 | 1,996,400 | 2,105,306 | |||||||||||
Baxter International, Inc. | 04/25/2012 | 1,999,903 | 1,999,972 | |||||||||||
BNY Institutional Capital Trust A | 11/25/1996 | 1,500,000 | 1,526,250 | |||||||||||
Crown Castle Towers LLC | 07/29/2010 | 1,000,000 | 1,052,500 | |||||||||||
Crown Castle Towers LLC | 08/04/2010 | 1,003,370 | 1,052,500 | |||||||||||
CVS Caremark Corp. | 04/25/2012 | 1,999,900 | 1,999,983 | |||||||||||
Daimler Finance North America LLC | 09/07/2011 | 247,588 | 262,380 | |||||||||||
Delphi Corp. | 05/10/2011 | 125,000 | 132,500 | |||||||||||
Delphi Corp. | 05/10/2011 | 50,000 | 53,500 | |||||||||||
Diageo Capital PLC | 04/19/2012 | 1,999,478 | 1,999,765 | |||||||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. | 03/05/2012 | 499,005 | 491,447 | |||||||||||
Dominion Resources, Inc. | 04/20/2012 | 1,499,724 | 1,499,886 | |||||||||||
FMR LLC | 10/28/2009 | 997,720 | 1,105,933 | |||||||||||
FUEL Trust | 06/14/2011 | 300,000 | 311,525 | |||||||||||
Harley-Davidson Financial Services, Inc. | 01/26/2012 | 499,890 | 501,471 | |||||||||||
Harley-Davidson Funding Corp. | 11/19/2009 | 499,195 | 544,436 | |||||||||||
Hyundai Capital America | 12/01/2011 | 248,878 | 258,695 | |||||||||||
Hyundai Capital Services, Inc. | 03/06/2012 | 249,073 | 252,542 | |||||||||||
Kroger Co. | 04/30/2012 | 1,999,978 | 1,999,979 | |||||||||||
LA Arena Funding LLC | 04/23/1999 | 1,273,714 | 1,388,254 |
April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO PORTFOLIOS OF INVESTMENTS | 93 |
Security | Acquisition Date | Acquisition Cost | Market Value | Percentage of Total Net Assets | ||||||||||||
Liberty Mutual Group, Inc. | 05/18/2011 | $489,395 | $507,219 | |||||||||||||
Metropolitan Life Global Funding I | 01/06/2010 | 498,755 | 507,173 | |||||||||||||
Pacific Gas & Electric Co. | 04/27/2012 | 1,999,894 | 1,999,958 | |||||||||||||
Phillips 66 | 03/07/2012 | 498,815 | 521,386 | |||||||||||||
Phillips 66 | 03/07/2012 | 249,955 | 256,566 | |||||||||||||
Rockies Express Pipeline LLC | 03/17/2010 | 499,555 | 450,000 | |||||||||||||
SLM Student Loan Trust | 04/14/2011 | 611,396 | 611,690 | |||||||||||||
Western Union Co. | 04/30/2012 | 1,999,982 | 1,999,982 | |||||||||||||
WM Wrigley Jr. Co. | 06/21/2010 | 499,485 | 517,640 | |||||||||||||
$31,270,072 | 10.4% | |||||||||||||||
Wilmington Intermediate-Term Bond Fund | ||||||||||||||||
American Honda Finance Corp. | 08/20/2009 | 1,507,717 | 1,557,305 | |||||||||||||
American Tower Trust | 04/30/2007 | 1,000,000 | 1,071,777 | |||||||||||||
Daimler Finance North America LLC | 09/07/2011 | 247,588 | 262,380 | |||||||||||||
Delphi Corp. | 05/10/2011 | 125,000 | 132,500 | |||||||||||||
Delphi Corp. | 05/10/2011 | 50,000 | 53,500 | |||||||||||||
Express Scripts Holding Co. | 02/06/2012 | 149,281 | 152,379 | |||||||||||||
FUEL Trust | 06/14/2011 | 300,000 | 311,525 | |||||||||||||
Harley-Davidson Funding Corp. | 11/19/2009 | 499,195 | 544,436 | |||||||||||||
Hyundai Capital America | 12/01/2011 | 248,878 | 258,695 | |||||||||||||
Hyundai Capital Services, Inc. | 03/06/2012 | 249,073 | 252,542 | |||||||||||||
Phillips 66 | 03/07/2012 | 498,815 | 521,386 | |||||||||||||
Phillips 66 | 03/07/2012 | 249,955 | 256,566 | |||||||||||||
SLM Student Loan Trust | 04/14/2011 | 611,396 | 611,690 | |||||||||||||
$5,986,681 | 2.2% | |||||||||||||||
Wilmington Short-Term Corporate Bond Fund | ||||||||||||||||
Daimler Finance North America LLC | 09/07/2011 | 993,500 | 1,036,131 | |||||||||||||
FUEL Trust | 06/14/2011 | 400,000 | 415,367 | |||||||||||||
Harley-Davidson Financial Services, Inc. | 03/01/2011 | 499,700 | 525,073 | |||||||||||||
Harley-Davidson Financial Services, Inc. | 04/27/2011 | 503,510 | 525,073 | |||||||||||||
Hyundai Motor Manufacturing Czech s.r.o. | 04/15/2010 | 249,248 | 263,544 | |||||||||||||
Kroger Co. | 04/30/2012 | 999,989 | 999,989 | |||||||||||||
MassMutual Global Funding II | 06/25/2009 | 499,610 | 503,379 | |||||||||||||
MassMutual Global Funding II | 04/07/2011 | 1,000,000 | 996,019 | |||||||||||||
Metropolitan Life Global Funding I | 01/06/2010 | 997,510 | 1,014,345 | |||||||||||||
Phillips 66 | 03/07/2012 | 499,770 | 505,039 | |||||||||||||
Porsche Financial Auto Securitization Trust | 06/16/2011 | 767,143 | 767,715 | |||||||||||||
SLM Student Loan Trust | 04/14/2011 | 815,195 | 815,587 | |||||||||||||
WM Wrigley Jr. Co. | 04/20/2011 | 1,553,175 | 1,552,919 | |||||||||||||
$9,920,180 | 5.0% | |||||||||||||||
Wilmington Prime Money Market Fund | ||||||||||||||||
Air Products & Chemicals, Inc. | 04/19/2012 | 51,997,183 | 51,999,783 | |||||||||||||
Air Products & Chemicals, Inc. | 04/20/2012 | 40,997,608 | 40,999,487 | |||||||||||||
American Honda Finance Corp. | 01/11/2012 | 25,000,000 | 25,000,000 | |||||||||||||
Archer-Daniels-Midland Co. | 04/17/2012 | 49,994,375 | 49,997,292 | |||||||||||||
Archer-Daniels-Midland Co. | 04/26/2012 | 39,998,167 | 39,999,000 | |||||||||||||
Australia & New Zealand Banking Group Ltd. | 02/07/2012 | 24,989,257 | 24,999,056 | |||||||||||||
Baker Hughes, Inc. | 04/25/2012 | 42,574,675 | 42,575,811 |
ANNUAL REPORT / April 30, 2012
Table of Contents
94 | NOTES TO PORTFOLIOS OF INVESTMENTS |
Security | Acquisition Date | Acquisition Cost | Market Value | Percentage of Total Net Assets | ||||||||||||
BASF SE | 04/17/2012 | $49,982,500 | $49,986,000 | |||||||||||||
BASF SE | 04/30/2012 | 44,788,252 | 44,788,452 | |||||||||||||
BP Capital Markets PLC | 02/13/2012 | 25,000,000 | 25,000,000 | |||||||||||||
Coca Cola Enterprises, Inc. | 12/12/2011 | 49,963,639 | 49,996,931 | |||||||||||||
Coca Cola Enterprises, Inc. | 03/29/2012 | 49,984,056 | 49,990,472 | |||||||||||||
Commonwealth Bank of Australia | 04/24/2012 | 49,977,882 | 49,979,583 | |||||||||||||
CRC Funding LLC | 02/09/2012 | 59,962,083 | 59,996,250 | |||||||||||||
CRC Funding LLC | 02/09/2012 | 9,993,681 | 9,999,375 | |||||||||||||
EI Du Pont de Nemours & Co. | 03/19/2012 | 19,996,089 | 19,999,911 | |||||||||||||
EI Du Pont de Nemours & Co. | 04/23/2012 | 39,990,756 | 39,992,178 | |||||||||||||
EI Du Pont de Nemours & Co. | 04/24/2012 | 39,991,467 | 39,992,711 | |||||||||||||
Glaxosmithkline Finance PLC | 04/26/2012 | 44,997,375 | 44,998,313 | |||||||||||||
Honeywell International, Inc. | 01/05/2012 | 24,954,167 | 24,974,479 | |||||||||||||
Honeywell International, Inc. | 02/27/2012 | 14,463,170 | 14,470,898 | |||||||||||||
MetLife Short Term Funding LLC | 04/16/2012 | 49,972,528 | 49,977,319 | |||||||||||||
MetLife Short Term Funding LLC | 04/24/2012 | 24,986,583 | 24,987,604 | |||||||||||||
Nestle Capital Corp. | 12/01/2011 | 24,944,931 | 24,972,375 | |||||||||||||
Nestle Capital Corp. | 12/01/2011 | 4,988,986 | 4,994,475 | |||||||||||||
Nestle Capital Corp. | 12/05/2011 | 42,906,523 | 42,952,485 | |||||||||||||
Nestle Capital Corp. | 12/05/2011 | 6,984,783 | 6,992,265 | |||||||||||||
Old Line Funding LLC | 04/04/2012 | 99,920,778 | 99,938,028 | |||||||||||||
Pacific Life Insurance Co. | 04/26/2012 | 49,995,778 | 49,996,889 | |||||||||||||
Philip Morris International, Inc. | 04/24/2012 | 49,981,556 | 49,983,111 | |||||||||||||
Procter & Gamble Co. | 02/17/2012 | 34,990,550 | 34,999,183 | |||||||||||||
Sanofi | 04/13/2012 | 99,964,417 | 99,974,917 | |||||||||||||
Siemens Capital Co., LLC | 04/19/2012 | 27,094,806 | 27,096,161 | |||||||||||||
Sysco Corp. | 04/18/2012 | 48,925,719 | 48,928,369 | |||||||||||||
Unilever Capital Corp. | 01/18/2012 | 41,969,200 | 41,987,400 | |||||||||||||
Unilever Capital Corp. | 01/18/2012 | 7,994,133 | 7,997,600 | |||||||||||||
Wal-Mart Stores, Inc. | 02/06/2012 | 19,993,933 | 19,999,600 | |||||||||||||
Walt Disney Co. | 01/04/2012 | 46,982,884 | 46,997,519 | |||||||||||||
Walt Disney Co. | 01/04/2012 | 7,006,448 | 7,008,630 | |||||||||||||
$1,489,519,912 | 40.1% |
April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO PORTFOLIOS OF INVESTMENTS | 95 |
(8) | 7-Day net yield. |
(10) | Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2012, the value of these securities amounted to: |
Wilmington Fund | Amount | Percentage of Total Net Assets | ||||||
Wilmington Short Duration Government Bond Fund | $34,986 | 0.0% |
(11) | Security is in default. |
(12) | Security, or a portion thereof, is on loan. See Note 2 in Notes to Financial Statements. |
(13) | The Fund’s advisor has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. |
(14) | All or a portion of this security was segregated for extended settlement contracts. |
* | Non-income producing security. |
** | Represents less than 0.05%. |
The following acronyms are used throughout this report:
AMBAC – American Bond Assurance Corporation
AMT – Alternative Minimum Tax (subject to)
BANs – Bond Anticipation Notes
CAPMAC – Capital Markets Assurance Corporation
CIFG – CDC (Caisse des Depots et Consignations) IXIS Financial Guarantee
COL – Collateralized
EDA – Economic Development Agency
ETM – Escrowed to Maturity
FHA – Federal Housing Administration
FHLMC – Federal Home Loan Mortgage Association
FGIC – Financial Guarantee Insurance Company
FNMA – Federal National Mortgage Association
FSA – Financial Security Assurance Inc.
GNMA – Government National Mortgage Association
GO – General Obligation
GTD – Guaranteed
HDA – Housing Development Authority
HEFA – Health & Education Facility Authority
IDA – Industrial Development Authority/Agency
IDFA – Industrial Development Finance Authority
INS – Insured
LIQ – Liquidity Agreement
LLC – Limited Liability Corporation
LOC – Letter of Credit
LP – Limited Partnership
MTN – Medium Term Note
PLC – Public Company Limited
PRF – Prerefunded
Q-SBLF – Qualified School Bond Loan Fund
SCSDE – South Carolina State Department of Education
TANs – Tax Anticipation Notes
TBA – To Be Announced
UT – Unlimited Tax
UPMC – University of Pittsburgh Medical Center
VRDNs – Variable Rate Demand Notes
XLCA – XL Capital Assurance Inc.
ANNUAL REPORT / April 30, 2012
Table of Contents
96 | STATEMENTS OF ASSETS AND LIABILITIES |
April 30, 2012 | Wilmington Broad Market Bond Fund | Wilmington Intermediate-Term Bond Fund | Wilmington Short-Term Corporate Bond Fund | Wilmington Short Duration Government Bond Fund | Wilmington Municipal Bond Fund | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments, at identified cost | $ | 309,388,669 | $ | 256,139,253 | $ | 197,578,941 | $ | 170,631,262 | $ | 142,134,591 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Investments in repurchase agreements, at value (Including securities on loan) | $ | 14,408,612 | $ | 17,914,302 | $ | 2,064,187 | $ | — | $ | — | ||||||||||
Investments in securities, at value | 310,592,008 | 250,436,490 | 197,596,435 | 175,212,387 | 149,523,599 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS | 325,000,620 | 268,350,792 | 199,660,622 | 175,212,387 | 149,523,599 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income receivable | 2,445,576 | 2,213,767 | 1,800,807 | 741,962 | 1,782,281 | |||||||||||||||
Receivable for shares sold | 838,034 | 310,912 | 627,980 | 234,119 | 493,132 | |||||||||||||||
Receivable for investments sold | 253,438 | 1,560,313 | 253,438 | 1,404 | — | |||||||||||||||
Other assets | 5,232 | 3,121 | 7,498 | 2,567 | 11,442 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL ASSETS | 328,542,900 | 272,438,905 | 202,350,345 | 176,192,439 | 151,810,454 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for investments purchased | 15,369,637 | 1,640,311 | 1,749,746 | — | 4,736,908 | |||||||||||||||
Collateral for securities on loan | 11,361,741 | 2,305,302 | 1,570,120 | — | — | |||||||||||||||
Income distribution payable | 794,519 | 540,135 | 222,531 | 403,802 | 253,561 | |||||||||||||||
Payable for shares redeemed | 496,492 | 107,116 | 295,455 | 535,480 | 33,411 | |||||||||||||||
Payable for Trustees’ fees | 730 | 772 | 805 | 456 | 1,817 | |||||||||||||||
Payable for distribution services fee | 3,996 | 8,001 | 3,732 | 11,798 | 239 | |||||||||||||||
Payable for shareholder services fee | 1,362 | 2,200 | 9 | 142 | 22 | |||||||||||||||
Other accrued expenses | 107,610 | 89,492 | 69,674 | 61,908 | 67,789 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL LIABILITIES | 28,136,087 | 4,693,329 | 3,912,072 | 1,013,586 | 5,093,747 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
NET ASSETS | $ | 300,406,813 | $ | 267,745,576 | $ | 198,438,273 | $ | 175,178,853 | $ | 146,716,707 | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in capital | $ | 282,756,711 | $ | 254,164,030 | $ | 196,272,275 | $ | 172,651,611 | $ | 137,153,048 | ||||||||||
Undistributed (distributions in excess of) net investment income | 95,859 | 47,637 | 23,865 | (51,557 | ) | (201 | ) | |||||||||||||
Accumulated net realized gain (loss) on investments | 1,942,292 | 1,322,370 | 60,452 | (2,002,326 | ) | 2,174,852 | ||||||||||||||
Net unrealized appreciation (depreciation) of investments | 15,611,951 | 12,211,539 | 2,081,681 | 4,581,125 | 7,389,008 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL NET ASSETS | $ | 300,406,813 | $ | 267,745,576 | $ | 198,438,273 | $ | 175,178,853 | $ | 146,716,707 | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||||||
A Shares | ||||||||||||||||||||
Net Assets | $ | 8,431,194 | $ | 12,961,031 | $ | 8,911,994 | $ | 22,874,213 | $ | 707,866 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | 824,184 | 1,217,607 | 867,084 | 2,337,051 | 51,341 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | 10.23 | $ | 10.64 | $ | 10.28 | $ | 9.79 | $ | 13.79 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Offering price per share* | $ | 10.71 | *** | $ | 11.14 | *** | $ | 10.46 | ** | $ | 9.96 | ** | $ | 14.44 | *** | |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
C Shares | ||||||||||||||||||||
Net Assets | $ | — | $ | 1,365,365 | $ | 350,213 | $ | 905,273 | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | — | 127,996 | 34,042 | 92,288 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | — | $ | 10.67 | $ | 10.29 | $ | 9.81 | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
I Shares | ||||||||||||||||||||
Net Assets | $ | 291,975,619 | $ | 253,419,180 | $ | 189,176,066 | $ | 151,399,367 | $ | 146,008,841 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | 29,005,989 | 23,794,420 | 18,404,532 | 15,438,250 | 10,587,230 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | 10.07 | $ | 10.65 | $ | 10.28 | $ | 9.81 | $ | 13.79 | ||||||||||
|
|
|
|
|
|
|
|
|
|
* | See “How are Shares Priced?” in the Prospectus. |
** | Computation of offering price per share 100/98.25 of net asset value. |
*** | Computation of offering price per share 100/95.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
(Statements of Assets and Liabilities continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES (continued) | 97 |
April 30, 2012 | Wilmington Maryland Municipal Bond Fund | Wilmington New York Municipal Bond Fund | Wilmington Pennsylvania Municipal Bond Fund | Wilmington Virginia Municipal Bond Fund | Wilmington Prime Money Market Fund | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments, at identified cost | $ | 107,888,806 | $ | 107,597,858 | $ | 103,691,013 | $ | 19,132,396 | $ | 3,710,851,620 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Investments in repurchase agreements, at value | $ | — | $ | — | $ | — | $ | — | $ | 735,600,000 | ||||||||||
Investments in securities, at value | 112,720,495 | 113,724,594 | 109,618,680 | 20,303,701 | 2,975,251,620 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS | 112,720,495 | 113,724,594 | 109,618,680 | 20,303,701 | 3,710,851,620 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Cash | 27,500 | — | — | — | 31,762 | |||||||||||||||
Income receivable | 1,351,077 | 1,331,588 | 1,346,390 | 239,695 | 818,552 | |||||||||||||||
Receivable for shares sold | 154,335 | 149,033 | 59,929 | 19,120 | 2,709 | |||||||||||||||
Receivable for investments sold | — | — | — | 497,365 | — | |||||||||||||||
Other assets | 2,737 | — | 1,563 | 1,392 | 9,527 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL ASSETS | 114,256,144 | 115,205,215 | 111,026,562 | 21,061,273 | 3,711,714,170 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for investments purchased | 2,417,430 | 4,956,289 | 9,795,618 | 601,835 | — | |||||||||||||||
Income distribution payable | 245,099 | 168,023 | 220,825 | 34,298 | 97,586 | |||||||||||||||
Payable for shares redeemed | 20,868 | 1,496 | 12,415 | — | — | |||||||||||||||
Payable for Trustees’ fees | 580 | 551 | 560 | 578 | 181 | |||||||||||||||
Payable for distribution services fee | 15,676 | 24,041 | 3,464 | 10,023 | 3,074 | |||||||||||||||
Payable for shareholder services fee | 1,798 | 222 | 87 | — | 32,798 | |||||||||||||||
Other accrued expenses | 52,386 | 42,322 | 48,313 | 40,157 | 461,404 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL LIABILITIES | 2,753,837 | 5,192,944 | 10,081,282 | 686,891 | 595,043 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
NET ASSETS | $ | 111,502,307 | $ | 110,012,271 | $ | 100,945,280 | $ | 20,374,382 | $ | 3,711,119,127 | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in capital | $ | 107,132,048 | $ | 107,146,644 | $ | 94,499,351 | $ | 18,928,069 | $ | 3,711,104,354 | ||||||||||
Undistributed (distributions in excess of) net investment income | 21,419 | 24,569 | 37,089 | 338 | 13,101 | |||||||||||||||
Accumulated net realized gain (loss) on investments | (482,849 | ) | (3,285,678 | ) | 481,173 | 274,670 | 1,672 | |||||||||||||
Net unrealized appreciation (depreciation) of investments | 4,831,689 | 6,126,736 | 5,927,667 | 1,171,305 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL NET ASSETS | $ | 111,502,307 | $ | 110,012,271 | $ | 100,945,280 | $ | 20,374,382 | $ | 3,711,119,127 | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||||||
A Shares | ||||||||||||||||||||
Net Assets | $ | 36,078,975 | $ | 35,099,417 | $ | 8,677,638 | $ | 20,374,382 | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | 3,548,138 | 3,312,908 | 826,180 | 1,818,044 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | 10.17 | $ | 10.59 | $ | 10.50 | $ | 11.21 | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Offering price per share* | $ | 10.65 | *** | $ | 11.09 | *** | $ | 10.99 | *** | $ | 11.74 | *** | $ | — | ||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Administrative Shares | ||||||||||||||||||||
Net Assets | $ | — | $ | — | $ | — | $ | — | $ | 464,721,073 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | — | — | — | — | 464,824,931 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | — | $ | — | $ | — | $ | — | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
I Shares | ||||||||||||||||||||
Net Assets | $ | 75,423,332 | $ | 74,912,854 | $ | 92,267,642 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | 7,405,616 | 7,067,124 | 8,781,473 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | 10.18 | $ | 10.60 | $ | 10.51 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Institutional Shares | ||||||||||||||||||||
Net Assets | $ | — | $ | — | $ | — | $ | — | $ | 42,072,466 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | — | — | — | — | 42,072,580 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | — | $ | — | $ | — | $ | — | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Select Shares | ||||||||||||||||||||
Net Assets | $ | — | $ | — | $ | — | $ | — | $ | 2,424,782,699 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | — | — | — | — | 2,425,053,223 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | — | $ | — | $ | — | $ | — | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Service Shares | ||||||||||||||||||||
Net Assets | $ | — | $ | — | $ | — | $ | — | $ | 779,542,889 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | — | — | — | — | 779,583,363 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | — | $ | — | $ | — | $ | — | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
* | See “How are Shares Priced?” in the Prospectus. |
*** | Computation of offering price per share 100/95.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
(Statements of Assets and Liabilities continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
98 | STATEMENTS OF ASSETS AND LIABILITIES (concluded) |
April 30, 2012 | Wilmington U.S. Government Money Market Fund | Wilmington U.S. Treasury Money Market Fund | Wilmington Tax-Exempt Money Market Fund | |||||||||
ASSETS: | ||||||||||||
Investments, at identified cost | $ | 3,971,452,749 | $ | 1,128,240,682 | $ | 460,756,292 | ||||||
|
|
|
|
|
| |||||||
Investments in repurchase agreements, at value | $ | 1,572,700,000 | $ | 603,000,000 | $ | — | ||||||
Investments in securities, at value | 2,398,752,749 | 525,240,682 | 460,756,292 | |||||||||
|
|
|
|
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS | 3,971,452,749 | 1,128,240,682 | 460,756,292 | |||||||||
|
|
|
|
|
|
| ||||||
Cash | 48,593 | 58,409 | 58,971 | |||||||||
Income receivable | 1,729,290 | 284,971 | 725,384 | |||||||||
Receivable for shares sold | 18 | — | 7,335 | |||||||||
Other assets | 15,942 | 4,796 | 457 | |||||||||
|
|
|
|
|
| |||||||
TOTAL ASSETS | 3,973,246,592 | 1,128,588,858 | 461,548,439 | |||||||||
|
|
|
|
|
|
| ||||||
LIABILITIES: | ||||||||||||
Income distribution payable | 31,510 | 8,596 | 5,371 | |||||||||
Payable for Trustees’ fees | 1,725 | 131 | 956 | |||||||||
Payable for distribution services fee | 6,923 | 3,625 | 531 | |||||||||
Other accrued expenses | 345,438 | 130,486 | 98,757 | |||||||||
|
|
|
|
|
| |||||||
TOTAL LIABILITIES | 385,596 | 142,838 | 105,615 | |||||||||
|
|
|
|
|
|
| ||||||
NET ASSETS | $ | 3,972,860,996 | $ | 1,128,446,020 | $ | 461,442,824 | ||||||
|
|
|
|
|
|
| ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 3,972,857,350 | $ | 1,128,437,937 | $ | 461,510,452 | ||||||
Undistributed (distributions in excess of) net investment income | (14,818 | ) | 8,083 | 4,430 | ||||||||
Accumulated net realized gain (loss) on investments | 18,464 | — | (72,058 | ) | ||||||||
|
|
|
|
|
| |||||||
TOTAL NET ASSETS | $ | 3,972,860,996 | $ | 1,128,446,020 | $ | 461,442,824 | ||||||
|
|
|
|
|
|
| ||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||
Administrative Shares | ||||||||||||
Net Assets | $ | 1,801,115,026 | $ | 909,306,368 | $ | 41,512,679 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited shares authorized) | 1,801,302,173 | 909,335,718 | 41,515,117 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Select Shares | ||||||||||||
Net Assets | $ | 1,213,145,594 | $ | 210,230,804 | $ | 362,550,852 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited shares authorized) | 1,213,270,782 | 210,248,019 | 362,594,477 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Service Shares | ||||||||||||
Net Assets | $ | 873,277,973 | $ | 8,908,848 | $ | 57,379,293 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited shares authorized) | 873,266,401 | �� | 8,909,082 | 57,425,914 | ||||||||
|
|
|
|
|
| |||||||
Net Asset Value per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Institutional Shares | ||||||||||||
Net Assets | $ | 85,322,403 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited shares authorized) | 85,324,488 | — | — | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value per share | $ | 1.00 | $ | — | $ | — | ||||||
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF OPERATIONS | 99 |
Year Ended April 30, 2012 | Wilmington Broad Market Bond Fund | Wilmington Intermediate-Term Bond Fund | Wilmington Short-Term Corporate Bond Fund | Wilmington | ||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 203 | $ | 196 | $ | 1,453 | $ | 4 | ||||||||
Interest | 9,651,585 | 4,298,870 | 3,912,027 | 3,025,143 | ||||||||||||
Security lending | 5,791 | 8,575 | 4,149 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL INVESTMENT INCOME | 9,657,579 | 4,307,641 | 3,917,629 | 3,025,147 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fee | 1,365,172 | 861,624 | 1,297,629 | 706,068 | ||||||||||||
Administrative personnel and services fee | 64,494 | 36,037 | 53,481 | 33,316 | ||||||||||||
Portfolio accounting, administration and custodian fees | 99,964 | 66,849 | 90,943 | 46,732 | ||||||||||||
Transfer and dividend disbursing agent fees and expenses | 88,363 | 26,240 | 87,754 | 26,197 | ||||||||||||
Trustees’ fees | 20,199 | 20,199 | 20,356 | 20,199 | ||||||||||||
Professional fees | 45,839 | 41,511 | 41,197 | 35,879 | ||||||||||||
Distribution services fee—A Shares | 17,088 | 20,253 | 26,731 | 43,353 | ||||||||||||
Distribution services fee—C Shares | — | 13,698 | 4,237 | 11,095 | ||||||||||||
Shareholder services fee—A Shares | 17,088 | 20,253 | 26,731 | 43,353 | ||||||||||||
Shareholder services fee—C Shares | — | 3,425 | 1,059 | 2,774 | ||||||||||||
Shareholder services fee—I Shares | 568,592 | 309,715 | 454,643 | 258,412 | ||||||||||||
Share registration costs | 29,037 | 35,112 | 33,070 | 33,878 | ||||||||||||
Printing and postage | 17,119 | 6,006 | 15,730 | 5,737 | ||||||||||||
Miscellaneous | 34,050 | 23,763 | 27,219 | 17,813 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL EXPENSES | 2,367,005 | 1,484,685 | 2,180,780 | 1,284,806 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||
Waiver/reimbursement by investment advisor | (218,972 | ) | (257,231 | ) | (482,849 | ) | (156,505 | ) | ||||||||
Waiver of shareholder services fee—A Shares | (10,556 | ) | (12,161 | ) | (26,731 | ) | (43,353 | ) | ||||||||
Waiver of shareholder services fee—C Shares | — | (2,481 | ) | (1,059 | ) | (2,588 | ) | |||||||||
Waiver of shareholder services fee—I Shares | (568,592 | ) | (309,715 | ) | (454,643 | ) | (258,412 | ) | ||||||||
Reimbursement of transfer and dividend disbursing agent fees and expenses by Administrator | (7,364 | ) | (1,517 | ) | (7,395 | ) | (3,355 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (805,484 | ) | (583,105 | ) | (972,677 | ) | (464,213 | ) | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Net expenses | 1,561,521 | 901,580 | 1,208,103 | 820,593 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 8,096,058 | 3,406,061 | 2,709,526 | 2,204,554 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||
Net realized gain on investments | 6,123,925 | 4,066,312 | 378,568 | 1,826,640 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 1,282,204 | (693,946 | ) | 63,770 | (1,991,670 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments | 7,406,129 | 3,372,366 | 442,338 | (165,030 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 15,502,187 | $ | 6,778,427 | $ | 3,151,864 | $ | 2,039,524 | ||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
(Statements of Operations continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
100 | STATEMENTS OF OPERATIONS (continued) |
Wilmington Municipal Bond Fund | Wilmington Maryland Municipal Bond Fund | Wilmington New York Municipal Bond Fund | Wilmington Pennsylvania Municipal Bond Fund | |||||||||||||||||
Ten Months Ended April 30, 2012(a) | Year Ended June 30, 2011 | Year Ended April 30, 2012 | Year Ended April 30, 2012 | Year Ended April 30, 2012 | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends | $ | — | $ | 12,043 | $ | — | $ | 76 | $ | 45 | ||||||||||
Interest | 4,092,340 | 6,416,445 | 4,918,047 | 3,798,821 | 4,178,030 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL INVESTMENT INCOME | 4,092,340 | 6,428,488 | 4,918,047 | 3,798,897 | 4,178,075 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fee | 449,396 | 556,187 | 760,153 | 714,080 | 673,144 | |||||||||||||||
Administrative personnel and services fee | 28,868 | 25,616 | 31,316 | 29,437 | 27,742 | |||||||||||||||
Portfolio accounting, administration and custodian fees | 90,045 | 135,636 | 55,250 | 49,893 | 50,100 | |||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 45,350 | 65,701 | 23,267 | 28,957 | 19,545 | |||||||||||||||
Trustees’ fees | 24,521 | 34,750 | 20,396 | 20,419 | 20,452 | |||||||||||||||
Professional fees | 44,792 | 61,294 | 37,590 | 39,018 | 38,272 | |||||||||||||||
Distribution services fee—A Shares | 1,636 | 1,633 | 89,260 | 87,257 | 20,731 | |||||||||||||||
Shareholder services fee—A Shares | 239 | — | 89,260 | 87,257 | 20,731 | |||||||||||||||
Shareholder services fee—I Shares | 49,104 | — | 193,059 | 178,421 | 229,512 | |||||||||||||||
Share registration costs | 25,757 | 34,014 | 13,003 | 7,279 | — | |||||||||||||||
Printing and postage | 24,871 | 18,925 | 2,340 | 5,666 | 3,561 | |||||||||||||||
Compliance services | 8,571 | 11,645 | — | — | — | |||||||||||||||
Miscellaneous | 19,482 | 19,364 | 23,740 | 21,456 | 19,363 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL EXPENSES | 812,632 | 964,765 | 1,338,634 | 1,269,140 | 1,123,153 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||||||
Waiver/reimbursement by investment advisor | (23,407 | ) | — | (216,174 | ) | (287,060 | ) | (158,540 | ) | |||||||||||
Waiver of shareholder services fee—A Shares | (239 | ) | — | (79,352 | ) | (87,263 | ) | (20,752 | ) | |||||||||||
Waiver of shareholder services fee—I Shares | (49,104 | ) | — | (193,059 | ) | (178,421 | ) | (229,512 | ) | |||||||||||
Reimbursement of transfer and dividend disbursing agent fees and expenses by Administrator | — | — | (1,267 | ) | (2,144 | ) | (842 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (72,750 | ) | — | (489,852 | ) | (554,888 | ) | (409,646 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net expenses | 739,882 | 964,765 | 848,782 | 714,252 | 713,507 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 3,352,458 | 5,463,723 | 4,069,265 | 3,084,645 | 3,464,568 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain on investments | 3,265,303 | 654,612 | (421,195 | ) | 1,125,425 | 1,084,003 | ||||||||||||||
Realized gain distributions received from investment companies | — | 12 | — | — | — | |||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 5,001,572 | (273,365 | ) | 4,937,390 | 4,137,027 | 3,614,827 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) on investments | 8,266,875 | 381,259 | 4,516,195 | 5,262,452 | 4,698,830 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from operations | $ | 11,619,333 | $ | 5,844,982 | $ | 8,585,460 | $ | 8,347,097 | $ | 8,163,398 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
(Statements of Operations continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF OPERATIONS (concluded) | 101 |
Year Ended April 30, 2012 | Wilmington Virginia Municipal Bond Fund | Wilmington Prime Money Market Fund | Wilmington U.S. Government Money Market Fund | Wilmington U.S. Treasury Money Market Fund | Wilmington Tax-Exempt Money Market Fund | |||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends | $ | — | $ | — | $ | — | $ | 19,050 | $ | — | ||||||||||
Interest | 774,973 | 3,477,349 | 3,223,258 | 717,813 | 456,750 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL INVESTMENT INCOME | 774,973 | 3,477,349 | 3,223,258 | 736,863 | 456,750 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fee | 139,728 | 7,412,850 | 9,944,239 | 4,324,381 | 762,020 | |||||||||||||||
Administrative personnel and services fee | 5,756 | 500,523 | 678,246 | 300,095 | 50,648 | |||||||||||||||
Portfolio accounting, administration and custodian fees | 21,220 | 593,337 | 798,177 | 361,767 | 75,787 | |||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 15,327 | 157,246 | 11,976 | 16,886 | 13,963 | |||||||||||||||
Trustees’ fees | 20,198 | 20,363 | 18,999 | 19,868 | 20,832 | |||||||||||||||
Professional fees | 36,588 | 43,404 | 35,992 | 42,121 | 40,026 | |||||||||||||||
Distribution services fee—A Shares | 51,878 | — | — | — | — | |||||||||||||||
Distribution services fee—Administrative Shares | — | 961,704 | 4,726,344 | 2,147,566 | 100,443 | |||||||||||||||
Distribution services fee—S Shares | — | 12,131 | — | — | — | |||||||||||||||
Distribution services fee—Service Shares | — | 726,621 | 332,677 | 23,249 | 45,848 | |||||||||||||||
Shareholder services fee—A Shares | 51,878 | — | — | — | — | |||||||||||||||
Shareholder services fee—Administrative Shares | — | 245,624 | 1,292,999 | 527,052 | 29,416 | |||||||||||||||
Shareholder services fee—I Shares | — | — | — | 257,159 | — | |||||||||||||||
Shareholder services fee—Institutional I Shares | — | 1,094,828 | — | — | — | |||||||||||||||
Shareholder services fee—S Shares | — | 12,131 | — | — | — | |||||||||||||||
Shareholder services fee—Select Shares | — | 1,823,309 | 1,124,113 | 274,765 | 328,612 | |||||||||||||||
Shareholder services fee—Service Shares | — | 726,632 | 332,677 | 23,249 | 46,610 | |||||||||||||||
Share registration costs | 4,090 | 49,178 | 33,874 | 36,442 | 30,194 | |||||||||||||||
Printing and postage | 2,202 | 34,539 | 14,405 | 9,368 | 2,883 | |||||||||||||||
Miscellaneous | 9,466 | 153,483 | 203,852 | 123,207 | 11,082 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL EXPENSES | 358,331 | 14,567,903 | 19,548,570 | 8,487,175 | 1,558,364 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||||||
Waiver/reimbursement by investment advisor | (106,891 | ) | (5,975,593 | ) | (8,779,177 | ) | (4,624,661 | ) | (573,924 | ) | ||||||||||
Waiver of distribution services fee—Administrative Shares | — | (961,704 | ) | (4,726,344 | ) | (2,147,566 | ) | (100,443 | ) | |||||||||||
Waiver of distribution services fee—S Shares | — | (12,131 | ) | — | — | — | ||||||||||||||
Waiver of distribution services fee—Service Shares | — | (726,621 | ) | (332,677 | ) | (23,249 | ) | (45,848 | ) | |||||||||||
Waiver of shareholder services fee—A Shares | (51,878 | ) | — | — | — | — | ||||||||||||||
Waiver of shareholder services fee—Administrative Shares | — | (245,624 | ) | (1,292,999 | ) | (527,052 | ) | (29,416 | ) | |||||||||||
Waiver of shareholder services fee—I Shares | — | — | — | (257,159 | ) | — | ||||||||||||||
Waiver of shareholder services fee—Institutional I Shares | — | (1,106,758 | ) | — | — | — | ||||||||||||||
Waiver of shareholder services fee—S Shares | — | (12,030 | ) | — | — | — | ||||||||||||||
Waiver of shareholder services fee—Select Shares | — | (1,821,444 | ) | (1,124,113 | ) | (274,765 | ) | (328,612 | ) | |||||||||||
Waiver of shareholder services fee—Service Shares | — | (673,399 | ) | (332,677 | ) | (23,249 | ) | (46,198 | ) | |||||||||||
Reimbursement of transfer and dividend disbursing agent fees and expenses by Administrator | (441 | ) | (20,455 | ) | (66 | ) | (727 | ) | (299 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (159,210 | ) | (11,555,759 | ) | (16,588,053 | ) | (7,878,428 | ) | (1,124,740 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net expenses | 199,121 | 3,012,144 | 2,960,517 | 608,747 | 433,624 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 575,852 | 465,205 | 262,741 | 128,116 | 23,126 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain (loss) on investments | 274,828 | 5,879 | 31,971 | 13,750 | 46 | |||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 594,440 | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) on investments | 869,268 | 5,879 | 31,971 | 13,750 | 46 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from operations | $ | 1,445,120 | $ | 471,084 | $ | 294,712 | $ | 141,866 | $ | 23,172 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2012
Table of Contents
102 | STATEMENTS OF CHANGES IN NET ASSETS |
Wilmington Broad Market Bond Fund | Wilmington Intermediate-Term Bond Fund | |||||||||||||||
Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 8,096,058 | $ | 8,477,621 | $ | 3,406,061 | $ | 4,401,668 | ||||||||
Net realized gain (loss) on investments | 6,123,925 | 5,541,696 | 4,066,312 | 3,843,770 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 1,282,204 | 63,926 | (693,946 | ) | (999,035 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 15,502,187 | 14,083,243 | 6,778,427 | 7,246,403 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Distributions from net investment income | ||||||||||||||||
A Shares | (219,962 | ) | (229,377 | ) | (183,231 | ) | (215,492 | ) | ||||||||
B Shares | — | (14,459 | ) | — | (6,314 | ) | ||||||||||
C Shares | — | — | (21,044 | ) | (21,648 | ) | ||||||||||
I Shares | (8,190,147 | ) | (8,235,941 | ) | (3,258,611 | ) | (4,253,857 | ) | ||||||||
Distributions from net realized gain on investments | ||||||||||||||||
A Shares | (155,794 | ) | (88,622 | ) | (277,193 | ) | (69,233 | ) | ||||||||
B Shares | — | — | — | (2,389 | ) | |||||||||||
C Shares | — | (7,145 | ) | (46,621 | ) | (10,680 | ) | |||||||||
I Shares | (5,189,617 | ) | (2,856,073 | ) | (3,682,030 | ) | (1,074,039 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from distributions to shareholders | (13,755,520 | ) | (11,431,617 | ) | (7,468,730 | ) | (5,653,652 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||
A Shares | 338,445 | 1,531,738 | 2,574,273 | 3,134,711 | ||||||||||||
B Shares | — | 11,396 | — | 27,026 | ||||||||||||
C Shares | — | — | 619,511 | 1,262,659 | ||||||||||||
I Shares | 65,940,446 | 63,281,313 | 27,033,293 | 24,929,262 | ||||||||||||
Proceeds from shares issued in connection with Reorganization (Note 8) | 58,782,175 | — | 147,980,426 | — | ||||||||||||
Distributions reinvested | ||||||||||||||||
A Shares | 337,682 | 276,843 | 392,754 | 216,735 | ||||||||||||
B Shares | — | 22,645 | — | 7,292 | ||||||||||||
C Shares | — | — | 56,008 | 19,469 | ||||||||||||
I Shares | 9,693,413 | 7,016,050 | 4,689,799 | 2,752,514 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
A Shares | (767,544 | ) | (1,517,023 | ) | (1,127,972 | ) | (2,472,238 | ) | ||||||||
B Shares | — | (668,876 | ) | — | (306,283 | ) | ||||||||||
C Shares | — | — | (623,521 | ) | (16,372 | ) | ||||||||||
I Shares | (51,652,201 | ) | (69,285,835 | ) | (28,850,257 | ) | (44,123,895 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from share transactions | 82,672,416 | 668,251 | 152,744,314 | (14,569,120 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets | 84,419,083 | 3,319,877 | 152,054,011 | (12,976,369 | ) | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 215,987,730 | 212,667,853 | 115,691,565 | 128,667,934 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 300,406,813 | $ | 215,987,730 | $ | 267,745,576 | $ | 115,691,565 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | 95,859 | $ | 7,645 | $ | 47,637 | $ | 18,485 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||
Shares sold | ||||||||||||||||
A Shares | 31,833 | 146,295 | 240,914 | 293,326 | ||||||||||||
B Shares | — | 1,149 | — | 740 | ||||||||||||
C Shares | — | — | 57,791 | 117,963 | ||||||||||||
I Shares | 6,573,305 | 6,335,156 | 2,537,108 | 2,339,460 | ||||||||||||
Shares issued in connection with Reorganization (Note 8) | 5,858,174 | — | 13,946,072 | — | ||||||||||||
Distributions reinvested | ||||||||||||||||
A Shares | 33,350 | 27,285 | 37,284 | 20,281 | ||||||||||||
B Shares | — | 2,264 | — | 682 | ||||||||||||
C Shares | — | — | 5,324 | 1,818 | ||||||||||||
I Shares | 974,780 | 702,473 | 445,485 | 257,459 | ||||||||||||
Shares redeemed | ||||||||||||||||
A Shares | (73,823 | ) | (149,715 | ) | (105,708 | ) | (230,193 | ) | ||||||||
B Shares | — | (62,370 | ) | — | (28,673 | ) | ||||||||||
C Shares | — | — | (57,861 | ) | (1,540 | ) | ||||||||||
I Shares | (5,138,452 | ) | (6,894,829 | ) | (2,711,555 | ) | (4,120,095 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change resulting from share transactions | 8,259,167 | 107,708 | 14,394,854 | (1,348,772 | ) | |||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
(Statements of Changes in Net Assets continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) | 103 |
Wilmington Short-Term Corporate Bond Fund | Wilmington Short Duration Government Bond Fund | |||||||||||||||
Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 2,709,526 | $ | 2,537,451 | $ | 2,204,554 | $ | 2,369,230 | ** | |||||||
Net realized gain (loss) on investments | 378,568 | 1,293,976 | 1,826,640 | (138,094 | )** | |||||||||||
Net change in unrealized appreciation (depreciation) of investments | 63,770 | 55,915 | (1,991,670 | ) | (16,673 | )** | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 3,151,864 | 3,887,342 | 2,039,524 | 2,214,463 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Distributions from net investment income | ||||||||||||||||
A Shares | (127,699 | ) | (109,128 | ) | (384,724 | ) | (333,191 | ) | ||||||||
B Shares | — | (1,363 | ) | — | (3,499 | ) | ||||||||||
C Shares | (1,852 | ) | (2,259 | ) | (15,881 | ) | (13,324 | ) | ||||||||
I Shares | (2,645,212 | ) | (2,439,743 | ) | (2,532,776 | ) | (2,299,117 | ) | ||||||||
Distributions from net realized gain on investments | ||||||||||||||||
A Shares | (36,859 | ) | (8,792 | ) | — | — | ||||||||||
B Shares | — | (237 | ) | — | — | |||||||||||
C Shares | (1,477 | ) | (443 | ) | — | — | ||||||||||
I Shares | (646,562 | ) | (214,131 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from distributions to shareholders | (3,459,661 | ) | (2,776,096 | ) | (2,933,381 | ) | (2,649,131 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||
A Shares | 6,816,943 | 7,946,101 | 3,592,852 | 8,674,399 | ||||||||||||
B Shares | — | 13,410 | — | 8,435 | ||||||||||||
C Shares | 197,370 | 259,710 | 355,365 | 1,045,861 | ||||||||||||
I Shares | 63,222,247 | 95,077,274 | 61,490,495 | 37,734,803 | ||||||||||||
Proceeds from Shares issued in connection with Reorganization (Note 8) | — | — | 63,847,406 | — | ||||||||||||
Distributions reinvested | ||||||||||||||||
A Shares | 152,669 | 69,382 | 290,578 | 265,899 | ||||||||||||
B Shares | — | 1,721 | — | 3,326 | ||||||||||||
C Shares | 1,417 | 813 | 9,954 | 6,704 | ||||||||||||
I Shares | 2,099,699 | 1,422,061 | 1,066,256 | 809,777 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
A Shares | (9,920,311 | ) | (1,647,678 | ) | (3,585,926 | ) | (2,725,621 | ) | ||||||||
B Shares | — | (176,053 | ) | — | (258,057 | ) | ||||||||||
C Shares | (240,015 | ) | (1,507 | ) | (681,389 | ) | (26,104 | ) | ||||||||
I Shares | (52,413,258 | ) | (29,642,966 | ) | (51,428,411 | ) | (32,855,236 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from share transactions | 9,916,761 | 73,322,268 | 74,957,180 | 12,684,186 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets | 9,608,964 | 74,433,514 | 74,063,323 | 12,249,518 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 188,829,309 | 114,395,795 | 101,115,530 | 88,866,012 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 198,438,273 | $ | 188,829,309 | $ | 175,178,853 | $ | 101,115,530 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | 23,865 | $ | 3,962 | $ | (51,557 | ) | $ | (1,656 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||
Shares sold | ||||||||||||||||
A Shares | 663,009 | 775,059 | 366,327 | 877,882 | ||||||||||||
B Shares | — | 510 | — | 537 | ||||||||||||
C Shares | 19,230 | 25,425 | 36,087 | | 105,279 | | ||||||||||
I Shares | 6,160,045 | 9,267,129 | 6,256,075 | 3,803,486 | ||||||||||||
Shares issued in connection with Reorganization (Note 8) | — | — | 6,515,306 | — | ||||||||||||
Distributions reinvested | ||||||||||||||||
A Shares | 14,899 | 6,774 | 29,600 | 26,880 | ||||||||||||
B Shares | — | 168 | — | 335 | ||||||||||||
C Shares | 138 | 79 | 1,011 | | 677 | | ||||||||||
I Shares | 204,972 | 138,880 | 108,485 | 81,679 | ||||||||||||
Shares redeemed | ||||||||||||||||
A Shares | (967,743 | ) | (160,018 | ) | (365,307 | ) | (276,107 | ) | ||||||||
B Shares | — | (17,138 | ) | — | | (26,163 | ) | |||||||||
C Shares | (23,452 | ) | (147 | ) | (69,313 | ) | (2,646 | ) | ||||||||
I Shares | (5,113,279 | ) | (2,898,257 | ) | (5,240,005 | ) | (3,321,856 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change resulting from share transactions | 957,819 | 7,138,464 | 7,638,266 | 1,269,983 | ||||||||||||
|
|
|
|
|
|
|
|
** | Certain amounts have been reclassified to reflect amortization adjustments and paydown losses. |
See Notes which are an integral part of the Financial Statements
(Statements of Changes in Net Assets continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
104 | STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Wilmington Municipal Bond Fund | Wilmington Maryland Municipal Bond Fund | |||||||||||||||||||
Ten Months April 30, | Year Ended June 30, | Year Ended June 30, | Year Ended April 30, | Year Ended April 30, | ||||||||||||||||
OPERATIONS: | ||||||||||||||||||||
Net investment income | $ | 3,352,458 | $ | 5,463,723 | $ | 5,385,936 | $ | 4,069,265 | $ | 4,668,179 | ||||||||||
Net realized gain (loss) on investments | 3,265,303 | 654,624 | 1,207,422 | (421,195 | ) | 252,837 | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 5,001,572 | (273,365 | ) | 5,341,547 | 4,937,390 | (2,733,910 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from operations | 11,619,333 | 5,844,982 | 11,934,905 | 8,585,460 | 2,187,106 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||
A Shares | (16,766 | ) | (20,833 | ) | (9,966 | ) | (1,221,463 | ) | (1,411,378 | ) | ||||||||||
B Shares | — | — | — | — | (15,389 | ) | ||||||||||||||
I Shares | (3,335,788 | ) | (5,442,890 | ) | (5,375,970 | ) | (2,860,460 | ) | (3,254,642 | ) | ||||||||||
Distributions from net realized gain on investments | ||||||||||||||||||||
A Shares | (10,129 | ) | (3,181 | ) | (317 | ) | — | — | ||||||||||||
I Shares | (1,733,845 | ) | (999,078 | ) | (286,188 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from distributions to shareholders | (5,096,528 | ) | (6,465,982 | ) | (5,672,441 | ) | (4,081,923 | ) | (4,681,409 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||
A Shares | 68,090 | 409,604 | 413,692 | 1,613,461 | 1,521,011 | |||||||||||||||
B Shares | — | — | — | — | — | |||||||||||||||
I Shares | 31,325,608 | 34,655,128 | 86,810,282 | 5,357,945 | 9,415,881 | |||||||||||||||
Distributions reinvested | ||||||||||||||||||||
A Shares | 22,813 | 16,031 | 3,097 | 990,695 | 1,040,983 | |||||||||||||||
B Shares | — | — | — | — | 7,585 | |||||||||||||||
I Shares | 2,373,765 | 2,386,205 | 1,795,491 | 335,735 | 324,919 | |||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||
A Shares | (176,393 | ) | (247,382 | ) | (11,356 | ) | (2,486,938 | ) | (9,493,968 | ) | ||||||||||
B Shares | — | — | — | — | (706,018 | ) | ||||||||||||||
I Shares | (35,697,116 | ) | (61,153,482 | ) | (63,678,569 | ) | (12,273,784 | ) | (14,166,229 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from share transactions | (2,083,233 | ) | (23,933,896 | ) | 25,332,637 | (6,462,886 | ) | (12,055,836 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets | 4,439,572 | (24,554,896 | ) | 31,595,101 | (1,959,349 | ) | (14,550,139 | ) | ||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of period | 142,277,135 | 166,832,031 | 135,236,930 | 113,461,656 | 128,011,795 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
End of period | $ | 146,716,707 | $ | 142,277,135 | $ | 166,832,031 | $ | 111,502,307 | $ | 113,461,656 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (201 | ) | $ | (105 | ) | $ | (105 | ) | $ | 21,419 | $ | 3,875 | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||
Shares sold | ||||||||||||||||||||
A Shares | 5,004 | 31,504 | 31,462 | 161,476 | 149,203 | |||||||||||||||
B Shares | — | — | — | — | — | |||||||||||||||
I Shares | 2,307,549 | 2,623,517 | 6,631,216 | 533,219 | 948,495 | |||||||||||||||
Distributions reinvested | ||||||||||||||||||||
A Shares | 1,687 | 1,218 | 235 | 98,962 | 104,729 | |||||||||||||||
B Shares | — | — | — | — | 759 | |||||||||||||||
I Shares | 175,583 | 181,311 | 137,518 | 33,491 | 32,676 | |||||||||||||||
Shares redeemed | ||||||||||||||||||||
A Shares | (12,840 | ) | (19,039 | ) | (885 | ) | (248,089 | ) | (958,526 | ) | ||||||||||
B Shares | — | — | — | — | (67,717 | ) | ||||||||||||||
I Shares | (2,627,310 | ) | (4,648,399 | ) | (4,881,554 | ) | (1,223,458 | ) | (1,431,439 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change resulting from share transactions | (150,327 | ) | (1,829,888 | ) | 1,917,992 | (644,399 | ) | (1,221,820 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
(Statements of Changes in Net Assets continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) | 105 |
Wilmington New York Municipal Bond Fund | Wilmington Pennsylvania Municipal Bond Fund | |||||||||||||||
Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 3,084,645 | $ | 3,871,732 | $ | 3,464,568 | $ | 3,690,730 | ||||||||
Net realized gain (loss) on investments | 1,125,425 | (345,235 | ) | 1,084,003 | 335,442 | |||||||||||
Net change in unrealized appreciation (depreciation) of investments | 4,137,027 | (1,506,769 | ) | 3,614,827 | (1,391,118 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 8,347,097 | 2,019,728 | 8,163,398 | 2,635,054 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Distributions from net investment income | ||||||||||||||||
A Shares | (948,523 | ) | (1,341,392 | ) | (273,645 | ) | (237,624 | ) | ||||||||
B Shares | — | (19,307 | ) | — | (13,838 | ) | ||||||||||
I Shares | (2,122,485 | ) | (2,531,467 | ) | (3,261,367 | ) | (3,431,099 | ) | ||||||||
Distributions from net realized gain on investments | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from distributions to shareholders | (3,071,008 | ) | (3,892,166 | ) | (3,535,012 | ) | (3,682,561 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||
A Shares | 1,396,095 | 2,265,693 | 746,960 | 2,464,530 | ||||||||||||
B Shares | — | — | — | — | ||||||||||||
I Shares | 14,491,388 | 16,836,677 | 8,778,763 | 11,182,194 | ||||||||||||
Distributions reinvested | ||||||||||||||||
A Shares | 782,863 | 1,054,658 | 191,056 | 180,604 | ||||||||||||
B Shares | — | 17,328 | — | 9,777 | ||||||||||||
I Shares | 1,075,560 | 998,141 | 740,423 | 609,900 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
A Shares | (2,935,575 | ) | (9,155,442 | ) | (394,669 | ) | (1,548,480 | ) | ||||||||
B Shares | — | (856,341 | ) | — | (700,665 | ) | ||||||||||
I Shares | (13,100,538 | ) | (15,032,428 | ) | (15,281,446 | ) | (15,309,800 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from share transactions | 1,709,793 | (3,871,714 | ) | (5,218,913 | ) | (3,111,940 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets | 6,985,882 | (5,744,152 | ) | (590,527 | ) | (4,159,447 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 103,026,389 | 108,770,541 | 101,535,807 | 105,695,254 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 110,012,271 | $ | 103,026,389 | $ | 100,945,280 | $ | 101,535,807 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | 24,569 | $ | (5,730 | ) | $ | 37,089 | $ | 107,695 | |||||||
|
|
|
|
|
|
|
| |||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||
Shares sold | ||||||||||||||||
A Shares | 134,466 | 216,375 | 72,848 | 241,930 | ||||||||||||
B Shares | — | — | — | — | ||||||||||||
I Shares | 1,394,887 | 1,657,937 | 844,582 | 1,106,663 | ||||||||||||
Distributions reinvested | ||||||||||||||||
A Shares | 75,819 | 103,173 | 18,561 | 17,807 | ||||||||||||
B Shares | — | 1,693 | — | 963 | ||||||||||||
I Shares | 104,094 | 97,715 | 71,896 | 60,219 | ||||||||||||
Shares redeemed | ||||||||||||||||
A Shares | (281,345 | ) | (909,289 | ) | (38,305 | ) | (151,094 | ) | ||||||||
B Shares | — | (77,988 | ) | — | (66,995 | ) | ||||||||||
I Shares | (1,266,350 | ) | (1,475,745 | ) | (1,486,652 | ) | (1,521,321 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change resulting from share transactions | 161,571 | (386,129 | ) | (517,070 | ) | (311,828 | ) | |||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
(Statements of Changes in Net Assets continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
106 | STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Wilmington Virginia Municipal Bond Fund | Wilmington Prime Money Market Fund | |||||||||||||||
Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 575,852 | $ | 684,515 | $ | 465,205 | $ | 465,415 | ||||||||
Net realized gain (loss) on investments | 274,828 | 79,544 | 5,879 | — | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 594,440 | (241,291 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 1,445,120 | 522,768 | 471,084 | 465,415 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Distributions from net investment income | ||||||||||||||||
A Shares | (573,992 | ) | (681,181 | ) | — | — | ||||||||||
Administrative Shares | — | — | (97,456 | ) | (164,341 | ) | ||||||||||
B Shares | — | — | — | (19 | ) | |||||||||||
Institutional I Shares | — | — | (96,235 | ) | (225,258 | ) | ||||||||||
Institutional Shares | — | — | (2,187 | ) | — | |||||||||||
S Shares | — | — | (511 | ) | (1,192 | ) | ||||||||||
Select Shares | — | — | (204,449 | ) | (43,015 | ) | ||||||||||
Service Shares | — | — | (30,012 | ) | (23,560 | ) | ||||||||||
Distributions from net realized gain on investments | ||||||||||||||||
A Shares | (61,136 | ) | — | — | — | |||||||||||
Administrative Shares | — | — | (1,010 | ) | — | |||||||||||
Institutional I Shares | — | — | (1,762 | ) | — | |||||||||||
S Shares | — | — | (17 | ) | — | |||||||||||
Select Shares | — | — | (863 | ) | — | |||||||||||
Service Shares | — | — | (555 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from distributions to shareholders | (635,128 | ) | (681,181 | ) | (435,057 | ) | (457,385 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||
A Shares | 1,309,355 | 1,047,561 | — | — | ||||||||||||
Administrative Shares | — | — | 854,721,908 | 858,351,940 | ||||||||||||
B Shares | — | — | — | 48,770 | ||||||||||||
Institutional I Shares | — | — | 976,613,959 | 1,116,334,940 | ||||||||||||
Institutional Shares | — | — | 42,909,072 | — | ||||||||||||
S Shares | — | — | 53,086,901 | 112,590,000 | ||||||||||||
Select Shares | — | — | 2,657,192,587 | 1,159,756,741 | ||||||||||||
Service Shares | — | — | 474,230,548 | 155,495,435 | ||||||||||||
Proceeds from shares issued in connection with Reorganization (Note 8) | — | — | 2,179,476,547 | — | ||||||||||||
Distributions reinvested | ||||||||||||||||
A Shares | 390,348 | 373,793 | — | — | ||||||||||||
Administrative Shares | — | — | 5 | 10 | ||||||||||||
B Shares | — | — | — | 21 | ||||||||||||
Institutional I Shares | — | — | 6,058 | 16,082 | ||||||||||||
Institutional Shares | — | — | 497 | — | ||||||||||||
S Shares | — | — | 17 | 60 | ||||||||||||
Select Shares | — | — | 59,435 | 33,365 | ||||||||||||
Service Shares | — | — | 23,172 | 23,257 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
A Shares | (2,938,549 | ) | (1,697,760 | ) | — | — | ||||||||||
Administrative Shares | — | — | (806,384,915 | ) | (867,066,245 | ) | ||||||||||
B Shares | — | — | — | (253,926 | ) | |||||||||||
Institutional I Shares | — | — | (1,488,987,356 | ) | (1,170,580,109 | ) | ||||||||||
Institutional Shares | — | — | (47,746,474 | ) | — | |||||||||||
S Shares | — | — | (58,957,563 | ) | (119,546,284 | ) | ||||||||||
Select Shares | — | — | (2,071,526,559 | ) | (1,273,362,600 | ) | ||||||||||
Service Shares | — | — | (552,021,749 | ) | (182,348,866 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from share transactions | (1,238,846 | ) | (276,406 | ) | 2,212,696,090 | (210,507,409 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets | (428,854 | ) | (434,819 | ) | 2,212,732,117 | (210,499,379 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 20,803,236 | 21,238,055 | 1,498,387,010 | 1,708,886,389 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | 20,374,382 | $ | 20,803,236 | $ | 3,711,119,127 | $ | 1,498,387,010 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | 338 | $ | 2,441 | $ | 13,101 | $ | (21,254 | ) | |||||||
|
|
|
|
|
|
|
|
(Statements of Changes in Net Assets continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) | 107 |
Wilmington Virginia Municipal Bond Fund | Wilmington Prime Money Market Fund | |||||||||||||||
Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | |||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||
Shares sold | ||||||||||||||||
A Shares | 118,674 | 96,080 | — | — | ||||||||||||
Administrative Shares | — | — | 854,721,908 | 858,351,940 | ||||||||||||
B Shares | — | — | — | 48,770 | ||||||||||||
Institutional I Shares | — | — | 976,450,856 | 1,116,334,940 | ||||||||||||
Institutional Shares | — | — | 42,909,072 | — | ||||||||||||
S Shares | — | — | 53,081,909 | 112,590,000 | ||||||||||||
Select Shares | — | — | 2,657,355,690 | 1,159,756,741 | ||||||||||||
Service Shares | — | — | 474,235,600 | 155,495,435 | ||||||||||||
Shares issued in connection with Reorganization (Note 8) | — | — | 2,179,479,827 | — | ||||||||||||
Distributions reinvested | ||||||||||||||||
A Shares | 35,467 | 34,366 | — | — | ||||||||||||
Administrative Shares | — | — | 5 | 10 | ||||||||||||
B Shares | — | — | — | 21 | ||||||||||||
Institutional I Shares | — | — | 6,058 | 16,082 | ||||||||||||
Institutional Shares | — | — | 497 | — | ||||||||||||
S Shares | — | — | 17 | 60 | ||||||||||||
Select Shares | — | — | 59,435 | 33,365 | ||||||||||||
Service Shares | — | — | 23,172 | 23,257 | ||||||||||||
Shares redeemed | ||||||||||||||||
A Shares | (266,033 | ) | (156,165 | ) | — | — | ||||||||||
Administrative Shares | — | — | (806,384,915 | ) | (867,066,245 | ) | ||||||||||
B Shares | — | — | — | (253,926 | ) | |||||||||||
Institutional I Shares | — | — | (1,488,987,356 | ) | (1,170,580,109 | ) | ||||||||||
Institutional Shares | — | — | (47,746,474 | ) | — | |||||||||||
S Shares | — | — | (58,957,563 | ) | (119,546,284 | ) | ||||||||||
Select Shares | — | — | (2,071,526,559 | ) | (1,273,362,600 | ) | ||||||||||
Service Shares | — | — | (552,021,749 | ) | (182,348,866 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change resulting from share transactions | (111,892 | ) | (25,719 | ) | 2,212,699,430 | (210,507,409 | ) | |||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
(Statements of Changes in Net Assets continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
108 | STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Wilmington U.S. Government Money Market Fund | Wilmington U.S. Treasury Money Market Fund | |||||||||||||||
Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 262,741 | $ | 227,404 | $ | 128,116 | $ | 120,686 | ||||||||
Net realized gain (loss) on investments | 31,971 | — | 13,750 | 5,300 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 294,712 | 227,404 | 141,866 | 125,986 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Distributions from net investment income | ||||||||||||||||
Administrative Shares | (203,073 | ) | (173,078 | ) | (100,268 | ) | (74,920 | ) | ||||||||
Institutional I Shares | — | — | — | (22,116 | ) | |||||||||||
Institutional Shares | (1,276 | ) | — | — | — | |||||||||||
Select Shares | (49,244 | ) | (48,851 | ) | (24,945 | ) | (8,642 | ) | ||||||||
Service Shares | (8,510 | ) | (3,204 | ) | (1,116 | ) | (1,231 | ) | ||||||||
Distributions from net realized gain on investments | ||||||||||||||||
Administrative Shares | (11,203 | ) | (11,564 | ) | (15,067 | ) | — | |||||||||
Select Shares | (2,131 | ) | (3,264 | ) | (3,840 | ) | — | |||||||||
Service Shares | (173 | ) | (214 | ) | (143 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from distributions to shareholders | (275,610 | ) | (240,175 | ) | (145,379 | ) | (106,909 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||
Administrative Shares | 3,841,287,817 | 3,046,806,667 | 3,301,935,173 | 2,682,169,766 | ||||||||||||
Institutional I Shares | — | — | — | 726,497,713 | ||||||||||||
Institutional Shares | 97 | — | — | — | ||||||||||||
Select Shares | 1,434,890,575 | 1,600,579,006 | 1,322,087,786 | 734,784,789 | ||||||||||||
Service Shares | 379,016,399 | 71,796,583 | 23,723,341 | 42,441,571 | ||||||||||||
Proceeds from shares issued in connection with Reorganization (Note 8) | 1,785,990,941 | — | — | — | ||||||||||||
Distributions reinvested | ||||||||||||||||
Administrative Shares | 5,148 | 13 | 5 | — | ||||||||||||
Institutional I Shares | — | — | — | 388 | ||||||||||||
Institutional Shares | 1 | — | — | — | ||||||||||||
Select Shares | 1,523 | 1,954 | 7,776 | 7,239 | ||||||||||||
Service Shares | 3,299 | 3,139 | 14 | 10 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Administrative Shares | (3,533,335,430 | ) | (3,135,973,704 | ) | (3,068,693,891 | ) | (2,660,643,620 | ) | ||||||||
Institutional I Shares | — | — | — | (737,173,495 | ) | |||||||||||
Institutional Shares | (14,039,669 | ) | — | — | — | |||||||||||
Select Shares | (1,525,934,420 | ) | (1,741,077,371 | ) | (1,349,589,815 | ) | (804,512,975 | ) | ||||||||
Service Shares | (279,249,973 | ) | (71,740,682 | ) | (25,441,891 | ) | (42,569,468 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from share transactions | 2,088,636,308 | (229,604,395 | ) | 204,028,498 | (58,998,082 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets | 2,088,655,410 | (229,617,166 | ) | 204,024,985 | (58,979,005 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 1,884,205,586 | 2,113,822,752 | 924,421,035 | 983,400,040 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 3,972,860,996 | $ | 1,884,205,586 | $ | 1,128,446,020 | $ | 924,421,035 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | (14,818 | ) | $ | (15,456 | ) | $ | 8,083 | $ | 6,296 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||
Shares sold | ||||||||||||||||
Administrative Shares | 3,841,287,817 | 3,046,806,667 | 3,301,935,173 | 2,682,169,766 | ||||||||||||
Institutional I Shares | — | — | — | 726,497,713 | ||||||||||||
Institutional Shares | 97 | — | — | — | ||||||||||||
Select Shares | 1,434,890,575 | 1,600,579,006 | 1,322,087,786 | 734,784,789 | ||||||||||||
Service Shares | 379,016,421 | 71,796,583 | 23,723,341 | 42,441,571 | ||||||||||||
Shares issued in connection with Reorganization (Note 8) | 1,785,986,774 | — | — | — | ||||||||||||
Distributions reinvested | ||||||||||||||||
Administrative Shares | 5,148 | 13 | 5 | — | ||||||||||||
Institutional I Shares | — | — | — | 388 | ||||||||||||
Institutional Shares | 1 | — | — | — | ||||||||||||
Select Shares | 1,523 | 1,954 | 7,776 | 7,239 | ||||||||||||
Service Shares | 3,299 | 3,139 | 14 | 10 | ||||||||||||
Shares redeemed | ||||||||||||||||
Administrative Shares | (3,533,335,430 | ) | (3,135,973,704 | ) | (3,068,693,891 | ) | (2,660,643,620 | ) | ||||||||
Institutional I Shares | — | — | — | (737,173,495 | ) | |||||||||||
Institutional Shares | (14,039,669 | ) | — | — | — | |||||||||||
Select Shares | (1,525,934,420 | ) | (1,741,077,371 | ) | (1,349,589,815 | ) | (804,512,975 | ) | ||||||||
Service Shares | (279,249,973 | ) | (71,740,682 | ) | (25,441,891 | ) | (42,569,468 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change resulting from share transactions | 2,088,632,163 | (229,604,395 | ) | 204,028,498 | (58,998,082 | ) | ||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
(Statements of Changes in Net Assets continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (concluded) | 109 |
Wilmington Tax-Exempt Money Market Fund | ||||||||
Year Ended April 30, | Year Ended April 30, | |||||||
OPERATIONS: | ||||||||
Net investment income | $ | 23,126 | $ | 36,100 | ||||
Net realized gain (loss) on investments | 46 | — | ||||||
Net change in unrealized appreciation (depreciation) of investments | — | — | ||||||
|
|
|
| |||||
Change in net assets resulting from operations | 23,172 | 36,100 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Distributions from net investment income | ||||||||
Administrative Shares | (4,780 | ) | (10,621 | ) | ||||
Select Shares | (16,128 | ) | (24,011 | ) | ||||
Service Shares | (1,848 | ) | (2,058 | ) | ||||
Distributions from net realized gain on investments | ||||||||
Administrative Shares | (23 | ) | — | |||||
Select Shares | (54 | ) | — | |||||
Service Shares | (4 | ) | — | |||||
|
|
|
| |||||
Change in net assets resulting from distributions to shareholders | (22,837 | ) | (36,690 | ) | ||||
|
|
|
| |||||
SHARE TRANSACTIONS: | ||||||||
Proceeds from sale of shares | ||||||||
Administrative Shares | 51,092,331 | 82,897,090 | ||||||
Select Shares | 181,390,336 | 170,176,509 | ||||||
Service Shares | 44,887,670 | 37,814,367 | ||||||
Proceeds from shares issued in connection with Reorganization (Note 8) | 369,618,689 | — | ||||||
Distributions reinvested | ||||||||
Administrative Shares | — | — | ||||||
Select Shares | 493 | 345 | ||||||
Service Shares | 2,982 | 2,026 | ||||||
Cost of shares redeemed | ||||||||
Administrative Shares | (44,650,435 | ) | (86,444,854 | ) | ||||
Select Shares | (242,756,850 | ) | (145,290,490 | ) | ||||
Service Shares | (52,046,105 | ) | (44,986,161 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from share transactions | 307,539,111 | 14,168,832 | ||||||
|
|
|
| |||||
Change in net assets | 307,539,446 | 14,168,242 | ||||||
NET ASSETS: | ||||||||
Beginning of year | 153,903,378 | 139,735,136 | ||||||
|
|
|
| |||||
End of year | $ | 461,442,824 | $ | 153,903,378 | ||||
|
|
|
| |||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | 4,430 | $ | 4,060 | ||||
|
|
|
| |||||
SHARES OF BENEFICIAL INTEREST: | ||||||||
Shares sold | ||||||||
Administrative Shares | 51,092,331 | 82,897,090 | ||||||
Select Shares | 181,390,336 | 170,176,509 | ||||||
Service Shares | 44,887,670 | 37,814,367 | ||||||
Shares issued in connection with Reorganization (Note 8) | 369,702,380 | — | ||||||
Distributions reinvested | ||||||||
Administrative Shares | — | — | ||||||
Select Shares | 493 | 345 | ||||||
Service Shares | 2,982 | 2,026 | ||||||
Shares redeemed | ||||||||
Administrative Shares | (44,650,435 | ) | (86,444,854 | ) | ||||
Select Shares | (242,756,850 | ) | (145,290,490 | ) | ||||
Service Shares | (52,046,105 | ) | (44,986,161 | ) | ||||
|
|
|
| |||||
Net change resulting from share transactions | 307,622,802 | 14,168,832 | ||||||
|
|
|
|
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2012
Table of Contents
110 | FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON BROAD MARKET BOND FUND | ||||||||||||||||||||
A SHARES(d) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $10.16 | $ 10.05 | $ 9.24 | $ 9.77 | $ 9.84 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.32 | 0.38 | 0.39 | 0.45 | 0.46 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.33 | 0.26 | 0.81 | (0.54 | ) | (0.08 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.65 | 0.64 | 1.20 | (0.09 | ) | 0.38 | ||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.33 | ) | (0.38 | ) | (0.39 | ) | (0.44 | ) | (0.45 | ) | ||||||||||
Net Realized Gains | (0.25 | ) | (0.15 | ) | — | — | — | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.58 | ) | (0.53 | ) | (0.39 | ) | (0.44 | ) | (0.45 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.23 | $10.16 | $10.05 | $ 9.24 | $9.77 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 6.54 | % | 6.50 | % | 13.13 | % | (0.84 | )% | 3.93 | % | ||||||||||
Net Assets, End of Period (000’s) | $8,431 | $6,602 | $6,289 | $5,681 | $5,572 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.25 | % | 1.28 | % | 1.26 | % | 1.32 | % | 1.29 | % | ||||||||||
Net Expenses(b) | 1.00 | % | 1.00 | % | 0.84 | % | 0.78 | % | 0.88 | % | ||||||||||
Net Investment Income | 3.12 | % | 3.76 | % | 4.00 | % | 4.75 | % | 4.66 | % | ||||||||||
Portfolio Turnover Rate | 93 | % | 128 | % | 142 | % | 93 | % | 152 | % | ||||||||||
I SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $10.01 | $ 9.90 | $ 9.10 | $ 9.63 | $ 9.71 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.35 | 0.41 | 0.40 | 0.43 | 0.48 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.32 | 0.26 | 0.80 | (0.50 | ) | (0.10 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.67 | 0.67 | 1.20 | (0.07 | ) | 0.38 | ||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.36 | ) | (0.41 | ) | (0.40 | ) | (0.46 | ) | (0.46 | ) | ||||||||||
Net Realized Gains | (0.25 | ) | (0.15 | ) | — | — | — | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.61 | ) | (0.56 | ) | (0.40 | ) | (0.46 | ) | (0.46 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.07 | $10.01 | $ 9.90 | $ 9.10 | $ 9.63 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 6.90 | % | 6.93 | % | 13.39 | % | (0.71 | )% | 4.03 | % | ||||||||||
Net Assets, End of Period (000’s) | $291,976 | $209,386 | $205,794 | $159,120 | $91,416 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.00 | % | 1.03 | % | 1.01 | % | 1.06 | % | 1.04 | % | ||||||||||
Net Expenses(b) | 0.66 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.73 | % | ||||||||||
Net Investment Income | 3.47 | % | 4.12 | % | 4.21 | % | 4.83 | % | 4.80 | % | ||||||||||
Portfolio Turnover Rate | 93 | % | 128 | % | 142 | % | 93 | % | 152 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Formerly Class A Shares. |
(e) | Formerly Institutional I Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (continued) | 111 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON INTERMEDIATE-TERM BOND FUND | ||||||||||||||||||||
A SHARES(g) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $10.76 | $10.63 | $ 9.96 | $ 9.97 | $ 9.81 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.24 | 0.34 | 0.43 | 0.41 | 0.40 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.28 | 0.24 | 0.68 | (0.00 | ) | 0.16 | ||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.52 | 0.58 | 1.11 | 0.41 | 0.56 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.25 | ) | (0.35 | ) | (0.44 | ) | (0.42 | ) | (0.40 | ) | ||||||||||
Net Realized Gains | (0.39 | ) | (0.10 | ) | — | — | — | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.64 | ) | (0.45 | ) | (0.44 | ) | (0.42 | ) | (0.40 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.64 | $10.76 | $10.63 | $ 9.96 | $ 9.97 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 4.96 | % | 5.51 | % | 11.33 | % | 4.20 | % | 5.85 | % | ||||||||||
Net Assets, End of Period (000’s) | $12,961 | $6,744 | $5,777 | $2,619 | $1,495 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.35 | % | 1.43 | % | 1.41 | % | 1.35 | % | 1.36 | % | ||||||||||
Net Expenses(b) | 1.00 | % | 1.01 | % | 0.87 | % | 0.78 | % | 0.85 | % | ||||||||||
Net Investment Income | 2.22 | % | 3.18 | % | 4.23 | % | 4.22 | % | 4.12 | % | ||||||||||
Portfolio Turnover Rate | 253 | % | 485 | % | 164 | % | 191 | % | 279 | % | ||||||||||
C SHARES(h) | 2012 | 2011 | 2010(d) | |||||||||||||||||
Net Asset Value, Beginning of Period | $10.78 | $10.65 | $10.55 | |||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.16 | 0.25 | 0.02 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.32 | 0.25 | 0.10 | |||||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.48 | 0.50 | 0.12 | |||||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.20 | ) | (0.27 | ) | (0.02 | ) | ||||||||||||||
Net Realized Gains | (0.39 | ) | (0.10 | ) | — | |||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.59 | ) | (0.37 | ) | (0.02 | ) | ||||||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.67 | $10.78 | $10.65 | |||||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 4.28 | % | 4.79 | % | 1.10 | % | ||||||||||||||
Net Assets, End of Period (000’s) | $1,366 | $1,323 | $48 | |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 2.13 | % | 2.19 | % | 2.30 | %(e) | ||||||||||||||
Net Expenses(b) | 1.72 | % | 1.74 | % | 1.81 | %(e) | ||||||||||||||
Net Investment Income | 1.52 | % | 2.39 | % | 3.30 | %(e) | ||||||||||||||
Portfolio Turnover Rate | 253 | % | 485 | % | 164 | %(f) | ||||||||||||||
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
112 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON INTERMEDIATE-TERM BOND FUND – (continued) | ||||||||||||||||||||
I SHARES(i) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $10.77 | $10.64 | $ 9.96 | $ 9.97 | $ 9.81 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.28 | 0.38 | 0.47 | 0.43 | 0.42 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.27 | 0.24 | 0.67 | (0.01 | ) | 0.16 | ||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.55 | 0.62 | 1.14 | 0.42 | 0.58 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.28 | ) | (0.39 | ) | (0.46 | ) | (0.43 | ) | (0.42 | ) | ||||||||||
Net Realized Gains | (0.39 | ) | (0.10 | ) | — | — | — | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.67 | ) | (0.49 | ) | (0.46 | ) | (0.43 | ) | (0.42 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.65 | $10.77 | $10.64 | $ 9.96 | $ 9.97 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 5.33 | % | 5.96 | % | 11.62 | % | 4.35 | % | 6.01 | % | ||||||||||
Net Assets, End of Period (000’s) | $253,419 | $107,625 | $122,553 | $126,742 | $178,343 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.09 | % | 1.17 | % | 1.15 | % | 1.09 | % | 1.11 | % | ||||||||||
Net Expenses(b) | 0.64 | % | 0.66 | % | 0.63 | % | 0.63 | % | 0.70 | % | ||||||||||
Net Investment Income | 2.58 | % | 3.54 | % | 4.49 | % | 4.31 | % | 4.27 | % | ||||||||||
Portfolio Turnover Rate | 253 | % | 485 | % | 164 | % | 191 | % | 279 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Reflects investment operations for the period from April 5, 2010 to April 30, 2010. |
(e) | Annualized for periods less than one year. |
(f) | Reflects portfolio turnover for the Fund for the year ended April 30, 2010. |
(g) | Formerly Class A Shares. |
(h) | Formerly Class C Shares. |
(i) | Formerly Institutional I Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (continued) | 113 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SHORT-TERM CORPORATE BOND FUND | ||||||||||||||||||||
A SHARES(g) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $10.29 | $ 10.21 | $ 9.89 | $ 9.87 | $ 9.83 | |||||||||||||||
Income (Loss) From Operations: | �� | |||||||||||||||||||
Net Investment Income(c) | 0.12 | 0.16 | 0.21 | 0.27 | 0.40 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.03 | 0.10 | 0.33 | 0.08 | 0.03 | |||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.15 | 0.26 | 0.54 | 0.35 | 0.43 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.12 | ) | (0.17 | ) | (0.22 | ) | (0.33 | ) | (0.39 | ) | ||||||||||
Net Realized Gains | (0.04 | ) | (0.01 | ) | — | — | — | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.16 | ) | (0.18 | ) | (0.22 | ) | (0.33 | ) | (0.39 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.28 | $10.29 | $10.21 | $ 9.89 | $ 9.87 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 1.48 | % | 2.57 | % | 5.47 | % | 3.59 | % | 4.48 | % | ||||||||||
Net Assets, End of Period (000’s) | $8,912 | $11,905 | $5,461 | $453 | $63 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.37 | % | 1.45 | % | 1.49 | % | 1.48 | % | 1.49 | % | ||||||||||
Net Expenses(b) | 0.86 | % | 0.86 | % | 0.92 | % | 0.89 | % | 0.89 | % | ||||||||||
Net Investment Income | 1.16 | % | 1.57 | % | 2.04 | % | 3.21 | % | 4.01 | % | ||||||||||
Portfolio Turnover Rate | 73 | % | 142 | % | 81 | % | 94 | % | 80 | % | ||||||||||
C SHARES(h) | 2012 | 2011 | 2010(d) | |||||||||||||||||
Net Asset Value, Beginning of Period | $10.30 | $10.21 | $10.18 | |||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.04 | 0.08 | 0.01 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.04 | 0.11 | 0.03 | |||||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.08 | 0.19 | 0.04 | |||||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.05 | ) | (0.09 | ) | (0.01 | ) | ||||||||||||||
Net Realized Gains | (0.04 | ) | (0.01 | ) | — | |||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.09 | ) | (0.10 | ) | (0.01 | ) | ||||||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.29 | $10.30 | $10.21 | |||||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.71 | % | 1.89 | % | 0.35 | % | ||||||||||||||
Net Assets, End of Period (000’s) | $350 | $393 | $130 | |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 2.12 | % | 2.20 | % | 2.65 | %(e) | ||||||||||||||
Net Expenses(b) | 1.61 | % | 1.61 | % | 1.70 | %(e) | ||||||||||||||
Net Investment Income | 0.42 | % | 0.79 | % | 1.57 | %(e) | ||||||||||||||
Portfolio Turnover Rate | 73 | % | 142 | % | 81 | %(f) |
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
114 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SHORT-TERM CORPORATE BOND FUND – (continued) | ||||||||||||||||||||
I SHARES(i) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $10.29 | $10.21 | $ 9.89 | $ 9.88 | $ 9.83 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.15 | 0.18 | 0.23 | 0.33 | 0.41 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.03 | 0.10 | 0.32 | 0.02 | 0.05 | |||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.18 | 0.28 | 0.55 | 0.35 | 0.46 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.15 | ) | (0.19 | ) | (0.23 | ) | (0.34 | ) | (0.41 | ) | ||||||||||
Net Realized Gains | (0.04 | ) | (0.01 | ) | — | — | — | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.19 | ) | (0.20 | ) | (0.23 | ) | (0.34 | ) | (0.41 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.28 | $10.29 | $10.21 | $ 9.89 | $ 9.88 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 1.74 | % | 2.83 | % | 5.66 | % | 3.64 | % | 4.74 | % | ||||||||||
Net Assets, End of Period (000’s) | $189,176 | $176,531 | $108,636 | $61,655 | $54,417 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.11 | % | 1.20 | % | 1.22 | % | 1.23 | % | 1.24 | % | ||||||||||
Net Expenses(b) | 0.61 | % | 0.61 | % | 0.71 | % | 0.73 | % | 0.74 | % | ||||||||||
Net Investment Income | 1.42 | % | 1.81 | % | 2.32 | % | 3.42 | % | 4.17 | % | ||||||||||
Portfolio Turnover Rate | 73 | % | 142 | % | 81 | % | 94 | % | 80 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Reflects investment operations for the period from April 9, 2010 to April 30, 2010. |
(e) | Annualized for periods less than one year. |
(f) | Reflects portfolio turnover for the Fund for the year ended April 30, 2010. |
(g) | Formerly Class A Shares. |
(h) | Formerly Class C Shares. |
(i) | Formerly Institutional I Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (continued) | 115 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND | ||||||||||||||||||||
A SHARES(g) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $9.87 | $9.90 | $ 9.90 | $ 9.78 | $ 9.61 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.16 | 0.21 | (j) | 0.30 | 0.32 | 0.36 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.02 | ) | 0.00 | (j)(k) | 0.01 | 0.12 | 0.17 | |||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.14 | 0.21 | 0.31 | 0.44 | 0.53 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.22 | ) | (0.24 | ) | (0.31 | ) | (0.32 | ) | (0.36 | ) | ||||||||||
Net Realized Gains | — | — | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.22 | ) | (0.24 | ) | (0.31 | ) | (0.32 | ) | (0.36 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $9.79 | $9.87 | $ 9.90 | $ 9.90 | $ 9.78 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 1.40 | % | 2.10 | % | 3.15 | % | 4.59 | % | 5.65 | % | ||||||||||
Net Assets, End of Period (000’s) | $22,874 | $16,848 | $10,680 | $5,209 | $3,005 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.27 | % | 1.36 | % | 1.36 | % | 1.25 | % | 1.26 | % | ||||||||||
Net Expenses(b) | 0.88 | % | 0.89 | % | 0.86 | % | 0.80 | % | 0.81 | % | ||||||||||
Net Investment Income | 1.65 | % | 2.09 | %(j) | 3.04 | % | 3.27 | % | 3.76 | % | ||||||||||
Portfolio Turnover Rate | 131 | % | 255 | % | 164 | % | 84 | % | 67 | % | ||||||||||
C SHARES(h) | 2012 | 2011 | 2010(d) | |||||||||||||||||
Net Asset Value, Beginning of Period | $9.89 | $9.92 | $ 9.90 | |||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.10 | 0.13 | (j) | 0.01 | ||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.04 | ) | 0.00 | (j)(k) | 0.02 | |||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.06 | 0.13 | 0.03 | |||||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.14 | ) | (0.16 | ) | (0.01 | ) | ||||||||||||||
Net Realized Gains | — | — | — | |||||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.14 | ) | (0.16 | ) | (0.01 | ) | ||||||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $9.81 | $9.89 | $ 9.92 | |||||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.61 | % | 1.29 | % | 0.30 | % | ||||||||||||||
Net Assets, End of Period (000’s) | $905 | $1,231 | $210 | |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 2.03 | % | 2.12 | % | 2.08 | %(e) | ||||||||||||||
Net Expenses(b) | 1.65 | % | 1.66 | % | 1.72 | %(e) | ||||||||||||||
Net Investment Income | 1.00 | % | 1.28 | %(j) | 2.32 | %(e) | ||||||||||||||
Portfolio Turnover Rate | 131 | % | 255 | % | 164 | %(f) |
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
116 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND – (continued) | ||||||||||||||||||||
I SHARES(i) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $9.89 | $9.92 | $ 9.92 | $ 9.78 | $ 9.61 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.18 | 0.23 | (j) | 0.32 | 0.35 | 0.38 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.02 | ) | 0.00 | (j)(k) | 0.00 | 0.13 | 0.17 | |||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.16 | 0.23 | 0.32 | 0.48 | 0.55 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.24 | ) | (0.26 | ) | (0.32 | ) | (0.34 | ) | (0.38 | ) | ||||||||||
Net Realized Gains | — | — | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.24 | ) | (0.26 | ) | (0.32 | ) | (0.34 | ) | (0.38 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $9.81 | $9.89 | $ 9.92 | $ 9.92 | $ 9.78 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 1.66 | % | 2.35 | % | 3.32 | % | 4.96 | % | 5.81 | % | ||||||||||
Net Assets, End of Period (000’s) | $151,399 | $83,037 | $77,725 | $69,442 | $164,547 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.01 | % | 1.11 | % | 1.11 | % | 0.99 | % | 1.01 | % | ||||||||||
Net Expenses(b) | 0.63 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.66 | % | ||||||||||
Net Investment Income | 1.85 | % | 2.34 | %(j) | 3.25 | % | 3.45 | % | 3.91 | % | ||||||||||
Portfolio Turnover Rate | 131 | % | 255 | % | 164 | % | 84 | % | 67 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Reflects investment operations for the period from April 12, 2010 to April 30, 2010. |
(e) | Annualized for periods less than one year. |
(f) | Reflects portfolio turnover for the Fund for the year ended April 30, 2010. |
(g) | Formerly Class A Shares. |
(h) | Formerly Class C Shares. |
(i) | Formerly Institutional I Shares. |
(j) | Net investment income per share and net realized and unrealized gain (loss) per share were (decreased)/increased by ($0.03) and $0.03, respectively, to reflect amortization adjustments and paydown losses. A corresponding adjustment was made to decrease the net investment income ratio by 0.27%. |
(k) | Represent less than $0.05. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (continued) | 117 |
For a share outstanding throughout each year ended June 30, unless otherwise noted:
WILMINGTON MUNICIPAL BOND FUND† | ||||||||||||||||||||||||
A SHARES | For the period July 1, 2011 through April 30, 2012* | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $13.18 | $13.22 | $12.64 | $12.79 | $12.75 | $12.66 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income | 0.29 | (b) | 0.42 | 0.46 | 0.47 | 0.45 | 0.40 | |||||||||||||||||
Net realized and unrealized gain (loss) on Investments | 0.78 | 0.04 | 0.61 | (0.10 | ) | 0.04 | 0.09 | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | 1.07 | 0.46 | 1.07 | 0.37 | 0.49 | 0.49 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.29 | ) | (0.42 | ) | (0.46 | ) | (0.47 | ) | (0.45 | ) | (0.40 | ) | ||||||||||||
Net Realized gains | (0.17 | ) | (0.08 | ) | (0.03 | ) | (0.05 | ) | — | — | ||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.46 | ) | (0.50 | ) | (0.49 | ) | (0.52 | ) | (0.45 | ) | (0.40 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $13.79 | $13.18 | $13.22 | $12.64 | $12.79 | $12.75 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(a) | 8.18 | % | 3.56 | % | 8.57 | % | 3.04 | % | 3.86 | % | 3.92 | % | ||||||||||||
Net Assets, End of Period (000’s) | $708 | $758 | $579 | $164 | $11 | $10 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 0.92 | %(d) | 0.86 | % | 0.85 | % | 0.87 | % | 0.86 | % | 0.90 | % | ||||||||||||
Net Expenses(b) | 0.87 | %(d) | 0.86 | % | 0.85 | % | 0.87 | % | 0.86 | % | 0.90 | % | ||||||||||||
Net Investment Income | 2.56 | %(d) | 3.20 | % | 3.55 | % | 3.50 | % | 3.48 | % | 3.15 | % | ||||||||||||
Portfolio Turnover Rate | 52 | % | 30 | % | �� | 44 | % | 19 | % | 37 | % | 56 | % | |||||||||||
I SHARES(c) | For the period | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $13.19 | $13.22 | $12.64 | $12.79 | $12.75 | $12.66 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income | 0.32 | (b) | 0.45 | 0.49 | 0.50 | 0.48 | 0.43 | |||||||||||||||||
Net realized and unrealized gain (loss) on Investments | 0.77 | 0.05 | 0.61 | (0.10 | ) | 0.04 | 0.09 | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | 1.09 | 0.50 | 1.10 | 0.40 | 0.52 | 0.52 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.32 | ) | (0.45 | ) | (0.49 | ) | (0.50 | ) | (0.48 | ) | (0.43 | ) | ||||||||||||
Net Realized gains | (0.17 | ) | (0.08 | ) | (0.03 | ) | (0.05 | ) | — | — | ||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.49 | ) | (0.53 | ) | (0.52 | ) | (0.55 | ) | (0.48 | ) | (0.43 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $13.79 | $13.19 | $13.22 | $12.64 | $12.79 | $12.75 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | 8.33 | % | 3.90 | % | 8.84 | % | 3.27 | % | 4.09 | % | 4.15 | % | ||||||||||||
Net Assets, End of Period (000’s) | $146,009 | $141,519 | $166,253 | $135,073 | $134,272 | $113,118 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 0.68 | %(d) | 0.61 | % | 0.60 | % | 0.62 | % | 0.61 | % | 0.65 | % | ||||||||||||
Net Expenses(e) | 0.62 | %(d) | 0.61 | % | 0.60 | % | 0.62 | % | 0.61 | % | 0.65 | % | ||||||||||||
Net Investment Income | 2.80 | %(d) | 3.44 | % | 3.79 | % | 3.99 | % | 3.70 | % | 3.37 | % | ||||||||||||
Portfolio Turnover Rate | 52 | % | 30 | % | 44 | % | 19 | % | 37 | % | 56 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | Per share numbers have been calculated using the average shares method. |
(c) | Formerly Institutional Shares. |
(d) | Annualized for periods less than one year. |
(e) | The investment advisor or other service providers waived or reimbursed a portion of their fees. |
† | Effective March 9, 2012, the Fund acquired all the assets and liabilities of the Wilmington Municipal Bond Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the period, prior to that date reflect the performance of the WT Fund. |
* | Prior to March 9, 2012, the Funds fiscal year end was June 30. |
See Notes which are an integral part of the Financial Statements.
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
118 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON MARYLAND MUNICIPAL BOND FUND | ||||||||||||||||||||
A SHARES(d) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $ 9.77 | $ 9.98 | $ 9.50 | $ 9.82 | $10.10 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.34 | 0.36 | 0.38 | 0.40 | 0.39 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.40 | (0.21 | ) | 0.49 | (0.30 | ) | (0.26 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.74 | 0.15 | 0.87 | 0.10 | 0.13 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.34 | ) | (0.36 | ) | (0.39 | ) | (0.40 | ) | (0.39 | ) | ||||||||||
Net Realized Gains | — | — | — | (0.02 | ) | (0.02 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.34 | ) | (0.36 | ) | (0.39 | ) | (0.42 | ) | (0.41 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.17 | $9.77 | $ 9.98 | $ 9.50 | $ 9.82 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 7.71 | % | 1.54 | % | 9.24 | % | 1.10 | % | 1.30 | % | ||||||||||
Net Assets, End of Period (000’s) | $36,079 | $34,550 | $42,303 | $38,627 | $41,846 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.36 | % | 1.38 | % | 1.38 | % | 1.38 | % | 1.39 | % | ||||||||||
Net Expenses(b) | 0.94 | % | 0.94 | % | 0.82 | % | 0.79 | % | 0.81 | % | ||||||||||
Net Investment Income | 3.41 | % | 3.62 | % | 3.90 | % | 4.21 | % | 3.95 | % | ||||||||||
Portfolio Turnover Rate | 34 | % | 6 | % | 8 | % | 6 | % | 3 | % | ||||||||||
I SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $ 9.79 | $ 9.99 | $ 9.51 | $ 9.83 | $10.11 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.37 | 0.39 | 0.40 | 0.41 | 0.40 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.39 | (0.20 | ) | 0.48 | (0.30 | ) | (0.26 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.76 | 0.19 | 0.88 | 0.11 | 0.14 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.37 | ) | (0.39 | ) | (0.40 | ) | (0.41 | ) | (0.40 | ) | ||||||||||
Net Realized Gains | — | — | — | (0.02 | ) | (0.02 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.37 | ) | (0.39 | ) | (0.40 | ) | (0.43 | ) | (0.42 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.18 | $9.79 | $ 9.99 | $ 9.51 | $ 9.83 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 7.89 | % | 1.90 | % | 9.33 | % | 1.20 | % | 1.40 | % | ||||||||||
Net Assets, End of Period (000’s) | $75,423 | $78,912 | $85,039 | $79,494 | $86,933 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.11 | % | 1.13 | % | 1.13 | % | 1.13 | % | 1.14 | % | ||||||||||
Net Expenses(b) | 0.66 | % | 0.67 | % | 0.70 | % | 0.70 | % | 0.72 | % | ||||||||||
Net Investment Income | 3.69 | % | 3.90 | % | 4.02 | % | 4.30 | % | 4.05 | % | ||||||||||
Portfolio Turnover Rate | 34 | % | 6 | % | 8 | % | 6 | % | 3 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Formerly Class A Shares. |
(e) | Formerly Institutional I Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (continued) | 119 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON NEW YORK MUNICIPAL BOND FUND | ||||||||||||||||||||
A SHARES(d) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $10.08 | $ 10.25 | $ 9.89 | $10.25 | $10.51 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.28 | 0.35 | 0.35 | 0.38 | 0.39 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.51 | (0.16 | ) | 0.36 | (0.34 | ) | (0.27 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.79 | 0.19 | 0.71 | 0.04 | 0.12 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.28 | ) | (0.36 | ) | (0.35 | ) | (0.40 | ) | (0.38 | ) | ||||||||||
Net Realized Gains | — | — | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.28 | ) | (0.36 | ) | (0.35 | ) | (0.40 | ) | (0.38 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.59 | $10.08 | $10.25 | $ 9.89 | $10.25 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 7.99 | % | 1.83 | % | 7.28 | % | 0.44 | % | 1.21 | % | ||||||||||
Net Assets, End of Period (000’s) | $35,099 | $34,107 | $40,748 | $33,904 | $60,836 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.36 | % | 1.40 | % | 1.40 | % | 1.40 | % | 1.39 | % | ||||||||||
Net Expenses(b) | 0.84 | % | 0.84 | % | 0.80 | % | 0.75 | % | 0.79 | % | ||||||||||
Net Investment Income | 2.73 | % | 3.47 | % | 3.42 | % | 3.96 | % | 3.70 | % | ||||||||||
Portfolio Turnover Rate | 87 | % | 67 | % | 64 | % | 102 | % | 119 | % | ||||||||||
I SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $10.08 | $ 10.26 | $ 9.89 | $10.25 | $10.51 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.31 | 0.38 | 0.36 | 0.41 | 0.40 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.52 | (0.18 | ) | 0.37 | (0.36 | ) | (0.27 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.83 | 0.20 | 0.73 | 0.05 | 0.13 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.31 | ) | (0.38 | ) | (0.36 | ) | (0.41 | ) | (0.39 | ) | ||||||||||
Net Realized Gains | — | — | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.31 | ) | (0.38 | ) | (0.36 | ) | (0.41 | ) | (0.39 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.60 | $10.08 | $10.26 | $ 9.89 | $10.25 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 8.33 | % | 1.97 | % | 7.54 | % | 0.54 | % | 1.31 | % | ||||||||||
Net Assets, End of Period (000’s) | $74,913 | $68,919 | $67,239 | $57,173 | $42,737 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.11 | % | 1.15 | % | 1.15 | % | 1.15 | % | 1.16 | % | ||||||||||
Net Expenses(b) | 0.59 | % | 0.59 | % | 0.64 | % | 0.65 | % | 0.66 | % | ||||||||||
Net Investment Income | 2.99 | % | 3.71 | % | 3.58 | % | 4.11 | % | 3.83 | % | ||||||||||
Portfolio Turnover Rate | 87 | % | 67 | % | 64 | % | 102 | % | 119 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Formerly Class A Shares. |
(e) | Formerly Institutional I Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
120 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON PENNSYLVANIA MUNICIPAL BOND FUND | ||||||||||||||||||||
A SHARES(d) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $10.02 | $ 10.13 | $ 9.87 | $10.02 | $10.09 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.34 | 0.33 | 0.37 | 0.37 | 0.35 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.48 | (0.11 | ) | 0.26 | (0.14 | ) | (0.07 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.82 | 0.22 | 0.63 | 0.23 | 0.28 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.34 | ) | (0.33 | ) | (0.37 | ) | (0.37 | ) | (0.35 | ) | ||||||||||
Net Realized Gains | — | — | — | (0.01 | ) | — | ||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.34 | ) | (0.33 | ) | (0.37 | ) | (0.38 | ) | (0.35 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.50 | $10.02 | $10.13 | $ 9.87 | $10.02 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 8.37 | % | 2.33 | % | 6.51 | % | 2.39 | % | 2.87 | % | ||||||||||
Net Assets, End of Period (000’s) | $8,678 | $7,750 | $6,727 | $4,731 | $5,344 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.35 | % | 1.40 | % | 1.38 | % | 1.37 | % | 1.38 | % | ||||||||||
Net Expenses(b) | 0.94 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | ||||||||||
Net Investment Income | 3.23 | % | 3.30 | % | 3.69 | % | 3.77 | % | 3.54 | % | ||||||||||
Portfolio Turnover Rate | 37 | % | 19 | % | 8 | % | 21 | % | 14 | % | ||||||||||
I SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $10.03 | $ 10.13 | $ 9.87 | $10.02 | $10.09 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.35 | 0.36 | 0.38 | 0.38 | 0.37 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.50 | (0.10 | ) | 0.26 | (0.14 | ) | (0.08 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.85 | 0.26 | 0.64 | 0.24 | 0.29 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.37 | ) | (0.36 | ) | (0.38 | ) | (0.38 | ) | (0.36 | ) | ||||||||||
Net Realized Gains | — | — | — | (0.01 | ) | — | ||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.37 | ) | (0.36 | ) | (0.38 | ) | (0.39 | ) | (0.36 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.51 | $10.03 | $10.13 | $ 9.87 | $10.02 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 8.57 | % | 2.57 | % | 6.62 | % | 2.49 | % | 2.97 | % | ||||||||||
Net Assets, End of Period (000’s) | $92,268 | $93,786 | $98,299 | $106,029 | $117,723 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.10 | % | 1.15 | % | 1.13 | % | 1.12 | % | 1.13 | % | ||||||||||
Net Expenses(b) | 0.69 | % | 0.70 | % | 0.83 | % | 0.85 | % | 0.85 | % | ||||||||||
Net Investment Income | 3.48 | % | 3.54 | % | 3.82 | % | 3.87 | % | 3.64 | % | ||||||||||
Portfolio Turnover Rate | 37 | % | 19 | % | 8 | % | 21 | % | 14 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Formerly Class A Shares. |
(e) | Formerly Institutional I Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (continued) | 121 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON VIRGINIA MUNICIPAL BOND FUND | ||||||||||||||||||||
A SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $10.78 | $10.86 | $10.67 | $10.67 | $10.90 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.31 | 0.35 | 0.37 | 0.38 | 0.40 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.45 | (0.08 | ) | 0.19 | 0.00 | (d) | (0.14 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.76 | 0.27 | 0.56 | 0.38 | 0.26 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.30 | ) | (0.35 | ) | (0.37 | ) | (0.38 | ) | (0.39 | ) | ||||||||||
Net Realized Gains | (0.03 | ) | — | — | (0.00 | )(d) | (0.10 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.33 | ) | (0.35 | ) | (0.37 | ) | (0.38 | ) | (0.49 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $11.21 | $10.78 | $10.86 | $10.67 | $10.67 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 7.22 | % | 2.48 | % | 5.28 | % | 3.73 | % | 2.47 | % | ||||||||||
Net Assets, End of Period (000’s) | $20,374 | $20,803 | $21,238 | $20,085 | $16,570 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.73 | % | 1.79 | % | 1.81 | % | 1.88 | % | 1.77 | % | ||||||||||
Net Expenses(b) | 0.96 | % | 0.94 | % | 0.82 | % | 0.84 | % | 0.88 | % | ||||||||||
Net Investment Income | 2.78 | % | 3.21 | % | 3.40 | % | 3.62 | % | 3.67 | % | ||||||||||
Portfolio Turnover Rate | 39 | % | 11 | % | 19 | % | 7 | % | 3 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Represents less than $0.01. |
(e) | Formerly Class A Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
122 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON PRIME MONEY MARKET FUND | ||||||||||||||||||||
ADMINISTRATIVE SHARES(d) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income | 0.000 | (c) | 0.000 | (c) | 0.000 | (c) | 0.012 | 0.042 | ||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.000 | )(c) | (0.000 | )(c) | (0.000 | )(c) | (0.012 | ) | (0.042 | ) | ||||||||||
Return of Capital | — | — | (0.000 | )(c) | — | — | ||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.012 | ) | (0.042 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.03 | % | 0.04 | % | 0.04 | % | 1.25 | % | 4.29 | % | ||||||||||
Net Assets, End of Period (000’s) | $464,721 | $416,387 | $425,103 | $447,219 | $1,104,416 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.80 | % | 0.75 | % | 0.77 | % | 0.74 | % | 0.74 | % | ||||||||||
Net Expenses(b) | 0.16 | % | 0.25 | % | 0.26 | % | 0.53 | % | 0.52 | % | ||||||||||
Net Investment Income | 0.02 | % | 0.04 | % | 0.04 | % | 1.55 | % | 3.93 | % | ||||||||||
SELECT SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income | 0.000 | (c) | 0.000 | (c) | 0.000 | (c) | 0.011 | 0.041 | ||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.000 | )(c) | (0.000 | )(c) | (0.000 | )(c) | (0.011 | ) | (0.041 | ) | ||||||||||
Return of Capital | — | — | (0.000 | )(c) | — | — | ||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.011 | ) | (0.041 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.02 | % | 0.01 | % | 0.02 | % | 1.13 | % | 4.14 | % | ||||||||||
Net Assets, End of Period (000’s) | $2,424,783 | $345,931 | $459,497 | $630,429 | $837,674 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.73 | % | 0.75 | % | 0.77 | % | 0.76 | % | 0.75 | % | ||||||||||
Net Expenses(b) | 0.16 | % | 0.28 | % | 0.29 | % | 0.67 | % | 0.67 | % | ||||||||||
Net Investment Income | 0.03 | % | 0.01 | % | 0.02 | % | 1.20 | % | 3.97 | % | ||||||||||
SERVICE SHARES(f) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income | 0.000 | (c) | 0.000 | (c) | 0.000 | (c) | 0.013 | 0.043 | ||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.000 | )(c) | (0.000 | )(c) | (0.000 | )(c) | (0.013 | ) | (0.043 | ) | ||||||||||
Return of Capital | — | — | (0.000 | )(c) | — | — | ||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.013 | ) | (0.043 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.01 | % | 0.01 | % | 0.03 | % | 1.30 | % | 4.35 | % | ||||||||||
Net Assets, End of Period (000’s) | $779,543 | $217,836 | $244,661 | $320,238 | $459,544 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.98 | % | 1.00 | % | 1.02 | % | 1.00 | % | 0.99 | % | ||||||||||
Net Expenses(b) | 0.18 | % | 0.28 | % | 0.28 | % | 0.49 | % | 0.47 | % | ||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.03 | % | 1.42 | % | 3.98 | % | ||||||||||
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (continued) | 123 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON PRIME MONEY MARKET FUND – (continued) | ||||||||||||
INSTITUTIONAL SHARES(g) | 2012 | |||||||||||
Net Asset Value, Beginning of Period | $1.000 | |||||||||||
Income (Loss) From Operations: | ||||||||||||
Net Investment Income | 0.000 | (c) | ||||||||||
|
| |||||||||||
Less Distributions From: | ||||||||||||
Net Investment Income | (0.000 | )(c) | ||||||||||
Return of Capital | — | |||||||||||
|
| |||||||||||
Total Distributions | (0.000 | ) | ||||||||||
|
| |||||||||||
Net Asset Value, End of Period | $1.000 | |||||||||||
|
| |||||||||||
Total Return(a) | 0.01 | % | ||||||||||
Net Assets, End of Period (000’s) | $42,072 | |||||||||||
Ratios to Average Net Assets | ||||||||||||
Gross Expense | 0.46 | %(h) | ||||||||||
Net Expenses(b) | 0.16 | %(h) | ||||||||||
Net Investment Income | 0.04 | %(h) |
(a) | Total returns for periods of less than one year are not annualized. |
(b) | The investment manager voluntarily waived a portion of its fees. |
(c) | Represents less than $0.001. |
(d) | Formerly Institutional II Shares. |
(e) | Formerly Class A Shares. |
(f) | Formerly Class A2 Shares. |
(g) | Reflects investment operations for the period from March 12, 2012 to April 30, 2012. |
(h) | Annualized for periods less the one year. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
124 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND | ||||||||||||||||||||
ADMINISTRATIVE SHARES(d) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income | 0.000 | (c) | 0.000 | (c) | 0.000 | (c) | 0.012 | 0.040 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.000 | (c) | — | — | — | — | ||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.012 | 0.040 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.000 | )(c) | (0.000 | )(c) | (0.000 | )(c) | (0.012 | ) | (0.040 | ) | ||||||||||
Return of Capital | — | (0.000 | )(c) | (0.000 | )(c) | — | — | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.012 | ) | (0.040 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.01 | % | 0.01 | % | 0.02 | % | 1.23 | % | 4.09 | % | ||||||||||
Net Assets, End of Period (000’s) | $1,801,115 | $1,493,139 | $1,582,317 | $1,642,160 | $1,417,435 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.79 | % | 0.73 | % | 0.74 | % | 0.73 | % | 0.73 | % | ||||||||||
Net Expenses(b) | 0.12 | % | 0.25 | % | 0.29 | % | 0.58 | % | 0.55 | % | ||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.02 | % | 1.17 | % | 3.88 | % | ||||||||||
SELECT SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income | 0.000 | (c) | 0.000 | (c) | 0.000 | (c) | 0.013 | 0.041 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.000 | (c) | — | — | — | — | ||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.013 | 0.041 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.000 | )(c) | (0.000 | )(c) | (0.000 | )(c) | (0.013 | ) | (0.041 | ) | ||||||||||
Return of Capital | — | (0.000 | )(c) | (0.000 | )(c) | — | — | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.000 | ) | (0.001 | ) | (0.000 | ) | (0.013 | ) | (0.041 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.01 | % | 0.01 | % | 0.02 | % | 1.34 | % | 4.20 | % | ||||||||||
Net Assets, End of Period (000’s) | $1,213,146 | $355,506 | $496,004 | $1,394,758 | $2,196,947 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.72 | % | 0.74 | % | 0.75 | % | 0.73 | % | 0.73 | % | ||||||||||
Net Expenses(b) | 0.12 | % | 0.26 | % | 0.32 | % | 0.48 | % | 0.45 | % | ||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.02 | % | 1.38 | % | 3.97 | % | ||||||||||
SERVICE SHARES(f) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income | 0.000 | (c) | 0.000 | (c) | 0.000 | (c) | 0.011 | 0.038 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.000 | (c) | — | — | — | — | ||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.011 | 0.038 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.000 | )(c) | (0.000 | )(c) | (0.000 | )(c) | (0.011 | ) | (0.038 | ) | ||||||||||
Return of Capital | — | (0.000 | )(c) | (0.000 | )(c) | — | — | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.011 | ) | (0.038 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.01 | % | 0.01 | % | 0.02 | % | 1.14 | % | 3.97 | % | ||||||||||
Net Assets, End of Period (000’s) | $873,278 | $35,561 | $35,502 | $42,427 | $26,789 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.97 | % | 0.98 | % | 1.00 | % | 0.99 | % | 0.99 | % | ||||||||||
Net Expenses(b) | 0.13 | % | 0.25 | % | 0.30 | % | 0.73 | % | 0.70 | % | ||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.02 | % | 0.97 | % | 3.77 | % | ||||||||||
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (continued) | 125 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND – (continued) | ||||||||||||
INSTITUTIONAL SHARES(g) | 2012 | |||||||||||
Net Asset Value, Beginning of Period | $1.000 | |||||||||||
Income (Loss) From Operations: | ||||||||||||
Net Investment Income | 0.000 | (c) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.000 | (c) | ||||||||||
|
| |||||||||||
Total Income (Loss) From Operations | 0.000 | |||||||||||
|
| |||||||||||
Less Distributions From: | ||||||||||||
Net Investment Income | (0.000 | )(c) | ||||||||||
Return of Capital | — | |||||||||||
|
| |||||||||||
Total Distributions | (0.000 | ) | ||||||||||
|
| |||||||||||
Net Asset Value, End of Period | $1.000 | |||||||||||
|
| |||||||||||
Total Return(a) | 0.00 | % | ||||||||||
Net Assets, End of Period (000’s) | $85,322 | |||||||||||
Ratios to Average Net Assets | ||||||||||||
Gross Expense | 0.46 | %(h) | ||||||||||
Net Expenses(b) | 0.13 | %(h) | ||||||||||
Net Investment Income | 0.01 | %(h) |
(a) | Total returns for periods of less than one year are not annualized. |
(b) | The investment manager voluntarily waived a portion of its fees. |
(c) | Represents less than $0.001. |
(d) | Formerly Institutional II Shares. |
(e) | Formerly Institutional I Shares. |
(f) | Formerly Class A Shares. |
(g) | Reflects investment operations for the period from March 12, 2012 to April 30, 2012. |
(h) | Annualized for periods less the one year. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
126 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON U.S. TREASURY MONEY MARKET FUND | ||||||||||||||||||||
ADMINISTRATIVE SHARES(d) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income | 0.000 | (c) | 0.000 | (c) | 0.000 | (c) | 0.006 | 0.035 | ||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.000 | (c) | — | — | — | — | ||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.006 | 0.035 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.000 | )(c) | (0.000 | )(c) | (0.000 | )(c) | (0.006 | ) | (0.035 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.01 | % | 0.01 | % | 0.02 | % | 0.58 | % | 3.51 | % | ||||||||||
Net Assets, End of Period (000’s) | $909,306 | $676,070 | $654,530 | $752,284 | $447,430 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.80 | % | 0.74 | % | 0.73 | % | 0.74 | % | 0.75 | % | ||||||||||
Net Expenses(b) | 0.06 | % | 0.16 | % | 0.22 | % | 0.54 | % | 0.64 | % | ||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.03 | % | 0.39 | % | 3.22 | % | ||||||||||
SELECT SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income | 0.000 | (c) | 0.000 | (c) | 0.000 | (c) | 0.005 | 0.033 | ||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.000 | (c) | — | — | — | — | ||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.005 | 0.033 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.000 | )(c) | (0.000 | )(c) | (0.000 | )(c) | (0.005 | ) | (0.033 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.01 | % | 0.01 | % | 0.02 | % | 0.54 | % | 3.40 | % | ||||||||||
Net Assets, End of Period (000’s) | $210,231 | $71,929 | $141,648 | $133,754 | $103,488 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.73 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.76 | % | ||||||||||
Net Expenses(b) | 0.06 | % | 0.17 | % | 0.20 | % | 0.60 | % | 0.74 | % | ||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.02 | % | 0.48 | % | 3.32 | % | ||||||||||
SERVICE SHARES(f) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income | 0.000 | (c) | 0.000 | (c) | 0.000 | (c) | 0.004 | 0.031 | ||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.000 | (c) | — | — | — | — | ||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.004 | 0.031 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.000 | )(c) | (0.000 | )(c) | (0.000 | )(c) | (0.004 | ) | (0.031 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.01 | % | 0.01 | % | 0.02 | % | 0.43 | % | 3.14 | % | ||||||||||
Net Assets, End of Period (000’s) | $8,909 | $10,627 | $10,755 | $10,271 | $21,153 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.99 | % | 0.99 | % | 0.98 | % | 0.99 | % | 1.01 | % | ||||||||||
Net Expenses(b) | 0.06 | % | 0.16 | % | 0.20 | % | 0.74 | % | 0.99 | % | ||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.02 | % | 0.45 | % | 3.27 | % |
(a) | Total returns for periods of less than one year are not annualized. |
(b) | The investment manager voluntarily waived a portion of its fees. |
(c) | Represents less than $0.001. |
(d) | Formerly Class Institutional II Shares. |
(e) | Formerly Class A Shares. |
(f) | Formerly Class S Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (concluded) | 127 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON TAX-EXEMPT MONEY MARKET FUND | ||||||||||||||||||||
ADMINISTRATIVE SHARES(d) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income | 0.000 | (c) | 0.000 | (c) | 0.001 | 0.012 | 0.026 | |||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.000 | (c) | — | — | — | 0.001 | ||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations |
|
0.000 |
|
|
0.000 |
| 0.001 | 0.012 | 0.027 | |||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income |
|
(0.000 |
)(c) |
|
(0.000 |
)(c) | (0.001 | ) | (0.012 | ) | (0.027 | ) | ||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.01 | % | 0.03 | % | 0.06 | % | 1.25 | % | 2.74 | % | ||||||||||
Net Assets, End of Period (000’s) | $41,513 | $33,322 | $36,870 | $49,143 | $39,081 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.87 | % | 0.83 | % | 0.78 | % | 0.78 | % | 0.82 | % | ||||||||||
Net Expenses(b) | 0.23 | % | 0.39 | % | 0.45 | % | 0.56 | % | 0.54 | % | ||||||||||
Net Investment Income | 0.01 | % | 0.03 | % | 0.06 | % | 1.21 | % | 2.64 | % | ||||||||||
SELECT SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income | 0.000 | (c) | 0.000 | (c) | 0.001 | 0.014 | 0.028 | |||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.000 | (c) | — | — | — | 0.001 | ||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.001 | 0.014 | 0.029 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.000 | )(c) | (0.000 | )(c) | (0.001 | ) | (0.014 | ) | (0.029 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.01 | % | 0.03 | % | 0.09 | % | 1.40 | % | 2.88 | % | ||||||||||
Net Assets, End of Period (000’s) | $362,551 | $108,802 | $83,916 | $180,584 | $70,133 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.77 | % | 0.83 | % | 0.78 | % | 0.78 | % | 0.90 | % | ||||||||||
Net Expenses(b) | 0.23 | % | 0.39 | % | 0.41 | % | 0.42 | % | 0.39 | % | ||||||||||
Net Investment Income | 0.01 | % | 0.03 | % | 0.10 | % | 1.14 | % | 2.75 | % | ||||||||||
SERVICE SHARES(f) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income | 0.000 | (c) | 0.000 | (c) | 0.000 | (c) | 0.010 | 0.024 | ||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.000 | (c) | — | — | — | 0.001 | ||||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.010 | 0.025 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.000 | )(c) | (0.000 | )(c) | (0.000 | )(c) | (0.010 | ) | (0.025 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $1.000 | $ 1.000 | $ 1.000 | $ 1.000 | $ 1.000 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | 0.01 | % | 0.01 | % | 0.03 | % | 1.00 | % | 2.49 | % | ||||||||||
Net Assets, End of Period (000’s) | $57,379 | $11,779 | $18,949 | $21,338 | $22,194 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.02 | % | 1.08 | % | 1.04 | % | 1.03 | % | 1.08 | % | ||||||||||
Net Expenses(b) | 0.23 | % | 0.41 | % | 0.47 | % | 0.80 | % | 0.79 | % | ||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.04 | % | 0.99 | % | 2.44 | % |
(a) | Total returns for periods of less than one year are not annualized. |
(b) | The investment manager voluntarily waived a portion of its fees. |
(c) | Represents less than $0.001. |
(d) | Formerly Class Institutional II Shares. |
(e) | Formerly Institutional I Shares. |
(f) | Formerly Class A Shares. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2012
Table of Contents
128 | NOTES TO FINANCIAL STATEMENTS |
Wilmington Funds
April 30, 2012
1. | ORGANIZATION |
Wilmington Funds (the “Trust”), formerly known as MTB Group of Funds, is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 26 portfolios, 13 of which are presented herein (individually referred to as the “Fund” or collectively as the “Funds”). The remaining 13 funds (1 of which is only made available to variable annuity contracts) are presented in separate reports.
Fund | Investment Goal | |
Wilmington Broad Market Bond Fund (“Broad Market Bond Fund” formerly MTB Income Fund)(d) | The Fund seeks to provide current income and secondarily, capital growth. | |
Wilmington Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”) formerly MTB Intermediate-Term Bond Fund(d) | The Fund seeks to provide current income and secondarily, capital growth. | |
Wilmington Short-Term Corporate Bond Fund (“Short-Term Corporate Bond Fund”) formerly MTB Short-Term Corporate Bond Fund(d) | The Fund seeks to provide current income. | |
Wilmington Short Duration Government Bond Fund (“Short Duration Government Bond Fund”) formerly MTB Short Duration Government Bond Fund(d) | The Fund seeks to provide current income and secondarily, preservation of capital. | |
Wilmington Municipal Bond Fund (“Municipal Bond Fund”)(d)* | The Fund seeks a high level of income exempt from federal income tax, consistent with the preservation of capital. | |
Wilmington Maryland Municipal Bond Fund (“Maryland Municipal Bond Fund”) formerly MTB Maryland Municipal Bond Fund(n) | The Fund seeks to provide current income that is exempt from both federal and Maryland state and local income taxes. | |
Wilmington New York Municipal Bond Fund (“New York Municipal Bond Fund”) formerly MTB New York Municipal Bond Fund(n) | The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes. | |
Wilmington Pennsylvania Municipal Bond Fund (“Pennsylvania Municipal Bond Fund”) formerly MTB Pennsylvania Municipal Bond Fund(n) | The Fund seeks to provide current income that is exempt from both federal and Pennsylvania state and local income taxes. | |
Wilmington Virginia Municipal Bond Fund (“Virginia Municipal Bond Fund”) formerly MTB Virginia Municipal Bond Fund(n) | The Fund seeks to provide current income that is exempt from both federal and Virginia state and local income taxes. | |
Wilmington Prime Money Market Fund (“Prime Money Market Fund”) formerly MTB Money Market Fund(d) | The Fund seeks to provide current income while maintaining liquidity and stability of principal. | |
Wilmington U.S. Government Money Market Fund (“U.S. Government Money Market Fund”) formerly MTB US Government Money Market Fund(d) | The Fund seeks to provide current income while maintaining liquidity and stability of principal. | |
Wilmington U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”) formerly MTB U.S. Treasury Money Market Fund(d) | The Fund seeks to provide current income while maintaining liquidity and stability of principal. | |
Wilmington Tax-Exempt Money Market Fund (“Tax-Exempt Money Market Fund”) formerly MTB Tax-Free Money Market Fund(d) | The Fund seeks to provide current income that is exempt from federal income taxes while maintaining liquidity and stability of principal. |
(d) | Diversified |
(n) | Non-diversified |
* | Effective March 9, 2012, the Wilmington Municipal Bond Fund (the “WT Municipal Bond Fund”), a series of WT Mutual Fund, was reorganized into the Trust. For financial reporting purposes, the WT Municipal Bond Fund’s financial and performance history prior to the reorganization has been carried forward and is reflected in the Fund’s financial statements and financial highlights. See Note 8 for additional information regarding the reorganization. |
The Trust offers 7 classes of shares: A Shares, C Shares, Service Shares, Select Shares, Administrative Shares, I Shares and Institutional Shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
Effective January 23, 2012, shares of the MTB Money Market Fund, MTB New York Tax-Free Money Market Fund, MTB Pennsylvania Tax-Free Money Fund, MTB Tax-Free Money Market
Fund, MTB U.S. Government Money Market Fund, and MTB Treasury Money Market Fund were converted into new share classes. Class A shares were converted to Service Shares, Class I shares were converted to Select Shares and Class I2 shares were converted to Administrative Shares. In addition, for the MTB Money Market Fund, Class A2 Shares and Class S Shares were combined and converted to Service Shares and Class I Shares and Class A shares were combined and converted to Select Shares.
(continued on next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO FINANCIAL STATEMENTS | 129 |
Class A Shares, Class C Shares, and Institutional I Shares were renamed A Shares, C Shares, and I Shares, respectively for all other series in the Trust.
The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment Valuation – Fair value of the Funds’ portfolio securities are determined as follows:
• | Money Market Funds use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act. |
• | investments in open-end regulated investment companies are valued at net asset value (“NAV”); |
• | for fixed income securities, according to prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; and |
• | for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. |
The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund’s Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds’ policy is to disclose significant transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2012, there were no significant transfers between Levels 1, 2 and 3 assets and liabilities based on levels assigned to securities at the beginning of the period. Pursuant to the Funds’ fair value procedure noted previously, fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy. Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.
In May 2011, the International Accounting Standards Board and the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04, which includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS, will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. In addition, ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.
Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.
Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Investment transactions are accounted for on the trade date basis for financial reporting purposes. Inflation/deflation adjustments on Treasury Inflation-Protected Securities are included in interest income. Realized gains and losses from investment transactions are recorded on an identified cost basis.
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.
All Funds, except Virginia Municipal Bond Fund, offer multiple classes of shares. Investment income, realized gains and losses, and
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130 | NOTES TO FINANCIAL STATEMENTS |
certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distribution rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any are declared and paid to shareholders annually. Distributions from net investment income are declared daily and paid monthly.
Premium and Discount Amortization/Accretion and Paydown Gains and Losses – All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.
Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for federal income tax are necessary.
Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.
When-Issued and Delayed Delivery Transactions – The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
The Funds may transact in “To Be Announced Securities” (“TBAs”). As with other delayed delivery transactions, a seller agrees to issue TBAs at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Funds agree to accept any security that meets specified criteria. For example, in a TBA mortgage transaction, the Fund and seller would agree upon the issuer, interest rate and terms of the underlying mortgages. The Funds record TBAs on the trade date utilizing information associated with the specified terms of the transaction as opposed to the specific mortgages. TBAs are marked to market daily and begin earning interest on the settlement date. Losses may occur due to the fact that the actual underlying mortgages received may be less favorable than those anticipated by the Funds.
Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (“FCs”) are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the net realized and unrealized
gain or loss on investments. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rate.
Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Fund’s restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.
Dollar Roll Transactions – The Short Duration Government Bond Fund, Intermediate-Term Bond Fund and Broad Market Bond Fund may enter into dollar roll transactions, with respect to mortgage securities issued by GNMA, FNMA, and FHLMC, in which the Funds sell mortgage securities to financial institutions and simultaneously agree to accept substantially similar (same type, coupon, maturity) securities at a later date at an agreed upon price. Dollar roll transactions, which are treated as purchases and sales, will not exceed 12 months. There were no dollar roll transactions outstanding during the year ended April 30, 2012.
Lending of Portfolio Securities – The Trust has entered into an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand.
Investments purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”
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April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO FINANCIAL STATEMENTS | 131 |
As of April 30, 2012, the Funds listed below had securities with the following values on loan:
Fund | Value of Securities on Loan | Value of Collateral | ||||||
Broad Market Bond Fund | $ | 11,102,559 | $ | 11,361,741 | ||||
Intermediate-Term Bond Fund | 2,236,253 | 2,305,302 | ||||||
Short-Term Corporate Bond Fund | 1,525,134 | 1,570,120 |
The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.
3. | FEDERAL TAX INFORMATION |
The timing and character of income and capital gains distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for income recognition on expiration of capital loss carryforwards, reclassification of ordinary loss to short-term gains, market discount reclass, partnership adjustments, discount accretion/premium amortization on debt securities and distributions recognition on income distribution payable.
As of April 30, 2012, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the periods ended 2011, 2010 and 2009, remain subject to examination by the Internal Revenue Service.
For the period ended April 30, 2012, permanent differences identified and reclassified among the components of net assets were as follows:
Fund | Paid-in Capital | Increase Net Investment | Accumulated Net Realized Gain (Loss) | |||||||||
Broad Market Bond Fund | $ | 980 | $ | 402,265 | $ | (403,245 | ) | |||||
Intermediate-Term Bond Fund | — | 85,977 | (85,977 | ) | ||||||||
Short-Term Corporate Bond | — | 85,139 | (85,139 | ) | ||||||||
Short Duration Government Bond | 2,308,767 | 678,926 | (2,987,693 | ) | ||||||||
Maryland Municipal Bond Fund | — | 30,202 | (30,202 | ) | ||||||||
New York Municipal Bond Fund | — | 16,662 | (16,662 | ) | ||||||||
Pennsylvania Municipal Bond Fund | — | (162 | ) | 162 | ||||||||
Virginia Municipal Bond Fund | — | (3,963 | ) | 3,963 | ||||||||
Tax-Exempt Money Market Fund | 72,023 | — | (72,023 | ) |
The tax character of distributions for the corresponding years or periods as reported on the Statements of Changes in Net Assets were as follows:
2012 | 2011 | |||||||||||||||||||
Fund | Ordinary Income* | Long-Term Capital Gains | Ordinary Income | Long-Term Capital Gains | Return of Capital | |||||||||||||||
Broad Market Bond Fund | $ | 10,360,344 | $ | 3,395,176 | $ | 8,854,834 | $ | 2,576,783 | $ | — | ||||||||||
Intermediate-Term Bond Fund | 5,573,369 | 1,895,361 | 5,074,358 | 579,284 | — | |||||||||||||||
Short-Term Corporate Bond | 3,118,418 | 341,243 | 2,552,493 | 223,603 | — | |||||||||||||||
Short Duration Government Bond | 2,933,381 | — | 2,649,131 | — | — | |||||||||||||||
Municipal Bond Fund | 3,352,554 | ** | 1,743,974 | 5,577,824 | *** | 888,158 | — | |||||||||||||
Maryland Municipal Bond Fund | 4,081,923 | ** | — | 4,681,409 | *** | — | — | |||||||||||||
New York Municipal Bond Fund | 3,071,008 | ** | — | 3,892,166 | *** | — | — | |||||||||||||
Pennsylvania Municipal Bond Fund | 3,535,012 | ** | — | 3,682,561 | *** | — | — | |||||||||||||
Virginia Municipal Bond Fund | 573,992 | ** | 61,136 | 681,181 | *** | — | — | |||||||||||||
Prime Money Market Fund | 435,057 | — | 457,385 | — | — | |||||||||||||||
U.S. Government Money Market Fund | 275,610 | — | 225,133 | — | 15,042 | |||||||||||||||
U.S. Treasury Money Market Fund | 145,379 | — | 106,909 | — | — | |||||||||||||||
Tax-Exempt Money Market Fund | 22,837 | ** | — | 36,690 | *** | — |
| —
|
|
For the year ended June 30, 2010, the tax character of distributions paid for the Municipal Bond Fund was ordinary income in the amount of $151,095, tax exempt income in the amount of $5,318,027 and long term capital gains in the amount of $203,319.
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
** | Included in this amount is tax exempt income of $3,344,842, $4,047,836, $3,054,578, $3,502,557, $573,992 and $22,756, respectively. |
*** | Included in this amount is tax exempt income of $5,155,523, $4,672,384, $3,887,386, $3,594,614, $681,181 and $36,662, respectively. |
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132 | NOTES TO FINANCIAL STATEMENTS |
As of April 30, 2012, the components of distributable earnings on a tax basis were as follows:
Fund | Undistributed/ | Undistributed | Unrealized | Capital Loss | ||||||||||||
Broad Market Bond Fund | $ | 678,943 | $ | 1,380,984 | $ | 15,590,175 | $ | — | ||||||||
Intermediate-Term Bond Fund | 706,442 | 667,310 | 12,207,795 | — | ||||||||||||
Short-Term Corporate Bond | 23,865 | 60,452 | 2,081,681 | — | ||||||||||||
Short Duration Government Bond | (51,557 | ) | 600,449 | 4,536,795 | (2,558,445 | ) | ||||||||||
Municipal Bond Fund | 677,567 | 1,497,084 | 7,389,008 | — | ||||||||||||
Maryland Municipal Bond Fund | | 94,651 | | �� | 4,849,442 | (573,834 | ) | |||||||||
New York Municipal Bond Fund | 24,569 | — | 6,192,267 | (3,351,209 | ) | |||||||||||
Pennsylvania Municipal Bond Fund | 37,089 | 314,710 | 6,094,130 | — | ||||||||||||
Virginia Municipal Bond Fund | 22,553 | 227,545 | 1,196,215 | — | ||||||||||||
Prime Money Market Fund | 14,773 | — | — | — | ||||||||||||
U.S. Government Money Market Fund | 3,646 | — | — | — | ||||||||||||
U.S. Treasury Money Market Fund | 8,083 | — | — | — | ||||||||||||
Tax-Exempt Money Market Fund | 4,430 | — | — | (72,058 | ) |
Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
At April 30, 2012, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:
Capital Loss Available Through | Short-Term No Expiration | Total Capital Carryforwards | ||||||||||||||||||||||||||||||||||||||
Fund | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||||||||||||||
Short Duration Government Bond | $ | — | $ | 385,099 | $ | 1,434,935 | $ | 129,435 | $ | — | $ | — | $ | — | $ | 108,426 | $ | 500,550 | $ | 2,558,445 | ||||||||||||||||||||
Maryland Municipal Bond Fund | — | — | — | — | — | — | 98,224 | — | 114,515 | 212,739 | ||||||||||||||||||||||||||||||
New York Municipal Bond Fund | — | — | — | — | — | 348,865 | 3,002,344 | — | — | 3,351,209 | ||||||||||||||||||||||||||||||
Tax-Exempt Money Market Fund | — | — | — | — | 6,657 | 63,251 | 2,115 | — | — | 72,023 |
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The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2012:
Fund | Capital Loss Carryforwards Used | |||
Short Duration Government Bond | $ | 97,215 | ||
New York Municipal Bond Fund | 565,449 | |||
Pennsylvania Municipal Bond Fund | 760,034 |
The Short Duration Government Bond Fund expired capital loss carryforwards in the amount of $640,541.
Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. Post-October losses deferred to May 1, 2012 are as follows:
Fund | Ordinary | Short-Term | Long-Term | |||||||||
Maryland Municipal Bond Fund | $ | — | $ | — | $ | 361,095 | ||||||
Tax-Exempt Money Market Fund | — | 35 | — | |||||||||
Pennsylvania Municipal Bond Fund | 153 |
4. | ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS |
Wilmington Funds Management Corporation (“WFMC”) (formerly Rodney Square Management Corporation) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) (formerly MTB Investment Advisors, Inc.) provides sub-advisory services to the Funds. Prior to March 12, 2012, WTIA served as the Investment Advisor of the Funds, with the exception of the Municipal Bond Fund. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.
Advisory Fee Annual Rate | ||||
Broad Market Bond Fund | 0.50 | % | ||
Intermediate-Term Bond Fund | 0.50 | % | ||
Short-Term Corporate Bond Fund | 0.50 | % | ||
Short Duration Government Bond Fund | 0.50 | % | ||
Municipal Bond Fund | 0.50 | % | ||
Maryland Municipal Bond Fund | 0.50 | % | ||
New York Municipal Bond Fund | 0.50 | % | ||
Pennsylvania Municipal Bond Fund | 0.50 | % | ||
Virginia Municipal Bond Fund | 0.50 | % | ||
Prime Money Market Fund | 0.40 | % |
Advisory Fee Annual Rate | ||||
U.S. Government Money Market Fund | 0.40 | % | ||
U.S. Treasury Money Market Fund | 0.40 | % | ||
Tax-Exempt Money Market Fund | 0.40 | % |
Prior to March 9, 2012, the advisory rates were 0.60% for Broad Market Fund and Short Duration Government Bond and 0.70% for Intermediate Term Bond, Short-Term Corporate Bond Fund, Maryland Municipal Bond Fund, New York Municipal Bond Fund, Pennsylvania Municipal Bond Fund and Virginia Municipal Bond Fund and 0.35% for Municipal Bond Fund, respectively.
WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2012 (August 31, 2013 with regard to the Broad Market Bond Fund, Intermediate-Term Bond Fund, Short Duration Government Bond Fund and Municipal Bond Fund), so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below.
Contractual Expense Limitations | ||||||||||||
A Shares | C Shares | I Shares | ||||||||||
Broad Market Bond Fund | 1.00 | % | N/A | 0.65 | % | |||||||
Intermediate-Term Bond Fund | 0.95 | % | 1.68 | % | 0.60 | % | ||||||
Short-Term Corporate Bond Fund | 0.86 | % | 1.61 | % | 0.61 | % | ||||||
Short Duration Government Bond Fund | 0.89 | % | 1.66 | % | 0.64 | % | ||||||
Municipal Bond Fund | 0.86 | % | N/A | 0.61 | % | |||||||
Maryland Municipal Bond Fund | 0.95 | % | N/A | 0.67 | % | |||||||
New York Municipal Bond Fund | 0.84 | % | N/A | 0.59 | % | |||||||
Pennsylvania Municipal Bond Fund | 0.95 | % | N/A | 0.70 | % | |||||||
Virginia Municipal Bond Fund | 0.96 | % | N/A | N/A |
Prior to March 9, 2012 the contractual expense caps were 0.66% and 0.66% (not including class specific expenses, and the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), for Broad Market Bond Fund and Intermediate Term Bond Fund, respectively.
WFMC has voluntarily agreed to reduce its advisory fee and/or reimburse each of the Money Market Fund’s operating expenses, or certain “class-specific fees and expenses” to prevent the Fund’s (or class thereof, as applicable) current annualized yield from being below 0.01% (1 basis point) annually. The fee waiver does not take into consideration acquired fund fees and expenses. Any such waiver or expense reimbursement may be discontinued at any time.
Compliance Services – Prior to March 9, 2012, RSMC provided compliance services to the Municipal Bond Fund pursuant to Compliance Services Agreement. The fees for these services are shown separately on the Statement of Operations.
Administrative Fee – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration, accounting, transfer
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134 | NOTES TO FINANCIAL STATEMENTS |
agency, and custody services. WTIA in its role as co-administrator, provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.
Administration | Maximum Fee | Average Aggregate Daily Net Assets of the Trust | ||
WTIA | 0.033% | on the first $5 billion | ||
0.020% | on the next $2 billion | |||
0.016% | on the next $3 billion | |||
0.015% | on assets in excess of $10 billion | |||
BNYM | .0285% | on the first $500 million | ||
.0280% | on the next $500 million | |||
.0275% | on assets in excess of $1 billion |
WTIA may voluntarily choose to waive any portion of its fee. WTIA can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2012, WTIA did not waive any administrative personnel and services fee.
Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ A Shares, Administrative Shares and Service Shares, and up to 1.00% of the average daily net assets of the Funds’ C Shares for the sale, distribution, administration, customer servicing and recordkeeping of these shares.
The Funds may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.
For the year ended April 30, 2012, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received a portion of the distribution fees paid by the Funds which are listed below:
Fund | Distribution Fees | |||
Broad Market Bond Fund | $ | 11,604 | ||
Intermediate-Term Bond Fund | 18,585 | |||
Short-Term Corporate Bond Fund | 9,943 | |||
Short Duration Government Bond Fund | 35,838 | |||
Municipal Bond Fund | 9 | |||
Maryland Municipal Bond Fund | 78,468 | |||
New York Municipal Bond Fund | 82,172 | |||
Pennsylvania Municipal Bond Fund | 20,562 | |||
Virginia Municipal Bond Fund | 46,982 | |||
Tax-Exempt Money Market Fund | 473 |
Sales Charges – The Class A Shares of all the Funds bear front-end sales charges and Class C Shares may be subject to a contingent deferred sales charge (“CDSC”).
For the year ended April 30, 2012, M&T received the amounts listed below from sales charges on the sale of Class A Shares and from the CDSC charges upon redemptions of Class C Shares.
Fund | Sales Charges from A Shares | CDSC Charges from A Shares and C Shares | ||||||
Broad Market Bond Fund | $ | 224 | $ | — | ||||
Intermediate-Term Bond Fund | 478 | 507 | ||||||
Short-Term Corporate Bond Fund | 33 | 17 | ||||||
Short Duration Government Bond Fund | 355 | 5,124 | ||||||
Maryland Municipal Bond Fund | 1,446 | — | ||||||
New York Municipal Bond Fund | 1,665 | — | ||||||
Pennsylvania Municipal Bond Fund | 3,087 | — |
Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s A Shares, C Shares, I Shares, Administrative Shares, Select Shares and Service Shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T, has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s Shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.
For the year ended April 30, 2012, M&T received a portion of the fees paid by the following Funds listed in the chart below:
Fund | Shareholder Services Fee | |||
Broad Market Bond Fund | $ | 4,468 | ||
Intermediate-Term Bond Fund | 5,555 | |||
Short Duration Government Bond Fund | 58 | |||
Municipal Bond Fund | 197 | |||
Maryland Municipal Bond Fund | 9,412 | |||
Tax-Exempt Money Market Fund | 151 |
Other Service Providers – Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.
For the period May 1, 2011 to February 17, 2012, ALPS Fund Services, Inc. provided transfer agency services to the Trust. Effective February 18, 2012, BNY Mellon Fund Services Inc. replaced ALPS as the Fund’s transfer agent.
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General – Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds.
5. | INVESTMENT TRANSACTIONS |
Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the year ended April 30, 2012 were as follows:
Investments | ||||||||
Fund Name | Purchases | Sales | ||||||
Broad Market Bond Fund | $ | 215,876,230 | $ | 153,080,591 | ||||
Intermediate-Term Bond Fund | 249,123,826 | 150,380,432 | ||||||
Short-Term Corporate Bond Fund | 112,272,978 | 100,789,062 | ||||||
Short Duration Government Bond Fund | 184,665,331 | 129,668,869 | ||||||
Municipal Bond Fund | 72,205,998 | 76,785,776 | ||||||
Maryland Municipal Bond Fund | 37,835,502 | 47,644,896 | ||||||
New York Municipal Bond Fund | 91,739,291 | 91,348,182 | ||||||
Pennsylvania Municipal Bond Fund | 36,586,974 | 40,260,031 | ||||||
Virginia Municipal Bond Fund | 7,967,835 | 8,986,155 |
Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2012 as follows:
Fund Name | U.S. Government Securities | |||||||
Purchases | Sales | |||||||
Broad Market Bond Fund | $ | 73,004,167 | $ | 59,947,513 | ||||
Intermediate-Term Bond Fund | 203,251,406 | 174,925,092 | ||||||
Short-Term Corporate Bond Fund | 33,936,841 | 33,598,102 | ||||||
Short Duration Government Bond Fund | 43,268,742 | 28,491,800 |
6. | CONCENTRATION OF RISK |
Since Municipal Bond Fund, New York Municipal Bond Fund, Pennsylvania Municipal Bond Fund, Maryland Municipal Bond Fund and Virginia Municipal Bond Fund invest a substantial portion of their assets in issuers located in one state, they will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2012, 39.7% for Municipal Bond Fund, 20.4% for Maryland Municipal Bond Fund, 43.5% for New York Municipal Bond Fund, 37.6% for Pennsylvania Municipal Bond Fund and 36.4% for Virginia Municipal Bond Fund of the total market value of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of the total market value of investments insured by or supported (backed) by a letter of
credit from any one institution or agency was 12.3% for Municipal Bond Fund, 9.3% for Maryland Municipal Bond Fund, 13.6% for New York Municipal Bond Fund, 14.5% for Pennsylvania Municipal Bond Fund and 14.8% for Virginia Municipal Bond Fund.
7. | LINE OF CREDIT |
The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNY Mellon. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion. In addition, an upfront commitment fee of 0.02% was paid to BNY Mellon. The termination date of this LOC is February 8, 2012 however this was extended to March 11, 2013. The Funds did not utilize the LOC for the year ended April 30, 2012.
8. | REORGANIZATION |
On February 21, 2012, the Board approved an Agreement and Plan of Reorganization (the “Reorganization”) to transfer all of the assets of Wilmington Prime Money Market Fund, Wilmington Broad Market Bond Fund, Wilmington U.S. Government Money Market Fund, Wilmington Tax-Exempt Money Market Fund, Wilmington Short/Intermediate-Term Bond Fund, and Wilmington Municipal Bond Fund, each a series of WT Mutual Fund, and the MTB Prime Money Market Fund, MTB Pennsylvania Tax-Free Money Market Fund, MTB New York Tax-Free Money Market Fund, and MTB U.S. Government Bond Fund, each a series of the Trust (the “Acquired Funds”) in exchange for shares of the series of the Trust shown below (the “Acquiring Funds”).
The Reorganization is believed to be in the best interest of shareholders as combining the series of WT Funds and the Trust onto a single operating platform will create a larger fund family that will offer a broader range of investment options. Additionally, the Reorganization is believed to present the opportunity to achieve asset growth through combined distribution networks, to achieve economies of scale, and to operate with greater efficiency and lower overall costs. The shareholders of the Acquired Funds approved the Reorganization at a meeting on February 21, 2012 and the Reorganization took place on March 9, 2012. The Reorganization was treated as tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of each Acquiring Fund reflected the historical basis of the assets of each respective Acquired Fund as of the date of the Reorganization. WFMC and its affiliates bore the expenses related to the Reorganization, except for brokerage fees and other transaction costs associated with the disposition and/or purchase of securities in contemplation of or as a result of the Reorganization.
New Name after the Reorganizations | Acquiring Funds | Acquired Funds | ||
Wilmington Broad Market Bond Fund | MTB Income Fund | Wilmington Broad Market Bond Fund | ||
Wilmington Intermediate-Term Bond | MTB Intermediate-Term Bond Fund | Wilmington Short/Intermediate-Term Bond Fund | ||
Wilmington Short Duration Government Bond Fund | MTB Short Duration Government Bond Fund | MTB U.S. Government Bond Fund | ||
Wilmington Municipal Bond Fund | Wilmington Municipal Bond Fund | Wilmington Municipal Bond Fund |
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New Name after the Reorganizations | Acquiring Funds | Acquired Funds | ||
Wilmington Prime Money Market Fund | MTB Money Market Fund | Wilmington Prime Money Market Fund | ||
MTB Prime Money Market Fund | ||||
Wilmington U.S. Government Money Market Fund | MTB U.S. Government Money Market Fund | Wilmington U.S. Government Money Market Fund | ||
Wilmington Tax-Exempt Money Market Fund | MTB Tax-Free Money Market Fund | Wilmington Tax-Exempt Money Market Fund | ||
MTB Pennsylvania Tax-Free Money Market Fund | ||||
MTB New York Tax-Free Money Market Fund |
In exchange for their shares, shareholders of the Acquired Funds received shares of the Acquiring Funds with an aggregate net asset value equal to the aggregate net asset value of their shares immediately prior to the Reorganization. The following information summarizes the essential elements of the Reorganization as of March 9, 2012:
Wilmington Broad Market Bond Fund | Value of Shares | Acquired Fund Shares Prior to Reorganization | Shares Issued by Acquiring Fund | Net Assets | ||||||||||||
Acquiring Fund | ||||||||||||||||
MTB Income Fund | $ | 234,005,891 | ||||||||||||||
Acquired Funds | ||||||||||||||||
Wilmington Broad Market Bond Fund | 58,782,175 | |||||||||||||||
Class A Shares in exchange for A Shares | $ | 1,867,478 | 183,086 | 183,257 | ||||||||||||
Institutional Shares in exchange for I Shares | 56,914,697 | 5,582,079 | 5,674,917 | |||||||||||||
|
| |||||||||||||||
$ | 292,788,066 | |||||||||||||||
|
|
The net assets of the Acquired Fund included net unrealized appreciation on investments of $5,205,025 and accumulated net realized gains of $2,566.
The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined fund’s Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $9,552,266, $8,006,754 and $18,927,561
Wilmington Intermediate-Term Bond Fund | Value of Shares | Acquired Fund Shares Prior to Reorganization | Shares Issued by Acquiring Fund | Net Assets | ||||||||||||
Acquiring Fund | ||||||||||||||||
MTB Intermediate-Term Bond Fund | $ | 114,500,229 | ||||||||||||||
Acquired Funds | ||||||||||||||||
Wilmington Short/Intermediate-Term Bond Fund | 147,980,426 | |||||||||||||||
Class A Shares in exchange for A Shares | $ | 4,443,745 | 422,307 | 418,433 | ||||||||||||
Institutional Shares in exchange for I Shares | 143,536,681 | 13,503,815 | 13,527,639 | |||||||||||||
|
| |||||||||||||||
$ | 262,480,655 | |||||||||||||||
|
|
The net assets of the Acquired Fund included net unrealized appreciation on investments of $9,114,247 and accumulated net realized gains of $8,512.
The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined fund’s Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment loss, net gain on investments and net increase (decrease) in net assets from operations for the fiscal year ended April 30, 2012 would have been $6,687,727, $6,514,938 and $13,202,666
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NOTES TO FINANCIAL STATEMENTS | 137 |
Wilmington Short Duration Government Bond Fund | Value of Shares | Acquired Fund Shares Prior to Reorganization | Shares Issued by Acquiring Fund | Net Assets | ||||||||||||
Acquiring Fund | ||||||||||||||||
MTB Short Duration Government Bond Fund | $ | 123,764,502 | ||||||||||||||
Acquired Funds | ||||||||||||||||
MTB U.S. Government Bond Fund | 63,847,406 | |||||||||||||||
A Shares | $ | 5,861,284 | 585,561 | 599,123 | ||||||||||||
I Shares | 57,986,122 | 5,791,381 | 5,916,183 | |||||||||||||
|
| |||||||||||||||
$ | 187,611,908 | |||||||||||||||
|
|
The net assets of the Acquired Fund included net unrealized depreciation on investments of $4,641,551 and accumulated net realized losses of $2,927,170.
The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined fund’s Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment income, net loss on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $4,262,763, $(90,446) and $2,966,683.
Wilmington Prime Money Market Fund | Value of Shares | Acquired Fund Shares Prior to Reorganization | Shares Issued by Acquiring Fund | Net Assets | ||||||||||||
Acquiring Fund | ||||||||||||||||
MTB Money Market Fund | $ | 1,548,554,794 | ||||||||||||||
Acquired Funds | ||||||||||||||||
Wilmington Prime Money Market Fund | 1,894,729,066 | |||||||||||||||
W Shares in exchange for Select Shares | $ | 1,208,345,372 | 1,208,360,799 | 1,208,360,799 | ||||||||||||
Service Shares in exchange for Service Shares | 639,474,385 | 639,458,864 | 639,458,864 | |||||||||||||
Institutional Shares in exchange for Institutional Shares | 46,909,309 | 46,909,485 | 46,909,485 | |||||||||||||
MTB Prime Money Market Fund | 284,747,481 | |||||||||||||||
Corporate Class Shares in exchange for Select Shares | 284,747,481 | 284,750,679 | 284,750,679 | |||||||||||||
|
| |||||||||||||||
$ | 3,728,031,341 | |||||||||||||||
|
|
The net assets of the Acquired Fund(s) included accumulated net realized gains/(losses) of $738 for the Wilmington Prime Money Market Fund and ($728) for the MTB Prime Money Market Fund.
The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the combined fund’s Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $688,854, $8,792 and $697,646, respectively.
Wilmington U.S. Government Money Market Fund | Value of Shares | Acquired Fund Shares Prior to Reorganization | Shares Issued by Acquiring Fund | Net Assets | ||||||||||||
Acquiring Fund | ||||||||||||||||
MTB U.S. Government Money Market Fund | $ | 2,199,868,466 | ||||||||||||||
Acquired Funds | ||||||||||||||||
Wilmington U.S. Government Money Market Fund | 1,785,990,941 | |||||||||||||||
W Shares in exchange for Select Shares | $ | 737,947,983 | 737,931,587 | 737,931,587 | ||||||||||||
Service Shares in exchange for Service Shares | 948,680,846 | 948,691,128 | 948,691,128 | |||||||||||||
Institutional Shares in exchange for Institutional Shares | 99,362,112 | 99,364,059 | 99,364,059 | |||||||||||||
|
| |||||||||||||||
$ | 3,985,859,407 | |||||||||||||||
|
|
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The net assets of the Acquired Fund included accumulated net realized losses of $261.
The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the combined fund’s Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $2,854,689, $38,256 and $2,892,945, respectively.
Wilmington Tax-Exempt Money Market Fund | Value of Shares | Acquired Fund Shares Prior to Reorganization | Shares Issued by Acquiring Fund | Net Assets | ||||||||||||
Acquiring Fund | ||||||||||||||||
MTB Tax-Free Money Market Fund | $ | 129,239,511 | ||||||||||||||
Acquired Funds | ||||||||||||||||
Wilmington Tax-Exempt Money Market Fund | 260,164,979 | |||||||||||||||
W Shares in exchange for Select Shares | $ | 260,019,317 | 260,026,244 | 260,026,244 | ||||||||||||
Institutional Shares in exchange for Select Shares | 145,662 | 145,667 | 145,667 | |||||||||||||
MTB New York Tax-Free Money Market Fund | 87,841,224 | |||||||||||||||
Service Shares | 46,004,012 | 46,049,092 | 46,049,092 | |||||||||||||
Select Shares | 41,837,212 | 41,868,889 | 41,868,889 | |||||||||||||
MTB Pennsylvania Tax-Free Money Market Fund | 21,612,486 | |||||||||||||||
Service Shares | 6,751,848 | 6,752,580 | 6,752,580 | |||||||||||||
Select Shares | 13,112,355 | 13,111,398 | 13,111,398 | |||||||||||||
Administrative Shares | 1,748,283 | 1,748,510 | 1,748,510 | |||||||||||||
|
| |||||||||||||||
$ | 498,858,200 | |||||||||||||||
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|
The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the combined fund’s Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May��1, 2011, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $53,382, $77 and $53,459, respectively.
In exchange for their shares (A Shares and Institutional Shares), shareholders of the WT Municipal Bond Fund received an identical number of shares of the corresponding class (A Shares and I Shares) of the Municipal Bond Fund, with an aggregate net asset value equal to the aggregate net asset value of their shares immediately prior to the Reorganization. The Municipal Bond Fund had no operations prior to March 9, 2012. The Wilmington Municipal Bond Fund investment objectives, policies and limitations were identical to those of the Municipal Bond Fund. Accordingly, for financial reporting purposes, the operating history of the WT Municipal Bond Fund prior to the Reorganization is reflected in the financial statements and financial highlights.
9. | RECLASSIFICATIONS |
Certain amounts have been reclassified for the Wilmington Short Duration Government Bond Fund on the Statement of Changes in Net Assets for the year ended April 30, 2011. Net investment income was decreased by $276,743 and net realized gain (loss) on investments and change in unrealized appreciation (depreciation) was increased by $99,255 and $177,488, respectively. The adjustments were made due to prior period amortization and paydown reclasses. The reclassifications have no impact to the Fund’s net asset value.
10. | SUBSEQUENT EVENTS |
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that the following event requires disclosure in the Funds’ financial statements through this date.
At a meeting of the Board of Trustees (the “Board”) of the Trust held on June 22, 2012, the Board determined that a proposed merger of the Pennsylvania Municipal Bond Fund and the Virginia Municipal Bond Fund (the “Target Funds”) into the Municipal Bond Fund (the “Acquiring Fund”) would be in the best interests of the Target Funds and their shareholders. Subject to shareholder approval, on or about the close of business on November 30, 2012, the Target Funds will be merged into the Acquiring Fund. The Board also approved Plans of Reorganization (the “Plans”) for the mergers. The proposed Plans contemplate that the Acquiring Fund will acquire all of the assets of the Target Funds and assume the liabilities of the Target Funds (as set forth in the Plans) in exchange for designated shares in the Acquiring Fund, which the Target Funds will distribute to their shareholders, in exchange for their respective Target Fund shares.
Effective as of the close of business on September 7, 2012, the Target Funds will be closed to new investors, but may continue to accept purchases from existing shareholders (including through the reinvestment of dividends and capital gains) until the last business day before the merger.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
WILMINGTON FUNDS
We have audited the accompanying statements of assets and liabilities of Wilmington Broad Market Bond Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Municipal Bond Fund, Wilmington Maryland Municipal Bond Fund, Wilmington New York Municipal Bond Fund, Wilmington Pennsylvania Municipal Bond Fund, Wilmington Virginia Municipal Bond Fund, Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund, and Wilmington Tax-Exempt Money Market Fund (thirteen of the series constituting the Wilmington Funds) (the “Funds”), including the portfolios of investments, as of April 30, 2012, and the related statements of operations, statements of changes in net assets and financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2012, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Broad Market Bond Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Municipal Bond Fund, Wilmington Maryland Municipal Bond Fund, Wilmington New York Municipal Bond Fund, Wilmington Pennsylvania Municipal Bond Fund, Wilmington Virginia Municipal Bond Fund, Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund, and Wilmington Tax-Exempt Money Market Fund at April 30, 2012, and the results of their operations, the changes in their net assets and financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
June 29, 2012
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BOARD OF TRUSTEES AND TRUST OFFICERS
The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 23 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 100 East Pratt Street, 17th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.
INTERESTED TRUSTEES BACKGROUND
Name Address Birth date Position With Trust Date Service Began | Principal Occupations and Other Directorships Held for Past Five Years | |
Kenneth G. Thompson* Birth date: 9/64 TRUSTEE Began serving: December 2008 | Principal Occupations: President, Wilmington Funds; Senior Vice President and Managing Director, Wilmington Trust Investment Advisors, Inc. (“WTIA”); Senior Vice President, M&T Bank.
Other Directorships Held: None | |
Robert J. Christian* Birth date: 2/49 TRUSTEE Began serving: March 2012 | Principal Occupations: Retired.
Other Directorships Held: Fund Vantage Trust (33 portfolios); Optimum Fund Trust (6 portfolios) (registered investment companies).
Previous Positions: Executive Vice President of Wilmington Trust Company (“WTC”) (2/96 to 2/06); President of Rodney Square Management Corporation (“RSMC”) (1996 to 2005); Vice President of RSMC (2005 to 2006). | |
R. Samuel Fraundorf, CFA, CPA* Birth year: 1964 TRUSTEE Began serving: March 2012 | Principal Occupations: President of WTIA.
Other Directorships Held: None.
Previous Positions: Chief Operating Officer of Wilmington Trust Investment Management (“WTIM”) (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08); Senior Manager and Tax Manager, KPMG Investment Advisors (1/99 to 8/04). | |
Jeffrey Durkee** Birth year: 1958 TRUSTEE Began serving: December 2007 | Principal Occupations: President and Chief Executive Officer, Wilmington Trust Investment Advisors, Inc. (3/07 to 1/12).
Other Directorships Held: None.
Previous Positions: Chairman and CEO Private Wealth Management, Mercantile Bankshares Corporation (4/06 to 3/07); Senior Vice President and Director, Southern Division, Legg Mason Wood Walker (1998 to 4/06). |
* Kenneth G. Thompson is “interested” due to positions he held with M&T Bank, the parent of the Fund’s Advisor. Robert J. Christian is “interested” due to positions he held with WTC and RSMC. R. Samuel Fraundorf is “interested” due to positions he held with WTIM.
** Jeffrey Durkee resigned as Trustee effective January 27, 2012. Mr. Durkee was “interested” due to positions he held with WTIA.
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INDEPENDENT TRUSTEES BACKGROUND
Name Birth date Position With Trust Date Service Began | Principal Occupations and Other Directorships Held for Past Five Years | |
Joseph J. Castiglia Birth date: 7/34 CHAIRMAN AND TRUSTEE Began serving: February 1988 | Principal Occupations: Retired
Other Directorships Held: Chairman, Community Foundation for Greater Buffalo (1/05 to 2/08); Chairman, Trustee and Treasurer, Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to present); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Baker Victory Services (1/05 to 12/08); Director, Dunn Tire Corporation (1/05 to present); Director, Read to Succeed Buffalo (1/08 to present).
Previous Positions: President, Chief Executive Officer, Vice President, Treasurer, Controller and Vice Chairman, Pratt & Lambert United (manufacturing of paints, coatings and adhesives) (12/67 to 1/96); Chairman and Director, Catholic Health Systems of Western New York (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (health insurance provider) (5/92 to 5/07); Lead Director and Director, Energy East (gas and electric utility); Chairman and Director, Federal Reserve Bank of New York, Buffalo Branch. | |
William H. Cowie, Jr. Birth date: 1/31 TRUSTEE Began serving: September 2003 | Principal Occupations: Retired.
Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present).
Previous Positions: Vice Chairman of Signet Banking Corp. | |
John S. Cramer Birth date: 2/42 TRUSTEE Began serving: December 2000 | Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present).
Other Directorships Held: Director, Highmark Blue Cross/Blue Shield (2/05 to 6/10); Director, Chek-Med Corporation (6/03 to present).
Previous Positions: President and Chief Executive Officer, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania). | |
Daniel R. Gernatt, Jr. Birth date: 7/40 TRUSTEE Began serving: February 1988 | Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present).
Other Directorships Held: Hilbert College (2000 to 2011); Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation; Former National Director, Classic Car Club of America. | |
Richard B. Seidel Birth date: 4/41 TRUSTEE Began serving: September 2003 | Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (9/95 to present); Chairman and Director, Girard Capital (broker-dealer) (3/09 to present).
Other Directorships Held: Director, Tristate Capital Bank (9/07 to present); Surrey Services for Seniors (2002 to 2008). | |
Dr. Marguerite D. Hambleton Birth date: 2/43 TRUSTEE Began Serving: September 2005 | Principal Occupations: President, AAA New York State Association (travel and financial services) (7/09 to present).
Other Directorships Held: Director, AAA Foundation for Traffic Safety (5/85 to 12/01); Director, AAA (travel and financial services) (3/91-3/08).
Previous Positions: President, New York Federal Reserve Board, Buffalo Branch (2003-2005); President and CEO, AAA Western and Central New York (travel and financial services) (12/85 to 12/05). |
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Name Birth date Position With Trust Date Service Began | Principal Occupations and Other Directorships Held for Past Five Years | |
Robert H. Arnold Birth date: 3/44 TRUSTEE Began serving: March 2012 | Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present).
Other Directorships Held: First Potomac Realty Trust (real estate investment trust). | |
Dr. Eric Brucker Birth date: 12/41 TRUSTEE Began serving: March 2012 | Principal Occupations: Retired.
Other Directorships Held: None.
Previous Positions: Professor of Economics, Widener University (2004 to 2012); Dean, School of Business Administration of Widener University (2001 to 2004); Dean, School of Business, Public Policy and Health, University of Maine (1998 to 2001); Dean, School of Management, University of Michigan-Dearborn (1992 to 1998); Academic Vice President, Trenton State University (1989-1991); Dean, College of Business and Economics, University of Delaware (1976 to 1989). | |
Nicholas A. Giordano Birth date: 2/43 TRUSTEE Began serving: March 2012 | Principal Occupations: Consultant, financial services organizations (1997 to present).
Other Directorships Held: Kalmar Pooled Investment Trust; The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (industrial furnaces and ovens).
Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997). |
OFFICERS
Name Address Birth year Position With Trust | Principal Occupations for Past Five Years and Previous Positions | |
Kenneth G. Thompson Birth year: 1964 PRESIDENT Began serving: March 2012 | Principal Occupations: Senior Vice President, M&T Bank. | |
Michael D. Daniels Birth year: 1967 CHIEF OPERATING OFFICER Began serving: June 2007 | Principal Occupations: Chief Operating Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc., Administrative Vice President, M&T Bank.
Previous Positions: Senior Vice President, MSD&T and MCA (2006 to 2007); Vice President, Calamos Asset Management (2004 to 2006); Vice President, JP Morgan Chase Bank (2002 to 2004). | |
Jeffrey M. Seling Birth year: 1970 VICE PRESIDENT Began serving: June 2007 | Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc.
Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank. |
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Name Address Birth year Position With Trust | Principal Occupations for Past Five Years and Previous Positions | |
Gregory B. McShea Birth year: 1965 CHIEF COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2009 AML COMPLIANCE OFFICER Began serving: February 2012 | Principal Occupations: Managing Director, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds.
Previous Positions: General Counsel, Legg Mason Capital Management, Inc. (2007 to 2009); General Counsel, Western Asset Management Company (2003 to 2009); Associate General Counsel and Compliance Director, Legg Mason Wood Walker, Incorporated (1997 to 2003).
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Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008 | Principal Occupations: Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008. | |
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore, MD 21201 Birth year: 1957 VICE PRESIDENT Began serving: June 2010 | Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present).
Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003). | |
Guy Nordahl 101 Barclay Street, 13E New York, NY 10286 Birth year: 1965 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: September 2007 | Principal Occupations: Vice President, BNY Mellon Asset Servicing (2009 to present).
Previous Positions: Vice President, BNY Mellon Asset Management (2003 to 2009); Vice President, BNY Mellon Asset Servicing (1999 to 2003). | |
Lisa R. Grosswirth 101 Barclay Street, 13E New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007 | Principal Occupations: Vice President, BNY Mellon Asset Servicing (2004 to present).
Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004). | |
Richard J. Berthy Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007 | Principal Occupations: President and Managing Partner, Foreside Financial Group, LLC (5/08 to present).
Previous Positions: Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (6/03 to 6/06); Vice President, Bainbridge Capital Management (8/02 to 5/04). |
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BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS
Advisory Agreement and Sub-Advisory Agreement on Behalf of Each Fund
At in-person meetings held on October 26 and December 9, 2011, the Board, including each Trustee who is not an “interested person” as defined in the Investment Company Act of 1940 (the “Independent Trustees”), approved an investment advisory agreement between the Trust, on behalf of each Fund, and WFMC (the “New Investment Advisory Agreement”). At the same meetings, the Board, including all of the Independent Trustees, also approved a sub-advisory agreement among the Trust, on behalf of each Fund, WFMC and WTIA (the “New Sub-Advisory Agreement,” and together with the New Investment Advisory Agreement, the “New Agreements”).
The New Agreements relate to each of: the Wilmington Large-Cap Value Fund, Wilmington Large-Cap Growth Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small-Cap Growth Fund, Wilmington Multi-Manager International Fund, Wilmington Strategic Allocation Moderate Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Broad Market Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Maryland Municipal Bond Fund, Wilmington New York Municipal Bond Fund, Wilmington Pennsylvania Municipal Bond Fund, Wilmington Virginia Municipal Bond Fund, Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund, and Wilmington Tax-Exempt Money Market Fund (the “Group A Funds”); the Wilmington Large-Cap Strategy Fund, Wilmington Small-Cap Strategy Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Aggressive Fund, and Wilmington Municipal Bond Fund (the “Group B Funds”); and the Wilmington Rock Maple Alternatives Fund (the “Alternatives Fund,” and, collectively with the Group A Funds and the Group B Funds, the “Funds”). Each Group A Fund has been a series of the Trust for a number of years, and on or about March 12, 2012, certain of the Group A Funds acquired the assets and liabilities of a corresponding series of the WT Mutual Fund. The shareholders of each Group A Fund as of January 6, 2012, approved the New Agreements. The Board established the Group B Funds at the October 26 and December 9 meetings and on or about March 12, 2012, each Group B Fund acquired the assets and liabilities of a corresponding series of the WT Mutual Fund. The Board established the Alternatives Fund at the October 26 and December 9 meetings and the Alternatives Fund commenced operations on or about January 14, 2012.
Before considering the New Advisory Agreement and the New Sub-Advisory Agreement with respect to each Fund, the Board requested and reviewed information relating to the New Agreements, which was provided by WFMC and WTIA. That information addressed, among other things: (i) the services to be performed; (ii) the size and qualifications of WFMC and WTIA’s portfolio management staff; (iii) any potential or actual material conflicts of interest which may arise in connection with WFMC and WTIA’s management of the Funds; (iv) how the Funds would be managed by WFMC and WTIA, including a general description of the investment decision making processes, sources of information and investment strategies; (v) investment performance information; (vi) results of independent audit and regulatory examinations, including any recommendations or deficiencies noted; (vii) any litigation, investigation or administrative proceeding which may have a material impact on WFMC or WTIA’s ability to service the Funds; and (viii) WFMC and WTIA’s internal program for ensuring compliance with applicable investment objectives, policies and practices of the Funds, and the federal securities laws and other regulatory requirements. WFMC and WTIA provided written responses to the Board’s request for information, and also provided oral responses during the in-person meetings. The Independent Trustees received and reviewed a memorandum from independent legal counsel regarding the legal standards applicable to their review of the New Agreements. In addition, the Independent Trustees consulted with independent legal counsel in executive session with respect to their review of the New Agreements and certain other considerations relevant to their deliberations on whether to approve the New Agreements.
At the meetings on October 26 and December 9, 2011, the Board determined that WFMC and WTIA had the capabilities, resources and personnel necessary to provide satisfactory advisory services to each Fund, and that the advisory fees paid by each Fund, taking into account any applicable fee limitations and breakpoints, represent reasonable compensation to WFMC and WTIA. In making their decision to approve the New Agreements for each Fund, the Independent Trustees gave attention to all information furnished, including information provided throughout the prior year by WTIA (formerly known as MTB Investment Advisors, Inc.) as investment advisor to the Group A Funds. The Trustees also noted that WFMC and WTIA are under the common control of M&T Bank Corporation, and that the officers and employees of WFMC overlap with the officers and employees of WTIA.
In making their decision to approve the New Agreements for each Fund, the Independent Trustees considered various factors, as described below, that they believed to be relevant in evaluating the New Agreements. In their deliberations, the Trustees did not identify any particular information or factor that was controlling, and different Trustees may have attributed different weights to the various factors.
Nature, Extent and Quality of Services. The Board considered that the New Agreements are substantially similar to the Trust’s previous investment advisory agreements with WTIA, which were approved for renewal at an in-person meeting held on September 14-15, 2011. In the case of each Fund, the Trustees therefore considered the many reports furnished to them during the year at regular Board meetings covering matters such as: the relative performance of the Group A Funds; compliance with the investment objectives, policies, strategies and limitations of the Group A Funds; and the compliance of management personnel with the numerous operational and compliance policies and procedures that were established by the Board. In the case of each Fund, the Trustees also considered WFMC and WTIA’s personnel who possess the experience to provide investment management services to the Funds. The Trustees noted that the Wilmington Multi-Manager International Fund, Wilmington Large-Cap Value Fund, Wilmington Multi-Manager Real Asset Fund and Alternatives Fund employ a multi-manager approach
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through which the Funds rely on two or more sub-advisors to manage a portion of each Fund’s assets under the ongoing supervision of WFMC and WTIA. In the case of the Wilmington Multi-Manager Real Asset Fund and Alternatives Fund, which were established at the October 26 and December 9 meetings, the Trustees focused on the prior experience of WFMC and WTIA in overseeing the investment activities of sub-advisors that are not affiliated with WFMC and WTIA.
Based on the information provided by WFMC and WTIA, the Trustees concluded that the nature, extent and quality of the services provided by WFMC and WTIA supported the approval of the New Agreements.
Investment Performance. The Board considered the overall investment performance of WFMC, WTIA and the Group A and Group B Funds, as well as the funds of the WT Mutual Fund for which WFMC previously served as investment advisor. Although the Trustees gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year, the Trustees also gave weight to their review of investment performance in connection with the approval of the New Agreements at the Board meetings held October 26 and December 9, 2011. The Trustees reviewed reports prepared by WFMC and WTIA, which showed each Group A Fund’s investment performance in comparison with its applicable peer group for the one-, five- and ten-year periods, as well as information about each Fund’s performance compared to its benchmark. With respect to the Group B Funds, the Trustees considered similar information about the performance of each series of the WT Mutual Fund that was merged into a corresponding Group B Fund. With respect to the Alternatives Fund, the Trustees considered hypothetical, pro-forma performance information for the Fund. The Board concluded that the performance information provided by WFMC and WTIA supported approval of the New Agreements.
Comparative Expenses. WFMC and WTIA represented to the Board that the aggregate contractual investment advisory fees for each Group A Fund would be the same as that previously charged to the Funds by WTIA. At its meeting on September 14-15, 2011, the Board, including all of the Independent Trustees, approved the continuation of the investment advisory agreements for each Group A Fund based upon, among other things, comparative information about the net advisory fee ratios and total expense ratios (after deduction for advisory fee waivers and expense reimbursements) of each Fund versus those of a group of funds selected as being similar to each Fund. The Trustees reviewed reports prepared by WFMC and WTIA which showed each Group B Fund’s advisory fees and expenses in comparison with its applicable peer group. The Trustees also reviewed reports prepared by WFMC which showed Alternatives Fund’s advisory fees and expenses in comparison with its applicable peer group. In that regard, the Trustees noted the unique nature of the Alternatives Fund, which uses multiple sub-advisors employing alternative investment strategies, as well as WFMC and WTIA’s contractual commitment to waive certain fees and reimburse expenses for the Fund.
At the October 26 and December 9 meetings, the Trustees concluded that the proposed advisory and sub-advisory fees to be paid to and the services to be provided by WFMC and WTIA supported approval of the New Agreements.
Management Profitability. The Trustees also considered the profitability of the relationships among the Funds and WFMC and WTIA, noting the significant decreases in profitability for the Group A Funds over the last few years. The Trustees considered any direct or indirect revenues received by affiliates of WFMC and WTIA. Based on the information provided, the Trustees concluded that the profitability to WFMC and WTIA with respect to the Funds supported approval of the New Agreements.
Economies of Scale. The Trustees considered the extent to which economies of scale would be realized relative to fee levels as each Fund grows, and whether the advisory and sub-advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board considered WFMC and WTIA’s assessments that under the current market conditions and based on the asset sizes of the Funds, and the existence of certain voluntary and contractual fee waivers, economies of scale were appropriately reflected in the investment advisory fees of the Funds.
Other Benefits. The Trustees considered the “fall-out” or ancillary benefits resulting from the relationships among the Funds and WFMC and WTIA. In that regard, the Board considered the fees received by WFMC and WTIA and their affiliates for providing other services to the Funds under separate agreements. With respect to any soft-dollar arrangements, the Board noted that in selecting brokers, WFMC and WTIA must seek to obtain best execution of fund trades.
Conclusion. After consideration of all the factors, taking into consideration the information presented at the meetings and deliberating in executive session with independent legal counsel outside of the presence of management personnel, the Board, including all of the Independent Trustees, approved the New Agreements. The Board based its decision on the totality of the circumstances, including the factors identified above, and with a view to past and long-term considerations. Not all of the factors and considerations identified were relevant to each Fund, nor did the Board find any one of them to be determinative.
Sub-Advisory Agreements on Behalf of the Wilmington Multi-Manager International Fund (the “International Fund”), the Wilmington Multi-Manager Real Asset Fund (the “Real Asset Fund”) and the Alternatives Fund
At in-person meetings held on October 26 and December 9, 2011, the Board, including all of the Independent Trustees, approved investment sub-advisory agreements among the Trust, WFMC and each of the following sub-advisors: (i) on behalf the International Fund, Acadian Asset Management, LLC; Dimensional Fund Advisors LP; Goldman Sachs Asset Management, L.P.; Parametric Portfolio Associates LLC; and Principal Global Investors LLC; (ii) on behalf of the Real Asset Fund, CBRE Clarion Securities LLC, EII Realty Securities, Inc.; Pacific Investment Management Company, LLC; and HSBC Global Asset Management (France); and (iii) on behalf of the Alternatives Fund, Acuity Capital Management, LLC; ADAR Investment Management, LLC; Calypso Capital Management, LP; Evercore Wealth Management, LLC; Madison Street Partners, LLC; Parametric Risk Advisors, LLC; Rock Maple Services, LLC (“Rock Maple”); TIG Advisors, LLC; Water Island Capital, LLC; and Whitebox Advisors LLC. Together, the International Fund, Real Asset Fund and Alternatives Fund are referred to as the
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“Sub-Advised Funds.” The Sub-Advised Funds’ agreements with the sub-advisors listed above are referred to as the “Sub-Advisory Agreements.”
Before meeting to determine whether to approve the Sub-Advisory Agreements, the Board had the opportunity to review written materials provided by each of the sub-advisors and independent legal counsel to the Independent Trustees, which contained information to help the Board evaluate the Sub-Advisory Agreements. The materials generally included information regarding, among other things: (i) services performed or to be performed; (ii) the size and qualifications of each sub-advisor’s portfolio management staff; (iii) any potential or actual conflicts of interest which may arise in connection with a sub-advisor’s management of the relevant Fund; (iv) investment performance information; (v) results of any independent audit or regulatory examinations, including any recommendations or deficiencies noted; (vi) any litigation, investigation or administrative proceeding which may have a material impact on any sub-advisor’s ability to service the relevant Fund; and (vii) the sub-advisor’s internal program for ensuring compliance with applicable investment objectives, policies and practices, the federal securities laws and other regulatory requirements. The Board also considered the recommendations of management with respect to each sub-adviser.
The Independent Trustees received and reviewed a memorandum from independent legal counsel regarding the legal standards applicable to their review of the New Agreements, including the Sub-Advisory Agreements. In addition, the Independent Trustees consulted with independent legal counsel in executive session with respect to their review of the Sub-Advisory Agreements and certain other considerations relevant to their deliberations on whether to approve them.
In addition to the information provided by each sub-advisor as described above, the Trustees also considered all other factors they believed to be relevant to evaluating the Sub-Advisory Agreements, including the specific matters discussed below. In their deliberations, the Trustees did not identify any particular information that was controlling, and different Trustees may have attributed different weights to the various factors.
Nature, Extent and Quality of Services. The Trustees considered the services to be provided to each Sub-Advised Fund by each sub-advisor, including information about the education and experience of relevant personnel at each sub-advisor. With respect to the Alternatives Fund, WFMC engages WTIA and Rock Maple to assist in the identification and selection of sub-advisors and in the portfolio construction process. The Trustees concluded that the nature, extent and quality of the services provided by the sub-advisors to each Sub-Advised Fund are appropriate and consistent with the terms of the Sub-Advisory Agreements.
Investment Performance. The Trustees reviewed information from the sub-advisors for the International Fund and Real Asset Fund reflecting the investment performance of their respective sub-advised portions of the corresponding series of the WT Mutual Fund (that was merged into the International Fund and Real Asset Fund, as applicable) for various time periods, and, as available, information about the performance of similarly managed accounts. Although the Alternatives Fund did not have historical performance, the sub-advisors to the Alternatives Fund, to the extent available, showed investment performance information for similarly managed pooled accounts and investment companies for various periods. The Board concluded, taking into account the recommendations of Fund management, that the information supported approval of the Sub-Advisory Agreements.
Comparative Expenses. The sub-advisors provided information regarding sub-advisory fees and an analysis of these fees in relation to the delivery of services to the Sub-Advised Funds. The Trustees also reviewed information regarding fees charged by the sub-advisors to other similar clients, to the extent available, and evaluated any explanation provided by the sub-advisors as to differences in fees charged to the Sub-Advised Funds and other similarly managed accounts. The Trustees concluded that the amount of the sub-advisory fees to be paid to the sub-advisors was supported by the information provided.
Management Profitability. The Board considered information about the profitability of the relationships among each Sub-Advised Fund and each sub-advisor. Based on the information provided, the Board concluded that each sub-advisor’s profitability supported approval of the Sub-Advisory Agreements.
Economies of Scale. The Trustees also considered the extent to which economies of scale would be realized relative to fee levels as each Sub-Advised Fund grows, and whether the advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board considered WFCM and WTIA’s assessments that under the current market conditions and based on asset sizes of the Sub-Advised Funds, economies of scale were appropriately reflected in the fees to be paid to each sub-advisor.
Other Benefits. The Trustees considered any ancillary benefit resulting from each sub-advisor’s relationship with the Sub-Advised Fund, including any soft-dollar arrangements. With respect to any soft-dollar arrangements, the Board noted that in selecting brokers, the sub-advisors must seek to obtain best execution of fund trades.
Conclusion. Based on all of the above-mentioned considerations, and the recommendations of management, the Board, including a majority of the Independent Trustees, determined that approval of the Sub-Advisory Agreements was in the best interests of each Fund. After full consideration of these and other factors, the Board, including a majority of the Independent Trustees, with the assistance of independent counsel, approved the Sub-Advisory Agreements.
April 30, 2012 / ANNUAL REPORT
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At February 21, 2012, a summary report of shares voted by proposal is as follows:
To approve a new investment advisory agreement between MTB Group of Funds, on behalf of each Fund, and Rodney Square Management Corporation (to be renamed Wilmington Funds Management Corporation).
Shares Voted | ||||
For | 2,817,888,588 | |||
Against | 10,879,070 | |||
Abstain | 301,975,843 | |||
Broker Non-Vote | 537,128,987 |
To approve a new investment sub-advisory agreement among MTB Group of Funds, on behalf of each Fund, Rodney Square Management Corporation (to be renamed Wilmington Funds Management Corporation) and Wilmington Trust Investment Advisors, Inc. (formerly known as MTB Investment Advisors, Inc.).
Shares Voted | ||||
For | 2,606,529,311 | |||
Against | 11,647,269 | |||
Abstain | 302,566,927 | |||
Broker Non-Vote | 537,128,986 |
Plan of reorganization providing for the (i) transfer of substantially all of the assets and liabilities of MTB New York Tax-free Money Market Fund (“target fund”) to MTB Tax-free Money Market Fund, (“acquiring fund”); (ii) distribution of shares of corresponding class of the acquiring fund to holders of target fund; (iii) liquidation of target fund.
Shares Voted | ||||
For | 50,360,421 | |||
Against | 644,933 | |||
Abstain | 8,882,130 |
Plan of reorganization providing for the (i) transfer of substantially all of the assets and liabilities of MTB Pennsylvania Tax-free Money Market Fund (“target fund”) to MTB Tax-free Money Market Fund, (“acquiring fund”); (ii) distribution of shares of corresponding class of the acquiring fund to holders of target fund; (iii) liquidation of target fund.
Shares Voted | ||||
For | 20,321,772 | |||
Against | 118,118 | |||
Abstain | 49,066 |
Plan of reorganization providing for the (i) transfer of substantially all of the assets and liabilities of MTB Prime Money Market Fund (“target fund”) to MTB Money Market Fund, (“acquiring fund”); (ii) distribution of shares of corresponding class of the acquiring fund to holders of target fund; (iii) liquidation of target fund.
Shares Voted | ||||
For | 142,457,478 | |||
Against | 724 | |||
Abstain | 984,307 |
Plan of reorganization providing for the (i) transfer of substantially all of the assets and liabilities of MTB U.S. Government Bond Fund (“target fund”) to MTB Short Duration Government Bond Fund, (“acquiring fund”); (ii) distribution of shares of corresponding class of the acquiring fund to holders of target fund; (iii) liquidation of target fund.
Shares Voted | ||||
For | 5,776,497 | |||
Against | 2,642 | |||
Abstain | 5,913 |
Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Broad Market Bond Fund (“target fund”), to MTB Income Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.
Shares Voted | ||||
For | 3,840,290 | |||
Against | — | |||
Abstain | — |
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Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Municipal Bond Fund (“target fund”), to Wilmington Municipal Bond Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.
Shares Voted | ||||
For | 8,049,453 | |||
Against | 12,554 | |||
Abstain | 17,343 |
Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Prime Money Market Fund (“target fund”), to MTB Money Market Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund as Investment Company.
Shares Voted | ||||
For | 1,662,602,925 | |||
Against | 339,083 | |||
Abstain | 86,111 |
Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Short/Intermediate-Term Bond Fund (“target fund”), to MTB Intermediate-Term Bond Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.
Shares Voted | ||||
For | 8,954,157 | |||
Against | 15,259 | |||
Abstain | 14,598 |
Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Tax-free Money Market Fund (“target fund”), to MTB Tax-free Money Market Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.
Shares Voted | ||||
For | 259,776,831 | |||
Against | — | |||
Abstain | — |
Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington U.S. Government Money Market Fund (“target fund”), to MTB U.S. Government Money Market Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.
Shares Voted | ||||
For | 2,141,824,454 | |||
Against | — | |||
Abstain | 29,368 |
April 30, 2012 / ANNUAL REPORT
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Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.
This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning their objectives and policies, management fees, expenses and other information.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)
Electronic Delivery
Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:
1.) | Go to www.wilmingtonfunds.com and select “Individual Investors” |
2.) | Click on the link “Sign up for Electronic Delivery” |
3.) | Login to your account or create new user ID |
4.) | Select E-Delivery Consent from the available options, and |
5.) | Complete the information requested, including providing the email address where you would like to receive notification for electronic documents. |
* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.
Householding
In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.
If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.
ANNUAL REPORT / April 30, 2012
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PRIVACY POLICY AND NOTICE OF THE FUNDS AND THEIR DISTRIBUTOR
June 8, 2012
The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.
Information The Funds Collect:
The Funds collect nonpublic personal information about you from the following sources:
• | We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income. |
• | We may receive information from you, or from your financial representative, through transactions with us or others, correspondence and other communications. Examples of this information include specific investments and your account balances. |
• | We may obtain other personal information from you in connection with providing you a financial product or service. Examples of this information include depository, debit or credit account numbers. |
Information Sharing Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
• | We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
• | We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
• | We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. |
Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.
Information Security:
When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers’ privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.
The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds’ Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.
Each of the following sections explains an aspect of the Funds’ commitment to protecting your personal information and respecting your privacy.
Employee Access to Information:
Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employee’s or agent’s need to know the information in order to service a customer’s account or comply with legal requirements.
Visiting The Funds’ Website:
The Funds’ website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.
• | Information or data entered into a website will be retained. |
April 30, 2012 / ANNUAL REPORT
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• | Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website. |
• | We may also collect non-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party. |
E-mail:
If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.
Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.
Surveys/Aggregate Data:
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.
Changes to Our Privacy Statement:
The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.
Notice will be provided to you in advance of any changes that would affect your rights under this policy statement
ANNUAL REPORT / April 30, 2012
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Investment Advisor
Wilmington Funds Management Corp.
1100 North Market Street
Wilmington, DE 19890
Sub-Advisor
Wilmington Trust Investment Advisors
111 South Calvert Street, 26th Floor
Baltimore, MD 21202
Co-Administrator
Wilmington Trust Investment Advisors
111 South Calvert Street, 26th Floor
Baltimore, MD 21202
Co-Administrator, Accountant, and Custodian
The Bank of New York Mellon
101 Barclay Street
New York, NY 10286
Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203
Transfer Agent and Dividend
Disbursing Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, DE 19809
Independent Registered Public
Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103
WT-AR-MM/FI-0412
Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com
We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.
Since we are required by law to send a report to each person listed as a shareholder, you (or your household) may receive more than one report.
Table of Contents
April 30, 2012
PRESIDENT’S MESSAGE AND
Annual Report
WILMINGTON FUNDS
Equity Funds
Wilmington Large Cap Growth Fund
Wilmington Large-Cap Strategy Fund
Wilmington Large Cap Value Fund
Wilmington Mid Cap Growth Fund
Wilmington Small Cap Growth Fund
Wilmington Small-Cap Strategy Fund
Table of Contents
Wilmington Large Cap Growth Fund (“Large Cap Growth Fund”) formerly MTB Large Cap Growth Fund |
Wilmington Large-Cap Strategy Fund (“Large-Cap Strategy Fund”) formerly a series of WT Mutual Fund |
Wilmington Large Cap Value Fund (“Large Cap Value Fund”) formerly MTB Large Cap Value Fund |
Wilmington Mid Cap Growth Fund (“Mid Cap Growth Fund”) formerly MTB Mid Cap Growth Fund |
Wilmington Small Cap Growth Fund (“Small Cap Growth Fund”) formerly MTB Small Cap Growth Fund |
Wilmington Small-Cap Strategy Fund (“Small-Cap Strategy Fund”) formerly a series of WT Mutual Fund |
Table of Contents
PRESIDENT’S MESSAGE | ||||
President’s Message | i | |||
WILMINGTON FUNDS ANNUAL REPORT | ||||
Management’s Discussion of Fund Performance | 1 | |||
Shareholder Expense Example | 20 | |||
Portfolios of Investments | 22 | |||
Notes to Portfolios of Investments | 75 | |||
Statements of Assets and Liabilities | 76 | |||
Statements of Operations | 78 | |||
Statements of Changes in Net Assets | 80 | |||
Financial Highlights | 83 | |||
Notes to Financial Statements | 90 | |||
97 | ||||
Board of Trustees and Trust Officers | 98 | |||
Board Approval of Investment Advisory Agreements | 102 | |||
Shareholder Proxy Results | 104 |
Table of Contents
I am pleased to enclose the Annual Report of the Wilmington Funds, formerly known as the MTB Group of Funds (the “Trust”). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2011 through April 30, 2012. Inside, you will find a discussion of the factors impacting each Fund’s performance during the reporting period, as well as a complete listing of each Fund’s holdings and financial statements.
The Economy and Financial Markets in Review
Wilmington Funds Management Corporation, the new advisor to the Trust, and Wilmington Trust Investment Advisors, Inc. (formerly known as MTB Investments Advisors, Inc.), the sub-advisor to the Trust, have provided the following review of the economy, bond and stock markets over the 12-month reporting period:
The Economy
The U.S. economy continues to show positive growth, but it is a slow rate of growth. The Commerce Department announced its early estimate of Gross Domestic Product (“GDP”) growth of 2.2% in the first quarter. Momentum is improving, but economic expansion remains mediocre. Since the beginning of the current recovery (third quarter of calendar year 2009), the country has averaged a 2.4% growth rate. This is significantly lower than the 4.5% annual growth rate during the last seven economic recoveries over the past 40 years. Currently, personal consumption accounts for 70% of GDP, and there is a reluctance – or inability – to ramp up spending. Consumers are concerned about the value of their homes and the outlook for jobs. Post-recession employment growth has averaged less than 1% annually since the recession ended in 2009. Jobless recoveries have become the norm. At the same time, worker productivity (output per hour) has increased. These productivity gains allow employers to keep labor costs in check, boosting profitability.
There are pockets of strength in the U.S. economic recovery, and the warm winter may have brought an early spring to the economy. Private sector hiring picked up, but government cutbacks (state and local) held back over-all job growth. April’s unemployment rate dropped to 8.1% and the economy added 115,000 jobs in the month. While this appears favorable, over 300,000 workers have dropped out of the work force and 41% of the unemployed have been out of work for six months or more.
Global concerns remain; including a slower growth in China’s economy, austerity programs in the peripheral Eurozone countries, and a technical recession in the United Kingdom. On this side of the Atlantic, we are seeing some positive contributions from the consumer, exports, and private inventory investments. The Federal Reserve (the “Fed”) has noted an improving economy; however, “not enough to warrant a change in stimulative policies at this time”. They predicted economic growth between 2.4% and 2.9% this year, which is significantly better than the 1.7% last year.
The Bond Markets
The bond market, the subject of so much stress last summer, has been much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.
While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.
The Fed responded to the slow economic growth by embarking on “Operation Twist” where it simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that it would keep short-term interest rates extremely low into 2014. The European Central Bank (ECB) initiated its “Long-Term Refinancing Operations” which addressed some of the liquidity concerns of its banking system by allowing banks to borrow cash from the ECB at a discounted borrowing rate by depositing longer-term loans with the ECB.
PRESIDENT’S MESSAGE / April 30, 2012
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ii |
Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries.
It’s been a good year in fixed income, particularly in the tax-exempt bond arena. Two trends in the municipal market appeared during the 12 months ending 4/30/2012, both reflecting a reversal of the trends in place during the prior fiscal year. One trend was the increased supply of municipal debt issues where levels had moved into a more traditional range as compared to the previous period’s depressed levels, and the other trend was the increased level of demand for municipal securities compared to the previous period’s sell off of municipal securities.
For the 12-month reporting period May 1, 2011 through April 30, 2012, certain Barclays Capital indices performed as follows1:
Barclays Capital U.S. Aggregate Bond Index2 | Barclays Capital U.S. Treasury Bond Index3 | Barclays Capital U.S. Mortgage- Backed Securities Index4 | Barclays Capital U.S. Credit Bond Index5 | Barclays Capital Municipal Bond Index6 | ||||||||||||
7.54% | 8.89% | 5.74% | 9.20% | 11.36% |
The Stock Markets
The Funds’ fiscal year ended with broad U.S. stock indices modestly higher. The slight net change masks an index drop of nearly 20% and a recovery. The potential effects of a European insolvency in both sovereign credit and banks put a scare into equity markets in August but were alleviated at least temporarily by allowing European banks to move their funding needs out to three years to provide some insurance against a liquidity crisis. While concerns about Europe fluctuated, the economic picture in the U.S. appeared to firm with a marginally better employment picture and confidence improving for both consumers and small businesses. As employment improves, it is expected that the housing market will show signs of stability with the hope of potentially adding to domestic growth at some point in the future.
The S&P 500 jumped 12.6% (including dividends) in the first quarter of 2012 with the unusual feature of having positive returns in each of the three months. One strategist points out that this has happened in only 17 of the past 66 years and there were no down years in those periods. Of course, past performance is no indication of future performance. As we approach mid-year, the market has its eyes on many issues including weakness in the European Union; the elections in the U.S.; a slowdown in China; and, the “fiscal cliff” in the U.S. which refers to a combination of expiring tax cuts, the end of the 2009 stimulus package, automatic spending cuts and new healthcare-related taxes which will be a drag on the economy.
The best performing industries during the fiscal year included computer hardware, auto retailing and homebuilding. The worst performing industries, suggesting a concern about a cyclical slowdown, included tires and rubber, aluminum, coal and consumable fuel.
For the 12-month reporting period May 1, 2011 through April 30, 2012, certain stock market indices performed as follows:
S&P 500 Index7 | Dow Jones Industrial Average8 | NASDAQ Composite Index9 | MSCI All Country World ex-US (Net) Index10 | |||||||||
4.76% | 5.97% | 7.17% | (12.90)% |
April 30, 2012 / PRESIDENT’S MESSAGE
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The Trust, with assets of $12.8 billion as of April 30, 2012, gives investors access to every major asset class and sector. Whether you are looking for a comfortable retirement, to fund a child’s higher education, pursue tax-free income11, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds may provide you with the diversification, flexibility and professional management you need.
Sincerely,
Kenneth Thompson
President
June 4, 2012
PRESIDENT’S MESSAGE / April 30, 2012
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iv |
For more complete information, please download the Funds’ prospectus available on www.wilmingtonfunds.com or call 1-800-836-2211 for a copy. You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds’ prospectus, which you should read carefully before investing.
Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.
All investments involve risk, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
1. | Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. |
2. | Barclays Capital U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index. |
3. | Barclays Capital U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index. |
4. | Barclays Capital U.S. Mortgage-Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index. |
5. | Barclays Capital U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index. |
6. | Barclays Capital Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index. |
7. | S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index. |
8. | Dow Jones Industrial Average (“DJIA”) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIA’s average movements are leading economic indicators for the stock market as a whole. The average is unmanaged and investments cannot be made directly in an average. |
9. | NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index. |
10. | MSCI All Country World ex-US (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices. |
11. | Income generated by tax-free funds may be subject to the federal alternative minimum tax and state and local taxes. |
Sector allocation and credit quality percentages are based on total portfolio as of quarter-end and are subject to change at any time. This data is shown for informational purposes only and is not to be considered a recommendation to purchase or sell any security. The credit quality of the investments in a Fund’s portfolio does not apply to the safely and stability of the Fund and are subject to change. Ratings shown are assigned by one or more Nationally Recognized Statistical Rating Organizations (NRSRO), such as Standard & Poor’s, and typically range from AAA (highest) to D (lowest). When ratings from two NRSROs are available, the lowest rating is used. Bonds not rated by an NRSRO are included in the Not Rated category, which does not necessarily indicate low quality. Cash is defined as bonds with stated maturities of seven days or less and includes money market funds and other cash equivalents. For more information regarding rating methodologies for S&P visit www.standardandpoors.com and for Moody’s visit www.moodys.com.
April 30, 2012 / PRESIDENT’S MESSAGE
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WILMINGTON LARGE CAP GROWTH FUND
(formerly known as MTB Large Cap Growth Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington Large Cap Growth Fund (the “Fund”) had a total return of (4.36)%* for A Shares and (3.96)%* for I Shares, versus its benchmark, the Russell 1000 Growth Index,** which had a total return of 7.26%.
The equity markets bottomed in early March of 2009. Since that date most equity index levels have about doubled. We are now three years into the recovery. We say recovery rather than a bull market because although equities remain inexpensive versus their historical norms, market uneasiness and volatility have kept traditional investors on the sideline. A large portion of investors have failed to reap the financial successes of the past three years due to fear and loss of capital stemming from the 2008 global financial collapse. This fiscal year, the United States has witnessed a steady but slow economic recovery. Asia is in the midst of a slowdown, albeit from a rather lofty level, and most of Western Europe is in a recession. Domestic earnings continue to come in above plan; however we are now in a global market and it is difficult for the U.S. equity market to single-handedly carry the weight of the rest of the world. Even with our slow but steady growth coupled with above trend earnings, the investor has yet to return in earnest. A recent Rasmussen poll asked the question, do you feel that the U.S. economy is currently in a recession? And 62% responded affirmatively. We wonder why volatility remains at a fever pitch. Our domestic market is close to a year high, and we are only a few percentage points away from the all-time high registered in October 2007. The equity market usually forecasts economic conditions a year in advance. We are off to a surprisingly strong start this year, even with the European financial uncertainty. Maybe the recent move in equities will be a harbinger for a bright financial future.
After delivering a solid double-digit return in fiscal 2011, last year was a disappointment. The Fund started strongly and actually was named a Category King by the Wall street Journal for outstanding performance. However Greece fiscal issues once again surfaced during the summer months and the Fund got caught by being aggressively positioned for continued economic growth and it quickly forfeited the above benchmark performance. Fiscal issues in Europe continued into the fall months and worries of the contagion spreading to much larger economies (Spain and Italy) weighed heavily on the equity markets. We again were cited as a Category King in January 2012; however it was not enough to make up for our summer shortfall. We are off to a good start in fiscal 2013, and we believe that as economic numbers continue to improve, equity shareholders will be rewarded.
The Fund’s top performing equity positions once again came from a rather eclectic group void of any central theme. CBS Corp. was our top performing equity. This national broadcasting company continued to surprise skeptics by delivering eight of the top ten weekly shows. CBS Corp. shareholders were rewarded as its share price appreciated over 37% during our fiscal year. Apple, Inc. was another top performer. The company announced several new products and withstood the death of its founder, Steve Jobs, and yet it still managed to appreciate over 70% during our fiscal year, becoming the largest market capitalization company in the world. The
Fund also benefitted from our holding in D.R. Horton, Inc. This leading homebuilder finally was rewarded for its actions taken during the financial collapse. The company rewarded its shareholders by appreciating over 35% in our fiscal year.
The Fund was negatively impacted by our position CBRE Group, Inc., a real estate and financial advisory firm. Shares of CBRE Group, Inc. dropped over 28% as earnings in their real estate division failed to meet street expectations. Another holding, Illumina, Inc. manufactures a gene sequencing machine and although there was a lot of chatter regarding its future advantages, weak earnings drove its share price lower. Our position in Baker Hughes, Inc. also had a negative impact on the Fund’s overall performance. Baker Hughes, Inc.’s share price fell over 40% from its recent high as margins in its domestic pressure pumping division collapsed. Baker Hughes, Inc. is a leading oil service company, which specialized in providing services into the new shale gas regions. As natural gas inventories climbed into an unseasonably warm winter, margins dropped, placing pressure on its share price.
As we reflect back on fiscal year 2012, we were caught with mixed emotions. To win an accolade among your peers we were elated; however we were quickly humbled by the market volatility over concerns of fiscal collapse in Greece and other Western European countries. We are once again off to a good start in fiscal year 2013; however we must be prudent given the looming financial atmosphere in Europe. We are cautious as we enter the summer months and we have reduced our aggressive growth stance; however we firmly believe that if strong domestic economic data continues then this should lead the market to a new all-time high.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was (9.66)%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. |
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WILMINGTON LARGE CAP GROWTH FUND – A SHARES*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Large Cap Growth Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Russell 1000 Growth Index (“Russell 1000 Growth”)2 and the Lipper Large-Cap Growth Funds Average.2
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | (9.66)% | |||
5 Years | (0.85)% | |||
10 Years | 1.19% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.
Annual Operating Expense Ratio
Before Waivers | 1.66% | |||
After Waivers | 1.42% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
* | Formerly Class A Shares. |
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WILMINGTON LARGE CAP GROWTH FUND – I SHARES*
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Large Cap Growth Fund (I Shares) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2012, compared to the Russell 1000 Growth1 and the Lipper Large-Cap Growth Funds Average.1
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | (3.96)% | |||
5 Years | 0.51% | |||
Start of Performance (8/18/03) | 3.60% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers | 1.41% | |||
After Waivers | 1.04% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | The performance shown for the I Shares of the Fund, the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Average assumes the reinvestment of all dividends and distributions. Lipper Large-Cap Growth Funds Average performance is as of the month-end following the inception date for the Fund. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
* | Formerly Institutional I Shares. |
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WILMINGTON LARGE-CAP STRATEGY FUND
(formerly a series of the WT Mutual Fund)
Management’s Discussion of Fund Performance
For the ten-month fiscal period ended April 30, 2012, Wilmington Large-Cap Strategy Fund (the “Fund”) had a total return of 7.12%* for A Shares and 7.32%* for I Shares, versus its benchmark, the Russell 1000 Index**, which had a total return of 7.11%.
The Fund attempts to outperform the Russell 1000 Index by overweighting growth or value companies based on recommendations from the Wilmington Trust Investment Strategy Team (IST). During the third quarter of calendar year 2011, the IST style recommendation for domestic large-cap equities was neutral. The I Shares of the Fund accurately tracked the benchmark and returned (14.68)% during the third calendar quarter. At the end of the third calendar quarter, the IST recommended an overweight to growth companies for domestic large-cap portfolios. The Fund was rebalanced to track a custom benchmark of 60% Russell 1000 Growth Index** / 40% Russell 1000 Value Index**. The IST held this target through the end of calendar year 2011. For the fourth quarter of 2011, the Russell 1000 Value Index returned 13.11% and the Russell 1000 Growth Index returned 10.61%. The I Shares of the Fund returned 11.61% and the Russell 1000 Index returned 11.84%. The 0.23% of underperformance is attributable to the recommended growth tilt over the period.
During the first quarter of calendar year 2012, the growth index outperformed the value index by 3.57%. In accordance with the IST recommendations, the Fund continued to overweight growth companies and the I Shares returned 13.23% versus 12.90% for the benchmark. The 0.33% of outperformance is attributable to the IST recommended growth tilt.
In April, the Fund continued to target a custom benchmark of 60% Russell 1000 Growth Index / 40% Russell 1000 Value Index. Large-cap growth companies slightly outperformed value companies in April. The I Shares of the Fund returned (0.47)% slightly outperforming the benchmark.
At the April IST meeting, the proprietary U.S. large-cap style model continued to favor growth stocks. The IST voted to follow the models and recommended maintaining the overweight to growth companies in domestic large-cap equity portfolios. The IST and Investment Research Team are researching additional tactics to improve the risk adjusted return of the portfolio.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was 1.19%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Index represents approximately 92% of the U.S. market and is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. |
April 30, 2012 / ANNUAL REPORT
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WILMINGTON LARGE-CAP STRATEGY FUND – A SHARES
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Large-Cap Strategy Fund (A Shares) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2012, compared to the Russell 1000 Index (“Russell 1000”)2 and the Standard & Poors 500 Index (“S&P 500”).2
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | (1.67)% | |||
5 Years | (1.53)% | |||
Start of Performance (12/19/05) | 1.44% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.
Annual Operating Expense Ratio
Before Waivers | 1.11% | |||
After Waivers | 0.50% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Russell 1000 Index and the S&P 500 assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged. |
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WILMINGTON LARGE-CAP STRATEGY FUND – I SHARES*
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Large-Cap Strategy Fund (I Shares) (the “Fund”) from July 1, 2003 (start of performance) to April 30, 2012, compared to the Russell 10001 Index and the Standard & Poors 500 Index (“S&P 500”).1
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | 4.33% | |||
5 Years | (0.07)% | |||
Start of Performance (7/01/03) | 4.82% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers | 0.86% | |||
After Waivers | 0.25% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | The performance shown for the I Shares of the Fund, the Russell 1000 Index and the S&P 500 assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
* | Formerly Institutional Shares. |
April 30, 2012 / ANNUAL REPORT
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WILMINGTON LARGE CAP VALUE FUND
(formerly known as MTB Large Cap Value Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington Large Cap Value Fund (the “Fund”) had a total return of (6.94)%* for A Shares and (6.65)%* for I Shares, versus its benchmark, the Russell 1000 Value Index,** which had a total return of 1.03%.
Following very strong returns for the prior year, U.S. equity markets delivered moderate returns for the fiscal year ended April 30 2012. During the first part of the year global equities corrected significantly as concerns about slowing U.S. economic growth and European sovereign debt roiled the markets. However, beginning in October 2011 global equity markets rose significantly as the outlook for domestic growth improved and, the European Central Bank provided significant liquidity to European banks thus easing the risk of a bank default and/or a credit crunch. The markets continue to be driven by a gradually improving U.S. economy and relatively strong corporate earnings growth. U.S. corporations have demonstrated great cost control, have strong balance sheets and have maintained high profit margins in an environment where revenue growth has become a bit more challenging. Overall valuations for the market, although not compelling, remain reasonable.
PORTFOLIO REVIEW:
CONSUMER DISCRETIONARY: General Motors Co. declined as the company reported mixed quarterly earnings as better-than-expected North America volume and pricing was offset by higher costs. Investors were also concerned about a potential degradation in pricing and product mix going forward given sharply rising gasoline prices, and production cutbacks early in the year due to supply shortages from Japan. The potential overhang of the U.S. government’s ownership stake also weighed on the stock. Our investment thesis for the stock remains intact as the company’s fundamentals have greatly improved since it emerged from bankruptcy. Increased profit forecasts and the potential return of cash to shareholders along with a positive outlook for auto sales volumes continue to offer support. The outlook for earnings is being driven by higher volumes and a large new product pipeline. General Motors Co. has recently entered into an alliance with Peugeot S.A. to develop shared vehicle platforms and to collaborate on global sourcing with the goal of reducing costs at its Opel operations in Europe. In addition, General Motors Co. is particularly focused on further restructuring opportunities in Europe.
ENERGY: Natural gas prices reached 10 year lows as mild winter weather and falling coal prices resulted in a glut of gas in North America storage. Companies have begun to shut in production and shift significant capital away from dry gas, which should help to set a floor on gas prices later this year and allow for increases going into 2013. The prospect of lower North American natural gas production is a more likely reality in late 2012/early 2013 given the steep spending cuts currently underway. Amongst our energy holdings, Apache Corp. appreciated following declines last year fueled by political instability in Egypt. ApacheCorp.’s pace of acquisitions should slow appreciably from 2011, which will enable investors to focus on its strong operations, capital returns, and cash flow generation. We increased our position in Talisman Energy, Inc. as the
company is selling assets which we expect will help recognize the significant undervaluation of the remainder of the firm. In addition, we believe it will shortly announce an update suggesting a timeline for production at their Yme project in the North Sea which should reverse the negative concern that has developed over the past year. We believe investor’s expectations for the company are exceedingly low. Our position in Canadian Natural Resources Ltd. declined due to the temporary shutdown of its Horizon Oil Sands project for repairs, resulting in the company lowering its production guidance. Horizon issues have weighed on management’s credibility since a fire in the coker unit shut down production for eight months last year. Investor sentiment on the stock also reflected wider heavy oil differentials as Canadian crude traded at a depressed level to West Texas Intermediate (WTI). The reversal of the Seaway pipeline and addition of more pipeline capacity should lower the WTI discount to Brent crude. The company generates substantial free cash flow, and has significant long-lived, proven reserves that we believe are overlooked by the market. We have recently increased our position in Canadian Natural Resources Ltd. on price weakness. In addition, the company just authorized a share repurchase of up to 5% of the outstanding shares over the next 12 months.
FINANCE: Our financial holdings were weak during the first six months of the year but have recovered significantly since October 2011. Although the low interest rate environment continues to weigh on the banks, their balance sheets have substantially improved over the past two years, as reflected by increased levels of capital, reserves, and liquidity. Settlement with the states’ Attorneys General regarding mortgage foreclosure and servicing practices, and the European Central Bank’s successful efforts to date in staving off the Eurozone’s sovereign debt crisis has removed an overhang on the group. Recently, portfolio holdings JP Morgan Chase & Co. and Wells Fargo & Co. announced an increase to their dividends along with share buyback plans after successfully passing the Federal Reserve’s most recent CCAR stress test. We expect Citigroup Inc. to get regulatory approval to increase capital return to shareholders later this year. Goldman Sachs Group, Inc. benefitted from increased capital market activity, which has rebounded from the depressed levels witnessed in the last half of 2011. Following a difficult first six months, our insurance stocks appreciated on the strength of improving fundamentals and a more positive outlook for capital redeployment. Responding to shareholder pressure, Hartford Financial Services Group, Inc. announced a strategic restructuring whereby it will focus on property casualty by divesting its life and retirement businesses, and put its annuity business into runoff. Once executed, the restructuring should help improve returns and reduce capital market-related volatility. We believe the strategic plan is a step in the right direction, and that management is extremely focused on creating shareholder value. Recently, we trimmed our stake in Lincoln National Corp. at an attractive price, and increased our position in Unum Group. Unum Group is poised to benefit from improving pricing trends in group disability insurance. The company has a strong balance sheet and stable free cash flow that provides an opportunity for management to return significant capital back to shareholders. The stock trades at a steep discount to book value.
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HEALTHCARE: Our healthcare holdings performed well during the year. Pfizer, Inc. had positive pipeline news as FDA panel committees recommended Axitinib in the treatment of advanced renal cell carcinoma, and Prevnar-13 for the prevention of pneumococcal disease in adults over 50 years of age. The company generates strong cash flow that supports an attractive dividend, while expense controls and the anticipated sale of several businesses remain potential catalysts. We tendered 85% of our Amgen, Inc. stock in a Dutch auction at $60 per share, and sold the remaining shares shortly thereafter. Although we believe Amgen, Inc. has an attractive valuation with a solid drug pipeline that includes Denosumab for the treatment of bone loss, the company faces a number of regulatory and competitive headwinds going forward that caused us to be more cautious. We believe our investment in Teva Pharmaceutical Industries Ltd. offers an attractive risk/reward at current levels. We expect Teva Pharmaceutical Industries Ltd.’s Copaxone franchise to continue to drive earnings and cash flow growth, and believe that the stock’s valuation reflects a far more pessimistic scenario. Teva Pharmaceutical Industries Ltd. announced the appointment of a new CEO and $3.0 billion share buyback, which was well received by investors as it represents a shift toward a more shareholder focused capital allocation strategy. The next catalyst for the stock is a lower court trial ruling on the generic challenge of Copaxone, Teva’s branded multiple sclerosis drug, in mid-2012.
MATERIALS & PROCESSING: Our gold investments declined as gold equities have continued their under-performance relative to the price of gold. Operationally, AngloGold Ashanti Ltd. reported solid performance at its Geita mine in Tanzania, while its Obuasi mine in Ghana continues to make steady progress towards improving results. We believe the turnaround of these two mines, along with its Tropicana project coming online in late 2013, remain catalysts for the stock. For Barrick Gold Corp., the ramp up of production at its Pueblo Viejo mine in the Dominican Republic is progressing as expected, while its Pascua-Lama development in Argentina/Chile is slated for production in mid-2013. Together these projects should add 1.5 million ounces of new low cost annual gold output. Cost inflation going forward remains a concern as fuel and labor prices continue to increase. During the year, we added fertilizer producer Mosaic Co. to the portfolio. The stock has been pressured by concerns regarding the near term demand outlook for phosphate and potash given delayed U.S. dealer purchases and uncertainty of Indian and Brazilian imports. While we acknowledge these near term headwinds, we believe the medium/long term fundamentals remain favorable given the company’s unique position in a cartel potash market. Mosaic Co. offers a substantial resource base at an attractive price, has net cash on its balance sheet, and positive free cash flow that could be used for share repurchases. The company recently announced that it had negotiated a favorable agreement to resume operations at its South Fort Meade phosphate mine in Florida, enabling the company to significantly lower its phosphate rock acquisition costs.
INDUSTRIALS: The recent positive performance of Ingersoll-Rand PLC. reflects early indications of a cyclical recovery in housing and construction end-markets after being depressed for the last three years. The company has also made significant progress at resolving internal profit pressures, particularly within its HVAC business. The stock trades at an attractive valuation, and earnings
expectations appear to be conservative. Additionally, an activist investor has recently taken a position in the stock. PACCAR, Inc. has recently reported good earnings progress that reflects continued fundamental improvement in the North American commercial truck market. Missteps at competitor Navistar International Corp. related to EPA certification for new engines could provide some upside opportunities for PACCAR, Inc. in the near term.
TECHNOLOGY: Motorola Mobility Holdings, Inc. appreciated significantly during the year as the company received an all cash takeover offer from Google, Inc. at $40 per share. The catalyst for the acquisition was Motorola’s extensive patent portfolio, which Google plans to use to protect its Android franchise. We had increased our position in Motorola Mobility Holdings, Inc. back in March 2011 based on valuation given the attractiveness of its patent portfolio, and subsequently eliminated the entire position after the acquisition was announced. The recent appreciation of CA, Inc. reflects the company’s announcement that it will return $2.5 billion of capital to shareholders through 2014 by raising its dividend 400% and repurchasing shares (equating to roughly 80% of the company’s free cash flows). These are actions that we have strongly supported. CA, Inc.’s strengthened management team has made strides to improve the company’s market position and enhance shareholder value through a strategic restructuring and increased focus on internal operations. Going forward, our focus will be on management’s execution at improving margins in its distribution business. Shares of Microsoft Corp. also posted a strong gain for the quarter, reflecting anticipation of a successful launch of Windows 8 later this year and a resurgent PC market. Another potential catalyst is an index rebalancing expected to occur later this year due to an increase in the shares available for trading (i.e. “float”) as Bill Gates continues to reduce his personal holdings of Microsoft Corp. stock. This could put upward pressure on the stock price. We also initiated a new position in Hewlett-Packard Co. The company is in the midst of a strategic turnaround following several quarters of declining revenues and earnings. Former eBay CEO Meg Whitman was brought in as CEO in 2011 to oversee a complex transformation which will include cost restructuring, an increase in research and development spending with a focus on growth areas, and a more cohesive strategy for its server, storage, and networking businesses. The near-term goal for the firm is to improve operating margins while stabilizing the revenue stream. HP continues to generate a strong free cash flow which it can use to support its current dividend, repurchase shares, and reduce its debt load. The recent appointment of an activist investor to the board of HP should keep management focused on addressing operational issues that will improve profitability as well as pursue innovations in higher growth markets with better margins. The market is forecasting declines in profitability that are significantly worse than we believe will occur.
OUTLOOK: While this is no time to be complacent and no permanent solutions have been applied to the structural issues facing the global economy, U.S. economic growth continues at a slow/moderate pace. Earnings reports are, on balance, pretty good. Dividend increases and share repurchase authorizations have continued as well. Interest rates have increased modestly on medium/long-term Treasuries although they remain at exceptionally low levels. Inflation is still modest, and confidence in the U.S. has kept interest rates at a level well below normal. Warning signs are not hard to find. China’s rate of economic growth, a critical engine for global
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growth and commodity prices/demand, is decelerating and uncertain. Concerns about the structural fiscal problems in Europe have surfaced again. The U.S. has been a major beneficiary of low interest rates due to the turmoil and fear in Europe; how long our country can borrow and finance its structural deficits at historically low rates remains a big question mark. There is no easy cure for structural deficits. Austerity programs provide a long-term balance between government spending and revenues, but are socially and politically difficult. It is hard to get anything done until market dynamics absolutely force action under the threat of otherwise dire consequences.
We would like to close our outlook with a few observations. Shareholder activism has accelerated over the past year. We cannot recall a time when there have been more companies undergoing challenges from major shareholders (whether or not they are 13D filers) to solve problems, improve profitability, accelerate the return of free cash flow, or create value in other ways. Waiting for a robust economy to solve problems and increase stock prices can’t be and isn’t the go to option anymore. We have generally found company managements to be more understanding of the need to have greater urgency. Separately, we have even witnessed Wall Street analysts promoting what we refer to as “sell side activism” as there have been several reports urging or articulating the value or need to restructure. We have redoubled our efforts to find companies that not only offer attractive valuation and downside protection, but can solve problems and force recognition of value even in a difficult economic environment. The number of our portfolio investments that are in the midst of transforming themselves to highlight and recognize value is meaningful and growing.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was (12.08)%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. |
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WILMINGTON LARGE CAP VALUE FUND – A SHARES*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Large Cap Value Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Russell 1000 Value Index (“Russell 1000 Value”)2, and the Lipper Large Cap Value Funds Average.2
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | (12.08)% | |||
5 Years | (3.62)% | |||
10 Years | 2.53% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.
Annual Operating Expense Ratio
Before Waivers | 1.43% | |||
After Waivers | 1.32% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Russell 1000 Value Index and the Lipper Large Cap Value Funds Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
* | Formerly Class A Shares. |
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WILMINGTON LARGE CAP VALUE FUND – I SHARES*
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Large Cap Value Fund (I Shares) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2012, compared to the Russell 1000 Value Index (“Russell 1000 Value”)1, and the Lipper Large Cap Value Funds Average.1
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | (6.65)% | |||
5 Years | (2.39)% | |||
Start of Performance (8/18/03) | 4.84% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers | 1.18% | |||
After Waivers | 1.04% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | The performance shown for the I Shares of the Fund, the Russell 1000 Value Index and the Lipper Large Cap Value Funds Average assumes the reinvestment of all dividends and distributions. Lipper Large Cap Value Funds Average performance is as of the month-end following the inception date for the Fund. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
* | Formerly Institutional I Shares. |
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WILMINGTON MID CAP GROWTH FUND
(formerly known as MTB Mid Cap Growth Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington Mid Cap Growth Fund (the “Fund”) had a total return of (1.55)%* for A Shares and (1.40)%* for I Shares, versus its benchmark, the Russell Mid Cap Growth Index**, which had a total return of 0.78%.
The Fund faced a challenging year as equity markets fluctuated in a broad range. The pattern was reminiscent of 2010, with investors beginning the year anxious about the prospect for continued economic growth. This concern reached a fever pitch from August through October as the U.S. debt-ceiling, European sovereign/bank debt, and China growth concerns worked together to undermine investor confidence. Stock correlations rose to levels above the 2008 crisis, while valuations plummeted. As in 2010, our analysis indicated that the worst fears reflected in the equity market were unlikely to be realized. We retained our pro-growth positioning and our conviction was rewarded with a strong rebound from November 2011 through March 2012. Through March and April 2012, however, growth jitters (and consolidation from the rapid rebound) again softened investor enthusiasm for stocks in general, growth stocks particularly, and a few of our holdings especially.
The Fund’s performance relative to the benchmark mainly reflects significant weakness of a few holdings, which unfortunately had a large enough impact to offset some remarkable successes. To an extent, the wide dispersion of outcomes reflects narrowing stock market leadership as we recover from the 2008/2009 lows. When a company appears to no longer display attractive growth momentum, the stock gets punished. In addition, the fiscal year began at a high point for the Fund, and thus the year-over-year return looks weak from a high starting point. Broadly speaking, we held solid winners in Consumer Discretionary (Lululemon Athletica, Inc., CBS Corp.), Consumer Staples (Herbalife Ltd.), Information Technology (Sourcefire, Inc.), and Energy (Cabot Oil & Gas Corp.). Unfortunately, we offset these and other strong performers with weak results from other holdings, notably Walter Industries, Inc., Allscripts Healthcare Solutions, Inc., Peabody Energy Corp., Aruba Networks, Inc., and McDermott International, Inc. Sector allocation had an additional negative impact, as Energy and Information Technology stocks struggled against investor pessimism despite, in our analysis, attractive underlying fundamentals.
Finally, in the periods when the market has been driven (generally down) by macro news flow, volatile and highly-correlated stock movements have made it difficult for fundamentally-based, active managers in general. Strong, individual company-based results were frequently overwhelmed by sector rotations and broad market gyrations. The result was that a majority of managers underperformed the benchmark, which allowed our I Share returns to achieve the 50th percentile of the Lipper Mid Cap Growth Funds Average for the year despite our missteps. Nonetheless, our goal remains to exceed the benchmark’s return and, while our discipline may not achieve that goal every year, our long-term results indicate that we have been able to identify companies with strong business models selling at attractive valuations. We remain committed to the disciplined implementation of that approach.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was (6.95)%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Russell Mid Cap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Mid Cap Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. |
April 30, 2012 / ANNUAL REPORT
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WILMINGTON MID CAP GROWTH FUND – A SHARES†, *
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Mid Cap Growth Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Russell Mid Cap Growth Index (“Russell Mid Cap Growth”),2 and the Lipper Mid Cap Growth Funds Average.2
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | (6.95)% | |||
5 Years | 4.20% | |||
10 Years | 6.84% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.
Annual Operating Expense Ratio
Before Waivers | 1.62% | |||
After Waivers | 1.24% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Russell Mid Cap Growth Index and the Lipper Mid Cap Growth Funds Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
† | The Wilmington Mid Cap Growth Fund is the successor to the ARK Mid Cap Equity Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Mid Cap Equity Portfolio. |
* | Formerly Class A Shares. |
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WILMINGTON MID CAP GROWTH FUND – I SHARES†, *
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Mid Cap Growth Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Russell Mid Cap Growth Index (“Russell Mid Cap Growth”),1 and the Lipper Mid Cap Growth Funds Average.1
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | (1.40)% | |||
5 Years | 5.55% | |||
10 Years | 7.60% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers | 1.37% | |||
After Waivers | 1.08% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | The performance shown for the I Shares of the Fund, the Russell Mid Cap Growth Index and the Lipper Mid Cap Growth Funds Average assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
† | The Wilmington Mid Cap Growth Fund is the successor to the ARK Mid Cap Equity Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Mid Cap Equity Portfolio. |
* | Formerly Institutional I Shares. |
April 30, 2012 / ANNUAL REPORT
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WILMINGTON SMALL CAP GROWTH FUND
(formerly known as MTB Small Cap Growth Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington Small Cap Growth Fund (the “Fund”) had a total return of (8.68)%* for A Shares, (8.77)%* for C Shares and (8.53)%* for I Shares, versus its benchmark, the Russell 2000 Growth Index,** which had a total return of (4.42)%.
After peaking in late April into early May 2011, equity markets encountered significant turbulence during the first half of the Fund’s fiscal year. Macroeconomic and political concerns again trumped strong corporate profit performance as European sovereign debt issues (seemingly annual), worries over China slowing, and political gridlock in the United States and Europe dominated investors’ behavior. Turmoil in Europe intensified, driven by fear of Greek debt issues spilling over into the stronger European core countries. As China continued to tighten credit availability, fears of a hard landing resurfaced. In the U.S., the debt ceiling debate led S&P to downgrade the U.S.’s debt rating.
The first quarter of 2012 saw the S&P 500 Index turn in its best quarterly performance since the third quarter of 2009 as Europe backed away from the point of collapse, the U.S. economy showed continued signs of life, and central banks pledged to step in and support global economic growth. Investors diverted assets from relatively safe but low-yielding bonds into riskier investments following last year’s turmoil. The risk on trade was alive and well.
Financials rallied as the U.S. economy strengthened and the Federal Reserve reported that 15 of the 19 largest banks in the U.S. passed its latest stress test to gauge their ability to withstand a deep financial downturn. Technology shares benefited from strong results from Apple, Inc. and Consumer Discretionary shares outperformed the broad market. Stocks levered to growth in China and the emerging markets, Materials and Industrials, lagged but still delivered positive returns. Could this be a sign of new leadership in the market and will the improvement in the economy continue after the effect of the warm weather wears off? Only time will tell.
In April cracks in Europe were fixed and the housing market recovery trade began to emerge. Economic data continued to surprise to the upside at a less frequent rate. Profits were booked and a wait and see attitude began to permeate the market. Fear of a repeat of last summer’s selloff was too fresh in the minds of investors. Yet leading economic indicators continue to improve and commodity prices started to decline, the opposite of last year.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was (13.71)%, adjusted for the Fund’s maximum sales charge, and the total return for C Shares was (9.68)%, adjusted for the Fund’s contingent deferred sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. |
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WILMINGTON SMALL CAP GROWTH FUND – A SHARES* AND C SHARES†, *
The graph below illustrates the hypothetical investment of $10,0001,2 in the Wilmington Small Cap Growth Fund (A and C Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Russell 2000 Growth Index (“Russell 2000 Growth”)3 and the Lipper Small Cap Growth Funds Average.3
Average Annual Total Returns for the Period Ended April 30, 2012
A Shares | C Shares | |||||||
1 Year | (13.71)% | (9.68)% | ||||||
5 Years | (0.85)% | 0.34% | ||||||
10 Years | 3.21% | 3.64% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50% for A Shares and contingent deferred sales charge (“CDSC”) of 1.00% as applicable for C Shares.
Annual Operating Expense Ratio
A Shares | C Shares | |||||||
Before Waivers | 1.67% | 2.17% | ||||||
After Waivers | 1.47% | 1.52% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | Represents a hypothetical investment of $10,000 in C Shares of the Fund. The ending value does not reflect a contingent deferred sales load on any redemption over 1 year from purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions. |
3 | The performance for the Russell 2000 Growth Index and the Lipper Small Cap Growth Funds Average assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
† | The Wilmington Small Cap Growth Fund is the successor to the ARK Small Cap Equity Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 23, 2003, is historical information for the ARK Small Cap Equity Portfolio. |
* | Formerly Class A Shares and Institutional I Shares. |
April 30, 2012 / ANNUAL REPORT
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WILMINGTON SMALL CAP GROWTH FUND – I SHARES†, *
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Small Cap Growth Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Russell 2000 Growth1 and the Lipper Small Cap Growth Funds Average.1
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | (8.53)% | |||
5 Years | 0.42% | |||
10 Years | 3.95% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers | 1.42% | |||
After Waivers | 1.25% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | The performance shown for I Shares of the Fund, the Russell 2000 Growth Index and the Lipper Small Cap Growth Funds Average assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged |
† | The Wilmington Small Cap Growth Fund is the successor to the ARK Small Cap Equity Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 23, 2003, is historical information for the ARK Small Cap Equity Portfolio. |
* | Formerly Institutional I Shares. |
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WILMINGTON SMALL-CAP STRATEGY FUND
(formerly a series of the WT Mutual Fund)
Management’s Discussion of Fund Performance
For the ten-month fiscal period ended April 30, 2012, Wilmington Small-Cap Strategy Fund (the “Fund”) had a total return of 0.06% for I Shares, versus its benchmark, the Russell 2000 Index**, which had a total return of (0.12)%.
The Fund attempts to outperform the Russell 2000 Index by overweighting growth or value companies based on recommendations from the Wilmington Trust Investment Strategy Team (IST). During the third quarter of calendar year 2011, the IST style recommendation for domestic small-cap equities was neutral, and the Fund underperformed the benchmark by 0.10%. At the end of the third quarter of the calendar year, the IST recommended overweighting growth companies for domestic small-cap portfolios. The Fund was rebalanced to track a custom benchmark of 60% Russell 2000 Growth Index** / 40% Russell 2000 Value Index**. The IST held this target through the end of the calendar year. For the fourth quarter of the calendar year, the Russell 2000 Value Index returned 15.97% and the Russell 2000 Growth Index returned 14.99%. The Fund returned 15.36% and slightly underperformed the Russell 2000 Index return of 15.47%. The 0.11% of underperformance is attributable to the recommended growth tilt over the period.
During the first quarter of calendar year 2012, the growth index outperformed the value index by 1.69%. The Fund continued to be overweight growth companies and returned 12.57% versus 12.44% for the benchmark. The 0.13% of outperformance is attributable to the IST recommended growth tilt.
In April, the Fund continued to target a custom benchmark of 60% Russell 2000 Growth Index / 40% Russell 2000 Value Index. Small-cap growth companies slightly outperformed value companies in April. The Fund returned (1.49)%, almost matching the Russell 2000 Index return of (1.55)%.
At the April IST meeting, the proprietary U.S. small-cap style model continued to favor growth stocks. The IST voted to follow the models and recommended maintaining the overweight to growth companies in domestic small-cap equity portfolios. The IST and Investment Research Team are researching additional tactics to improve the risk adjusted return of the portfolio.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of the Index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure large stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. |
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WILMINGTON SMALL-CAP STRATEGY FUND – I SHARES*
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Small-Cap Strategy Fund (I Shares) (the “Fund”) from July 01, 2003 (start of performance) to April 30, 2012, compared to the Russell 2000 Index1 and the S&P Small Cap 600 Index.1
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | (4.07)% | |||
5 Years | 0.28% | |||
Start of Performance (7/01/03) | 6.70% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers | 1.09% | |||
After Waivers | 0.31% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | The performance shown for I Shares of the Fund, the Russell 2000 Index and the S&P Small Cap 600 Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
* | Formerly Institutional Shares. |
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As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2011 to April 30, 2012.
Actual Expenses
This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which is not the Funds’ actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning Account Value 11/1/11 | Ending Account Value 4/30/12 | Expenses Paid During Period1 | Annualized Net Expense Ratio2 | |||||||||||||
WILMINGTON LARGE CAP GROWTH FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,098.00 | $ | 7.41 | 1.42 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,099.60 | $ | 5.38 | 1.03 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,017.80 | $ | 7.12 | 1.42 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,019.74 | $ | 5.17 | 1.03 | % | ||||||||
WILMINGTON LARGE-CAP STRATEGY FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,130.00 | $ | 2.65 | 0.50 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,131.50 | $ | 1.32 | 0.25 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,022.38 | $ | 2.51 | 0.50 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,023.62 | $ | 1.26 | 0.25 | % | ||||||||
WILMINGTON LARGE CAP VALUE FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,070.10 | $ | 6.69 | 1.30 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,071.40 | $ | 5.20 | 1.01 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,018.40 | $ | 6.52 | 1.30 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,019.84 | $ | 5.07 | 1.01 | % | ||||||||
WILMINGTON MID CAP GROWTH FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,090.80 | $ | 6.45 | 1.24 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,091.40 | $ | 5.56 | 1.07 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,018.70 | $ | 6.22 | 1.24 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,019.54 | $ | 5.37 | 1.07 | % |
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21 |
Beginning Account Value 11/1/11 | Ending Account Value 4/30/12 | Expenses Paid During Period1 | Annualized Net Expense Ratio2 | |||||||||||||
WILMINGTON SMALL CAP GROWTH FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,062.00 | $ | 7.33 | 1.43 | % | ||||||||
C Shares | $ | 1,000.00 | $ | 1,061.60 | $ | 7.53 | 1.47 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,062.50 | $ | 6.15 | 1.20 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,017.75 | $ | 7.17 | 1.43 | % | ||||||||
C Shares | $ | 1,000.00 | $ | 1,017.55 | $ | 7.37 | 1.47 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,018.90 | $ | 6.02 | 1.20 | % | ||||||||
WILMINGTON SMALL-CAP STRATEGY FUND | ||||||||||||||||
Actual | ||||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,110.00 | $ | 1.31 | 0.25 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
I Shares | $ | 1,000.00 | $ | 1,023.62 | $ | 1.26 | 0.25 | % |
(1) | Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent one-half year period). |
(2) | Expense ratio does not reflect the indirect expenses of the underlying funds it invests in. |
ANNUAL REPORT / April 30, 2012
Table of Contents
22 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Large Cap Growth Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Stocks | Percentage of Total Net Assets | |||
Common Stocks | ||||
Information Technology | 31.3 | % | ||
Consumer Discretionary | 14.5 | % | ||
Industrials | 11.4 | % | ||
Energy | 11.3 | % | ||
Consumer Staples | 10.5 | % | ||
Health Care | 8.7 | % | ||
Financials | 6.0 | % | ||
Materials | 4.8 | % | ||
Cash Equivalents1 | 1.8 | % | ||
Other Assets and Liabilities – Net2 | (0.3 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
April 30, 2012
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 98.5% | ||||||||
CONSUMER DISCRETIONARY – 14.5% | ||||||||
AUTO COMPONENTS – 1.1% | ||||||||
*BorgWarner, Inc. | 14,000 | $ | 1,106,560 | |||||
AUTOMOBILES – 1.0% | ||||||||
Ford Motor Co. | 85,000 | 958,800 | ||||||
HOTELS RESTAURANTS & LEISURE – 2.2% | ||||||||
Las Vegas Sands Corp. | 18,000 | 998,820 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 19,000 | 1,124,800 | ||||||
$ | 2,123,620 | |||||||
HOUSEHOLD DURABLES – 1.5% | ||||||||
DR Horton, Inc. | 88,000 | 1,438,800 | ||||||
INTERNET & CATALOG RETAIL – 1.9% | ||||||||
*Amazon.com, Inc. | 8,000 | 1,855,200 | ||||||
MEDIA – 1.9% | ||||||||
CBS Corp., Non – Voting | 55,000 | 1,834,250 | ||||||
SPECIALTY RETAIL – 1.9% | ||||||||
*Bed Bath & Beyond, Inc. | 9,000 | 633,510 |
Description | Number of Shares | Value | ||||||
Ltd. Brands, Inc. | 24,000 | $ | 1,192,800 | |||||
$ | 1,826,310 | |||||||
TEXTILES, APPAREL & LUXURY GOODS – 3.0% | ||||||||
*,12Lululemon Athletica, Inc. | 11,000 | 815,540 | ||||||
NIKE, Inc. | 11,000 | 1,230,570 | ||||||
PVH Corp. | 10,000 | 888,000 | ||||||
$ | 2,934,110 | |||||||
TOTAL CONSUMER DISCRETIONARY | $ | 14,077,650 | ||||||
CONSUMER STAPLES – 10.5% | ||||||||
BEVERAGES – 4.7% | ||||||||
Coca-Cola Co. | 22,000 | 1,679,040 | ||||||
PepsiCo, Inc. | 44,500 | 2,937,000 | ||||||
$ | 4,616,040 | |||||||
FOOD & STAPLES RETAILING – 1.9% | ||||||||
Costco Wholesale Corp. | 10,500 | 925,785 | ||||||
Whole Foods Market, Inc. | 11,000 | 913,770 | ||||||
$ | 1,839,555 |
(Wilmington Large Cap Growth Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 23 |
Wilmington Large Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
FOOD PRODUCTS – 0.8% | ||||||||
*Green Mountain Coffee Roasters, Inc. | 15,000 | $ | 731,250 | |||||
PERSONAL PRODUCTS – 1.3% | ||||||||
Estee Lauder Cos., Inc. | 19,500 | 1,274,325 | ||||||
TOBACCO – 1.8% | ||||||||
Philip Morris International, Inc. | 19,000 | 1,700,690 | ||||||
TOTAL CONSUMER STAPLES | $ | 10,161,860 | ||||||
ENERGY – 11.3% | ||||||||
ENERGY EQUIPMENT & SERVICES – 6.7% | ||||||||
*Cameron International Corp. | 15,000 | 768,750 | ||||||
Halliburton Co. | 40,000 | 1,368,800 | ||||||
National Oilwell Varco, Inc. | 19,000 | 1,439,440 | ||||||
Schlumberger Ltd. | 28,500 | 2,112,990 | ||||||
*Weatherford International Ltd. | 60,000 | 856,200 | ||||||
$ | 6,546,180 | |||||||
OIL, GAS & CONSUMABLE FUELS – 4.6% | ||||||||
*Alpha Natural Resources, Inc. | 65,000 | 1,048,450 | ||||||
Exxon Mobil Corp. | 40,000 | 3,453,600 | ||||||
$ | 4,502,050 | |||||||
TOTAL ENERGY | $ | 11,048,230 | ||||||
FINANCIALS – 6.0% | ||||||||
CAPITAL MARKETS – 1.7% | ||||||||
Goldman Sachs Group, Inc. | 6,500 | 748,475 | ||||||
T Rowe Price Group, Inc. | 14,000 | 883,610 | ||||||
$ | 1,632,085 | |||||||
CONSUMER FINANCE – 0.8% | ||||||||
American Express Co. | 13,000 | 782,730 | ||||||
DIVERSIFIED FINANCIAL SERVICES – 1.0% | ||||||||
Bank of America Corp. | 120,000 | 973,200 | ||||||
INSURANCE – 0.7% | ||||||||
Prudential Financial, Inc. | 12,000 | 726,480 | ||||||
REAL ESTATE INVESTMENT TRUSTS – 0.8% | ||||||||
American Tower Corp. | 12,000 | 786,960 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.0% | ||||||||
*CBRE Group, Inc. | 52,000 | 978,120 | ||||||
TOTAL FINANCIALS | $ | 5,879,575 |
Description | Number of Shares | Value | ||||||
HEALTH CARE – 8.7% | ||||||||
BIOTECHNOLOGY – 2.1% | ||||||||
*Biogen Idec, Inc. | 6,000 | $ | 804,060 | |||||
*Celgene Corp. | 5,000 | 364,600 | ||||||
*Gilead Sciences, Inc. | 17,000 | 884,170 | ||||||
$ | 2,052,830 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES – 2.2% | ||||||||
Baxter International, Inc. | 12,500 | 692,625 | ||||||
Medtronic, Inc. | 10,000 | 382,000 | ||||||
Stryker Corp. | 19,000 | 1,036,830 | ||||||
$ | 2,111,455 | |||||||
HEALTH CARE PROVIDERS & SERVICES – 2.9% | ||||||||
*Express Scripts Holding Co. | 30,000 | 1,673,700 | ||||||
UnitedHealth Group, Inc. | 20,000 | 1,123,000 | ||||||
$ | 2,796,700 | |||||||
PHARMACEUTICALS – 1.5% | ||||||||
Abbott Laboratories | 17,000 | 1,055,020 | ||||||
Allergan, Inc. | 4,000 | 384,000 | ||||||
$ | 1,439,020 | |||||||
TOTAL HEALTH CARE | $ | 8,400,005 | ||||||
INDUSTRIALS – 11.4% | ||||||||
AEROSPACE & DEFENSE – 4.9% | ||||||||
Boeing Co. | 22,000 | 1,689,600 | ||||||
Precision Castparts Corp. | 6,300 | 1,111,131 | ||||||
United Technologies Corp. | 24,500 | 2,000,180 | ||||||
$ | 4,800,911 | |||||||
AIR FREIGHT & LOGISTICS – 1.1% | ||||||||
CH Robinson Worldwide, Inc. | 17,500 | 1,045,450 | ||||||
INDUSTRIAL CONGLOMERATES – 2.1% | ||||||||
Danaher Corp. | 38,000 | 2,060,360 | ||||||
MACHINERY – 3.3% | ||||||||
Caterpillar, Inc. | 17,500 | 1,798,475 | ||||||
Cummins, Inc. | 3,500 | 405,405 | ||||||
Manitowoc Co., Inc. | 70,000 | 969,500 | ||||||
$ | 3,173,380 | |||||||
TOTAL INDUSTRIALS | $ | 11,080,101 | ||||||
INFORMATION TECHNOLOGY – 31.3% | ||||||||
COMMUNICATIONS | ||||||||
*,12Aruba Networks, Inc. | 22,000 | 464,640 | ||||||
*Finisar Corp. | 38,000 | 627,760 | ||||||
*Juniper Networks, Inc. | 35,000 | 750,050 |
(Wilmington Large Cap Growth Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
24 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
QUALCOMM, Inc. | 41,000 | $ | 2,617,440 | |||||
*Riverbed Technology, Inc. | 36,000 | 710,280 | ||||||
$ | 5,170,170 | |||||||
COMPUTERS & PERIPHERALS – 10.0% | ||||||||
*Apple, Inc. | 14,200 | 8,296,208 | ||||||
*EMC Corp. | 50,000 | 1,410,500 | ||||||
$ | 9,706,708 | |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 0.5% | ||||||||
Corning, Inc. | 35,000 | 502,250 | ||||||
INTERNET SOFTWARE & SERVICES – 2.2% | ||||||||
*Baidu, Inc. ADR | 3,500 | 464,450 | ||||||
*Google, Inc. | 2,700 | 1,634,121 | ||||||
$ | 2,098,571 | |||||||
IT SERVICES – 5.4% | ||||||||
International Business Machines Corp. | 19,000 | 3,934,520 | ||||||
Mastercard, Inc. | 3,000 | 1,356,810 | ||||||
$ | 5,291,330 | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.7% | ||||||||
*Advanced Micro Devices, Inc. | 215,000 | 1,582,400 | ||||||
*,12Lam Research Corp. | 12,000 | 499,800 | ||||||
Xilinx, Inc. | 15,000 | 545,700 | ||||||
$ | 2,627,900 | |||||||
SOFTWARE – 5.2% | ||||||||
Microsoft Corp. | 98,000 | 3,137,960 | ||||||
Oracle Corp. | 65,000 | 1,910,350 | ||||||
$ | 5,048,310 | |||||||
TOTAL INFORMATION TECHNOLOGY | $ | 30,445,239 | ||||||
MATERIALS – 4.8% | ||||||||
CHEMICALS – 2.5% | ||||||||
Air Products & Chemicals, Inc. | 12,000 | 1,025,880 |
Description | Number of | Value | ||||||
EI du Pont de Nemours & Co. | 14,000 | $ | 748,440 | |||||
Potash Corp. of Saskatchewan, Inc. | 15,000 | 637,200 | ||||||
$ | 2,411,520 | |||||||
METALS & MINING – 2.3% | ||||||||
Cliffs Natural Resources, Inc. | 12,500 | 778,250 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 39,000 | 1,493,700 | ||||||
$ | 2,271,950 | |||||||
TOTAL MATERIALS | $ | 4,683,470 | ||||||
TOTAL COMMON STOCKS (COST $74,923,524) | $ | 95,776,130 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 98.5% (COST $74,923,524) | $ | 95,776,130 | ||||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.8% | ||||||||
REPURCHASE AGREEMENTS – 1.8% | ||||||||
Credit Suisse First Boston LLC, 0.18%, dated 04/30/12, due 05/01/12, repurchase price $763,142, collateralized by U.S. Treasury Securities 0.63% to 2.38%, maturing 04/30/13 to 02/15/41; total market value of $778,403. | $ | 763,138 | 763,138 | |||||
Deutsche Bank Securities, Inc., 0.22%, dated 04/30/12, due 05/01/12, repurchase price $1,000,006, collateralized by U.S. Government Securities 2.49% to 7.00%, maturing 08/01/25 to 04/01/42; total market value of $1,020,000. | 1,000,000 | 1,000,000 | ||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,763,138) | $ | 1,763,138 | ||||||
TOTAL INVESTMENTS – 100.3% (COST $76,686,662) | $ | 97,539,268 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (1.8%) | (1,763,138 | ) | ||||||
OTHER ASSETS LESS LIABILITIES – 1.5% | 1,466,844 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 97,242,974 |
Cost of investments for Federal income tax purposes is $77,348,384. The net unrealized appreciation/(depreciation) of investments was $20,190,884. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $22,475,131 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,284,247.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
(Wilmington Large Cap Growth Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 25 |
Wilmington Large Cap Growth Fund (concluded)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 95,776,130 | $ | — | $ | — | $ | 95,776,130 | ||||||||
Repurchase Agreements | — | 1,763,138 | — | 1,763,138 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 95,776,130 | $ | 1,763,138 | $ | — | $ | 97,539,268 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
Table of Contents
26 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Large-Cap Strategy Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Stocks | Percentage of Total Net Assets | |||
Common Stocks | ||||
Information Technology | 21.4 | % | ||
Financials | 13.2 | % | ||
Consumer Discretionary | 12.7 | % | ||
Industrials | 11.0 | % | ||
Health Care | 11.0 | % | ||
Energy | 10.7 | % | ||
Consumer Staples | 10.1 | % | ||
Materials | 4.2 | % | ||
Utilities | 2.9 | % | ||
Telecommunication Services | 2.3 | % | ||
Mutual Fund | 0.4 | % | ||
Warrant | 0.0 | %3 | ||
Rights | 0.0 | %3 | ||
Preferred Stock | 0.0 | %3 | ||
Cash Equivalents1 | 0.8 | % | ||
Other Assets and Liabilities – Net2 | (0.7 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represent less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 99.5% | ||||||||
CONSUMER DISCRETIONARY – 12.7% | ||||||||
AUTO COMPONENTS – 0.4% | ||||||||
Autoliv, Inc. | 2,450 | $ | 153,713 | |||||
*BorgWarner, Inc. | 4,840 | 382,554 | ||||||
Gentex Corp. | 2,190 | 48,114 | ||||||
*Goodyear Tire & Rubber Co. | 11,860 | 130,223 | ||||||
Johnson Controls, Inc. | 15,030 | 480,509 | ||||||
Lear Corp. | 2,400 | 99,600 | ||||||
*TRW Automotive Holdings Corp. | 1,010 | 46,167 | ||||||
*Visteon Corp. | 1,500 | 75,255 | ||||||
$ | 1,416,135 |
Description | Number of Shares | Value | ||||||
AUTOMOBILES – 0.5% | ||||||||
Ford Motor Co. | 94,120 | $ | 1,061,674 | |||||
*General Motors Co. | 14,000 | 322,000 | ||||||
Harley-Davidson, Inc. | 7,950 | 416,023 | ||||||
*,12Tesla Motors, Inc. | 1,500 | 49,695 | ||||||
Thor Industries, Inc. | 280 | 9,472 | ||||||
$ | 1,858,864 | |||||||
DISTRIBUTORS – 0.1% | ||||||||
Genuine Parts Co. | 4,960 | 321,309 | ||||||
*LKQ Corp. | 6,240 | 208,728 | ||||||
$ | 530,037 |
(Wilmington Large-Cap Strategy Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 27 |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
DIVERSIFIED CONSUMER SERVICES – 0.1% | ||||||||
*Apollo Group, Inc. | 2,487 | $ | 87,592 | |||||
*Career Education Corp. | 845 | 6,025 | ||||||
DeVry, Inc. | 2,020 | 64,943 | ||||||
H&R Block, Inc. | 6,860 | 100,842 | ||||||
Service Corp. International | 10,870 | 125,875 | ||||||
Weight Watchers International, Inc. | 1,560 | 118,498 | ||||||
$ | 503,775 | |||||||
HOTELS RESTAURANTS & LEISURE – 2.5% | ||||||||
*Bally Technologies, Inc. | 700 | 33,985 | ||||||
Brinker International, Inc. | 4,020 | 126,509 | ||||||
Carnival Corp. | 9,820 | 319,052 | ||||||
*Chipotle Mexican Grill, Inc. | 1,050 | 434,857 | ||||||
Choice Hotels International, Inc. | 60 | 2,257 | ||||||
Darden Restaurants, Inc. | 4,640 | 232,371 | ||||||
Dunkin’ Brands Group, Inc. | 900 | 29,133 | ||||||
International Game Technology | 100 | 1,558 | ||||||
Las Vegas Sands Corp. | 14,520 | 805,715 | ||||||
Marriott International, Inc. | 7,072 | 276,444 | ||||||
*Marriott Vacations Worldwide Corp. | 1,187 | 35,052 | ||||||
McDonald’s Corp. | 31,499 | 3,069,578 | ||||||
*MGM Resorts International | 9,410 | 126,282 | ||||||
*Panera Bread Co. | 845 | 133,442 | ||||||
*Penn National Gaming, Inc. | 2,480 | 111,550 | ||||||
Royal Caribbean Cruises Ltd. | 4,080 | 111,670 | ||||||
Starbucks Corp. | 23,460 | 1,346,135 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 6,430 | 380,656 | ||||||
Wendy’s Co. | 1,200 | 5,844 | ||||||
*WMS Industries, Inc. | 3,720 | 91,177 | ||||||
Wyndham Worldwide Corp. | 5,260 | 264,788 | ||||||
Wynn Resorts Ltd. | 2,320 | 309,488 | ||||||
Yum! Brands, Inc. | 15,150 | 1,101,860 | ||||||
$ | 9,349,403 | |||||||
HOUSEHOLD DURABLES – 0.4% | ||||||||
DR Horton, Inc. | 7,070 | 115,594 | ||||||
Garmin Ltd. | 1,290 | 60,798 | ||||||
Harman International Industries, Inc. | 1,180 | 58,504 | ||||||
Jarden Corp. | 1,560 | 65,411 | ||||||
Leggett & Platt, Inc. | 3,670 | 79,896 | ||||||
12Lennar Corp. | 4,910 | 136,203 | ||||||
*Mohawk Industries, Inc. | 1,650 | 110,583 | ||||||
Newell Rubbermaid, Inc. | 3,120 | 56,784 | ||||||
*NVR, Inc. | 130 | 101,912 | ||||||
*PulteGroup, Inc. | 8,840 | 86,986 |
Description | Number of Shares | Value | ||||||
*Tempur-Pedic International, Inc. | 2,900 | $ | 170,636 | |||||
*Toll Brothers, Inc. | 4,050 | 102,870 | ||||||
Tupperware Brands Corp. | 2,700 | 168,183 | ||||||
Whirlpool Corp. | 2,450 | 156,849 | ||||||
$ | 1,471,209 | |||||||
INTERNET & CATALOG RETAIL – 1.2% | ||||||||
*Amazon.com, Inc. | 11,030 | 2,557,857 | ||||||
12Expedia, Inc. | 3,120 | 133,006 | ||||||
*Liberty Interactive Corp. | 18,350 | 345,714 | ||||||
*,12Netflix, Inc. | 1,180 | 94,565 | ||||||
*priceline.com, Inc. | 1,530 | 1,164,055 | ||||||
*TripAdvisor, Inc. | 3,120 | 117,031 | ||||||
$ | 4,412,228 | |||||||
LEISURE EQUIPMENT & PRODUCTS – 0.2% |
| |||||||
Hasbro, Inc. | 3,490 | 128,223 | ||||||
Mattel, Inc. | 10,650 | 357,840 | ||||||
Polaris Industries, Inc. | 2,000 | 158,880 | ||||||
$ | 644,943 | |||||||
MEDIA – 3.4% | ||||||||
*AMC Networks, Inc. | 1,685 | 71,613 | ||||||
Cablevision Systems Corp. | 6,540 | 96,923 | ||||||
CBS Corp., Non-Voting | 18,200 | 606,970 | ||||||
*Charter Communications, Inc. | 100 | 6,047 | ||||||
*Clear Channel Outdoor Holdings, Inc. | 500 | 3,785 | ||||||
Comcast Corp. | 70,280 | 2,131,592 | ||||||
*DIRECTV | 20,990 | 1,034,177 | ||||||
*Discovery Communications, Inc. | 6,500 | 353,730 | ||||||
Dish Network Corp. | 4,680 | 149,620 | ||||||
*,12DreamWorks Animation SKG, Inc. | 2,290 | 41,243 | ||||||
Gannett Co., Inc. | 6,290 | 86,928 | ||||||
Interpublic Group of Cos., Inc. | 15,320 | 180,929 | ||||||
John Wiley & Sons, Inc. | 2,100 | 94,899 | ||||||
*Lamar Advertising Co. | 2,400 | 76,368 | ||||||
*Liberty Global, Inc. | 11,020 | 548,906 | ||||||
*Liberty Media Corp.—Liberty Capital | 1,843 | 161,152 | ||||||
*Madison Square Garden Co. | 87 | 3,129 | ||||||
McGraw-Hill Cos., Inc. | 7,440 | 365,825 | ||||||
Morningstar, Inc. | 1,100 | 63,492 | ||||||
News Corp. | 44,130 | 864,948 | ||||||
Omnicom Group, Inc. | 10,390 | 533,111 | ||||||
12Regal Entertainment Group | 770 | 10,480 | ||||||
Scripps Networks Interactive, Inc. | 2,280 | 114,502 | ||||||
*Sirius XM Radio, Inc. | 123,100 | 278,206 | ||||||
Thomson Reuters Corp. | 9,600 | 286,272 | ||||||
Time Warner Cable, Inc. | 11,024 | 886,881 | ||||||
Time Warner, Inc. | 21,096 | 790,256 |
(Wilmington Large-Cap Strategy Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
28 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Viacom, Inc. | 17,620 | $ | 817,392 | |||||
Virgin Media, Inc. | 10,170 | 249,775 | ||||||
Walt Disney Co. | 36,946 | 1,592,742 | ||||||
12Washington Post Co. | 140 | 52,944 | ||||||
$ | 12,554,837 | |||||||
MULTILINE RETAIL – 0.8% | ||||||||
*Big Lots, Inc. | 1,324 | 48,511 | ||||||
Dillard’s, Inc. | 1,400 | 90,384 | ||||||
*Dollar General Corp. | 1,500 | 71,190 | ||||||
*Dollar Tree, Inc. | 3,281 | 333,546 | ||||||
Family Dollar Stores, Inc. | 4,826 | 325,996 | ||||||
12JC Penney Co., Inc. | 4,930 | 177,776 | ||||||
Kohl’s Corp. | 6,110 | 306,294 | ||||||
Macy’s, Inc. | 9,280 | 380,666 | ||||||
Nordstrom, Inc. | 5,880 | 328,457 | ||||||
*,12Sears Holdings Corp. | 1,270 | 68,301 | ||||||
Target Corp. | 13,660 | 791,460 | ||||||
$ | 2,922,581 | |||||||
SPECIALTY RETAIL – 2.4% | ||||||||
Aaron’s, Inc. | 4,300 | 116,831 | ||||||
Abercrombie & Fitch Co. | 2,400 | 120,408 | ||||||
Advance Auto Parts, Inc. | 2,150 | 197,370 | ||||||
American Eagle Outfitters, Inc. | 1,050 | 18,910 | ||||||
*,12Autonation, Inc. | 580 | 20,056 | ||||||
*Autozone, Inc. | 860 | 340,698 | ||||||
*Bed Bath & Beyond, Inc. | 6,790 | 477,948 | ||||||
Best Buy Co., Inc. | 4,980 | 109,909 | ||||||
*CarMax Inc | 4,300 | 132,741 | ||||||
Chico’s FAS, Inc. | 8,990 | 138,086 | ||||||
Dick’s Sporting Goods, Inc. | 2,300 | 116,380 | ||||||
Foot Locker, Inc. | 4,930 | 150,809 | ||||||
12GameStop Corp. | 820 | 18,663 | ||||||
Gap, Inc. | 6,390 | 182,115 | ||||||
Guess?, Inc. | 1,160 | 33,965 | ||||||
Home Depot, Inc. | 44,040 | 2,280,832 | ||||||
Lowe’s Cos., Inc. | 29,300 | 922,071 | ||||||
Ltd. Brands, Inc. | 8,250 | 410,025 | ||||||
*Orchard Supply Hardware Stores Corp. | 57 | 1,224 | ||||||
*O’Reilly Automotive, Inc. | 4,500 | 474,570 | ||||||
PetSmart, Inc. | 3,860 | 224,884 | ||||||
12RadioShack Corp. | 3,660 | 18,959 | ||||||
Ross Stores, Inc. | 7,680 | 473,011 | ||||||
*Sally Beauty Holdings, Inc. | 200 | 5,320 | ||||||
Signet Jewelers Ltd. | 1,420 | 69,253 | ||||||
Staples, Inc. | 13,810 | 212,674 | ||||||
Tiffany & Co. | 4,890 | 334,769 |
Description | Number of Shares | Value | ||||||
TJX Cos., Inc. | 23,040 | $ | 960,998 | |||||
Tractor Supply Co. | 2,800 | 275,548 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. | 200 | 17,636 | ||||||
*Urban Outfitters, Inc. | 4,060 | 117,578 | ||||||
Williams-Sonoma, Inc. | 3,640 | 140,832 | ||||||
$ | 9,115,073 | |||||||
TEXTILES, APPAREL & LUXURY GOODS – 0.7% | ||||||||
Coach, Inc. | 8,650 | 632,834 | ||||||
*Fossil, Inc. | 1,600 | 209,072 | ||||||
NIKE, Inc. | 10,560 | 1,181,347 | ||||||
PVH Corp. | 1,580 | 140,304 | ||||||
Ralph Lauren Corp. | 1,900 | 327,313 | ||||||
*Under Armour, Inc. | 100 | 9,793 | ||||||
VF Corp. | 1,550 | 235,678 | ||||||
$ | 2,736,341 | |||||||
TOTAL CONSUMER DISCRETIONARY | $ | 47,515,426 | ||||||
CONSUMER STAPLES – 10.1% | ||||||||
BEVERAGES – 2.5% | ||||||||
Beam, Inc. | 4,760 | 270,273 | ||||||
Brown-Forman Corp. | 3,398 | 293,417 | ||||||
Coca-Cola Co. | 58,741 | 4,483,113 | ||||||
Coca-Cola Enterprises, Inc. | 13,240 | 398,789 | ||||||
*Constellation Brands, Inc. | 4,630 | 100,008 | ||||||
Dr Pepper Snapple Group, Inc. | 4,250 | 172,465 | ||||||
Molson Coors Brewing Co. | 3,650 | 151,767 | ||||||
*Monster Beverage Corp. | 3,568 | 231,777 | ||||||
PepsiCo, Inc. | 46,899 | 3,095,334 | ||||||
$ | 9,196,943 | |||||||
FOOD & STAPLES RETAILING – 2.0% | ||||||||
Costco Wholesale Corp. | 11,860 | 1,045,696 | ||||||
CVS Caremark Corp. | 28,200 | 1,258,284 | ||||||
Kroger Co. | 12,336 | 287,059 | ||||||
12Safeway, Inc. | 6,550 | 133,161 | ||||||
12SUPERVALU, Inc. | 3,900 | 23,166 | ||||||
Sysco Corp. | 13,490 | 389,861 | ||||||
Walgreen Co. | 29,120 | 1,020,947 | ||||||
Wal-Mart Stores, Inc. | 49,833 | 2,935,662 | ||||||
Whole Foods Market, Inc. | 5,570 | 462,700 | ||||||
$ | 7,556,536 | |||||||
FOOD PRODUCTS – 1.6% | ||||||||
Archer-Daniels-Midland Co. | 15,240 | 469,849 | ||||||
Bunge Ltd. | 1,370 | 88,365 | ||||||
Campbell Soup Co. | 1,056 | 35,724 | ||||||
ConAgra Foods, Inc. | 9,330 | 240,901 | ||||||
Corn Products International, Inc. | 2,270 | 129,526 |
(Wilmington Large-Cap Strategy Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 29 |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*Dean Foods Co. | 6,660 | $ | 81,785 | |||||
Flowers Foods, Inc. | 6,225 | 133,526 | ||||||
General Mills, Inc. | 14,384 | 559,394 | ||||||
*Green Mountain Coffee Roasters, Inc. | 3,940 | 192,075 | ||||||
Hershey Co. | 4,640 | 310,926 | ||||||
HJ Heinz Co. | 7,380 | 393,428 | ||||||
Hormel Foods Corp. | 3,460 | 100,548 | ||||||
JM Smucker Co. | 2,799 | 222,884 | ||||||
Kellogg Co. | 7,140 | 361,070 | ||||||
Kraft Foods, Inc. | 35,287 | 1,406,893 | ||||||
McCormick & Co., Inc. | 5,030 | 281,227 | ||||||
Mead Johnson Nutrition Co. | 5,250 | 449,190 | ||||||
*Post Holdings, Inc. | 625 | 18,594 | ||||||
*Ralcorp Holdings, Inc. | 1,250 | 91,012 | ||||||
Sara Lee Corp. | 18,000 | 396,720 | ||||||
*Smithfield Foods, Inc. | 4,810 | 100,818 | ||||||
Tyson Foods, Inc. | 6,100 | 111,325 | ||||||
$ | 6,175,780 | |||||||
HOUSEHOLD PRODUCTS – 1.7% | ||||||||
Church & Dwight Co., Inc. | 5,692 | 289,154 | ||||||
Clorox Co. | 2,068 | 144,967 | ||||||
Colgate-Palmolive Co. | 13,688 | 1,354,291 | ||||||
*Energizer Holdings, Inc. | 2,290 | 163,346 | ||||||
Kimberly-Clark Corp. | 10,340 | 811,380 | ||||||
Procter & Gamble Co. | 57,106 | 3,634,226 | ||||||
$ | 6,397,364 | |||||||
PERSONAL PRODUCTS – 0.3% | ||||||||
Avon Products, Inc. | 16,170 | 349,272 | ||||||
Estee Lauder Cos., Inc. | 7,580 | 495,353 | ||||||
Herbalife Ltd. | 3,960 | 278,467 | ||||||
$ | 1,123,092 | |||||||
TOBACCO – 2.0% | ||||||||
Altria Group, Inc. | 59,650 | 1,921,326 | ||||||
Lorillard, Inc. | 2,940 | 397,753 | ||||||
Philip Morris International, Inc. | 53,760 | 4,812,058 | ||||||
Reynolds American, Inc. | 10,040 | 409,933 | ||||||
$ | 7,541,070 | |||||||
TOTAL CONSUMER STAPLES | $ | 37,990,785 | ||||||
ENERGY – 10.7% | ||||||||
ENERGY EQUIPMENT & SERVICES – 2.0% | ||||||||
*Atwood Oceanics, Inc. | 2,650 | 117,474 | ||||||
Baker Hughes, Inc. | 11,400 | 502,854 | ||||||
*Cameron International Corp. | 7,180 | 367,975 | ||||||
12CARBO Ceramics, Inc. | 700 | 58,863 | ||||||
12Core Laboratories NV | 1,500 | 205,470 |
Description | Number of Shares | Value | ||||||
12Diamond Offshore Drilling, Inc. | 1,440 | $ | 98,712 | |||||
*Dresser-Rand Group, Inc. | 2,070 | 100,768 | ||||||
*FMC Technologies, Inc. | 7,760 | 364,720 | ||||||
Halliburton Co. | 26,530 | 907,857 | ||||||
Helmerich & Payne, Inc. | 3,080 | 158,281 | ||||||
*McDermott International, Inc. | 5,080 | 57,404 | ||||||
*Nabors Industries, Ltd. | 7,430 | 123,710 | ||||||
National Oilwell Varco, Inc. | 9,155 | 693,583 | ||||||
Oceaneering International, Inc. | 3,480 | 179,672 | ||||||
*Oil States International, Inc. | 1,360 | 108,229 | ||||||
Patterson-UTI Energy, Inc. | 4,330 | 70,016 | ||||||
*Rowan Cos., Inc. | 3,240 | 111,877 | ||||||
12RPC, Inc. | 450 | 4,653 | ||||||
Schlumberger Ltd. | 41,584 | 3,083,038 | ||||||
*SEACOR Holdings, Inc. | 660 | 61,334 | ||||||
*Superior Energy Services, Inc. | 2,740 | 73,761 | ||||||
Tidewater, Inc. | 1,660 | 91,350 | ||||||
*Unit Corp. | 220 | 9,295 | ||||||
$ | 7,550,896 | |||||||
OIL, GAS & CONSUMABLE FUELS - 8.7% | ||||||||
*Alpha Natural Resources, Inc. | 7,134 | 115,071 | ||||||
Anadarko Petroleum Corp. | 10,850 | 794,328 | ||||||
Apache Corp. | 9,173 | 880,058 | ||||||
12Arch Coal, Inc. | 5,590 | 54,558 | ||||||
Cabot Oil & Gas Corp. | 6,240 | 219,274 | ||||||
Chesapeake Energy Corp. | 12,000 | 221,280 | ||||||
Chevron Corp. | 44,800 | 4,773,888 | ||||||
Cimarex Energy Co. | 2,750 | 190,052 | ||||||
*Cobalt International Energy, Inc. | 3,900 | 104,364 | ||||||
*Concho Resources, Inc. | 3,280 | 351,550 | ||||||
ConocoPhillips | 29,460 | 2,110,220 | ||||||
CONSOL Energy, Inc. | 6,850 | 227,694 | ||||||
*Continental Resources, Inc. | 1,360 | 121,380 | ||||||
*Denbury Resources, Inc. | 12,115 | 230,670 | ||||||
Devon Energy Corp. | 8,700 | 607,695 | ||||||
El Paso Corp. | 25,540 | 757,772 | ||||||
Energen Corp. | 830 | 43,475 | ||||||
EOG Resources, Inc. | 8,000 | 878,480 | ||||||
EQT Corp | 3,450 | 171,879 | ||||||
12EXCO Resources, Inc. | 2,470 | 18,130 | ||||||
Exxon Mobil Corp. | 139,283 | 12,025,694 | ||||||
*Forest Oil Corp. | 3,600 | 47,952 | ||||||
Hess Corp. | 5,690 | 296,677 | ||||||
HollyFrontier Corp | 5,240 | 161,497 | ||||||
12Kinder Morgan, Inc. | 4,200 | 150,780 | ||||||
*Lone Pine Resources, Inc. | 2,204 | 13,136 | ||||||
Marathon Oil Corp. | 17,330 | 508,462 |
(Wilmington Large-Cap Strategy Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
30 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Marathon Petroleum Corp. | 7,765 | $ | 323,102 | |||||
Murphy Oil Corp. | 3,650 | 200,640 | ||||||
*Newfield Exploration Co. | 4,260 | 152,934 | ||||||
Noble Energy, Inc. | 4,360 | 433,035 | ||||||
Occidental Petroleum Corp. | 19,600 | 1,787,912 | ||||||
Peabody Energy Corp. | 9,070 | 282,168 | ||||||
Pioneer Natural Resources Co. | 3,720 | 430,850 | ||||||
*Plains Exploration & Production Co. | 2,591 | 105,842 | ||||||
QEP Resources Inc | 5,000 | 154,050 | ||||||
*,12Quicksilver Resources, Inc. | 5,790 | 27,213 | ||||||
Range Resources Corp. | 3,850 | 256,641 | ||||||
*,12Sandridge Energy, Inc. | 15,730 | 125,683 | ||||||
SM Energy Co. | 1,570 | 103,793 | ||||||
*Southwestern Energy Co. | 9,028 | 285,104 | ||||||
Spectra Energy Corp. | 13,700 | 421,138 | ||||||
Sunoco, Inc. | 2,400 | 118,296 | ||||||
Teekay Corp. | 520 | 18,772 | ||||||
*Tesoro Corp. | 2,340 | 54,405 | ||||||
*Ultra Petroleum Corp. | 5,500 | 108,680 | ||||||
Valero Energy Corp. | 11,570 | 285,779 | ||||||
*Whiting Petroleum Corp. | 3,500 | 200,200 | ||||||
Williams Cos., Inc. | 12,150 | 413,464 | ||||||
*WPX Energy, Inc. | 5,116 | 89,888 | ||||||
$ | 32,455,605 | |||||||
TOTAL ENERGY | $ | 40,006,501 | ||||||
FINANCIALS – 13.2% | ||||||||
CAPITAL MARKETS – 1.9% | ||||||||
*Affiliated Managers Group, Inc. | 1,470 | 167,021 | ||||||
*American Capital Ltd. | 11,200 | 111,216 | ||||||
Ameriprise Financial, Inc. | 5,240 | 284,060 | ||||||
Ares Capital Corp. | 7,500 | 120,300 | ||||||
Bank of New York Mellon Corp. | 26,670 | 630,745 | ||||||
BlackRock, Inc. | 2,060 | 394,655 | ||||||
Charles Schwab Corp. | 28,470 | 407,121 | ||||||
*E*TRADE Financial Corp. | 4,900 | 52,087 | ||||||
Eaton Vance Corp. | 670 | 17,621 | ||||||
12Federated Investors, Inc. | 3,970 | 87,658 | ||||||
Franklin Resources, Inc. | 4,880 | 612,489 | ||||||
Goldman Sachs Group, Inc. | 10,990 | 1,265,499 | ||||||
Greenhill & Co., Inc. | 960 | 37,296 | ||||||
Invesco Ltd. | 8,870 | 220,331 | ||||||
Janus Capital Group, Inc. | 6,350 | 48,133 | ||||||
Jefferies Group, Inc. | 3,260 | 51,932 | ||||||
Lazard Ltd. | 3,950 | 108,665 | ||||||
Legg Mason, Inc. | 3,910 | 101,934 | ||||||
*LPL Investment Holdings, Inc. | 3,700 | 132,793 |
Description | Number of Shares | Value | ||||||
Morgan Stanley | 33,796 | $ | 583,995 | |||||
Northern Trust Corp. | 4,880 | 232,239 | ||||||
Raymond James Financial, Inc. | 2,010 | 73,606 | ||||||
SEI Investments Co. | 1,940 | 39,169 | ||||||
State Street Corp. | 10,020 | 463,124 | ||||||
T Rowe Price Group, Inc. | 8,280 | 522,592 | ||||||
TD Ameritrade Holding Corp. | 5,650 | 106,163 | ||||||
Waddell & Reed Financial, Inc. | 2,740 | 87,625 | ||||||
$ | 6,960,069 | |||||||
COMMERCIAL BANKS – 2.3% | ||||||||
Associated Banc-Corp. | 5,285 | 70,449 | ||||||
Bank of Hawaii Corp. | 770 | 37,645 | ||||||
BB&T Corp. | 13,790 | 441,832 | ||||||
BOK Financial Corp. | 320 | 18,250 | ||||||
CapitalSource, Inc. | 4,820 | 31,089 | ||||||
*CIT Group, Inc. | 3,600 | 136,260 | ||||||
City National Corp. | 940 | 50,064 | ||||||
Comerica, Inc. | 3,630 | 116,233 | ||||||
Commerce Bancshares, Inc. | 464 | 18,606 | ||||||
Cullen/Frost Bankers, Inc. | 1,440 | 84,902 | ||||||
East West Bancorp, Inc. | 6,500 | 148,005 | ||||||
Fifth Third Bancorp | 19,900 | 283,177 | ||||||
First Citizens Bancshares, Inc. | 50 | 8,665 | ||||||
First Horizon National Corp. | 6,384 | 58,605 | ||||||
First Niagara Financial Group, Inc. | 10,030 | 89,668 | ||||||
Fulton Financial Corp. | 7,410 | 77,731 | ||||||
Huntington Bancshares, Inc. | 21,541 | 144,109 | ||||||
KeyCorp | 16,870 | 135,635 | ||||||
9M&T Bank Corp. | 2,210 | 190,657 | ||||||
PNC Financial Services Group, Inc. | 11,360 | 753,395 | ||||||
*Popular, Inc. | 42,000 | 74,760 | ||||||
Regions Financial Corp. | 26,656 | 179,661 | ||||||
SunTrust Banks, Inc. | 10,880 | 264,166 | ||||||
Synovus Financial Corp. | 15,640 | 32,844 | ||||||
TCF Financial Corp. | 4,310 | 49,436 | ||||||
US Bancorp | 40,720 | 1,309,962 | ||||||
Valley National Bancorp | 5,355 | 67,473 | ||||||
Wells Fargo & Co. | 108,705 | 3,634,008 | ||||||
Zions Bancorporation | 5,090 | 103,785 | ||||||
$ | 8,611,072 | |||||||
CONSUMER FINANCE – 0.8% | ||||||||
American Express Co. | 27,160 | 1,635,304 | ||||||
Capital One Financial Corp. | 8,000 | 443,840 | ||||||
Discover Financial Services | 16,080 | 545,112 |
(Wilmington Large-Cap Strategy Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 31 |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*,12Green Dot Corp. | 2,000 | $ | 52,780 | |||||
SLM Corp. | 11,460 | 169,952 | ||||||
$ | 2,846,988 | |||||||
DIVERSIFIED FINANCIAL | ||||||||
Bank of America Corp. | 231,690 | 1,879,006 | ||||||
CBOE Holdings, Inc. | 500 | 13,220 | ||||||
Citigroup, Inc. | 60,902 | 2,012,202 | ||||||
CME Group, Inc. | 960 | 255,187 | ||||||
*IntercontinentalExchange, Inc. | 2,100 | 279,384 | ||||||
JPMorgan Chase & Co. | 84,720 | 3,641,266 | ||||||
Leucadia National Corp. | 5,070 | 126,040 | ||||||
Moody’s Corp. | 7,840 | 321,048 | ||||||
*MSCI, Inc. | 2,520 | 92,207 | ||||||
*NASDAQ Omx Group, Inc. | 3,830 | 94,103 | ||||||
NYSE Euronext | 6,920 | 178,190 | ||||||
$ | 8,891,853 | |||||||
INSURANCE – 3.0% | ||||||||
ACE Ltd. | 7,700 | 584,969 | ||||||
Aflac, Inc. | 10,350 | 466,164 | ||||||
*Alleghany Corp. | 256 | 87,782 | ||||||
Allied World Assurance Co. Holdings AG | 930 | 66,923 | ||||||
Allstate Corp. | 10,580 | 352,631 | ||||||
American Financial Group, Inc. | 3,800 | 147,896 | ||||||
*American International Group, Inc. | 7,150 | 243,315 | ||||||
American National Insurance Co. | 60 | 4,212 | ||||||
Aon PLC | 7,350 | 380,730 | ||||||
*Arch Capital Group Ltd. | 3,540 | 139,051 | ||||||
Arthur J Gallagher & Co. | 3,880 | 145,733 | ||||||
Aspen Insurance Holdings, Ltd. | 190 | 5,381 | ||||||
Assurant, Inc. | 2,530 | 102,060 | ||||||
Assured Guaranty Ltd. | 6,100 | 86,498 | ||||||
Axis Capital Holdings Ltd. | 3,280 | 111,586 | ||||||
*Berkshire Hathaway, Inc. | 36,206 | 2,912,773 | ||||||
Brown & Brown, Inc. | 2,170 | 58,525 | ||||||
Chubb Corp. | 6,650 | 485,916 | ||||||
Cincinnati Financial Corp. | 4,606 | 164,066 | ||||||
CNA Financial Corp. | 1,050 | 32,151 | ||||||
Endurance Specialty Holdings Ltd. | 200 | 8,036 | ||||||
Erie Indemnity Co. | 270 | 20,763 | ||||||
Everest Re Group Ltd. | 1,770 | 175,407 | ||||||
Fidelity National Financial, Inc. | 6,220 | 119,859 | ||||||
*Genworth Financial, Inc. | 8,760 | 52,648 | ||||||
Hanover Insurance Group, Inc. | 2,500 | 100,900 | ||||||
Hartford Financial Services Group, Inc. | 7,590 | 155,975 | ||||||
HCC Insurance Holdings, Inc. | 870 | 27,805 | ||||||
Kemper Corp. | 370 | 11,096 |
Description | Number of Shares | Value | ||||||
Lincoln National Corp. | 8,070 | $ | 199,894 | |||||
Loews Corp. | 5,290 | 217,578 | ||||||
*Markel Corp. | 180 | 79,250 | ||||||
Marsh & McLennan Cos., Inc. | 14,040 | 469,638 | ||||||
*,12MBIA, Inc. | 1,650 | 16,632 | ||||||
Mercury General Corp. | 370 | 16,720 | ||||||
MetLife, Inc. | 18,001 | 648,576 | ||||||
Old Republic International Corp. | 6,600 | 65,670 | ||||||
PartnerRe Ltd. | 2,170 | 151,075 | ||||||
Principal Financial Group, Inc. | 4,690 | 129,772 | ||||||
Progressive Corp. | 10,280 | 218,964 | ||||||
Protective Life Corp. | 1,130 | 33,064 | ||||||
Prudential Financial, Inc. | 8,630 | 522,460 | ||||||
Reinsurance Group of America, Inc. | 1,690 | 98,257 | ||||||
RenaissanceRe Holdings Ltd. | 1,320 | 103,039 | ||||||
StanCorp Financial Group, Inc. | 2,140 | 82,133 | ||||||
Torchmark Corp. | 2,730 | 132,978 | ||||||
Travelers Cos., Inc. | 7,080 | 455,386 | ||||||
Unum Group | 2,110 | 50,091 | ||||||
Validus Holdings Ltd. | 3,370 | 109,525 | ||||||
White Mountains Insurance Group Ltd. | 160 | 83,680 | ||||||
WR Berkley Corp. | 3,580 | 134,823 | ||||||
XL Group PLC | 6,420 | 138,094 | ||||||
$ | 11,408,150 | |||||||
REAL ESTATE INVESTMENT | ||||||||
Alexandria Real Estate Equities, Inc. | 440 | 32,965 | ||||||
American Capital Agency Corp. | 2,700 | 84,348 | ||||||
American Tower Corp. | 12,110 | 794,174 | ||||||
Annaly Capital Management, Inc. | 12,250 | 199,920 | ||||||
Apartment Investment & Management Co. | 3,970 | 107,785 | ||||||
AvalonBay Communities, Inc. | 2,622 | 381,239 | ||||||
Boston Properties, Inc. | 4,150 | 449,237 | ||||||
Brandywine Realty Trust | 1,130 | 13,402 | ||||||
BRE Properties, Inc. | 1,100 | 57,750 | ||||||
Camden Property Trust | 1,970 | 133,310 | ||||||
Chimera Investment Corp. | 40,700 | 117,623 | ||||||
CommonWealth REIT | 3,742 | 70,163 | ||||||
Corporate Office Properties Trust | 1,820 | 42,861 | ||||||
DDR Corp. | 2,800 | 41,440 | ||||||
Digital Realty Trust, Inc. | 4,660 | 349,919 | ||||||
Douglas Emmett, Inc. | 4,410 | 102,488 | ||||||
Duke Realty Corp. | 6,310 | 93,514 | ||||||
Equity Residential | 7,350 | 451,584 | ||||||
Essex Property Trust, Inc. | 1,050 | 165,868 | ||||||
Federal Realty Investment Trust | 1,170 | 117,772 | ||||||
General Growth Properties, Inc. | 16,243 | 289,125 |
(Wilmington Large-Cap Strategy Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
32 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Hospitality Properties Trust | 4,650 | $ | 128,247 | |||||
HCP, Inc. | 8,070 | 334,502 | ||||||
Health Care REIT, Inc. | 4,220 | 239,105 | ||||||
Host Hotels & Resorts, Inc. | 12,540 | 208,666 | ||||||
Kimco Realty Corp. | 6,880 | 133,541 | ||||||
Liberty Property Trust | 1,340 | 48,843 | ||||||
Macerich Co. | 2,510 | 154,541 | ||||||
Mack-Cali Realty Corp. | 2,630 | 75,534 | ||||||
Piedmont Office Realty Trust, Inc. | 3,300 | 58,542 | ||||||
Plum Creek Timber Co., Inc. | 3,210 | 134,948 | ||||||
Prologis, Inc. | 9,810 | 351,002 | ||||||
Public Storage | 4,560 | 653,266 | ||||||
Rayonier, Inc. | 3,915 | 177,545 | ||||||
Realty Income Corp. | 3,910 | 153,819 | ||||||
Regency Centers Corp. | 2,060 | 92,618 | ||||||
*,12Rouse Properties, Inc. | 609 | 8,185 | ||||||
Senior Housing Properties Trust | 3,140 | 69,331 | ||||||
Simon Property Group, Inc. | 8,433 | 1,312,175 | ||||||
SL Green Realty Corp. | 1,990 | 164,056 | ||||||
Taubman Centers, Inc. | 1,850 | 142,783 | ||||||
UDR, Inc. | 3,980 | 104,793 | ||||||
Ventas, Inc. | 6,866 | 403,652 | ||||||
Vornado Realty Trust | 2,773 | 238,034 | ||||||
Weingarten Realty Investors | 3,560 | 94,554 | ||||||
Weyerhaeuser Co. | 14,010 | 285,244 | ||||||
$ | 9,864,013 | |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1% | ||||||||
*CBRE Group, Inc. | 8,910 | 167,597 | ||||||
*Forest City Enterprises, Inc. | 3,200 | 51,040 | ||||||
*Howard Hughes Corp. | 658 | 44,158 | ||||||
Jones Lang LaSalle, Inc. | 1,270 | 101,524 | ||||||
*,12St Joe Co. | 2,820 | 50,281 | ||||||
$ | 414,600 | |||||||
THRIFTS & MORTGAGE | ||||||||
Hudson City Bancorp, Inc. | 2,432 | 17,170 | ||||||
New York Community Bancorp, Inc. | 9,640 | 130,044 | ||||||
People’s United Financial, Inc. | 7,600 | 93,784 | ||||||
*TFS Financial Corp. | 250 | 2,457 | ||||||
Washington Federal, Inc. | 4,670 | 81,912 | ||||||
$ | 325,367 | |||||||
TOTAL FINANCIALS | $ | 49,322,112 | ||||||
HEALTH CARE – 11.0% | ||||||||
BIOTECHNOLOGY – 1.6% | ||||||||
*Alexion Pharmaceuticals, Inc. | 5,540 | 500,373 | ||||||
Amgen, Inc. | 16,184 | 1,150,844 |
Description | Number of Shares | Value | ||||||
*Amylin Pharmaceuticals, Inc. | 4,380 | $ | 113,486 | |||||
*Biogen Idec, Inc. | 7,200 | 964,872 | ||||||
*BioMarin Pharmaceutical, Inc. | 1,900 | 65,930 | ||||||
*Celgene Corp. | 13,783 | 1,005,056 | ||||||
*,12Dendreon Corp. | 1,960 | 22,834 | ||||||
*Gilead Sciences, Inc. | 24,027 | 1,249,644 | ||||||
*,12Human Genome Sciences, Inc. | 5,500 | 80,905 | ||||||
*Myriad Genetics, Inc. | 2,310 | 60,083 | ||||||
*Regeneron Pharmaceuticals, Inc. | 2,400 | 324,624 | ||||||
*United Therapeutics Corp. | 1,340 | 58,625 | ||||||
*Vertex Pharmaceuticals, Inc. | 6,183 | 237,922 | ||||||
$ | 5,835,198 | |||||||
HEALTH CARE EQUIPMENT & | ||||||||
*Alere, Inc. | 2,650 | 63,308 | ||||||
Baxter International, Inc. | 16,150 | 894,872 | ||||||
Becton Dickinson & Co. | 6,160 | 483,252 | ||||||
*,12Boston Scientific Corp. | 21,000 | 131,460 | ||||||
*CareFusion Corp. | 4,900 | 126,959 | ||||||
Cooper Cos., Inc. | 2,050 | 180,749 | ||||||
Covidien PLC | 14,300 | 789,789 | ||||||
CR Bard, Inc. | 3,380 | 334,485 | ||||||
DENTSPLY International, Inc. | 3,670 | 150,690 | ||||||
*Edwards Lifesciences Corp. | 3,286 | 272,639 | ||||||
*Gen-Probe, Inc. | 1,610 | 131,295 | ||||||
Hill-Rom Holdings, Inc. | 2,260 | 73,337 | ||||||
*Hologic, Inc. | 8,040 | 153,725 | ||||||
*IDEXX Laboratories, Inc. | 1,790 | 157,395 | ||||||
*Intuitive Surgical, Inc. | 1,300 | 751,660 | ||||||
Medtronic, Inc. | 32,260 | 1,232,332 | ||||||
*ResMed, Inc. | 4,620 | 157,126 | ||||||
St Jude Medical, Inc. | 10,270 | 397,654 | ||||||
Stryker Corp. | 9,400 | 512,958 | ||||||
Teleflex, Inc. | 1,160 | 72,697 | ||||||
*Thoratec Corp. | 2,100 | 73,101 | ||||||
*Varian Medical Systems, Inc. | 4,050 | 256,851 | ||||||
Zimmer Holdings, Inc. | 3,010 | 189,419 | ||||||
$ | 7,587,753 | |||||||
HEALTH CARE PROVIDERS & SERVICES – 2.2% | ||||||||
Aetna, Inc. | 9,220 | 406,049 | ||||||
*AMERIGROUP Corp. | 200 | 12,352 | ||||||
AmerisourceBergen Corp. | 10,570 | 393,310 | ||||||
*Brookdale Senior Living, Inc. | 470 | 8,935 | ||||||
Cardinal Health, Inc. | 12,730 | 538,097 | ||||||
Cigna Corp. | 7,890 | 364,755 | ||||||
*Community Health Systems, Inc. | 290 | 7,059 |
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Table of Contents
PORTFOLIOS OF INVESTMENTS | 33 |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Coventry Health Care, Inc. | 3,890 | $ | 116,661 | |||||
*DaVita, Inc. | 3,294 | 291,783 | ||||||
*Express Scripts Holding Co. | 25,662 | 1,431,683 | ||||||
HCA Holdings, Inc. | 5,500 | 148,060 | ||||||
*Health Management Associates, Inc. | 3,700 | 26,640 | ||||||
*Health Net, Inc. | 1,220 | 43,444 | ||||||
*Henry Schein, Inc. | 3,760 | 288,542 | ||||||
Humana, Inc. | 3,970 | 320,300 | ||||||
*Laboratory Corp. of America Holdings | 3,110 | 273,338 | ||||||
*LifePoint Hospitals, Inc. | 2,330 | 90,917 | ||||||
Lincare Holdings, Inc. | 3,870 | 94,428 | ||||||
McKesson Corp. | 9,470 | 865,653 | ||||||
*MEDNAX, Inc. | 1,370 | 96,229 | ||||||
Omnicare, Inc. | 1,959 | 68,252 | ||||||
Patterson Cos., Inc. | 970 | 33,067 | ||||||
Quest Diagnostics, Inc. | 4,650 | 268,258 | ||||||
*Tenet Healthcare Corp. | 9,700 | 50,343 | ||||||
UnitedHealth Group, Inc. | 23,170 | 1,300,996 | ||||||
Universal Health Services, Inc. | 3,380 | 144,360 | ||||||
*VCA Antech, Inc. | 70 | 1,656 | ||||||
WellPoint, Inc. | 7,110 | 482,200 | ||||||
$ | 8,167,367 | |||||||
HEALTH CARE | ||||||||
*Allscripts Healthcare Solutions, Inc. | 4,700 | 52,076 | ||||||
*Cerner Corp. | 4,820 | 390,854 | ||||||
*SXC Health Solutions Corp. | 1,000 | 90,580 | ||||||
$ | 533,510 | |||||||
LIFE SCIENCES TOOLS & | ||||||||
Agilent Technologies, Inc. | 9,890 | 417,160 | ||||||
*Bio-Rad Laboratories Inc | 890 | 96,111 | ||||||
*Charles River Laboratories International, Inc. | 1,920 | 68,218 | ||||||
*Covance, Inc. | 240 | 11,222 | ||||||
*,12Illumina, Inc. | 2,200 | 97,966 | ||||||
*Life Technologies Corp. | 3,031 | 140,517 | ||||||
*Mettler-Toledo International, Inc. | 920 | 164,974 | ||||||
PerkinElmer, Inc. | 3,470 | 95,772 | ||||||
*QIAGEN NV | 5,600 | 93,688 | ||||||
Techne Corp. | 1,731 | 115,873 | ||||||
Thermo Fisher Scientific, Inc. | 7,420 | 412,923 | ||||||
*Waters Corp. | 2,810 | 236,349 | ||||||
$ | 1,950,773 | |||||||
PHARMACEUTICALS – 4.6% | ||||||||
Abbott Laboratories | 46,009 | 2,855,319 | ||||||
Allergan, Inc. | 9,240 | 887,040 | ||||||
Bristol-Myers Squibb Co. | 34,700 | 1,157,939 | ||||||
Eli Lilly & Co. | 24,090 | 997,085 |
Description | Number of Shares | Value | ||||||
*Endo Pharmaceuticals Holdings, Inc. | 3,410 | $ | 119,827 | |||||
*Forest Laboratories, Inc. | 5,230 | 182,161 | ||||||
*Hospira, Inc. | 4,270 | 149,962 | ||||||
Johnson & Johnson | 59,420 | 3,867,648 | ||||||
Merck & Co., Inc. | 62,746 | 2,462,153 | ||||||
*Mylan, Inc. | 12,130 | 263,342 | ||||||
Perrigo Co. | 2,060 | 216,094 | ||||||
Pfizer, Inc. | 170,007 | 3,898,261 | ||||||
*Valeant Pharmaceuticals International, Inc. | 2 | 111 | ||||||
*Warner Chilcott PLC | 7,500 | 163,125 | ||||||
*Watson Pharmaceuticals, Inc. | 2,220 | 167,299 | ||||||
$ | 17,387,366 | |||||||
TOTAL HEALTH CARE | $ | 41,461,967 | ||||||
INDUSTRIALS – 11.0% | ||||||||
AEROSPACE & DEFENSE – 2.5% | ||||||||
Alliant Techsystems, Inc. | 1,020 | 54,366 | ||||||
*BE Aerospace, Inc. | 2,900 | 136,387 | ||||||
Boeing Co. | 20,390 | 1,565,952 | ||||||
Exelis, Inc. | 5,070 | 58,457 | ||||||
General Dynamics Corp. | 7,410 | 500,175 | ||||||
Goodrich Corp. | 2,730 | 342,506 | ||||||
Honeywell International, Inc. | 25,470 | 1,545,010 | ||||||
*Huntington Ingalls Industries, Inc. | 1,645 | 64,895 | ||||||
L-3 Communications Holdings, Inc. | 1,710 | 125,753 | ||||||
Lockheed Martin Corp. | 6,450 | 583,983 | ||||||
Northrop Grumman Corp. | 5,470 | 346,142 | ||||||
Precision Castparts Corp. | 4,990 | 880,086 | ||||||
Raytheon Co. | 7,620 | 412,547 | ||||||
Rockwell Collins, Inc. | 2,870 | 160,404 | ||||||
*Spirit Aerosystems Holdings, Inc. | 1,940 | 48,500 | ||||||
Textron, Inc. | 6,370 | 169,697 | ||||||
*Transdigm Group, Inc. | 1,290 | 162,695 | ||||||
United Technologies Corp. | 28,060 | 2,290,818 | ||||||
$ | 9,448,373 | |||||||
AIR FREIGHT & LOGISTICS – 0.8% | ||||||||
CH Robinson Worldwide, Inc. | 5,284 | 315,666 | ||||||
Expeditors International of Washington, Inc. | 4,880 | 195,200 | ||||||
FedEx Corp. | 6,560 | 578,854 | ||||||
United Parcel Service, Inc. | 23,350 | 1,824,569 | ||||||
UTi Worldwide Inc | 6,600 | 110,022 | ||||||
$ | 3,024,311 | |||||||
AIRLINES – 0.2% | ||||||||
Copa Holdings SA | 720 | 58,543 | ||||||
*Delta Air Lines, Inc. | 20,020 | 219,419 | ||||||
Southwest Airlines Co. | 20,930 | 173,300 | ||||||
*United Continental Holdings, Inc. | 9,933 | 217,731 | ||||||
$ | 668,993 |
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ANNUAL REPORT / April 30, 2012
Table of Contents
34 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
BUILDING PRODUCTS – 0.1% | ||||||||
Armstrong World Industries, Inc. | 40 | $ | 1,762 | |||||
*Fortune Brands Home & Security, Inc. | 4,760 | 108,242 | ||||||
Lennox International, Inc. | 1,490 | 64,666 | ||||||
Masco Corp. | 9,130 | 120,333 | ||||||
*Owens Corning | 3,190 | 109,577 | ||||||
$ | 404,580 | |||||||
COMMERCIAL SERVICES & | ||||||||
Avery Dennison Corp. | 2,710 | 86,666 | ||||||
Cintas Corp. | 3,520 | 137,878 | ||||||
*Copart, Inc. | 1,880 | 49,651 | ||||||
*Corrections Corp. of America | 3,600 | 104,004 | ||||||
Covanta Holding Corp. | 6,310 | 101,276 | ||||||
Iron Mountain, Inc. | 480 | 14,578 | ||||||
*KAR Auction Services, Inc. | 100 | 1,840 | ||||||
12Pitney Bowes, Inc. | 2,430 | 41,626 | ||||||
Republic Services, Inc. | 4,640 | 126,997 | ||||||
12RR Donnelley & Sons Co. | 6,570 | 82,191 | ||||||
*Stericycle, Inc. | 2,852 | 246,983 | ||||||
Waste Connections, Inc. | 5,175 | 166,790 | ||||||
Waste Management, Inc. | 8,940 | 305,748 | ||||||
$ | 1,466,228 | |||||||
CONSTRUCTION & | ||||||||
*AECOM Technology Corp. | 1,800 | 39,726 | ||||||
Chicago Bridge & Iron Co. NV | 1,600 | 71,072 | ||||||
Fluor Corp. | 5,270 | 304,342 | ||||||
*Jacobs Engineering Group, Inc. | 3,550 | 155,597 | ||||||
KBR, Inc. | 5,170 | 175,056 | ||||||
*Quanta Services, Inc. | 510 | 11,281 | ||||||
*Shaw Group, Inc. | 2,340 | 70,832 | ||||||
URS Corp. | 2,220 | 91,708 | ||||||
$ | 919,614 | |||||||
ELECTRICAL EQUIPMENT – 0.8% | ||||||||
AMETEK, Inc. | 4,520 | 227,492 | ||||||
*Babcock & Wilcox Co. | 2,940 | 72,324 | ||||||
Cooper Industries PLC | 5,200 | 325,364 | ||||||
Emerson Electric Co. | 23,590 | 1,239,419 | ||||||
*General Cable Corp. | 960 | 28,262 | ||||||
*GrafTech International Ltd. | 5,400 | 63,396 | ||||||
Hubbell, Inc. | 1,590 | 127,582 | ||||||
*,12Polypore International, Inc. | 1,700 | 63,495 | ||||||
Regal-Beloit Corp. | 600 | 40,584 | ||||||
Rockwell Automation, Inc. | 5,120 | 395,981 |
Description | Number of Shares | Value | ||||||
Roper Industries, Inc. | 3,210 | $ | 327,099 | |||||
*Thomas & Betts Corp. | 730 | 52,494 | ||||||
$ | 2,963,492 | |||||||
INDUSTRIAL | ||||||||
3M Co. | 19,810 | 1,770,222 | ||||||
Carlisle Cos., Inc. | 1,890 | 104,063 | ||||||
Danaher Corp. | 18,580 | 1,007,408 | ||||||
General Electric Co. | 225,820 | 4,421,556 | ||||||
Tyco International Ltd. | 9,600 | 538,848 | ||||||
$ | 7,842,097 | |||||||
MACHINERY – 2.6% | ||||||||
*AGCO Corp. | 2,760 | 128,533 | ||||||
Caterpillar, Inc. | 19,800 | 2,034,846 | ||||||
*,12CNH Global NV | 2,000 | 91,540 | ||||||
Crane Co. | 2,450 | 108,119 | ||||||
Cummins, Inc. | 5,420 | 627,799 | ||||||
Deere & Co. | 13,450 | 1,107,742 | ||||||
Donaldson Co., Inc. | 4,860 | 168,448 | ||||||
Dover Corp. | 5,860 | 367,188 | ||||||
Eaton Corp. | 8,700 | 419,166 | ||||||
Flowserve Corp. | 1,140 | 131,020 | ||||||
Gardner Denver, Inc. | 1,030 | 67,094 | ||||||
Graco, Inc. | 2,140 | 114,083 | ||||||
Harsco Corp. | 1,810 | 40,363 | ||||||
IDEX Corp. | 2,120 | 91,817 | ||||||
Illinois Tool Works, Inc. | 12,900 | 740,202 | ||||||
Ingersoll-Rand PLC | 8,500 | 361,420 | ||||||
ITT Corp. | 2,535 | 56,936 | ||||||
Joy Global, Inc. | 3,280 | 232,126 | ||||||
Kennametal, Inc. | 2,650 | 111,910 | ||||||
Lincoln Electric Holdings, Inc. | 2,600 | 127,426 | ||||||
Manitowoc Co., Inc. | 3,910 | 54,153 | ||||||
*Navistar International Corp. | 1,680 | 57,036 | ||||||
*Oshkosh Corp. | 2,890 | 65,979 | ||||||
PACCAR, Inc. | 11,390 | 489,314 | ||||||
Pall Corp. | 3,170 | 188,964 | ||||||
Parker Hannifin Corp. | 4,500 | 394,605 | ||||||
Pentair, Inc. | 2,320 | 100,549 | ||||||
Snap-On, Inc. | 1,780 | 111,321 | ||||||
SPX Corp. | 1,230 | 94,439 | ||||||
Stanley Black & Decker, Inc. | 3,320 | 242,891 | ||||||
*Terex Corp. | 2,030 | 45,959 | ||||||
Timken Co. | 2,400 | 135,624 | ||||||
Toro Co. | 1,570 | 112,192 | ||||||
Trinity Industries, Inc. | 1,080 | 31,968 | ||||||
Valmont Industries, Inc. | 1,060 | 131,366 |
(Wilmington Large-Cap Strategy Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 35 |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*WABCO Holdings, Inc. | 2,050 | $ | 129,212 | |||||
Wabtec Corp. | 910 | 70,780 | ||||||
Xylem, Inc. | 1,270 | 35,408 | ||||||
$ | 9,619,538 | |||||||
MARINE – 0.0%** | ||||||||
Alexander & Baldwin, Inc. | 260 | 13,302 | ||||||
*Kirby Corp. | 1,500 | 99,555 | ||||||
$ | 112,857 | |||||||
PROFESSIONAL SERVICES INDUSTRY – 0.3% | ||||||||
Dun & Bradstreet Corp. | 1,830 | 142,337 | ||||||
Equifax, Inc. | 4,060 | 186,029 | ||||||
*IHS, Inc. | 2,140 | 216,290 | ||||||
Manpower, Inc. | 1,860 | 79,236 | ||||||
*Nielsen Holdings NV | 2,100 | 61,362 | ||||||
Robert Half International, Inc. | 4,810 | 143,338 | ||||||
Towers Watson & Co. | 800 | 52,320 | ||||||
*Verisk Analytics, Inc. | 1,200 | 58,740 | ||||||
$ | 939,652 | |||||||
ROAD & RAIL – 0.8% | ||||||||
Con-way, Inc. | 1,840 | 59,800 | ||||||
CSX Corp. | 31,200 | 696,072 | ||||||
*Hertz Global Holdings, Inc. | 8,050 | 124,051 | ||||||
JB Hunt Transport Services, Inc. | 4,580 | 253,411 | ||||||
Kansas City Southern | 2,800 | 215,656 | ||||||
Landstar System, Inc. | 1,590 | 85,176 | ||||||
Norfolk Southern Corp. | 5,160 | 376,319 | ||||||
Ryder System, Inc. | 1,640 | 79,901 | ||||||
Union Pacific Corp. | 11,460 | 1,288,562 | ||||||
$ | 3,178,948 | |||||||
TRADING COMPANIES & | ||||||||
Fastenal Co. | 9,660 | 452,281 | ||||||
GATX Corp. | 290 | 12,432 | ||||||
MSC Industrial Direct Co., Inc. | 1,390 | 102,457 | ||||||
*WESCO International, Inc. | 380 | 25,228 | ||||||
WW Grainger, Inc. | 1,510 | 313,808 | ||||||
$ | 906,206 | |||||||
TOTAL INDUSTRIALS | $ | 41,494,889 | ||||||
INFORMATION TECHNOLOGY – 21.4% | ||||||||
COMMUNICATIONS EQUIPMENT – 1.9% | ||||||||
*Acme Packet, Inc. | 1,600 | 44,912 | ||||||
*Brocade Communications Systems, Inc. | 8,790 | 48,697 | ||||||
*Ciena Corp. | 4,740 | 70,247 | ||||||
Cisco Systems, Inc. | 112,720 | 2,271,308 |
Description | Number of Shares | Value | ||||||
*EchoStar Corp. | 270 | $ | 7,843 | |||||
*F5 Networks, Inc. | 2,810 | 376,343 | ||||||
Harris Corp. | 1,540 | 70,132 | ||||||
*JDS Uniphase Corp. | 5,850 | 71,077 | ||||||
*Juniper Networks, Inc. | 15,840 | 339,451 | ||||||
*Motorola Mobility Holdings, Inc. | 3,842 | 149,146 | ||||||
Motorola Solutions, Inc. | 7,790 | 397,524 | ||||||
*Polycom, Inc. | 3,200 | 42,464 | ||||||
QUALCOMM, Inc. | 51,500 | 3,287,760 | ||||||
*Riverbed Technology, Inc. | 4,200 | 82,866 | ||||||
Tellabs, Inc. | 1,800 | 6,786 | ||||||
$ | 7,266,556 | |||||||
COMPUTERS & PERIPHERALS – 5.7% | ||||||||
*Apple, Inc. | 28,440 | 16,615,786 | ||||||
*Dell, Inc. | 40,350 | 660,529 | ||||||
Diebold, Inc. | 3,073 | 121,230 | ||||||
*EMC Corp. | 64,770 | 1,827,162 | ||||||
Hewlett-Packard Co. | 42,490 | 1,052,052 | ||||||
Lexmark International, Inc. | 2,230 | 67,123 | ||||||
*NCR Corp. | 5,320 | 125,020 | ||||||
*NetApp, Inc. | 11,943 | 463,747 | ||||||
*QLogic Corp. | 4,890 | 84,352 | ||||||
*SanDisk Corp. | 3,850 | 142,489 | ||||||
*Western Digital Corp. | 4,680 | 181,631 | ||||||
$ | 21,341,121 | |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 0.5% | ||||||||
Amphenol Corp. | 5,350 | 311,049 | ||||||
*Arrow Electronics, Inc. | 3,540 | 148,857 | ||||||
*Avnet, Inc. | 4,960 | 178,957 | ||||||
AVX Corp. | 200 | 2,540 | ||||||
Corning, Inc. | 33,140 | 475,559 | ||||||
*Dolby Laboratories, Inc. | 1,350 | 52,960 | ||||||
FLIR Systems, Inc. | 3,390 | 76,139 | ||||||
*Ingram Micro, Inc. | 4,200 | 81,732 | ||||||
*IPG Photonics Corp. | 100 | 4,840 | ||||||
*Itron, Inc. | 70 | 2,856 | ||||||
Jabil Circuit, Inc. | 5,240 | 122,878 | ||||||
Molex, Inc. | 3,650 | 100,703 | ||||||
National Instruments Corp. | 2,880 | 78,336 | ||||||
*Tech Data Corp. | 1,700 | 91,443 | ||||||
*Trimble Navigation Ltd. | 3,850 | 208,439 | ||||||
*Vishay Intertechnology, Inc. | 2,370 | 26,591 | ||||||
$ | 1,963,879 |
(Wilmington Large-Cap Strategy Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
36 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
INTERNET SOFTWARE & SERVICES – 1.9% | ||||||||
*Akamai Technologies, Inc. | 4,850 | $ | 158,110 | |||||
*AOL, Inc. | 3,431 | 85,912 | ||||||
*eBay, Inc. | 31,620 | 1,298,001 | ||||||
*Equinix, Inc. | 1,090 | 178,978 | ||||||
*Google, Inc. | 7,685 | 4,651,193 | ||||||
IAC/InterActiveCorp | 1,130 | 54,409 | ||||||
*Monster Worldwide, Inc. | 6,120 | 52,816 | ||||||
*Rackspace Hosting, Inc. | 2,800 | 162,652 | ||||||
VeriSign, Inc. | 3,950 | 162,384 | ||||||
*,12VistaPrint NV | 600 | 22,374 | ||||||
*WebMD Health Corp. | 2,353 | 53,531 | ||||||
*Yahoo!, Inc. | 26,970 | 419,114 | ||||||
$ | 7,299,474 | |||||||
IT SERVICES – 4.4% | ||||||||
Accenture PLC | 21,100 | 1,370,445 | ||||||
*Alliance Data Systems Corp. | 2,090 | 268,544 | ||||||
*Amdocs Ltd. | 2,720 | 87,040 | ||||||
Automatic Data Processing, Inc. | 14,230 | 791,473 | ||||||
Broadridge Financial Solutions, Inc. | 3,630 | 84,252 | ||||||
*Cognizant Technology Solutions Corp. | 10,070 | 738,332 | ||||||
Computer Sciences Corp. | 3,600 | 101,016 | ||||||
*CoreLogic, Inc. | 180 | 3,006 | ||||||
DST Systems, Inc. | 170 | 9,517 | ||||||
Fidelity National Information Services, Inc. | 4,143 | 139,495 | ||||||
*Fiserv, Inc. | 5,430 | 381,675 | ||||||
*FleetCor Technologies, Inc. | 600 | 23,730 | ||||||
*Gartner, Inc. | 1,700 | 74,460 | ||||||
*Genpact Ltd. | 400 | 6,672 | ||||||
Global Payments, Inc. | 3,250 | 150,898 | ||||||
International Business Machines Corp. | 37,580 | 7,782,066 | ||||||
Lender Processing Services, Inc. | 270 | 7,169 | ||||||
Mastercard, Inc. | 3,180 | 1,438,219 | ||||||
*NeuStar, Inc. | 3,350 | 121,772 | ||||||
Paychex, Inc. | 9,570 | 296,479 | ||||||
*Teradata Corp. | 5,770 | 402,631 | ||||||
Total System Services, Inc. | 4,520 | 106,310 | ||||||
*VeriFone Systems, Inc. | 2,600 | 123,864 | ||||||
Visa, Inc. | 12,830 | 1,577,833 | ||||||
Western Union Co. | 19,790 | 363,740 | ||||||
$ | 16,450,638 | |||||||
OFFICE ELECTRONICS – 0.1% | ||||||||
Xerox Corp. | 29,060 | 226,087 | ||||||
*Zebra Technologies Corp. | 350 | 13,577 | ||||||
$ | 239,664 |
Description | Number of Shares | Value | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.4% | ||||||||
*Advanced Micro Devices, Inc. | 12,850 | $ | 94,576 | |||||
Altera Corp. | 10,530 | 374,552 | ||||||
Analog Devices, Inc. | 11,720 | 456,846 | ||||||
Applied Materials, Inc. | 31,580 | 378,644 | ||||||
*Atmel Corp. | 11,220 | 99,521 | ||||||
Avago Technologies Ltd. | 4,600 | 158,608 | ||||||
*Broadcom Corp. | 14,930 | 546,438 | ||||||
*,12Cree, Inc. | 3,430 | 105,987 | ||||||
*Cypress Semiconductor Corp. | 5,630 | 87,265 | ||||||
*Fairchild Semiconductor International, Inc. | 1,810 | 25,648 | ||||||
*,12First Solar, Inc. | 1,280 | 23,552 | ||||||
Intel Corp. | 103,670 | 2,944,228 | ||||||
*International Rectifier Corp. | 410 | 8,950 | ||||||
Intersil Corp. | 900 | 9,243 | ||||||
KLA-Tencor Corp. | 5,150 | 268,572 | ||||||
*,12Lam Research Corp. | 4,810 | 200,336 | ||||||
Linear Technology Corp. | 2,970 | 97,149 | ||||||
*LSI Corp. | 7,300 | 58,692 | ||||||
*Marvell Technology Group Ltd. | 11,030 | 165,560 | ||||||
Maxim Integrated Products, Inc. | 11,920 | 352,594 | ||||||
*MEMC Electronic Materials, Inc. | 6,540 | 23,479 | ||||||
Microchip Technology, Inc. | 7,240 | 255,862 | ||||||
*Micron Technology, Inc. | 15,670 | 103,265 | ||||||
*Novellus Systems, Inc. | 1,040 | 48,620 | ||||||
*NVIDIA Corp. | 20,280 | 263,640 | ||||||
*ON Semiconductor Corp. | 10,170 | 84,004 | ||||||
*PMC—Sierra, Inc. | 7,550 | 53,378 | ||||||
*Silicon Laboratories, Inc. | 1,380 | 48,976 | ||||||
*Skyworks Solutions, Inc. | 4,800 | 130,272 | ||||||
*,12SunPower Corp | 91 | 511 | ||||||
*Teradyne, Inc. | 3,450 | 59,374 | ||||||
Texas Instruments, Inc. | 33,450 | 1,068,393 | ||||||
Xilinx, Inc. | 8,200 | 298,316 | ||||||
$ | 8,895,051 | |||||||
SOFTWARE – 4.5% | ||||||||
Activision Blizzard, Inc. | 8,770 | 112,870 | ||||||
*Adobe Systems, Inc. | 14,080 | 472,525 | ||||||
*ANSYS, Inc. | 2,280 | 152,920 | ||||||
*Autodesk, Inc. | 7,930 | 312,204 | ||||||
*BMC Software, Inc. | 5,650 | 233,119 | ||||||
CA, Inc. | 7,980 | 210,832 | ||||||
*Cadence Design Systems, Inc. | 12,310 | 143,658 | ||||||
*Citrix Systems, Inc. | 6,130 | 524,789 | ||||||
*Compuware Corp. | 1,080 | 9,418 | ||||||
*Electronic Arts, Inc. | 9,460 | 145,495 |
(Wilmington Large-Cap Strategy Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 37 |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
FactSet Research Systems, Inc. | 1,540 | $ | 161,484 | |||||
*Fortinet, Inc. | 4,000 | 104,480 | ||||||
*Informatica Corp. | 3,500 | 161,070 | ||||||
Intuit, Inc. | 10,240 | 593,613 | ||||||
*MICROS Systems, Inc. | 3,020 | 171,627 | ||||||
Microsoft Corp. | 228,240 | 7,308,245 | ||||||
*Nuance Communications, Inc. | 7,200 | 175,968 | ||||||
Oracle Corp. | 118,600 | 3,485,654 | ||||||
*Red Hat, Inc. | 6,330 | 377,331 | ||||||
*Rovi Corp. | 1,650 | 47,190 | ||||||
*Salesforce.Com, Inc. | 4,220 | 657,181 | ||||||
Solera Holdings, Inc. | 3,000 | 134,820 | ||||||
*Symantec Corp. | 27,320 | 451,326 | ||||||
*Synopsys, Inc. | 5,700 | 171,057 | ||||||
*TIBCO Software, Inc. | 4,300 | 141,470 | ||||||
*Vmware, Inc. | 2,310 | 258,073 | ||||||
$ | 16,718,419 | |||||||
TOTAL INFORMATION TECHNOLOGY | $ | 80,174,802 | ||||||
MATERIALS – 4.2% | ||||||||
CHEMICALS – 2.7% | ||||||||
Air Products & Chemicals, Inc. | 6,370 | 544,571 | ||||||
Airgas, Inc. | 1,960 | 179,614 | ||||||
Albemarle Corp. | 3,080 | 201,124 | ||||||
Ashland, Inc. | 440 | 28,983 | ||||||
Cabot Corp. | 2,560 | 110,413 | ||||||
Celanese Corp. | 5,570 | 269,922 | ||||||
CF Industries Holdings, Inc. | 1,623 | 313,336 | ||||||
Cytec Industries, Inc. | 980 | 62,299 | ||||||
Dow Chemical Co. | 23,150 | 784,322 | ||||||
Eastman Chemical Co. | 6,200 | 334,614 | ||||||
Ecolab, Inc. | 9,277 | 590,852 | ||||||
EI du Pont de Nemours & Co. | 29,630 | 1,584,020 | ||||||
FMC Corp. | 1,830 | 202,124 | ||||||
Huntsman Corp. | 7,270 | 102,943 | ||||||
International Flavors & Fragrances, Inc. | 1,600 | 96,336 | ||||||
*Intrepid Potash, Inc. | 100 | 2,485 | ||||||
Lyondellbasell Industries NV | 6,300 | 263,214 | ||||||
Monsanto Co. | 16,750 | 1,276,015 | ||||||
Mosaic Co. | 7,650 | 404,073 | ||||||
PPG Industries, Inc. | 5,620 | 591,449 | ||||||
Praxair, Inc. | 9,150 | 1,058,655 | ||||||
*Rockwood Holdings, Inc. | 2,000 | 110,680 | ||||||
RPM International, Inc. | 3,760 | 99,903 | ||||||
Scotts Miracle-Gro Co. | 1,470 | 77,028 | ||||||
Sherwin-Williams Co. | 2,858 | 343,760 | ||||||
Sigma-Aldrich Corp. | 3,490 | 247,441 | ||||||
Solutia, Inc. | 4,900 | 138,866 |
Description | Number of Shares | Value | ||||||
Valspar Corp. | 1,520 | $ | 77,748 | |||||
*WR Grace & Co. | 2,500 | 149,025 | ||||||
$ | 10,245,815 | |||||||
CONSTRUCTION MATERIALS – 0.0%** | ||||||||
Vulcan Materials Co. | 3,300 | 141,273 | ||||||
CONTAINERS & PACKAGING – 0.3% | ||||||||
Aptargroup, Inc. | 580 | 31,616 | ||||||
Ball Corp. | 8,000 | 334,080 | ||||||
Bemis Co., Inc. | 2,840 | 91,988 | ||||||
*Crown Holdings, Inc. | 4,340 | 160,493 | ||||||
Greif, Inc. | 270 | 14,483 | ||||||
*Owens-Illinois, Inc. | 3,380 | 78,585 | ||||||
Packaging Corp. of America | 2,850 | 83,191 | ||||||
Rock-Tenn Co. | 2,000 | 124,660 | ||||||
Sealed Air Corp. | 3,900 | 74,802 | ||||||
Silgan Holdings, Inc. | 1,900 | 83,353 | ||||||
Sonoco Products Co. | 510 | 16,896 | ||||||
$ | 1,094,147 | |||||||
METALS & MINING – 1.0% | ||||||||
12AK Steel Holding Corp. | 2,670 | 19,811 | ||||||
Alcoa, Inc. | 22,900 | 222,817 | ||||||
Allegheny Technologies, Inc. | 2,650 | 113,791 | ||||||
*Allied Nevada Gold Corp. | 500 | 14,645 | ||||||
Carpenter Technology Corp. | 3,080 | 171,433 | ||||||
Cliffs Natural Resources, Inc. | 4,640 | 288,886 | ||||||
Commercial Metals Co. | 870 | 12,859 | ||||||
Compass Minerals International, Inc. | 900 | 68,868 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 27,760 | 1,063,208 | ||||||
*,12Molycorp, Inc. | 1,900 | 51,414 | ||||||
Newmont Mining Corp. | 9,670 | 460,776 | ||||||
Nucor Corp. | 6,450 | 252,905 | ||||||
Reliance Steel & Aluminum Co. | 2,150 | 120,163 | ||||||
Royal Gold, Inc. | 2,400 | 148,704 | ||||||
Schnitzer Steel Industries, Inc. | 140 | 5,582 | ||||||
Southern Copper Corp. | 5,670 | 186,430 | ||||||
Steel Dynamics, Inc. | 5,700 | 72,789 | ||||||
Titanium Metals Corp. | 3,351 | 49,494 | ||||||
12United States Steel Corp. | 3,420 | 96,889 | ||||||
Walter Industries, Inc. | 1,950 | 129,304 | ||||||
$ | 3,550,768 | |||||||
PAPER & FOREST PRODUCTS – 0.2% | ||||||||
Domtar Corp. | 1,800 | 157,464 | ||||||
International Paper Co. | 10,540 | 351,087 | ||||||
MeadWestvaco Corp. | 4,680 | 148,918 | ||||||
$ | 657,469 | |||||||
TOTAL MATERIALS | $ | 15,689,472 |
(Wilmington Large-Cap Strategy Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
38 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
TELECOMMUNICATION SERVICES – 2.3% | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.0% | ||||||||
AT&T, Inc. | 125,557 | $ | 4,132,081 | |||||
Centurylink, Inc. | 12,119 | 467,309 | ||||||
12Frontier Communications Corp. | 21,600 | 87,264 | ||||||
*Level 3 Communications, Inc. | 2,028 | 46,766 | ||||||
*tw telecom, inc. | 4,100 | 89,298 | ||||||
Verizon Communications, Inc. | 69,220 | 2,795,104 | ||||||
Windstream Corp. | 8,900 | 100,036 | ||||||
$ | 7,717,858 | |||||||
WIRELESS TELECOMMUNICATION SER – 0.3% | ||||||||
*Clearwire Corp. | 8,700 | 12,745 | ||||||
*Crown Castle International Corp. | 10,040 | 568,364 | ||||||
*MetroPCS Communications, Inc. | 4,930 | 35,989 | ||||||
*NII Holdings, Inc. | 5,590 | 78,232 | ||||||
*SBA Communications Corp. | 3,210 | 172,505 | ||||||
*Sprint Nextel Corp. | 50,940 | 126,331 | ||||||
Telephone & Data Systems, Inc. | 2,424 | 58,879 | ||||||
*United States Cellular Corp. | 90 | 3,530 | ||||||
$ | 1,056,575 | |||||||
TOTAL TELECOMMUNICATION SERVICES | $ | 8,774,433 | ||||||
UTILITIES – 2.9% | ||||||||
ELECTRIC UTILITIES – 1.5% | ||||||||
American Electric Power Co., Inc. | 10,690 | 415,200 | ||||||
Duke Energy Corp. | 29,000 | 621,470 | ||||||
Edison International | 8,620 | 379,366 | ||||||
Entergy Corp. | 1,670 | 109,485 | ||||||
Exelon Corp. | 14,899 | 581,210 | ||||||
FirstEnergy Corp. | 10,326 | 483,463 | ||||||
Great Plains Energy, Inc. | 1,020 | 20,828 | ||||||
Hawaiian Electric Industries, Inc. | 2,710 | 71,923 | ||||||
ITC Holdings Corp. | 1,320 | 102,247 | ||||||
NextEra Energy Inc | 9,540 | 613,899 | ||||||
Northeast Utilities | 5,713 | 210,067 | ||||||
NV Energy, Inc. | 5,880 | 97,902 | ||||||
Pepco Holdings, Inc. | 7,250 | 137,170 | ||||||
Pinnacle West Capital Corp. | 3,200 | 154,720 | ||||||
PPL Corp. | 8,300 | 227,005 | ||||||
Progress Energy, Inc. | 6,120 | 325,706 | ||||||
Southern Co. | 18,981 | 871,987 | ||||||
Westar Energy, Inc. | 2,960 | 84,922 | ||||||
$ | 5,508,570 |
Description | Number of Shares | Value | ||||||
GAS UTILITIES – 0.2% | ||||||||
AGL Resources, Inc. | 520 | $ | 20,504 | |||||
Atmos Energy Corp. | 2,610 | 85,034 | ||||||
National Fuel Gas Co. | 2,410 | 114,041 | ||||||
ONEOK, Inc. | 2,580 | 221,596 | ||||||
Questar Corp. | 6,500 | 128,375 | ||||||
UGI Corp. | 1,890 | 55,150 | ||||||
$ | 624,700 | |||||||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.1% | ||||||||
*AES Corp. | 16,910 | 211,713 | ||||||
*Calpine Corp. | 1,950 | 36,563 | ||||||
*GenOn Energy, Inc. | 29,757 | 63,383 | ||||||
*NRG Energy, Inc. | 1,900 | 32,300 | ||||||
$ | 343,959 | |||||||
MULTI-UTILITIES – 1.1% | ||||||||
Alliant Energy Corp. | 2,000 | 90,480 | ||||||
Ameren Corp. | 6,450 | 211,496 | ||||||
CenterPoint Energy, Inc. | 5,060 | 102,263 | ||||||
CMS Energy Corp. | 7,770 | 178,632 | ||||||
Consolidated Edison, Inc. | 7,340 | 436,363 | ||||||
Dominion Resources, Inc. | 12,270 | 640,371 | ||||||
DTE Energy Co. | 3,900 | 219,882 | ||||||
Integrys Energy Group, Inc. | 1,760 | 96,166 | ||||||
MDU Resources Group, Inc. | 4,280 | 98,183 | ||||||
NiSource, Inc. | 5,400 | 133,110 | ||||||
OGE Energy Corp. | 3,110 | 167,816 | ||||||
PG&E Corp. | 8,620 | 380,832 | ||||||
Public Service Enterprise Group, Inc. | 6,600 | 205,590 | ||||||
SCANA Corp. | 740 | 34,129 | ||||||
Sempra Energy | 5,350 | 346,359 | ||||||
TECO Energy, Inc. | 5,130 | 92,443 | ||||||
Vectren Corp. | 1,680 | 49,476 | ||||||
Wisconsin Energy Corp. | 7,340 | 270,406 | ||||||
Xcel Energy, Inc. | 11,770 | 318,496 | ||||||
$ | 4,072,493 | |||||||
WATER UTILITIES – 0.0%** | ||||||||
American Water Works Co., Inc. | 4,390 | 150,314 | ||||||
Aqua America, Inc. | 1,500 | 34,065 | ||||||
$ | 184,379 | |||||||
TOTAL UTILITIES | $ | 10,734,101 | ||||||
TOTAL COMMON STOCKS (COST $277,365,713) | $ | 373,164,488 |
(Wilmington Large-Cap Strategy Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 39 |
Wilmington Large-Cap Strategy Fund (concluded)
Description | Number of Shares | Value | ||||||
MUTUAL FUND – 0.4% | ||||||||
iShares Russell 1000 Index Fund | 19,000 | $ | 1,472,880 | |||||
TOTAL MUTUAL FUND (COST $1,431,123) | $ | 1,472,880 | ||||||
PREFERRED STOCK – 0.0%** | ||||||||
CONSUMER DISCRETIONARY – 0.0%** | ||||||||
SPECIALTY RETAIL – 0.0%** | ||||||||
*Orchard Supply Hardware Stores Corp. | 57 | 108 | ||||||
TOTAL PREFERRED STOCK (COST $132) | $ | 108 | ||||||
RIGHTS – 0.0%** | ||||||||
*Celgene Corp. | 89 | 156 | ||||||
*Sanofi Avanetis SA CVR | 8,520 | 11,502 | ||||||
TOTAL RIGHTS (COST $20,874) | $ | 11,658 | ||||||
WARRANT – 0.0%** | ||||||||
*American International Group, Inc. CW21 | 2,055 | 26,407 | ||||||
TOTAL WARRANT (COST $34,935) | $ | 26,407 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 99.9% (COST $278,852,777) | $ | 374,675,541 |
Description | Par Value | Value | ||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.8% | ||||||||
REPURCHASE AGREEMENTS – 0.8% | ||||||||
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $1,000,005, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $1,020,000. | $ | 1,000,000 | $ | 1,000,000 | ||||
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $167,873, collateralized by U.S. Treasury Securities 0.25% to 4.00%, maturing 09/30/13 to 04/30/19; total market value of $171,229. | 167,872 | 167,872 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $1,000,005, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $1,020,004. | 1,000,000 | 1,000,000 | ||||||
RBC Capital Markets LLC, 0.20%, dated 04/30/12, due 05/01/12, repurchase price $1,000,006, collateralized by U.S. Government Securities 0.00% to 5.00%, maturing 07/30/12 to 03/01/42; total market value of $1,020,000. | 1,000,000 | 1,000,000 | ||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $3,167,872) | $ | 3,167,872 | ||||||
TOTAL INVESTMENTS – 100.7% (COST $282,020,649) | $ | 377,843,413 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (0.8%) | (3,167,872 | ) | ||||||
OTHER ASSETS LESS LIABILITIES – 0.1% | 252,299 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 374,927,840 |
Cost of investments for Federal income tax purposes is $288,093,560. The net unrealized appreciation/(depreciation) of investments was $89,749,853. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $101,657,700 and net unrealized depreciation from investments for those securities having an excess of cost over value of $11,907,847.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 373,164,488 | $ | — | $ | — | $ | 373,164,488 | ||||||||
Mutual Fund | 1,472,880 | — | — | 1,472,880 | ||||||||||||
Preferred Stock | 108 | — | — | 108 | ||||||||||||
Rights | 11,658 | — | — | 11,658 | ||||||||||||
Warrant | 26,407 | — | — | 26,407 | ||||||||||||
Repurchase Agreements | — | 3,167,872 | — | 3,167,872 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 374,675,541 | $ | 3,167,872 | $ | — | $ | 377,843,413 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
Table of Contents
40 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Large Cap Value Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Stocks | Percentage of Total Net Assets | |||
Common Stocks | ||||
Financials | 26.7 | % | ||
Energy | 16.0 | % | ||
Information Technology | 14.2 | % | ||
Health Care | 12.6 | % | ||
Consumer Discretionary | 8.6 | % | ||
Materials | 7.6 | % | ||
Industrials | 7.5 | % | ||
Consumer Staples | 4.1 | % | ||
Utilities | 0.9 | % | ||
Cash Equivalents1 | 2.6 | % | ||
Other Assets and Liabilities – Net2 | (0.8 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual funds and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 98.2% | ||||||||
CONSUMER DISCRETIONARY – 8.6% | ||||||||
AUTOMOBILES – 2.0% | ||||||||
*General Motors Co. | 126,600 | $ | 2,911,800 | |||||
MEDIA – 5.8% | ||||||||
Time Warner, Inc. | 87,700 | 3,285,242 | ||||||
Viacom, Inc. | 105,900 | 4,912,701 | ||||||
$ | 8,197,943 | |||||||
SPECIALTY RETAIL – 0.8% | ||||||||
Best Buy Co., Inc. | 50,800 | 1,121,156 | ||||||
TOTAL CONSUMER DISCRETIONARY | $ | 12,230,899 | ||||||
CONSUMER STAPLES – 4.1% | ||||||||
FOOD & STAPLES RETAILING – 2.5% | ||||||||
CVS Caremark Corp. | 77,900 | 3,475,898 |
Description | Number of Shares | Value | ||||||
TOBACCO – 1.6% | ||||||||
Philip Morris International, Inc. | 25,400 | $ | 2,273,554 | |||||
TOTAL CONSUMER STAPLES | $ | 5,749,452 | ||||||
ENERGY – 16.0% | ||||||||
ENERGY EQUIPMENT & SERVICES – 1.0% | ||||||||
Halliburton Co. | 40,600 | 1,389,332 | ||||||
OIL, GAS & CONSUMABLE FUELS – 15.0% | ||||||||
Apache Corp. | 66,050 | 6,336,837 | ||||||
Canadian Natural Resources Ltd. | 128,500 | 4,465,375 | ||||||
Noble Energy, Inc. | 32,900 | 3,267,628 | ||||||
Occidental Petroleum Corp. | 21,200 | 1,933,864 | ||||||
Talisman Energy, Inc. | 398,800 | 5,208,328 | ||||||
$ | 21,212,032 | |||||||
TOTAL ENERGY | $ | 22,601,364 |
(Wilmington Large Cap Value Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 41 |
Wilmington Large Cap Value Fund (continued)
Description | Number of Shares | Value | ||||||
FINANCIALS – 26.7% | ||||||||
CAPITAL MARKETS – 2.2% | ||||||||
Goldman Sachs Group, Inc. | 26,700 | $ | 3,074,505 | |||||
COMMERCIAL BANKS – 2.9% | ||||||||
Wells Fargo & Co. | 121,700 | 4,068,431 | ||||||
CONSUMER FINANCE – 0.4% | ||||||||
Capital One Financial Corp. | 9,500 | 527,060 | ||||||
DIVERSIFIED FINANCIAL SERVICES – 5.2% | ||||||||
Citigroup, Inc. | 130,830 | 4,322,623 | ||||||
JPMorgan Chase & Co. | 72,300 | 3,107,454 | ||||||
$ | 7,430,077 | |||||||
INSURANCE – 16.0% | ||||||||
Aon PLC | 79,000 | 4,092,200 | ||||||
Hartford Financial Services Group, Inc. | 227,900 | 4,683,345 | ||||||
Lincoln National Corp. | 52,600 | 1,302,902 | ||||||
Loews Corp. | 89,646 | 3,687,140 | ||||||
MetLife, Inc. | 131,000 | 4,719,930 | ||||||
Unum Group | 181,000 | 4,296,940 | ||||||
$ | 22,782,457 | |||||||
TOTAL FINANCIALS | $ | 37,882,530 | ||||||
HEALTH CARE – 12.6% | ||||||||
PHARMACEUTICALS – 12.6% | ||||||||
Merck & Co., Inc. | 57,500 | 2,256,300 | ||||||
Pfizer, Inc. | 291,600 | 6,686,388 | ||||||
Sanofi-Aventis SA ADR | 146,100 | 5,578,098 | ||||||
Teva Pharmaceutical Industries Ltd. ADR | 72,100 | 3,297,854 | ||||||
$ | 17,818,640 | |||||||
TOTAL HEALTH CARE | $ | 17,818,640 | ||||||
INDUSTRIALS – 7.5% | ||||||||
AEROSPACE & DEFENSE – 1.5% | ||||||||
Raytheon Co. | 39,700 | 2,149,358 | ||||||
COMMERCIAL SERVICES & SUPPLIES – 1.1% | ||||||||
12 Pitney Bowes, Inc. | 92,410 | 1,582,983 | ||||||
MACHINERY – 3.4% | ||||||||
Ingersoll-Rand PLC | 55,150 | 2,344,978 | ||||||
PACCAR, Inc. | 57,300 | 2,461,608 | ||||||
$ | 4,806,586 | |||||||
ROAD & RAIL – 1.5% | ||||||||
Union Pacific Corp. | 18,700 | 2,102,628 | ||||||
TOTAL INDUSTRIALS | $ | 10,641,555 |
Description | Number of Shares | Value | ||||||
INFORMATION TECHNOLOGY – 14.2% | ||||||||
COMMUNICATIONS EQUIPMENT – 3.4% | ||||||||
Cisco Systems, Inc. | 238,500 | $ | 4,805,775 | |||||
COMPUTERS & PERIPHERALS – 2.9% | ||||||||
Hewlett-Packard Co. | 168,700 | 4,177,012 | ||||||
SOFTWARE – 7.9% | ||||||||
CA, Inc. | 284,800 | 7,524,416 | ||||||
Microsoft Corp. | 113,000 | 3,618,260 | ||||||
$ | 11,142,676 | |||||||
TOTAL INFORMATION TECHNOLOGY | $ | 20,125,463 | ||||||
MATERIALS – 7.6% | ||||||||
CHEMICALS – 2.1% | ||||||||
Mosaic Co. | 55,300 | 2,920,946 | ||||||
METALS & MINING – 5.5% | ||||||||
AngloGold Ashanti Ltd. ADR | 131,899 | 4,534,688 | ||||||
Newmont Mining Corp. | 69,635 | 3,318,108 | ||||||
$ | 7,852,796 | |||||||
TOTAL MATERIALS | $ | 10,773,742 | ||||||
UTILITIES – 0.9% | ||||||||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.9% | ||||||||
*NRG Energy, Inc. | 71,400 | 1,213,800 | ||||||
TOTAL COMMON STOCKS (COST $122,022,347) | $ | 139,037,445 | ||||||
MONEY MARKET FUND – 1.4% | ||||||||
8,9Wilmington Prime Money Market Fund, Select Shares, 0.04% | 1,988,206 | $ | 1,988,206 | |||||
TOTAL MONEY MARKET FUND (COST $1,988,206) | $ | 1,988,206 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 99.6% (COST $124,010,553) | $ | 141,025,651 | ||||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.2% | ||||||||
REPURCHASE AGREEMENTS – 1.2% | ||||||||
Credit Suisse First Boston LLC, 0.18%, dated 04/30/12, due 05/01/12, repurchase price $640,500, collateralized by U.S. Treasury Securities 0.63% to 2.38%, maturing 04/30/13 to 02/15/41; total market value of $653,309. | $ | 640,497 | 640,497 |
(Wilmington Large Cap Value Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
42 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large Cap Value Fund (concluded)
Description | Par Value | Value | ||||||
Deutsche Bank Securities, Inc., 0.22%, dated 04/30/12, due 05/01/12, repurchase price $1,000,006, collateralized by U.S. Government Securities 2.49% to 7.00%, maturing 08/01/25 to 04/01/42; total market value of $1,020,000. | $ | 1,000,000 | $ | 1,000,000 | ||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,640,497) | $ | 1,640,497 | ||||||
TOTAL INVESTMENTS – 100.8% (COST $125,651,050) | $ | 142,666,148 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (1.2%) | (1,640,497 | ) | ||||||
OTHER ASSETS LESS LIABILITIES – 0.4% | 567,445 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 141,593,096 |
Cost of investments for Federal income tax purposes is $129,074,225. The net unrealized appreciation/(depreciation) of investments was $13,591,923. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $24,540,941 and net unrealized depreciation from investments for those securities having an excess of cost over value of $10,949,018.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 139,037,445 | $ | — | $ | — | $ | 139,037,445 | ||||||||
Money Market Fund | 1,988,206 | — | — | 1,988,206 | ||||||||||||
Repurchase Agreements | — | 1,640,497 | — | 1,640,497 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 141,025,651 | $ | 1,640,497 | $ | — | $ | 142,666,148 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
April 30, 2012 / ANNUAL REPORT
Table of Contents
43 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Mid Cap Growth Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Stocks | Percentage of Total Net Assets | |||
Common Stocks | ||||
Consumer Discretionary | 22.4 | % | ||
Information Technology | 20.2 | % | ||
Industrials | 14.5 | % | ||
Health Care | 11.7 | % | ||
Energy | 10.3 | % | ||
Financials | 9.3 | % | ||
Materials | 5.7 | % | ||
Consumer Staples | 4.7 | % | ||
Cash Equivalents1 | 6.1 | % | ||
Other Assets and Liabilities – Net2 | (4.9 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual funds and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 98.8% | ||||||||
CONSUMER DISCRETIONARY – 22.4% | ||||||||
AUTO COMPONENTS – 2.0% | ||||||||
*BorgWarner, Inc. | 72,600 | $ | 5,738,304 | |||||
DISTRIBUTORS – 1.9% | ||||||||
*LKQ Corp. | 163,400 | 5,465,730 | ||||||
DIVERSIFIED CONSUMER | ||||||||
*,12ITT Educational Services, Inc. | 47,600 | 3,142,552 | ||||||
HOTELS RESTAURANTS & | ||||||||
*DineEquity, Inc. | 78,400 | 3,808,672 | ||||||
*Panera Bread Co. | 18,400 | 2,905,728 | ||||||
$ | 6,714,400 | |||||||
MEDIA – 2.5% | ||||||||
CBS Corp., Non-Voting | 219,100 | 7,306,985 | ||||||
MULTILINE RETAIL – 1.6% | ||||||||
Nordstrom, Inc. | 85,900 | 4,798,374 |
Description | Number of Shares | Value | ||||||
SPECIALTY RETAIL – 5.8% | ||||||||
12GameStop Corp. | 160,600 | $ | 3,655,256 | |||||
Ltd. Brands, Inc. | 97,500 | 4,845,750 | ||||||
Tiffany & Co. | 64,200 | 4,395,132 | ||||||
*Vitamin Shoppe, Inc. | 88,600 | 4,170,402 | ||||||
$ | 17,066,540 | |||||||
TEXTILES, APPAREL & LUXURY | ||||||||
Coach, Inc. | 73,000 | 5,340,680 | ||||||
*,12Lululemon Athletica, Inc. | 57,300 | 4,248,222 | ||||||
PVH Corp. | 62,400 | 5,541,120 | ||||||
$ | 15,130,022 | |||||||
TOTAL CONSUMER DISCRETIONARY | $ | 65,362,907 | ||||||
CONSUMER STAPLES – 4.7% | ||||||||
FOOD PRODUCTS – 1.3% | ||||||||
*,12Green Mountain Coffee Roasters, Inc. | 79,700 | 3,885,375 | ||||||
HOUSEHOLD PRODUCTS – 1.5% | ||||||||
Church & Dwight Co., Inc. | 86,500 | 4,394,200 |
(Wilmington Mid Cap Growth Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
44 | PORTFOLIOS OF INVESTMENTS |
Wilmington Mid Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
PERSONAL PRODUCTS – 1.9% | ||||||||
Herbalife Ltd. | 78,100 | $ | 5,491,992 | |||||
TOTAL CONSUMER STAPLES | $ | 13,771,567 | ||||||
ENERGY – 10.3% | ||||||||
ENERGY EQUIPMENT & | ||||||||
*Cameron International Corp. | 84,700 | $ | 4,340,875 | |||||
Core Laboratories NV | 33,100 | 4,534,038 | ||||||
*FMC Technologies, Inc. | 56,500 | 2,655,500 | ||||||
Lufkin Industries, Inc. | 27,400 | 2,105,416 | ||||||
$ | 13,635,829 | |||||||
OIL, GAS & CONSUMABLE | ||||||||
Cabot Oil & Gas Corp. | 99,100 | 3,482,374 | ||||||
Noble Energy, Inc. | 43,800 | 4,350,216 | ||||||
Peabody Energy Corp. | 100,900 | 3,138,999 | ||||||
*Whiting Petroleum Corp. | 100,100 | 5,725,720 | ||||||
$ | 16,697,309 | |||||||
TOTAL ENERGY | $ | 30,333,138 | ||||||
FINANCIALS – 9.3% | ||||||||
CAPITAL MARKETS – 3.4% | ||||||||
Raymond James Financial, Inc. | 156,100 | 5,716,382 | ||||||
T Rowe Price Group, Inc. | 69,700 | 4,399,116 | ||||||
$ | 10,115,498 | |||||||
COMMERCIAL BANKS – 1.0% | ||||||||
*Texas Capital Bancshares, Inc. | 77,700 | 2,930,067 | ||||||
DIVERSIFIED FINANCIAL | ||||||||
*IntercontinentalExchange, Inc. | 41,100 | 5,467,944 | ||||||
INSURANCE – 1.3% | ||||||||
Brown & Brown, Inc. | 136,900 | 3,692,193 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.7% | ||||||||
*CBRE Group, Inc. | 266,500 | 5,012,865 | ||||||
TOTAL FINANCIALS | $ | 27,218,567 | ||||||
HEALTH CARE – 11.7% | ||||||||
BIOTECHNOLOGY – 0.7% | ||||||||
*Regeneron Pharmaceuticals, Inc. | 14,700 | 1,988,322 | ||||||
HEALTH CARE EQUIPMENT & | ||||||||
*Alere, Inc. | 114,000 | 2,723,460 | ||||||
*Intuitive Surgical, Inc. | 8,230 | 4,758,586 | ||||||
*ResMed, Inc. | 97,600 | 3,319,376 | ||||||
$ | 10,801,422 |
Description | Number of Shares | Value | ||||||
HEALTH CARE PROVIDERS & SERVICES – 1.4% | ||||||||
*Express Scripts Holding Co. | 72,200 | $ | 4,028,038 | |||||
HEALTH CARE TECHNOLOGY – 1.9% | ||||||||
*Allscripts Healthcare Solutions, Inc. | 226,000 | 2,504,080 | ||||||
*Cerner Corp. | 38,400 | 3,113,856 | ||||||
$ | 5,617,936 | |||||||
LIFE SCIENCES TOOLS & | ||||||||
*Life Technologies Corp. | 59,600 | 2,763,056 | ||||||
PHARMACEUTICALS – 3.1% | ||||||||
*Auxilium Pharmaceuticals, Inc. | 88,700 | 1,589,504 | ||||||
*MAP Pharmaceuticals, Inc. | 181,500 | 2,326,830 | ||||||
Perrigo Co. | 50,000 | 5,245,000 | ||||||
$ | 9,161,334 | |||||||
TOTAL HEALTH CARE | $ | 34,360,108 | ||||||
INDUSTRIALS – 14.5% | ||||||||
AEROSPACE & DEFENSE – 2.4% | ||||||||
HEICO Corp. | 90,875 | 2,928,901 | ||||||
Precision Castparts Corp. | 22,700 | 4,003,599 | ||||||
$ | 6,932,500 | |||||||
AIR FREIGHT & LOGISTICS – 2.2% | ||||||||
CH Robinson Worldwide, Inc. | 61,100 | 3,650,114 | ||||||
Expeditors International of Washington, Inc. | 72,400 | 2,896,000 | ||||||
$ | 6,546,114 | |||||||
COMMERCIAL SERVICES & | ||||||||
Waste Connections, Inc. | 109,900 | 3,542,077 | ||||||
ELECTRICAL EQUIPMENT – 2.9% | ||||||||
*Babcock & Wilcox Co. | 163,500 | 4,022,100 | ||||||
Rockwell Automation, Inc. | 59,300 | 4,586,262 | ||||||
$ | 8,608,362 | |||||||
MACHINERY – 4.5% | ||||||||
Cummins, Inc. | 40,000 | 4,633,200 | ||||||
Graco, Inc. | 86,200 | 4,595,322 | ||||||
Joy Global, Inc. | 57,400 | 4,062,198 | ||||||
$ | 13,290,720 | |||||||
TRADING COMPANIES & DISTRIBUTORS – 1.3% | ||||||||
Fastenal Co. | 82,200 | 3,848,604 | ||||||
TOTAL INDUSTRIALS | $ | 42,768,377 |
(Wilmington Mid Cap Growth Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 45 |
Wilmington Mid Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
INFORMATION TECHNOLOGY – 20.2% | ||||||||
COMMUNICATIONS EQUIPMENT – 4.5% | ||||||||
ADTRAN, Inc. | 159,100 | $ | 4,855,732 | |||||
*,12Aruba Networks, Inc. | 209,800 | 4,430,976 | ||||||
*F5 Networks, Inc. | 29,400 | 3,937,542 | ||||||
$ | 13,224,250 | |||||||
COMPUTERS & PERIPHERALS – 1.4% | ||||||||
*,12Stratasys, Inc. | 82,900 | 4,245,309 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 2.3% | ||||||||
FLIR Systems, Inc. | 92,900 | 2,086,534 | ||||||
*IPG Photonics Corp. | 95,900 | 4,641,560 | ||||||
$ | 6,728,094 | |||||||
IT SERVICES – 1.1% | ||||||||
Global Payments, Inc. | 72,300 | 3,356,889 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.1% | ||||||||
Altera Corp. | 142,800 | 5,079,396 | ||||||
*,12Lam Research Corp. | 98,600 | 4,106,690 | ||||||
MKS Instruments, Inc. | 105,800 | 2,925,370 | ||||||
$ | 12,111,456 | |||||||
SOFTWARE – 6.8% | ||||||||
*ANSYS, Inc. | 92,200 | 6,183,854 | ||||||
*Autodesk, Inc. | 129,400 | 5,094,478 | ||||||
*Citrix Systems, Inc. | 66,700 | 5,710,187 | ||||||
*Sourcefire, Inc. | 57,700 | 2,942,123 | ||||||
$ | 19,930,642 | |||||||
TOTAL INFORMATION TECHNOLOGY | $ | 59,596,640 | ||||||
MATERIALS – 5.7% | ||||||||
CHEMICALS – 2.7% | ||||||||
Mosaic Co. | 60,500 | 3,195,610 | ||||||
*WR Grace & Co. | 78,500 | 4,679,385 | ||||||
$ | 7,874,995 | |||||||
CONTAINERS & PACKAGING – 1.9% | ||||||||
*Crown Holdings, Inc. | 149,600 | 5,532,208 | ||||||
METALS & MINING – 1.1% | ||||||||
Walter Industries, Inc. | 48,400 | 3,209,404 | ||||||
TOTAL MATERIALS | $ | 16,616,607 | ||||||
TOTAL COMMON STOCKS (COST $220,736,644) | $ | 290,027,911 |
Description | Number | Value | ||||||
MONEY MARKET FUNDS – 1.3% | ||||||||
8Dreyfus Cash Management Fund, Institutional Shares, 0.06% | 34,868 | $ | 34,868 | |||||
8,9Wilmington Prime Money Market Fund, Select Shares, 0.04% | 3,796,553 | 3,796,553 | ||||||
TOTAL MONEY MARKET FUNDS (COST $3,831,421) | $ | 3,831,421 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $224,568,065) | $ | 293,859,332 | ||||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.8% | ||||||||
REPURCHASE AGREEMENTS – 4.8% | ||||||||
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $3,335,404, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $3,402,096. | $ | 3,335,388 | 3,335,388 | |||||
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $702,190, collateralized by U.S. Treasury Securities 0.25% to 4.00%, maturing 09/30/13 to 04/30/19; total market value of $716,230. | 702,186 | 702,186 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $3,335,405, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $3,402,110. | 3,335,388 | 3,335,388 | ||||||
RBC Capital Markets LLC, 0.20%, dated 04/30/12, due 05/01/12, repurchase price $3,335,407, collateralized by U.S. Government Securities 0.00% to 5.00%, maturing 07/30/12 to 03/01/42; total market value of $3,402,096. | 3,335,388 | 3,335,388 | ||||||
RBS Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $3,335,406, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 06/15/12 to 07/15/32; total market value of $3,402,123. | 3,335,388 | 3,335,388 | ||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $14,043,738) | $ | 14,043,738 | ||||||
TOTAL INVESTMENTS – 104.9% (COST $238,611,803) | $ | 307,903,070 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (4.8%) | (14,043,738 | ) | ||||||
OTHER LIABILITIES LESS ASSETS – (0.1%) | (333,089 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 293,526,243 |
(Wilmington Mid Cap Growth Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
46 | PORTFOLIOS OF INVESTMENTS |
Wilmington Mid Cap Growth Fund (concluded)
Cost of investments for Federal income tax purposes is $240,998,694. The net unrealized appreciation/(depreciation) of investments was $66,904,376. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $78,293,047 and net unrealized depreciation from investments for those securities having an excess of cost over value of $11,388,671.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 290,027,911 | $ | — | $ | — | $ | 290,027,911 | ||||||||
Money Market Funds | 3,831,421 | — | — | 3,831,421 | ||||||||||||
Repurchase Agreements | — | 14,043,738 | — | 14,043,738 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 293,859,332 | $ | 14,043,738 | $ | — | $ | 307,903,070 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
April 30, 2012 / ANNUAL REPORT
Table of Contents
47 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Small Cap Growth Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Stocks | Percentage of Total Net Assets | |||
Common Stocks | ||||
Industrials | 26.8 | % | ||
Information Technology | 24.9 | % | ||
Consumer Discretionary | 20.2 | % | ||
Financials | 10.8 | % | ||
Health Care | 10.7 | % | ||
Materials | 3.8 | % | ||
Energy | 2.2 | % | ||
Telecommunication Services | 0.6 | % | ||
Cash Equivalents1 | 6.5 | % | ||
Other Assets and Liabilities – Net2 | (6.5 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual fund and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 100.0% | ||||||||
CONSUMER DISCRETIONARY – 20.2% | ||||||||
DIVERSIFIED CONSUMER | ||||||||
Sotheby’s | 26,000 | $ | 1,022,320 | |||||
HOTELS RESTAURANTS & | ||||||||
*Bravo Brio Restaurant Group, Inc. | 69,700 | 1,407,940 | ||||||
*Buffalo Wild Wings, Inc. | 40,400 | 3,387,540 | ||||||
*MGM Resorts International | 106,000 | 1,422,520 | ||||||
*Orient-Express Hotels Ltd. | 127,000 | 1,357,630 | ||||||
*Red Robin Gourmet Burgers, Inc. | 44,500 | 1,586,870 | ||||||
$ | 9,162,500 | |||||||
LEISURE EQUIPMENT & | ||||||||
*Arctic Cat, Inc. | 24,000 | 1,061,760 | ||||||
Polaris Industries, Inc. | 17,500 | 1,390,200 | ||||||
$ | 2,451,960 | |||||||
MEDIA – 3.5% | ||||||||
*AMC Networks, Inc. | 24,000 | 1,020,000 | ||||||
Belo Corp. | 152,500 | 1,027,850 | ||||||
Cinemark Holdings, Inc. | 77,000 | 1,767,920 |
Description | Number of Shares | Value | ||||||
*,12Lions Gate Entertainment Corp. | 155,050 | $ | 1,896,262 | |||||
$ | 5,712,032 | |||||||
SPECIALTY RETAIL – 7.9% | ||||||||
*Body Central Corp. | 42,500 | 1,290,725 | ||||||
DSW, Inc. | 17,000 | 956,420 | ||||||
*Express, Inc. | 48,500 | 1,145,570 | ||||||
Finish Line, Inc. | 20,000 | 445,200 | ||||||
Foot Locker, Inc. | 45,200 | 1,382,668 | ||||||
*Francesca’s Holdings Corp. | 39,500 | 1,238,325 | ||||||
*Genesco, Inc. | 11,000 | 825,000 | ||||||
Group 1 Automotive, Inc. | 15,000 | 868,200 | ||||||
*,12Lumber Liquidators Holdings, Inc. | 62,000 | 1,793,660 | ||||||
Penske Automotive Group, Inc. | 63,400 | 1,676,296 | ||||||
Sonic Automotive, Inc. | 78,500 | 1,320,370 | ||||||
$ | 12,942,434 | |||||||
TEXTILES, APPAREL & LUXURY | ||||||||
*Liz Claiborne, Inc. | 135,500 | 1,815,700 | ||||||
TOTAL CONSUMER DISCRETIONARY | $ | 33,106,946 |
(Wilmington Small Cap Growth Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
48 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
ENERGY – 2.2% | ||||||||
OIL, GAS & CONSUMABLE | ||||||||
Berry Petroleum Co. | 13,600 | $ | 619,480 | |||||
*,12Clean Energy Fuels Corp. | 46,000 | 885,040 | ||||||
*Gulfport Energy Corp. | 22,000 | 576,620 | ||||||
*Stone Energy Corp. | 22,500 | 631,125 | ||||||
12Targa Resources Partners LP | 20,000 | 860,600 | ||||||
$ | 3,572,865 | |||||||
TOTAL ENERGY | $ | 3,572,865 | ||||||
FINANCIALS – 10.8% | ||||||||
CAPITAL MARKETS – 3.0% | ||||||||
Evercore Partners, Inc. | 70,500 | 1,863,315 | ||||||
*Stifel Financial Corp. | 25,000 | 910,500 | ||||||
*Wisdomtree Investments, Inc. | 241,000 | 2,060,550 | ||||||
$ | 4,834,365 | |||||||
COMMERCIAL BANKS – 2.6% | ||||||||
Bank of The Ozarks, Inc. | 40,500 | 1,251,450 | ||||||
*Signature Bank | 25,700 | 1,688,233 | ||||||
*SVB Financial Group | 21,000 | 1,345,890 | ||||||
$ | 4,285,573 | |||||||
CONSUMER FINANCE – 3.3% | ||||||||
Cash America International, Inc. | 32,500 | 1,519,375 | ||||||
*First Cash Financial Services, Inc. | 54,000 | 2,211,840 | ||||||
*Netspend Holdings, Inc. | 212,000 | 1,617,560 | ||||||
$ | 5,348,775 | |||||||
DIVERSIFIED FINANCIAL | ||||||||
MarketAxess Holdings, Inc. | 33,500 | 1,149,385 | ||||||
REAL ESTATE INVESTMENT | ||||||||
*Strategic Hotels & Resorts, Inc. | 300,000 | 2,043,000 | ||||||
TOTAL FINANCIALS | $ | 17,661,098 | ||||||
HEALTH CARE – 10.7% | ||||||||
BIOTECHNOLOGY – 1.6% | ||||||||
*Affymax, Inc. | 95,000 | 1,245,450 | ||||||
*Medivation, Inc. | 16,000 | 1,294,080 | ||||||
$ | 2,539,530 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES – 2.2% | ||||||||
*Insulet Corp. | 37,000 | 660,820 | ||||||
*NxStage Medical, Inc. | 55,200 | 938,400 | ||||||
*Staar Surgical Co. | 108,200 | 1,186,954 | ||||||
*Volcano Corp. | 30,800 | 836,220 | ||||||
$ | 3,622,394 |
Description | Number of Shares | Value | ||||||
HEALTH CARE PROVIDERS & SERVICES – 1.0% | ||||||||
*Air Methods Corp. | 15,500 | $ | 1,303,705 | |||||
*LCA-Vision, Inc. | 51,500 | 381,100 | ||||||
$ | 1,684,805 | |||||||
HEALTH CARE TECHNOLOGY – 1.4% | ||||||||
*athenahealth, Inc. | 20,000 | 1,449,000 | ||||||
*MedAssets, Inc. | 74,000 | 933,140 | ||||||
$ | 2,382,140 | |||||||
LIFE SCIENCES TOOLS | ||||||||
*Charles River Laboratories International, Inc. | 39,000 | 1,385,670 | ||||||
*Covance, Inc. | 26,500 | 1,239,140 | ||||||
*Luminex Corp. | 20,000 | 500,800 | ||||||
$ | 3,125,610 | |||||||
PHARMACEUTICALS – 2.6% | ||||||||
*Jazz Pharmaceuticals PLC | 35,000 | 1,786,050 | ||||||
*,12MAP Pharmaceuticals, Inc. | 57,500 | 737,150 | ||||||
*,12Questcor Pharmaceuticals, Inc. | 37,675 | 1,691,608 | ||||||
$ | 4,214,808 | |||||||
TOTAL HEALTH CARE | $ | 17,569,287 | ||||||
INDUSTRIALS – 26.8% | ||||||||
AEROSPACE & DEFENSE – 3.5% | ||||||||
*Hexcel Corp. | 71,000 | 1,943,980 | ||||||
*Spirit Aerosystems Holdings, Inc. | 47,500 | 1,187,500 | ||||||
Triumph Group, Inc. | 42,500 | 2,669,850 | ||||||
$ | 5,801,330 | |||||||
AIR FREIGHT & LOGISTICS – 0.7% | ||||||||
*Atlas Air Worldwide Holdings, Inc. | 23,500 | 1,082,175 | ||||||
AIRLINES – 4.4% | ||||||||
*Alaska Air Group, Inc. | 47,000 | 1,588,600 | ||||||
*Spirit Airlines, Inc. | 120,500 | 2,894,410 | ||||||
*US Airways Group, Inc. | 258,000 | 2,647,080 | ||||||
$ | 7,130,090 | |||||||
BUILDING PRODUCTS – 3.4% | ||||||||
Armstrong World Industries, Inc. | 33,200 | 1,462,128 | ||||||
*Owens Corning | 41,000 | 1,408,350 | ||||||
*,12USG Corp. | 153,000 | 2,761,650 | ||||||
$ | 5,632,128 | |||||||
COMMERCIAL SERVICES & SUPPLIES – 1.6% | ||||||||
*Encore Capital Group, Inc. | 81,500 | 1,931,550 | ||||||
*Heritage-Crystal Clean, Inc. | 30,500 | 645,075 | ||||||
$ | 2,576,625 |
(Wilmington Small Cap Growth Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 49 |
Wilmington Small Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
MACHINERY – 2.3% | ||||||||
*Chart Industries, Inc. | 8,600 | $ | 657,298 | |||||
Wabtec Corp. | 41,000 | 3,188,980 | ||||||
$ | 3,846,278 | |||||||
MARINE – 0.8% | ||||||||
*Kirby Corp. | 19,000 | 1,261,030 | ||||||
PROFESSIONAL SERVICES INDUSTRY – 1.9% | ||||||||
*Advisory Board Co. | 17,300 | 1,577,068 | ||||||
*TrueBlue, Inc. | 85,000 | 1,467,100 | ||||||
$ | 3,044,168 | |||||||
ROAD & RAIL – 2.2% | ||||||||
*Quality Distribution, Inc. | 136,000 | 1,519,120 | ||||||
*RailAmerica, Inc. | 31,400 | 727,852 | ||||||
*Swift Transportation Co. | 122,500 | 1,285,025 | ||||||
$ | 3,531,997 | |||||||
TRADING COMPANIES & DISTRIBUTORS – 6.0% | ||||||||
*Beacon Roofing Supply, Inc. | 55,450 | 1,479,960 | ||||||
GATX Corp. | 21,000 | 900,270 | ||||||
*H&E Equipment Services, Inc. | 125,000 | 2,412,500 | ||||||
*,12United Rentals, Inc. | 71,000 | 3,314,280 | ||||||
*WESCO International, Inc. | 27,800 | 1,845,642 | ||||||
$ | 9,952,652 | |||||||
TOTAL INDUSTRIALS | $ | 43,858,473 | ||||||
INFORMATION TECHNOLOGY – 24.9% | ||||||||
COMMUNICATIONS EQUIPMENT – 3.4% | ||||||||
*Aruba Networks, Inc. | 61,000 | 1,288,320 | ||||||
*Finisar Corp. | 69,000 | 1,139,880 | ||||||
*Procera Networks, Inc. | 105,000 | 2,179,800 | ||||||
*Riverbed Technology, Inc. | 47,900 | 945,067 | ||||||
$ | 5,553,067 | |||||||
COMPUTERS & PERIPHERALS – 0.4% | ||||||||
*Stratasys, Inc. | 11,500 | 588,915 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 4.8% | ||||||||
*IPG Photonics Corp. | 26,500 | 1,282,600 | ||||||
*OSI Systems, Inc. | 65,350 | 4,369,301 | ||||||
*,12RealD, Inc. | 80,200 | 968,816 | ||||||
*,12Universal Display Corp. | 26,300 | 1,182,711 | ||||||
$ | 7,803,428 |
Description | Number of Shares | Value | ||||||
INTERNET SOFTWARE & SERVICES – 1.4% | ||||||||
*Active Network, Inc. | 69,500 | $ | 1,167,600 | |||||
*Dealertrack Holdings, Inc. | 20,000 | 596,600 | ||||||
*,12OpenTable, Inc. | 14,000 | 626,220 | ||||||
$ | 2,390,420 | |||||||
IT SERVICES – 4.1% | ||||||||
*Cardtronics, Inc. | 53,500 | 1,410,260 | ||||||
Heartland Payment Systems, Inc. | 38,000 | 1,157,860 | ||||||
Jack Henry & Associates, Inc. | 37,000 | 1,256,520 | ||||||
*VeriFone Systems, Inc. | 30,000 | 1,429,200 | ||||||
*Wright Express Corp. | 24,000 | 1,531,680 | ||||||
$ | 6,785,520 | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.3% | ||||||||
*Cavium, Inc. | 31,000 | 907,060 | ||||||
*Cirrus Logic, Inc. | 36,000 | 985,680 | ||||||
*Rudolph Technologies, Inc. | 61,500 | 664,200 | ||||||
*Semtech Corp. | 62,000 | 1,690,120 | ||||||
*Volterra Semiconductor Corp. | 35,000 | 1,151,150 | ||||||
$ | 5,398,210 | |||||||
SOFTWARE – 7.5% | ||||||||
*Allot Communications Ltd. | 68,100 | 1,671,174 | ||||||
*Aspen Technology, Inc. | 65,700 | 1,299,546 | ||||||
*BroadSoft, Inc. | 18,000 | 770,580 | ||||||
*Concur Technologies, Inc. | 26,300 | 1,487,528 | ||||||
*Descartes Systems Group, Inc. | 105,200 | 874,212 | ||||||
*MicroStrategy, Inc. | 6,500 | 908,570 | ||||||
*Parametric Technology Corp. | 91,700 | 1,978,886 | ||||||
*QLIK Technologies, Inc. | 42,000 | 1,210,020 | ||||||
*Sourcefire, Inc. | 25,800 | 1,315,542 | ||||||
*Ultimate Software Group, Inc. | 10,500 | 810,180 | ||||||
$ | 12,326,238 | |||||||
TOTAL INFORMATION TECHNOLOGY | $ | 40,845,798 | ||||||
MATERIALS – 3.8% | ||||||||
CHEMICALS – 3.2% | ||||||||
Celanese Corp. | 37,000 | 1,793,020 | ||||||
*,12Flotek Industries, Inc. | 35,500 | 484,220 | ||||||
*LSB Industries, Inc. | 22,200 | 753,024 | ||||||
Methanex Corp. | 50,000 | 1,758,000 | ||||||
*TPC Group, Inc. | 11,400 | 478,572 | ||||||
$ | 5,266,836 | |||||||
CONSTRUCTION MATERIALS – 0.6% | ||||||||
Eagle Materials, Inc. | 26,500 | 933,330 | ||||||
TOTAL MATERIALS | $ | 6,200,166 |
(Wilmington Small Cap Growth Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
50 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small Cap Growth Fund (concluded)
Description | Number of Shares | Value | ||||||
TELECOMMUNICATION SERVICES – 0.6% | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6% | ||||||||
*AboveNet, Inc. | 4,000 | $ | 332,680 | |||||
*Cogent Communications Group, Inc. | 34,200 | 640,566 | ||||||
$ | 973,246 | |||||||
TOTAL TELECOMMUNICATION SERVICES | $ | 973,246 | ||||||
TOTAL COMMON STOCKS (COST $150,533,204) | $ | 163,787,879 | ||||||
MONEY MARKET FUND – 0.1% | ||||||||
8,9Wilmington Prime Money Market Fund, Select Shares, 0.04% | 94,563 | $ | 94,563 | |||||
TOTAL MONEY MARKET FUND (COST $94,563) | $ | 94,563 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $150,627,767) | $ | 163,882,442 | ||||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 6.4% | ||||||||
REPURCHASE AGREEMENTS – 6.4% | ||||||||
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $2,478,660, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $2,528,221. | $ | 2,478,648 | 2,478,648 |
Description | Par Value | Value | ||||||
Deutsche Bank Securities, Inc., 0.22%, dated 04/30/12, due 05/01/12, repurchase price $2,478,663, collateralized by U.S. Government Securities 2.49% to 7.00%, maturing 08/01/25 to 04/01/42; total market value of $2,528,222. | $ | 2,478,648 | $ | 2,478,648 | ||||
HSBC Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $521,824, collateralized by U.S. Treasury Securities 0.00%, maturing 06/15/12 to 11/15/41; total market value of $532,257. | 521,821 | 521,821 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $2,478,660, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $2,528,231. | 2,478,648 | 2,478,648 | ||||||
RBS Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $2,478,661, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 06/15/12 to 07/15/32; total market value of $2,528,242. | 2,478,648 | 2,478,648 | ||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $10,436,413) | $ | 10,436,413 | ||||||
TOTAL INVESTMENTS – 106.5% (COST $161,064,180) | $ | 174,318,855 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (6.4%) | (10,436,413 | ) | ||||||
OTHER LIABILITIES LESS ASSETS – (0.1%) | (207,823 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 163,674,619 |
Cost of investments for Federal income tax purposes is $163,912,440. The net unrealized appreciation/(depreciation) of investments was $10,406,415. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $14,325,788 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,919,373.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 163,787,879 | $ | — | $ | — | $ | 163,787,879 | ||||||||
Money Market Fund | 94,563 | — | — | 94,563 | ||||||||||||
Repurchase Agreements | — | 10,436,413 | — | 10,436,413 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 163,882,442 | $ | 10,436,413 | $ | — | $ | 174,318,855 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
April 30, 2012 / ANNUAL REPORT
Table of Contents
51 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Small-Cap Strategy Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Stocks | Percentage of Total Net Assets | |||
Common Stocks | ||||
Financials | 19.7 | % | ||
Information Technology | 17.7 | % | ||
Industrials | 16.3 | % | ||
Consumer Discretionary | 14.2 | % | ||
Health Care | 13.7 | % | ||
Energy | 6.9 | % | ||
Materials | 4.6 | % | ||
Consumer Staples | 3.7 | % | ||
Utilities | 2.4 | % | ||
Telecommunication Services | 0.8 | % | ||
Mutual Fund | 0.1 | % | ||
Right | 0.0 | %3 | ||
Warrants | 0.0 | %3 | ||
Cash Equivalents1 | 8.9 | % | ||
Other Assets and Liabilities – Net2 | (9.0 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represent less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 100.0% | ||||||||
CONSUMER DISCRETIONARY – 14.2% | ||||||||
AUTO COMPONENTS – 0.9% | ||||||||
*American Axle & Manufacturing Holdings, Inc. | 2,655 | $ | 25,727 | |||||
*Amerigon, Inc. | 1,127 | 16,116 | ||||||
Cooper Tire & Rubber Co. | 2,966 | 44,342 | ||||||
Dana Holding Corp. | 7,190 | 105,118 | ||||||
*Dorman Products, Inc. | 686 | 32,777 | ||||||
*Drew Industries, Inc. | 744 | 22,156 | ||||||
*Exide Technologies | 2,242 | 6,457 | ||||||
*Fuel Systems Solutions, Inc. | 566 | 13,273 | ||||||
*Modine Manufacturing Co. | 2,175 | 17,183 | ||||||
Spartan Motors, Inc. | 469 | 2,040 | ||||||
Standard Motor Products, Inc. | 810 | 12,207 | ||||||
*Stoneridge, Inc. | 738 | 6,362 |
Description | Number of Shares | Value | ||||||
Superior Industries International, Inc. | 866 | $ | 14,817 | |||||
*Tenneco, Inc. | 3,180 | 98,039 | ||||||
$ | 416,614 | |||||||
AUTOMOBILES – 0.0%** | ||||||||
*Winnebago Industries, Inc. | 1,485 | 14,479 | ||||||
DISTRIBUTORS – 0.3% | ||||||||
Core-Mark Holding Co., Inc. | 603 | 23,276 | ||||||
Pool Corp. | 2,525 | 93,198 | ||||||
*VOXX International Corp. | 608 | 7,716 | ||||||
Weyco Group, Inc. | 131 | 3,195 | ||||||
$ | 127,385 | |||||||
DIVERSIFIED CONSUMER SERVICES – 1.3% | ||||||||
*,12American Public Education, Inc. | 665 | 23,089 | ||||||
*Archipelago Learning, Inc. | 40 | 443 |
(Wilmington Small-Cap Strategy Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
52 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*Ascent Capital Group, Inc. | 490 | $ | 25,235 | |||||
*,12Bridgepoint Education, Inc. | 900 | 19,404 | ||||||
*Capella Education Co. | 665 | 21,752 | ||||||
*,12Coinstar, Inc. | 1,638 | 102,850 | ||||||
*Corinthian Colleges, Inc. | 1,381 | 5,303 | ||||||
*Grand Canyon Education, Inc. | 1,344 | 23,372 | ||||||
Hillenbrand, Inc. | 2,720 | 56,957 | ||||||
*,12K12, Inc. | 1,390 | 35,445 | ||||||
Lincoln Educational Services Corp. | 20 | 147 | ||||||
Matthews International Corp. | 852 | 25,560 | ||||||
Regis Corp. | 2,098 | 38,498 | ||||||
*School Specialty, Inc. | 1,926 | 6,298 | ||||||
Sotheby’s | 3,532 | 138,878 | ||||||
*Steiner Leisure Ltd. | 815 | 38,272 | ||||||
Stewart Enterprises, Inc. | 2,449 | 15,478 | ||||||
12Strayer Education, Inc. | 540 | 53,287 | ||||||
Universal Technical Institute, Inc. | 901 | 10,812 | ||||||
$ | 641,080 | |||||||
HOTELS RESTAURANTS & | ||||||||
*AFC Enterprises, Inc. | 1,405 | 23,997 | ||||||
Ambassadors Group, Inc. | 798 | 4,301 | ||||||
Ameristar Casinos, Inc. | 1,655 | 29,757 | ||||||
*Biglari Holdings, Inc. | 40 | 16,253 | ||||||
*BJ’s Restaurants, Inc. | 1,380 | 59,602 | ||||||
Bob Evans Farms, Inc. | 1,056 | 40,381 | ||||||
*Boyd Gaming Corp. | 1,720 | 13,227 | ||||||
*Bravo Brio Restaurant Group, Inc. | 440 | 8,888 | ||||||
*Buffalo Wild Wings, Inc. | 902 | 75,633 | ||||||
*Caribou Coffee Co., Inc. | 630 | 10,338 | ||||||
*Carrols Restaurant Group, Inc. | 1,060 | 15,985 | ||||||
CEC Entertainment, Inc. | 928 | 35,468 | ||||||
*Cheesecake Factory, Inc. | 2,776 | 87,444 | ||||||
Churchill Downs, Inc. | 282 | 16,740 | ||||||
Cracker Barrel Old Country Store, Inc. | 1,252 | 72,015 | ||||||
*Denny’s Corp. | 3,860 | 15,980 | ||||||
*DineEquity, Inc. | 832 | 40,419 | ||||||
Domino’s Pizza, Inc. | 2,384 | 90,139 | ||||||
Einstein Noah Restaurant Group, Inc. | 704 | 9,962 | ||||||
*Gaylord Entertainment Co. | 1,494 | 47,031 | ||||||
International Speedway Corp. | 640 | 17,082 | ||||||
Interval Leisure Group, Inc. | 2,000 | 34,560 | ||||||
*Isle of Capri Casinos, Inc. | 321 | 2,006 | ||||||
*Jack In The Box, Inc. | 1,856 | 42,168 | ||||||
*Jamba, Inc. | 2,990 | 5,561 | ||||||
*Krispy Kreme Doughnuts, Inc. | 4,040 | 29,613 | ||||||
*Life Time Fitness, Inc. | 2,097 | 97,636 |
Description | Number of Shares | Value | ||||||
Marcus Corp. | 487 | $ | 6,092 | |||||
*Monarch Casino & Resort, Inc. | 928 | 8,983 | ||||||
*Morgans Hotel Group Co. | 253 | 1,255 | ||||||
*Multimedia Games Holding Co., Inc. | 1,550 | 17,608 | ||||||
*O’Charleys, Inc. | 540 | 5,319 | ||||||
*Orient-Express Hotels Ltd. | 2,900 | 31,001 | ||||||
*Papa John’s International, Inc. | 1,156 | 46,564 | ||||||
*,12Peet’s Coffee & Tea, Inc. | 680 | 52,238 | ||||||
PF Chang’s China Bistro, Inc. | 1,201 | 47,668 | ||||||
*Pinnacle Entertainment, Inc. | 2,927 | 32,490 | ||||||
*Red Lion Hotels Corp. | 520 | 4,337 | ||||||
*Red Robin Gourmet Burgers, Inc. | 762 | 27,173 | ||||||
*Ruby Tuesday, Inc. | 2,310 | 15,708 | ||||||
*Ruth’s Hospitality Group, Inc. | 610 | 4,221 | ||||||
*Scientific Games Corp. | 2,380 | 24,181 | ||||||
*Shuffle Master, Inc. | 2,390 | 42,231 | ||||||
Six Flags Entertainment Corp. | 1,980 | 94,862 | ||||||
*Sonic Corp. | 2,295 | 16,570 | ||||||
Speedway Motorsports, Inc. | 421 | 7,182 | ||||||
Texas Roadhouse, Inc. | 2,635 | 45,454 | ||||||
*Town Sports International Holdings, Inc. | 980 | 12,564 | ||||||
Vail Resorts, Inc. | 1,550 | 63,209 | ||||||
$ | 1,549,096 | |||||||
HOUSEHOLD DURABLES – 0.7% | ||||||||
12American Greetings Corp. | 1,907 | 30,512 | ||||||
*Beazer Homes USA, Inc. | 2,380 | 7,378 | ||||||
Blyth, Inc. | 150 | 13,195 | ||||||
*Cavco Industries, Inc. | 395 | 20,382 | ||||||
CSS Industries, Inc. | 28 | 536 | ||||||
Ethan Allen Interiors, Inc. | 716 | 16,611 | ||||||
*Helen of Troy Ltd. | 983 | 34,012 | ||||||
*Hovnanian Enterprises, Inc. | 623 | 1,246 | ||||||
*iRobot Corp. | 1,300 | 30,693 | ||||||
12KB Home | 2,230 | 19,356 | ||||||
*La-Z-Boy, Inc. | 956 | 14,407 | ||||||
*Libbey, Inc. | 780 | 11,131 | ||||||
Lifetime Brands, Inc. | 120 | 1,398 | ||||||
*M/I Homes, Inc. | 164 | 2,181 | ||||||
MDC Holdings, Inc. | 1,160 | 32,608 | ||||||
*Meritage Homes Corp. | 1,202 | 34,125 | ||||||
Ryland Group, Inc. | 1,321 | 29,736 | ||||||
Skyline Corp. | 539 | 2,959 | ||||||
*Standard Pacific Corp. | 4,740 | 23,984 | ||||||
*Universal Electronics, Inc. | 648 | 10,964 | ||||||
*,12Zagg, Inc. | 880 | 11,466 | ||||||
$ | 348,880 |
(Wilmington Small-Cap Strategy Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 53 |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
INTERNET & CATALOG RETAIL – 0.4% | ||||||||
*1-800-Flowers.Com, Inc. | 3,112 | $ | 9,274 | |||||
*,12Blue Nile, Inc. | 562 | 17,017 | ||||||
*Geeknet, Inc. | 300 | 4,365 | ||||||
Hsn, Inc. | 1,960 | 75,852 | ||||||
Nutrisystem, Inc. | 1,229 | 14,232 | ||||||
*Orbitz Worldwide, Inc. | 89 | 325 | ||||||
*,12Overstock.com, Inc. | 1,122 | 6,766 | ||||||
PetMed Express, Inc. | 947 | 12,756 | ||||||
*Shutterfly, Inc. | 1,442 | 44,875 | ||||||
*US Auto Parts Network, Inc. | 1,920 | 6,950 | ||||||
*Valuevision Media, Inc. | 200 | 324 | ||||||
$ | 192,736 | |||||||
LEISURE EQUIPMENT & | ||||||||
*Arctic Cat, Inc. | 410 | 18,138 | ||||||
Brunswick Corp. | 4,661 | 122,538 | ||||||
Callaway Golf Co. | 2,811 | 17,231 | ||||||
Jakks Pacific, Inc. | 218 | 4,157 | ||||||
*Johnson Outdoors, Inc. | 120 | 2,216 | ||||||
*Leapfrog Enterprises, Inc. | 737 | 6,884 | ||||||
Marine Products Corp. | 1,100 | 6,567 | ||||||
*Smith & Wesson Holding Corp. | 2,617 | 21,590 | ||||||
*Steinway Musical Instruments, Inc. | 68 | 1,714 | ||||||
Sturm Ruger & Co., Inc. | 870 | 49,651 | ||||||
$ | 250,686 | |||||||
MEDIA – 1.2% | ||||||||
AH Belo Corp. | 350 | 1,544 | ||||||
Arbitron, Inc. | 1,464 | 55,705 | ||||||
Belo Corp. | 4,120 | 27,769 | ||||||
*,12Central European Media Enterprises Ltd. | 1,250 | 9,888 | ||||||
Cinemark Holdings, Inc. | 3,797 | 87,179 | ||||||
*,12Cumulus Media, Inc. | 10 | 36 | ||||||
*Digital Generation, Inc. | 1,047 | 9,716 | ||||||
*Entercom Communications Corp. | 230 | 1,424 | ||||||
Entravision Communications Corp. | 540 | 848 | ||||||
*EW Scripps Co. | 1,410 | 12,916 | ||||||
*Fisher Communications, Inc. | 177 | 5,804 | ||||||
*Global Sources Ltd. | 619 | 3,813 | ||||||
*Gray Television, Inc. | 1,720 | 3,096 | ||||||
Harte-Hanks, Inc. | 1,636 | 13,742 | ||||||
*Journal Communications, Inc. | 1,100 | 4,609 | ||||||
*Knology, Inc. | 849 | 16,513 | ||||||
*LIN TV Corp. | 290 | 1,145 | ||||||
*,12Lions Gate Entertainment Corp. | 2,430 | 29,719 | ||||||
*Live Nation Entertainment, Inc. | 5,176 | 46,895 | ||||||
Martha Stewart Living Omnimedia | 1,683 | 6,008 |
Description | Number of Shares | Value | ||||||
*McClatchy Co. | 220 | $ | 598 | |||||
MDC Partners, Inc. | 1,560 | 16,099 | ||||||
12Meredith Corp. | 1,320 | 38,056 | ||||||
National Cinemedia, Inc. | 2,892 | 41,327 | ||||||
*New York Times Co. | 4,750 | 29,972 | ||||||
*Nexstar Broadcasting Group, Inc. | 530 | 4,107 | ||||||
Outdoor Channel Holdings, Inc. | 1,170 | 8,658 | ||||||
*Reachlocal, Inc. | 90 | 680 | ||||||
*Rentrak Corp. | 280 | 5,298 | ||||||
Scholastic Corp. | 746 | 22,790 | ||||||
Sinclair Broadcast Group, Inc. | 2,208 | 22,698 | ||||||
*Valassis Communications, Inc. | 2,140 | 42,800 | ||||||
World Wrestling Entertainment, Inc. | 1,017 | 8,014 | ||||||
$ | 579,466 | |||||||
MULTILINE RETAIL – 0.1% | ||||||||
12BON-TON Stores, Inc. | 20 | 124 | ||||||
Fred’s, Inc. | 1,222 | 17,499 | ||||||
*Gordmans Stores, Inc. | 160 | 3,398 | ||||||
*Saks, Inc. | 3,860 | 42,306 | ||||||
*Tuesday Morning Corp. | 1,800 | 7,272 | ||||||
$ | 70,599 | |||||||
SPECIALTY RETAIL – 3.8% | ||||||||
*Aeropostale, Inc. | 3,930 | 87,167 | ||||||
*America’s Car-Mart, Inc. | 310 | 14,241 | ||||||
*ANN INC | 2,700 | 74,763 | ||||||
*Asbury Automotive Group, Inc. | 1,304 | 36,408 | ||||||
*Ascena Retail Group, Inc. | 6,094 | 124,805 | ||||||
*,12Barnes & Noble, Inc. | 860 | 17,845 | ||||||
Bebe Stores, Inc. | 186 | 1,525 | ||||||
Big 5 Sporting Goods Corp. | 472 | 3,951 | ||||||
*Body Central Corp. | 390 | 11,844 | ||||||
Brown Shoe Co., Inc. | 1,205 | 10,978 | ||||||
12Buckle, Inc. | 1,175 | 54,262 | ||||||
*Build-A-Bear Workshop, Inc. | 271 | 1,222 | ||||||
*Cabela’s, Inc. | 1,574 | 59,513 | ||||||
*Casual Male Retail Group, Inc. | 40 | 126 | ||||||
Cato Corp. | 1,093 | 30,418 | ||||||
*Charming Shoppes, Inc. | 4,150 | 24,485 | ||||||
*Childrens Place Retail Stores, Inc. | 1,008 | 46,348 | ||||||
Christopher & Banks Corp. | 95 | 178 | ||||||
*Citi Trends, Inc. | 876 | 9,759 | ||||||
*Coldwater Creek, Inc. | 2,380 | 2,356 | ||||||
*Collective Brands, Inc. | 2,107 | 43,762 | ||||||
*Conn’s, Inc. | 56 | 916 | ||||||
*Cost Plus, Inc. | 340 | 6,586 | ||||||
Destination Maternity Corp. | 960 | 19,046 | ||||||
*Express, Inc. | 2,040 | 48,185 |
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Table of Contents
54 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Finish Line, Inc. | 2,254 | $ | 50,174 | |||||
*Francesca’s Holdings Corp. | 530 | 16,615 | ||||||
*Genesco, Inc. | 891 | �� | 66,825 | |||||
GNC Holdings, Inc. | 1,190 | 46,481 | ||||||
Group 1 Automotive, Inc. | 884 | 51,166 | ||||||
Haverty Furniture Cos., Inc. | 717 | 8,604 | ||||||
*,12hhgregg, Inc. | 715 | 7,479 | ||||||
*Hibbett Sports, Inc. | 1,444 | 86,236 | ||||||
Hot Topic, Inc. | 361 | 3,538 | ||||||
*Jos A Bank Clothiers, Inc. | 1,380 | 65,619 | ||||||
*Kirkland’s, Inc. | 330 | 4,831 | ||||||
Lithia Motors, Inc. | 820 | 22,001 | ||||||
*,12Lumber Liquidators Holdings, Inc. | 971 | 28,091 | ||||||
*MarineMax, Inc. | 800 | 8,528 | ||||||
Men’s Wearhouse, Inc. | 2,089 | 77,377 | ||||||
Monro Muffler Brake, Inc. | 1,632 | 67,336 | ||||||
*New York & Co., Inc. | 2,080 | 8,216 | ||||||
*Office Depot, Inc. | 7,700 | 23,408 | ||||||
*OfficeMax, Inc. | 3,650 | 16,972 | ||||||
*Pacific Sunwear of California, Inc. | 150 | 220 | ||||||
Penske Automotive Group, Inc. | 1,720 | 45,477 | ||||||
PEP Boys-Manny Moe & Jack | 1,813 | 27,068 | ||||||
Pier 1 Imports, Inc. | 4,200 | 72,156 | ||||||
Rent-A-Center, Inc. | 2,014 | 68,899 | ||||||
*rue21 inc | 520 | 15,782 | ||||||
*Select Comfort Corp. | 2,620 | 75,666 | ||||||
*Shoe Carnival, Inc. | 554 | 10,760 | ||||||
Sonic Automotive, Inc. | 1,818 | 30,579 | ||||||
Stage Stores, Inc. | 1,088 | 16,614 | ||||||
*Stein Mart, Inc. | 680 | 4,366 | ||||||
*Systemax, Inc. | 272 | 4,670 | ||||||
*,12Talbots, Inc. | 1,610 | 4,766 | ||||||
*Vitamin Shoppe, Inc. | 1,290 | 60,720 | ||||||
*West Marine, Inc. | 60 | 703 | ||||||
*Wet Seal, Inc. | 1,886 | 6,205 | ||||||
*Zale Corp. | 180 | 493 | ||||||
*Zumiez, Inc. | 993 | 36,403 | ||||||
$ | 1,871,733 | |||||||
TEXTILES, APPAREL & LUXURY | ||||||||
*Carter’s, Inc. | 2,341 | 127,116 | ||||||
Cherokee, Inc. | 150 | 1,947 | ||||||
Columbia Sportswear Co. | 463 | 21,807 | ||||||
*CROCS, Inc. | 4,650 | 93,930 | ||||||
*Delta Apparel, Inc. | 60 | 859 | ||||||
*G-III Apparel Group Ltd. | 727 | 19,520 | ||||||
*Iconix Brand Group, Inc. | 2,805 | 43,029 |
Description | Number of Shares | Value | ||||||
Jones Group, Inc. | 2,710 | $ | 30,406 | |||||
*Kenneth Cole Productions, Inc. | 850 | 13,540 | ||||||
*K-Swiss, Inc. | 2,058 | 7,573 | ||||||
*Liz Claiborne, Inc. | 3,010 | 40,334 | ||||||
*Maidenform Brands, Inc. | 929 | 21,209 | ||||||
Movado Group, Inc. | 715 | 20,270 | ||||||
Oxford Industries, Inc. | 640 | 30,714 | ||||||
*Perry Ellis International, Inc. | 127 | 2,376 | ||||||
*Quiksilver, Inc. | 4,760 | 16,470 | ||||||
*Skechers U.S.A., Inc. | 1,633 | 30,488 | ||||||
*Steven Madden Ltd. | 2,066 | 89,272 | ||||||
*True Religion Apparel, Inc. | 987 | 26,807 | ||||||
*Unifi, Inc. | 1,066 | 11,854 | ||||||
*,12Vera Bradley, Inc. | 770 | 20,005 | ||||||
*Warnaco Group, Inc. | 2,011 | 106,503 | ||||||
Wolverine World Wide, Inc. | 2,456 | 103,029 | ||||||
$ | 879,058 | |||||||
TOTAL CONSUMER DISCRETIONARY | $ | 6,941,812 | ||||||
CONSUMER STAPLES – 3.7% | ||||||||
BEVERAGES – 0.2% | ||||||||
*,12Boston Beer Co., Inc. | 445 | 45,977 | ||||||
*,12Central European Distribution Corp. | 1,400 | 6,832 | ||||||
Coca-Cola Bottling Co. Consolidated | 261 | 16,743 | ||||||
*National Beverage Corp. | 1,170 | 17,386 | ||||||
*Primo Water Corp. | 1,950 | 2,925 | ||||||
$ | 89,863 | |||||||
FOOD & STAPLES RETAILING – 1.2% | ||||||||
Andersons, Inc. | 645 | 32,508 | ||||||
Arden Group, Inc. | 53 | 4,688 | ||||||
Casey’s General Stores, Inc. | 1,936 | 109,094 | ||||||
*Chefs’ Warehouse, Inc. | 570 | 13,783 | ||||||
*Fresh Market, Inc. | 1,380 | 70,615 | ||||||
Harris Teeter Supermarkets, Inc. | 1,700 | 64,549 | ||||||
Nash Finch Co. | 498 | 12,500 | ||||||
*Pantry, Inc. | 980 | 12,505 | ||||||
Pricesmart, Inc. | 956 | 78,908 | ||||||
*Rite Aid Corp. | 18,820 | 27,289 | ||||||
Spartan Stores, Inc. | 829 | 15,113 | ||||||
*Susser Holdings Corp. | 331 | 8,834 | ||||||
*United Natural Foods, Inc. | 2,557 | 126,035 | ||||||
Village Super Market, Inc. | 220 | 6,072 | ||||||
Weis Markets, Inc. | 250 | 11,150 | ||||||
$ | 593,643 | |||||||
FOOD PRODUCTS – 1.3% | ||||||||
Alico, Inc. | 10 | 227 | ||||||
B&G Foods, Inc. | 2,406 | 53,509 |
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PORTFOLIOS OF INVESTMENTS | 55 |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
12Calavo Growers, Inc. | 167 | $ | 4,790 | |||||
Cal-Maine Foods, Inc. | 642 | 23,131 | ||||||
*Chiquita Brands International, Inc. | 1,201 | 10,208 | ||||||
*Darling International, Inc. | 5,987 | 98,067 | ||||||
12Diamond Foods, Inc. | 1,025 | 21,422 | ||||||
*Dole Food Co., Inc. | 1,170 | 9,922 | ||||||
*Farmer Bros Co. | 388 | 3,531 | ||||||
Fresh Del Monte Produce, Inc. | 1,369 | 31,720 | ||||||
Griffin Land & Nurseries, Inc. | 246 | 5,924 | ||||||
*Hain Celestial Group, Inc. | 1,323 | 62,578 | ||||||
12Imperial Sugar Co. | 1,036 | 4,196 | ||||||
J&J Snack Foods Corp. | 574 | 32,178 | ||||||
Lancaster Colony Corp. | 822 | 53,603 | ||||||
12Limoneira Co. | 180 | 3,026 | ||||||
*Omega Protein Corp. | 550 | 3,938 | ||||||
*Pilgrim’s Pride Corp. | 930 | 6,640 | ||||||
Sanderson Farms, Inc. | 871 | 44,952 | ||||||
*Seneca Foods Corp. | 420 | 9,782 | ||||||
*Smart Balance, Inc. | 1,879 | 11,086 | ||||||
Snyders-Lance, Inc. | 641 | 16,589 | ||||||
Tootsie Roll Industries, Inc. | 797 | 18,977 | ||||||
*TreeHouse Foods, Inc. | 1,552 | 89,255 | ||||||
$ | 619,251 | |||||||
HOUSEHOLD PRODUCTS – 0.2% | ||||||||
*Central Garden And Pet Co. | 1,854 | 19,819 | ||||||
*Harbinger Group, Inc. | 1,670 | 8,617 | ||||||
Oil-Dri Corp. of America | 160 | 3,386 | ||||||
*Spectrum Brands Holdings, Inc. | 690 | 23,812 | ||||||
WD-40 Co. | 984 | 44,359 | ||||||
$ | 99,993 | |||||||
PERSONAL PRODUCTS – 0.6% | ||||||||
*Elizabeth Arden, Inc. | 1,357 | 52,896 | ||||||
Female Health Co. | 1,630 | 9,796 | ||||||
Inter Parfums, Inc. | 418 | 6,583 | ||||||
*Medifast, Inc. | 440 | 8,457 | ||||||
*,12Nature’s Sunshine Products, Inc. | 380 | 5,882 | ||||||
Nu Skin Enterprises, Inc. | 2,848 | 151,798 | ||||||
*Nutraceutical International Corp. | 460 | 7,052 | ||||||
*Prestige Brands Holdings, Inc. | 637 | 10,823 | ||||||
*Revlon, Inc. | 160 | 2,733 | ||||||
*Schiff Nutrition International, Inc. | 195 | 3,208 | ||||||
*Synutra International, Inc. | 429 | 2,467 | ||||||
*USANA Health Sciences, Inc. | 195 | 8,131 | ||||||
$ | 269,826 |
Description | Number of Shares | Value | ||||||
TOBACCO – 0.2% | ||||||||
*Alliance One International, Inc. | 3,972 | $ | 14,061 | |||||
*,12Star Scientific, Inc. | 4,159 | 14,764 | ||||||
Universal Corp. | 952 | 43,630 | ||||||
12Vector Group Ltd. | 1,416 | 24,568 | ||||||
$ | 97,023 | |||||||
TOTAL CONSUMER STAPLES | $ | 1,769,599 | ||||||
ENERGY – 6.9% | ||||||||
ENERGY EQUIPMENT & | ||||||||
*Basic Energy Services, Inc. | 1,152 | 16,589 | ||||||
Bristow Group, Inc. | 1,371 | 66,973 | ||||||
*,12C&J Energy Services, Inc. | 190 | 3,581 | ||||||
*Cal Dive International, Inc. | 3,789 | 14,663 | ||||||
*Dawson Geophysical Co. | 343 | 9,209 | ||||||
*Dril-Quip, Inc. | 1,748 | 117,798 | ||||||
*Exterran Holdings, Inc. | 1,860 | 25,129 | ||||||
*Geokinetics, Inc. | 10 | 18 | ||||||
*Global Geophysical Services, Inc. | 490 | 4,689 | ||||||
Gulf Island Fabrication, Inc. | 463 | 12,973 | ||||||
*Gulfmark Offshore, Inc. | 1,061 | 51,108 | ||||||
*,12Heckmann Corp. | 3,660 | 13,908 | ||||||
*Helix Energy Solutions Group, Inc. | 3,860 | 78,783 | ||||||
*Hercules Offshore, Inc. | 3,250 | 16,510 | ||||||
*Hornbeck Offshore Services, Inc. | 1,218 | 50,705 | ||||||
*ION Geophysical Corp. | 7,597 | 47,329 | ||||||
*Key Energy Services, Inc. | 6,180 | 78,239 | ||||||
Lufkin Industries, Inc. | 1,560 | 119,870 | ||||||
*Matrix Service Co. | 1,613 | 22,017 | ||||||
*Mitcham Industries, Inc. | 320 | 7,603 | ||||||
*Natural Gas Services Group, Inc. | 704 | 9,180 | ||||||
*Newpark Resources, Inc. | 2,712 | 17,248 | ||||||
*OYO Geospace Corp. | 211 | 24,311 | ||||||
*Parker Drilling Co. | 5,454 | 28,197 | ||||||
*PHI, Inc. | 455 | 12,117 | ||||||
*Pioneer Drilling Co. | 2,798 | 22,048 | ||||||
*Tesco Corp. | 1,560 | 25,475 | ||||||
*TETRA Technologies, Inc. | 3,100 | 27,001 | ||||||
*Union Drilling, Inc. | 340 | 1,894 | ||||||
*Vantage Drilling Co. | 7,810 | 12,340 | ||||||
*Willbros Group, Inc. | 1,238 | 6,685 | ||||||
$ | 944,190 | |||||||
OIL, GAS & CONSUMABLE FUELS – 5.0% | ||||||||
*,12Abraxas Petroleum Corp. | 4,480 | 13,350 | ||||||
ALON USA Energy, Inc. | 34 | 307 | ||||||
*,12Amyris, Inc. | 990 | 3,099 |
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Table of Contents
56 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
12Apco Oil And Gas International, Inc. | 480 | $ | 20,136 | |||||
*Approach Resources, Inc. | 990 | 35,521 | ||||||
*,12ATP Oil & Gas Corp. | 2,852 | 21,561 | ||||||
Berry Petroleum Co. | 2,734 | 124,534 | ||||||
*Bill Barrett Corp. | 1,475 | 35,370 | ||||||
*,12BPZ Resources, Inc. | 5,343 | 21,639 | ||||||
*Callon Petroleum Co. | 1,680 | 9,761 | ||||||
*CAMAC Energy, Inc. | 1,920 | 1,498 | ||||||
*Carrizo Oil & Gas, Inc. | 1,896 | 53,164 | ||||||
*Cheniere Energy, Inc. | 5,317 | 97,354 | ||||||
*Clayton Williams Energy, Inc. | 313 | 23,018 | ||||||
*,12Clean Energy Fuels Corp. | 2,469 | 47,504 | ||||||
*Cloud Peak Energy, Inc. | 2,520 | 38,783 | ||||||
*Comstock Resources, Inc. | 1,920 | 33,734 | ||||||
*Contango Oil & Gas Co. | 649 | 35,215 | ||||||
*Crimson Exploration, Inc. | 110 | 599 | ||||||
Crosstex Energy, Inc. | 2,433 | 36,252 | ||||||
*CVR Energy, Inc. | 4,516 | 137,106 | ||||||
Delek US Holdings, Inc. | 552 | 8,998 | ||||||
DHT Holdings, Inc. | 2,613 | 2,090 | ||||||
*Endeavour International Corp. | 1,283 | 16,012 | ||||||
*Energy Partners Ltd. | 1,010 | 16,443 | ||||||
*Energy XXI Bermuda Ltd. | 3,900 | 146,952 | ||||||
*Evolution Petroleum Corp. | 40 | 354 | ||||||
12Frontline Ltd. | 2,000 | 13,100 | ||||||
*FX Energy, Inc. | 1,953 | 11,093 | ||||||
*Gastar Exploration Ltd. | 1,080 | 3,035 | ||||||
*GeoResources, Inc. | 974 | 36,729 | ||||||
*,12GMX Resources, Inc. | 1,740 | 2,384 | ||||||
12Golar LNG Ltd. | 1,838 | 67,969 | ||||||
*,12Goodrich Petroleum Corp. | 1,285 | 21,549 | ||||||
*Gulfport Energy Corp. | 2,550 | 66,835 | ||||||
*Harvest Natural Resources, Inc. | 1,209 | 8,318 | ||||||
*,12Houston American Energy Corp. | 930 | 2,148 | ||||||
*Hyperdynamics Corp. | 7,490 | 6,992 | ||||||
*Isramco, Inc. | 40 | 3,712 | ||||||
*,12James River Coal Co. | 732 | 3,631 | ||||||
*KiOR, Inc. | 30 | 294 | ||||||
Knightsbridge Tankers Ltd. | 863 | 10,926 | ||||||
*Kodiak Oil & Gas Corp. | 13,470 | 119,209 | ||||||
*L&L Energy, Inc. | 2,400 | 5,400 | ||||||
*,12Magnum Hunter Resources Corp. | 4,960 | 30,802 | ||||||
*,12McMoRan Exploration Co. | 4,838 | 42,574 | ||||||
*Miller Energy Resources, Inc. | 320 | 1,738 | ||||||
12Nordic American Tankers Ltd. | 1,978 | 28,721 | ||||||
*Northern Oil and Gas, Inc. | 3,070 | 59,650 | ||||||
*,12Oasis Petroleum, Inc. | 3,180 | 105,163 |
Description | Number of Shares | Value | ||||||
12Overseas Shipholding Group, Inc. | 1,120 | $ | 13,104 | |||||
Panhandle Oil And Gas, Inc. | 586 | 16,144 | ||||||
*Patriot Coal Corp. | 3,730 | 21,746 | ||||||
Penn Virginia Corp. | 1,544 | 7,905 | ||||||
*Petroleum Development Corp. | 869 | 29,885 | ||||||
*Petroquest Energy, Inc. | 3,153 | 19,044 | ||||||
*Resolute Energy Corp. | 2,540 | 26,949 | ||||||
*Rex American Resources Corp. | 200 | 5,548 | ||||||
*Rex Energy Corp. | 1,345 | 14,136 | ||||||
*Rosetta Resources, Inc. | 2,788 | 140,153 | ||||||
*Scorpio Tankers, Inc. | 1,250 | 8,462 | ||||||
*SemGroup Corp. | 1,510 | 48,018 | ||||||
Ship Finance International Ltd. | 1,153 | 15,969 | ||||||
*,12Solazyme, Inc. | 180 | 1,980 | ||||||
*Stone Energy Corp. | 2,414 | 67,713 | ||||||
*Swift Energy Co. | 1,456 | 44,044 | ||||||
*Syntroleum Corp. | 2,190 | 2,059 | ||||||
Targa Resources Corp. | 760 | 36,548 | ||||||
Teekay Tankers Ltd. | 398 | 2,054 | ||||||
*Triangle Petroleum Corp. | 1,410 | 9,179 | ||||||
*Uranerz Energy Corp. | 1,240 | 2,170 | ||||||
*,12Uranium Energy Corp. | 3,940 | 11,623 | ||||||
*Uranium Resources, Inc. | 880 | 766 | ||||||
*Ur-Energy, Inc. | 640 | 698 | ||||||
*USEC, Inc. | 7,145 | 6,013 | ||||||
*Vaalco Energy, Inc. | 2,387 | 21,650 | ||||||
*Venoco, Inc. | 420 | 4,666 | ||||||
*Voyager Oil & Gas, Inc. | 540 | 1,372 | ||||||
W&T Offshore, Inc. | 1,940 | 38,354 | ||||||
*Warren Resources, Inc. | 2,940 | 9,085 | ||||||
Western Refining, Inc. | 2,955 | 56,293 | ||||||
*Westmoreland Coal Co. | 140 | 1,413 | ||||||
World Fuel Services Corp. | 3,194 | 140,728 | ||||||
*Zion Oil & Gas, Inc. | 170 | 422 | ||||||
$ | 2,458,219 | |||||||
TOTAL ENERGY | $ | 3,402,409 | ||||||
FINANCIALS – 19.7% | ||||||||
CAPITAL MARKETS – 1.9% | ||||||||
Apollo Investment Corp. | 6,642 | 48,155 | ||||||
Arlington Asset Investment Corp. | 180 | 4,232 | ||||||
Artio Global Investors, Inc. | 2,080 | 7,530 | ||||||
BGC Partners, Inc. | 4,390 | 30,598 | ||||||
12BlackRock Kelso Capital Corp. | 2,550 | 24,608 | ||||||
Calamos Asset Management, Inc. | 485 | 6,266 | ||||||
Capital Southwest Corp. | 102 | 9,763 | ||||||
Charles Schwab Corp. | 270 | 3,861 |
(Wilmington Small-Cap Strategy Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 57 |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
12Cohen & Steers, Inc. | 873 | $ | 30,765 | |||||
*Cowen Group, Inc. | 1,955 | 4,927 | ||||||
Diamond Hill Investment Group, Inc. | 160 | 12,142 | ||||||
Duff & Phelps Corp. | 1,824 | 29,002 | ||||||
Edelman Financial Group, Inc. | 1,765 | 15,585 | ||||||
Epoch Holding Corp. | 940 | 25,380 | ||||||
Evercore Partners, Inc. | 1,103 | 29,152 | ||||||
*FBR & Co. | 710 | 1,881 | ||||||
12Fifth Street Finance Corp. | 2,866 | 28,144 | ||||||
*Financial Engines, Inc. | 1,670 | 38,143 | ||||||
12FXCM, Inc. | 120 | 1,390 | ||||||
GAMCO Investors, Inc. | 202 | 9,102 | ||||||
GFI Group, Inc. | 2,191 | 7,230 | ||||||
Gladstone Capital Corp. | 1,442 | 11,550 | ||||||
Gladstone Investment Corp. | 1,707 | 12,666 | ||||||
Golub Capital BDC, Inc. | 630 | 9,362 | ||||||
*Harris & Harris Group, Inc. | 2,760 | 11,123 | ||||||
Hercules Technology Growth Capital, Inc. | 1,537 | 17,537 | ||||||
*HFF, Inc. | 1,900 | 31,046 | ||||||
*ICG Group, Inc. | 1,734 | 16,438 | ||||||
*INTL. FCStone, Inc. | 476 | 10,234 | ||||||
*Investment Technology Group, Inc. | 1,690 | 17,238 | ||||||
JMP Group, Inc. | 900 | 6,669 | ||||||
12Kbw, Inc. | 1,343 | 22,885 | ||||||
*Knight Capital Group, Inc. | 2,712 | 35,636 | ||||||
Kohlberg Capital Corp. | 1,700 | 10,489 | ||||||
*Ladenburg Thalmann Financial Services, Inc. | 5,250 | 8,663 | ||||||
12Main Street Capital Corp. | 985 | 25,226 | ||||||
MCG Capital Corp. | 2,660 | 11,145 | ||||||
Medallion Financial Corp. | 1,311 | 14,329 | ||||||
Medley Capital Corp. | 150 | 1,694 | ||||||
MVC Capital, Inc. | 764 | 10,085 | ||||||
New Mountain Finance Corp. | 430 | 5,809 | ||||||
NGP Capital Resources Co. | 187 | 1,139 | ||||||
Oppenheimer Holdings, Inc. | 150 | 2,559 | ||||||
PennantPark Investment Corp. | 1,410 | 14,735 | ||||||
*Piper Jaffray Cos. | 370 | 8,972 | ||||||
12Prospect Capital Corp. | 3,859 | 42,140 | ||||||
Pzena Investment Management, Inc. | 715 | 4,211 | ||||||
*Safeguard Scientifics, Inc. | 1,135 | 18,569 | ||||||
Solar Capital Ltd. | 1,020 | 21,175 | ||||||
Solar Senior Capital Ltd. | 60 | 973 | ||||||
*Stifel Financial Corp. | 2,009 | 73,168 | ||||||
SWS Group, Inc. | 117 | 660 | ||||||
Teton Advisors, Inc. | 10 | 173 | ||||||
THL Credit, Inc. | 70 | 882 | ||||||
TICC Capital Corp. | 1,239 | 11,411 |
Description | Number of Shares | Value | ||||||
Triangle Capital Corp. | 1,056 | $ | 21,342 | |||||
*Virtus Investment Partners, Inc. | 323 | 27,261 | ||||||
Walter Investment Management Corp. | 872 | 17,641 | ||||||
Westwood Holdings Group, Inc. | 210 | 7,724 | ||||||
$ | 932,415 | |||||||
COMMERCIAL BANKS – 5.1% | ||||||||
1st Source Corp. | 618 | 14,022 | ||||||
*1st United Bancorp, Inc. | 740 | 4,484 | ||||||
Alliance Financial Corp. | 340 | 10,373 | ||||||
Ames National Corp. | 11 | 243 | ||||||
Arrow Financial Corp. | 63 | 1,508 | ||||||
Bancfirst Corp. | 134 | 5,588 | ||||||
Banco Latinoamericano de Exportaciones SA | 1,034 | 21,559 | ||||||
*Bancorp, Inc. | 560 | 5,751 | ||||||
BancorpSouth, Inc. | 2,810 | 37,851 | ||||||
Bank of Marin Bancorp | 50 | 1,853 | ||||||
Bank of The Ozarks, Inc. | 1,132 | 34,979 | ||||||
Banner Corp. | 440 | 9,658 | ||||||
*BBCN Bancorp, Inc. | 1,691 | 18,567 | ||||||
Boston Private Financial Holdings, Inc. | 1,108 | 10,327 | ||||||
Bridge Bancorp, Inc. | 90 | 1,753 | ||||||
Bryn Mawr Bank Corp. | 475 | 10,208 | ||||||
Camden National Corp. | 263 | 8,553 | ||||||
Capital City Bank Group, Inc. | 951 | 7,941 | ||||||
Cardinal Financial Corp. | 1,330 | 16,053 | ||||||
Cathay General Bancorp | 2,712 | 46,701 | ||||||
Center Bancorp, Inc. | 130 | 1,374 | ||||||
Centerstate Banks, Inc. | 926 | 7,445 | ||||||
*Central Pacific Financial Corp. | 140 | 1,991 | ||||||
Chemical Financial Corp. | 1,188 | 26,219 | ||||||
Citizens & Northern Corp. | 831 | 15,739 | ||||||
City Holding Co. | 42 | 1,401 | ||||||
CNB Financial Corp. | 910 | 14,960 | ||||||
CoBiz Financial, Inc. | 1,980 | 12,375 | ||||||
Columbia Banking System, Inc. | 1,159 | 23,748 | ||||||
Community Bank System, Inc. | 1,374 | 38,637 | ||||||
Community Trust Bancorp, Inc. | 128 | 4,090 | ||||||
CVB Financial Corp. | 3,174 | 36,723 | ||||||
*Eagle Bancorp, Inc. | 670 | 11,919 | ||||||
*Encore Bancshares, Inc. | 70 | 1,436 | ||||||
12Enterprise Bancorp, Inc. | 60 | 965 | ||||||
Enterprise Financial Services Corp. | 753 | 9,104 | ||||||
Financial Institutions, Inc. | 873 | 14,771 | ||||||
First Bancorp | 1,095 | 10,972 | ||||||
First Bancorp, Inc. | 439 | 6,370 | ||||||
First Busey Corp. | 321 | 1,489 | ||||||
First Commonwealth Financial Corp. | 3,196 | 20,550 |
(Wilmington Small-Cap Strategy Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
58 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
First Community Bancshares, Inc. | 501 | $ | 6,708 | |||||
First Financial Bancorp | 2,325 | 39,083 | ||||||
12First Financial Bankshares, Inc. | 1,291 | 43,687 | ||||||
First Financial Corp. | 495 | 14,850 | ||||||
First Interstate Bancsystem, Inc. | 530 | 7,468 | ||||||
First Merchants Corp. | 955 | 11,775 | ||||||
First Midwest Bancorp, Inc. | 2,721 | 28,979 | ||||||
First of Long Island Corp. | 220 | 6,057 | ||||||
Firstmerit Corp. | 3,223 | 54,146 | ||||||
FNB Corp. | 5,296 | 60,110 | ||||||
German American Bancorp, Inc. | 900 | 17,136 | ||||||
Glacier Bancorp, Inc. | 2,351 | 35,030 | ||||||
Great Southern Bancorp, Inc. | 490 | 11,780 | ||||||
*Hampton Roads Bankshares, Inc. | 1,780 | 5,625 | ||||||
Hancock Holding Co. | 2,548 | 81,995 | ||||||
*Hanmi Financial Corp. | 1,480 | 15,436 | ||||||
Heartland Financial USA, Inc. | 273 | 5,056 | ||||||
Heritage Financial Corp. | 820 | 10,742 | ||||||
Home BancShares, Inc. | 402 | 11,714 | ||||||
Hudson Valley Holding Corp. | 312 | 5,719 | ||||||
Iberiabank Corp. | 844 | 43,103 | ||||||
Independent Bank Corp. | 736 | 20,660 | ||||||
International Bancshares Corp. | 1,672 | 32,989 | ||||||
*Investors Bancorp, Inc. | 1,871 | 28,888 | ||||||
Lakeland Bancorp, Inc. | 542 | 4,954 | ||||||
Lakeland Financial Corp. | 165 | 4,297 | ||||||
Mainsource Financial Group, Inc. | 109 | 1,274 | ||||||
MB Financial, Inc. | 1,685 | 34,829 | ||||||
Merchants Bancshares, Inc. | 290 | 7,795 | ||||||
*Metro Bancorp, Inc. | 572 | 6,618 | ||||||
MidSouth Bancorp, Inc. | 730 | 10,293 | ||||||
National Bankshares, Inc. | 200 | 5,942 | ||||||
National Penn Bancshares, Inc. | 4,311 | 39,747 | ||||||
Nbt Bancorp, Inc. | 508 | 10,439 | ||||||
Old National Bancorp | 2,821 | 36,165 | ||||||
*OmniAmerican Bancorp, Inc. | 770 | 15,439 | ||||||
Oriental Financial Group, Inc. | 854 | 10,094 | ||||||
Orrstown Financial Services, Inc. | 290 | 2,242 | ||||||
*Pacific Capital Bancorp NA | 20 | 911 | ||||||
Pacific Continental Corp. | 1,340 | 11,913 | ||||||
PacWest Bancorp | 439 | 10,457 | ||||||
12Park National Corp. | 288 | 19,368 | ||||||
*Park Sterling Corp. | 1,300 | 6,123 | ||||||
Penns Woods Bancorp, Inc. | 160 | 6,310 | ||||||
Peoples Bancorp, Inc. | 126 | 2,317 | ||||||
*Pinnacle Financial Partners, Inc. | 1,271 | 23,259 | ||||||
Privatebancorp, Inc. | 2,120 | 33,348 |
Description | Number of Shares | Value | ||||||
Prosperity Bancshares, Inc. | 1,715 | $ | 80,005 | |||||
Renasant Corp. | 1,001 | 16,016 | ||||||
Republic Bancorp, Inc. | 197 | 4,635 | ||||||
S&T Bancorp, Inc. | 780 | 14,602 | ||||||
Sandy Spring Bancorp, Inc. | 697 | 12,553 | ||||||
SCBT Financial Corp. | 390 | 13,412 | ||||||
Sierra Bancorp | 516 | 4,727 | ||||||
*Signature Bank | 2,394 | 157,262 | ||||||
Simmons First National Corp. | 276 | 6,718 | ||||||
Southside Bancshares, Inc. | 345 | 7,038 | ||||||
*Southwest Bancorp, Inc. | 82 | 745 | ||||||
*State Bank Financial Corp. | 790 | 13,628 | ||||||
StellarOne Corp. | 643 | 8,044 | ||||||
Sterling Bancorp | 1,237 | 11,764 | ||||||
*,12Sterling Financial Corp. | 1,360 | 26,411 | ||||||
*Suffolk Bancorp | 4 | 48 | ||||||
Susquehanna Bancshares, Inc. | 5,912 | 61,307 | ||||||
*SVB Financial Group | 1,678 | 107,543 | ||||||
SY Bancorp, Inc. | 530 | 12,296 | ||||||
*,12Taylor Capital Group, Inc. | 160 | 2,227 | ||||||
*Texas Capital Bancshares, Inc. | 1,348 | 50,833 | ||||||
Tompkins Financial Corp. | 140 | 5,299 | ||||||
12TowneBank | 370 | 4,817 | ||||||
Trico Bancshares | 273 | 4,488 | ||||||
Trustmark Corp. | 2,098 | 53,394 | ||||||
UMB Financial Corp. | 964 | 46,320 | ||||||
Umpqua Holdings Corp. | 3,246 | 42,977 | ||||||
Union First Market Bankshares Corp. | 59 | 824 | ||||||
12United Bankshares, Inc. | 1,714 | 45,301 | ||||||
*United Community Banks, Inc. | 864 | 8,130 | ||||||
Univest Corp. of Pennsylvania | 553 | 8,903 | ||||||
Valley National Bancorp | 469 | 5,909 | ||||||
Washington Banking Co. | 920 | 12,825 | ||||||
Washington Trust Bancorp, Inc. | 576 | 13,634 | ||||||
Webster Financial Corp. | 2,560 | 58,189 | ||||||
Wesbanco, Inc. | 346 | 7,086 | ||||||
West Bancorporation, Inc. | 27 | 259 | ||||||
*West Coast Bancorp | 758 | 14,811 | ||||||
12Westamerica Bancorporation | 1,053 | 48,301 | ||||||
*Western Alliance Bancorp | 3,121 | 27,402 | ||||||
*Wilshire Bancorp, Inc. | 1,900 | 10,184 | ||||||
Wintrust Financial Corp. | 1,263 | 45,632 | ||||||
$ | 2,509,619 | |||||||
CONSUMER FINANCE – 0.7% | ||||||||
Cash America International, Inc. | 1,196 | 55,913 | ||||||
*CompuCredit Holdings Corp. | 837 | 4,612 | ||||||
*Credit Acceptance Corp. | 375 | 35,261 | ||||||
*DFC Global Corp. | 1,798 | 31,429 |
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April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 59 |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*Ezcorp, Inc. | 2,609 | $ | 69,895 | |||||
*First Cash Financial Services, Inc. | 1,679 | 68,772 | ||||||
*First Marblehead Corp. | 5,080 | 5,385 | ||||||
*Imperial Holdings, Inc. | 2,620 | 10,035 | ||||||
Nelnet, Inc. | 572 | 14,769 | ||||||
*,12Netspend Holdings, Inc. | 840 | 6,409 | ||||||
*World Acceptance Corp. | 904 | 60,125 | ||||||
$ | 362,605 | |||||||
DIVERSIFIED FINANCIAL | ||||||||
California First National Bancorp | 150 | 2,385 | ||||||
12Compass Diversified Holdings | 1,841 | 27,026 | ||||||
MarketAxess Holdings, Inc. | 1,547 | 53,078 | ||||||
*NewStar Financial, Inc. | 924 | 10,968 | ||||||
*PHH Corp. | 1,887 | 29,249 | ||||||
*PICO Holdings, Inc. | 640 | 15,366 | ||||||
$ | 138,072 | |||||||
INSURANCE – 2.3% | ||||||||
Alterra Capital Holdings Ltd. | 3,025 | 72,388 | ||||||
American Equity Investment Life Holding Co. | 2,693 | 33,016 | ||||||
*American Safety Insurance Holdings Ltd. | 137 | 2,593 | ||||||
*AMERISAFE, Inc. | 672 | 17,956 | ||||||
Amtrust Financial Services, Inc. | 1,160 | 31,598 | ||||||
Argo Group International Holdings Ltd. | 661 | 19,076 | ||||||
Baldwin & Lyons, Inc. | 492 | 10,711 | ||||||
*Citizens, Inc. | 117 | 1,124 | ||||||
*CNO Financial Group, Inc. | 8,360 | 60,777 | ||||||
Crawford & Co. | 27 | 129 | ||||||
Delphi Financial Group, Inc. | 1,633 | 74,171 | ||||||
Donegal Group, Inc. | 10 | 136 | ||||||
*eHealth, Inc. | 154 | 2,729 | ||||||
Employers Holdings, Inc. | 1,347 | 23,330 | ||||||
*Enstar Group Ltd. | 319 | 30,040 | ||||||
FBL Financial Group, Inc. | 633 | 18,433 | ||||||
First American Financial Corp. | 3,550 | 59,462 | ||||||
Flagstone Reinsurance Holdings SA | 1,127 | 8,453 | ||||||
*Global Indemnity PLC | 524 | 9,437 | ||||||
*Greenlight Capital Re Ltd | 1,060 | 26,394 | ||||||
*Hallmark Financial Services | 1,217 | 9,152 | ||||||
Harleysville Group, Inc. | 449 | 26,913 | ||||||
*Hilltop Holdings, Inc. | 571 | 4,528 | ||||||
Horace Mann Educators Corp. | 1,504 | 26,395 | ||||||
Infinity Property & Casualty Corp. | 468 | 24,996 | ||||||
12Kansas City Life Insurance Co. | 400 | 13,016 | ||||||
Maiden Holdings Ltd. | 1,932 | 16,036 | ||||||
Meadowbrook Insurance Group, Inc. | 2,035 | 17,969 | ||||||
Montpelier RE Holdings, Ltd. | 1,874 | 38,454 |
Description | Number of Shares | Value | ||||||
*National Financial Partners Corp. | 2,020 | $ | 29,795 | |||||
National Interstate Corp. | 519 | 12,456 | ||||||
National Western Life Insurance Co. | 85 | 11,565 | ||||||
*Navigators Group, Inc. | 426 | 20,235 | ||||||
OneBeacon Insurance Group Ltd. | 1,090 | 15,511 | ||||||
*Phoenix Cos., Inc. | 4,024 | 8,450 | ||||||
Platinum Underwriters Holdings, Ltd. | 1,150 | 42,113 | ||||||
Presidential Life Corp. | 660 | 7,643 | ||||||
Primerica, Inc. | 770 | 20,197 | ||||||
Proassurance Corp. | 1,067 | 93,992 | ||||||
RLI Corp. | 536 | 36,920 | ||||||
Safety Insurance Group, Inc. | 464 | 18,490 | ||||||
SeaBright Holdings, Inc. | 44 | 396 | ||||||
Selective Insurance Group, Inc. | 1,943 | 33,983 | ||||||
State Auto Financial Corp. | 638 | 9,143 | ||||||
Stewart Information Services Corp. | 429 | 6,315 | ||||||
Symetra Financial Corp. | 1,870 | 22,739 | ||||||
Tower Group, Inc. | 557 | 12,020 | ||||||
United Fire Group, Inc. | 795 | 13,690 | ||||||
Universal Insurance Holdings, Inc. | 2,460 | 10,184 | ||||||
$ | 1,105,249 | |||||||
REAL ESTATE INVESTMENT | ||||||||
Acadia Realty Trust | 1,695 | 39,290 | ||||||
Agree Realty Corp. | 129 | 2,941 | ||||||
Alexander’s, Inc. | 106 | 41,301 | ||||||
American Assets Trust, Inc. | 1,080 | 25,391 | ||||||
American Campus Communities, Inc. | 2,775 | 123,349 | ||||||
Anworth Mortgage Asset Corp. | 1,861 | 12,543 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 410 | 6,613 | ||||||
12ARMOUR Residential REIT, Inc. | 1,470 | 10,261 | ||||||
Ashford Hospitality Trust, Inc. | 2,440 | 20,838 | ||||||
Associated Estates Realty Corp. | 854 | 14,458 | ||||||
BioMed Realty Trust, Inc. | 5,546 | 109,922 | ||||||
Campus Crest Communities, Inc. | 1,420 | 16,543 | ||||||
Caplease, Inc. | 4,301 | 17,849 | ||||||
Capstead Mortgage Corp. | 2,660 | 36,522 | ||||||
CBL & Associates Properties, Inc. | 6,140 | 114,388 | ||||||
Cedar Realty Trust, Inc. | 1,766 | 9,219 | ||||||
Chatham Lodging Trust | 1,040 | 13,520 | ||||||
Chesapeake Lodging Trust | 1,260 | 22,806 | ||||||
Colonial Properties Trust | 3,063 | 68,519 | ||||||
Colony Financial, Inc. | 970 | 16,480 | ||||||
Coresite Realty Corp. | 680 | 16,939 | ||||||
Cousins Properties, Inc. | 3,647 | 28,665 | ||||||
CreXus Investment Corp. | 2,150 | 22,554 | ||||||
Cubesmart | 4,764 | 59,836 |
(Wilmington Small-Cap Strategy Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
60 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
12CYS Investments, Inc. | 1,180 | $ | 16,201 | |||||
DCT Industrial Trust, Inc. | 9,725 | 57,669 | ||||||
Diamondrock Hospitality Co. | 6,067 | 64,492 | ||||||
12Dupont Fabros Technology, Inc. | 1,665 | 45,205 | ||||||
Dynex Capital, Inc. | 880 | 8,298 | ||||||
EastGroup Properties, Inc. | 1,274 | 64,082 | ||||||
Education Realty Trust, Inc. | 3,911 | 44,077 | ||||||
Entertainment Properties Trust | 1,739 | 83,455 | ||||||
Equity Lifestyle Properties, Inc. | 1,417 | 99,105 | ||||||
Equity One, Inc. | 832 | 17,289 | ||||||
Excel Trust, Inc. | 880 | 10,551 | ||||||
Extra Space Storage, Inc. | 4,002 | 121,461 | ||||||
*Felcor Lodging Trust, Inc. | 4,470 | 18,863 | ||||||
*First Industrial Realty Trust, Inc. | 2,962 | 36,551 | ||||||
First Potomac Realty Trust | 1,574 | 19,581 | ||||||
Franklin Street Properties Corp. | 2,057 | 20,714 | ||||||
12Getty Realty Corp. | 827 | 13,083 | ||||||
Gladstone Commercial Corp. | 440 | 7,476 | ||||||
Glimcher Realty Trust | 5,605 | 55,433 | ||||||
Government Properties Income Trust | 1,040 | 24,149 | ||||||
Hatteras Financial Corp. | 1,781 | 51,881 | ||||||
Healthcare Realty Trust, Inc. | 2,726 | 58,554 | ||||||
Hersha Hospitality Trust | 4,978 | 28,624 | ||||||
Highwoods Properties, Inc. | 3,285 | 114,088 | ||||||
Home Properties, Inc. | 2,424 | 147,985 | ||||||
Hudson Pacific Properties, Inc. | 360 | 5,699 | ||||||
Inland Real Estate Corp. | 1,925 | 16,555 | ||||||
Invesco Mortgage Capital, Inc. | 3,490 | 61,564 | ||||||
Investors Real Estate Trust | 2,297 | 16,584 | ||||||
*iStar Financial, Inc. | 3,130 | 21,660 | ||||||
Kilroy Realty Corp. | 2,680 | 127,166 | ||||||
Kite Realty Group Trust | 2,600 | 13,286 | ||||||
LaSalle Hotel Properties | 3,061 | 90,024 | ||||||
Lexington Realty Trust | 4,171 | 37,122 | ||||||
LTC Properties, Inc. | 1,142 | 38,006 | ||||||
Medical Properties Trust, Inc. | 4,175 | 39,162 | ||||||
MFA Financial, Inc. | 12,361 | 91,224 | ||||||
MID-America Apartment Communities, Inc. | 1,850 | 125,930 | ||||||
Mission West Properties, Inc. | 635 | 5,575 | ||||||
Monmouth Real Estate Investment Corp. | 722 | 7,408 | ||||||
*MPG Office Trust, Inc. | 2,020 | 4,262 | ||||||
National Health Investors, Inc. | 1,084 | 53,625 | ||||||
12National Retail Properties, Inc. | 3,564 | 97,582 | ||||||
Newcastle Investment Corp. | 5,610 | 39,663 | ||||||
NorthStar Realty Finance Corp. | 2,530 | 14,421 | ||||||
12Omega Healthcare Investors, Inc. | 4,855 | 103,946 | ||||||
Parkway Properties, Inc. | 639 | 6,320 |
Description | Number of Shares | Value | ||||||
Pebblebrook Hotel Trust | 1,920 | $ | 46,234 | |||||
Pennsylvania Real Estate Investment Trust | 1,651 | 23,263 | ||||||
PennyMac Mortgage Investment Trust | 630 | 12,783 | ||||||
Post Properties, Inc. | 1,741 | 84,787 | ||||||
Potlatch Corp. | 1,751 | 54,806 | ||||||
PS Business Parks, Inc. | 739 | 50,437 | ||||||
12RAIT Financial Trust | 627 | 3,035 | ||||||
Ramco-Gershenson Properties Trust | 1,564 | 18,831 | ||||||
Redwood Trust, Inc. | 2,529 | 29,539 | ||||||
Resource Capital Corp. | 2,312 | 12,485 | ||||||
12Retail Opportunity Investments Corp. | 1,450 | 17,617 | ||||||
RLJ Lodging Trust | 480 | 9,014 | ||||||
Sabra Health Care REIT, Inc. | 1,233 | 20,640 | ||||||
Saul Centers, Inc. | 438 | 17,524 | ||||||
Sovran Self Storage, Inc. | 907 | 47,799 | ||||||
STAG Industrial, Inc. | 700 | 9,744 | ||||||
Starwood Property Trust, Inc. | 3,060 | 63,862 | ||||||
*Strategic Hotels & Resorts, Inc. | 6,920 | 47,125 | ||||||
Summit Hotel Properties, Inc. | 390 | 3,260 | ||||||
Sun Communities, Inc. | 771 | 33,731 | ||||||
*Sunstone Hotel Investors, Inc. | 3,384 | 34,517 | ||||||
Tanger Factory Outlet Centers | 4,514 | 141,378 | ||||||
Terreno Realty Corp. | 130 | 1,859 | ||||||
Two Harbors Investment Corp. | 5,720 | 59,831 | ||||||
UMH Properties, Inc. | 410 | 4,834 | ||||||
Universal Health Realty Income Trust | 597 | 24,143 | ||||||
Urstadt Biddle Properties, Inc. | 555 | 10,678 | ||||||
Washington Real Estate Investment Trust | 2,322 | 68,615 | ||||||
12Whitestone REIT | 550 | 7,601 | ||||||
Winthrop Realty Trust | 1,120 | 11,950 | ||||||
$ | 4,068,320 | |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2% | ||||||||
*AV Homes, Inc. | 512 | 6,385 | ||||||
*Forestar Group, Inc. | 1,798 | 27,653 | ||||||
Kennedy-Wilson Holdings, Inc. | 1,050 | 14,763 | ||||||
*Tejon Ranch Co. | 798 | 23,828 | ||||||
$ | 72,629 | |||||||
THRIFTS & MORTGAGE FINANCE – 0.9% | ||||||||
Astoria Financial Corp. | 2,560 | 24,806 | ||||||
Bank Mutual Corp. | 811 | 3,163 | ||||||
BankFinancial Corp. | 1,681 | 11,195 | ||||||
*Beneficial Mutual Bancorp, Inc. | 150 | 1,301 | ||||||
Berkshire Hills Bancorp, Inc. | 741 | 16,813 | ||||||
*Bofi Holding, Inc. | 270 | 4,798 | ||||||
Brookline Bancorp, Inc. | 2,308 | 20,726 | ||||||
*Cape Bancorp, Inc. | 640 | 5,210 |
(Wilmington Small-Cap Strategy Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 61 |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Clifton Savings Bancorp, Inc. | 1,220 | $ | 12,468 | |||||
Dime Community Bancshares, Inc. | 1,113 | 15,426 | ||||||
*Doral Financial Corp. | 2,698 | 4,937 | ||||||
ESB Financial Corp. | 360 | 4,835 | ||||||
ESSA Bancorp, Inc. | 510 | 4,973 | ||||||
Federal Agricultural Mortgage Corp. | 80 | 1,829 | ||||||
First Financial Holdings, Inc. | 964 | 11,125 | ||||||
12First Pactrust Bancorp, Inc. | 500 | 5,495 | ||||||
*Flagstar Bancorp, Inc. | 1,960 | 1,706 | ||||||
Flushing Financial Corp. | 684 | 8,913 | ||||||
Fox Chase Bancorp, Inc. | 980 | 12,466 | ||||||
*Franklin Financial Corp. | 20 | 288 | ||||||
Home Federal Bancorp, Inc./Id | 653 | 6,393 | ||||||
Kearny Financial Corp. | 19 | 184 | ||||||
*Meridian Interstate Bancorp, Inc. | 1,020 | 13,668 | ||||||
*MGIC Investment Corp. | 5,170 | 17,888 | ||||||
Northfield Bancorp, Inc. | 446 | 6,226 | ||||||
Northwest Bancshares, Inc. | 2,528 | 31,145 | ||||||
OceanFirst Financial Corp. | 48 | 699 | ||||||
*Ocwen Financial Corp. | 3,436 | 51,231 | ||||||
Oritani Financial Corp. | 2,170 | 32,159 | ||||||
Provident Financial Services, Inc. | 2,645 | 38,881 | ||||||
Provident New York Bancorp | 1,054 | 8,896 | ||||||
Radian Group, Inc. | 3,476 | 10,845 | ||||||
Rockville Financial, Inc. | 672 | 7,869 | ||||||
Roma Financial Corp. | 100 | 944 | ||||||
Territorial Bancorp, Inc. | 310 | 6,733 | ||||||
TrustCo Bank Corp. | 4,690 | 25,654 | ||||||
United Financial Bancorp, Inc. | 380 | 6,095 | ||||||
Viewpoint Financial Group, Inc. | 621 | 9,880 | ||||||
Westfield Financial, Inc. | 854 | 6,379 | ||||||
WSFS Financial Corp. | 158 | 6,306 | ||||||
$ | 460,548 | |||||||
TOTAL FINANCIALS | $ | 9,649,457 | ||||||
HEALTH CARE – 13.7% | ||||||||
BIOTECHNOLOGY – 4.3% | ||||||||
*Achillion Pharmaceuticals, Inc. | 1,590 | 10,574 | ||||||
*Acorda Therapeutics, Inc. | 1,583 | 39,955 | ||||||
*Aegerion Pharmaceuticals, Inc. | 70 | 872 | ||||||
*Affymax, Inc. | 465 | 6,096 | ||||||
*Alkermes PLC | 4,203 | 72,712 | ||||||
*Allos Therapeutics, Inc. | 4,008 | 7,295 | ||||||
*Alnylam Pharmaceuticals, Inc. | 2,010 | 22,894 | ||||||
*AMAG Pharmaceuticals, Inc. | 330 | 5,168 | ||||||
*Anacor Pharmaceuticals, Inc. | 50 | 277 | ||||||
*Anthera Pharmaceuticals, Inc. | 980 | 1,529 |
Description | Number of Shares | Value | ||||||
*Ardea Biosciences, Inc. | 1,156 | $ | 36,830 | |||||
*,12Arena Pharmaceuticals, Inc. | 3,540 | 8,638 | ||||||
*Ariad Pharmaceuticals, Inc. | 7,520 | 122,576 | ||||||
*Arqule, Inc. | 3,040 | 21,432 | ||||||
*Array BioPharma, Inc. | 3,453 | 12,051 | ||||||
*Astex Pharmaceuticals | 2,500 | 4,400 | ||||||
*AVEO Pharmaceuticals, Inc. | 1,390 | 15,985 | ||||||
*AVI BioPharma, Inc. | 4,470 | 3,729 | ||||||
*BioCryst Pharmaceuticals, Inc. | 1,130 | 4,091 | ||||||
*BioMimetic Therapeutics, Inc. | 2,209 | 5,898 | ||||||
*Biosante Pharmaceuticals, Inc. | 5,350 | 2,943 | ||||||
*,12Biospecifics Technologies Corp. | 150 | 2,212 | ||||||
*,12Biotime, Inc. | 260 | 985 | ||||||
*Celldex Therapeutics, Inc. | 1,693 | 7,720 | ||||||
*Cepheid, Inc. | 3,397 | 130,479 | ||||||
*,12Chelsea Therapeutics International Ltd. | 4,050 | 8,586 | ||||||
*,12Cleveland Biolabs, Inc. | 2,120 | 4,113 | ||||||
*Codexis, Inc. | 770 | 2,787 | ||||||
*Cubist Pharmaceuticals, Inc. | 3,122 | 131,998 | ||||||
*,12Curis, Inc. | 1,690 | 8,095 | ||||||
*Cytori Therapeutics, Inc. | 2,187 | 5,183 | ||||||
*Dusa Pharmaceuticals, Inc. | 530 | 3,106 | ||||||
*Dyax Corp. | 6,611 | 10,776 | ||||||
*Dynavax Technologies Corp. | 6,770 | 33,918 | ||||||
*Emergent Biosolutions, Inc. | 1,641 | 23,072 | ||||||
*Enzon Pharmaceuticals, Inc. | 1,860 | 11,588 | ||||||
*Exact Sciences Corp. | 2,430 | 26,171 | ||||||
*Exelixis, Inc. | 6,252 | 30,010 | ||||||
*Genomic Health, Inc. | 750 | 21,495 | ||||||
*Geron Corp. | 6,027 | 10,125 | ||||||
*GTx, Inc. | 350 | 1,096 | ||||||
*Halozyme Therapeutics, Inc. | 4,431 | 35,847 | ||||||
*,12Idenix Pharmaceuticals, Inc. | 2,462 | 21,592 | ||||||
*Immunogen, Inc. | 3,418 | 43,579 | ||||||
*Immunomedics, Inc. | 2,800 | 10,052 | ||||||
*,12Incyte Corp. Ltd. | 4,707 | 106,755 | ||||||
*,12Infinity Pharmaceuticals, Inc. | 610 | 8,235 | ||||||
*Insmed, Inc. | 2,160 | 6,242 | ||||||
*,12InterMune, Inc. | 2,566 | 26,789 | ||||||
*Ironwood Pharmaceuticals, Inc. | 2,570 | 33,950 | ||||||
*Isis Pharmaceuticals, Inc. | 4,162 | 33,296 | ||||||
*Keryx Biopharmaceuticals, Inc. | 2,290 | 3,618 | ||||||
*Lexicon Pharmaceuticals, Inc. | 3,810 | 6,172 | ||||||
*Ligand Pharmaceuticals, Inc. | 595 | 8,038 | ||||||
*MannKind Corp. | 2,657 | 5,978 | ||||||
*Maxygen, Inc. | 1,716 | 9,695 | ||||||
*Medivation, Inc. | 1,581 | 127,871 |
(Wilmington Small-Cap Strategy Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
62 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*,12Metabolix, Inc. | 936 | $ | 2,537 | |||||
*Momenta Pharmaceuticals, Inc. | 2,030 | 32,236 | ||||||
*Nabi Biopharmaceuticals | 4,488 | 7,495 | ||||||
*Neostem, Inc. | 2,120 | 763 | ||||||
*Neurocrine Biosciences, Inc. | 2,837 | 21,079 | ||||||
*Novavax, Inc. | 5,063 | 6,886 | ||||||
*NPS Pharmaceuticals, Inc. | 4,262 | 30,516 | ||||||
*Nymox Pharmaceutical Corp. | 320 | 2,608 | ||||||
*,12OncoGenex Pharmaceutical, Inc. | 1,000 | 13,000 | ||||||
*Oncothyreon, Inc. | 1,890 | 8,108 | ||||||
*Onyx Pharmaceuticals, Inc. | 3,144 | 143,083 | ||||||
*,12Opko Health, Inc. | 7,360 | 34,960 | ||||||
*Orexigen Therapeutics, Inc. | 55 | 192 | ||||||
*,12Osiris Therapeutics, Inc. | 1,794 | 9,526 | ||||||
PDL Biopharma, Inc. | 5,226 | 32,872 | ||||||
*Peregrine Pharmaceuticals, Inc. | 4,340 | 2,040 | ||||||
*,12Pharmacyclics, Inc. | 2,280 | 62,837 | ||||||
*Progenics Pharmaceuticals, Inc. | 356 | 3,912 | ||||||
*,12Raptor Pharmaceutical Corp. | 1,340 | 7,852 | ||||||
*Rigel Pharmaceuticals, Inc. | 1,731 | 13,381 | ||||||
*,12Sangamo Biosciences, Inc. | 2,305 | 10,718 | ||||||
*,12Savient Pharmaceuticals, Inc. | 3,128 | 7,413 | ||||||
*Sciclone Pharmaceuticals, Inc. | 2,980 | 17,850 | ||||||
*,12Seattle Genetics, Inc. | 4,895 | 96,774 | ||||||
*,12SIGA Technologies, Inc. | 1,840 | 6,072 | ||||||
*,12Spectrum Pharmaceuticals, Inc. | 2,790 | 29,658 | ||||||
*Sunesis Pharmaceuticals, Inc. | 610 | 1,677 | ||||||
*Synta Pharmaceuticals Corp. | 2,000 | 8,700 | ||||||
*Targacept, Inc. | 640 | 3,040 | ||||||
*,12Theravance, Inc. | 3,256 | 70,460 | ||||||
*Trius Therapeutics, Inc. | 60 | 322 | ||||||
*Vanda Pharmaceuticals, Inc. | 2,420 | 10,721 | ||||||
*Vical, Inc. | 1,980 | 6,178 | ||||||
*Zalicus, Inc. | 350 | 368 | ||||||
*,12ZIOPHARM Oncology, Inc. | 2,920 | 13,899 | ||||||
$ | 2,086,902 | |||||||
HEALTH CARE EQUIPMENT & | ||||||||
*Abaxis, Inc. | 1,331 | 47,410 | ||||||
*ABIOMED, Inc. | 1,412 | 34,354 | ||||||
*Accuray, Inc. | 2,472 | 19,034 | ||||||
*Align Technology, Inc. | 3,281 | 104,041 | ||||||
*Alphatec Holdings, Inc. | 400 | 872 | ||||||
Analogic Corp. | 638 | 43,518 | ||||||
*Angiodynamics, Inc. | 989 | 12,244 | ||||||
*Antares Pharma, Inc. | 580 | 1,827 | ||||||
*Arthrocare Corp. | 1,020 | 25,459 |
Description | Number of Shares | Value | ||||||
*AtriCure, Inc. | 750 | $ | 6,150 | |||||
Atrion Corp. | 90 | 20,758 | ||||||
*Biolase Technology, Inc. | 799 | 2,077 | ||||||
Cantel Medical Corp. | 846 | 19,864 | ||||||
*Cardiovascular Systems, Inc. | 80 | 789 | ||||||
*Cerus Corp. | 120 | 473 | ||||||
*Conceptus, Inc. | 980 | 18,395 | ||||||
Conmed Corp. | 673 | 19,241 | ||||||
*CryoLife, Inc. | 1,550 | 8,199 | ||||||
*Cyberonics, Inc. | 1,650 | 63,195 | ||||||
*Cynosure, Inc. | 603 | 12,464 | ||||||
*,12Delcath Systems, Inc. | 2,570 | 7,222 | ||||||
*Dexcom, Inc. | 3,063 | 29,987 | ||||||
*DynaVox, Inc. | 1,310 | 3,223 | ||||||
*Endologix, Inc. | 2,250 | 33,705 | ||||||
*Exactech, Inc. | 622 | 9,641 | ||||||
*Greatbatch, Inc. | 501 | 11,668 | ||||||
*Haemonetics Corp. | 1,255 | 89,820 | ||||||
*,12Hansen Medical, Inc. | 2,673 | 8,447 | ||||||
*HeartWare International, Inc. | 650 | 50,674 | ||||||
*ICU Medical, Inc. | 557 | 29,237 | ||||||
*Insulet Corp. | 2,181 | 38,953 | ||||||
*Integra Lifesciences Holdings Corp. | 897 | 33,395 | ||||||
Invacare Corp. | 974 | 15,438 | ||||||
*Iris International, Inc. | 895 | 11,707 | ||||||
Kensey Nash Corp. | 558 | 15,864 | ||||||
*,12MAKO Surgical Corp. | 1,510 | 62,378 | ||||||
*Masimo Corp. | 2,681 | 59,331 | ||||||
*Medical Action Industries, Inc. | 1,124 | 6,204 | ||||||
Meridian Bioscience, Inc. | 2,014 | 41,388 | ||||||
*Merit Medical Systems, Inc. | 2,150 | 28,423 | ||||||
*Natus Medical, Inc. | 1,083 | 13,256 | ||||||
*,12Navidea Biopharmaceuticals, Inc. | 5,150 | 16,068 | ||||||
*Neogen Corp. | 1,243 | 48,465 | ||||||
*NuVasive, Inc. | 1,930 | 31,980 | ||||||
*NxStage Medical, Inc. | 2,031 | 34,527 | ||||||
*OraSure Technologies, Inc. | 3,017 | 34,605 | ||||||
*Orthofix International NV | 901 | 37,139 | ||||||
*Palomar Medical Technologies, Inc. | 143 | 1,244 | ||||||
*,12Quidel Corp. | 1,817 | 30,017 | ||||||
*Rockwell Medical Technologies, Inc. | 200 | 1,850 | ||||||
*RTI Biologics, Inc. | 970 | 3,395 | ||||||
*Solta Medical, Inc. | 80 | 260 | ||||||
*Spectranetics Corp. | 1,838 | 19,281 | ||||||
*Staar Surgical Co. | 1,250 | 13,712 | ||||||
*Stereotaxis, Inc. | 2,146 | 878 | ||||||
STERIS Corp. | 3,030 | 95,172 |
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Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*SurModics, Inc. | 700 | $ | 10,353 | |||||
*Symmetry Medical, Inc. | 1,308 | 9,300 | ||||||
*Tornier NV | 370 | 8,784 | ||||||
*,12Unilife Corp. | 1,760 | 7,533 | ||||||
*Uroplasty, Inc. | 680 | 2,067 | ||||||
*Vascular Solutions, Inc. | 250 | 2,838 | ||||||
*Volcano Corp. | 2,669 | 72,463 | ||||||
West Pharmaceutical Services, Inc. | 1,440 | 64,656 | ||||||
*Wright Medical Group, Inc. | 950 | 17,699 | ||||||
Young Innovations, Inc. | 390 | 13,260 | ||||||
$ | 1,637,871 | |||||||
HEALTH CARE PROVIDERS & | ||||||||
*,12Accretive Health, Inc. | 1,510 | 15,191 | ||||||
*Air Methods Corp. | 661 | 55,597 | ||||||
*Alliance HealthCare Services, Inc. | 3,130 | 4,288 | ||||||
*Almost Family, Inc. | 248 | 6,046 | ||||||
*Amedisys, Inc. | 1,086 | 15,997 | ||||||
*AMN Healthcare Services, Inc. | 1,978 | 13,272 | ||||||
*Amsurg Corp. | 1,180 | 33,937 | ||||||
Assisted Living Concepts, Inc. | 734 | 13,146 | ||||||
*Bio-Reference Labs, Inc. | 988 | 21,064 | ||||||
*BioScrip, Inc. | 1,960 | 14,524 | ||||||
*Capital Senior Living Corp. | 1,128 | 10,930 | ||||||
*Cardionet, Inc. | 1,800 | 5,076 | ||||||
*Centene Corp. | 2,097 | 83,020 | ||||||
Chemed Corp. | 985 | 59,435 | ||||||
*Chindex International, Inc. | 861 | 8,412 | ||||||
*Corvel Corp. | 100 | 4,349 | ||||||
*Cross Country Healthcare, Inc. | 374 | 1,724 | ||||||
*Emeritus Corp. | 1,276 | 21,947 | ||||||
Ensign Group, Inc. | 869 | 23,211 | ||||||
*ExamWorks Group, Inc. | 1,170 | 13,619 | ||||||
*Five Star Quality Care, Inc. | 230 | 789 | ||||||
*Gentiva Health Services, Inc. | 207 | 1,714 | ||||||
*Hanger Orthopedic Group, Inc. | 1,653 | 38,928 | ||||||
*Healthsouth Corp. | 3,494 | 78,231 | ||||||
*Healthways, Inc. | 1,610 | 10,739 | ||||||
*HMS Holdings Corp. | 4,357 | 104,829 | ||||||
*IPC The Hospitalist Co., Inc. | 600 | 23,046 | ||||||
*Kindred Healthcare, Inc. | 1,805 | 17,400 | ||||||
Landauer, Inc. | 486 | 25,622 | ||||||
*LHC Group, Inc. | 597 | 10,573 | ||||||
*Magellan Health Services, Inc. | 1,055 | 46,715 | ||||||
*Metropolitan Health Networks, Inc. | 2,105 | 15,745 | ||||||
*MModal, Inc. | 1,180 | 15,057 | ||||||
*Molina Healthcare, Inc. | 1,372 | 35,192 |
Description | Number of Shares | Value | ||||||
*MWI Veterinary Supply, Inc. | 710 | $ | 67,024 | |||||
National Healthcare Corp. | 460 | 20,976 | ||||||
National Research Corp. | 210 | 10,151 | ||||||
Owens & Minor, Inc. | 3,056 | 89,357 | ||||||
*Pharmerica Corp. | 539 | 6,398 | ||||||
*Providence Service Corp. | 510 | 7,171 | ||||||
*PSS World Medical, Inc. | 2,652 | 63,462 | ||||||
*RadNet, Inc. | 80 | 247 | ||||||
*Select Medical Holdings Corp. | 690 | 5,913 | ||||||
*Skilled Healthcare Group, Inc. | 59 | 453 | ||||||
*Sun Healthcare Group, Inc. | 503 | 3,637 | ||||||
*,12Sunrise Senior Living, Inc. | 2,820 | 17,710 | ||||||
*Team Health Holdings, Inc. | 1,140 | 24,556 | ||||||
*Triple-S Management Corp. | 351 | 7,392 | ||||||
*Universal American Corp. | 1,093 | 10,034 | ||||||
US Physical Therapy, Inc. | 812 | 19,797 | ||||||
*WellCare Health Plans, Inc. | 2,170 | 132,761 | ||||||
$ | 1,336,404 | |||||||
HEALTH CARE TECHNOLOGY – 0.7% | ||||||||
*,12Athenahealth, Inc. | 1,680 | 121,716 | ||||||
Computer Programs & Systems, Inc. | 573 | 34,145 | ||||||
*Epocrates, Inc. | 10 | 81 | ||||||
*HealthStream, Inc. | 700 | 16,044 | ||||||
*MedAssets, Inc. | 1,899 | 23,946 | ||||||
*Medidata Solutions, Inc. | 1,120 | 29,019 | ||||||
*Merge Healthcare, Inc. | 2,830 | 12,169 | ||||||
*Omnicell, Inc. | 1,348 | 19,236 | ||||||
Quality Systems, Inc. | 1,856 | 69,414 | ||||||
$ | 325,770 | |||||||
LIFE SCIENCES TOOLS & | ||||||||
*Affymetrix, Inc. | 3,504 | 15,488 | ||||||
*,12BG Medicine, Inc. | 210 | 1,392 | ||||||
*Cambrex Corp. | 534 | 3,460 | ||||||
*,12Complete Genomics, Inc. | 1,700 | 4,590 | ||||||
*ENZO Biochem, Inc. | 2,252 | 6,170 | ||||||
*eResearchTechnology, Inc. | 1,143 | 9,030 | ||||||
*Fluidigm Corp. | 100 | 1,561 | ||||||
*Furiex Pharmaceuticals, Inc. | 720 | 10,346 | ||||||
*Harvard Bioscience, Inc. | 650 | 2,593 | ||||||
*Luminex Corp. | 1,688 | 42,268 | ||||||
*Medtox Scientific, Inc. | 10 | 221 | ||||||
*,12Pacific Biosciences of California, Inc. | 1,380 | 3,726 | ||||||
*Parexel International Corp. | 2,639 | 71,095 | ||||||
*,12Sequenom, Inc. | 3,622 | 18,545 | ||||||
$ | 190,485 |
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Table of Contents
64 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
PHARMACEUTICALS – 2.3% | ||||||||
*,12Acura Pharmaceuticals, Inc. | 1,700 | $ | 5,491 | |||||
*Akorn, Inc. | 2,550 | 30,931 | ||||||
*Alimera Sciences, Inc. | 50 | 155 | ||||||
*Ampio Pharmaceuticals, Inc. | 110 | 340 | ||||||
*Auxilium Pharmaceuticals, Inc. | 2,201 | 39,442 | ||||||
*,12AVANIR Pharmaceuticals, Inc. | 5,700 | 17,385 | ||||||
*Cadence Pharmaceuticals, Inc. | 1,939 | 7,155 | ||||||
*Columbia Laboratories, Inc. | 1,020 | 744 | ||||||
*Corcept Therapeutics, Inc. | 490 | 1,833 | ||||||
*Cornerstone Therapeutics, Inc. | 20 | 118 | ||||||
*Depomed, Inc. | 4,130 | 25,152 | ||||||
*Durect Corp. | 3,845 | 2,692 | ||||||
*,12Endocyte, Inc. | 940 | 6,712 | ||||||
*Hi-Tech Pharmacal Co., Inc. | 270 | 8,799 | ||||||
*Impax Laboratories, Inc. | 3,180 | 78,323 | ||||||
*ISTA Pharmaceuticals, Inc. | 2,090 | 18,914 | ||||||
*Jazz Pharmaceuticals PLC | 810 | 41,334 | ||||||
*Lannett Co., Inc. | 460 | 1,812 | ||||||
*,12MAP Pharmaceuticals, Inc. | 1,184 | 15,179 | ||||||
*Medicines Co. | 2,479 | 54,761 | ||||||
Medicis Pharmaceutical Corp. | 3,077 | 118,372 | ||||||
*Nektar Therapeutics | 4,852 | 36,972 | ||||||
*Obagi Medical Products, Inc. | 1,610 | 21,123 | ||||||
*,12Optimer Pharmaceuticals, Inc. | 2,095 | 31,006 | ||||||
*Pain Therapeutics, Inc. | 2,020 | 8,181 | ||||||
*Par Pharmaceutical Cos., Inc. | 1,830 | 77,482 | ||||||
*,12Pozen, Inc. | 2,145 | 14,286 | ||||||
*,12Questcor Pharmaceuticals, Inc. | 2,639 | 118,491 | ||||||
*Sagent Pharmaceuticals, Inc. | 320 | 5,757 | ||||||
*Salix Pharmaceuticals Ltd. | 2,837 | 140,148 | ||||||
*Santarus, Inc. | 3,410 | 21,722 | ||||||
*Sucampo Pharmaceuticals, Inc. | 892 | 7,421 | ||||||
*ViroPharma, Inc. | 2,624 | 57,072 | ||||||
*,12Vivus, Inc. | 4,636 | 112,284 | ||||||
*XenoPort, Inc. | 2,664 | 12,174 | ||||||
*Zogenix, Inc. | 3,430 | 6,277 | ||||||
$ | 1,146,040 | |||||||
TOTAL HEALTH CARE | $ | 6,723,472 | ||||||
INDUSTRIALS – 16.3% | ||||||||
AEROSPACE & DEFENSE – 1.8% | ||||||||
Aar Corp. | 1,586 | 24,504 | ||||||
*Aerovironment, Inc. | 614 | 14,932 | ||||||
American Science & Engineering, Inc. | 534 | 34,876 | ||||||
*Astronics Corp. | 641 | 20,294 | ||||||
Ceradyne, Inc. | 1,072 | 27,143 |
Description | Number of Shares | Value | ||||||
Cubic Corp. | 628 | $ | 29,032 | |||||
Curtiss-Wright Corp. | 1,416 | 49,971 | ||||||
*Digitalglobe, Inc. | 1,900 | 23,313 | ||||||
*Ducommun, Inc. | 524 | 6,183 | ||||||
*Esterline Technologies Corp. | 1,067 | 73,079 | ||||||
*GenCorp., Inc. | 3,549 | 24,382 | ||||||
*Geoeye, Inc. | 839 | 19,230 | ||||||
Heico Corp. | 2,451 | 98,834 | ||||||
*Hexcel Corp. | 4,283 | 117,269 | ||||||
*KEYW Holding Corp. | 450 | 4,230 | ||||||
*Kratos Defense & Security Solutions, Inc. | 1,461 | 8,109 | ||||||
*LMI Aerospace, Inc. | 657 | 12,017 | ||||||
*Moog, Inc. | 1,756 | 74,226 | ||||||
12National Presto Industries, Inc. | 282 | 20,789 | ||||||
*Orbital Sciences Corp. | 1,351 | 16,969 | ||||||
*TASER International, Inc. | 1,201 | 5,525 | ||||||
*Teledyne Technologies, Inc. | 1,444 | 93,311 | ||||||
Triumph Group, Inc. | 1,450 | 91,089 | ||||||
$ | 889,307 | |||||||
AIR FREIGHT & LOGISTICS – 0.4% | ||||||||
*Air Transport Services Group, Inc. | 3,040 | 16,112 | ||||||
*Atlas Air Worldwide Holdings, Inc. | 924 | 42,550 | ||||||
Forward Air Corp. | 1,461 | 49,353 | ||||||
*Hub Group, Inc. | 2,012 | 70,420 | ||||||
*Pacer International, Inc. | 2,385 | 14,334 | ||||||
*Park-Ohio Holdings Corp. | 320 | 6,909 | ||||||
$ | 199,678 | |||||||
AIRLINES – 0.5% | ||||||||
*Alaska Air Group, Inc. | 2,694 | 91,057 | ||||||
*Allegiant Travel Co. | 494 | 29,027 | ||||||
*Hawaiian Holdings, Inc. | 2,093 | 11,846 | ||||||
*Jetblue Airways Corp. | 7,334 | 34,836 | ||||||
*Republic Airways Holdings, Inc. | 1,241 | 6,317 | ||||||
Skywest, Inc. | 1,703 | 15,310 | ||||||
*Spirit Airlines, Inc. | 850 | 20,417 | ||||||
*,12US Airways Group, Inc. | 5,216 | 53,516 | ||||||
$ | 262,326 | |||||||
BUILDING PRODUCTS – 0.6% | ||||||||
AAON, Inc. | 698 | 14,239 | ||||||
*Ameresco, Inc. | 770 | 9,386 | ||||||
American Woodmark Corp. | 645 | 11,578 | ||||||
AO Smith Corp. | 1,458 | 69,401 | ||||||
*Builders FirstSource, Inc. | 100 | 417 | ||||||
*Gibraltar Industries, Inc. | 1,280 | 17,306 | ||||||
Griffon Corp. | 1,599 | 15,846 | ||||||
Insteel Industries, Inc. | 130 | 1,478 |
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April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 65 |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*NCI Building Systems, Inc. | 582 | $ | 6,978 | |||||
Quanex Building Products Corp. | 1,423 | 26,226 | ||||||
Simpson Manufacturing Co., Inc. | 1,211 | 37,577 | ||||||
*Trex Co., Inc. | 669 | 21,408 | ||||||
Universal Forest Products, Inc. | 386 | 14,436 | ||||||
*,12USG Corp. | 3,100 | 55,955 | ||||||
$ | 302,231 | |||||||
COMMERCIAL SERVICES & | ||||||||
ABM Industries, Inc. | 2,319 | 53,986 | ||||||
*ACCO Brands Corp. | 2,470 | 26,058 | ||||||
*American Reprographics Co. | 668 | 3,647 | ||||||
Brink’s Co. | 2,290 | 58,166 | ||||||
*Casella Waste Systems, Inc. | 1,750 | 10,553 | ||||||
*Cenveo, Inc. | 793 | 2,268 | ||||||
*Clean Harbors, Inc. | 2,344 | 159,955 | ||||||
Compx International, Inc. | 70 | 940 | ||||||
*Consolidated Graphics, Inc. | 502 | 20,075 | ||||||
Courier Corp. | 104 | 1,068 | ||||||
Deluxe Corp. | 2,855 | 67,978 | ||||||
*Encore Capital Group, Inc. | 545 | 12,916 | ||||||
*EnergySolutions, Inc. | 2,221 | 9,350 | ||||||
*EnerNOC, Inc. | 834 | 5,012 | ||||||
Ennis, Inc. | 1,159 | 18,266 | ||||||
*Fuel Tech, Inc. | 1,231 | 5,700 | ||||||
G&K Services, Inc. | 884 | 29,048 | ||||||
*Geo Group, Inc. | 2,438 | 50,491 | ||||||
Healthcare Services Group, Inc. | 3,375 | 71,617 | ||||||
Herman Miller, Inc. | 2,785 | 54,391 | ||||||
HNI Corp. | 2,243 | 54,101 | ||||||
*Innerworkings, Inc. | 650 | 7,481 | ||||||
Interface, Inc. | 2,785 | 39,436 | ||||||
Intersections, Inc. | 80 | 962 | ||||||
Kimball International, Inc. | 580 | 3,961 | ||||||
Knoll, Inc. | 2,222 | 32,863 | ||||||
McGrath Rentcorp | 1,070 | 31,479 | ||||||
*Metalico, Inc. | 673 | 2,181 | ||||||
Mine Safety Appliances Co. | 1,423 | 60,421 | ||||||
*Mobile Mini, Inc. | 1,818 | 34,287 | ||||||
Multi-Color Corp. | 681 | 14,519 | ||||||
NL Industries, Inc. | 42 | 591 | ||||||
*Portfolio Recovery Associates, Inc. | 909 | 62,557 | ||||||
12Quad/Graphics, Inc. | 1,030 | 13,843 | ||||||
Rollins, Inc. | 3,261 | 69,296 | ||||||
Schawk, Inc. | 343 | 4,620 | ||||||
*Standard Parking Corp. | 588 | 11,207 | ||||||
Steelcase, Inc. | 2,860 | 24,710 |
Description | Number of Shares | Value | ||||||
*,12Swisher Hygiene, Inc. | 5,240 | $ | 11,790 | |||||
*Sykes Enterprises, Inc. | 1,442 | 22,856 | ||||||
*Team, Inc. | 1,274 | 37,749 | ||||||
*Tetra Tech, Inc. | 2,084 | 55,643 | ||||||
*TMS International Corp. | 200 | 2,416 | ||||||
UniFirst Corp. | 588 | 35,727 | ||||||
United Stationers, Inc. | 2,068 | 58,648 | ||||||
US Ecology, Inc. | 194 | 4,206 | ||||||
Viad Corp. | 1,135 | 20,521 | ||||||
$ | 1,379,556 | |||||||
CONSTRUCTION & ENGINEERING – 0.7% | ||||||||
*Aegion Corp. | 1,283 | 23,415 | ||||||
Argan, Inc. | 160 | 2,333 | ||||||
Comfort Systems USA, Inc. | 351 | 3,714 | ||||||
*Dycom Industries, Inc. | 1,557 | 36,418 | ||||||
Emcor Group, Inc. | 2,512 | 73,652 | ||||||
*Furmanite Corp. | 2,481 | 15,531 | ||||||
Granite Construction, Inc. | 1,130 | 31,459 | ||||||
Great Lakes Dredge & Dock Corp. | 2,646 | 19,607 | ||||||
*Layne Christensen Co. | 550 | 11,302 | ||||||
*MasTec, Inc. | 2,514 | 43,718 | ||||||
*Michael Baker Corp. | 490 | 11,040 | ||||||
*MYR Group, Inc. | 1,100 | 18,392 | ||||||
*Northwest Pipe Co. | 401 | 8,345 | ||||||
*Orion Marine Group, Inc. | 268 | 1,855 | ||||||
*Pike Electric Corp. | 1,200 | 9,864 | ||||||
Primoris Services Corp. | 1,470 | 21,197 | ||||||
*Sterling Construction Co., Inc. | 485 | 4,748 | ||||||
*Tutor Perini Corp. | 811 | 12,335 | ||||||
$ | 348,925 | |||||||
ELECTRICAL EQUIPMENT – 1.2% | ||||||||
*,12A123 Systems, Inc. | 4,740 | 4,835 | ||||||
Acuity Brands, Inc. | 2,063 | 114,641 | ||||||
*,12American Superconductor Corp. | 815 | 3,366 | ||||||
AZZ, Inc. | 677 | 35,008 | ||||||
Belden, Inc. | 2,374 | 82,568 | ||||||
Brady Corp. | 1,939 | 60,167 | ||||||
*Broadwind Energy, Inc. | 5,160 | 1,754 | ||||||
*Capstone Turbine Corp. | 9,640 | 10,508 | ||||||
Encore Wire Corp. | 417 | 10,629 | ||||||
*EnerSys | 1,837 | 64,203 | ||||||
Franklin Electric Co., Inc. | 1,136 | 56,970 | ||||||
*FuelCell Energy, Inc. | 654 | 811 | ||||||
*Generac Holdings, Inc. | 1,060 | 25,525 | ||||||
*Global Power Equipment Group, Inc. | 370 | 9,254 | ||||||
*II-VI, Inc. | 2,834 | 57,842 | ||||||
LSI Industries, Inc. | 33 | 226 |
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Table of Contents
66 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*Powell Industries, Inc. | 309 | $ | 10,076 | |||||
*,12PowerSecure International, Inc. | 616 | 3,197 | ||||||
Preformed Line Products Co. | 194 | 11,200 | ||||||
*Thermon Group Holdings, Inc. | 930 | 20,665 | ||||||
*Valence Technology, Inc. | 320 | 234 | ||||||
Vicor Corp. | 689 | 4,802 | ||||||
$ | 588,481 | |||||||
INDUSTRIAL CONGLOMERATES – 0.2% | ||||||||
Raven Industries, Inc. | 921 | 55,453 | ||||||
*Seaboard Corp. | 7 | 13,933 | ||||||
Standex International Corp. | 678 | 29,873 | ||||||
$ | 99,259 | |||||||
MACHINERY – 3.5% | ||||||||
*Accuride Corp. | 1,350 | 9,788 | ||||||
Actuant Corp. | 2,600 | 70,902 | ||||||
Alamo Group, Inc. | 229 | 7,713 | ||||||
Albany International Corp. | 1,310 | 31,571 | ||||||
*Altra Holdings, Inc. | 1,173 | 21,442 | ||||||
*American Railcar Industries, Inc. | 219 | 5,909 | ||||||
Ampco-Pittsburgh Corp. | 26 | 483 | ||||||
*Astec Industries, Inc. | 571 | 17,867 | ||||||
Barnes Group, Inc. | 2,005 | 52,932 | ||||||
*Blount International, Inc. | 2,940 | 47,540 | ||||||
Briggs & Stratton Corp. | 1,878 | 33,992 | ||||||
Cascade Corp. | 503 | 23,676 | ||||||
*Chart Industries, Inc. | 1,439 | 109,983 | ||||||
CIRCOR International, Inc. | 858 | 26,701 | ||||||
CLARCOR, Inc. | 2,548 | 122,355 | ||||||
*Colfax Corp. | 1,665 | 56,427 | ||||||
*Columbus McKinnon Corp. | 855 | 12,680 | ||||||
*Commercial Vehicle Group, Inc. | 1,240 | 13,194 | ||||||
Douglas Dynamics, Inc. | 510 | 7,206 | ||||||
Dynamic Materials Corp. | 675 | 12,339 | ||||||
*Energy Recovery, Inc. | 2,459 | 5,164 | ||||||
*EnPro Industries, Inc. | 827 | 34,246 | ||||||
Esco Technologies, Inc. | 1,092 | 37,565 | ||||||
*Federal Signal Corp. | 1,929 | 9,954 | ||||||
*Flow International Corp. | 1,261 | 5,183 | ||||||
Freightcar America, Inc. | 423 | 9,137 | ||||||
Gorman-Rupp Co. | 980 | 28,224 | ||||||
Graham Corp. | 665 | 14,683 | ||||||
*Greenbrier Cos., Inc. | 750 | 12,937 | ||||||
John Bean Technologies Corp. | 740 | 11,833 | ||||||
*Kadant, Inc. | 714 | 18,471 | ||||||
Kaydon Corp. | 952 | 23,353 | ||||||
LB Foster Co. | 306 | 8,204 | ||||||
Lindsay Corp. | 668 | 44,616 |
Description | Number of Shares | Value | ||||||
*Meritor, Inc. | 4,070 | $ | 26,496 | |||||
Met-Pro Corp. | 170 | 1,693 | ||||||
*Middleby Corp. | 1,004 | 101,876 | ||||||
Miller Industries, Inc. | 50 | 820 | ||||||
Mueller Industries, Inc. | 1,376 | 62,897 | ||||||
Mueller Water Products, Inc. | 6,500 | 23,335 | ||||||
Nacco Industries, Inc. | 216 | 24,510 | ||||||
*NN, Inc. | 120 | 949 | ||||||
*Omega Flex, Inc. | 150 | 2,018 | ||||||
*PMFG, Inc. | 1,007 | 13,605 | ||||||
*RBC Bearings, Inc. | 1,097 | 51,427 | ||||||
Robbins & Myers, Inc. | 1,469 | 71,555 | ||||||
Sauer-Danfoss, Inc. | 644 | 27,892 | ||||||
Sun Hydraulics Corp. | 997 | 24,955 | ||||||
*Tecumseh Products Co. | 1,102 | 4,210 | ||||||
Tennant Co. | 1,021 | 45,230 | ||||||
12Titan International, Inc. | 2,265 | 65,436 | ||||||
*Trimas Corp. | 1,350 | 29,714 | ||||||
12Twin Disc, Inc. | 493 | 10,811 | ||||||
*Wabash National Corp. | 3,490 | 29,211 | ||||||
Watts Water Technologies, Inc. | 1,234 | 45,436 | ||||||
Woodward, Inc. | 3,001 | 124,812 | ||||||
*Xerium Technologies, Inc. | 200 | 940 | ||||||
$ | 1,738,098 | |||||||
MARINE – 0.1% | ||||||||
Baltic Trading Ltd. | 2,070 | 9,625 | ||||||
*,12Eagle Bulk Shipping, Inc. | 2,288 | 3,752 | ||||||
*Excel Maritime Carriers Ltd. | 4,260 | 7,966 | ||||||
*Genco Shipping & Trading Ltd. | 499 | 2,670 | ||||||
International Shipholding Corp. | 45 | 952 | ||||||
*,12Ultrapetrol Bahamas Ltd. | 1,180 | 2,254 | ||||||
$ | 27,219 | |||||||
PROFESSIONAL SERVICES INDUSTRY – 1.6% | ||||||||
*Acacia Research Corp. | 2,150 | 88,150 | ||||||
*Advisory Board Co. | 828 | 75,480 | ||||||
Barrett Business Services, Inc. | 220 | 4,356 | ||||||
*CBIZ, Inc. | 597 | 3,624 | ||||||
CDI Corp. | 453 | 8,036 | ||||||
Corporate Executive Board Co. | 1,920 | 79,430 | ||||||
*Costar Group, Inc. | 1,359 | 99,058 | ||||||
*CRA International, Inc. | 177 | 3,620 | ||||||
*Dolan Media Co. | 1,269 | 10,165 | ||||||
*Exponent, Inc. | 677 | 32,361 | ||||||
*Franklin Covey Co. | 350 | 3,252 | ||||||
*FTI Consulting, Inc. | 1,260 | 45,788 | ||||||
*GP Strategies Corp. | 590 | 9,900 |
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PORTFOLIOS OF INVESTMENTS | 67 |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Heidrick & Struggles International, Inc. | 400 | $ | 7,800 | |||||
*Hill International, Inc. | 1,739 | 6,191 | ||||||
*Hudson Global, Inc. | 540 | 2,938 | ||||||
*Huron Consulting Group, Inc. | 1,292 | 45,530 | ||||||
*Icf International, Inc. | 597 | 14,889 | ||||||
Insperity, Inc. | 1,081 | 29,479 | ||||||
Kelly Services, Inc. | 747 | 10,451 | ||||||
*Kforce, Inc. | 1,303 | 18,854 | ||||||
*Korn/Ferry International | 1,474 | 23,805 | ||||||
*Mistras Group, Inc. | 780 | 18,307 | ||||||
*Navigant Consulting, Inc. | 822 | 11,442 | ||||||
*,12Odyssey Marine Exploration, Inc. | 3,200 | 9,728 | ||||||
*On Assignment, Inc. | 1,615 | 30,217 | ||||||
*Pendrell Corp. | 4,630 | 6,250 | ||||||
Resources Connection, Inc. | 1,485 | 19,275 | ||||||
*RPX Corp. | 100 | 1,728 | ||||||
*TrueBlue, Inc. | 2,311 | 39,888 | ||||||
VSE Corp. | 336 | 7,392 | ||||||
$ | 767,384 | |||||||
ROAD & RAIL – 1.4% | ||||||||
Amerco, Inc. | 312 | 31,337 | ||||||
Arkansas Best Corp. | 646 | 9,910 | ||||||
*Avis Budget Group, Inc. | 5,380 | 70,801 | ||||||
Celadon Group, Inc. | 728 | 11,379 | ||||||
*Dollar Thrifty Automotive Group, Inc. | 1,500 | 121,290 | ||||||
*Genesee & Wyoming, Inc. | 2,017 | 108,736 | ||||||
Heartland Express, Inc. | 1,848 | 25,558 | ||||||
Knight Transportation, Inc. | 2,647 | 43,464 | ||||||
Marten Transport Ltd. | 729 | 15,360 | ||||||
*Old Dominion Freight Line, Inc. | 2,460 | 109,396 | ||||||
*Patriot Transportation Holding, Inc. | 250 | 5,493 | ||||||
*Quality Distribution, Inc. | 50 | 558 | ||||||
*RailAmerica, Inc. | 720 | 16,690 | ||||||
*Roadrunner Transportation Systems, Inc. | 150 | 2,602 | ||||||
*Saia, Inc. | 539 | 10,122 | ||||||
*Swift Transportation Co. | 2,890 | 30,316 | ||||||
Universal Truckload Services, Inc. | 380 | 5,928 | ||||||
Werner Enterprises, Inc. | 1,891 | 44,665 | ||||||
*,12Zipcar, Inc. | 670 | 8,073 | ||||||
$ | 671,678 | |||||||
TRADING COMPANIES & | ||||||||
Aceto Corp. | 1,663 | 14,967 | ||||||
Aircastle Ltd. | 2,575 | 31,286 | ||||||
Applied Industrial Technologies, Inc. | 2,180 | 85,674 | ||||||
*Beacon Roofing Supply, Inc. | 2,414 | 64,430 | ||||||
*CAI International, Inc. | 990 | 20,453 |
Description | Number of Shares | Value | ||||||
*DXP Enterprises, Inc. | 370 | $ | 16,047 | |||||
*H&E Equipment Services, Inc. | 1,075 | 20,747 | ||||||
Houston Wire & Cable Co. | 1,199 | 14,736 | ||||||
*Interline Brands, Inc. | 1,128 | 23,733 | ||||||
Kaman Corp. | 1,322 | 45,450 | ||||||
Lawson Products, Inc. | 430 | 6,261 | ||||||
*RSC Holdings, Inc. | 2,174 | 51,567 | ||||||
*Rush Enterprises, Inc. | 1,160 | 20,973 | ||||||
SeaCube Container Leasing Ltd. | 330 | 6,121 | ||||||
TAL International Group, Inc. | 1,179 | 48,704 | ||||||
12Textainer Group Holdings Ltd. | 534 | 18,727 | ||||||
*Titan Machinery, Inc. | 690 | 24,585 | ||||||
*,12United Rentals, Inc. | 2,450 | 114,366 | ||||||
Watsco, Inc. | 1,433 | 103,104 | ||||||
$ | 731,931 | |||||||
TRANSPORTATION | ||||||||
*Wesco Aircraft Holdings, Inc. | 860 | 13,579 | ||||||
TOTAL INDUSTRIALS | $ | 8,019,652 | ||||||
INFORMATION TECHNOLOGY – 17.7% | ||||||||
COMMUNICATIONS EQUIPMENT – 1.8% | ||||||||
ADTRAN, Inc. | 3,261 | 99,526 | ||||||
*Anaren, Inc. | 571 | 10,301 | ||||||
*Arris Group, Inc. | 4,561 | 58,974 | ||||||
*Aruba Networks, Inc. | 4,565 | 96,413 | ||||||
*Aviat Networks, Inc. | 88 | 224 | ||||||
Bel Fuse, Inc. | 397 | 7,063 | ||||||
Black Box Corp. | 528 | 11,938 | ||||||
*Calix, Inc. | 2,134 | 16,987 | ||||||
Comtech Telecommunications Corp. | 739 | 22,850 | ||||||
*Dialogic, Inc. | 240 | 235 | ||||||
*Digi International, Inc. | 812 | 7,535 | ||||||
*EMCORE Corp. | 68 | 307 | ||||||
*Emulex Corp. | 2,470 | 21,440 | ||||||
*Extreme Networks | 3,736 | 14,309 | ||||||
*Finisar Corp. | 4,730 | 78,140 | ||||||
*Globecomm Systems, Inc. | 1,116 | 15,825 | ||||||
*Harmonic, Inc. | 3,812 | 17,993 | ||||||
*,12Infinera Corp. | 3,206 | 22,955 | ||||||
12InterDigital, Inc. | 2,248 | 62,315 | ||||||
*Ixia | 1,715 | 21,609 | ||||||
*KVH Industries, Inc. | 130 | 1,297 | ||||||
Loral Space & Communications, Inc. | 501 | 31,087 | ||||||
*,12Meru Networks, Inc. | 1,250 | 3,550 | ||||||
*Netgear, Inc. | 1,887 | 72,649 | ||||||
*,12Oclaro, Inc. | 400 | 1,148 |
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Table of Contents
68 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*Oplink Communications, Inc. | 811 | $ | 12,846 | |||||
*Opnext, Inc. | 3,388 | 4,032 | ||||||
Plantronics, Inc. | 1,726 | 66,140 | ||||||
*,12Powerwave Technologies, Inc. | 1,268 | 1,433 | ||||||
*Procera Networks, Inc. | 230 | 4,775 | ||||||
*ShoreTel, Inc. | 1,640 | 7,856 | ||||||
*Sonus Networks, Inc. | 3,560 | 10,075 | ||||||
*Sycamore Networks, Inc. | 725 | 11,303 | ||||||
*Symmetricom, Inc. | 878 | 4,882 | ||||||
*Viasat, Inc. | 1,612 | 77,860 | ||||||
$ | 897,872 | |||||||
COMPUTERS & PERIPHERALS – 0.8% | ||||||||
*,123D Systems Corp. | 2,360 | 69,596 | ||||||
*Avid Technology, Inc. | 1,047 | 9,098 | ||||||
*Cray, Inc. | 660 | 7,359 | ||||||
*Electronics For Imaging, Inc. | 2,098 | 37,449 | ||||||
*Imation Corp. | 598 | 3,468 | ||||||
*Immersion Corp. | 1,927 | 10,502 | ||||||
*Intermec, Inc. | 2,372 | 12,619 | ||||||
*Intevac, Inc. | 486 | 3,917 | ||||||
*Novatel Wireless, Inc. | 2,481 | 7,170 | ||||||
*,12OCZ Technology Group, Inc. | 2,440 | 14,396 | ||||||
*Quantum Corp. | 8,960 | 21,325 | ||||||
Rimage Corp. | 10 | 91 | ||||||
*,12Silicon Graphics International Corp. | 2,050 | 19,352 | ||||||
*,12STEC, Inc. | 1,556 | 12,899 | ||||||
*Stratasys, Inc. | 1,000 | 51,210 | ||||||
*Super Micro Computer, Inc. | 1,228 | 21,674 | ||||||
*Synaptics, Inc. | 1,523 | 46,771 | ||||||
Xyratex Ltd. | 1,580 | 22,942 | ||||||
$ | 371,838 | |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 2.7% | ||||||||
*,12Aeroflex Holding Corp. | 760 | 8,512 | ||||||
*Agilysys, Inc. | 80 | 701 | ||||||
*Anixter International, Inc. | 1,185 | 81,267 | ||||||
Badger Meter, Inc. | 588 | 21,721 | ||||||
*Benchmark Electronics, Inc. | 2,020 | 32,078 | ||||||
*Brightpoint, Inc. | 1,625 | 9,945 | ||||||
*Checkpoint Systems, Inc. | 1,723 | 18,884 | ||||||
Cognex Corp. | 1,920 | 77,280 | ||||||
*Coherent, Inc. | 1,164 | 61,226 | ||||||
CTS Corp. | 988 | 10,601 | ||||||
Daktronics, Inc. | 1,458 | 11,868 | ||||||
DDi Corp. | 400 | 5,192 | ||||||
*DTS, Inc. | 667 | 20,810 |
Description | Number of Shares | Value | ||||||
*Echelon Corp. | 2,929 | $ | 12,770 | |||||
Electro Rent Corp. | 784 | 12,215 | ||||||
Electro Scientific Industries, Inc. | 503 | 7,173 | ||||||
*eMagin Corp. | 90 | 280 | ||||||
*Fabrinet | 740 | 12,447 | ||||||
*FARO Technologies, Inc. | 973 | 54,469 | ||||||
*Fei Co. | 1,942 | 97,430 | ||||||
*GSI Group, Inc. | 670 | 8,087 | ||||||
*Insight Enterprises, Inc. | 1,680 | 34,121 | ||||||
*Kemet Corp. | 1,670 | 14,212 | ||||||
Littelfuse, Inc. | 1,045 | 65,490 | ||||||
*,12Maxwell Technologies, Inc. | 1,758 | 16,719 | ||||||
*Measurement Specialties, Inc. | 791 | 28,262 | ||||||
*Mercury Computer Systems, Inc. | 995 | 13,134 | ||||||
Methode Electronics, Inc. | 1,387 | 11,720 | ||||||
*,12Microvision, Inc. | 750 | 1,395 | ||||||
MTS Systems Corp. | 940 | 45,092 | ||||||
*Multi-Fineline Electronix, Inc. | 683 | 18,093 | ||||||
*NeoPhotonics Corp. | 350 | 1,655 | ||||||
*Newport Corp. | 1,682 | 28,712 | ||||||
*OSI Systems, Inc. | 1,019 | 68,130 | ||||||
Park Electrochemical Corp. | 322 | 9,290 | ||||||
PC Connection, Inc. | 319 | 2,558 | ||||||
*Plexus Corp. | 1,978 | 64,028 | ||||||
*Power-One, Inc. | 2,710 | 11,599 | ||||||
Pulse Electronics Corp. | 3,242 | 6,646 | ||||||
*Radisys Corp. | 552 | 3,505 | ||||||
*,12RealD, Inc. | 1,600 | 19,328 | ||||||
Richardson Electronics Ltd. | 1,100 | 13,871 | ||||||
*Rofin-Sinar Technologies, Inc. | 1,223 | 30,820 | ||||||
*Rogers Corp. | 662 | 25,348 | ||||||
*Sanmina-SCI Corp. | 2,650 | 23,585 | ||||||
*ScanSource, Inc. | 1,051 | 34,641 | ||||||
*SYNNEX Corp. | 862 | 32,834 | ||||||
*TTM Technologies, Inc. | 2,289 | 23,645 | ||||||
*,12Universal Display Corp. | 2,117 | 95,201 | ||||||
*Viasystems Group, Inc. | 20 | 446 | ||||||
*Vishay Precision Group, Inc. | 480 | 6,950 | ||||||
*X-Rite, Inc. | 1,580 | 8,753 | ||||||
*Zygo Corp. | 610 | 12,072 | ||||||
$ | 1,336,811 | |||||||
INTERNET SOFTWARE & | ||||||||
*Active Network, Inc. | 30 | 504 | ||||||
*,12Ancestry.com, Inc. | 1,770 | 47,259 | ||||||
*comScore, Inc. | 1,475 | 29,382 | ||||||
*Constant Contact, Inc. | 1,603 | 38,745 |
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Table of Contents
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Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*Cornerstone Ondemand, Inc. | 600 | $ | 12,468 | |||||
*Dealertrack Holdings, Inc. | 2,008 | 59,899 | ||||||
*Demand Media, Inc. | 60 | 499 | ||||||
*Dice Holdings, Inc. | 2,140 | 23,069 | ||||||
*Digital River, Inc. | 1,141 | 21,462 | ||||||
EarthLink, Inc. | 3,213 | 26,090 | ||||||
*Envestnet, Inc. | 540 | 6,755 | ||||||
*InfoSpace, Inc. | 514 | 5,721 | ||||||
*Internap Network Services Corp. | 2,485 | 17,494 | ||||||
*IntraLinks Holdings, Inc. | 1,460 | 6,804 | ||||||
j2 Global, Inc. | 2,075 | 53,597 | ||||||
Keynote Systems, Inc. | 829 | 15,254 | ||||||
*,12Kit Digital, Inc. | 980 | 6,644 | ||||||
*Limelight Networks, Inc. | 4,342 | 11,897 | ||||||
*Liquidity Services, Inc. | 900 | 47,997 | ||||||
*LivePerson, Inc. | 3,140 | 49,863 | ||||||
*LogMeIn, Inc. | 1,100 | 39,611 | ||||||
*,12LoopNet, Inc. | 912 | 17,483 | ||||||
Marchex, Inc. | 405 | 1,409 | ||||||
*Move, Inc. | 2,590 | 22,533 | ||||||
NIC, Inc. | 3,983 | 44,570 | ||||||
*,12OpenTable, Inc. | 1,020 | 45,625 | ||||||
*Openwave Systems, Inc. | 770 | 1,987 | ||||||
*Perficient, Inc. | 1,026 | 12,322 | ||||||
*QuinStreet, Inc. | 1,360 | 14,294 | ||||||
RealNetworks, Inc. | 719 | 6,881 | ||||||
*Responsys, Inc. | 380 | 4,856 | ||||||
*Saba Software, Inc. | 1,920 | 18,662 | ||||||
*SciQuest, Inc. | 530 | 7,870 | ||||||
*SPS Commerce, Inc. | 20 | 556 | ||||||
*Stamps.Com, Inc. | 440 | 12,773 | ||||||
*Support.Com, Inc. | 731 | 2,654 | ||||||
*TechTarget, Inc. | 1,335 | 9,932 | ||||||
*,12Travelzoo, Inc. | 220 | 5,711 | ||||||
United Online, Inc. | 2,573 | 12,196 | ||||||
*Valueclick, Inc. | 3,879 | 82,157 | ||||||
*Vocus, Inc. | 994 | 12,852 | ||||||
*Web.Com Group, Inc. | 1,110 | 14,374 | ||||||
*XO Group, Inc. | 844 | 7,824 | ||||||
*Zix Corp. | 3,220 | 9,113 | ||||||
$ | 889,648 | |||||||
IT SERVICES – 2.3% | ||||||||
*Acxiom Corp. | 2,461 | 33,790 | ||||||
*CACI International, Inc. | 923 | 56,423 | ||||||
*Cardtronics, Inc. | 2,360 | 62,210 | ||||||
Cass Information Systems, Inc. | 280 | 11,466 |
Description | Number of Shares | Value | ||||||
*CIBER, Inc. | 1,332 | $ | 5,541 | |||||
*Computer Task Group, Inc. | 1,060 | 15,285 | ||||||
*Convergys Corp. | 2,800 | 37,436 | ||||||
*CSG Systems International, Inc. | 1,330 | 19,152 | ||||||
*Echo Global Logistics, Inc. | 470 | 8,004 | ||||||
*Euronet Worldwide, Inc. | 1,846 | 39,929 | ||||||
*Exlservice Holdings, Inc. | 1,165 | 32,247 | ||||||
Forrester Research, Inc. | 735 | 26,056 | ||||||
*Global Cash Access Holdings, Inc. | 2,131 | 18,007 | ||||||
*Hackett Group, Inc. | 1,523 | 8,696 | ||||||
Heartland Payment Systems, Inc. | 1,909 | 58,167 | ||||||
*,12Higher One Holdings, Inc. | 1,450 | 22,866 | ||||||
*iGATE Corp. | 1,348 | 26,232 | ||||||
Jack Henry & Associates, Inc. | 4,279 | 145,315 | ||||||
*Lionbridge Technologies, Inc. | 1,870 | 5,143 | ||||||
Mantech International Corp. | 831 | 26,110 | ||||||
Maximus, Inc. | 1,884 | 83,367 | ||||||
*Moduslink Global Solutions, Inc. | 1,459 | 7,222 | ||||||
*MoneyGram International, Inc. | 737 | 12,411 | ||||||
*NCI, Inc. | 722 | 3,581 | ||||||
*PRGX Global, Inc. | 70 | 442 | ||||||
Sapient Corp. | 4,900 | 58,653 | ||||||
*,12ServiceSource International, Inc. | 240 | 3,979 | ||||||
Syntel, Inc. | 875 | 52,404 | ||||||
*Teletech Holdings, Inc. | 1,318 | 19,968 | ||||||
*TNS, Inc. | 1,256 | 25,622 | ||||||
*Unisys Corp. | 1,631 | 30,434 | ||||||
*Virtusa Corp. | 1,109 | 16,735 | ||||||
*Wright Express Corp. | 2,036 | 129,938 | ||||||
$ | 1,102,831 | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.4% | ||||||||
*Advanced Energy Industries, Inc. | 1,022 | 12,203 | ||||||
*Alpha & Omega Semiconductor Ltd. | 130 | 1,286 | ||||||
*Amkor Technology, Inc. | 2,944 | 15,220 | ||||||
*Amtech Systems, Inc. | 70 | 489 | ||||||
*Anadigics, Inc. | 310 | 685 | ||||||
*Applied Micro Circuits Corp. | 2,234 | 12,466 | ||||||
*ATMI, Inc. | 982 | 20,632 | ||||||
*Axcelis Technologies, Inc. | 1,870 | 2,543 | ||||||
*AXT, Inc. | 1,540 | 7,839 | ||||||
Brooks Automation, Inc. | 2,324 | 27,330 | ||||||
Cabot Microelectronics Corp. | 1,131 | 38,884 | ||||||
*Cavium, Inc. | 2,474 | 72,389 | ||||||
*Ceva, Inc. | 1,552 | 34,284 | ||||||
*Cirrus Logic, Inc. | 3,320 | 90,902 | ||||||
Cohu, Inc. | 843 | 9,256 |
(Wilmington Small-Cap Strategy Fund continued next page)
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Table of Contents
70 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*CSR PLC | 99 | $ | 1,437 | |||||
*Cymer, Inc. | 1,296 | 67,185 | ||||||
*Diodes, Inc. | 1,725 | 38,450 | ||||||
*DSP Group, Inc. | 1,625 | 10,627 | ||||||
*Entegris, Inc. | 5,660 | 50,091 | ||||||
*Entropic Communications, Inc. | 4,530 | 19,162 | ||||||
*EXAR Corp. | 20 | 158 | ||||||
*FormFactor, Inc. | 2,571 | 14,398 | ||||||
*FSI International, Inc. | 150 | 760 | ||||||
*GSI Technology, Inc. | 440 | 1,861 | ||||||
*,12GT Advanced Technologies, Inc. | 5,524 | 35,961 | ||||||
*Hittite Microwave Corp. | 1,548 | 82,880 | ||||||
*Inphi Corp. | 1,090 | 11,063 | ||||||
*Integrated Device Technology, Inc. | 7,540 | 51,046 | ||||||
*Integrated Silicon Solution, Inc. | 1,000 | 10,620 | ||||||
*IXYS Corp. | 1,532 | 19,089 | ||||||
*Kopin Corp. | 3,208 | 11,453 | ||||||
*Kulicke & Soffa Industries, Inc. | 2,580 | 33,798 | ||||||
*Lattice Semiconductor Corp. | 5,280 | 28,829 | ||||||
*LTX-Credence Corp. | 2,733 | 18,858 | ||||||
*MaxLinear, Inc. | 1,510 | 7,324 | ||||||
Micrel, Inc. | 2,356 | 25,657 | ||||||
*Microsemi Corp. | 4,392 | 94,516 | ||||||
*Mindspeed Technologies, Inc. | 920 | 4,609 | ||||||
*MIPS Technologies, Inc. | 2,380 | 15,565 | ||||||
MKS Instruments, Inc. | 2,039 | 56,378 | ||||||
*Monolithic Power Systems, Inc. | 667 | 13,820 | ||||||
*MoSys, Inc. | 790 | 2,844 | ||||||
*Nanometrics, Inc. | 1,180 | 18,302 | ||||||
*NVE Corp. | 89 | 4,511 | ||||||
*Omnivision Technologies, Inc. | 2,411 | 44,411 | ||||||
*PDF Solutions, Inc. | 810 | 7,144 | ||||||
*Pericom Semiconductor Corp. | 513 | 4,032 | ||||||
*Photronics, Inc. | 1,560 | 9,656 | ||||||
*PLX Technology, Inc. | 3,203 | 12,748 | ||||||
Power Integrations, Inc. | 1,314 | 49,774 | ||||||
*Rambus, Inc. | 5,080 | 25,857 | ||||||
*RF Micro Devices, Inc. | 9,650 | 41,784 | ||||||
*Rubicon Technology, Inc. | 702 | 6,634 | ||||||
*Rudolph Technologies, Inc. | 1,177 | 12,712 | ||||||
*Semtech Corp. | 3,240 | 88,322 | ||||||
*Sigma Designs, Inc. | 1,225 | 6,750 | ||||||
*Silicon Image, Inc. | 2,975 | 17,850 | ||||||
*Spansion, Inc. | 2,330 | 28,100 | ||||||
*Standard Microsystems Corp. | 524 | 13,876 | ||||||
*,12STR Holdings, Inc. | 500 | 1,910 | ||||||
*Supertex, Inc. | 640 | 13,101 |
Description | Number of Shares | Value | ||||||
*Tessera Technologies, Inc. | 1,446 | $ | 22,615 | |||||
*TriQuint Semiconductor, Inc. | 8,785 | 42,871 | ||||||
*Ultra Clean Holdings | 540 | 3,699 | ||||||
*Ultratech, Inc. | 1,301 | 41,554 | ||||||
*,12Veeco Instruments, Inc. | 1,740 | 52,531 | ||||||
*Volterra Semiconductor Corp. | 892 | 29,338 | ||||||
$ | 1,674,929 | |||||||
SOFTWARE – 4.9% | ||||||||
*Accelrys, Inc. | 2,169 | 17,851 | ||||||
*ACI Worldwide, Inc. | 1,934 | 77,089 | ||||||
*Actuate Corp. | 1,033 | 7,334 | ||||||
*Advent Software, Inc. | 1,674 | 45,181 | ||||||
American Software, Inc. | 954 | 7,899 | ||||||
*Aspen Technology, Inc. | 4,000 | 79,120 | ||||||
Blackbaud, Inc. | 2,222 | 68,838 | ||||||
*Bottomline Technologies, Inc. | 1,957 | 46,048 | ||||||
*BroadSoft, Inc. | 940 | 40,241 | ||||||
*Callidus Software, Inc. | 1,750 | 13,860 | ||||||
*CommVault Systems, Inc. | 2,181 | 113,565 | ||||||
*Concur Technologies, Inc. | 2,333 | 131,954 | ||||||
*,12Convio, Inc. | 880 | 14,080 | ||||||
*Deltek, Inc. | 1,655 | 17,278 | ||||||
*Digimarc Corp. | 260 | 6,799 | ||||||
12Ebix, Inc. | 1,368 | 27,976 | ||||||
*Ellie Mae, Inc. | 390 | 5,054 | ||||||
EPIQ Systems, Inc. | 161 | 1,829 | ||||||
Fair Isaac Corp. | 1,694 | 72,673 | ||||||
*FalconStor Software, Inc. | 2,261 | 7,439 | ||||||
*,12Glu Mobile, Inc. | 290 | 1,319 | ||||||
*Guidance Software, Inc. | 680 | 6,453 | ||||||
*Interactive Intelligence Group, Inc. | 533 | 15,809 | ||||||
*JDA Software Group, Inc. | 1,810 | 52,273 | ||||||
*Kenexa Corp. | 1,418 | 46,326 | ||||||
*Manhattan Associates, Inc. | 1,185 | 59,428 | ||||||
*Mentor Graphics Corp. | 4,488 | 64,852 | ||||||
*MicroStrategy, Inc. | 429 | 59,966 | ||||||
*Monotype Imaging Holdings, Inc. | 1,688 | 23,953 | ||||||
*Motricity, Inc. | 1,770 | 1,823 | ||||||
*Netscout Systems, Inc. | 1,851 | 38,297 | ||||||
*Netsuite, Inc. | 1,373 | 60,934 | ||||||
Opnet Technologies, Inc. | 809 | 18,736 | ||||||
*Parametric Technology Corp. | 5,847 | 126,178 | ||||||
12Pegasystems, Inc. | 709 | 26,368 | ||||||
*Progress Software Corp. | 2,954 | 68,356 | ||||||
*PROS Holdings, Inc. | 866 | 17,052 | ||||||
*QAD, Inc. | 607 | 7,496 | ||||||
*QLIK Technologies, Inc. | 3,410 | 98,242 |
(Wilmington Small-Cap Strategy Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 71 |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*Quest Software, Inc. | 2,495 | $ | 58,059 | |||||
*RealPage, Inc. | 1,120 | 20,328 | ||||||
*Seachange International, Inc. | 510 | 4,192 | ||||||
*Smith Micro Software, Inc. | 2,429 | 4,882 | ||||||
*Solarwinds, Inc. | 2,790 | 130,879 | ||||||
*Sourcefire, Inc. | 1,408 | 71,794 | ||||||
*SRS Labs, Inc. | 450 | 4,288 | ||||||
*SS&C Technologies Holdings, Inc. | 700 | 16,639 | ||||||
*Synchronoss Technologies, Inc. | 1,329 | 41,598 | ||||||
*Take-Two Interactive Software, Inc. | 4,201 | 59,234 | ||||||
*Tangoe, Inc. | 810 | 16,589 | ||||||
*Telecommunication Systems, Inc. | 3,572 | 6,894 | ||||||
*TeleNav, Inc. | 770 | 5,213 | ||||||
*THQ, Inc. | 623 | 422 | ||||||
*TiVo, Inc. | 6,490 | 70,027 | ||||||
*Tyler Technologies, Inc. | 1,519 | 60,684 | ||||||
*Ultimate Software Group, Inc. | 1,387 | 107,021 | ||||||
*VASCO Data Security International, Inc. | 685 | 5,336 | ||||||
*Verint Systems, Inc. | 1,110 | 33,566 | ||||||
*,12VirnetX Holding Corp. | 2,070 | 51,419 | ||||||
*,12Wave Systems Corp. | 3,040 | 4,347 | ||||||
*Websense, Inc. | 1,481 | 30,716 | ||||||
$ | 2,400,096 | |||||||
TOTAL INFORMATION TECHNOLOGY | $ | 8,674,025 | ||||||
MATERIALS – 4.6% | ||||||||
CHEMICALS – 2.1% | ||||||||
American Vanguard Corp. | 304 | 7,600 | ||||||
Balchem Corp. | 1,140 | 32,946 | ||||||
*Calgon Carbon Corp. | 1,441 | 19,943 | ||||||
*Chemtura Corp. | 4,350 | 74,037 | ||||||
*Ferro Corp. | 3,032 | 15,736 | ||||||
*Flotek Industries, Inc. | 2,060 | 28,098 | ||||||
FutureFuel Corp. | 810 | 7,970 | ||||||
*Georgia Gulf Corp. | 1,190 | 42,186 | ||||||
Hawkins, Inc. | 340 | 11,808 | ||||||
HB Fuller Co. | 1,739 | 57,213 | ||||||
Innophos Holdings, Inc. | 1,185 | 58,266 | ||||||
*Innospec, Inc. | 790 | 23,882 | ||||||
KMG Chemicals, Inc. | 10 | 172 | ||||||
Koppers Holdings, Inc. | 1,074 | 41,757 | ||||||
*Kraton Performance Polymers, Inc. | 1,260 | 32,760 | ||||||
*Landec Corp. | 1,667 | 10,735 | ||||||
*LSB Industries, Inc. | 971 | 32,936 | ||||||
Minerals Technologies, Inc. | 755 | 50,661 | ||||||
Newmarket Corp. | 436 | 97,324 | ||||||
Olin Corp. | 3,605 | 75,561 |
Description | Number of Shares | Value | ||||||
*OM Group, Inc. | 1,006 | $ | 24,265 | |||||
*Omnova Solutions, Inc. | 2,000 | 15,680 | ||||||
PolyOne Corp. | 4,659 | 64,574 | ||||||
Quaker Chemical Corp. | 632 | 27,429 | ||||||
Schulman A, Inc. | 1,128 | 27,760 | ||||||
*Senomyx, Inc. | 1,770 | 3,876 | ||||||
Sensient Technologies Corp. | 1,832 | 68,059 | ||||||
Stepan Co. | 249 | 22,624 | ||||||
*TPC Group, Inc. | 710 | 29,806 | ||||||
Tredegar Corp. | 750 | 13,013 | ||||||
Zep, Inc. | 904 | 12,882 | ||||||
*Zoltek Cos., Inc. | 457 | 5,041 | ||||||
$ | 1,036,600 | |||||||
CONSTRUCTION MATERIALS – 0.2% | ||||||||
Eagle Materials, Inc. | 2,080 | 73,258 | ||||||
*Headwaters, Inc. | 965 | 4,188 | ||||||
Texas Industries, Inc. | 800 | 26,888 | ||||||
*United States Lime & Minerals, Inc. | 246 | 11,801 | ||||||
$ | 116,135 | |||||||
CONTAINERS & PACKAGING – 0.2% | ||||||||
*AEP Industries, Inc. | 297 | 10,356 | ||||||
Boise, Inc. | 3,180 | 24,295 | ||||||
*Graphic Packaging Holding Co. | 8,610 | 46,064 | ||||||
Myers Industries, Inc. | 1,542 | 25,489 | ||||||
$ | 106,204 | |||||||
METALS & MINING – 1.5% | ||||||||
*AM Castle & Co. | 650 | 8,704 | ||||||
AMCOL International Corp. | 1,120 | 36,915 | ||||||
*Century Aluminum Co. | 1,500 | 13,800 | ||||||
*Coeur d’Alene Mines Corp. | 3,410 | 73,486 | ||||||
*,12General Moly, Inc. | 2,460 | 7,970 | ||||||
Globe Specialty Metals, Inc. | 3,600 | 48,024 | ||||||
12Gold Resource Corp. | 1,340 | 36,341 | ||||||
*,12Golden Minerals Co. | 1,130 | 8,441 | ||||||
*Golden Star Resources Ltd. | 6,730 | 10,297 | ||||||
Haynes International, Inc. | 614 | 38,295 | ||||||
12Hecla Mining Co. | 14,518 | 62,137 | ||||||
*Horsehead Holding Corp. | 2,348 | 26,368 | ||||||
*Jaguar Mining, Inc. | 1,860 | 5,041 | ||||||
Kaiser Aluminum Corp. | 711 | 37,377 | ||||||
*Materion Corp. | 772 | 19,076 | ||||||
*,12McEwen Mining, Inc. | 5,550 | 21,035 | ||||||
*Metals USA Holdings Corp. | 330 | 4,976 | ||||||
*Midway Gold Corp. | 2,730 | 3,931 | ||||||
Noranda Aluminum Holding Corp. | 670 | 7,115 | ||||||
Olympic Steel, Inc. | 625 | 13,206 |
(Wilmington Small-Cap Strategy Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
72 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
*,12Paramount Gold And Silver Corp. | 6,430 | $ | 15,689 | |||||
*,12Revett Minerals, Inc. | 130 | 516 | ||||||
*RTI International Metals, Inc. | 1,032 | 25,336 | ||||||
*Stillwater Mining Co. | 5,614 | 60,238 | ||||||
*SunCoke Energy, Inc. | 3,270 | 49,769 | ||||||
*Thompson Creek Metals Co., Inc. | 4,970 | 29,472 | ||||||
*Universal Stainless & Alloy | 226 | 10,486 | ||||||
*US Energy Corp. Wyoming | 190 | 498 | ||||||
*Vista Gold Corp. | 770 | 2,325 | ||||||
Worthington Industries, Inc. | 2,409 | 42,977 | ||||||
$ | 719,841 | |||||||
PAPER & FOREST PRODUCTS – 0.6% | ||||||||
Buckeye Technologies, Inc. | 1,358 | 44,013 | ||||||
*Clearwater Paper Corp. | 824 | 27,167 | ||||||
Deltic Timber Corp. | 595 | 36,343 | ||||||
*KapStone Paper and Packaging Corp. | 1,500 | 27,090 | ||||||
*Louisiana-Pacific Corp. | 4,566 | 41,322 | ||||||
Neenah Paper, Inc. | 461 | 13,166 | ||||||
PH Glatfelter Co. | 1,863 | 29,026 | ||||||
Schweitzer-Mauduit International, Inc. | 634 | 42,998 | ||||||
*Verso Paper Corp. | 2,270 | 3,746 | ||||||
Wausau Paper Corp. | 1,680 | 15,221 | ||||||
$ | 280,092 | |||||||
TOTAL MATERIALS | $ | 2,258,872 | ||||||
TELECOMMUNICATION | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.7% | ||||||||
*8x8, Inc. | 470 | 1,941 | ||||||
*AboveNet, Inc. | 1,200 | 99,804 | ||||||
Alaska Communications Systems Group, Inc. | 2,264 | 5,796 | ||||||
Atlantic Tele-Network, Inc. | 400 | 13,624 | ||||||
*Cbeyond, Inc. | 2,049 | 13,175 | ||||||
*Cincinnati Bell, Inc. | 8,320 | 31,616 | ||||||
*Cogent Communications Group, Inc. | 2,453 | 45,945 | ||||||
Consolidated Communications Holdings, Inc. | 789 | 15,267 | ||||||
*,12Fairpoint Communications, Inc. | 30 | 139 | ||||||
*General Communication, Inc. | 1,642 | 12,479 | ||||||
*Globalstar, Inc. | 1,770 | 938 | ||||||
HickoryTech Corp. | 790 | 7,845 | ||||||
IDT Corp. | 1,200 | 10,104 | ||||||
*,12Iridium Communications, Inc. | 1,240 | 10,900 | ||||||
Lumos Networks Corp. | 637 | 5,758 | ||||||
*Neutral Tandem, Inc. | 1,350 | 15,687 | ||||||
*Premiere Global Services, Inc. | 1,350 | 12,083 | ||||||
SureWest Communications | 350 | 7,903 |
Description | Number of Shares | Value | ||||||
*,12Towerstream Corp. | 310 | $ | 1,423 | |||||
*Vonage Holdings Corp. | 5,710 | 11,648 | ||||||
$ | 324,075 | |||||||
WIRELESS TELECOMMUNICATION SER – 0.1% | ||||||||
*Leap Wireless International, Inc. | 1,620 | 9,088 | ||||||
NTELOS Holdings Corp. | 637 | 12,880 | ||||||
Shenandoah Telecommunications Co. | 786 | 8,764 | ||||||
USA Mobility, Inc. | 358 | 4,625 | ||||||
$ | 35,357 | |||||||
TOTAL TELECOMMUNICATION SERVICES | $ | 359,432 | ||||||
UTILITIES – 2.4% | ||||||||
ELECTRIC UTILITIES – 1.1% | ||||||||
ALLETE, Inc. | 936 | 38,573 | ||||||
Central Vermont Public Service Corp. | 414 | 14,594 | ||||||
Cleco Corp. | 2,215 | 90,372 | ||||||
El Paso Electric Co. | 1,690 | 51,782 | ||||||
Empire District Electric Co. | 1,806 | 37,059 | ||||||
IDACORP, Inc. | 1,712 | 69,747 | ||||||
MGE Energy, Inc. | 429 | 19,622 | ||||||
Otter Tail Corp. | 640 | 14,054 | ||||||
Pnm Resources, Inc. | 2,457 | 46,093 | ||||||
Portland General Electric Co. | 2,607 | 67,339 | ||||||
UIL Holdings Corp. | 1,196 | 41,107 | ||||||
Unisource Energy Corp. | 1,035 | 37,674 | ||||||
$ | 528,016 | |||||||
GAS UTILITIES – 0.7% | ||||||||
Chesapeake Utilities Corp. | 340 | 14,287 | ||||||
Laclede Group, Inc. | 808 | 31,819 | ||||||
New Jersey Resources Corp. | 1,237 | 53,488 | ||||||
Northwest Natural Gas Co. | 208 | 9,506 | ||||||
Piedmont Natural Gas Co., Inc. | 2,184 | 66,568 | ||||||
South Jersey Industries, Inc. | 1,151 | 56,687 | ||||||
Southwest Gas Corp. | 1,738 | 73,031 | ||||||
Wgl Holdings, Inc. | 1,290 | 51,742 | ||||||
$ | 357,128 | |||||||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.1% | ||||||||
12Atlantic Power Corp. | 3,130 | 44,696 | ||||||
*Dynegy, Inc. | 6,030 | 2,472 | ||||||
Genie Energy Ltd. | 1,200 | 9,984 | ||||||
Ormat Technologies, Inc. | 820 | 16,211 | ||||||
$ | 73,363 |
(Wilmington Small-Cap Strategy Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 73 |
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
MULTI-UTILITIES – 0.4% | ||||||||
Avista Corp. | 1,578 | $ | 41,722 | |||||
Black Hills Corp. | 1,428 | 47,138 | ||||||
CH Energy Group, Inc. | 665 | 43,637 | ||||||
Northwestern Corp. | 1,309 | 46,496 | ||||||
$ | 178,993 | |||||||
WATER UTILITIES – 0.1% | ||||||||
American States Water Co. | 147 | 5,357 | ||||||
Artesian Resources Corp. | 40 | 764 | ||||||
*,12Cadiz, Inc. | 936 | 7,890 | ||||||
Connecticut Water Service, Inc. | 63 | 1,748 | ||||||
Consolidated Water Co. Ltd. | 907 | 6,503 | ||||||
Middlesex Water Co. | 241 | 4,473 | ||||||
SJW Corp. | 378 | 9,110 | ||||||
York Water Co. | 230 | 4,018 | ||||||
$ | 39,863 | |||||||
TOTAL UTILITIES | $ | 1,177,363 | ||||||
TOTAL COMMON STOCKS (COST $30,472,929) | $ | 48,976,093 | ||||||
MUTUAL FUND – 0.1% | ||||||||
EQUITY FUNDS – 0.1% | ||||||||
iShares Russell 2000 Index Fund | 300 | 24,429 | ||||||
TOTAL MUTUAL FUND (COST $23,514) | $ | 24,429 | ||||||
RIGHT – 0.0%** | ||||||||
*Clinical Data, Inc. | 845 | — | ||||||
TOTAL RIGHT (COST $ –) | $ | — | ||||||
WARRANTS – 0.0%** | ||||||||
Magnum Hunter | 1,145 | — | ||||||
*Vector Group | 3,960 | — | ||||||
TOTAL WARRANTS (COST $ –) | $ | — | ||||||
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $30,496,443) | $ | 49,000,522 |
Description | Par | Value | ||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 8.9% | ||||||||
REPURCHASE AGREEMENTS – 8.9% | ||||||||
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $1,036,036, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $1,056,752. | $ | 1,036,031 | $ | 1,036,031 | ||||
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $218,112, collateralized by U.S. Treasury Securities 0.25% to 4.00%, maturing 09/30/13 to 04/30/19; total market value of $222,473. | 218,111 | 218,111 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $1,036,036, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $1,056,756. | 1,036,031 | 1,036,031 | ||||||
RBC Capital Markets LLC, 0.20%, dated 04/30/12, due 05/01/12, repurchase price $1,036,037, collateralized by U.S. Government Securities 0.00% to 5.00%, maturing 07/30/12 to 03/01/42; total market value of $1,056,752. | 1,036,031 | 1,036,031 | ||||||
RBS Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $1,036,036, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 06/15/12 to 07/15/32; total market value of $1,056,760. | 1,036,031 | 1,036,031 | ||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $4,362,235) | $ | 4,362,235 | ||||||
TOTAL INVESTMENTS – 109.0% (COST $34,858,678) | $ | 53,362,757 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (8.9%) | (4,362,235 | ) | ||||||
OTHER LIABILITIES LESS ASSETS – (0.1%) | (26,239 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 48,974,283 |
(Wilmington Small-Cap Strategy Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
74 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (concluded)
Cost of investments for Federal income tax purposes is $36,209,589. The net unrealized appreciation/(depreciation) of investments was $17,153,168. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $19,773,356 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,620,188.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund��s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 48,976,093 | $ | — | $ | — | $ | 48,976,093 | ||||||||
Mutual Fund | 24,429 | — | — | 24,429 | ||||||||||||
Right | — | a | — | — | — | |||||||||||
Warrants | — | a | — | — | — | |||||||||||
Repurchase Agreements | — | 4,362,235 | — | 4,362,235 | ||||||||||||
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Total | $ | 49,000,522 | $ | 4,362,235 | $ | — | $ | 53,362,757 | ||||||||
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(a) | Represents less than $1. |
See Notes to Portfolios of Investments
April 30, 2012 / ANNUAL REPORT
Table of Contents
75 |
NOTES TO PORTFOLIOS OF INVESTMENTS
(8) | 7-Day net yield. |
(9) | Affiliated company. See Note 4 in Notes to Financial Statements. |
(12) | Security, or a portion thereof, is on loan. See Note 2 in Notes to Financial Statements. |
* | Non-income producing security. |
** | Represents less than 0.05%. |
The following acronyms are used throughout this report:
ADR – American Depositary Receipt
LP – Limited Partnership
ANNUAL REPORT / April 30, 2012
Table of Contents
76 | STATEMENTS OF ASSETS AND LIABILITIES |
April 30, 2012 | Wilmington Large Cap Growth Fund | Wilmington Large-Cap Strategy Fund | Wilmington Large Cap Value Fund | Wilmington Mid Cap Growth Fund | Wilmington Small Cap Growth Fund | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments, at identified cost | $ | 76,686,662 | $ | 282,020,649 | $ | 125,651,050 | $ | 238,611,803 | $ | 161,064,180 | ||||||||||
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Investments in securities, at value (Including securities on loan) (Note 2) | $ | 97,539,268 | $ | 377,843,413 | (a) | $ | 142,666,148 | (a) | $ | 307,903,070 | (a) | $ | 174,318,855 | (a) | ||||||
Cash | 2,138,024 | 125,529 | — | — | — | |||||||||||||||
Income receivable | 54,965 | 334,870 | 86,727 | 98,910 | 21,782 | |||||||||||||||
Receivable for shares sold | 65,345 | 14,640 | 73,296 | 403,026 | 69,974 | |||||||||||||||
Receivable for investments sold | 2,083,847 | — | 1,658,182 | 747,733 | 1,131,253 | |||||||||||||||
Other assets | 2,132 | 14,230 | 2,458 | 4,874 | 1,674 | |||||||||||||||
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TOTAL ASSETS | 101,883,581 | 378,332,682 | 144,486,811 | 309,157,613 | 175,543,538 | |||||||||||||||
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LIABILITIES: | ||||||||||||||||||||
Payable for investments purchased | 2,625,635 | — | 957,133 | 1,235,670 | 1,167,521 | |||||||||||||||
Collateral for securities on loan | 1,763,138 | 3,167,872 | 1,640,497 | 14,043,738 | 10,436,413 | |||||||||||||||
Payable for shares redeemed | 137,185 | 93,558 | 122,313 | 158,227 | 94,812 | |||||||||||||||
Payable for Trustees’ fees | 1,524 | 1,096 | 1,575 | 1,290 | 785 | |||||||||||||||
Payable for distribution services fee | 8,954 | 9 | 5,295 | 26,850 | 14,453 | |||||||||||||||
Payable for shareholder services fee | 16,494 | 70 | 32,602 | 55,936 | 33,775 | |||||||||||||||
Other accrued expenses | 87,677 | 142,237 | 134,300 | 109,659 | 121,160 | |||||||||||||||
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TOTAL LIABILITIES | 4,640,607 | 3,404,842 | 2,893,715 | 15,631,370 | 11,868,919 | |||||||||||||||
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NET ASSETS | $ | 97,242,974 | $ | 374,927,840 | $ | 141,593,096 | $ | 293,526,243 | $ | 163,674,619 | ||||||||||
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NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in capital | $ | 88,628,933 | $ | 337,504,604 | $ | 144,896,907 | $ | 236,671,298 | $ | 180,302,422 | ||||||||||
Undistributed (distributions in excess of) net investment income | 84,980 | 490,455 | — | (405,325 | ) | — | ||||||||||||||
Accumulated net realized gain (loss) on investments | (12,323,545 | ) | (58,889,983 | ) | (20,318,909 | ) | (12,030,997 | ) | (29,882,478 | ) | ||||||||||
Net unrealized appreciation (depreciation) of investments | 20,852,606 | 95,822,764 | 17,015,098 | 69,291,267 | 13,254,675 | |||||||||||||||
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TOTAL NET ASSETS | $ | 97,242,974 | $ | 374,927,840 | $ | 141,593,096 | $ | 293,526,243 | $ | 163,674,619 | ||||||||||
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COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||||||
A Shares | ||||||||||||||||||||
Net Assets | $ | 18,737,802 | $ | 25,102 | $ | 6,037,595 | $ | 60,666,465 | $ | 38,439,458 | ||||||||||
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Shares outstanding (unlimited shares authorized) | 2,089,986 | 1,955 | 569,044 | 3,988,713 | 2,312,994 | |||||||||||||||
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Net Asset Value per share | $ | 8.97 | $ | 12.84 | $ | 10.61 | $ | 15.21 | $ | 16.62 | ||||||||||
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Offering price per share * | $ | 9.49 | ** | $ | 13.59 | ** | $ | 11.23 | ** | $ | 16.10 | ** | $ | 17.59 | ** | |||||
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| |||||||||||
C Shares | ||||||||||||||||||||
Net Assets | $ | — | $ | — | $ | — | $ | — | $ | 271,098 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | — | — | — | — | 16,920 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | — | $ | — | $ | — | $ | — | $ | 16.02 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
I Shares | ||||||||||||||||||||
Net Assets | $ | 78,505,172 | $ | 374,902,738 | $ | 135,555,501 | $ | 232,859,778 | $ | 124,964,063 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | 8,704,530 | 29,202,645 | 12,724,729 | 14,933,402 | 7,280,213 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | 9.02 | $ | 12.84 | $ | 10.65 | $ | 15.59 | $ | 17.16 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Includes $190,657, $1,988,206, $3,796,553 and $94,563 of investments in affiliated issuers, respectively. |
* | See “What do Shares Cost?” in the Prospectus. |
** | Computation of offering price per share 100/94.50 of net asset value. |
(Statements of Assets and Liabilities continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES (concluded) | 77 |
April 30, 2012 | Wilmington Small-Cap Strategy Fund | |||
ASSETS: | ||||
Investments, at identified cost | $ | 34,858,678 | ||
|
| |||
Investments in securities, at value (Including securities on loan) | $ | 53,362,757 | ||
Cash | 33,241 | |||
Income receivable | 31,606 | |||
Receivable for shares sold | 593 | |||
Receivable for investments sold | 115,099 | |||
Other assets | 7,165 | |||
|
| |||
TOTAL ASSETS | 53,550,461 | |||
|
|
| ||
LIABILITIES: | ||||
Collateral for securities on loan | 4,362,235 | |||
Payable for shares redeemed | 88,095 | |||
Payable for shareholder services fee | 29 | |||
Other accrued expenses | 125,819 | |||
|
| |||
TOTAL LIABILITIES | 4,576,178 | |||
|
|
| ||
NET ASSETS | $ | 48,974,283 | ||
|
|
| ||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 50,440,797 | ||
Undistributed (distributions in excess of) net investment income | 21,273 | |||
Accumulated net realized gain (loss) on investments | (19,991,866 | ) | ||
Net unrealized appreciation (depreciation) of investments | 18,504,079 | |||
|
| |||
TOTAL NET ASSETS | $ | 48,974,283 | ||
|
|
| ||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||
I Shares | ||||
Net Assets | $ | 48,974,283 | ||
|
| |||
Shares outstanding (unlimited shares authorized) | 4,625,986 | |||
|
| |||
Net Asset Value per share | $ | 10.59 | ||
|
|
ANNUAL REPORT / April 30, 2012
Table of Contents
78 | STATEMENTS OF OPERATIONS |
Wilmington Large-Cap Strategy Fund | ||||||||||||||||||||
Year Ended April 30, 2012 | Wilmington | Ten Months Ended |
June 30, | Wilmington Large Cap Value Fund | Wilmington Mid Cap Growth Fund | |||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends | $ | 1,411,121 | (a)(b) | $ | 6,322,954 | (a)(b) | $ | 7,406,288 | (b) | $ | 2,875,546 | (a)(b) | $ | 1,623,626 | (a)(b) | |||||
Interest | 3,074 | 1,275 | 31,150 | 13,334 | 6,883 | |||||||||||||||
Security lending | 29,916 | 72,705 | 84,291 | 13,850 | 184,688 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL INVESTMENT INCOME | 1,444,111 | 6,396,934 | 7,521,729 | 2,902,730 | 1,815,197 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fee | 1,002,693 | 1,639,768 | 1,910,094 | 1,096,324 | 2,027,538 | |||||||||||||||
Administrative personnel and services fee | 32,843 | 63,983 | 61,560 | 43,527 | 65,832 | |||||||||||||||
Portfolio accounting, administration and custodian fees | 50,043 | 257,690 | 310,846 | 61,236 | 91,788 | |||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 156,484 | 126,497 | 125,202 | 114,314 | 209,795 | |||||||||||||||
Trustees’ fees | 20,199 | 28,750 | 34,750 | 20,199 | 20,198 | |||||||||||||||
Professional fees | 34,956 | 67,734 | 78,276 | 36,291 | 61,300 | |||||||||||||||
Distribution services fee—A Shares | 47,921 | 49 | 51 | 15,270 | 146,212 | |||||||||||||||
Shareholder services fee—A Shares | 47,921 | 9 | — | 15,270 | 146,212 | |||||||||||||||
Shareholder services fee—I Shares | 246,988 | 129,137 | — | 376,274 | 450,123 | |||||||||||||||
Share registration costs | 26,224 | 26,417 | 29,255 | 17,442 | 29,329 | |||||||||||||||
Printing and postage | 16,318 | 34,440 | 26,770 | 21,946 | 26,698 | |||||||||||||||
Compliance services | — | 8,402 | 12,210 | — | — | |||||||||||||||
Miscellaneous | 24,387 | 45,920 | 39,675 | 28,985 | 31,543 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL EXPENSES | 1,706,977 | 2,428,796 | 2,628,689 | 1,847,078 | 3,306,568 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||||||
Waiver/reimbursement by investment advisor | (147,586 | ) | (1,472,098 | ) | (1,673,590 | ) | (5,635 | ) | (278,820 | ) | ||||||||||
Waiver of shareholder services fee—A Shares | (19,364 | ) | (9 | ) | — | (7,223 | ) | (123,564 | ) | |||||||||||
Waiver of shareholder services fee—I Shares | (234,628 | ) | (129,137 | ) | — | (237,490 | ) | (260,689 | ) | |||||||||||
Reimbursement of transfer and dividend disbursing agent fees and expenses by Administrator | (17,083 | ) | — | — | (11,174 | ) | (19,130 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (418,661 | ) | (1,601,244 | ) | (1,673,590 | ) | (261,522 | ) | (682,203 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net expenses | 1,288,316 | 827,552 | 955,099 | 1,585,556 | 2,624,365 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income (loss) | 155,795 | 5,569,382 | 6,566,630 | 1,317,174 | (809,168 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain on investments | 13,226,789 | 8,077,638 | 2,692,000 | 4,135,082 | 25,609,997 | |||||||||||||||
Net realized gain (loss) on foreign currencies transactions | — | — | — | (35 | ) | — | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (22,434,916 | ) | 13,862,545 | 78,156,513 | (19,012,573 | ) | (27,883,636 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (9,208,127 | ) | 21,940,183 | 80,848,513 | (14,877,526 | ) | (2,273,639 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from operations | $ | (9,052,332 | ) | $ | 27,509,565 | $ | 87,415,143 | $ | (13,560,352 | ) | $ | (3,082,807 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
(a) | Includes $367, $2,961, $912 and $1,577 received from affiliated issuers, respectively. |
(b) | Net foreign taxes withheld of $987, $759, $2,268, $79,717 and $4,447, respectively. |
(c) | Year end changed from June 30 to April 30. |
(Statements of Operations continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF OPERATIONS (concluded) | 79 |
Wilmington Small-Cap Strategy Fund | ||||||||||||
Year Ended April 30, 2012 | Wilmington Small Cap Growth Fund | Ten Months Ended |
June 30, | |||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends | $ | 1,060,443 | (a)(b) | $ | 718,796 | (b) | $ | 1,437,612 | (b) | |||
Interest | 563 | 38 | 7,345 | |||||||||
Security lending | 460,039 | 159,126 | 199,896 | |||||||||
|
|
|
|
|
| |||||||
TOTAL INVESTMENT INCOME | 1,521,045 | 877,960 | 1,644,853 | |||||||||
|
|
|
|
|
|
| ||||||
EXPENSES: | ||||||||||||
Investment advisory fee | 1,426,651 | 340,835 | 634,271 | |||||||||
Administrative personnel and services fee | 46,552 | 10,563 | 18,588 | |||||||||
Portfolio accounting, administration and custodian fees | 88,415 | 129,376 | 180,902 | |||||||||
Transfer and dividend disbursing agent fees and expenses | 208,689 | 58,522 | 78,348 | |||||||||
Trustees’ fees | 20,199 | 19,083 | 34,750 | |||||||||
Professional fees | 38,323 | 50,944 | 63,304 | |||||||||
Distribution services fee—A Shares | 98,047 | — | — | |||||||||
Distribution services fee—C Shares | 2,104 | — | — | |||||||||
Shareholder services fee—A Shares | 98,047 | — | — | |||||||||
Shareholder services fee—C Shares | 701 | — | — | |||||||||
Shareholder services fee—I Shares | 320,855 | 17,085 | — | |||||||||
Share registration costs | 31,068 | 25,264 | 37,908 | |||||||||
Printing and postage | 25,633 | 33,773 | 24,579 | |||||||||
Compliance services | — | 8,429 | 11,585 | |||||||||
Miscellaneous | 29,766 | 22,730 | 18,550 | |||||||||
|
|
|
|
|
| |||||||
TOTAL EXPENSES | 2,435,050 | 716,604 | 1,102,785 | |||||||||
|
|
|
|
|
|
| ||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||
Waiver/reimbursement by investment advisor | (30,192 | ) | (545,039 | ) | (814,480 | ) | ||||||
Waiver of distribution services fee—C Shares | (1,150 | ) | — | — | ||||||||
Waiver of shareholder services fee—A Shares | (67,453 | ) | — | — | ||||||||
Waiver of shareholder services fee—C Shares | (618 | ) | — | — | ||||||||
Waiver of shareholder services fee—I Shares | (193,434 | ) | (17,085 | ) | — | |||||||
Reimbursement of transfer and dividend disbursing agent fees and expenses by Administrator | (21,179 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (314,026 | ) | (562,124 | ) | (814,480 | ) | ||||||
|
|
|
|
|
|
| ||||||
Net expenses | 2,121,024 | 154,480 | 288,305 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | (599,979 | ) | 723,480 | 1,356,548 | ||||||||
|
|
|
|
|
| |||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on investments | 9,032,648 | (1,998,866 | ) | 5,092,724 | ||||||||
Net realized gain on foreign currencies transactions | 172 | — | — | |||||||||
Net change in unrealized appreciation (depreciation) of investments | (25,481,130 | ) | (11,912,058 | ) | 27,454,374 | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (16,448,310 | ) | (13,910,924 | ) | 32,547,098 | |||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | (17,048,289 | ) | $ | (13,187,444 | ) | $ | 33,903,646 | ||||
|
|
|
|
|
|
(a) | Includes $548 received from affiliated issuers. |
(b) | Net foreign taxes withheld of $3,110, $680 and $182, respectively. |
(c) | Year end changed from June 30 to April 30. |
ANNUAL REPORT / April 30, 2012
Table of Contents
80 | STATEMENTS OF CHANGES IN NET ASSETS |
Wilmington Large Cap Growth Fund | Wilmington Large-Cap Strategy Fund | |||||||||||||||||||
Year Ended April 30, | Year Ended April 30, | Ten Months Ended April 30, | Year Ended June 30, | Year Ended June 30, | ||||||||||||||||
OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) | $ | 155,795 | $ | 233,586 | $ | 5,569,382 | $ | 6,566,630 | $ | 1,425,025 | ||||||||||
Net realized gain (loss) on investments | 13,226,789 | 11,314,715 | 8,077,638 | 2,692,000 | 23,010,247 | |||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (22,434,916 | ) | 10,711,107 | 13,862,545 | 78,156,513 | (7,987,384 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from operations | (9,052,332 | ) | 22,259,408 | 27,509,565 | 87,415,143 | 16,447,888 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||
A Shares | — | (13,982 | ) | (267 | ) | (286 | ) | (85 | ) | |||||||||||
I Shares | (70,815 | ) | (221,160 | ) | (5,372,840 | ) | (6,299,693 | ) | (1,560,040 | ) | ||||||||||
Distributions from net realized gain on investments | ||||||||||||||||||||
A Shares | (308,531 | ) | — | — | — | — | ||||||||||||||
I Shares | (1,546,450 | ) | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from distributions to shareholders | (1,925,796 | ) | (235,142 | ) | (5,373,107 | ) | (6,299,979 | ) | (1,560,125 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||
A Shares | 266,102 | 6,576,699 | — | 24,341 | — | |||||||||||||||
B Shares | — | 500 | — | — | — | |||||||||||||||
I Shares | 19,200,047 | 23,766,712 | 65,074,652 | 315,538,826 | 48,599,841 | |||||||||||||||
Distributions reinvested | ||||||||||||||||||||
A Shares | 300,789 | 13,683 | 267 | 236 | 85 | |||||||||||||||
I Shares | 1,407,752 | 124,444 | 1,858,419 | 2,303,175 | 964,330 | |||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||
A Shares | (3,122,802 | ) | (3,264,112 | ) | (4,333 | ) | (2,088 | ) | (32,511 | ) | ||||||||||
B Shares | — | (6,534,972 | ) | — | — | — | ||||||||||||||
I Shares | (55,868,242 | ) | (40,789,784 | ) | (143,632,690 | ) | (87,589,025 | ) | (78,037,546 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from share transactions | (37,816,354 | ) | (20,106,830 | ) | (76,703,685 | ) | 230,275,465 | (28,505,801 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets | (48,794,482 | ) | 1,917,436 | (54,567,227 | ) | 311,390,629 | (13,618,038 | ) | ||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of period | 146,037,456 | 144,120,020 | 429,495,067 | 118,104,438 | 131,722,476 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
End of period | $ | 97,242,974 | $ | 146,037,456 | $ | 374,927,840 | $ | 429,495,067 | $ | 118,104,438 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | 84,980 | $ | — | $ | 490,455 | $ | 305,380 | $ | 38,705 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||
Shares sold | ||||||||||||||||||||
A Shares | 30,904 | 215,355 | — | 2,320 | — | |||||||||||||||
B Shares | — | 75 | — | — | — | |||||||||||||||
I Shares | 2,296,957 | 2,861,704 | 5,878,354 | 30,273,313 | 4,910,967 | |||||||||||||||
Distributions reinvested | ||||||||||||||||||||
A Shares | 37,505 | 1,593 | 23 | 20 | 8 | |||||||||||||||
I Shares | 174,874 | 14,470 | 161,249 | 203,829 | 95,120 | |||||||||||||||
Shares redeemed | ||||||||||||||||||||
A Shares | (368,225 | ) | (397,777 | ) | (408 | ) | (213 | ) | (3,311 | ) | ||||||||||
B Shares | — | (230,389 | ) | — | — | — | ||||||||||||||
I Shares | (6,653,843 | ) | (5,022,075 | ) | (12,239,104 | ) | (7,651,566 | ) | (7,727,637 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change resulting from share transactions | (4,481,828 | ) | (2,557,044 | ) | (6,199,886 | ) | 22,827,703 | (2,724,853 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Year end changed from June 30 to April 30. |
(Statements of Changes in Net Assets continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) | 81 |
Wilmington Large Cap Value Fund | Wilmington Mid Cap Growth Fund | |||||||||||||||
Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 1,317,174 | $ | 750,854 | $ | (809,168 | ) | $ | (1,150,181 | ) | ||||||
Net realized gain (loss) on investments | 4,135,047 | (59,270 | ) | 25,609,997 | 12,536,371 | |||||||||||
Net change in unrealized appreciation (depreciation) of investments | (19,012,573 | ) | 25,862,574 | (27,883,636 | ) | 47,678,280 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (13,560,352 | ) | 26,554,158 | (3,082,807 | ) | 59,064,470 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Distributions from net investment income | ||||||||||||||||
A Shares | (36,426 | ) | (17,842 | ) | — | — | ||||||||||
I Shares | (1,319,431 | ) | (747,636 | ) | — | — | ||||||||||
Distributions from net realized gain on investments | ||||||||||||||||
A Shares | — | — | (2,661,286 | ) | — | |||||||||||
I Shares | — | — | (7,928,225 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from distributions to shareholders | (1,355,857 | ) | (765,478 | ) | (10,589,511 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||
A Shares | 282,370 | 1,203,185 | 8,152,799 | 21,393,078 | ||||||||||||
B Shares | — | — | — | 6,446 | ||||||||||||
I Shares | 42,352,416 | 29,753,802 | 89,824,533 | 29,097,557 | ||||||||||||
Distributions reinvested | ||||||||||||||||
A Shares | 35,523 | 17,487 | 2,500,128 | — | ||||||||||||
I Shares | 842,966 | 424,331 | 7,366,210 | — | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
A Shares | (1,015,899 | ) | (1,240,426 | ) | (9,489,591 | ) | (7,811,052 | ) | ||||||||
B Shares | — | (1,158,768 | ) | — | (6,225,606 | ) | ||||||||||
I Shares | (68,742,638 | ) | (35,939,918 | ) | (41,530,266 | ) | (31,290,228 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from share transactions | (26,245,262 | ) | (6,940,307 | ) | 56,823,813 | 5,170,195 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets | (41,161,471 | ) | 18,848,373 | 43,151,495 | 64,234,665 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 182,754,567 | 163,906,194 | 250,374,748 | 186,140,083 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 141,593,096 | $ | 182,754,567 | $ | 293,526,243 | $ | 250,374,748 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment | $ | — | $ | — | $ | (405,325 | ) | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||
Shares sold | ||||||||||||||||
A Shares | 27,134 | 90,802 | 552,347 | 1,166,263 | ||||||||||||
B Shares | — | — | — | 579 | ||||||||||||
I Shares | 4,216,455 | 2,926,450 | 5,962,713 | 2,066,931 | ||||||||||||
Distributions reinvested | ||||||||||||||||
A Shares | 3,484 | 1,831 | 181,037 | — | ||||||||||||
I Shares | 82,892 | 43,773 | 520,580 | — | ||||||||||||
Shares redeemed | ||||||||||||||||
A Shares | (99,446 | ) | (125,283 | ) | (641,122 | ) | (572,968 | ) | ||||||||
B Shares | — | (88,360 | ) | — | (183,016 | ) | ||||||||||
I Shares | (6,814,920 | ) | (3,559,450 | ) | (2,847,066 | ) | (2,270,245 | ) | ||||||||
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| |||||||||
Net change resulting from share transactions | (2,584,401 | ) | (710,237 | ) | 3,728,489 | 207,544 | ||||||||||
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(Statements of Changes in Net Assets continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
82 | STATEMENTS OF CHANGES IN NET ASSETS (concluded) |
Wilmington Small Cap Growth Fund | Wilmington Small-Cap Strategy Fund | |||||||||||||||||||
Year Ended April 30, | Year Ended April 30, | Ten Months Ended April 30, | Year Ended June 30, | Year Ended June 30, | ||||||||||||||||
OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) | $ | (599,979 | ) | $ | (1,445,284 | ) | $ | 723,480 | $ | 1,356,548 | $ | 840,508 | ||||||||
Net realized gain (loss) on investments | 9,032,820 | 34,213,430 | (1,998,866 | ) | 5,092,724 | 8,094,073 | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (25,481,130 | ) | 8,700,840 | (11,912,058 | ) | 27,454,374 | (971,330 | ) | ||||||||||||
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Change in net assets resulting from operations | (17,048,289 | ) | 41,468,986 | (13,187,444 | ) | 33,903,646 | 7,963,251 | |||||||||||||
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DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||
A Shares | — | — | — | — | (21 | ) | ||||||||||||||
I Shares | — | — | (884,546 | ) | (1,230,775 | ) | (789,122 | ) | ||||||||||||
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Change in net assets resulting from distributions to shareholders | — | — | (884,546 | ) | (1,230,775 | ) | (789,143 | ) | ||||||||||||
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SHARE TRANSACTIONS: | ||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||
A Shares | 1,063,682 | 3,990,977 | — | — | — | |||||||||||||||
B Shares | — | 24,356 | — | — | — | |||||||||||||||
C Shares | — | 13,000 | — | — | — | |||||||||||||||
I Shares | 21,997,629 | 20,168,821 | 7,510,526 | 54,102,863 | 76,189,843 | |||||||||||||||
Distributions reinvested | ||||||||||||||||||||
A Shares | — | — | — | — | 21 | |||||||||||||||
I Shares | — | — | 186,726 | 237,390 | 282,775 | |||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||
A Shares | (6,178,700 | ) | (6,568,603 | ) | — | — | (15,779 | ) | ||||||||||||
B Shares | — | (2,640,289 | ) | — | — | — | ||||||||||||||
C Shares | (51,523 | ) | (48,517 | ) | — | — | — | |||||||||||||
I Shares | (32,909,077 | ) | (33,663,914 | ) | (72,618,596 | ) | (58,102,865 | ) | (47,525,051 | ) | ||||||||||
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Change in net assets resulting from share transactions | (16,077,989 | ) | (18,724,169 | ) | (64,921,344 | ) | (3,762,612 | ) | 28,931,809 | |||||||||||
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Change in net assets | (33,126,278 | ) | 22,744,817 | (78,993,334 | ) | 28,910,259 | 36,105,917 | |||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of year | 196,800,897 | 174,056,080 | 127,967,617 | 99,057,358 | 62,951,441 | |||||||||||||||
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End of year | $ | 163,674,619 | $ | 196,800,897 | $ | 48,974,283 | $ | 127,967,617 | $ | 99,057,358 | ||||||||||
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Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | — | $ | — | $ | 21,273 | $ | 205,306 | $ | 87,570 | ||||||||||
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SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||
Shares sold | ||||||||||||||||||||
A Shares | 67,626 | 217,604 | — | — | — | |||||||||||||||
B Shares | — | 1,637 | — | — | — | |||||||||||||||
C Shares | — | 767 | — | — | — | |||||||||||||||
I Shares | 1,378,910 | 1,331,899 | 787,693 | 5,901,118 | 8,841,740 | |||||||||||||||
Distributions reinvested | ||||||||||||||||||||
A Shares | — | — | — | — | 2 | |||||||||||||||
I Shares | — | — | 19,935 | 24,537 | 34,953 | |||||||||||||||
Shares redeemed | ||||||||||||||||||||
A Shares | (385,128 | ) | (438,135 | ) | — | — | (2,010 | ) | ||||||||||||
B Shares | — | (148,718 | ) | — | — | — | ||||||||||||||
C Shares | (3,393 | ) | (3,741 | ) | — | — | — | |||||||||||||
I Shares | (2,017,597 | ) | (2,177,036 | ) | (8,141,855 | ) | (6,505,328 | ) | (5,916,246 | ) | ||||||||||
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Net change resulting from share transactions | (959,582 | ) | (1,215,723 | ) | (7,334,227 | ) | (579,673 | ) | 2,958,439 | |||||||||||
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(a) | Year end changed from June 30 to April 30. |
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS | 83 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON LARGE CAP GROWTH FUND | ||||||||||||||||||||
A SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $ 9.54 | $ 8.09 | $5.80 | $ 8.75 | $ 9.29 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(c) | (0.02 | ) | (0.05 | ) | 0.00 | (d) | (0.01 | ) | 0.00 | (d) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.41 | ) | 1.51 | 2.29 | (2.93 | ) | (0.27 | ) | ||||||||||||
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| |||||||||||||||||||
Total Income (Loss) From Operations | (0.43 | ) | 1.46 | 2.29 | (2.94 | ) | (0.27 | ) | ||||||||||||
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| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | — | (0.01 | ) | (0.00 | )(d) | (0.01 | ) | (0.02 | ) | |||||||||||
Net Realized Gains | (0.14 | ) | — | — | — | (0.25 | ) | |||||||||||||
Return of Capital | — | — | — | — | (0.00 | )(d) | ||||||||||||||
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Total Distributions | (0.14 | ) | (0.01 | ) | — | (0.01 | ) | (0.27 | ) | |||||||||||
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| |||||||||||||||||||
Net Asset Value, End of Period | $ 8.97 | $ 9.54 | $ 8.09 | $ 5.80 | $ 8.75 | |||||||||||||||
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| |||||||||||||||||||
Total Return(a) | (4.36 | )% | 18.00 | % | 39.52 | % | (33.56 | )% | (3.09 | )% | ||||||||||
Net Assets, End of Period (000’s) | $18,738 | $22,790 | $20,790 | $15,714 | $1,858 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.66 | % | 1.66 | % | 1.64 | % | 1.53 | % | 1.63 | % | ||||||||||
Net Expenses(b) | 1.42 | % | 1.42 | % | 1.29 | % | 1.23 | % | 1.31 | % | ||||||||||
Net Investment Income (Loss) | (0.20 | )% | (0.58 | )% | (0.06 | )% | (0.16 | )% | 0.05 | % | ||||||||||
Portfolio Turnover Rate | 83 | % | 61 | % | 83 | % | 138 | % | 76 | % | ||||||||||
I SHARES(f) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $ 9.56 | $ 8.09 | $ 5.80 | $ 8.75 | $ 9.28 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.02 | 0.02 | 0.01 | 0.02 | 0.01 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.41 | ) | 1.47 | 2.29 | (2.95 | ) | (0.27 | ) | ||||||||||||
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Total Income (Loss) From Operations | (0.39 | ) | 1.49 | 2.30 | (2.93 | ) | (0.26 | ) | ||||||||||||
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Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||||
Net Realized Gains | (0.14 | ) | — | — | — | (0.25 | ) | |||||||||||||
Return of Capital | — | — | — | — | (0.00 | )(d) | ||||||||||||||
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| |||||||||||||||||||
Total Distributions | (0.15 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.27 | ) | ||||||||||
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Net Asset Value, End of Period | $ 9.02 | $ 9.56 | $ 8.09 | $ 5.80 | $ 8.75 | |||||||||||||||
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Total Return(a) | (3.96 | )% | 18.40 | % | 39.72 | % | (33.47 | )% | (2.97 | )% | ||||||||||
Net Assets, End of Period (000’s) | $78,505 | $123,247 | $121,608 | $92,658 | $69,988 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.41 | % | 1.41 | % | 1.39 | % | 1.36 | % | 1.38 | % | ||||||||||
Net Expenses(b) | 1.03 | % | 1.03 | % | 1.10 | % | 1.13 | % | 1.17 | % | ||||||||||
Net Investment Income | 0.20 | % | 0.25 | % | 0.14 | % | 0.30 | % | 0.16 | % | ||||||||||
Portfolio Turnover Rate | 83 | % | 61 | % | 83 | % | 138 | % | 76 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Represents less than $0.01. |
(e) | Formerly Class A Shares. |
(f) | Formerly Institutional I Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
84 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout the period:
WILMINGTON LARGE-CAP STRATEGY FUND† | ||||||||||||||||||||||||
A SHARES(e) | For the period July 1, 2011 through April 30, 2012* | Year ended June 30, 2011 | Year ended June 30, 2010 | Year ended June 30, 2009 | Year ended June 30, 2008 | Year ended June 30, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ 12.13 | $ 9.45 | $ 8.61 | $ 12.28 | $ 14.41 | $12.33 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | 0.14 | 0.16 | 0.07 | 0.10 | 0.05 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.71 | 2.64 | 0.85 | (3.68 | ) | (1.56 | ) | 2.18 | ||||||||||||||||
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Total Income (Loss) From Operations | 0.85 | 2.80 | 0.92 | (3.58 | ) | (1.51 | ) | 2.24 | ||||||||||||||||
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Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.14 | ) | (0.12 | ) | (0.08 | ) | (0.09 | ) | (0.07 | ) | (0.06 | ) | ||||||||||||
Net Realized gains | — | — | — | — | (0.55 | ) | (0.10 | ) | ||||||||||||||||
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Total Distributions | (0.14 | ) | (0.12 | ) | (0.08 | ) | (0.09 | ) | (0.62 | ) | (0.16 | ) | ||||||||||||
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Net Asset Value, End of Period | $ 12.84 | $12.13 | $ 9.45 | $ 8.61 | $ 12.28 | $14.41 | ||||||||||||||||||
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Total Return(a) | 7.12 | % | 30.00 | % | 10.36 | % | (29.11 | )% | (10.98 | )% | 18.26 | % | ||||||||||||
Net Assets, End of Period (000's) | $25 | $28 | $2 | $30 | $41 | $12 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 0.99 | %(d) | 0.92 | % | 1.32 | % | 1.43 | % | 1.30 | % | 1.18 | % | ||||||||||||
Net Expenses(b) | 0.50 | %(d) | 0.50 | % | 1.18 | % | 1.25 | % | 1.18 | % | 1.11 | % | ||||||||||||
Net Investment Income | 1.43 | %(d) | 1.40 | % | 0.70 | % | 1.10 | % | 0.39 | % | 0.47 | % | ||||||||||||
Portfolio Turnover Rate | 19 | % | 39 | % | 160 | % | 224 | % | 127 | % | 96 | % | ||||||||||||
I SHARES(f) | For the period | Year ended June 30, 2011 | Year ended June 30, 2010 | Year ended June 30, 2009 | Year ended June 30, 2008 | Year ended June 30, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ 12.13 | $ 9.39 | $ 8.61 | $ 12.28 | $ 14.40 | $12.33 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | 0.16 | 0.20 | 0.10 | 0.12 | 0.09 | 0.10 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.71 | 2.72 | 0.79 | (3.68 | ) | (1.57 | ) | 2.16 | ||||||||||||||||
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Total Income (Loss) From Operations | 0.87 | 2.92 | 0.89 | (3.56 | ) | (1.48 | ) | 2.26 | ||||||||||||||||
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Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.16 | ) | (0.18 | ) | (0.11 | ) | (0.11 | ) | (0.09 | ) | (0.09 | ) | ||||||||||||
Net Realized gains | — | — | — | — | (0.55 | ) | (0.10 | ) | ||||||||||||||||
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Total Distributions | (0.16 | ) | (0.18 | ) | (0.11 | ) | (0.11 | ) | (0.64 | ) | (0.19 | ) | ||||||||||||
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Net Asset Value, End of Period | $ 12.84 | $12.13 | $ 9.39 | $ 8.61 | $ 12.28 | $14.40 | ||||||||||||||||||
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Total Return(a) | 7.32 | % | 31.24 | % | 10.28 | % | (28.94 | )% | (10.75 | )% | 18.45 | % | ||||||||||||
Net Assets, End of Period (000's) | $374,903 | $429,467 | $118,102 | $131,692 | $242,391 | $252,756 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 0.74 | %(d) | 0.69 | % | 1.01 | % | 1.18 | % | 1.00 | % | 0.93 | % | ||||||||||||
Net Expenses(b) | 0.25 | %(d) | 0.25 | % | 0.93 | % | 1.00 | % | 0.93 | % | 0.86 | % | ||||||||||||
Net Investment Income | 1.70 | %(d) | 1.72 | % | 0.99 | % | 1.27 | % | 0.67 | % | 0.72 | % | ||||||||||||
Portfolio Turnover Rate | 19 | % | 39 | % | 160 | % | 224 | % | 127 | % | 96 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Annualized for periods less than one year. |
(e) | Formerly Class A Shares. |
(f) | Formerly Institutional Shares. |
† | Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Large-Cap Strategy Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Prior to March 9, 2012, the Fund’s fiscal year end was June 30. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (continued) | 85 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON LARGE CAP VALUE FUND | ||||||||||||||||||||
A SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $11.47 | $ 9.85 | $ 7.03 | $11.32 | $13.41 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.06 | 0.01 | 0.04 | 0.19 | 0.12 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.86 | ) | 1.64 | 2.83 | (4.30 | ) | (1.35 | ) | ||||||||||||
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Total Income (Loss) From Operations | (0.80 | ) | 1.65 | 2.87 | (4.11 | ) | (1.23 | ) | ||||||||||||
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Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.06 | ) | (0.03 | ) | (0.05 | ) | (0.15 | ) | (0.12 | ) | ||||||||||
Return of Capital | — | — | (0.00 | )(d) | — | — | ||||||||||||||
Net Realized Gains | — | — | — | (0.03 | ) | (0.74 | ) | |||||||||||||
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Total Distributions | (0.06 | ) | (0.03 | ) | (0.05 | ) | (0.18 | ) | (0.86 | ) | ||||||||||
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Net Asset Value, End of Period | $10.61 | $11.47 | $ 9.85 | $ 7.03 | $11.32 | |||||||||||||||
|
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Total Return(a) | (6.94 | )% | 16.79 | % | 41.02 | % | (36.53 | )% | (9.56 | )% | ||||||||||
Net Assets, End of Period (000’s) | $6,038 | $7,315 | $6,606 | $5,027 | $40,021 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.42 | % | 1.43 | % | 1.42 | % | 1.34 | % | 1.31 | % | ||||||||||
Net Expenses(b) | 1.29 | % | 1.31 | % | 1.15 | % | 0.53 | % | 1.03 | % | ||||||||||
Net Investment Income | 0.56 | % | 0.09 | % | 0.41 | % | 2.30 | % | 0.93 | % | ||||||||||
Portfolio Turnover Rate | 37 | % | 26 | % | 29 | % | 34 | % | 17 | % | ||||||||||
I SHARES(f) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $11.51 | $ 9.88 | $ 7.05 | $11.34 | $13.41 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(c) | 0.09 | 0.05 | 0.05 | 0.13 | 0.13 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.86 | ) | 1.63 | 2.84 | (4.26 | ) | (1.34 | ) | ||||||||||||
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Total Income (Loss) From Operations | (0.77 | ) | 1.68 | 2.89 | (4.13 | ) | (1.21 | ) | ||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.09 | ) | (0.05 | ) | (0.06 | ) | (0.13 | ) | (0.12 | ) | ||||||||||
Return of Capital | — | — | (0.00 | )(d) | — | — | ||||||||||||||
Net Realized Gains | — | — | — | (0.03 | ) | (0.74 | ) | |||||||||||||
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| |||||||||||||||||||
Total Distributions | (0.09 | ) | (0.05 | ) | (0.06 | ) | (0.16 | ) | (0.86 | ) | ||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $10.65 | $11.51 | $ 9.88 | $ 7.05 | $11.34 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | (6.65 | )% | 17.08 | % | 41.23 | % | (36.62 | )% | (9.42 | )% | ||||||||||
Net Assets, End of Period (000’s) | $135,556 | $175,440 | $156,442 | $117,108 | $121,163 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.17 | % | 1.18 | % | 1.17 | % | 1.13 | % | 1.13 | % | ||||||||||
Net Expenses(b) | 1.00 | % | 1.02 | % | 0.99 | % | 0.96 | % | 0.97 | % | ||||||||||
Net Investment Income | 0.85 | % | 0.48 | % | 0.57 | % | 1.55 | % | 0.99 | % | ||||||||||
Portfolio Turnover Rate | 37 | % | 26 | % | 29 | % | 34 | % | 17 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Represents less than $0.01. |
(e) | Formerly Class A Shares. |
(f) | Formerly Institutional I Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
86 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON MID CAP GROWTH FUND | ||||||||||||||||||||
A SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $16.21 | $12.24 | $ 8.37 | $ 13.43 | $15.05 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(c) | (0.07 | ) | (0.11 | ) | (0.05 | ) | (0.01 | ) | (0.09 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.25 | ) | 4.08 | 3.93 | (4.74 | ) | 0.74 | |||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | (0.32 | ) | 3.97 | 3.88 | (4.75 | ) | 0.65 | |||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | — | — | (0.01 | ) | — | — | ||||||||||||||
Return of Capital | — | — | (0.00 | )(d) | — | — | ||||||||||||||
Net Realized Gains | (0.68 | ) | — | — | (0.31 | ) | (2.27 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.68 | ) | — | (0.01 | ) | (0.31 | ) | (2.27 | ) | |||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $15.21 | $16.21 | $12.24 | $ 8.37 | $13.43 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | (1.55 | )% | 32.43 | % | 46.30 | % | (34.75 | )% | 4.48 | % | ||||||||||
Net Assets, End of Period (000’s) | $60,666 | $63,168 | $40,438 | $19,638 | $6,314 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.57 | % | 1.62 | % | 1.62 | % | 1.59 | % | 1.66 | % | ||||||||||
Net Expenses(b) | 1.24 | % | 1.24 | % | 1.13 | % | 1.08 | % | 1.25 | % | ||||||||||
Net Investment Income (Loss) | (0.47 | )% | (0.85 | )% | (0.51 | )% | (0.10 | )% | (0.60 | )% | ||||||||||
Portfolio Turnover Rate | 44 | % | 34 | % | 56 | % | 90 | % | 58 | % | ||||||||||
I SHARES(f) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $16.57 | $12.49 | $ 8.54 | $ 13.66 | $15.25 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(c) | (0.04 | ) | (0.07 | ) | (0.04 | ) | 0.02 | (0.07 | ) | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.26 | ) | 4.15 | 4.00 | (4.83 | ) | 0.75 | |||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | (0.30 | ) | 4.08 | 3.96 | (4.81 | ) | 0.68 | |||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | — | — | (0.01 | ) | — | — | ||||||||||||||
Return of Capital | — | — | (0.00 | )(d) | — | — | ||||||||||||||
Net Realized Gains | (0.68 | ) | — | — | (0.31 | ) | (2.27 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.68 | ) | — | (0.01 | ) | (0.31 | ) | (2.27 | ) | |||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $15.59 | $16.57 | $12.49 | $ 8.54 | $13.66 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | (1.40 | )% | 32.67 | % | 46.37 | % | (34.60 | )% | 4.63 | % | ||||||||||
Net Assets, End of Period (000’s) | $232,860 | $187,207 | $143,594 | $95,447 | $68,897 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.33 | % | 1.37 | % | 1.36 | % | 1.39 | % | 1.41 | % | ||||||||||
Net Expenses(b) | 1.06 | % | 1.06 | % | 0.96 | % | 0.94 | % | 1.11 | % | ||||||||||
Net Investment Income (Loss) | (0.30 | )% | (0.54 | )% | (0.33 | )% | 0.18 | % | (0.49 | )% | ||||||||||
Portfolio Turnover Rate | 44 | % | 34 | % | 56 | % | 90 | % | 58 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Represents less than $0.01. |
(e) | Formerly Class A Shares. |
(f) | Formerly Institutional I Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (continued) | 87 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SMALL CAP GROWTH FUND | ||||||||||||||||||||
A SHARES(d) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $18.20 | $14.48 | $ 9.99 | $ 15.53 | $19.40 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(c) | (0.08 | ) | (0.21 | ) | (0.12 | ) | (0.06 | ) | (0.17 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (1.50 | ) | 3.93 | 4.61 | (5.48 | ) | (0.65 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | (1.58 | ) | 3.72 | 4.49 | (5.54 | ) | (0.82 | ) | ||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | — | — | — | — | — | |||||||||||||||
Net Realized Gains | — | — | — | — | (3.05 | ) | ||||||||||||||
|
| |||||||||||||||||||
Total Distributions | — | — | — | — | (3.05 | ) | ||||||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $16.62 | $18.20 | $14.48 | $ 9.99 | $15.53 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | (8.68 | )% | 25.69 | % | 44.94 | % | (35.67 | )% | (5.26 | )% | ||||||||||
Net Assets, End of Period (000’s) | $38,439 | $47,884 | $41,276 | $29,935 | $47,294 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.64 | % | 1.67 | % | 1.70 | % | 1.66 | % | 1.62 | % | ||||||||||
Net Expenses(b) | 1.44 | % | 1.45 | % | 1.30 | % | 1.26 | % | 1.31 | % | ||||||||||
Net Investment Income (Loss) | (0.54 | )% | (1.43 | )% | (0.98 | )% | (0.49 | )% | (0.93 | )% | ||||||||||
Portfolio Turnover Rate | 561 | % | 393 | % | 635 | % | 865 | % | 600 | % | ||||||||||
C SHARES(e) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $17.56 | $13.97 | $ 9.61 | $ 14.93 | $18.75 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(c) | (0.09 | ) | (0.15 | ) | (0.09 | ) | (0.05 | ) | (0.15 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (1.45 | ) | 3.74 | 4.45 | (5.27 | ) | (0.63 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | (1.54 | ) | 3.59 | 4.36 | (5.32 | ) | (0.78 | ) | ||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | — | — | — | — | — | |||||||||||||||
Net Realized Gains | — | — | — | — | (3.04 | ) | ||||||||||||||
|
| |||||||||||||||||||
Total Distributions | — | — | — | — | (3.04 | ) | ||||||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $16.02 | $17.56 | $13.97 | $ 9.61 | $14.93 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | (8.77 | )% | 25.79 | % | 45.27 | % | (35.63 | )% | (5.23 | )% | ||||||||||
Net Assets, End of Period (000’s) | $271 | $357 | $325 | $210 | $299 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 2.14 | % | 2.17 | % | 2.20 | % | 2.62 | % | 1.47 | % | ||||||||||
Net Expenses(b) | 1.48 | % | 1.48 | % | 1.09 | % | 1.22 | % | 1.28 | % | ||||||||||
Net Investment Income (Loss) | (0.59 | )% | (1.05 | )% | (0.75 | )% | (0.42 | )% | (0.89 | )% | ||||||||||
Portfolio Turnover Rate | 561 | % | 393 | % | 635 | % | 865 | % | 600 | % |
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
88 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SMALL CAP GROWTH FUND – (continued) | ||||||||||||||||||||
I SHARES(f) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value, Beginning of Period | $18.76 | $14.89 | $10.26 | $15.94 | $19.83 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(c) | (0.05 | ) | (0.12 | ) | (0.10 | ) | (0.05 | ) | (0.15 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (1.55 | ) | 3.99 | 4.73 | (5.63 | ) | (0.67 | ) | ||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | (1.60 | ) | 3.87 | 4.63 | (5.68 | ) | (0.82 | ) | ||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | — | — | — | — | — | |||||||||||||||
Net Realized Gains | — | — | — | — | (3.07 | ) | ||||||||||||||
|
| |||||||||||||||||||
Total Distributions | — | — | — | — | (3.07 | ) | ||||||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Period | $17.16 | $18.76 | $14.89 | $10.26 | $15.94 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(a) | (8.53 | )% | 25.99 | % | 45.13 | % | (35.63 | )% | (5.16 | )% | ||||||||||
Net Assets, End of Period (000’s) | $124,964 | $148,560 | $130,502 | $93,014 | $141,074 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.39 | % | 1.42 | % | 1.45 | % | 1.43 | % | 1.38 | % | ||||||||||
Net Expenses(b) | 1.21 | % | 1.24 | % | 1.17 | % | 1.18 | % | 1.19 | % | ||||||||||
Net Investment Income (Loss) | (0.30 | )% | (0.81 | )% | (0.84 | )% | (0.40 | )% | (0.81 | )% | ||||||||||
Portfolio Turnover Rate | 561 | % | 393 | % | 635 | % | 865 | % | 600 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Formerly Class A Shares. |
(e) | Formerly Class C Shares. |
(f) | Formerly Institutional I Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (concluded) | 89 |
For a share outstanding throughout the period:
WILMINGTON SMALL-CAP STRATEGY FUND† | ||||||||||||||||||||||||
I SHARES(e) | For the period July 1, 2011 through April 30, 2012* | Year ended June 30 2011 | Year ended June 30 2010 | Year ended June 30 2009 | Year ended June 30 2008 | Year ended June 30 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $10.70 | $ 7.90 | $ 6.57 | $ 9.16 | $ 14.11 | $14.20 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | 0.09 | 0.11 | 0.09 | 0.05 | (0.02 | ) | 0.02 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.10 | ) | 2.80 | 1.32 | (2.60 | ) | (2.25 | ) | 1.89 | |||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | (0.01 | ) | 2.91 | 1.41 | (2.55 | ) | (2.27 | ) | 1.91 | |||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.10 | ) | (0.11 | ) | (0.08 | ) | (0.04 | ) | — | (0.01 | ) | |||||||||||||
Net Realized gains | — | — | — | — | (2.68 | ) | (1.99 | ) | ||||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.10 | ) | (0.11 | ) | (0.08 | ) | (0.04 | ) | (2.68 | ) | (2.00 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $10.59 | $10.70 | $ 7.90 | $ 6.57 | $ 9.16 | $14.11 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(a) | 0.06 | % | 36.96 | % | 21.47 | % | (27.72 | )% | (18.13 | )% | 14.42 | % | ||||||||||||
Net Assets, End of Period (000's) | $48,974 | $127,968 | $99,057 | $62,938 | $31,834 | $41,899 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 1.16 | %(d) | 0.96 | % | 1.07 | % | 1.61 | % | 1.92 | % | 1.57 | % | ||||||||||||
Net Expenses(b) | 0.25 | %(d) | 0.25 | % | 0.25 | % | 0.75 | % | 1.25 | % | 1.25 | % | ||||||||||||
Net Investment Income | 1.17 | %(d) | 1.18 | % | 1.14 | % | 0.81 | % | (0.15 | )% | 0.13 | % | ||||||||||||
Portfolio Turnover Rate | 10 | % | 48 | % | 84 | % | 205 | % | 134 | % | 127 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Annualized for periods of less than one year. |
(e) | Formerly Institutional Shares. |
† | Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Small-Cap Strategy Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Prior to March 9, 2012, the Fund’s fiscal year end was June 30. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2012
Table of Contents
90 | NOTES TO FINANCIAL STATEMENTS |
Wilmington Funds
April 30, 2012
1. | ORGANIZATION |
Wilmington Funds (the “Trust”), formerly known as MTB Group of Funds, is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 26 portfolios, 6 of which are presented herein (individually referred to as the “Fund” or collectively as the “Funds”). The remaining 20 funds (1 of which is only made available to variable annuity contracts) are presented in separate reports.
Fund | Investment Goal | |
Wilmington Large Cap Growth Fund (“Large Cap Growth Fund”) formerly MTB Large Cap Growth Fund(d) | The Fund seeks to provide long-term capital appreciation. | |
Wilmington Large-Cap Strategy Fund (“Large-Cap Strategy Fund”)(d) | The Fund’s investment goal is to achieve long-term capital appreciation. | |
Wilmington Large-Cap Value Fund (“Large Cap Value Fund”) formerly MTB Large Cap Value Fund(d) | The Fund seeks to provide long-term capital appreciation and secondarily, current income. | |
Wilmington Mid Cap Growth Fund (“Mid Cap Growth Fund”) formerly MTB Mid Cap Growth Fund(d) | The Fund seeks to provide long-term capital appreciation. | |
Wilmington Small Cap Growth Fund (“Small Cap Growth Fund”) formerly MTB Small Cap Growth Fund(d) | The Fund seeks to provide long-term capital appreciation. | |
Wilmington Small-Cap Strategy Fund (“Small-Cap Strategy Fund”)(d) | The Fund’s investment goal is to achieve long-term capital appreciation. |
(d) | Diversified |
The Trust offers 7 classes of shares: A Shares, C Shares, Service Shares, Select Shares, Administrative Shares, I Shares and Institutional Shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
On April 1, 2011, Class B Shares of the Funds were terminated after the conversion to Class A Shares of the same Fund.
Effective March 9, 2012, the Wilmington Large Cap Strategy Fund and the Wilmington Small Cap Strategy Fund (collectively the “WT Funds”), each a series of WT Mutual Fund, were reorganized into the Trust. For financial reporting purposes, the WT Funds’ financial and performance history prior to the reorganization has been carried forward and is reflected in the Funds’ financial statements and financial highlights. See Note 7 for additional information regarding the reorganization.
The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment Valuation – Fair value of the Funds’ portfolio securities are determined as follows:
• | for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available; |
• | in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; |
• | investments in other open-end regulated investment companies are valued at net asset value (“NAV”); |
• | for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. |
Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (“NYSE”). In computing its NAV, the Funds value foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value.
The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund’s Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
(continued on next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO FINANCIAL STATEMENTS | 91 |
The Funds’ policy is to disclose significant transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2012, there were no significant transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy. Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.
In May 2011, the International Accounting Standards Board and the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04, which includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS, will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. In addition, ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.
Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.
Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.
All Funds offer multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared and paid as follows:
Fund | Dividends Declared | Dividends Paid | ||||||
Large Cap Growth Fund | Annually | Annually | ||||||
Large-Cap Strategy Fund | Quarterly | Quarterly | ||||||
Large Cap Value Fund | Quarterly | Quarterly | ||||||
Mid Cap Growth Fund | Annually | Annually | ||||||
Small Cap Growth Fund | Annually | Annually | ||||||
Small-Cap Strategy Fund | Quarterly | Quarterly |
Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income or excise tax are necessary.
Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.
Warrants and Rights – Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Board of Trustee’s approved fair value procedures.
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Lending of Portfolio Securities – The Trust has entered into an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. Investments purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”
As of April 30, 2012, the Funds listed below had securities with the following values on loan:
Fund | Value of Securities on Loan | Value of Collateral | ||||||
Large Cap Growth Fund | $ | 1,693,773 | $ | 1,763,138 | ||||
Large-Cap Strategy Fund | 3,080,296 | 3,167,872 | ||||||
Large Cap Value Fund | 1,582,983 | 1,640,497 | ||||||
Mid Cap Growth Fund | 13,641,299 | 14,043,738 | ||||||
Small Cap Growth Fund | 10,114,931 | 10,436,413 | ||||||
Small-Cap Strategy Fund | 4,223,618 | 4,362,235 |
The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.
3. | FEDERAL TAX INFORMATION |
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for income recognition on expiration of capital loss carryforwards, reclassification of ordinary loss to short-term gains, market discount reclass, partnership adjustments, REIT dividend reclasses, and discount accretion/premium amortization on debt securities, and distributions recognition on income distribution payable.
As of April 30, 2012, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the periods ended, 2011, 2010, and 2009, remain subject to examination by the Internal Revenue Service.
For the period ended April 30, 2012, permanent differences identified and reclassified among the components of net assets were as follows:
Fund | Paid-in Capital | Increase (Decrease) Undistributed (Distributions in Excess of) Net Investment Income | Accumulated Net Realized Gain (Loss) | |||||||||
Large-Cap Strategy Fund | $ | — | $ | (11,200 | ) | $ | 11,200 | |||||
Large Cap Value Fund | (143,965 | ) | 38,683 | 105,282 | ||||||||
Mid Cap Growth Fund | (403,843 | ) | 403,843 | — | ||||||||
Small Cap Growth Fund | (599,807 | ) | 599,979 | (172 | ) | |||||||
Small-Cap Strategy Fund | — | (22,967 | ) | 22,967 |
The tax character of distributions for the corresponding years or periods as reported on the Statements of Changes in Net Assets were as follows:
Fund | 2012 | 2011 | ||||||||||||||
Ordinary Income* | Long-Term Capital Gains | Return of Capital | Ordinary Income* | |||||||||||||
Large Cap Growth Fund | $ | 70,815 | $ | 1,854,981 | $ | — | $ | 235,142 | ||||||||
Large Cap Value Fund | 1,355,857 | — | — | 765,478 | ||||||||||||
Mid Cap Growth Fund | — | 10,589,511 | — | — |
Fund | 2012 Ordinary Income* | 2011 Ordinary Income* | 2010 Ordinary Income* | |||||||||
Large-Cap Strategy Fund | $ | 5,373,107 | $ | 6,299,979 | $ | 1,560,125 | ||||||
Small-Cap Strategy Fund | 884,546 | 1,230,775 | 789,143 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
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NOTES TO FINANCIAL STATEMENTS | 93 |
As of April 30, 2012, the components of distributable earnings on a tax basis were as follows:
Fund | Undistributed Capital Gains | Undistributed/ Over Distributed Ordinary Income | Unrealized Appreciation | Capital Loss Carryforwards and Deferrals | ||||||||||||
Large Cap Growth Fund | $ | 7,366,022 | $ | 84,980 | $ | 20,190,884 | $ | (19,027,845 | ) | |||||||
Large-Cap Strategy Fund | — | 490,431 | 89,749,853 | (52,817,048 | ) | |||||||||||
Large Cap Value Fund | — | — | 13,591,923 | (16,895,734 | ) | |||||||||||
Mid Cap Growth Fund | 11,276,218 | (405,325 | ) | 66,904,376 | (20,920,324 | ) | ||||||||||
Small Cap Growth Fund | — | — | 10,406,415 | (27,034,218 | ) | |||||||||||
Small-Cap Strategy Fund | — | 22,639 | 17,153,168 | (18,642,321 | ) |
At April 30, 2012, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:
Capital Loss Available Through | Short-Term Post-Effective No Expiration | Total Capital Loss Carryforwards | ||||||||||||||||||
Fund | 2016 | 2017 | 2018 | |||||||||||||||||
Large Cap Growth Fund | $ | 15,222,276 | $ | 3,805,569 | $ | — | $ | — | $ | 19,027,845 | ||||||||||
Large-Cap Strategy Fund | — | 1,789,484 | 50,036,848 | — | 51,826,332 | |||||||||||||||
Large Cap Value Fund | 2,666,760 | 12,309,017 | 1,646,592 | — | 16,622,369 | |||||||||||||||
Mid Cap Growth Fund | 1,902,894 | 17,656,560 | 1,360,930 | — | 20,920,384 | |||||||||||||||
Small Cap Growth Fund | 7,293,340 | 18,467,238 | 1,273,640 | — | 27,034,218 | |||||||||||||||
Small-Cap Strategy Fund | 936,546 | 14,256,144 | — | 3,122,907 | 18,315,597 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
As a result of the tax-free transfer of assets described in Note 7, and to the extent unrealized gains and losses that existed at the time of the reorganization are realized, the capital loss carryforwards may further be limited for up to five years from the date of the reorganization.
The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2012:
Fund | Capital Loss Carryforwards Used | |||
Large Cap Growth Fund | $ | 3,853,415 | ||
Large-Cap Strategy Fund | 10,810,147 | |||
Large Cap Value Fund | 5,365,362 | |||
Mid Cap Growth Fund | 4,054,445 | |||
Small Cap Growth Fund | 10,325,906 |
The Large Cap Value Fund expired capital loss carryforwards in the amount of $75,669.
Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the recently enacted Regulated Investment Company Modernizatiion Act of 2010, the Funds will be permitted to defer taxable ordinary income losses incurred after December 31 and treat as occuring on the first day of the following fiscal year. Post-October losses and Post-December losses deferred to May 1, 2012 are as follows:
Fund | Ordinary Post-December/ Late Year Losses | Short-Term Post-October/ Late Year Losses | Long-Term Post-October/ Late Year Losses | |||||||||
Large-Cap Strategy Fund | $ | — | $ | 990,716 | $ | — | ||||||
Large Cap Value Fund | — | 234,814 | 38,551 | |||||||||
Mid Cap Growth Fund | 405,325 | — | — | |||||||||
Small-Cap Strategy Fund | — | 326,724 | — |
4. | ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS |
Investment Advisor – Wilmington Funds Management Corporation (“WFMC”) (formerly Rodney Square Management Corporation) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) (formerly MTB Investment Advisors, Inc.) provides sub-advisory services to the Funds. Prior to March 12, 2012, WTIA served as the Investment Advisor of the Funds, with the exception of the Large-Cap Strategy Fund and the Small-Cap Strategy Fund. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid
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daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.
Advisory Fee Annual Rate | ||
Large Cap Growth Fund | 0.85% | |
Large-Cap Strategy Fund | 0.50% | |
Large Cap Value Fund | 0.25% | |
Mid Cap Growth Fund | 0.85% | |
Small Cap Growth Fund | 0.85% | |
Small-Cap Strategy Fund | 0.55% |
WFMC has entered into a Sub-Advisory agreement with NWQ Investment Management Company LLC (“NWQ”) to manage the Large Cap Value Fund, subject to supervision by the Advisor and the Trustees, and in accordance with the investment goal and restrictions of the Fund. For their service, NWQ receives a fee of 0.45% based upon the Fund’s average daily net assets that they manage for the Fund, which is paid by the Fund.
WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2013 (August 31, 2012 with regard to the Large Cap Growth Fund, Large Cap Value Fund, Mid Cap Growth Fund, and Small Cap Growth Fund), so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below.
Contractual Expense Limitations | ||||||
A Shares | C Shares | I Shares | ||||
Large Cap Growth Fund | 1.42% | N/A | 1.04% | |||
Large-Cap Strategy Fund | 0.50% | N/A | 0.25% | |||
Large Cap Value Fund | 1.32% | N/A | 1.04% | |||
Mid Cap Growth Fund | 1.24% | N/A | 1.08% | |||
Small Cap Growth Fund | 1.47% | 1.52% | 1.25% | |||
Small-Cap Strategy Fund | N/A | N/A | 0.25% |
Administrative Fee – BNY Mellon (BNYM) provides the Trust with fund administration, accounting, transfer agency, and custody services. WTIA in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.
Administrator | Maximum Fee | Average Aggregate Daily Net Assets of the Trust | ||||
WTIA | 0.033 | % | on the first $5 billion | |||
0.020 | % | on the next $2 billion | ||||
0.016 | % | on the next $3 billion | ||||
0.015 | % | on assets in excess of $10 billion | ||||
BNYM | .0285 | % | on the first $500 million | |||
.0280 | % | on the next $500 million | ||||
.0275 | % | on assets in excess of $1 billion |
WTIA may voluntarily choose to waive any portion of its fee. WTIA can modify or terminate its voluntary waiver at any time at
its sole discretion. For the year ended April 30, 2012, WTIA did not waive any administrative personnel and services fee.
Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ A Shares and up to 1.00% of the average daily net assets of the Funds’ C Shares (0.75% of the average daily net assets of the Small Cap Growth Fund), for the sale, distribution, administration, customer servicing and record keeping of these shares.
The Funds may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.
For the year ended April 30, 2012, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:
Fund | Distribution Fees | |||
Large Cap Growth Fund | $ | 46,416 | ||
Large Cap Value Fund | 13,242 | |||
Mid Cap Growth Fund | 132,551 | |||
Small Cap Growth Fund | 40,992 |
Sales Charges – The A Shares of all the Funds bear front-end sales charges and C Shares may be subject to a contingent deferred sales charge (“CDSC”).
For the year ended April 30, 2012, M&T received the amounts listed below from sales charges on the sale of A Shares and from the CDSC charges upon redemptions of C Shares.
Fund | Sales Charges From A Shares | CDSC Charges From C Shares | ||||||
Large Cap Growth Fund | $ | 445 | $ | — | ||||
Large Cap Value Fund | 291 | — | ||||||
Mid Cap Growth Fund | 1,047 | — | ||||||
Small Cap Growth Fund | 643 | — |
Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s A Shares, C Shares and I Shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T, has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s Shares for whom M&T provides shareholder services. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.
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NOTES TO FINANCIAL STATEMENTS | 95 |
For the year ended April 30, 2012, M&T received a portion of the fees paid by the following Funds which are listed below:
Fund | Shareholder Services Fee | |||
Large Cap Growth Fund | $ | 38,919 | ||
Large-Cap Strategy Fund | 210 | |||
Large Cap Value Fund | 136,735 | |||
Mid Cap Growth Fund | 158,759 | |||
Small Cap Growth Fund | 127,177 | |||
Small-Cap Strategy Fund | 28 |
Other Service Providers – Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.
For the period May 1, 2011 to February 17, 2012, ALPS Fund Services, Inc. provided transfer agency services to the Trust. Effective February 18, 2012, BNYM Fund Services, Inc. replaced ALPS Fund Services, Inc. as the transfer agent.
General – Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds.
Other Affiliated Parties and Transactions – Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Funds’ distributor. Transactions with affiliated companies during the year ended April 30, 2012 are as follows:
Affiliated Fund Name | Balance of Shares Held 4/30/2011 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 4/30/2012 | Value at 4/30/2012 | Dividend Income | Realized Gain/Loss | |||||||||||||||||||||
Large Cap Growth Fund: | ||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | 697,870 | 20,612,685 | 21,310,555 | — | $ | — | $ | 367 | $ | — | ||||||||||||||||||
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M&T Bank | 1,010 | * | 1,200 | — | 2,210 | 190,657 | 2,961 | — | ||||||||||||||||||||
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Large Cap Value Fund: | ||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | 2,646,516 | 55,267,901 | 55,926,211 | 1,988,206 | 1,988,206 | 912 | — | |||||||||||||||||||||
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Mid Cap Growth Fund: | ||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | 2,937,841 | 97,460,114 | 96,601,402 | 3,796,553 | 3,796,553 | 1,577 | — | |||||||||||||||||||||
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Small Cap Growth Fund: | ||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | 851,034 | 123,473,878 | 124,230,349 | 94,563 | 94,563 | 548 | — | |||||||||||||||||||||
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* As of 6/30/2011 |
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Certain Funds effect trades for security purchase and sale transactions through brokers that are affiliates of the advisor or sub-advisors. Commissions paid on those trades for the ten-month period ended April 30, 2012 were as follows:
Large-Cap Strategy Fund | $ | 63,345 | ||
Small-Cap Strategy Fund | 62,314 |
5. | INVESTMENT TRANSACTIONS |
Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the period ended April 30, 2012 were as follows:
Fund Name | Investments | |||||||
Purchases | Sales | |||||||
Large Cap Growth Fund | $ | 97,677,161 | $ | 137,203,866 | ||||
Large-Cap Strategy Fund | 74,726,666 | 145,030,147 | ||||||
Large Cap Value Fund | 56,722,525 | 80,633,802 | ||||||
Mid Cap Growth Fund | 149,501,197 | 105,892,591 | ||||||
Small Cap Growth Fund | 948,825,313 | 965,566,117 | ||||||
Small-Cap Growth Strategy Fund | 7,703,045 | 74,693,483 |
6. | LINE OF CREDIT |
The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNY Mellon. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion. In addition, an upfront commitment fee of 0.02% was paid to BNY Mellon. The termination date of this LOC is March 11, 2013. The Funds did not utilize the LOC for the year ended April 30, 2012.
7. | REORGANIZATION |
On February 21, 2012, the Board approved an Agreement and Plan of Reorganization (the “Reorganization”) to transfer all of the assets of Wilmington Large-Cap Strategy Fund and Wilmington Small-Cap Strategy Fund, each a series of WT Mutual Fund, (the “WT Funds”) in exchange for shares of Large-Cap Strategy Fund and Small-Cap Strategy Fund, respectively (the “Acquiring Funds”). The Reorganization is believed to be in the best interest of shareholders as combining the series of WT Funds and the Trust onto a single operating platform will create a larger fund family that will offer a broader range of investment options. Additionally, the
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Reorganization is believed to present the opportunity to achieve asset growth through combined distribution networks, to achieve economies of scale, and to operate with greater efficiency and lower overall costs. The shareholders of the WT Funds approved the Reorganization at a meeting on February 21, 2012 and the Reorganization took place on March 9, 2012. The Reorganization was treated as tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of each Acquiring Fund reflected the historical basis of the assets of each respective WT Fund as of the date of the Reorganization. WFMC and its affiliates bore the expenses related to the Reorganization, except for brokerage fees and other transaction costs associated with the disposition and/or purchase of securities in contemplation of or as a result of the Reorganization.
In exchange for their shares (A Shares and Institutional Shares), shareholders of the WT Funds received an identical number of shares of the corresponding class (A Shares and I Shares) of the Acquiring Funds, with an aggregate net asset value equal to the aggregate net asset value of their shares immediately prior to the Reorganization. The Acquiring Funds had no operations prior to March 9, 2012. The WT Funds investment objectives, policies and limitations were identical to those of the Acquiring Funds. Accordingly, for financial reporting purposes, the operating history of the WT Funds prior to the Reorganization is reflected in the financial statements and financial highlights.
8. | LEGAL PROCEEDINGS |
The Funds are subject to claims and suits that arise from time to time in the ordinary course of business. For example, certain creditors of the Tribune Co., now in bankruptcy, have filed actions against former Tribune shareholders who tendered their shares when Tribune went private in 2007 as part of a leveraged buyout (“LBO”). These creditor plaintiffs seek the return of all proceeds received by the former Tribune shareholders. The Tribune-related actions are currently pending in the U.S. District Court for the Southern District of New York in a Multi-District Litigation (“MDL”). There are thousands of defendants in the MDL, including the Large-Cap Strategy Fund and the Mid Cap Growth Fund. The suits all seek the same thing: disgorgement of the amounts received by the former Tribune shareholders as part of the LBO. The reason there are different suits is that there are different plaintiffs (various Tribune creditors) and different legal theories of recovery (intentional versus constructive fraudulent conveyance). Although management currently believes that the resolution of the claims against the Funds, individually or in the aggregate, will not have a materially adverse impact on the Funds’ financial positions, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.
Litigation counsel to the Large-Cap Strategy Fund and the Mid Cap Growth Fund in the Lawsuits does not believe that it is possible, at this early stage in the proceedings, to predict with any reasonable certainty the probable outcome of the Lawsuits or quantify the ultimate exposure to the Large-Cap Strategy Fund and the Mid Cap Growth Fund arising from the Lawsuits. Until the Large-Cap Strategy Fund and the Mid Cap Growth Fund can do so, no reduction of the net asset value of the Large-Cap Strategy Fund and the Mid Cap Growth Fund will be made relating to the Lawsuits. However, even if the plaintiffs
in the Lawsuits were to obtain the full recovery they seek, the amount would be less than 0.5% of the Large-Cap Strategy Fund and the Mid Cap Growth Fund’s net asset value at this time. The Large-Cap Strategy Fund and the Mid Cap Growth Fund also cannot predict what its size might be at the time the cost of the Lawsuits might be quantifiable and thus potentially deducted from its net asset value. Therefore, at this time, those buying or redeeming shares of the Large-Cap Strategy Fund and the Mid Cap Growth Fund will pay or receive, as the case may be, a price based on net asset value of the Large-Cap Strategy Fund and the Mid Cap Growth Fund, with no adjustment relating to the Lawsuits. The attorneys’ fees and costs relating to the Lawsuits will be taken as expenses by the Large-Cap Strategy Fund and the Mid Cap Growth Fund as incurred and in a manner similar to any other expense incurred by the Large-Cap Strategy Fund and the Mid Cap Growth Fund.
9. | SUBSEQUENT EVENTS |
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require disclosure in the Funds’ financial statements through this date.
10. | FEDERAL TAX INFORMATION (UNAUDITED) |
Complete information regarding the tax status of distributions will be reported on Forms 1099.
Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended April 30, 2012, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:
Fund | ||||
Large Cap Growth Fund | 100.00 | % | ||
Large-Cap Strategy Fund | 99.36 | % | ||
Large Cap Value Fund | 100.00 | % | ||
Small-Cap Strategy Fund | 58.84 | % |
For the year ended April 30, 2012, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 15%:
Fund | ||||
Large Cap Growth Fund | 100.00 | % | ||
Large-Cap Strategy Fund | 100.00 | % | ||
Large Cap Value Fund | 100.00 | % | ||
Small-Cap Strategy Fund | 59.27 | % |
If the Funds meet the requirements of Section 853 of the Code, the Funds will pass through to shareholders credits of foreign taxes paid.
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97 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
WILMINGTON FUNDS
We have audited the accompanying statements of assets and liabilities of Wilmington Large Cap Growth Fund, Wilmington Large-Cap Strategy Fund, Wilmington Large Cap Value Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small Cap Growth Fund, and Wilmington Small-Cap Strategy Fund (six of the series constituting the Wilmington Funds) (the “Funds”), including the portfolios of investments, as of April 30, 2012, and the related statements of operations, statements of changes in net assets and financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2012, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Large Cap Growth Fund, Wilmington Large-Cap Strategy Fund, Wilmington Large Cap Value Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small Cap Growth Fund, and Wilmington Small-Cap Strategy Fund at April 30, 2012, and the results of their operations, the changes in their net assets and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
June 29, 2012
ANNUAL REPORT / April 30, 2012
Table of Contents
98 | BOARD OF TRUSTEES AND TRUST OFFICERS |
BOARD OF TRUSTEES AND TRUST OFFICERS
The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 23 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 100 East Pratt Street, 17th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.
INTERESTED TRUSTEES BACKGROUND
Name Address Birth date Position With Trust Date Service Began | Principal Occupations and Other Directorships Held for Past Five Years | |
Kenneth G. Thompson* Birth date: 9/64 TRUSTEE Began serving: December 2008 | Principal Occupations: President, Wilmington Funds; Senior Vice President and Managing Director, Wilmington Trust Investment Advisors, Inc. (“WTIA”); Senior Vice President, M&T Bank.
Other Directorships Held: None | |
Robert J. Christian* Birth date: 2/49 TRUSTEE Began serving: March 2012 | Principal Occupations: Retired.
Other Directorships Held: Fund Vantage Trust (33 portfolios); Optimum Fund Trust (6 portfolios) (registered investment companies).
Previous Positions: Executive Vice President of Wilmington Trust Company (“WTC”) (2/96 to 2/06); President of Rodney Square Management Corporation (“RSMC”) (1996 to 2005); Vice President of RSMC (2005 to 2006). | |
R. Samuel Fraundorf, CFA, CPA* Birth year: 1964 TRUSTEE Began serving: March 2012 | Principal Occupations: President of WTIA.
Other Directorships Held: None.
Previous Positions: Chief Operating Officer of Wilmington Trust Investment Management (“WTIM”) (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08); Senior Manager and Tax Manager, KPMG Investment Advisors (1/99 to 8/04). | |
Jeffrey Durkee** Birth year: 1958 TRUSTEE Began serving: December 2007 | Principal Occupations: President and Chief Executive Officer, Wilmington Trust Investment Advisors, Inc. (3/07 to 1/12).
Other Directorships Held: None.
Previous Positions: Chairman and CEO Private Wealth Management, Mercantile Bankshares Corporation (4/06 to 3/07); Senior Vice President and Director, Southern Division, Legg Mason Wood Walker (1998 to 4/06). |
* Kenneth G. Thompson is “interested” due to positions he held with M&T Bank, the parent of the Fund’s Advisor. Robert J. Christian is “interested” due to positions he held with WTC and RSMC. R. Samuel Fraundorf is “interested” due to positions he held with WTIM.
** Jeffrey Durkee resigned as Trustee effective January 27, 2012. Mr. Durkee was “interested” due to positions he held with WTIA.
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INDEPENDENT TRUSTEES BACKGROUND
Name Birth date Position With Trust Date Service Began | Principal Occupations and Other Directorships Held for Past Five Years | |
Joseph J. Castiglia Birth date: 7/34 CHAIRMAN AND TRUSTEE Began serving: February 1988 | Principal Occupations: Retired
Other Directorships Held: Chairman, Community Foundation for Greater Buffalo (1/05 to 2/08); Chairman, Trustee and Treasurer, Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to present); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Baker Victory Services (1/05 to 12/08); Director, Dunn Tire Corporation (1/05 to present); Director, Read to Succeed Buffalo (1/08 to present).
Previous Positions: President, Chief Executive Officer, Vice President, Treasurer, Controller and Vice Chairman, Pratt & Lambert United (manufacturing of paints, coatings and adhesives) (12/67 to 1/96); Chairman and Director, Catholic Health Systems of Western New York (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (health insurance provider) (5/92 to 5/07); Lead Director and Director, Energy East (gas and electric utility); Chairman and Director, Federal Reserve Bank of New York, Buffalo Branch. | |
William H. Cowie, Jr. Birth date: 1/31 TRUSTEE Began serving: September 2003 | Principal Occupations: Retired.
Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present).
Previous Positions: Vice Chairman of Signet Banking Corp. | |
John S. Cramer Birth date: 2/42 TRUSTEE Began serving: December 2000 | Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present).
Other Directorships Held: Director, Highmark Blue Cross/Blue Shield (2/05 to 6/10); Director, Chek-Med Corporation (6/03 to present).
Previous Positions: President and Chief Executive Officer, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania). | |
Daniel R. Gernatt, Jr. Birth date: 7/40 TRUSTEE Began serving: February 1988 | Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present).
Other Directorships Held: Hilbert College (2000 to 2011); Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation; Former National Director, Classic Car Club of America. | |
Richard B. Seidel Birth date: 4/41 TRUSTEE Began serving: September 2003 | Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (9/95 to present); Chairman and Director, Girard Capital (broker-dealer) (3/09 to present).
Other Directorships Held: Director, Tristate Capital Bank (9/07 to present); Surrey Services for Seniors (2002 to 2008). | |
Dr. Marguerite D. Hambleton Birth date: 2/43 TRUSTEE Began Serving: September 2005 | Principal Occupations: President, AAA New York State Association (travel and financial services) (7/09 to present).
Other Directorships Held: Director, AAA Foundation for Traffic Safety (5/85 to 12/01); Director, AAA (travel and financial services) (3/91-3/08).
Previous Positions: President, New York Federal Reserve Board, Buffalo Branch (2003-2005); President and CEO, AAA Western and Central New York (travel and financial services) (12/85 to 12/05). |
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Name Birth date Position With Trust Date Service Began | Principal Occupations and Other Directorships Held for Past Five Years | |
Robert H. Arnold Birth date: 3/44 TRUSTEE Began serving: March 2012 | Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present).
Other Directorships Held: First Potomac Realty Trust (real estate investment trust). | |
Dr. Eric Brucker Birth date: 12/41 TRUSTEE Began serving: March 2012 | Principal Occupations: Retired.
Other Directorships Held: None.
Previous Positions: Professor of Economics, Widener University (2004 to 2012); Dean, School of Business Administration of Widener University (2001 to 2004); Dean, School of Business, Public Policy and Health, University of Maine (1998 to 2001); Dean, School of Management, University of Michigan-Dearborn (1992 to 1998); Academic Vice President, Trenton State University (1989-1991); Dean, College of Business and Economics, University of Delaware (1976 to 1989). | |
Nicholas A. Giordano Birth date: 2/43 TRUSTEE Began serving: March 2012 | Principal Occupations: Consultant, financial services organizations (1997 to present).
Other Directorships Held: Kalmar Pooled Investment Trust; The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (industrial furnaces and ovens).
Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997). |
OFFICERS
Name Address Birth year Position With Trust | Principal Occupations for Past Five Years and Previous Positions | |
Kenneth G. Thompson Birth year: 1964 PRESIDENT Began serving: March 2012 | Principal Occupations: Senior Vice President, M&T Bank. | |
Michael D. Daniels Birth year: 1967 CHIEF OPERATING OFFICER Began serving: June 2007 | Principal Occupations: Chief Operating Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc., Administrative Vice President, M&T Bank.
Previous Positions: Senior Vice President, MSD&T and MCA (2006 to 2007); Vice President, Calamos Asset Management (2004 to 2006); Vice President, JP Morgan Chase Bank (2002 to 2004). | |
Jeffrey M. Seling Birth year: 1970 VICE PRESIDENT Began serving: June 2007 | Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc.
Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank. |
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Name Address Birth year Position With Trust | Principal Occupations for Past Five Years and Previous Positions | |
Gregory B. McShea Birth year: 1965 CHIEF COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2009 AML COMPLIANCE OFFICER Began serving: February 2012 | Principal Occupations: Managing Director, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds.
Previous Positions: General Counsel, Legg Mason Capital Management, Inc. (2007 to 2009); General Counsel, Western Asset Management Company (2003 to 2009); Associate General Counsel and Compliance Director, Legg Mason Wood Walker, Incorporated (1997 to 2003).
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Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008 | Principal Occupations: Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008. | |
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore, MD 21201 Birth year: 1957 VICE PRESIDENT Began serving: June 2010 | Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present).
Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003). | |
Guy Nordahl 101 Barclay Street, 13E New York, NY 10286 Birth year: 1965 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: September 2007 | Principal Occupations: Vice President, BNY Mellon Asset Servicing (2009 to present).
Previous Positions: Vice President, BNY Mellon Asset Management (2003 to 2009); Vice President, BNY Mellon Asset Servicing (1999 to 2003). | |
Lisa R. Grosswirth 101 Barclay Street, 13E New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007 | Principal Occupations: Vice President, BNY Mellon Asset Servicing (2004 to present).
Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004). | |
Richard J. Berthy Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007 | Principal Occupations: President and Managing Partner, Foreside Financial Group, LLC (5/08 to present).
Previous Positions: Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (6/03 to 6/06); Vice President, Bainbridge Capital Management (8/02 to 5/04). |
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BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS
Advisory Agreement and Sub-Advisory Agreement on Behalf of Each Fund
At in-person meetings held on October 26 and December 9, 2011, the Board, including each Trustee who is not an “interested person” as defined in the Investment Company Act of 1940 (the “Independent Trustees”), approved an investment advisory agreement between the Trust, on behalf of each Fund, and WFMC (the “New Investment Advisory Agreement”). At the same meetings, the Board, including all of the Independent Trustees, also approved a sub-advisory agreement among the Trust, on behalf of each Fund, WFMC and WTIA (the “New Sub-Advisory Agreement,” and together with the New Investment Advisory Agreement, the “New Agreements”).
The New Agreements relate to each of: the Wilmington Large-Cap Value Fund, Wilmington Large-Cap Growth Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small-Cap Growth Fund, Wilmington Multi-Manager International Fund, Wilmington Strategic Allocation Moderate Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Broad Market Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Maryland Municipal Bond Fund, Wilmington New York Municipal Bond Fund, Wilmington Pennsylvania Municipal Bond Fund, Wilmington Virginia Municipal Bond Fund, Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund, and Wilmington Tax-Exempt Money Market Fund (the “Group A Funds”); the Wilmington Large-Cap Strategy Fund, Wilmington Small-Cap Strategy Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Aggressive Fund, and Wilmington Municipal Bond Fund (the “Group B Funds”); and the Wilmington Rock Maple Alternatives Fund (the “Alternatives Fund,” and, collectively with the Group A Funds and the Group B Funds, the “Funds”). Each Group A Fund has been a series of the Trust for a number of years, and on or about March 12, 2012, certain of the Group A Funds acquired the assets and liabilities of a corresponding series of the WT Mutual Fund. The shareholders of each Group A Fund as of January 6, 2012, approved the New Agreements. The Board established the Group B Funds at the October 26 and December 9 meetings and on or about March 12, 2012, each Group B Fund acquired the assets and liabilities of a corresponding series of the WT Mutual Fund. The Board established the Alternatives Fund at the October 26 and December 9 meetings and the Alternatives Fund commenced operations on or about January 14, 2012.
Before considering the New Advisory Agreement and the New Sub-Advisory Agreement with respect to each Fund, the Board requested and reviewed information relating to the New Agreements, which was provided by WFMC and WTIA. That information addressed, among other things: (i) the services to be performed; (ii) the size and qualifications of WFMC and WTIA’s portfolio management staff; (iii) any potential or actual material conflicts of interest which may arise in connection with WFMC and WTIA’s management of the Funds; (iv) how the Funds would be managed by WFMC and WTIA, including a general description of the investment decision making processes, sources of information and investment strategies; (v) investment performance information; (vi) results of independent audit and regulatory examinations, including any recommendations or deficiencies noted; (vii) any litigation, investigation or administrative proceeding which may have a material impact on WFMC or WTIA’s ability to service the Funds; and (viii) WFMC and WTIA’s internal program for ensuring compliance with applicable investment objectives, policies and practices of the Funds, and the federal securities laws and other regulatory requirements. WFMC and WTIA provided written responses to the Board’s request for information, and also provided oral responses during the in-person meetings. The Independent Trustees received and reviewed a memorandum from independent legal counsel regarding the legal standards applicable to their review of the New Agreements. In addition, the Independent Trustees consulted with independent legal counsel in executive session with respect to their review of the New Agreements and certain other considerations relevant to their deliberations on whether to approve the New Agreements.
At the meetings on October 26 and December 9, 2011, the Board determined that WFMC and WTIA had the capabilities, resources and personnel necessary to provide satisfactory advisory services to each Fund, and that the advisory fees paid by each Fund, taking into account any applicable fee limitations and breakpoints, represent reasonable compensation to WFMC and WTIA. In making their decision to approve the New Agreements for each Fund, the Independent Trustees gave attention to all information furnished, including information provided throughout the prior year by WTIA (formerly known as MTB Investment Advisors, Inc.) as investment advisor to the Group A Funds. The Trustees also noted that WFMC and WTIA are under the common control of M&T Bank Corporation, and that the officers and employees of WFMC overlap with the officers and employees of WTIA.
In making their decision to approve the New Agreements for each Fund, the Independent Trustees considered various factors, as described below, that they believed to be relevant in evaluating the New Agreements. In their deliberations, the Trustees did not identify any particular information or factor that was controlling, and different Trustees may have attributed different weights to the various factors.
Nature, Extent and Quality of Services. The Board considered that the New Agreements are substantially similar to the Trust’s previous investment advisory agreements with WTIA, which were approved for renewal at an in-person meeting held on September 14-15, 2011. In the case of each Fund, the Trustees therefore considered the many reports furnished to them during the year at regular Board meetings covering matters such as: the relative performance of the Group A Funds; compliance with the investment objectives, policies, strategies and limitations of the Group A Funds; and the compliance of management personnel with the numerous operational and compliance policies and procedures that were established by the Board. In the case of each Fund, the Trustees also considered WFMC and WTIA’s personnel who possess the experience to provide investment management services to the Funds. The Trustees noted that the Wilmington Multi-Manager International Fund, Wilmington Large-Cap Value Fund, Wilmington Multi-Manager Real Asset Fund and Alternatives Fund employ a
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multi-manager approach through which the Funds rely on two or more sub-advisors to manage a portion of each Fund’s assets under the ongoing supervision of WFMC and WTIA. In the case of the Wilmington Multi-Manager Real Asset Fund and Alternatives Fund, which were established at the October 26 and December 9 meetings, the Trustees focused on the prior experience of WFMC and WTIA in overseeing the investment activities of sub-advisors that are not affiliated with WFMC and WTIA.
Based on the information provided by WFMC and WTIA, the Trustees concluded that the nature, extent and quality of the services provided by WFMC and WTIA supported the approval of the New Agreements.
Investment Performance. The Board considered the overall investment performance of WFMC, WTIA and the Group A and Group B Funds, as well as the funds of the WT Mutual Fund for which WFMC previously served as investment advisor. Although the Trustees gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year, the Trustees also gave weight to their review of investment performance in connection with the approval of the New Agreements at the Board meetings held October 26 and December 9, 2011. The Trustees reviewed reports prepared by WFMC and WTIA, which showed each Group A Fund’s investment performance in comparison with its applicable peer group for the one-, five- and ten-year periods, as well as information about each Fund’s performance compared to its benchmark. With respect to the Group B Funds, the Trustees considered similar information about the performance of each series of the WT Mutual Fund that was merged into a corresponding Group B Fund. With respect to the Alternatives Fund, the Trustees considered hypothetical, pro-forma performance information for the Fund. The Board concluded that the performance information provided by WFMC and WTIA supported approval of the New Agreements.
Comparative Expenses. WFMC and WTIA represented to the Board that the aggregate contractual investment advisory fees for each Group A Fund would be the same as that previously charged to the Funds by WTIA. At its meeting on September 14-15, 2011, the Board, including all of the Independent Trustees, approved the continuation of the investment advisory agreements for each Group A Fund based upon, among other things, comparative information about the net advisory fee ratios and total expense ratios (after deduction for advisory fee waivers and expense reimbursements) of each Fund versus those of a group of funds selected as being similar to each Fund. The Trustees reviewed reports prepared by WFMC and WTIA which showed each Group B Fund’s advisory fees and expenses in comparison with its applicable peer group. The Trustees also reviewed reports prepared by WFMC which showed Alternatives Fund’s advisory fees and expenses in comparison with its applicable peer group. In that regard, the Trustees noted the unique nature of the Alternatives Fund, which uses multiple sub-advisors employing alternative investment strategies, as well as WFMC and WTIA’s contractual commitment to waive certain fees and reimburse expenses for the Fund.
At the October 26 and December 9 meetings, the Trustees concluded that the proposed advisory and sub-advisory fees to be paid to and the services to be provided by WFMC and WTIA supported approval of the New Agreements.
Management Profitability. The Trustees also considered the profitability of the relationships among the Funds and WFMC and WTIA, noting the significant decreases in profitability for the Group A Funds over the last few years. The Trustees considered any direct or indirect revenues received by affiliates of WFMC and WTIA. Based on the information provided, the Trustees concluded that the profitability to WFMC and WTIA with respect to the Funds supported approval of the New Agreements.
Economies of Scale. The Trustees considered the extent to which economies of scale would be realized relative to fee levels as each Fund grows, and whether the advisory and sub-advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board considered WFMC and WTIA’s assessments that under the current market conditions and based on the asset sizes of the Funds, and the existence of certain voluntary and contractual fee waivers, economies of scale were appropriately reflected in the investment advisory fees of the Funds.
Other Benefits. The Trustees considered the “fall-out” or ancillary benefits resulting from the relationships among the Funds and WFMC and WTIA. In that regard, the Board considered the fees received by WFMC and WTIA and their affiliates for providing other services to the Funds under separate agreements. With respect to any soft-dollar arrangements, the Board noted that in selecting brokers, WFMC and WTIA must seek to obtain best execution of fund trades.
Conclusion. After consideration of all the factors, taking into consideration the information presented at the meetings and deliberating in executive session with independent legal counsel outside of the presence of management personnel, the Board, including all of the Independent Trustees, approved the New Agreements. The Board based its decision on the totality of the circumstances, including the factors identified above, and with a view to past and long-term considerations. Not all of the factors and considerations identified were relevant to each Fund, nor did the Board find any one of them to be determinative.
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At February 21, 2012, a summary report of shares voted by proposal is as follows:
To approve a new investment advisory agreement between MTB Group of Funds, on behalf of each Fund, and Rodney Square Management Corporation (to be renamed Wilmington Funds Management Corporation).
Shares Voted | ||||
For | 2,817,888,588 | |||
Against | 10,879,070 | |||
Abstain | 301,975,843 | |||
Broker Non-Vote | 537,128,987 |
To approve a new investment sub-advisory agreement among MTB Group of Funds, on behalf of each Fund, Rodney Square Management Corporation (to be renamed Wilmington Funds Management Corporation) and Wilmington Trust Investment Advisors, Inc. (formerly known as MTB Investment Advisors, Inc.).
Shares Voted | ||||
For | 2,606,529,311 | |||
Against | 11,647,269 | |||
Abstain | 302,566,927 | |||
Broker Non-Vote | 537,128,986 |
Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Large-Cap Strategy Fund (“target fund”), to Wilmington Large-Cap Strategy Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.
Shares Voted | ||||
For | 27,977,863 | |||
Against | 15,999 | |||
Abstain | 20,360 |
Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Small-Cap Strategy Fund (“target fund”), to Wilmington Small-Cap Strategy Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.
Shares Voted | ||||
For | 4,572,528 | |||
Against | 1,113 | |||
Abstain | 1,321 |
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Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.
This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning their objectives and policies, management fees, expenses and other information.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)
Electronic Delivery
Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:
1.) | Go to www.wilmingtonfunds.com and select “Individual Investors” |
2.) | Click on the link “Sign up for Electronic Delivery” |
3.) | Login to your account or create new user ID |
4.) | Select E-Delivery Consent from the available options, and |
5.) | Complete the information requested, including providing the email address where you would like to receive notification for electronic documents. |
* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.
Householding
In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.
If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.
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PRIVACY POLICY AND NOTICE OF THE FUNDS AND THEIR DISTRIBUTOR
June 8, 2012
The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.
Information The Funds Collect:
The Funds collect nonpublic personal information about you from the following sources:
• | We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income. |
• | We may receive information from you, or from your financial representative, through transactions with us or others, correspondence and other communications. Examples of this information include specific investments and your account balances. |
• | We may obtain other personal information from you in connection with providing you a financial product or service. Examples of this information include depository, debit or credit account numbers. |
Information Sharing Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
• | We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
• | We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
• | We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. |
Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.
Information Security:
When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers’ privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.
The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds’ Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.
Each of the following sections explains an aspect of the Funds’ commitment to protecting your personal information and respecting your privacy.
Employee Access to Information:
Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employee’s or agent’s need to know the information in order to service a customer’s account or comply with legal requirements.
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Visiting The Funds’ Website:
The Funds’ website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.
• | Information or data entered into a website will be retained. |
• | Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website. |
• | We may also collect non-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party. |
E-mail:
If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.
Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.
Surveys/Aggregate Data:
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.
Changes to Our Privacy Statement:
The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.
Notice will be provided to you in advance of any changes that would affect your rights under this policy statement
ANNUAL REPORT / April 30, 2012
Table of Contents
Investment Advisor
Wilmington Funds Management Corp.
1100 North Market Street
Wilmington, DE 19890
Sub-Advisor
Wilmington Trust Investment Advisors
111 South Calvert Street 26th Floor
Baltimore, MD 21202
Additional Sub-Advisor to the
Wilmington Large-Cap Value Fund
NWQ Investment Management Company LLC
2049 Century Park East
Los Angeles, CA 90067
Co-Administrator
Wilmington Trust Investment Advisors
111 South Calvert Street 26th Floor
Baltimore, MD 21202
Co-Administrator, Accountant and Custodian
The Bank of New York Mellon
101 Barclay Street
New York, NY 10286
Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203
Transfer Agent and Dividend
Disbursing Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, DE 19809
Independent Registered Public
Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103
WT-AR-EQ-0412
Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com
We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.
Since we are required by law to send a report to each person listed as a shareholder, you (or your household) may receive more than one report.
Table of Contents
April 30, 2012
PRESIDENT’S MESSAGE AND
Annual Report
WILMINGTON FUNDS
Multi-Manager Equity Fund
Wilmington Multi-Manager International Fund
Alternatives Fund
Wilmington Rock Maple Alternatives Fund
Asset Allocation Funds
Wilmington Multi-Manager Real Asset Fund
Wilmington Strategic Allocation Conservative Fund
Wilmington Strategic Allocation Moderate Fund
Wilmington Strategic Allocation Aggressive Fund
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Wilmington Multi-Manager International Fund (“International Fund”) formerly a series of the WT Mutual Fund |
Wilmington Rock Maple Alternatives Fund (“Rock Maple Alternatives Fund") |
Wilmington Multi-Manager Real Asset Fund (“Real Asset Fund”) formerly a series of the WT Mutual Fund |
Wilmington Strategic Allocation Conservative Fund (“Strategic Allocation Conservative Fund”) formerly Wilmington Conservative Asset Allocation Fund |
Wilmington Strategic Allocation Moderate Fund (“Strategic Allocation Moderate Fund”), formerly MTB Strategic Allocation Fund |
Wilmington Strategic Allocation Aggressive Fund (“Strategic Allocation Aggressive Fund”) formerly Wilmington Aggressive Asset Allocation Fund |
Table of Contents
PRESIDENT’S MESSAGE | ||||
President’s Message | i | |||
WILMINGTON FUNDS ANNUAL REPORT | ||||
Management’s Discussion of Fund Performance | 4 | |||
Shareholder Expense Example | 20 | |||
Portfolios of Investments | 22 | |||
Notes to Portfolios of Investments | 74 | |||
Statements of Assets and Liabilities | 78 | |||
Statements of Operations | 80 | |||
Statements of Changes in Net Assets | 82 | |||
Financial Highlights | 85 | |||
Notes to Financial Statements | 91 | |||
105 | ||||
Board of Trustees and Trust Officers | 106 | |||
Board Approval of Investment Advisory Agreements | 110 | |||
Shareholder Proxy Results | 114 |
Table of Contents
Dear Investor:
I am pleased to enclose the Annual Report of the Wilmington Funds, formerly known as the MTB Group of Funds (the “Trust”). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2011 through April 30, 2012. Inside, you will find a discussion of the factors impacting each Fund’s performance during the reporting period, as well as a complete listing of each Fund’s holdings and financial statements.
The Economy and Financial Markets in Review
Wilmington Funds Management Corporation, the new advisor to the Trust, and Wilmington Trust Investment Advisors, Inc. (formerly known as MTB Investments Advisors, Inc.), the sub-advisor to the Trust, have provided the following review of the economy, bond and stock markets over the 12-month reporting period:
The Economy
The U.S. economy continues to show positive growth, but it is a slow rate of growth. The Commerce Department announced its early estimate of Gross Domestic Product (“GDP”) growth of 2.2% in the first quarter. Momentum is improving, but economic expansion remains mediocre. Since the beginning of the current recovery (third quarter of calendar year 2009), the country has averaged a 2.4% growth rate. This is significantly lower than the 4.5% annual growth rate during the last seven economic recoveries over the past 40 years. Currently, personal consumption accounts for 70% of GDP, and there is a reluctance—or inability—to ramp up spending. Consumers are concerned about the value of their homes and the outlook for jobs. Post-recession employment growth has averaged less than 1% annually since the recession ended in 2009. Jobless recoveries have become the norm. At the same time, worker productivity (output per hour) has increased. These productivity gains allow employers to keep labor costs in check, boosting profitability.
There are pockets of strength in the U.S. economic recovery, and the warm winter may have brought an early spring to the economy. Private sector hiring picked up, but government cutbacks (state and local) held back over-all job growth. April’s unemployment rate dropped to 8.1% and the economy added 115,000 jobs in the month. While this appears favorable, over 300,000 workers have dropped out of the work force and 41% of the unemployed have been out of work for six months or more.
Global concerns remain; including a slower growth in China’s economy, austerity programs in the peripheral Eurozone countries, and a technical recession in the United Kingdom. On this side of the Atlantic, we are seeing some positive contributions from the consumer, exports, and private inventory investments. The Federal Reserve (the “Fed”) has noted an improving economy; however, “not enough to warrant a change in stimulative policies at this time”. They predicted economic growth between 2.4% and 2.9% this year, which is significantly better than the 1.7% last year.
The Bond Markets
The bond market, the subject of so much stress last summer, has been much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.
While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.
The Fed responded to the slow economic growth by embarking on “Operation Twist” where it simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that it would keep short-term interest rates extremely low into 2014. The European Central Bank (ECB) initiated its “Long-Term Refinancing Operations” which addressed some of the liquidity concerns of its banking system by allowing banks to borrow cash from the ECB at a discounted borrowing rate by depositing longer-term loans with the ECB.
Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries.
PRESIDENT’S MESSAGE / April 30, 2012
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It’s been a good year in fixed income, particularly in the tax-exempt bond arena. Two trends in the municipal market appeared during the 12 months ending 4/30/2012, both reflecting a reversal of the trends in place during the prior fiscal year. One trend was the increased supply of municipal debt issues where levels had moved into a more traditional range as compared to the previous period’s depressed levels, and the other trend was the increased level of demand for municipal securities compared to the previous period’s sell off of municipal securities.
For the 12-month reporting period May 1, 2011 through April 30, 2012, certain Barclays Capital indices performed as follows1:
Barclays Capital U.S. Aggregate Bond Index2 | Barclays Capital U.S. Treasury Bond Index3 | Barclays Capital U.S. Mortgage- Backed Securities Index4 | Barclays Capital U.S. Credit Bond Index5 | Barclays Capital Municipal Bond Index6 | ||||||||||||
7.54% | 8.89% | 5.74% | 9.20% | 11.36% |
The Stock Markets
The Funds’ fiscal year ended with broad U.S. stock indices modestly higher. The slight net change masks an index drop of nearly 20% and a recovery. The potential effects of a European insolvency in both sovereign credit and banks put a scare into equity markets in August but were alleviated at least temporarily by allowing European banks to move their funding needs out to three years to provide some insurance against a liquidity crisis. While concerns about Europe fluctuated, the economic picture in the U.S. appeared to firm with a marginally better employment picture and confidence improving for both consumers and small businesses. As employment improves, it is expected that the housing market will show signs of stability with the hope of potentially adding to domestic growth at some point in the future.
The S&P 500 jumped 12.6% (including dividends) in the first quarter of 2012 with the unusual feature of having positive returns in each of the three months. One strategist points out that this has happened in only 17 of the past 66 years and there were no down years in those periods. Of course, past performance is no indication of future performance. As we approach mid-year, the market has its eyes on many issues including weakness in the European Union; the elections in the U.S.; a slowdown in China; and, the “fiscal cliff” in the U.S. which refers to a combination of expiring tax cuts, the end of the 2009 stimulus package, automatic spending cuts and new healthcare-related taxes which will be a drag on the economy.
The best performing industries during the fiscal year included computer hardware, auto retailing and homebuilding. The worst performing industries, suggesting a concern about a cyclical slowdown, included tires and rubber, aluminum, coal and consumable fuel.
For the 12-month reporting period May 1, 2011 through April 30, 2012, certain stock market indices performed as follows:
S&P 500 Index7 | Dow Jones Industrial Average8 | NASDAQ Composite Index9 | MSCI All Country World ex-US (Net) Index10 | |||||||||
4.76% | 5.97% | 7.17% | (12.90%) |
The Trust, with assets of $12.8 billion as of April 30, 2012, gives investors access to every major asset class and sector. Whether you are looking for a comfortable retirement, to fund a child’s higher education, pursue tax-free income11, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds may provide you with the diversification, flexibility and professional management you need.
Sincerely,
Kenneth Thompson
President
June 4, 2012
April 30, 2012 / PRESIDENT’S MESSAGE
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iii |
For more complete information, please download the Funds’ prospectus available on www.wilmingtonfunds.com or call 1-800-836-2211 for a copy. You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds’ prospectus, which you should read carefully before investing.
Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
All investments involve risk, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility.
These risks are magnified in emerging markets. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. Real estate is a cyclical industry that is sensitive to interest rates, economic conditions (both nationally and locally), property tax rates and other factors. Commodity-related securities may be subject to additional risks and broad price fluctuations. High yield securities present greater risk of loss than higher quality debt securities and may be subject to greater price volatility. Investments such as mutual funds that focus on alternative strategies are subject to increased risk and loss of principal and are not suitable for all investors.
Diversification and asset allocation do not assure profit or protect against loss. Investment markets are volatile and no investment strategy can guarantee that the desired result will be achieved. There is no assurance that any investment strategy will be successful. Any investment in the Fund should be part of an overall investment program rather than, in itself, a complete program. Because the Fund invests in underlying mutual funds or other managed strategies, an investor in the Fund will bear the management fees and operating expenses of the “Underlying Strategies” in which the Fund invests. The total expenses borne by an investor in the Fund will be higher than if the investor invested directly in the Underlying Strategies, and the returns may therefore be lower.
1. | Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. |
2. | Barclays Capital U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index. |
3. | Barclays Capital U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index. |
4. | Barclays Capital U.S. Mortgage-Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index. |
5. | Barclays Capital U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index. |
6. | Barclays Capital Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index. |
7. | S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index. |
8. | Dow Jones Industrial Average (“DJIA”) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIA’s average movements are leading economic indicators for the stock market as a whole. The average is unmanaged and investments cannot be made directly in an average. |
9. | NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index. |
10. | MSCI All Country World ex-US (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices. |
11. | Income generated by tax-free funds may be subject to the federal alternative minimum tax and state and local taxes. |
Sector allocation and credit quality percentages are based on total portfolio as of quarter-end and are subject to change at any time. This data is shown for informational purposes only and is not to be considered a recommendation to purchase or sell any security. The credit quality of the investments in each Fund’s portfolio does not apply to the safety and stability of the Fund and are subject to change. Ratings shown are assigned by one or more Nationally Recognized Statistical Rating Organizations (NRSRO), such as Standard & Poor’s, and typically range from AAA (highest) to D (lowest). When ratings from two NRSROs are available, the lowest rating is used. Bonds not rated by an NRSRO are included in the Not Rated category, which does not necessarily indicate low quality. Cash is defined as bonds with stated maturities of seven days or less and includes money market funds and other cash equivalents. For more information regarding rating methodologies for S&P visit www.standardandpoors.com and for Moody’s visit www.moodys.com.
PRESIDENT’S MESSAGE / April 30, 2012
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WILMINGTON MULTI-MANAGER INTERNATIONAL FUND
(formerly a series of WT Mutual Fund)
Management’s Discussion of Fund Performance
For the ten-month fiscal period ended April 30, 2012, Wilmington Multi-Manager International Fund (the “Fund”) had a total return of -11.65%* for A Shares and -11.45%* for I Shares, versus its benchmarks, the Morgan Stanley Capital International— All Country World ex-US Index (Net, USD) (“MSCI ACWI ex-US”)** and Morgan Stanley Capital International—Europe, Australasia and Far East Index (Net, USD) (“MSCI EAFE”)*** which had a total returns of -8.99% and -9.03%, respectively.
The fiscal period was a volatile and difficult time for international equity markets as it started poorly as investors became increasingly concerned that unsustainable levels of sovereign debt for many countries in Europe could eventually threaten the viability of many European banks. In addition, weakness in manufacturing data in the U.S., Europe, and China led to heightened fears of a double-dip global recession. Global equity markets were further unsettled by the downgrade of the U.S. credit rating. Investors returned from the sidelines in October 2011 to send markets soaring as corporate earnings remained strong and economic data indicated a better outlook for the U.S. economy in 2012. Investors were also encouraged by the progress being made by Europe’s leaders to resolve the region’s debt crisis. However, the optimism failed to persist among growing fears over the European debt and banking crises and much of the gains recorded in October disappeared by the end of April 2012.
Developed large-cap equities returned -9.0% during the period as measured by the MSCI ACWI ex-US. The Pacific region posted a -3.4% return due in large part to the performance of Japan (-3.1%). Meanwhile, the European region returned -11.8%, reflecting investor sentiment regarding the issues over the region’s sovereign debt problems as Germany (-16.0%) and France (-24.1%) recorded poor relative results. Denmark, Ireland, New Zealand, and the United Kingdom were the only developed markets outside of the U.S. that experienced positive returns over the fiscal period.
Emerging market equities returned -8.9% during the fiscal period as measured by the MSCI Emerging Markets Index (Net, USD)***. The Emerging Asia region was the best performing in the period, returning -8.0%. The Philippines (+23.7%) and Thailand (+19.5%) were among the strongest performing countries in the region as investors continued to invest in smaller emerging nations that are experiencing increasing economic growth. Despite poor results from the Latin America’s largest country, Brazil (-15.2%), the region returned -9.5% and did include some standout positive performers such as Peru (+22.9%) and Colombia (+14.4%). The Eastern Europe region trailed on a relative basis, returning -18.9%, as countries such as Hungary (-33.0%) experienced difficulties in handling their own fiscal house.
The U.S. dollar strengthened during the fiscal period versus most of the major world currencies. The overall impact of currency fluctuations between the U.S. dollar and developed country currencies was to decrease the dollar-denominated returns of developed market equities by nearly 3%. In addition, the impact of U.S. dollar strength versus emerging market currencies was to decrease the
dollar-denominated returns of emerging market equities by nearly 7% during the fiscal period.
Value stocks in developed markets underperformed growth stocks as the MSCI World ex-US Value Index (Net, USD)** returned -10.8% and the MSCI World ex-US Growth Index (Net, USD)** returned -7.0%. A view of performance along the market capitalization spectrum saw small-caps, as measured by the MSCI World Small Cap ex-US Index (Net, USD), return -7.7% and outperform large-caps as measured by the MSCI World ex-US Index (Net, USD)***, -9.0%.
On March 12, 2012, the MTB International Equity Fund merged with the Wilmington Multi-Manager International Fund and added the following sub-advisors to the Fund: Acadian Asset Management LLC (“Acadian”), Dimensional Fund Advisors LP (“DFA”), Goldman Sachs Asset Management, L.P. (“GSAM”), Parametric Portfolio Associates LLC (“Parametric”), Principal Global Investors LLC (“Principal”), and Wilmington Trust Investment Advisors, Inc. (“WTIA”). WTIA allocates assets of the Fund among the sub-advisors and is currently not allocating any assets to Acadian and Principal. In addition, the Fund terminated the sub-advisory services of Artio Global Investors during March 2012.
The Fund allocates assets between developed markets and emerging markets based on the advice of WTIA’s Investment Strategy Team tactical asset allocation recommendations and as of April 30, 2012 had a 73% allocation to developed large-cap markets, 0% to developed small-cap markets, and 27% allocation to emerging markets. In addition, the allocation to developed large-cap markets was 42% value and 58% growth. Prior to the Funds’ merger, the MTB International Equity Fund had a static allocation of assets amongst the three sub-advisors of the Fund, Hansberger Global Investors (“HGI”), LSV Asset Management (“LSV”), and Barings International Investment Limited (“Barings”). Post merger these three sub-advisers continue to manage assets within the Fund.
The growth portfolio managed by Hansberger slightly trailed the MSCI World ex-US Growth Index (Net, USD) during the fiscal period. Though their allocation to emerging markets did add relative value, their holdings in Canada, including uranium producer Cameco and Manulife Financial, and Pacific ex-Japan, including Australia’s Woodside Petroleum and BHP Billiton, detracted value. On a sector basis, the portfolio’s technology holdings outperformed with Britain’s Autonomy being the main contributor after it was acquired by Hewlett Packard for a considerable premium. Consumer discretionary outperformed with Prada and Hong Kong retail goods distributor Li & Fung the main contributors. Materials holdings underperformed with the German chemical company Wacher Chemie and the French steel manufacturer ArcelorMittal among the holdings most impacted by the deteriorating outlook for global economic growth. The portfolio’s allocation to the financial sector underperformed with France’s BNP Paribas and Austria’s Erste Group Bank hit hard by the fallout from the worsening European sovereign debt crisis. Both of these holdings were disposed of during the period. Consumer staples also underperformed with
April 30, 2012 / ANNUAL REPORT
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Brazil’s Hypermarcas and Britain’s Tesco being the most disappointing performers during the period.
The value portfolio managed by LSV outperformed the MSCI World ex-US Value Index (Net, USD) during the period. As their investment style is to maintain a country and sector-neutral bias, most of their positive relative results are based on stock selection, especially within industrials and consumer discretionary.
The core portfolio managed by Barings outperformed the MSCI World ex-US Index (Net, USD) during the period. They were able to generate positive relative performance from stock selection in a number of different areas. They added value in continental European equities, primarily from the decision not to own any continental European banks. Japanese stock selection also produced favorable results, primarily through their overweight positions in Unicharm (a consumer staples company), Rakuten (an internet company), and Daito Trust Construction. Finally, their underweight allocation to continental Europe itself added value.
The emerging markets portfolio managed by Parametric outperformed the MSCI Emerging Markets Index (Net, USD) during the period. The main positive drivers in explaining their relative results were their structural underweight to Brazil and their overweight allocation to Thailand. Their underweight allocation to Korea and overweight exposure to Eastern European countries (Czech Republic, Poland, and Hungary, in particular) detracted slightly from relative returns.
The quantitative developed country large-cap portfolio managed by GSAM underperformed the MSCI World ex-US Growth Index (Net, USD) during the period. GSAM’s quantitative CORE (Computer-Optimized, Research-Enhanced) investment philosophy is predicated on three ideas: fundamentals drive alpha, risk management helps add value, and lower trading costs mean higher portfolio returns. Returns based on their six investment themes on an overall basis were somewhat positive. The Momentum theme contributed the most on a positive basis, and the Valuation theme was the only one to detract from relative returns. However, stock selection within certain sectors negatively impacted relative performance as weak selection in consumer staples and materials more than offset good selection in consumer discretionary and financials.
The developed country large-cap value portfolio managed by DFA underperformed the MSCI World ex-US Value Index (Net, USD). DFA’s strategy to overweight high book-to-price stocks had a negative effect on relative performance. On a country basis, DFA experienced weak stock selection within Japan and continental Europe. At the sector level, they had weak stock selection within financials and consumer discretionary and somewhat positive stock selection within telecom and industrials.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was -16.47%, adjusted for |
the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The MSCI All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 45 country indices comprising 22 developed and 23 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and it is not possible to invest directly in an index. |
*** | The MSCI EAFE Index (Europe, Australasia, Far East) (Net, USD) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and it is not possible to invest directly in an index. |
MSCI Emerging Markets Index (Net, USD) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. |
MSCI World ex-US Index (Net, USD) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets excluding the U.S. market. The MSCI World ex-US Index consisted of 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. |
MSCI World ex-US Growth and Value Indices (Net, USD) are free float-adjusted market capitalization weighted indices that are designed to measure the equity market performance of developed markets excluding the U.S. market. MSCI uses a two dimensional framework for style segmentation in which value and growth securities are categorized using a multi-factor approach, which uses three variables to define the value investment style characteristics and five variables to define the growth investment style characteristics including forward looking variables. The objective of the index design is to divide constituents of the MSCI World ex-US Index into respective value and growth indices, each targeting 50% of the free float adjusted market capitalization of the underlying market index. |
International investing involves special risks including currency risks, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. |
ANNUAL REPORT / April 30, 2012
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WILMINGTON MULTI-MANAGER INTERNATIONAL FUND – A SHARES†, *
The graph below illustrates the hypothetical investment of $10,0001,2 in the Wilmington Multi-Manager International Fund (A Shares) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2012, compared to the Morgan Stanley Capital International All Country World Index ex-USA (Net, USD) (“MSCI ACWI ex-USA”)2 and the Morgan Stanley Capital International—Europe, Australia and Far East Index (Net, USD) (“MSCI EAFE”).
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | (20.34)% | |||
5 Years | (5.49)% | |||
Start of Performance (12/19/05) | 0.76% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.
Annual Operating Expense Ratio
Before Waivers | 1.70% | |||
After Waivers | 1.49% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the MSCI ACWI ex-USA and MSCI EAFE assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged. |
† | The information presented above, for the period prior to March 12, 2012, is historical information for the WT Multi-Manager International Fund. See Reorganization note within the notes to financial statements. |
* | Formerly Class A Shares. |
April 30, 2012 / ANNUAL REPORT
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WILMINGTON MULTI-MANAGER INTERNATIONAL FUND – I SHARES†,*
The graph below illustrates the hypothetical investment of $1,000,0001 in the Wilmington Multi-Manager International Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Morgan Stanley Capital International All Country World Index ex-USA (Net, USD) (“MSCI ACWI ex-USA”)1 and the Morgan Stanley Capital International—Europe, Australia and Far East Index (Net, USD) (“MSCI EAFE”).
Average Annual Total Returns for the Period Ended April 30, 2012
1 Year | (15.46)% | |||
5 Years | (4.20)% | |||
10 Years | 5.65% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers | 1.45% | |||
After Waivers | 1.36% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | The performance for the Fund, the MSCI ACWI ex-USA and MSCI EAFE assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged. |
† | The information presented above, for the period prior to March 12, 2012, is historical information for the WT Multi-Manager International Fund. See Reorganization note within the notes to financial statements. |
* | Formerly Institutional I Shares. |
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WILMINGTON ROCK MAPLE ALTERNATIVES FUND
Management’s Discussion of Fund Performance
For the fiscal period January 12, 2012 (commencement of operations) through ended April 30, 2012, Wilmington Rock Maple Alternatives Fund (the “Fund”) had a total return of 1.10%* for A Shares and 1.10%* for I Shares, versus its benchmark, the HFRX Global Hedge Fund Index**, which had a total return of 3.27% for the period January 12, 2012 through April 30, 2012.
Fund Highlights
The Fund commenced operations on January 12, 2012 but did not become fully invested until the end of January. Performance met objectives relative to the benchmark and the expectations of the portfolio management team. Manager cross correlation was low, and return attribution was well diversified from both a strategic and geographic standpoint.
Performance by Strategy
All of our equity long/short managers contributed during the fiscal period ended April 30, 2012, highlighted by strong gains from our mid-cap value team, where security selection, particularly in the retail sector, was rewarded. Catalyst-driven wins were numerous for our deep value manager and improved earnings trends helped our equity income-oriented manager. Our European-focused manager was modestly positive, though macro headwinds in March detracted from performance. A lack of mergers and acquisitions activity limited gains during the period in our event strategy. Higher equity prices and improved sentiment should help reverse this trend, and the manager noted an uptick in deal flow in March. Corporate credit allocations were consistently profitable, and we expect our short duration and event emphasis to continue to mute the potential impact of higher rates on the fund overall. The Fund’s options arbitrage allocation provided steady and uncorrelated returns, helping decrease volatility and downside risk for the fund. Losses for the global macro allocation were not unexpected given the manager’s bearish view and the role they designed to play in the portfolio.
Commentary & Outlook
The Fund’s equity long/short strategies are hedged using both single name and index positions, with the global macro allocation designed to function as a fund level overlay to hedge against fiscal and monetary imbalances that the portfolio managers feel have reached extremes. These hedge and short positions detracted from performance during what was the largest first quarter move in U.S. equity markets since 1998, but should dampen volatility and generate alpha under more normal conditions. The options arbitrage strategy is systemic and is continually rebalanced based on changing volatility patterns. (Volatility is currently low and the VIX forward curve is very steep.) Corporate credit strategies are oriented around refinancing and other “events,” but we expect to move toward a relative value positioning as we enter the next phase of the credit cycle.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or |
less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was -4.44%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe and is composed of active private funds with assets under management of a least $50 million reporting to Hedge Fund Research, Inc. (HFRX). The performance results reported by HFRX are asset weighted. The index is unmanaged and it is not possible to invest directly in an index. |
Alpha is a measure of performance on a risk-adjusted basis. The excess return of the fund relative to the return of the benchmark index is a fund’s alpha. |
Chicago Board Options Exchange Volatility Index (VIX)—VIX is designed to measure the market’s expectation of 30-day volatility implied by at-the-money S&P 500® Index option prices. VIX estimates expected volatility by averaging the weighted prices of S&P 500® puts and calls over a wide range of strike prices. As such, VIX does not serve as a benchmark for returns, but rather as an indication of opportunities that may be present in the marketplace when utilizing volatility-based, or volatility management, strategies. There is no established return benchmark for volatility or options strategies. International investing involves special risks including currency risk, political risks, increased volatility of foreign securities, and differences in auditing and other financial standards. |
Valuation is the process of determining the current worth of an asset or company. There are many techniques that can be used to determine value, some are subjective and others are objective. |
Correlation is a statistical measure of how two securities move in relation to each other. |
Investing involves risk and you may incur a profit or a loss. Investments such as mutual funds which focus on alternative strategies are subject to increased risk and loss of principal and are not suitable for all investors. Diversification does not ensure a profit or guarantee against a loss. There is no assurance that any investment strategy will be successful. Any investment in the Fund should be part of an overall investment program rather than, in itself, a complete program. Because the Fund invests in underlying mutual funds or other managed strategies, an investor in the Fund will bear the management fees and operating expenses of the “Underlying Strategies” in which the Fund invests. The total expenses borne by an investor in the Fund will be higher than if the investor invested directly in the Underlying Strategies, and the returns may therefore be lower. |
The Fund, the Sub-Advisers, and the Underlying Strategies may use aggressive investment strategies, which are riskier than those used by typical mutual funds. If the Fund and Sub-Advisers are unsuccessful in applying these investment strategies, the Fund and you may lose more money than if you had invested in another fund that did not invest aggressively. The Fund is subject to risks associated with the Sub-Advisers making trading decisions independently, investing in other investment companies, using a particular style or set of styles, basing investment decisions on historical relationships and |
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correlations, trading frequently, using leverage, making short sales, being non-diversified, and investing in securities with low correlation to the market. The use of leverage may magnify losses. |
The Fund is also subject to risks associated with investments in foreign markets, emerging market securities, small cap companies, debt securities, derivatives, commodity-linked instruments, illiquid securities, asset-backed securities, and CMOs. Please see the prospectus and summary prospectus for information on these as well as other risk considerations. |
WILMINGTON ROCK MAPLE ALTERNATIVES FUND – A SHARES* AND I SHARES*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Rock Maple Alternatives Fund (A Shares) (the “Fund”) from January 12, 2012 (start of performance) to April 30, 2012, compared to the HFRX Global Hedge Fund Index.2
The graph below illustrates the hypothetical investment of $1,000,0002 in the Wilmington Rock Maple Alternatives Fund (I Shares) (the “Fund”) from January 12, 2012 (start of performance) to April 30, 2012, compared to the HFRX Global Hedge Fund Index.2
Average Annual Total Returns for the Period Ended April 30, 2012
A Shares | I Shares | |||||||
1 Year | N/A | N/A | ||||||
5 Years | N/A | N/A | ||||||
Start of Performance (01/12/12) | (4.44)% | 1.10% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50% for A Shares.
Annual Operating Expense Ratio
A Shares | I Shares | |||||||
Before Waivers | 3.80% | 3.55% | ||||||
After Waivers | 2.99% | 2.49% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Fund and the HFRX Global Hedge Fund Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged. |
* | Formerly Class A Shares and Institutional I Shares. |
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WILMINGTON MULTI-MANAGER REAL ASSET FUND
(formerly a series of the WT Mutual Fund)
Management’s Discussion of Fund Performance
For the ten-month fiscal period ended April 30, 2012, Wilmington Multi-Manager Real Asset Fund (the “Fund”) had a total return of 2.04%* for A Shares and 2.31%* for I Shares, versus its benchmarks, the Barclays Capital World Government Inflation-Linked Bond Index (hedged, USD) (Barclays World GILB Index)** and its Blended Index which had total returns of 8.31% and 3.82%, respectively. The Blended Index is currently a blend of 50% Barclays World GILB Index, 35% S&P Developed Property Index***, and 15% Dow Jones-UBS Commodity Index (“DJUBSCI”)***. During the ten-month period, the Fund’s managers and investments added value, while tactical asset allocation decisions to underweight global inflation linked bonds (ILBs) and overweight commodity-related securities during the first four months of the fiscal period offset the added value.
The Fund maintained a 10% tactical underweight to global ILBs and a 10% overweight to commodity-related securities from July to October 2012, at which point the tactical shifts were removed and the Fund’s allocation was moved to a neutral stance reflecting the Fund’s blended benchmark weightings. In aggregate, the tactical tilts detracted from the Fund’s relative performance to the Blended Index during the fiscal period.
Over the ten-month fiscal period, real yields fell across most major developed ILB markets due to slower-than-expected economic growth. Despite inflation expectations (as measured by breakeven inflation) generally decreasing during the fiscal period, global ILBs, as measured by the Barclays World GILB Index gained 8.3%. The portfolio of global developed- and emerging-market ILBs managed by Pacific Investment Management Company (“PIMCO”) outperformed its blended benchmark during this time (9.4% versus 8.5%). PIMCO’s blended benchmark consists of 85% Barclays World GILB Index and 15% Barclays Capital Emerging Market Government ILB Index***. PIMCO’s portfolio benefited from a variety of positions including underweight allocations to Italian and Argentine ILBs, a significant overweight to Australian ILBs, and an overweight to Brazilian ILBs, which were among the best performing emerging market ILBs as the Central bank of Brazil cut interest rates throughout the period. The portfolio of global, developed-market ILBs managed by HSBC Global Asset Management (“HSBC”) underperformed its benchmark during the period (7.6% versus 8.3% for the Barclays World GILB Index). HSBC’s portfolio trailed the Barclays World GILB Index primarily due to the portfolio’s underweight to duration, which had a negative impact on performance as real rates rallied during this period. An overweight to euro zone ILBs also detracted from performance as real rates increased in Europe until the beginning of November 2012.
Global real estate securities were up modestly during this time, as measured by the S&P Developed Property Index (up 2.6%). Underperformance of the European region (down -17.0%, as measured by the UBS Europe Real Estate Investors Index) pulled the index down as property companies in North America were up 12.0% (as measured by the UBS U.S. & Canada Real Estate Investors Index). The portfolio of global real estate securities managed by EII Realty Securities (“EII”) returned 2.6% during the ten-month period.
Relative to the S&P Developed Property Index’s 2.6% return, EII’s performance was helped by retail, self-storage, and apartment companies in North America, while investments in Europe and Hong Kong detracted from performance. The portfolio of global real estate securities managed by CBRE Clarion Securities (“CBRE”) outperformed the benchmark (3.2% versus 2.6%), primarily due to an underweight to the underperforming European region.
Finally, commodities, as measured by the DJUBSCI, were down -10.6% over the ten-month period. During this time, commodity returns were mixed, with unleaded gas faring the best (up 15.2%), while natural gas fared the worst (down -63.7%). The PIMCO CommodityRealReturn Fund (the “PIMCO Fund”) outpaced the DJUBSCI, returning -5.7%. The PIMCO Fund invests in derivative securities linked to commodity indices, while the collateral portion of the portfolio is actively managed by investing primarily in domestic ILBs in an attempt to add incremental returns, along with additional inflation hedging. The PIMCO Fund’s excess return, therefore, is primarily attributable to the collateral portfolio beating the return on T-Bills, which is the implied collateral return for the DJUBSCI. The Credit Suisse Commodity Return Strategy Fund (the “Credit Suisse Fund”) has a similar structure to the PIMCO Fund, but instead of investing the collateral primarily in domestic ILBs, it invests primarily in enhanced cash securities. During the ten-month period, the Credit Suisse Fund slightly trailed the DJUBSCI (-11.1% versus -10.6%). The Fund also had exposure to the Deutsche Bank Liquid Commodity Index-Optimum Yield Diversified (“DBLCIOY Diversified”) via exposure to the PowerShares DB Commodity Index Tracking Fund which added value. During the period, the DBLCIOY Diversified outperformed the DJUBSCI by 800 basis points (-2.6% vs. -10.6%), helped primarily by its strategic underweights to natural gas and coffee (down -35.7% during the period) and overweights to unleaded gas, heating oil (up 7.9%), and crude oil (up 5.7%).
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was -3.54%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | Barclays Capital World Government Inflation-Linked Bond Index measures the performance of the major government inflation-linked bond markets. The index is designed to include only those markets in which a global government linker fund is likely to invest. To be |
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included, a market must have aggregate issuance of $4 billion or more and have minimum ratings of A3/A- for G7 and euro-zone issuers, Aa3/AA- otherwise. |
*** | Dow Jones—UBS Commodity Index is designed to be a diversified benchmark for commodities as an asset class, and reflects the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the Index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills. The Index is currently composed of futures contracts on 19 physical commodities. S&P Developed Property Index defines and measures the investable universe of publicly traded property companies in developed global markets. |
Barclays Capital Emerging Market Government Inflation-Linked Bond Index measures the total return performance of inflation-linked bonds from the major emerging market countries. The index includes government debt, i.e. direct obligations of the state issuer. Quasi-government and corporate debt is not included in the index. |
Deutsche Bank Liquid Commodity Index-Optimum Yield-Diversified Excess ReturnTM reflects the performance of a basket of futures contracts relating to 14 of the most heavily-traded and imported physical commodities. The commodities included in the Index are: WTI crude oil, Brent crude oil, heating oil, RBOB gasoline, natural gas, gold, silver, aluminum, zinc, copper grade A, corn, wheat, soybeans and sugar. |
UBS Europe Real Estate Investors Index tracks performance of continental European companies that engage in real estate activities and have over 70% of total revenue derived from rental income. |
UBS U.S. & Canada Real Estate Investors Index tracks performance of U.S. and Canadian companies that engage in real estate activities and have over 70% of total revenue derived from rental income. |
International investing involves special risks including currency risks, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. |
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WILMINGTON MULTI-MANAGER REAL ASSET FUND – A SHARES* AND I SHARES*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Multi-Manager Real Asset Fund (A Shares) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2012, compared to the Barclays Capital Government Inflation-Linked Bond Index (“BCGILB”)2 and the Real Asset Blended Index.2,3
The graph below illustrates the hypothetical investment of $1,000,0002 in the Wilmington Multi-Manager Real Asset Fund (I Shares) (the “Fund”) from July 1, 2003 (start of performance) to April 30, 2012, compared to the BCGILB2 and the Real Asset Blended Index.2,3
Average Annual Total Returns for the Period Ended April 30, 2012
A Shares | I Shares | |||||||
1 Year | (6.11)% | (0.37)% | ||||||
5 Years | 1.44% | 2.85% | ||||||
Start of Performance4 | 4.06% | 9.69% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50% for A Shares.
Annual Operating Expense Ratio
A Shares | I Shares | |||||||
Before Waivers | 1.60% | 1.35% | ||||||
After Waivers | 1.39% | 1.14% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Fund, the BCGILB and the Real Asset Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
3 | The Real Asset Blended Index is calculated by the investment advisor and represents the weighted return of 50% Barclays Capital U.S. TIPS Index, 30% NAREIT Equity Index and 20% Dow Jones-UBS Commodity Index Total Return for the period from inception until January 1, 2009 and 40% Barclays Capital Government Inflation-Linked Bond Index, 30% S&P Developed Property Index and 30% Dow Jones-UBS Commodity Index for the period since January 1, 2009. |
4 | The start of performance for A Shares was December 20, 2005 and I Shares was July 1, 2003. |
* | Formerly Class A Shares and Institutional Shares. |
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WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND
(formerly known as Wilmington Conservative Asset Allocation Fund, a series of WT Mutual Fund)
Management’s Discussion of Fund Performance
For the ten-month fiscal period ended April 30, 2012, Wilmington Strategic Allocation Conservative Fund (the “Fund”) returned 2.15%* for A Shares and 2.44%* for I Shares, versus its benchmarks, the Barclays Capital U.S. Aggregate Bond Index and the Conservative Blended Index**, which returned 6.47% and 3.62%, respectively.
The Fund’s underperformance to its blended benchmark for the ten-month period ended April 30, 2012 can principally be traced to the asset allocation positioning of the Fund. In particular, an overweight position in international equity, and an underweight position in core bonds, detracted from relative performance in the period. A position in high-yield fixed income, which is not in the blended benchmark, and an overweight position in domestic equity, served to benefit relative performance in the period.
The performance of the active money managers who sub-advise portions of the underlying funds in which the Fund invests was generally in-line to slightly ahead of their respective benchmarks. The Wilmington Multi-Manager International Fund, which accounted for 7% of the assets of the Conservative Asset Allocation Fund at the end of the period, trailed the MSCI All-Country World ex-US Index by 266 basis points (-11.65% vs. -8.99%), and detracted from relative performance.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. |
The total return for A Shares was -3.49%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Barclays Capital U.S. Aggregate Bond Index is an index measuring both the capital price changes and income provided by the underlying universe of securities, comprised of U.S. Treasury obligations, U.S. investment grade corporate debt and mortgage backed obligations. The Conservative Blended Index is calculated by the investment advisor and represents the weighted returns for the following indices: 53% Barclays Capital U.S. Aggregate Bond Index; 7.5% HFRX Absolute Index; 7.5% HFRX Global Index; 7.2% Russell 3000 Index; 7% Barclays Capital Global Aggregate ex-US (unhedged) Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 4.8% MSCI All Country World ex-US Investable Market Index; 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill Index. The indexes are unmanaged and it is not possible to invest directly in an index. |
International investing involves special risks including currency risk, political risks, increased volatility of foreign securities, and differences in auditing and other financial standards. |
The Consumer Price Index provides a measure of inflation at the retail level. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Due to its strategy of investing in other mutual funds, this Fund may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds. |
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WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND – A SHARES* AND I SHARES*
The graph below illustrates the hypothetical investment of $10,0001,2 in the Wilmington Strategic Allocation Conservative Fund (A Shares) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2012, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”)2 and the Conservative Blended Index.2,3
The graph below illustrates the hypothetical investment of $1,000,000 in the Wilmington Strategic Allocation Conservative Fund (I Shares) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2012, compared to the BCAB2 and the Conservative Blended Index.2,3
Average Annual Total Returns for the Period Ended April 30, 2012
A Shares | I Shares | |||||||
1 Year | (4.68)% | 1.23% | ||||||
5 Years | 1.61% | 3.03% | ||||||
Start of Performance (12/20/05) | 3.10% | 4.28% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50% for A Shares.
Annual Operating Expense Ratio
A Shares | I Shares | |||||||
Before Waivers | 1.85% | 1.60% | ||||||
After Waivers | 1.46% | 1.21% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Fund, the BCAB and the Conservative Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
3 | The Conservative Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 53% Barclays Capital U.S. Aggregate Bond Index; 7.5% HFRX Absolute Index; 7.5% HFRX Global Index; 7.2% Russell 3000 Index; 7% Barclays Capital Global Aggregate ex-U.S. (unhedged) Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 4.8% MSCI All Country World ex-U.S. Investable Market Index; 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill. |
* | Formerly Class A Shares and Institutional Shares. |
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WILMINGTON STRATEGIC ALLOCATION MODERATE FUND
(formerly known as MTB Strategic Allocation Fund)
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2012, Wilmington Strategic Allocation Moderate Fund (the “Fund”) had a total return of -3.13%* for A Shares and -2.87%* for I Shares, versus its current benchmarks, the Russell 3000 Index**, Barclays Capital U.S. Aggregate Bond Index**, and the Moderate Blended Index**, which had total returns of 3.40%, 7.54%, and -0.28%, respectively. Previously the Fund also compared itself to the S&P 500 Index*** which returned 4.76% for the fiscal year.
The Fund, which during the fiscal year was a blend of various types of domestic and international equity combined with various forms of domestic and international fixed income and inflation hedges lagged its indexes primarily due to two factors:
1. An overweight to international equities carried in the portfolio until late 2011 at a time when international equity markets underperformed domestic large cap equities; and
2. A shorter than benchmark duration and a globally diversified fixed income line-up, neither of which participated fully in the domestic intermediate bond markets’ surge during the 3rd quarter of 2011.
For much of the fiscal year, the target equity portion of the Fund represented approximately 65% of the portfolio, and within equities, our diversification into developed country and emerging markets international equities represented over 22% of the Fund’s allocation. Without exception, all of these international equity holdings finished the fiscal year in negative return territory. Compounding the Fund’s underperformance was an allocation to natural resource equities (average allocation of just over 4% during the year). This asset class also underperformed the Russell 3000 significantly for the fiscal year.
In the fixed income portion of the portfolio, the Fund contained allocations to several non-U.S. based and/or non-investment grade securities such as global high yield, developed and emerging market debt, and floating rate bank loans. During the particularly volatile summer months of 2011, when there was a broad ‘flight to quality’ (i.e., U.S. government dollar-denominated debt), these asset classes acted as a drag on this portion of the Fund’s return.
There were several small surgical and one large strategic rebalancing trades implemented during the fiscal year, as well as two large tactical allocation trades within the portfolio.
After a summer in which global stocks were sent reeling by bickering over the U.S. debt ceiling limit increase at home and fears over a Greek debt default abroad, we took advantage of relative value in global equity markets with a large strategic rebalance trade that brought our equity allocations back to their prescribed 64.4% weight. The timing of this move proved constructive for the portfolio as we bought more equity assets at what near what would prove to be the lows for the fiscal year.
In late autumn, the markets rallied on the ECB’s efforts to stabilize European banks that had exposure to troubled sovereign debt. On the heels of this rally, we implemented a ‘risk off’ trade in the Fund
to reduce exposure to equity markets that had proven increasingly beholden to global policy-makers decisions and missteps. In this trade, we reduced equity exposure to near 55% of the portfolio and lifted our cash component to 10%.
When the markets appeared to have stabilized and returned to trading off of fundamentals rather than the latest policy moves of government officials around the world, we redeployed over half of the portfolio’s cash allocation into hedges against unanticipated inflation, while preserving our underweight in equity. Within the fixed income portion of the Fund, we reduced our allocation to international developed market bonds and more than doubled our allocation to higher-yielding, U.S. dollar denominated, emerging market debt where country fundamentals and economic growth prospects appear more sound than in the developed world.
We continue to look for opportunities to add value in the fund, whether through over- or underweighting asset classes we feel are attractive or expensive, entering new asset classes like inflation hedges added late this past year, or through selecting underlying managers we believe have the ability to outperform.
We thank you for your continued investment in this Fund and look forward to a challenging, but rewarding year.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was -8.41%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Barclays Capital U.S. Aggregate Bond Index is an index measuring both the capital price changes and income provided by the underlying universe of securities, comprised of U.S. Treasury obligations, U.S. investment grade corporate debt and mortgage backed obligations. The Moderate Blended Index is calculated by the investment advisor and represents the weighted returns for the following indices: 27% Russell 3000 Index; 20% Barclays Capital U.S. Aggregate Bond Index; 18% MSCI All Country World ex-US Investable Market Index; 7.5% HFRX Absolute Index; 7.5% HFRX Global Index; 7% Barclays Capital Global Aggregate ex-US (unhedged) Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill Index. The indexes are unmanaged and it is not possible to invest directly in an index. |
ANNUAL REPORT / April 30, 2012
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16 |
*** | S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 leading companies in leading industries of the U.S. economy. |
International investing involves special risks including currency risk, political risks, increased volatility of foreign securities, and differences in auditing and other financial standards. |
The Consumer Price Index provides a measure of inflation at the retail level. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Due to its strategy of investing in other mutual funds, this Fund may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds. |
April 30, 2012 / ANNUAL REPORT
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17 |
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND – A SHARES* AND I SHARES†,*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Strategic Allocation Moderate Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Standard & Poor’s 500 Index (“S&P 500”)2,3, the Barclays Capital U.S. Aggregate Bond Index (“BCAB”)2, the Russell 3000 Index2,3 and the Moderate Blended Index.2,4
The graph below illustrates the hypothetical investment of $1,000,0002 in the Wilmington Strategic Allocation Moderate Fund (I Shares) (the “Fund”) from June 11, 2010 (start of performance) to April 30, 2012, compared to the S&P 5002,3, the BCAB2, the Russell 3000 Index2,3, and the Moderate Blended Index.2,4
Average Annual Total Returns for the Period Ended April 30, 2012
A Shares | I Shares | |||||||
1 Year | (8.41)% | (2.87)% | ||||||
5 Years | (0.43)% | N/A | ||||||
10 Years or Start of Performance | 2.61% | 9.46% | 5 |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50% for A Shares.
Annual Operating Expense Ratio
A Shares | I Shares | |||||||
Before Waivers | 2.37% | 2.12% | ||||||
After Waivers | 1.87% | 1.62% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Fund, BCAB, Russell 3000 Index, S&P 500 and the Moderate Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
3 | Effective March 12, 2012, the Fund replaced the S&P 500 Index with the Russell 3000 Index as the primary benchmark for the Fund, because the Russell 3000 Index is the more appropriate benchmark for the Fund. |
4 | Effective March 12, 2012, the Fund replaced the Blended Benchmark with the Moderate Blended Index as a secondary benchmark for the Fund, because the Moderate Blended Index is the more appropriate benchmark for the Fund. The Moderate Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 27% Russell 3000 Index; 20% Barclays Capital U.S. Aggregate Bond Index; 18% MSCI All Country World ex-US Investable Market Index; 7.5% HFRX Absolute Index; 7.5% HFRX Global Index; 7% Barclays Capital Global Aggregate ex-US *unhedged) Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill. |
5 | The start of performance for I shares was June 11, 2010. |
† | The information presented above, for the periods prior to June 14, 2010, is historical information for the MTB Managed Allocation Fund—Moderate Growth Portfolio. See Reorganization note within the notes to financial statements. |
* | Formerly Class A Shares and Institutional I Shares. |
ANNUAL REPORT / April 30, 2012
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18 |
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND
(formerly known as Wilmington Aggressive Asset Allocation Fund, a series of WT Mutual Fund)
Management’s Discussion of Fund Performance
For the ten-month fiscal period ended April 30, 2012, Wilmington Strategic Allocation Aggressive Fund (the “Fund”) had a total return of -0.75%* for A Shares and -0.62%* for I Shares, versus its benchmarks, the Russell 3000 Index**, MSCI All Country World ex-US Investable Market Index**, and the Aggressive Blended Index**, which returned 6.51%, -8.98%, and 0.31%, respectively.
The Fund’s underperformance for the ten-month period ended April 30, 2012 can be attributed to a combination of asset allocation positioning of the Fund, and sub-advisor performance in the period. Active positioning of the Fund, when compared with the blended benchmark weights, was maintained at a relatively modest level over a period that continued the risk-on risk-off pattern of recent years. Active positioning accounted for approximately one-third of the performance shortfall versus the blended benchmark. An early overweight to small-cap domestic equity, an underweight of inflation hedges, and a non-benchmark position in global natural resources equity tended to detract from relative performance. An overweight of domestic versus international equity, and a non-benchmark position in high-yield fixed income, contributed positively to relative performance.
The performance of the active money managers who sub-advise portions of the underlying funds in which the Aggressive Fund invests accounted for approximately two-thirds of the performance shortfall in the period. The Wilmington Multi-Manager International Fund, which accounted for 28% of the assets of the Aggressive Asset Allocation Fund at the end of the period, trailed the MSCI All-Country World ex-US Index by 266 basis points
(-11.65% vs. -8.99%), and accounted for the majority of the shortfall.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not |
reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for A Shares was -6.18%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. MSCI All Country World ex-US Index (ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the large-cap and mid-cap equity market performance of developed and emerging markets excluding the U.S. market. The MSCI All Country World ex-US Investable Market Index (ACWI IMI ex-US) is designed to also include the small-cap equity market performance which is not included in the ACWI ex-US. The ACWI ex-US and ACWI IMI ex-US Indices consisted of 45 country indices comprising 22 developed and 23 emerging market country indices. The Aggressive Blended Index is calculated by the investment advisor and represents the weighted returns for the following indices: 48% Russell 3000 Index; 32% MSCI All Country World ex-US Investable Market Index; 7% HFRX Global Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill Index. The indexes are unmanaged and it is not possible to invest directly in an index. |
International investing involves special risks including currency risk, political risks, increased volatility of foreign securities, and differences in auditing and other financial standards. |
The Consumer Price Index provides a measure of inflation at the retail level. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Due to its strategy of investing in other mutual funds, this Fund may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds. |
April 30, 2012 / ANNUAL REPORT
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19 |
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND – A SHARES* AND I SHARES*
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Strategic Allocation Aggressive Fund (A Shares) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2012, compared to the Russell 3000 Index2, the MSCI All Country World ex-US Investable Market Index2 and the Aggressive Blended Index.2,3
The graph below illustrates the hypothetical investment of $1,000,0002 in the Wilmington Strategic Allocation Aggressive Fund (I Shares) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2012, compared to the Russell 3000 Index2, the MSCI All Country World ex-US Investable Market Index2 and the Aggressive Blended Index.2,3
Average Annual Total Returns for the Period Ended April 30, 2012
A Shares | I Shares | |||||||
1 Year | (9.47)% | (3.95)% | ||||||
5 Years | (2.62)% | (1.30)% | ||||||
Start of Performance (12/19/05) | 1.27% | 2.42% |
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50% for A Shares.
Annual Operating Expense Ratio
A Shares | I Shares | |||||||
Before Waivers | 1.96% | 1.71% | ||||||
After Waivers | 1.65% | 1.40% |
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Fund, Russell 3000 Index, MSCI ACWI ex-USA Investable Market Index and Aggressive Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
3 | The Aggressive Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 48% Russell 3000 Index; 32% MSCI All Country World ex-US Investable Market Index; 7% HFRX Global Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill. |
* | Formerly Class A Shares and Institutional Shares. |
ANNUAL REPORT / April 30, 2012
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20 |
As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2011 to April 30, 2012.
Actual Expenses
This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for
Comparison Purposes
This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which is not the Funds’ actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning Account Value 11/1/11 | Ending Account Value 4/30/12 | Expenses Paid During Period(1) | Annualized Net Expense Ratio(2) | |||||||||||||
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,026.00 | $ | 7.00 | 1.39 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,027.00 | $ | 6.90 | 1.37 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,017.95 | $ | 6.97 | 1.39 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,018.05 | $ | 6.87 | 1.37 | % | ||||||||
WILMINGTON ROCK MAPLE ALTERNATIVES FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares(3) | $ | 1,000.00 | $ | 1,011.00 | $ | 7.43 | 2.48 | % | ||||||||
I Shares(3) | $ | 1,000.00 | $ | 1,011.00 | $ | 5.93 | 1.98 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares(3) | $ | 1,000.00 | $ | 1,012.53 | $ | 12.41 | 2.48 | % | ||||||||
I Shares(3) | $ | 1,000.00 | $ | 1,015.02 | $ | 9.92 | 1.98 | % | ||||||||
WILMINGTON MULTI-MANAGER REAL ASSET FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,049.20 | $ | 6.42 | 1.26 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,050.60 | $ | 5.05 | 0.99 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,018.60 | $ | 6.32 | 1.26 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,019.94 | $ | 4.97 | 0.99 | % | ||||||||
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,045.90 | $ | 3.26 | 0.64 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,048.10 | $ | 1.99 | 0.39 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,021.68 | $ | 3.22 | 0.64 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,022.92 | $ | 1.96 | 0.39 | % |
April 30, 2012 / ANNUAL REPORT
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Beginning Account Value 11/1/11 | Ending Account Value 4/30/12 | Expenses Paid During Period(1) | Annualized Net Expense Ratio(2) | |||||||||||||
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND | ||||||||||||||||
Actual | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,047.00 | $ | 4.22 | 0.83 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,048.70 | $ | 2.95 | 0.58 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,020.74 | $ | 4.17 | 0.83 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,021.98 | $ | 2.92 | 0.58 | % | ||||||||
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND | ||||||||||||||||
Actual | ||||||||||||||||
Class A Shares | $ | 1,000.00 | $ | 1,079.80 | $ | 3.98 | 0.77 | % | ||||||||
Class I Shares | $ | 1,000.00 | $ | 1,080.40 | $ | 2.69 | 0.52 | % | ||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||
A Shares | $ | 1,000.00 | $ | 1,021.03 | $ | 3.87 | 0.77 | % | ||||||||
I Shares | $ | 1,000.00 | $ | 1,022.28 | $ | 2.61 | 0.52 | % |
(1) | Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent one-half year period (except for Wilmington Rock Maple Alternatives Fund actual return information for A Shares and I Shares which reflect the 109 day period, respectively, from commencement of investment operations through April 30, 2012). |
(2) | Expense ratio does not reflect the indirect expenses of the underlying funds it invests in. |
(3) | Wilmington Rock Maple Alternatives Fund, A Shares and I Shares commenced investment operation on January 12, 2012. |
ANNUAL REPORT / April 30, 2012
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PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Multi-Manager International Fund
At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)
Common Stocks | Percentage of Total Net Assets | |||
Financial | 19.3 | % | ||
Consumer, Non-cyclical | 15.1 | % | ||
Basic Materials | 11.1 | % | ||
Industrial | 10.3 | % | ||
Consumer, Cyclical | 10.2 | % | ||
Energy | 9.9 | % | ||
Communications | 8.7 | % | ||
Technology | 3.6 | % | ||
Utilities | 2.5 | % | ||
Investment Companies | 1.9 | % | ||
Diversified | 1.6 | % | ||
Health Care | 0.4 | % | ||
Information Technology | 0.3 | % | ||
Call Warrants | 1.6 | % | ||
Preferred Stocks | 1.5 | % | ||
Certificates | 0.2 | % | ||
Real Estate Investment Trusts | 0.1 | % | ||
Rights | 0.0 | %3 | ||
Cash Equivalents1 | 2.8 | % | ||
Other Assets and Liabilities – Net2 | (1.1 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual funds and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represent less than 0.05%. |
Country Allocation | Percentage of | |||
United Kingdom | 15.7 | % | ||
Japan | 13.4 | % | ||
Switzerland | 5.8 | % | ||
Canada | 5.6 | % | ||
Germany | 5.2 | % | ||
France | 4.5 | % | ||
Australia | 4.2 | % | ||
China | 3.3 | % | ||
South Korea | 2.5 | % | ||
Mexico | 2.0 | % | ||
Taiwan | 1.9 | % | ||
Hong Kong | 1.8 | % | ||
Russia | 1.8 | % | ||
South Africa | 1.7 | % | ||
Sweden | 1.7 | % | ||
Netherlands | 1.5 | % | ||
Italy | 1.1 | % | ||
Singapore | 1.0 | % | ||
Israel | 1.0 | % | ||
Spain | 1.0 | % | ||
All other Country less than 1.0% | 16.3 | % | ||
Investment Companies | 1.9 | % | ||
Call Warrants | 1.6 | % | ||
Preferred Stocks | 1.5 | % | ||
Certificates | 0.2 | % | ||
Real Estate Investment Trusts | 0.1 | % | ||
Rights | 0.0 | %3 | ||
Cash Equivalents1 | 2.8 | % | ||
Other Assets and Liabilities – Net2 | (1.1 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 93.0% | ||||||||
ARGENTINA – 0.1% | ||||||||
Banco Macro SA ADR | 3,500 | $ | 53,970 | |||||
*BBVA Banco Frances SA ADR | 5,120 | 24,934 | ||||||
Cresud SACIF y A ADR | 9,926 | 94,098 | ||||||
12Grupo Financiero Galicia SA ADR | 5,000 | 27,950 | ||||||
*Petrobras Argentina SA ADR | 10,318 | 117,522 |
Description | Number of Shares | Value | ||||||
*Telecom Argentina SA ADR | 5,650 | $ | 82,659 | |||||
TOTAL ARGENTINA | $ | 401,133 | ||||||
AUSTRALIA – 4.2% | ||||||||
Alumina Ltd. ADR | 4,000 | 19,040 | ||||||
Alumina Ltd. | 79,820 | 96,474 | ||||||
AMP, Ltd. | 2,828 | 12,582 | ||||||
Ansell Ltd. | 1,276 | 19,743 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 23 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Asciano Ltd. | 21,670 | $ | 106,799 | |||||
*AWE Ltd | 22,106 | 40,193 | ||||||
12Bank of Queensland Ltd. | 7,786 | 60,520 | ||||||
Beach Energy Ltd. | 28,553 | 41,651 | ||||||
Bendigo and Adelaide Bank Ltd. | 13,703 | 107,512 | ||||||
BHP Billiton Ltd. | 66,954 | 2,480,062 | ||||||
*BlueScope Steel Ltd. | 120,724 | 49,686 | ||||||
Boral Ltd. | 21,033 | 82,840 | ||||||
Brambles Ltd. | 12,481 | 94,023 | ||||||
Brickworks Ltd. | 1,116 | 12,093 | ||||||
Caltex Australia Ltd. | 4,696 | 67,377 | ||||||
Campbell Brothers Ltd. | 2,260 | 161,468 | ||||||
Challenger Ltd. | 51,900 | 215,227 | ||||||
Coca-Cola Amatil, Ltd. | 16,032 | 207,972 | ||||||
Cochlear Ltd. | 1,488 | 101,785 | ||||||
Commonwealth Bank of Australia | 5,380 | 291,327 | ||||||
Computershare Ltd. | 2,578 | 22,590 | ||||||
Crown, Ltd. | 13,476 | 127,776 | ||||||
CSL Ltd. | 4,135 | 157,948 | ||||||
*Downer EDI Ltd. | 63,750 | 239,792 | ||||||
DuluxGroup Ltd. | 45,447 | 146,796 | ||||||
Echo Entertainment Group Ltd. | 22,548 | 105,722 | ||||||
12Fairfax Media Ltd. | 86,793 | 62,399 | ||||||
First Quantum Minerals Ltd. | 3,125 | 64,914 | ||||||
Fleetwood Corp. Ltd. | 2,292 | 31,356 | ||||||
Fortescue Metals Group Ltd. | 15,758 | 92,604 | ||||||
Goodman Fielder Ltd. | 242,392 | 165,427 | ||||||
Harvey Norman Holdings Ltd. | 9,633 | 20,275 | ||||||
Iluka Resources Ltd. | 3,900 | 69,081 | ||||||
Incitec Pivot, Ltd. | 47,395 | 161,483 | ||||||
Insurance Australia Group, Ltd. | 10,913 | 40,253 | ||||||
Leighton Holdings Ltd. | 391 | 8,388 | ||||||
*,12Lynas Corp. Ltd. | 12,324 | 14,446 | ||||||
Macquarie Group Ltd. | 10,788 | 328,336 | ||||||
Metcash Ltd. | 42,500 | 175,360 | ||||||
Miclyn Express Offshore Ltd. | 11,930 | 25,855 | ||||||
Monadelphous Group Ltd. | 5,406 | 130,906 | ||||||
National Australia Bank Ltd. | 16,800 | 441,645 | ||||||
12New Hope Corp. Ltd. | 34,191 | 173,495 | ||||||
Newcrest Mining Ltd. | 55,161 | 1,511,591 | ||||||
NRW Holdings Ltd. | 6,738 | 28,714 | ||||||
OneSteel Ltd. | 227,828 | 309,788 | ||||||
Orica Ltd. | 2,830 | 79,232 | ||||||
Origin Energy Ltd. | 46,744 | 645,826 | ||||||
OZ Minerals Ltd. | 17,496 | 170,085 | ||||||
*,12Paladin Energy Ltd. | 419,300 | 696,838 | ||||||
*Qantas Airways Ltd. | 37,254 | 63,465 |
Description | Number of Shares | Value | ||||||
QR National Ltd. | 14,150 | $ | 53,667 | |||||
12Raiffeisen International Bank Holding AG | 957 | 31,777 | ||||||
Ramsay Health Care Ltd. | 2,723 | 56,830 | ||||||
Rio Tinto Ltd. | 16,270 | 1,124,800 | ||||||
Santos, Ltd. | 25,459 | 371,908 | ||||||
Seek Ltd. | 2,387 | 17,808 | ||||||
Sims Metal Management Ltd. | 6,362 | 94,262 | ||||||
Suncorp Group Ltd. | 39,126 | 331,846 | ||||||
TABCORP Holdings Ltd. | 50,830 | 152,001 | ||||||
Tatts Group Ltd. | 42,161 | 113,338 | ||||||
Telstra Corp., Ltd. | 24,995 | 92,194 | ||||||
Toll Holdings Ltd. | 15,196 | 92,784 | ||||||
Transurban Group | 8,366 | 51,168 | ||||||
Treasury Wine Estates Ltd. | 61,839 | 278,351 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 3,937 | 56,692 | ||||||
Wesfarmers, Ltd. | 44,126 | 1,392,185 | ||||||
Westfield Retail Trust | 32,705 | 92,689 | ||||||
Woodside Petroleum Ltd. | 24,548 | 893,176 | ||||||
Woolworths, Ltd. | 8,963 | 242,253 | ||||||
WorleyParsons Ltd. | 21,727 | 639,536 | ||||||
TOTAL AUSTRALIA | $ | 16,760,025 | ||||||
AUSTRIA – 0.1% | ||||||||
Erste Bank DER Oesterreichischen Sparkassen AG | 896 | 20,631 | ||||||
12Oesterreichische Post AG | 1,424 | 50,517 | ||||||
12OMV AG | 8,700 | 294,526 | ||||||
Strabag SE | 762 | 20,355 | ||||||
12Verbund AG | 452 | 12,651 | ||||||
Voestalpine AG | 4,500 | 145,670 | ||||||
TOTAL AUSTRIA | $ | 544,350 | ||||||
BELGIUM – 0.9% | ||||||||
12Ageas | 54,091 | 98,450 | ||||||
Anheuser-Busch InBev NV | 30,648 | 2,208,963 | ||||||
Colruyt SA | 452 | 18,518 | ||||||
Delhaize Group SA ADR | 2,400 | 116,904 | ||||||
Delhaize Group SA | 3,000 | 146,037 | ||||||
Financiere de Tubize SA | 1,311 | 49,094 | ||||||
KBC Groep NV | 8,401 | 162,469 | ||||||
Mobistar SA | 103 | 3,895 | ||||||
NV Bekaert SA | 209 | 6,191 | ||||||
Solvay SA | 2,239 | 272,458 | ||||||
UCB SA | 12,738 | 594,949 | ||||||
Umicore SA | 2,320 | 125,895 | ||||||
TOTAL BELGIUM | $ | 3,803,823 | ||||||
BERMUDA – 0.0%** | ||||||||
Fairwood Ltd. | 6,000 | 10,285 | ||||||
First Pacific Co. Ltd. | 16,000 | 17,384 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
24 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Great Eagle Holdings Ltd. | 3,000 | $ | 8,855 | |||||
Lancashire Holdings Ltd. | 4,656 | 60,828 | ||||||
Seadrill Ltd. | 900 | 34,833 | ||||||
Shangri-La Asia, Ltd. | 4,000 | 8,496 | ||||||
TOTAL BERMUDA | $ | 140,681 | ||||||
BOTSWANA – 0.1% | ||||||||
Barclays Bank of Botswana Ltd. | 100,300 | 97,028 | ||||||
Botswana Insurance Hldgs Ltd. | 60,900 | 82,976 | ||||||
First National Bank of Botswana | 274,700 | 102,927 | ||||||
Sechaba Breweries Ltd. | 61,203 | 102,569 | ||||||
Standard Chartered Bank Botswana Ltd. | 41,700 | 51,987 | ||||||
TOTAL BOTSWANA | $ | 437,487 | ||||||
BRAZIL – 0.8% | ||||||||
All America Latina Logistica SA | 11,400 | 51,613 | ||||||
Banco Do Brasil SA | 9,167 | 113,737 | ||||||
Banco Santander Brasil SA | 5,600 | 45,449 | ||||||
BM&FBovespa SA | 15,307 | 85,523 | ||||||
BR Malls Participacoes SA | 3,200 | 39,552 | ||||||
BRF – Brasil Foods SA | 8,856 | 160,752 | ||||||
CCR SA | 16,400 | 127,163 | ||||||
Centrais Eletricas Brasileiras SA | 12,500 | 106,956 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 4,800 | 188,963 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 2,400 | 189,984 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 10,400 | 243,611 | ||||||
Cia Energetica de Minas Gerais | 2,454 | 42,068 | ||||||
Cia Siderurgica Nacional SA | 4,900 | 41,618 | ||||||
Cielo SA | 7,224 | 217,006 | ||||||
Cosan SA Industria e Comercio | 3,000 | 52,205 | ||||||
CPFL Energia SA | 4,800 | 67,084 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 4,000 | 32,233 | ||||||
EDP – Energias do Brasil SA | 30,300 | 211,257 | ||||||
Embraer SA | 14,300 | 122,808 | ||||||
*Fibria Celulose SA | 2,086 | 16,645 | ||||||
*Gafisa SA | 6,800 | 12,522 | ||||||
*LLX Logistica SA | 13,400 | 22,355 | ||||||
Localiza Rent a Car SA | 2,700 | 46,177 | ||||||
Lojas Renner SA | 2,500 | 79,440 | ||||||
Marfrig Alimentos SA | 5,050 | 27,950 | ||||||
MRV Engenharia e Participacoes SA | 6,600 | 38,572 | ||||||
Natura Cosmeticos SA | 2,100 | 47,450 | ||||||
*OGX Petroleo e Gas Participacoes SA | 13,400 | 93,568 | ||||||
Oi SA | 9,480 | 63,659 | ||||||
*PDG Realty SA Empreendimentos e Participacoes | 16,500 | 38,780 |
Description | Number of Shares | Value | ||||||
Redecard SA | 6,500 | $ | 108,302 | |||||
Souza Cruz SA | 5,500 | 85,465 | ||||||
Tim Participacoes SA | 13,706 | 80,964 | ||||||
Totvs SA | 4,400 | 85,408 | ||||||
Tractebel Energia SA | 2,700 | 46,389 | ||||||
Ultrapar Participacoes SA | 4,000 | 90,696 | ||||||
Weg SA | 4,600 | 48,603 | ||||||
TOTAL BRAZIL | $ | 3,172,527 | ||||||
BRITISH VIRGIN ISLANDS – 0.0%** | ||||||||
Arcos Dorados Holdings, Inc. | 2,300 | 41,101 | ||||||
BULGARIA – 0.0%** | ||||||||
*Central Cooperative Bank AD | 20,482 | 10,410 | ||||||
*Chimimport AD | 10,600 | 9,312 | ||||||
*Doverie Holding AD | 11,040 | 8,966 | ||||||
*Olovno Tzinkov Komplex AD | 900 | 1,736 | ||||||
*Petrol AD | 37,250 | 115,994 | ||||||
Sopharma AD Sofia | 14,000 | 24,067 | ||||||
TOTAL BULGARIA | $ | 170,485 | ||||||
CANADA – 5.6% | ||||||||
Agnico-Eagle Mines Ltd. | 1,603 | 64,032 | ||||||
Agrium, Inc. | 1,342 | 118,217 | ||||||
Alimentation Couche Tard, Inc. | 7,500 | 325,328 | ||||||
Atco Ltd. | 2,300 | 170,198 | ||||||
*Athabasca Oil Sands Corp. | 3,132 | 36,778 | ||||||
Bank of Nova Scotia | 9,855 | 546,558 | ||||||
Bank of Nova Scotia | 7,848 | 435,360 | ||||||
Barrick Gold Corp. | 22,048 | 891,874 | ||||||
Baytex Energy Corp. | 536 | 28,329 | ||||||
BCE, Inc. | 1,700 | 68,871 | ||||||
Bell Aliant, Inc. | 1,300 | 34,426 | ||||||
Bombardier, Inc. | 8,200 | 34,698 | ||||||
Brookfield Asset Management, Inc. | 253 | 8,349 | ||||||
CAE, Inc. | 1,400 | 15,306 | ||||||
Cameco Corp. | 2,511 | 55,566 | ||||||
Cameco Corp. | 25,588 | 565,495 | ||||||
Canadian Imperial Bank of Commerce | 10,800 | 814,824 | ||||||
Canadian National Railway Co | 8,492 | 724,681 | ||||||
Canadian Natural Resources Ltd. | 10,521 | 365,605 | ||||||
Canadian Natural Resources Ltd. | 15,953 | 554,241 | ||||||
Canadian Oil Sands Ltd. | 182 | 4,022 | ||||||
Canadian Pacific Railway Ltd. | 5,538 | 428,588 | ||||||
Canadian Tire Corp. Ltd. | 2,273 | 158,973 | ||||||
Canadian Utilities Ltd. | 698 | 49,171 | ||||||
CCL Industries, Inc. | 2,400 | 91,982 | ||||||
Cenovus Energy, Inc. | 8,930 | 324,078 | ||||||
Centerra Gold, Inc. | 4,900 | 63,442 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 25 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Centerra Gold, Inc. | 1,583 | $ | 20,496 | |||||
*CGI Group, Inc. | 1,400 | 31,420 | ||||||
Cineplex, Inc. | 6,100 | 185,745 | ||||||
Crescent Point Energy Corp. | 1,200 | 52,429 | ||||||
Dorel Industries, Inc. | 8,700 | 263,241 | ||||||
Eldorado Gold Corp. | 3,589 | 50,864 | ||||||
Empire Co. Ltd. | 8,000 | 470,841 | ||||||
Enbridge, Inc. | 7,470 | 312,986 | ||||||
Encana Corp. | 13,452 | 281,745 | ||||||
Enerplus Corp. | 1,090 | 20,170 | ||||||
Ensign Energy Services, Inc. | 232 | 3,354 | ||||||
Ensign Energy Services, Inc. | 1,500 | 21,683 | ||||||
Fairfax Financial Holdings Ltd. | 457 | 187,356 | ||||||
Finning International, Inc. | 1,116 | 31,180 | ||||||
Fortis, Inc. | 957 | 33,190 | ||||||
Franco-Nevada Corp. | 1,500 | 67,282 | ||||||
Genworth MI Canada, Inc. | 1,061 | 22,050 | ||||||
George Weston Ltd. | 1,400 | 89,469 | ||||||
Gildan Activewear, Inc. | 600 | 17,280 | ||||||
Goldcorp, Inc. | 16,840 | 644,893 | ||||||
Goldcorp, Inc. | 11,423 | 437,044 | ||||||
Great-West Lifeco, Inc. | 300 | 7,592 | ||||||
Groupe Aeroplan, Inc. | 11,000 | 141,418 | ||||||
Husky Energy, Inc. | 5,100 | 133,044 | ||||||
IAMGOLD Corp | 2,000 | 24,800 | ||||||
IAMGOLD Corp. | 2,480 | 30,754 | ||||||
Imperial Oil Ltd. | 2,119 | 98,651 | ||||||
Inmet Mining Corp. | 1,164 | 64,030 | ||||||
Intact Financial Corp. | 1,031 | 66,566 | ||||||
*Ivanhoe Mines Ltd. | 3,081 | 35,961 | ||||||
Kinross Gold Corp. | 14,013 | 125,540 | ||||||
Laurentian Bank of Canada | 5,700 | 254,058 | ||||||
Liquor Stores N.A. Ltd. | 2,200 | 39,597 | ||||||
Loblaw Cos Ltd. | 3,821 | 128,998 | ||||||
*Lundin Mining Corp. | 45,100 | 219,143 | ||||||
MacDonald Dettwiler & Associates Ltd. | 400 | 18,165 | ||||||
Magna International, Inc. | 16,420 | 719,564 | ||||||
Manulife Financial Corp. | 23,435 | 320,501 | ||||||
Manulife Financial Corp. | 40,349 | 551,571 | ||||||
*Martinrea International, Inc. | 10,100 | 94,983 | ||||||
*MEG Energy Corp. | 937 | 40,796 | ||||||
Metro, Inc. | 4,500 | 248,266 | ||||||
National Bank of Canada | 7,400 | 577,558 | ||||||
*Neo Material Technologies, Inc. | 6,100 | 67,246 | ||||||
*New Gold, Inc. | 3,377 | 30,767 | ||||||
Nexen, Inc. | 10,229 | 197,673 | ||||||
Onex Corp. | 500 | 19,856 |
Description | Number of Shares | Value | ||||||
*Open Text Corp. | 300 | $ | 16,818 | |||||
*Osisko Mining Corp. | 1,673 | 17,224 | ||||||
Pacific Rubiales Energy Corp. | 1,400 | 40,164 | ||||||
Pan American Silver Corp. | 5,900 | 114,733 | ||||||
Pembina Pipeline Corp. | 1,266 | 38,259 | ||||||
12Pembina Pipeline Corp. | 4,207 | 127,251 | ||||||
Pengrowth Energy Corp. | 576 | 5,178 | ||||||
Penn West Petroleum Ltd. | 3 | 51 | ||||||
Penn West Petroleum Ltd. | 3,500 | 59,990 | ||||||
PetroBakken Energy Ltd. | 3,400 | 49,218 | ||||||
Potash Corp. of Saskatchewan, Inc. | 11,008 | 468,023 | ||||||
Power Corp. of Canada | 4,100 | 113,514 | ||||||
Progress Energy Resources Corp. | 4,890 | 53,808 | ||||||
*Research In Motion Ltd. | 1,406 | 20,106 | ||||||
*Research In Motion Ltd. | 8,246 | 117,949 | ||||||
Ritchie Bros Auctioneers, Inc. | 500 | 10,579 | ||||||
Rogers Communications, Inc. | 2,798 | 104,431 | ||||||
RONA, Inc. | 23,600 | 253,237 | ||||||
Saputo, Inc. | 800 | 37,390 | ||||||
Shaw Communications, Inc. | 2,000 | 41,221 | ||||||
Sherritt International Corp. | 44,900 | 256,805 | ||||||
Shoppers Drug Mart Corp. | 1,200 | 51,700 | ||||||
Silver Wheaton Corp. | 3,576 | 109,179 | ||||||
SNC-Lavalin Group, Inc. | 800 | 30,077 | ||||||
Sun Life Financial, Inc. | 8,575 | 210,241 | ||||||
Suncor Energy, Inc. | 58,650 | 1,937,288 | ||||||
Suncor Energy, Inc. | 18,014 | 595,183 | ||||||
*SXC Health Solutions Corp. | 1,000 | 90,682 | ||||||
Talisman Energy, Inc. | 12,790 | 167,279 | ||||||
Teck Resources Ltd. | 5,952 | 222,089 | ||||||
Teck Resources Ltd. | 5,395 | 201,395 | ||||||
TELUS Corp. | 1,181 | 69,305 | ||||||
Thomson Reuters Corp. | 8,775 | 262,224 | ||||||
Tim Hortons, Inc. | 1,000 | 57,721 | ||||||
Toromont Industries Ltd. | 20,300 | 454,970 | ||||||
*Tourmaline Oil Corp. | 1,041 | 25,091 | ||||||
TransAlta Corp. | 10,072 | 167,009 | ||||||
TransCanada Corp. | 13,910 | 611,964 | ||||||
Transcontinental, Inc. | 18,800 | 220,001 | ||||||
Trinidad Drilling Ltd. | 14,900 | 96,533 | ||||||
*Valeant Pharmaceuticals International, Inc. | 1,463 | 81,381 | ||||||
Vermilion Energy, Inc. | 282 | 13,674 | ||||||
Viterra, Inc. | 103 | 1,659 | ||||||
West Fraser Timber Co. Ltd. | 1,500 | 65,946 | ||||||
Yamana Gold, Inc. | 36,986 | 542,518 | ||||||
TOTAL CANADA | $ | 22,711,866 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
26 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
CAYMAN ISLANDS – 0.1% | ||||||||
China Mengniu Dairy Co. Ltd. | 36,000 | $ | 111,360 | |||||
Sands China Ltd. | 25,600 | 100,636 | ||||||
Want Want China Holdings Ltd. | 143,000 | 175,464 | ||||||
Wynn Macau Ltd. | 40,400 | 129,657 | ||||||
TOTAL CAYMAN ISLANDS | $ | 517,117 | ||||||
CHILE – 0.8% | ||||||||
Administradora de Fondos de Pensiones Provida SA | 14,200 | 75,815 | ||||||
AES Gener SA | 49,000 | 31,010 | ||||||
Antarchile SA | 6,064 | 108,117 | ||||||
Banco de Chile | 1,900,403 | 295,657 | ||||||
Banco de Credito e Inversiones | 1,950 | 140,287 | ||||||
Banco Santander Chile | 876,218 | 69,270 | ||||||
Banco Santander Chile ADR | 1,260 | 103,081 | ||||||
CAP SA | 2,590 | 108,651 | ||||||
Cencosud SA | 32,500 | 207,019 | ||||||
Cia Cervecerias Unidas SA ADR | 1,000 | 71,620 | ||||||
Cia General de Electricidad SA | 7,900 | 44,133 | ||||||
*Colbun SA | 194,247 | 55,259 | ||||||
Empresa Nacional de Electricidad SA ADR | 3,400 | 185,708 | ||||||
Empresas CMPC SA | 30,750 | 126,398 | ||||||
Empresas COPEC SA | 14,446 | 234,513 | ||||||
Enersis SA | 319,955 | 130,719 | ||||||
ENTEL Chile SA | 3,669 | 72,835 | ||||||
Lan Airlines SA | 4,626 | 130,360 | ||||||
Quinenco SA | 15,702 | 48,556 | ||||||
SACI Falabella | 30,748 | 301,712 | ||||||
*Sociedad Matriz SAAM SA | 373,941 | 44,710 | ||||||
Sociedad Quimica y Minera de Chile SA ADR | 6,170 | 359,649 | ||||||
Sonda SA | 39,007 | 116,193 | ||||||
12Vina Concha y Toro SA ADR | 1,100 | 46,189 | ||||||
TOTAL CHILE | $ | 3,107,461 | ||||||
CHINA – 3.3% | ||||||||
Agile Property Holdings Ltd. | 446,000 | 582,890 | ||||||
12Agricultural Bank of China Ltd. | 270,000 | 128,412 | ||||||
*Alibaba.com Ltd. | 41,500 | 71,247 | ||||||
*Aluminum Corp. of China Ltd. | 142,000 | 68,999 | ||||||
*Anhui Conch Cement Co. Ltd. | 28,500 | 95,506 | ||||||
*Baidu, Inc. ADR | 9,950 | 1,320,365 | ||||||
Bank of China Ltd. | 1,340,000 | 561,309 | ||||||
Bank of Communications Co. Ltd. | 78,800 | 60,938 | ||||||
Beijing Capital International Airport Co. Ltd. | 90,000 | 58,812 | ||||||
*Byd Co. Ltd. | 15,000 | 39,537 | ||||||
China Citic Bank Corp. Ltd. | 156,000 | 99,327 | ||||||
*China Coal Energy Co. Ltd. | 45,000 | 51,678 |
Description | Number of Shares | Value | ||||||
*China Communications Construction Co. Ltd. | 96,000 | $ | 96,512 | |||||
China Construction Bank Corp. | 645,810 | 502,754 | ||||||
China COSCO Holdings Co. Ltd. | 63,000 | 36,540 | ||||||
*China Eastern Airlines Corp. Ltd. | 74,000 | 24,703 | ||||||
China Huiyuan Juice Group Ltd. | 29,000 | 9,718 | ||||||
China International Marine Containers Group Co. Ltd. | 39,000 | 57,203 | ||||||
*China Longyuan Power Group Corp. | 732,000 | 578,343 | ||||||
*China Merchants Bank Co. Ltd. | 55,552 | 120,575 | ||||||
China Minsheng Banking Corp. Ltd. | 89,500 | 92,861 | ||||||
China Mobile Ltd. | 93,000 | 1,030,250 | ||||||
China Oilfield Services Ltd. | 30,000 | 48,642 | ||||||
China Overseas Land & Investment Ltd. | 52,320 | 113,425 | ||||||
*China Pacific Insurance Group Co. Ltd. | 23,800 | 77,762 | ||||||
China Petroleum & Chemical Corp. | 594,000 | 640,040 | ||||||
China Railway Construction Corp. Ltd. | 89,400 | 71,325 | ||||||
China Resources Land Ltd. | 328,000 | 631,595 | ||||||
*China Shenhua Energy Co. Ltd. | 52,000 | 230,891 | ||||||
*China Shipping Development Co. Ltd. | 112,000 | 72,899 | ||||||
*,10Chongqing Iron & Steel Co. Ltd. | 562,000 | 99,961 | ||||||
Chongqing Machinery & Electric Co. Ltd. | 1,156,000 | 213,063 | ||||||
*Ctrip.com International Ltd. ADR | 2,800 | 60,676 | ||||||
Datang International Power Generation Co. Ltd. | 132,000 | 46,957 | ||||||
Dongfeng Motor Group Co. Ltd. | 94,000 | 185,367 | ||||||
Evergrande Real Estate Group Ltd. | 52,000 | 30,093 | ||||||
Focus Media Holding, Ltd. ADR | 3,300 | 78,837 | ||||||
Golden Eagle Retail Group Ltd. | 53,000 | 139,013 | ||||||
*Guangzhou Automobile Group Co. Ltd. | 64,974 | 72,104 | ||||||
Industrial & Commercial Bank of China | 1,343,000 | 896,643 | ||||||
Inner Mongolia Yitai Coal Co | 6,600 | 37,660 | ||||||
Intime Department Store Group Co. Ltd. | 35,000 | 44,209 | ||||||
12Jiangxi Copper Co. Ltd. | 20,000 | 48,359 | ||||||
KWG Property Holding Ltd. | 18,000 | 11,902 | ||||||
*Netease, Inc. ADR | 1,100 | 66,352 | ||||||
*New Oriental Education & Technology Group ADR | 24,401 | 652,239 | ||||||
Parkson Retail Group Ltd. | 35,000 | 39,156 | ||||||
PetroChina Co. Ltd. | 380,000 | 575,977 | ||||||
Ping An Insurance Group Co. | 78,000 | 652,459 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. | 64,000 | 73,992 | ||||||
*Shanghai Electric Group Co. Ltd. | 90,000 | 45,356 | ||||||
*Shanghai Zhenhua Heavy Industries Co. Ltd. | 62,400 | 28,579 | ||||||
Shimao Property Holdings Ltd. | 9,500 | 12,563 | ||||||
*,12SINA Corp. | 1,000 | 58,510 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd. | 54,000 | 18,792 | ||||||
Soho China Ltd. | 94,500 | 73,445 | ||||||
Tencent Holdings Ltd. | 34,200 | 1,074,666 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 27 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Tingyi Cayman Islands Holding Corp. | 46,000 | $ | 122,728 | |||||
Wumart Stores, Inc. | 27,000 | 62,431 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 52,000 | 49,584 | ||||||
Yantai Changyu Pioneer Wine Co. Ltd. | 7,000 | 73,982 | ||||||
*Yanzhou Coal Mining Co. Ltd. | 86,000 | 179,789 | ||||||
*ZTE Corp. | 16,440 | 39,878 | ||||||
TOTAL CHINA | $ | 13,440,380 | ||||||
COLOMBIA – 0.4% | ||||||||
Almacenes Exito SA | 9,203 | 149,347 | ||||||
Banco de Bogota SA | 2,920 | 83,008 | ||||||
BanColombia SA ADR | 3,100 | 210,273 | ||||||
Cementos Argos SA | 7,800 | 53,995 | ||||||
Corp. Financiera Colombiana SA | 2,416 | 47,021 | ||||||
Ecopetrol SA | 83,490 | 270,029 | ||||||
Empresa de Energia de Bogota SA | 54,110 | 31,470 | ||||||
Empresa de Telecomunicaciones de Bogota | 23,800 | 6,509 | ||||||
Grupo Aval Acciones y Valores | 107,700 | 77,610 | ||||||
Grupo de Inversiones Suramericana SA | 5,600 | 101,554 | ||||||
Grupo Nutresa SA | 14,678 | 180,062 | ||||||
Grupo Odinsa SA | 6,850 | 36,886 | ||||||
*Grupo Odinsa SA | 334 | 1,759 | ||||||
Interconexion Electrica SA ESP | 18,478 | 119,525 | ||||||
Inversiones Argos SA | 9,500 | 91,637 | ||||||
Isagen SA ESP | 46,200 | 64,619 | ||||||
Promigas SA | 2,000 | 32,910 | ||||||
TOTAL COLOMBIA | $ | 1,558,214 | ||||||
CROATIA – 0.1% | ||||||||
*Atlantska Plovidba DD | 562 | 31,754 | ||||||
Ericsson Nikola Tesla | 200 | 43,894 | ||||||
Hrvatski Telekom DD | 5,250 | 191,891 | ||||||
Koncar-Elektroindustrija DD | 920 | 82,453 | ||||||
*Petrokemija DD | 1,500 | 70,979 | ||||||
*Podravka DD | 1,000 | 41,669 | ||||||
Privredna Banka Zagreb DD | 830 | 80,455 | ||||||
*Tankerska Plovidba DD | 40 | 5,007 | ||||||
VIRO Tvornica Secera | 370 | 29,209 | ||||||
*Zagrebacka Banka DD | 3,000 | 22,475 | ||||||
TOTAL CROATIA | $ | 599,786 | ||||||
CZECH REPUBLIC – 0.3% | ||||||||
CEZ AS | 13,730 | 553,629 | ||||||
Komercni Banka AS | 1,800 | 330,997 | ||||||
Telefonica Czech Republic AS | 7,222 | 145,643 | ||||||
*Unipetrol AS | 15,600 | 144,053 | ||||||
TOTAL CZECH REPUBLIC | $ | 1,174,322 | ||||||
DENMARK – 0.9% | ||||||||
AP Moeller – Maersk A/S | 80 | 625,743 |
Description | Number of Shares | Value | ||||||
AP Moeller – Maersk A/S | 41 | $ | 305,519 | |||||
Carlsberg A/S | 4,377 | 377,250 | ||||||
Coloplast A/S | 137 | 25,351 | ||||||
*Danske Bank A/S | 28,265 | 458,913 | ||||||
DSV A/S | 1,213 | 27,626 | ||||||
H Lundbeck A/S | 9,528 | 190,723 | ||||||
Novo-Nordisk A/S | 9,242 | 1,363,229 | ||||||
Novozymes A/S | 5,564 | 145,926 | ||||||
Pandora A/S | 2,072 | 21,881 | ||||||
TDC A/S | 8,413 | 60,326 | ||||||
TrygVesta A/S | 98 | 5,467 | ||||||
*,12Vestas Wind Systems A/S | 2,924 | 25,810 | ||||||
*William Demant Holding A/S | 139 | 13,120 | ||||||
TOTAL DENMARK | $ | 3,646,884 | ||||||
EGYPT – 0.4% | ||||||||
Alexandria Mineral Oils Co | 4,000 | 56,752 | ||||||
Commercial International Bank Egypt SAE | 49,870 | 211,103 | ||||||
Eastern Tobacco | 6,070 | 91,342 | ||||||
Egyptian Co for Mobile Services | 1,400 | 45,206 | ||||||
*Egyptian Financial Group-Hermes Holding | 19,750 | 44,301 | ||||||
Egyptian International Pharmaceutical Industrial Co | 8,690 | 48,170 | ||||||
Egyptian Kuwaiti Holding Co SAE | 77,173 | 85,662 | ||||||
El Watany Bank of Egypt | 5,466 | 16,990 | ||||||
ElSwedy Electric Co | 6,134 | 21,998 | ||||||
Ezz Steel | 50,600 | 61,103 | ||||||
Juhayna Food Industries | 95,000 | 67,102 | ||||||
Misr Beni Suef Cement Co | 5,875 | 51,993 | ||||||
Orascom Construction Industries | 6,420 | 282,447 | ||||||
*Orascom Telecom Holding SAE | 204,255 | 114,202 | ||||||
*Orascom Telecom Media And Technology Holding SAE | 224,975 | 52,846 | ||||||
Oriental Weavers | 5,605 | 17,728 | ||||||
Sidi Kerir Petrochemicals Co | 44,250 | 90,034 | ||||||
Six of October Development & Investment | 4,275 | 11,371 | ||||||
*Talaat Moustafa Group | 66,887 | �� | 46,802 | |||||
Telecom Egypt Co | 30,480 | 65,394 | ||||||
TOTAL EGYPT | $ | 1,482,546 | ||||||
ESTONIA – 0.1% | ||||||||
AS Merko Ehitus | 4,300 | 32,956 | ||||||
AS Tallinna Vesi | 5,400 | 55,039 | ||||||
*Nordecon AS | 12,000 | 18,267 | ||||||
Olympic Entertainment Group AS | 42,630 | 82,782 | ||||||
*Tallink Group AS | 306,420 | 265,673 | ||||||
Tallinna Kaubamaja AS | 11,600 | 88,291 | ||||||
TOTAL ESTONIA | $ | 543,008 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
28 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
FINLAND – 0.3% | ||||||||
Fortum OYJ | 2,749 | $ | 59,131 | |||||
Kemira OYJ | 14,637 | 185,709 | ||||||
Kesko OYJ | 2,195 | 58,633 | ||||||
Kone OYJ | 1,086 | 67,205 | ||||||
Metso OYJ | 4,947 | 212,166 | ||||||
Neste Oil OYJ | 4,585 | 54,197 | ||||||
Nokian Renkaat OYJ | 2,316 | 109,843 | ||||||
Stora Enso OYJ | 19,709 | 134,357 | ||||||
UPM-Kymmene OYJ | 16,967 | 217,180 | ||||||
Wartsila OYJ Abp | 1,520 | 61,528 | ||||||
TOTAL FINLAND | $ | 1,159,949 | ||||||
FRANCE – 4.5% | ||||||||
Accor SA | 858 | 29,637 | ||||||
Aeroports de Paris | 175 | 14,723 | ||||||
*Air France-KLM | 275 | 1,320 | ||||||
Air Liquide SA | 1,968 | 253,131 | ||||||
*Alcatel-Lucent | 16,735 | 25,785 | ||||||
Alstom SA | 1,259 | 44,963 | ||||||
Arkema SA | 5,273 | 467,022 | ||||||
AtoS | 272 | 17,518 | ||||||
*AXA SA | 98,799 | 1,399,344 | ||||||
BioMerieux | 68 | 5,577 | ||||||
BNP Paribas SA | 17,098 | 686,899 | ||||||
Bollore | 165 | 35,819 | ||||||
Bureau Veritas SA | 382 | 34,035 | ||||||
Capital Gemini SA | 2,110 | 82,366 | ||||||
Carrefour SA | 509 | 10,224 | ||||||
*Casino Guichard Perrachon SA | 2,184 | 214,480 | ||||||
12Christian Dior SA | 8,199 | 1,235,613 | ||||||
Cie de St-Gobain | 13,321 | 557,995 | ||||||
*Cie Generale de Geophysique – Veritas ADR | 1,200 | 34,512 | ||||||
*Cie Generale de Geophysique – Veritas | 1,920 | 54,667 | ||||||
Cie Generale des Etablissements Michelin | 2,189 | 163,481 | ||||||
Cie Generale d’Optique Essilor International SA | 1,512 | 133,175 | ||||||
Ciments Francais SA | 1,374 | 88,028 | ||||||
CNP Assurances | 2,460 | 34,517 | ||||||
Credit Agricole SA | 43,057 | 221,310 | ||||||
Danone | 12,645 | 889,633 | ||||||
Dassault Systemes SA | 446 | 43,286 | ||||||
Edenred | 839 | 26,798 | ||||||
Electricite de France SA | 3,044 | 64,409 | ||||||
Eramet | 30 | 3,989 | ||||||
Eutelsat Communications SA | 579 | 20,609 | ||||||
France Telecom SA | 24,508 | 335,279 | ||||||
12GDF Suez | 40,922 | 941,987 |
Description | Number of Shares | Value | ||||||
Groupe Eurotunnel SA | 5,129 | $ | 43,160 | |||||
Hermes International | 1,651 | 584,054 | ||||||
Iliad SA | 96 | 12,358 | ||||||
Imerys SA | 219 | 12,448 | ||||||
Ipsen SA | 173 | 4,612 | ||||||
*JCDecaux SA | 395 | 11,208 | ||||||
Lafarge Cement WAPCO Nigeria PLC | 155,000 | 40,289 | ||||||
Lafarge SA | 5,924 | 230,974 | ||||||
Lagardere SCA | 4,684 | 141,984 | ||||||
Legrand SA | 2,246 | 75,812 | ||||||
L’Oreal SA | 1,894 | 227,869 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 1,819 | 301,337 | ||||||
Metropole Television SA | 132 | 2,027 | ||||||
National Societe Generale Bank SAE | 6,587 | 31,109 | ||||||
Natixis | 28,991 | 88,340 | ||||||
Nexans SA | 3,205 | 160,216 | ||||||
Pernod-Ricard SA | 1,422 | 147,591 | ||||||
Peugeot SA | 6,771 | 81,292 | ||||||
Publicis Groupe SA | 1,400 | 72,200 | ||||||
Renault SA | 8,566 | 389,204 | ||||||
Rexel SA | 2,645 | 55,319 | ||||||
Sa des Ciments Vicat | 165 | 9,488 | ||||||
Safran SA | 978 | 36,248 | ||||||
Sanofi-Aventis SA | 22,091 | 1,686,081 | ||||||
*Schneider Electric SA | 6,376 | 391,695 | ||||||
SCOR SE | 9,000 | 237,968 | ||||||
Societe BIC SA | 157 | 17,293 | ||||||
Societe Generale SA | 15,290 | 361,475 | ||||||
Societe Television Francaise 1 | 674 | 6,513 | ||||||
Sodexo | 2,680 | 213,418 | ||||||
Suez Environnement Co. | 58,568 | 826,043 | ||||||
Technip SA | 920 | 104,037 | ||||||
Total SA | 27,339 | 1,305,321 | ||||||
Vallourec SA | 1,525 | 91,707 | ||||||
*Video Futur Entertainment Group SA | 4,954 | 656 | ||||||
Vivendi SA | 52,702 | 974,218 | ||||||
Zodiac Aerospace | 7,779 | 856,096 | ||||||
TOTAL FRANCE | $ | 18,003,791 | ||||||
GERMANY – 5.2% | ||||||||
Adidas AG | 9,470 | 789,730 | ||||||
Aixtron Se NA | 23,808 | 436,004 | ||||||
Allianz SE | 7,073 | 788,136 | ||||||
BASF SE | 20,456 | 1,683,952 | ||||||
Bayer AG | 21,965 | 1,547,081 | ||||||
Bayerische Motoren Werke AG | 17,944 | 1,705,661 | ||||||
Bechtle AG | 4,150 | 186,883 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 29 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Beiersdorf AG | 593 | $ | 41,602 | |||||
Bilfinger Berger SE | 5,099 | 466,325 | ||||||
Brenntag AG | 209 | 26,033 | ||||||
CANCOM AG | 7,586 | 133,754 | ||||||
Celesio AG | 2,050 | 35,344 | ||||||
*Commerzbank AG | 15,432 | 33,399 | ||||||
Continental AG | 411 | 39,835 | ||||||
Daimler AG | 14,029 | 775,582 | ||||||
Deutsche Bank AG | 7,855 | 341,771 | ||||||
12Deutsche Bank AG | 8,646 | 375,150 | ||||||
Deutsche Boerse AG | 20,884 | 1,311,159 | ||||||
Deutsche Lufthansa AG | 6,051 | 78,743 | ||||||
Deutsche Post AG | 54,734 | 1,021,562 | ||||||
Deutsche Telekom AG | 37,522 | 423,020 | ||||||
12Deutsche Telekom AG ADR | 29,100 | 331,740 | ||||||
Duerr AG | 1,316 | 83,145 | ||||||
E.ON AG | 46,239 | 1,047,548 | ||||||
12Fraport AG Frankfurt Airport Services Worldwide | 75 | 4,874 | ||||||
Fresenius Medical Care AG & Co KGaA | 1,536 | 109,040 | ||||||
Fresenius SE & Co KGaA | 9,055 | 903,750 | ||||||
GEA Group AG | 1,277 | 42,141 | ||||||
Gesco AG | 538 | 45,008 | ||||||
HeidelbergCement AG | 4,508 | 247,849 | ||||||
Henkel AG & Co KGaA | 3,053 | 186,867 | ||||||
Hochtief AG | 270 | 15,829 | ||||||
Infineon Technologies AG | 7,589 | 75,552 | ||||||
K+S AG | 1,237 | 61,821 | ||||||
*Kabel Deutschland Holding AG | 1,011 | 63,701 | ||||||
Lanxess AG | 1,828 | 145,546 | ||||||
Linde AG | 1,288 | 220,446 | ||||||
12MAN SE | 482 | 60,893 | ||||||
Metro AG | 4,863 | 156,905 | ||||||
Muenchener Rueckversicherungs AG | 10,185 | 1,478,285 | ||||||
RWE AG | 7,876 | 338,566 | ||||||
Salzgitter AG | 1,747 | 91,204 | ||||||
SAP AG | 29,671 | 1,967,305 | ||||||
Siemens AG | 3,941 | 365,012 | ||||||
Suedzucker AG | 389 | 11,841 | ||||||
12ThyssenKrupp AG | 8,340 | 197,609 | ||||||
*TUI AG | 416 | 3,040 | ||||||
United Internet AG | 702 | 13,883 | ||||||
Volkswagen AG | 1,369 | 233,676 | ||||||
TOTAL GERMANY | $ | 20,743,802 | ||||||
GHANA – 0.1% | ||||||||
*Aluworks Ghana Ltd. | 232,000 | 7,501 | ||||||
*CAL Bank Ltd. | 498,146 | 67,108 | ||||||
*Ghana Commercial Bank Ltd. | 106,696 | 109,240 |
Description | Number of Shares | Value | ||||||
10HFC Bank Ghana Ltd. | 243,750 | $ | 59,107 | |||||
10Produce Buying Co. Ltd. | 162,500 | 21,016 | ||||||
Standard Chartered Bank Ghana Ltd. | 2,200 | 60,935 | ||||||
TOTAL GHANA | $ | 324,907 | ||||||
GREECE – 0.0%** | ||||||||
*Coca-Cola Hellenic Bottling Co. SA | 1,053 | 20,908 | ||||||
Hellenic Petroleum SA | 12,659 | 93,000 | ||||||
*National Bank of Greece SA | 17,182 | 38,210 | ||||||
TOTAL GREECE | $ | 152,118 | ||||||
HONG KONG – 1.8% | ||||||||
AIA Group Ltd. | 145,600 | 517,946 | ||||||
Asm Pacific Technology Ltd. | 1,100 | 14,901 | ||||||
Bank of East Asia Ltd. | 20,200 | 75,372 | ||||||
Beijing Enterprises Holdings Ltd. | 7,000 | 39,156 | ||||||
BOC Hong Kong Holdings Ltd. | 7,500 | 23,248 | ||||||
*,10Chaoda Modern Agriculture Holdings Ltd. | 98,140 | 11,131 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 3,000 | 17,806 | ||||||
China Agri-Industries Holdings Ltd. | 51,000 | 37,599 | ||||||
China Gas Holdings Ltd. | 10,000 | 4,975 | ||||||
China Green Holdings Ltd. | 45,000 | 13,166 | ||||||
*China Life Insurance Co. Ltd. | 64,000 | 173,226 | ||||||
China Merchants Holdings International Co. Ltd. | 18,000 | 58,232 | ||||||
China Resources Enterprise Ltd. | 26,000 | 94,501 | ||||||
China Resources Power Holdings Co. Ltd. | 39,600 | 72,272 | ||||||
*China Southern Airlines Co. Ltd. | 81,000 | 36,435 | ||||||
*China Telecom Corp. Ltd. | 258,000 | 138,998 | ||||||
China Unicom Hong Kong Ltd. | 380,652 | 677,051 | ||||||
China Yurun Food Group Ltd. | 31,000 | 39,676 | ||||||
CLP Holdings, Ltd. | 12,500 | 107,058 | ||||||
CNOOC Ltd. | 183,000 | 390,122 | ||||||
COSCO Pacific Ltd. | 38,000 | 55,345 | ||||||
Dickson Concepts International Ltd. | 34,500 | 19,121 | ||||||
Esprit Holdings Ltd. | 6,228 | 12,843 | ||||||
*Galaxy Entertainment Group Ltd. | 14,000 | 43,758 | ||||||
Global Bio-Chem Technology Group Co. Ltd. | 282,000 | 55,610 | ||||||
Hang Lung Properties Ltd. | 18,000 | 66,584 | ||||||
Hang Seng Bank, Ltd. | 600 | 8,244 | ||||||
*Harbin Electric Co. Ltd. | 24,000 | 25,025 | ||||||
Henderson Land Development Co. Ltd. | 45,048 | 256,632 | ||||||
*HKT Trust / HKT Ltd. | 346 | 269 | ||||||
Hong Kong & China Gas Co., Ltd. | 44,500 | 113,793 | ||||||
Hong Kong Exchanges and Clearing Ltd. | 19,400 | 310,304 | ||||||
Hongkong & Shanghai Hotels | 6,000 | 7,857 | ||||||
Hopewell Holdings Ltd. | 10,000 | 26,873 | ||||||
Hutchison Port Holdings Trust | 33,000 | 24,915 | ||||||
Hutchison Whampoa, Ltd. | 58,400 | 561,897 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
30 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Kerry Properties Ltd. | 10,500 | $ | 47,975 | |||||
Kingboard Chemical Holdings Ltd. | 113,500 | 318,177 | ||||||
Lenovo Group Ltd. | 118,000 | 113,458 | ||||||
Li & Fung Ltd. | 252,000 | 539,166 | ||||||
Lifestyle International Holdings Ltd. | 3,000 | 7,037 | ||||||
MGM China Holdings Ltd. | 46,000 | 85,257 | ||||||
MTR Corp. Ltd. | 15,500 | 55,138 | ||||||
New World Development Co. Ltd. | 102,697 | 127,996 | ||||||
Nine Dragons Paper Holdings Ltd. | 93,000 | 76,714 | ||||||
Noble Group Ltd. | 44,000 | 41,955 | ||||||
Orient Overseas International Ltd. | 7,000 | 47,818 | ||||||
PCCW, Ltd. | 8,000 | 2,980 | ||||||
PICC Property & Casualty Co. Ltd. | 32,000 | 40,131 | ||||||
Shanghai Industrial Holdings Ltd. | 13,000 | 43,481 | ||||||
SJM Holdings Ltd. | 53,000 | 116,402 | ||||||
Sun Hung Kai Properties Ltd. | 68,064 | 821,121 | ||||||
Swire Pacific, Ltd. | 10,000 | 118,126 | ||||||
Swire Properties Ltd. | 5,250 | 14,379 | ||||||
Wharf Holdings Ltd. | 16,000 | 95,481 | ||||||
Wheelock & Co. Ltd. | 68,000 | 229,628 | ||||||
Wing Hang Bank Ltd. | 1,000 | 10,640 | ||||||
Xinyi Glass Holdings Ltd. | 268,000 | 173,401 | ||||||
*Zijin Mining Group Co. Ltd. | 90,000 | 29,348 | ||||||
TOTAL HONG KONG | $ | 7,287,750 | ||||||
HUNGARY – 0.4% | ||||||||
EGIS Pharmaceuticals PLC | 3,690 | 246,990 | ||||||
*FHB Mortgage Bank PLC | 2,400 | 6,337 | ||||||
Magyar Telekom Telecommunications PLC | 93,710 | 236,192 | ||||||
*MOL Hungarian Oil and Gas PLC | 4,613 | 381,173 | ||||||
OTP Bank Nyrt | 25,320 | 445,323 | ||||||
Richter Gedeon Nyrt | 2,040 | 352,999 | ||||||
TOTAL HUNGARY | $ | 1,669,014 | ||||||
INDIA – 0.9% | ||||||||
GAIL India Ltd. GDR | 1,770 | 66,592 | ||||||
HDFC Bank Ltd. ADR | 15,741 | 540,389 | ||||||
ICICI Bank Ltd. ADR | 6,300 | 213,507 | ||||||
Infosys Ltd. ADR | 9,868 | 467,250 | ||||||
Niko Resources Ltd. | 17,854 | 752,223 | ||||||
*,6,7Reliance Industries Ltd. GDR | 14,461 | 408,914 | ||||||
State Bank of India GDR | 1,710 | 138,753 | ||||||
12Tata Motors Ltd. ADR | 21,790 | 648,252 | ||||||
Tata Steel Ltd. GDR | 38,100 | 333,756 | ||||||
Wipro Ltd. ADR | 9,766 | 94,340 | ||||||
TOTAL INDIA | $ | 3,663,976 | ||||||
INDONESIA – 0.8% | ||||||||
Adaro Energy Tbk PT | 486,000 | 98,358 |
Description | Number of Shares | Value | ||||||
AKR Corp.orindo Tbk PT | 143,500 | $ | 64,408 | |||||
Aneka Tambang Persero Tbk PT | 190,000 | 35,558 | ||||||
Astra International Tbk PT | 43,500 | 336,054 | ||||||
Bank Central Asia Tbk PT | 335,500 | 292,041 | ||||||
Bank Danamon Indonesia Tbk PT | 81,122 | 49,430 | ||||||
Bank Mandiri Persero Tbk PT | 206,500 | 166,270 | ||||||
Bank Negara Indonesia Persero Tbk PT | 166,000 | 72,700 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 231,500 | 167,507 | ||||||
*Barito Pacific Tbk PT | 269,000 | 20,781 | ||||||
Bumi Resources Tbk PT | 556,000 | 122,507 | ||||||
Gudang Garam Tbk PT | 18,000 | 115,946 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 70,000 | 137,479 | ||||||
Indofood Sukses Makmur Tbk PT | 100,000 | 52,772 | ||||||
Indosat Tbk PT | 70,500 | 37,204 | ||||||
Kalbe Farma Tbk PT | 174,000 | 76,204 | ||||||
Lippo Karawaci Tbk PT | 501,000 | 45,246 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 588,000 | 214,330 | ||||||
Semen Gresik Persero Tbk PT | 89,000 | 117,660 | ||||||
Tambang Batubara Bukit Asam Persero Tbk PT | 29,000 | 58,218 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 449,500 | 415,728 | ||||||
Timah Persero Tbk PT | 980,000 | 194,070 | ||||||
Unilever Indonesia Tbk PT | 49,000 | 105,832 | ||||||
United Tractors Tbk PT | 75,500 | 243,164 | ||||||
TOTAL INDONESIA | $ | 3,239,467 | ||||||
IRELAND – 0.2% | ||||||||
CRH PLC ADR | 6,847 | 139,200 | ||||||
*Elan Corp. PLC | 3,601 | 49,811 | ||||||
*Irish Life & Permanent Group Holdings PLC | 38,000 | 1,861 | ||||||
James Hardie Industries SE | 17,644 | 137,697 | ||||||
Kerry Group PLC | 4,673 | 211,363 | ||||||
Kerry Group PLC | 1,457 | 66,605 | ||||||
TOTAL IRELAND | $ | 606,537 | ||||||
ISRAEL – 1.0% | ||||||||
Bank Hapoalim BM | 35,812 | 133,174 | ||||||
Bank Leumi Le-Israel BM | 33,430 | 104,781 | ||||||
Delek Group Ltd. | 50 | 9,762 | ||||||
*Discount Investment Corp. | 10,300 | 52,393 | ||||||
Elbit Systems Ltd. | 745 | 27,210 | ||||||
Israel Chemicals Ltd. | 83,834 | 961,761 | ||||||
Israel Corp. Ltd. | 39 | 25,484 | ||||||
*Israel Discount Bank Ltd. | 45,421 | 58,997 | ||||||
*Mizrahi Tefahot Bank Ltd. | 777 | 7,017 | ||||||
*NICE Systems Ltd. | 366 | 13,883 | ||||||
*NICE Systems Ltd. ADR | 17,639 | 677,691 | ||||||
Teva Pharmaceutical Industries Ltd. | 10,501 | 475,296 | ||||||
Teva Pharmaceutical Industries Ltd. ADR | 36,113 | 1,651,809 | ||||||
TOTAL ISRAEL | $ | 4,199,258 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 31 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
ITALY – 1.1% | ||||||||
Assicurazioni Generali SpA | 9,199 | $ | 125,298 | |||||
Atlantia SpA | 1,460 | 22,128 | ||||||
Banca Monte dei Paschi di Siena SpA | 101,271 | 35,966 | ||||||
12Banco Popolare SC | 12,600 | 18,713 | ||||||
Davide Campari-Milano SpA | 54,006 | 381,744 | ||||||
De’Longhi SpA | 26,430 | 372,244 | ||||||
Enel Green Power SpA | 10,670 | 17,231 | ||||||
Enel SpA | 53,600 | 175,956 | ||||||
ENI SpA | 24,800 | 550,520 | ||||||
Exor SpA | 752 | 17,490 | ||||||
Fiat Industrial SpA | 5,647 | 64,060 | ||||||
*Fiat SpA | 16,729 | 80,782 | ||||||
Finmeccanica SpA | 6,450 | 27,714 | ||||||
Intesa Sanpaolo SpA | 32,448 | 43,338 | ||||||
Luxottica Group SpA | 672 | 24,062 | ||||||
Mediaset SpA | 13,498 | 32,107 | ||||||
Mediobanca SpA | 4,477 | 21,868 | ||||||
*Milano Assicurazioni SpA | 19,800 | 6,592 | ||||||
Pirelli & C SpA | 11,999 | 146,124 | ||||||
*Prada SpA | 89,300 | 606,563 | ||||||
Prysmian SpA | 1,573 | 25,611 | ||||||
Saipem SpA | 18,364 | 907,188 | ||||||
*Telecom Italia SpA | 189,456 | 215,297 | ||||||
*Telecom Italia SpA ADR | 6,400 | 72,448 | ||||||
UniCredit SpA | 56,859 | 226,244 | ||||||
Unione di Banche Italiane SCPA | 25,628 | 95,190 | ||||||
TOTAL ITALY | $ | 4,312,478 | ||||||
JAPAN – 13.4% | ||||||||
ABC-Mart, Inc. | 100 | 3,641 | ||||||
Advantest Corp. | 1,000 | 16,784 | ||||||
Aeon Co., Ltd. | 13,900 | 181,759 | ||||||
Aeon Credit Service Co. Ltd. | 200 | 3,507 | ||||||
Aeon Mall Co., Ltd. | 400 | 8,923 | ||||||
Ai Holdings Corp. | 4,600 | 29,038 | ||||||
Aisan Industry Co. Ltd. | 7,400 | 78,875 | ||||||
Aisin Seiki Co., Ltd. | 1,700 | 60,556 | ||||||
Ajinomoto Co., Inc. | 35,000 | 452,843 | ||||||
Alfresa Holdings Corp. | 1,300 | 60,164 | ||||||
All Nippon Airways Co. Ltd. | 11,000 | 32,239 | ||||||
Alpen Co., Ltd. | 1,200 | 24,484 | ||||||
Amada Co., Ltd. | 52,000 | 355,611 | ||||||
*Arrk Corp. | 13,800 | 14,519 | ||||||
Asahi Glass Co., Ltd. | 18,000 | 142,711 | ||||||
Asahi Group Holdings Ltd. | 3,100 | 70,006 | ||||||
Asahi Kasei Corp. | 73,000 | 453,507 |
Description | Number of Shares | Value | ||||||
Asics Corp. | 2,000 | $ | 21,718 | |||||
Autobacs Seven Co., Ltd. | 2,400 | 115,280 | ||||||
Azbil Corp. | 2,800 | 60,251 | ||||||
Bando Chemical Industries Ltd. | 6,000 | 22,169 | ||||||
Benesse Holdings, Inc. | 400 | 19,840 | ||||||
Bridgestone Corp. | 4,800 | 114,529 | ||||||
Brother Industries Ltd. | 29,000 | 393,011 | ||||||
Canon Marketing Japan, Inc. | 1,600 | 20,721 | ||||||
Canon, Inc. | 17,900 | 822,809 | ||||||
Central Japan Railway Co. | 40 | 332,666 | ||||||
Century Tokyo Leasing Corp. | 2,200 | 44,226 | ||||||
Chiyoda Corp. | 2,000 | 24,274 | ||||||
Chugai Pharmaceutical Co., Ltd. | 1,200 | 21,703 | ||||||
Citizen Holdings Co., Ltd. | 4,600 | 28,980 | ||||||
Coca-Cola West Co., Ltd. | 1,400 | 25,391 | ||||||
COMSYS Holdings Corp. | 3,000 | 30,361 | ||||||
Cosmo Oil Co., Ltd. | 12,000 | 33,367 | ||||||
Dai Nippon Printing Co., Ltd. | 15,000 | 133,955 | ||||||
Daicel Corp. | 4,000 | 25,451 | ||||||
Daihatsu Motor Co., Ltd. | 8,000 | 152,104 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 97 | 122,951 | ||||||
Daikin Industries Ltd. | 2,200 | 58,527 | ||||||
Dainippon Sumitomo Pharma Co., Ltd. | 5,300 | 53,239 | ||||||
Daishi Bank Ltd. | 6,000 | 18,712 | ||||||
Daito Trust Construction Co., Ltd. | 17,700 | 1,598,409 | ||||||
Daiwa Securities Group, Inc. | 15,000 | 57,114 | ||||||
Dena Co., Ltd. | 15,700 | 492,198 | ||||||
Dentsu, Inc. | 1,500 | 46,274 | ||||||
DTS Corp. | 2,600 | 35,529 | ||||||
East Japan Railway Co. | 15,500 | 966,809 | ||||||
Eizo Nanao Corp. | 9,500 | 183,717 | ||||||
Faith, Inc. | 244 | 30,103 | ||||||
FamilyMart Co., Ltd. | 300 | 13,377 | ||||||
FANUC Corp. | 7,800 | 1,327,680 | ||||||
Fast Retailing Co. Ltd. | 400 | 89,830 | ||||||
Fuji Heavy Industries Ltd. | 13,000 | 99,813 | ||||||
Fuji Media Holdings, Inc. | 77 | 130,294 | ||||||
FUJIFILM Holdings Corp | 28,000 | 598,647 | ||||||
Fukuoka Financial Group, Inc. | 23,000 | 96,217 | ||||||
Furukawa Electric Co., Ltd. | 1,000 | 2,730 | ||||||
Geo Holdings Corp. | 200 | 242,485 | ||||||
Glory, Ltd. | 1,200 | 25,777 | ||||||
Gree, Inc. | 900 | 24,247 | ||||||
GS Yuasa Corp. | 2,000 | 10,371 | ||||||
Gulliver International Co., Ltd. | 1,290 | 46,291 | ||||||
Gunma Bank Ltd. | 12,000 | 61,022 | ||||||
H2O Retailing Corp | 2,000 | 17,635 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
32 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Hachijuni Bank Ltd. | 13,000 | $ | 70,992 | |||||
Hakuhodo DY Holdings, Inc. | 900 | 56,476 | ||||||
Hamamatsu Photonics KK | 300 | 12,005 | ||||||
Hankyu Hanshin Holdings, Inc. | 19,000 | 88,765 | ||||||
Hirose Electric Co., Ltd. | 100 | 10,534 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | 13,377 | ||||||
Hitachi Capital Corp. | 11,200 | 186,433 | ||||||
Hitachi Construction Machinery Co., Ltd. | 500 | 10,941 | ||||||
Hitachi High-Technologies Corp. | 1,800 | 45,474 | ||||||
Hitachi Metals Ltd. | 64,000 | 803,206 | ||||||
Hitachi Transport System Ltd. | 1,300 | 23,854 | ||||||
Hitachi, Ltd. | 19,000 | 121,844 | ||||||
Hokuhoku Financial Group, Inc. | 29,000 | 50,852 | ||||||
Hokuriku Electric Power Co | 4,000 | 68,487 | ||||||
Honda Motor Co. Ltd. | 29,500 | 1,070,040 | ||||||
House Foods Corp. | 1,600 | 27,014 | ||||||
Hoya Corp. | 3,000 | 69,138 | ||||||
Idemitsu Kosan Co., Ltd. | 700 | 64,704 | ||||||
IHI Corp. | 7,000 | 17,009 | ||||||
Imasen Electric Industrial | 2,300 | 31,717 | ||||||
Information Services International-Dentsu Ltd. | 3,500 | 28,538 | ||||||
Inpex Corp. | 64 | 424,850 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 8,900 | 97,427 | ||||||
IT Holdings Corp. | 6,400 | 82,405 | ||||||
Ito En Ltd. | 100 | 1,814 | ||||||
ITOCHU Corp. | 21,100 | 239,437 | ||||||
Iyo Bank Ltd. | 10,000 | 83,166 | ||||||
J Front Retailing Co. Ltd. | 15,000 | 77,405 | ||||||
Japan Steel Works Ltd. | 3,000 | 18,337 | ||||||
Japan Tobacco, Inc. | 33 | 183,310 | ||||||
JFE Holdings, Inc. | 6,600 | 124,908 | ||||||
JGC Corp. | 2,000 | 57,916 | ||||||
Joyo Bank Ltd. | 12,000 | 52,605 | ||||||
JS Group Corp. | 6,200 | 122,152 | ||||||
JTEKT Corp. | 7,300 | 80,736 | ||||||
Jupiter Telecommunications Co. Ltd. | 700 | 741,734 | ||||||
Juroku Bank Ltd. | 3,000 | 9,469 | ||||||
JX Holdings, Inc. | 102,780 | 583,158 | ||||||
Kamigumi Co., Ltd. | 8,000 | 64,429 | ||||||
Kaneka Corp. | 9,000 | 55,912 | ||||||
Kansai Paint Co. Ltd. | 2,000 | 21,593 | ||||||
KAO Corp. | 22,300 | 599,675 | ||||||
Kawasaki Heavy Industries Ltd. | 7,000 | 21,217 | ||||||
*Kawasaki Kisen Kaisha, Ltd. | 23,000 | 48,973 | ||||||
KDDI Corp. | 74 | 486,599 | ||||||
Keikyu Corp. | 4,000 | 34,369 | ||||||
Keio Corp. | 5,000 | 36,197 |
Description | Number of Shares | Value | ||||||
Keisei Electric Railway Co., Ltd. | 1,000 | $ | 7,740 | |||||
Keyence Corp. | 4,070 | 966,523 | ||||||
Kikkoman Corp. | 2,000 | 23,522 | ||||||
Kinden Corp. | 3,000 | 20,854 | ||||||
Kintetsu Corp. | 12,000 | 42,385 | ||||||
Kirin Holdings Co. Ltd. | 22,000 | 281,614 | ||||||
Kobe Steel Ltd. | 32,000 | 46,093 | ||||||
Koito Manufacturing Co. Ltd. | 2,000 | 31,062 | ||||||
Komatsu Ltd. | 30,000 | 869,865 | ||||||
Konami Corp. | 1,200 | 35,020 | ||||||
Konica Minolta Holdings, Inc. | 24,500 | 200,689 | ||||||
Kubota Corp. | 10,000 | 97,194 | ||||||
Kuraray Co. Ltd. | 2,000 | 28,657 | ||||||
Kurita Water Industries Ltd. | 600 | 14,737 | ||||||
Kuroda Electric Co. Ltd. | 3,500 | 35,991 | ||||||
Kyocera Corp. ADR | 300 | 29,193 | ||||||
Kyocera Corp. | 12,300 | 1,210,897 | ||||||
Kyowa Exeo Corp. | 16,100 | 147,005 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 9,000 | 95,028 | ||||||
Lawson, Inc. | 500 | 33,129 | ||||||
Mabuchi Motor Co. Ltd. | 800 | 33,717 | ||||||
Makita Corp. | 600 | 23,221 | ||||||
Marubeni Corp. | 48,000 | 335,471 | ||||||
Marudai Food Co. Ltd. | 12,000 | 46,443 | ||||||
Marui Group Co. Ltd. | 5,100 | 40,626 | ||||||
Maruichi Steel Tube Ltd. | 65 | 1,436 | ||||||
Matsui Securities Co. Ltd. | 600 | 3,697 | ||||||
*Mazda Motor Corp. | 120,000 | 196,893 | ||||||
McDonald’s Holdings Co Japan Ltd. | 300 | 8,522 | ||||||
Medipal Holdings Corp. | 5,550 | 70,487 | ||||||
MEIJI Holdings Co. Ltd. | 2,200 | 97,683 | ||||||
Meitec Corp. | 1,400 | 28,863 | ||||||
Minebea Co. Ltd. | 1,000 | 4,572 | ||||||
Ministop Co. Ltd. | 9,600 | 169,659 | ||||||
Miraca Holdings, Inc. | 3,400 | 134,356 | ||||||
Mitsubishi Chemical Holdings Corp. | 25,000 | 132,139 | ||||||
Mitsubishi Corp. | 60,300 | 1,316,419 | ||||||
Mitsubishi Electric Corp. | 30,000 | 265,656 | ||||||
Mitsubishi Estate Co. Ltd. | 9,000 | 160,521 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 14,000 | 92,234 | ||||||
Mitsubishi Heavy Industries Ltd. | 101,000 | 460,471 | ||||||
Mitsubishi Logistics Corp. | 3,000 | 33,104 | ||||||
Mitsubishi Materials Corp. | 26,000 | 78,156 | ||||||
*Mitsubishi Motors Corp. | 22,000 | 24,800 | ||||||
Mitsubishi Tanabe Pharma Corp. | 4,767 | 66,394 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 383,994 | 1,861,293 | ||||||
Mitsui & Co. Ltd. | 7,792 | 122,384 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 33 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Mitsui Chemicals, Inc. | 18,000 | $ | 52,079 | |||||
Mitsui Engineering & Shipbuilding Co. Ltd. | 2,000 | 2,956 | ||||||
Mitsui Fudosan Co. Ltd. | 6,000 | 110,997 | ||||||
Mitsui Home Co. Ltd. | 5,000 | 26,303 | ||||||
Mitsui Osk Lines, Ltd. | 7,000 | 27,355 | ||||||
Mizuho Financial Group, Inc. | 150,120 | 238,793 | ||||||
MS&AD Insurance Group Holdings | 7,900 | 146,740 | ||||||
Murata Manufacturing Co. Ltd. | 1,700 | 97,839 | ||||||
Nabtesco Corp. | 1,000 | 21,568 | ||||||
Nagase & Co. Ltd. | 3,000 | 36,448 | ||||||
Namco Bandai Holdings, Inc. | 23,300 | 335,025 | ||||||
*NEC Corp. | 85,000 | 154,372 | ||||||
NET One Systems Co. Ltd. | 5,200 | 71,383 | ||||||
NGK Insulators Ltd. | 2,000 | 25,175 | ||||||
Nichirei Corp. | 1,000 | 4,559 | ||||||
Nidec Corp. | 10,200 | 919,839 | ||||||
Nihon Kohden Corp. | 6,600 | 193,685 | ||||||
Nihon Trim Co. Ltd. | 850 | 22,219 | ||||||
Nikon Corp. | 2,800 | 83,923 | ||||||
Nintendo Co., Ltd. | 800 | 109,218 | ||||||
Nippon Electric Glass Co. Ltd. | 9,000 | 73,497 | ||||||
Nippon Express Co. Ltd. | 108,000 | 409,869 | ||||||
Nippon Meat Packers, Inc. | 5,000 | 64,191 | ||||||
Nippon Paper Group, Inc. | 2,200 | 44,088 | ||||||
Nippon Sheet Glass Co. Ltd. | 30,000 | 39,078 | ||||||
Nippon Shokubai Co., Ltd. | 4,000 | 45,090 | ||||||
Nippon Steel Corp. | 51,000 | 128,394 | ||||||
Nippon Telegraph & Telephone Corp. | 10,700 | 485,815 | ||||||
Nippon Television Network Corp. | 180 | 27,956 | ||||||
Nippon Thompson Co. Ltd. | 11,000 | 61,172 | ||||||
Nippon Yusen KK | 45,000 | 134,143 | ||||||
Nishi-Nippon City Bank Ltd. | 17,000 | 44,927 | ||||||
Nissan Motor Co. Ltd. | 58,400 | 611,503 | ||||||
*Nissha Printing Co. Ltd. | 100 | 1,137 | ||||||
Nisshin Seifun Group, Inc. | 6,500 | 79,622 | ||||||
Nisshin Steel Co., Ltd. | 15,000 | 21,230 | ||||||
Nisshinbo Holdings, Inc. | 3,000 | 26,566 | ||||||
Nissin Foods Holdings Co. Ltd. | 300 | 11,291 | ||||||
Nitori Holdings Co. Ltd. | 200 | 18,412 | ||||||
Nitto Denko Corp. | 900 | 37,312 | ||||||
NOF Corp. | 42,000 | 211,473 | ||||||
NOK Corp. | 500 | 10,415 | ||||||
Nomura Real Estate Holdings, Inc. | 500 | 8,811 | ||||||
Nomura Research Institute Ltd. | 500 | 11,554 | ||||||
NS Solutions Corp. | 1,200 | 23,462 | ||||||
NSK, Ltd. | 11,000 | 76,328 | ||||||
NTT Data Corp. | 7 | 24,400 |
Description | Number of Shares | Value | ||||||
NTT DoCoMo, Inc. | 200 | $ | 341,182 | |||||
NTT Urban Development Corp. | 6 | 4,637 | ||||||
Obara Group, Inc. | 2,000 | 26,754 | ||||||
Obayashi Corp. | 15,000 | 63,690 | ||||||
Odakyu Electric Railway Co. Ltd. | 6,000 | 55,611 | ||||||
OJI Paper Co. Ltd. | 31,000 | 142,497 | ||||||
*Olympus Corp. | 3,800 | 59,970 | ||||||
Omron Corp. | 1,100 | 23,518 | ||||||
Onward Holdings Co. Ltd. | 2,000 | 15,656 | ||||||
Oriental Land Co. Ltd. | 300 | 33,292 | ||||||
Osaka Gas Co., Ltd. | 44,000 | 178,006 | ||||||
Otsuka Corp. | 300 | 24,161 | ||||||
Otsuka Holdings Co. Ltd. | 18,700 | 564,467 | ||||||
Panasonic Corp. | 70,100 | 546,119 | ||||||
Rakuten, Inc. | 1,351 | 1,505,999 | ||||||
*Renesas Electronics Corp. | 1,900 | 11,018 | ||||||
Rengo Co., Ltd. | 7,000 | 51,290 | ||||||
Ricoh Co., Ltd. | 18,000 | 163,226 | ||||||
Riken Corp. | 8,000 | 34,068 | ||||||
Rinnai Corp. | 200 | 14,654 | ||||||
Rohm Co. Ltd. | 7,500 | 340,055 | ||||||
Round One Corp. | 18,200 | 119,221 | ||||||
San-In Godo Bank Ltd. | 2,000 | 14,429 | ||||||
Sankyo Co. Ltd. | 1,000 | 48,347 | ||||||
Sankyu, Inc. | 44,000 | 175,251 | ||||||
Sanrio Co. Ltd. | 500 | 22,013 | ||||||
Santen Pharmaceutical Co. Ltd. | 400 | 16,708 | ||||||
Sapporo Hokuyo Holdings, Inc. | 13,000 | 45,591 | ||||||
Sasebo Heavy Industries Co. Ltd. | 17,000 | 25,551 | ||||||
SBI Holdings, Inc. | 771 | 62,769 | ||||||
Secom Co. Ltd. | 1,500 | 71,393 | ||||||
Sega Sammy Holdings, Inc. | 1,500 | 31,469 | ||||||
Seiko Epson Corp. | 1,300 | 17,520 | ||||||
Sekisui Chemical Co. Ltd. | 6,000 | 54,108 | ||||||
Sekisui House Ltd. | 15,000 | 139,967 | ||||||
Seven & I Holdings Co. Ltd. | 2,000 | 60,696 | ||||||
Seven Bank Ltd. | 1,000 | 2,480 | ||||||
Sharp Corp. | 30,563 | 197,526 | ||||||
Shiga Bank Ltd. | 8,000 | 45,792 | ||||||
Shikoku Electric Power Co., Inc. | 3,600 | 93,021 | ||||||
Shimadzu Corp. | 1,000 | 8,968 | ||||||
Shimamura Co. Ltd. | 100 | 11,360 | ||||||
Shimano, Inc. | 300 | 19,765 | ||||||
Shimizu Corp. | 20,000 | 76,152 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,000 | 58,116 | ||||||
Shinko Electric Industries Co. Ltd. | 300 | 2,829 | ||||||
Shinsei Bank Ltd. | 9,000 | 11,723 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
34 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Shionogi & Co. Ltd. | 1,700 | $ | 22,251 | |||||
Ship Healthcare Holdings, Inc. | 2,100 | 49,554 | ||||||
Shiseido Co. Ltd. | 2,000 | 35,120 | ||||||
SMC Corp. | 3,000 | 503,882 | ||||||
Softbank Corp. | 16,000 | 480,160 | ||||||
Sojitz Corp. | 30,900 | 52,248 | ||||||
Sony Corp. | 43,600 | 718,657 | ||||||
Sony Financial Holdings, Inc. | 800 | 13,106 | ||||||
SRA Holdings | 1,200 | 13,677 | ||||||
Sumitomo Bakelite Co., Ltd. | 7,000 | 36,385 | ||||||
Sumitomo Corp. | 86,500 | 1,235,095 | ||||||
Sumitomo Electric Industries, Ltd. | 52,200 | 711,997 | ||||||
Sumitomo Heavy Industries Ltd. | 32,000 | 165,932 | ||||||
Sumitomo Metal Industries Ltd. | 29,000 | 52,668 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 16,000 | 517,836 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 26,820 | 79,278 | ||||||
Sumitomo Realty & Development Co. Ltd. | 2,000 | 48,196 | ||||||
Suruga Bank Ltd. | 1,000 | 10,020 | ||||||
Suzuken Co. Ltd. | 2,300 | 69,714 | ||||||
Suzuki Motor Corp. | 1,900 | 45,144 | ||||||
Sysmex Corp. | 20,200 | 817,209 | ||||||
T&D Holdings, Inc. | 3,200 | 34,750 | ||||||
Taiheiyo Cement Corp. | 1,000 | 2,392 | ||||||
Taisei Corp. | 24,000 | 61,022 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 15,982 | ||||||
Taiyo Nippon Sanso Corp. | 1,000 | 6,939 | ||||||
Takashimaya Co. Ltd. | 5,000 | 38,076 | ||||||
Takeda Pharmaceutical Co. Ltd. | 7,600 | 331,738 | ||||||
TDK Corp. | 100 | 5,286 | ||||||
Teijin, Ltd. | 13,000 | 43,963 | ||||||
Terumo Corp. | 10,900 | 501,722 | ||||||
THK Co. Ltd. | 600 | 12,054 | ||||||
Tobu Railway Co., Ltd. | 7,000 | 35,684 | ||||||
Toda Corp. | 4,000 | 12,776 | ||||||
Toho Co. Ltd. | 500 | 8,993 | ||||||
Toho Gas Co. Ltd. | 1,000 | 6,037 | ||||||
Tokai Rika Co. Ltd. | 7,900 | 147,828 | ||||||
Tokio Marine Holdings, Inc. | 43,200 | 1,114,088 | ||||||
Tokuyama Corp. | 7,000 | 22,007 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 700 | 9,522 | ||||||
Tokyo Electron, Ltd. | 22,400 | 1,249,900 | ||||||
TOKYO KEIKI INC | 8,000 | 17,034 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 4,500 | 34,494 | ||||||
*Tokyo Tatemono Co. Ltd. | 9,000 | 33,592 | ||||||
Tokyu Corp. | 6,000 | 28,106 | ||||||
Tokyu Land Corp. | 36,000 | 174,950 | ||||||
Toppan Printing Co. Ltd. | 18,000 | 122,419 |
Description | Number of Shares | Value | ||||||
Toray Industries, Inc. | 12,000 | $ | 92,735 | |||||
Tosei Corp. | 101 | 41,113 | ||||||
Toshiba Corp. | 32,000 | 131,864 | ||||||
Tosoh Corp. | 95,000 | 265,343 | ||||||
TOTO Ltd. | 1,000 | 7,415 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 1,000 | 3,995 | ||||||
Toyo Seikan Kaisha Ltd. | 5,600 | 75,191 | ||||||
Toyo Suisan Kaisha, Ltd. | 1,000 | 25,676 | ||||||
Toyo Tire & Rubber Co. Ltd. | 62,000 | 170,065 | ||||||
Toyoda Gosei Co. Ltd. | 300 | 6,177 | ||||||
Toyota Boshoku Corp. | 300 | 3,709 | ||||||
Toyota Industries Corp. | 300 | 8,541 | ||||||
Toyota Motor Corp. | 75,330 | 3,118,306 | ||||||
Toyota Tsusho Corp. | 6,800 | 135,676 | ||||||
Trend Micro, Inc. | 500 | 15,243 | ||||||
Tsumura & Co | 300 | 8,015 | ||||||
Unicharm Corp. | 800 | 44,689 | ||||||
UNY Co. Ltd. | 6,000 | 70,040 | ||||||
Ushio, Inc. | 500 | 6,569 | ||||||
Wacoal Holdings Corp. | 4,000 | 46,443 | ||||||
West Japan Railway Co. | 5,500 | 226,296 | ||||||
Yahoo Japan Corp. | 84 | 25,261 | ||||||
Yakult Honsha Co. Ltd. | 500 | 18,462 | ||||||
Yamada Denki Co. Ltd. | 870 | 56,664 | ||||||
Yamaguchi Financial Group, Inc. | 6,000 | 51,703 | ||||||
Yamaha Corp. | 6,400 | 62,445 | ||||||
Yamaha Motor Co. Ltd. | 700 | 9,425 | ||||||
Yamato Holdings Co. Ltd. | 2,100 | 32,536 | ||||||
Yamato Kogyo Co. Ltd. | 1,600 | 45,771 | ||||||
Yamazaki Baking Co. Ltd. | 1,000 | 14,817 | ||||||
Yaskawa Electric Corp. | 1,000 | 8,755 | ||||||
Yellow Hat Ltd. | 2,100 | 36,403 | ||||||
Yokogawa Electric Corp. | 700 | 6,769 | ||||||
Yokohama Rubber Co. Ltd. | 19,100 | 140,906 | ||||||
Yorozu Corp. | 1,200 | 24,319 | ||||||
TOTAL JAPAN | $ | 53,961,246 | ||||||
JORDAN – 0.2% | ||||||||
Arab Bank PLC | 30,435 | 350,999 | ||||||
Arab Potash Co | 2,100 | 119,758 | ||||||
Bank of Jordan | 14,070 | 42,953 | ||||||
*Capital Bank of Jordan | 21,205 | 35,664 | ||||||
Jordan Petroleum Refinery Co | 1,380 | 11,000 | ||||||
*Jordan Phosphate Mines | 1,700 | 33,133 | ||||||
Jordan Steel | 5,259 | 14,494 | ||||||
Jordan Telecommunications Co PSC | 9,750 | 74,687 | ||||||
Jordanian Electric Power Co | 10,917 | 47,368 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 35 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
*,10Middle East Complex for Engineering Electric and Heavy Industries PLC | 60 | $ | 12 | |||||
*Taameer Jordan Holdings PSC | 12,900 | 4,376 | ||||||
TOTAL JORDAN | $ | 734,444 | ||||||
KAZAKHSTAN – 0.1% | ||||||||
Eurasian Natural Resources Corp. PLC | 21,112 | 191,700 | ||||||
*Halyk Savings Bank of Kazakhstan JSC | 21,790 | 147,083 | ||||||
*Kazkommertsbank JSC | 19,000 | 54,150 | ||||||
KazMunaiGas Exploration Production JSC | 9,700 | 186,004 | ||||||
TOTAL KAZAKHSTAN | $ | 578,937 | ||||||
KENYA – 0.2% | ||||||||
Athi River Mining Ltd. | 29,200 | 65,590 | ||||||
Bamburi Cement Co. Ltd. | 26,700 | 47,467 | ||||||
Barclays Bank of Kenya Ltd. | 493,600 | 75,893 | ||||||
East African Breweries Ltd. | 66,980 | 168,959 | ||||||
Equity Bank Ltd. | 470,900 | 117,371 | ||||||
Kenya Airways Ltd. | 402,900 | 71,869 | ||||||
Kenya Commercial Bank Ltd. | 244,300 | 66,027 | ||||||
Kenya Power & Lighting Ltd. | 178,087 | 32,943 | ||||||
Nation Media Group Ltd. | 26,620 | 53,400 | ||||||
Safaricom Ltd. | 2,400,100 | 95,139 | ||||||
Standard Chartered Bank Kenya Ltd. | 9,711 | 19,247 | ||||||
TOTAL KENYA | $ | 813,905 | ||||||
LATVIA – 0.0%** | ||||||||
*Latvian Shipping Co | 36,206 | 20,558 | ||||||
LEBANON – 0.1% | ||||||||
*Solidere GDR | 18,936 | 259,423 | ||||||
LITHUANIA – 0.1% | ||||||||
Apranga PVA | 22,400 | 55,595 | ||||||
*Invalda PVA | 17,284 | 65,662 | ||||||
Lesto AB | 19,018 | 16,187 | ||||||
*Lietuvos Energijos Gamyba | 10,949 | 5,797 | ||||||
*Litgrid AB | 8,818 | 5,860 | ||||||
Panevezio Statybos Trestas | 16,900 | 26,621 | ||||||
Pieno Zvaigzdes | 10,687 | 24,473 | ||||||
*Siauliu Bankas | 58,107 | 20,306 | ||||||
TOTAL LITHUANIA | $ | 220,501 | ||||||
LUXEMBOURG – 0.6% | ||||||||
Arcelormittal | 11,319 | 195,752 | ||||||
12ArcelorMittal | 31,453 | 545,080 | ||||||
*Kernel Holding SA | 4,220 | 93,011 | ||||||
Millicom International Cellular SA | 5,156 | 547,719 | ||||||
RTL Group SA | 889 | 87,081 | ||||||
SES SA | 34,468 | 825,359 | ||||||
*Subsea 7 SA | 5,065 | 131,251 |
Description | Number of Shares | Value | ||||||
Tenaris SA | 3,354 | $ | 64,953 | |||||
TOTAL LUXEMBOURG | $ | 2,490,206 | ||||||
MALAYSIA – 0.8% | ||||||||
Alliance Financial Group Bhd | 28,800 | 37,594 | ||||||
Axiata Group Bhd | 45,000 | 78,966 | ||||||
Batu Kawan Bhd | 12,600 | 78,282 | ||||||
British American Tobacco Malaysia Bhd | 4,100 | 75,252 | ||||||
Bursa Malaysia Bhd | 14,500 | 32,345 | ||||||
CIMB Group Holdings Bhd | 54,800 | 134,193 | ||||||
DiGi.Com Bhd | 50,000 | 66,755 | ||||||
DRB-Hicom Bhd | 129,790 | 109,374 | ||||||
Gamuda Bhd | 81,100 | 95,412 | ||||||
Genting Bhd | 47,800 | 163,335 | ||||||
Genting Malaysia Bhd | 57,900 | 73,475 | ||||||
Hong Leong Bank Bhd | 16,400 | 66,229 | ||||||
IJM Corp. Bhd | 40,860 | 73,996 | ||||||
IOI Corp. Bhd | 75,280 | 129,862 | ||||||
KLCC Property Holdings Bhd | 24,500 | 27,447 | ||||||
*KNM Group Bhd | 27,075 | 7,471 | ||||||
Kuala Lumpur Kepong Bhd | 15,400 | 120,309 | ||||||
Kulim Malaysia Bhd | 17,300 | 24,183 | ||||||
Malayan Banking Bhd | 50,490 | 143,995 | ||||||
Malaysian Resources Corp. Bhd | 83,700 | 46,193 | ||||||
Maxis Bhd | 62,200 | 125,798 | ||||||
MISC Bhd | 24,700 | 39,180 | ||||||
MMC Corp. Bhd | 48,400 | 42,226 | ||||||
Muhibbah Engineering M Bhd | 68,300 | 27,762 | ||||||
Multi-Purpose Holdings Bhd | 36,500 | 32,326 | ||||||
Petronas Chemicals Group Bhd | 110,500 | 238,455 | ||||||
Petronas Dagangan Bhd | 18,600 | 119,001 | ||||||
PPB Group Bhd | 14,100 | 77,909 | ||||||
Public Bank Bhd | 19,800 | 89,643 | ||||||
RHB Capital Bhd | 9,900 | 24,112 | ||||||
SapuraCrest Petroleum Bhd | 27,700 | 46,411 | ||||||
*Scomi Group Bhd | 69,500 | 5,972 | ||||||
Sime Darby Bhd | 78,946 | 254,109 | ||||||
Ta Ann Holdings Bhd | 15,840 | 34,130 | ||||||
Telekom Malaysia Bhd | 35,100 | 62,521 | ||||||
Tenaga Nasional Bhd | 60,025 | 127,548 | ||||||
UMW Holdings Bhd | 15,400 | 40,052 | ||||||
Wah Seong Corp. Bhd | 35,921 | 24,098 | ||||||
WCT Bhd | 35,466 | 27,543 | ||||||
YTL Corp. Bhd | 95,790 | 51,282 | ||||||
YTL Power International Bhd | 69,316 | 39,400 | ||||||
TOTAL MALAYSIA | $ | 3,114,146 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
36 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
MAURITIUS – 0.2% | ||||||||
*Lux Island Resorts Ltd. | 7,000 | $ | 5,060 | |||||
Mauritius Commercial Bank | 38,600 | 220,571 | ||||||
Mauritius Development Invest Trust | 265,200 | 45,645 | ||||||
New Mauritius Hotels Ltd. | 18,900 | 46,193 | ||||||
Rogers And Co. Ltd. | 7,100 | 77,966 | ||||||
State Bank of Mauritius Ltd. | 55,800 | 155,587 | ||||||
Sun Resorts Ltd. | 24,969 | 33,865 | ||||||
TOTAL MAURITIUS | $ | 584,887 | ||||||
MEXICO – 2.0% | ||||||||
Alfa SAB de CV | 39,300 | 562,228 | ||||||
America Movil SAB de CV | 1,188,524 | 1,586,712 | ||||||
America Movil SAB de CV | 35,690 | 951,138 | ||||||
Arca Continental SAB de CV ADR | 12,700 | 64,602 | ||||||
*Cemex SAB de CV | 355,268 | 256,920 | ||||||
*Coca-Cola Femsa SAB de CV | 6,400 | 67,931 | ||||||
Compartamos SAB de CV | 108,000 | 131,332 | ||||||
*Corp. GEO SAB de CV | 18,100 | 24,178 | ||||||
Corp. Moctezuma SAB de CV | 20,900 | 48,937 | ||||||
*Empresas ICA SAB de CV | 20,800 | 37,653 | ||||||
Fomento Economico Mexicano SAB de CV | 46,900 | 380,897 | ||||||
Grupo Aeroportuario del Centro Norte Sab de CV | 17,800 | 36,253 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV | 14,700 | 57,193 | ||||||
Grupo Bimbo SAB de CV | 53,600 | 127,890 | ||||||
Grupo Carso SAB de CV | 24,800 | 83,771 | ||||||
Grupo Elektra SA de CV | 1,460 | 88,883 | ||||||
Grupo Financiero Banorte SAB de CV | 108,900 | 525,190 | ||||||
Grupo Financiero Inbursa SA | 195,500 | 429,994 | ||||||
Grupo Mexico SAB de CV | 138,321 | 426,348 | ||||||
Grupo Modelo SAB de CV | 16,500 | 116,600 | ||||||
Grupo Televisa SAB | 60,600 | 266,109 | ||||||
*Impulsora del Desarrollo y El Empleo en America Latina SAB de CV | 56,900 | 107,458 | ||||||
*Industrias CH SAB de CV | 7,500 | 34,028 | ||||||
Industrias Penoles SAB de CV | 4,530 | 212,242 | ||||||
Kimberly-Clark de Mexico SAB de CV | 42,000 | 85,606 | ||||||
Mexichem SAB de CV | 20,292 | 75,632 | ||||||
*Minera Frisco SAB de CV | 24,800 | 107,341 | ||||||
*Organizacion Soriana SAB de CV | 10,800 | 30,694 | ||||||
*Promotora y Operadora de Infraestructura SAB de CV | 13,900 | 67,857 | ||||||
TV Azteca SAB de CV | 38,700 | 25,313 | ||||||
*Urbi Desarrollos Urbanos SAB de CV | 22,900 | 24,067 | ||||||
Wal-Mart de Mexico SAB de CV | 138,900 | 397,209 | ||||||
Wal-Mart de Mexico SAB de CV ADR | 14,839 | 423,653 | ||||||
TOTAL MEXICO | $ | 7,861,859 |
Description | Number of Shares | Value | ||||||
MOROCCO – 0.4% | ||||||||
Attijariwafa Bank | 6,559 | $ | 258,621 | |||||
Auto Hall | 3,700 | 26,366 | ||||||
Banque Centrale Populaire | 3,900 | 89,857 | ||||||
Banque Marocaine du Commerce et de l’Industrie | 320 | 28,618 | ||||||
Banque Marocaine du Commerce Exterieur | 6,980 | 163,309 | ||||||
Brasseries Maroc | 171 | 35,540 | ||||||
Cie Generale Immobiliere | 390 | 34,507 | ||||||
Ciments du Maroc | 500 | 56,354 | ||||||
Credit Immobilier et Hotelier | 800 | 23,753 | ||||||
Douja Promotion Groupe Addoha SA | 13,520 | 100,196 | ||||||
Holcim Maroc SA | 520 | 118,884 | ||||||
Lafarge Ciments | 365 | 65,457 | ||||||
Maroc Telecom SA | 21,650 | 331,435 | ||||||
*SAMIR | 440 | 27,173 | ||||||
*Sonasid | 210 | 36,912 | ||||||
TOTAL MOROCCO | $ | 1,396,982 | ||||||
NETHERLANDS – 1.5% | ||||||||
*Aegon NV | 96,730 | 446,735 | ||||||
AKZO Nobel NV | 3,317 | 177,758 | ||||||
ASML Holding NV | 9,509 | 483,845 | ||||||
Delta Lloyd NV | 2,063 | 34,777 | ||||||
European Aeronautic Defence And Space Co. NV | 4,004 | 158,075 | ||||||
Fugro NV | 392 | 28,570 | ||||||
Heineken Holding NV | 2,823 | 130,713 | ||||||
Heineken NV | 3,117 | 170,464 | ||||||
*ING Groep NV | 91,193 | 643,032 | ||||||
Koninklijke Ahold NV | 53,141 | 674,022 | ||||||
Koninklijke Boskalis Westminster NV | 635 | 23,165 | ||||||
Koninklijke DSM NV | 11,848 | 679,316 | ||||||
Koninklijke KPN NV | 24,200 | 217,219 | ||||||
Koninklijke Philips Electronics NV | 10,258 | 203,677 | ||||||
Koninklijke Vopak NV | 418 | 26,943 | ||||||
PostNL NV | 1,597 | 6,930 | ||||||
*QIAGEN NV | 1,361 | 22,770 | ||||||
Randstad Holding NV | 626 | 21,677 | ||||||
Royal Dutch Shell PLC | 39,302 | 1,432,892 | ||||||
SBM Offshore NV | 1,844 | 33,501 | ||||||
TNT Express NV | 4,079 | 49,458 | ||||||
Unilever NV | 12,250 | 419,489 | ||||||
*Yandex NV | 2,700 | 64,044 | ||||||
TOTAL NETHERLANDS | $ | 6,149,072 | ||||||
NEW ZEALAND – 0.0%** | ||||||||
Auckland International Airport Ltd. | 4,674 | 9,670 | ||||||
*Contact Energy Ltd. | 14,398 | 57,104 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 37 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Fletcher Building Ltd. | 87 | $ | 445 | |||||
SKYCITY Entertainment Group Ltd. | 3,557 | 11,170 | ||||||
Telecom Corp. of New Zealand, Ltd. | 25,560 | 54,971 | ||||||
Warehouse Group Ltd. | 4,227 | 9,229 | ||||||
TOTAL NEW ZEALAND | $ | 142,589 | ||||||
NIGERIA – 0.2% | ||||||||
Access Bank PLC | 362,588 | 13,526 | ||||||
Dangote Cement PLC | 91,000 | 70,556 | ||||||
First Bank of Nigeria PLC | 1,383,642 | 87,758 | ||||||
*First City Monument Bank PLC | 862,500 | 30,093 | ||||||
*Forte Oil PLC | 61,333 | 4,093 | ||||||
Guaranty Trust Bank PLC | 1,293,110 | 131,653 | ||||||
Guinness Nigeria PLC | 45,800 | 68,993 | ||||||
Nestle Nigeria PLC | 17,736 | 47,228 | ||||||
Nigerian Breweries PLC | 170,480 | 119,287 | ||||||
Oando PLC | 186,725 | 19,224 | ||||||
UAC of Nigeria PLC | 124,250 | 25,861 | ||||||
*United Bank for Africa PLC | 796,092 | 18,922 | ||||||
Zenith Bank PLC | 1,340,475 | 120,630 | ||||||
TOTAL NIGERIA | $ | 757,824 | ||||||
NORWAY – 0.5% | ||||||||
AKER Solutions ASA | 954 | 16,211 | ||||||
*Cermaq ASA | 498 | 6,800 | ||||||
12DNB ASA | 9,287 | 100,125 | ||||||
Kvaerner ASA | 954 | 2,817 | ||||||
Marine Harvest ASA | 47,108 | 24,167 | ||||||
Norsk Hydro ASA | 28,067 | 136,535 | ||||||
Orkla ASA | 26,885 | 197,493 | ||||||
*Petroleum Geo-Services ASA | 2,777 | 41,900 | ||||||
Statoil ASA | 19,825 | 529,318 | ||||||
*Storebrand ASA | 10,389 | 46,690 | ||||||
Telenor ASA | 53,594 | 985,172 | ||||||
Yara International ASA | 1,298 | 63,664 | ||||||
TOTAL NORWAY | $ | 2,150,892 | ||||||
OMAN – 0.2% | ||||||||
Bank Dhofar SAOG | 40,413 | 46,606 | ||||||
Bank Sohar | 215,660 | 86,824 | ||||||
BankMuscat SAOG | 87,449 | 141,736 | ||||||
Dhofar International Development & Investment Holding Co | 8,500 | 9,957 | ||||||
Galfar Engineering & Contracting SAOG | 34,540 | 37,770 | ||||||
National Bank Of Oman SAOG | 49,374 | 37,447 | ||||||
Oman Cement Co | 52,540 | 86,930 | ||||||
Oman Flour Mills Co SAOG | 16,000 | 20,571 | ||||||
Oman International Bank SAOG | 35,846 | 23,370 | ||||||
Oman Oil Marketing Co | 13,300 | 58,244 |
Description | Number of Shares | Value | ||||||
Oman Telecommunications Co SAOG | 46,000 | $ | 156,281 | |||||
*Renaissance Services SAOG | 35,992 | 58,896 | ||||||
TOTAL OMAN | $ | 764,632 | ||||||
PAKISTAN – 0.2% | ||||||||
Engro Corp. Ltd. | 19,952 | 21,267 | ||||||
Fauji Fertilizer Co. Ltd. | 58,780 | 79,131 | ||||||
HUB Power Co | 151,500 | 61,455 | ||||||
Lucky Cement Ltd. | 15,000 | 21,457 | ||||||
MCB Bank Ltd. | 44,770 | 84,637 | ||||||
Millat Tractors Ltd. | 7,660 | 42,881 | ||||||
National Bank Of Pakistan | 88,480 | 43,783 | ||||||
Nishat Mills Ltd. | 55,450 | 32,189 | ||||||
Oil & Gas Development Co. Ltd. | 94,600 | 173,499 | ||||||
Pakistan Oilfields Ltd. | 9,300 | 39,507 | ||||||
Pakistan Petroleum Ltd. | 36,458 | 76,152 | ||||||
Pakistan State Oil Co. Ltd. | 11,700 | 31,917 | ||||||
Pakistan Telecommunication Co. Ltd. | 135,000 | 18,610 | ||||||
United Bank Ltd. | 53,000 | 49,664 | ||||||
TOTAL PAKISTAN | $ | 776,149 | ||||||
PAPUA NEW GUINEA – 0.2% | ||||||||
Oil Search Ltd. | 107,164 | 820,697 | ||||||
PERU – 0.3% | ||||||||
Alicorp SA | 41,600 | 112,488 | ||||||
BBVA Banco Continental SA | 25,099 | 63,211 | ||||||
Cia de Minas Buenaventura SA ADR | 7,700 | 317,779 | ||||||
Cia Minera Milpo SAA | 34,893 | 66,998 | ||||||
Credicorp Ltd. | 2,500 | 327,275 | ||||||
Ferreyros SA | 62,587 | 69,212 | ||||||
Grana y Montero SA | 46,300 | 157,110 | ||||||
Luz del Sur SAA | 12,200 | 34,329 | ||||||
Minsur SA | 35,670 | 38,500 | ||||||
Sociedad Minera el Brocal SA | 4,000 | 79,682 | ||||||
Volcan Cia Minera SAA | 41,904 | 50,466 | ||||||
TOTAL PERU | $ | 1,317,050 | ||||||
PHILIPPINES – 0.4% | ||||||||
Aboitiz Equity Ventures, Inc. | 274,600 | 331,705 | ||||||
Aboitiz Power Corp. | 88,400 | 71,189 | ||||||
Alliance Global Group, Inc. | 135,000 | 39,522 | ||||||
Ayala Corp. | 8,520 | 86,774 | ||||||
Ayala Land, Inc. | 178,200 | 90,535 | ||||||
Bank of the Philippine Islands | 34,945 | 61,001 | ||||||
BDO Unibank, Inc. | 52,400 | 82,162 | ||||||
Energy Development Corp. | 411,750 | 57,540 | ||||||
Jollibee Foods Corp. | 47,600 | 126,385 | ||||||
Manila Electric Co | 10,710 | 66,918 | ||||||
Metropolitan Bank & Trust | 27,813 | 60,211 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
38 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Philex Mining Corp. | 216,150 | $ | 127,734 | |||||
Philippine Long Distance Telephone Co | 1,800 | 110,336 | ||||||
San Miguel Corp. | 23,000 | 61,232 | ||||||
Semirara Mining Corp. | 9,690 | 57,837 | ||||||
SM Investments Corp. | �� | 5,010 | 82,946 | |||||
SM Prime Holdings, Inc. | 160,600 | 63,525 | ||||||
TOTAL PHILIPPINES | $ | 1,577,552 | ||||||
POLAND – 0.7% | ||||||||
*AmRest Holdings SE | 2,700 | 59,937 | ||||||
Asseco Poland SA | 7,073 | 105,042 | ||||||
Bank Pekao SA | 4,050 | 190,986 | ||||||
*Bioton SA | 1,701,800 | 43,175 | ||||||
*BRE Bank SA | 780 | 71,462 | ||||||
Budimex SA | 2,780 | 69,912 | ||||||
*Cyfrowy Polsat SA | 22,930 | 101,150 | ||||||
Eurocash SA | 10,410 | 127,100 | ||||||
*Get Bank SA | 52,683 | 31,744 | ||||||
*Getin Holding SA | 18,000 | 13,072 | ||||||
Grupa Kety SA | 450 | 17,111 | ||||||
*Grupa Lotos SA | 2,600 | 23,376 | ||||||
ING Bank Slaski SA | 2,000 | 51,343 | ||||||
*Jastrzebska Spolka Weglowa SA | 2,850 | 83,648 | ||||||
KGHM Polska Miedz SA | 4,200 | 184,873 | ||||||
LPP SA | 90 | 81,058 | ||||||
Lubelski Wegiel Bogdanka SA | 1,500 | 60,413 | ||||||
*Netia SA | 21,500 | 41,114 | ||||||
*Orbis SA | 2,900 | 35,187 | ||||||
PBG SA | 1,090 | 8,766 | ||||||
PGE SA | 34,980 | 209,438 | ||||||
Polimex-Mostostal SA | 47,700 | 15,430 | ||||||
*Polish Energy Partners SA | 4,100 | 29,255 | ||||||
*Polski Koncern Naftowy Orlen SA | 11,150 | 130,089 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 61,300 | 79,315 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 26,300 | 281,908 | ||||||
Powszechny Zaklad Ubezpieczen SA | 2,360 | 238,597 | ||||||
*Rovese SA | 13,950 | 18,581 | ||||||
Synthos SA | 34,800 | 67,320 | ||||||
Tauron Polska Energia SA | 70,360 | 104,202 | ||||||
Telekomunikacja Polska SA | 38,120 | 199,467 | ||||||
TVN SA | 14,650 | 44,508 | ||||||
TOTAL POLAND | $ | 2,818,579 | ||||||
PORTUGAL – 0.1% | ||||||||
*,12Banco Espirito Santo SA | 16,030 | 13,580 | ||||||
Cimpor Cimentos de Portugal SGPS SA | 14,732 | 107,644 | ||||||
Galp Energia SGPS SA | 1,350 | 21,247 | ||||||
Jeronimo Martins SGPS SA | 5,853 | 109,628 |
Description | Number of Shares | Value | ||||||
Portugal Telecom SGPS SA | 8,127 | $ | 43,741 | |||||
TOTAL PORTUGAL | $ | 295,840 | ||||||
QATAR – 0.4% | ||||||||
Barwa Real Estate Co | 3,607 | 27,641 | ||||||
Commercial Bank of Qatar QSC | 3,008 | 59,485 | ||||||
Doha Bank QSC | 2,658 | 42,489 | ||||||
Gulf International Services QSC | 5,500 | 39,201 | ||||||
Industries Qatar QSC | 8,430 | 338,047 | ||||||
Masraf Al Rayan | 21,290 | 156,422 | ||||||
Omani Qatari Telecommunications Co SAOG | 14,700 | 21,038 | ||||||
Qatar Electricity & Water Co | 2,230 | 87,097 | ||||||
Qatar Fuel Co | 610 | 39,892 | ||||||
Qatar Gas Transport Co Nakilat | 15,550 | 70,685 | ||||||
Qatar International Islamic Bank | 1,680 | 23,487 | ||||||
Qatar Islamic Bank | 3,500 | 74,406 | ||||||
Qatar National Bank SAQ | 8,188 | 300,007 | ||||||
Qatar National Cement Co | 1,220 | 35,687 | ||||||
Qatar Navigation | 2,703 | 51,746 | ||||||
Qatar Telecom Qtel QSC | 5,130 | 197,403 | ||||||
TOTAL QATAR | $ | 1,564,733 | ||||||
ROMANIA – 0.1% | ||||||||
*Antibiotice | 159,827 | 18,370 | ||||||
*Banca Transilvania | 239,637 | 88,570 | ||||||
Biofarm Bucuresti | 481,487 | 27,434 | ||||||
*BRD-Groupe Societe Generale | 66,400 | 206,989 | ||||||
OMV Petrom SA | 1,688,500 | 201,980 | ||||||
Transelectrica SA | 2,450 | 11,029 | ||||||
TOTAL ROMANIA | $ | 554,372 | ||||||
RUSSIA – 1.8% | ||||||||
Federal Hydrogenerating Co JSC ADR | 67,760 | 235,805 | ||||||
Gazprom Neft JSC ADR | 12,600 | 308,700 | ||||||
Gazprom OAO ADR | 160,831 | 1,844,732 | ||||||
Globaltrans Investment PLC GDR | 8,080 | 158,206 | ||||||
LSR Group GDR | 27,240 | 145,734 | ||||||
Lukoil OAO ADR | 9,610 | 589,574 | ||||||
12Magnit OJSC GDR | 4,800 | 140,544 | ||||||
*Mail.ru Group Ltd. GDR | 2,090 | 90,392 | ||||||
*,12Mechel ADR | 8,700 | 75,603 | ||||||
MMC Norilsk Nickel OJSC ADR | 14,210 | 251,659 | ||||||
MMC Norilsk Nickel OJSC ADR | 15,900 | 282,066 | ||||||
Mobile Telesystems OJSC ADR | 28,700 | 561,372 | ||||||
NovaTek OAO GDR | 1,000 | 127,100 | ||||||
Novolipetsk Steel OJSC GDR | 2,800 | 60,480 | ||||||
*Pharmstandard OJSC GDR | 5,700 | 99,750 | ||||||
*Rosneft Oil Co. GDR | 25,500 | 181,943 | ||||||
*Rostelecom OJSC ADR | 8,766 | 240,977 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 39 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Sberbank of Russia ADR | 64,630 | $ | 834,373 | |||||
Severstal OAO GDR | 5,880 | 79,556 | ||||||
12Sistema JSFC GDR | 5,500 | 104,500 | ||||||
Surgutneftegas OJSC ADR | 10,000 | 66,638 | ||||||
Tatneft ADR | 4,000 | 148,000 | ||||||
TMK OAO GDR | 4,860 | 65,173 | ||||||
VimpelCom Ltd. ADR | 20,100 | 204,819 | ||||||
*VTB Bank OJSC GDR | 42,550 | 183,139 | ||||||
*X5 Retail Group NV GDR | 6,100 | 154,208 | ||||||
TOTAL RUSSIA | $ | 7,235,043 | ||||||
SINGAPORE – 1.0% | ||||||||
CapitaLand Ltd. | 58,000 | 137,794 | ||||||
City Developments Ltd. | 5,000 | 40,970 | ||||||
ComfortDelGro Corp. Ltd. | 8,000 | 9,891 | ||||||
Cosco Corp. Singapore Ltd. | 5,000 | 4,182 | ||||||
DBS Group Holdings Ltd. | 83,000 | 936,307 | ||||||
Fraser And Neave Ltd. | 20,000 | 113,778 | ||||||
*Genting Singapore PLC | 92,000 | 128,614 | ||||||
*Global Logistic Properties Ltd. | 17,000 | 28,299 | ||||||
Golden Agri-Resources Ltd. | 390,040 | 231,660 | ||||||
Hi-P International Ltd. | 7,000 | 5,063 | ||||||
Hutchison Port Holdings Trust | 59,000 | 46,020 | ||||||
Jardine Cycle & Carriage, Ltd. | 3,335 | 127,121 | ||||||
Keppel Corp. Ltd. | 122,400 | 1,092,945 | ||||||
*Neptune Orient Lines, Ltd. | 16,000 | 15,968 | ||||||
Olam International Ltd. | 7,000 | 12,840 | ||||||
Oversea-Chinese Banking Corp. | 11,000 | 79,645 | ||||||
Overseas Union Enterprise Ltd. | 8,000 | 15,192 | ||||||
SembCorp. Industries Ltd. | 25,000 | 102,020 | ||||||
SembCorp. Marine Ltd. | 18,000 | 73,891 | ||||||
Singapore Airlines Ltd. | 17,000 | 146,990 | ||||||
Singapore Exchange, Ltd. | 7,000 | 37,899 | ||||||
Singapore Land Ltd. | 2,000 | 9,632 | ||||||
Singapore Press Holdings, Ltd. | 8,000 | 25,665 | ||||||
Singapore Technologies Engineering Ltd. | 9,000 | 21,891 | ||||||
Singapore Telecommunications, Ltd. | 82,000 | 206,740 | ||||||
STX OSV Holdings Ltd. | 170,000 | 219,798 | ||||||
SunVic Chemical Holdings Ltd. | 33,000 | 9,067 | ||||||
United Industrial Corp. Ltd. | 9,000 | 20,145 | ||||||
UOL Group Ltd. | 43,000 | 157,058 | ||||||
Venture Corp. Ltd. | 5,000 | 34,747 | ||||||
Wilmar International Ltd. | 28,000 | 110,190 | ||||||
TOTAL SINGAPORE | $ | 4,202,022 | ||||||
SLOVENIA – 0.1% | ||||||||
*Gorenje DD | 2,600 | 18,241 | ||||||
Krka DD Novo mesto | 4,070 | 255,904 |
Description | Number of Shares | Value | ||||||
*Luka Koper | 1,120 | $ | 14,603 | |||||
Mercator Poslovni Sistem | 422 | 74,294 | ||||||
Nova Kreditna Banka Maribor DD | 11,800 | 51,545 | ||||||
Petrol DD Ljubljana | 210 | 53,232 | ||||||
*Sava DD | 100 | 1,059 | ||||||
Telekom Slovenije DD | 400 | 36,852 | ||||||
TOTAL SLOVENIA | $ | 505,730 | ||||||
SOUTH AFRICA – 1.7% | ||||||||
ABSA Group Ltd. | 4,900 | 100,857 | ||||||
Aeci Ltd. | 3,000 | 34,306 | ||||||
African Bank Investments Ltd. | 19,710 | 98,508 | ||||||
African Rainbow Minerals Ltd. | 2,100 | 48,898 | ||||||
Anglo American Platinum Ltd. | 900 | 58,353 | ||||||
AngloGold Ashanti Ltd. | 6,130 | 208,646 | ||||||
ArcelorMittal South Africa Ltd. | 2,610 | 19,810 | ||||||
*Aspen Pharmacare Holdings Ltd. | 7,432 | 120,180 | ||||||
Astral Foods Ltd. | 16,800 | 265,831 | ||||||
Aveng Ltd. | 17,400 | 88,999 | ||||||
AVI Ltd. | 12,300 | 76,268 | ||||||
Barloworld Ltd. | 10,400 | 131,115 | ||||||
Bidvest Group Ltd. | 8,625 | 203,993 | ||||||
Discovery Holdings Ltd. | 7,999 | 52,995 | ||||||
Exxaro Resources Ltd. | 2,300 | 61,248 | ||||||
FirstRand Ltd. | 64,690 | 210,298 | ||||||
Foschini Group Ltd. | 4,400 | 72,894 | ||||||
Gold Fields Ltd. | 12,790 | 162,727 | ||||||
Grindrod Ltd. | 29,600 | 59,213 | ||||||
Harmony Gold Mining Co. Ltd. | 8,390 | 81,640 | ||||||
Impala Platinum Holdings Ltd. | 9,300 | 181,015 | ||||||
Imperial Holdings Ltd. | 3,900 | 84,699 | ||||||
Investec Ltd. | 3,500 | 20,095 | ||||||
JSE Ltd. | 2,600 | 27,494 | ||||||
12Kumba Iron Ore Ltd. | 1,490 | 105,328 | ||||||
Liberty Holdings Ltd. | 2,800 | 31,766 | ||||||
Massmart Holdings Ltd. | 3,274 | 70,380 | ||||||
MMI Holdings Ltd. | 22,679 | 51,086 | ||||||
MTN Group Ltd. | 58,860 | 1,028,962 | ||||||
*Murray & Roberts Holdings Ltd. | 26,380 | 97,024 | ||||||
Naspers Ltd. | 6,271 | 377,913 | ||||||
Nedbank Group Ltd. | 19,600 | 427,333 | ||||||
Netcare Ltd. | 31,200 | 56,393 | ||||||
Pick n Pay Stores Ltd. | 8,300 | 48,081 | ||||||
Pretoria Portland Cement Co. Ltd. | 10,421 | 41,532 | ||||||
Remgro Ltd. | 9,190 | 155,654 | ||||||
Reunert Ltd. | 14,450 | 133,842 | ||||||
RMB Holdings Ltd. | 13,000 | 56,192 | ||||||
RMI Holdings | 13,000 | 29,099 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
40 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Sanlam Ltd. | 29,000 | $ | 124,754 | |||||
Sasol Ltd. | 7,980 | 379,210 | ||||||
12Shoprite Holdings Ltd. | 6,320 | 109,272 | ||||||
Standard Bank Group Ltd. | 19,740 | 291,401 | ||||||
*,12Steinhoff International Holdings Ltd. | 24,400 | 89,020 | ||||||
Telkom SA Ltd. | 71,800 | 219,649 | ||||||
Tiger Brands Ltd. | 3,590 | 131,623 | ||||||
Truworths International Ltd. | 7,400 | 79,014 | ||||||
Vodacom Group Ltd. | 10,220 | 142,124 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 2,800 | 48,970 | ||||||
Woolworths Holdings Ltd. | 18,580 | 116,188 | ||||||
TOTAL SOUTH AFRICA | $ | 6,911,892 | ||||||
SOUTH KOREA – 2.5% | ||||||||
Amorepacific Corp. | 30 | 28,802 | ||||||
BS Financial Group, Inc. | 19,015 | 196,018 | ||||||
Cheil Industries, Inc. | 890 | 76,390 | ||||||
*Daewoo Engineering & Construction Co. Ltd. | 4,364 | 36,491 | ||||||
Daewoo International Corp. | 1,379 | 40,023 | ||||||
DGB Financial Group, Inc. | 12,200 | 143,037 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 1,030 | 48,578 | ||||||
*Doosan Infracore Co. Ltd. | 2,200 | 41,172 | ||||||
E-Mart Co. Ltd. | 221 | 52,506 | ||||||
Hana Financial Group, Inc. | 3,860 | 132,694 | ||||||
*Hanjin Shipping Co. Ltd. | 1,497 | 20,598 | ||||||
Honam Petrochemical Corp. | 200 | 48,136 | ||||||
Hyosung Corp. | 1,650 | 84,535 | ||||||
Hyundai Department Store Co. Ltd. | 430 | 60,688 | ||||||
Hyundai Heavy Industries Co. Ltd. | 557 | 139,481 | ||||||
*Hyundai Merchant Marine Co. Ltd. | 1,180 | 30,019 | ||||||
Hyundai Mobis | 2,932 | 797,779 | ||||||
Hyundai Motor Co. | 1,619 | 384,649 | ||||||
*Hyundai Securities Co. Ltd. | 2,330 | 19,256 | ||||||
Hyundai Steel Co | 1,290 | 112,549 | ||||||
KB Financial Group, Inc. | 5,173 | 176,229 | ||||||
KCC Corp. | 120 | 30,899 | ||||||
Kia Motors Corp. | 2,955 | 218,071 | ||||||
*Korea Electric Power Corp. | 6,940 | 133,258 | ||||||
Korea Exchange Bank | 24,650 | 187,363 | ||||||
Korea Zinc Co. Ltd. | 200 | 64,772 | ||||||
*Korean Air Lines Co. Ltd. | 800 | 31,501 | ||||||
KT Corp. | 4,331 | 112,670 | ||||||
KT Corp. ADR | 55,096 | 707,984 | ||||||
KT&G Corp. | 1,400 | 96,131 | ||||||
LG Chem Ltd. | 528 | 132,920 | ||||||
LG Corp. | 830 | 42,303 | ||||||
*LG Display Co. Ltd. | 2,660 | 58,608 |
Description | Number of Shares | Value | ||||||
LG Electronics, Inc. | 1,070 | $ | 66,465 | |||||
LG Uplus Corp. | 5,860 | 29,089 | ||||||
Lotte Shopping Co. Ltd. | 190 | 59,011 | ||||||
Macquarie Korea Infrastructure Fund | 5,769 | 28,280 | ||||||
*Mirae Asset Securities Co. Ltd. | 388 | 11,879 | ||||||
NHN Corp. | 380 | 86,079 | ||||||
OCI Co. Ltd. | 270 | 51,127 | ||||||
POSCO | 1,054 | 350,206 | ||||||
Samsung C&T Corp. | 1,650 | 112,129 | ||||||
Samsung Card Co. Ltd. | 1,000 | 30,705 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 470 | 45,539 | ||||||
Samsung Electronics Co. Ltd. | 1,995 | 2,453,755 | ||||||
*,6,7Samsung Electronics Co. Ltd. GDR | 1,071 | 654,381 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 630 | 120,411 | ||||||
Samsung Heavy Industries Co. Ltd. | 1,680 | 61,990 | ||||||
Samsung Life Insurance Co. Ltd. | 1,080 | 95,565 | ||||||
*Samsung Securities Co. Ltd. | 1,240 | 55,081 | ||||||
Shinhan Financial Group Co. Ltd. | 6,950 | 242,916 | ||||||
SK Holdings Co. Ltd. | 320 | 34,403 | ||||||
*SK Hynix, Inc. | 3,690 | 91,587 | ||||||
SK Innovation Co. Ltd. | 800 | 111,846 | ||||||
SK Telecom Co. Ltd. | 3,630 | 433,624 | ||||||
S-Oil Corp. | 740 | 64,104 | ||||||
Woongjin Coway Co. Ltd. | 1,510 | 48,368 | ||||||
Woori Finance Holdings Co. Ltd. | 5,090 | 53,822 | ||||||
*Woori Investment & Securities Co. Ltd. | 2,168 | 21,486 | ||||||
TOTAL SOUTH KOREA | $ | 9,899,958 | ||||||
SPAIN – 1.0% | ||||||||
Abertis Infraestructuras SA | 1,790 | 27,698 | ||||||
Acciona SA | 1,219 | 74,870 | ||||||
Amadeus IT Holding SA | 2,020 | 41,285 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 9,348 | 63,181 | ||||||
Banco de Sabadell SA | 40,280 | 95,120 | ||||||
Banco Espanol de Credito SA | 6,527 | 24,563 | ||||||
Banco Popular Espanol SA | 37,970 | 121,380 | ||||||
*Banco Santander SA | 4,430 | 27,678 | ||||||
Banco Santander SA | 160,629 | 1,003,586 | ||||||
12Banco Santander SA ADR | 5,461 | 34,568 | ||||||
*Bankia SA | 6,850 | 23,512 | ||||||
12CaixaBank | 20,214 | 69,676 | ||||||
*,12Distribuidora Internacional de Alimentacion SA | 3,647 | 17,476 | ||||||
*EDP Renovaveis SA | 11,782 | 50,187 | ||||||
Enagas SA | 1,069 | 18,785 | ||||||
Ferrovial SA | 37,419 | 416,659 | ||||||
Gamesa Corp. Tecnologica SA | 1,166 | 3,167 | ||||||
*Grifols SA | 24,739 | 623,011 | ||||||
Iberdrola SA | 45,513 | 211,884 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 41 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
12Inditex SA | 7,020 | $ | 631,415 | |||||
Mapfre SA | 18,468 | 53,366 | ||||||
Red Electrica Corp. SA | 1,048 | 45,626 | ||||||
Repsol YPF SA | 16,630 | 318,089 | ||||||
Telefonica SA | 8,800 | 128,250 | ||||||
TOTAL SPAIN | $ | 4,125,032 | ||||||
SWEDEN –1.7% | ||||||||
ALFA Laval AB | 2,389 | 47,629 | ||||||
12Assa Abloy AB | 2,056 | 59,924 | ||||||
Atlas Copco AB | 5,601 | 133,331 | ||||||
Atlas Copco AB | 2,330 | 48,914 | ||||||
Bilia AB | 2,140 | 41,072 | ||||||
Boliden AB | 18,444 | 295,266 | ||||||
*CDON Group AB | 191 | 1,407 | ||||||
Concentric AB | 19,393 | 174,561 | ||||||
Electrolux AB | 114 | 2,546 | ||||||
Getinge AB | 1,939 | 52,042 | ||||||
*Hennes & Mauritz AB-B Shares | 10,491 | 360,402 | ||||||
Hexagon AB | 2,016 | 40,942 | ||||||
Holmen AB | 2,937 | 77,999 | ||||||
Investment AB Kinnevik | 645 | 13,118 | ||||||
12Investor AB | 88 | 1,754 | ||||||
*Lundin Petroleum AB | 7,686 | 152,890 | ||||||
Modern Times Group AB | 191 | 9,287 | ||||||
Nordea Bank AB | 33,779 | 299,530 | ||||||
Ratos AB | 424 | 4,965 | ||||||
12Saab AB | 16,098 | 268,249 | ||||||
Sandvik AB | 8,871 | 140,562 | ||||||
Scania AB-B Shares | 1,889 | 38,616 | ||||||
Skandinaviska Enskilda Banken AB | 34,304 | 231,507 | ||||||
12SKF AB | 2,911 | 69,080 | ||||||
SSAB AB | 1,865 | 16,482 | ||||||
SSAB AB | 4,875 | 49,756 | ||||||
Svenska Cellulosa AB | 17,620 | 279,192 | ||||||
Swedbank AB | 27,776 | 459,951 | ||||||
12Swedish Match AB | 37,610 | 1,528,730 | ||||||
Tele2 AB | 1,876 | 35,754 | ||||||
*Telefonaktiebolaget LM Ericsson | 124 | 1,225 | ||||||
*,12Telefonaktiebolaget LM Ericsson | 30,032 | 297,581 | ||||||
*,12Telefonaktiebolaget LM Ericsson ADR | 24,700 | 246,876 | ||||||
TeliaSonera AB | 121,920 | 815,001 | ||||||
TEO LT AB | 59,800 | 51,215 | ||||||
Trelleborg AB | 5,775 | 66,374 | ||||||
Volvo AB-B Shares | 23,358 | 323,891 | ||||||
TOTAL SWEDEN | $ | 6,737,621 |
Description | Number of Shares | Value | ||||||
SWITZERLAND – 5.8% | ||||||||
*ABB Ltd. | 44,607 | $ | 812,868 | |||||
*Actelion Ltd. | 590 | 24,961 | ||||||
*Adecco SA | 24,871 | 1,211,148 | ||||||
*Aryzta AG | 536 | 26,988 | ||||||
Baloise Holding AG | 4,451 | 344,497 | ||||||
Cie Financiere Richemont SA | 11,804 | 729,580 | ||||||
Credit Suisse Group AG | 35,261 | 843,404 | ||||||
*GAM Holding AG | 1,598 | 20,511 | ||||||
*Geberit AG | 219 | 46,302 | ||||||
*Givaudan SA | 173 | 167,921 | ||||||
12Glencore International PLC | 6,543 | 45,193 | ||||||
Helvetia Holding AG | 600 | 214,841 | ||||||
*Holcim, Ltd. | 14,984 | 932,734 | ||||||
*Inficon Holding AG | 363 | 82,226 | ||||||
*Julius Baer Group Ltd. | 26,190 | 1,002,702 | ||||||
Kuehne + Nagel International AG | 396 | 48,123 | ||||||
*Lindt & Spruengli AG | 1 | 39,178 | ||||||
*Lindt & Spruengli AG | 4 | 13,045 | ||||||
*Lonza Group AG | 974 | 43,922 | ||||||
*Luzerner Kantonalbank AG | 73 | 26,541 | ||||||
Nestle SA | 44,419 | 2,720,979 | ||||||
Novartis AG ADR | 1,473 | 81,265 | ||||||
Novartis AG | 12,011 | 662,315 | ||||||
Pargesa Holding SA | 102 | 6,827 | ||||||
Partners Group Holding AG | 162 | 30,824 | ||||||
*PSP Swiss Property AG | 1,723 | 154,712 | ||||||
*Rieter Holding AG | 1,183 | 205,932 | ||||||
Roche Holding AG | 25,767 | 4,706,846 | ||||||
Schindler Holding AG | 380 | 49,151 | ||||||
Schindler Holding AG | 125 | 15,975 | ||||||
SGS SA | 43 | 83,049 | ||||||
Sika AG | 12 | 25,424 | ||||||
*Sonova Holding AG | 261 | 28,813 | ||||||
STMicroelectronics NV | 63,773 | 361,724 | ||||||
Straumann Holding AG | 45 | 7,467 | ||||||
Sulzer AG | 170 | 24,442 | ||||||
Swatch Group AG | 712 | 328,368 | ||||||
Swatch Group AG | 250 | 19,942 | ||||||
*Swiss Life Holding AG | 3,385 | 346,276 | ||||||
*Swiss Re AG | 18,492 | 1,159,251 | ||||||
Syngenta AG | 3,600 | 1,264,055 | ||||||
6,7Synthes, Inc. | 529 | 91,212 | ||||||
*UBS AG | 165,266 | 2,062,980 | ||||||
Wolseley PLC | 2,034 | 77,342 | ||||||
*Zurich Financial Services AG | 8,693 | 2,126,200 | ||||||
TOTAL SWITZERLAND | $ | 23,318,056 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
42 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
TAIWAN – 1.9% | ||||||||
Acer, Inc. | 28,870 | $ | 33,112 | |||||
Advanced Semiconductor Engineering, Inc. | 79,661 | 80,592 | ||||||
Asia Cement Corp. | 40,146 | 48,312 | ||||||
Asustek Computer, Inc. | 7,700 | 77,768 | ||||||
AU Optronics Corp. | 147,126 | 65,986 | ||||||
Catcher Technology Co. Ltd. | 9,438 | 60,424 | ||||||
Cathay Financial Holding Co. Ltd. | 124,403 | 131,607 | ||||||
Chang Hwa Commercial Bank | 73,030 | 40,505 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 28,000 | 69,692 | ||||||
*Chimei Innolux Corp. | 68,389 | 28,331 | ||||||
China Airlines Ltd. | 87,858 | 34,140 | ||||||
China Development Financial Holding Corp. | 192,750 | 48,833 | ||||||
China Steel Corp. | 144,242 | 143,459 | ||||||
Chinatrust Financial Holding Co. Ltd. | 189,047 | 120,709 | ||||||
Chipbond Technology Corp. | 175,000 | 237,260 | ||||||
Chunghwa Telecom Co. Ltd. | 89,024 | 278,576 | ||||||
Compal Electronics, Inc. | 278,736 | 320,644 | ||||||
Delta Electronics, Inc. | 22,888 | 68,017 | ||||||
D-Link Corp. | 36,046 | 25,731 | ||||||
Epistar Corp. | 10,099 | 24,549 | ||||||
Far Eastern Department Stores Co. Ltd. | 47,001 | 50,688 | ||||||
Far Eastern New Century Corp. | 43,000 | 48,508 | ||||||
Far EasTone Telecommunications Co. Ltd. | 29,000 | 63,047 | ||||||
First Financial Holding Co. Ltd. | 83,399 | 49,968 | ||||||
Formosa Chemicals & Fibre Corp. | 54,950 | 159,346 | ||||||
Formosa Petrochemical Corp. | 28,990 | 90,220 | ||||||
Formosa Plastics Corp. | 67,040 | 190,503 | ||||||
Foxconn Technology Co. Ltd. | 19,000 | 67,001 | ||||||
Fubon Financial Holding Co. Ltd. | 118,402 | 123,435 | ||||||
Gemtek Technology Corp. | 1 | 1 | ||||||
Gigabyte Technology Co. Ltd. | 252,000 | 218,279 | ||||||
Hiwin Technologies Corp. | 51,000 | 483,661 | ||||||
Hon Hai Precision Industry Co. Ltd. | 224,934 | 711,571 | ||||||
Hotai Motor Co. Ltd. | 13,000 | 82,784 | ||||||
HTC Corp. | 9,465 | 143,554 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 88,815 | 49,260 | ||||||
Largan Precision Co. Ltd. | 4,000 | 63,543 | ||||||
Lien Hwa Industrial Corp. | 75,104 | 47,569 | ||||||
Lite-On Technology Corp. | 33,892 | 41,366 | ||||||
MediaTek, Inc. | 10,082 | 87,329 | ||||||
Mega Financial Holding Co. Ltd. | 198,580 | 157,050 | ||||||
Motech Industries, Inc. | 13,372 | 19,617 | ||||||
Nan Kang Rubber Tire Co. Ltd. | 57,166 | 83,963 | ||||||
Nan Ya Plastics Corp. | 84,730 | 174,632 | ||||||
Novatek Microelectronics Corp. | 10,145 | 30,739 | ||||||
Pegatron Corp. | 42,990 | 62,258 |
Description | Number of Shares | Value | ||||||
Pou Chen Corp. | 96,157 | $ | 82,467 | |||||
President Chain Store Corp. | 12,496 | 67,168 | ||||||
Quanta Computer, Inc. | 44,571 | 117,194 | ||||||
Realtek Semiconductor Corp. | 34,826 | 75,593 | ||||||
*Shin Kong Financial Holding Co. Ltd. | 223,586 | 66,291 | ||||||
Siliconware Precision Industries Co | 36,000 | 42,707 | ||||||
Sino-American Silicon Products, Inc. | 13,657 | 23,753 | ||||||
SinoPac Financial Holdings Co. Ltd. | 126,203 | 42,992 | ||||||
Synnex Technology International Corp. | 23,941 | 56,147 | ||||||
Tainan Spinning Co. Ltd. | 113,464 | 48,364 | ||||||
Taishin Financial Holding Co. Ltd. | 90,799 | 35,128 | ||||||
Taiwan Cement Corp. | 62,057 | 74,043 | ||||||
*Taiwan Cooperative Financial Holding | 49,343 | 30,324 | ||||||
Taiwan Fertilizer Co. Ltd. | 16,000 | 38,345 | ||||||
Taiwan Mobile Co. Ltd. | 38,874 | 125,372 | ||||||
Taiwan Prosperity Chemical Corp. | 85,200 | 204,187 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 219,911 | 653,518 | ||||||
*Tatung Co. Ltd. | 245,916 | 67,355 | ||||||
TSRC Corp. | 17,000 | 41,149 | ||||||
Tung Ho Steel Enterprise Corp. | 37,476 | 35,669 | ||||||
Uni-President Enterprises Corp. | 86,366 | 134,390 | ||||||
United Microelectronics Corp. | 131,000 | 68,620 | ||||||
Walsin Lihwa Corp. | 120,000 | 34,962 | ||||||
Wistron Corp. | 30,496 | 45,783 | ||||||
*Yuanta Financial Holding Co. Ltd. | 204,172 | 97,862 | ||||||
Yulon Motor Co. Ltd. | 49,640 | 79,537 | ||||||
Zinwell Corp. | 22,435 | 24,733 | ||||||
TOTAL TAIWAN | $ | 7,651,792 | ||||||
THAILAND – 0.9% | ||||||||
Advanced Info Service PCL | 50,400 | 299,941 | ||||||
Airports of Thailand PCL | 24,300 | 48,995 | ||||||
Bangkok Bank PCL | 15,200 | 95,896 | ||||||
Bangkok Dusit Medical Services PCL | 20,600 | 61,633 | ||||||
Bangkok Expressway PCL | 50,500 | 38,429 | ||||||
Bank of Ayudhya PCL | 79,700 | 73,220 | ||||||
Banpu PCL | 2,900 | 52,813 | ||||||
BEC World PCL | 41,700 | 69,839 | ||||||
Berli Jucker PCL | 32,200 | 44,766 | ||||||
Big C Supercenter PCL | 12,200 | 74,589 | ||||||
Bumrungrad Hospital PCL | 16,000 | 31,740 | ||||||
*CalComp Electronics Thailand PCL | 211,500 | 19,809 | ||||||
Central Pattana PCL | 44,600 | 72,883 | ||||||
Charoen Pokphand Foods PCL | 91,300 | 120,991 | ||||||
*CP ALL PCL | 67,200 | 167,180 | ||||||
Electricity Generating PCL | 15,300 | 49,259 | ||||||
*Glow Energy PCL | 22,100 | 48,333 | ||||||
*Hana Microelectronics PCL | 131,800 | 96,010 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 43 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Indorama Ventures PCL | 46,100 | $ | 51,722 | |||||
IRPC PCL | 269,900 | 38,269 | ||||||
Kasikornbank PCL | 33,300 | 176,517 | ||||||
Krung Thai Bank PCL | 736,000 | 430,829 | ||||||
PTT Exploration & Production PCL | 32,100 | 185,293 | ||||||
PTT Global Chemical PCL | 23,681 | 52,945 | ||||||
PTT PCL | 21,900 | 249,980 | ||||||
Quality Houses PCL | 838,700 | 51,004 | ||||||
Ratchaburi Electricity Generating Holding PCL | 46,000 | 62,455 | ||||||
Siam Cement PCL | 6,500 | 88,358 | ||||||
Siam City Cement PCL | 4,600 | 49,216 | ||||||
Siam Commercial Bank PCL | 34,900 | 175,919 | ||||||
Siam Makro PCL | 3,300 | 41,102 | ||||||
*Thai Airways International PCL | 46,000 | 40,016 | ||||||
Thai Beverage PCL | 440,000 | 117,333 | ||||||
Thai Oil PCL | 25,600 | 56,195 | ||||||
Thai Union Frozen Products PCL | 17,220 | 40,740 | ||||||
TMB Bank PCL | 546,200 | 30,196 | ||||||
Total Access Communication PCL | 28,400 | 76,195 | ||||||
*True Corp. PCL | 317,500 | 36,138 | ||||||
TOTAL THAILAND | $ | 3,516,748 | ||||||
TOGO – 0.0%** | ||||||||
Ecobank Transnational, Inc. | 281,039 | 20,897 | ||||||
TURKEY – 0.8% | ||||||||
Akbank TAS | 43,103 | 160,018 | ||||||
Akcansa Cimento AS | 4,900 | 21,762 | ||||||
*Akenerji Elektrik Uretim AS | 15,852 | 19,225 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 7,963 | 112,219 | ||||||
Arcelik AS | 13,520 | 59,276 | ||||||
*Asya Katilim Bankasi AS | 40,000 | 40,769 | ||||||
BIM Birlesik Magazalar AS | 4,300 | 179,345 | ||||||
Cimsa Cimento Sanayi VE Tica | 42,100 | 188,416 | ||||||
*Dogan Sirketler Grubu Holding AS | 85,907 | 40,599 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 13,000 | 33,236 | ||||||
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 19,500 | 23,872 | ||||||
Enka Insaat ve Sanayi AS | 37,391 | 117,096 | ||||||
*Eregli Demir ve Celik Fabrikalari TAS | 31,733 | 41,558 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 72,582 | 100,426 | ||||||
Haci Omer Sabanci Holding AS | 31,548 | 131,132 | ||||||
*Ihlas Holding AS | 53,700 | 34,857 | ||||||
*Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS | 68,862 | 37,641 | ||||||
KOC Holding AS | 51,074 | 189,610 | ||||||
Koza Altin Isletmeleri AS | 2,800 | 60,584 | ||||||
*Petkim Petrokimya Holding AS | 24,518 | 29,177 | ||||||
*TAV Havalimanlari Holding AS | 6,700 | 35,250 |
Description | Number of Shares | Value | ||||||
Tekfen Holding AS | 18,500 | $ | 67,416 | |||||
Tofas Turk Otomobil Fabrikasi AS | 14,700 | 65,119 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 15,836 | 330,921 | ||||||
*Turk Hava Yollari | 31,080 | 47,604 | ||||||
Turk Sise ve Cam Fabrikalari AS | 1 | 2 | ||||||
Turk Telekomunikasyon AS | 34,827 | 152,693 | ||||||
*Turkcell Iletisim Hizmetleri AS | 49,268 | 246,305 | ||||||
*Turkiye Garanti Bankasi AS | 71,423 | 262,715 | ||||||
Turkiye Halk Bankasi AS | 8,554 | 59,908 | ||||||
Turkiye Is Bankasi | 52,992 | 121,297 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 37,500 | 48,683 | ||||||
Turkiye Vakiflar Bankasi Tao | 41,240 | 73,968 | ||||||
Ulker Biskuvi Sanayi AS | 23,881 | 72,340 | ||||||
*Yapi ve Kredi Bankasi AS | 28,578 | 52,885 | ||||||
Yazicilar Holding AS | 9,580 | 66,003 | ||||||
TOTAL TURKEY | $ | 3,323,927 | ||||||
UNITED ARAB EMIRATES – 0.4% | ||||||||
*,10Aabar Investments PJSC | 83,600 | 16,502 | ||||||
*Abu Dhabi Commercial Bank PJSC | 216,270 | 194,310 | ||||||
Abu Dhabi National Hotels | 50,000 | 27,226 | ||||||
Air Arabia PJSC | 414,500 | 66,696 | ||||||
Aldar Properties PJSC | 193,170 | 60,481 | ||||||
*Arabtec Holding Co | 34,375 | 31,914 | ||||||
*Dana Gas PJSC | 469,700 | 57,546 | ||||||
DP World Ltd. | 27,130 | 310,910 | ||||||
*Dubai Financial Market | 144,800 | 44,548 | ||||||
Dubai Islamic Bank PJSC | 65,548 | 35,157 | ||||||
Emaar Properties PJSC | 275,260 | 245,062 | ||||||
Emirates NBD PJSC | 52,030 | 40,089 | ||||||
First Gulf Bank PJSC | 35,998 | 88,208 | ||||||
*Gulf Cement Co PSC | 65,000 | 17,697 | ||||||
National Bank of Abu Dhabi PJSC | 89,654 | 212,605 | ||||||
*National Central Cooling Co PJSC | 36,199 | 12,615 | ||||||
Surgutneftegas OJSC ADR | 18,070 | 179,977 | ||||||
Union National Bank PJSC | 86,416 | 69,171 | ||||||
*Union Properties PJSC | 65,340 | 7,987 | ||||||
TOTAL UNITED ARAB EMIRATES | $ | 1,718,701 | ||||||
UNITED KINGDOM – 15.7% | ||||||||
Aberdeen Asset Management PLC | 112,461 | 517,425 | ||||||
Admiral Group PLC | 43,317 | 851,325 | ||||||
Aggreko PLC | 8,188 | 299,120 | ||||||
AMEC PLC | 1,893 | 34,869 | ||||||
Anglo American PLC | 32,590 | 1,252,445 | ||||||
Antofagasta PLC | 3,000 | 57,499 | ||||||
ARM Holdings PLC | 49,781 | 423,338 | ||||||
Ashtead Group PLC | 32,072 | 129,344 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
44 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Associated British Foods PLC | 2,442 | $ | 48,311 | |||||
AstraZeneca PLC | 17,400 | 762,298 | ||||||
Aviva PLC | 88,098 | 440,505 | ||||||
Babcock International Group PLC | 2,062 | 27,809 | ||||||
BAE Systems PLC | 78,900 | 377,995 | ||||||
Balfour Beatty PLC | 1,949 | 8,256 | ||||||
Barclays PLC | 62,900 | 222,791 | ||||||
Barclays PLC ADR | 56,612 | 806,155 | ||||||
BG Group PLC | 133,539 | 3,143,534 | ||||||
BHP Billiton PLC | 26,096 | 836,226 | ||||||
Bodycote PLC | 39,653 | 273,757 | ||||||
BP PLC | 218,849 | 1,580,509 | ||||||
BP PLC ADR | 49,498 | 2,148,708 | ||||||
British American Tobacco PLC | 60,790 | 3,116,550 | ||||||
British Sky Broadcasting Group PLC | 8,584 | 94,452 | ||||||
BT Group PLC | 243,213 | 832,051 | ||||||
Bunzl PLC | 1,926 | 31,976 | ||||||
Burberry Group PLC | 3,102 | 74,759 | ||||||
*Cairn Energy PLC | 3,227 | 18,005 | ||||||
Capita PLC | 4,252 | 45,751 | ||||||
Carnival PLC ADR | 4,546 | 147,836 | ||||||
Carnival PLC | 1,943 | 63,161 | ||||||
*Centamin PLC | 436,020 | 485,426 | ||||||
Centrica PLC | 13,843 | 68,948 | ||||||
Chesnara PLC | 14,191 | 40,534 | ||||||
Cineworld Group PLC | 23,402 | 77,098 | ||||||
Cobham PLC | 6,837 | 25,132 | ||||||
Compass Group PLC | 14,506 | 151,609 | ||||||
Computacenter PLC | 25,600 | 172,376 | ||||||
Cookson Group PLC | 17,900 | 210,757 | ||||||
Croda International PLC | 14,742 | 534,002 | ||||||
Dairy Crest Group PLC | 68,730 | 335,742 | ||||||
Devro PLC | 15,685 | 78,478 | ||||||
Diageo PLC | 41,809 | 1,052,383 | ||||||
Diploma PLC | 5,228 | 38,910 | ||||||
Drax Group PLC | 39,739 | 350,194 | ||||||
*EnQuest PLC | 53,836 | 110,699 | ||||||
*Evraz PLC | 13,160 | 78,894 | ||||||
Experian PLC | 7,508 | 118,497 | ||||||
Fenner PLC | 4,035 | 29,520 | ||||||
Fresnillo PLC | 35,233 | 892,003 | ||||||
G4S PLC | 8,338 | 37,835 | ||||||
GKN PLC | 59,265 | 195,921 | ||||||
GlaxoSmithKline PLC | 73,081 | 1,690,097 | ||||||
GlaxoSmithKline PLC ADR | 16,731 | 773,474 | ||||||
Greene King PLC | 7,380 | 61,143 | ||||||
Home Retail Group PLC | 108,645 | 187,957 |
Description | Number of Shares | Value | ||||||
Homeserve PLC | 42,753 | $ | 175,194 | |||||
HSBC Holdings PLC | 30,668 | 276,280 | ||||||
HSBC Holdings PLC ADR | 44,512 | 2,010,607 | ||||||
ICAP PLC | 144,266 | 888,990 | ||||||
IG Group Holdings PLC | 6,661 | 50,051 | ||||||
Imperial Tobacco Group PLC | 51,709 | 2,067,756 | ||||||
Inmarsat PLC | 2,496 | 17,815 | ||||||
InterContinental Hotels Group PLC | 1,698 | 40,426 | ||||||
Intermediate Capital Group PLC | 6,986 | 29,115 | ||||||
*International Consolidated Airlines Group SA | 18,643 | 53,371 | ||||||
International Power PLC | 12,039 | 81,474 | ||||||
Intertek Group PLC | 1,153 | 47,061 | ||||||
Invensys PLC | 4,513 | 16,267 | ||||||
Investec PLC | 2,473 | 14,256 | ||||||
ITV PLC | 21,905 | 29,755 | ||||||
J Sainsbury PLC | 40,780 | 203,774 | ||||||
John Wood Group PLC | 5,683 | 72,031 | ||||||
Johnson Matthey PLC | 1,263 | 47,431 | ||||||
Kazakhmys PLC | 24,269 | 339,115 | ||||||
Kingfisher PLC | 77,137 | 363,664 | ||||||
Ladbrokes PLC | 5,720 | 16,654 | ||||||
*Lloyds Banking Group PLC | 311,460 | 156,746 | ||||||
*Lloyds Banking Group PLC ADR | 114,884 | 225,173 | ||||||
Logica PLC | 122,500 | 154,870 | ||||||
London Stock Exchange Group PLC | 2,311 | 40,806 | ||||||
Lonmin PLC | 941 | 15,913 | ||||||
Man Group PLC | 6,774 | 11,378 | ||||||
Marks & Spencer Group PLC | 1,189 | 6,889 | ||||||
Marston’s PLC | 172,386 | 272,911 | ||||||
Meggitt PLC | 6,123 | 40,593 | ||||||
Melrose PLC | 37,376 | 265,134 | ||||||
Micro Focus International PLC | 12,176 | 92,005 | ||||||
Mondi PLC | 34,720 | 322,024 | ||||||
Morgan Crucible Co PLC | 2,625 | 13,845 | ||||||
New World Resources PLC | 20,470 | 137,335 | ||||||
Next PLC | 1,099 | 52,241 | ||||||
Old Mutual PLC | 173,262 | 415,595 | ||||||
Pace PLC | 24,555 | 28,991 | ||||||
Paragon Group of Cos PLC | 46,188 | 134,926 | ||||||
Pearson PLC | 8,482 | 159,679 | ||||||
Pennon Group PLC | 9,546 | 114,023 | ||||||
Petrofac Ltd. | 2,059 | 57,976 | ||||||
*Premier Foods PLC | 67,000 | 17,669 | ||||||
Prudential PLC | 132,510 | 1,622,559 | ||||||
Randgold Resources Ltd. | 10,242 | 901,731 | ||||||
Reckitt Benckiser Group PLC | 11,420 | 664,798 | ||||||
Reed Elsevier PLC | 6,275 | 51,937 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 45 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Resolution Ltd. | 235,545 | $ | 855,514 | |||||
Rexam PLC | 7,157 | 49,945 | ||||||
Rio Tinto PLC | 31,174 | 1,736,583 | ||||||
*Rolls-Royce Holdings PLC | 134,734 | 1,800,666 | ||||||
*Royal Bank of Scotland Group PLC ADR | 18,461 | 146,211 | ||||||
*Royal Bank of Scotland Group PLC | 139,951 | 55,124 | ||||||
Royal Dutch Shell PLC | 22,773 | 810,497 | ||||||
Royal Dutch Shell PLC ADR | 36,981 | 2,712,926 | ||||||
SABMiller PLC | 37,672 | 1,582,556 | ||||||
Sage Group PLC | 11,594 | 53,832 | ||||||
Schroders PLC | 648 | 14,912 | ||||||
Serco Group PLC | 2,809 | 24,731 | ||||||
Severn Trent PLC | 1,386 | 38,014 | ||||||
Shire PLC | 27,669 | 902,572 | ||||||
Smith & Nephew PLC | 6,948 | 68,388 | ||||||
Smiths Group PLC | 2,301 | 39,957 | ||||||
SSE PLC | 4,192 | 89,870 | ||||||
Standard Chartered PLC | 96,903 | 2,368,397 | ||||||
Tate & Lyle PLC | 40,241 | 450,946 | ||||||
TESCO PLC | 133,629 | 688,227 | ||||||
Thomas Cook Group PLC | 70,000 | 25,561 | ||||||
Travis Perkins PLC | 3,143 | 53,558 | ||||||
TUI Travel PLC | 3,596 | 11,147 | ||||||
Tullow Oil PLC | 53,289 | 1,326,647 | ||||||
Unilever PLC | 26,987 | 921,056 | ||||||
Vedanta Resources PLC | 33,821 | 667,989 | ||||||
Vodafone Group PLC | 131,900 | 364,974 | ||||||
Vodafone Group PLC ADR | 89,009 | 2,477,120 | ||||||
Weir Group PLC | 1,346 | 37,244 | ||||||
Whitbread PLC | 1,014 | 31,711 | ||||||
William Hill PLC | 68,794 | 314,172 | ||||||
WM Morrison Supermarkets PLC | 174,960 | 796,744 | ||||||
WPP PLC | 87,180 | 1,179,274 | ||||||
Xstrata PLC | 54,978 | 1,050,612 | ||||||
TOTAL UNITED KINGDOM | $ | 63,030,900 | ||||||
UNITED STATES – 0.3% | ||||||||
Boart Longyear Ltd. | 48,400 | 211,303 | ||||||
Brookfield Office Properties, Inc. | 2,569 | 46,525 | ||||||
CTC Media, Inc. | 10,700 | 115,881 | ||||||
Mercadolibre, Inc. | 1,800 | 174,132 | ||||||
Oracle Corp. Japan | 100 | 3,870 | ||||||
Philip Morris CR AS | 160 | 92,936 | ||||||
*ResMed, Inc. | 10,275 | 35,009 | ||||||
*Sociedad Minera Cerro Verde SAA | 1,400 | 56,420 | ||||||
Southern Copper Corp. | 5,659 | 186,068 | ||||||
Transocean Ltd. | 2,771 | 139,631 |
Description | Number of Shares | Value | ||||||
Transportadora de Gas del Sur SA ADR | 10,400 | $ | 28,600 | |||||
TOTAL UNITED STATES | $ | 1,090,375 | ||||||
TOTAL COMMON STOCKS (COST $358,227,974) | $ | 374,632,012 | ||||||
INVESTMENT COMPANIES – 1.9% | ||||||||
*Dragon Capital – Vietnam Enterprise Investments Ltd. | 101,745 | 215,699 | ||||||
iShares MSCI EAFE Index Fund | 4,910 | 263,912 | ||||||
Vanguard MSCI Emerging Markets ETF | 2,020 | 85,911 | ||||||
WisdomTree Emerging Markets Equity, Income Fund | 124,000 | 7,030,800 | ||||||
TOTAL INVESTMENT COMPANIES (COST $7,744,959) | $ | 7,596,322 | ||||||
PREFERRED STOCKS – 1.5% | ||||||||
BRAZIL – 1.1% | ||||||||
AES Tiete SA | 3,080 | 42,819 | ||||||
Banco Bradesco SA | 16,793 | 267,821 | ||||||
Banco do Estado do Rio Grande do Sul | 13,900 | 119,956 | ||||||
Banco Industrial e Comercial SA | 39,700 | 123,298 | ||||||
Bradespar SA | 1,900 | 34,409 | ||||||
Braskem SA | 3,300 | 23,112 | ||||||
Centrais Eletricas Brasileiras SA, Series B | 13,600 | 162,317 | ||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar | 1,423 | 65,725 | ||||||
Cia de Bebidas das Americas | 9,935 | 416,132 | ||||||
Cia Energetica de Minas Gerais ADR | 15,871 | 391,538 | ||||||
Cia Energetica de Minas Gerais | 9,010 | 177,492 | ||||||
Cia Energetica de Sao Paulo | 4,100 | 77,971 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | 11,560 | 176,843 | ||||||
Gerdau SA | 9,900 | 92,448 | ||||||
Itau Unibanco Holding SA | 19,200 | 301,273 | ||||||
Itau Unibanco Holding SA ADR | 24,949 | 391,450 | ||||||
Itausa – Investimentos Itau SA | 28,817 | 135,909 | ||||||
Lojas Americanas SA | 8,857 | 82,708 | ||||||
Marcopolo SA | 8,000 | 43,061 | ||||||
Metalurgica Gerdau SA | 3,500 | 42,581 | ||||||
Petroleo Brasileiro SA | 52,459 | 580,141 | ||||||
Telefonica Brasil SA | 4,510 | 128,428 | ||||||
Usinas Siderurgicas de Minas Gerais SA | 4,300 | 24,657 | ||||||
Vale SA | 24,741 | 535,407 | ||||||
TOTAL BRAZIL | $ | 4,437,496 | ||||||
CHILE – 0.1% | ||||||||
Embotelladora Andina SA | 10,300 | 54,568 | ||||||
Sociedad Quimica y Minera de Chile SA | 3,190 | 186,757 | ||||||
TOTAL CHILE | $ | 241,325 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
46 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
CROATIA – 0.0%** | ||||||||
Adris Grupa DD | 579 | $ | 22,276 | |||||
GERMANY – 0.3% | ||||||||
Henkel AG & Co KGaA | 5,493 | 408,634 | ||||||
Hugo Boss AG | 516 | 57,586 | ||||||
Porsche Automobil Holding SE | 4,244 | 259,063 | ||||||
Volkswagen AG | 2,309 | 437,373 | ||||||
TOTAL GERMANY | $ | 1,162,656 | ||||||
UNITED KINGDOM – 0.0%** | ||||||||
*Rolls-Royce Holdings PLC | 14,281,804 | 23,178 | ||||||
TOTAL UNITED KINGDOM | $ | 23,178 | ||||||
TOTAL PREFERRED STOCKS (COST $5,023,524) | $ | 5,886,931 | ||||||
MONEY MARKET FUND – 0.6% | ||||||||
8Dreyfus Cash Management Fund, Institutional Shares, 0.06% | 2,227,544 | 2,227,543 | ||||||
TOTAL MONEY MARKET FUND (COST $2,227,543) | $ | 2,227,543 | ||||||
RIGHTS – 0.0%** | ||||||||
BRAZIL – 0.0%** | ||||||||
CIA Brasileira De Distribuicao Group, Expire 6/4/2012 at $85.66 | 10 | 12 | ||||||
CIA De Bebidas Das Americas, Expire 6/4/2012 at $63.82 | 24 | 202 | ||||||
Itausa Investment, Expire 6/8/2012 at $8.50 | 349 | 90 | ||||||
TOTAL BRAZIL | $ | 304 | ||||||
THAILAND – 0.0%** | ||||||||
Thailand Union Frozen Products, Expire 5/21/2012 at $50.00 | 3,444 | 2,554 | ||||||
TOTAL RIGHTS (COST $0) | $ | 2,858 | ||||||
CALL WARRANTS – 1.6% | ||||||||
Citigroup Global Markets Holdings, Inc. – | ||||||||
Agility, Expire 3/17/2014 | 45,000 | 68,010 | ||||||
Al-Qurain Petrochemicals Co., Expire 11/2/2013 | 40,000 | 31,090 | ||||||
Boubyan Petrochemicals, Expire 10/4/2013 | 60,000 | 133,861 | ||||||
Boubyan Petrochemicals, Expire 10/4/2013 | 20,000 | 42,461 | ||||||
Commercial Bank of Kuwait, Expire 2/25/2014 | 29,000 | 81,396 | ||||||
Gulf Bank, Expire 10/4/2013 | 40,000 | 63,332 | ||||||
Gulf Cable and Electrical Industries Co., Expire 11/4/2013 | 20,000 | 93,559 | ||||||
Kuwait Finance House, Expire 1/14/2014 | 53,200 | 139,748 | ||||||
Kuwait Food Co., Expire 11/15/2013 | 9,600 | 46,981 | ||||||
Kuwait Real Estate Co., Expire 11/15/2013 | 120,000 | 24,613 | ||||||
Mebanee, Expire 7/27/2014 | 10,000 | 35,984 |
Description | Number of Shares | Value | ||||||
10Mena Holdings, Expire 11/15/2013 | 35,000 | $ | 2,050 | |||||
Mobile Telecommunications Co., Expire 9/20/2013 | 78,500 | 209,032 | ||||||
National Industries Group Holdings, Expire 1/14/2014 | 148,000 | 119,295 | ||||||
National Investment co., Expire 10/4/2013 | 30,000 | 15,761 | ||||||
National Real Estate Bank for Development, Expire 3/28/2018 | 71,100 | 271,198 | ||||||
National Real Estate Bank for Development, Expire 11/4/2013 | 40,000 | 19,000 | ||||||
Sultan, Expire 3/11/2014 | 100,000 | 38,863 | ||||||
JPMorgan Chase Bank NA – | ||||||||
Fpt Corp., Expire 1/13/2015 | 29,400 | 83,496 | ||||||
Hagl JSC, Expire 3/3/2015 | 49,508 | 67,330 | ||||||
Hoa Phat Group JSC, Expire 3/3/2015 | 53,570 | 66,427 | ||||||
Kinh Do Corp., Expire 12/8/2014 | 21,700 | 46,004 | ||||||
Masan Group Corp., Expire 7/7/2016 | 9,630 | 50,558 | ||||||
Petrovietnam Fertilizer & Chemicals JSC, Expire 12/9/2014 | 24,830 | 42,708 | ||||||
Pha Lai Thermal Power JSC, Expire 1/13/2015 | 58,600 | 29,886 | ||||||
Saudi Pharmaceutical Industries Ltd., Expire 11/26/2012 | 2,270 | 27,783 | ||||||
Vietnam Joint Stock Commercial Bank For Industry And Trade, Expire 10/27/2016 | 88,828 | 93,269 | ||||||
Vingroup JSC, Expire 12/16/2014 | 19,841 | 95,634 | ||||||
Merrill Lynch International & Co. – | ||||||||
ABB Ltd., Expire 6/27/2012 | 2,560 | 39,486 | ||||||
Adani Ports And Special Economic Zone, Expire 11/23/2012 | 21,000 | 50,574 | ||||||
Aditya Birla Nuvo Ltd., Expire 6/11/2015 | 1,600 | 28,132 | ||||||
Axis Bank Ltd., Expire 3/16/2015 | 5,660 | 118,771 | ||||||
Bharat Heavy Electricals Ltd., Expire 8/17/2015 | 16,020 | 68,276 | ||||||
Bharti Airtel Ltd., Expire 6/29/2012 | 37,396 | 220,042 | ||||||
Bharti Airtel Ltd., Expire 2/8/2016 | 10,730 | 63,177 | ||||||
Burgan Bank, Expire 4/24/2013 | 30,000 | 46,959 | ||||||
Cairn India Ltd., Expire 11/14/2016 | 8,870 | 57,945 | ||||||
Cipla Ltd., Expire 9/9/2015 | 6,800 | 40,232 | ||||||
Coal India Ltd., Expire 11/2/2015 | 14,980 | 100,089 | ||||||
Colgate-Palmolive India Ltd., Expire 10/25/2012 | 2,500 | 52,572 | ||||||
Container Corp. of India, Expire 2/2/2015 | 2,500 | 42,377 | ||||||
Dlf Ltd., Expire 6/21/2012 | 11,800 | 41,820 | ||||||
Dr Reddy’s Laboratories Ltd., Expire 12/17/2015 | 1,700 | 56,832 | ||||||
Essar Oil Ltd., Expire 7/20/2012 | 5,730 | 5,911 | ||||||
Essar Oil Ltd., Expire 3/27/2017 | 38,560 | 39,778 | ||||||
Grasim Industries Ltd., Expire 4/18/2016 | 300 | 14,589 | ||||||
HDFC Bank Ltd., Expire 5/26/2015 | 22,505 | 231,516 | ||||||
Hero Motocorp Ltd., Expire 4/18/2016 | 2,200 | 93,492 | ||||||
Hindustan Unilever Ltd., Expire 12/14/2015 | 20,000 | 158,376 | ||||||
Housing Development Finance Corp., Expire 8/19/2015 | 19,470 | 248,696 |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 47 |
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Idea Cellular Ltd., Expire 2/14/2017 | 47,390 | $ | 70,545 | |||||
Indian Oil Corp. Ltd., Expire 7/29/2016 | 9,200 | 46,328 | ||||||
Infrastructure Development Finance Co. Ltd., Expire 7/29/2015 | 32,000 | 73,392 | ||||||
ITC Ltd., Expire 8/4/2015 | 41,360 | 192,547 | ||||||
Jaiprakash Associates Ltd., Expire 6/15/2015 | 28,900 | 40,966 | ||||||
Jindal Steel & Power Ltd., Expire 10/8/2015 | 9,510 | 90,655 | ||||||
Kotak Mahindra Bank Ltd., Expire 3/27/2017 | 7,400 | 81,781 | ||||||
Larsen & Toubro Ltd., Expire 6/10/2014 | 3,690 | 85,846 | ||||||
Mahindra & Mahindra Ltd., Expire 12/10/2015 | 7,700 | 103,677 | ||||||
Maruti Suzuki India Ltd., Expire 11/30/2015 | 3,080 | 80,123 | ||||||
Nestle India Ltd., Expire 9/17/2015 | 1,500 | 132,848 | ||||||
NTPC Ltd., Expire 10/6/2014 | 54,303 | 167,226 | ||||||
Oil & Natural Gas Corp. Ltd., Expire 2/8/2016 | 38,498 | 197,144 | ||||||
Piramal Healthcare Ltd., Expire 2/5/2013 | 4,505 | 37,413 | ||||||
Power Grid Corp. of India Ltd., Expire 3/27/2017 | 27,390 | 57,757 | ||||||
Power Grid Corp. of India Ltd., Expire 9/27/2012 | 24,600 | 51,874 | ||||||
Punj Lloyd Ltd., Expire 3/27/2017 | 39,790 | 40,594 | ||||||
Punj Lloyd Ltd., Expire 6/25/2012 | 4,400 | 4,489 | ||||||
Ranbaxy Laboratories Ltd., Expire 10/26/2015 | 5,000 | 47,682 | ||||||
Reliance Capital Ltd., Expire 8/30/2016 | 3,100 | 19,361 | ||||||
Reliance Communications Ltd., Expire 12/28/2015 | 30,229 | 43,079 | ||||||
Reliance Power Ltd., Expire 2/4/2013 | 23,200 | 47,008 | ||||||
Sesa Goa Ltd., Expire 12/4/2014 | 4,700 | 16,791 | ||||||
Steel Authority of India Ltd., Expire 3/25/2014 | 32,680 | 58,687 | ||||||
Sterlite Industries India Ltd., Expire 6/24/2015 | 18,000 | 36,198 | ||||||
Sun Pharmaceutical Industries Ltd., Expire 2/2/2015 | 12,000 | 137,237 | ||||||
Suzlon Energy Ltd., Expire 8/15/2015 | 43,500 | 18,975 | ||||||
Tata Consultancy Services Ltd., Expire 8/6/2014 | 5,840 | 138,052 | ||||||
Tata Consultancy Services Ltd., Expire 12/14/2015 | 3,240 | 76,590 | ||||||
Tata Power Co. Ltd., Expire 9/17/2015 | 34,400 | 68,886 | ||||||
Tata Steel Ltd., Expire 12/23/2014 | 4,750 | 41,762 | ||||||
Ultratech Cement Ltd., Expire 6/10/2014 | 3,571 | 96,488 | ||||||
Unitech Ltd., Expire 7/7/2015 | 46,200 | 23,262 | ||||||
United Spirits Ltd., Expire 1/13/2016 | 2,200 | 32,588 | ||||||
TOTAL CALL WARRANTS (COST $7,092,100) | $ | 6,316,822 | ||||||
CERTIFICATES – 0.2% | ||||||||
HSBC Bank PLC – | ||||||||
Al Rajhi Bank, Expire 2/16/2015 | 3,200 | 66,555 | ||||||
Alinma Bank, Expire 6/4/2012 | 10,150 | 40,461 | ||||||
Almarai Co., Ltd., Expire 11/24/2014 | 2,782 | 49,701 | ||||||
Arab National Bank, Expire 6/4/2012 | 3,923 | 32,428 | ||||||
Banque Saudi Fransi, Expire 2/23/2015 | 4,125 | 42,237 |
Description | Number of Shares | Value | ||||||
Etihad Etisalat Co., Expire 12/5/2014 | 4,700 | $ | 86,786 | |||||
Jarir Marketing Co., Expire 6/4/2012 | 650 | 27,644 | ||||||
National Industrialization Co., Expire 5/14/2012 | 4,802 | 46,096 | ||||||
Samba Financial, Expire 2/10/2015 | 1,750 | 24,031 | ||||||
Saudi Arabian Fertilizer Co., Expire 6/4/2012 | 1,100 | 54,116 | ||||||
Saudi Basic Industries Corp., Expire 2/23/2015 | 3,800 | 103,858 | ||||||
Saudi Electricity Co., Expire 6/25/2012 | 5,670 | 20,713 | ||||||
Saudi Industrial Investment Group, Expire 6/11/2012 | 5,750 | 37,410 | ||||||
Saudi Kayan Petrochemical Co., Expire 6/4/2012 | 5,500 | 26,251 | ||||||
Saudi Telecom Co., Expire 5/21/2012 | 3,600 | 40,797 | ||||||
Savola, Expire 2/2/2015 | 2,800 | 26,281 | ||||||
TOTAL CERTIFICATES (COST $667,493) | $ | 725,365 | ||||||
REAL ESTATE INVESTMENT TRUSTS – 0.1% | ||||||||
FRANCE – 0.1% | ||||||||
*ICADE | 135 | 11,388 | ||||||
Unibail-Rodamco SE | 1,653 | 308,956 | ||||||
TOTAL FRANCE | $ | 320,344 | ||||||
HONG KONG – 0.0%** | ||||||||
Link REIT | 43,000 | 179,013 | ||||||
TOTAL HONG KONG | $ | 179,013 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $468,907) | $ | 499,357 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 98.9% (COST $381,452,500) | $ | 397,887,210 | ||||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.2% | ||||||||
REPURCHASE AGREEMENTS – 2.2% | ||||||||
Barclays Capital, Inc., 0.20%, dated 04/30/12, due 05/01/12, repurchase price $2,070,419, collateralized by U.S. Government Securities 3.00% to 5.00%, maturing 04/01/27 to 09/01/41; total market value of $2,111,819. | $ | 2,070,407 | 2,070,407 | |||||
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $2,070,417, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $2,111,815. | 2,070,407 | 2,070,407 | ||||||
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $459,584, collateralized by U.S. Treasury Securities 0.25% to 4.00%, maturing 09/30/13 to 04/30/19; total market value of $468,774. | 459,582 | 459,582 |
(Wilmington Multi-Manager International Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
48 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager International Fund (continued)
Par Value | Value | |||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $2,070,417, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $2,111,824. | $ | 2,070,407 | $ | 2,070,407 | ||||
RBS Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $2,070,418, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 06/15/12 to 07/15/32; total market value of $2,111,832. | 2,070,407 | 2,070,407 | ||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $8,741,210) | $ | 8,741,210 | ||||||
TOTAL INVESTMENTS – 101.1% (COST $390,193,710) | $ | 406,628,420 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (2.2%) | (8,741,210 | ) | ||||||
OTHER ASSETS LESS LIABILITIES – 1.1% | 4,485,185 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 402,372,395 |
Cost of investments for Federal income tax purposes is $400,073,233. The net unrealized appreciation/(depreciation) of investments was $6,555,187. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $48,931,809 and net unrealized depreciation from investments for those securities having an excess of cost over value of $42,376,622.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets and liabilities carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Call Warrants | $ | 6,314,772 | $ | 2,050 | $ | — | $ | 6,316,822 | ||||||||
Certificates | 725,365 | — | — | 725,365 | ||||||||||||
Common Stocks | 363,555,741 | 11,076,271 | — | 374,632,012 | ||||||||||||
Investment Companies | 7,596,322 | — | — | 7,596,322 | ||||||||||||
Preferred Stocks | 5,863,753 | 23,178 | — | 5,886,931 | ||||||||||||
Real Estate Investment Trusts | 499,357 | — | — | 499,357 | ||||||||||||
Rights | 6 | 2,852 | — | 2,858 | ||||||||||||
Money Market Fund | 2,227,543 | — | — | 2,227,543 | ||||||||||||
Repurchase Agreements | — | 8,741,210 | — | 8,741,210 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 386,782,859 | $ | 19,845,561 | $ | — | $ | 406,628,420 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments^ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 386,782,859 | $ | 19,845,562 | $ | — | $ | 406,628,421 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments^ | ||||||||||||||||
Financial Futures Contracts | $ | — | $ | (27,676 | ) | $ | — | $ | (27,676 | ) | ||||||
Forward Foreign Exchange Contracts | — | (3,764 | ) | — | (3,764 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | (31,440 | ) | $ | — | $ | (31,440 | ) | ||||||
|
|
|
|
|
|
|
|
^ | Other financial instruments are derivative instruments not reflected in the value of total investments in the Portfolio of Investments such as financial futures contracts and forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
(Wilmington Multi-Manager International Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 49 |
Wilmington Multi-Manager International Fund (concluded)
At April 30, 2012, the Wilmington Multi-Manager International Fund had the following outstanding forward foreign exchange contracts:
Settlement Date | Counterparty | Contracts to Deliver/Receive | In Exchange For | Contracts at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
CONTRACTS SOLD | ||||||||||||||||||||
5/1/2012 | Bank of New York | 171,477 Australian Dollar | $177,616 | $178,670 | $(1,054) | |||||||||||||||
5/1/2012 | Bank of New York | 115 Canadian Dollar | 116 | 116 | — | |||||||||||||||
5/1/2012 | Bank of New York | 5,172,305 Japanese Yen | 63,324 | 64,783 | (1,459) | |||||||||||||||
5/1/2012 | Bank of New York | 3,065,265 Japanese Yen | 37,528 | 38,393 | (865) | |||||||||||||||
5/1/2012 | Bank of New York | 12 Canadian Dollar | 12 | 12 | — | |||||||||||||||
5/1/2012 | Bank of New York | 5,288 Australian Dollar | 5,478 | 5,510 | (32) | |||||||||||||||
5/1/2012 | Bank of New York | 115 Canadian Dollar | 116 | 116 | — | |||||||||||||||
5/2/2012 | Bank of New York | 29,827 Euro | 39,387 | 39,482 | (95) | |||||||||||||||
5/2/2012 | Bank of New York | 3,163 Norwegian Krone | 551 | 553 | (2) | |||||||||||||||
5/2/2012 | Bank of New York | 5,700 Hong Kong Dollar | 735 | 735 | — | |||||||||||||||
5/2/2012 | Bank of New York | 306 Euro | 404 | 405 | (1) | |||||||||||||||
5/2/2012 | Bank of New York | 1670 ILS | 443 | 442 | 1 | |||||||||||||||
5/2/2012 | Bank of New York | 49,297 ILS | 13,069 | 13,046 | 23 | |||||||||||||||
5/3/2012 | Bank of New York | 7,736 Euro | 10,184 | 10,240 | (56) | |||||||||||||||
5/3/2012 | Bank of New York | 14,574 Euro | 19,187 | 19,292 | (105) | |||||||||||||||
5/3/2012 | Bank of New York | 454 Euro | 598 | 601 | (3) | |||||||||||||||
5/3/2012 | Bank of New York | 12,502 Euro | 16,458 | 16,548 | (90) | |||||||||||||||
5/3/2012 | Bank of New York | 407 Pound Sterling | 661 | 660 | 1 | |||||||||||||||
5/3/2012 | Bank of New York | 248 Euro | 327 | 329 | (2) | |||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN EXCHANGE CONTRACTS | $(3,739) |
At April 30, 2012, the Wilmington Multi-Manager International Fund had open financial futures contracts as follows:
Underlying Contracts to Buy | Expiration Date | Number of Contracts | Contract Amount | Contracts | Unrealized (Appreciation) Depreciation | |||||||||||||||
LONG POSITIONS: | ||||||||||||||||||||
EURO STOXX 50 | June 2012 | 10 | $320,788 | $299,023 | $(21,765) | |||||||||||||||
FTSE 100 INDEX | June 2012 | 1 | 95,682 | 92,749 | (2,933) | |||||||||||||||
TOPIX/TKYO | June 2012 | 1 | 103,492 | 100,514 | (2,978) | |||||||||||||||
|
| |||||||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS | $(27,676) | |||||||||||||||||||
|
|
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
Table of Contents
50 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Rock Maple Alternatives Fund
At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)
Percentage of Total Net Assets | ||||
Common Stocks | 45.1 | % | ||
Corporate Bonds | 17.9 | % | ||
Investment Companies | 15.1 | % | ||
U.S. Government Obligations | 2.4 | % | ||
Purchased Options | 1.2 | % | ||
Cash Equivalents1 | 21.7 | % | ||
Written Options | (0.1 | )% | ||
Securities Sold Short | (19.9 | )% | ||
Other Assets and Liabilities – Net2 | 16.6 | % | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual funds. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 45.1% | ||||||||
AEROSPACE & DEFENSE – 1.4% | ||||||||
*Kratos Defense & Security Solutions, Inc. | 1,352 | $ | 7,504 | |||||
15Lockheed Martin Corp. | 3,667 | 332,010 | ||||||
TOTAL AEROSPACE & DEFENSE | $ | 339,514 | ||||||
AGRICULTURE – 0.0%** | ||||||||
Archer-Daniels-Midland Co. | 258 | 7,954 | ||||||
APPAREL – 0.0%** | ||||||||
Jones Group, Inc. | 556 | 6,238 | ||||||
BANKS – 0.2% | ||||||||
*,15HomeStreet, Inc. | 1,096 | 38,272 | ||||||
BEVERAGES – 0.9% | ||||||||
Anheuser-Busch InBev NV | 3,075 | 221,632 | ||||||
BUILDING MATERIALS – 0.1% | ||||||||
*Owens Corning | 257 | 8,828 | ||||||
*USG Corp. | 386 | 6,967 | ||||||
TOTAL BUILDING MATERIALS | $ | 15,795 | ||||||
CHEMICALS – 0.4% | ||||||||
*,15Chemtura Corp. | 5,500 | 93,610 | ||||||
COMMERCIAL SERVICES – 1.7% | ||||||||
15Macquarie Infrastructure Co. LLC | 4,070 | 140,578 | ||||||
15Mastercard, Inc. | 300 | 135,681 | ||||||
15Visa, Inc. | 1,200 | 147,576 | ||||||
TOTAL COMMERCIAL SERVICES | $ | 423,835 |
Description | Number of Shares | Value | ||||||
COMPUTERS – 0.9% | ||||||||
*,15Apple, Inc. | 213 | $ | 124,443 | |||||
*,15NCR Corp. | 4,600 | 108,100 | ||||||
TOTAL COMPUTERS | $ | 232,543 | ||||||
CONSUMER SERVICES – 0.5% | ||||||||
Domino’s Pizza UK & IRL PLC | 18,575 | 132,489 | ||||||
COSMETICS/PERSONAL CARE – 0.0%** | ||||||||
Procter & Gamble Co. | 193 | 12,283 | ||||||
DIVERSIFIED FINANCIAL SERVICES – 0.9% | ||||||||
15American Express Co. | 3,017 | 181,654 | ||||||
Goldman Sachs Group, Inc. | 328 | 37,769 | ||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES | $ | 219,423 | ||||||
ELECTRIC – 0.0%** | ||||||||
*Synthesis Energy Systems, Inc. | 1,568 | 2,195 | ||||||
ELECTRONICS – 1.2% | ||||||||
Gentex Corp. | 202 | 4,438 | ||||||
*,15Rogers Corp. | 3,100 | 118,699 | ||||||
*,15Stoneridge, Inc. | 19,100 | 164,642 | ||||||
*Zagg, Inc. | 1,545 | 20,131 | ||||||
TOTAL ELECTRONICS | $ | 307,910 | ||||||
ENTERTAINMENT – 1.4% | ||||||||
15Cinemark Holdings, Inc. | 15,386 | 353,263 |
(Wilmington Rock Maple Alternatives Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 51 |
Wilmington Rock Maple Alternatives Fund (continued)
Description | Number of Shares | Value | ||||||
FOOD – 1.1% | ||||||||
Booker Group PLC | 200,997 | $ | 257,697 | |||||
Kraft Foods, Inc. | 461 | 18,380 | ||||||
15Unilever NV | 322 | 11,061 | ||||||
TOTAL FOOD | $ | 287,138 | ||||||
HEALTHCARE PROVIDERS & | ||||||||
*,15DaVita, Inc. | 1,749 | 154,926 | ||||||
TOTAL HEALTHCARE PROVIDERS & SERVICES | $ | 154,926 | ||||||
HEALTHCARE-PRODUCTS – 0.4% | ||||||||
*,15CareFusion Corp. | 3,610 | 93,535 | ||||||
HOLDING COMPANIES-DIVERSIFIED – 0.3% | ||||||||
15Primoris Services Corp. | 5,424 | 78,214 | ||||||
HOME BUILDERS – 1.4% | ||||||||
*,15Brookfield Residential Properties, Inc. | 16,400 | 190,568 | ||||||
DR Horton, Inc. | 3,039 | 49,688 | ||||||
Lennar Corp. | 1,682 | 46,659 | ||||||
15MDC Holdings, Inc. | 1,213 | 34,097 | ||||||
*PulteGroup, Inc. | 3,863 | 38,012 | ||||||
TOTAL HOME BUILDERS | $ | 359,024 | ||||||
HOUSEHOLD PRODUCTS/WARES – 0.2% | ||||||||
*Tumi Holdings, Inc. | 2,420 | 61,637 | ||||||
INSURANCE – 0.9% | ||||||||
*,15Berkshire Hathaway, Inc. | 730 | 58,728 | ||||||
15Loews Corp. | 290 | 11,928 | ||||||
15XL Group PLC | 7,434 | 159,905 | ||||||
TOTAL INSURANCE | $ | 230,561 | ||||||
INTERNET – 1.0% | ||||||||
*,15IntraLinks Holdings, Inc. | 27,943 | 130,214 | ||||||
*TripAdvisor, Inc. | 3,110 | 116,656 | ||||||
TOTAL INTERNET | $ | 246,870 | ||||||
LEISURE TIME – 0.1% | ||||||||
15Callaway Golf Co. | 2,950 | 18,083 | ||||||
LODGING – 1.3% | ||||||||
15Wynn Resorts Ltd. | 2,488 | 331,899 | ||||||
MACHINERY – 0.1% | ||||||||
Caterpillar, Inc. | 193 | 19,835 | ||||||
MEDIA – 2.8% | ||||||||
*Kabel Deutschland Holding AG | 3,674 | 231,491 | ||||||
*,15Liberty Global, Inc. | 3,200 | 153,376 | ||||||
*,15Liberty Media Corp. – Liberty Capital | 3,240 | 283,306 | ||||||
Walt Disney Co. | 522 | 22,503 | ||||||
TOTAL MEDIA | $ | 690,676 | ||||||
METALS & MINING – 1.2% | ||||||||
15Cameco Corp. | 6,520 | 144,092 | ||||||
Newmont Mining Corp. | 3,150 | 150,097 | ||||||
TOTAL METALS & MINING | $ | 294,189 |
Description | Number of Shares | Value | ||||||
MISCELLANEOUS | ||||||||
Invensys PLC | 42,650 | $ | 153,730 | |||||
OIL & GAS – 2.1% | ||||||||
ConocoPhillips | 773 | 55,370 | ||||||
Nexen, Inc. | 7,115 | 137,496 | ||||||
15Nexen, Inc. | 5,045 | 97,621 | ||||||
Suncor Energy, Inc. | 1,750 | 57,820 | ||||||
15Transocean Ltd. | 3,281 | 165,330 | ||||||
TOTAL OIL & GAS | $ | 513,637 | ||||||
OIL & GAS SERVICES – 2.8% | ||||||||
*,15Dresser-Rand Group, Inc. | 4,807 | 234,005 | ||||||
John Wood Group PLC | 19,510 | 247,287 | ||||||
ProSafe SE | 27,495 | 214,514 | ||||||
TOTAL OIL & GAS SERVICES | $ | 695,806 | ||||||
PACKAGING & CONTAINERS – 0.6% | ||||||||
15Sealed Air Corp. | 7,500 | 143,850 | ||||||
PHARMACEUTICALS – 1.2% | ||||||||
15Bristol-Myers Squibb Co. | 1,318 | 43,982 | ||||||
GlaxoSmithKline PLC ADR | 129 | 5,964 | ||||||
Johnson & Johnson | 193 | 12,562 | ||||||
*Pain Therapeutics, Inc. | 20,000 | 81,000 | ||||||
Pfizer, Inc. | 2,584 | 59,251 | ||||||
*QLT, Inc. | 10,000 | 66,600 | ||||||
*Watson Pharmaceuticals, Inc. | 411 | 30,973 | ||||||
TOTAL PHARMACEUTICALS | $ | 300,332 | ||||||
PIPELINES – 1.6% | ||||||||
Enbridge Energy Partners LP | 2,800 | 86,520 | ||||||
Enterprise Products Partners LP | 1,800 | 92,772 | ||||||
Kinder Morgan, Inc. | 2,850 | 102,315 | ||||||
Williams Cos., Inc. | 3,150 | 107,194 | ||||||
TOTAL PIPELINES | $ | 388,801 | ||||||
REAL ESTATE – 0.1% | ||||||||
Brookfield Asset Management, Inc. | 307 | 10,125 | ||||||
Kennedy-Wilson Holdings, Inc. | 579 | 8,141 | ||||||
TOTAL REAL ESTATE | $ | 18,266 | ||||||
REAL ESTATE INVESTMENT TRUSTS (REIT) – 4.3% | ||||||||
15Annaly Capital Management, Inc. | 8,982 | 146,586 | ||||||
Chimera Investment Corp. | 102,841 | 297,210 | ||||||
15MFA Financial, Inc. | 43,428 | 320,499 | ||||||
15Starwood Property Trust, Inc. | 15,452 | 322,483 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT) | $ | 1,086,778 | ||||||
RETAIL – 3.2% | ||||||||
Abercrombie & Fitch Co. | 362 | 18,162 | ||||||
Carphone Warehouse Group PLC | 105,266 | 223,796 | ||||||
*,15Carrols Restaurant Group, Inc. | 10,997 | 165,835 | ||||||
CVS Caremark Corp. | 757 | 33,777 | ||||||
15Foot Locker, Inc. | 967 | 29,581 |
(Wilmington Rock Maple Alternatives Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
52 | PORTFOLIOS OF INVESTMENTS |
Wilmington Rock Maple Alternatives Fund (continued)
Description | Number of Shares | Value | ||||||
GNC Holdings, Inc. | 544 | $ | 21,249 | |||||
*Saks, Inc. | 7,953 | 87,165 | ||||||
TJX Cos., Inc. | 1,216 | 50,719 | ||||||
Wal-Mart Stores, Inc. | 553 | 32,577 | ||||||
*,15Wet Seal, Inc. | 34,000 | 111,860 | ||||||
Williams-Sonoma, Inc. | 440 | 17,024 | ||||||
TOTAL RETAIL | $ | 791,745 | ||||||
SEMICONDUCTORS – 1.3% | ||||||||
*,15Freescale Semiconductor Holdings I Ltd. | 12,000 | 148,920 | ||||||
*,15GSI Group, Inc. | 12,833 | 154,894 | ||||||
Intersil Corp. | 557 | 5,720 | ||||||
*LSI Corp. | 1,610 | 12,944 | ||||||
*Marvell Technology Group Ltd. | 1,005 | 15,085 | ||||||
TOTAL SEMICONDUCTORS | $ | 337,563 | ||||||
SOFTWARE – 2.5% | ||||||||
*Allscripts Healthcare Solutions, Inc. | 7,200 | 79,776 | ||||||
15Broadridge Financial Solutions, Inc. | 5,000 | 116,050 | ||||||
15Microsoft Corp. | 2,282 | 73,070 | ||||||
SAP AG | 2,016 | 133,669 | ||||||
*VeriFone Systems, Inc. | 1,264 | 60,217 | ||||||
*Verint Systems, Inc. | 5,820 | 175,997 | ||||||
TOTAL SOFTWARE | $ | 638,779 | ||||||
TELECOMMUNICATIONS – 2.8% | ||||||||
ADTRAN, Inc. | 553 | 16,878 | ||||||
Koninklijke KPN NV | 13,552 | 121,643 | ||||||
QUALCOMM, Inc. | 542 | 34,601 | ||||||
15Virgin Media, Inc. | 9,500 | 233,320 | ||||||
15Vodafone Group PLC ADR | 10,995 | 305,991 | ||||||
TOTAL TELECOMMUNICATIONS | $ | 712,433 | ||||||
TOBACCO – 1.0% | ||||||||
Imperial Tobacco Group PLC | 6,216 | 248,567 | ||||||
TOTAL COMMON STOCKS (COST $10,763,117) | $ | 11,303,830 | ||||||
INVESTMENT COMPANIES – 15.1% | ||||||||
ALTERNATIVE INVESTMENT FUND – 4.0% |
| |||||||
*Arbitrage Fund | 76,220 | 1,000,762 | ||||||
ASSET ALLOCATION FUND – 1.1% | ||||||||
*,16Proshares Ultrashort MSCI Europe | 7,700 | 284,361 | ||||||
COMMODITY FUNDS – 1.1% | ||||||||
*Ipath Dow Jones-UBS Copper Subindex Total Return ETN | 1,275 | 62,603 | ||||||
*iShares Silver Trust | 322 | 9,695 | ||||||
*SPDR Gold Shares | 1,354 | 219,186 | ||||||
TOTAL COMMODITY FUNDS | $ | 291,484 | ||||||
DEBT FUNDS – 1.8% | ||||||||
*Ipath US Treasury 10-Year Bear ETN | 2,400 | 72,754 | ||||||
*Ipath US Treasury Steepener ETN | 1,850 | 71,854 | ||||||
RidgeWorth Seix Floating Rate High Income Fund | 33,599 | 298,022 | ||||||
TOTAL DEBT FUNDS | $ | 442,630 |
Description | Number of Shares | Value | ||||||||||
EQUITY FUNDS – 7.1% | ||||||||||||
Energy Select Sector SPDR Fund | 1,983 | $ | 141,130 | |||||||||
iShares FTSE China 25 Index Fund | 2,040 | 77,377 | ||||||||||
iShares MSCI Brazil Index Fund | 965 | 58,151 | ||||||||||
iShares MSCI Emerging Markets Index Fund | 966 | 40,765 | ||||||||||
iShares MSCI Italy Index Fund | 708 | 8,503 | ||||||||||
Market Vectors Gold Miners ETF | 129 | 5,984 | ||||||||||
Professionally Managed Portfolios – The Osterweis Strategic Income Fund | 87,624 | 1,017,309 | ||||||||||
*,16Proshares Ultrashort Euro | 18,350 | 352,503 | ||||||||||
*,16Proshares Ultrashort MSCI Emerging Markets | 2,900 | 76,850 | ||||||||||
TOTAL EQUITY FUNDS | $ | 1,778,572 | ||||||||||
TOTAL INVESTMENT COMPANIES (COST $3,838,514) | $ | 3,797,809 | ||||||||||
Par Value | ||||||||||||
CORPORATE BONDS – 17.9% | ||||||||||||
COMMERCIAL SERVICES – 4.0% | ||||||||||||
Iron Mountain, Inc., Company Guaranteed, 6.63%, 1/01/16 | $ | 500,000 | 500,312 | |||||||||
6,7ServiceMaster Co., Company Guaranteed, 10.75%, 7/15/15 | 470,000 | 491,150 | ||||||||||
TOTAL COMMERCIAL SERVICES | $ | 991,462 | ||||||||||
COMPUTERS & PERIPHERALS – 2.1% | ||||||||||||
SunGard Data Systems, Inc., Company Guaranteed, 10.25%, 8/15/15 | 500,000 | 521,250 | ||||||||||
ENTERTAINMENT – 2.0% | ||||||||||||
Greektown Superholdings, Inc., Series A, Secured, 13.00%, 7/01/15 | 450,000 | 497,250 | ||||||||||
FOOD – 1.4% | ||||||||||||
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., Company Guaranteed, 9.25%, 4/01/15 | 350,000 | 360,938 | ||||||||||
FOODS – 2.0% | ||||||||||||
ARAMARK Corp., Company Guaranteed, 8.50%, 2/01/15 | 500,000 | 510,625 | ||||||||||
PACKAGING & CONTAINERS – 1.2% | ||||||||||||
Solo Cup Co. / Solo Cup Operating Corp., Sr. Secured, 10.50%, 11/01/13 | 300,000 | 304,875 | ||||||||||
RETAIL – 2.2% | ||||||||||||
Dave & Buster’s, Inc., Company Guaranteed, 11.00%, 6/01/18 | 500,000 | 542,500 | ||||||||||
SOVEREIGN BONDS – 0.9% | ||||||||||||
Canadian Government Bond, 2.75%, 6/01/22 | 100,000 | CAD | 106,842 | |||||||||
Canadian Government Bond, 3.25%, 6/01/21 | 100,000 | CAD | 111,277 | |||||||||
TOTAL SOVEREIGN BONDS | $ | 218,119 | ||||||||||
TELECOMMUNICATIONS – 2.1% | ||||||||||||
Intelsat Jackson Holdings SA, Company Guaranteed, 11.25%, 6/15/16 | 500,000 | $ | 526,875 | |||||||||
TOTAL CORPORATE BONDS (COST $4,453,014) | $ | 4,473,894 |
(Wilmington Rock Maple Alternatives Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 53 |
Wilmington Rock Maple Alternatives Fund (continued)
Description | Par Value/ Shares | Value | ||||||
U.S. GOVERNMENT OBLIGATIONS – 2.4% | ||||||||
U.S. TREASURY BILLS – 2.4% | ||||||||
150.08%, 5/10/12 | $ | 100,000 | $ | 99,998 | ||||
150.16%, 2/07/13 | 500,000 | 499,395 | ||||||
TOTAL U.S. TREASURY BILLS | $ | 599,393 | ||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $599,387) | $ | 599,393 | ||||||
MONEY MARKET FUND – 21.7% | ||||||||
8Dreyfus Cash Management Fund, Institutional Shares, 0.06% | 5,443,056 | 5,443,056 | ||||||
TOTAL MONEY MARKET FUND (COST $5,443,056) | $ | 5,443,056 | ||||||
Contracts | ||||||||
PURCHASED OPTIONS – 1.2% | ||||||||
CALL OPTIONS – 0.3% | ||||||||
S&P 500 Index, Strike Price $1,492.00, | 5 | 59 | ||||||
S&P 500 Index, Strike Price $1,477.00, | 5 | 156 | ||||||
S&P 500 Index, Strike Price $1,480.00, | 5 | 22 | ||||||
S&P 500 Index, Strike Price $1,480.00, | 5 | 44 | ||||||
S&P 500 Index, Strike Price $1,485.00, | 5 | 20 | ||||||
S&P 500 Index, Strike Price $1,485.00, | 5 | 99 | ||||||
S&P 500 Index, Strike Price $1,485.00, | 5 | 150 | ||||||
S&P 500 Index, Strike Price $1,495.00, | 5 | 7 | ||||||
S&P 500 Index, Strike Price $1,495.00, | 5 | 70 | ||||||
S&P 500 Index, Strike Price $1,500.00, | 5 | 0 | ||||||
S&P 500 Index, Strike Price $1,505.00, | 4 | 36 | ||||||
S&P 500 Index, Strike Price $1,515.00, | 4 | 0 | ||||||
SPDR Gold Trust, Strike Price $165.00, | 90 | 78,300 | ||||||
TOTAL CALL OPTIONS | $ | 78,963 | ||||||
PUT OPTIONS – 0.9% | ||||||||
Automatic Data Processing, Inc., Strike Price $55.00, Expiring 1/19/13 | 14 | 4,970 | ||||||
Avon Products, Inc., Strike Price $17.50, | 34 | 3,145 | ||||||
Caterpillar, Inc., Strike Price $110.00, | 5 | 7,500 | ||||||
Colgate-Palmolive Company, Strike Price $90.00, Expiring 1/19/13 | 11 | 3,289 | ||||||
Cummins Inc., Strike Price $115.00, Expiring 1/19/13 | 4 | 5,640 | ||||||
Deere & Company, Strike Price $87.50, | 7 | 7,648 |
Description | Contracts | Value | ||||||
Duke Energy Corporation, Strike Price $22.50, | 29 | $ | 5,945 | |||||
Freeport-McMoran Copper & Gold, Strike Price $45.00, Expiring 1/19/13 | 11 | 10,835 | ||||||
Home Depot, Inc., Strike Price $45.00, | 15 | 2,978 | ||||||
International Business Machines, Strike Price $190.00, Expiring 1/19/13 | 5 | 4,100 | ||||||
iShares MSCI Germany Index Fund, Strike Price $22.00, Expiring 1/19/13 | 129 | 30,960 | ||||||
JP Morgan Chase & Co., Strike Price $37.00, | 15 | 3,510 | ||||||
KB Home, Strike Price $10.00, Expiring 1/19/13 | 32 | 7,632 | ||||||
Monsanto Company, Strike Price $82.50, | 8 | 8,960 | ||||||
Raytheon Company, Strike Price $50.00, | 13 | 2,945 | ||||||
Rydex CurrencyShares Australian, Strike Price $107.00, Expiring 9/22/12 | 98 | 51,450 | ||||||
S&P 500 Index, Strike Price $1,220.00, | 5 | 83 | ||||||
S&P 500 Index, Strike Price $1,230.00, | 5 | 266 | ||||||
S&P 500 Index, Strike Price $1,265.00, | 4 | 602 | ||||||
S&P 500 Index, Strike Price $1,225.00, | 5 | 49 | ||||||
S&P 500 Index, Strike Price $1,225.00, | 5 | 63 | ||||||
S&P 500 Index, Strike Price $1,325.00, | 6 | 37,980 | ||||||
S&P 500 Index, Strike Price $1,265.00, | 5 | 701 | ||||||
S&P 500 Index, Strike Price $1,235.00, | 5 | 356 | ||||||
S&P 500 Index, Strike Price $1,240.00, | 5 | 287 | ||||||
S&P 500 Index, Strike Price $1,265.00, | 4 | 0 | ||||||
S&P 500 Index, Strike Price $1,245.00, | 5 | 375 | ||||||
S&P 500 Index, Strike Price $1,265.00, | 5 | 49 | ||||||
S&P 500 Index, Strike Price $1,250.00, | 5 | 1 | ||||||
SPDR S&P 500, Strike Price $135.00, | 150 | 8,550 | ||||||
Titan Machinery, Inc., Strike Price $25.00, | 20 | 1,500 | ||||||
Union Pacific Corporation, Strike Price $115.00, Expiring 1/19/13 | 6 | 7,005 | ||||||
United Rentals, Inc., Strike Price $40.00, | 9 | 4,275 | ||||||
TOTAL PUT OPTIONS | $ | 223,649 | ||||||
TOTAL PURCHASED OPTIONS (COST $430,361) | $ | 302,612 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 103.4% (COST $25,527,449) | $ | 25,920,594 |
(Wilmington Rock Maple Alternatives Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
54 | PORTFOLIOS OF INVESTMENTS |
Wilmington Rock Maple Alternatives Fund (continued)
Description | Number of Shares | Value | ||||||
SECURITIES SOLD SHORT – (19.9%) | ||||||||
COMMON STOCK – 0.0%** | ||||||||
INTERNET & CATALOG RETAIL – 0.0%** | ||||||||
PetMed Express, Inc. | (293 | ) | $ | (3,947 | ) | |||
INVESTMENT COMPANIES – (19.9%) | ||||||||
ASSET ALLOCATION FUND – (0.1%) | ||||||||
CurrencyShares Japanese Yen Trust | (129 | ) | (15,888 | ) | ||||
DEBT FUND – (0.9%) | ||||||||
iShares Barclays 20+ Year Treasury Bond Fund | (2,014 | ) | (236,282 | ) | ||||
EQUITY FUNDS – (18.9%) | ||||||||
Consumer Discretionary Select Sector SPDR Fund | (7,150 | ) | (326,111 | ) | ||||
Financial Select Sector SPDR Fund | (11,480 | ) | (177,022 | ) | ||||
Health Care Select Sector SPDR Fund | (4,120 | ) | (154,541 | ) | ||||
Industrial Select Sector SPDR Fund | (7,050 | ) | (260,709 | ) | ||||
Market Vectors Semiconductor ETF | (1,350 | ) | (46,696 | ) | ||||
iShares MSCI U.K. Index Fund | (58,000 | ) | (1,017,900 | ) | ||||
iShares Russell 2000 Value Index Fund | (1,570 | ) | (112,820 | ) | ||||
iShares S&P Europe 350 Index Fund | (20,000 | ) | (728,800 | ) | ||||
SPDR S&P 500 ETF Trust Series 1 | (1,000 | ) | (139,770 | ) | ||||
SPDR S&P 500 ETF Trust Series 1 | (460 | ) | (64,294 | ) | ||||
SPDR S&P 500 ETF Trust Series 1 | (10,163 | ) | (1,420,483 | ) | ||||
SPDR S&P Midcap 400 ETF Trust | (390 | ) | (70,278 | ) | ||||
Technology Select Sector SPDR Fund | (7,280 | ) | (216,944 | ) | ||||
TOTAL EQUITY FUNDS | $ | (4,736,368 | ) | |||||
TOTAL INVESTMENT COMPANIES | $ | (4,988,538 | ) | |||||
TOTAL SECURITIES SOLD SHORT (PROCEEDS $4,779,977) | $ | (4,992,485 | ) | |||||
Contracts | ||||||||
WRITTEN OPTIONS – (0.1%) | ||||||||
CALL OPTIONS – (0.1%) | ||||||||
GNC Holdings, Inc., Strike Price $40.00, | (4 | ) | (340 | ) | ||||
MDC Holdings, Inc., Strike Price $27.00, | (3 | ) | (510 | ) | ||||
S&P 500 Index, Strike Price $1,420.00, | (5 | ) | (1,570 | ) | ||||
S&P 500 Index, Strike Price $1,412.00, | (5 | ) | (5,355 | ) | ||||
S&P 500 Index, Strike Price $1,435.00, | (5 | ) | (22 | ) | ||||
S&P 500 Index, Strike Price $1,415.00, | (5 | ) | (2,667 | ) | ||||
S&P 500 Index, Strike Price $1,420.00, | (5 | ) | (3,400 | ) | ||||
S&P 500 Index, Strike Price $1,415.00, | (5 | ) | (2,021 | ) |
Description | Contracts | Value | ||||||
S&P 500 Index, Strike Price $1,420.00, | (5 | ) | $ | (3,073 | ) | |||
S&P 500 Index, Strike Price $1,427.00, | (5 | ) | (1,964 | ) | ||||
S&P 500 Index, Strike Price $1,430.00, | (5 | ) | (234 | ) | ||||
S&P 500 Index, Strike Price $1,435.00, | (4 | ) | (1,623 | ) | ||||
S&P 500 Index, Strike Price $1,445.00, | (4 | ) | 0 | |||||
S&P 500 Index, Strike Price $1,430.00, | (5 | ) | (2,506 | ) | ||||
Targacept, Inc., Strike Price $7.50, | (6 | ) | (36 | ) | ||||
Targacept, Inc., Strike Price $7.50, | (6 | ) | (90 | ) | ||||
Verifone Systems, Inc., Strike Price $57.50, | (3 | ) | (30 | ) | ||||
TOTAL CALL OPTIONS | $ | (25,441 | ) | |||||
PUT OPTIONS – 0.0%** | ||||||||
M.D.C. Holdings, Inc., Strike Price $24.00, | (3 | ) | (60 | ) | ||||
S&P 500 Index, Strike Price $1,300.00, | (5 | ) | (1,249 | ) | ||||
S&P 500 Index, Strike Price $1,285.00, | (5 | ) | (337 | ) | ||||
S&P 500 Index, Strike Price $1,290.00, | (5 | ) | (235 | ) | ||||
S&P 500 Index, Strike Price $1,290.00, | (5 | ) | (278 | ) | ||||
S&P 500 Index, Strike Price $1,295.00, | (5 | ) | (850 | ) | ||||
S&P 500 Index, Strike Price $1,310.00, | (5 | ) | (1,175 | ) | ||||
S&P 500 Index, Strike Price $1,305.00, | (5 | ) | (950 | ) | ||||
S&P 500 Index, Strike Price $1,315.00, | (5 | ) | (30 | ) | ||||
S&P 500 Index, Strike Price $1,330.00, | (5 | ) | (249 | ) | ||||
S&P 500 Index, Strike Price $1,330.00, | (5 | ) | (2,752 | ) | ||||
S&P 500 Index, Strike Price $1,335.00, | (4 | ) | (2 | ) | ||||
S&P 500 Index, Strike Price $1,335.00, | (4 | ) | (2,581 | ) | ||||
Verifone Systems, Inc., Strike Price $49.00, | (4 | ) | (1,140 | ) | ||||
TOTAL PUT OPTIONS | (11,888 | ) | ||||||
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $77,560) | $ | (37,329 | ) | |||||
OTHER ASSETS LESS LIABILITIES – 16.6% | 4,165,168 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 25,055,948 |
(Wilmington Rock Maple Alternatives Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 55 |
Wilmington Rock Maple Alternatives Fund (concluded)
Cost of investments for Federal income tax purposes is $25,711,093. The net unrealized appreciation/(depreciation) of investments was $209,501. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $919,622 and net unrealized depreciation from investments for those securities having an excess of cost over value of $710,121.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets and Liabilities carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 11,303,830 | $ | — | $ | — | $ | 11,303,830 | ||||||||
Corporate Bonds | — | 4,473,894 | — | 4,473,894 | ||||||||||||
Investment Companies | 3,797,809 | — | — | 3,797,809 | ||||||||||||
Purchased Options | 299,642 | 2,970 | — | 302,612 | ||||||||||||
U.S. Government Obligations | — | 599,393 | — | 599,393 | ||||||||||||
Money Market Fund | 5,443,056 | — | — | 5,443,056 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 20,844,337 | $ | 5,076,257 | $ | — | $ | 25,920,594 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments^ | ||||||||||||||||
Forward Foreign Currency Contracts | — | 22 | — | 22 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 20,844,337 | $ | 5,076,279 | $ | — | $ | 25,920,616 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments^ | ||||||||||||||||
Securities Sold Short | $ | (4,992,485 | ) | $ | — | $ | — | $ | (4,992,485 | ) | ||||||
Written Options | (6,781 | ) | (30,548 | ) | — | (37,329 | ) | |||||||||
Forward Foreign Currency Contracts | — | (14,522 | ) | — | (14,522 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (4,999,266 | ) | $ | (45,070 | ) | $ | — | $ | (5,044,336 | ) | |||||
|
|
|
|
|
|
|
|
^ | Other financial instruments are derivative instruments not reflected in the value of total investments in the Portfolio of Investments such as forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. Securities sold short and written options are reported at their market value at period end. |
At April 30, 2012, the Wilmington Rock Maple Alternatives Fund had the following outstanding forward foreign currency contracts, which contractually obligate the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:
Settlement Date | Counterparty | Contracts to Deliver/Receive | Contract Amount | Contract at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
CONTRACTS PURCHASED |
| |||||||||||||||||||
5/3/2012 | Bank of New York | 10,633 Pound Sterling | $17,263 | $17,256 | $(7 | ) | ||||||||||||||
5/31/2012 | Bank of New York | 9,000 Euro | 11,918 | 11,915 | (3 | ) | ||||||||||||||
CONTRACTS SOLD |
| |||||||||||||||||||
5/3/2012 | Bank of New York | 9,731 Euro | 12,884 | 12,881 | 3 | |||||||||||||||
5/31/2012 | Bank of New York | 1,188,000 Norwegian Krone | 206,681 | 207,323 | (642 | ) | ||||||||||||||
5/31/2012 | Bank of New York | 30,000 Pound Sterling | 48,696 | 48,677 | 19 | |||||||||||||||
5/31/2012 | Bank of New York | 547,000 Euro | 719,360 | 724,153 | (4,793 | ) | ||||||||||||||
5/31/2012 | Bank of New York | 137,000 Canadian Dollar | 137,716 | 138,590 | (874 | ) | ||||||||||||||
5/31/2012 | Bank of New York | 749,000 Pound Sterling | 1,207,088 | 1,215,291 | (8,203 | ) | ||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS | $(14,500 | ) |
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
Table of Contents
56 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Multi-Manager Real Asset Fund
At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)
Percentage of Total Net Assets | ||||
Inflation-Linked & Fixed Income Securities: | ||||
Foreign Government Inflation-Linked Securities | 30.2 | % | ||
U.S. Government Inflation-Linked Securities | 16.9 | % | ||
Exchange-Traded Funds | 2.1 | % | ||
Corporate Bonds | 2.0 | % | ||
Variable Rate Demand Notes | 1.3 | % | ||
Mortgage-Backed Securities | 0.4 | % | ||
Asset-Backed Securities | 0.1 | % | ||
Real Estate Related Securities: | ||||
Real Estate Investment Trusts | 18.9 | % | ||
Common Stocks | 11.1 | % | ||
Exchange-Traded Funds | 4.2 | % | ||
Rights | 0.0 | %3 | ||
Commodity Related Securities: | ||||
Investment Companies | 5.4 | % | ||
Exchange-Traded Funds | 4.6 | % | ||
Structured Note | 1.5 | % | ||
Short-Term Investments: | ||||
Open-End Fund | 0.0 | %3 | ||
Purchases Options | 0.0 | %3 | ||
Written Options | 0.0 | %3 | ||
Cash Equivalents1 | 4.4 | % | ||
Other Assets and Liabilities – Net2 | (3.1 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual funds and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represent less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Par Value | Value | ||||||
INFLATION-LINKED & FIXED INCOME SECURITIES – 53.0% | ||||||||
CORPORATE BONDS – 2.0% | ||||||||
ENERGY– 0.1% | ||||||||
DCP Midstream Operating LP, Company Guaranteed, 3.25%, 10/1/2015 | $ | 200,000 | $ | 203,008 |
Description | Par Value | Value | ||||||
Petroleos Mexicanos, Company Guaranteed, 5.50%, 1/21/2021 | $ | 100,000 | $ | 111,800 | ||||
TOTAL ENERGY | $ | 314,808 | ||||||
FINANCIALS – 1.9% | ||||||||
AK Transneft OJSC Via TransCapitalInvest Ltd, Company Guaranteed, 8.70%, 8/7/2018 | 200,000 | 247,750 | ||||||
1,6,7Banco Santander Brazil SA, Sr. Unsecured, 2.57%, 3/18/2014 | 500,000 | 497,077 |
(Wilmington Multi-Manager Real Asset Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 57 |
Wilmington Multi-Manager Real Asset Fund (continued)
Description | Par Value | Value | ||||||
Banque PSA Finance SA, Sr. Unsecured, 4.00%, 7/19/2013 | $ | 300,000 | $ | 404,334 | ||||
12Countrywide Financial Corp., Company Guaranteed, 5.80%, 6/7/2012 | 200,000 | 200,885 | ||||||
1,6,7Dexia Credit Local SA, Government Liquid GTD, 0.88%, 3/5/2013 | 1,700,000 | 1,635,446 | ||||||
Ford Motor Credit Co., LLC, Sr. Unsecured, 8.00%, 6/1/2014 | 200,000 | 223,250 | ||||||
6,7International Lease Finance Corp., Sr. Secured, 7.13%, 9/1/2018 | 100,000 | 110,719 | ||||||
MAGI Funding PLC, 1.31%, 4/11/2021 | 464,742 | 583,145 | ||||||
1Merrill Lynch & Co., Inc., Sr. Unsecured, 1.56%, 9/27/2012 | 700,000 | 925,539 | ||||||
1Merrill Lynch & Co., Inc., Sr. Unsubordinated, 1.36%, 8/9/2013 | 200,000 | 259,453 | ||||||
1Royal Bank of Scotland PLC, Company Guaranteed, 2.91%, 8/23/2013 | 1,100,000 | 1,099,854 | ||||||
SLM Corp., Sr. Unsecured, 3.13%, 9/17/2012 | 400,000 | 530,767 | ||||||
TOTAL FINANCIALS | $ | 6,718,219 | ||||||
TOTAL CORPORATE BONDS (COST $7,278,039) | $ | 7,033,027 | ||||||
Shares | ||||||||
EXCHANGE-TRADED FUNDS – 2.1% | ||||||||
DEBT FUND – 2.1% | ||||||||
iShares Barclays TIPS Bond Fund, %, | 61,300 | 7,320,446 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (COST $7,188,016) | $ | 7,320,446 | ||||||
Par Value | ||||||||
VARIABLE RATE DEMAND NOTES – 1.3% | ||||||||
FINANCIALS – 1.3% | ||||||||
1Bank of Nova Scotia, Certificate of Deposit, 0.77%, 10/18/2012 | $ | 1,500,000 | 1,501,447 | |||||
1JPMorgan Chase & Co., Notes, | 1,500,000 | 1,510,540 | ||||||
1,6,7Metropolitan Life Global Funding I, Secured, 1.22%, 1/10/2014 | 1,500,000 | 1,498,407 | ||||||
1Morgan Stanley, Sr. Unsecured, | 100,000 | 98,859 | ||||||
TOTAL FINANCIALS | $ | 4,609,253 | ||||||
TOTAL VARIABLE RATE DEMAND NOTES (COST $4,603,632) | $ | 4,609,253 | ||||||
U.S. GOVERNMENT INFLATION-LINKED SECURITIES – 16.9% | ||||||||
U.S. TREASURY INFLATION INDEXED BILLS – 0.9% | ||||||||
U.S. Treasury Note, 2.00%, 2/15/2022 | 3,050,000 | 3,071,445 | ||||||
U.S. TREASURY INFLATION INDEXED BONDS – 9.0% | ||||||||
U.S. Treasury Inflation Indexed Bond, | 48,000 | 69,269 | ||||||
U.S. Treasury Inflation Indexed Bond, | 578,000 | 772,691 |
Par Value | Value | |||||||||
U.S. Treasury Inflation Indexed Bond, | $ | 568,000 | $ | 820,819 | ||||||
U.S. Treasury Inflation Indexed Bond, | 400,000 | 575,508 | ||||||||
U.S. Treasury Inflation Indexed Bond, | 1,100,000 | 1,639,774 | ||||||||
U.S. Treasury Inflation Indexed Bond, | 2,849,000 | 6,256,075 | ||||||||
U.S. Treasury Inflation Indexed Bond, | 584,000 | 1,247,178 | ||||||||
U.S. Treasury Inflation Indexed Bond, | 3,723,000 | 5,860,991 | ||||||||
U.S. Treasury Inflation Indexed Bond, | 1,254,000 | 2,533,721 | ||||||||
United States Treasury Inflation Indexed Bonds, 0.75%, 2/15/2042 | 1,050,000 | 1,057,907 | ||||||||
United States Treasury Inflation Indexed Bonds, 0.13%, 1/15/2022 | 10,150,000 | 10,670,607 | ||||||||
TOTAL U.S. TREASURY INFLATION INDEXED BONDS | $ | 31,504,540 | ||||||||
U.S. TREASURY INFLATION INDEXED NOTES – 7.0% | ||||||||||
Inflation Protected Note, 1.63%, 1/15/2015 | 400,000 | 518,129 | ||||||||
U.S. Treasury Inflation Indexed Note, | 1,100,000 | 1,433,344 | ||||||||
U.S. Treasury Inflation Indexed Note, | 5,700,000 | 6,798,813 | ||||||||
U.S. Treasury Inflation Indexed Note, | 700,000 | 849,147 | ||||||||
U.S. Treasury Inflation Indexed Note, 1.63%, 1/15/2018 | 1,400,000 | 1,765,546 | ||||||||
U.S. Treasury Inflation Indexed Note, 2.38%, 1/15/2017 | 1,000,000 | 1,329,832 | ||||||||
U.S. Treasury Inflation Indexed Note, 0.13%, 4/15/2017 | 500,000 | 536,568 | ||||||||
U.S. Treasury Inflation Indexed Note, 1.25%, 4/15/2014 | 40,000 | 45,359 | ||||||||
U.S. Treasury Inflation Indexed Note, 2.00%, 7/15/2014 | 1,930,000 | 2,525,874 | ||||||||
U.S. Treasury Inflation Indexed Note, 2.00%, 1/15/2014 | 1,630,000 | 2,131,507 | ||||||||
U.S. Treasury Inflation Indexed Note, 1.88%, 7/15/2013 | 3,478,000 | 4,508,225 | ||||||||
U.S. Treasury Inflation Indexed Note, 2.13%, 1/15/2019 | 1,510,000 | 1,939,672 | ||||||||
U.S. Treasury Inflation Indexed Note, 0.63%, 4/15/2013 | 176,000 | 193,250 | ||||||||
U.S. Treasury Inflation Indexed Note, 2.00%, 1/15/2016 | 8,000 | 10,372 | ||||||||
TOTAL U.S. TREASURY INFLATION INDEXED NOTES | $ | 24,585,638 | ||||||||
TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $57,032,315) | $ | 59,161,623 | ||||||||
FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES – 30.2% | ||||||||||
DIVERSIFIED – 0.2% | ||||||||||
Network Rail Infrastructure Finance PLC, Government Guaranteed, 1.38%, 11/22/2037 | 376,138 | GBP | 765,882 |
(Wilmington Multi-Manager Real Asset Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
58 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager Real Asset Fund (continued)
Description | Par Value | Value | ||||||||
GOVERNMENT – 30.0% | ||||||||||
Australia Government Bond, | 3,200,000 | AUD | $ | 4,384,254 | ||||||
Australia Government Bond, | 350,000 | AUD | 683,870 | |||||||
Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/2014 | 544,000 | BRL | 644,490 | |||||||
Brazil Notas do Tesouro Nacional Serie B, 6.00%, 5/15/2045 | 1,508,000 | BRL | 2,061,147 | |||||||
Brazil Notas do Tesouro Nacional Serie B, 6.00%, 5/15/2017 | 5,949,000 | BRL | 7,234,816 | |||||||
Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/2024 | 1,640,000 | BRL | 2,095,689 | |||||||
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond, 2.25%, 4/15/2013 | 332,133 | EUR | 454,762 | |||||||
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond, 0.75%, 4/15/2018 | 41,155 | EUR | 59,632 | |||||||
Canadian Government Bond, 4.25%, 12/1/2021 | 3,282,089 | CAD | 4,678,684 | |||||||
Canadian Government Bond, 3.00%, 12/1/2036 | 705,978 | CAD | 1,134,789 | |||||||
Canadian Government Bond, 4.00%, 12/1/2031 | 610,011 | CAD | 1,041,245 | |||||||
Canadian Government Bond, 1.50%, 12/1/2044 | 943,470 | CAD | 1,202,257 | |||||||
Deutsche Bundesrepublik Inflation Linked Bond, 1.75%, 4/15/2020 | 148,484 | EUR | 231,090 | |||||||
*Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 4/15/2023 | 330,000 | EUR | 452,989 | |||||||
France Government Bond OAT, 1.10%, 7/25/2022 | 661,620 | EUR | 874,277 | |||||||
France Government Bond OAT, 1.80%, 7/25/2040 | 720,694 | EUR | 1,009,752 | |||||||
France Government Bond OAT, 3.15%, 7/25/2032 | 359,085 | EUR | 602,734 | |||||||
France Government Bond OAT, 2.50%, 7/25/2013 | 936,480 | EUR | 1,307,172 | |||||||
France Government Bond OAT, 1.30%, 7/25/2019 | 836,728 | EUR | 1,157,928 | |||||||
France Government Bond OAT, 3.40%, 7/25/2029 | 675,543 | EUR | 1,143,438 | |||||||
France Government Bond OAT, 2.25%, 7/25/2020 | 767,878 | EUR | 1,125,874 | |||||||
France Government Bond OAT, 1.00%, 7/25/2017 | 388,990 | EUR | 536,153 | |||||||
France Government Bond OAT, 1.60%, 7/25/2015 | 520,925 | EUR | 742,229 | |||||||
France Government Bond OAT, 5.75%, 10/25/2032 | 500,000 | EUR | 868,969 | |||||||
France Government Bond OAT, 2.10%, 7/25/2023 | 861,928 | EUR | 1,255,679 | |||||||
French Treasury Note BTAN, 0.45%, 7/25/2016 | 308,886 | EUR | 419,197 | |||||||
Italy Buoni Poliennali del Tesoro, 2.35%, 9/15/2019 | 535,850 | EUR | 642,345 | |||||||
Italy Buoni Poliennali del Tesoro, 2.60%, 9/15/2023 | 1,657,935 | EUR | 1,840,395 | |||||||
Italy Buoni Poliennali del Tesoro, 2.35%, 9/15/2035 | 347,199 | EUR | 328,007 | |||||||
Italy Buoni Poliennali del Tesoro, 2.10%, 9/15/2017 | 731,361 | EUR | 899,796 | |||||||
Italy Buoni Poliennali del Tesoro, 2.15%, 9/15/2014 | 708,912 | EUR | 943,293 |
Description | Par Value | Value | ||||||||
Italy Buoni Poliennali Del Tesoro, 2.55%, 9/15/2041 | 210,370 | EUR | $ | 201,275 | ||||||
Italy Buoni Poliennali Del Tesoro, 5.50%, 9/1/2022 | 900,000 | EUR | 1,183,643 | |||||||
Italy Buoni Poliennali Del Tesoro, 2.10%, 9/15/2021 | 628,875 | EUR | 691,807 | |||||||
Italy Buoni Poliennali Del Tesoro, 2.10%, 9/15/2016 | 932,778 | EUR | 1,176,863 | |||||||
Japanese Government CPI Linked Bond, | 63,960,000 | JPY | 874,170 | |||||||
Mexican Bonos, 8.50%, 12/13/2018 | 15,154,200 | MXN | 1,355,463 | |||||||
Mexican Udibonos, 3.50%, 12/14/2017 | 31,783,955 | MXN | 2,663,975 | |||||||
Mexican Udibonos, 2.50%, 12/10/2020 | 19,982,428 | MXN | 1,558,237 | |||||||
New South Wales Treasury Corp., 2.75%, 11/20/2025 | 300,000 | AUD | 379,075 | |||||||
New South Wales Treasury Corp., 3.75%, 11/20/2020 | 800,000 | AUD | 1,029,799 | |||||||
Poland Government Bond, 3.00%, 8/24/2016 | 2,290,813 | PLN | 757,538 | |||||||
South Africa Government Bond – CPI Linked, 2.60%, 3/31/2028 | 4,619,123 | ZAR | 623,759 | |||||||
Sweden Government Bond, 4.29%, 12/1/2028 | 4,100,000 | SEK | 1,122,249 | |||||||
Sweden Government Bond, 4.29%, 12/1/2015 | 11,400,000 | SEK | 2,342,484 | |||||||
Sweden Government Bond, 5.11%, 12/1/2020 | 12,000,000 | SEK | 3,033,520 | |||||||
Turkey Government Bond, 9.00%, 5/21/2014 | 1,631,337 | TRY | 1,051,951 | |||||||
U.K. Gilt Inflation Linked, 1.13%, 11/22/2037 | 830,116 | GBP | 1,726,250 | |||||||
U.K. Gilt Inflation Linked, 0.50%, 3/22/2050 | 224,776 | GBP | 423,338 | |||||||
U.K. Gilt Inflation Linked, 0.13%, 3/22/2029 | 252,545 | GBP | 422,653 | |||||||
U.K. Gilt Inflation Linked, 2.50%, 4/16/2020 | 700,000 | GBP | 4,160,071 | |||||||
U.K. Gilt Inflation Linked, 0.63%, 11/22/2042 | 914,352 | GBP | 1,756,118 | |||||||
U.K. Gilt Inflation Linked, 1.25%, 11/22/2027 | 2,339,464 | GBP | 4,664,652 | |||||||
U.K. Gilt Inflation Linked, 0.75%, 11/22/2047 | 1,385,232 | GBP | 2,807,528 | |||||||
U.K. Gilt Inflation Linked, 1.25%, 11/22/2032 | 331,368 | GBP | 682,667 | |||||||
U.K. Gilt Inflation Linked, 0.75%, 3/22/2034 | 3,821,212 | GBP | 7,153,216 | |||||||
U.K. Gilt Inflation Linked, 1.25%, 11/22/2055 | 499,140 | GBP | 1,223,751 | |||||||
U.K. Gilt Inflation Linked, 1.25%, 11/22/2017 | 990,424 | GBP | 1,866,701 | |||||||
U.K. Gilt Inflation Linked, 1.88%, 11/22/2022 | 7,463,616 | GBP | 15,383,918 | |||||||
U.K. Gilt Inflation Linked, 2.50%, 7/17/2024 | 200,000 | GBP | 1,068,357 | |||||||
TOTAL GOVERNMENT | $ | 105,441,980 | ||||||||
TOTAL FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES (COST $100,288,212) | $ | 106,207,862 | ||||||||
ASSET-BACKED SECURITIES – 0.1% | ||||||||||
1,6,7SLM Student Loan Trust, 2.16%, | $ | 33,783 | 33,932 | |||||||
1,6,7Venture CDO Ltd, 0.70%, 1/20/2022 | 400,000 | 377,426 | ||||||||
TOTAL ASSET-BACKED SECURITIES | $ | 411,358 | ||||||||
TOTAL ASSET-BACKED SECURITIES (COST $392,956) | $ | 411,358 | ||||||||
MORTGAGE-BACKED SECURITIES – 0.4% | ||||||||||
DIVERSIFIED – 0.2% | ||||||||||
1,6,7Arran Residential Mortgages Funding PLC, 2.49%, 11/19/2047 | 400,000 | 531,131 |
(Wilmington Multi-Manager Real Asset Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 59 |
Wilmington Multi-Manager Real Asset Fund (continued)
Description | Par Value | Value | ||||||
WHOLE LOAN – 0.2% | ||||||||
1WAMU Mortgage Pass-Through Certificates, 2.27%, 11/25/2036 | 531,136 | $ | 346,162 | |||||
1WAMU Mortgage Pass-Through Certificates, 2.69%, 3/25/2037 | 240,655 | 184,047 | ||||||
TOTAL WHOLE LOAN | $ | 530,209 | ||||||
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,129,983) | $ | 1,061,340 | ||||||
TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (COST $177,913,153) | $ | 185,804,909 | ||||||
Number of Shares | ||||||||
REAL ESTATE RELATED SECURITIES –34.2% | ||||||||
COMMON STOCKS – 11.1% | ||||||||
DEPARTMENT STORES – 0.4% | ||||||||
Lifestyle International Holdings Ltd. | 600,400 | 1,408,400 | ||||||
DIVERSIFIED – 0.2% | ||||||||
Shaftesbury PLC | 69,733 | 578,864 | ||||||
DIVERSIFIED REAL ESTATE | ||||||||
CapitaLand Ltd. | 710,050 | 1,686,907 | ||||||
City Developments Ltd. | 131,000 | 1,073,406 | ||||||
Daito Trust Construction Co. Ltd. | 7,901 | 713,505 | ||||||
Daiwa House Industry Co. Ltd. | 86,700 | 1,122,843 | ||||||
Evergrande Real Estate Group Ltd. | 981,000 | 567,713 | ||||||
Great Eagle Holdings Ltd. | 61,100 | 180,339 | ||||||
Hang Lung Group Ltd. | 41,900 | 263,001 | ||||||
Hang Lung Properties Ltd. | 483,999 | 1,790,359 | ||||||
Kerry Properties Ltd. | 378,000 | 1,727,117 | ||||||
Mitsubishi Estate Co. Ltd. | 159,120 | 2,838,012 | ||||||
Mitsui Fudosan Co. Ltd. | 165,589 | 3,063,313 | ||||||
Nomura Real Estate Holdings, Inc. | 15,800 | 278,439 | ||||||
Sumitomo Realty & Development Co. Ltd. | 11,000 | 265,080 | ||||||
Sun Hung Kai Properties Ltd. | 80,353 | 969,375 | ||||||
Wharf Holdings Ltd. | 62,000 | 369,987 | ||||||
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES | $ | 16,909,396 | ||||||
FINANCIAL – 0.2% | ||||||||
Goodman Group | 130,443 | 489,294 | ||||||
Investa Office Fund | 143,300 | 407,620 | ||||||
TOTAL FINANCIAL | $ | 896,914 | ||||||
HOTELS, RESORTS & CRUISE | ||||||||
Melia Hotels International SA | 105,000 | 628,226 | ||||||
Shangri-La Asia, Ltd. | 482,416 | 1,024,691 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 26,400 | 1,562,880 | ||||||
TOTAL HOTELS, RESORTS & CRUISE LINES | $ | 3,215,797 | ||||||
OFFICE – 0.1% | ||||||||
CapitaCommercial Trust | 405,000 | 422,182 |
Description | Number of Shares | Value | ||||||
REAL ESTATE DEVELOPMENT – 1.3% | ||||||||
Cheung Kong Holdings Ltd. | 106,410 | $ | 1,415,389 | |||||
China Overseas Land & Investment Ltd. | 561,000 | 1,216,193 | ||||||
China Resources Land Ltd. | 118,000 | 227,220 | ||||||
Guangzhou R&F Properties Co. Ltd. | 320,000 | 427,291 | ||||||
Keppel Land Ltd. | 58,000 | 148,574 | ||||||
*Longfor Properties Co. Ltd. | 187,700 | 298,534 | ||||||
Sino Land Co. Ltd. | 392,500 | 677,889 | ||||||
Wing Tai Holdings Ltd. | 290,000 | 277,697 | ||||||
TOTAL REAL ESTATE DEVELOPMENT | $ | 4,688,787 | ||||||
REAL ESTATE OPERATING | ||||||||
Aeon Mall Co. Ltd. | 48,700 | 1,086,356 | ||||||
Brookfield Office Properties, Inc. | 67,400 | 1,223,984 | ||||||
Castellum AB | 45,490 | 575,622 | ||||||
Central Pattana PCL, Receipt | 23,000 | 37,585 | ||||||
Central Pattana PCL | 537,000 | 877,537 | ||||||
*Country Garden Holdings Co. Ltd. | 847,000 | 367,898 | ||||||
*Global Logistic Properties Ltd. | 398,300 | 663,029 | ||||||
*GSW Immobilien AG | 6,847 | 227,898 | ||||||
Hongkong Land Holdings Ltd. | 250,681 | 1,556,729 | ||||||
Hufvudstaden AB | 10,220 | 109,859 | ||||||
Hysan Development Co. Ltd. | 341,784 | 1,548,428 | ||||||
Safestore Holdings PLC | 66,300 | 120,510 | ||||||
Sonae Sierra Brasil SA | 6,700 | 108,260 | ||||||
TOTAL REAL ESTATE OPERATING COMPANIES | $ | 8,503,695 | ||||||
RESIDENTIAL – 0.0%** | ||||||||
Advance Residence Investment Corp. | 52 | 100,561 | ||||||
RETAIL – 0.8% | ||||||||
DDR Corp. | 90,510 | 1,339,548 | ||||||
General Growth Properties, Inc. | 50,674 | 901,997 | ||||||
Westfield Retail Trust | 220,863 | 625,948 | ||||||
TOTAL RETAIL | $ | 2,867,493 | ||||||
TOTAL COMMON STOCKS (COST $32,057,679) | $ | 39,592,089 | ||||||
REAL ESTATE INVESTMENT TRUSTS – 18.9% | ||||||||
DIVERSIFIED – 2.6% | ||||||||
British Land Co. PLC | 28,818 | 228,887 | ||||||
Canadian Real Estate Investment Trust | 4,388 | 171,860 | ||||||
Dexus Property Group | 661,214 | 644,169 | ||||||
Fonciere Des Regions | 4,726 | 366,277 | ||||||
GPT Group | 245,996 | 838,151 | ||||||
*ICADE | 15,650 | 1,320,221 | ||||||
Kenedix Realty Investment Corp. | 46 | 160,747 | ||||||
Land Securities Group PLC | 150,946 | 1,782,161 | ||||||
Liberty Property Trust | 18,300 | 667,035 | ||||||
Mirvac Group | 75,475 | 101,840 | ||||||
Segro PLC | 64,428 | 231,183 |
(Wilmington Multi-Manager Real Asset Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
60 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager Real Asset Fund (continued)
Description | Number of Shares | Value | ||||||
Stockland | 405,714 | $ | 1,310,473 | |||||
United Urban Investment Corp. | 161 | 190,159 | ||||||
Vornado Realty Trust | 13,997 | 1,201,503 | ||||||
TOTAL DIVERSIFIED | $ | 9,214,666 | ||||||
DIVERSIFIED REAL ESTATE | ||||||||
*Tokyo Tatemono Co. Ltd. | 106,000 | 395,641 | ||||||
INDUSTRIAL – 0.9% | ||||||||
Ascendas Real Estate Investment Trust | 33,000 | 55,467 | ||||||
Prologis, Inc. | 89,121 | 3,188,749 | ||||||
TOTAL INDUSTRIAL | $ | 3,244,216 | ||||||
OFFICE – 3.1% | ||||||||
Alexandria Real Estate Equities, Inc. | 11,400 | 854,088 | ||||||
Boston Properties, Inc. | 32,300 | 3,496,475 | ||||||
Derwent London PLC | 53,158 | 1,502,828 | ||||||
Douglas Emmett, Inc. | 36,200 | 841,288 | ||||||
Great Portland Estates PLC | 136,614 | 798,382 | ||||||
Highwoods Properties, Inc. | 8,000 | 277,840 | ||||||
Japan Real Estate Investment Corp. | 59 | 523,196 | ||||||
Kilroy Realty Corp. | 6,800 | 322,660 | ||||||
Nippon Building Fund, Inc. | 31 | 295,478 | ||||||
SL Green Realty Corp. | 21,600 | 1,780,704 | ||||||
Societe Immobiliere de Location pour l’industrie et le Commerce | 1,430 | 150,901 | ||||||
TOTAL OFFICE | $ | 10,843,840 | ||||||
RESIDENTIAL – 3.5% | ||||||||
American Campus Communities, Inc. | 15,300 | 680,085 | ||||||
AvalonBay Communities, Inc. | 10,329 | 1,501,837 | ||||||
Boardwalk Real Estate Investment Trust | 23,200 | 1,381,174 | ||||||
BRE Properties, Inc. | 12,800 | 672,000 | ||||||
Equity Residential | 46,900 | 2,881,536 | ||||||
Essex Property Trust, Inc. | 16,500 | 2,606,505 | ||||||
Nippon Accommodations Fund, Inc. | 25 | 165,644 | ||||||
Post Properties, Inc. | 11,300 | 550,310 | ||||||
UDR, Inc. | 67,919 | 1,788,307 | ||||||
TOTAL RESIDENTIAL | $ | 12,227,398 | ||||||
RETAIL – 6.0% | ||||||||
Calloway Real Estate Investment Trust | 3,900 | 108,490 | ||||||
CapitaMall Trust | 279,542 | 406,607 | ||||||
Corio NV | 9,100 | 407,263 | ||||||
Federal Realty Investment Trust | 12,100 | 1,217,986 | ||||||
Frasers Centrepoint Trust | 44,000 | 56,711 | ||||||
Hammerson PLC | 201,459 | 1,365,336 | ||||||
Japan Retail Fund Investment Corp. | 192 | 306,613 | ||||||
Kimco Realty Corp. | 36,300 | 704,583 | ||||||
Klepierre | 22,380 | 708,614 |
Description | Number of Shares | Value | ||||||
Link REIT | 142,800 | $ | 594,490 | |||||
Macerich Co. | 19,584 | 1,205,787 | ||||||
Primaris Retail Real Estate Investment Trust | 5,000 | 117,275 | ||||||
RioCan Real Estate Investment Trust | 60,558 | 1,663,759 | ||||||
Simon Property Group, Inc. | 43,069 | 6,701,536 | ||||||
Tanger Factory Outlet Centers | 9,000 | 281,880 | ||||||
Taubman Centers, Inc. | 17,500 | 1,350,650 | ||||||
Unibail-Rodamco SE | 13,487 | 2,520,801 | ||||||
Westfield Group | 152,785 | 1,470,954 | ||||||
TOTAL RETAIL | $ | 21,189,335 | ||||||
SPECIALIZED – 2.7% | ||||||||
HCP, Inc. | 35,800 | 1,483,910 | ||||||
Health Care REIT, Inc. | 36,000 | 2,039,760 | ||||||
Host Hotels & Resorts, Inc. | 101,314 | 1,685,865 | ||||||
Pebblebrook Hotel Trust | 9,400 | 226,352 | ||||||
Public Storage | 14,200 | 2,034,292 | ||||||
Ventas, Inc. | 36,884 | 2,168,410 | ||||||
TOTAL SPECIALIZED | $ | 9,638,589 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $47,031,272) | $ | 66,753,685 | ||||||
RIGHTS – 0.0%** | ||||||||
FINANCIAL – 0.0%** | ||||||||
*GSW Immobilien AG, exp. 05/02/12 | 6,838 | 6,698 | ||||||
TOTAL RIGHTS (COST $–) | $ | 6,698 | ||||||
EXCHANGE-TRADED FUNDS – 4.2% | ||||||||
EQUITY FUNDS – 4.2% | ||||||||
SPDR Dow Jones International Real Estate ETF | 215,000 | 8,041,000 | ||||||
Vanguard REIT ETF | 100,000 | 6,547,000 | ||||||
TOTAL EQUITY FUNDS | $ | 14,588,000 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (COST $13,395,731) | $ | 14,588,000 | ||||||
TOTAL REAL ESTATE RELATED SECURITIES (COST $92,484,682) | $ | 120,940,472 | ||||||
COMMODITY RELATED SECURITIES – 11.5% | ||||||||
EXCHANGE-TRADED FUNDS – 4.6% | ||||||||
*PowerShares DB Commodity Index Tracking Fund | 568,000 | 16,136,880 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (COST $15,217,256) | $ | 16,136,880 | ||||||
INVESTMENT COMPANIES – 5.4% | ||||||||
*Credit Suisse Commodity Return Strategy Fund | 1,724,196 | 14,103,925 | ||||||
PIMCO Commodity RealReturn Strategy Fund | 711,399 | 4,787,718 | ||||||
TOTAL INVESTMENT COMPANIES (COST $17,761,101) | $ | 18,891,643 |
(Wilmington Multi-Manager Real Asset Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 61 |
Wilmington Multi-Manager Real Asset Fund (continued)
Description | Par Value | Value | ||||||
STRUCTURED NOTE – 1.5% | ||||||||
2 Deutsche Bank AG, London Branch, Structured Note Linked to Dow Jones-UBS Commodity Index, 0.12%, 08/01/12 | $ | 7,869,000 | $ | 5,433,544 | ||||
TOTAL STRUCTURED NOTE (COST $7,869,000) | $ | 5,433,544 | ||||||
TOTAL COMMODITY RELATED SECURITIES (COST $40,847,357) | $ | 40,462,067 | ||||||
Description | Contracts | |||||||
PURCHASED OPTION – 0.0%** | ||||||||
PUT OPTION – 0.0%** | ||||||||
U.S. 30Y Futures, Strike Price 3.88%, Expiring 4/14/2014 | 600,000 | 25,479 | ||||||
TOTAL PURCHASED OPTION (COST $30,510) | $ | 25,479 |
Number of Shares | ||||||||
SHORT-TERM INVESTMENTS – 4.3% | ||||||||
MONEY MARKET FUNDS – 4.3% |
| |||||||
8Dreyfus Cash Management Fund, Institutional Shares, 0.06% | 13,205,386 | 13,205,386 | ||||||
8,9Wilmington Prime Money Market Fund, Select Shares, 0.04% | 1,774,134 | 1,774,134 | ||||||
TOTAL MONEY MARKET FUNDS (COST $14,979,520) | $ | 14,979,520 | ||||||
Par Value | ||||||||
REPURCHASE AGREEMENT – 0.0%** | ||||||||
Deutsche Bank Securities, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $200,001, collateralized by a U.S. Treasury Note 0.63%, maturing 10/31/16; total market value of $202,000. | $ | 200,000 | 200,000 | |||||
TOTAL REPURCHASE AGREEMENT (COST $200,000) | $ | 200,000 | ||||||
TOTAL SHORT-TERM INVESTMENTS (COST $15,179,520) | $ | 15,179,520 | ||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES – 0.1% | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.1% | ||||||||
REPURCHASE AGREEMENTS – 0.1% | ||||||||
HSBC Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $210,258, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 06/04/12 to 04/15/30; total market value of $214,466. | 210,257 | 210,257 | ||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $210,257) | $ | 210,257 |
Description | Number of | Value | ||||||
OPEN-END FUND – 0.0%** | ||||||||
DEBT FUND – 0.0% | ||||||||
Aberdeen Deposit Fund | 75,975 | $ | 75,975 | |||||
TOTAL OPEN-END FUND (COST $75,975) | $ | 75,975 | ||||||
TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (COST $286,232) | $ | 286,232 | ||||||
TOTAL INVESTMENTS IN SECURITIES BEFORE WRITTEN OPTIONS – 103.1% (COST $326,741,454) | $ | 362,698,679 |
Contracts | ||||||||
WRITTEN OPTIONS – 0.0%** | ||||||||
CALL OPTIONS – 0.0%** | ||||||||
INF FLOOR USD, Strike Price $216.69, Expiring 4/7/2020 | (260 | ) | (3,517 | ) | ||||
U.S. 1Y Futures, Strike Price 0.80%, Expiring 10/11/2012 | (60 | ) | (1,681 | ) | ||||
U.S. 1Y Futures, Strike Price 0.80%, Expiring 10/11/2012 | (40 | ) | (1,121 | ) | ||||
U.S. 2Y Futures, Strike Price 1.06%, Expiring 10/11/2012 | (120 | ) | (10,994 | ) | ||||
U.S. 2Y Futures, Strike Price 0.92%, Expiring 11/14/2012 | (140 | ) | (9,072 | ) | ||||
U.S. 3Y Futures, Strike Price 1.70%, Expiring 3/18/2013 | (230 | ) | (46,292 | ) | ||||
U.S. 5Y Futures, Strike Price 1.70%, Expiring 3/18/2013 | (80 | ) | (16,102 | ) | ||||
U.S. 5Y Futures, Strike Price 1.50%, Expiring 9/24/2012 | (150 | ) | (23,798 | ) | ||||
TOTAL CALL OPTIONS | $ | (112,577 | ) | |||||
PUT OPTIONS – 0.0%** | ||||||||
U.S. 10Y Futures, Strike Price 10.00%, Expiring 7/10/2012 | (40 | ) | 0 | |||||
U.S. 10Y Futures, Strike Price 10.00%, Expiring 7/10/2012 | (30 | ) | 0 | |||||
U.S. 1Y Futures, Strike Price 0.80%, Expiring 10/11/2012 | (60 | ) | (143 | ) | ||||
U.S. 1Y Futures, Strike Price 0.80%, Expiring 10/11/2012 | (40 | ) | (96 | ) | ||||
U.S. 2Y Futures, Strike Price 1.06%, Expiring 10/11/2012 | (120 | ) | (552 | ) | ||||
U.S. 2Y Futures, Strike Price 0.92%, Expiring 11/14/2012 | (140 | ) | (1,262 | ) | ||||
U.S. 3Y Futures, Strike Price 1.70%, Expiring 3/18/2013 | (230 | ) | (19,335 | ) | ||||
U.S. 3Y Futures, Strike Price 1.70%, Expiring 3/18/2013 | (80 | ) | (6,725 | ) | ||||
U.S. 5Y Futures, Strike Price 1.50%, Expiring 9/24/2012 | (150 | ) | (5,867 | ) | ||||
U.S. 5Y Futures, Strike Price 2.85%, Expiring 4/14/2014 | (270 | ) | (26,640 | ) | ||||
TOTAL PUT OPTIONS | $ | (60,620 | ) |
(Wilmington Multi-Manager Real Asset Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
62 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager Real Asset Fund (concluded)
Description | Contracts | Value | ||||
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $189,785) | $ | (173,197 | ) | |||
OTHER LIABILITIES LESS ASSETS – (3.1)% | (10,837,416 | ) | ||||
TOTAL NET ASSETS – 100.0% | $ | 351,688,066 |
See Notes to Portfolios of Investments
April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO PORTFOLIOS OF INVESTMENTS | 63 |
Cost of investments for Federal income tax purposes is $344,095,278. The net unrealized appreciation/(depreciation) of investments was $18,603,401. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $33,520,564 and net unrealized depreciation from investments for those securities having an excess of cost over value of $14,917,163.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets and Liabilities carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Inflation-Linked & Fixed Income Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 7,033,027 | $ | — | $ | 7,033,027 | ||||||||
Exchange-Traded Funds | 7,320,446 | — | — | 7,320,446 | ||||||||||||
Variable Rate Demand Notes | — | 4,609,253 | — | 4,609,253 | ||||||||||||
U.S. Government Inflation-Linked Securities | — | 59,161,623 | — | 59,161,623 | ||||||||||||
Foreign Government Inflation-Linked Securities | — | 106,207,862 | — | 106,207,862 | ||||||||||||
Asset-backed Securities | — | 411,358 | — | 411,358 | ||||||||||||
Mortgage-backed Securities | — | 1,061,340 | — | 1,061,340 | ||||||||||||
Real Estate Related Securities | ||||||||||||||||
Common Stocks | 38,469,246 | 1,122,843 | — | 39,592,089 | ||||||||||||
Real Estate Investment Trusts | 66,753,685 | — | — | 66,753,685 | ||||||||||||
Rights | 6,698 | — | — | 6,698 | ||||||||||||
Exchange-Traded Funds | 14,588,000 | — | — | 14,588,000 | ||||||||||||
Commodity Related Securities | ||||||||||||||||
Exchange-Traded Funds | 16,136,880 | — | — | 16,136,880 | ||||||||||||
Investment Companies | 18,891,643 | — | — | 18,891,643 | ||||||||||||
Structured Note | — | 5,433,544 | — | 5,433,544 | ||||||||||||
Purchased Option | — | 25,479 | — | 25,479 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Money Market Fund | 14,979,520 | — | — | 14,979,520 | ||||||||||||
Repurchase Agreement | — | 200,000 | — | 200,000 | ||||||||||||
Cash Collateral for Securities on Loan | — | 210,257 | — | 210,257 | ||||||||||||
Open-end-fund | — | 75,975 | — | 75,975 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 177,146,118 | 185,552,561 | — | 362,698,679 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments^ | ||||||||||||||||
Credit Default Swaps | — | 20,552 | — | 20,552 | ||||||||||||
Interest Rate Swaps | — | 140,607 | — | 140,607 | ||||||||||||
Forward Foreign Currency Contracts | — | 1,672,904 | — | 1,672,904 | ||||||||||||
Financial Futures Contracts | — | 12,968 | — | 12,968 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 177,146,118 | $ | 187,399,592 | $ | — | $ | 364,545,710 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments^ | ||||||||||||||||
Written Options | $ | — | $ | (173,197 | ) | $ | — | $ | (173,197 | ) | ||||||
Forward Foreign Currency Contracts | — | (1,972,571 | ) | — | (1,972,571 | ) | ||||||||||
Financial Futures Contracts | — | (59,360 | ) | — | (59,360 | ) | ||||||||||
Credit Default Swaps | — | (8,383 | ) | — | (8,383 | ) | ||||||||||
Interest Rate Swaps | — | (82,026 | ) | — | (82,026 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | (2,295,537 | ) | $ | — | $ | (2,295,537 | ) | ||||||
|
|
|
|
|
|
|
|
^ | Other financial instruments are derivative instruments not reflected in the value of total investments in the Portfolio of Investments such as forward foreign currency contracts, financial futures contracts and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Written options are reported at their market value at period end. |
ANNUAL REPORT / April 30, 2012
Table of Contents
64 | NOTES TO PORTFOLIOS OF INVESTMENTS |
At April 30, 2012, the Wilmington Multi-Manager Real Asset Fund had the following outstanding forward foreign currency contracts, which contractually obligate the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:
Settlement Date | Counterparty | Contracts to Deliver/Receive | Contract Amount | Contract at Value | Net Unrealized Appreciation (Depreciation) | |||||||||||||||
CONTRACTS PURCHASED | ||||||||||||||||||||
5/2/2012 | Barclays Bank International | 19,755,000 Great British Pound | $31,663,314 | $32,060,437 | $397,123 | |||||||||||||||
5/4/2012 | Brown Brothers Harriman | 25,965 Singapore Dollar | 20,989 | 20,982 | (7 | ) | ||||||||||||||
5/11/2012 | Societe General Securities | 558,600 Australian Dollar | 571,963 | 581,288 | 9,325 | |||||||||||||||
5/11/2012 | Societe General Securities | 111,870 Canadian Dollar | 112,563 | 113,218 | 655 | |||||||||||||||
5/11/2012 | UBS | 1,690,673 Swedish Krona | 250,827 | 251,421 | 595 | |||||||||||||||
5/11/2012 | UBS | 365,294 Australian Dollar | 380,297 | 380,131 | (166 | ) | ||||||||||||||
5/11/2012 | UBS | 74,761 Euro | 99,720 | 98,966 | (754 | ) | ||||||||||||||
5/11/2012 | UBS | 75,478 Great British Pound | 120,528 | 122,484 | 1,956 | |||||||||||||||
5/11/2012 | Societe General Securities | 10,550,469 Japanese Yen | 125,675 | 132,158 | 6,484 | |||||||||||||||
5/11/2012 | UBS | 568,475 Great British Pound | 900,594 | 922,508 | 21,914 | |||||||||||||||
5/11/2012 | UBS | 850,307 Euro | 1,133,920 | 1,125,598 | (8,322 | ) | ||||||||||||||
5/11/2012 | Societe General Securities | 263,000 Euro | 345,478 | 348,147 | 2,669 | |||||||||||||||
5/14/2012 | Barclays Bank International | 1,490,109 Polish Zloty | 471,255 | 471,816 | 561 | |||||||||||||||
5/15/2012 | HSBC Securities Inc | 417 Singapore Dollar | 330 | 337 | 7 | |||||||||||||||
5/17/2012 | JP Morgan Securities | 75,000 Australian Dollar | 77,392 | 77,992 | 600 | |||||||||||||||
5/17/2012 | Citigroup Global Markets | 76,000 Australian Dollar | 78,883 | 79,032 | 148 | |||||||||||||||
5/17/2012 | Barclays Bank International | 92,000 Australian Dollar | 95,493 | 95,670 | 177 | |||||||||||||||
5/17/2012 | Deutsche Bank | 220,000 Australian Dollar | 226,228 | 228,776 | 2,548 | |||||||||||||||
5/17/2012 | Citigroup Global Markets | 100,000 Australian Dollar | 103,128 | 103,989 | 861 | |||||||||||||||
5/17/2012 | Barclays Bank International | 136,000 Australian Dollar | 139,684 | 141,425 | 1,741 | |||||||||||||||
5/17/2012 | Citigroup Global Markets | 106,000 Australian Dollar | 110,021 | 110,228 | 207 | |||||||||||||||
5/17/2012 | Barclays Bank International | 120,000 Australian Dollar | 125,417 | 124,787 | (630 | ) | ||||||||||||||
5/17/2012 | Credit Suisse | 63,000 Euro | 82,601 | 83,398 | 797 | |||||||||||||||
5/17/2012 | JP Morgan Securities | 89,000 Euro | 118,750 | 117,817 | (933 | ) | ||||||||||||||
5/17/2012 | Barclays Bank International | 1,877,000 Euro | 2,480,406 | 2,484,747 | 4,341 | |||||||||||||||
5/17/2012 | JP Morgan Securities | 293,000 Euro | 390,260 | 387,869 | (2,391 | ) | ||||||||||||||
6/8/2012 | Citigroup Global Markets | 22,520 Phillipine Peso | 522 | 531 | 9 | |||||||||||||||
6/21/2012 | JP Morgan Securities | 50,000 Canadian Dollar | 49,774 | 50,554 | 780 | |||||||||||||||
7/12/2012 | Citigroup Global Markets | 907,700 Korea Won | 804 | 799 | (5 | ) | ||||||||||||||
7/12/2012 | JP Morgan Securities | 41,559,110 Indian Rupee | 894,129 | 776,179 | (117,950 | ) | ||||||||||||||
2/1/2013 | Barclays Bank International | 4,678,475 Chinese Yuan | 742,026 | 738,475 | (3,551 | ) | ||||||||||||||
CONTRACTS SOLD | ||||||||||||||||||||
5/1/2012 | Bank of New York | 3,163 Australian Dollar | 3,276 | 3,295 | (19 | ) | ||||||||||||||
5/1/2012 | Bank of New York | 913 Australian Dollar | 946 | 951 | (5 | ) | ||||||||||||||
5/1/2012 | Bank of New York | 4,760 Great British Pound | 7,695 | 7,725 | (30 | ) | ||||||||||||||
5/1/2012 | Bank of New York | 1,955 Great British Pound | 3,160 | 3,173 | (13 | ) | ||||||||||||||
5/1/2012 | Bank of New York | 1,579 Great British Pound | 2,553 | 2,563 | (10 | ) | ||||||||||||||
5/1/2012 | Bank of New York | 3,845 Great British Pound | 6,215 | 6,240 | (25 | ) | ||||||||||||||
5/2/2012 | Bank of New York | 109,250 Hong Kong Dollar | 14,079 | 14,081 | (2 | ) | ||||||||||||||
5/2/2012 | Royal Bank of Canada | 3,106,000 Great British Pound | 4,934,797 | 5,040,735 | (105,938 | ) | ||||||||||||||
5/2/2012 | Bank of New York | 18,385 Hong Kong Dollar | 2,369 | 2,369 | — | |||||||||||||||
5/3/2012 | Brown Brothers Harriman | 562,206 Hong Kong Dollar | 72,464 | 72,462 | 2 | |||||||||||||||
5/11/2012 | UBS | 8,728,700 Swedish Krona | 1,286,189 | 1,298,051 | (11,862 | ) | ||||||||||||||
5/11/2012 | UBS | 1,304,000 Australian Dollar | 1,371,714 | 1,356,963 | 14,751 | |||||||||||||||
5/11/2012 | UBS | 255,710 Great British Pound | 407,317 | 414,960 | (7,643 | ) |
April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO PORTFOLIOS OF INVESTMENTS | 65 |
Settlement Date | Counterparty | Contracts to Deliver/Receive | Contract Amount | Contract at Value | Net Unrealized Appreciation (Depreciation) | |||||||||||||||
5/11/2012 | Societe General Securities | 7,377,000 Great British Pound | $11,596,607 | $11,971,225 | $(374,618 | ) | ||||||||||||||
5/11/2012 | Societe General Securities | 67,924 Canadian Dollar | 68,354 | 68,743 | (389 | ) | ||||||||||||||
5/11/2012 | UBS | 1,361,386 Swedish Krona | 202,679 | 202,453 | 226 | |||||||||||||||
5/11/2012 | UBS | 183,365 Australian Dollar | 190,395 | 190,813 | (418 | ) | ||||||||||||||
5/11/2012 | UBS | 281,518 Euro | 369,408 | 372,661 | (3,253 | ) | ||||||||||||||
5/11/2012 | UBS | 851,439 Swedish Krona | 128,163 | 126,618 | 1,545 | |||||||||||||||
5/11/2012 | Societe General Securities | 92,438 Australian Dollar | 96,072 | 96,192 | (120 | ) | ||||||||||||||
5/11/2012 | UBS | 426,814 Euro | 562,877 | 564,997 | (2,120 | ) | ||||||||||||||
5/11/2012 | Societe General Securities | 980,300 Canadian Dollar | 990,515 | 992,118 | (1,603 | ) | ||||||||||||||
5/11/2012 | Societe General Securities | 7,323,000 Euro | 9,624,165 | 9,693,855 | (69,690 | ) | ||||||||||||||
5/11/2012 | UBS | 78,405,000 Japanese Yen | 953,651 | 982,125 | (28,474 | ) | ||||||||||||||
5/11/2012 | UBS | 687,210 Great British Pound | 1,086,475 | 1,115,189 | (28,714 | ) | ||||||||||||||
5/11/2012 | UBS | 112,899 Canadian Dollar | 112,857 | 114,260 | (1,403 | ) | ||||||||||||||
5/11/2012 | Societe General Securities | 1,113,591 Euro | 1,474,154 | 1,474,121 | 33 | |||||||||||||||
5/11/2012 | UBS | 154,200 Great British Pound | 245,668 | 250,232 | (4,564 | ) | ||||||||||||||
5/11/2012 | Societe General Securities | 344,747 Swedish Krona | 51,054 | 51,268 | (214 | ) | ||||||||||||||
5/14/2012 | JP Morgan Securities | 1,490,109 Polish Zloty | 454,530 | 471,816 | (17,286 | ) | ||||||||||||||
5/17/2012 | Royal Bank of Canada | 72,000 Euro | 95,377 | 95,312 | 65 | |||||||||||||||
5/17/2012 | HSBC Securities Inc | 6,615,000 Australian Dollar | 6,910,691 | 6,878,866 | 31,825 | |||||||||||||||
5/17/2012 | Barclays Bank International | 59,000 Euro | 78,279 | 78,103 | 176 | |||||||||||||||
5/17/2012 | Citigroup Global Markets | 200,000 Euro | 263,914 | 264,757 | (843 | ) | ||||||||||||||
5/17/2012 | Barclays Bank International | 6,796,000 Euro | 8,999,433 | 8,996,451 | 2,982 | |||||||||||||||
5/24/2012 | Deutsche Bank | 1,258,000 Swedish Krona | 187,781 | 186,974 | 807 | |||||||||||||||
5/24/2012 | Barclays Bank International | 30,886,000 Swedish Krona | 4,603,186 | 4,590,522 | 12,664 | |||||||||||||||
6/1/2012 | HSBC Securities Inc | 1,263,000 Chinese Yuan | 200,000 | 199,955 | 45 | |||||||||||||||
6/1/2012 | Credit Suisse | 600,923 Chinese Yuan | 95,000 | 95,137 | (137 | ) | ||||||||||||||
6/1/2012 | Barclays Bank International | 945,525 Chinese Yuan | 150,000 | 149,693 | 307 | |||||||||||||||
6/1/2012 | Barclays Bank International | 1,832,510 Chinese Yuan | 290,000 | 290,118 | (118 | ) | ||||||||||||||
6/1/2012 | Barclays Bank International | | 19,755,000 Great British Pound | | 31,657,388 | 32,053,328 | (395,940 | ) | ||||||||||||
6/4/2012 | Morgan Stanley & C0 | 18,525,558 Brazil Real | 10,602,391 | 9,646,249 | 956,142 | |||||||||||||||
6/4/2012 | Morgan Stanley & Co | 3,703,400 Brazil Real | 2,000,000 | 1,928,359 | 71,641 | |||||||||||||||
6/7/2012 | Barclays Bank International | 24,175,000 Japanese Yen | 294,204 | 302,898 | (8,694 | ) | ||||||||||||||
6/14/2012 | Credit Suisse | 5,563,000 Euro | 7,302,634 | 7,365,237 | (62,603 | ) | ||||||||||||||
6/15/2012 | Barclays Bank International | 13,510,419 Mexican Peso | 1,050,658 | 1,032,588 | 18,070 | |||||||||||||||
6/15/2012 | HSBC Securities Inc | 58,715,665 Mexican Peso | 4,570,557 | 4,487,582 | 82,975 | |||||||||||||||
6/21/2012 | Goldman Sachs Group LP | 299,000 Canadian Dollar | 304,529 | 302,315 | 2,214 | |||||||||||||||
6/21/2012 | Barclays Bank International | 5,525,000 Canadian Dollar | 5,577,738 | 5,586,252 | (8,514 | ) | ||||||||||||||
6/21/2012 | JP Morgan Securities | 1,350,000 Canadian Dollar | 1,352,479 | 1,364,966 | (12,487 | ) | ||||||||||||||
7/2/2012 | JP Morgan Securities | 19,780 Indonesian Rupiah | 2 | 2 | — | |||||||||||||||
7/12/2012 | JP Morgan Securities | 10,674,316 Indian Rupee | 208,973 | 199,359 | 9,614 | |||||||||||||||
7/12/2012 | Barclays Bank International | 5,267,000 Indian Rupee | 100,000 | 98,369 | 1,631 | |||||||||||||||
7/12/2012 | Barclays Bank International | 2,904,400 Indian Rupee | 53,000 | 54,244 | (1,244 | ) | ||||||||||||||
7/12/2012 | Barclays Bank International | 5,019,000 Indian Rupee | 100,000 | 93,737 | 6,263 | |||||||||||||||
7/12/2012 | Barclays Bank International | 5,318,000 Indian Rupee | 100,000 | 99,322 | 678 | |||||||||||||||
7/12/2012 | Barclays Bank International | 5,100,000 Indian Rupee | 100,000 | 95,250 | 4,750 | |||||||||||||||
7/12/2012 | JP Morgan Securities | 2,777,500 Indian Rupee | 50,000 | 51,874 | (1,874 | ) | ||||||||||||||
7/12/2012 | Deutsche Bank | 2,471,056 Indian Rupee | 44,620 | 46,151 | (1,531 | ) |
ANNUAL REPORT / April 30, 2012
Table of Contents
66 | NOTES TO PORTFOLIOS OF INVESTMENTS |
Settlement Date | Counterparty | Contracts to Deliver/Receive | Contract Amount | Contract at Value | Net Unrealized Appreciation (Depreciation) | |||||||||||||||
7/12/2012 | HSBC Securities Inc | 1,469,610 Indian Rupee | $27,000 | $27,447 | $(447 | ) | ||||||||||||||
7/12/2012 | HSBC Securities Inc | 279,050 Indian Rupee | 5,000 | 5,212 | (212 | ) | ||||||||||||||
7/12/2012 | Goldman Sachs Group LP | 278,850 Indian Rupee | 5,000 | 5,208 | (208 | ) | ||||||||||||||
7/26/2012 | Deutsche Bank | 920,643 South African Rand | 109,444 | 116,916 | (7,472 | ) | ||||||||||||||
7/27/2012 | HSBC Securities Inc | 1,533,754 New Turkish Lira | 832,431 | 856,866 | (24,435 | ) | ||||||||||||||
8/14/2012 | Barclays Bank International | 1,490,109 Polish Zloty | 466,563 | 466,905 | (342 | ) | ||||||||||||||
9/2/2012 | Deutsche Bank | 16,649,000 Great British Pound | 26,367,354 | 27,019,702 | (652,348 | ) | ||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS | $(299,667 | ) |
At April 30, 2012, the Wilmington Multi-Manager Real Asset Fund had the following outstanding foreign exchange contracts:
Settlement Date | Contracts to Deliver/Receive | In Exchange For | Contracts at Value | Net Unrealized Appreciation (Depreciation) | ||||||||||||
CONTRACTS PURCHASED | ||||||||||||||||
5/2/2012 | 33,611 Euro | $44,552 | $44,491 | $(61) | ||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FOREIGN EXCHANGE CONTRACTS | $(61) |
At April 30, 2012, the Wilmington Multi-Manager Real Asset Fund had open financial futures contracts as follows:
Underlying Contracts to Buy/Sell | Expiration Date | Number of Contracts | Contract Amount | Contract | Unrealized (Appreciation) Depreciation | |||||||||||||||
LONG POSITIONS: | ||||||||||||||||||||
90 DAY EURO DOLLAR | March 2015 | 6 | $1,477,350 | $1,481,925 | $4,575 | |||||||||||||||
90 DAY EURO DOLLAR | JUNE 2015 | 6 | 1,473,482 | 1,479,375 | 5,893 | |||||||||||||||
10,468 | ||||||||||||||||||||
SHORT POSITIONS: | ||||||||||||||||||||
AUSTRALIAN 10Y BOND | June 2012 | (5 | ) | (608,426 | ) | (624,230 | ) | (15,805 | ) | |||||||||||
EURO-BUND 10YR FUT | June 2012 | (5 | ) | (913,970 | ) | (933,802 | ) | (19,832 | ) | |||||||||||
FIN FUT U.S. 10YR NOTE | June 2012 | (8 | ) | (1,043,024 | ) | (1,058,250 | ) | (15,226 | ) | |||||||||||
LONG 10YR GILT FUT | June 2012 | (5 | ) | (929,622 | ) | (938,119 | ) | (8,497 | ) | |||||||||||
U.S. LONG TREASURY BOND | June 2012 | (9 | ) | (1,422,813 | ) | (1,420,313 | ) | 2,500 | ||||||||||||
(56,860 | ) | |||||||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS | $(46,392 | ) |
At April 30, 2012, the Wilmington Multi-Manager Real Asset Fund had open interest rate swap contracts as follows:
Counterparty | Termination Date | Notional Amount | Fixed Rate | Floating Rate | Fair Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Barclays Bank PLC# | 01/02/14 | $ | 10,900,000 | 10.58 | % | Brazilian interbank lending rate | $ | 137,254 | $ | 15,482 | $ | 121,772 | ||||||||||||||
USD FIX FLT# | 06/20/22 | 2,800,000 | 2.25 | 3-month LIBOR rate | (43,815 | ) | 38,211 | (82,026 | ) | |||||||||||||||||
HSBC Bank USA, NA# | 01/02/14 | 4,000,000 | 9.49 | Brazilian interbank lending rate | 22,099 | 3,264 | 18,835 | |||||||||||||||||||
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|
|
|
|
| |||||||||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INTEREST RATE SWAP CONTRACTS | $ | 115,538 | $ | 56,957 | $ | 58,581 | ||||||||||||||||||||
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|
|
April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO PORTFOLIOS OF INVESTMENTS | 67 |
At April 30, 2012, the Wilmington Multi-Manager Real Asset Fund had open credit default swap contracts as follows:
Counterparty | Termination Date | Notional Amount(a) | Fixed Rate | Reference Equity/Obligation | Fair Value(b) | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Morgan Stanley Capital Services, Inc.## | 12/20/15 | $ | 200,000 | 5.00 | % | Dow Jones CDX EM14 Index | $ | 19,357 | $ | 21,370 | $ | (2,013 | ) | |||||||||||||
JPMorgan Chase Bank## | 12/20/15 | 100,000 | 5.00 | Dow Jones CDX EM14 Index | 9,678 | 10,599 | (921 | ) | ||||||||||||||||||
Barclays Bank PLC## | 06/20/16 | 300,000 | 5.00 | Dow Jones CDX EM15 Index | 31,434 | 34,027 | (2,593 | ) | ||||||||||||||||||
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|
|
|
|
| |||||||||||||||||||||
$ | 60,469 | $ | 65,996 | $ | (5,527 | ) | ||||||||||||||||||||
|
|
|
|
|
|
Counterparty | Termination Date | Notional Amount(a) | Fixed Rate | Reference Equity/Obligation | Implied Credit Spread at April 30, 2012(c) | Fair Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
Deutsche Bank AG## | 06/20/15 | $ | 1,000,000 | 1.00 | % | United Kingdom of Great Britain | 0.500 | % | $ | 22,203 | $ | 8,471 | $ | 13,732 | ||||||||||||||||
Royal Bank of Scotland PLC## | 06/20/15 | 500,000 | 1.00 | Federal Republic of Brazil | 1.200 | % | 1,762 | (2,529 | ) | 4,291 | ||||||||||||||||||||
Goldman Sachs International## | 12/20/15 | 500,000 | 1.00 | Japan Govt-55, 2.00%, due 03/21/22 | 1.200 | % | 5,539 | 8,395 | (2,856 | ) | ||||||||||||||||||||
Credit Suisse International## | 12/20/15 | 600,000 | 1.00 | United Kingdom Treasury, 4.25%, due 06/07/32 | 0.600 | % | 13,177 | 10,648 | 2,529 | |||||||||||||||||||||
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|
|
|
|
| |||||||||||||||||||||||||
$ | 42,681 | $ | 24,985 | $ | 17,696 | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON CREDIT DEFAULT SWAP CONTRACTS | $ | 103,150 | $ | 90,981 | $ | 12,169 | ||||||||||||||||||||||||
|
|
|
|
|
|
# | Portfolio pays the floating rate and receives the fixed rate. |
## | The Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(a) | Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(b) | The fair value of credit default swap agreements on asset-backed securities and credit indices serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
(c) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of reporting date serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
ANNUAL REPORT / April 30, 2012
Table of Contents
68 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Strategic Allocation Conservative Fund
At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)
Percentage of Total Net Assets | ||||
Wilmington Intermediate-Term Bond Fund | 56.3 | % | ||
Wilmington Large-Cap Strategy Fund | 10.9 | % | ||
Wilmington Multi-Manager International Fund | 6.7 | % | ||
PowerShares Emerging Markets Sovereign Debt Portfolio | 6.0 | % | ||
Wilmington Multi-Manager Real Asset Fund | 5.1 | % | ||
Vanguard High-Yield Corporate Fund | 4.8 | % | ||
RidgeWorth Seix Floating Rate High Income Fund | 3.7 | % | ||
Dreyfus International Bond Fund | 2.0 | % | ||
Vanguard Dividend Appreciation ETF | 1.6 | % | ||
Dreyfus Cash Management Fund, Institutional Shares | 1.2 | % | ||
SPDR S&P Global Natural Resources ETF | 1.1 | % | ||
Wilmington Small-Cap Strategy Fund | 0.7 | % | ||
Other Assets and Liabilities – Net1 | (0.1 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Number of Shares | Value | ||||||
INVESTMENT COMPANIES – 98.9% | ||||||||
ASSET ALLOCATION FUND – 5.1% | ||||||||
9Wilmington Multi-Manager Real Asset Fund | 186,604 | $ | 2,674,033 | |||||
DEBT FUNDS – 72.8% | ||||||||
Dreyfus International Bond Fund | 60,753 | 1,028,554 | ||||||
PowerShares Emerging Markets Sovereign Debt Portfolio | 110,000 | 3,133,900 | ||||||
RidgeWorth Seix Floating Rate High Income Fund | 219,146 | 1,943,829 | ||||||
Vanguard High-Yield Corporate Fund | 427,776 | 2,511,046 | ||||||
9Wilmington Intermediate-Term Bond Fund | 2,766,407 | 29,462,232 | ||||||
TOTAL DEBT FUNDS | $ | 38,079,561 | ||||||
EQUITY FUNDS – 21.0% | ||||||||
SPDR S&P Global Natural Resources ETF | 10,500 | 542,420 | ||||||
Vanguard Dividend Appreciation ETF | 14,500 | 846,075 |
Description | Number of Shares | Value | ||||||
9Wilmington Large-Cap Strategy Fund | 444,836 | $ | 5,711,689 | |||||
9Wilmington Multi-Manager International Fund | 515,092 | 3,476,869 | ||||||
9Wilmington Small-Cap Strategy Fund | 36,077 | 382,058 | ||||||
TOTAL EQUITY FUNDS | $ | 10,959,111 | ||||||
MONEY MARKET FUND – 1.2% | ||||||||
8Dreyfus Cash Management Fund, Institutional Shares, 0.06% | 641,616 | $ | 641,616 | |||||
TOTAL INVESTMENT COMPANIES (COST $47,539,070) | $ | 52,354,321 | ||||||
TOTAL INVESTMENTS – 100.1% (COST $47,539,070) | $ | 52,354,321 | ||||||
OTHER LIABILITIES LESS ASSETS – (0.1%) | (51,941 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 52,302,380 |
Cost of investments for Federal income tax purposes is $48,530,374. The net unrealized appreciation/(depreciation) of investments was $3,823,947. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,831,340 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,392.
(Wilmington Strategic Allocation Conservative Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 69 |
Wilmington Strategic Allocation Conservative Fund (concluded)
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Investment Companies | $ | 51,712,705 | $ | — | $ | — | $ | 51,712,705 | ||||||||
Money Market Fund | 641,616 | — | — | 641,616 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 52,354,321 | $ | — | $ | — | $ | 52,354,321 | ||||||||
|
|
|
|
|
|
|
|
ANNUAL REPORT / April 30, 2012
See Notes to Portfolios of Investments
Table of Contents
70 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Strategic Allocation Moderate Fund
At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)
Percentage of Total Net Assets | ||||
Investment Companies | 77.1 | % | ||
Corporate Bonds | 7.2 | % | ||
U.S. Treasury | 6.0 | % | ||
Mortgage-Backed Securities | 6.0 | % | ||
Enhanced Equipment Trust Certificates | 0.2 | % | ||
Collateralized Mortgage Obligations | 0.2 | % | ||
Cash Equivalents1 | 5.8 | % | ||
Other Assets and Liabilities – Net2 | (2.5 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Cash Equivalents include investments in money market mutual funds and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Number of Shares | Value | ||||||
INVESTMENT COMPANIES – 77.1% | ||||||||
ASSET ALLOCATION FUND – 3.0% | ||||||||
9Wilmington Multi-Manager Real Asset Fund | 145,148 | $ | 2,079,972 | |||||
DEBT FUNDS – 19.2% | ||||||||
Artio Global High Income Fund LLC | 215,293 | 2,081,886 | ||||||
Dreyfus International Bond Fund | 82,225 | 1,392,071 | ||||||
Federated Ultrashort Bond Fund | 412,447 | 3,786,267 | ||||||
MFS Emerging Markets Debt Fund | 203,772 | 3,114,909 | ||||||
RidgeWorth Seix Floating Rate High Income Fund | 313,194 | 2,778,031 | ||||||
TOTAL DEBT FUNDS | $ | 13,153,164 | ||||||
EQUITY FUNDS – 54.9% | ||||||||
Alpine International Real Estate Equity Fund | 32,231 | 680,723 | ||||||
Guinness Atkinson Funds – China & Hong Kong Fund | 19,828 | 600,203 | ||||||
Guinness Atkinson Funds – Global Energy Fund | 45,828 | 1,239,180 | ||||||
Harbor International Fund | 43,480 | 2,580,125 | ||||||
12iShares High Dividend Equity Fund | 30,300 | 1,755,279 | ||||||
Lazard Emerging Markets Equity Portfolio | 110,638 | 2,126,463 | ||||||
Litman Gregory Masters International Fund | 60,140 | 829,334 | ||||||
LSV Value Equity Fund | 194,185 | 2,817,630 | ||||||
MainStay Epoch Global Equity Yield Fund | 130,827 | 2,078,848 | ||||||
*,14Morgan Stanley Focus Growth Fund | 76,856 | 3,156,470 | ||||||
*RS Global Natural Resources Fund | 48,447 | 1,807,082 | ||||||
SPDR S&P Dividend ETF | 30,940 | 1,753,060 |
Description | Number of Shares | Value | ||||||
TIAA-CREF Institutional Mid-Cap Value Fund | 50,418 | $ | 915,093 | |||||
9Wilmington Large-Cap Growth Fund | 394,891 | 3,561,918 | ||||||
9Wilmington Large-Cap Value Fund | 226,768 | 2,415,075 | ||||||
*,9Wilmington Mid-Cap Growth Fund | 200,777 | 3,130,117 | ||||||
9Wilmington Multi-Manager International Fund | 623,127 | 4,206,109 | ||||||
9Wilmington Small-Cap Growth Fund | 110,991 | 1,904,605 | ||||||
TOTAL EQUITY FUNDS | $ | 37,557,314 | ||||||
TOTAL INVESTMENT COMPANIES (COST $46,361,894) | $ | 52,790,450 | ||||||
Par Value | ||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2% | ||||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%** | ||||||||
Series 1988-23, Class C, 9.75%, 9/25/18 | $ | 2,793 | 3,169 | |||||
WHOLE LOAN – 0.2% | ||||||||
1Banc of America Mortgage Securities, Inc., | 79,606 | 70,646 | ||||||
1Indymac INDA Mortgage Loan Trust, | 58,202 | 46,862 | ||||||
Morgan Stanley Mortgage Loan Trust, | 6,030 | 6,026 | ||||||
TOTAL WHOLE LOAN | $ | 123,534 | ||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $146,169) | $ | 126,703 |
(Wilmington Strategic Allocation Moderate Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
PORTFOLIOS OF INVESTMENTS | 71 |
Wilmington Strategic Allocation Moderate Fund (continued)
Description | Par Value | Value | ||||||
CORPORATE BONDS – 7.2% | ||||||||
AGRICULTURE – 0.3% | ||||||||
Archer-Daniels-Midland Co., Sr. Unsecured, | $ | 200,000 | $ | 243,354 | ||||
BANKS – 1.7% | ||||||||
1,14BankBoston Capital Trust III, Limited Guarantee, | 170,000 | 140,250 | ||||||
Capital One Financial Corp., Sr. Unsecured, | 130,000 | 130,999 | ||||||
Capital One Financial Corp., Sr. Unsecured, | 100,000 | 111,092 | ||||||
14Fifth Third Bancorp, Sr. Unsecured, | 100,000 | 105,236 | ||||||
Goldman Sachs Group, Inc., Sr. Notes, | 100,000 | 100,182 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, | 100,000 | 104,891 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, MTN, | 100,000 | 101,787 | ||||||
KeyCorp, Sr. Unsecured, MTN, 6.50%, 5/14/13 | 100,000 | 105,721 | ||||||
PNC Funding Corp., Bank Guaranteed, | 75,000 | 82,150 | ||||||
1,14SunTrust Capital III, Limited Guarantee, | 152,000 | 110,001 | ||||||
14U.S. Bank N.A., Sr. Unsecured, MTN, | 61,184 | 61,394 | ||||||
TOTAL BANKS | $ | 1,153,703 | ||||||
BIOTECHNOLOGY – 0.1% | ||||||||
Gilead Sciences, Inc., Sr. Unsecured, | 60,000 | 65,336 | ||||||
CHEMICALS – 0.2% | ||||||||
Dow Chemical Co., Sr. Unsecured, | 140,000 | 157,730 | ||||||
COMPUTERS – 0.4% | ||||||||
Dell, Inc., Sr. Unsecured, 2.30%, 9/10/15 | 200,000 | 207,243 | ||||||
Hewlett-Packard Co., Sr. Unsecured, 4.75%, 6/02/14 | 80,000 | 85,408 | ||||||
TOTAL COMPUTERS | $ | 292,651 | ||||||
DIVERSIFIED FINANCIAL SERVICES – 1.1% |
| |||||||
American Express Credit Corp., Sr. Unsecured, | 100,000 | 108,665 | ||||||
Caterpillar Financial Services Corp., | 200,000 | 203,571 | ||||||
Citigroup, Inc., Sr. Unsecured, 6.00%, 8/15/17 | 200,000 | 222,200 | ||||||
6,7FMR LLC, Sr. Unsecured, 6.45%, 11/15/39 | 100,000 | 110,593 | ||||||
General Electric Capital Corp., Unsecured, MTN, 2.30%, 4/27/17 | 130,000 | 130,678 | ||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES | $ | 775,707 | ||||||
ELECTRONICS – 0.2% | ||||||||
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.25%, 11/20/14 | 150,000 | 159,374 |
Description | Par Value | Value | ||||||
FOOD – 0.5% | ||||||||
Kroger Co., Company Guaranteed, | $ | 100,000 | $ | 108,761 | ||||
6,7,14WM Wrigley Jr. Co., Secured, 2.45%, 6/28/12 | 200,000 | 200,442 | ||||||
TOTAL FOOD | $ | 309,203 | ||||||
INSURANCE – 0.1% | ||||||||
WR Berkley Corp., Sr. Unsecured, | 60,000 | 61,426 | ||||||
MEDIA – 0.1% | ||||||||
Viacom, Inc., Sr. Unsecured, 2.50%, 12/15/16 | 60,000 | 62,052 | ||||||
METALS & MINING – 0.1% | ||||||||
Rio Tinto Finance USA Ltd., Company Guaranteed, 9.00%, 5/01/19 | 60,000 | 82,343 | ||||||
OFFICE/BUSINESS EQUIPMENT – 0.2% | ||||||||
Xerox Corp., Sr. Unsecured, 5.63%, 12/15/19 | 100,000 | 113,258 | ||||||
OIL & GAS – 0.2% | ||||||||
Apache Corp., Sr. Unsecured, 3.25%, 4/15/22 | 135,000 | 139,887 | ||||||
REAL ESTATE INVESTMENT TRUSTS (REIT) – 1.2% | ||||||||
AvalonBay Communities, Inc., Sr. Unsecured, MTN, 5.70%, 3/15/17 | 100,000 | 115,777 | ||||||
Boston Properties LP, Sr. Unsecured, 5.88%, 10/15/19 | 100,000 | 115,971 | ||||||
Commonwealth REIT, Sr. Unsecured, 6.65%, 1/15/18 | 100,000 | 108,917 | ||||||
Digital Realty Trust LP, Company Guaranteed, | 100,000 | 110,368 | ||||||
HCP, Inc., Sr. Unsecured, 5.38%, 2/01/21 | 100,000 | 110,349 | ||||||
Health Care REIT, Inc., Sr. Unsecured, 4.70%, 9/15/17 | 100,000 | 106,183 | ||||||
Simon Property Group LP, Sr. Unsecured, 5.65%, 2/01/20 | 100,000 | 116,765 | ||||||
TOTAL REAL ESTATE INVESTMENT | $ | 784,330 | ||||||
RETAIL – 0.6% | ||||||||
CVS Caremark Corp., Sr. Unsecured, | 100,000 | 118,539 | ||||||
Target Corp., Sr. Unsecured, 2.90%, 1/15/22 | 160,000 | 160,966 | ||||||
Yum! Brands, Inc., Sr. Unsecured, | 100,000 | 114,124 | ||||||
TOTAL RETAIL | $ | 393,629 | ||||||
TELECOMMUNICATIONS – 0.2% | ||||||||
Corning, Inc., Sr. Unsecured, 4.75%, 3/15/42 | 120,000 | 120,252 | ||||||
TOTAL CORPORATE BONDS (COST $4,727,174) | $ | 4,914,235 | ||||||
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2% | ||||||||
AIRLINES – 0.2% | ||||||||
Continental Airlines, Inc., Series A, Pass-Through Certificates, 7.25%, 11/10/19 | 74,149 | 83,695 |
(Wilmington Strategic Allocation Moderate Fund continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
72 | PORTFOLIOS OF INVESTMENTS |
Wilmington Strategic Allocation Moderate Fund (continued)
Description | Par Value | Value | ||||||
Delta Air Lines, Inc., Series 071A, Pass-Through Certificates, 6.82%, 8/10/22 | $ | 58,635 | $ | 63,949 | ||||
TOTAL AIRLINES | $ | 147,644 | ||||||
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $132,693) | $ | 147,644 | ||||||
MORTGAGE-BACKED SECURITIES – 6.0% | ||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.0% | ||||||||
Pool A15865, 5.50%, 11/01/33 | 147,525 | 161,874 | ||||||
Pool A19412, 5.00%, 3/01/34 | 275,586 | 298,374 | ||||||
Pool C00478, 8.50%, 9/01/26 | 3,542 | 4,156 | ||||||
Pool C03517, 4.50%, 9/01/40 | 116,055 | 123,908 | ||||||
Pool G05774, 5.00%, 1/01/40 | 696,141 | 752,834 | ||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | $ | 1,341,146 | ||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 3.8% | ||||||||
Pool 533246, 7.50%, 4/01/30 | 33,510 | 38,874 | ||||||
Pool 889982, 5.50%, 11/01/38 | 463,810 | 507,748 | ||||||
Pool 932752, 5.00%, 4/01/40 | 123,903 | 134,779 | ||||||
Pool AA7692, 4.50%, 6/01/39 | 246,125 | 263,912 | ||||||
Pool AB3417, 4.00%, 8/01/41 | 704,473 | 746,221 | ||||||
Pool AB4089, 3.00%, 12/01/26 | 305,637 | 319,301 | ||||||
Pool AJ4050, 4.00%, 10/01/41 | 294,692 | 312,155 | ||||||
Pool MA0563, 4.00%, 11/01/30 | 245,410 | 262,560 | ||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $ | 2,585,550 | ||||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.2% | ||||||||
Pool 354677, 7.50%, 10/15/23 | 36,652 | 42,539 | ||||||
Pool 354765, 7.00%, 2/15/24 | 42,158 | 48,540 | ||||||
Pool 354827, 7.00%, 5/15/24 | 46,150 | 53,136 | ||||||
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) | $ | 144,215 | ||||||
TOTAL MORTGAGE-BACKED SECURITIES (COST $3,946,396) | $ | 4,070,911 | ||||||
U.S. TREASURY – 6.0% | ||||||||
U.S. TREASURY BONDS – 1.1% | ||||||||
4.75%, 2/15/37 | 96,000 | 126,375 | ||||||
4.38%, 5/15/40 | 500,000 | 625,781 | ||||||
TOTAL U.S. TREASURY BONDS | $ | 752,156 | ||||||
U.S. TREASURY INFLATION | ||||||||
1.13%, 1/15/21 | 680,000 | 811,086 |
Description | Par Value | Value | ||||||
U.S. TREASURY NOTES – 3.7% | ||||||||
4.00%, 2/15/14 | $ | 40,000 | $ | 42,659 | ||||
2.13%, 5/31/15 | 535,000 | 562,920 | ||||||
4.50%, 2/15/16 | 200,000 | 229,406 | ||||||
1.75%, 5/31/16 | 100,000 | 104,563 | ||||||
0.88%, 1/31/17 | 150,000 | 150,773 | ||||||
4.50%, 5/15/17 | 200,000 | 236,188 | ||||||
1.88%, 8/31/17 | 300,000 | 314,859 | ||||||
1.50%, 3/31/19 | 400,000 | 405,313 | ||||||
3.50%, 5/15/20 | 200,000 | 229,750 | ||||||
2.00%, 11/15/21 | 200,000 | 202,125 | ||||||
2.00%, 2/15/22 | 50,000 | 50,352 | ||||||
TOTAL U.S. TREASURY NOTES | $ | 2,528,908 | ||||||
TOTAL U.S. TREASURY (COST $3,712,421) | $ | 4,092,150 | ||||||
Shares | ||||||||
MONEY MARKET FUNDS – 3.4% | ||||||||
8Dreyfus Cash Management Fund, Institutional Shares, 0.06% | 725 | 725 | ||||||
8,9Wilmington Prime Money Market Fund, Select Shares, 0.04% | 2,351,958 | 2,351,958 | ||||||
TOTAL MONEY MARKET FUNDS (COST $2,352,683) | $ | 2,352,683 | ||||||
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $61,379,430) | $ | 68,494,776 | ||||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.4% | ||||||||
REPURCHASE AGREEMENTS – 2.4% | ||||||||
Credit Suisse First Boston LLC, 0.18%, dated 04/30/12, due 05/01/12, repurchase price $648,954, collateralized by U.S. Treasury Securities 0.63% to 2.38%, maturing 04/30/13 to 02/15/41; total market value of $661,932. | $ | 648,951 | 648,951 | |||||
Deutsche Bank Securities, Inc., 0.22%, dated 04/30/12, due 05/01/12, repurchase price $1,000,006, collateralized by U.S. Government Securities 2.49% to 7.00%, maturing 08/01/25 to 04/01/42; total market value of $1,020,000. | 1,000,000 | 1,000,000 | ||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,648,951) | $ | 1,648,951 | ||||||
TOTAL INVESTMENTS – 102.5% (COST $63,028,381) | $ | 70,143,727 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (2.4%) | (1,648,951 | ) | ||||||
OTHER LIABILITIES LESS ASSETS – (0.1%) | (102,290 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 68,392,486 |
(Wilmington Strategic Allocation Moderate Fund continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
Wilmington Strategic Allocation Moderate Fund (concluded)
Cost of investments for Federal income tax purposes is $63,941,477. The net unrealized appreciation/(depreciation) of investments was $6,202,250. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $6,717,058 and net unrealized depreciation from investments for those securities having an excess of cost over value of $514,808.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Collateralized Mortgage Obligations | $ | — | $ | 126,703 | $ | — | $ | 126,703 | ||||||||
Corporate Bonds | — | 4,914,235 | — | 4,914,235 | ||||||||||||
Enhanced Equipment Trust Certificates | — | 147,644 | — | 147,644 | ||||||||||||
Mortgage-Backed Securities | — | 4,070,911 | — | 4,070,911 | ||||||||||||
Investment Companies | 52,790,450 | — | — | 52,790,450 | ||||||||||||
U.S. Treasury | — | 4,092,150 | — | 4,092,150 | ||||||||||||
Money Market Funds | 2,352,683 | — | — | 2,352,683 | ||||||||||||
Repurchase Agreements | — | 1,648,951 | — | 1,648,951 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total | $ | 55,143,133 | $ | 15,000,594 | $ | — | $ | 70,143,727 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
ANNUAL REPORT / April 30, 2012
PORTFOLIOS OF INVESTMENTS | 73 |
Table of Contents
74 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Strategic Allocation Aggressive Fund
At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)
Percentage of Total Net Assets | ||||
Wilmington Large-Cap Strategy Fund | 46.4 | % | ||
Wilmington Multi-Manager International Fund | 27.4 | % | ||
Vanguard Dividend Appreciation ETF | 6.2 | % | ||
Vanguard High-Yield Corporate Fund | 5.3 | % | ||
Wilmington Multi-Manager Real Asset Fund | 5.2 | % | ||
SPDR S&P Global Natural Resources ETF | 4.3 | % | ||
Dreyfus Cash Management Fund, Institutional Shares | 3.2 | % | ||
Wilmington Small-Cap Strategy Fund | 2.1 | % | ||
Other Assets and Liabilities – Net1 | (0.1 | )% | ||
|
| |||
TOTAL | 100.0 | % | ||
|
|
(1) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2012
Description | Number of Shares | Value | ||||||
INVESTMENT COMPANIES – 96.9% | ||||||||
ASSET ALLOCATION FUND – 5.2% | ||||||||
9Wilmington Multi-Manager Real Asset Fund | 154,862 | $ | 2,219,173 | |||||
DEBT FUND – 5.3% | ||||||||
Vanguard High-Yield Corporate Fund | 379,223 | 2,226,036 | ||||||
EQUITY FUNDS – 86.4% | ||||||||
SPDR S&P Global Natural Resources ETF | 35,000 | 1,808,065 | ||||||
Vanguard Dividend Appreciation ETF | 45,000 | 2,625,750 | ||||||
9Wilmington Large-Cap Strategy Fund | 1,530,206 | 19,647,847 | ||||||
9Wilmington Multi-Manager International Fund | 1,718,189 | 11,597,776 |
Description | Number of Shares | Value | ||||||
9Wilmington Small-Cap Strategy Fund | 84,858 | $ | 898,648 | |||||
TOTAL EQUITY FUNDS | $ | 36,578,086 | ||||||
MONEY MARKET FUND – 3.2% | ||||||||
8Dreyfus Cash Management Fund, Institutional Shares, 0.06% | 1,352,814 | 1,352,814 | ||||||
TOTAL INVESTMENT COMPANIES (COST $32,725,045) | $ | 42,376,109 | ||||||
TOTAL INVESTMENTS – 100.1% (COST $32,725,045) | $ | 42,376,109 | ||||||
OTHER LIABILITIES LESS ASSETS – (0.1%) | (45,233 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 42,330,876 |
Cost of investments for Federal income tax purposes is $39,378,994. The net unrealized appreciation/(depreciation) of investments was $2,997,115. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,180,396 and net unrealized depreciation from investments for those securities having an excess of cost over value of $183,281.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Investment Companies | $ | 41,023,295 | $ | — | $ | — | $ | 41,023,295 | ||||||||
Money Market Fund | 1,352,814 | — | — | 1,352,814 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 42,376,109 | $ | — | $ | — | $ | 42,376,109 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO PORTFOLIOS OF INVESTMENTS | 75 |
NOTES TO PORTFOLIOS OF INVESTMENTS
(1) | Floating rate note with current rate and stated maturity date shown. |
(2) | Zero coupon security. The rate shown reflects the effective yield at purchase date. |
(6) | Denotes a restricted security, or a portion thereof, that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2012, these liquid restricted securities were as follows: |
Fund | Amount | Percentage of Total Net Assets | ||||||
Wilmington Multi-Manager International Fund | $2,840,136 | 0.7% | ||||||
Wilmington Rock Maple Alternatives Fund | 491,150 | 2.0% | ||||||
Wilmington Multi-Manager Real Asset Fund | 4,684,138 | 1.3% | ||||||
Wilmington Strategic Allocation Moderate Fund | 311,035 | 0.5% |
(7) | Denotes a restricted security, or a portion thereof, that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, or (b) is subject to a contractual restriction on public sales. At April 30, 2012, these restricted securities were as follows: |
Security | Acquisition Date | Acquisition Cost | Market Value | Percentage of Total Net Assets | ||||||||||
Wilmington Multi-Manager International Fund | ||||||||||||||
ABB Ltd. | 07/07/2008 | $47,029 | $39,486 | |||||||||||
Aditya Birla Nuvo Ltd. | 06/16/2010 | 26,604 | 28,132 | |||||||||||
Axis Bank Ltd. | 03/19/2010 | 70,031 | 57,916 | |||||||||||
Axis Bank Ltd. | 01/13/2011 | 29,199 | 20,984 | |||||||||||
Axis Bank Ltd. | 03/27/2012 | 43,358 | 39,870 | |||||||||||
Bharti Airtel Ltd. | 10/05/2010 | 191,985 | 142,960 | |||||||||||
Bharti Airtel Ltd. | 01/13/2011 | 102,484 | 77,082 | |||||||||||
Colgate-Palmolive India Ltd. | 04/01/2008 | 6,880 | 14,720 | |||||||||||
Colgate-Palmolive India Ltd. | 01/13/2011 | 34,092 | 37,852 | |||||||||||
Container Corp. of India | 02/08/2010 | 29,219 | 18,646 | |||||||||||
Container Corp. of India | 01/13/2011 | 38,773 | 23,731 | |||||||||||
Essar Oil Ltd. | 04/08/2008 | 32,681 | 5,911 | |||||||||||
Fpt Corp. | 10/13/2010 | 60,895 | 46,576 | |||||||||||
Fpt Corp. | 01/13/2011 | 38,488 | 36,920 | |||||||||||
HDFC Bank Ltd. | 12/20/2010 | 121,868 | 131,215 | |||||||||||
HDFC Bank Ltd. | 01/13/2011 | 54,119 | 56,580 | |||||||||||
HDFC Bank Ltd. | 03/27/2012 | 43,653 | 43,721 | |||||||||||
Jaiprakash Associates Ltd. | 06/21/2010 | 34,593 | 16,868 | |||||||||||
Jaiprakash Associates Ltd. | 01/13/2011 | 36,608 | 24,098 | |||||||||||
Kinh Do Corp. | 10/14/2010 | 60,400 | 46,004 | |||||||||||
NTPC Ltd. | 10/12/2009 | 102,375 | 69,822 | |||||||||||
NTPC Ltd. | 01/13/2011 | 52,888 | 38,186 | |||||||||||
NTPC Ltd. | 03/27/2012 | 63,330 | 59,219 | |||||||||||
Petrovietnam Fertilizer & Chemicals JSC | 03/27/2012 | 37,753 | 42,708 | |||||||||||
Pha Lai Thermal Power JSC | 10/13/2010 | 35,986 | 29,886 | |||||||||||
Piramal Healthcare Ltd. | 04/08/2008 | 37,998 | 37,413 | |||||||||||
Punj Lloyd Ltd. | 01/30/2008 | 49,631 | 4,489 | |||||||||||
Reliance Industries Ltd. | 07/03/2007 | 303,953 | 202,322 | |||||||||||
Reliance Industries Ltd. | 01/13/2011 | 76,929 | 48,071 | |||||||||||
Reliance Industries Ltd. | 01/20/2012 | 42,433 | 38,344 | |||||||||||
Reliance Industries Ltd. | 03/27/2012 | 82,122 | 80,589 | |||||||||||
Reliance Industries Ltd. | 04/02/2012 | 41,493 | 39,588 |
ANNUAL REPORT / April 30, 2012
Table of Contents
76 | NOTES TO PORTFOLIOS OF INVESTMENTS |
Security | Acquisition Date | Acquisition Cost | Market Value | Percentage of Total Net Assets | ||||||||||||
Samsung Electronics Co. Ltd. GDR | 10/28/2005 | $33,234 | $77,597 | |||||||||||||
Samsung Electronics Co. Ltd. GDR | 10/28/2008 | 13,862 | 54,990 | |||||||||||||
Samsung Electronics Co. Ltd. GDR | 11/04/2008 | 6,765 | 20,774 | |||||||||||||
Samsung Electronics Co. Ltd. GDR | 04/17/2009 | 40,650 | 109,369 | |||||||||||||
Samsung Electronics Co. Ltd. GDR | 05/01/2009 | 81,759 | 218,738 | |||||||||||||
Samsung Electronics Co. Ltd. GDR | 09/13/2011 | 21,736 | 38,493 | |||||||||||||
Samsung Electronics Co. Ltd. GDR | 09/20/2011 | 59,455 | 102,037 | |||||||||||||
Samsung Electronics Co. Ltd. GDR | 10/24/2011 | 21,816 | 32,383 | |||||||||||||
Steel Authority of India Ltd. | 04/16/2009 | 20,302 | 16,342 | |||||||||||||
Steel Authority of India Ltd. | 03/27/2012 | 44,175 | 42,345 | |||||||||||||
Sun Pharmaceutical Industries Ltd. | 02/08/2010 | 77,517 | 137,237 | |||||||||||||
Synthes, Inc. | 11/08/2010 | 42,786 | 59,141 | |||||||||||||
Synthes, Inc. | 11/30/2011 | 30,856 | 32,071 | |||||||||||||
Tata Consultancy Services Ltd. | 08/14/2009 | 62,871 | 138,052 | |||||||||||||
Tata Steel Ltd. | 09/21/2011 | 45,297 | 41,762 | |||||||||||||
Unitech Ltd. | 07/08/2010 | 16,170 | 5,136 | |||||||||||||
Unitech Ltd. | 01/13/2011 | 47,365 | 18,126 | |||||||||||||
Vingroup JSC | 10/13/2010 | 24,321 | 35,143 | |||||||||||||
Vingroup JSC | 10/14/2010 | 42,949 | 60,491 | |||||||||||||
2,840,136 | 0.7% | |||||||||||||||
Wilmington Rock Maple Alternatives Fund | ||||||||||||||||
ServiceMaster Co. | 01/13/2012 | 375,135 | 372,020 | |||||||||||||
ServiceMaster Co. | 03/22/2012 | 67,760 | 66,880 | |||||||||||||
ServiceMaster Co. | 04/04/2012 | 52,813 | 52,250 | |||||||||||||
491,150 | 2.0% | |||||||||||||||
Wilmington Multi-Manager Real Asset Fund | ||||||||||||||||
Arran Residential Mortgages Funding PLC | 04/07/2011 | 571,616 | 531,131 | |||||||||||||
Banco Santander Brazil SA | 03/17/2011 | 500,000 | 497,077 | |||||||||||||
Dexia Credit Local SA | 03/02/2010 | 1,700,000 | 1,635,446 | |||||||||||||
International Lease Finance Corp. | 08/11/2010 | 100,000 | 110,719 | |||||||||||||
Metropolitan Life Global Funding I | 01/05/2011 | 1,500,000 | 1,498,407 | |||||||||||||
SLM Student Loan Trust | 07/13/2010 | 33,783 | 33,932 | |||||||||||||
Venture CDO Ltd | 08/02/2010 | 358,224 | 377,426 | |||||||||||||
4,684,138 | 1.3% | |||||||||||||||
Wilmington Strategic Allocation Moderate Fund | �� | |||||||||||||||
FMR LLC | 06/28/2010 | 102,666 | 110,593 | |||||||||||||
WM Wrigley Jr. Co. | 06/22/2010 | 199,934 | 200,442 | |||||||||||||
311,035 | 0.5% |
(8) | 7-Day net yield. |
(9) | Affiliated company. See Note 4 in Notes to Financial Statements. |
(10) | Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2012, the value of these securities amounted to: |
Fund | Amount | Percentage of Total Net Assets | ||||||
Wilmington Multi-Manager International Fund | $209,779 | 0.1% |
(12) | Security, or a portion thereof, is on loan. See Note 2 in Notes to Financial Statements. |
(14) | All or a portion of this security was segregated for extended settlement contracts. |
April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO PORTFOLIOS OF INVESTMENTS | 77 |
(15) | All or a portion of this security is segregated as collateral in connection with the fund’s short positions and options carried by the funds. The total value of all securities segregated at April 30, 2012 was: |
Fund | Amount | |||
Wilmington Rock Maple Alternatives Fund | $7,205,730 |
(16) | While the Fund’s position in this security is long, the investment provides short exposure to the market. |
* | Non-income producing security. |
** | Represents less than 0.05%. |
The following acronyms are used throughout this report:
ADR – American Depositary Receipt
CPI – Consumer Price Index
ETF – Exchange Traded Fund
GDR – Global Depositary Receipt
LLC – Limited Liability Corporation
LP – Limited Partnership
MTN – Medium Term Note
PCL – Public Company Limited
SPDR – Standard & Poor’s Depository Receipts
TIPS – Treasury Inflation Protected Security
Currency Code | Currency | |
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
EUR | Euro | |
GBP | Pound Sterling | |
JPY | Japanese Yen | |
MXN | Mexican Peso | |
PLN | Polish Zloty | |
SEK | Swedish Krona | |
TRY | Turkish Lira | |
ZAR | South African Rand |
ANNUAL REPORT / April 30, 2012
Table of Contents
78 | STATEMENTS OF ASSETS AND LIABILITIES |
April 30, 2012 | Wilmington Multi-Manager International Fund | Wilmington Rock Maple Alternatives Fund | Wilmington Multi-Manager Real Asset Fund | Wilmington Strategic Allocation Conservative Fund | Wilmington Strategic Allocation Moderate Fund | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments, at identified cost | $ | 390,193,710 | $ | 25,527,449 | $ | 326,741,454 | $ | 47,539,070 | $ | 63,028,381 | ||||||||||
|
|
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|
|
|
|
|
|
| |||||||||||
Investments in repurchase agreements, at value (including securities on loan) | $ | 8,741,210 | $ | — | $ | 410,257 | $ | — | $ | 1,648,951 | ||||||||||
Investments in securities, at value | 397,887,210 | 25,920,594 | 362,288,422 | (a) | 52,354,321 | (a) | 68,494,776 | (a) | ||||||||||||
|
|
|
| �� |
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|
|
|
|
| ||||||||||
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS | 406,628,420 | 25,920,594 | 362,698,679 | 52,354,321 | 70,143,727 | |||||||||||||||
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|
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|
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|
| |||||||||||
Cash | 1,515,771 | 3,942,532 | 184,607 | — | — | |||||||||||||||
Cash denominated in foreign currencies | 1,685,532 | (b) | 16,220 | (b) | 732,809 | (b) | — | — | ||||||||||||
Premiums paid for swap agreements | — | — | 150,467 | — | — | |||||||||||||||
Income receivable | 2,298,655 | 141,879 | 1,473,002 | 20,110 | 115,929 | |||||||||||||||
Receivable for shares sold | 83,521 | 75,000 | 1,067,811 | 139 | 68,558 | |||||||||||||||
Unrealized appreciation on swap agreements | — | — | 161,159 | — | — | |||||||||||||||
Unrealized appreciation on foreign exchange contracts | 25 | 22 | 1,672,904 | — | — | |||||||||||||||
Receivable for investments sold | 438,621 | 936,884 | 791,525 | — | — | |||||||||||||||
Other assets | 6,984 | 4,407 | 11,027 | 5,304 | 3,739 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL ASSETS | 412,657,529 | 31,037,538 | 368,943,990 | 52,379,874 | 70,331,953 | |||||||||||||||
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|
|
|
|
|
| |||||||||||
LIABILITIES: | ||||||||||||||||||||
Options written, at value | — | 37,329 | (c) | 173,197 | (c) | — | — | |||||||||||||
Deferred capital gains tax payable | 234,933 | — | 97,523 | — | — | |||||||||||||||
Premiums received for swap agreements | — | — | 2,529 | — | — | |||||||||||||||
Payable to broker for forward currency contracts | 13,842 | — | — | — | — | |||||||||||||||
Payable for securities sold short | — | 4,992,485 | (d) | — | — | — | ||||||||||||||
Payable for investments purchased | — | 849,438 | 13,124,932 | — | 99,929 | |||||||||||||||
Collateral for securities on loan | 8,741,210 | — | 210,257 | — | 1,648,951 | |||||||||||||||
Due to broker for swap agreements | — | — | 1,120,000 | — | — | |||||||||||||||
Unrealized depreciation on swap agreements | 90,409 | |||||||||||||||||||
Unrealized depreciation on foreign exchange contracts | 3,788 | 14,522 | 1,972,571 | — | — | |||||||||||||||
Payable for shares redeemed | 476,923 | — | 169,835 | 22,975 | 50,612 | |||||||||||||||
Payable for Trustees’ fees | 536 | 858 | 2,208 | 348 | 1,318 | |||||||||||||||
Payable for distribution services fee | 5,052 | 25 | 2,547 | 2,397 | 39,715 | |||||||||||||||
Payable for shareholder services fee | 71,629 | 25 | 43 | 209 | 867 | |||||||||||||||
Accrued advisory fee | 160,934 | — | — | — | — | |||||||||||||||
Other accrued expenses | 576,287 | 86,908 | 289,873 | 51,565 | 98,075 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL LIABILITIES | 10,285,134 | 5,981,590 | 17,255,924 | 77,494 | 1,939,467 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 402,372,395 | $ | 25,055,948 | $ | 351,688,066 | $ | 52,302,380 | $ | 68,392,486 | ||||||||||
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|
|
| |||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in capital | $ | 757,078,817 | $ | 24,876,990 | $ | 445,373,869 | $ | 51,720,150 | $ | 78,316,459 | ||||||||||
Undistributed (distributions in excess of) net investment income | 3,137,031 | 8,784 | (3,182,329 | ) | 203,414 | 101,652 | ||||||||||||||
Accumulated net realized gain (loss) on investments | (374,281,418 | ) | (36,274 | ) | (126,192,387 | ) | (4,436,435 | ) | (17,140,971 | ) | ||||||||||
Net unrealized appreciation (depreciation) of investments and foreign currencies | 16,437,965 | 206,448 | 35,688,913 | 4,815,251 | 7,115,346 | |||||||||||||||
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|
|
|
|
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|
|
| |||||||||||
TOTAL NET ASSETS | $ | 402,372,395 | $ | 25,055,948 | $ | 351,688,066 | $ | 52,302,380 | $ | 68,392,486 | ||||||||||
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| |||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||||||
A Shares | ||||||||||||||||||||
Net Assets | $ | 6,681,871 | $ | 120,952 | $ | 7,037,763 | $ | 7,003,079 | $ | 65,284,728 | ||||||||||
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|
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|
| |||||||||||
Shares outstanding (unlimited shares authorized) | 994,479 | 11,964 | 492,795 | 659,758 | 7,047,441 | |||||||||||||||
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| |||||||||||
Net Asset Value per share | $ | 6.72 | $ | 10.11 | $ | 14.28 | $ | 10.61 | $ | 9.26 | ||||||||||
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| |||||||||||
Offering price per share* | $ | 7.11 | ** | $ | 10.70 | ** | $ | 15.11 | ** | $ | 11.23 | ** | $ | 9.80 | ** | |||||
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| |||||||||||
I Shares | ||||||||||||||||||||
Net Assets | $ | 395,690,524 | $ | 24,934,996 | $ | 344,650,303 | $ | 45,299,301 | $ | 3,107,758 | ||||||||||
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|
|
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|
| |||||||||||
Shares outstanding (unlimited shares authorized) | 58,622,587 | 2,474,094 | 24,052,703 | 4,259,340 | 335,884 | |||||||||||||||
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| |||||||||||
Net Asset Value per share | $ | 6.75 | $ | 10.08 | $ | 14.33 | $ | 10.64 | $ | 9.25 | ||||||||||
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|
|
(a) | Includes $1,774,134, $41,706,881 and $19,649,754 of investments in affiliated issuers, respectively. |
(b) | Cost of cash denominated in foreign currencies was $1,676,332, $16,173, and $754,635, respectively. |
(c) | Premiums received for options written was $77,560 and $189,785, respectively. |
(d) | Proceeds received for securities sold short was $4,779,977. |
* | See “What Do Share Cost?” in the Prospectus. |
** | Computation of offering price per share 100/94.5 of net asset value. |
See Notes which are an integral part of the Financial Statements
(Statements of Assets and Liabilities continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES (concluded) | 79 |
April 30, 2012 | Wilmington Strategic Allocation Aggressive Fund | |||
ASSETS: | ||||
Investments, at identified cost | $ | 32,725,045 | ||
|
| |||
Investments in securities, at value(a) | 42,376,109 | |||
|
| |||
TOTAL INVESTMENTS IN SECURITIES | 42,376,109 | |||
|
|
| ||
Income receivable | 11,189 | |||
Receivable for shares sold | 8,366 | |||
Other Assets | 4,883 | |||
|
| |||
TOTAL ASSETS | 42,400,547 | |||
|
|
| ||
LIABILITIES: | ||||
Payable for shares redeemed | 17,157 | |||
Payable for Trustees’ fees | 448 | |||
Payable for distribution services fee | 1,046 | |||
Payable for shareholder services fee | 3,853 | |||
Other accrued expenses | 47,167 | |||
|
| |||
TOTAL LIABILITIES | 69,671 | |||
|
|
| ||
NET ASSETS | $ | 42,330,876 | ||
|
|
| ||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 50,541,559 | ||
Undistributed (distributions in excess of) net investment income | 62,632 | |||
Accumulated net realized gain (loss) on investments | (17,924,379 | ) | ||
Net unrealized appreciation (depreciation) of investments | 9,651,064 | |||
|
| |||
TOTAL NET ASSETS | $ | 42,330,876 | ||
|
|
| ||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||
A Shares | ||||
Net Assets | $ | 3,074,119 | ||
|
| |||
Shares outstanding (unlimited shares authorized) | 334,312 | |||
|
| |||
Net Asset Value per share | $ | 9.20 | ||
|
| |||
Offering price per share* | $ | 9.74 | ** | |
|
| |||
I Shares | ||||
Net Assets | $ | 39,256,757 | ||
|
| |||
Shares outstanding (unlimited shares authorized) | 4,257,885 | |||
|
| |||
Net Asset Value per share | $ | 9.22 | ||
|
|
(a) | Includes $34,363,444 of investments in affiliated issuers. |
* | See “What Do Share Cost?” in the Prospectus. |
** | Computation of offering price per share 100/94.5 of net asset value. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2012
Table of Contents
80 | STATEMENTS OF OPERATIONS |
Wilmington Multi-Manager International Fund | Wilmington Rock Maple Alternatives Fund | Wilmington Multi-Manager Real Asset Fund | ||||||||||||||||||
Ten Months Ended | Year Ended June 30, 2011 | For the period | Ten Months Ended April 30, 2012** | Year Ended June 30, | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends | $ | 6,784,340 | (a) | $ | 8,913,047 | (a) | $ | 200,444 | $ | 2,597,438 | $ | 5,248,257 | ||||||||
Interest | — | 3,701 | 97,425 | (2,057,944 | ) | 11,912,185 | ||||||||||||||
Security lending income | 99,910 | 210,177 | — | 11,375 | 30,611 | |||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||
TOTAL INVESTMENT INCOME | 6,884,250 | 9,126,925 | 297,869 | 550,869 | 17,191,053 | |||||||||||||||
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|
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| ||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fee | 2,335,424 | 2,681,272 | 158,580 | 1,615,279 | 1,964,615 | |||||||||||||||
Administrative personnel and services fee | 74,053 | — | 1,824 | 60,362 | 47,561 | |||||||||||||||
Portfolio accounting, administration and custodian fees | 886,474 | 1,483,752 | 19,757 | 273,580 | 496,847 | |||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 104,576 | 110,073 | 4,083 | 131,088 | 157,036 | |||||||||||||||
Trustees’ fees | 36,308 | 34,750 | 858 | 20,163 | 34,696 | |||||||||||||||
Professional fees | 168,154 | 217,086 | 40,810 | 96,893 | 122,443 | |||||||||||||||
Distribution services fee—A Shares | 3,069 | 843 | 25 | 21,248 | 38,747 | |||||||||||||||
Shareholder services fee—A Shares | 2,306 | — | 25 | 2,547 | — | |||||||||||||||
Shareholder services fee—I Shares | 136,989 | — | 17,520 | 111,234 | — | |||||||||||||||
Share registration costs | 21,470 | 27,628 | 14,449 | 27,482 | 32,925 | |||||||||||||||
Printing and postage | 21,751 | 30,346 | 6,531 | 42,742 | 33,382 | |||||||||||||||
Compliance services | — | 11,967 | — | — | 11,975 | |||||||||||||||
Interest expense | — | — | 11,112 | 605 | — | |||||||||||||||
Miscellaneous | 33,891 | 62,845 | 10,713 | 45,085 | 62,738 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL EXPENSES | 3,824,465 | 4,660,562 | 286,287 | 2,448,308 | 3,002,965 | |||||||||||||||
|
|
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|
|
|
|
|
|
|
| ||||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||||||
Waiver/reimbursement by investment advisor | (40,093 | ) | (51,844 | ) | (118,646 | ) | (12,659 | ) | (20,023 | ) | ||||||||||
Waiver of shareholder services fee—A Shares | (2,306 | ) | — | (2,547 | ) | — | ||||||||||||||
Waiver of shareholder services fee—I Shares | (71,234 | ) | (17,520 | ) | (111,234 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (113,633 | ) | (51,844 | ) | (136,166 | ) | (126,440 | ) | (20,023 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net expenses | 3,710,832 | 4,608,718 | 150,121 | 2,321,868 | 2,982,942 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 3,173,418 | 4,518,207 | 147,748 | (1,770,999 | ) | 14,208,111 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain on investments | (10,142,129 | ) | 24,599,460 | (10,662 | ) | 5,620,948 | �� | 29,672,198 | ||||||||||||
Net realized loss of foreign currency transactions | (122,829 | ) | (589,888 | ) | (65,117 | ) | 3,047,666 | (5,992,714 | ) | |||||||||||
Net realized gain (loss) on futures contracts | (111,394 | ) | (26,957 | ) | — | 726,987 | 31,513 | |||||||||||||
Net realized gain on swap agreements | — | — | — | 170,606 | 98,497 | |||||||||||||||
Net realized gain on options written | — | — | 116,340 | 223,627 | 180,580 | |||||||||||||||
Net realized loss on short sales | — | — | (144,650 | ) | — | — | ||||||||||||||
Net changed in unrealized appreciation (depreciation) on investments | (38,808,023 | ) | 43,967,692 | 206,448 | (873,799 | ) | 20,676,164 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) on investments | (49,184,375 | ) | 67,950,307 | 102,359 | 8,916,035 | 44,666,238 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from operations | $ | (46,010,957 | ) | $ | 72,468,514 | $ | 250,107 | $ | 7,145,036 | $ | 58,874,349 | |||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Net of foreign withholding taxes withheld of $589,584 and $742,919, respectively. |
* | Commencement of operations. |
** | Prior to March 9, 2012 the Fund’s fiscal year end was June 30. |
See Notes which are an integral part of the Financial Statements
(Statements of Operations continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF OPERATIONS (concluded) | 81 |
Wilmington Strategic Allocation Conservative Fund | Wilmington Strategic Allocation Moderate Fund | Wilmington Strategic Allocation Aggressive Fund | ||||||||||||||||||
Ten Months Ended April 30, 2012* | Year Ended June 30, 2011 | Year Ended | Ten Months Ended April 30, 2012* | Year Ended June 30, 2011 | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends | $ | 1,209,145 | (a) | $ | 1,459,328 | (a) | $ | 920,866 | (a) | $ | 564,642 | (a) | $ | 817,140 | (a) | |||||
Interest | — | 600,908 | 510,275 | — | 427,480 | |||||||||||||||
Security lending income | — | — | 3,830 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL INVESTMENT INCOME | 1,209,145 | 2,060,236 | 1,434,971 | 564,642 | 1,244,620 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fee | 36,513 | — | 441,277 | 28,713 | — | |||||||||||||||
Administrative personnel and services fee | 8,160 | 10,511 | 19,434 | 6,558 | 8,680 | |||||||||||||||
Portfolio accounting, administration and custodian fees | 26,844 | 33,540 | 41,428 | 24,760 | 31,188 | |||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 22,920 | 35,210 | 131,811 | 22,240 | 36,264 | |||||||||||||||
Trustees’ fees | 20,777 | 34,750 | 20,199 | 20,859 | 34,750 | |||||||||||||||
Professional fees | 38,510 | 42,850 | 92,767 | 37,173 | 44,730 | |||||||||||||||
Distribution services fee—A Shares | | 15,190 | | 23,515 | 167,351 | | 6,316 | | 9,611 | |||||||||||
Shareholder services fee—A Shares | 2,397 | — | 167,351 | 1,046 | — | |||||||||||||||
Shareholder services fee—I Shares | 15,859 | — | 7,784 | 13,311 | — | |||||||||||||||
Share registration costs | 27,823 | 32,019 | 15,798 | 35,098 | 29,485 | |||||||||||||||
Printing and postage | 22,009 | 17,090 | 23,178 | 21,552 | 16,887 | |||||||||||||||
Compliance services | — | 11,491 | — | — | 11,464 | |||||||||||||||
Miscellaneous | 21,937 | 11,601 | 15,606 | 20,873 | 11,574 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL EXPENSES | 258,939 | 252,577 | 1,143,984 | 238,499 | 234,633 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||||||
Waiver/reimbursement by investment advisor | (47,909 | ) | — | (408,484 | ) | (36,986 | ) | — | ||||||||||||
Waiver of shareholder services fee—A Shares | (2,397 | ) | — | (167,597 | ) | (1,046 | ) | — | ||||||||||||
Waiver of shareholder services fee—I Shares | (15,859 | ) | — | (8,973 | ) | (13,311 | ) | — | ||||||||||||
Reimbursement of transfer and dividend disbursing agent fees and expenses by Administrator | — | — | (12,323 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (66,165 | ) | — | (597,377 | ) | (51,343 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net expenses | 192,774 | 252,577 | 546,607 | 187,156 | 234,633 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 1,016,371 | 1,807,659 | 888,364 | 377,486 | 1,009,987 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain (loss) on investments | 841,846 | 536,729 | 750,065 | (54,071 | ) | (59,015 | ) | |||||||||||||
Net realized gain (loss) from affiliated investment companies | 207,195 | 267,848 | (73,131 | ) | 224,738 | 796,247 | ||||||||||||||
Realized gain distributions received from investment companies | 903,224 | 610,022 | 327,456 | 351,307 | 13 | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (2,033,581 | ) | 4,673,730 | (4,599,886 | ) | (2,521,934 | ) | 10,603,386 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) on investments | (81,316 | ) | 6,088,329 | (3,595,496 | ) | (1,999,960 | ) | 11,340,631 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from operations | $ | 935,055 | $ | 7,895,988 | $ | (2,707,132 | ) | $ | (1,622,474 | ) | $ | 12,350,618 | ||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Includes $138,909, $1,459,328, $157,007, $80,089 and $817,140 received from affiliated issuers, respectively. |
* | Prior to March 9, 2012 the Fund’s fiscal year end was June 30. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2012
Table of Contents
82 | STATEMENTS OF CHANGES IN NET ASSETS |
Wilmington Multi- Manager International Fund | Wilmington Rock Maple Alternatives Fund | |||||||||||||||
Year Ended April 30, | Year Ended June 30, | Year Ended June 30, 2010 | Year Ended April 30, | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 3,173,418 | $ | 4,518,207 | $ | 4,432,445 | $ | 147,748 | ||||||||
Net realized gain (loss) on investments | (10,376,352 | ) | 23,982,615 | 49,294,416 | (104,089 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | (38,808,023 | ) | 43,967,692 | 8,301,130 | 206,448 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (46,010,957 | ) | 72,468,514 | 62,027,991 | 250,107 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Distributions from net investment income | ||||||||||||||||
A Shares | (1,355 | ) | (5,671 | ) | (1,310 | ) | — | |||||||||
I Shares | (1,469,295 | ) | (4,170,715 | ) | (5,607,555 | ) | (71,149 | ) | ||||||||
Distributions from net realized gain on investments | ||||||||||||||||
A Shares | — | — | — | — | ||||||||||||
I Shares | — | — | — | — | ||||||||||||
Return of Capital | ||||||||||||||||
A Shares | (7 | ) | ||||||||||||||
I Shares | (28,033 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from distributions to shareholders | (1,470,650 | ) | (4,176,386 | ) | (5,636,905 | ) | (71,149 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||
A Shares | 156,622 | 550,709 | 31,892 | 121,568 | ||||||||||||
I Shares | 43,205,337 | 132,362,115 | 66,812,360 | 25,140,242 | ||||||||||||
Proceeds from shares issued in connection with Reorganization (Note 9) | 131,922,273 | — | — | |||||||||||||
Distributions reinvested | ||||||||||||||||
A Shares | 1,225 | 5,480 | 1,317 | — | ||||||||||||
I Shares | 636,820 | 1,806,057 | 2,386,209 | 1,524 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
A Shares | (359,888 | ) | (102,237 | ) | (36,446 | ) | — | |||||||||
I Shares | (100,077,373 | ) | (77,659,243 | ) | (272,088,612 | ) | (386,344 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from share transactions | 75,485,016 | 56,962,881 | (202,893,280 | ) | 24,876,990 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets | 28,003,409 | 125,255,009 | (146,502,194 | ) | 25,055,948 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 374,368,986 | 249,113,977 | 395,616,171 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 402,372,395 | $ | 374,368,986 | $ | 249,113,977 | $ | 25,055,948 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | 3,137,031 | $ | (225,519 | ) | $ | (265,631 | ) | $ | 8,784 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||
Shares sold | ||||||||||||||||
A Shares | 22,732 | 73,980 | 4,782 | 11,964 | ||||||||||||
I Shares | 6,748,787 | 17,575,569 | 10,500,673 | 2,512,086 | ||||||||||||
Shares issued in connection with Reorganization (Note 9) | 19,336,655 | — | — | — | ||||||||||||
Distributions reinvested | ||||||||||||||||
A Shares | 189 | 746 | 209 | — | ||||||||||||
I Shares | 97,298 | 245,029 | 376,474 | 150 | ||||||||||||
Shares redeemed | ||||||||||||||||
A Shares | (54,447 | ) | (13,770 | ) | (5,917 | ) | — | |||||||||
I Shares | (15,391,690 | ) | (10,733,877 | ) | (42,799,809 | ) | (38,142 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change resulting from share transactions | 10,759,524 | 7,147,677 | (31,923,588 | ) | 2,486,058 | |||||||||||
|
|
|
|
|
|
|
|
* | Commencement of investment operations January 12, 2012. |
** | Prior to March 9, 2012 the Fund’s fiscal year end was June 30. |
See Notes which are an integral part of the Financial Statements
(Statements of Changes in Net Assets continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (continued) | 83 |
Wilmington Multi- Manager Real Asset Fund | Wilmington Strategic Allocation Conservative Fund | |||||||||||||||||||||||
Year Ended April 30, | Year Ended June 30, | Year Ended June 30, | Year Ended April 30, | Year Ended June 30, | Year Ended June 30, | |||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) | $ | (1,770,999 | ) | $ | 14,208,111 | $ | 1,251,893 | $ | 1,016,371 | $ | 1,807,659 | $ | 1,606,333 | |||||||||||
Net realized gain (loss) on investments | 9,789,834 | 23,990,074 | 5,803,947 | 1,952,265 | 1,414,599 | (1,268,218 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (873,799 | ) | 20,676,164 | 22,591,330 | (2,033,581 | ) | 4,673,730 | 3,189,859 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in net assets resulting from operations | 7,145,036 | 58,874,349 | 29,647,170 | 935,055 | 7,895,988 | 3,527,974 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
A Shares | (5,519 | ) | (718,487 | ) | (396,565 | ) | (144,371 | ) | (235,297 | ) | (250,242 | ) | ||||||||||||
I Shares | (240,392 | ) | (13,559,782 | ) | (8,295,964 | ) | | (1,054,442 | ) | (1,563,166 | ) | (1,336,358 | ) | |||||||||||
Distributions from net realized gain on investments | — | — | ||||||||||||||||||||||
A Shares | — | — | — | — | — | — | ||||||||||||||||||
I Shares | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in net assets resulting from distributions to shareholders | (245,911 | ) | (14,278,269 | ) | (8,692,529 | ) | (1,198,813 | ) | (1,798,463 | ) | (1,586,600 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||
A Shares | 1,277,305 | 2,247,464 | 9,685,149 | 89,798 | 7,194,268 | 945,831 | ||||||||||||||||||
I Shares | 146,316,832 | 47,667,501 | 97,906,262 | 3,320,115 | 323,968 | 43,632,229 | ||||||||||||||||||
Proceeds from merger (Note 9) | ||||||||||||||||||||||||
A Shares | — | — | — | — | — | 8,139,354 | ||||||||||||||||||
I Shares | — | — | — | — | — | 15,358,229 | ||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||
A Shares | 5,209 | 680,196 | 371,712 | 137,603 | 221,830 | 235,494 | ||||||||||||||||||
I Shares | 78,344 | 4,291,103 | 2,484,278 | 968,602 | 1,402,127 | 1,113,143 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||
A Shares | (7,934,816 | ) | (7,842,454 | ) | (14,777,559 | ) | (1,205,703 | ) | (3,342,991 | ) | (3,295,476 | ) | ||||||||||||
I Shares | (61,223,719 | ) | (125,378,229 | ) | (204,952,550 | ) | (13,973,081 | ) | (11,688,226 | ) | (21,472,511 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in net assets resulting from share transactions | 78,519,155 | (78,334,419 | ) | (109,282,708 | ) | (10,662,666 | ) | (5,889,024 | ) | 44,656,293 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Change in net assets | 85,418,280 | (33,738,339 | ) | (88,328,067 | ) | (10,926,424 | ) | 208,501 | 46,597,667 | |||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||
Beginning of year | 266,269,786 | 300,008,125 | 388,336,192 | 63,228,804 | 63,020,303 | 16,422,636 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of year | $ | 351,688,066 | $ | 266,269,786 | $ | 300,008,125 | $ | 52,302,380 | $ | 63,228,804 | $ | 63,020,303 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | (3,182,329 | ) | $ | (5,345,159 | ) | $ | (192,087 | ) | $ | 203,414 | $ | 313,907 | $ | 129,084 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||
A Shares | 93,062 | 164,706 | 788,494 | 8,568 | 31,671 | 98,388 | ||||||||||||||||||
I Shares | 10,525,216 | 3,501,036 | 7,954,319 | 320,755 | 695,050 | 4,516,681 | ||||||||||||||||||
Shares Issued in fund merger (Note 9) | ||||||||||||||||||||||||
A Shares | — | — | — | — | — | 864,369 | ||||||||||||||||||
I Shares | — | — | — | — | — | 1,628,014 | ||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||
A Shares | 381 | 50,838 | 29,675 | 13,640 | 21,512 | 24,215 | ||||||||||||||||||
I Shares | 5,727 | 319,566 | 197,794 | 95,789 | 135,584 | 113,900 | ||||||||||||||||||
Shares redeemed | ||||||||||||||||||||||||
A Shares | (584,668 | ) | (579,584 | ) | (1,200,714 | ) | (117,367 | ) | (322,385 | ) | (339,820 | ) | ||||||||||||
I Shares | (4,484,128 | ) | (9,233,540 | ) | (16,456,624 | ) | (1,357,544 | ) | (1,122,201 | ) | (2,207,062 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net change resulting from share transactions | 5,555,590 | (5,776,978 | ) | (8,687,056 | ) | (1,036,159 | ) | (560,769 | ) | 4,698,685 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
(Statements of Changes in Net Assets continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
84 | STATEMENTS OF CHANGES IN NET ASSETS (concluded) |
Wilmington Strategic Allocation Moderate Fund | Wilmington Strategic Allocation Aggressive Fund | |||||||||||||||||||
Year Ended April 30, | Year Ended April 30, | Year Ended April 30, | Year Ended June 30, | Year Ended June 30, 2010 | ||||||||||||||||
OPERATIONS: | ||||||||||||||||||||
Net investment income | $ | 888,364 | $ | 658,161 | $ | 377,486 | 1,009,987 | 907,071 | ||||||||||||
Net realized gain (loss) on investments | 1,004,390 | 4,516,747 | 521,974 | 737,245 | (6,377,192 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (4,599,886 | ) | 7,281,032 | (2,521,934 | ) | 10,603,386 | 13,341,988 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from operations | (2,707,132 | ) | 12,455,940 | (1,622,474 | ) | 12,350,618 | 7,871,867 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||
A Shares | (859,662 | ) | (630,182 | ) | (19,654 | ) | (61,960 | ) | (52,604 | ) | ||||||||||
B Shares | — | (133,160 | ) | — | — | |||||||||||||||
I Shares | (51,060 | ) | (36,841 | ) | (320,102 | ) | (948,415 | ) | (850,801 | ) | ||||||||||
Distributions from net realized gain on investments | ||||||||||||||||||||
A Shares | (87,547 | ) | (199,928 | ) | — | — | — | |||||||||||||
B Shares | — | (78,041 | ) | — | — | — | ||||||||||||||
I Shares | (3,953 | ) | (11,674 | ) | — | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from distributions to shareholders | (1,002,222 | ) | (1,089,826 | ) | (339,756 | ) | (1,010,375 | ) | (903,405 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||
A Shares | 2,997,639 | 25,591,791 | 88,736 | 145,629 | 1,181,814 | |||||||||||||||
B Shares | — | 5,712,075 | — | — | ||||||||||||||||
I Shares | 149,012 | 1,102,910 | 5,267,653 | 7,918,850 | 16,575,547 | |||||||||||||||
Proceeds from shares issued in connection with the Reorganization (Note 8) | — | 39,254,425 | — | — | — | |||||||||||||||
Distributions reinvested | ||||||||||||||||||||
A Shares | 892,049 | 789,579 | 18,277 | 59,889 | 51,087 | |||||||||||||||
B Shares | — | 205,155 | — | — | ||||||||||||||||
I Shares | 55,013 | 48,514 | 98,282 | 286,957 | 234,217 | |||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||
A Shares | (10,617,664 | ) | (15,728,837 | ) | (463,921 | ) | (1,343,528 | ) | (988,990 | ) | ||||||||||
B Shares | — | (24,613,701 | ) | — | — | |||||||||||||||
I Shares | (354,196 | ) | (230,321 | ) | (16,104,843 | ) | (12,864,588 | ) | (29,164,181 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from share transactions | (6,878,147 | ) | 32,131,590 | (11,095,816 | ) | (5,796,791 | ) | (12,110,506 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets | (10,587,501 | ) | 43,497,704 | (13,058,046 | ) | 5,543,452 | (5,142,044 | ) | ||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of year | 78,979,987 | 35,482,283 | 55,388,922 | 49,845,470 | 54,987,514 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
End of year | $ | 68,392,486 | $ | 78,979,987 | $ | 42,330,876 | $ | 55,388,922 | $ | 49,845,470 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | 101,652 | $ | 80,387 | $ | 62,632 | $ | 24,902 | $ | 39,783 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||
Shares sold | ||||||||||||||||||||
A Shares | 330,801 | 2,762,858 | 9,921 | 16,577 | 158,330 | |||||||||||||||
B Shares | — | 6,477 | — | — | — | |||||||||||||||
I Shares | 16,720 | 132,039 | 610,813 | 878,842 | 2,166,734 | |||||||||||||||
Shares issued in connection with Reorganization (Note 8) | — | 4,895,079 | — | — | — | |||||||||||||||
Distributions reinvested | ||||||||||||||||||||
A Shares | 102,604 | 90,048 | 2,186 | 6,796 | 6,572 | |||||||||||||||
B Shares | — | 23,806 | — | — | — | |||||||||||||||
I Shares | 6,304 | 5,488 | 11,700 | 32,395 | 29,928 | |||||||||||||||
Shares redeemed | ||||||||||||||||||||
A Shares | (1,175,129 | ) | (1,166,437 | ) | (53,136 | ) | (153,541 | ) | (124,103 | ) | ||||||||||
B Shares | — | (2,751,953 | ) | — | — | — | ||||||||||||||
I Shares | (40,455 | ) | (26,411 | ) | (1,914,753 | ) | (1,495,856 | ) | (3,657,190 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change resulting from share transactions | (759,155 | ) | 3,970,994 | (1,333,269 | ) | (714,787 | ) | (1,419,729 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS | 85 |
For a share outstanding throughout each period.
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND† | ||||||||||||||||||||||||
A SHARES | For the period July 1, 2011 through April 30, 2012* | For the Year Ended June 30, 2011 | For the Year Ended June 30, 2010 | For the Year Ended June 30, 2009 | For the Year Ended June 30, 2008 | For the Year Ended June 30, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ 7.63 | $ 5.95 | $ 5.36 | $ 8.50 | $11.75 | $ 9.92 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | 0.16 | 0.12 | 0.06 | 0.08 | 0.15 | 0.16 | ||||||||||||||||||
Net realized and unrealized gain (loss) on Investments and foreign currency | (1.05 | ) | 1.64 | 0.63 | (2.92 | ) | (1.23 | ) | 2.72 | |||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | (0.89 | ) | 1.76 | 0.69 | (2.84 | ) | (1.08 | ) | 2.88 | |||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.02 | ) | (0.08 | ) | (0.10 | ) | (0.10 | ) | (0.25 | ) | (0.12 | ) | ||||||||||||
Net Realized gains | — | — | — | (0.20 | ) | (1.92 | ) | (0.93 | ) | |||||||||||||||
Return of Capital | — | — | 0.00 | (d) | — | — | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.02 | ) | (0.08 | ) | (0.10 | ) | (0.30 | ) | (2.17 | ) | (1.05 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $ 6.72 | $ 7.63 | $ 5.95 | $ 5.36 | $ 8.50 | $11.75 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(a) | (11.65 | )% | 29.57 | % | 12.74 | % | (32.95 | )% | (10.66 | )% | 30.30 | % | ||||||||||||
Net Assets, End of Period (000’s) | $6,682 | $571 | $83 | $80 | $118 | $122 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 1.62 | %(f) | 1.59 | % | 1.63 | % | 1.72 | % | 1.40 | % | 1.37 | % | ||||||||||||
Net Expenses(b) | 1.42 | %(f) | 1.58 | % | 1.62 | % | 1.65 | % | 1.40 | % | 1.37 | % | ||||||||||||
Net Investment Income | 2.77 | %(f) | 1.61 | % | 0.89 | % | 1.53 | % | 1.46 | % | 1.54 | % | ||||||||||||
Portfolio Turnover Rate | 85 | % | 98 | % | 107 | % | 136 | % | 124 | % | 89 | % | ||||||||||||
I SHARES(e) | For the period July 1, 2011 through April 30, 2012* | For the Year Ended June 30, 2011 | For the Year Ended June 30, 2010 | For the Year Ended June 30, 2009 | For the Year Ended June 30, 2008 | For the Year Ended June 30, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ 7.66 | $ 5.97 | $ 5.37 | $ 8.51 | $11.76 | $ 9.92 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | 0.06 | 0.10 | 0.07 | 0.10 | 0.18 | 0.16 | ||||||||||||||||||
Net realized and unrealized gain (loss) on Investments and foreign currency | (0.94 | ) | 1.67 | 0.64 | (2.93 | ) | (1.24 | ) | 2.74 | |||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | (0.88 | ) | 1.77 | 0.71 | (2.83 | ) | (1.06 | ) | 2.90 | |||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.03 | ) | (0.08 | ) | (0.11 | ) | (0.11 | ) | (0.27 | ) | (0.13 | ) | ||||||||||||
Net Realized gains | — | — | — | (0.20 | ) | (1.92 | ) | (0.93 | ) | |||||||||||||||
Return of Capital | — | — | 0.00 | (d) | — | — | — | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.03 | ) | (0.08 | ) | (0.11 | ) | (0.31 | ) | (2.19 | ) | (1.06 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $ 6.75 | $ 7.66 | $ 5.97 | $ 5.37 | $ 8.51 | $11.76 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(a) | (11.45 | )% | 29.78 | % | 13.10 | % | (32.82 | )% | (10.49 | )% | 30.57 | % | ||||||||||||
Net Assets, End of Period (000’s) | $395,690 | $373,798 | $249,031 | $395,536 | $1,035,939 | $1,129,534 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 1.42 | %(f) | 1.43 | % | 1.38 | % | 1.42 | % | 1.16 | % | 1.06 | % | ||||||||||||
Net Expenses(b) | 1.38 | %(f) | 1.41 | % | 1.37 | % | 1.40 | % | 1.15 | % | 1.06 | % | ||||||||||||
Net Investment Income | 1.17 | %(f) | 1.38 | % | 1.03 | % | 1.64 | % | 1.75 | % | 1.49 | % | ||||||||||||
Portfolio Turnover Rate | 85 | % | 98 | % | 107 | % | 136 | % | 124 | % | 89 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | The net investment income per share was calculated using the average share outstanding method. |
(d) | Less than $.01 per share. |
(e) | Formerly Institutional Shares. |
(f) | Annualized for periods less than one year. |
† | Effective March 9, 2012, the Fund acquired all the assets and liabilities of the Wilmington Multi-Manager International Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the period prior to this date reflect the performance of the WT Fund. |
* | Prior to March 9, 2012 the Fund’s fiscal year end was June 30. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
86 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON ROCK MAPLE ALTERNATIVES FUND | ||||
A SHARES | For the period January 12, 2012 to April 30, 2012* | |||
Net Asset Value, Beginning of Period | $10.00 | |||
Income (Loss) From Operations: | ||||
Net Investment Income(c) | 0.03 | |||
Net realized and unrealized gain (loss) on investments and foreign currency | 0.08 | |||
|
| |||
Total Income (Loss) From Operations | 0.11 | |||
|
| |||
Less Distributions From: | ||||
Net Investment Income | — | |||
Net Realized gains | — | |||
|
| |||
Total Distributions | — | |||
|
| |||
Net Asset Value, End of Period | $10.11 | |||
|
| |||
Total Return(a) | 1.10 | % | ||
Net Assets, End of Period (000’s) | $121 | |||
Ratios to Average Net Assets | ||||
Gross Expense | 4.25 | %(d) | ||
Net Expenses(b) | 2.48 | %(d) | ||
Net Investment Income | 0.88 | %(d) | ||
Portfolio Turnover Rate | 8 | % | ||
I SHARES | For the period January 12, 2012 to April 30, 2012* | |||
Net Asset Value, Beginning of Period | $10.00 | |||
Income (Loss) From Operations: | ||||
Net Investment Income(c) | 0.06 | |||
Net realized and unrealized gain (loss) on investments and foreign currency | 0.05 | |||
|
| |||
Total Income (Loss) From Operations | 0.11 | |||
|
| |||
Less Distributions From: | ||||
Net Investment Income | (0.03 | ) | ||
Net Realized gains | — | |||
|
| |||
Total Distributions | (0.03 | ) | ||
|
| |||
Net Asset Value, End of Period | $10.08 | |||
|
| |||
Total Return(a) | 1.10 | % | ||
Net Assets, End of Period (000’s) | $24,935 | |||
Ratios to Average Net Assets | 3.92 | %(d) | ||
Gross Expense | 1.98 | %(d) | ||
Net Expenses(b) | 2.11 | %(d) | ||
Net Investment Income | 8 | % | ||
Portfolio Turnover Rate |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year if any are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Annualized for periods less than one year. |
* | Commencement of operations. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (continued) | 87 |
For a share outstanding throughout each period.
WILMINGTON MULTI-MANAGER REAL ASSET FUND† | ||||||||||||||||||||||||
A SHARES | For the period July 1, 2011 through April 30, 2012* | For the year June 30, 2011 | For the year June 30, 2010 | For the year June 30, 2009 | For the year June 30, 2008 | For the year June 30, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $14.00 | $12.10 | $11.60 | $17.75 | $15.34 | $15.07 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | (0.21 | ) | 0.63 | 0.02 | 0.15 | 0.63 | 0.58 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency | 0.50 | 1.91 | 0.75 | (4.89 | ) | 2.65 | 0.12 | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | 0.29 | 2.54 | 0.77 | (4.74 | ) | 3.28 | 0.70 | |||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.01 | ) | (0.64 | ) | (0.27 | ) | (0.59 | ) | (0.54 | ) | (0.32 | ) | ||||||||||||
Net Realized gains | — | — | — | (0.82 | ) | (0.33 | ) | (0.11 | ) | |||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.01 | ) | (0.64 | ) | (0.27 | ) | (1.41 | ) | (0.87 | ) | (0.43 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $14.28 | $14.00 | $12.10 | $11.60 | $17.75 | $15.34 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(a) | 2.04 | % | 21.45 | % | 6.57 | % | (26.78 | )% | 22.00 | % | 4.62 | % | ||||||||||||
Net Assets, End of Period (000’s) | $7,038 | $13,773 | $16,305 | $20,073 | $32,637 | $128 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 1.33 | %(e) | 1.25 | % | 1.20 | % | 1.09 | % | 0.99 | % | 0.90 | % | ||||||||||||
Net Expenses(b) | 1.28 | %(e) | 1.25 | % | 1.19 | % | 1.07 | % | 0.90 | % | 0.89 | % | ||||||||||||
Net Investment Income | (1.86 | )%(e) | 4.64 | % | 0.13 | % | 1.15 | % | 3.61 | % | 3.74 | % | ||||||||||||
Portfolio Turnover Rate | 180 | % | 199 | % | 156 | % | 115 | % | 72 | % | 23 | % | ||||||||||||
I SHARES(d) | For the period July 1, 2011 through April 30, 2012* | For the year June 30, 2011 | For the year June 30, 2010 | For the year June 30, 2009 | For the year June 30, 2008 | For the year June 30, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $14.02 | $12.11 | $11.61 | $17.75 | $15.33 | $15.06 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | (0.09 | ) | 0.65 | 0.04 | 0.28 | 0.60 | 0.50 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency | 0.41 | 1.94 | 0.75 | (4.99 | ) | 2.71 | 0.24 | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | 0.32 | 2.59 | 0.79 | (4.71 | ) | 3.31 | 0.74 | |||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.01 | ) | (0.68 | ) | (0.29 | ) | (0.61 | ) | (0.56 | ) | (0.36 | ) | ||||||||||||
Net Realized gains | — | — | — | (0.82 | ) | (0.33 | ) | (0.11 | ) | |||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.01 | ) | (0.68 | ) | (0.29 | ) | (1.43 | ) | (0.89 | ) | (0.47 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $14.33 | $14.02 | $12.11 | $11.61 | $17.75 | $15.33 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(a) | 2.31 | % | 21.70 | % | 6.76 | % | (26.59 | )% | 22.27 | % | 4.89 | % | ||||||||||||
Net Assets, End of Period (000’s) | $344,650 | $252,497 | $283,703 | $368,263 | $782,540 | $555,007 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 1.08 | %(e) | 1.00 | % | 0.95 | % | 0.82 | % | 0.65 | % | 0.65 | % | ||||||||||||
Net Expenses(b) | 1.02 | %(e) | 1.00 | % | 0.94 | % | 0.82 | % | 0.65 | % | 0.63 | % | ||||||||||||
Net Investment Income | (0.74 | )%(e) | 4.82 | % | 0.33 | % | 2.09 | % | 3.64 | % | 3.23 | % | ||||||||||||
Portfolio Turnover Rate | 180 | % | 199 | % | 156 | % | 115 | % | 72 | % | 23 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge if applicable. Total returns for periods of less than one year. If any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Formerly Institutional Shares |
(e) | Annualized for periods less than one year. |
† | Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Multi-Manager Real Asset Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Prior to March 9, 2012 the Fund’s fiscal year end was June 30. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
88 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each period.
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND† | ||||||||||||||||||||||||
A SHARES | For the period July 1, 2011 through April 30, 2012* | For the year ended June 30, 2011 | For the year ended June 30, 2010 | For the year ended June 30, 2009 | For the year ended June 30, 2008 | For the year ended June 30, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $10.60 | $ 9.66 | $ 9.02 | $ 10.54 | $10.80 | $ 10.17 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | 0.17 | 0.26 | 0.26 | 0.28 | 0.28 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain (loss) on Investments | 0.05 | 0.95 | 0.64 | (1.41 | ) | (0.13 | ) | 0.66 | ||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | 0.22 | 1.21 | 0.90 | (1.13 | ) | 0.15 | 0.93 | |||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From(d): | ||||||||||||||||||||||||
Net Investment Income | (0.21 | ) | (0.27 | ) | (0.26 | ) | (0.25 | ) | (0.28 | ) | (0.25 | ) | ||||||||||||
Net Realized gains | — | — | — | (0.14 | ) | (0.13 | ) | (0.05 | ) | |||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.21 | ) | (0.27 | ) | (0.26 | ) | (0.39 | ) | (0.41 | ) | (0.30 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $10.61 | $10.60 | $ 9.66 | $ 9.02 | $10.54 | $10.80 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(a) | 2.15 | % | 12.58 | % | 9.98 | % | (10.57 | )% | 1.35 | % | 9.30 | % | ||||||||||||
Net Assets, End of Period (000's) | $7,003 | $8,003 | $9,890 | $3,402 | $4,777 | $3,273 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense(g) | 0.77 | %(f) | 0.60 | % | 0.64 | % | 1.56 | % | 1.68 | % | 3.73 | % | ||||||||||||
Net Expenses(b)(g) | 0.63 | %(f) | 0.60 | % | 0.64 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||
Net Investment Income | 1.95 | %(f) | 2.54 | % | 2.65 | % | 3.02 | % | 2.61 | % | 2.57 | % | ||||||||||||
Portfolio Turnover Rate | 37 | % | 26 | % | 92 | % | 31 | % | 25 | % | 47 | % | ||||||||||||
I SHARES(e) | For the period July 1, 2011 through April 30, 2012* | For the year ended June 30, 2011 | For the year ended June 30, 2010 | For the year ended June 30, 2009 | For the year ended June 30, 2008 | For the year ended June 30, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $10.62 | $ 9.67 | $ 9.04 | $ 10.55 | $10.81 | $10.17 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | 0.19 | 0.29 | 0.29 | 0.31 | 0.31 | 0.31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on Investments | 0.06 | 0.95 | 0.62 | (1.41 | ) | (0.14 | ) | 0.65 | ||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | 0.25 | 1.24 | 0.91 | (1.10 | ) | 0.17 | 0.96 | |||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From(d): | ||||||||||||||||||||||||
Net Investment Income | (0.23 | ) | (0.29 | ) | (0.28 | ) | (0.27 | ) | (0.30 | ) | (0.27 | ) | ||||||||||||
Net Realized gains | — | — | — | (0.14 | ) | (0.13 | ) | (0.05 | ) | |||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.23 | ) | (0.29 | ) | (0.28 | ) | (0.41 | ) | (0.43 | ) | (0.32 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $10.64 | $10.62 | $ 9.67 | $ 9.04 | $10.55 | $10.81 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | 2.44 | % | 12.96 | % | 10.12 | % | (10.30 | )% | 1.58 | % | 9.62 | % | ||||||||||||
Net Assets, End of Period (000's) | $45,299 | $55,226 | $53,131 | $13,021 | $8,058 | $7,894 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense(g) | 0.52 | %(f) | 0.35 | % | 0.39 | % | 1.30 | % | 1.43 | % | 3.08 | % | ||||||||||||
Net Expenses(b)(g) | 0.38 | %(f) | 0.35 | % | 0.39 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Net Investment Income | 2.20 | %(f) | 2.81 | % | 2.91 | % | 3.42 | % | 2.83 | % | 2.86 | % | ||||||||||||
Portfolio Turnover Rate | 37 | % | 26 | % | 92 | % | 31 | % | 25 | % | 47 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | For financial reporting purposes, certain distributions from net investment income for Federal income tax purposes have been reclassified to distributions from realized gains. |
(e) | Formerly Institutional Shares. |
(f) | Annualized for periods less than one year. |
(g) | The Fund invests in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
† | Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Conservative Asset Allocation Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Prior to March 9, 2012 the Fund’s fiscal year end was June 30. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
FINANCIAL HIGHLIGHTS (continued) | 89 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND | ||||||||||||||||||||||||
A SHARES(i) | 2012 | 2011(d) | 2010(d) | 2009(d) | 2008(d) | 2007(d) | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ 9.70 | $ 8.62 | $ 6.72 | $10.07 | $10.67 | $10.47 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | 0.11 | 0.10 | 0.04 | 0.10 | 0.10 | 0.12 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.42 | ) | 1.13 | 1.87 | (2.82 | ) | (0.19 | ) | 0.87 | |||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | (0.31 | ) | 1.23 | 1.91 | (2.72 | ) | (0.09 | ) | 0.99 | |||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.12 | ) | (0.12 | ) | (0.01 | ) | (0.10 | ) | (0.16 | ) | (0.22 | ) | ||||||||||||
Net Realized Gains | (0.01 | ) | (0.03 | ) | — | (0.53 | ) | (0.35 | ) | (0.57 | ) | |||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.13 | ) | (0.15 | ) | (0.01 | ) | (0.63 | ) | (0.51 | ) | (0.79 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $ 9.26 | $ 9.70 | $ 8.62 | $ 6.72 | $10.07 | $10.67 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(a) | (3.13 | )% | 14.54 | % | 28.39 | % | (26.61 | )% | (0.93 | )% | 9.80 | % | ||||||||||||
Net Assets, End of Period (000’s) | $65,285 | $75,554 | $21,822 | $21,871 | $36,868 | $41,963 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense(h) | 1.64 | % | 1.51 | % | 1.39 | % | 1.48 | % | 1.20 | % | 1.14 | % | ||||||||||||
Net Expenses(b)(h) | 0.79 | % | 0.73 | % | 0.83 | % | 0.86 | % | 0.88 | % | 0.89 | % | ||||||||||||
Net Investment Income | 1.26 | % | 0.97 | % | 0.46 | % | 1.31 | % | 0.98 | % | 1.20 | % | ||||||||||||
Portfolio Turnover Rate | 41 | % | 55 | % | 10 | % | 42 | % | 21 | % | 22 | % | ||||||||||||
I SHARES(j) | 2012 | 2011(g) | ||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ 9.70 | $ 8.08 | ||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | 0.14 | 0.10 | ||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.43 | ) | 1.66 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | (0.29 | ) | 1.76 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.15 | ) | (0.11 | ) | ||||||||||||||||||||
Net Realized Gains | (0.01 | ) | (0.03 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.16 | ) | (0.14 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $ 9.25 | $ 9.70 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(a) | (2.87 | )% | 22.07 | % | ||||||||||||||||||||
Net Assets, End of Period (000’s) | $3,108 | $3,426 | ||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense(h) | 1.39 | % | 1.44 | %(e) | ||||||||||||||||||||
Net Expenses(b)(h) | 0.51 | % | 0.67 | %(e) | ||||||||||||||||||||
Net Investment Income | 1.53 | % | 1.25 | %(e) | ||||||||||||||||||||
Portfolio Turnover Rate | 41 | % | 55 | %(f) |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | Effective June 11, 2010, shareholders of the former Managed Allocation Fund—Aggressive Growth, Managed Allocation Fund—Moderate Growth, and Managed Allocation Fund—Conservative Growth became owners of the Strategic Allocation Fund in a plan of reorganization. See Note 8. Additionally, the accounting and performance history of the Managed Allocation Fund—Moderate Growth Fund was redesignated as that of the Strategic Allocation Fund for A Shares for periods prior to June 14, 2010. |
(e) | Annualized for periods less than one year. |
(f) | Reflects portfolio turnover for the Fund for the year ended April 30, 2011. |
(g) | For the period from June 11, 2010 (commencement of operations) to April 30, 2011. |
(h) | The Fund invests in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(i) | Formerly Class A Shares. |
(j) | Formerly Institutional I Shares. |
See Notes which are an integral part of the Financial Statements
(Financial Highlights continued next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
90 | FINANCIAL HIGHLIGHTS (concluded) |
For a share outstanding throughout each period.
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND† | ||||||||||||||||||||||||
A SHARES | For the period | For the year ended June 30, 2011 | For the year ended June 30, 2010 | For the year ended June 30, 2009 | For the year ended June 30, 2008 | For the year ended June 30, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ 9.33 | $ 7.49 | $ 6.81 | $ 10.92 | $12.19 | $10.54 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | 0.05 | 0.14 | 0.10 | 0.12 | 0.17 | 0.08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on Investments | (0.13 | ) | 1.85 | 0.68 | (3.53 | ) | (0.78 | ) | 1.80 | |||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | (0.08 | ) | 1.99 | 0.78 | (3.41 | ) | (0.61 | ) | 1.88 | |||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From(d): | ||||||||||||||||||||||||
Net Investment Income | (0.05 | ) | (0.15 | ) | (0.10 | ) | (0.12 | ) | (0.17 | ) | (0.07 | ) | ||||||||||||
Net Realized gains | — | — | — | (0.58 | ) | (0.49 | ) | (0.16 | ) | |||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.05 | ) | (0.15 | ) | (0.10 | ) | (0.70 | ) | (0.66 | ) | (0.23 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $ 9.20 | $ 9.33 | $ 7.49 | $ 6.81 | $10.92 | $12.19 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(a) | (0.75 | )% | 26.66 | % | 11.41 | % | (30.79 | )% | (5.37 | )% | 18.01 | % | ||||||||||||
Net Assets, End of Period (000's) | $3,074 | $3,502 | $3,788 | $3,165 | $4,737 | $5,070 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense(g) | 0.88 | %(f) | 0.67 | % | 0.58 | % | 0.66 | % | 0.61 | % | 0.76 | % | ||||||||||||
Net Expenses(b)(g) | 0.73 | %(f) | 0.67 | % | 0.58 | % | 0.65 | % | 0.60 | % | 0.75 | % | ||||||||||||
Net Investment Income | 0.75 | %(f) | 1.64 | % | 1.23 | % | 1.63 | % | 1.41 | % | 0.69 | % | ||||||||||||
Portfolio Turnover Rate | 17 | % | 34 | % | 53 | % | 59 | % | 23 | % | 14 | % | ||||||||||||
I SHARES(e) | For the period | For the year ended June 30, 2011 | For the year ended June 30, 2010 | For the year ended June 30, 2009 | For the year ended June 30, 2008 | For the year ended June 30, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ 9.35 | $ 7.51 | $ 6.82 | $ 10.93 | $12.20 | $10.55 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income(c) | 0.07 | 0.17 | 0.11 | 0.15 | 0.20 | 0.10 | ||||||||||||||||||
Net realized and unrealized gain (loss) on Investments | (0.13 | ) | 1.84 | 0.70 | (3.54 | ) | (0.78 | ) | 1.81 | |||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | (0.06 | ) | 2.01 | 0.81 | (3.39 | ) | (0.58 | ) | 1.91 | |||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From(d): | ||||||||||||||||||||||||
Net Investment Income | (0.07 | ) | (0.17 | ) | (0.12 | ) | (0.14 | ) | (0.20 | ) | (0.10 | ) | ||||||||||||
Net Realized gains | — | — | — | (0.58 | ) | (0.49 | ) | (0.16 | ) | |||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.07 | ) | (0.17 | ) | (0.12 | ) | (0.72 | ) | (0.69 | ) | (0.26 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $ 9.22 | $ 9.35 | $ 7.51 | $ 6.82 | $10.93 | $12.20 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(a) | (0.62 | )% | 26.91 | % | 11.80 | % | (30.63 | )% | (5.14 | )% | 18.25 | % | ||||||||||||
Net Assets, End of Period (000's) | $39,257 | $51,887 | $46,058 | $51,823 | $56,985 | $53,249 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense(g) | 0.61 | %(f) | 0.42 | % | 0.33 | % | 0.41 | % | 0.36 | % | 0.52 | % | ||||||||||||
Net Expenses(b)(g) | 0.48 | %(f) | 0.42 | % | 0.33 | % | 0.40 | % | 0.35 | % | 0.50 | % | ||||||||||||
Net Investment Income | 1.02 | %(f) | 1.89 | % | 1.41 | % | 1.97 | % | 1.67 | % | 0.90 | % | ||||||||||||
Portfolio Turnover Rate | 17 | % | 34 | % | 53 | % | 59 | % | 23 | % | 14 | % |
(a) | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(b) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(c) | Per share numbers have been calculated using the average shares method. |
(d) | For financial reporting purposes, certain distributions from net investment income for Federal income tax purposes have been reclassified to distributions from realized gains. |
(e) | Formerly Institutional Shares. |
(f) | Annualized for periods less than one year. |
(g) | The Fund invests in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
† | Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Aggressive Asset Allocation Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Prior to March 9, 2012 the Fund’s fiscal year end was June 30. |
See Notes which are an integral part of the Financial Statements
April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO FINANCIAL STATEMENTS | 91 |
1. | ORGANIZATION |
Wilmington Funds (the “Trust”), formerly known as MTB Group of Funds, is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 26 portfolios, 6 of which are presented herein (individually referred to as the “Fund” or collectively as the “Funds”). The remaining 20 funds (1 of which is only made available to variable annuity contracts) are presented in separate reports.
Fund | Investment Goal | |
Wilmington Multi-Manager International Fund* (“International Fund”)(d) | The Fund seeks to provide long-term capital appreciation primarily through a diversified portfolio of non-U.S. equity securities. | |
Wilmington Rock Maple Alternatives Fund (“Rock Maple Alternatives Fund”)(d) | The Fund’s investment goal is to achieve long-term growth of capital through consistent returns from investments that have a low correlation to traditional asset classes. | |
Wilmington Multi-Manager Real Asset Fund* (“Real Asset Fund”)(d) | The Fund’s investment goal is to achieve long-term preservation of capital with current income. | |
Wilmington Strategic Allocation Conservative Fund* (“Strategic Allocation Conservative Fund”)(d) | The Fund’s investment goal is to seek a high level of total return consistent with a conservative level of risk relative to other Wilmington Strategic Allocation Funds. | |
Wilmington Strategic Allocation Moderate Fund (“Strategic Allocation Moderate Fund”), formerly MTB Strategic Allocation Fund(d) | The Fund’s investment goal is to seek a high level of total return consistent with a moderate level of risk relative to the other Wilmington Strategic Allocation Funds. | |
Wilmington Strategic Allocation Aggressive Fund* (“Strategic Allocation Aggressive Fund”)(d) | The Fund’s investment goal is to seek a high level of total return consistent with an aggressive level of risk relative to other Wilmington Strategic Allocation Funds. |
(d) | Diversified |
* | Effective March 9, 2012, the Wilmington Multi-Manager International Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Conservative Asset Allocation Fund and Wilmington Aggressive Asset Allocation Fund (collectively the “WT Funds”), each a series of WT Mutual Fund, were reorganized into the Trust. For financial reporting purposes, the WT Funds’ financial and performance history prior to the reorganization has been carried forward and is reflected in the Funds’ financial statements and financial highlights. See Note 8 for additional information regarding the reorganization. |
The Trust offers 7 classes of shares: A Shares, C Shares, Service Shares, Select Shares, Administrative Shares, I Shares and Institutional Shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment Valuation – Fair value of the Funds’ portfolio securities are determined as follows:
• | for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available; |
• | in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; |
• | futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board may determine in good faith that another method of valuing such investments is necessary to appraise their fair value; |
• | forward foreign currency contracts are valued at the mean between the last bid and asked prices; |
• | investments in open-end regulated investment companies are valued at net asset value (“NAV”); |
• | price information on listed securities, including underlying Exchange Traded Funds (“ETF’s”) and Exchange Traded Notes (“ETN’s”), is taken from the exchange where the security is primarily traded. |
• | for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. |
Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (“NYSE”). In computing its NAV, the Funds value foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest
(continued on next page)
ANNUAL REPORT / April 30, 2012
Table of Contents
92 | NOTES TO FINANCIAL STATEMENTS |
rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value.
The Trust follows the authoritative guidance for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund’s Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds’ policy is to disclose significant transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2012, there were no significant transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. This does not include transfers between Level 1 and Level 2 due to the Multi-Manager International Fund utilizing international fair value pricing during the period. Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) exchange traded derivatives (i.e. futures contracts and options) are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy. Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.
In May 2011, the International Accounting Standards Board and the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04, which includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS, will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. In addition, ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable
inputs and the interrelationships between those unobservable inputs. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.
Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.
Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Investment transactions are accounted for on a trade date for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.
All Funds offer multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared and paid quarterly.
Premium and Discount Amortization/Accretion and Paydown Gains and Losses – All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.
(continued on next page)
April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO FINANCIAL STATEMENTS | 93 |
Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income or excise tax are necessary.
Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.
Warrants and Rights – Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Board of Trustee’s approved fair value procedures.
Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (“FCs”) are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the net realized and unrealized gain or loss on investments.
Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rate.
Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Fund’s restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.
Short Sales – Certain Funds may sell securities short. A short sale is a transaction in which the Fund sells a security it does not own in anticipation of a decline in market price. To sell a security short, the Fund must borrow the security. The Fund’s obligation to replace the security borrowed and sold short will be fully collateralized at all times by the proceeds from the short sale retained by the broker and by cash and securities deposited in a segregated account with the Fund’s custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs. On ex-dividend date, dividends on short sales are recorded as an expense to the Funds.
Lending of Portfolio Securities – The Trust has entered into an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand.
Investments purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”
As of April 30, 2012, the Funds listed below had securities with the following values on loan:
Fund | Value of Securities on Loan | Value of Collateral | ||||||
Multi-Manager International Fund | $ | 8,267,443 | $ | 8,741,210 | ||||
Multi-Manager Real Asset Fund | 200,885 | 210,257 | ||||||
Strategic Allocation Moderate Fund | 1,616,247 | 1,648,951 |
The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.
3. | DERIVATIVE FINANCIAL INSTRUMENTS |
Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect and entity’s results of operations and financial position.
Options – Certain Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in
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94 | NOTES TO FINANCIAL STATEMENTS |
value caused by changes in prevailing interest rates, value of equities or foreign exchange rates, with respect to securities which the Fund currently owns or intends to purchase. A Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether a Fund has realized a gain or loss. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on options written. A Fund, as writer of options, may have no control over whether the underlying securities may be sold (called) or purchased (put). As a result, a Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. A Fund, as purchaser of over-the-counter options, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.
The Rock Maple Alternatives Fund had options written during the period ended April 30, 2012 as follows:
Number of Contracts | Premiums Received | |||||||
Outstanding options at January 12, 2012* | — | $ | — | |||||
Options purchased | — | — | ||||||
Option closed | (141 | ) | (14,948 | ) | ||||
Options written | 667 | 295,825 | ||||||
Options expired | (270 | ) | (148,961 | ) | ||||
Options exercised | (111 | ) | (54,356 | ) | ||||
|
|
|
| |||||
Options outstanding at April 30, 2012 | 145 | $ | 77,560 | |||||
|
|
|
|
* | Commencement of operations. |
The Real Asset Fund had transactions in options written during the period ended April 30, 2012 as follows:
Number of Contracts | Premiums Received | |||||||
Options outstanding at June 30, 2011** | 3,431 | $ | 226,303 | |||||
Options purchased | (3,210 | ) | (217,280 | ) | ||||
Options closed | — | — | ||||||
Options written | 2,632 | 234,774 | ||||||
Options expired | (613 | ) | (54,012 | ) | ||||
Options exercised | — | — | ||||||
|
|
|
| |||||
Options outstanding at April 30, 2012 | 2,240 | $ | 189,785 | |||||
|
|
|
|
** | Funds previous fiscal year end. |
Forward Foreign Currency Contracts – Certain Funds may enter into foreign currency commitments or foreign currency exchange transactions. The Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies; whereas, contracts to sell are used to hedge the Fund’s securities against currency fluctuations. Risks may arise upon entering into these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.
Futures Contracts – The Funds may invest in financial futures contracts to hedge their existing portfolios, manage cash flows, enhance yield and to potentially reduce transaction costs. Upon entering into a futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities.
Swap Agreements – Certain Funds may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Payments received or paid by the Fund are recorded as realized gains or losses upon termination or maturity of the swap. Risk of loss may exceed amounts recognized on the statements of assets and liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.
Interest rate swaps – Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Fund may use interest rate swaps to either maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments using interest rate swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty which may permit the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund, to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable.
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NOTES TO FINANCIAL STATEMENTS | 95 |
Credit default swap agreements – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.
If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.
Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the footnotes to the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of each individual credit default swap agreements outstanding as of April 30, 2012 for which a Fund is the seller of protection are disclosed in the notes to the Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.
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96 | NOTES TO FINANCIAL STATEMENTS |
The Following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of April 30, 2012.
Location on the Statement of Assets and Liabilities | ||||
Derivative Type | Asset Derivatives | Liability Derivatives | ||
Interest rate contracts | Investments in securities, at value.
Net unrealized appreciation on swap agreements.
Net unrealized appreciation on financial futures contracts. | Options written, at value.
Net unrealized depreciation on swap agreements.
Net unrealized depreciation on financial futures contracts. | ||
Foreign exchange contracts | Net unrealized appreciation on forward foreign currency exchange contracts. | Net unrealized depreciation on forward foreign currency exchange contracts. | ||
Equity contracts | Investments in securities, at value.
Net unrealized appreciation on financial futures contracts. | Net unrealized depreciation on financial futures contracts.
Options written, at value. | ||
Credit contracts | Net unrealized appreciation on swap agreements. | Net unrealized depreciation on swap agreements. |
Asset Derivative Fair Value | ||||||||||||||||||||
Total Value | Equity Contracts | Foreign Exchange Contracts | Interest Rate Contracts | Credit Contracts | ||||||||||||||||
International Fund | $ | 25 | $ | — | $ | 25 | $ | — | $ | — | ||||||||||
Rock Maple Alternatives Fund | 302,634 | 302,612 | 22 | — | — | |||||||||||||||
Real Asset Fund | 1,872,510 | — | 1,672,904 | 179,054 | 20,552 |
Liability Derivative Fair Value | ||||||||||||||||||||
Total Value | Equity Contracts | Foreign Exchange Contracts | Interest Rate Contracts | Credit Contracts | ||||||||||||||||
International Fund | $ | 31,464 | $ | 27,676 | $ | 3,788 | $ | — | $ | — | ||||||||||
Rock Maple Alternatives Fund | 51,851 | 37,329 | 14,522 | — | — | |||||||||||||||
Real Asset Fund | 2,295,537 | — | 1,972,571 | 314,583 | 8,383 |
The effect of derivative instruments on the Statement of Operations for the period ended April 30, 2012 are as follows:
Derivative Type | Location of the Statement of Operations | |
Equity contracts | Net realized gain (loss) on investments, options written and futures contracts Net change in unrealized appreciation (depreciation) on investments | |
Credit contracts | Net realized gain (loss) on swap agreements, options written and futures contracts Net change in unrealized appreciation (depreciation) on investments | |
Interest rate contracts | Net realized gain (loss) on swap agreements, options written and futures contracts Net change in unrealized appreciation (depreciation) on investments | |
Foreign exchange contracts | Net realized gain (loss) on foreign currency transactions Net change in unrealized appreciation (depreciation) on investments |
Total Realized Gain (Loss) on Derivatives Recognized in Results from Operations | ||||||||||||||||||||
Total | Equity Contracts | Foreign Exchange Contracts | Interest Rate Contracts | Credit Contracts | ||||||||||||||||
International Fund | $ | (112,738 | ) | $ | (111,394 | ) | $ | (1,344 | ) | $ | — | $ | — | |||||||
Rock Maple Alternatives Fund | (26,992 | ) | (63,638 | ) | 36,646 | — | — | |||||||||||||
Real Asset Fund | 23,860,727 | — | 22,912,965 | 950,614 | (2,852 | ) |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Results from Operations | ||||||||||||||||||||
Total | Equity Contracts | Foreign Exchange Contracts | Interest Rate Contracts | Credit Contracts | ||||||||||||||||
International Fund | $ | (36,980 | ) | $ | (42,757 | ) | $ | 5,777 | $ | — | $ | — | ||||||||
Rock Maple Alternatives Fund | 182,480 | (167,980 | ) | (14,500 | ) | — | — | |||||||||||||
Real Asset Fund | 374,743 | — | 483,536 | (103,057 | ) | (5,736 | ) |
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NOTES TO FINANCIAL STATEMENTS | 97 |
For the period ended April 30, 2012, the Fund’s average volume of derivative activities is as follows:
Written Options1 | Purchased Options2 | Futures Long Positions3 | Futures Short Positions3 | Forward Currency Contracts – Purchased4 | ||||||||||||||||
International Fund | $ | — | $ | — | $ | 440,246 | $ | — | $ | — | ||||||||||
Rock Maple Alternatives Fund | (77,560 | ) | 430,361 | — | — | 29,171 | ||||||||||||||
Real Asset Fund | (189,785 | ) | 30,510 | 29,556,678 | 1,228,834 | 42,231,759 | ||||||||||||||
Forward Currency Contracts – Sold5 | Interest Rate Swaps6 | Credit Default Swaps as writer6 | ||||||||||||||||||
International Fund | $ | (376,329 | ) | $ | — | $ | — | |||||||||||||
Rock Maple Alternatives Fund | (2,346,915 | ) | — | — | ||||||||||||||||
Real Asset Fund | (152,094,480 | ) | 17,700,000 | 3,200,000 |
1 | Premium Received. |
2 | Cost. |
3 | Average Notional Value. |
4 | Value at Settlement Date Payable. |
5 | Value at Settlement Date Receivable. |
6 | Notional Amount. |
4. | FEDERAL TAX INFORMATION |
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for income recognition on expiration of capital loss carryforwards, reclassification of ordinary loss to short-term gains, market discount reclass, partnership adjustments, REIT dividend reclasses, and discount accretion/premium amortization on debt securities.
As of April 30, 2012, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the periods ended 2011, 2010, and 2009, remain subject to examination by the Internal Revenue Service.
For the period ended April 30, 2012, permanent differences identified and reclassified among the components of net assets were as follows:
Fund | Paid-in Capital | Increase (Decrease) Undistributed (Distributions in Excess of) Net Investment Income | Accumulated Net Realized Gain (Loss) | |||||||||
International Fund | $ | 29,272,586 | $ | 1,659,782 | $ | (30,932,368 | ) | |||||
Rock Maple Alternatives Fund | — | (67,815 | ) | 67,815 | ||||||||
Real Asset Fund | — | 4,179,740 | (4,179,740 | ) | ||||||||
Strategic Allocation Conservative Fund | — | 71,949 | (71,949 | ) | ||||||||
Strategic Allocation Moderate Fund | — | 43,623 | (43,623 | ) |
The tax character of distributions for the corresponding years or periods as reported on the Statements of Changes in Net Assets were as follows:
2012 | 2011 | |||||||||||||||
Fund | Ordinary Income* | Long-Term Capital Gains | Ordinary Income* | Long-Term Capital Gains | ||||||||||||
Rock Maple Alternatives Fund | $ | 71,149 | $ | — | $ | — | $ | — | ||||||||
Strategic Allocation Moderate Fund | 910,770 | 91,452 | 800,183 | 289,643 | ||||||||||||
2012 | 2011 | 2010 | ||||||||||||||
Fund | Ordinary Income* | Ordinary Income* | Ordinary Income* | Return of Capital | ||||||||||||
International Fund | $ | 2,509,709 | $ | 4,176,386 | $ | 5,608,865 | $ | 28,040 | ||||||||
Real Asset Fund | 245,911 | 14,278,269 | 8,692,529 | — | ||||||||||||
Strategic Allocation Conservative Fund | 1,198,813 | 1,798,463 | 1,586,600 | — | ||||||||||||
Strategic Allocation Aggressive Fund | 339,756 | 1,010,375 | 903,405 | — |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
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98 | NOTES TO FINANCIAL STATEMENTS |
As of April 30, 2012, the components of distributable earnings on a tax basis were as follows:
Fund | Undistributed/ Over Distributed Ordinary Income | Undistributed Long-Term Capital Gains | Unrealized Appreciation | Capital Loss Carryforwards and Deferrals | ||||||||||||
International Fund | $ | 3,701,607 | $ | — | $ | 6,565,138 | $ | 364,973,167 | ||||||||
Rock Maple Alternatives Fund | 116,458 | 44,353 | 18,147 | — | ||||||||||||
Real Asset Fund | 888,753 | — | 17,416,139 | 111,990,695 | ||||||||||||
Strategic Allocation Conservative Fund | 203,414 | — | 3,823,947 | 3,445,131 | ||||||||||||
Strategic Allocation Moderate Fund | 101,652 | — | 6,202,250 | 16,227,876 | ||||||||||||
Strategic Allocation Aggressive Fund | 62,632 | — | 2,997,115 | 11,270,430 |
At April 30, 2012, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:
Fund | Capital Loss Available Through | Short-Term Post-Effective No Expiration | Long-Term Post-Effective No Expiration | Total Capital Loss Carryforwards | ||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||||||
International Fund | $ | 88,749,523 | $ | 236,603,604 | $ | 28,105,841 | $ | — | $ | 8,049,983 | $ | 825,710 | $ | 362,334,661 | ||||||||||||||
Real Asset Fund | — | — | 111,990,695 | — | — | — | 111,990,695 | |||||||||||||||||||||
Strategic Allocation Conservative Fund | — | 1,528,460 | 1,916,671 | — | — | — | 3,445,131 | |||||||||||||||||||||
Strategic Allocation Moderate Fund | — | 13,143,879 | 1,811,021 | 14,954,900 | ||||||||||||||||||||||||
Strategic Allocation Aggressive Fund | — | 1,765,190 | 1,730,440 | 7,629,135 | 96,999 | — | 11,221,764 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
As a result of the tax-free transfer of assets described in Note 8 and 9 and to the extent unrealized gains and losses that existed at the time of the reorganization are realized, the capital loss carryforwards may further be limited for up to five years from the date of the reorganization.
The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the period ended April 30, 2012:
Fund | Capital Loss Carryforwards Used | |||
International Fund | $ | 12,666,152 | ||
Real Asset Fund | 4,435,348 | |||
Strategic Allocation Conservative Fund | 1,907,689 | |||
Strategic Allocation Moderate Fund | 326,684 |
The International Fund expired capital loss carryforwards in the amount of $29,752,863.
Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Post-October losses deferred to May 1, 2012 are as follows:
Fund | Short-Term Post-October/ Late Year Capital Losses | Long-Term Post-October/ Late Year Capital Losses | Short-Term Post-October/ Late Year Currency Losses | |||||||||
International Fund | $ | 2,638,506 | $ | — | $ | — | ||||||
Strategic Allocation Moderate Fund | — | 1,272,976 | — | |||||||||
Strategic Allocation Aggressive Fund | 48,666 | — | — |
5. | ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS |
Investment Advisor – Wilmington Funds Management Corporation (“WFMC”) (formerly Rodney Square Management Corporation) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) (formerly MTB Investment Advisors, Inc.) provides sub-advisory services to each of the Funds. Prior to March 12, 2012, WTIA served as the Investment Advisor of the Strategic Allocation Moderate Fund. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.
The International Fund, Rock Maple Alternatives Fund and Real Asset Fund, utilize a multi-manager strategy, whereby WFMC allocates all or a portion of the Funds’ assets among a number of sub-advisors. WFMC engages Rock Maple Services, LLC (“Rock Maple”) to assist in the identification and selection of sub-advisors and in the portfolio construction process for the Rock Maple Alternatives Fund. For their services, the Funds pay Rock Maple and
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NOTES TO FINANCIAL STATEMENTS | 99 |
each sub-advisor fees, accrued daily and paid monthly, as described below. Certain sub-advisors have entered into an agreement with WFMC to waive their fees to the extent that the fee calculation determined by taking into account similarly managed assets in the accounts of clients of WFMC or its affiliates results in a fee that is less than the fee calculation under the sub-advisory agreement.
WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2013 (August 31, 2012 with regard to the Strategic Allocation Moderate Fund), so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below.
Contractual Expense Limitations | ||||||||
A Shares | I Shares | |||||||
Multi-Manager International Fund | 1.49 | % | 1.36 | % | ||||
Rock Maple Fund | 2.48 | % | 1.98 | % | ||||
Multi-Manager Real Asset Fund | 1.28 | % | 1.03 | % | ||||
Strategic Allocation Conservative Fund | 0.90 | % | 0.65 | % | ||||
Strategic Allocation Moderate Fund | 1.10 | % | 0.85 | % | ||||
Strategic Allocation Aggressive Fund | 1.03 | % | 0.78 | % |
Prior to March 12, 2012 the contractual expense limitations for Strategic Allocation Conservative Fund and Strategic Allocation Aggressive Fund were 0.75% and 0.75% for A Shares and 0.50% and 0.50% for I Shares.
Fund | Gross Fees | Fees Waived | Fee as a % of average net asset of the Fund/ Allocated Net Assets for Subadvisors | |||||||
Multi-Manager International Fund | ||||||||||
WFMC | $ | 1,026,768 | $ | — | 0.50% | |||||
Sub-advisors: | ||||||||||
Artio Global Management, LLC* | 103,895 | — | 0.50% | |||||||
Barings International Investment Limited | 34,435 | — | 0.45% | |||||||
Goldman Sachs Asset Management, L.P. | 272,903 | (7,183 | ) | 0.50% | ||||||
Hansberger Global Investors, Inc. | 29,064 | — | 0.60% | |||||||
LSV Asset Management | 26,403 | — | 0.49% | |||||||
Dimensional Fund Advisors LP | 232,418 | (30,792 | ) | 0.45% on the first $50 million; 0.30% in excess of $50 million | ||||||
Parametric Portfolio Associates, Inc. | 525,679 | (1,268 | ) | 0.80% on the first $100 million; 0.75% in excess of $100 million | ||||||
Parametric Portfolio Associates, Inc. | 83,859 | (850 | ) | 0.275% on the first $50 million; 0.20% in excess of $50 million | ||||||
Rock Maple Fund | ||||||||||
WFMC | 70,182 | (118,646 | ) | 1.00% | ||||||
Rock Maple Services, LLC | 28,072 | — | 0.40% | |||||||
Sub-advisors: | ||||||||||
Acuity Investment Management, LLC | 12,969 | — | 1.00% | |||||||
Adar Investment Management, LLC | 9,156 | — | 1.00% | |||||||
Calypso Investment Management, LP | 9,081 | — | 1.00% | |||||||
TIG Advisors, LLC | 9,204 | — | 1.00% | |||||||
Whitebox Advisors | — | — | 1.00% | |||||||
Madison Street Partners, LLC | 9,291 | — | 1.00% | |||||||
Parametric Risk Advisors, Inc. | 4,254 | — | 0.90% | |||||||
Evercore Wealth Management, LLC | 6,371 | — | 0.75% | |||||||
Multi-Manager Real Asset Fund | ||||||||||
WFMC | 857,681 | (1,324 | ) | 0.50% excluding assets allocated to the inflation-protected debt securities (“TIPS”) strategy or the Enhanced Cash Strategy | ||||||
0.57% of the first $25 million of assets allocated to the TIPS strategy; 0.54% of the next $25 million; and 0.52% of assets over $50 million | ||||||||||
0.58% of assets allocated to the enhanced cash strategy | ||||||||||
WFMC - Enhanced Cash Strategy | 11,810 | — | For assets allocated to the Enhanced Cash strategy, an additional fee as follows: | |||||||
0.08% on the assets allocated to the Enhanced Cash strategy. | ||||||||||
Sub-advisors: | ||||||||||
Pacific Investment Management Company, LLC | 209,216 | — | 0.29% | |||||||
E.I.I. Realty Securities, Inc. | 234,905 | — | 0.65% on the first $100 million; 0.60% in excess of $100 million | |||||||
CBRE Clarion Securities, LLC | 244,987 | (11,335 | ) | 0.65% on the first $50 million; 0.55% on the next $50 million; 0.45% in excess of $100 million | ||||||
HSBC Global Asset Management (France) | 56,680 | — | 0.20% on the first $100 million; 0.15% on the next $400 million; 0.10% in excess of $500 million | |||||||
Strategic Allocation Conservative Fund | 36,513 | (47,909 | ) | 0.50% | ||||||
Strategic Allocation Moderate Fund | 441,277 | (408,484 | ) | 0.50% | ||||||
Strategic Allocation Aggressive Fund | 28,713 | (36,986 | ) | 0.50% |
* | Effective March 27, 2012 Artio was terminated as the fund’s sub-advisor. |
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ANNUAL REPORT / April 30, 2012
Table of Contents
100 | NOTES TO FINANCIAL STATEMENTS |
Administrative Fee – BNY Mellon (“BNYM”) provides the Trust with fund administration, accounting, transfer agency, and custody services. WTIA in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.
Administrator | Maximum Fee | Average Aggregate Daily Net Assets of the Trust | ||||
WTIA | 0.033 | % | On the first $5 billion | |||
0.020 | % | On the next $2 billion | ||||
0.016 | % | On the next $3 billion | ||||
0.015 | % | On assets in excess of $10 billion | ||||
BNYM | 0.0285 | % | On the first $500 million | |||
0.0280 | % | On the next $500 million | ||||
0.0275 | % | On assets in excess of $1 billion |
WTIA may voluntarily choose to waive any portion of its fee. WTIA can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2012, WTIA did not waive any administrative personnel and services fee.
Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ A Shares.
The Funds may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.
For the year ended April 30, 2012, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:
Fund | Distribution Fees | |||
Multi-Manager International Fund | $ | 1,020 | ||
Multi-Manager Real Asset Fund | 122 | |||
Strategic Allocation Conservative Fund | 16 | |||
Strategic Allocation Moderate Fund | 163,438 | |||
Strategic Allocation Aggressive Fund | 6 |
Sales Charges – The A Shares of all the Funds bear front-end sales charges.
For the year ended April 30, 2012, M&T received the amounts listed below from sales charges on the sale of A Shares.
Fund | Sales Charges from A Shares | |||
Multi-Manager International Fund | $ | — | ||
Rock Maple Alternatives Fund | — | |||
Multi-Manager Real Asset Fund | — | |||
Strategic Allocation Conservative Fund | — | |||
Strategic Allocation Moderate Fund | 89,923 | |||
Strategic Allocation Aggressive Fund | — |
Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s A Shares and I Shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T, an affiliate of the Advisor, has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s Shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled. Prior to March 12, 2012, the WT Funds were not subject to a shareholders service fee.
For the year ended April 30, 2012, M&T received a portion of the fees paid by the following Funds which are listed below:
Fund | Shareholder Services Fee | |||
Multi-Manager International Fund | $ | 59,142 | ||
Multi-Manager Real Asset Fund | 764 | |||
Strategic Allocation Conservative Fund | 28 | |||
Strategic Allocation Moderate Fund | 5 | |||
Strategic Allocation Aggressive Fund | 18 |
Other Service Providers – Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.
For the period May 1, 2011 to February 17, 2012, ALPS Fund Services, Inc. provided transfer agency services to the Trust. Effective February 18, 2012, BNYM, Inc. replaced ALPS Fund Services, Inc. as the transfer agent. BNYM agreed to pay the excess amount of fees payable to ALPS Fund Services, Inc. when the total expenses payable by the Trust exceed $995,413 until October 1, 2011. This agreement was extended and then terminated when BNYM replaced ALPS Fund Services, Inc. as the Fund’s transfer agent.
General – Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trust’s Statement of Additional Information includes additional information about the Trustees.
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April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO FINANCIAL STATEMENTS | 101 |
Other Affiliated Parties and Transactions – Affiliated holdings are mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Funds’ distributor. Transactions with affiliated companies during the period ended April 30, 2012 are as follows:
Affiliated Fund Name | Balance of Shares Held 4/30/2011 | Purchases/ Additions | Sales/ Reductions | Shares Received through Reorganization | Balance of Shares Held 4/30/2012 | Value at 4/30/2012 | Dividend Income | Realized Gain/Loss | ||||||||||||||||||||||||
Multi-Manager International Fund | ||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | — | 1,522,104 | 1,522,104 | — | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
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Real Assets Fund | ||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | — | 18,277,519 | 16,503,385 | — | 1,774,134 | 1,774,134 | 48 | — | ||||||||||||||||||||||||
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Strategic Allocation Conservative Fund: | ||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | — | 3,814,003 | 3,814,003 | — | — | — | 12,318 | — | ||||||||||||||||||||||||
Wilmington Large Cap Strategy Fund | — | 799,088 | 354,252 | — | 444,836 | 5,711,689 | 31,883 | 987,006 | ||||||||||||||||||||||||
Wilmington Small Cap Strategy Fund | — | 36,077 | — | — | 36,077 | 382,058 | — | — | ||||||||||||||||||||||||
Wilmington Intermediate-Term Bond Fund | — | 2,782,569 | 16,917 | 755 | 2,766,407 | 29,462,232 | 88,340 | 1,076 | ||||||||||||||||||||||||
Wilmington Multi-Manager International Fund | — | 886,880 | 371,788 | — | 515,092 | 3,476,869 | 6,368 | (144,758 | ) | |||||||||||||||||||||||
Wilmington Multi-Manager Real Asset Fund | — | 206,384 | 19,780 | — | 186,604 | 2,674,033 | — | 14,788 | ||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
TOTAL | 8,525,001 | 4,576,740 | 755 | 41,706,881 | 138,909 | 858,112 | ||||||||||||||||||||||||||
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Strategic Allocation Moderate Fund: | ||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | 3,386,724 | 21,012,520 | 22,047,286 | — | 2,351,958 | 2,351,958 | 1,209 | — | ||||||||||||||||||||||||
Wilmington Large Cap Growth Fund | 906,162 | 72,123 | 583,394 | — | 394,891 | 3,561,918 | 4,389 | 1,316,603 | ||||||||||||||||||||||||
Wilmington Large Cap Value Fund | 537,508 | 26,671 | 337,411 | — | 226,768 | 2,415,075 | 33,101 | (315,505 | ) | |||||||||||||||||||||||
Wilmington Mid Cap Growth Fund | 190,133 | 45,279 | 34,635 | — | 200,777 | 3,130,117 | — | 328,858 | ||||||||||||||||||||||||
Wilmington Small Cap Growth Fund | 130,721 | 20,845 | 40,575 | — | 110,991 | 1,904,605 | — | 253,357 | ||||||||||||||||||||||||
Wilmington Multi-Manager International Fund | 1,270,152 | 98,472 | 876,860 | 131,363 | 623,127 | 4,206,109 | 118,308 | (1,656,444 | ) | |||||||||||||||||||||||
Wilmington Multi-Manager Real Asset Fund | — | 145,148 | — | — | 145,148 | 2,079,972 | — | — | ||||||||||||||||||||||||
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|
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|
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| |||||||||||||||||||||
TOTAL | 21,421,058 | 23,920,161 | 131,363 | 19,649,754 | 157,007 | (73,131 | ) | |||||||||||||||||||||||||
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Strategic Allocation Aggressive Fund: | ||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | — | 8,781,393 | 8,781,393 | — | — | — | 13 | — | ||||||||||||||||||||||||
Wilmington Large Cap Strategy Fund | — | 3,337,107 | 1,806,901 | — | 1,530,206 | 19,647,847 | 66,678 | 178,374 | ||||||||||||||||||||||||
Wilmington Small Cap Strategy Fund | — | 94,041 | 9,183 | — | 84,858 | 898,648 | — | 45,546 | ||||||||||||||||||||||||
Wilmington Multi-Manager International Fund | — | 1,922,621 | 204,432 | — | 1,718,189 | 11,597,776 | 13,398 | (18,728 | ) | |||||||||||||||||||||||
Wilmington Multi-Manager Real Asset Fund | — | 154,862 | — | — | 154,862 | 2,219,173 | — | — | ||||||||||||||||||||||||
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TOTAL | 14,290,024 | 10,801,909 | — | 34,363,444 | 80,089 | 205,192 | ||||||||||||||||||||||||||
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Certain Funds effect trades for security purchase and sale transactions through brokers that are affiliates of the advisor or sub-advisors. Commissions paid on those trades for the ten-month period ended April 30, 2012 were as follows:
International Fund | $81,438 | |
Real Asset Fund | 46,510 |
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ANNUAL REPORT / April 30, 2012
Table of Contents
102 | NOTES TO FINANCIAL STATEMENTS |
6. | INVESTMENT TRANSACTIONS |
Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the year of period ended April 30, 2012 were as follows:
Investments | ||||||||
Fund | Purchases | Sales | ||||||
Multi-Manager International Fund | $ | 339,544,538 | $ | 273,947,878 | ||||
Rock Maple Alternatives Fund | 20,487,547 | 1,552,688 | ||||||
Multi-Manager Real Asset Fund | 568,922,064 | 501,117,577 | ||||||
Strategic Allocation Conservative Fund | 20,901,059 | 31,159,728 | ||||||
Strategic Allocation Moderate Fund | 25,484,995 | 29,092,879 | ||||||
Strategic Allocation Aggressive Fund | 7,758,849 | 23,360,443 |
Purchases and sales of investments of U.S. Government Securities for the year or period ended April 30, 2012 were as follows:
U.S. Government Securities | ||||||||
Fund | Purchases | Sales | ||||||
Strategic Allocation Moderate Fund | $ | 2,324,340 | $ | 4,552,521 |
7. | LINE OF CREDIT |
The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNY Mellon. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the
Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion. In addition, an upfront commitment fee of 0.02% was paid to BNY Mellon. The termination date of this LOC is March 11, 2013. The Funds did not utilize the LOC for the year ended April 30, 2012.
8. | REORGANIZATION |
On January 13, 2010, the Board approved an Agreement and Plan of Reorganization (the “Plan”) which provided the transfer of all the assets of the MTB Managed Allocation Fund—Aggressive Growth, MTB Managed Allocation Fund—Moderate Growth and MTB Managed Allocation Fund—Conservative Growth, (the “Target Funds”) for shares of the MTB Strategic Allocation Fund (“Acquiring Fund”). Shareholders approved the Plan at a meeting on May 27, 2010 and the reorganization took place on June 11, 2010. The acquisition was accomplished by a tax-free exchange of shares on June 11, 2010.
The purpose of this transaction was to combine the four Funds with the same Investment Manager and with substantially similar investment objectives, policies, and restrictions. Due to the small size of the Target Funds, and the comparatively better prospects for asset growth of the Acquiring Fund, it was believed that the shareholders best interests would be served by reorganizing the Target Funds into the Acquiring Fund.
For financial reporting purposes, the MTB Managed Allocation Fund—Moderate Growth was deemed to be the accounting survivor.
As such, the following information is presented as if the MTB Managed Allocation—Moderate Growth Fund acquired the MTB Managed Allocation—Conservative Growth Fund, the MTB Managed Allocation—Aggressive Growth Fund, and the MTB Strategic Allocation Fund:
Shares Prior to Reorganization | Shares Issued by Surviving Fund | Appreciation/ (Depreciation) Prior to Reorganization | Net Assets Prior to Reorganization | |||||||||||||
MTB Managed Allocation Fund—Aggressive Growth | $ | 114,689 | $ | 15,743,533 | ||||||||||||
Class A Shares | 1,541,966 | 1,286,370 | ||||||||||||||
Class B Shares | 830,491 | 685,267 | ||||||||||||||
MTB Managed Allocation Fund—Conservative Growth | 515,056 | 5,533,849 | ||||||||||||||
Class A Shares | 440,110 | 471,856 | ||||||||||||||
Class B Shares | 199,543 | 220,494 | ||||||||||||||
MTB Strategic Allocation Fund | (359,578 | ) | 17,977,043 | |||||||||||||
Class A Shares | 1,113,579 | 1,813,562 | ||||||||||||||
Class B Shares | 103,099 | 175,331 | ||||||||||||||
Class I Shares | 148,233 | 242,199 | ||||||||||||||
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| |||||||||||||
4,895,079 | $ | 39,254,425 | ||||||||||||||
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|
|
Prior to the acquisition the MTB Managed Allocation—Moderate Growth Fund had net assets of $31,482,373. After the acquisition, the MTB Managed Allocation—Moderate Growth Fund had net assets of $70,736,798.
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April 30, 2012 / ANNUAL REPORT
Table of Contents
NOTES TO FINANCIAL STATEMENTS | 103 |
Assuming the acquisition had been completed on May 1, 2010, the MTB Strategic Allocation Fund results of operations for the year ended April 30, 2011 would have been as follows:
Net investment income | $ | 674,489 | ||
Net realized and unrealized gain on investments | 12,188,479 |
Because the combined Funds have been managed as a single integrated fund since the acquisition was completed, it is not practicable to separate the amounts of revenues and earnings of MTB Managed Allocation Fund—Aggressive Growth, MTB Managed Allocation Fund—Conservative Growth, and MTB Managed Allocation Fund—Moderate Growth, that have been included in Strategic Allocation’s Statement of Operations.
9. | REORGANIZATION – WT |
On February 21, 2012, the Board approved an Agreement and Plan of Reorganization (the “Reorganization”) to transfer all of the assets of Wilmington Multi-Manager International Fund (“WT International Fund”), Wilmington Multi-Manager Real Asset Fund (“WT Real Asset Fund”), Wilmington Conservative Asset Allocation Fund (“WT Conservative Asset Allocation Fund”) and Wilmington Aggressive Asset Allocation Fund (“WT Aggressive Asset Allocation Fund”), each a series of WT Mutual Fund (collectively the “WT Funds”), in exchange for shares of the International Fund (“MTB International Fund”), Real Asset Fund, Strategic Allocation Conservative Fund and Strategic Allocation Aggressive Fund (each an “Acquiring Fund”), respectively. The Reorganization is believed to be in the best interest of shareholders as combining the series of WT Funds and the Trust onto a single operating platform will create a larger fund family that will offer a broader range of investment options. Additionally, the Reorganization is believed to present the opportunity to achieve asset growth through combined distribution networks, to achieve economies of scale, and to operate with greater efficiency and lower overall costs. The shareholders of the WT Funds approved the Reorganization at a meeting on February 21, 2012 and the Reorganization took place on March 9, 2012. The Reorganization was treated as tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of each Acquiring Fund reflected the historical basis of the assets of each respective WT Fund as of the date of the Reorganization. WFMC and its affiliates bore the expenses related to the
Reorganization, except for brokerage fees and other transaction costs associated with the disposition and/or purchase of securities in contemplation of or as a result of the Reorganization.
In exchange for their shares (A Shares and Institutional Shares), shareholders of the WT Real Asset Fund, WT Conservative Asset Allocation Fund and WT Aggressive Asset Allocation Fund received an identical number of shares of the corresponding class (Class A Shares and Class I Shares) of the Real Asset Fund, Strategic Allocation Conservative Fund and Strategic Allocation Aggressive Fund, respectively, with an aggregate net asset value equal to the aggregate net asset value of their shares immediately prior to the Reorganization. The Real Asset Fund, Strategic Allocation Conservative Fund and Strategic Allocation Aggressive Fund had no operations prior to March 9, 2012. Each WT Fund’s investment objectives, policies and limitations were similar or identical to those of the respective Acquiring Fund. Accordingly, for financial reporting purposes, the operating history of the WT Real Asset Fund, WT Aggressive Asset Allocation Fund and WT Aggressive Asset Allocation Fund prior to the Reorganization is reflected in each respective Acquiring Fund’s financial statements and financial highlights.
In connection with the Reorganization, the MTB International Fund revised its investment strategies so that they were identical to the investment strategies of WT International Fund. Additionally, the portfolio management team, portfolio composition and operating structure of the combined fund more closely resemble that of the WT International Fund. Accordingly, for financial reporting purposes, the WT International Fund’s operating history prior to the Reorganization is reflected in the International Fund’s financial statements and financial highlights. As such, the financial statements and financial highlights are presented as if the WT International Fund acquired the MTB International Fund, and reflect the issuance of 951,099 A Shares and 18,385,556 I Shares (formerly A Shares and Institutional Shares) of the WT International Fund, respectively, in exchange for 740,978 A Shares and 14,509,670 I Shares of the MTB International Fund with an aggregate net asset value equal to the aggregate net asset value of such shares in the MTB International Fund immediately prior to the Reorganization. The following additional information is as of the date of the Reorganization:
MTB International Fund | ||||||||
Accumulated Net Realized Loss on Investments | Net Unrealized Appreciation on Investments | Net Assets | Net Assets of WT International Fund | Net Assets of combined fund | ||||
($61,012,527) | $9,585,986 | $131,922,273 | $283,001,865 | $414,924,138 |
The financial statements of the International Fund reflect the operations of the WT International Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the International Fund that have been included in the combined fund’s Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on July 1, 2011, the proforma net investment income , net loss on investments and net decrease in net assets from operations for the fiscal period ended April 30, 2012 would have been $5,019,069, $(153,589,156) and $(148,570,086), respectively.
On August 21, 2009, the Conservative Asset Allocation Fund (the “Conservative Fund”) acquired all of the assets and liabilities of the Moderate Asset Allocation Fund (the “Moderate Fund”) in exchange for shares of the Conservative Fund, pursuant to an agreement and plan of
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ANNUAL REPORT / April 30, 2012
Table of Contents
104 | NOTES TO FINANCIAL STATEMENTS |
reorganization approved by the Board of Trustees and approved by the shareholders of the Moderate Fund. The Conservative Fund’s acquisition of the Moderate Fund was accomplished through the tax-free exchange of the outstanding shares of the Moderate Fund, 1,794,412 Institutional Shares and 953,809 A Shares, on August 21, 2009 (valued at $15,358,229 and $8,139,354, respectively) for 1,628,014 Institutional Shares and 864,369 A Shares of the Conservative Fund. The net assets and net unrealized depreciation of the Moderate Fund as of the close of business on August 21, 2009 were $23,497,583 and $(361,399), respectively. Prior to the acquisition on August 21, 2009, the Conservative Fund had net assets of $17,650,098. After the acquisition the Conservative Fund had net assets of $41,147,681.
10. | PRINCIPAL RISKS OF INVESTING IN THE FUND |
Risk Related to Investment in Underlying Funds – The investment performance of the Fund is affected by the investment performance of the underlying funds in which the Fund invests. The ability of the Fund to achieve its investment objective depends on the ability of the underlying funds to meet their investment objectives and on the decisions of the Advisor, as investment advisor, regarding the allocation of the Fund’s assets among the underlying funds. There can be no assurance that the investment objective of the Fund or any underlying fund will be achieved. Through its investments in underlying funds, the Fund is subject to the risks of the underlying funds’ investments. Both the Fund and the underlying funds in which it invests bear fees and expenses, so an investment in the Fund may be subject to certain duplicate expenses.
11. | SUBSEQUENT EVENTS |
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that, there are no material events that would require disclosure in the Funds’ financial statements through this date.
12. | FEDERAL TAX INFORMATION (UNAUDITED) |
Complete information regarding the tax status of distributions will be reported on Forms 1099.
Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended April 30, 2012, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:
Fund | ||||
Rock Maple Alternatives Fund | 34.69 | % | ||
Multi-Manager Real Asset Fund | 0.02 | % | ||
Strategic Allocation Conservative Fund | 15.78 | % | ||
Strategic Allocation Moderate Fund | 23.76 | % | ||
Strategic Allocation Aggressive Fund | 87.55 | % |
For the year ended April 30, 2012, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 15%:
Fund | ||||
Multi-Manager International Fund | 100.00 | % | ||
Rock Maple Alternatives Fund | 100.00 | % | ||
Multi-Manager Real Asset Fund | 3.91 | % | ||
Strategic Allocation Conservative Fund | 23.13 | % | ||
Strategic Allocation Moderate Fund | 51.78 | % | ||
Strategic Allocation Aggressive Fund | 100.00 | % |
If the Funds meet the requirements of Section 853 of the Code, the Funds will pass through to shareholders credits of foreign taxes paid.
April 30, 2012 / ANNUAL REPORT
Table of Contents
105 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
WILMINGTON FUNDS
We have audited the accompanying statements of assets and liabilities of Wilmington Multi-Manager International Fund, Wilmington Rock Maple Alternatives Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Moderate Fund and Wilmington Strategic Allocation Aggressive Fund (six of the series constituting the Wilmington Funds) (the “Funds”), including the portfolios of investments, as of April 30, 2012, and the related statements of operations, statements of changes in net assets and financial highlights for each of years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2012, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Multi-Manager International Fund, Wilmington Rock Maple Alternatives Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Moderate Fund and Wilmington Strategic Allocation Aggressive Fund at April 30, 2012, and the results of their operations, the changes in their net assets, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
June 29, 2012
ANNUAL REPORT / April 30, 2012
Table of Contents
106 | BOARD OF TRUSTEES AND TRUST OFFICERS |
BOARD OF TRUSTEES AND TRUST OFFICERS
The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 23 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 100 East Pratt Street, 17th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.
INTERESTED TRUSTEES BACKGROUND
Name Address Birth date Position With Trust Date Service Began | Principal Occupations and Other Directorships Held for Past Five Years | |
Kenneth G. Thompson* Birth date: 9/64 TRUSTEE Began serving: December 2008 | Principal Occupations: President, Wilmington Funds; Senior Vice President and Managing Director, Wilmington Trust Investment Advisors, Inc. (“WTIA”); Senior Vice President, M&T Bank.
Other Directorships Held: None. | |
Robert J. Christian* Birth date: 2/49 TRUSTEE Began serving: March 2012 | Principal Occupations: Retired.
Other Directorships Held: Fund Vantage Trust (33 portfolios); Optimum Fund Trust (6 portfolios) (registered investment companies).
Previous Positions: Executive Vice President of Wilmington Trust Company (“WTC”) (2/96 to 2/06); President of Rodney Square Management Corporation (“RSMC”) (1996 to 2005); Vice President of RSMC (2005 to 2006). | |
R. Samuel Fraundorf, CFA, CPA* Birth year: 1964 TRUSTEE Began serving: March 2012 | Principal Occupations: President of WTIA.
Other Directorships Held: None.
Previous Positions: Chief Operating Officer of Wilmington Trust Investment Management (“WTIM”) (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08); Senior Manager and Tax Manager, KPMG Investment Advisors (1/99 to 8/04). | |
Jeffrey Durkee** Birth year: 1958 TRUSTEE Began serving: December 2007 | Principal Occupations: President and Chief Executive Officer, Wilmington Trust Investment Advisors, Inc. (3/07 to 1/12).
Other Directorships Held: None.
Previous Positions: Chairman and CEO Private Wealth Management, Mercantile Bankshares Corporation (4/06 to 3/07); Senior Vice President and Director, Southern Division, Legg Mason Wood Walker (1998 to 4/06). |
* | Kenneth G. Thompson is “interested” due to positions he held with M&T Bank, the parent of the Fund’s Advisor. Robert J. Christian is “interested” due to positions he held with WTC and RSMC. R. Samuel Fraundorf is “interested” due to positions he held with WTIM. |
** | Jeffrey Durkee resigned as Trustee effective January 27, 2012. Mr. Durkee was “interested” due to positions he held with WTIA. |
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INDEPENDENT TRUSTEES BACKGROUND
Name Date Service Began | Principal Occupations and Other Directorships Held for Past Five Years | |
Joseph J. Castiglia Birth date: 7/34 CHAIRMAN AND TRUSTEE Began serving: February 1988 | Principal Occupations: Retired
Other Directorships Held: Chairman, Community Foundation for Greater Buffalo (1/05 to 2/08); Chairman, Trustee and Treasurer, Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to present); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Baker Victory Services (1/05 to 12/08); Director, Dunn Tire Corporation (1/05 to present); Director, Read to Succeed Buffalo (1/08 to present).
Previous Positions: President, Chief Executive Officer, Vice President, Treasurer, Controller and Vice Chairman, Pratt & Lambert United (manufacturing of paints, coatings and adhesives) (12/67 to 1/96); Chairman and Director, Catholic Health Systems of Western New York (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (health insurance provider) (5/92 to 5/07); Lead Director and Director, Energy East (gas and electric utility); Chairman and Director, Federal Reserve Bank of New York, Buffalo Branch. | |
William H. Cowie, Jr. Birth date: 1/31 TRUSTEE Began serving: September 2003 | Principal Occupations: Retired.
Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present).
Previous Positions: Vice Chairman of Signet Banking Corp. | |
John S. Cramer Birth date: 2/42 TRUSTEE Began serving: December 2000 | Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present).
Other Directorships Held: Director, Highmark Blue Cross/Blue Shield (2/05 to 6/10); Director, Chek-Med Corporation (6/03 to present).
Previous Positions: President and Chief Executive Officer, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania). | |
Daniel R. Gernatt, Jr. Birth date: 7/40 TRUSTEE Began serving: February 1988 | Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present).
Other Directorships Held: Hilbert College (2000 to 2011); Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation; Former National Director, Classic Car Club of America. | |
Richard B. Seidel Birth date: 4/41 TRUSTEE Began serving: September 2003 | Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (9/95 to present); Chairman and Director, Girard Capital (broker-dealer) (3/09 to present).
Other Directorships Held: Director, Tristate Capital Bank (9/07 to present); Surrey Services for Seniors (2002 to 2008). |
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Name Date Service Began | Principal Occupations and Other Directorships Held for Past Five Years | |
Dr. Marguerite D. Hambleton Birth date: 2/43 TRUSTEE Began Serving: September 2005 | Principal Occupations: President, AAA New York State Association (travel and financial services) (7/09 to present).
Other Directorships Held: Director, AAA Foundation for Traffic Safety (5/85 to 2/06); Director, AAA (travel and financial services) (3/91 to 3/08).
Previous Positions: President, New York Federal Reserve Board, Buffalo Branch (2003 to 2005); President and CEO, AAA Western and Central New York (travel and financial services) (12/85 to 12/05). | |
Robert H. Arnold Birth date: 3/44 TRUSTEE Began serving: March 2012 | Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present).
Other Directorships Held: First Potomac Realty Trust (real estate investment trust). | |
Dr. Eric Brucker Birth date: 12/41 TRUSTEE Began serving: March 2012 | Principal Occupations: Retired.
Other Directorships Held: None.
Previous Positions: Professor of Economics, Widener University (2004 to 2012); Dean, School of Business Administration of Widener University (2001 to 2004); Dean, School of Business, Public Policy and Health, University of Maine (1998 to 2001); Dean, School of Management, University of Michigan-Dearborn (1992 to 1998); Academic Vice President, Trenton State University (1989-1991); Dean, College of Business and Economics, University of Delaware (1976 to 1989). | |
Nicholas A. Giordano Birth date: 2/43 TRUSTEE Began serving: March 2012 | Principal Occupations: Consultant, financial services organizations (1997 to present).
Other Directorships Held: Kalmar Pooled Investment Trust; The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (industrial furnaces and ovens).
Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997). |
OFFICERS
Name Address Birth Year Positions with Trust | Principal Occupations for Past Five Years and Previous Positions | |
Kenneth G. Thompson Birth year: 1964 PRESIDENT Began serving: March 2012 | Principal Occupations: Senior Vice President, M&T Bank. | |
Michael D. Daniels Birth year: 1967 CHIEF OPERATING OFFICER Began serving: June 2007 | Principal Occupations: Chief Operating Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc., Administrative Vice President, M&T Bank.
Previous Positions: Senior Vice President, MSD&T and MCA (2006 to 2007); Vice President, Calamos Asset Management (2004 to 2006); Vice President, JP Morgan Chase Bank (2002 to 2004). |
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Name Address Birth Year Positions with Trust | Principal Occupations for Past Five Years and Previous Positions | |
Jeffrey M. Seling Birth year: 1970 VICE PRESIDENT Began serving: June 2007 | Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc.
Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank. | |
Gregory B. McShea Birth year: 1965 CHIEF COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2009 AML COMPLIANCE OFFICER Began serving: February 2012 | Principal Occupations: Managing Director, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds.
Previous Positions: General Counsel, Legg Mason Capital Management, Inc. (2007 to 2009); General Counsel, Western Asset Management Company (2003 to 2009); Associate General Counsel and Compliance Director, Legg Mason Wood Walker, Incorporated (1997 to 2003). | |
Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008 | Principal Occupations: Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008. | |
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore, MD 21201 Birth year: 1957 VICE PRESIDENT Began serving: June 2010 | Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present).
Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003). | |
Guy Nordahl 101 Barclay Street, 13E New York, NY 10286 Birth year: 1965 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: September 2007 | Principal Occupations: Vice President, BNY Mellon Asset Servicing (2009 to present).
Previous Positions: Vice President, BNY Mellon Asset Management (2003 to 2009); Vice President, BNY Mellon Asset Servicing (1999 to 2003). | |
Lisa R. Grosswirth 101 Barclay Street, 13E New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007 | Principal Occupations: Vice President, BNY Mellon Asset Servicing (2004 to present).
Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004). | |
Richard J. Berthy Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007 | Principal Occupations: President and Managing Partner, Foreside Financial Group, LLC (5/08 to present).
Previous Positions: Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (6/03 to 6/06); Vice President, Bainbridge Capital Management (8/02 to 5/04). |
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BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS
Advisory Agreement and Sub-Advisory Agreement on Behalf of Each Fund
At in-person meetings held on October 26 and December 9, 2011, the Board, including each Trustee who is not an “interested person” as defined in the Investment Company Act of 1940 (the “Independent Trustees”), approved an investment advisory agreement between the Trust, on behalf of each Fund, and WFMC (the “New Investment Advisory Agreement”). At the same meetings, the Board, including all of the Independent Trustees, also approved a sub-advisory agreement among the Trust, on behalf of each Fund, WFMC and WTIA (the “New Sub-Advisory Agreement,” and together with the New Investment Advisory Agreement, the “New Agreements”).
The New Agreements relate to each of: the Wilmington Large-Cap Value Fund, Wilmington Large-Cap Growth Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small-Cap Growth Fund, Wilmington Multi-Manager International Fund, Wilmington Strategic Allocation Moderate Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Broad Market Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Maryland Municipal Bond Fund, Wilmington New York Municipal Bond Fund, Wilmington Pennsylvania Municipal Bond Fund, Wilmington Virginia Municipal Bond Fund, Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund, and Wilmington Tax-Exempt Money Market Fund (the “Group A Funds”); the Wilmington Large-Cap Strategy Fund, Wilmington Small-Cap Strategy Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Aggressive Fund, and Wilmington Municipal Bond Fund (the “Group B Funds”); and the Wilmington Rock Maple Alternatives Fund (the “Alternatives Fund,” and, collectively with the Group A Funds and the Group B Funds, the “Funds”). Each Group A Fund has been a series of the Trust for a number of years, and on or about March 12, 2012, certain of the Group A Funds acquired the assets and liabilities of a corresponding series of the WT Mutual Fund. The shareholders of each Group A Fund as of January 6, 2012, approved the New Agreements. The Board established the Group B Funds at the October 26 and December 9 meetings and on or about March 12, 2012, each Group B Fund acquired the assets and liabilities of a corresponding series of the WT Mutual Fund. The Board established the Alternatives Fund at the October 26 and December 9 meetings and the Alternatives Fund commenced operations on or about January 14, 2012.
Before considering the New Advisory Agreement and the New Sub-Advisory Agreement with respect to each Fund, the Board requested and reviewed information relating to the New Agreements, which was provided by WFMC and WTIA. That information addressed, among other things: (i) the services to be performed; (ii) the size and qualifications of WFMC and WTIA’s portfolio management staff; (iii) any potential or actual material conflicts of interest which may arise in connection with WFMC and WTIA’s management of the Funds; (iv) how the Funds would be managed by WFMC and WTIA, including a general description of the investment decision making processes, sources of information and investment strategies; (v) investment performance information; (vi) results of independent audit and regulatory examinations, including any recommendations or deficiencies noted; (vii) any litigation, investigation or administrative proceeding which may have a material impact on WFMC or WTIA’s ability to service the Funds; and (viii) WFMC and WTIA’s internal program for ensuring compliance with applicable investment objectives, policies and practices of the Funds, and the federal securities laws and other regulatory requirements. WFMC and WTIA provided written responses to the Board’s request for information, and also provided oral responses during the in-person meetings. The Independent Trustees received and reviewed a memorandum from independent legal counsel regarding the legal standards applicable to their review of the New Agreements. In addition, the Independent Trustees consulted with independent legal counsel in executive session with respect to their review of the New Agreements and certain other considerations relevant to their deliberations on whether to approve the New Agreements.
At the meetings on October 26 and December 9, 2011, the Board determined that WFMC and WTIA had the capabilities, resources and personnel necessary to provide satisfactory advisory services to each Fund, and that the advisory fees paid by each Fund, taking into account any applicable fee limitations and breakpoints, represent reasonable compensation to WFMC and WTIA. In making their decision to approve the New Agreements for each Fund, the Independent Trustees gave attention to all information furnished, including information provided throughout the prior year by WTIA (formerly known as MTB Investment Advisors, Inc.) as investment advisor to the Group A Funds. The Trustees also noted that WFMC and WTIA are under the common control of M&T Bank Corporation, and that the officers and employees of WFMC overlap with the officers and employees of WTIA.
In making their decision to approve the New Agreements for each Fund, the Independent Trustees considered various factors, as described below, that they believed to be relevant in evaluating the New Agreements. In their deliberations, the Trustees did not identify any particular information or factor that was controlling, and different Trustees may have attributed different weights to the various factors.
Nature, Extent and Quality of Services.
The Board considered that the New Agreements are substantially similar to the Trust’s previous investment advisory agreements with WTIA, which were approved for renewal at an in-person meeting held on September 14-15, 2011. In the case of each Fund, the Trustees therefore considered the many reports furnished to them during the year at regular Board meetings covering matters such as: the relative performance of the Group A Funds; compliance with the investment objectives, policies, strategies and limitations of the Group A Funds; and the compliance of management personnel with the numerous operational and compliance policies and procedures that were established by the Board. In the case of each Fund, the Trustees also considered WFMC and WTIA’s personnel who possess the experience to provide investment management services to the Funds. The Trustees noted that the Wilmington Multi-Manager International Fund, Wilmington Large-Cap Value Fund, Wilmington Multi-Manager Real Asset Fund and Alternatives Fund employ a multi-manager approach through which the Funds rely
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on two or more sub-advisors to manage a portion of each Fund’s assets under the ongoing supervision of WFMC and WTIA. In the case of the Wilmington Multi-Manager Real Asset Fund and Alternatives Fund, which were established at the October 26 and December 9 meetings, the Trustees focused on the prior experience of WFMC and WTIA in overseeing the investment activities of sub-advisors that are not affiliated with WFMC and WTIA.
Based on the information provided by WFMC and WTIA, the Trustees concluded that the nature, extent and quality of the services provided by WFMC and WTIA supported the approval of the New Agreements.
Investment Performance.
The Board considered the overall investment performance of WFMC, WTIA and the Group A and Group B Funds, as well as the funds of the WT Mutual Fund for which WFMC previously served as investment advisor. Although the Trustees gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year, the Trustees also gave weight to their review of investment performance in connection with the approval of the New Agreements at the Board meetings held October 26 and December 9, 2011. The Trustees reviewed reports prepared by WFMC and WTIA, which showed each Group A Fund’s investment performance in comparison with its applicable peer group for the one-, five- and ten-year periods, as well as information about each Fund’s performance compared to its benchmark. With respect to the Group B Funds, the Trustees considered similar information about the performance of each series of the WT Mutual Fund that was merged into a corresponding Group B Fund. With respect to the Alternatives Fund, the Trustees considered hypothetical, pro-forma performance information for the Fund. The Board concluded that the performance information provided by WFMC and WTIA supported approval of the New Agreements.
Comparative Expenses.
WFMC and WTIA represented to the Board that the aggregate contractual investment advisory fees for each Group A Fund would be the same as that previously charged to the Funds by WTIA. At its meeting on September 14-15, 2011, the Board, including all of the Independent Trustees, approved the continuation of the investment advisory agreements for each Group A Fund based upon, among other things, comparative information about the net advisory fee ratios and total expense ratios (after deduction for advisory fee waivers and expense reimbursements) of each Fund versus those of a group of funds selected as being similar to each Fund. The Trustees reviewed reports prepared by WFMC and WTIA which showed each Group B Fund’s advisory fees and expenses in comparison with its applicable peer group. The Trustees also reviewed reports prepared by WFMC which showed Alternatives Fund’s advisory fees and expenses in comparison with its applicable peer group. In that regard, the Trustees noted the unique nature of the Alternatives Fund, which uses multiple sub-advisors employing alternative investment strategies, as well as WFMC and WTIA’s contractual commitment to waive certain fees and reimburse expenses for the Fund.
At the October 26 and December 9 meetings, the Trustees concluded that the proposed advisory and sub-advisory fees to be paid to and the services to be provided by WFMC and WTIA supported approval of the New Agreements.
Management Profitability.
The Trustees also considered the profitability of the relationships among the Funds and WFMC and WTIA, noting the significant decreases in profitability for the Group A Funds over the last few years. The Trustees considered any direct or indirect revenues received by affiliates of WFMC and WTIA. Based on the information provided, the Trustees concluded that the profitability to WFMC and WTIA with respect to the Funds supported approval of the New Agreements.
Economies of Scale.
The Trustees considered the extent to which economies of scale would be realized relative to fee levels as each Fund grows, and whether the advisory and sub-advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board considered WFMC and WTIA’s assessments that under the current market conditions and based on the asset sizes of the Funds, and the existence of certain voluntary and contractual fee waivers, economies of scale were appropriately reflected in the investment advisory fees of the Funds.
Other Benefits.
The Trustees considered the “fall-out” or ancillary benefits resulting from the relationships among the Funds and WFMC and WTIA. In that regard, the Board considered the fees received by WFMC and WTIA and their affiliates for providing other services to the Funds under separate agreements. With respect to any soft-dollar arrangements, the Board noted that in selecting brokers, WFMC and WTIA must seek to obtain best execution of fund trades.
Conclusion.
After consideration of all the factors, taking into consideration the information presented at the meetings and deliberating in executive session with independent legal counsel outside of the presence of management personnel, the Board, including all of the Independent Trustees, approved the New Agreements. The Board based its decision on the totality of the circumstances, including the factors identified above, and with a view to past and long-term considerations. Not all of the factors and considerations identified were relevant to each Fund, nor did the Board find any one of them to be determinative.
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Sub-Advisory Agreements on Behalf of the Wilmington Multi-Manager International Fund (the “International Fund”), the Wilmington Multi-Manager Real Asset Fund (the “Real Asset Fund”) and the Alternatives Fund
At in-person meetings held on October 26 and December 9, 2011, the Board, including all of the Independent Trustees, approved investment sub-advisory agreements among the Trust, WFMC and each of the following sub-advisors: (i) on behalf the International Fund, Acadian Asset Management, LLC; Dimensional Fund Advisors LP; Goldman Sachs Asset Management, L.P.; Parametric Portfolio Associates LLC; and Principal Global Investors LLC; (ii) on behalf of the Real Asset Fund, CBRE Clarion Securities LLC, EII Realty Securities, Inc.; Pacific Investment Management Company, LLC; and HSBC Global Asset Management (France); and (iii) on behalf of the Alternatives Fund, Acuity Capital Management, LLC; ADAR Investment Management, LLC; Calypso Capital Management, LP; Evercore Wealth Management, LLC; Madison Street Partners, LLC; Parametric Risk Advisors, LLC; Rock Maple Services, LLC (“Rock Maple”); TIG Advisors, LLC; Water Island Capital, LLC; and Whitebox Advisors LLC. Together, the International Fund, Real Asset Fund and Alternatives Fund are referred to as the “Sub-Advised Funds.” The Sub-Advised Funds’ agreements with the sub-advisors listed above are referred to as the “Sub-Advisory Agreements.”
Before meeting to determine whether to approve the Sub-Advisory Agreements, the Board had the opportunity to review written materials provided by each of the sub-advisors and independent legal counsel to the Independent Trustees, which contained information to help the Board evaluate the Sub-Advisory Agreements. The materials generally included information regarding, among other things: (i) services performed or to be performed; (ii) the size and qualifications of each sub-advisor’s portfolio management staff; (iii) any potential or actual conflicts of interest which may arise in connection with a sub-advisor’s management of the relevant Fund; (iv) investment performance information; (v) results of any independent audit or regulatory examinations, including any recommendations or deficiencies noted; (vi) any litigation, investigation or administrative proceeding which may have a material impact on any sub-advisor’s ability to service the relevant Fund; and (vii) the sub-advisor’s internal program for ensuring compliance with applicable investment objectives, policies and practices, the federal securities laws and other regulatory requirements. The Board also considered the recommendations of management with respect to each sub-adviser.
The Independent Trustees received and reviewed a memorandum from independent legal counsel regarding the legal standards applicable to their review of the New Agreements, including the Sub-Advisory Agreements. In addition, the Independent Trustees consulted with independent legal counsel in executive session with respect to their review of the Sub-Advisory Agreements and certain other considerations relevant to their deliberations on whether to approve them.
In addition to the information provided by each sub-advisor as described above, the Trustees also considered all other factors they believed to be relevant to evaluating the Sub-Advisory Agreements, including the specific matters discussed below. In their deliberations, the Trustees did not identify any particular information that was controlling, and different Trustees may have attributed different weights to the various factors.
Nature, Extent and Quality of Services.
The Trustees considered the services to be provided to each Sub-Advised Fund by each sub-advisor, including information about the education and experience of relevant personnel at each sub-advisor. With respect to the Alternatives Fund, WFMC engages WTIA and Rock Maple to assist in the identification and selection of sub-advisors and in the portfolio construction process. The Trustees concluded that the nature, extent and quality of the services provided by the sub-advisors to each Sub-Advised Fund are appropriate and consistent with the terms of the Sub-Advisory Agreements.
Investment Performance.
The Trustees reviewed information from the sub-advisors for the International Fund and Real Asset Fund reflecting the investment performance of their respective sub-advised portions of the corresponding series of the WT Mutual Fund (that was merged into the International Fund and Real Asset Fund, as applicable) for various time periods, and, as available, information about the performance of similarly managed accounts. Although the Alternatives Fund did not have historical performance, the sub-advisors to the Alternatives Fund, to the extent available, showed investment performance information for similarly managed pooled accounts and investment companies for various periods. The Board concluded, taking into account the recommendations of Fund management, that the information supported approval of the Sub-Advisory Agreements.
Comparative Expenses.
The sub-advisors provided information regarding sub-advisory fees and an analysis of these fees in relation to the delivery of services to the Sub-Advised Funds. The Trustees also reviewed information regarding fees charged by the sub-advisors to other similar clients, to the extent available, and evaluated any explanation provided by the sub-advisors as to differences in fees charged to the Sub-Advised Funds and other similarly managed accounts. The Trustees concluded that the amount of the sub-advisory fees to be paid to the sub-advisors was supported by the information provided.
Management Profitability.
The Board considered information about the profitability of the relationships among each Sub-Advised Fund and each sub-advisor. Based on the information provided, the Board concluded that each sub-advisor’s profitability supported approval of the Sub-Advisory Agreements.
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Economies of Scale.
The Trustees also considered the extent to which economies of scale would be realized relative to fee levels as each Sub-Advised Fund grows, and whether the advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board considered WFCM and WTIA’s assessments that under the current market conditions and based on asset sizes of the Sub-Advised Funds, economies of scale were appropriately reflected in the fees to be paid to each sub-advisor.
Other Benefits.
The Trustees considered any ancillary benefit resulting from each sub-advisor’s relationship with the Sub-Advised Fund, including any soft-dollar arrangements. With respect to any soft-dollar arrangements, the Board noted that in selecting brokers, the sub-advisors must seek to obtain best execution of fund trades.
Conclusion.
Based on all of the above-mentioned considerations, and the recommendations of management, the Board, including a majority of the Independent Trustees, determined that approval of the Sub-Advisory Agreements was in the best interests of each Fund. After full consideration of these and other factors, the Board, including a majority of the Independent Trustees, with the assistance of independent counsel, approved the Sub-Advisory Agreements.
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At February 21, 2012, a summary report of shares voted by proposal is as follows:
To approve a new investment advisory agreement between MTB Group of Funds, on behalf of each Fund, and Rodney Square Management Corporation (to be renamed Wilmington Funds Management Corporation).
Shares Voted | ||||
For | 2,817,888,588 | |||
Against | 10,879,070 | |||
Abstain | 301,975,843 | |||
Broker Non-Vote | 537,128,987 |
To approve a new investment sub-advisory agreement among MTB Group of Funds, on behalf of each Fund, Rodney Square Management Corporation (to be renamed Wilmington Funds Management Corporation) and Wilmington Trust Investment Advisors, Inc. (formerly known as MTB Investment Advisors, Inc.).
Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Aggressive Asset Allocation Fund (“target fund”), to Wilmington Strategic Allocation Aggressive Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.
Shares Voted | ||||
For | 4,289,032 | |||
Against | 2,324 | |||
Abstain | — |
Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Conservative Asset Allocation Fund (“target fund”), to Wilmington Strategic Allocation Conservative Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.
Shares Voted | ||||
For | 3,708,976 | |||
Against | — | |||
Abstain | 7,038 |
Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Multi-Manager Intenational Fund (“target fund”), to MTB International Equity Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.
Shares Voted | ||||
For | 35,064,004 | |||
Against | 18,426 | |||
Abstain | 17,241 |
Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Multi-Manager Real Asset Fund (“target fund”), to Wilmington Multi-Manager Real Asset Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.
Shares Voted | ||||
For | 13,067,483 | |||
Against | 23,018 | |||
Abstain | 16,279 |
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Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.
This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning their objectives and policies, management fees, expenses and other information.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)
Electronic Delivery
Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:
1.) | Go to www.wilmingtonfunds.com and select “Individual Investors” |
2.) | Click on the link “Sign up for Electronic Delivery” |
3.) | Login to your account or create new user ID |
4.) | Select E-Delivery Consent from the available options, and |
5.) | Complete the information requested, including providing the email address where you would like to receive notification for electronic documents. |
* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.
Householding
In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.
If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.
ANNUAL REPORT / April 30, 2012
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PRIVACY POLICY AND NOTICE OF THE FUNDS AND THEIR DISTRIBUTOR
June 8, 2012
The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.
Information The Funds Collect:
The Funds collect nonpublic personal information about you from the following sources:
• | We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income. |
• | We may receive information from you, or from your financial representative, through transactions with us or others, correspondence and other communications. Examples of this information include specific investments and your account balances. |
• | We may obtain other personal information from you in connection with providing you a financial product or service. Examples of this information include depository, debit or credit account numbers. |
Information Sharing Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
• | We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
• | We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
• | We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. |
Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.
Information Security:
When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers’ privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.
The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds’ Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.
Each of the following sections explains an aspect of the Funds’ commitment to protecting your personal information and respecting your privacy.
Employee Access to Information:
Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employee’s or agent’s need to know the information in order to service a customer’s account or comply with legal requirements.
April 30, 2012 / ANNUAL REPORT
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Visiting The Funds’ Website:
The Funds’ website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.
• | Information or data entered into a website will be retained. |
• | Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website. |
• | We may also collect non-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party. |
E-mail:
If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.
Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.
Surveys/Aggregate Data:
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.
Changes to Our Privacy Statement:
The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.
Notice will be provided to you in advance of any changes that would affect your rights under this policy statement
ANNUAL REPORT / April 30, 2012
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Investment Advisor
Wilmington Funds Management Corp.
1100 North Market Street
Wilmington, DE 19890
Sub-Advisor
Wilmington Trust Investment Advisors
111 South Calvert Street 26th Floor
Baltimore, MD 21202
Additional Sub-Advisors to the
Wilmington Multi-Manager International Fund
Acadian Asset Management LLC
One Post Office Square
Boston, MA 02109
Baring International Investment Limited
155 Bishopsgate
London, EC2M 3XY, United Kingdom
Dimensional Fund Advisors LP
6300 Bee Cave Road, Building One
Austin, TX 78746
Goldman Sachs Asset Management, L.P.
200 West Street
New York, NY 10282
Hansberger Global Investors, Inc.
401 East Las Olas Blvd, Suite 1700
Ft. Lauderdale, FL 33301
LSV Asset Management
155 North Wacker Drive, Suite 4600
Chicago, IL 60606
Parametric Portfolio Associates LLC
1918 Eighth Avenue, Suite 3100
Seattle, WA 98101
Principal Global Investors LLC
801 Grand Avenue
Des Moines, IA 50392
Additional Sub-Advisors to the
Wilmington Rock Maple Alternatives Fund
Acuity Capital Management, LLC
60 Arch Street, 2nd Floor
Greenwich, CT 06830
ADAR Investment Management, LLC
156 West 56th Street, Suite 801
New York, NY 10019
Calypso Capital Management, LP
135 East 57th Street, 20th Floor
New York, NY 10022
Rock Maple Services, LLC
711 Fifth Avenue, 5th Floor
New York, NY 10022
TIG Advisors, LLC
520 Madison Avenue, 26th Floor
New York, NY 10022
Water Island Capital, LLC
41 Madison Avenue, 42nd Floor
New York, NY 10010
Whitebox Advisors LLC
3033 Excelsior Boulevard, Suite 300
Minneapolis, MN 55416
Madison Street Partners, LLC
3200 Cherry Creek South Drive, Suite 360
Denver, CO 80209
Parametric Risk Advisers
274 Riverside Avenue, 1st Floor
Westport, CT 06880
Evercore Wealth Management, LLC
55 East 52 Street, 36th Floor
New York, NY 10055
Additional Sub-Advisors to the
Wilmington Multi-Manager Real Asset Fund
EII Realty Securities, Inc.
640 Fifth Avenue, 8th Floor
New York, NY 10019
CBRE Clarion Securities LLC
201 King of Prussia Road, Suite 600
Radnor, PA 19087
Pacific Investment Management Company, LLC (“PIMCO”)
840 Newport Center Drive
Newport Beach, CA 92660
HSBC Global Asset Management (France)
Immeuble Ile De France, 4 Place de la Pyramide
Puteaux France, 92800
Co-Administrator
Wilmington Trust Investment Advisors
111 South Calvert Street 26th Floor
Baltimore, MD 21202
Co-Administrator, Accountant, and Custodian
The Bank of New York Mellon
101 Barclay Street
New York, NY 10286
Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203
Transfer Agent and Dividend Disbursing Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, DE 19809
Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square, 2005 Market Street, Suite 700
Philadelphia, PA 19103
WT-AR-MMgr-0412
Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com
We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds. Since we are required by law to send a report to each person listed as a shareholder, you (or your household) may receive more than one report.
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ITEM 2. | CODE OF ETHICS |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.
(b) There have been no amendments to the registrant’s code of ethics that apply to its Principal Executive Officer or Principal Financial Officer.
(c) There have been no amendments to the Funds’ code of ethics during the reporting period for this Form N-CSR.
(d) The registrant has not granted any waivers, including an implicit waiver, from any provisions of its code of ethics during the reporting period for this Form N-CSR.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The registrant’s Board has determined that each member of the Board’s Audit Committee is an “audit committee financial expert,” and that each such member is “independent,” for purposes of this Item. The Audit Committee consists of the following Board members: Joseph J. Castiglia, William H. Cowie, Jr., John S. Cramer, and Richard B. Seidel.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were as follows:
Fiscal year ended 2012 - $605,900
Fiscal year ended 2011 - $412,432
(b) Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were as follows:
Fiscal year ended 2012 - $0
Fiscal year ended 2011 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were as follows:
Fiscal year ended 2012 - $117,990
Fiscal year ended 2011 - $86,060
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Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) and (c) of this Item were as follows:
Fiscal year ended 2012 - $0
Fiscal year ended 2011 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre- approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
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The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any |
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sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided;
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
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(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2012 - 0%
Fiscal year ended 2011 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2012 - 0%
Fiscal year ended 2011 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2012 - 0%
Fiscal year ended 2011 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) Not Applicable
(g) Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant:
Fiscal year ended 2012 - $117,990
Fiscal year ended 2011 - $86,060
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(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not Applicable
ITEM 6. | INVESTMENTS |
(a) | The schedule is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not Applicable |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not Applicable
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not Applicable
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not Applicable
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
No changes to report.
ITEM 11. | CONTROLS AND PROCEDURES |
(a) | The registrant’s principal executive officer and principal financial officer 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 this report, based on the evaluation of the registrant’s disclosure controls and procedures, as 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 (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)), that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | EXHIBITS |
(a)(1) | Not applicable. |
(a)(2) | Certifications of the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are filed herewith as Exhibit 99CERT. |
(a)(3) | Not applicable. |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are filed herewith as Exhibit 99.906CERT. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Wilmington Funds
By: | /s/ Richard J. Berthy | |
Name: | Richard J. Berthy | |
Title: | Principal Executive Officer | |
Date: | June 29, 2012 |
By: | /s/ Guy Nordahl | |
Name: | Guy Nordahl | |
Title: | Principal Financial Officer | |
Date: | June 29, 2012 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Richard J. Berthy | |
Name: | Richard J. Berthy | |
Title: | Principal Executive Officer | |
Date: | June 29, 2012 |
By: | /s/ Guy Nordahl | |
Name: | Guy Nordahl | |
Title: | Principal Financial Officer | |
Date: | June 29, 2012 |