UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05514
Wilmington Funds
(Exact name of registrant as specified in charter)
Wilmington Trust Investment Advisors, Inc.
111 South Calvert Street, 26th Floor
Baltimore, Maryland 21202
(Address of principal executive offices) (Zip code)
Hope L. Brown
Wilmington Trust Investment Advisors, Inc.
111 South Calvert Street, 26th Floor
Baltimore, Maryland 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: 410-986-5600
Date of fiscal year end: April 30
Date of reporting period: April 30, 2014
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
Wilmington Prime Money Market Fund (“Prime Money Market Fund”)
Wilmington U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)
Wilmington U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”)
Wilmington Tax-Exempt Money Market Fund (“Tax-Exempt Money Market Fund”) |
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I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2013, through April 30, 2014. 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 investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets over the 12-month reporting period.
The Economy
Compared to other animals, humans have an unparalleled ability to see what we wish to see. The tendency to interpret facts to suit our opinions is magnified in the financial arena. Most of the time economic data provides plenty of fodder for both bulls and bears.
We see enough positive news to argue that good times are about to roll...
• | Despite weather-driven speed bumps in January and February, U.S. nonfarm payrolls expanded by 2.37 million jobs in the year ended April 2014 - the strongest gain since the period ended April 2006. April 2014 hiring came in unexpectedly robust, with job growth of 288,000, the highest since January 2012. Payrolls rose an average of 202,000 per month over the last six months, and by the end of April 2014, had recovered to within 113,000 jobs of the all-time high set in January 2008. |
• | Inflation remains under control. The Consumer Price Index for April 2014 was up 2.0% from a year earlier - the biggest year-over-year increase since July 2013 but below the 20-year average of 2.4%. Meanwhile, core CPI – excluding the volatile food and energy categories – was up 1.8% in April 2014, only slightly above the reading in previous months and also lower than the long-run average of 2.2%. |
• | While retail sales came in below expectations in April 2014, strong February and March numbers suggest consumers have come out of hibernation. Job growth and the “wealth effect” from stock returns have set the stage for spending growth. |
... and sufficient worrisome news to justify caution.
• | New-home sales have plummeted so far this year, while sales of existing homes have trended lower since last summer, even taking into account seasonal adjustments. Lenders have become more accommodating, yet credit remains fairly tight, as does the supply of homes. |
• | Two popular measures of consumer confidence, indices maintained by the Conference Boardi and the University of Michiganii, have diverged somewhat in recent months. However, both indices report confidence fairly close to levels seen last summer despite improvements in the labor market, excellent stock returns, and an expanding economy. The early-May reading of the University of Michigan surveyii saw a 2.7% decline from April 2014 levels, while the consensus projected a 3.3% increase. One number does not a trend make, but the University of Michigan data can only be called disappointing. |
ihttp://www.conference-board.org/
iihttp://www.sca.isr.umich.edu/
Many of the recent problems stem directly from the harsh winter weather we have endured which pushed first quarter GDP down by 1%. We expect that a rebound from this will take place in the second quarter which should be followed by a resumption of modest growth rates in the 2.5 to 3.0% range. Given this outlook, we expect to see stocks outperform bonds but fears of a major rise in interest rates is also probably overblown.
The Bond Markets
In the year ended April 30, the Barclays U.S. Aggregate Bond Index1 delivered a -0.26% return, with the majority of the bond market performing at a lackluster level. Blame Treasuries for the Aggregate Bond Index’s negative return, as the Barclays U.S. Treasury Bond Index2 returned -1.59% for the year ended April. In contrast, Barclays indices for mortgage-backed, corporate, and municipal bonds all managed positive returns, albeit below 0.60%.
While the statements above are unequivocally accurate, investors who stop at the raw numbers will miss a big part of the picture - bond investors suffered their pain in 2013; so far, 2014 has proven friendlier.
PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)
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The 10-year Treasury bond yielded 1.70% at the end of April 2013 and ended the year at 3.04%. By the end of April 2014, the T-bond yield had fallen to 2.67%, and as of May 28th it yielded 2.44%. Corporate bonds have traced similar, if less steep, paths. These yields reflect a solid recovery this year, which in turn tells us that the Federal Reserve’s tapering of bond purchases hasn’t had the deleterious effect some pundits projected.
On April 30, the Federal Reserve (the “Fed”) Open Market Committee reduced its monthly bond purchases another $10 billion to $45 billion, down from $85 billion for most of last year. At this pace, the Fed may stop buying bonds before the end of 2014. While new Fed Chair Janet Yellen shocked the market in March when she said the Fed could start raising interest rates just six months after the end of quantitative easing3, subsequent statements suggest the central bank hasn’t set a hard target.
In recent months, the Fed has signaled expectations roughly in line with the consensus, which suggests the federal funds rate won’t rise until the second half of 2015. “Doves” continue to call the shots at the Fed, and it’s tough to predict how markets would react if the bankers changed their tone.
For the 12-month reporting period May 1, 2013 through April 30, 2014, certain Barclays indices performed as follows4:
Barclays U.S. Aggregate Bond Index | Barclays U.S. Treasury Bond Index |
Barclays U.S. Mortgage- Backed Securities Index5 | Barclays U.S. Credit Bond Index6 | Barclays Municipal Bond Index7 | ||||
-0.26% | -1.59% | 0.59% | 0.41% |
0.50% |
The Stock Markets
Few investors who owned a diversified stock portfolio at the start of last May and held it through the end of April 2014 should complain. The S&P 500 Index8 of large-cap stocks returned 20.44% during that 12-month period. Most segments of the U.S. stock market shared in the wealth, with the small-cap Russell 2000 Index9 returning 20.50%.
Among large-cap stocks, growth slightly outperformed value. Smaller stocks showed more of a growth bias (Russell 2000 Growth Index10 up 21.46% versus 19.61% for the Russell 2000 Value Index11). But when your lagging group manages an annual return of more than 19%, you’ve enjoyed a good year.
Even foreign stocks provided investors with solid gains – at least in developed markets. The MSCI All Country World ex-US Index12 returned 9.76% over the last year, while the MSCI EAFE (Europe, Australasia, Far East) Index13 of large-cap and midcap stocks from developed markets returned 13.35%. However, the MSCI Emerging Markets Index14 delivered a -1.84% return.
Most of the stock gains racked up in the 12 months ended April 2014 came during the last eight months of 2013. The S&P 500 managed to set eight new all-time closing highs during the first four months of 2014, yet exited April up less than 3% from its level at the end of 2013. The sluggishness during this period has probably contributed to weakness in both consumer and investor sentiment.
The American Association of Individual Investors Sentiment Survey for the week ending May 21st, 2014, found 43% of investors neutral on the stock market, well above the long-run average of 31%. While bullishness has risen and bearishness fallen in recent weeks, percentages for both extremes remain below typical levels. The unusually large number of “neutrals” bespeaks a lack of confidence in the market, feelings not unexpected given lackluster year-to-date returns.
With the U.S. stock market looking for leadership, investors should keep an eye out for groups making strong moves. A large pack of investors uncertain about the market’s direction can quickly transform into a stampede – in any direction.
For the 12-month reporting period May 1, 2013 through April 30, 2014, certain stock market indices performed as follows:
S&P 500 Index | Dow Jones Industrial Average15 | NASDAQ Composite Index16 |
MSCI All Country World ex-US (Net) Index | |||
20.44% | 14.44% | 25.20% |
9.76% |
April 30, 2014 (unaudited) / PRESIDENT’S MESSAGE
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The Trust, with assets of $12.5 billion as of April 30, 2014, gives investors access to every major asset class and sector. Whether you are looking for a comfortable retirement, fund a child’s higher education, pursue tax-free income17, 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 need18.
Sincerely,
Sam Guerrieri
President
May 28, 2014
For more complete information, please download the Funds’ prospectus, which is available on www.wilmingtonfunds.com, or call 1-800-836-2211 for a copy. You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds’ prospectus, which you should read carefully before investing.
Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.
All investments involve risk, including the possible loss of principal. Equity Securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.
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. | Barclays U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index. |
2. | Barclays U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index. |
3. | Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative Easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity. |
4. | Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. |
5. | Barclays U.S. Mortgage Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index. |
6. | Barclays U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index. |
7. | Barclays Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index. |
8. | The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index. |
9. | 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. The index is unmanaged and investments cannot be made directly in an index. |
10. | 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-value 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. |
11. | The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. |
12. | MSCI All Country World ex-US (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices. The index is unmanaged and investments cannot be made directly in an index. |
PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)
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13. | MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. |
14. | MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and investments cannot be made directly in an index. |
15. | 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. |
16. | 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. |
17. | Income generated by tax-free funds may be subject to the federal alternative minimum tax and state and local taxes. |
18. | Diversification does not assure a profit nor protect against loss. |
April 30, 2014 (unaudited) / PRESIDENT’S MESSAGE
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Management’s Discussion of Fund Performance
Economic growth for the 12 month period ended March 31, 2014 was an unremarkable 2.3% as measured by the GDP (gross domestic product). The 1st quarter growth rate of 2014 was 0.1%, which suffered harshly from the cold weather’s negative impact on the economy. Expectations are that economic growth will pick up for the remainder of 2014 as the weather improves. The labor market continued to heal from the financial crisis. For the past fiscal year, the unemployment rate fell from 7.5% to 6.3% the lowest level since the beginning of the financial crisis in 2008. The economy produced approximately 200,000 jobs per month which was a slight improvement from the prior year. While housing prices continued to move higher, new home sales slowed as higher mortgage rates and higher prices caused housing affordability to decline. Auto sales were the strongest since 2007 as consumer confidence continued to increase.
Inflation remained below the Federal Reserves’ (the “Fed”) speed limit of 2%; the core consumer price index is up 1.8% for the past year. Wage growth also remains anemic, increasing at only a 2% annualized rate over the past year as there are more workers than jobs to go around.
The Fed was the catalyst for higher long-term interest rates as former Fed chairman Ben Bernanke announced in May of 2013 that the Fed could begin tapering its asset purchase program in the fall of 2013. The Fed’s Open Markets Committee (FOMC) statement from their June meeting acknowledged that “the downside risks to the outlook for the economy and labor market as having diminished.” The Fed began to taper its purchases in December 2013 and has continued to reduce its purchases at each subsequent meeting. Currently, the Fed is purchasing $45 billion of securities per month, down from a peak of $85 billion per month. For the fiscal year ended April 30, 2014, intermediate interest rates are approximately one percent higher than where they started the fiscal year. The 10 year treasury yield at April 30 was 2.67%. The 2 year treasury yield rose only 0.2% during the same period to a yield of 0.42%.
The short end of the yield curve, however, remains anchored by the Fed’s commitment to maintain a highly accommodative monetary policy. At its April 2014 meeting, the FOMC reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate and that they anticipate that even after inflation and employment target are reached, that a below level target federal funds rate may be warranted for some time. Market indicators project the Fed to begin the normalization process in the latter half of 2015.
Looking forward, we expect economic growth to pick up from the weather induced slowdown of the calendar quarter ended March 31, 2014. We also expect inflation to remain benign and the Fed to continue to taper its asset purchase program and conclude its purchases by December, 2014. With respect to interest rates, we expect them to move higher in anticipation of the Fed raising short-term interest rates in the latter half of 2015 or in 2016.
On the regulatory front, the Securities and Exchange Commission (the “SEC”) continues its work on finalizing changes for money market funds. The SEC is considering two alternatives that can either stand alone or be combined. One alternative would allow
funds to offer a stable net asset value (NAV) but allow the imposition of liquidity fees and redemption gates. The second alternative would require prime and institutional tax-exempt funds to use a floating NAV. We expect the SEC to finalize regulatory changes sometime this summer. Regardless, we expect a long implementation period since the final rule changes are likely to significantly impact the structure and dynamics of money market funds.
The change in key interest rates over the last twelve months is presented below.
4/30/13
|
10/31/13
|
4/30/14
| ||||||||
Federal Fund Target
| 0.00%-0.25% | 0.00%-0.25% | 0.00%-0.25% | |||||||
3 Month LIBOR
| 0.277% | 0.242% | 0.227% | |||||||
2 Year Treasury Note
| 0.22% | 0.31% | 0.42% | |||||||
10 Year Treasury Note
| 1.70% | 2.57% | 2.67% |
The following is a comparison of the performance of the Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund and Wilmington Tax-Exempt Money Market Fund versus their respective iMoneyNet and Lipper peer group average returns for the fiscal year ended April 30, 2014:
Wilmington Prime Money Market Fund – Administrative | ||
Shares | 0.01% | |
Wilmington Prime Money Market Fund – Institutional Shares | 0.01% | |
Wilmington Prime Money Market Fund – Select Shares | 0.01% | |
Wilmington Prime Money Market Fund – Service Shares | 0.01% | |
iMoneyNet, Inc. First Tier Institutional Average | 0.02% | |
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 | 0.01% | |
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 | 0.01% | |
Lipper Tax-Exempt Money Market Funds | 0.01% | |
Source: iMoneyNet, Inc. and Lipper |
April 30, 2014 (unaudited) / ANNUAL REPORT
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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, 2014, Wilmington Funds Management Corporation 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, and, effective November 26, 2013, to prevent the Funds’ (or a class thereof, as applicable) current annualized yield from being below zero. 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.
ANNUAL REPORT / April 30, 2014 (unaudited)
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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, 2013 to April 30, 2014.
Actual Expenses
This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning Account Value 11/1/13 | Ending Account Value 4/30/14 | Expenses Paid During Period1 | Annualized Net Expense Ratio | |||||
WILMINGTON PRIME MONEY MARKET FUND | ||||||||
Actual | ||||||||
Administrative Class | $1,000.00 | $1,000.10 | $0.64 | 0.13% | ||||
Institutional Class | $1,000.00 | $1,000.10 | $0.64 | 0.13% | ||||
Select Class | $1,000.00 | $1,000.10 | $0.64 | 0.13% | ||||
Service Class | $1,000.00 | $1,000.10 | $0.64 | 0.13% | ||||
Hypothetical (assuming a 5% return before expenses) | ||||||||
Administrative Class | $1,000.00 | $1,024.15 | $0.65 | 0.13% | ||||
Institutional Class | $1,000.00 | $1,024.15 | $0.65 | 0.13% | ||||
Select Class | $1,000.00 | $1,024.15 | $0.65 | 0.13% | ||||
Service Class | $1,000.00 | $1,024.15 | $0.65 | 0.13% | ||||
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND | ||||||||
Actual | ||||||||
Administrative Class | $1,000.00 | $1,000.00 | $0.35 | 0.07% | ||||
Institutional Class | $1,000.00 | $1,000.00 | $0.35 | 0.07% | ||||
Select Class | $1,000.00 | $1,000.00 | $0.35 | 0.07% | ||||
Service Class | $1,000.00 | $1,000.00 | $0.35 | 0.07% | ||||
Hypothetical (assuming a 5% return before expenses) | ||||||||
Administrative Class | $1,000.00 | $1,024.45 | $0.35 | 0.07% | ||||
Institutional Class | $1,000.00 | $1,024.45 | $0.35 | 0.07% | ||||
Select Class | $1,000.00 | $1,024.45 | $0.35 | 0.07% | ||||
Service Class | $1,000.00 | $1,024.45 | $0.35 | 0.07% |
April 30, 2014 (unaudited) / ANNUAL REPORT
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Beginning Account Value 11/1/13 | Ending Account Value 4/30/14 | Expenses Paid During Period1 | Annualized Net Expense Ratio | |||||
WILMINGTON U.S. TREASURY MONEY MARKET FUND | ||||||||
Actual | ||||||||
Administrative Class | $1,000.00 | $1,000.00 | $0.30 | 0.06% | ||||
Select Class | $1,000.00 | $1,000.00 | $0.30 | 0.06% | ||||
Service Class | $1,000.00 | $1,000.00 | $0.30 | 0.06% | ||||
Hypothetical (assuming a 5% return before expenses) | ||||||||
Administrative Class | $1,000.00 | $1,024.50 | $0.30 | 0.06% | ||||
Select Class | $1,000.00 | $1,024.50 | $0.30 | 0.06% | ||||
Service Class | $1,000.00 | $1,024.50 | $0.30 | 0.06% | ||||
WILMINGTON TAX-EXEMPT MONEY MARKET FUND | ||||||||
Actual | ||||||||
Administrative Class | $1,000.00 | $1,000.10 | $0.35 | 0.07% | ||||
Select Class | $1,000.00 | $1,000.10 | $0.35 | 0.07% | ||||
Service Class | $1,000.00 | $1,000.10 | $0.35 | 0.07% | ||||
Hypothetical (assuming a 5% return before expenses) | ||||||||
Administrative Class | $1,000.00 | $1,024.45 | $0.35 | 0.07% | ||||
Select Class | $1,000.00 | $1,024.45 | $0.35 | 0.07% | ||||
Service Class | $1,000.00 | $1,024.45 | $0.35 | 0.07% |
(1) | Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period). |
ANNUAL REPORT / April 30, 2014 (unaudited)
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PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Prime Money Market Fund
At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):
Percentage of Total Net Assets | |||||
Other Commercial Paper | 30.9 | % | |||
Certificates of Deposit | 13.1 | % | |||
Financial Company Commercial Paper | 12.5 | % | |||
Municipal Notes & Bonds | 12.4 | % | |||
Repurchase Agreements | 9.1 | % | |||
Asset-Backed Commercial Paper | 8.2 | % | |||
Municipal Commercial Paper | 8.0 | % | |||
Corporate Notes & Bonds | 5.8 | % | |||
Other Assets and Liabilities - Net1 | 0.0 | %2 | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
(1) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(2) | Represent less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Par Value | Value | ||||||
ASSET-BACKED COMMERCIAL PAPER – 8.2%¿ | ||||||||
Chariot Funding LLC | ||||||||
0.22%, 10/01/14—,W | $ | 25,000,000 | $ | 24,976,625 | ||||
0.22%, 10/15/14—,W | 25,000,000 | 24,974,486 | ||||||
0.28%, 11/05/14—,W | 25,000,000 | 24,963,444 | ||||||
0.28%, 11/14/14—,W | 25,000,000 | 24,961,694 | ||||||
CIESCO LLC | ||||||||
0.18%, 6/05/14—,W | 50,000,000 | 49,991,250 | ||||||
0.18%, 6/09/14—,W | 30,000,000 | 29,994,150 | ||||||
CRC Funding LLC, | ||||||||
0.19%, 5/05/14 | 20,000,000 | 19,999,578 | ||||||
Metlife Short Term Fund LLC, | ||||||||
0.10%, 5/01/14—,W | 29,556,000 | 29,556,000 | ||||||
Thunder Bay Funding LLC, | ||||||||
0.23%, 10/22/14—,W | 50,000,000 | 49,944,417 | ||||||
|
| |||||||
TOTAL ASSET-BACKED COMMERCIAL PAPER | ||||||||
(COST $279,361,644) | $ | 279,361,644 | ||||||
CERTIFICATES OF DEPOSIT – 13.1% | ||||||||
Bank of Montreal, CHI | ||||||||
0.16%, 6/18/14 | 50,000,000 | 50,000,000 | ||||||
0.16%, 7/15/14 | 50,000,000 | 50,000,000 | ||||||
Bank of Nova Scotia, HOU | ||||||||
0.21%, 7/30/14 | 50,000,000 | 50,000,000 |
Description | Par Value | Value | ||||||
0.22%, 10/01/14 | $ | 50,000,000 | $ | 50,000,000 | ||||
JPMorgan Chase & Co. | ||||||||
0.27%, 5/06/14D | 50,000,000 | 50,000,000 | ||||||
0.35%, 2/03/15 | 50,000,000 | 50,000,000 | ||||||
Toronto Dominion Bank, NY | ||||||||
0.15%, 6/09/14 | 50,000,000 | 50,000,000 | ||||||
0.21%, 5/18/14D | 50,000,000 | 50,000,000 | ||||||
Wells Fargo Bank, NA, | ||||||||
0.27%, 5/01/14D | 50,000,000 | 50,000,000 | ||||||
|
| |||||||
TOTAL CERTIFICATES OF DEPOSIT | ||||||||
(COST $450,000,000) | $ | 450,000,000 | ||||||
CORPORATE NOTES & BONDS – 5.8% | ||||||||
American Honda Finance Corp., | ||||||||
Sr. Unsecured, 0.23%, 5/20/14D,—,W | 25,000,000 | 25,001,111 | ||||||
Bank of America, NA, | ||||||||
0.21%, 5/19/14 | 50,000,000 | 50,000,000 | ||||||
IBM Corp., | ||||||||
Sr. Unsecured, 0.88%, 10/31/14 | 50,000,000 | 50,163,722 | ||||||
Johnson & Johnson, | ||||||||
Sr. Unsecured, 0.33%, 5/15/14D | 75,000,000 | 75,005,377 | ||||||
|
| |||||||
TOTAL CORPORATE NOTES & BONDS | ||||||||
(COST $200,170,210) | $ | 200,170,210 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 6 |
Wilmington Prime Money Market Fund (continued)
Description | Par Value | Value | ||||||
FINANCIAL COMPANY COMMERCIAL PAPER – 12.5%¿ | ||||||||
Bank of New York Mellon Corp., | ||||||||
0.05%, 5/01/14—,W | $ | 100,000,000 | $ | 100,000,000 | ||||
Commonwealth Bank of Australia | ||||||||
0.23%, 5/21/14D,—,W | 50,000,000 | 50,000,326 | ||||||
0.24%, 5/12/14D,—,W | 50,000,000 | 50,000,000 | ||||||
PNC Bank, NA | ||||||||
0.24%, 7/01/14 | 25,000,000 | 24,989,833 | ||||||
0.26%, 9/10/14 | 25,000,000 | 24,976,167 | ||||||
0.30%, 10/17/14 | 50,000,000 | 50,000,000 | ||||||
Reckitt Benckiser Treasury Services PLC, | ||||||||
0.15%, 7/29/14—,W | 55,000,000 | 54,979,604 | ||||||
Westpac Banking Corp., | ||||||||
0.14%, 7/01/14—,W | 75,000,000 | 74,982,208 | ||||||
|
| |||||||
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER | ||||||||
(COST $429,928,138) | $ | 429,928,138 | ||||||
MUNICIPAL COMMERCIAL PAPER – 8.0%¿ | ||||||||
Saint Joseph County University of Notre Dame, | ||||||||
0.15%, 5/21/14 | 25,000,000 | 24,997,917 | ||||||
Salt River Project Agriculture Improvement & Power District | ||||||||
0.13%, 5/07/14 | 45,000,000 | 44,999,025 | ||||||
0.13%, 5/14/14 | 30,000,000 | 29,998,592 | ||||||
South Carolina State Public Service Authority, | ||||||||
0.17%, 7/14/14 | 38,876,000 | 38,876,000 | ||||||
University of California, | ||||||||
0.16%, 6/17/14 | 50,000,000 | 49,989,556 | ||||||
University of Chicago, | ||||||||
0.13%, 6/02/14 | 50,000,000 | 49,994,222 | ||||||
University of Utah | ||||||||
0.15%, 6/05/14 | 20,000,000 | 20,000,000 | ||||||
0.15%, 6/05/14 | 15,000,000 | 15,000,000 | ||||||
|
| |||||||
TOTAL MUNICIPAL COMMERCIAL PAPER | ||||||||
(COST $273,855,312) | $ | 273,855,312 | ||||||
MUNICIPAL NOTES & BONDS – 12.4% | ||||||||
Business Finance Commission Gulf Opportunity, MS, | 37,180,000 | 37,180,000 | ||||||
Connecticut State Health and Educational Facilities Authority, | 39,250,000 | 39,250,000 | ||||||
Loudoun County Industrial Development Authority, VA, Revenue Bonds, (Series B) Weekly VRDNs, (Howard Hughes Medical Institute, OBG) | ||||||||
0.06%, 5/07/14 | 65,000,000 | 65,000,000 |
Description | Par Value | Value | ||||||
0.09%, 5/07/14 | $ | 23,685,000 | $ | 23,685,000 | ||||
Lower Neches Valley Authority Industrial Development Corp., TX, Revenue Bonds, Daily VRDNs, (Exxon Mobil, OBG), 0.07%, 5/07/14 | 44,800,000 | 44,800,000 | ||||||
Mississippi Business Finance Corp., Revenue Bonds, (Series H) Monthly VRDNs, (Chevron Corp., OBG), 0.07%, 5/01/14 | 18,800,000 | 18,800,000 | ||||||
Private Colleges & Universities Authority, GA, Refunding Revenue Bonds, (Series 2005C-1) Weekly VRDNs, (Emory University, OBG), 0.11%, 5/07/14 | 43,295,000 | 43,295,000 | ||||||
Private Colleges & Universities Authority, GA, Refunding Revenue Bonds, (Series 2005C-5) Weekly VRDNs, (Emory University, OBG), 0.11%, 5/07/14 | 22,000,000 | 22,000,000 | ||||||
State of Texas, | 40,405,000 | 40,405,000 | ||||||
State of Texas, | 34,805,000 | 34,805,000 | ||||||
University of Michigan, | 56,300,000 | 56,300,000 | ||||||
|
| |||||||
TOTAL MUNICIPAL NOTES & BONDS | ||||||||
(COST $425,520,000) | $ | 425,520,000 | ||||||
OTHER COMMERCIAL PAPER – 30.9%¿ | ||||||||
ABB Treasury Center USA, | ||||||||
0.15%, 6/05/14—,W | 25,000,000 | 24,996,354 | ||||||
BASF SE, | ||||||||
0.10%, 6/02/14—,W | 50,000,000 | 49,995,555 | ||||||
Caterpillar Financial Services Corp., | ||||||||
0.10%, 7/02/14 | 30,000,000 | 29,994,833 | ||||||
Coca-Cola Co. | ||||||||
0.14%, 6/03/14—,W | 25,000,000 | 24,996,792 | ||||||
0.17%, 7/08/14—,W | 50,000,000 | 49,983,944 | ||||||
0.15%, 7/15/14—,W | 25,000,000 | 24,992,187 | ||||||
CPPIB Capital, Inc. | ||||||||
0.14%, 5/21/14 | 75,000,000 | 74,994,167 | ||||||
0.15%, 7/02/14 | 25,000,000 | 24,993,542 | ||||||
General Electric Co., | ||||||||
0.05%, 5/07/14 | 100,000,000 | 99,999,167 | ||||||
GlaxoSmithKline Financial PLC, | ||||||||
0.12%, 7/08/14—,W | 75,000,000 | 74,983,000 | ||||||
Honeywell International, Inc. | ||||||||
0.13%, 6/19/14—,W | 50,000,000 | 49,991,153 | ||||||
0.13%, 6/23/14—,W | 45,000,000 | 44,991,387 | ||||||
Nestle Finance International Ltd., | ||||||||
0.13%, 7/07/14 | 100,000,000 | 99,976,736 |
ANNUAL REPORT / April 30, 2014 |
7 | PORTFOLIOS OF INVESTMENTS |
Wilmington Prime Money Market Fund (continued)
Description | Par Value | Value | ||||||
Novartis Finance Corp., | ||||||||
0.06%, 5/05/14—,W | $ | 60,000,000 | $ | 59,999,600 | ||||
Pfizer, Inc., | ||||||||
0.10%, 6/17/14—,W | 25,000,000 | 24,996,736 | ||||||
Procter & Gamble Corp., | ||||||||
0.10%, 6/12/14—,W | 50,000,000 | 49,994,167 | ||||||
Province of Ontario, | ||||||||
0.11%, 7/07/14 | 49,235,000 | 49,224,920 | ||||||
Sanofi-Aventis, | ||||||||
0.09%, 5/12/14—,W | 100,000,000 | 99,997,250 | ||||||
Toyota Motor Credit Corp. | ||||||||
0.22%, 7/02/14 | 50,000,000 | 49,981,056 | ||||||
0.22%, 7/07/14 | 50,000,000 | 49,979,528 | ||||||
|
| |||||||
TOTAL OTHER COMMERCIAL PAPER | ||||||||
(COST $1,059,062,074) | $ | 1,059,062,074 | ||||||
REPURCHASE AGREEMENTS – 9.1% | ||||||||
Credit Suisse First Boston LLC, 0.03%, dated 04/30/14, due 05/01/14, repurchase price $11,000,009, collateralized by a U.S. Treasury Security 4.38%, maturing 05/15/40; total market value of $11,221,666. | 11,000,000 | 11,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $200,000,278, collateralized by U.S. Government Securities 0.00% to 7.13%, maturing 05/01/14 to 04/01/56; total market value of $204,000,113. | 200,000,000 | 200,000,000 | ||||||
TD Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $100,000,167, collateralized by U.S. Government Securities 0.16% to 5.00%, maturing 06/03/16 to 12/01/42; total market value of $102,909,628. | 100,000,000 | 100,000,000 | ||||||
|
| |||||||
TOTAL REPURCHASE AGREEMENTS | ||||||||
(COST $311,000,000) | $ | 311,000,000 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 100.0% | ||||||||
(COST $3,428,897,378) | $ | 3,428,897,378 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.0%** | 61,709 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 3,428,959,087 | ||||||
|
|
Cost of investments for Federal income tax purposes is the same as for financial statement purposes.
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 8 |
Wilmington Prime Money Market Fund (concluded)
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Asset-Backed Commercial Paper | $ | — | $ | 279,361,644 | $ | — | $ | 279,361,644 | ||||||||
Certificates of Deposit | — | 450,000,000 | — | 450,000,000 | ||||||||||||
Corporate Notes & Bonds | — | 200,170,210 | — | 200,170,210 | ||||||||||||
Financial Company Commercial Paper | — | 429,928,138 | — | 429,928,138 | ||||||||||||
Municipal Commercial Paper | — | 273,855,312 | — | 273,855,312 | ||||||||||||
Municipal Notes & Bonds | — | 425,520,000 | — | 425,520,000 | ||||||||||||
Other Commercial Paper | — | 1,059,062,074 | — | 1,059,062,074 | ||||||||||||
Repurchase Agreements | — | 311,000,000 | — | 311,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 3,428,897,378 | $ | — | $ | 3,428,897,378 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
9 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington U.S. Government Money Market Fund
At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):
Percentage of Total Net Assets | |||||
U.S. Government Agency Obligations | 79.7 | % | |||
Repurchase Agreements | 16.5 | % | |||
U.S. Treasury Obligations | 3.8 | % | |||
Other Assets and Liabilities - Net1 | 0.0 | %2 | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
(1) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(2) | Represent less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Par Value | Value | ||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS – 79.7% |
| |||||||
FEDERAL FARM CREDIT BANK (FFCB) – 24.0% |
| |||||||
0.04%, 5/07/14‡ | $ | 50,000,000 | $ | 49,999,667 | ||||
0.04%, 5/13/14‡ | 95,000,000 | 94,998,733 | ||||||
0.04%, 5/14/14‡ | 50,000,000 | 49,999,278 | ||||||
0.04%, 5/16/14‡ | 32,000,000 | 31,999,467 | ||||||
0.05%, 5/28/14‡ | 25,000,000 | 24,999,062 | ||||||
0.05%, 5/29/14‡ | 50,000,000 | 49,998,056 | ||||||
0.05%, 6/03/14‡ | 25,000,000 | 24,998,854 | ||||||
0.05%, 6/04/14‡ | 25,000,000 | 24,998,819 | ||||||
0.05%, 6/23/14‡ | 25,000,000 | 24,998,160 | ||||||
0.06%, 7/30/14‡ | 100,000,000 | 99,985,000 | ||||||
0.09%, 8/04/14D | 75,000,000 | 74,999,008 | ||||||
0.09%, 8/20/14‡ | 40,000,000 | 39,988,900 | ||||||
0.09%, 10/24/14D | 42,000,000 | 41,998,944 | ||||||
0.11%, 5/15/15D | 75,000,000 | 74,997,949 | ||||||
0.11%, 7/06/15D | 100,000,000 | 99,979,861 | ||||||
0.14%, 1/26/15D | 50,000,000 | 50,000,000 | ||||||
0.18%, 7/20/15D | 66,800,000 | 66,862,274 | ||||||
1.63%, 11/19/14 | 40,000,000 | 40,328,929 | ||||||
|
| |||||||
TOTAL FEDERAL FARM CREDIT BANK (FFCB) |
| $ | 966,130,961 | |||||
FEDERAL HOME LOAN BANK (FHLB) – 28.3% |
| |||||||
0.05%, 5/02/14‡ | 63,866,000 | 63,865,911 | ||||||
0.05%, 5/29/14‡ | 38,500,000 | 38,498,503 | ||||||
0.06%, 5/21/14‡ | 147,900,000 | 147,894,887 |
Description | Par Value | Value | ||||||
0.06%, 5/14/14‡ | $ | 77,285,000 | $ | 77,283,235 | ||||
0.07%, 6/04/14‡ | 75,357,000 | 75,352,138 | ||||||
0.07%, 6/13/14‡ | 87,200,000 | 87,192,410 | ||||||
0.08%, 5/16/14‡ | 75,000,000 | 74,997,656 | ||||||
0.08%, 7/18/14‡ | 19,900,000 | 19,896,551 | ||||||
0.09%, 5/15/14D | 50,000,000 | 50,000,000 | ||||||
0.09%, 11/20/14D | 50,000,000 | 49,998,582 | ||||||
0.09%, 11/21/14D | 50,000,000 | 49,998,575 | ||||||
0.09%, 6/06/14D | 50,000,000 | 50,000,000 | ||||||
0.09%, 7/16/14‡ | 87,500,000 | 87,482,583 | ||||||
0.10%, 9/03/14‡ | 38,000,000 | 37,987,465 | ||||||
0.10%, 9/05/14‡ | 25,000,000 | 24,991,622 | ||||||
0.10%, 7/29/14 | 25,000,000 | 24,999,194 | ||||||
0.10%, 7/21/14D | 50,000,000 | 50,000,000 | ||||||
0.11%, 12/09/14D | 100,000,000 | 100,000,000 | ||||||
0.11%, 2/12/15D | 25,000,000 | 24,999,477 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN BANK (FHLB) |
| $ | 1,135,438,789 | |||||
FEDERAL HOME LOAN MORTGAGE CORPORATION |
| |||||||
(FHLMC) – 11.9% | ||||||||
0.05%, 5/01/14‡ | 21,000,000 | 21,000,000 | ||||||
0.08%, 8/04/14‡ | 60,000,000 | 59,987,333 | ||||||
0.08%, 9/05/14‡ | 20,600,000 | 20,594,186 | ||||||
0.08%, 9/22/14‡ | 25,000,000 | 24,991,700 | ||||||
0.09%, 6/18/14‡ | 24,851,000 | 24,848,018 | ||||||
0.09%, 9/08/14‡ | 46,500,000 | 46,484,888 | ||||||
0.09%, 9/15/14‡ | 30,000,000 | 29,989,725 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 10 |
Wilmington U.S. Government Money Market Fund (continued)
Description | Par Value | Value | ||||||
0.10%, 5/02/14‡ | $ | 24,000,000 | $ | 23,999,933 | ||||
0.10%, 7/21/14‡ | 19,574,000 | 19,569,596 | ||||||
0.10%, 5/20/14‡ | 140,000,000 | 139,992,453 | ||||||
0.15%, 12/05/14D | 25,000,000 | 25,006,615 | ||||||
0.75%, 11/25/14 | 40,000,000 | 40,141,066 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) |
| $ | 476,605,513 | |||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 15.5% |
| |||||||
0.05%, 5/01/14‡ | 24,300,000 | 24,300,000 | ||||||
0.06%, 7/28/14‡ | 50,000,000 | 49,993,278 | ||||||
0.06%, 7/29/14‡ | 50,000,000 | 49,993,201 | ||||||
0.06%, 5/21/14‡ | 35,500,000 | 35,498,817 | ||||||
0.06%, 8/18/14‡ | 50,000,000 | 49,990,917 | ||||||
0.07%, 10/08/14‡ | 50,000,000 | 49,984,444 | ||||||
0.08%, 5/07/14‡ | 50,000,000 | 49,999,375 | ||||||
0.08%, 8/06/14‡ | 102,000,000 | 101,978,013 | ||||||
0.09%, 6/04/14‡ | 57,774,000 | 57,769,089 | ||||||
0.09%, 9/03/14‡ | 30,000,000 | 29,990,625 | ||||||
0.11%, 7/02/14‡ | 125,000,000 | 124,976,319 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) |
| $ | 624,474,078 | |||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | ||||||||
(COST $3,202,649,341) | $ | 3,202,649,341 | ||||||
U.S. TREASURY OBLIGATIONS – 3.8% | ||||||||
U.S. TREASURY BILLS – 2.5% |
| |||||||
0.05%, 5/08/14‡ | 50,000,000 | 49,999,563 | ||||||
0.11%, 5/15/14‡ | 50,000,000 | 49,997,939 | ||||||
|
| |||||||
TOTAL U.S. TREASURY BILLS |
| $ | 99,997,502 | |||||
U.S. TREASURY NOTE – 1.3% |
| |||||||
2.25%, 5/31/14 | 50,000,000 | 50,089,844 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS | ||||||||
(COST $150,087,346) | $ | 150,087,346 | ||||||
REPURCHASE AGREEMENTS – 16.5% | ||||||||
Barclays Capital, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $50,000,056, collateralized by a U.S. Treasury Security 2.88%, maturing 05/15/43; total market value of $51,000,009. | 50,000,000 | 50,000,000 |
Description | Par Value | Value | ||||||
Credit Suisse First Boston LLC, 0.03%, dated 04/30/14, due 05/01/14, repurchase price $39,000,033, collateralized by a U.S. Treasury Security 4.38%, maturing 05/15/40; total market value of $39,781,418. | $ | 39,000,000 | $ | 39,000,000 | ||||
Deutsche Bank Securities, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $250,000,347, collateralized by U.S. Government Securities 0.00% to 7.13%, maturing 05/28/14 to 09/15/60; total market value of $255,000,000. | 250,000,000 | 250,000,000 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $100,000,111, collateralized by U.S. Treasury Securities 2.00% to 3.25%, maturing 05/31/16 to 02/28/21; total market value of $102,000,082. | 100,000,000 | 100,000,000 | ||||||
TD Securities, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $125,000,174, collateralized by U.S. Government & Treasury Securities 0.00% to 6.25%, maturing 08/21/14 to 01/01/43; total market value of $128,269,094. | 125,000,000 | 125,000,000 | ||||||
TD Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $100,000,167, collateralized by U.S. Government Securities 2.50% to 5.50%, maturing 01/01/28 to 01/01/44; total market value of $103,000,000. | 100,000,000 | 100,000,000 | ||||||
|
| |||||||
TOTAL REPURCHASE AGREEMENTS | ||||||||
(COST $664,000,000) | $ | 664,000,000 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 100.0% | ||||||||
(COST $4,016,736,687) | $ | 4,016,736,687 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.0%** | 974,263 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 4,017,710,950 | ||||||
|
|
Cost of investments for Federal income tax purposes is the same as for financial statement purposes.
ANNUAL REPORT / April 30, 2014
11 | PORTFOLIOS OF INVESTMENTS |
Wilmington U.S. Government Money Market Fund (concluded)
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:
|
Level 1 |
| Level 2 | Level 3 | Total | |||||||||||
Investments in Securities | ||||||||||||||||
U.S. Government Agency Obligations | $ | — | $ | 3,202,649,341 | $ | — | $ | 3,202,649,341 | ||||||||
U.S. Treasury Obligations | — | 150,087,346 | — | 150,087,346 | ||||||||||||
Repurchase Agreements | — | 664,000,000 | — | 664,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 4,016,736,687 | $ | — | $ | 4,016,736,687 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
12 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington U.S. Treasury Money Market Fund
At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):
Percentage of Total Net Assets | |||||
U.S. Treasury Obligations | 47.9 | % | |||
Repurchase Agreements | 51.9 | % | |||
Other Assets and Liabilities – Net1 | 0.2 | % | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
(1) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Par Value | Value | ||||||
U.S. TREASURY OBLIGATIONS – 47.9% |
| |||||||
U.S. TREASURY BILLS – 15.9% | ||||||||
0.05%, 5/08/14‡ | $ | 100,000,000 | $ | 99,999,106 | ||||
0.09%, 7/03/14‡ | 25,000,000 | 24,996,281 | ||||||
0.11%, 5/15/14‡ | 50,000,000 | 49,997,939 | ||||||
|
| |||||||
TOTAL U.S. TREASURY BILLS | $ | 174,993,326 | ||||||
U.S. TREASURY NOTES – 32.0% | ||||||||
0.25%, 5/31/14 | 50,000,000 | 50,007,378 | ||||||
0.25%, 8/31/14 | 50,000,000 | 50,028,122 | ||||||
0.38%, 11/15/14 | 25,000,000 | 25,036,730 | ||||||
0.75%, 6/15/14 | 75,000,000 | 75,064,042 | ||||||
2.25%, 5/31/14 | 50,000,000 | 50,089,844 | ||||||
2.38%, 8/31/14 | 25,000,000 | 25,188,499 | ||||||
2.38%, 10/31/14 | 25,000,000 | 25,284,427 | ||||||
2.63%, 7/31/14 | 50,000,000 | 50,319,457 | ||||||
|
| |||||||
TOTAL U.S. TREASURY NOTES | $ | 351,018,499 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (COST $526,011,825) |
| $ | 526,011,825 | |||||
REPURCHASE AGREEMENTS – 51.9% | ||||||||
Barclays Capital, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $195,000,217, collateralized by a U.S. Treasury Security 1.50%, maturing 07/31/16; total market value of $198,900,097. | 195,000,000 | 195,000,000 |
Description | Par Value | Value | ||||||
Credit Suisse First Boston LLC, 0.03%,dated 04/30/14, due 05/01/14, repurchase price $45,000,038, collateralized by a U.S. Treasury Security 4.38%, maturing 05/15/40; total market value of $45,901,788. | $ | 45,000,000 | $ | 45,000,000 | ||||
Deutsche Bank Securities, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $225,000,313, collateralized by U.S. Treasury Securities 0.00% to 6. 88%, maturing 08/15/14 to 02/15/44; total market value of $229,500,075. | 225,000,000 | 225,000,000 | ||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $104, 000, 116, collateralized by U.S. Treasury Securities 0.00% to 2.00%, maturing 07/15/14 to 05/15/24; total market value of $106,080,001. | 104,000,000 | 104,000,000 | ||||||
|
| |||||||
TOTAL REPURCHASE AGREEMENTS (COST $569,000,000) | $ | 569,000,000 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 99.8% (COST $1,095,011,825) | $ | 1,095,011,825 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.2% | 1,728,619 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 1,096,740,444 | ||||||
|
|
ANNUAL REPORT / April 30, 2014
13 | PORTFOLIOS OF INVESTMENTS |
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, 2014 in valuing the Fund’s assets carried at fair value:
|
Level 1 |
| Level 2 | Level 3 | Total | |||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Obligations | $ | — | $ | 526,011,825 | $ | — | $ | 526,011,825 | ||||||||
Repurchase Agreements | — | 569,000,000 | — | 569,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 1,095,011,825 | $ | — | $ | 1,095,011,825 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
14 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Tax-Exempt Money Market Fund
At April 30, 2014, the Fund’s geographical location classifications were as follows (unaudited):
Percentage of | |||||
Total Net Assets | |||||
Texas | 26.1 | % | |||
Delaware | 6.9 | % | |||
Maryland | 6.0 | % | |||
Ohio | 5.8 | % | |||
Mississippi | 4.7 | % | |||
Illinois | 4.6 | % | |||
Pennsylvania | 4.5 | % | |||
Minnesota | 3.8 | % | |||
Tennessee | 3.7 | % | |||
California | 3.6 | % | |||
Virginia | 3.4 | % | |||
Missouri | 3.1 | % | |||
Utah | 3.0 | % | |||
Michigan | 2.7 | % | |||
North Carolina | 2.6 | % | |||
Massachusetts | 1.9 | % | |||
Oregon | 1.9 | % | |||
South Carolina | 1.9 | % | |||
Wisconsin | 1.9 | % | |||
Nevada | 1.7 | % | |||
Arizona | 1.6 | % | |||
New Hampshire | 1.1 | % | |||
Idaho | 0.9 | % | |||
Florida | 0.7 | % | |||
Kentucky | 0.7 | % | |||
Louisiana | 0.5 | % | |||
Oklahoma | 0.5 | % | |||
Other Assets and Liabilities – Net1 | 0.2 | % | |||
TOTAL | 100.0 | % |
(1) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Par Value | Value | ||||||
COMMERCIAL PAPER – 51.4% | ||||||||
ARIZONA – 1.6% | ||||||||
Salt River Project Agricultural Improvement & Power District, (Series C), (US Bank, LIQ), 0.06%, 5/08/14 | $ | 8,400,000 | $ | 8,400,000 | ||||
|
| |||||||
TOTAL ARIZONA | $ | 8,400,000 |
Description | Par Value | Value | ||||||
ILLINOIS – 3.9% | ||||||||
Illinois Educational Facilities Authority, (Northern Trust, LOC), 0.08%, 6/05/14 | $ | 20,793,000 | $ | 20,793,000 | ||||
|
| |||||||
TOTAL ILLINOIS | $ | 20,793,000 | ||||||
MARYLAND – 6.0% | ||||||||
Johns Hopkins University, | 12,000,000 | 12,000,000 |
ANNUAL REPORT / April 30, 2014
15 | PORTFOLIOS OF INVESTMENTS |
Wilmington Tax-Exempt Money Market Fund (continued)
Description | Par Value | Value | ||||||
Montgomery County, MD, GO Unlimited Refunding Notes, BANs, (Series 10-B), (State Street, LIQ), 0.08%, 5/15/14 | $ | 20,395,000 | $ | 20,395,000 | ||||
|
| |||||||
TOTAL MARYLAND | $ | 32,395,000 | ||||||
MICHIGAN – 2.7% | ||||||||
University of Michigan, 0.06%, 5/06/14 | 8,305,000 | 8,305,000 | ||||||
University of Michigan, (Series I), 0.07%, 6/09/14 | 6,365,000 | 6,365,000 | ||||||
|
| |||||||
TOTAL MICHIGAN | $ | 14,670,000 | ||||||
MINNESOTA – 2.1% | ||||||||
University of Minnesota, 0.09%, 6/16/14 | 11,000,000 | 11,000,000 | ||||||
|
| |||||||
TOTAL MINNESOTA | $ | 11,000,000 | ||||||
MISSOURI – 3.1% | ||||||||
Curators of the University of Missouri, (Series A), 0.07%, 6/11/14 | 16,400,000 | 16,400,000 | ||||||
|
| |||||||
TOTAL MISSOURI | $ | 16,400,000 | ||||||
NEVADA – 1.7% | ||||||||
Las Vegas Valley Water District, NV, GO Notes, (Series 04-A), (JPMorgan Chase, LIQ), 0.09%, 6/09/14 | 9,000,000 | 9,000,000 | ||||||
|
| |||||||
TOTAL NEVADA | $ | 9,000,000 | ||||||
NORTH CAROLINA – 2.6% | ||||||||
Charlotte, NC, Water and Sewer Systems, Revenue Bonds, (Wells Fargo, LIQ), 0.09%, 5/01/14 | 5,500,000 | 5,500,000 | ||||||
North Carolina Capital Facilities Finance Agency, Educational Facilities, (Duke University), Revenue Bonds, 0.10%, 5/06/14 | 8,500,000 | 8,500,000 | ||||||
|
| |||||||
TOTAL NORTH CAROLINA | $ | 14,000,000 | ||||||
OHIO – 3.3% | ||||||||
Ohio Higher Educational Facility Commission, (Case Western University), (JPMorgan Chase, LIQ), 0.11%, 6/12/14 | 3,500,000 | 3,500,000 | ||||||
Ohio Higher Educational Facility Commission, (Case Western University), (Northern Trust, LIQ), 0.11%, 5/12/14 | 14,000,000 | 14,000,000 | ||||||
|
| |||||||
TOTAL OHIO | $ | 17,500,000 | ||||||
SOUTH CAROLINA – 1.9% | ||||||||
South Carolina State Public Service Authority, (Series A), (JPMorgan Chase, LIQ), 0.10%, 8/06/14 | 5,500,000 | 5,500,000 | ||||||
South Carolina State Public Service Authority, (Series C), (US Bank, LIQ), 0.07%, 5/15/14 | 4,880,000 | 4,880,000 | ||||||
|
| |||||||
TOTAL SOUTH CAROLINA | $ | 10,380,000 |
Description | Par Value | Value | ||||||
TENNESSEE – 3.7% | ||||||||
Metropolitan Government of Nashville & Davidson County, TN, (State Street/CalSTRS/Calpers, LIQ), 0.09%, 7/10/14 | $ | 5,000,000 | $ | 5,000,000 | ||||
State of Tennessee, (Series 00-A), (TN Consolidated Retirement Systems, LOC), 0.10%, 5/07/14 | 15,000,000 | 15,000,000 | ||||||
|
| |||||||
TOTAL TENNESSEE | $ | 20,000,000 | ||||||
TEXAS – 16.9% | ||||||||
City of San Antonio, TX, Electric & Gas Systems, (Series A), (JPMorgan Chase, LIQ), 0.10%, 8/07/14 | 8,000,000 | 8,000,000 | ||||||
City of San Antonio, TX, Water Systems, (Series B), (Wells Fargo, LIQ), 0.10%, 5/20/14 | 16,000,000 | 16,000,000 | ||||||
Texas A&M University, (Series B), 0.06%, 5/07/14 | 17,000,000 | 17,000,000 | ||||||
Texas Public Finance Authority, (Series 2003), (Comptroller of Public Accounts TX, LIQ), 0.10%, 8/06/14 | 10,000,000 | 10,000,000 | ||||||
Texas Public Finance Authority, (Series 2008), (Comptroller of Public Accounts TX, LIQ), 0.09%, 7/08/14 | 10,000,000 | 10,000,000 | ||||||
Texas Technical University, (Series A), 0.08%, 6/09/14 | 9,795,000 | 9,795,000 | ||||||
University of Texas, 0.06%, 6/06/14 | 20,000,000 | 20,000,000 | ||||||
|
| |||||||
TOTAL TEXAS | $ | 90,795,000 | ||||||
WISCONSIN – 1.9% | ||||||||
State of Wisconsin, (Bank of New York, LIQ), 0.07%, 5/08/14 | 10,000,000 | 10,000,000 | ||||||
|
| |||||||
TOTAL WISCONSIN | $ | 10,000,000 | ||||||
|
| |||||||
TOTAL COMMERCIAL PAPER (COST $275,333,000) | $ | 275,333,000 | ||||||
MUNICIPAL BONDS – 8.3%¿ | ||||||||
CALIFORNIA – 3.6% | ||||||||
California State, Revenue Anticipation Note, (Series A-2), 0.23%, 6/23/14 | 4,500,000 | 4,511,542 | ||||||
City of Los Angeles, GO Unlimited Notes, (Series C), TRANs, 0.18%, 6/26/14 | 15,000,000 | 15,041,784 | ||||||
|
| |||||||
TOTAL CALIFORNIA | $ | 19,553,326 | ||||||
IDAHO – 0.9% | ||||||||
State of Idaho, GO Unlimited Notes, TANs, 0.19%, 6/30/14 | 5,000,000 | 5,014,843 | ||||||
|
| |||||||
TOTAL IDAHO | $ | 5,014,843 | ||||||
OREGON – 1.9% | ||||||||
State of Oregon, GO Limited Notes, TANs, (Series A), 0.18%, 7/31/14 | 10,000,000 | 10,032,918 | ||||||
|
| |||||||
TOTAL OREGON | $ | 10,032,918 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 16 |
Wilmington Tax-Exempt Money Market Fund (continued)
Description | Par Value | Value | ||||||
TEXAS – 1.9% | ||||||||
State of Texas, TRANs, 0.20%, 8/28/14 | $ | 10,000,000 | $ | 10,058,539 | ||||
|
| |||||||
TOTAL TEXAS | $ | 10,058,539 | ||||||
|
| |||||||
TOTAL MUNICIPAL BONDS (COST $44,659,626) | $ | 44,659,626 | ||||||
SHORT-TERM MUNICIPAL BONDS – 40.1% | ||||||||
DELAWARE – 6.9% | ||||||||
Delaware State Health Facilities Authority, Refunding Revenue Bonds, (Series A), Daily VRDNs, (Christiana Care Health Services, OBG), 0.08%, 5/01/14 | 16,200,000 | 16,200,000 | ||||||
Delaware State Health Facilities Authority, Revenue Bonds, Weekly VRDNs, (Christiana Care Health Services, OBG), 0.12%, 5/07/14 | 4,000,000 | 4,000,000 | ||||||
University of Delaware, Revenue Bonds, Daily VRDNs, (TD Bank N.A., SPA), 0.09%, 5/01/14 | 16,660,000 | 16,660,000 | ||||||
|
| |||||||
TOTAL DELAWARE | $ | 36,860,000 | ||||||
FLORIDA – 0.7% | ||||||||
Orange County Housing Finance Authority, Revenue Bonds, Weekly VRDNs, (Fannie Mae), 0.10%, 5/07/14 | 3,710,000 | 3,710,000 | ||||||
|
| |||||||
TOTAL FLORIDA | $ | 3,710,000 | ||||||
ILLINOIS – 0.7% | ||||||||
Illinois Finance Authority, Revenue Bonds, (Series E-1), Daily VRDNs, (University of Chicago Medical Center), (JPMorgan Chase Bank N.A., LOC), 0.09%, 5/01/14 | 4,000,000 | 4,000,000 | ||||||
|
| |||||||
TOTAL ILLINOIS | $ | 4,000,000 | ||||||
KENTUCKY – 0.7% | ||||||||
Shelby County, Revenue Bonds, (Series A), Daily VRDNs, (U.S. Bank N.A., LOC), 0.08%, 5/01/14 | 3,870,000 | 3,870,000 | ||||||
|
| |||||||
TOTAL KENTUCKY | $ | 3,870,000 | ||||||
LOUISIANA – 0.5% | ||||||||
East Baton Rouge Parish, LA, Pool Control, Revenue Bonds, Daily VRDNs, (Exxon Mobil, OBG), 0.08%, 5/01/14 | 2,580,000 | 2,580,000 | ||||||
|
| |||||||
TOTAL LOUISIANA | $ | 2,580,000 | ||||||
MASSACHUSETTS – 1.9% | ||||||||
Commonwealth of Massachusetts, GO Limited Bonds, (Series B), Daily VRDNs, (U.S Bank N.A., SPA), 0.08%, 5/01/14 | 6,800,000 | 6,800,000 | ||||||
Commonwealth of Massachusetts, GO Unlimited Refunding Revenue Notes, (Series A), Daily VRDNs, (Wells Fargo Bank N.A., SPA), 0.08%, 5/01/14 | 3,500,000 | 3,500,000 | ||||||
|
| |||||||
TOTAL MASSACHUSETTS | $ | 10,300,000 |
Description | Par Value | Value | ||||||
MINNESOTA – 1.7% | ||||||||
City of Rochester, Refunding Revenue Bonds, (Series A), Weekly VRDNs, (Mayo Clinic, OBG), 0.07%, 5/07/14 | $ | 8,900,000 | $ | 8,900,000 | ||||
|
| |||||||
TOTAL MINNESOTA | $ | 8,900,000 | ||||||
MISSISSIPPI – 4.7% | ||||||||
Jackson County, MS, Port Facility, Refunding Revenue Bonds, Daily VRDNs, (Chevron Corp., OBG), 0.07%, 5/01/14 | 4,500,000 | 4,500,000 | ||||||
Mississippi Business Finance Corp., Gulf Opportunity, Revenue Bonds, (Series I), Daily VRDNs, (Chevron Corp., OBG), 0.07%, 5/01/14 | 2,200,000 | 2,200,000 | ||||||
Mississippi Business Finance Corp., Gulf Opportunity, Revenue Bonds, (Series A), Daily VRDNs, (Chevron Corp., OBG) | ||||||||
0.07%, 5/01/14 | 9,870,000 | 9,870,000 | ||||||
0.07%, 5/01/14 | 8,700,000 | 8,700,000 | ||||||
|
| |||||||
TOTAL MISSISSIPPI | $ | 25,270,000 | ||||||
NEW HAMPSHIRE – 1.1% | ||||||||
New Hampshire, HEFA, Revenue Bonds, Weekly VRDNs, (Dartmouth College, OBG)/(U.S. Bank N.A., SPA), 0.10%, 5/07/14 | 6,000,000 | 6,000,000 | ||||||
|
| |||||||
TOTAL NEW HAMPSHIRE | $ | 6,000,000 | ||||||
OHIO – 2.5% | ||||||||
Ohio State Higher Educational Facility Commission, Refunding Revenue Bonds, (Series B-4), Daily VRDNs, (Cleveland Clinic, OBG), 0.09%, 5/01/14 | 13,415,000 | 13,415,000 | ||||||
|
| |||||||
TOTAL OHIO | $ | 13,415,000 | ||||||
OKLAHOMA – 0.5% | ||||||||
Oklahoma State Turnpike Authority, Revenue Bonds, (Series F), Daily VRDNs, (JPMorgan Chase Bank N.A., SPA), 0.08%, 5/01/14 | 2,500,000 | 2,500,000 | ||||||
|
| |||||||
TOTAL OKLAHOMA | $ | 2,500,000 | ||||||
PENNSYLVANIA – 4.5% | ||||||||
Geisinger Authority, Refunding Revenue Bonds, (Series B), Daily VRDNs, (Geisinger Health Systems, OBG)/(U.S. Bank N.A., SPA), 0.08%, 5/01/14 | 12,200,000 | 12,200,000 | ||||||
Philadelphia Hospitals & Higher Education Facilities Authority, Revenue Bonds, Daily VRDNs, (Children’s Hospital, OBG)/(Wells Fargo Bank N.A., SPA), 0.09%, 5/01/14 | 12,020,000 | 12,020,000 | ||||||
|
| |||||||
TOTAL PENNSYLVANIA | $ | 24,220,000 | ||||||
TEXAS – 7.3% | ||||||||
Gulf Coast Waste Disposal Authority, TX, Revenue Bonds, Weekly VRDNs, (Air Products & Chemicals Project, OBG), 0.09%, 5/07/14 | 4,000,000 | 4,000,000 |
ANNUAL REPORT / April 30, 2014
17 | PORTFOLIOS OF INVESTMENTS |
Wilmington Tax-Exempt Money Market Fund (concluded)
Description | Par Value | Value | ||||||
Lower Neches Valley Authority Industrial Development Corp., TX, Refunding Revenue Bonds, Daily VRDNs, (Exxon Mobil, OBG), 0.07%, 5/01/14 | $ | 12,700,000 | $ | 12,700,000 | ||||
Port of Arthur Navigation District Industrial Development Corp., Revenue Bonds, Daily VRDNs, (Air Products & Chemicals Project, OBG), 0.10%, 5/01/14 | 1,000,000 | 1,000,000 | ||||||
State of Texas, GO Unlimited Notes, (Series B), Weekly VRDNs, (State Street / Calpers, SPA), 0.07%, 5/07/14 | 10,480,000 | 10,480,000 | ||||||
Texas Water Development Board, Revenue Bonds, (Subseries A), Daily VRDNs, (JPMorgan Chase Bank N.A., SPA), 0.09%, 5/01/14 | 11,200,000 | 11,200,000 | ||||||
|
| |||||||
TOTAL TEXAS | $ | 39,380,000 | ||||||
UTAH – 3.0% | ||||||||
City of Murray, Revenue Bonds, (Series C), Daily VRDNs, (IHC Health Services, Inc., OBG), 0.07%, 5/01/14 | 13,590,000 | 13,590,000 |
Description | Par Value | Value | ||||||
Weber County Hospital, IHC Health Services, Revenue Bonds, (Series A), Daily VRDNs, 0.08%, 5/01/14 | $ | 2,600,000 | $ | 2,600,000 | ||||
|
| |||||||
TOTAL UTAH | $ | 16,190,000 | ||||||
VIRGINIA – 3.4% | ||||||||
Loudon County Industrial Development Authority, Revenue Bonds, (Series D), Weekly VRDNs, (Howard Hughes Medical Center), 0.09%, 5/07/14 | 18,000,000 | 18,000,000 | ||||||
|
| |||||||
TOTAL VIRGINIA | $ | 18,000,000 | ||||||
|
| |||||||
TOTAL SHORT-TERM MUNICIPAL BONDS (COST $215,195,000) | $ | 215,195,000 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 99.8% (COST $535,187,626) | $ | 535,187,626 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.2% | 1,061,934 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 536,249,560 | ||||||
|
|
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Commercial Paper | $ | — | $ | 275,333,000 | $ | — | $ | 275,333,000 | ||||||||
Municipal Bonds | — | 44,659,626 | — | 44,659,626 | ||||||||||||
Short-Term Municipal Bonds | — | 215,195,000 | — | 215,195,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 535,187,626 | $ | — | $ | 535,187,626 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
18 |
NOTES TO PORTFOLIOS OF INVESTMENTS
D | Floating rate note with current rate and stated maturity date shown. |
‡ | Zero coupon security. The rate shown reflects the effective yield at purchase date. |
¿ | The rate shown reflects the effective yield at purchase date. |
W | 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, 2014, these liquid restricted securities were as follows: |
Fund | Amount |
Percentage of Total Net Assets | ||||||
Prime Money Market Fund | $1,194,243,440 | 34.8% |
— | 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, 2014, these restricted securities were as follows: |
Security | | Acquisition Date | | Cost |
| Market Value |
|
|
Percentage |
| ||||||||
Prime Money Market Fund | ||||||||||||||||||
ABB Treasury Center USA | 03/27/2014 | $24,992,708 | $24,996,354 | |||||||||||||||
American Honda Finance Corp. | 03/14/2014 | 25,003,625 | 25,001,111 | |||||||||||||||
Bank New York Mellon Corp. | 04/30/2014 | 99,999,861 | 100,000,000 | |||||||||||||||
BASF SE | 04/16/2014 | 49,993,472 | 49,995,555 | |||||||||||||||
Chariot Funding LLC | 04/04/2014 | 24,972,500 | 24,976,625 | |||||||||||||||
Chariot Funding LLC | 04/15/2014 | 24,972,042 | 24,974,486 | |||||||||||||||
Chariot Funding LLC | 02/10/2014 | 24,947,889 | 24,963,444 | |||||||||||||||
Chariot Funding LLC | 02/19/2014 | 24,947,889 | 24,961,694 | |||||||||||||||
CIESCO LLC | 03/11/2014 | 49,978,500 | 49,991,250 | |||||||||||||||
CIESCO LLC | 03/17/2014 | 29,987,400 | 29,994,150 | |||||||||||||||
Coca-Cola Co. | 02/14/2014 | 24,989,403 | 24,996,792 | |||||||||||||||
Coca-Cola Co. | 01/08/2014 | 49,957,264 | 49,983,944 | |||||||||||||||
Coca-Cola Co. | 02/27/2014 | 24,985,625 | 24,992,187 | |||||||||||||||
Commonwealth Bank of Australia | 02/06/2014 | 50,000,000 | 50,000,000 | |||||||||||||||
Commonwealth Bank of Australia | 02/25/2014 | 50,000,400 | 50,000,326 | |||||||||||||||
GlaxoSmithKline Financial PLC | 04/04/2014 | 74,976,250 | 74,983,000 | |||||||||||||||
Honeywell International, Inc. | 03/06/2014 | 49,981,042 | 49,991,153 | |||||||||||||||
Honeywell International, Inc. | 03/05/2014 | 44,982,125 | 44,991,387 | |||||||||||||||
Metlife Short Term Fund LLC | 03/27/2014 | 29,553,127 | 29,556,000 | |||||||||||||||
Novartis Finance Corp. | 04/30/2014 | 59,999,500 | 59,999,600 | |||||||||||||||
Pfizer, Inc. | 03/18/2014 | 24,993,681 | 24,996,736 | |||||||||||||||
Procter & Gamble Corp. | 03/12/2014 | 49,987,222 | 49,994,167 | |||||||||||||||
Reckitt Benckiser Treasury Services PLC | 04/29/2014 | 54,979,146 | 54,979,604 | |||||||||||||||
Sanofi-Aventis | 04/02/2014 | 99,990,250 | 99,997,250 | |||||||||||||||
Thunder Bay Funding LLC | 04/25/2014 | 49,942,500 | 49,944,417 | |||||||||||||||
Westpac Banking Corp. | 04/16/2014 | 74,977,833 | 74,982,208 | |||||||||||||||
$ | 1,194,243,440 | 34.8% |
** | Represents less than 0.05%. |
ANNUAL REPORT / April 30, 2014
19 | NOTES TO PORTFOLIOS OF INVESTMENTS |
The following acronyms are used throughout this report:
BANs – Bond Anticipation Notes | LLC – Limited Liability Corporation | |
FFCB – Federal Farm Credit Bank | LOC – Letter of Credit | |
FHLB – Federal Home Loan Bank | OBG – Obligation | |
FHLMC - Federal Home Loan Mortgage Corporation | PLC - Public Limited Company | |
FNMA – Federal National Mortgage Association | SPA – Sales and Purchase Agreement | |
GO – General Obligation | TANs – Tax Anticipation Notes | |
HEFA – Health and Educational Facilities Authority | TRANs – Tax Revenue Anticipation Notes | |
LIQ – Liquidity Agreement | VRDNs – Variable Rate Demand Notes |
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF ASSETS AND LIABILITIES | 20 |
April 30, 2014 |
| Wilmington Prime Money Market |
|
| 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 | $ | 3,428,897,378 | $ | 4,016,736,687 | $ | 1,095,011,825 | $ | 535,187,626 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Investments in repurchase agreements, at value | $ | 311,000,000 | $ | 664,000,000 | $ | 569,000,000 | $ | — | ||||||||||||||||||
Investments in securities, at value | 3,117,897,378 | 3,352,736,687 | 526,011,825 | 535,187,626 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
TOTAL INVESTMENTS | 3,428,897,378 | 4,016,736,687 | 1,095,011,825 | 535,187,626 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Cash | 55,091 | 300,614 | 566,060 | 441,669 | ||||||||||||||||||||||
Interest receivable | 354,311 | 951,766 | 1,226,639 | 667,205 | ||||||||||||||||||||||
Due from advisor | — | 8,785 | 2,910 | 15,070 | ||||||||||||||||||||||
Receivable for shares sold | — | — | — | 5,483 | ||||||||||||||||||||||
Other assets | 18,702 | 16,073 | 13,835 | 10,862 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
TOTAL ASSETS | 3,429,325,482 | 4,018,013,925 | 1,096,821,269 | 536,327,915 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||
Income distribution payable | 32,669 | 33,234 | 1,310 | 5,476 | ||||||||||||||||||||||
Payable for Trustees’ fees | 56 | 56 | 57 | 57 | ||||||||||||||||||||||
Other accrued expenses | 333,670 | 269,685 | 79,458 | 72,822 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
TOTAL LIABILITIES | 366,395 | 302,975 | 80,825 | 78,355 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||
NET ASSETS | $ | 3,428,959,087 | $ | 4,017,710,950 | $ | 1,096,740,444 | $ | 536,249,560 | ||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
Paid-in capital | $ | 3,428,975,299 | $ | 4,017,738,959 | $ | 1,096,774,909 | $ | 536,321,627 | ||||||||||||||||||
Undistributed (distributions in excess of) net investment income | (2,196) | 868 | 1,202 | (9) | ||||||||||||||||||||||
Accumulated net realized gain (loss) on investments | (14,016) | (28,877) | (35,667) | (72,058) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
TOTAL NET ASSETS | $ | 3,428,959,087 | $ | 4,017,710,950 | $ | 1,096,740,444 | $ | 536,249,560 | ||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
Net Assets | $ | 325,696,024 | $ | 1,673,462,145 | $ | 782,359,677 | $ | 39,961,990 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Shares outstanding (unlimited shares authorized) | 325,803,026 | 1,673,663,149 | 782,418,463 | 39,964,832 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
Net Assets | $ | 46,861,299 | $ | 83,595,438 | $ | — | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Shares outstanding (unlimited shares authorized) | 46,862,436 | 83,597,921 | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value per share | $ | 1.00 | $ | 1.00 | $ | — | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Select Class | ||||||||||||||||||||||||||
Net Assets | $ | 2,312,799,727 | $ | 889,157,968 | $ | 314,374,766 | $ | 421,579,175 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Shares outstanding (unlimited shares authorized) | 2,313,092,295 | 889,292,857 | 314,405,327 | 421,626,111 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Service Class | ||||||||||||||||||||||||||
Net Assets | $ | 743,602,037 | $ | 1,371,495,399 | $ | 6,001 | $ | 74,708,395 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Shares outstanding (unlimited shares authorized) | 743,647,285 | 1,371,491,527 | 6,001 | 74,755,740 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value per share | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
21 | STATEMENTS OF OPERATIONS |
Year Ended April 30, 2014 |
| Wilmington Prime Money Market Fund |
|
| Wilmington U.S. Government Money Market Fund |
| | Wilmington U.S. Treasury Money Market Fund | | | Wilmington Tax-Exempt | | ||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||
Interest | $ | 5,347,514 | $ | 3,697,304 | $ | 786,667 | $ | 507,216 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
TOTAL INVESTMENT INCOME | 5,347,514 | 3,697,304 | 786,667 | 507,216 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||
Investment advisory fee | 14,646,208 | 16,660,424 | 4,504,486 | 2,082,638 | ||||||||||||||||||||||
Administrative personnel and services fee | 990,294 | 1,127,537 | 302,267 | 141,427 | ||||||||||||||||||||||
Portfolio accounting, administration and custodian fees | 1,115,802 | 1,246,354 | 345,898 | 188,371 | ||||||||||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 242,176 | 10,389 | 3,463 | 28,283 | ||||||||||||||||||||||
Trustees’ fees | 29,121 | 29,088 | 29,030 | 29,076 | ||||||||||||||||||||||
Professional fees | 74,139 | 69,807 | 68,950 | 74,428 | ||||||||||||||||||||||
Distribution services fee—Administrative Class | 931,922 | 4,726,870 | 1,887,114 | 108,566 | ||||||||||||||||||||||
Distribution services fee—Service Class | 2,073,246 | 2,932,344 | 19,575 | 177,966 | ||||||||||||||||||||||
Shareholder services fee— Administrative Class | 931,922 | 4,726,870 | 1,887,114 | 108,566 | ||||||||||||||||||||||
Shareholder services fee— Select Class | 6,010,151 | 2,657,697 | 908,608 | 1,015,114 | ||||||||||||||||||||||
Shareholder services fee— Service Class | 2,071,720 | 2,932,344 | 19,575 | 177,966 | ||||||||||||||||||||||
Share registration costs | 45,929 | 39,378 | 18,106 | 29,946 | ||||||||||||||||||||||
Printing and postage | 180,525 | 14,968 | 4,909 | 16,165 | ||||||||||||||||||||||
Miscellaneous | 156,986 | 216,756 | 69,274 | 30,644 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
TOTAL EXPENSES | 29,500,141 | 37,390,826 | 10,068,369 | 4,209,156 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||||||||||||
Waiver/reimbursement by investment advisor | (12,560,030) | (16,135,164) | (4,630,576) | (2,165,563) | ||||||||||||||||||||||
Waiver of distribution services fee—Administrative Class | (931,922) | (4,726,870) | (1,887,114) | (108,566) | ||||||||||||||||||||||
Waiver of distribution services fee—Service Class | (2,073,246) | (2,932,344) | (19,575) | (177,966) | ||||||||||||||||||||||
Waiver of shareholder services fee—Administrative Class | (931,922) | (4,726,870) | (1,887,114) | (108,566) | ||||||||||||||||||||||
Waiver of shareholder services fee—Select Class | (6,010,151) | (2,657,697) | (908,608) | (1,015,114) | ||||||||||||||||||||||
Waiver of shareholder services fee—Service Class | (2,062,118) | (2,932,344) | (19,575) | (177,966) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (24,569,389) | (34,111,289) | (9,352,562) | (3,753,741) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Net expenses | 4,930,752 | 3,279,537 | 715,807 | 455,415 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income | 416,762 | 417,767 | 70,860 | 51,801 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
REALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||
Net realized gain (loss) on investments | (14,015) | (28,877) | (35,667) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net realized gain (loss) on investments | (14,015) | (28,877) | (35,667) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Change in net assets resulting from operations | $ | 402,747 | $ | 388,890 | $ | 35,193 | $ | 51,801 | ||||||||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS | 22 |
| Wilmington Prime Money Market Fund |
|
| Wilmington U.S. Government Money Market Fund |
| |||||||||||||||||||||
| Year Ended April 30, 2014 |
|
| Year Ended April 30, 2013 |
|
| Year Ended April 30, 2014 |
|
| Year Ended April 30, 2013 |
| |||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||
Net investment income | $ | 416,762 | $ | 979,510 | $ | 417,767 | $ | 427,853 | ||||||||||||||||||
Net realized gain (loss) on investments | (14,015) | 21,654 | (28,877) | 574 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Change in net assets resulting from operations | 402,747 | 1,001,164 | 388,890 | 428,427 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||||
Administrative Class | (45,905) | (125,869) | (185,305) | (197,548) | ||||||||||||||||||||||
Institutional Class | (6,629) | (12,238) | (3,738) | (6,344) | ||||||||||||||||||||||
Select Class | (292,357) | (754,101) | (104,360) | (126,399) | ||||||||||||||||||||||
Service Class | (90,184) | (84,286) | (115,104) | (91,136) | ||||||||||||||||||||||
Distributions from net realized gain on investments | ||||||||||||||||||||||||||
Administrative Class | (1,571) | (894) | (270) | (8,792) | ||||||||||||||||||||||
Institutional Class | (230) | (88) | (3) | (226) | ||||||||||||||||||||||
Select Class | (10,003) | (5,024) | (140) | (5,391) | ||||||||||||||||||||||
Service Class | (3,844) | (1,673) | (161) | (4,055) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Change in net assets resulting from distributions to shareholders | (450,723) | (984,173) | (409,081) | (439,891) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||
Administrative Class | 1,178,548,867 | 1,368,478,722 | 3,392,363,513 | 3,419,134,416 | ||||||||||||||||||||||
Institutional Class | 424,008,347 | 385,385,435 | 81,575,282 | 12,210,854 | ||||||||||||||||||||||
Select Class | 3,558,656,581 | 4,949,063,389 | 1,701,057,367 | 2,088,539,257 | ||||||||||||||||||||||
Service Class | 2,787,041,927 | 2,804,259,105 | 2,235,776,360 | 1,772,162,761 | ||||||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||||
Administrative Class | 13 | — | 4,115 | 7,512 | ||||||||||||||||||||||
Institutional Class | 2,516 | 3,707 | 984 | 689 | ||||||||||||||||||||||
Select Class | 49,715 | 126,135 | 1,539 | 2,223 | ||||||||||||||||||||||
Service Class | 41,519 | 37,423 | 5,608 | 4,816 | ||||||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||||
Administrative Class | (1,235,605,494) | (1,450,444,013) | (3,604,090,252) | (3,335,058,329) | ||||||||||||||||||||||
Institutional Class | (408,203,963) | (396,406,186) | (23,664,121) | (71,850,255) | ||||||||||||||||||||||
Select Class | (3,773,941,923) | (4,845,914,825) | (1,976,283,004) | (2,137,295,307) | ||||||||||||||||||||||
Service Class | (2,873,018,706) | (2,754,297,346) | (1,995,587,392) | (1,514,137,027) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Change in net assets resulting from share transactions | (342,420,601) | 60,291,546 | (188,840,001) | 233,721,610 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Change in net assets | (342,468,577) | 60,308,537 | (188,860,192) | 233,710,146 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||
Beginning of year | 3,771,427,664 | 3,711,119,127 | 4,206,571,142 | 3,972,860,996 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
End of year | $ | 3,428,959,087 | $ | 3,771,427,664 | $ | 4,017,710,950 | $ | 4,206,571,142 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | (2,196) | $ | 16,117 | $ | 868 | $ | (8,392) | ||||||||||||||||||
|
|
|
|
|
|
|
|
ANNUAL REPORT / April 30, 2014
23 | STATEMENTS OF CHANGES IN NET ASSETS (continued) |
| Wilmington Prime Money Market Fund |
|
| Wilmington U.S. Government Money Market Fund |
| |||||||||||||||||||
| Year Ended April 30, 2014 |
|
| Year Ended April 30, 2013 |
|
| Year Ended April 30, 2014 |
|
| Year Ended April 30, 2013 |
| |||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||
Administrative Class | 1,178,548,867 | 1,368,478,722 | 3,392,363,513 | 3,419,134,416 | ||||||||||||||||||||
Institutional Class | 424,008,347 | 385,385,435 | 81,575,282 | 12,210,854 | ||||||||||||||||||||
Select Class | 3,558,656,581 | 4,949,063,389 | 1,701,057,367 | 2,088,539,257 | ||||||||||||||||||||
Service Class | 2,787,041,927 | 2,804,259,105 | 2,235,776,360 | 1,772,162,761 | ||||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||
Administrative Class | 13 | — | 4,115 | 7,512 | ||||||||||||||||||||
Institutional Class | 2,516 | 3,707 | 984 | 689 | ||||||||||||||||||||
Select Class | 49,715 | 126,135 | 1,539 | 2,223 | ||||||||||||||||||||
Service Class | 41,519 | 37,423 | 5,608 | 4,816 | ||||||||||||||||||||
Shares redeemed | ||||||||||||||||||||||||
Administrative Class | (1,235,605,494) | (1,450,444,013) | (3,604,090,252) | (3,335,058,329) | ||||||||||||||||||||
Institutional Class | (408,203,963) | (396,406,186) | (23,664,121) | (71,850,255) | ||||||||||||||||||||
Select Class | (3,773,941,923) | (4,845,914,825) | (1,976,283,004) | (2,137,295,307) | ||||||||||||||||||||
Service Class | (2,873,018,706) | (2,754,297,346) | (1,995,587,392) | (1,514,137,027) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net change resulting from share transactions | (342,420,601) | 60,291,546 | (188,840,001) | 233,721,610 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS (concluded) | 24 |
| Wilmington U.S. Treasury Money Market Fund |
|
| Wilmington Tax-Exempt Money Market Fund |
| |||||||||||||||||||||
| Year Ended April 30, 2014 |
|
| Year Ended April 30, 2013 |
|
| Year Ended April 30, 2014 |
|
| Year Ended April 30, 2013 |
| |||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||
Net investment income | $ | 70,860 | $ | 108,337 | $ | 51,801 | $ | 54,459 | ||||||||||||||||||
Net realized gain (loss) on investments | (35,667) | 927 | — | — | ||||||||||||||||||||||
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|
|
|
|
|
| |||||||||||||||||||
Change in net assets resulting from operations | 35,193 | 109,264 | 51,801 | 54,459 | ||||||||||||||||||||||
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DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||||
Administrative Class | (49,725) | (83,683) | (4,701) | (4,657) | ||||||||||||||||||||||
Select Class | (24,964) | (26,899) | (43,717) | (43,418) | ||||||||||||||||||||||
Service Class | (775) | (959) | (7,768) | (6,438) | ||||||||||||||||||||||
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|
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| |||||||||||||||||||
Change in net assets resulting from distributions to shareholders | (75,464) | (111,541) | (56,186) | (54,513) | ||||||||||||||||||||||
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| |||||||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||
Administrative Class | 1,381,133,464 | 1,594,352,762 | 53,056,531 | 51,196,573 | ||||||||||||||||||||||
Select Class | 1,042,795,413 | 1,501,944,043 | 458,963,075 | 703,446,996 | ||||||||||||||||||||||
Service Class | 14,073,657 | 14,336,458 | 145,781,542 | 125,709,359 | ||||||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||||
Administrative Class | 64 | 56 | — | — | ||||||||||||||||||||||
Select Class | 4,664 | 6,105 | 555 | 787 | ||||||||||||||||||||||
Service Class | — | — | 6,966 | 6,224 | ||||||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||||
Administrative Class | (1,425,848,702) | (1,676,554,899) | (51,777,880) | (54,025,509) | ||||||||||||||||||||||
Select Class | (1,114,987,122) | (1,325,605,795) | (443,767,538) | (659,612,241) | ||||||||||||||||||||||
Service Class | (24,102,195) | (13,211,001) | (128,504,675) | (125,669,590) | ||||||||||||||||||||||
|
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|
|
|
|
|
| |||||||||||||||||||
Change in net assets resulting from share transactions | (126,930,757) | 95,267,729 | 33,758,576 | 41,052,599 | ||||||||||||||||||||||
|
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|
|
|
|
|
| |||||||||||||||||||
Change in net assets | (126,971,028) | 95,265,452 | 33,754,191 | 41,052,545 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||
Beginning of year | 1,223,711,472 | 1,128,446,020 | 502,495,369 | 461,442,824 | ||||||||||||||||||||||
|
|
|
|
|
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| |||||||||||||||||||
End of year | $ | 1,096,740,444 | $ | 1,223,711,472 | $ | 536,249,560 | $ | 502,495,369 | ||||||||||||||||||
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|
|
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| |||||||||||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | 1,202 | $ | 5,806 | $ | (9) | $ | 4,376 | ||||||||||||||||||
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| |||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||||
Administrative Class | 1,381,133,464 | 1,594,352,762 | 53,056,531 | 51,196,573 | ||||||||||||||||||||||
Select Class | 1,042,795,413 | 1,501,944,043 | 458,963,075 | 703,446,996 | ||||||||||||||||||||||
Service Class | 14,073,657 | 14,336,458 | 145,781,542 | 125,709,359 | ||||||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||||
Administrative Class | 64 | 56 | — | — | ||||||||||||||||||||||
Select Class | 4,664 | 6,105 | 555 | 787 | ||||||||||||||||||||||
Service Class | — | — | 6,966 | 6,224 | ||||||||||||||||||||||
Shares redeemed | ||||||||||||||||||||||||||
Administrative Class | (1,425,848,702) | (1,676,554,899) | (51,777,880) | (54,025,509) | ||||||||||||||||||||||
Select Class | (1,114,987,122) | (1,325,605,795) | (443,767,538) | (659,612,241) | ||||||||||||||||||||||
Service Class | (24,102,195) | (13,211,001) | (128,504,675) | (125,669,590) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net change resulting from share transactions | (126,930,757) | 95,267,729 | 33,758,576 | 41,052,599 | ||||||||||||||||||||||
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See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
25 | FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON PRIME MONEY MARKET FUND | ||||||||||||||||||
ADMINISTRATIVE CLASS | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||
Net Investment Income | 0.000(a) | 0.000(a) | 0.000(a) | 0.000(a) | 0.000(a) | |||||||||||||
Net Realized Gain (Loss) on Investments | 0.000(a) | 0.000(a) | 0.000(a) | — | — | |||||||||||||
|
| |||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||||||||||
|
| |||||||||||||||||
Less Distributions From: | ||||||||||||||||||
Net Investment Income | (0.000)(a) | (0.000)(a) | (0.000)(a) | (0.000)(a) | (0.000)(a) | |||||||||||||
Return of Capital | — | — | — | — | (0.000)(a) | |||||||||||||
|
| |||||||||||||||||
Total Distributions | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |||||||||||||
|
| |||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||
|
| |||||||||||||||||
Total Return(b) | 0.01% | 0.03% | 0.03% | 0.04% | 0.04% | |||||||||||||
Net Assets, End of Year (000’s) | $325,696 | $382,757 | $464,721 | $416,387 | $425,103 | |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||
Gross Expense | 0.98% | 0.97% | 0.80% | 0.75% | 0.77% | |||||||||||||
Net Expenses(c) | 0.13% | 0.17% | 0.16% | 0.25% | 0.26% | |||||||||||||
Net Investment Income | 0.01% | 0.03% | 0.02% | 0.04% | 0.04% |
INSTITUTIONAL CLASS | 2014 | 2013 | 2012(d) | |||||||
Net Asset Value, Beginning of Period | $1.000 | $1.000 | $1.000 | |||||||
Income (Loss) From Operations: | ||||||||||
Net Investment Income | 0.000(a) | 0.000(a) | 0.000(a) | |||||||
Net Realized Gain (Loss) on Investments | 0.000(a) | 0.000(a) | 0.000(a) | |||||||
|
| |||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | |||||||
|
| |||||||||
Less Distributions From: | ||||||||||
Net Investment Income | (0.000)(a) | (0.000)(a) | (0.000)(a) | |||||||
|
| |||||||||
Total Distributions | (0.000) | (0.000) | (0.000) | |||||||
|
| |||||||||
Net Asset Value, End of Period | $1.000 | $1.000 | $1.000 | |||||||
|
| |||||||||
Total Return(b) | 0.01% | 0.03% | 0.01% | |||||||
Net Assets, End of Period (000’s) | $46,861 | $31,056 | $42,072 | |||||||
Ratios to Average Net Assets | ||||||||||
Gross Expense | 0.48% | 0.47% | 0.46%(e) | |||||||
Net Expenses(c) | 0.13% | 0.17% | 0.16%(e) | |||||||
Net Investment Income | 0.01% | 0.03% | 0.04%(e) |
SELECT CLASS | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||
Net Investment Income | 0.000(a) | 0.000(a) | 0.000(a) | 0.000(a) | 0.000(a) | |||||||||||||
Net Realized Gain (Loss) on Investments | 0.000(a) | 0.000(a) | 0.000(a) | — | — | |||||||||||||
|
| |||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||||||||||
|
| |||||||||||||||||
Less Distributions From: | ||||||||||||||||||
Net Investment Income | (0.000)(a) | (0.000)(a) | (0.000)(a) | (0.000)(a) | (0.000)(a) | |||||||||||||
Return of Capital | — | — | — | — | (0.000)(a) | |||||||||||||
|
| |||||||||||||||||
Total Distributions | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |||||||||||||
|
| |||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||
|
| |||||||||||||||||
Total Return(b) | 0.01% | 0.03% | 0.02% | 0.01% | 0.02% | |||||||||||||
Net Assets, End of Year (000’s) | $2,312,800 | $2,528,068 | $2,424,783 | $345,931 | $459,497 | |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||
Gross Expense | 0.73% | 0.72% | 0.73% | 0.75% | 0.77% | |||||||||||||
Net Expenses(c) | 0.13% | 0.17% | 0.16% | 0.28% | 0.29% | |||||||||||||
Net Investment Income | 0.01% | 0.03% | 0.03% | 0.01% | 0.02% |
April 30, 2014 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS | 26 |
WILMINGTON PRIME MONEY MARKET FUND (continued) |
SERVICE CLASS
| 2014
| 2013
| 2012
| 2011
| 2010
| |||||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||
Net Investment Income | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | ||||||||||||||||||||||
Net Realized Gain (Loss) on Investments | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | — | — | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||
Net Investment Income | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | ||||||||||||||||||||||
Return of Capital | — | — | — | — | (0.000 | )(a) | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | ||||||||||||||||||||||
Net Assets, End of Year (000’s) | $743,602 | $829,547 | $779,543 | $217,836 | $244,661 | |||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Gross Expense | 0.98 | % | 0.96 | % | 0.98 | % | 1.00 | % | 1.02 | % | ||||||||||||||||||||||
Net Expenses(c) | 0.14 | % | 0.19 | % | 0.18 | % | 0.28 | % | 0.28 | % | ||||||||||||||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % |
(a) Represents less than $0.001.
(b) Total returns for periods of less than one year, if any, are not annualized.
(c) The investment manager and other service providers voluntarily waived a portion of their fees.
(d) Reflects investment operations for the period from March 12, 2012 to April 30, 2012.
(e) Annualized for periods less than one year.
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
27 | FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND |
| |||||||||||||||||||||||||||||||||||
ADMINISTRATIVE CLASS | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||||||
Net Investment Income | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | ||||||||||||||||||||||||||
Net Realized Gain (Loss) on Investments | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | — | — | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||
Net Investment Income | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | ||||||||||||||||||||||||||
Return of Capital | — | — | — | (0.000 | )(a) | (0.000 | )(a) | |||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | ||||||||||||||||||||||||||
Net Assets, End of Year (000’s) | $1,673,462 | $1,885,193 | $1,801,115 | $1,493,139 | $1,582,317 | |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||
Gross Expense | 0.97 | % | 0.96 | % | 0.79 | % | 0.73 | % | 0.74 | % | ||||||||||||||||||||||||||
Net Expenses(c) | 0.08 | % | 0.15 | % | 0.12 | % | 0.25 | % | 0.29 | % | ||||||||||||||||||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | ||||||||||||||||||||||||||
INSTITUTIONAL CLASS | 2014 | 2013 | 2012(d) | |||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||||||
Net Investment Income | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) on Investments | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||
Net Investment Income | (0.000) | (a) | (0.000) | (a) | (0.000) | (a) | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Net Asset Value, End of Period | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.00 | % | ||||||||||||||||||||||||||||||
Net Assets, End of Period (000’s) | $83,595 | $25,683 | $85,322 | |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||
Gross Expense | 0.47 | % | 0.46 | % | 0.46 | %(e) | ||||||||||||||||||||||||||||||
Net Expenses(c) | 0.08 | % | 0.15 | % | 0.13 | %(e) | ||||||||||||||||||||||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.01 | %(e) | ||||||||||||||||||||||||||||||
SELECT CLASS | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||||||
Net Investment Income | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | ||||||||||||||||||||||||||
Net Realized Gain (Loss) on Investments | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | — | — | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||
Net Investment Income | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | ||||||||||||||||||||||||||
Return of Capital | — | — | — | (0.000 | )(a) | (0.000 | )(a) | |||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | ||||||||||||||||||||||||||
Net Assets, End of Year (000’s) | $889,158 | $1,164,388 | $1,213,146 | $355,506 | $496,004 | |||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||
Gross Expense | 0.72 | % | 0.71 | % | 0.72 | % | 0.74 | % | 0.75 | % | ||||||||||||||||||||||||||
Net Expenses(c) | 0.08 | % | 0.15 | % | 0.12 | % | 0.26 | % | 0.32 | % | ||||||||||||||||||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % |
April 30, 2014 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS | 28 |
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND (continued) |
SERVICE CLASS
| 2014
| 2013
| 2012
| 2011
| 2010
| |||||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||
Net Investment Income | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | ||||||||||||||||||||||
Net Realized Gain (Loss) on Investments | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | — | — | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||
Net Investment Income | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | ||||||||||||||||||||||
Return of Capital | — | — | — | (0.000 | )(a) | (0.000 | )(a) | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | ||||||||||||||||||||||
Net Assets, End of Year (000’s) | $1,371,495 | $1,131,306 | $873,278 | $35,561 | $35,502 | |||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Gross Expense | 0.97 | % | 0.96 | % | 0.97 | % | 0.98 | % | 1.00 | % | ||||||||||||||||||||||
Net Expenses(c) | 0.08 | % | 0.14 | % | 0.13 | % | 0.25 | % | 0.30 | % | ||||||||||||||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % |
(a) Represents less than $0.001.
(b) Total returns for periods of less than one year, if any, are not annualized.
(c) The investment manager and other service providers voluntarily waived a portion of their fees.
(d) Reflects investment operations for the period from March 12, 2012 to April 30, 2012.
(e) Annualized for periods less than one year.
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
29 | FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON U.S. TREASURY MONEY MARKET FUND
| ||||||||||||||||||||||||||||||
ADMINISTRATIVE CLASS | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||
Net Investment Income | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000(a) | |||||||||||||||||||||
Net Realized Gain (Loss) on Investments | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | — | — | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||
Net Investment Income | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000)(a) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02% | |||||||||||||||||||||
Net Assets, End of Year (000’s) | $782,360 | $827,103 | $909,306 | $676,070 | $654,530 | |||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Gross Expense | 0.97 | % | 0.97 | % | 0.80 | % | 0.74 | % | 0.73% | |||||||||||||||||||||
Net Expenses(c) | 0.06 | % | 0.14 | % | 0.06 | % | 0.16 | % | 0.22% | |||||||||||||||||||||
Net Investment Income
|
| 0.01
| %
|
| 0.01
| %
|
| 0.01
| %
|
| 0.01
| %
|
| 0.03%
|
| |||||||||||||||
SELECT CLASS | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||
Net Investment Income | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000(a) | |||||||||||||||||||||
Net Realized Gain (Loss) on Investments | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | — | — | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||
Net Investment Income | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000)(a) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02% | |||||||||||||||||||||
Net Assets, End of Year (000’s) | $314,375 | $386,574 | $210,231 | $71,929 | $141,648 | |||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Gross Expense | 0.72 | % | 0.73 | % | 0.73 | % | 0.74 | % | 0.74% | |||||||||||||||||||||
Net Expenses(c) | 0.06 | % | 0.14 | % | 0.06 | % | 0.17 | % | 0.20% | |||||||||||||||||||||
Net Investment Income
| 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02% | |||||||||||||||||||||
SERVICE CLASS | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||
Net Investment Income | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000(a) | |||||||||||||||||||||
Net Realized Gain (Loss) on Investments | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | — | — | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||
Net Investment Income | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000)(a) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02% | |||||||||||||||||||||
Net Assets, End of Year (000’s) | $6 | $10,034 | $8,909 | $10,627 | $10,755 | |||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Gross Expense | 0.97 | % | 0.97 | % | 0.99 | % | 0.99 | % | 0.98% | |||||||||||||||||||||
Net Expenses(c) | 0.06 | % | 0.14 | % | 0.06 | % | 0.16 | % | 0.20% | |||||||||||||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02% |
(a) Represents less than $0.001.
(b) Total returns for periods of less than one year, if any, are not annualized.
(c) The investment manager and other service providers voluntarily waived a portion of their fees.
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (concluded) | 30 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON TAX-EXEMPT MONEY MARKET FUND
| ||||||||||||||||||||||||||||||
ADMINISTRATIVE CLASS | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||
Net Investment Income | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.001 | |||||||||||||||||||||
Net Realized Gain (Loss) on Investments | — | — | 0.000 | (a) | — | — | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.001 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||
Net Investment Income | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.001) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | 0.06% | |||||||||||||||||||||
Net Assets, End of Year (000’s) | $39,962 | $38,684 | $41,513 | $33,322 | $36,870 | |||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Gross Expense | 1.00 | % | 0.99 | % | 0.87 | % | 0.83 | % | 0.78% | |||||||||||||||||||||
Net Expenses(c) | 0.09 | % | 0.16 | % | 0.23 | % | 0.39 | % | 0.45% | |||||||||||||||||||||
Net Investment Income
| 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | 0.06% | |||||||||||||||||||||
SELECT CLASS | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||
Net Investment Income | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.001 | |||||||||||||||||||||
Net Realized Gain (Loss) on Investments | — | — | 0.000 | (a) | — | — | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.001 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||
Net Investment Income | (0.000 | )(a) | (0.000 | )(a) | 0.000 | (a) | 0.000 | (a) | (0.001) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | 0.09% | |||||||||||||||||||||
Net Assets, End of Year (000’s) | $421,579 | $406,386 | $362,551 | $108,802 | $83,916 | |||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Gross Expense | 0.75 | % | 0.74 | % | 0.77 | % | 0.83 | % | 0.78% | |||||||||||||||||||||
Net Expenses(c) | 0.09 | % | 0.15 | % | 0.23 | % | 0.39 | % | 0.41% | |||||||||||||||||||||
Net Investment Income
| 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | 0.10% | |||||||||||||||||||||
SERVICE CLASS | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||
Net Investment Income | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000(a) | |||||||||||||||||||||
Net Realized Gain (Loss) on Investments | — | — | 0.000 | (a) | — | — | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||
Net Investment Income | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000)(a) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.03% | |||||||||||||||||||||
Net Assets, End of Year (000’s) | $74,708 | $57,425 | $57,379 | $11,779 | $18,949 | |||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||
Gross Expense | 1.00 | % | 0.99 | % | 1.02 | % | 1.08 | % | 1.04% | |||||||||||||||||||||
Net Expenses(c) | 0.09 | % | 0.16 | % | 0.23 | % | 0.41 | % | 0.47% | |||||||||||||||||||||
Net Investment Income | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.04% |
(a) Represents less than $0.001.
(b) Total returns for periods of less than one year, if any, are not annualized.
(c) The investment manager and other service providers voluntarily waived a portion of their fees.
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
31 | NOTES TO FINANCIAL STATEMENTS |
Wilmington Funds
April 30, 2014
1. | ORGANIZATION |
Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 23 portfolios, 4 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 19 funds are presented in separate reports.
Fund |
Investment Goal | |
Wilmington Prime Money Market Fund (“Prime Money Market Fund”)(d) |
The Fund seeks to provide current income while maintaining liquidity and stability of principal. | |
Wilmington U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)(d) |
The Fund seeks to provide current income while maintaining liquidity and stability of principal. | |
Wilmington U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”)(d) |
The Fund seeks to provide current income while maintaining liquidity and stability of principal. | |
Wilmington Tax-Exempt Money Market Fund (“Tax-Exempt Money Market Fund”)(d) |
The Fund seeks to provide current income that is exempt from federal income taxes while maintaining liquidity and stability of principal. |
(d) Diversified
The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I, and Institutional Class. Class A and Class I are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.
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.
Computation of Net Asset Value – It is each Fund’s policy to maintain a continuous net asset value of $1.00 per share for each class. Each Fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that each Fund will be able to maintain a stable net asset value of $1.00 per share. The net asset value (‘‘NAV’’) per share for each of the Funds is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. Each Fund’s NAV per share is computed as of 4:00 p.m. (Eastern Time), on days when the NYSE is open for regular trading and the Federal Reserve Bank of New York (the ‘‘Fed’’) is open. In addition, the Funds may elect, in their discretion if it is determined to be in shareholders’ best interests, to be open on days when the NYSE is open but the Fed is closed or to be open on days when the Fed is open but the NYSE is closed, except for Good Friday.
Investment Valuation – The Funds use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act.
The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund’s Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2014, there were no transfers between Levels 1, 2 and 3 assets and liabilities based on levels assigned to securities at the beginning of the period. Pursuant to the Funds’ fair value procedures noted previously, fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.
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
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 32 |
agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.
Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due or from the Fund.
At April 30, 2014, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:
Fair Value of | ||||||||||||||||||||||||||
Non-cash | Cash | |||||||||||||||||||||||||
Repurchase | Collateral | Collateral | ||||||||||||||||||||||||
Fund/Counterparty
| Agreements
| Received
| Received
| Net Amount(1)
| ||||||||||||||||||||||
Prime Money Market Fund | ||||||||||||||||||||||||||
Credit Suisse First Boston LLC | $ | 11,000,000 | $ | 11,000,000 | $ | — | $ | — | ||||||||||||||||||
Deutsche Bank Securities, Inc. | 200,000,000 | 200,000,000 | — | — | ||||||||||||||||||||||
TD Securities, Inc. | 100,000,000 | 100,000,000 | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
$ | 311,000,000 | $ | 311,000,000 | $ | — | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
U.S. Government Money Market Fund | ||||||||||||||||||||||||||
Barclays Capital, Inc. | $ | 50,000,000 | $ | 50,000,000 | $ | — | $ | — | ||||||||||||||||||
Credit Suisse First Boston LLC | 39,000,000 | 39,000,000 | — | — | ||||||||||||||||||||||
Deutsche Bank Securities, Inc. | 250,000,000 | 250,000,000 | — | — | ||||||||||||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 100,000,000 | 100,000,000 | — | — | ||||||||||||||||||||||
TD Securities, Inc. | 125,000,000 | 125,000,000 | — | — | ||||||||||||||||||||||
TD Securities, Inc. | 100,000,000 | 100,000,000 | — | —�� | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
$ | 664,000,000 | $ | 664,000,000 | $ | — | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
U.S. Treasury Money Market Fund | ||||||||||||||||||||||||||
Barclays Capital, Inc. | $ | 195,000,000 | $ | 195,000,000 | $ | — | $ | — | ||||||||||||||||||
Credit Suisse First Boston LLC | 45,000,000 | 45,000,000 | — | — | ||||||||||||||||||||||
Deutsche Bank Securities, Inc. | 225,000,000 | 225,000,000 | — | — | ||||||||||||||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 104,000,000 | 104,000,000 | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
$ | 569,000,000 | $ | 569,000,000 | $ | — | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
(1) Net amount represents the net amount receivable due from the counterparty in the event of default.
Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.
All Funds offer multiple classes of shares. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared daily and paid monthly.
Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax are necessary.
The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year or period, the Funds did not incur any interest or penalties.
ANNUAL REPORT / April 30, 2014
33 | NOTES TO FINANCIAL STATEMENTS (continued) |
Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales.
3. | FEDERAL TAX INFORMATION |
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to the tax treatment of expiring capital loss carryforwards, net investment losses and distributions recognition on income distribution payable. GAAP requires that permanent differences in net investment income and realized gains and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets and have no effect on the net assets nor the NAV of the Funds.
As of April 30, 2014, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the years ended 2013, 2012 and 2011, as well as the current tax year, remain subject to examination by the Internal Revenue Service.
For the year ended April 30, 2014, there were no permanent differences identified and reclassified among the components of net assets.
The tax character of distributions for the corresponding years as reported on the Statements of Changes in Net Assets were as follows:
2014 | 2013 | |||||||
Fund
| Ordinary Income*
| Long-Term Capital Gains
| Ordinary Income*
| Long-Term Capital Gains
| ||||
Prime Money Market Fund
| $450,723 | $— | $984,173 | $— | ||||
U.S. Government Money Market Fund
| 409,081 | — | 439,891 | — | ||||
U.S. Treasury Money Market Fund
| 75,464 | — | 111,541 | — | ||||
Tax-Exempt Money Market Fund | 56,186** | — | 54,513*** | — |
* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.
** Included in this amount is tax exempt income of $55,562.
***Included in this amount is tax exempt income of $54,513.
As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:
Undistributed/ | Undistributed | Other | Unrealized | Capital Loss | ||||||||||||||||
(Over Distributed) | Long-Term | Timing | Appreciation | Carryforwards | ||||||||||||||||
Fund
| Ordinary Income
| Capital Gains
| Differences
| (Depreciation)
| and Deferrals
| |||||||||||||||
Prime Money Market Fund
| $30,474 | $— | $(32,670) | $— | $(14,016) | |||||||||||||||
U.S. Government Money Market Fund
| 34,102 | — | (33,234) | — | (28,877) | |||||||||||||||
U.S. Treasury Money Market Fund
| 2,511 | — | (1,309) | — | (35,667) | |||||||||||||||
Tax-Exempt Money Market Fund | 5,467 | — | (5,476) | — | (72,058) |
Under the Regulated Investment Company Modernization Act of 2010, the Funds are 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, 2014, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:
Short-Term | Total Capital | |||||||||||||||||||||||||||||||
Capital Loss Available Through | Post-Effective | Loss | ||||||||||||||||||||||||||||||
Fund
| 2016
| 2017
| 2018
| 2019
| No Expiration
| Carryforwards
| ||||||||||||||||||||||||||
Prime Money Market Fund | $ | — | $ | — | $ | — | $ | — | $14,016 | $14,016 | ||||||||||||||||||||||
U.S. Government Money Market Fund | — | — | — | — | 28,877 | 28,877 | ||||||||||||||||||||||||||
U.S. Treasury Money Market Fund | — | — | — | — | 35,667 | 35,667 | ||||||||||||||||||||||||||
Tax-Exempt Money Market Fund | 6,657 | 63,251 | 2,115 | — | 35 | 72,058 |
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 34 |
Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. At April 30, 2014, the Funds had no Post-October or Late Year losses to defer.
4. | ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS |
Investment Advisor – Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.
Advisory Fee | ||
Fund | Annual Rate | |
Prime Money Market Fund | 0.40% | |
U.S. Government Money Market Fund | 0.40% | |
U.S. Treasury Money Market Fund | 0.40% | |
Tax-Exempt Money Market Fund | 0.40% |
Prior to November 26, 2013, WFMC has voluntarily agreed to reduce its advisory fee and/or reimburse each of the Fund’s operating expenses, or certain “class-specific fees and expenses” to prevent each Fund’s (or class thereof, as applicable) current annualized yield from being below 0.01% (1 basis point) annually. Effective November 26, 2013, WFMC has voluntarily agreed to reduce its advisory fee and/or reimburse each of the Fund’s operating expenses, and/or certain class-specific fees and expenses, in an effort to maintain the current yield for each share class of the Funds at or above 0.00%. The fee waiver does not take into consideration acquired fund fees and expenses, taxes or extraordinary items. Any such waiver or expense reimbursement may be modified or discontinued at any time without notice.
Administrative Fee – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. WFMC in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.
Administration |
Maximum Fee | Average Aggregate Daily Net Assets of the Trust | ||||
WFMC | 0.040% | On the first $5 billion | ||||
0.030% | On the next $2 billion | |||||
0.025% | On the next $3 billion | |||||
0.018% | On assets in excess of $10 billion | |||||
BNYM | 0.0285% | On the first $500 million | ||||
0.0280% | On the next $500 million | |||||
0.0275% | On assets in excess of $1 billion |
On September 30, 2013, the Board of Trustees voted to change the fee schedule for WFMC. Prior to October 1, 2013, these services were provided for at an aggregate annual fee as specified below.
Administration |
Maximum Fee | Average Aggregate Daily Net Assets of the Trust | ||||
WFMC | 0.033% | 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 |
WFMC may voluntarily choose to waive any portion of its fee. WFMC can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2014, WFMC did not waive any administrative personnel and services fee.
Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Administrative Class and Service Class for the sale, distribution, administration, customer servicing and record keeping of these shares.
The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.
For the year ended April 30, 2014, no affiliates of the Advisor received these fees.
ANNUAL REPORT / April 30, 2014
35 | NOTES TO FINANCIAL STATEMENTS (continued) |
Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Administrative Class, Select Class and Service Class 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.
For the year ended April 30, 2014, M&T received a portion of the fees paid by the following Funds which are listed below:
Shareholder Services | ||
Fund | Fee
| |
Prime Money Market Fund |
$12,393 |
Other Service Providers – Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer and Principal Financial Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.
BNYM provides custody services to the Trust.
BNY Mellon Investment Servicing (U.S.) Inc. provides fund accounting and transfer agency services to the Trust.
General – Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trust’s Statement of Additional Information includes additional information about the Trustees.
5. | LINE OF CREDIT |
The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion through March 10, 2014. Effective March 11, 2014, the LOC included a commitment fee of 0.10% per annum on the daily unused portion. The termination date of this LOC is March 9, 2015. The Funds did not utilize the LOC for the year ended April 30, 2014.
6. | 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.
April 30, 2014 / ANNUAL REPORT
36 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
WILMINGTON FUNDS
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund and Wilmington Tax-Exempt Money Market Fund (four of the series constituting the Wilmington Funds) (the “Funds”) as of April 30, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and 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, 2014, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund and Wilmington Tax-Exempt Money Market Fund at April 30, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
June 28, 2014
ANNUAL REPORT / April 30, 2014
37 | 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 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.
INTERESTED TRUSTEES BACKGROUND
Name | ||
Address | ||
Birth date | ||
Position With Trust | ||
Date Service Began
| Principal Occupations and Other Directorships Held for Past Five Years
| |
R. Samuel Fraundorf, CFA, CPA* Birth date: 4/64 TRUSTEE Began serving: March 2012 |
Principal Occupations: President of WTIA.
Other Directorships Held: None.
Previous Positions: President of Wilmington Trust Investment Managements (“WTIM”) (8/04 to 1/12); Chief Operating Officer of WTIM (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08).
| |
Robert J. Truesdell* Birth date: 11/55 TRUSTEE Began serving: December 2012 | Principal Occupations: Group Vice President and Senior Investment Advisor for Wilmington Trust Wealth Advisory Services, M&T Bank.
Other Directorships Held: None.
Previous Positions: Bond Department Manager, M&T Bank (2/88 to 7/12); Group Vice President, Managing Director and Chief Investment Officer, WTIA (6/02 to 6/12) and WFMC (3/12 to 6/12).
|
* | R. Samuel Fraundorf is “interested” due to positions he holds with WTIA. Robert J. Truesdell is “interested” due to the positions he currently holds with Wilmington Trust Wealth Advisory Services, M&T Bank, the parent of the Funds’ Advisor, and previous positions held with WTIA and WFMC. |
April 30, 2014 (unaudited) / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 38 |
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: Private Investor, Consultant and Community Volunteer.
Other Directorships Held: Chairman (3/06 to 3/08), Trustee (3/04 to present) and Treasurer (3/10 to 3/12), Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 1/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman (5/12 to present), Director (1/08 to present), Read to Succeed Buffalo (1/08 to present); Director, Catholic Medical Partners (7/12 to present); Director, Roycroft Campus Corporation (8/12 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.
| |
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).
| |
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: CFO, Pencor Inc. (environmental project development); 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, Chairman of the Executive Committee and Chairman of the Compensation Committee of Chek-Med Corporation (6/03 to present).
Previous Positions: President and Chief Executive Officer Emeriti, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania).
| |
Daniel R. Gernatt, Jr. Birth date: 7/40 TRUSTEE Began serving: February 1988 | Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present).
Other Directorships Held: Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation.
|
ANNUAL REPORT / April 30, 2014 (unaudited)
39 | BOARD OF TRUSTEES AND TRUST OFFICERS |
Name Birth date Position with Trust Date Service Began
| Principal Occupations and Other Directorships Held for Past Five Years
| |
Nicholas A. Giordano Birth date: 3/43 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).
| |
Richard B. Seidel Birth date: 4/41 TRUSTEE Began serving: September 2003 | Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (1/96 to present); Chairman and Director, Girard Capital (broker-dealer) (1/10 to present).
Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).
|
OFFICERS
Name Address Birth year Positions with Trust
| Principal Occupations for Past Five Years and Previous Positions
| |
Samuel Guerrieri Birth year: 1965 PRESIDENT Began serving: December 2012
| Principal Occupations: President and Chief Executive Officer, M&T Securities, 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 ASSISTANT TREASURER Began serving: June 2013 VICE PRESIDENT Began serving: June 2007
| Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc; Assistant Treasurer, Wilmington Funds.
Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank. | |
John C. McDonnell Birth year: 1966 VICE PRESIDENT AND ASSISTANT TREASURER Began serving: June 2013 | Principal Occupations: Vice President, Wilmington Funds Management Corporation (2005 to Present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present).
Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012); Audit Senior, Deloitte LLP (2004 to 2005); Assistant Vice President, 1838 Investment Advisors, LP (1999 to 2004).
|
April 30, 2014 (unaudited) / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 40 |
Name Address Birth year Positions with Trust
| Principal Occupations for Past Five Years and Previous Positions
| |
Hope L. Brown Birth year: 1973 CHIEF COMPLIANCE OFFICER, AML COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2012 | Principal Occupations: Vice President, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds.
Previous Positions: Assistant Vice President, Lead Manager, Risk Management and Divisional Compliance for T. Rowe Price (2005 to 2010); Senior Compliance Officer, Manager of Compliance for RE Investment, Inc., RE Advisers, Inc. and the Homestead Funds (2001 to 2005).
| |
Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008
| Principal Occupations: Administrative Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank 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). | |
Christopher W. Roleke 10 High Street, Suite 302 Boston, MA 02110 Birth year: 1972 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: July 2013
| Principal Occupation: Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present).
Previous Positions: Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011). | |
Lisa R. Grosswirth 101 Barclay Street, 13E New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007
| Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present).
Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004). | |
Richard J. Berthy Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007 | Principal Occupation: Chief Executive Officer, Foreside Financial Group, LLC (7/12 to present).
Previous Positions: President, Foreside Financial Group, LLC (5/08 to 7/12); 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).
|
ANNUAL REPORT / April 30, 2014 (unaudited)
41 |
Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)
Electronic Delivery
Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:
1.) | Go to www.wilmingtonfunds.com and select “Individual Investors” |
2.) | Click on the link “Sign up for Electronic Delivery” |
3.) | Login to your account or create new user ID |
4.) | Select E-Delivery Consent from the available options, and |
5.) | Complete the information requested, including providing the email address where you would like to receive notification for electronic documents. |
* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.
Householding
In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.
If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.
April 30, 2014 / ANNUAL REPORT
42 |
PRIVACY POLICY AND NOTICE
OF THE FUNDS AND THEIR DISTRIBUTOR
June 8, 2012
The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.
Information The Funds Collect:
The Funds collect nonpublic personal information about you from the following sources:
• | We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income. |
• | We may receive information from you, or from your financial representative, through transactions with us or others, correspondence and other communications. Examples of this information include specific investments and your account balances. |
• | We may obtain other personal information from you in connection with providing you a financial product or service. Examples of this information include depository, debit or credit account numbers. |
Information Sharing Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
• | We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
• | We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
• | We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. |
Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.
Information Security:
When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers’ privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.
The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds’ Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.
Each of the following sections explains an aspect of the Funds’ commitment to protecting your personal information and respecting your privacy.
Employee Access to Information:
Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employee’s or agent’s need to know the information in order to service a customer’s account or comply with legal requirements.
Visiting The Funds’ Website:
The Funds’ website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.
ANNUAL REPORT / April 30, 2014
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• | Information or data entered into a website will be retained. |
• | Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website. |
• | We may also collect non-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party. |
E-mail:
If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.
Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.
Surveys/Aggregate Data:
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.
Changes to Our Privacy Statement:
The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.
Notice will be provided to you in advance of any changes that would affect your rights under this policy statement.
April 30, 2014 / ANNUAL REPORT
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Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”)
Wilmington Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”)
Wilmington Short-Term Corporate Bond Fund (“Short-Term Corporate Bond Fund”)
Wilmington Short Duration Government Bond Fund (“Short Duration Government Bond Fund”)
Wilmington Municipal Bond Fund (“Municipal Bond Fund”)
Wilmington Maryland Municipal Bond Fund (“Maryland Municipal Bond Fund”)
Wilmington New York Municipal Bond Fund (“New York Municipal Bond Fund”) |
PRESIDENT’S MESSAGE
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WILMINGTON FUNDS ANNUAL REPORT | ||||
Management’s Discussion of Fund Performance
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Notes to Portfolios of Investments
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Statements of Assets and Liabilities
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Statements of Changes in Net Assets
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Report of Independent Registered Public Accounting Firm
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I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2013 through April 30, 2014. 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 investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets over the 12-month reporting period.
The Economy
Compared to other animals, humans have an unparalleled ability to see what we wish to see. The tendency to interpret facts to suit our opinions is magnified in the financial arena. Most of the time economic data provides plenty of fodder for both bulls and bears.
We see enough positive news to argue that good times are about to roll …
• | Despite weather-driven speed bumps in January and February, U.S. nonfarm payrolls expanded by 2.37 million jobs in the year ended April 2014 – the strongest gain since the period ended April 2006. April 2014 hiring came in unexpectedly robust, with job growth of 288,000, the highest since January 2012. Payrolls rose an average of 202,000 per month over the last six months, and by the end of April 2014, had recovered to within 113,000 jobs of the all-time high set in January 2008. |
• | Inflation remains under control. The Consumer Price Index for April 2014 was up 2.0% from a year earlier – the biggest year-over-year increase since July 2013 but below the 20-year average of 2.4%. Meanwhile, core CPI – excluding the volatile food and energy categories – was up 1.8% in April 2014, only slightly above the reading in previous months and also lower than the long-run average of 2.2%. |
• | While retail sales came in below expectations in April 2014, strong February and March numbers suggest consumers have come out of hibernation. Job growth and the “wealth effect” from stock returns have set the stage for spending growth. |
… and sufficient worrisome news to justify caution.
• | New-home sales have plummeted so far this year, while sales of existing homes have trended lower since last summer, even taking into account seasonal adjustments. Lenders have become more accommodating, yet credit remains fairly tight, as does the supply of homes. |
• | Two popular measures of consumer confidence, indices maintained by the Conference Boardi and the University of Michiganii, have diverged somewhat in recent months. However, both indices report confidence fairly close to levels seen last summer despite improvements in the labor market, excellent stock returns, and an expanding economy. The early-May reading of the University of Michigan surveyii saw a 2.7% decline from April 2014 levels, while the consensus projected a 3.3% increase. One number does not a trend make, but the University of Michigan data can only be called disappointing. |
ihttp://www.conference-board.org/
iihttp://www.sca.isr.umich.edu/
Many of the recent problems stem directly from the harsh winter weather we have endured which pushed first quarter GDP down by 1%. We expect that a rebound from this will take place in the second quarter which should be followed by a resumption of modest growth rates in the 2.5 to 3.0% range. Given this outlook, we expect to see stocks outperform bonds but fears of a major rise in interest rates are also probably overblown.
The Bond Markets
In the year ended April 30, the Barclays U.S. Aggregate Bond Index1 delivered a -0.26% return, with the majority of the bond market performing at a lackluster level. Blame Treasuries for the Aggregate Bond Index’s negative return, as the Barclays U.S. Treasury Bond Index2 returned -1.59% for the year ended April. In contrast, Barclays indices for mortgage-backed, corporate, and municipal bonds all managed positive returns, albeit below 0.60%.
While the statements above are unequivocally accurate, investors who stop at the raw numbers will miss a big part of the picture – bond investors suffered their pain in 2013; so far, 2014 has proven friendlier.
PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)
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The 10-year Treasury bond yielded 1.70% at the end of April 2013 and ended the year at 3.04%. By the end of April 2014, the T-bond yield had fallen to 2.67%, and as of May 28th it yielded 2.44%. Corporate bonds have traced similar, if less steep, paths. These yields reflect a solid recovery this year, which in turn tells us that the Federal Reserve’s tapering of bond purchases hasn’t had the deleterious effect some pundits projected.
On April 30, the Federal Reserve (the “Fed”) Open Market Committee reduced its monthly bond purchases another $10 billion to $45 billion, down from $85 billion for most of last year. At this pace, the Fed may stop buying bonds before the end of 2014. While new Fed Chair Janet Yellen shocked the market in March when she said the Fed could start raising interest rates just six months after the end of quantitative easing3, subsequent statements suggest the central bank hasn’t set a hard target.
In recent months, the Fed has signaled expectations roughly in line with the consensus, which suggests the federal funds rate won’t rise until the second half of 2015. “Doves” continue to call the shots at the Fed, and it’s tough to predict how markets would react if the bankers changed their tone.
For the 12-month reporting period May 1, 2013 through April 30, 2014, certain Barclays indices performed as follows4:
Barclays U.S. Aggregate Bond Index | Barclays U.S. Treasury Bond Index |
Barclays | Barclays U.S. Credit Bond Index6 | Barclays Municipal Bond Index7 | ||||||||||||||
-0.26% | -1.59% | 0.59% | 0.41% | 0.50% |
The Stock Markets
Few investors who owned a diversified stock portfolio at the start of last May and held it through the end of April 2014 should complain. The S&P 500 Index8 of large-cap stocks returned 20.44% during that 12-month period. Most segments of the U.S. stock market shared in the wealth, with the small-cap Russell 2000 Index9 returning 20.50%.
Among large-cap stocks, growth slightly outperformed value. Smaller stocks showed more of a growth bias (Russell 2000 Growth Index10 up 21.46% versus 19.61% for the Russell 2000 Value Index11). But when your lagging group manages an annual return of more than 19%, you’ve enjoyed a good year.
Even foreign stocks provided investors with solid gains – at least in developed markets. The MSCI All Country World ex-US Index12 returned 9.76% over the last year, while the MSCI EAFE (Europe, Australasia, Far East) Index13 of large-cap and midcap stocks from developed markets returned 13.35%. However, the MSCI Emerging Markets Index14 delivered a -1.84% return.
Most of the stock gains racked up in the 12 months ended April 2014 came during the last eight months of 2013. The S&P 500 managed to set eight new all-time closing highs during the first four months of 2014, yet exited April up less than 3% from its level at the end of 2013. The sluggishness during this period has probably contributed to weakness in both consumer and investor sentiment.
The American Association of Individual Investors Sentiment Survey for the week ending May 21st, 2014, found 43% of investors neutral on the stock market, well above the long-run average of 31%. While bullishness has risen and bearishness fallen in recent weeks, percentages for both extremes remain below typical levels. The unusually large number of “neutrals” bespeaks a lack of confidence in the market, feelings not unexpected given lackluster year-to-date returns.
With the U.S. stock market looking for leadership, investors should keep an eye out for groups making strong moves. A large pack of investors uncertain about the market’s direction can quickly transform into a stampede – in any direction.
For the 12-month reporting period May 1, 2013 through April 30, 2014, certain stock market indices performed as follows:
S&P 500 Index | Dow Jones Industrial Average15 | NASDAQ Composite Index16 |
MSCI All Country | |||||||||||
20.44% | 14.44% | 25.20% | 9.76% |
April 30, 2014 (unaudited) / PRESIDENT’S MESSAGE
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The Trust, with assets of $12.5 billion as of April 30, 2014, gives investors access to every major asset class and sector. Whether you are looking to pay for a comfortable retirement, fund a child’s higher education, pursue tax-free income17, 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.18
Sincerely,
Sam Guerrieri
President
May 28, 2014
For more complete information, please download the Funds’ prospectus which is available on wilmingtonfunds.com, or call 1-800-836-2211 for a copy. You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds’ prospectus, which you should read carefully before investing.
Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.
All investments involve risk, including the possible loss of principal. Equity Securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.
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. | Barclays U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index. |
2. | Barclays U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index. |
3. | Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative Easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity. |
4. | Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. |
5. | Barclays U.S. Mortgage Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index. |
6. | Barclays U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index. |
7. | Barclays Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index. |
8. | The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index. |
9. | 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. The index is unmanaged and investments cannot be made directly in an index. |
10. | 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-value 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. |
11. | The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. |
12. | MSCI All Country World ex-US (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices. The index is unmanaged and investments cannot be made directly in an index. |
PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)
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13. | MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. |
14. | MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and investments cannot be made directly in an index. |
15. | 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. |
16. | 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. |
17. | Income generated by tax-free funds may be subject to the federal alternative minimum tax and state and local taxes. |
18. | Diversification does not assure a profit nor protect against loss. |
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, 2014 (unaudited) / PRESIDENT’S MESSAGE
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WILMINGTON BROAD MARKET BOND FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of -0.03%* for Class A Shares and 0.16%* for Class I Shares, versus its benchmark, the Barclays Capital U.S. Aggregate Bond Index**, which had a total return of -0.26%, and its peer group, the Lipper Corporate A-Rated Debt Funds Average***, which had a total return of -0.26%.
The bond market suffered its worst year since 1994 as interest rates rose, the economy continued to recover and the Federal Reserve (the “Fed”) began to taper its quantitative easing program. The corporate bond market continued to be a bright spot as investors sought higher yielding securities to lessen the pain of higher interest rates. For 2013, the corporate bond market posted its 4th best year as measured by excess return over U.S. Treasuries.
Economic growth for the 12-month period ended March 31, 2014 was an unremarkable 2.3% as measured by the GDP (gross domestic product). The 1st quarter of 2014 growth rate was 0.1%, which suffered harshly from the cold weather’s negative impact on the economy. Expectations are that economic growth will pick up for the remainder of 2014 as the weather improves. The labor market continued to heal from the financial crisis. For the past fiscal year ended April 30, 2014, the unemployment rate fell from 7.5% to 6.3%, the lowest level since the beginning of the financial crisis in 2008. The economy produced approximately 200,000 jobs per month, which was a slight improvement from the prior year. While housing prices continued to move higher, new home sales slowed as higher mortgage rates and higher prices caused housing affordability to decline. Auto sales were the strongest since 2007 as consumer confidence continued to increase.
Inflation remained below the Fed’s speed limit of 2%; the core consumer price index is up 1.8% for the past year. Wage growth also remains anemic, increasing at only a 2% annualized rate over the past year as there are more workers than jobs to go around.
The Fed was the catalyst for higher interest rates as former Fed chairman Ben Bernanke announced in May of 2013 that the Fed could begin tapering its asset purchase program in the fall of 2013. The Fed’s Open Market Committee (FOMC) statement from their June meeting acknowledged that “the downside risks to the outlook for the economy and labor market as having diminished.” The Fed began to taper its purchases in December 2013 and has continued to reduce its purchases at each subsequent meeting. Currently, the Fed is purchasing $45 billion of securities per month, down from a peak of $85 billion per month. For the fiscal year ended April 30, 2014, intermediate interest rates are approximately one percent higher than where they started the fiscal year. The 10-Year U.S. Treasury yield at April 30 was 2.67%. The 2-Year U.S. Treasury yield rose only 0.2% during the same period to a yield of 0.42%. The short end of the yield curve remains anchored by the Fed’s commitment to maintain a highly accommodative monetary policy and a low Federal Funds rate, for some time after the Fed completes its asset purchase program.
The corporate bond market continued to benefit as investors sought higher yields. The average risk premium, as measured by the Barclays U.S. Corporate Bond Index declined by 34 basis points to 101 basis
points for the average investment grade bond over the past fiscal year. For the 2nd consecutive year, the market absorbed record issuance. In September 2013, Verizon issued a record $49 billion of bonds to finance its purchase of the portion of Verizon Wireless that it did not already own from Vodafone. The prior record corporate bond issuance came from Apple and totaled only $17 billion.
Looking forward, we expect economic growth to pick up from the weather induced slowdown of the quarter ended March 31, 2014. We also expect inflation to remain benign and the Fed to continue to taper its asset purchase program and conclude its purchases by December 2014. With respect to interest rates, we do expect them to move higher in anticipation of the Fed raising short-term interest rates in either 2015 or in 2016.
The Fund’s outperformance can be attributed to the decision to remain overweight with respect to the corporate sector of the bond market. One of the Fund’s guiding philosophies is to construct a portfolio with a higher yield than the benchmark. By having a larger allocation to the higher yielding corporate sector, the Fund was able to achieve this goal. The Fund also maintained an underweight allocation to the mortgage backed sector given that the Fed was reducing their purchases of these securities under their quantitative easing policy. The significance of the Fed buying less is that private investors must replace the Fed’s buying and we expect these investors to require a higher yield than the Fed. Over the past year, the corporate sector provided more excess returns than the mortgage backed sector. Thus, the decision to overweight the corporate sector while underweighting the mortgage sector aided performance.
Although the Fund maintained a slightly shorter average maturity for the portfolio versus the benchmark as interest rates rose last year, this strategy provided only minimal benefits. We did not want to be much shorter than the benchmark’s duration given the yield advantage provided by the steepness of the yield curve.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.53%, 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. |
April 30, 2014 (unaudited) / ANNUAL REPORT
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*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.
Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity.
GDP (gross domestic product) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.
Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.
The Barclays U.S. Corporate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements.
Basis Points (BPS) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.
ANNUAL REPORT / April 30, 2014 (unaudited)
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WILMINGTON BROAD MARKET BOND FUND – CLASS A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Broad Market Bond Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”).2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
| -4.53%
| |
5 Years
| 4.95%
| |
10 Years
| 3.85%
|
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50% for Class A.
Annual Operating Expense Ratio
Before Waivers
| 1.17%
| |
After Waivers
| 1.00%
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BCAB assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
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WILMINGTON BROAD MARKET BOND FUND – CLASS I
The graph below illustrates the hypothetical investment of $1,000,0001.2 in the Wilmington Broad Market Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital Aggregate Bond Index (“BCAB”).2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
| 0.16%
| |
5 Years
| 6.25%
| |
10 Years
| 4.60%
|
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
| 0.92%
| |
After Waivers
| 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 $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BCAB assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged. |
ANNUAL REPORT / April 30, 2014 (unaudited)
5 |
WILMINGTON INTERMEDIATE-TERM BOND FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Intermediate-Term Bond Fund (the “Fund”) had a total return of -0.40%* for Class A Shares, and -0.09%* for Class I Shares, versus its benchmark, the Barclays Capital Intermediate U.S. Government/Credit Bond Index**, which had a total return of -0.24% and its peer group, the Lipper Short-Intermediate Investment Grade Debt Funds Average***, which had a total return of 0.24%.
The bond market suffered its worst year since 1994 as interest rates rose, the economy continued to recover and the Federal Reserve (the “Fed”) began to taper its quantitative easing program. The corporate bond market continued to be a bright spot as investors sought higher yielding securities to lessen the pain of higher interest rates. For 2013, the corporate bond market posted its 4th best year as measured by excess return over U.S. Treasuries.
Economic growth for the 12-month period ended March 31, 2014 was an unremarkable 2.3% as measured by the GDP (gross domestic product). The 1st quarter of 2014 growth rate was 0.1%, which suffered harshly from the cold weather’s negative impact on the economy. Expectations are that economic growth will pick up for the remainder of 2014 as the weather improves. The labor market continued to heal from the financial crisis. For the past fiscal year ended April 30, 2014, the unemployment rate fell from 7.5% to 6.3%, the lowest level since the beginning of the financial crisis in 2008. The economy produced approximately 200,000 jobs per month, which was a slight improvement from the prior year. While housing prices continued to move higher, new home sales slowed as higher mortgage rates and higher prices caused housing affordability to decline. Auto sales were the strongest since 2007 as consumer confidence continued to increase.
Inflation remained below the Fed’s speed limit of 2%; the core consumer price index is up 1.8% for the past year. Wage growth also remains anemic, increasing at only a 2% annualized rate over the past year as there are more workers than jobs to go around.
The Fed was the catalyst for higher interest rates as former Fed chairman Ben Bernanke announced in May of 2013 that the Fed could begin tapering its asset purchase program in the fall of 2013. The Fed’s Open Market Committee (FOMC) statement from their June meeting acknowledged that “the downside risks to the outlook for the economy and labor market as having diminished.” The Fed began to taper its purchases in December 2013 and has continued to reduce its purchases at each subsequent meeting. Currently, the Fed is purchasing $45 billion of securities per month, down from a peak of $85 billion per month. For the fiscal year ended April 30, 2014, intermediate interest rates are approximately one percent higher than where they started the fiscal year. The 10-Year U.S. Treasury yield at April 30 was 2.67%. The 2-Year U.S. Treasury yield rose only 0.2% during the same period to a yield of 0.42%. The short end of the yield curve remains anchored by the Fed’s commitment to maintain a highly accommodative monetary policy and a low Federal Funds rate, for some time after the Fed completes its asset purchase program.
The corporate bond market continued to benefit as investors sought higher yields. The average risk premium, as measured by the Barclays
U.S. Corporate Bond Index declined by 34 basis points to 101 basis points for the average investment grade bond over the past fiscal year. For the 2nd consecutive year, the market absorbed record issuance. In September 2013, Verizon issued a record $49 billion of bonds to finance its purchase of the portion of Verizon Wireless that it did not already own from Vodafone. The prior record corporate bond issuance came from Apple and totaled only $17 billion.
Looking forward, we expect economic growth to pick up from the weather induced slowdown of the quarter ended March 31, 2014. We also expect inflation to remain benign and the Fed to continue to taper its asset purchase program and conclude its purchases by December 2014. With respect to interest rates, we do expect them to move higher in anticipation of the Fed raising short-term interest rates in either 2015 or in 2016.
The outperformance of the Fund relative to the benchmark can primarily be attributed to the Fund’s overweight position in corporate bonds. Throughout the fiscal year, the Fund maintained a higher allocation to credit than the benchmark index. Excess returns for the Barclays U.S. Credit Index were a strong 1.19% over the fiscal year. Excess returns for credit were driven by the 5-10 year segment of the yield curve, significantly outperforming the 1-5 year segment. This was a modest drag on the Fund’s performance given the overweight to credit was heaviest in the 1-5 year part of the yield curve.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.89%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Barclays Capital Intermediate U.S, Government/Credit Bond Index is a widely recognized, market value weighted index of U.S. Treasury securities, U.S. government agency obligations, corporate debt securities, Yankee bonds and non-convertible corporate debt securities issued by or guaranteed by foreign governments and agencies. The index is unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.
Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or
April 30, 2014 (unaudited) / ANNUAL REPORT
6 |
other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity.
GDP (gross domestic product) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.
Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.
The Barclays U.S. Corporate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements.
Basis Points (BPS) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.
The Barclays U.S. Credit Index comprises the U.S. Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities. The U.S. Credit Index was called the U.S. Corporate Investment Grade Index until July 2000, when it was renamed to reflect its inclusion of both corporate and non-corporate issuers.
ANNUAL REPORT / April 30, 2014 (unaudited)
7 |
WILMINGTON INTERMEDIATE-TERM BOND FUND – Class A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Intermediate-Term Bond Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”).2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
| -4.89%
| |
5 Years
| 3.85%
| |
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. Total returns shown include the maximum sales charge of 4.50% for Class A.
Annual Operating Expense Ratio
Before Waivers
| 1.14%
| |
After Waivers
| 0.95%
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BCIGC assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
8 |
WILMINGTON INTERMEDIATE-TERM BOND FUND – Class I
The graph below illustrates the hypothetical investment of $1,000,0001.2 in the Wilmington Intermediate-Term Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”).2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
| -0.09%
| |
5 Years
| 5.12%
| |
10 Years
| 4.66%
|
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers
| 0.89%
| |
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 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BCIGC assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged. |
ANNUAL REPORT / April 30, 2014 (unaudited)
9 |
WILMINGTON SHORT-TERM CORPORATE BOND FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Short-Term Corporate Bond Fund (the “Fund”) had a total return of 0.68%* for Class A Shares and 0.90%* for Class I Shares, versus its benchmark, the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index**, which had a total return of 0.69%, and its peer group, the Lipper Short Investment Grade Debt Funds Average***, which had a total return of 0.58%.
The bond market suffered its worst year since 1994 as interest rates rose, the economy continued to recover and the Federal Reserve (the “Fed”) began to taper its quantitative easing program. The corporate bond market continued to be a bright spot as investors sought higher yielding securities to lessen the pain of higher interest rates. For 2013, the corporate bond market posted its 4th best year as measured by excess return over U.S. Treasuries.
Economic growth for the 12-month period ended March 31, 2014 was an unremarkable 2.3% as measured by the GDP (gross domestic product). The 1st quarter of 2014 growth rate was 0.1%, which suffered harshly from the cold weather’s negative impact on the economy. Expectations are that economic growth will pick up for the remainder of 2014 as the weather improves. The labor market continued to heal from the financial crisis. For the past fiscal year ended April 30, 2014, the unemployment rate fell from 7.5% to 6.3%, the lowest level since the beginning of the financial crisis in 2008. The economy produced approximately 200,000 jobs per month, which was a slight improvement from the prior year. While housing prices continued to move higher, new home sales slowed as higher mortgage rates and higher prices caused housing affordability to decline. Auto sales were the strongest since 2007 as consumer confidence continued to increase.
Inflation remained below the Fed’s speed limit of 2%; the core consumer price index is up 1.8% for the past year. Wage growth also remains anemic, increasing at only a 2% annualized rate over the past year as there are more workers than jobs to go around.
The Fed was the catalyst for higher interest rates as former Fed chairman Ben Bernanke announced in May of 2013 that the Fed could begin tapering its asset purchase program in the fall of 2013. The Fed’s Open Market Committee (FOMC) statement from their June meeting acknowledged that “the downside risks to the outlook for the economy and labor market as having diminished.” The Fed began to taper its purchases in December 2013 and has continued to reduce its purchases at each subsequent meeting. Currently, the Fed is purchasing $45 billion of securities per month, down from a peak of $85 billion per month. For the fiscal year ended April 30, 2014, intermediate interest rates are approximately one percent higher than where they started the fiscal year. The 10-Year U.S. Treasury yield at April 30 was 2.67%. The 2-Year U.S. Treasury yield rose only 0.2% during the same period to a yield of 0.42%. The short end of the yield curve remains anchored by the Fed’s commitment to maintain a highly accommodative monetary policy and a low Federal Funds rate, for some time after the Fed completes its asset purchase program.
The corporate bond market continued to benefit as investors sought higher yields. The average risk premium, as measured by the Barclays
U.S. Corporate Bond Index declined by 34 basis points to 101 basis points for the average investment grade bond over the past fiscal year. For the 2nd consecutive year, the market absorbed record issuance. In September 2013, Verizon issued a record $49 billion of bonds to finance its purchase of the portion of Verizon Wireless that it did not already own from Vodafone. The prior record corporate bond issuance came from Apple and totaled only $17 billion.
Looking forward, we expect economic growth to pick up from the weather induced slowdown of the quarter ended March 31, 2014. We also expect inflation to remain benign and the Fed to continue to taper its asset purchase program and conclude its purchases by December 2014. With respect to interest rates, we do expect them to move higher in anticipation of the Fed raising short-term interest rates in either 2015 or in 2016.
Over the course of the last year, the Fund continued to overweight higher yielding sectors of the investment grade corporate bond universe as the global search for yield continued unabated. The Fund maintained a high allocation to the finance sector versus the industrial and utility sectors relative to the Fund’s benchmark. This overweight was initiated given our expectation that the finance sector would revert to trading more expensively than its industrial counterpart; a trend that we viewed temporarily broken after the financial crisis. The Fund’s overweight in the finance sector was expressed by allocations to regional banks, insurance companies, and Real Estate Investment Trusts (REITs). Towards the end of the fiscal year, the Fund began to overweight bonds with maturities greater than three years as well as overweight investment grade floating rate notes (FRNs), anticipating a flatter yield curve. Concurrently, the Fund began to underweight the two years portion of the yield curve. This activity resulted in a “barbelled” portfolio structure. The Fund’s overweight in higher yielding corporates as well as the “barbelled” portfolio structure added to its outperformance. Over the course of the year, the Fund maintained a duration posture that was slightly shorter versus the benchmark index, as we anticipated a higher interest rate environment. Going forward, we expect a higher interest rate environment as well as a flatter yield curve. Therefore, we expect to continue to increase our allocation to FRNs, as well as to position the Fund’s portfolio in such a way as to benefit from a flatter yield curve.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -1.04%, 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. |
April 30, 2014 (unaudited) / ANNUAL REPORT
10 |
** | The Barclays Capital 1-3 Year U.S. Government/Credit Bond Index is an index that captures funds with exposures to both government and commercial credit. The index is unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity.
GDP (gross domestic product) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.
Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.
The Barclays U.S. Corporate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements.
Basis Points (BPS) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.
ANNUAL REPORT / April 30, 2014 (unaudited)
11 |
WILMINGTON SHORT-TERM
CORPORATE BOND FUND – CLASS A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Short-Term Corporate Bond Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BC1-3GCB”).2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
-1.04%
| |
5 Years
|
1.99%
| |
10 Years
|
2.66%
|
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 1.75% for Class A.
Annual Operating Expense Ratio
Before Waivers
|
1.21%
| |
After Waivers
|
0.86%
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 1.75% ($10,000 investment minus $175 sales charge = $9,825). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BC1-3GCB assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
12 |
WILMINGTON SHORT-TERM CORPORATE BOND FUND – CLASS I
The graph below illustrates the hypothetical investment of $1,000,0001.2 in the Wilmington Short-Term Corporate Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BC1-3GCB”).2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
0.90%
| |
5 Years
|
2.59%
| |
10 Years
|
3.05%
|
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers
|
0.96%
| |
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 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BC1-3GCB assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged. |
ANNUAL REPORT / April 30, 2014 (unaudited)
13 |
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Short Duration Government Bond Fund (the “Fund”) had a total return of -0.47%* for Class A Shares, and -0.21%* for Class I Shares, versus its benchmark, the Barclays Capital 1-3 Year U.S. Government Bond Index**, which had a total return of 0.43%, and its peer group, the Lipper Short U.S. Government Bond Funds Average***, which had a total return of -0.18%.
The bond market suffered its worst year since 1994 as interest rates rose, the economy continued to recover and the Federal Reserve (the “Fed”) began to taper its quantitative easing program. The corporate bond market continued to be a bright spot as investors sought higher yielding securities to lessen the pain of higher interest rates. For 2013, the corporate bond market posted its 4th best year as measured by excess return over U.S. Treasuries.
Economic growth for the 12-month period ended March 31, 2014 was an unremarkable 2.3% as measured by the GDP (gross domestic product). The 1st quarter of 2014 growth rate was 0.1%, which suffered harshly from the cold weather’s negative impact on the economy. Expectations are that economic growth will pick up for the remainder of 2014 as the weather improves. The labor market continued to heal from the financial crisis. For the past fiscal year ended April 30, 2014, the unemployment rate fell from 7.5% to 6.3%, the lowest level since the beginning of the financial crisis in 2008. The economy produced approximately 200,000 jobs per month, which was a slight improvement from the prior year. While housing prices continued to move higher, new home sales slowed as higher mortgage rates and higher prices caused housing affordability to decline. Auto sales were the strongest since 2007 as consumer confidence continued to increase.
Inflation remained below the Fed’s speed limit of 2%; the core consumer price index is up 1.8% for the past year. Wage growth also remains anemic, increasing at only a 2% annualized rate over the past year as there are more workers than jobs to go around.
The Fed was the catalyst for higher interest rates as former Fed chairman Ben Bernanke announced in May of 2013 that the Fed could begin tapering its asset purchase program in the fall of 2013. The Fed’s Open Market Committee (FOMC) statement from their June meeting acknowledged that “the downside risks to the outlook for the economy and labor market as having diminished.” The Fed began to taper its purchases in December 2013 and has continued to reduce its purchases at each subsequent meeting. Currently, the Fed is purchasing $45 billion of securities per month, down from a peak of $85 billion per month. For the fiscal year ended April 30, 2014, intermediate interest rates are approximately one percent higher than where they started the fiscal year. The 10-Year U.S. Treasury yield at April 30 was 2.67%. The 2-Year U.S. Treasury yield rose only 0.2% during the same period to a yield of 0.42%. The short end of the yield curve remains anchored by the Fed’s commitment to maintain a highly accommodative monetary policy and a low Federal Funds rate, for some time after the Fed completes its asset purchase program.
The corporate bond market continued to benefit as investors sought higher yields. The average risk premium, as measured by the Barclays
U.S. Corporate Bond Index declined by 34 basis points to 101 basis points for the average investment grade bond over the past fiscal year. For the 2nd consecutive year, the market absorbed record issuance. In September 2013, Verizon issued a record $49 billion of bonds to finance its purchase of the portion of Verizon Wireless that it did not already own from Vodafone. The prior record corporate bond issuance came from Apple and totaled only $17 billion.
Looking forward, we expect economic growth to pick up from the weather induced slowdown of the quarter ended March 31, 2014. We also expect inflation to remain benign and the Fed to continue to taper its asset purchase program and conclude its purchases by December 2014. With respect to interest rates, we do expect them to move higher in anticipation of the Fed raising short-term interest rates in either 2015 or in 2016.
The Fund’s underperformance over the past fiscal year can be attributed to the decision to maintain an allocation to the higher yielding 3 - 5 year portion of the yield curve. As interest rates rose last year, these securities underperformed shorter maturity securities. Offsetting some of this underperformance was the Fund’s allocation to the higher yielding mortgage backed sector which provided excess return even with the Fed reducing its purchases under its quantitative easing program. The Fund also maintained a shorter duration strategy which aided performance slightly as interest rates rose 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 Class A Shares was -2.18%, 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 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. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.
Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity.
April 30, 2014 (unaudited) / ANNUAL REPORT
14 |
GDP (gross domestic product) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.
Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.
The Barclays U.S. Corporate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements.
Basis Points (BPS) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.
ANNUAL REPORT / April 30, 2014 (unaudited)
15 |
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND – CLASS A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Short Duration Government Bond Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital 1-3 Year U.S. Government Bond Index (“BC1-3GB”).2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
| -2.18%
| |
5 Years
| 1.03%
| |
10 Years
| 2.36%
|
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 1.75% for Class A.
Annual Operating Expense Ratio
Before Waivers
| 1.19%
| |
After Waivers
| 0.89%
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 1.75% ($10,000 investment minus $175 sales charge = $9,825). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BC1-3GB assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
16 |
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND – CLASS I
The graph below illustrates the hypothetical investment of $1,000,0001.2 in the Wilmington Short Duration Government Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital 1-3 Year U.S. Government Bond Index (“BC1-3GB”).2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
| -0.21%
| |
5 Years
| 1.63%
| |
10 Years
| 2.77%
|
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers
| 0.94%
| |
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 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BC1-3GB assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged. |
ANNUAL REPORT / April 30, 2014 (unaudited)
17 |
WILMINGTON MUNICIPAL BOND FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Municipal Bond Fund (the “Fund”) had a total return of 0.37%* for Class A Shares and 0.55%* for Class I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 0.97%, and its peer group, the Lipper Intermediate Municipal Debt Funds Average***, which had a total return of -0.15%.
In 2013, municipal bond performance varied depending on investors’ position on the yield curve and portfolios’ geographic exposure. On the whole, municipals delivered at best tepid performance. Going into calendar year-end, investors seemed to be recovering from a dismal summer.
The first two months of 2014 produced remarkable returns, as the yield on the S&P Municipal Bond Index fell to 2.84% by the end of February from 3.31% at the beginning of the year. The broad index produced total returns of 2.11% and 1.26% in January and February, respectively, with price gains accounting for the bulk of those numbers. In March, the S&P Municipal Bond Index’s yield rose only three basis points (0.03%). Despite the slight rise, the benchmark produced a 0.13% return. In April, yields reestablished their downward march, with the S&P Municipal Bond Index ending the fiscal year at 2.71%. This downward march produced another month of strong performance for the S&P Municipal Bond Index at 1.20% and a 2014 year-to-date total return of 4.78%. Moreover, the robust start to 2014 lifted the index’s trailing 12-month performance into positive territory with a 0.47% return. Our benchmark Intermediate index also delivered unusually strong performance, with a 3.62% 2014 year-to-date return and a 0.97% return over the trailing 12-month period.
A slowdown in new issuance served as support in the early part of 2014, as state and local governments were slow to come to market with new deals. Through the end of March 2014, supply totaled approximately $62 billion, down 26% from the same period in 2013. Noteworthy is the drought in refunding supply, which stands at just under $18 billion versus last year’s $37 billion—a 52% decline. Issuance of bonds for new money dipped just 2% to about $31 billion. With most municipal governments having refinanced their eligible outstanding bonds over the past several years, the collapse in refunding issuance has acted as a support to prices thus far in 2014.
Regarding the performance of the S&P municipal indices, we have a brief comment on Puerto Rico. While the Commonwealth was a headwind for performance for most of 2013, the picture brightened during the first quarter of 2014. Puerto Rico represents nearly 2% of the S&P Municipal Bond Intermediate Index, and generated a quarterly total return of 4.69% and contributed almost 8 basis points of the index’s 3.62% return. We have stayed out of Puerto Rico in our centrally managed accounts for more than two years, viewing the problems as mostly socioeconomic, with likely long-range negative consequences. We still believe severe difficulties lie ahead for the Commonwealth and won’t try to market-time this segment. In our view, Puerto Rico remains an extremely volatile theater, though this may change in the future. We will continue to monitor the situation.
The Fund underperformed its benchmark, but outperformed its Lipper peer group. While the Fund and peer group performance are net of operating expenses, the benchmark returns reflect gross returns without any expense impact. The Fund’s higher quality positioning provided mixed results. An underweight to “A” rated bonds hurt relative performance, as “A” rated bonds in general outperformed the overall market. However, due to the poor performance of Puerto Rico bonds, “BBB” rated bonds underperformed the market and our significant underweight positively impacted 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 Class A Shares was -4.16%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | Standard & Poor’s (S&P) Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the Rebalancing Date. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT). The indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indices are unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.
Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk.
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.
Basis Points (BPS) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.
Income may be subject to the federal alternative minimum tax.
April 30, 2014 (unaudited) / ANNUAL REPORT |
18 |
WILMINGTON MUNICIPAL BOND FUND – CLASS A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Municipal Bond Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the S&P Municipal Bond Intermediate Index2.
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
| -4.16%
| |
5 Years
| 4.04%
| |
Start of Performance (12/19/05)
| 3.65%
|
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. Total returns shown include the maximum sales charge of 4.50%.
Annual Operating Expense Ratio
Before Waivers
| 1.16%
| |
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 Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the S&P Municipal Bond Intermediate Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged. |
ANNUAL REPORT / April 30, 2014 (unaudited)
19 |
WILMINGTON MUNICIPAL BOND FUND – CLASS I
The graph below illustrates the hypothetical investment of $1,000,0001.2 in the Wilmington Municipal Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the S&P Municipal Bond Intermediate Index.2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
| 0.55%
| |
5 Years
| 5.25%
| |
10 Years
| 4.19%
|
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers
| 0.91%
| |
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 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the S&P Municipal Bond Intermediate Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
20 |
WILMINGTON MARYLAND MUNICIPAL BOND FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Maryland Municipal Bond Fund (the “Fund”) had a total return of -0.56%* for Class A Shares and -0.38%* for Class I Shares, versus its primary benchmark, the S&P Municipal Bond Intermediate Index** which had a total return of 0.97%, and its peer group, the Lipper Other States Intermediate Municipal Debt Funds Average***, which had a total return of -0.52%.
In 2013, municipal bond performance varied depending on investors’ position on the yield curve and portfolios’ geographic exposure. On the whole, municipals delivered at best tepid performance. Going into calendar year-end, investors seemed to be recovering from a dismal summer.
The first two months of 2014 produced remarkable returns, as the yield on the S&P Municipal Bond Index fell to 2.84% by the end of February from 3.31% at the beginning of the year. The broad index produced total returns of 2.11% and 1.26% in January and February, respectively, with price gains accounting for the bulk of those numbers. In March, the S&P Municipal Bond Index’s yield rose only three basis points (0.03%). Despite the slight rise, the benchmark produced a 0.13% return. In April, yields reestablished their downward march, with the Index ending the fiscal year at 2.71%. This downward march produced another month of strong performance for the Index at 1.20% and a 2014 year-to-date total return of 4.78%. Moreover, the robust start to 2014 lifted the index’s trailing 12-month performance into positive territory with a 0.47% return. Our benchmark Intermediate index also delivered unusually strong performance, with a 3.62% 2014 YTD return and a 0.97% return over the trailing 12-month period.
A slowdown in new issuance served as support in the early part of 2014, as state and local governments were slow to come to market with new deals. Through the end of March 2014, supply totaled approximately $62 billion, down 26% from the same period in 2013. Noteworthy is the drought in refunding supply, which stands at just under $18 billion versus last year’s $37 billion—a 52% decline. Issuance of bonds for new money dipped just 2% to about $31 billion. With most municipal governments having refinanced their eligible outstanding bonds over the past several years, the collapse in refunding issuance has acted as a support to prices thus far in 2014.
Regarding the performance of the S&P municipal indices, we have a brief comment on Puerto Rico. While the Commonwealth was a headwind for performance for most of 2013, the picture brightened during the first quarter of 2014. Puerto Rico represents nearly 2% of the S&P Municipal Bond Intermediate Index, and generated a quarterly total return of 4.69% and contributed almost 8 basis points of the index’s 3.62% return. We have stayed out of Puerto Rico in our centrally managed accounts for more than two years, viewing the problems as mostly socioeconomic, with likely long-range negative consequences. We still believe severe difficulties lie ahead for the Commonwealth and won’t try to market-time this segment. In our view, Puerto Rico remains an extremely volatile theater, though this may change in the future. We will continue to monitor the situation.
The Fund underperformed its benchmark, but outperformed its Lipper peer group. While the Fund and peer group performance are net of management fees, the benchmark returns reflect gross returns without any fee impact. The Fund’s higher quality positioning provided mixed results. An underweight to “A” rated bonds hurt relative performance, as “A” rated bonds in general outperformed the overall market. However, due to the poor performance of Puerto Rico bonds, “BBB” rated bonds underperformed the market and our significant underweight positively impacted relative performance. In addition, the S&P Municipal Bond Intermediate Index is national in scope and the MD portion of the benchmark index returned 0.61% for the 12-month period, underperforming the overall index.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -5.00%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | Standard & Poor’s (S&P) Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the Rebalancing Date. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT). The indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indices are unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
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.
Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk.
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.
Basis Points (BPS) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.
Income may be subject to the federal alternative minimum tax.
ANNUAL REPORT / April 30, 2014 (unaudited) |
21 |
WILMINGTON MARYLAND MUNICIPAL BOND FUND – CLASS A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Maryland Municipal Bond Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the S&P Municipal Bond Intermediate Index.2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
| -5.00%
| |
5 Years
| 3.15%
| |
10 Years
| 2.97%
|
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50% for Class A.
Annual Operating Expense Ratio
Before Waivers
| 1.20%
| |
After Waivers
| 0.96%
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the S&P Municipal Bond Intermediate Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
22 |
WILMINGTON MARYLAND MUNICIPAL BOND FUND – CLASS I
The graph below illustrates the hypothetical investment of $1,000,0001.2 in the Wilmington Maryland Municipal Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the S&P Municipal Bond Intermediate Index.2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
| -0.38%
| |
5 Years
| 4.35%
| |
10 Years
| 3.63%
|
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
| 0.68%
|
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 $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the S&P Municipal Bond Intermediate Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged. |
ANNUAL REPORT / April 30, 2014 (unaudited)
23 |
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of 0.04%* for Class A Shares and 0.30%* for Class I Shares, versus its primary benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 0.97%, and its peer group, the Lipper New York Intermediate Municipal Debt Funds Average***, which had a total return of -0.49%.
In 2013, municipal bond performance varied depending on investors’ position on the yield curve and portfolios’ geographic exposure. On the whole, municipals delivered at best tepid performance. Going into calendar year-end, investors seemed to be recovering from a dismal summer.
The first two months of 2014 produced remarkable returns, as the yield on the S&P Municipal Bond Index fell to 2.84% by the end of February from 3.31% at the beginning of the year. The broad index produced total returns of 2.11% and 1.26% in January and February, respectively, with price gains accounting for the bulk of those numbers. In March, the S&P Municipal Bond Index’s yield rose only three basis points (0.03%). Despite the slight rise, the benchmark produced a 0.13% return. In April, yields reestablished their downward march, with the Index ending the fiscal year at 2.71%. This downward march produced another month of strong performance for the Index at 1.20% and a 2014 year-to-date total return of 4.78%. Moreover, the robust start to 2014 lifted the Index’s trailing 12-month performance into positive territory with a 0.47% return. Our benchmark intermediate index also delivered unusually strong performance, with a 3.62% 2014 YTD return and a 0.97% return over the trailing 12-month period.
A slowdown in new issuance served as support in the early part of 2014, as state and local governments were slow to come to market with new deals. Through the end of March 2014, supply totaled approximately $62 billion, down 26% from the same period in 2013. Noteworthy is the drought in refunding supply, which stands at just under $18 billion versus last year’s $37 billion—a 52% decline. Issuance of bonds for new money dipped just 2% to about $31 billion. With most municipal governments having refinanced their eligible outstanding bonds over the past several years, the collapse in refunding issuance has acted as a support to prices thus far in 2014.
Regarding the performance of the S&P municipal indices, we have a brief comment on Puerto Rico. While the Commonwealth was a headwind for performance for most of 2013, the picture brightened during the first quarter of 2014. Puerto Rico represents nearly 2% of the S&P Municipal Bond Intermediate Index, and generated a quarterly total return of 4.69% and contributed almost 8 basis points of the index’s 3.62% return. We have stayed out of Puerto Rico in our centrally managed accounts for more than two years, viewing the problems as mostly socioeconomic, with likely long-range negative consequences. We still believe severe difficulties lie ahead for the Commonwealth and won’t try to market-time this segment. In our view, Puerto Rico remains an extremely volatile theater, though this may change in the future. We will continue to monitor the situation.
The Fund underperformed its benchmark, but outperformed its Lipper peer group. While the Fund and peer group performance are net of
management fees, the benchmark returns reflect gross returns without any fee impact. The Fund’s higher quality positioning provided mixed results. An underweight to “A” rated bonds hurt relative performance, as “A” rated bonds in general outperformed the overall market. However, due to the poor performance of Puerto Rico bonds, “BBB” rated bonds underperformed the market and our significant underweight positively impacted relative performance. In addition, the S&P Municipal Bond Intermediate Index is national in scope and the NY portion of the benchmark index returned 1.21% for the 12-month period, outperforming the overall index.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.49%, 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. |
** | Standard & Poor’s (S&P) Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the Rebalancing Date. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT). The indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indices are unmanaged and it is not possible to invest directly in an index. |
*** | Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges. |
Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.
Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk.
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.
Basis Points (BPS) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.
Income may be subject to the federal alternative minimum tax.
April 30, 2014 (unaudited) / ANNUAL REPORT |
24 |
WILMINGTON NEW YORK MUNICIPAL BOND FUND – CLASS A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington New York Municipal Bond Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the S&P Municipal Bond Intermediate Index.2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
| -4.49%
| |
5 Years
| 3.11%
| |
10 Years
| 2.94%
|
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
| 1.21%
| |
After Waivers
| 0.85%
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the S&P Municipal Bond Intermediate Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged. |
ANNUAL REPORT / April 30, 2014 (unaudited)
25 |
WILMINGTON NEW YORK MUNICIPAL BOND FUND – CLASS I
The graph below illustrates the hypothetical investment of $1,000,0001.2 in the Wilmington New York Municipal Bond Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the S&P Municipal Bond Intermediate Index.2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
| 0.30%
| |
5 Years
| 4.33%
| |
10 Years
| 3.61%
|
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
| 0.96%
| |
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 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the S&P Municipal Bond Intermediate Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
26 |
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, 2013 to April 30, 2014.
Actual Expenses
This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for
Comparison Purposes
This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning Account Value 11/1/13 | Ending Account Value 4/30/14 | Expenses Paid During Period1 | Annualized Net Expense Ratio2 | |||||
WILMINGTON BROAD MARKET BOND FUND | ||||||||
Actual | ||||||||
Class A | $1,000.00 | $1,019.60 | $4.91 | 0.98% | ||||
Class I | $1,000.00 | $1,020.40 | $3.26 | 0.65% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class A | $1,000.00 | $1,019.93 | $4.91 | 0.98% | ||||
Class I | $1,000.00 | $1,021.57 | $3.26 | 0.65% | ||||
WILMINGTON INTERMEDIATE-TERM BOND FUND | ||||||||
Actual | ||||||||
Class A | $1,000.00 | $1,008.40 | $4.58 | 0.92% | ||||
Class I | $1,000.00 | $1,009.00 | $2.99 | 0.60% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class A | $1,000.00 | $1,020.23 | $4.61 | 0.92% | ||||
Class I | $1,000.00 | $1,021.82 | $3.01 | 0.60% | ||||
WILMINGTON SHORT-TERM CORPORATE BOND FUND | ||||||||
Actual | ||||||||
Class A | $1,000.00 | $1,006.10 | $3.93 | 0.79% | ||||
Class I | $1,000.00 | $1,007.00 | $3.04 | 0.61% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class A | $1,000.00 | $1,020.88 | $3.96 | 0.79% | ||||
Class I | $1,000.00 | $1,021.77 | $3.06 | 0.61% |
ANNUAL REPORT / April 30, 2014 (unaudited)
27 |
Beginning Account Value 11/1/13 | Ending Account Value 4/30/14 | Expenses Paid During Period1 | Annualized Net Expense Ratio2 | |||||
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND | ||||||||
Actual | ||||||||
Class A | $1,000.00 | $1,000.50 | $4.41 | 0.89% | ||||
Class I | $1,000.00 | $1,001.80 | $3.18 | 0.64% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class A | $1,000.00 | $1,020.38 | $4.46 | 0.89% | ||||
Class I | $1,000.00 | $1,021.62 | $3.21 | 0.64% | ||||
WILMINGTON MUNICIPAL BOND FUND | ||||||||
Actual | ||||||||
Class A | $1,000.00 | $1,025.50 | $4.32 | 0.86% | ||||
Class I | $1,000.00 | $1,026.80 | $3.07 | 0.61% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class A | $1,000.00 | $1,020.53 | $4.31 | 0.86% | ||||
Class I | $1,000.00 | $1,021.77 | $3.06 | 0.61% | ||||
WILMINGTON MARYLAND MUNICIPAL BOND FUND | ||||||||
Actual | ||||||||
Class A | $1,000.00 | $1,017.90 | $4.70 | 0.94% | ||||
Class I | $1,000.00 | $1,018.20 | $3.35 | 0.67% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class A | $1,000.00 | $1,020.13 | $4.71 | 0.94% | ||||
Class I | $1,000.00 | $1,021.47 | $3.36 | 0.67% | ||||
WILMINGTON NEW YORK MUNICIPAL BOND FUND | ||||||||
Actual | ||||||||
Class A | $1,000.00 | $1,021.40 | $4.21 | 0.84% | ||||
Class I | $1,000.00 | $1,022.60 | $2.96 | 0.59% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class A | $1,000.00 | $1,020.63 | $4.21 | 0.84% | ||||
Class I | $1,000.00 | $1,021.87 | $2.96 | 0.59% |
(1) | Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period. |
(2) | Expense ratio does not reflect the indirect expenses of the underlying funds in which it invests. |
April 30, 2014 (unaudited) / ANNUAL REPORT
28 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Broad Market Bond Fund
At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):
Percentage of Total Net Assets | ||||
Corporate Bonds | 50.0% | |||
U.S. Treasury | 21.5% | |||
Mortgage-Backed Securities | 19.5% | |||
Commercial Paper | 5.0% | |||
Collateralized Mortgage Obligations | 2.7% | |||
Government Agencies | 2.3% | |||
Enhanced Equipment Trust Certificates | 0.7% | |||
Asset-Backed Securities | 0.6% | |||
Cash Equivalents1 | 5.6% | |||
Other Assets and Liabilities – Net2 | (7.9)% | |||
TOTAL | 100.0% |
Credit Quality Diversification3 | Percentage of Total Net Assets | |||
AAA | 0.9% | |||
AA | 5.2% | |||
A | 13.1% | |||
BBB | 32.0% | |||
BB | 2.3% | |||
D | 0.3% | |||
Not Rated | 12.1% | |||
U.S. Government Agency Securities | 20.5% | |||
U.S. Treasuries | 21.5% | |||
Other Assets and Liabilities – Net2 | (7.9)% | |||
TOTAL | 100.0% |
(1) | Cash Equivalents include investments in a money market fund and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Par Value | Value | ||||||
ASSET-BACKED SECURITIES – 0.6% | ||||||||
FINANCIAL SERVICES – 0.5% | ||||||||
LA Arena Funding LLC, | ||||||||
Series 1999-1, Class A, | $ | 1,005,651 | $ | 1,137,566 | ||||
WHOLE LOAN – 0.1% | ||||||||
SLM Private Education Loan Trust, | ||||||||
Series 2011-A, Class A1, | 347,188 | 350,141 | ||||||
|
| |||||||
TOTAL ASSET-BACKED SECURITIES | ||||||||
(COST $1,352,839) | $ | 1,487,707 | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.7% | ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 0.6% |
| |||||||
Banc of America Commercial Mortgage Trust, | ||||||||
Series 2007-2, Class A2, | 102,969 |
| 104,803 |
Description | Par Value | Value | ||||||
Extended Stay America Trust, | ||||||||
Series 2013-ESH5, Class A15, | $ | 800,000 | $ | 780,094 | ||||
JPMorgan Chase Commercial Mortgage Securities Trust, | ||||||||
Series 2007-CIBC18, Class A4, 5.44%, 6/12/47 | 588,000 | 644,195 | ||||||
|
| |||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) |
| $ | 1,529,092 | |||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.0% |
| |||||||
Series 1988-23, Class C, | 3,122 |
| 3,509 | |||||
Series 2005-29, Class WC, | 59,586 |
| 64,967 | |||||
Series 2012-114, Class VM, | ||||||||
3.50%, 10/25/25 | 2,431,385 | 2,516,384 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) |
| $ | 2,584,860 | |||||
WHOLE LOAN – 1.1% | ||||||||
Banc of America Mortgage Securities, Inc., | ||||||||
Series 2004-A, Class 2A1, | 267,423 |
| 255,415 |
ANNUAL REPORT / April 30, 2014
29 | 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, 4.50%, 6/25/19 | $ | 771,307 | $ | 789,612 | ||||
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.75%, 11/25/35D | 751,158 | 675,742 | ||||||
WaMu Mortgage Pass-Through Certificates, Series 2004-CB1, Class 1A, 5.25%, 6/25/19 | 993,042 | 1,027,511 | ||||||
|
| |||||||
TOTAL WHOLE LOAN | $ | 2,748,280 | ||||||
|
| |||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $7,095,586) |
| $ | 6,862,232 | |||||
COMMERCIAL PAPER – 5.0%¿ | ||||||||
COMMERCIAL PAPER – 5.0% | ||||||||
Johnson Controls, Inc., 0.18%, 5/01/14 | 3,000,000 | 2,999,985 | ||||||
Kroger Co., 0.18%, 5/01/14 | 2,500,000 | 2,499,988 | ||||||
Ryder System, Inc., 0.21%, 5/06/14 | 2,000,000 | 1,999,930 | ||||||
Sysco Corp., 0.10%, 5/01/14•,W | 3,000,000 | 2,999,992 | ||||||
Weatherford International Ltd., Company Guaranteed, 0.65%, 5/01/14•,W | 2,000,000 | 1,999,964 | ||||||
|
| |||||||
TOTAL COMMERCIAL PAPER | $ | 12,499,859 | ||||||
|
| |||||||
TOTAL COMMERCIAL PAPER (COST $12,499,942) |
| $ | 12,499,859 | |||||
CORPORATE BONDS – 50.0% | ||||||||
AEROSPACE & DEFENSE – 1.2% |
| |||||||
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16 | 1,735,000 | 1,852,575 | ||||||
L-3 Communications Corp., Company Guaranteed, 4.75%, 7/15/20 | 1,000,000 | 1,076,589 | ||||||
|
| |||||||
TOTAL AEROSPACE & DEFENSE | $ | 2,929,164 | ||||||
AUTOMOTIVE – 3.2% | ||||||||
Daimler Finance North America LLC, Company Guaranteed, 3.88%, 9/15/21•,W | 250,000 | 266,077 | ||||||
Ford Motor Credit Co., LLC, Sr. Unsecured, 7.00%, 4/15/15 | 250,000 | 264,934 | ||||||
Ford Motor Credit Co., LLC, Sr. Unsecured, 3.00%, 6/12/17 | 1,200,000 | 1,253,300 | ||||||
Ford Motor Credit Co., LLC, Sr. Unsecured, 6.63%, 8/15/17 | 250,000 | 289,054 | ||||||
Ford Motor Credit Co., LLC, Sr. Unsecured, 5.75%, 2/01/21 | 500,000 | 575,302 | ||||||
Ford Motor Credit Co., LLC, Sr. Unsecured, 4.25%, 9/20/22 | 450,000 | 472,695 | ||||||
General Motors Co., Sr. Unsecured, 6.25%, 10/02/43—,W | 2,000,000 | 2,197,500 | ||||||
General Motors Financial Co., Inc., Company Guaranteed, 2.75%, 5/15/16 | 600,000 | 612,000 | ||||||
General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17 | 300,000 | 321,375 |
Description | Par Value | Value | ||||||
Harley-Davidson Funding Corp., Company Guaranteed, 5.75%, 12/15/14S,•,W | $ | 500,000 | $ | 514,693 | ||||
Hyundai Capital America, Company Guaranteed, 4.00%, 6/08/17•,W | 250,000 | 267,099 | ||||||
Hyundai Capital America, Sr. Unsecured, 1.63%, 10/02/15•,W | 250,000 | 252,849 | ||||||
Hyundai Capital America, Sr. Unsecured, 1.88%, 8/09/16•,W | 575,000 | 584,021 | ||||||
Hyundai Capital Services, Inc., Sr. Unsecured, 3.50%, 9/13/17•,W | 250,000 | 262,676 | ||||||
|
| |||||||
TOTAL AUTOMOTIVE | $ | 8,133,575 | ||||||
BEVERAGES – 0.1% |
| |||||||
Diageo Capital PLC, Company Guaranteed, 3.88%, 4/29/43 | 390,000 | 362,397 | ||||||
BUILDING MATERIALS – 0.4% |
| |||||||
Masco Corp., Sr. Unsecured, 4.80%, 6/15/15 | 1,000,000 | 1,039,159 | ||||||
CAPITAL MARKETS – 2.4% |
| |||||||
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19 | 250,000 | 284,556 | ||||||
Charles Schwab Corp., Sr. Unsecured, 2.20%, 7/25/18 | 1,370,000 | 1,391,344 | ||||||
Charles Schwab Corp., Sr. Unsecured, 4.45%, 7/22/20 | 250,000 | 276,831 | ||||||
Goldman Sachs Group, Inc., Sr. Unsecured, 1.44%, 4/30/18D,S | 1,850,000 | 1,877,765 | ||||||
Morgan Stanley, Sr. Unsecured, 1.51%, 2/25/16D,S | 1,050,000 | 1,065,306 | ||||||
Raymond James Financial, Inc., Sr. Unsecured, 4.25%, 4/15/16 | 1,000,000 | 1,062,725 | ||||||
|
| |||||||
TOTAL CAPITAL MARKETS | $ | 5,958,527 | ||||||
COAL – 0.5% | ||||||||
CONSOL Energy, Inc., Company Guaranteed, 8.00%, 4/01/17S | 1,125,000 | 1,170,000 | ||||||
COMMERCIAL BANKS – 4.0% |
| |||||||
BB&T Corp., Sr. Unsecured, MTN, 3.20%, 3/15/16 | 700,000 | 729,975 | ||||||
Capital One Financial Corp., Sr. Unsecured, 2.45%, 4/24/19 | 750,000 | 752,802 | ||||||
Comerica, Inc., Sr. Unsecured, 3.00%, 9/16/15 | 1,300,000 | 1,342,582 | ||||||
Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22 | 1,250,000 | 1,266,446 | ||||||
Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24 | 530,000 | 545,933 | ||||||
Fifth Third Bank/Cincinnati OH, Sr. Unsecured, 1.35%, 6/01/17 | 1,000,000 | 1,001,090 | ||||||
KeyBank NA/Cleveland OH, Sr. Unsecured, BKNT, 1.10%, 11/25/16 | 1,000,000 | 1,003,778 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 30 |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
Morgan Stanley, Sr. Unsecured, 1.09%, 1/24/19D | $ | 810,000 | $ | 813,012 | ||||
PNC Bank N.A., Subordinated Note, 2.95%, 1/30/23 | 350,000 | 339,641 | ||||||
PNC Financial Services Group, Inc., Subordinated, 3.90%, 4/29/24 | 1,500,000 | 1,501,449 | ||||||
Wells Fargo & Co., Sr. Unsecured, 3.68%, 6/15/16D | 500,000 | 529,990 | ||||||
Wells Fargo & Co., Sr. Unsecured, MTN, 1.25%, 2/13/15 | 240,000 | 241,655 | ||||||
|
| |||||||
TOTAL COMMERCIAL BANKS | $ | 10,068,353 | ||||||
COMMERCIAL FINANCE – 0.1% | ||||||||
General Electric Capital Corp., Subordinated Note, 5.30%, 2/11/21 | 250,000 | 283,195 | ||||||
COMPUTERS – 1.2% | ||||||||
Apple, Inc., Sr. Unsecured, 1.05%, 5/05/17 | 1,580,000 | 1,583,561 | ||||||
Hewlett-Packard Co., Sr. Unsecured, 2.20%, 12/01/15 | 500,000 | 511,949 | ||||||
Hewlett-Packard Co., Sr. Unsecured, 3.00%, 9/15/16 | 500,000 | 522,564 | ||||||
Hewlett-Packard Co., Sr. Unsecured, 2.60%, 9/15/17 | 500,000 | 517,316 | ||||||
|
| |||||||
TOTAL COMPUTERS | $ | 3,135,390 | ||||||
CONSUMER FINANCE – 0.3% | ||||||||
American Express Co., Sr. Unsecured, 0.85%, 5/22/18D,S | 655,000 | 659,635 | ||||||
DIVERSIFIED FINANCIAL SERVICES – 3.7% | ||||||||
Bank of America Corp., Sr. Unsecured, 6.50%, 8/01/16 | 1,250,000 | 1,396,630 | ||||||
Bank of America Corp., Sr. Unsecured, 2.00%, 1/11/18 | 1,275,000 | 1,280,645 | ||||||
Bank of America Corp., Sr. Unsecured, MTN, 1.32%, 3/22/18D,S | 1,500,000 | 1,520,244 | ||||||
Citigroup, Inc., Sr. Unsecured, 1.25%, 1/15/16 | 500,000 | 503,314 | ||||||
Citigroup, Inc., Sr. Unsecured, 1.70%, 7/25/16 | 1,155,000 | 1,168,511 | ||||||
Citigroup, Inc., Sr. Unsecured, 4.45%, 1/10/17 | 250,000 | 270,239 | ||||||
Citigroup, Inc., Sr. Unsecured, 6.13%, 5/15/18 | 275,000 | 317,479 | ||||||
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39—,W | 1,000,000 | 1,244,172 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, 2.60%, 1/15/16 | 500,000 | 514,558 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, 6.00%, 1/15/18 | 150,000 | 171,925 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, 4.63%, 5/10/21 | 100,000 | 109,658 | ||||||
JPMorgan Chase Capital XXIII, Limited Guarantee, 1.26%, 5/15/47D,S | 1,000,000 | 785,000 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES | $ | 9,282,375 |
Description | Par Value | Value | ||||||
ELECTRIC – 3.9% | ||||||||
Appalachian Power Co., Sr. Unsecured, 5.00%, 6/01/17 | $ | 1,500,000 | $ | 1,636,772 | ||||
CMS Energy Corp., Sr. Unsecured, 4.25%, 9/30/15 | 2,000,000 | 2,090,981 | ||||||
CMS Energy Corp., Sr. Unsecured, 6.55%, 7/17/17S | 300,000 | 347,701 | ||||||
Dominion Resources, Inc., Series A, Sr. Unsecured, 5.60%, 11/15/16 | 500,000 | 553,688 | ||||||
Dominion Resources, Inc./VA, Sr. Unsecured, 1.25%, 3/15/17 | 960,000 | 961,923 | ||||||
DTE Energy Co., Sr. Unsecured, 3.85%, 12/01/23 | 305,000 | 313,659 | ||||||
Entergy Corp., Sr. Unsecured, 5.13%, 9/15/20 | 1,300,000 | 1,423,380 | ||||||
Exelon Generation Co. LLC, Sr. Unsecured, 6.20%, 10/01/17 | 650,000 | 739,924 | ||||||
FirstEnergy Corp., Series A, Sr. Unsecured, 2.75%, 3/15/18 | 1,285,000 | 1,295,326 | ||||||
System Energy Resources, Inc., 1st Mortgage, 4.10%, 4/01/23 | 500,000 | 513,966 | ||||||
|
| |||||||
TOTAL ELECTRIC | $ | 9,877,320 | ||||||
ENVIRONMENTAL CONTROL – 0.6% | ||||||||
Waste Management, Inc., Company Guaranteed, 2.60%, 9/01/16 | 1,465,000 | 1,522,810 | ||||||
FOOD PRODUCTS – 0.5% | ||||||||
McCormick & Co., Inc., Sr. Unsecured, 5.75%, 12/15/17 | 500,000 | 575,204 | ||||||
McCormick & Co., Inc., Sr. Unsecured, 3.90%, 7/15/21 | 500,000 | 531,969 | ||||||
WM Wrigley Jr. Co., Sr. Unsecured, 1.40%, 10/21/16—,W | 125,000 | 126,032 | ||||||
|
| |||||||
TOTAL FOOD PRODUCTS | $ | 1,233,205 | ||||||
FOOD RETAILING – 0.3% | ||||||||
Kroger Co., Company Guaranteed, 8.00%, 9/15/29 | 500,000 | 657,659 | ||||||
FOREST PRODUCTS & PAPER – 0.8% | ||||||||
International Paper Co., Sr. Unsecured, 5.30%, 4/01/15 | 2,000,000 | 2,086,071 | ||||||
HEALTH CARE PROVIDERS & SERVICES – 0.2% | ||||||||
UnitedHealth Group, Inc., Sr. Unsecured, 6.00%, 6/15/17 | 250,000 | 285,534 | ||||||
UnitedHealth Group, Inc., Sr. Unsecured, 3.95%, 10/15/42 | 290,000 | 270,102 | ||||||
|
| |||||||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
| $ | 555,636 | |||||
HOME FURNISHINGS – 0.9% | ||||||||
Whirlpool Corp., Sr. Unsecured, 6.50%, 6/15/16 | 350,000 | 390,505 |
ANNUAL REPORT / April 30, 2014
31 | PORTFOLIOS OF INVESTMENTS | |
Wilmington Broad Market Bond Fund (continued) |
Description | Par Value | Value | ||||||
Whirlpool Corp., Sr. Unsecured, 4.70%, 6/01/22 | $ | 1,500,000 | $ | 1,619,225 | ||||
Whirlpool Corp., Sr. Unsecured, MTN, 5.15%, 3/01/43 | 210,000 | 220,929 | ||||||
|
| |||||||
TOTAL HOME FURNISHINGS | $ | 2,230,659 | ||||||
INSURANCE – 3.1% | ||||||||
American International Group, Inc., Sr. Unsecured, 3.80%, 3/22/17 | 1,000,000 | 1,071,443 | ||||||
Berkshire Hathaway Finance Corp., Company Guaranteed, 4.30%, 5/15/43 | 425,000 | 415,082 | ||||||
CNA Financial Corp., Sr. Unsecured, 5.75%, 8/15/21 | 1,000,000 | 1,160,599 | ||||||
CNA Financial Corp., Sr. Unsecured, 3.95%, 5/15/24# | 950,000 | 971,499 | ||||||
Lincoln National Corp., Sr. Unsecured, 4.20%, 3/15/22 | 1,000,000 | 1,056,650 | ||||||
MetLife, Inc., Sr. Unsecured, 5.00%, 6/15/15 | 400,000 | 420,354 | ||||||
Principal Financial Group, Inc., Company Guaranteed, 3.30%, 9/15/22 | 250,000 | 246,341 | ||||||
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.00%, 5/12/16 | 1,000,000 | 1,042,956 | ||||||
WR Berkley Corp., Sr. Unsecured, 7.38%, 9/15/19 | 280,000 | 338,542 | ||||||
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22 | 1,000,000 | 1,056,051 | ||||||
|
| |||||||
TOTAL INSURANCE | $ | 7,779,517 | ||||||
MEDIA – 2.6% | ||||||||
CBS Corp., Company Guaranteed, 1.95%, 7/01/17 | 2,000,000 | 2,037,028 | ||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., | ||||||||
Company Guaranteed, 3.50%, 3/01/16 | 500,000 | 522,981 | ||||||
NBCUniversal Enterprise, Inc., Company Guaranteed, 0.78%, 4/15/16D,S,—,W | 420,000 | 421,417 | ||||||
TCI Communications, Inc., Sr. Unsecured, 8.75%, 8/01/15 | 400,000 | 441,022 | ||||||
Viacom, Inc., Sr. Unsecured, 5.63%, 9/15/19 | 1,000,000 | 1,150,492 | ||||||
Viacom, Inc., Sr. Unsecured, 3.88%, 12/15/21 | 850,000 | 885,070 | ||||||
Viacom, Inc., Sr. Unsecured, 5.25%, 4/01/44 | 1,000,000 | 1,045,849 | ||||||
|
| |||||||
TOTAL MEDIA | $ | 6,503,859 | ||||||
METALS & MINING – 0.6% | ||||||||
Alcoa, Inc., Sr. Unsecured, 5.72%, 2/23/19 | 550,000 | 603,516 | ||||||
Barrick Gold Corp., Sr. Unsecured, 5.25%, 4/01/42 | 1,000,000 | 946,155 | ||||||
|
| |||||||
TOTAL METALS & MINING | $ | 1,549,671 |
Description | Par Value | Value | ||||||
MISCELLANEOUS MANUFACTURING – 2.0% |
| |||||||
Eaton Corp., Company Guaranteed, 4.00%, 11/02/32 | $ | 400,000 | $ | 393,126 | ||||
GE Capital Trust I, Limited Guaranteed, 6.38%, 11/15/67D | 1,000,000 | 1,111,250 | ||||||
Illinois Tool Works, Inc., Sr. Unsecured, 3.50%, 3/01/24 | 1,235,000 | 1,249,507 | ||||||
Ingersoll-Rand Co., Series B, Company Guaranteed, MTN, | 900,000 | 1,018,653 | ||||||
John Deere Capital Corp., Sr. Unsecured, MTN, 1.40%, 3/15/17 | 250,000 | 252,592 | ||||||
Textron, Inc., Sr. Unsecured, 6.20%, 3/15/15 | 500,000 | 523,967 | ||||||
Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21 | 480,000 | 490,957 | ||||||
|
| |||||||
TOTAL MISCELLANEOUS MANUFACTURING | $ | 5,040,052 | ||||||
OIL & GAS – 5.1% | ||||||||
Anadarko Finance Co., | ||||||||
Series B, Company Guaranteed, | 1,000,000 | 1,337,329 | ||||||
Anadarko Petroleum Corp., Sr. Unsecured, 5.95%, 9/15/16 | 225,000 | 250,869 | ||||||
Canadian Natural Resources Ltd., Sr. Unsecured, 0.61%, 3/30/16D | 1,000,000 | 1,001,718 | ||||||
Exxon Mobil Corp., Sr. Unsecured, 1.82%, 3/15/19 | 925,000 | 927,788 | ||||||
Husky Energy, Inc., Sr. Unsecured, 4.00%, 4/15/24 | 480,000 | 495,567 | ||||||
Murphy Oil Corp., Sr. Unsecured, 5.13%, 12/01/42 | 1,000,000 | 970,939 | ||||||
Nabors Industries, Inc., Company Guaranteed, 2.35%, 9/15/16—,W | 800,000 | 817,973 | ||||||
Nabors Industries, Inc., Company Guaranteed, 4.63%, 9/15/21 | 500,000 | 525,328 | ||||||
ONEOK Partners LP, Company Guaranteed, 6.20%, 9/15/43 | 1,000,000 | 1,181,234 | ||||||
Pacific Gas & Electric Co., Sr. Unsecured, 3.75%, 2/15/24 | 615,000 | 626,180 | ||||||
Petrobras Global Finance BV, Company Guaranteed, 2.00%, 5/20/16 | 680,000 | 680,828 | ||||||
Petrobras Global Finance BV, Company Guaranteed, 2.59%, 3/17/17D | 165,000 | 167,063 | ||||||
Phillips 66, Company Guaranteed, 2.95%, 5/01/17 | 1,250,000 | 1,309,575 | ||||||
Sempra Energy, Sr. Unsecured, 6.50%, 6/01/16 | 500,000 | 557,352 | ||||||
Sunoco, Inc., Company Guaranteed, 9.63%, 4/15/15 | 550,000 | 594,094 | ||||||
Transocean, Inc., Company Guaranteed, 4.95%, 11/15/15 | 450,000 | 477,666 | ||||||
Transocean, Inc., Company Guaranteed, 5.05%, 12/15/16 | 1,000,000 | 1,088,153 | ||||||
|
| |||||||
TOTAL OIL & GAS | $ | 13,009,656 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 32 |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
OIL & GAS FIELD SERVICES – 0.4% |
| |||||||
Weatherford International Ltd., Company Guaranteed, 6.00%, 3/15/18 | $ | 1,000,000 | $ | 1,143,929 | ||||
PHARMACEUTICALS – 1.4% | ||||||||
AbbVie, Inc., Sr. Unsecured, 4.40%, 11/06/42 | 460,000 | 464,956 | ||||||
McKesson Corp., Sr. Unsecured, 1.29%, 3/10/17 | 460,000 | 461,198 | ||||||
Novartis Capital Corp., Company Guaranteed, 4.40%, 5/06/44 | 2,135,000 | 2,190,969 | ||||||
Zoetis, Inc., Sr. Unsecured, 4.70%, 2/01/43 | 400,000 | 408,002 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS | $ | 3,525,125 | ||||||
PIPELINES – 2.3% |
| |||||||
Buckeye Partners LP, Sr. Unsecured, 2.65%, 11/15/18 | 1,145,000 | 1,143,108 | ||||||
Energy Transfer Partners LP, Sr. Unsecured, 3.60%, 2/01/23# | 870,000 | 847,760 | ||||||
Enterprise Products Operating LLC, Series B, Company Guaranteed, 7.03%, 1/15/68D | 2,000,000 | 2,282,500 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., Sr. Unsecured, 3.65%, 6/01/22 | 1,000,000 | 1,024,740 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., Sr. Unsecured, 3.85%, 10/15/23 | 400,000 | 404,798 | ||||||
|
| |||||||
TOTAL PIPELINES | $ | 5,702,906 | ||||||
REAL ESTATE INVESTMENT TRUSTS – 4.3% |
| |||||||
American Tower Corp., Sr. Unsecured, 3.40%, 2/15/19 | 1,000,000 | 1,034,383 | ||||||
American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24 | 415,000 | 442,122 | ||||||
BioMed Realty LP, Company Guaranteed, 3.85%, 4/15/16 | 1,000,000 | 1,051,185 | ||||||
Boston Properties LP, Sr. Unsecured, 5.00%, 6/01/15 | 650,000 | 680,595 | ||||||
CommonWealth REIT, Sr. Unsecured, 6.65%, 1/15/18 | 500,000 | 557,984 | ||||||
Digital Realty Trust LP, Company Guaranteed, 4.50%, 7/15/15 | 1,000,000 | 1,033,558 | ||||||
HCP, Inc., Sr. Unsecured, 4.20%, 3/01/24 | 450,000 | 463,566 | ||||||
HCP, Inc., Sr. Unsecured, MTN, 6.30%, 9/15/16 | 500,000 | 560,934 | ||||||
Health Care REIT, Inc., Sr. Unsecured, 5.25%, 1/15/22 | 250,000 | 277,350 | ||||||
Mack-Cali Realty LP, Sr. Unsecured, 2.50%, 12/15/17 | 2,215,000 | 2,238,805 | ||||||
Mack-Cali Realty LP, Sr. Unsecured, 7.75%, 8/15/19 | 250,000 | 298,531 |
Description | Par Value | Value | ||||||
ProLogis LP, Company Guaranteed, 2.75%, 2/15/19 | $ | 450,000 | $ | 457,083 | ||||
ProLogis LP, Company Guaranteed, 3.35%, 2/01/21 | 1,245,000 | 1,255,586 | ||||||
Ventas Realty LP, Company Guaranteed, 5.70%, 9/30/43 | 380,000 | 440,620 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | $ | 10,792,302 | ||||||
RETAIL – 0.1% |
| |||||||
CVS Caremark Corp., Sr. Unsecured, 5.75%, 6/01/17 | 244,000 | 276,685 | ||||||
TELECOMMUNICATIONS – 1.8% |
| |||||||
Crown Castle Towers LLC, Sr. Secured, 4.17%, 8/15/17—,W | 2,000,000 | 2,132,684 | ||||||
Verizon Communications, Inc., Sr. Unsecured, 1.00%, 6/17/19D | 1,000,000 | 1,009,900 | ||||||
Verizon Communications, Inc., Sr. Unsecured, 6.40%, 9/15/33 | 1,260,000 | 1,524,136 | ||||||
|
| |||||||
TOTAL TELECOMMUNICATIONS | $ | 4,666,720 | ||||||
TRANSPORTATION – 1.1% |
| |||||||
FedEx Corp., Company Guaranteed, 4.90%, 1/15/34 | 500,000 | 527,668 | ||||||
Norfolk Southern Corp., Sr. Unsecured, 5.90%, 6/15/19 | 250,000 | 291,990 | ||||||
Ryder System, Inc., Sr. Unsecured, MTN, 3.15%, 3/02/15 | 300,000 | 306,423 | ||||||
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/17 | 500,000 | 513,362 | ||||||
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/18 | 1,155,000 | 1,180,464 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | $ | 2,819,907 | ||||||
TRUCKING & LEASING – 0.9% |
| |||||||
GATX Corp., Sr. Unsecured, 3.50%, 7/15/16 | 1,500,000 | 1,579,524 | ||||||
GATX Corp., Sr. Unsecured, 5.20%, 3/15/44 | 640,000 | 680,995 | ||||||
|
| |||||||
TOTAL TRUCKING & LEASING | $ | 2,260,519 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (COST $121,388,983) | $ | 126,255,978 | ||||||
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.7% | ||||||||
AIRLINES – 0.7% |
| |||||||
American Airlines 2011-1, Series A, Pass-Through Certificates, 5.25%, 1/31/21 | 406,070 | 442,363 | ||||||
Continental Airlines 2009-2, Series A, Pass-Through Certificates, 7.25%, 11/10/19 | 206,519 | 241,756 | ||||||
Delta Air Lines 2007-1, Series A, Pass-Through Certificates, 6.82%, 8/10/22 | 325,302 | 384,670 |
ANNUAL REPORT / April 30, 2014
33 | PORTFOLIOS OF INVESTMENTS
| |
Wilmington Broad Market Bond Fund (continued) |
Description | Par Value | Value | ||||||
Delta Air Lines 2009-1, | ||||||||
Series A, Pass-Through Certificates, 7.75%, 12/17/19 | $ | 331,557 | $ | 390,408 | ||||
United Air Lines 2009-2A, Pass-Through Certificates, 9.75%, 1/15/17 | 300,487 | 345,748 | ||||||
|
| |||||||
TOTAL AIRLINES | $ | 1,804,945 | ||||||
|
| |||||||
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $1,569,935) |
| $ | 1,804,945 | |||||
GOVERNMENT AGENCIES – 2.3% | ||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.4% |
| |||||||
1.25%, 10/02/19# | 1,300,000 | 1,257,073 | ||||||
1.75%, 5/30/19#,∑ | 2,000,000 | 1,997,676 | ||||||
2.38%, 1/13/22 | 125,000 | 123,409 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) |
| $ | 3,378,158 | |||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.9% |
| |||||||
4.88%, 12/15/16# | 700,000 | 775,326 | ||||||
6.25%, 5/15/29 | 750,000 | 1,000,986 | ||||||
7.25%, 5/15/30# | 400,000 | 587,337 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) |
| $ | 2,363,649 | |||||
|
| |||||||
TOTAL GOVERNMENT AGENCIES (COST $5,520,303) |
| $ | 5,741,807 | |||||
MORTGAGE-BACKED SECURITIES – 19.5% | ||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) –13.0% |
| |||||||
Pool A13990, 4.50%, 10/01/33 | 73,582 | 79,676 | ||||||
Pool A93415, 4.00%, 8/01/40 | 3,668,460 | 3,855,599 | ||||||
Pool A93505, 4.50%, 8/01/40 | 3,233,054 | 3,477,581 | ||||||
Pool A97047, 4.50%, 2/01/41 | 2,287,828 | 2,458,720 | ||||||
Pool B17616, 5.50%, 1/01/20 | 96,320 | 98,617 | ||||||
Pool C00478, 8.50%, 9/01/26 | 24,604 | 28,252 | ||||||
Pool C01272, 6.00%, 12/01/31 | 61,729 | 69,346 | ||||||
Pool C03750, 3.50%, 2/01/42 | 614,970 | 624,746 | ||||||
Pool C04305, 3.00%, 11/01/42 | 4,185,134 | 4,078,040 | ||||||
Pool C09020, 3.50%, 11/01/42 | 4,597,838 | 4,669,590 | ||||||
Pool E09010, 2.50%, 9/01/27 | 1,853,057 | 1,869,201 | ||||||
Pool G01625, 5.00%, 11/01/33 | 87,282 | 96,016 | ||||||
Pool G02296, 5.00%, 6/01/36 | 514,763 | 566,113 | ||||||
Pool G02390, 6.00%, 9/01/36 | 18,500 | 20,760 | ||||||
Pool G03703, 5.50%, 12/01/37 | 58,968 | 65,201 | ||||||
Pool G04776, 5.50%, 7/01/38 | 217,073 | 239,478 | ||||||
Pool G05500, 5.00%, 5/01/39 | 1,706,877 | 1,877,145 | ||||||
Pool G06222, 4.00%, 1/01/41 | 3,510,652 | 3,679,867 | ||||||
Pool G07624, 4.00%, 12/01/43 | 2,008,939 | 2,107,735 | ||||||
Pool G08097, 6.50%, 11/01/35 | 33,708 | 38,233 | ||||||
Pool G08534, 3.00%, 6/01/43 | 870,270 | 848,001 |
Description | Par Value | Value | ||||||
Pool G12709, 5.00%, 7/01/22 | $ | 125,757 | $ | 134,278 | ||||
Pool G18497, 3.00%, 1/01/29 | 235,507 | 243,000 | ||||||
Pool Q08305, 3.50%, 5/01/42 | 1,674,307 | 1,702,790 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) |
| $ | 32,927,985 | |||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 6.3% |
| |||||||
Pool 254007, 6.50%, 10/01/31 | 32,350 | 36,740 | ||||||
Pool 254759, 4.50%, 6/01/18 | 120,767 | 128,348 | ||||||
Pool 254833, 4.50%, 8/01/18 | 21,166 | 22,495 | ||||||
Pool 256515, 6.50%, 12/01/36 | 47,404 | 53,733 | ||||||
Pool 256639, 5.00%, 2/01/27 | 31,953 | 35,222 | ||||||
Pool 256752, 6.00%, 6/01/27 | 55,723 | 62,545 | ||||||
Pool 329794, 7.00%, 2/01/26 | 42,466 | 48,623 | ||||||
Pool 398162, 6.50%, 1/01/28 | 14,618 | 15,195 | ||||||
Pool 402255, 6.50%, 12/01/27 | 4,171 | 4,385 | ||||||
Pool 535939, 6.00%, 5/01/16 | 26,998 | 28,198 | ||||||
Pool 629603, 5.50%, 2/01/17 | 13,491 | 14,257 | ||||||
Pool 638023, 6.50%, 4/01/32 | 62,871 | 69,345 | ||||||
Pool 642345, 6.50%, 5/01/32 | 83,427 | 95,036 | ||||||
Pool 651292, 6.50%, 7/01/32 | 192,734 | 212,730 | ||||||
Pool 686398, 6.00%, 3/01/33 | 229,693 | 256,454 | ||||||
Pool 695818, 5.00%, 4/01/18 | 129,842 | 138,075 | ||||||
Pool 745412, 5.50%, 12/01/35 | 60,881 | 67,531 | ||||||
Pool 838891, 6.00%, 7/01/35 | 34,109 | 35,535 | ||||||
Pool 888789, 5.00%, 7/01/36 | 642,172 | 706,059 | ||||||
Pool 975207, 5.00%, 3/01/23 | 126,819 | 135,137 | ||||||
Pool AB1796, 3.50%, 11/01/40 | 1,639,040 | 1,671,218 | ||||||
Pool AB8997, 2.50%, 4/01/28 | 383,490 | 386,472 | ||||||
Pool AE2520, 3.00%, 1/01/26 | 1,112,113 | 1,152,901 | ||||||
Pool AH5583, 4.50%, 2/01/41 | 1,130,989 | 1,216,882 | ||||||
Pool TBA, 5.00%, 6/01/37 | 8,600,000 | 9,410,292 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) |
| $ | 16,003,408 | |||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.2% |
| |||||||
Pool 2077, 7.00%, 9/20/25 | 14,959 | 16,945 | ||||||
Pool 354677, 7.50%, 10/15/23 | 34,929 | 39,706 | ||||||
Pool 354713, 7.50%, 12/15/23 | 23,010 | 26,157 | ||||||
Pool 354765, 7.00%, 2/15/24 | 50,647 | 57,697 | ||||||
Pool 354827, 7.00%, 5/15/24 | 43,620 | 49,551 | ||||||
Pool 360869, 7.50%, 5/15/24 | 27,977 | 28,905 | ||||||
Pool 361843, 7.50%, 10/15/24 | 16,547 | 16,994 | ||||||
Pool 373335, 7.50%, 5/15/22 | 11,061 | 11,385 | ||||||
Pool 385623, 7.00%, 5/15/24 | 51,414 | 58,570 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 34 |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
Pool 503405, 6.50%, 4/15/29 | $ | 56,529 | $ | 64,069 | ||||
|
| |||||||
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) |
| $ | 369,979 | |||||
|
| |||||||
TOTAL MORTGAGE-BACKED SECURITIES (COST $49,130,316) | $ | 49,301,372 | ||||||
U.S. TREASURY – 21.5% | ||||||||
U.S. TREASURY BONDS – 4.2% |
| |||||||
2.75%, 8/15/42 | 2,815,000 | 2,454,026 | ||||||
3.00%, 5/15/42 | 500,000 | 459,950 | ||||||
3.63%, 2/15/44 | 1,800,000 | 1,853,581 | ||||||
3.63%, 8/15/43 | 881,000 | 907,911 | ||||||
3.75%, 11/15/43# | 365,000 | 384,649 | ||||||
5.25%, 2/15/29 | 500,000 | 631,421 | ||||||
5.38%, 2/15/31 | 600,000 | 775,052 | ||||||
6.25%, 5/15/30 | 500,000 | 699,941 | ||||||
6.38%, 8/15/27 | 450,000 | 622,276 | ||||||
7.50%, 11/15/16 | 300,000 | 351,641 | ||||||
8.88%, 2/15/19# | 1,130,000 | 1,512,943 | ||||||
|
| |||||||
TOTAL U.S. TREASURY BONDS | $ | 10,653,391 | ||||||
U.S. TREASURY NOTES – 17.3% |
| |||||||
0.25%, 5/15/16 | 195,000 | 194,284 | ||||||
0.63%, 8/31/17 | 1,810,000 | 1,785,050 | ||||||
0.63%, 9/30/17 | 750,000 | 738,374 | ||||||
0.75%, 12/31/17 | 500,000 | 492,020 | ||||||
1.00%, 5/31/18 | 3,100,000 | 3,054,773 | ||||||
1.25%, 10/31/18 | 2,085,000 | 2,059,487 | ||||||
1.25%, 1/31/19 | 250,000 | 245,809 | ||||||
1.38%, 9/30/18 | 1,240,000 | 1,233,350 | ||||||
1.38%, 2/28/19 | 2,500,000 | 2,469,428 | ||||||
1.50%, 12/31/18 | 2,486,000 | 2,475,401 | ||||||
1.50%, 1/31/19 | 9,400,000 | 9,349,661 | ||||||
1.63%, 3/31/19 | 820,000 | 818,559 | ||||||
1.63%, 8/15/22 | 6,000,000 | 5,618,578 | ||||||
1.63%, 11/15/22 | 1,928,000 | 1,796,407 | ||||||
1.75%, 5/15/22 | 380,000 | 361,067 | ||||||
2.00%, 11/15/21 | 1,000,000 | 976,107 | ||||||
2.13%, 8/15/21 | 3,750,000 | 3,706,091 | ||||||
2.25%, 7/31/18 | 500,000 | 516,927 | ||||||
2.50%, 8/15/23# | 3,200,000 | 3,174,154 | ||||||
2.63%, 11/15/20 | 500,000 | 515,546 | ||||||
3.13%, 5/15/19 | 750,000 | 802,008 | ||||||
3.63%, 2/15/20 | 750,000 | 821,241 | ||||||
4.00%, 8/15/18 | 500,000 | 553,961 | ||||||
|
| |||||||
TOTAL U.S. TREASURY NOTES | $ | 43,758,283 | ||||||
|
| |||||||
TOTAL U.S. TREASURY (COST $54,108,462) | $ | 54,411,674 |
Description |
Number of | Value | ||||||
MONEY MARKET FUND – 1.4% | ||||||||
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^ | 3,426,289 | $ | 3,426,289 | |||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $3,426,289) | $ | 3,426,289 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES –103.7% (COST $256,092,655) | $ | 261,791,863 | ||||||
|
| |||||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.2% | ||||||||
REPURCHASE AGREEMENTS – 4.2% | ||||||||
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $2,515,402, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $2,565,706. | $ | 2,515,398 | $ | 2,515,398 | ||||
Daiwa Capital Markets America, 0.07%, dated 04/30/14, due 05/01/14, repurchase price $2,515,403, collateralized by U.S. Government & Treasury Securities 1.32% to 6.50%, maturing 06/01/17 to 03/01/48; total market value of $2,565,706. | 2,515,398 | 2,515,398 | ||||||
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $2,515,401, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 05/06/14 to 07/15/32; total market value of $2,565,734. | 2,515,398 | 2,515,398 | ||||||
Nomura Securities International, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $529,546, collateralized by U.S. Treasury Securities 0.13% to 6.13%, maturing 07/15/14 to 02/15/44; total market value of $540,136. | 529,545 | 529,545 | ||||||
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $2,515,402, collateralized by U.S. Government Securities 0.25% to 6.75%, maturing 07/15/14 to 07/15/32; total market value of $2,565,714. | 2,515,398 | 2,515,398 | ||||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $10,591,137) |
| $ | 10,591,137 | |||||
|
| |||||||
TOTAL INVESTMENTS – 107.9% (COST $266,683,792) | $ | 272,383,000 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (4.2%) | (10,591,137 | ) | ||||||
OTHER LIABILITIES LESS ASSETS – (3.7%) | (9,283,728 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 252,508,135 | ||||||
|
|
ANNUAL REPORT / April 30, 2014
35 | PORTFOLIOS OF INVESTMENTS
| |
Wilmington Broad Market Bond Fund (concluded) |
Cost of investments for Federal income tax purposes is $266,683,792. The net unrealized appreciation/(depreciation) of investments was $5,699,208. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $7,767,652 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,068,444.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 1,487,707 | $ | — | $ | 1,487,707 | ||||||||
Collateralized Mortgage Obligations | — | 6,862,232 | — | 6,862,232 | ||||||||||||
Commercial Paper | — | 12,499,859 | — | 12,499,859 | ||||||||||||
Corporate Bonds | — | 126,255,978 | — | 126,255,978 | ||||||||||||
Enhanced Equipment Trust Certificates | — | 1,804,945 | — | 1,804,945 | ||||||||||||
Government Agencies | — | 5,741,807 | — | 5,741,807 | ||||||||||||
Mortgage-Backed Securities | — | 49,301,372 | — | 49,301,372 | ||||||||||||
U.S. Treasury | — | 54,411,674 | — | 54,411,674 | ||||||||||||
Money Market Fund | 3,426,289 | — | — | 3,426,289 | ||||||||||||
Repurchase Agreements | — | 10,591,137 | — | 10,591,137 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,426,289 | $ | 268,956,711 | $ | — | $ | 272,383,000 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
36 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Intermediate-Term Bond Fund
At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):
Percentage of Total Net Assets | |||||
Corporate Bonds | 51.5 | % | |||
U.S. Treasury | 26.0 | % | |||
Government Agencies | 17.5 | % | |||
Mortgage-Backed Securities | 2.4 | % | |||
Collateralized Mortgage Obligations | 0.6 | % | |||
Asset-Backed Security | 0.2 | % | |||
Cash Equivalents1 | 9.0 | % | |||
Other Assets and Liabilities – Net2 | (7.2 | )% | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
(1) | Cash Equivalents include investments in a money market fund and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
Credit Quality Diversification3 | Percentage of Total Net Assets | ||||
AAA | 0.2 | % | |||
AA | 22.6 | % | |||
A | 11.7 | % | |||
BBB | 33.1 | % | |||
BB | 1.5 | % | |||
D | 0.5 | % | |||
Not Rated | 9.2 | % | |||
U.S. Government Agency Securities | 2.4 | % | |||
U.S. Treasury | 26.0 | % | |||
Other Assets and Liabilities – Net2 | (7.2 | )% | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Par Value | Value | ||||||
ASSET-BACKED SECURITY – 0.2% |
| |||||||
WHOLE LOAN – 0.2% | ||||||||
SLM Private Education Loan Trust, | ||||||||
Series 2011-A, Class A1, | ||||||||
1.18%, 10/15/24D,—,W | $ | 347,188 | $ | 350,141 | ||||
|
| |||||||
TOTAL ASSET-BACKED SECURITY |
| |||||||
(COST $347,188) | $ | 350,141 | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.6% |
| |||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.1% |
| |||||||
Series 2005-29, Class WC, 4.75%, 4/25/35 | 129,102 | 140,763 | ||||||
WHOLE LOAN – 0.5% | ||||||||
IndyMac INDA Mortgage Loan Trust, | ||||||||
Series 2005-AR1, Class 2A1, | ||||||||
2.75%, 11/25/35D | 751,158 | 675,742 | ||||||
|
| |||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS |
| |||||||
(COST $870,837) | $ | 816,505 | ||||||
CORPORATE BONDS – 51.5% |
| |||||||
AEROSPACE & DEFENSE – 1.4% |
| |||||||
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16 | 250,000 | 266,942 |
Description | Par Value | Value | ||||||
L-3 Communications Corp., | ||||||||
Company Guaranteed, 4.75%, 7/15/20 | $ | 1,250,000 | $ | 1,345,736 | ||||
Northrop Grumman Corp., | ||||||||
Sr. Unsecured, 1.75%, 6/01/18 | 425,000 | 421,045 | ||||||
|
| |||||||
TOTAL AEROSPACE & DEFENSE | $ | 2,033,723 | ||||||
AUTOMOTIVE – 0.9% | ||||||||
Ford Motor Credit Co. LLC, | ||||||||
Sr. Unsecured, 6.63%, 8/15/17 | 250,000 | 289,054 | ||||||
General Motors Financial Co., Inc., | ||||||||
Sr. Unsecured, 3.50%, 10/02/18—,W | 220,000 | 225,225 | ||||||
Toyota Motor Credit Corp., | ||||||||
Sr. Unsecured, MTN, 2.05%, 1/12/17 | 700,000 | 719,832 | ||||||
|
| |||||||
TOTAL AUTOMOTIVE | $ | 1,234,111 | ||||||
BANKS – 4.2% | ||||||||
Bank of America Corp., | ||||||||
Sr. Unsecured, 1.28%, 1/15/19 | 500,000 | 507,436 | ||||||
Bank of America Corp., | ||||||||
Sr. Unsecured, MTN, 4.13%, 1/22/24 | 465,000 | 473,440 | ||||||
Capital One Financial Corp., | ||||||||
Sr. Unsecured, 2.45%, 4/24/19 | 850,000 | 853,176 | ||||||
Fifth Third Bancorp, | ||||||||
Subordinated, 4.30%, 1/16/24 | 750,000 | 772,546 | ||||||
JPMorgan Chase & Co., | ||||||||
Sr. Unsecured, MTN, 1.35%, 2/15/17 | 750,000 | 751,251 |
ANNUAL REPORT / April 30, 2014 |
37 | PORTFOLIOS OF INVESTMENTS
| |
Wilmington Intermediate-Term Bond Fund (continued) |
Description | Par Value | Value | ||||||
Morgan Stanley, | ||||||||
Sr. Unsecured, 1.09%, 1/24/19 | $ | 550,000 | $ | 552,045 | ||||
Morgan Stanley, Sr. Unsecured, 2.50%, 1/24/19# | 325,000 | 325,429 | ||||||
SunTrust Banks, Inc., Sr. Unsecured, 2.50%, 5/01/19 | 900,000 | 902,109 | ||||||
US Bank NA/Cincinnati OH, Sr. Unsecured, BKNT, 1.10%, 1/30/17 | 750,000 | 753,364 | ||||||
|
| |||||||
TOTAL BANKS | $ | 5,890,796 | ||||||
BIOTECHNOLOGY – 0.2% |
| |||||||
Celgene Corp., Sr. Unsecured, 4.00%, 8/15/23 | 250,000 | 257,456 | ||||||
CAPITAL MARKETS – 1.6% |
| |||||||
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19 | 650,000 | 739,846 | ||||||
Goldman Sachs Group, Inc., Sr. Unsecured, 6.25%, 9/01/17 | 655,000 | 749,172 | ||||||
Goldman Sachs Group, Inc., Sr. Unsecured, FRN, 1.44%, 4/30/18D | 750,000 | 761,256 | ||||||
|
| |||||||
TOTAL CAPITAL MARKETS | $ | 2,250,274 | ||||||
CHEMICALS – 0.7% |
| |||||||
Ecolab, Inc., Sr. Unsecured, 3.00%, 12/08/16 | 450,000 | 473,448 | ||||||
Ecolab, Inc., Sr. Unsecured, 4.35%, 12/08/21 | 500,000 | 545,578 | ||||||
|
| |||||||
TOTAL CHEMICALS | $ | 1,019,026 | ||||||
COAL – 0.7% | ||||||||
Consol Energy, Inc., Company Guaranteed, 8.00%, 4/01/17 | 1,000,000 | 1,040,000 | ||||||
COMMERCIAL BANKS – 5.4% | ||||||||
Bank of Nova Scotia, Sr. Unsecured, 1.38%, 12/18/17 | 1,000,000 | 996,010 | ||||||
BB&T Corp., Sr. Unsecured, MTN, 3.20%, 3/15/16 | 1,000,000 | 1,042,821 | ||||||
BB&T Corp., Sr. Unsecured, MTN, FRN, 1.11%, 6/15/18D | 500,000 | 508,419 | ||||||
Fifth Third Bancorp, Sr. Unsecured, 3.63%, 1/25/16 | 850,000 | 891,208 | ||||||
SunTrust Banks, Inc., Sr. Unsecured, 3.60%, 4/15/16 | 1,000,000 | 1,049,643 | ||||||
Wachovia Corp., Subordinated, FRN, 0.61%, 10/15/16D | 750,000 | 748,697 | ||||||
Wells Fargo & Co., Sr. Unsecured, MTN, 3.50%, 3/08/22 | 750,000 | 771,346 | ||||||
Westpac Banking Corp., Sr. Unsecured, 2.00%, 8/14/17 | 825,000 | 841,356 | ||||||
Westpac Banking Corp., Sr. Unsecured, 4.88%, 11/19/19 | 750,000 | 841,227 | ||||||
|
| |||||||
TOTAL COMMERCIAL BANKS | $ | 7,690,727 | ||||||
COMMERCIAL FINANCE – 0.5% |
| |||||||
General Electric Capital Corp., Sr. Unsecured, MTN, 2.30%, 4/27/17 | 750,000 |
| 774,705 |
Description | Par Value | Value | ||||||
COMPUTERS – 1.6% | ||||||||
Apple, Inc., | ||||||||
Sr. Unsecured, 1.05%, 5/05/17 | $ | 825,000 | $ | 826,860 | ||||
Apple, Inc., FRN, Sr. Unsecured, 0.52%, 5/06/19D | 940,000 | 940,695 | ||||||
Hewlett-Packard Co., Sr. Unsecured, 2.20%, 12/01/15 | 500,000 | 511,949 | ||||||
|
| |||||||
TOTAL COMPUTERS | $ | 2,279,504 | ||||||
CONSUMER FINANCE – 1.4% |
| |||||||
American Express Co., Sr. Unsecured, 6.15%, 8/28/17 | 750,000 | 863,595 | ||||||
American Express Co., Sr. Unsecured, FRN, 0.83%, 5/22/18D | 1,080,000 | 1,087,643 | ||||||
|
| |||||||
TOTAL CONSUMER FINANCE | $ | 1,951,238 | ||||||
DIVERSIFIED FINANCIAL SERVICES – 3.3% |
| |||||||
Bank of America Corp., Sr. Unsecured, 2.00%, 1/11/18 | 250,000 | 251,107 | ||||||
BlackRock, Inc., Sr. Unsecured, 3.50%, 3/18/24 | 750,000 | 748,232 | ||||||
Citigroup, Inc., Sr. Unsecured, 1.70%, 7/25/16 | 250,000 | 252,924 | ||||||
Citigroup, Inc., Sr. Unsecured, 5.85%, 8/02/16 | 650,000 | 717,022 | ||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, FRN, 1.06%, 3/12/19D | 1,000,000 | 1,005,038 | ||||||
General Motors Financial Co., Inc., Company Guaranteed, 2.75%, 5/15/16 | 300,000 | 306,000 | ||||||
General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17 | 250,000 | 267,812 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, 6.00%, 1/15/18 | 250,000 | 286,542 | ||||||
JPMorgan Chase & Co., Subordinated Notes, 3.38%, 5/01/23 | 855,000 | 818,844 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
| $ | 4,653,521 | |||||
ELECTRIC – 1.8% |
| |||||||
CMS Energy Corp., Sr. Unsecured, 6.55%, 7/17/17 | 625,000 | 724,377 | ||||||
Exelon Generation Co. LLC, Sr. Unsecured, 6.20%, 10/01/17 | 200,000 | 227,669 | ||||||
Exelon Generation Co. LLC, Sr. Unsecured, 4.25%, 6/15/22 | 750,000 | 771,857 | ||||||
Pacific Gas & Electric Co., Sr. Unsecured, 3.75%, 2/15/24 | 845,000 | 860,361 | ||||||
|
| |||||||
TOTAL ELECTRIC | $ | 2,584,264 | ||||||
ELECTRONICS – 0.7% |
| |||||||
Thermo Fisher Scientific, Inc., Sr. Unsecured, 2.25%, 8/15/16 | 1,000,000 | 1,029,921 | ||||||
FOOD PRODUCTS – 1.2% |
| |||||||
Kroger Co., Sr. Unsecured, 1.20%, 10/17/16 | 500,000 |
| 501,455 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 38 |
Wilmington Intermediate-Term Bond Fund (continued)
Description | Par Value | Value | ||||||
Mondelez International, Inc., Sr. Unsecured, 4.13%, 2/09/16 | $ | 500,000 | $ | 529,198 | ||||
Mondelez International, Inc., Sr. Unsecured, 4.00%, 2/01/24 | 450,000 | 459,518 | ||||||
WM Wrigley Jr. Co., Sr. Unsecured, 1.40%, 10/21/16—,W | 250,000 | 252,063 | ||||||
|
| |||||||
TOTAL FOOD PRODUCTS | $ | 1,742,234 | ||||||
HOME FURNISHINGS – 1.1% |
| |||||||
Whirlpool Corp., Sr. Unsecured, 6.50%, 6/15/16 | 1,000,000 | 1,115,730 | ||||||
Whirlpool Corp., Sr. Unsecured, 2.40%, 3/01/19 | 220,000 | 220,106 | ||||||
Whirlpool Corp., Sr. Unsecured, MTN, 3.70%, 3/01/23 | 275,000 | 275,645 | ||||||
|
| |||||||
TOTAL HOME FURNISHINGS | $ | 1,611,481 | ||||||
INSURANCE – 3.3% |
| |||||||
American International Group, Inc., Sr. Unsecured, MTN, 5.85%, 1/16/18 | 685,000 | 784,185 | ||||||
Hartford Financial Services Group, Inc., Sr. Unsecured, 4.00%, 10/15/17 | 750,000 | 809,271 | ||||||
Hartford Financial Services Group, Inc., Sr. Unsecured, 5.13%, 4/15/22 | 360,000 | 405,496 | ||||||
MetLife, Inc., Sr. Unsecured, 3.60%, 4/10/24 | 1,015,000 | 1,021,895 | ||||||
Prudential Financial, Inc., Sr. Unsecured, MTN, 6.00%, 12/01/17 | 650,000 | 748,635 | ||||||
WR Berkley Corp., Sr. Unsecured, 7.38%, 9/15/19 | 710,000 | 858,446 | ||||||
|
| |||||||
TOTAL INSURANCE | $ | 4,627,928 | ||||||
MEDIA – 2.9% |
| |||||||
Comcast Corp., Company Guaranteed, 5.90%, 3/15/16 | 500,000 | 548,287 | ||||||
DIRECTV Holdings LLC /DIRECTV Financing Co., Inc., Company Guaranteed, 3.50%, 3/01/16 | 250,000 | 261,490 | ||||||
Time Warner Cable, Inc., Company Guaranteed, 5.85%, 5/01/17 | 750,000 | 849,283 | ||||||
Time Warner, Inc., Company Guaranteed, 5.88%, 11/15/16 | 890,000 | 996,383 | ||||||
Viacom, Inc., Sr. Unsecured, 3.50%, 4/01/17 | 750,000 | 799,140 | ||||||
Viacom, Inc., Sr. Unsecured, 3.25%, 3/15/23 | 650,000 | 636,326 | ||||||
|
| |||||||
TOTAL MEDIA | $ | 4,090,909 | ||||||
METALS & MINING – 0.9% |
| |||||||
Alcoa, Inc., Sr. Unsecured, 5.72%, 2/23/19 | 1,100,000 | 1,207,032 | ||||||
MISCELLANEOUS MANUFACTURING – 2.4% |
| |||||||
General Electric Co., Sr. Unsecured, 5.25%, 12/06/17 | 660,000 | 747,237 |
Description | Par Value | Value | ||||||
Ingersoll-Rand Co., Series B, Company Guaranteed, MTN, 6.02%, 2/15/28 | $ | 2,015,000 | $ | 2,280,651 | ||||
Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21 | 425,000 | 434,701 | ||||||
|
| |||||||
TOTAL MISCELLANEOUS MANUFACTURING |
| $ | 3,462,589 | |||||
OIL & GAS – 4.6% |
| |||||||
Anadarko Petroleum Corp., Sr. Unsecured, 6.38%, 9/15/17 | 695,000 | 804,185 | ||||||
BP Capital Markets PLC, Company Guaranteed, 1.85%, 5/05/17# | 525,000 | 535,455 | ||||||
BP Capital Markets PLC, Company Guaranteed, 3.25%, 5/06/22 | 250,000 | 250,645 | ||||||
Hess Corp., Sr. Unsecured, 8.13%, 2/15/19 | 700,000 | 883,857 | ||||||
Husky Energy, Inc., Sr. Unsecured, 4.00%, 4/15/24 | 545,000 | 562,675 | ||||||
Marathon Oil Corp., Sr. Unsecured, 6.00%, 10/01/17 | 1,000,000 | 1,147,098 | ||||||
Murphy Oil Corp., Sr. Unsecured, 2.50%, 12/01/17 | 750,000 | 766,549 | ||||||
Petrobras Global Finance BV, Company Guaranteed, 2.00%, 5/20/16 | 230,000 | 230,280 | ||||||
Phillips 66, Company Guaranteed, 2.95%, 5/01/17 | 500,000 | 523,830 | ||||||
Sempra Energy, Sr. Unsecured, 2.30%, 4/01/17 | 800,000 | 821,844 | ||||||
|
| |||||||
TOTAL OIL & GAS | $ | 6,526,418 | ||||||
PHARMACEUTICALS – 1.9% | ||||||||
AbbVie, Inc., Company Guaranteed, 1.75%, 11/06/17 | 500,000 | 504,105 | ||||||
AstraZeneca PLC, Sr. Unsecured, 5.90%, 9/15/17 | 500,000 | 573,993 | ||||||
Bristol-Myers Squibb Co, Sr. Unsecured, 2.00%, 8/01/22 | 250,000 | 229,823 | ||||||
Express Scripts Holding Co., Company Guaranteed, 3.50%, 11/15/16 | 500,000 | 530,100 | ||||||
McKesson Corp., Sr. Unsecured, 3.80%, 3/15/24 | 325,000 | 327,060 | ||||||
Zoetis, Inc., Sr. Unsecured, 3.25%, 2/01/23 | 500,000 | 489,234 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS | $ | 2,654,315 | ||||||
PIPELINES – 1.1% |
| |||||||
Buckeye Partners LP, Sr. Unsecured, 2.65%, 11/15/18 | 450,000 | 449,256 | ||||||
Energy Transfer Partners LP, Sr. Unsecured, 5.95%, 2/01/15 | 300,000 | 311,471 | ||||||
Energy Transfer Partners LP, | ||||||||
Sr. Unsecured, 6.70%, 7/01/18 | 300,000 | 349,698 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., Sr. Unsecured, 3.85%, 10/15/23 | 500,000 | 505,998 | ||||||
|
| |||||||
TOTAL PIPELINES | $ | 1,616,423 |
ANNUAL REPORT / April 30, 2014 |
39 | PORTFOLIOS OF INVESTMENTS
| |
Wilmington Intermediate-Term Bond Fund (continued) |
Description | Par Value | Value | ||||||
REAL ESTATE INVESTMENT TRUSTS – 3.2% |
| |||||||
American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24 | $ | 505,000 | $ | 538,004 | ||||
Digital Realty Trust LP, Company Guaranteed, 4.50%, 7/15/15# | 550,000 | 568,457 | ||||||
HCP, Inc., Sr. Unsecured, 4.20%, 3/01/24 | 540,000 | 556,279 | ||||||
Mack-Cali Realty LP, Sr. Unsecured, 2.50%, 12/15/17 | 250,000 | 252,687 | ||||||
ProLogis LP, Company Guaranteed, 3.35%, 2/01/21 | 500,000 | 504,251 | ||||||
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 3.13%, 11/30/15 | 965,000 | 1,002,087 | ||||||
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 2.70%, 4/01/20 | 550,000 | 545,274 | ||||||
Vornado Realty LP, Sr. Unsecured, 4.25%, 4/01/15 | 500,000 | 511,634 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS |
| $ | 4,478,673 | |||||
RETAIL – 0.4% |
| |||||||
Walgreen Co., Sr. Unsecured, 1.80%, 9/15/17 | 500,000 | 505,249 | ||||||
TELECOMMUNICATIONS – 1.2% |
| |||||||
Cisco Systems, Inc., Sr. Unsecured, 1.10%, 3/03/17 | 250,000 | 250,879 | ||||||
Verizon Communications, Inc., Sr. Unsecured, 2.50%, 9/15/16 | 250,000 | 258,791 | ||||||
Verizon Communications, Inc., Sr. Unsecured, 4.50%, 9/15/20 | 600,000 | 653,238 | ||||||
Verizon Communications, Inc., FRN, Sr. Unsecured, 1.00%, 6/17/19D | 525,000 | 530,198 | ||||||
|
| |||||||
TOTAL TELECOMMUNICATIONS | $ | 1,693,106 | ||||||
TRANSPORTATION – 1.6% |
| |||||||
CSX Corp., Sr. Unsecured, 4.25%, 6/01/21 | 500,000 | 539,282 | ||||||
FedEx Corp., Company Guaranteed, 4.00%, 1/15/24 | 500,000 | 516,299 | ||||||
Ryder System, Inc., Sr. Unsecured, MTN, 7.20%, 9/01/15 | 590,000 | 639,151 | ||||||
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/18 | 500,000 | 511,024 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | $ | 2,205,756 | ||||||
TRUCKING & LEASING – 1.3% |
| |||||||
GATX Corp., Sr. Unsecured, 3.50%, 7/15/16 | 615,000 | 647,605 | ||||||
GATX Corp., Sr. Unsecured, 1.25%, 3/04/17 | 640,000 | 637,898 | ||||||
GATX Corp., Sr. Unsecured, 2.38%, 7/30/18 | 625,000 | 629,419 | ||||||
|
| |||||||
TOTAL TRUCKING & LEASING | $ | 1,914,922 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (COST $71,280,437) | $ | 73,026,301 |
Description | Par Value | Value | ||||||
GOVERNMENT AGENCIES – 17.5% |
| |||||||
FEDERAL HOME LOAN BANK (FHLB) – 2.7% |
| |||||||
Series 1, 4.88%, 5/17/17# | $ | 1,615,000 | $ | 1,806,267 | ||||
Series 917, 1.00%, 6/21/17 | 2,000,000 | 2,001,166 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN BANK (FHLB) |
| $ | 3,807,433 | |||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 6.1% |
| |||||||
1.25%, 5/12/17# | 3,000,000 | 3,027,628 | ||||||
1.75%, 5/30/19# | 2,400,000 | 2,397,211 | ||||||
2.38%, 1/13/22# | 795,000 | 784,883 | ||||||
2.50%, 5/27/16 | 2,200,000 | 2,290,561 | ||||||
4.38%, 7/17/15 | 100,000 | 105,070 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) |
| $ | 8,605,353 | |||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 8.7% |
| |||||||
1.25%, 9/28/16# | 2,000,000 | 2,032,329 | ||||||
1.38%, 11/15/16 | 2,500,000 | 2,543,426 | ||||||
5.00%, 5/11/17 | 3,000,000 | 3,362,342 | ||||||
0.88%, 5/21/18 | 2,750,000 | 2,688,343 | ||||||
1.00%, 9/20/17 | 1,750,000 | 1,736,073 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) |
| $ | 12,362,513 | |||||
|
| |||||||
TOTAL GOVERNMENT AGENCIES (COST $24,459,086) | $ | 24,775,299 | ||||||
MORTGAGE-BACKED SECURITIES – 2.4% |
| |||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.6% |
| |||||||
Pool A18401, 6.00%, 2/01/34 | 80,255 | 90,108 | ||||||
Pool B19228, 4.50%, 4/01/20 | 47,118 | 50,238 | ||||||
Pool C90293, 7.50%, 9/01/19 | 141,171 | 159,829 | ||||||
Pool C90504, 6.50%, 12/01/21 | 45,891 | 51,780 | ||||||
Pool E83022, 6.00%, 4/01/16 | 11,795 | 12,166 | ||||||
Pool E92817, 5.00%, 12/01/17 | 123,257 | 131,068 | ||||||
Pool G01625, 5.00%, 11/01/33 | 87,282 | 96,016 | ||||||
Pool G02390, 6.00%, 9/01/36 | 32,375 | 36,329 | ||||||
Pool G08097, 6.50%, 11/01/35 | 54,548 | 61,871 | ||||||
Pool G08193, 6.00%, 4/01/37 | 92,733 | 104,001 | ||||||
Pool G11311, 5.00%, 10/01/17 | 68,539 | 72,883 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) |
| $ | 866,289 | |||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.5% |
| |||||||
Pool 254240, 7.00%, 3/01/32 | 88,347 | 101,075 | ||||||
Pool 254833, 4.50%, 8/01/18 | 28,222 | 29,993 | ||||||
Pool 256639, 5.00%, 2/01/27 | 63,906 | 70,444 | ||||||
Pool 256752, 6.00%, 6/01/27 | 69,653 | 78,182 | ||||||
Pool 257007, 6.00%, 12/01/27 | 121,157 | 135,935 | ||||||
Pool 526062, 7.50%, 12/01/29 | 14,415 | 15,137 | ||||||
Pool 612514, 2.47%, 5/01/33D | 67,187 | 70,951 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 40 |
Wilmington Intermediate-Term Bond Fund (continued)
Description
| Par Value
| Value
| ||||||
Pool 619054, 5.50%, 2/01/17 | $ | 48,899 | $ | 51,675 | ||||
Pool 629603, 5.50%, 2/01/17 | 22,485 | 23,761 | ||||||
Pool 688996, 8.00%, 11/01/24 | 11,878 | 12,422 | ||||||
Pool 745412, 5.50%, 12/01/35 | 61,368 | 68,071 | ||||||
Pool 839291, 5.00%, 9/01/20 | 7,733 | 8,240 | ||||||
Pool AE2520, 3.00%, 1/01/26 | 1,410,714 | 1,462,453 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) |
| $ | 2,128,339 | |||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.3% |
| |||||||
Pool 2616, 7.00%, 7/20/28 | 71,507 | 81,613 | ||||||
Pool 2701, 6.50%, 1/20/29 | 131,733 | 146,722 | ||||||
Pool 426727, 7.00%, 2/15/29 | 15,856 | 17,224 | ||||||
Pool 780825, 6.50%, 7/15/28 | 123,254 | 139,618 | ||||||
Pool 781231, 7.00%, 12/15/30 | 62,850 | 72,262 | ||||||
|
| |||||||
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) |
| $ | 457,439 | |||||
|
| |||||||
TOTAL MORTGAGE-BACKED SECURITIES (COST $3,220,193) |
| $ | 3,452,067 | |||||
U.S. TREASURY – 26.0% | ||||||||
U.S. TREASURY NOTES – 26.0% |
| |||||||
0.25%, 12/15/15 | 775,000 | 774,821 | ||||||
0.50%, 6/15/16# | 1,000,000 | 1,000,704 | ||||||
0.63%, 12/15/16 | 500,000 | 498,955 | ||||||
0.88%, 1/31/18 | 750,000 | 740,258 | ||||||
0.88%, 1/31/17 | 4,000,000 | 4,011,658 | ||||||
1.00%, 8/31/16 | 1,750,000 | 1,767,379 | ||||||
1.00%, 5/31/18 | 1,000,000 | 985,411 | ||||||
1.00%, 9/30/19 | 1,000,000 | 957,000 | ||||||
1.25%, 11/30/18 | 1,540,000 | 1,518,512 | ||||||
1.25%, 1/31/19 | 1,450,000 | 1,425,695 | ||||||
1.25%, 2/29/20 | 1,500,000 | 1,442,076 | ||||||
1.38%, 6/30/18 | 2,500,000 | 2,497,127 | ||||||
1.38%, 5/31/20 | 1,250,000 | 1,204,471 | ||||||
1.50%, 8/31/18 | 1,750,000 | 1,751,824 | ||||||
1.63%, 8/15/22 | 500,000 | 468,215 | ||||||
1.75%, 5/15/23 | 500,000 | 466,346 | ||||||
2.00%, 4/30/16 | 600,000 | 618,889 | ||||||
2.00%, 7/31/20 | 1,000,000 | 997,490 | ||||||
2.00%, 11/15/21 | 500,000 | 488,054 | ||||||
2.00%, 2/15/22 | 1,000,000 | 972,987 | ||||||
2.13%, 8/15/21 | 750,000 | 741,218 | ||||||
2.63%, 4/30/16 | 485,000 | 506,407 | ||||||
2.63%, 8/15/20 | 750,000 | 775,073 | ||||||
2.63%, 11/15/20 | 500,000 | 515,546 | ||||||
2.75%, 2/15/19 | 1,500,000 | 1,579,396 | ||||||
2.75%, 11/15/23 | 750,000 | 758,127 | ||||||
3.63%, 2/15/20 | 500,000 | 547,494 |
Description
| Par Value
| Value
| ||||||
4.00%, 8/15/18 | $ | 1,000,000 | $ | 1,107,923 | ||||
4.13%, 5/15/15 | 125,000 | 130,202 | ||||||
4.25%, 11/15/17 | 1,500,000 | 1,662,394 | ||||||
4.50%, 2/15/16 | 500,000 | 537,469 | ||||||
4.75%, 8/15/17 | 3,000,000 | 3,363,202 | ||||||
|
| |||||||
TOTAL U.S. TREASURY NOTES | $ | 36,812,323 | ||||||
|
| |||||||
TOTAL U.S. TREASURY (COST $36,551,908) |
| $ | 36,812,323 | |||||
Number of
| ||||||||
MONEY MARKET FUND – 1.6% | ||||||||
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^ | 2,310,279 | $ | 2,310,279 | |||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $2,310,279) |
| $ | 2,310,279 | |||||
TOTAL INVESTMENTS IN SECURITIES – 99.8% (COST $139,039,928) |
| $ | 141,542,915 | |||||
Par Value
| ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 7.4% | ||||||||
REPURCHASE AGREEMENTS – 7.4% |
| |||||||
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $2,503,930, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $2,554,005. | $ | 2,503,926 | $ | 2,503,926 | ||||
Daiwa Capital Markets America, 0.07%, dated 04/30/14, due 05/01/14, repurchase price $2,503,931, collateralized by U.S. Government & Treasury Securities 1.32% to 6.50%, maturing 06/01/17 to 03/01/48; total market value of $2,554,004. | 2,503,926 | 2,503,926 | ||||||
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $2,503,929, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 05/06/14 to 07/15/32; total market value of $2,554,032. | 2,503,926 | 2,503,926 |
ANNUAL REPORT / April 30, 2014
41 | PORTFOLIOS OF INVESTMENTS
| |
Wilmington Intermediate-Term Bond Fund (concluded) |
Description | Par Value | Value | ||||||
Nomura Securities International, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $527,130, collateralized by U.S. Treasury Securities 0.13% to 6.13%, maturing 07/15/14 to 02/15/44; total market value of $537,672. | $ | 527,129 | $ | 527,129 | ||||
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $2,503,930, collateralized by U.S. Government Securities 0.25% to 6.75%, maturing 07/15/14 to 07/15/32; total market value of $2,554,013. | 2,503,926 | 2,503,926 | ||||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $10,542,833) |
| $ | 10,542,833 | |||||
|
|
Description |
Value | |||
TOTAL INVESTMENTS – 107.2% (COST $149,582,761) | $ | 152,085,748 | ||
COLLATERAL FOR SECURITIES ON LOAN – (7.4%) | (10,542,833 | ) | ||
OTHER ASSETS LESS LIABILITIES – 0.2% | 251,540 | |||
|
| |||
TOTAL NET ASSETS – 100.0% | $ | 141,794,455 | ||
|
|
Cost of investments for Federal income tax purposes is $149,587,533 The net unrealized appreciation/(depreciation) of investments was $2,498,215. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,987,666 and net unrealized depreciation from investments for those securities having an excess of cost over value of $489,451.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Asset-Backed Security | $ | — | $ | 350,141 | $ | — | $ | 350,141 | ||||||||
Collateralized Mortgage Obligations | — | 816,505 | — | 816,505 | ||||||||||||
Corporate Bonds | — | 73,026,301 | — | 73,026,301 | ||||||||||||
Government Agencies | — | 24,775,299 | — | 24,775,299 | ||||||||||||
Mortgage-Backed Securities | — | 3,452,067 | — | 3,452,067 | ||||||||||||
U.S. Treasury | — | 36,812,323 | — | 36,812,323 | ||||||||||||
Money Market Fund | 2,310,279 | — | — | 2,310,279 | ||||||||||||
Repurchase Agreements | — | 10,542,833 | — | 10,542,833 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,310,279 | $ | 149,775,469 | $ | — | $ | 152,085,748 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
42 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Short-Term Corporate Bond Fund
At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):
Percentage of Total Net Assets | |||||
Commercial Banks | 12.4 | % | |||
Oil & Gas | 10.2 | % | |||
Diversified Financial Services | 8.3 | % | |||
Real Estate Investment Trusts | 8.1 | % | |||
Pipelines | 6.6 | % | |||
Electric | 5.5 | % | |||
Pharmaceuticals | 5.0 | % | |||
Insurance | 4.8 | % | |||
Health Care Providers & Services | 3.5 | % | |||
Media | 3.3 | % | |||
Telecommunications | 3.0 | % | |||
Capital Markets | 2.8 | % | |||
Computers | 2.7 | % | |||
Miscellaneous Manufacturing | 2.5 | % | |||
Automotive | 2.2 | % | |||
Food Products | 2.2 | % | |||
Beverages | 1.7 | % | |||
Forest Products & Paper | 1.5 | % | |||
Retail | 1.4 | % | |||
Transportation | 1.3 | % | |||
Building Materials | 1.2 | % | |||
Commercial Paper | 1.2 | % | |||
U.S. Treasury Note | 1.1 | % | |||
Trucking & Leasing | 0.9 | % | |||
Aerospace & Defense | 0.8 | % | |||
Commercial Mortgage-Backed Securities (CMBS) | 0.7 | % | |||
Environmental Control | 0.7 | % | |||
Metals & Mining | 0.6 | % | |||
Auto Parts & Equipment | 0.6 | % | |||
Electronics | 0.6 | % | |||
Home Furnishings | 0.5 | % | |||
Whole Loan | 0.3 | % | |||
Chemicals | 0.3 | % | |||
Consumer Finance | 0.1 | % | |||
Federal Home Loan Mortgage Corporation (FHLMC) | 0.1 | % | |||
Federal National Mortgage Association (FNMA) | 0.0 | %4 | |||
Cash Equivalents1 | 3.3 | % | |||
Other Assets and Liabilities – Net2 | (2.0 | )% | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
(1) | Cash Equivalents include investments in a money market fund and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
(4) | Represents less than 0.05%. |
Credit Quality Diversification3 | Percentage of Total Net Assets | ||||
AAA | 0.9 | % | |||
AA | 3.5 | % | |||
A | 31.8 | % | |||
BBB | 61.2 | % | |||
BB | 0.1 | % | |||
Not Rated | 3.3 | % | |||
U.S. Government Agency Securities | 0.1 | % | |||
U.S. Treasuries | 1.1 | % | |||
Other Assets and Liabilities – Net2 | (2.0 | )% | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
ANNUAL REPORT / April 30, 2014
43 | PORTFOLIOS OF INVESTMENT
| |
Wilmington Short-Term Corporate Bond Fund (continued) |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Par Value | Value | ||||||
ADJUSTABLE RATE MORTGAGE – 0.0%** |
| |||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%** |
| |||||||
Pool 399251, 2.19%, 9/01/27D | $ | 57 | $ | 60 | ||||
|
| |||||||
TOTAL ADJUSTABLE RATE MORTGAGE (COST $57) |
| $ | 60 | |||||
ASSET-BACKED SECURITY – 0.3% | ||||||||
WHOLE LOAN – 0.3% | ||||||||
SLM Private Education Loan Trust, Series 2011-A, Class A1, 1.17%, 10/15/24D,—,W | 462,918 | 466,854 | ||||||
|
| |||||||
TOTAL ASSET-BACKED SECURITY (COST $462,918) |
| $ | 466,854 | |||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.8% | ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 0.7% |
| |||||||
Extended Stay America Trust, Series 2013-ESH5, Class A15, 1.28%, 12/05/31—,W | 505,000 | 492,434 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CIBC18, Class A4, 5.44%, 6/12/47 | 587,000 | 643,100 | ||||||
|
| |||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) |
| $ | 1,135,534 | |||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.1% |
| |||||||
Series 2003-2632, Class A, 4.00%, 1/15/18 | 53,032 | 53,320 | ||||||
Series 2003-2649, Class KA, 4.50%, 7/15/18 | 123,029 | 128,246 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) |
| $ | 181,566 | |||||
|
| |||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $1,368,191) |
| $ | 1,317,100 | |||||
COMMERCIAL PAPER – 1.2%¿ | ||||||||
OIL & GAS – 1.2% | ||||||||
Weatherford International Ltd., Company Guaranteed, 0.65%, 5/01/14—,W | 2,000,000 | 1,999,964 | ||||||
|
| |||||||
TOTAL COMMERCIAL PAPER (COST $2,000,000) | $ | 1,999,964 | ||||||
CORPORATE BONDS – 95.3% | ||||||||
AEROSPACE & DEFENSE – 0.8% |
| |||||||
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16 | 1,235,000 | 1,318,692 | ||||||
AUTO PARTS & EQUIPMENT – 0.6% |
| |||||||
Johnson Controls, Inc., Sr. Unsecured, 5.50%, 1/15/16 | 1,000,000 | 1,079,121 |
Description | Par Value | Value | ||||||
AUTOMOTIVE – 2.2% |
| |||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, FRN, 1.06%, 3/12/19D | $ | 2,500,000 | $ | 2,512,594 | ||||
General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17 | 200,000 | 214,250 | ||||||
Hyundai Capital America, Sr. Unsecured, 1.63%, 10/02/15—,W | 250,000 | 252,849 | ||||||
Hyundai Capital America, Sr. Unsecured, 1.88%, 8/09/16—,W | 400,000 | 406,275 | ||||||
Hyundai Motor Manufacturing Czech, Company Guaranteed, 4.50%, 4/15/15—,W | 250,000 | 258,650 | ||||||
|
| |||||||
TOTAL AUTOMOTIVE | $ | 3,644,618 | ||||||
BEVERAGES – 1.7% |
| |||||||
Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 0.62%, 2/01/19D | 160,000 | 159,968 | ||||||
Diageo Capital PLC, Company Guaranteed, 0.63%, 4/29/16 | 475,000 | 474,841 | ||||||
Diageo Capital PLC, Company Guaranteed, 5.50%, 9/30/16 | 2,000,000 | 2,223,788 | ||||||
|
| |||||||
TOTAL BEVERAGES | $ | 2,858,597 | ||||||
BUILDING MATERIALS – 1.2% |
| |||||||
Masco Corp., Sr. Unsecured, 4.80%, 6/15/15 | 1,000,000 | 1,039,159 | ||||||
Trane US, Inc., Company Guaranteed, 5.50%, 4/01/15 | 1,000,000 | 1,041,670 | ||||||
|
| |||||||
TOTAL BUILDING MATERIALS | $ | 2,080,829 | ||||||
CAPITAL MARKETS – 2.8% |
| |||||||
Goldman Sachs Group, Inc., Sr. Unsecured, FRN, 1.44%, 4/30/18D | 3,000,000 | 3,045,025 | ||||||
Raymond James Financial, Inc., Sr. Unsecured, 4.25%, 4/15/16 | 1,500,000 | 1,594,087 | ||||||
|
| |||||||
TOTAL CAPITAL MARKETS | $ | 4,639,112 | ||||||
CHEMICALS – 0.3% |
| |||||||
Ecolab, Inc., Sr. Unsecured, 1.00%, 8/09/15 | 500,000 | 503,016 | ||||||
COMMERCIAL BANKS – 12.4% |
| |||||||
American Express Bank FSB, Sr. Unsecured, BKNT, 6.00%, 9/13/17 | 1,400,000 | 1,610,677 | ||||||
BB&T Corp., Sr. Unsecured, MTN, 1.60%, 8/15/17 | 564,000 | 567,354 | ||||||
BB&T Corp., Sr. Unsecured, MTN, 1.11%, 6/15/18D | 1,725,000 | 1,754,045 | ||||||
Comerica Bank, Subordinated, BKNT, 5.75%, 11/21/16 | 2,000,000 | 2,224,428 | ||||||
Fifth Third Bancorp, Subordinated, FRN, 0.67%, 12/20/16D | 3,000,000 | 2,972,119 |
April 30, 2014 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENT | 44 |
Wilmington Short-Term Corporate Bond Fund (continued)
Description | Par Value | Value | ||||||
KeyBank N.A., Subordinated, BKNT, 5.70%, 11/01/17 | $ | 900,000 | $ | 1,015,623 | ||||
KeyBank N.A., Subordinated, MTN, 5.45%, 3/03/16 | 1,000,000 | 1,083,722 | ||||||
National City Bank, Subordinated, BKNT, 0.60%, 6/07/17D | 2,000,000 | 1,982,866 | ||||||
SunTrust Banks, Inc., Sr. Unsecured, 3.60%, 4/15/16 | 3,000,000 | 3,148,929 | ||||||
US Bancorp, Sr. Unsecured, MTN, 0.73%, 11/15/18D | 430,000 | 432,626 | ||||||
US Bancorp, Sr. Unsecured, MTN, 0.63%, 4/25/19D | 2,000,000 | 2,004,461 | ||||||
Wachovia Corp., Subordinated, 0.61%, 10/15/16D | 2,088,000 | 2,084,372 | ||||||
|
| |||||||
TOTAL COMMERCIAL BANKS | $ | 20,881,222 | ||||||
COMPUTERS – 2.7% | ||||||||
Apple, Inc., FRN, Sr. Unsecured, 0.52%, 5/06/19D | 2,300,000 | 2,301,702 | ||||||
Hewlett-Packard Co., Sr. Unsecured, 2.13%, 9/13/15 | 2,200,000 | 2,244,037 | ||||||
|
| |||||||
TOTAL COMPUTERS | $ | 4,545,739 | ||||||
CONSUMER FINANCE – 0.1% | �� | |||||||
Capital One Financial Corp., Sr. Unsecured, 1.00%, 11/06/15 | 150,000 | 150,459 | ||||||
DIVERSIFIED FINANCIAL SERVICES – 8.3% |
| |||||||
Bank of America Corp., Sr. Unsecured, MTN, 1.32%, 3/22/18D | 2,500,000 | 2,533,741 | ||||||
Bank of America Corp., Sr. Unsecured, MTN, 1.10%, 4/01/19D | 2,000,000 | 2,008,226 | ||||||
Capital One Bank USA NA, Sr. Unsecured, BKNT, 1.20%, 2/13/17 | 1,900,000 | 1,898,003 | ||||||
General Electric Capital Corp., Sr. Unsecured, FRN, 1.23%, 3/15/23D | 2,000,000 | 1,999,322 | ||||||
John Deere Capital Corp., Unsecured, MTN, 1.05%, 12/15/16# | 2,500,000 | 2,514,176 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, FRN, 0.87%, 1/28/19D | 2,000,000 | 2,008,437 | ||||||
JPMorgan Chase & Co., Sr. Unsecured, GMTN, 1.10%, 10/15/15 | 1,000,000 | 1,005,810 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES |
| $ | 13,967,715 | |||||
ELECTRIC – 5.5% | ||||||||
Appalachian Power Co., Sr. Unsecured, 5.00%, 6/01/17 | 1,000,000 | 1,091,181 | ||||||
CMS Energy Corp., Sr. Unsecured, 4.25%, 9/30/15 | 2,000,000 | 2,090,981 | ||||||
Consolidated Edison Co. of New York, Inc., Series 05-C, Sr. Unsecured, 5.38%, 12/15/15 | 110,000 | 118,150 | ||||||
Dominion Resources, Inc., Sr. Unsecured, 2.25%, 9/01/15 | 2,000,000 | 2,042,588 | ||||||
Duke Energy Corp., Sr. Unsecured, 0.61%, 4/03/17D | 1,750,000 | 1,756,417 |
Description | Par Value | Value | ||||||
Entergy Corp., Sr. Unsecured, 4.70%, 1/15/17 | $ | 2,000,000 | $ | 2,158,501 | ||||
|
| |||||||
TOTAL ELECTRIC | $ | 9,257,818 | ||||||
ELECTRONICS – 0.6% | ||||||||
Agilent Technologies, Inc., Sr. Unsecured, 5.50%, 9/14/15 | 1,000,000 | 1,061,962 | ||||||
ENVIRONMENTAL CONTROL – 0.7% |
| |||||||
Waste Management, Inc., Company Guaranteed, 2.60%, 9/01/16 | 1,100,000 | 1,143,407 | ||||||
FOOD PRODUCTS – 2.2% | ||||||||
Kroger Co., Sr. Unsecured, 1.20%, 10/17/16 | 600,000 | 601,745 | ||||||
McCormick & Co., Inc., Sr. Unsecured, 5.20%, 12/15/15 | 2,000,000 | 2,149,315 | ||||||
WM Wrigley Jr Co., Sr. Unsecured, 4.65%, 7/15/15 | 690,000 | 722,446 | ||||||
WM Wrigley Jr. Co., Sr. Unsecured, 1.40%, 10/21/16—,W | 160,000 | 161,321 | ||||||
|
| |||||||
TOTAL FOOD PRODUCTS | $ | 3,634,827 | ||||||
FOREST PRODUCTS & PAPER – 1.5% |
| |||||||
International Paper Co., Sr. Unsecured, 5.25%, 4/01/16 | 2,250,000 | 2,426,052 | ||||||
HEALTH CARE PROVIDERS & SERVICES – 3.5% |
| |||||||
UnitedHealth Group, Inc., Sr. Unsecured, 1.40%, 10/15/17 | 3,000,000 | 3,009,954 | ||||||
WellPoint, Inc., Sr. Unsecured, 1.25%, 9/10/15 | 1,000,000 | 1,009,516 | ||||||
WellPoint, Inc., Sr. Unsecured, 5.25%, 1/15/16 | 750,000 | 805,786 | ||||||
WellPoint, Inc., Sr. Unsecured, 2.38%, 2/15/17 | 1,000,000 | 1,029,195 | ||||||
|
| |||||||
TOTAL HEALTH CARE PROVIDERS & SERVICES |
| $ | 5,854,451 | |||||
HOME FURNISHINGS – 0.5% | ||||||||
Whirlpool Corp., Sr. Unsecured, 6.50%, 6/15/16 | 750,000 | 836,797 | ||||||
INSURANCE – 4.8% | ||||||||
American International Group, Inc., Sr. Unsecured, 3.80%, 3/22/17 | 1,000,000 | 1,071,443 | ||||||
Aon Corp., Company Guaranteed, 3.50%, 9/30/15 | 2,730,000 | 2,836,898 | ||||||
Hartford Financial Services Group, Inc., Sr. Unsecured, 4.00%, 10/15/17 | 1,750,000 | 1,888,298 | ||||||
Principal Financial Group, Inc., Company Guaranteed, 1.85%, 11/15/17 | 1,074,000 | 1,080,921 | ||||||
WR Berkley Corp., Sr. Unsecured, 5.60%, 5/15/15 | 1,150,000 | 1,203,043 | ||||||
|
| |||||||
TOTAL INSURANCE | $ | 8,080,603 | ||||||
MEDIA – 3.3% | ||||||||
CBS Corp., Company Guaranteed, 1.95%, 7/01/17 | 2,000,000 | 2,037,028 |
ANNUAL REPORT / April 30, 2014 |
45 | PORTFOLIOS OF INVESTMENT |
Wilmington Short-Term Corporate Bond Fund (continued)
Description | Par Value | Value | ||||||
COX Communications, Inc., | $ | 2,000,000 | $ | 2,059,846 | ||||
Time Warner Cable, Inc., | 1,000,000 | 1,132,378 | ||||||
Viacom, Inc., | 300,000 | 302,113 | ||||||
|
| |||||||
TOTAL MEDIA | $ | 5,531,365 | ||||||
METALS & MINING – 0.6% |
| |||||||
Caterpillar Financial Services Corp., | 1,000,000 | 1,018,665 | ||||||
MISCELLANEOUS MANUFACTURING – 2.5% |
| |||||||
Eaton Corp., | 2,000,000 | 2,012,782 | ||||||
Textron, Inc., | 2,000,000 | 2,095,867 | ||||||
|
| |||||||
TOTAL MISCELLANEOUS MANUFACTURING | $ | 4,108,649 | ||||||
OIL & GAS – 10.2% | ||||||||
BP Capital Markets PLC, | 1,000,000 | 1,003,200 | ||||||
Canadian Natural Resources Ltd., | 1,000,000 | 1,001,718 | ||||||
Devon Energy Corp., | 1,000,000 | 1,004,642 | ||||||
Diamond Offshore Drilling, Inc., | 1,000,000 | 1,050,229 | ||||||
Exxon Mobil Corp., | 575,000 | 575,323 | ||||||
Husky Energy, Inc., | 1,000,000 | 1,141,850 | ||||||
Marathon Oil Corp., | 1,810,000 | 1,816,981 | ||||||
Murphy Oil Corp., | 1,000,000 | 1,022,065 | ||||||
Nabors Industries, Inc., | 400,000 | 408,986 | ||||||
Petrobras Global Finance BV, | 285,000 | 285,347 | ||||||
Petrobras Global Finance BV, | 335,000 | 339,187 | ||||||
Phillips 66, | 2,000,000 | 2,095,320 | ||||||
Pioneer Natural Resources Co., | 1,000,000 | 1,139,792 | ||||||
Transocean, Inc., | 2,000,000 | 2,176,307 | ||||||
Valero Energy Corp., | 2,000,000 | 2,059,530 | ||||||
|
| |||||||
TOTAL OIL & GAS | $ | 17,120,477 | ||||||
PHARMACEUTICALS – 5.0% |
| |||||||
AbbVie, Inc., | 2,700,000 | 2,724,227 |
Description | Par Value | Value | ||||||
Cardinal Health, Inc., | $ | 2,000,000 | $ | 2,232,304 | ||||
Express Scripts Holding Co., | 2,300,000 | 2,438,460 | ||||||
Zoetis, Inc., | 1,000,000 | 1,007,600 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS |
| $ | 8,402,591 | |||||
PIPELINES – 6.6% | ||||||||
Buckeye Partners LP, | 1,700,000 | 1,734,591 | ||||||
Energy Transfer Partners LP, | 1,000,000 | 1,038,236 | ||||||
Enterprise Products Operating LLC, | 2,500,000 | 2,583,811 | ||||||
Kinder Morgan Energy Partners LP, | 2,500,000 | 2,598,512 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., | 3,000,000 | 3,135,205 | ||||||
|
| |||||||
TOTAL PIPELINES | $ | 11,090,355 | ||||||
REAL ESTATE INVESTMENT TRUSTS – 8.1% |
| |||||||
BioMed Realty LP, | 1,000,000 | 999,345 | ||||||
Boston Properties LP, | 1,000,000 | 1,048,037 | ||||||
Boston Properties LP, | 1,000,000 | 1,047,070 | ||||||
Digital Realty Trust LP, | 2,000,000 | 2,067,116 | ||||||
Health Care REIT, Inc., | 2,071,000 | 2,293,594 | ||||||
ProLogis LP, | 2,077,000 | 2,352,722 | ||||||
Simon Property Group LP, | 1,325,000 | 1,393,063 | ||||||
Ventas Realty LP, | 2,000,000 | 2,022,635 | ||||||
Vornado Realty LP, | 435,000 | 445,121 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS |
| $ | 13,668,703 | |||||
RETAIL – 1.4% | ||||||||
CVS Caremark Corp., | 2,200,000 | 2,215,725 | ||||||
Wal-Mart Stores Pass-Through Trust 1994, | 101,363 | 105,418 | ||||||
|
| |||||||
TOTAL RETAIL | $ | 2,321,143 | ||||||
TELECOMMUNICATIONS – 3.0% |
| |||||||
Cisco Systems, Inc., | 800,000 | 802,813 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENT | 46 |
Wilmington Short-Term Corporate Bond Fund (continued)
Description | Par Value | Value | ||||||
Verizon Communications, Inc., Sr. Unsecured, 1.00%, 6/17/19D | $ | 4,250,000 | $ | 4,292,076 | ||||
|
| |||||||
TOTAL TELECOMMUNICATIONS |
| $ | 5,094,889 | |||||
TRANSPORTATION – 1.3% | ||||||||
CSX Corp., Sr. Unsecured, 6.25%, 4/01/15 | 265,000 | 278,551 | ||||||
Ryder System, Inc., Sr. Unsecured, MTN, 3.15%, 3/02/15 | 1,500,000 | 1,532,114 | ||||||
Ryder System, Inc., Sr. Unsecured, MTN, 3.60%, 3/01/16 | 400,000 | 420,297 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | $ | 2,230,962 | ||||||
TRUCKING & LEASING – 0.9% |
| |||||||
GATX Corp., Sr. Unsecured, 4.75%, 5/15/15 | 1,400,000 | 1,458,858 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (COST $158,986,285) | $ | 160,011,694 | ||||||
U.S. TREASURY – 1.1% | ||||||||
U.S. TREASURY NOTE – 1.1% |
| |||||||
0.25%, 2/29/16 | 1,850,000 | 1,847,278 | ||||||
|
| |||||||
TOTAL U.S. TREASURY (COST $1,844,887) | $ | 1,847,278 |
Description | Number of Shares | Value | ||||||
MONEY MARKET FUND – 2.0% | ||||||||
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^ | 3,373,402 | $ | 3,373,402 | |||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $3,373,402) |
| $ | 3,373,402 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES – 100.7% (COST $168,035,740) |
| $ | 169,016,352 | |||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.3% | ||||||||
REPURCHASE AGREEMENTS – 1.3% |
| |||||||
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $1,000,002, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $1,020,000. | $ | 1,000,000 | $ | 1,000,000 | ||||
Nomura Securities International, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $167,931, collateralized by U.S. Treasury Securities 0.13% to 6.13%, maturing 07/15/14 to 02/15/44; total market value of $171,290. | 167,931 | 167,931 | ||||||
RBC Capital Markets LLC, 0.05%, dated 04/30/14, due 05/01/14, repurchase price $1,000,001, collateralized by U.S. Government Securities 2.33% to 4.50%, maturing 02/01/24 to 01/01/44; total market value of $1,020,000. | 1,000,000 | 1,000,000 | ||||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,167,931) |
| $ | 2,167,931 | |||||
|
| |||||||
TOTAL INVESTMENTS – 102.0% (COST $170,203,671) |
| $ | 171,184,283 | |||||
COLLATERAL FOR SECURITIES ON LOAN – (1.3%) | (2,167,931 | ) | ||||||
OTHER LIABILITIES LESS ASSETS – (0.7%) | (1,174,616 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 167,841,736 | ||||||
|
|
Cost of investments for Federal income tax purposes is $170,207,462. The net unrealized appreciation/(depreciation) of investments was $976,821. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,062,272 and net unrealized depreciation from investments for those securities having an excess of cost over value of $85,451.
ANNUAL REPORT / April 30, 2014
47 | PORTFOLIOS OF INVESTMENT
| |
Wilmington Short-Term Corporate Bond Fund (concluded) |
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Adjustable Rate Mortgage | $ | — | $ | 60 | $ | — | $ | 60 | ||||||||
Asset-Backed Security | — | 466,854 | — | 466,854 | ||||||||||||
Collateralized Mortgage Obligations | — | 1,317,100 | — | 1,317,100 | ||||||||||||
Commercial Paper | — | 1,999,964 | — | 1,999,964 | ||||||||||||
Corporate Bonds | — | 160,011,694 | — | 160,011,694 | ||||||||||||
U.S. Treasury | — | 1,847,278 | — | 1,847,278 | ||||||||||||
Money Market Fund | 3,373,402 | — | — | 3,373,402 | ||||||||||||
Repurchase Agreements | — | 2,167,931 | — | 2,167,931 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,373,402 | $ | 167,810,881 | $ | — | $ | 171,184,283 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
48 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Short Duration Government Bond Fund
At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):
Percentage of Total Net Assets | |||||
Federal National Mortgage Association (FNMA) | 45.7 | % | |||
Federal Home Loan Mortgage Corporation (FHLMC) | 31.8 | % | |||
Federal Home Loan Bank (FHLB) | 8.7 | % | |||
Government National Mortgage Association (GNMA) | 6.1 | % | |||
U.S. Treasury Note | 2.1 | % | |||
Whole Loan | 1.7 | % | |||
U.S. Treasury Inflation Indexed Note | 1.3 | % | |||
Transportation | 0.6 | % | |||
Small Business Administration | 0.2 | % | |||
Development | 0.1 | % | |||
Cash Equivalents1 | 1.5 | % | |||
Other Assets and Liabilities – Net2 | 0.2 | % | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
Credit Quality Diversification3 | Percentage of Total Net Assets | ||||
AA | 50.6 | % | |||
BB | 0.4 | % | |||
D | 1.2 | % | |||
Not Rated | 2.1 | % | |||
U.S. Government Agency Securities | 42.1 | % | |||
U.S. Treasuries | 3.4 | % | |||
Other Assets and Liabilities – Net1 | 0.2 | % | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
(1) | Cash Equivalents include investments in a money market fund. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description
| Par Value
| Value
| ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 26.5% |
| |||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 9.4% |
| |||||||
Series 1988-6, Class C, 9.05%, 6/15/19 | $ | 8,754 | $ | 9,456 | ||||
Series 1989-112, Class I, 6.50%, 1/15/21 | 1,650 | 1,790 | ||||||
Series 1990-136, Class E, 6.00%, 4/15/21 | 4,528 | 4,913 | ||||||
Series 1990-141, Class D, 5.00%, 5/15/21 | 1,993 | 2,120 | ||||||
Series 1993-1577, Class PK, | ||||||||
6.50%, 9/15/23 | 68,550 | 76,340 | ||||||
Series 1993-1644, Class K, | ||||||||
6.75%, 12/15/23 | 58,538 | 65,041 | ||||||
Series 1994-1686, Class PJ, | ||||||||
5.00%, 2/15/24 | 7,548 | 8,094 | ||||||
Series 2004-2844, Class PV, | ||||||||
5.00%, 8/15/15 | 186,955 | 189,174 | ||||||
Series 2005-3062, Class LU, | ||||||||
5.50%, 10/15/16 | 2,329,784 | 2,414,289 |
Description
| Par Value
| Value
| ||||||
Series 2005-3074, Class BG, | ||||||||
5.00%, 9/15/33 | $ | 347,956 | $ | 353,191 | ||||
Series 2009-3610, Class AB, | ||||||||
1.40%, 12/15/14 | 31,520 | 31,532 | ||||||
Series 2011-3799, Class GK, | ||||||||
2.75%, 1/15/21 | 280,415 | 286,588 | ||||||
Series 2012-K710, Class A1, | ||||||||
1.44%, 1/25/19 | 2,751,206 | 2,776,032 | ||||||
Series 3893, Class DJ, 2.00%, 10/15/20 | 2,735,474 | 2,785,183 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) |
| $ | 9,003,743 | |||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 9.9% |
| |||||||
Series 1993-113, Class PK, 6.50%, 7/25/23 | 52,258 | 58,184 | ||||||
Series 1993-127, Class H, 6.50%, 7/25/23 | 49,256 | 54,627 | ||||||
Series 1993-202, Class J, 6.50%, 11/25/23 | 26,837 | 30,001 | ||||||
Series 1994-3, Class PL, 5.50%, 1/25/24 | 53,470 | 58,378 | ||||||
Series 1994-55, Class H, 7.00%, 3/25/24 | 55,641 | 62,919 | ||||||
Series 2002-52, Class QA, 6.00%, 7/18/32 | 25,410 | 27,294 | ||||||
Series 2002-94, Class HQ, 4.50%, 1/25/18 | 1,075,724 | 1,124,258 |
ANNUAL REPORT / April 30, 2014
49 | PORTFOLIOS OF INVESTMENTS |
Wilmington Short Duration Government Bond Fund (continued)
Description
| Par Value
| Value
| ||||||
Series 2003-3, Class BC, 5.00%, 2/25/18 | $ | 768,922 | $ | 818,896 | ||||
Series 2003-45, Class AB, 3.75%, 5/25/33 | 6,437 | 6,493 | ||||||
Series 2009-70, Class NM, 3.25%, 8/25/19 | 1,762,657 | 1,819,063 | ||||||
Series 2011-66, Class QE, 2.00%, 7/25/21 | 994,622 | 1,004,036 | ||||||
Series 2011-71, Class DJ, 3.00%, 3/25/25 | 1,222,492 | 1,254,383 | ||||||
Series 2011-81, Class PA, 3.50%, 8/25/26 | 3,008,664 | 3,141,489 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) |
| $ | 9,460,021 | |||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION |
| |||||||
Series 2005-44, Class PC, 5.00%, 12/20/33 | 1,083,538 | 1,135,234 | ||||||
Series 2010-17, Class K, 4.00%, 3/16/22 | 3,762,715 | 3,898,574 | ||||||
Series 2010-91, Class PA, 3.00%, 8/20/31 | 170,828 | 171,126 | ||||||
|
| |||||||
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) |
| $ | 5,204,934 | |||||
WHOLE LOAN – 1.7% | ||||||||
Banc of America Mortgage Securities, Inc., | ||||||||
Series 2004-A, Class 2A1, 2.68%, 2/25/34D | 286,662 | 273,791 | ||||||
Banc of America Mortgage Securities, Inc., | ||||||||
Series 2004-B, Class 2A1, 2.63%, 3/25/34D | 211,183 | 201,573 | ||||||
IndyMac INDA Mortgage Loan Trust, | ||||||||
Series 2005-AR1, Class 2A1, | ||||||||
2.72%, 11/25/35D | 1,251,930 | 1,126,237 | ||||||
|
| |||||||
TOTAL WHOLE LOAN | $ | 1,601,601 | ||||||
|
| |||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $25,506,294) |
| $ | 25,270,299 | |||||
CORPORATE BOND – 0.6% | ||||||||
TRANSPORTATION – 0.6% | ||||||||
Vessel Management Services, Inc., | ||||||||
U.S. Government Guaranteed, | ||||||||
6.75%, 7/15/25 | 479,000 | 564,112 | ||||||
|
| |||||||
TOTAL CORPORATE BOND (COST $479,000) |
| $ | 564,112 | |||||
GOVERNMENT AGENCIES – 50.7% | ||||||||
FEDERAL HOME LOAN BANK (FHLB) – 8.7% |
| |||||||
0.50%, 11/20/15 | 2,000,000 | 2,007,066 | ||||||
1.75%, 9/11/15 | 4,000,000 | 4,081,373 | ||||||
5.38%, 5/18/16 | 2,000,000 | 2,198,255 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN BANK (FHLB) |
| $ | 8,286,694 | |||||
FEDERAL HOME LOAN MORTGAGE CORPORATION |
| |||||||
0.50%, 5/13/16 | 2,000,000 | 2,000,330 | ||||||
0.63%, 12/29/14 | 3,000,000 | 3,010,277 | ||||||
0.88%, 10/14/16 | 3,000,000 | 3,017,054 | ||||||
1.00%, 3/08/17 | 3,000,000 | 3,017,977 | ||||||
2.00%, 8/25/16 | 1,000,000 | 1,032,584 | ||||||
4.75%, 1/19/16 | 1,000,000 | 1,076,101 | ||||||
5.13%, 10/18/16 | 2,000,000 | 2,214,713 |
Description
| Par Value
| Value
| ||||||
5.25%, 4/18/16 | $ | 2,000,000 | $ | 2,189,069 | ||||
|
| |||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) |
| $ | 17,558,105 | |||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION |
| |||||||
0.38%, 3/16/15 | 4,000,000 | 4,006,915 | ||||||
0.38%, 12/21/15 | 3,000,000 | 3,002,442 | ||||||
0.38%, 7/05/16 | 2,000,000 | 1,993,177 | ||||||
0.50%, 5/27/15 | 3,000,000 | 3,011,233 | ||||||
0.50%, 3/30/16 | 5,000,000 | 5,004,721 | ||||||
2.25%, 3/15/16 | 5,000,000 | 5,169,834 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) |
| $ | 22,188,322 | |||||
SMALL BUSINESS ADMINISTRATION – 0.2% |
| |||||||
Small Business Administration Participation | ||||||||
Certificates, U.S. Government Guaranteed, | ||||||||
Series 1996-C, 6.70%, 3/01/16 | 11,360 | 11,899 | ||||||
Small Business Administration Participation | ||||||||
Certificates, U.S. Government Guaranteed, | ||||||||
Series 1996-K, 6.95%, 11/01/16 | 122,507 | 129,493 | ||||||
Small Business Administration Participation | ||||||||
Certificates, U.S. Government Guaranteed, | ||||||||
Series 1996-L, 6.70%, 12/01/16 | 57,469 | 59,989 | ||||||
Small Business Administration Participation | ||||||||
Certificates, U.S. Government Guaranteed, | ||||||||
Series 1997-E, 7.30%, 5/01/17 | 2,810 | 3,016 | ||||||
Small Business Administration Participation | ||||||||
Certificates, U.S. Government Guaranteed, | ||||||||
Series 1999-I, 7.30%, 9/01/19 | 5,117 | 5,605 | ||||||
|
| |||||||
TOTAL SMALL BUSINESS ADMINISTRATION |
| $ | 210,002 | |||||
|
| |||||||
TOTAL GOVERNMENT AGENCIES (COST $47,402,323) |
| $ | 48,243,123 | |||||
MORTGAGE-BACKED SECURITIES – 17.0% | ||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION |
| |||||||
Pool 287773, 7.50%, 3/01/17 | 574 | 598 | ||||||
Pool 538733, 9.00%, 9/01/19 | 263 | 271 | ||||||
Pool A18401, 6.00%, 2/01/34 | 661,399 | 742,598 | ||||||
Pool C78010, 5.50%, 4/01/33 | 1,066,616 | 1,199,535 | ||||||
Pool C80328, 7.50%, 7/01/25 | 38,618 | 43,818 | ||||||
Pool G01425, 7.50%, 5/01/32 | 91,294 | 104,616 | ||||||
Pool G01831, 6.00%, 5/01/35 | 216,858 | 243,481 | ||||||
Pool G12709, 5.00%, 7/01/22 | 191,880 | 204,880 | ||||||
Pool G14695, 4.50%, 6/01/26 | 1,105,596 | 1,181,571 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) |
| $ | 3,721,368 | |||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION |
| |||||||
Pool 202957, 8.00%, 8/01/21 | 3,486 | 3,675 | ||||||
Pool 252439, 6.50%, 5/01/29 | 38,271 | 43,417 | ||||||
Pool 255933, 5.50%, 11/01/35 | 214,116 | 237,436 | ||||||
Pool 323419, 6.00%, 12/01/28 | 65,826 | 73,978 | ||||||
Pool 334593, 7.00%, 5/01/24 | 72,664 | 82,043 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 50 |
Wilmington Short Duration Government Bond Fund (continued)
Description
| Par Value
| Value
| ||||||
Pool 39862, 9.75%, 9/01/17 | $ | 5,033 | $ | 5,284 | ||||
Pool 436746, 6.50%, 8/01/28 | 47,261 | 50,474 | ||||||
Pool 440401, 6.50%, 8/01/28 | 165,876 | 187,298 | ||||||
Pool 485678, 6.50%, 3/01/29 | 38,331 | 43,868 | ||||||
Pool 494375, 6.50%, 4/01/29 | 17,693 | 18,698 | ||||||
Pool 545051, 6.00%, 9/01/29 | 114,335 | 128,352 | ||||||
Pool 625596, 7.00%, 2/01/32 | 16,918 | 17,709 | ||||||
Pool 725418, 6.50%, 5/01/34 | 187,896 | 213,394 | ||||||
Pool 833143, 5.50%, 9/01/35 | 1,189,847 | 1,321,853 | ||||||
Pool 843323, 5.50%, 10/01/35 | 101,755 | 112,837 | ||||||
Pool AE2520, 3.00%, 1/01/26 | 470,238 | 487,484 | ||||||
Pool MA0909, 3.00%, 11/01/21 | 1,016,349 | 1,065,087 | ||||||
Pool MA0921, 3.00%, 12/01/21 | 7,434,806 | 7,791,330 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) |
| $ | 11,884,217 | |||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.6% |
| |||||||
Pool 1061, 9.00%, 4/20/23 | 16,451 | 17,141 | ||||||
Pool 1886, 9.00%, 10/20/24 | 1,246 | 1,320 | ||||||
Pool 188603, 9.00%, 11/15/16 | 4,666 | 4,798 | ||||||
Pool 208196, 9.00%, 2/15/17 | 7,271 | 7,483 | ||||||
Pool 306066, 8.50%, 7/15/21 | 4,692 | 5,375 | ||||||
Pool 307983, 8.50%, 7/15/21 | 16,254 | 16,729 | ||||||
Pool 341948, 8.50%, 1/15/23 | 9,065 | 9,310 | ||||||
Pool 346572, 7.00%, 5/15/23 | 10,082 | 10,768 | ||||||
Pool 484269, 7.00%, 9/15/28 | 44,778 | 48,639 | ||||||
Pool 581522, 6.00%, 5/15/33 | 229,763 | 259,918 | ||||||
Pool 592505, 6.00%, 4/15/33 | 151,537 | 162,487 | ||||||
Pool 780440, 8.50%, 11/15/17 | 1,132 | 1,258 | ||||||
|
| |||||||
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) |
| $ | 545,226 | |||||
|
| |||||||
TOTAL MORTGAGE-BACKED SECURITIES (COST $15,620,791) |
| $ | 16,150,811 | |||||
MUNICIPAL BOND – 0.1% | ||||||||
DEVELOPMENT – 0.1% | ||||||||
City of Miami, FL, Rent Revenue, | ||||||||
Series 1998, (Lease payments guaranteed |
| |||||||
by U.S. Government), 8.65%, 7/01/19 | 115,000 | 137,080 | ||||||
|
| |||||||
TOTAL MUNICIPAL BOND (COST $124,276) | $ | 137,080 | ||||||
U.S. TREASURY – 3.4% | ||||||||
U.S. TREASURY INFLATION INDEXED NOTE – 1.3% |
| |||||||
1.13%, 1/15/21 | 1,100,000 | 1,262,152 | ||||||
U.S. TREASURY NOTE – 2.1% | ||||||||
0.88%, 4/15/17 | 2,000,000 | 2,001,460 | ||||||
|
| |||||||
TOTAL U.S. TREASURY (COST $3,191,875) | $ | 3,263,612 |
Description
| Number of
| Value
| ||||||
MONEY MARKET FUND – 1.5% | ||||||||
Dreyfus Government Cash Management | ||||||||
Fund, Institutional Shares, 0.01%^ | 1,410,998 | $ | 1,410,998 | |||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $1,410,998) | $ | 1,410,998 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 99.8% (COST $93,735,557) | $ | 95,040,035 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.2% | 147,801 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 95,187,836 | ||||||
|
|
ANNUAL REPORT / April 30, 2014
51 | PORTFOLIOS OF INVESTMENTS |
Wilmington Short Duration Government Bond Fund (concluded)
Cost of investments for Federal income tax purposes is $93,735,678. The net unrealized appreciation/(depreciation) of investments was $1,304,357. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,735,662 and net unrealized depreciation from investments for those securities having an excess of cost over value of $431,305.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1
| Level 2
| Level 3
| Total
| |||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||||||
Collateralized Mortgage Obligations | $ | — | $ | 25,270,299 | $ | — | $ | 25,270,299 | ||||||||||||||||
Corporate Bond | — | 564,112 | — | 564,112 | ||||||||||||||||||||
Government Agencies | — | 48,243,123 | — | 48,243,123 | ||||||||||||||||||||
Mortgage-Backed Securities | — | 16,150,811 | — | 16,150,811 | ||||||||||||||||||||
Municipal Bond | — | 137,080 | — | 137,080 | ||||||||||||||||||||
U.S. Treasury | — | 3,263,612 | — | 3,263,612 | ||||||||||||||||||||
Money Market Fund | 1,410,998 | — | — | 1,410,998 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total | $ | 1,410,998 | $ | 93,629,037 | $ | — | $ | 95,040,035 | ||||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
52 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Municipal Bond Fund
At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):
Percentage of Total Net Assets | |||||
Dedicated Tax | 15.5 | % | |||
Medical | 14.6 | % | |||
General Obligations | 11.8 | % | |||
Higher Education | 9.4 | % | |||
School District | 8.4 | % | |||
Transportation | 7.9 | % | |||
Water & Sewer | 7.8 | % | |||
Lease | 6.6 | % | |||
Airport | 5.2 | % | |||
Pre-Refunded/Escrow | 4.5 | % | |||
Education | 2.2 | % | |||
Water | 1.8 | % | |||
Utilities | 1.6 | % | |||
Power | 0.5 | % | |||
Tobacco | 0.5 | % | |||
Cash Equivalents1 | 3.5 | % | |||
Other Assets and Liabilities – Net2 | (1.8 | )% | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
Credit Quality Diversification3 | Percentage of Total Net Assets | ||||
AAA | 22.0 | % | |||
AA | 47.2 | % | |||
A | 24.0 | % | |||
BBB | 0.7 | % | |||
Not Rated | 7.9 | % | |||
Other Assets and Liabilities – Net2 | (1.8 | )% | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
(1) | Cash Equivalents include investments in a money market fund. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description
| Par Value
| Value
| ||||||
MUNICIPAL BONDS – 98.3% | ||||||||
ALABAMA – 0.5% | ||||||||
MEDICAL – 0.5% | ||||||||
The University of Alabama, Refunding | ||||||||
Revenue Bonds, (Series A), 5.75%, 9/01/22 | $ | 1,000,000 | $ | 1,122,520 | ||||
|
| |||||||
TOTAL ALABAMA | $ | 1,122,520 | ||||||
ARIZONA – 2.1% | ||||||||
LEASE – 0.5% | ||||||||
City of Tucson, AZ, Certificate Participation | ||||||||
Bonds, Public Improvements, (Series A), | ||||||||
(National Reinsurance), 5.00%, 7/01/21 | 1,000,000 | 1,088,080 |
Description
| Par Value
| Value
| ||||||
WATER & SEWER – 1.6% | ||||||||
Arizona Water Infrastructure Finance | ||||||||
Authority, Revenue Bonds, Water Utility | ||||||||
Improvements, (Series A), 5.00%, 10/01/23 | $ | 3,000,000 | $ | 3,454,110 | ||||
|
| |||||||
TOTAL ARIZONA | $ | 4,542,190 | ||||||
CALIFORNIA – 11.2% | ||||||||
AIRPORT – 1.5% | ||||||||
San Francisco City & County Airports | ||||||||
Comm-San Francisco International Airport, | ||||||||
Refunding Revenue Bonds, 5.00%, 5/01/26 | 2,925,000 | 3,337,425 | ||||||
EDUCATION – 2.2% | ||||||||
Los Angeles Unified School District, CA, | ||||||||
Certificate Participation Refunding Bonds,, | ||||||||
(Series B), (Headquaters Building), | ||||||||
5.00%, 10/01/27 | 4,300,000 | 4,850,271 |
ANNUAL REPORT / April 30, 2014
53 | PORTFOLIOS OF INVESTMENTS |
Wilmington Municipal Bond Fund (continued)
Description
| Par Value
| Value
| ||||||||
GENERAL OBLIGATIONS – 1.7% |
| |||||||||
State of California, CA, GO Unlimited, Public | ||||||||||
Improvements, 5.00%, 10/01/21 | $ | 3,000,000 | $ | 3,598,200 | ||||||
LEASE – 2.1% | ||||||||||
Sacramento, CA, City Financing Authority, | ||||||||||
Refunding Revenue Bonds, (Series B), | ||||||||||
5.40%, 11/01/20 | 4,000,000 | 4,493,480 | ||||||||
MEDICAL – 0.2% | ||||||||||
California Health Facilities Financing | ||||||||||
Authority, Revenue Bonds, (Series H), | ||||||||||
(Catholic Healthcare West, OBG), | ||||||||||
5.13%, 7/01/22 | 485,000 | 508,023 | ||||||||
SCHOOL DISTRICT – 0.8% | ||||||||||
San Ramon Valley Unified School District, | ||||||||||
CA, GO Unlimited, Refunding Bonds, | ||||||||||
5.00%, 8/01/27 | 1,450,000 | 1,688,090 | ||||||||
WATER & SEWER – 2.7% | ||||||||||
City of San Francisco Public Utilities | ||||||||||
Commission Water Revenue, CA, Refunding | ||||||||||
Revenue Bonds, (Series C), | ||||||||||
5.00%, 11/01/27 | 5,000,000 | 5,846,850 | ||||||||
|
| |||||||||
TOTAL CALIFORNIA | $ | 24,322,339 | ||||||||
COLORADO – 1.1% | ||||||||||
AIRPORT – 1.1% | ||||||||||
City & County of Denver Airport System | ||||||||||
Revenue, CO, Refunding Revenue Bonds, | ||||||||||
(Series B), 5.00%, 11/15/25 | 2,000,000 | 2,287,480 | ||||||||
|
| |||||||||
TOTAL COLORADO | $ | 2,287,480 | ||||||||
DISTRICT OF COLUMBIA – 1.1% | ||||||||||
DEDICATED TAX – 1.1% | ||||||||||
District of Columbia, Refunding Revenue | ||||||||||
Bonds, (Series B), 5.00%, 12/01/27 | 2,000,000 | 2,353,440 | ||||||||
|
| |||||||||
TOTAL DISTRICT OF COLUMBIA | $ | 2,353,440 | ||||||||
FLORIDA – 0.5% | ||||||||||
LEASE – 0.5% | ||||||||||
City of Jacksonville, FL, Refunding Revenue | ||||||||||
Bonds, (Series C), 5.00%, 10/01/26 | 1,000,000 | 1,143,610 | ||||||||
|
| |||||||||
TOTAL FLORIDA | $ | 1,143,610 | ||||||||
GEORGIA – 2.8% | ||||||||||
GENERAL OBLIGATIONS – 1.0% | ||||||||||
State of Georgia, GO Unlimited, Refunding | ||||||||||
Revenue Bonds, (Series C), 5.00%, 7/01/21 | 2,000,000 | 2,264,080 | ||||||||
HIGHER EDUCATION – 1.0% | ||||||||||
Fulton County Development Authority, GA, | ||||||||||
Refunding Revenue Bonds, (Series A), | ||||||||||
(Georgia Technology Foundation Inc., OBG), | ||||||||||
5.25%, 11/01/24 | 1,750,000 | 2,194,535 |
Description
| Par Value
| Value
| ||||||||
MEDICAL – 0.8% | ||||||||||
Cobb County Kennestone Hospital Authority, | ||||||||||
Refunding Revenue Bonds, 5.00%, 4/01/27 | $ | 1,500,000 | $ | 1,709,910 | ||||||
|
| |||||||||
TOTAL GEORGIA | $ | 6,168,525 | ||||||||
ILLINOIS – 1.5% | ||||||||||
DEDICATED TAX – 1.5% | ||||||||||
State of Illinois, Revenue Bonds, Public | ||||||||||
Improvements, (National Reinsurance FGIC), | ||||||||||
6.00%, 6/15/26 | 2,500,000 | 3,205,825 | ||||||||
|
| |||||||||
TOTAL ILLINOIS | $ | 3,205,825 | ||||||||
INDIANA – 1.7% | ||||||||||
GENERAL OBLIGATIONS – 0.7% | ||||||||||
Indianapolis-Marion County Public Library, | ||||||||||
GO Unlimited, Refunding Revenue Bonds, | ||||||||||
(State Intercept Program), 5.00%, 1/01/19 | 1,270,000 | 1,473,124 | ||||||||
MEDICAL – 1.0% | ||||||||||
Indiana Finance Authority, Refunding | ||||||||||
Revenue Bonds, (Series C), (Franciscan | ||||||||||
Alliance Inc., OBG), 5.00%, 11/01/21 | 2,000,000 | 2,263,280 | ||||||||
|
| |||||||||
TOTAL INDIANA | $ | 3,736,404 | ||||||||
MARYLAND – 1.1% | ||||||||||
LEASE – 1.1% | ||||||||||
County of Baltimore, MD, Certificate | ||||||||||
Participation Bonds, Public Improvements, | ||||||||||
5.00%, 10/01/21 | 2,000,000 | 2,367,120 | ||||||||
|
| |||||||||
TOTAL MARYLAND | $ | 2,367,120 | ||||||||
MASSACHUSETTS – 1.3% | ||||||||||
WATER & SEWER – 1.3% | ||||||||||
Massachusetts Water Resources Authority, | ||||||||||
Refunding Revenue Bonds, (Series B), | ||||||||||
(AGM), 5.25%, 8/01/27 | 2,325,000 | 2,866,911 | ||||||||
|
| |||||||||
TOTAL MASSACHUSETTS | $ | 2,866,911 | ||||||||
MICHIGAN – 7.6% | ||||||||||
DEDICATED TAX – 2.9% | ||||||||||
Michigan Finance Authority, Refunding | ||||||||||
Revenue Bonds, (Series A), 5.00%, 7/01/18 | 3,500,000 | 4,066,370 | ||||||||
Michigan Finance Authority, Refunding | ||||||||||
Revenue Bonds, (Series B), 5.00%, 7/01/21 | 2,000,000 | 2,298,860 | ||||||||
|
| |||||||||
TOTAL DEDICATED TAX | $ | 6,365,230 | ||||||||
MEDICAL – 0.6% | ||||||||||
Royal Oak Hospital Finance Authority, MI, | ||||||||||
Refunding Revenue Bonds, (Series D), | ||||||||||
(William Beaumont Hospital), | ||||||||||
5.00%, 9/01/20 | 1,200,000 | 1,390,356 | ||||||||
SCHOOL DISTRICT – 1.5% | ||||||||||
Ann Arbor School District, MI, GO Unlimited, | ||||||||||
Refunding Revenue Bonds, (Q-SBLF), | ||||||||||
5.00%, 5/01/17 | 1,000,000 | 1,123,690 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 54 |
Wilmington Municipal Bond Fund (continued)
Description
| Par Value
| Value
| ||||||||
Lansing School District, MI, GO Unlimited, | ||||||||||
Refunding Revenue Bonds, (Q-SBLF), | ||||||||||
4.00%, 5/01/16 | $ | 2,000,000 | $ | 2,139,680 | ||||||
|
| |||||||||
TOTAL SCHOOL DISTRICT | $ | 3,263,370 | ||||||||
UTILITIES – 1.6% | ||||||||||
Lansing Board of Water & Light, Revenue | ||||||||||
Bonds, (Series A), 5.00%, 7/01/29 | 3,000,000 | 3,356,640 | ||||||||
WATER & SEWER – 1.0% | ||||||||||
Michigan Municipal Bond Authority, Revenue | ||||||||||
Bonds, Water Utility Improvements, | ||||||||||
5.00%, 10/01/19 | 2,075,000 | 2,205,517 | ||||||||
|
| |||||||||
TOTAL MICHIGAN | $ | 16,581,113 | ||||||||
MISSOURI – 1.3% | ||||||||||
AIRPORT – 0.5% | ||||||||||
City of St Louis, MO, Airport Revenue, | ||||||||||
Refunding Revenue Bonds, (Series A), | ||||||||||
(Lambert International Airport), (AGM), | ||||||||||
5.00%, 7/01/23 | 1,000,000 | 1,093,140 | ||||||||
MEDICAL – 0.8% | ||||||||||
Missouri State Health & Educational | ||||||||||
Facilities Authority, MO, Refunding Revenue | ||||||||||
Bonds, (Series A), (SSM Health Care), | ||||||||||
5.00%, 6/01/28 | 1,500,000 | 1,689,780 | ||||||||
|
| |||||||||
TOTAL MISSOURI | $ | 2,782,920 | ||||||||
NEVADA – 1.6% | ||||||||||
DEDICATED TAX – 1.1% | ||||||||||
County of Clark, NV, Refunding Revenue | ||||||||||
Bonds, 5.00%, 7/01/18 | 2,000,000 | 2,309,480 | ||||||||
SCHOOL DISTRICT – 0.5% | ||||||||||
Washoe County School District, NV, GO | ||||||||||
Limited, Refunding Revenue Bonds, (Series A), 4.00%, 6/01/18 | 1,000,000 |
| 1,108,150 | |||||||
|
| |||||||||
TOTAL NEVADA | $ | 3,417,630 | ||||||||
NEW YORK – 12.1% | ||||||||||
DEDICATED TAX – 6.2% | ||||||||||
Nassau County Interim Finance Authority, | ||||||||||
NY, Refunding Revenue Bonds, | ||||||||||
5.00%, 11/15/21 | 1,960,000 | 2,376,441 | ||||||||
New York City, Transitional Finance Authority, | ||||||||||
NY, Refunding Revenue Bonds, (Subseries | ||||||||||
E), 5.00%, 11/01/22 | 4,125,000 | 4,912,999 | ||||||||
New York Local Government Assistance | ||||||||||
Corp., NY, Refunding Revenue Bonds, (Series A), (GO of Corp.), 5.00%, 4/01/19 | 1,500,000 |
| 1,778,220 | |||||||
New York State Dormitory Authority, | ||||||||||
Refunding Revenue Bonds, (Series B), | ||||||||||
(AMBAC), 5.50%, 3/15/25 | 1,750,000 | 2,205,455 | ||||||||
New York State Environmental Facilities | ||||||||||
Corp., Revenue Bonds, Recreational Facility | ||||||||||
Improvements, (Series A), 5.00%, 12/15/21 | 2,000,000 | 2,143,740 | ||||||||
|
| |||||||||
TOTAL DEDICATED TAX | $ | 13,416,855 |
Description
| Par Value
| Value
| ||||||||
GENERAL OBLIGATIONS – 0.6% | ||||||||||
County of Sullivan, NY, GO Limited, | ||||||||||
Refunding Revenue Bonds, 5.00%, 7/15/18 | $ | 1,100,000 | $ | 1,272,700 | ||||||
LEASE – 0.5% | ||||||||||
Erie County Industrial Development Agency | ||||||||||
School, NY, Refunding Revenue Bonds, | ||||||||||
(State Aid Withholding), 5.00%, 5/01/18 | 1,000,000 | 1,148,730 | ||||||||
TOBACCO – 0.5% | ||||||||||
Tobacco Settlement Financing Corp., NY, | ||||||||||
Refunding Revenue Bonds, (Series B), | ||||||||||
5.00%, 6/01/22 | 1,000,000 | 1,121,080 | ||||||||
TRANSPORTATION – 4.3% | ||||||||||
Metropolitan Transportation Authority, NY, | ||||||||||
Refunding Revenue Bonds, (Series E), | ||||||||||
(Transit Improvements), 5.00%, 11/15/19 | 2,565,000 | 2,999,767 | ||||||||
Metropolitan Transportation Authority, NY, | ||||||||||
Revenue Bonds, (Series B), (Transit | ||||||||||
Improvements), 5.00%, 11/15/29 | 3,000,000 | 3,368,730 | ||||||||
Port Authority of New York & New Jersey, | ||||||||||
Refunding Revenue Bonds, (Airport & Marina | ||||||||||
Improvements), 5.00%, 12/01/23 | 2,500,000 | 2,987,650 | ||||||||
|
| |||||||||
TOTAL TRANSPORTATION | $ | 9,356,147 | ||||||||
|
| |||||||||
TOTAL NEW YORK | $ | 26,315,512 | ||||||||
NORTH CAROLINA – 1.5% | ||||||||||
GENERAL OBLIGATIONS – 1.5% | ||||||||||
City of Charlotte, NC, GO Unlimited, | ||||||||||
Refunding Revenue Bonds, (Series A), | ||||||||||
5.00%, 7/01/18 | 2,745,000 | 3,191,639 | ||||||||
|
| |||||||||
TOTAL NORTH CAROLINA | $ | 3,191,639 | ||||||||
OHIO – 3.1% | ||||||||||
DEDICATED TAX – 0.8% | ||||||||||
County of Hamilton, OH, Refunding Revenue | ||||||||||
Bonds, (Series A), (AMBAC), | ||||||||||
5.00%, 12/01/17 | 1,500,000 | 1,659,825 | ||||||||
GENERAL OBLIGATIONS – 1.1% | ||||||||||
Akron-Summit County Public Library, OH, | ||||||||||
GO Unlimited, Refunding Revenue Bonds, | ||||||||||
5.00%, 12/01/20 | 1,960,000 | 2,307,194 | ||||||||
WATER & SEWER – 1.2% | ||||||||||
Ohio Water Development Authority, OH, | ||||||||||
Refunding Revenue Bonds, (Series C), | ||||||||||
(Water Pollution Center, OBG), | ||||||||||
5.00%, 12/01/20 | 2,275,000 | 2,729,454 | ||||||||
|
| |||||||||
TOTAL OHIO | $ | 6,696,473 | ||||||||
PENNSYLVANIA – 19.4% | ||||||||||
DEDICATED TAX – 0.6% | ||||||||||
Sports & Exhibition Authority of Pittsburgh & | ||||||||||
Allegheny County, PA, Refunding Revenue | ||||||||||
Bonds, (AGM), 5.00%, 2/01/23 | 1,250,000 | 1,399,375 |
ANNUAL REPORT / April 30, 2014
55 | PORTFOLIOS OF INVESTMENTS
| |
Wilmington Municipal Bond Fund (continued) |
Description
| Par Value
| Value
| ||||||
GENERAL OBLIGATIONS – 1.6% |
| |||||||
City of Philadelphia, PA, GO Unlimited, Public Improvements, (CIFG), 5.00%, 8/01/23 | $ | 1,000,000 | $ | 1,049,440 | ||||
City of Philadelphia, PA, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 9/15/21 | 2,040,000 | 2,342,675 | ||||||
|
| |||||||
TOTAL GENERAL OBLIGATIONS | $ | 3,392,115 | ||||||
HIGHER EDUCATION – 4.0% |
| |||||||
Huntingdon County General Authority, PA, Refunding Revenue Bonds, (Series A), (Juniata College, OBG), 5.00%, 5/01/27 | 1,765,000 | 1,911,919 | ||||||
Lancaster Higher Education Authority, PA, Refunding Revenue Bonds, (Franklin & Marshall College, OBG), 5.00%, 4/15/18 | 2,350,000 | 2,517,108 | ||||||
Pennsylvania Higher Educational Facilities Authority, Refunding Revenue Bonds, (Drexel University, OBG), 5.00%, 5/01/18 | 1,000,000 | 1,140,730 | ||||||
Pennsylvania Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Ursinus College, OBG), 5.00%, 1/01/23 | 1,620,000 | 1,828,057 | ||||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University & College Improvements, (Drexel University College of Medicine, OBG)/(National Reinsurance), 5.00%, 5/01/27 | 1,250,000 | 1,357,025 | ||||||
|
| |||||||
TOTAL HIGHER EDUCATION |
| $ | 8,754,839 | |||||
LEASE – 0.7% | ||||||||
Philadelphia Redevelopment Authority, PA, Revenue Bonds, Economic Improvements, (Series C), (National Reinsurance FGIC), 5.00%, 4/15/27 | 1,500,000 | 1,522,245 | ||||||
MEDICAL – 3.1% | ||||||||
Allegheny County Hospital Development Authority, PA, Revenue Bonds, (Series A), (UPMC, OBG), 5.00%, 10/15/22 | 1,430,000 | 1,679,807 | ||||||
Lancaster County Hospital Authority, PA, Refunding Revenue Bonds, (Series B), (Lancaster General Hospital, OBG) | ||||||||
5.00%, 3/15/19 | 1,485,000 | 1,637,628 | ||||||
5.00%, 3/15/23 | 1,770,000 | 1,927,813 | ||||||
Pennsylvania Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (University of Pennsylvania Health System, OBG), 5.00%, 8/15/18 | 1,200,000 | 1,376,232 | ||||||
|
| |||||||
TOTAL MEDICAL | $ | 6,621,480 | ||||||
PRE-REFUNDED/ESCROW – 4.5% |
| |||||||
Bucks County, PA, IDA, Revenue Bonds, ETM, (Senior Lifestyles, Inc., OBG), 10.00%, 5/15/19S | 4,775,000 | 6,817,029 | ||||||
Pennsylvania Convention Center Authority, Revenue Bonds, ETM, (Series A), (FGIC), 6.00%, 9/01/19 | 2,410,000 | 2,908,002 | ||||||
|
| |||||||
TOTAL PRE-REFUNDED/ESCROW | $ | 9,725,031 |
Description
| Par Value
| Value
| ||||||
SCHOOL DISTRICT – 2.9% | ||||||||
Hamburg Area School District, PA, GO Unlimited, Refunding Revenue Notes, (Series A), (AGM State Aid Withholding), 5.50%, 4/01/24 | $ | 2,405,000 | $ | 2,814,018 | ||||
Pittsburgh Public Schools, PA, GO Unlimited, Refunding Revenue Bonds, (Series A), (AGM State Aid Withholding), 5.00%, 9/01/21 | 1,775,000 | 2,044,889 | ||||||
School District of Philadelphia, PA, GO Unlimited, School Improvements, (Series D), (AGM State Aid Withholding), 5.50%, 6/01/17 | 1,300,000 | 1,467,648 | ||||||
|
| |||||||
TOTAL SCHOOL DISTRICT | $ | 6,326,555 | ||||||
TRANSPORTATION – 2.0% | ||||||||
Pennsylvania State Turnpike Commission, PA, Refunding Revenue Bonds, (Series B), 5.00%, 12/01/21 | 1,400,000 | 1,594,628 | ||||||
Pittsburgh Public Parking Authority, PA, Refunding Revenue Bonds, (Series A), (National Reinsurance FGIC), 5.00%, 12/01/20 | 2,565,000 | 2,633,229 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | $ | 4,227,857 | ||||||
|
| |||||||
TOTAL PENNSYLVANIA | $ | 41,969,497 | ||||||
TENNESSEE – 1.4% | ||||||||
GENERAL OBLIGATIONS – 0.8% |
| |||||||
Metropolitan Government of Nashville & Davidson County, TN, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/01/17 | 1,610,000 | 1,829,057 | ||||||
HIGHER EDUCATION – 0.6% |
| |||||||
Tennessee School Bond Authority, TN, Revenue Bonds, University & College Improvements, (Series A), (State Intercept Program), 5.00%, 5/01/19 | 1,035,000 | 1,218,185 | ||||||
|
| |||||||
TOTAL TENNESSEE | $ | 3,047,242 | ||||||
TEXAS – 14.6% | ||||||||
AIRPORT – 2.1% | ||||||||
Dallas/Fort Worth International Airport, TX, Refunding Revenue Bonds, (Series D) | ||||||||
5.25%, 11/01/23 | 2,500,000 | 2,968,875 | ||||||
5.25%, 11/01/26 | 1,410,000 | 1,629,904 | ||||||
|
| |||||||
TOTAL AIRPORT | $ | 4,598,779 | ||||||
HIGHER EDUCATION – 1.6% |
| |||||||
Harris County Cultural Education Facilities Finance Corp., TX, Refunding Revenue Bonds, (Series A), (Baylor College of Medicine, OBG), 5.00%, 11/15/19 | 3,105,000 | 3,548,860 | ||||||
MEDICAL – 6.4% | ||||||||
North Central Texas Health Facility Development Corp., TX, Refunding Revenue Bonds, (Children’s Medical Center of Dallas Project, OBG), 5.00%, 8/15/18 | 1,000,000 | 1,152,150 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 56 |
Wilmington Municipal Bond Fund (continued)
Description
| Par Value
| Value
| ||||||
Tarrant County Cultural Education Facilities Finance Corp., TX, Refunding Revenue Bonds, (Series A), (Texas Health Resources, OBG), 5.00%, 2/15/21 | $ | 5,000,000 | $ | 5,503,350 | ||||
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Methodist Hospital of Dallas, OBG), 5.00%, 10/01/25 | 6,110,000 | 7,088,455 | ||||||
|
| |||||||
TOTAL MEDICAL | $ | 13,743,955 | ||||||
SCHOOL DISTRICT – 2.7% | ||||||||
Mesquite Independent School District, TX, GO Unlimited, Refunding Revenue Bonds, (Series B), (PSF-GTD), 5.00%, 8/15/19 | 2,165,000 | 2,559,528 | ||||||
San Antonio Independent School District, TX, GO Unlimited, Refunding Revenue Bonds, (PSF-GTD), 5.00%, 8/15/21 | 3,000,000 | 3,183,480 | ||||||
|
| |||||||
TOTAL SCHOOL DISTRICT | $ | 5,743,008 | ||||||
WATER – 1.8% | ||||||||
City of Houston Utility System, TX, Refunding Revenue Bonds, (Series C), (Comb-First Lien) | ||||||||
5.00%, 5/15/21 | 1,250,000 | 1,497,100 | ||||||
5.00%, 5/15/23 | 2,000,000 | 2,422,340 | ||||||
|
| |||||||
TOTAL WATER | $ | 3,919,440 | ||||||
|
| |||||||
TOTAL TEXAS | $ | 31,554,042 | ||||||
UTAH – 1.2% | ||||||||
MEDICAL – 1.2% | ||||||||
County of Utah, UT, Revenue Bonds, (IHC Health Services Inc., OBG) | ||||||||
5.00%, 5/15/25 | 1,025,000 | 1,168,992 | ||||||
5.00%, 5/15/26 | 1,200,000 | 1,360,068 | ||||||
|
| |||||||
TOTAL MEDICAL | $ | 2,529,060 | ||||||
|
| |||||||
TOTAL UTAH | $ | 2,529,060 | ||||||
VIRGINIA – 2.2% | ||||||||
HIGHER EDUCATION – 2.2% | ||||||||
Virginia, College Building Authority, VA, Revenue Bonds, University & College Improvements, (Series A), (Public Higher Education Financing, OBG), 5.00%, 9/01/19 | 4,000,000 | 4,733,480 | ||||||
|
| |||||||
TOTAL VIRGINIA | $ | 4,733,480 | ||||||
WASHINGTON – 5.8% | ||||||||
DEDICATED TAX – 1.3% | ||||||||
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, Transit Improvements, (National Reinsurance FGIC), 5.25%, 2/01/21 | 2,300,000 | 2,716,047 |
Description
| Par Value
| Value
| ||||||
GENERAL OBLIGATIONS – 2.8% |
| |||||||
State of Washington, WA, GO Unlimited, Refunding Revenue Bonds, (Series R-C), 5.00%, 7/01/24 | $ | 5,000,000 | $ | 6,023,100 | ||||
LEASE – 1.2% | ||||||||
Washington Economic Development Finance Authority, Revenue Bonds, Economic Improvements, (Washington Biomedical Research Properties, OBG)/(National Reinsurance) | ||||||||
5.00%, 6/01/23 | 1,510,000 | 1,637,036 | ||||||
5.25%, 6/01/21 | 1,000,000 | 1,072,830 | ||||||
|
| |||||||
TOTAL LEASE | $ | 2,709,866 | ||||||
POWER – 0.5% | ||||||||
County of Lewis Public Utility District No. 1, WA, Current Refunding Revenue Bonds, 5.25%, 10/01/28 | 1,000,000 | 1,187,700 | ||||||
|
| |||||||
TOTAL WASHINGTON | $ | 12,636,713 | ||||||
WISCONSIN – 1.6% | ||||||||
TRANSPORTATION – 1.6% | ||||||||
Wisconsin Department of Transportation, Refunding Revenue Bonds, (Series 2), 5.00%, 7/01/19 | 1,500,000 | 1,776,165 | ||||||
Wisconsin Department of Transportation, Revenue Bonds, (Series 1), (Highway Improvements), 5.00%, 7/01/22 | 1,500,000 | 1,743,435 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | $ | 3,519,600 | ||||||
|
| |||||||
TOTAL WISCONSIN | $ | 3,519,600 | ||||||
|
| |||||||
TOTAL MUNICIPAL BONDS | ||||||||
(COST $204,453,726) | $
| 213,091,285
|
| |||||
Number of Shares | ||||||||
MONEY MARKET FUND – 3.5% | ||||||||
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^ | 7,524,327 | $ | 7,524,327 | |||||
|
| |||||||
TOTAL MONEY MARKET FUND | ||||||||
(COST $7,524,327) | $ | 7,524,327 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 101.8% | ||||||||
(COST $211,978,053) | $ | 220,615,612 | ||||||
OTHER LIABILITIES LESS ASSETS – (1.8%) | (3,984,638 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% |
| $ | 216,630,974 | |||||
|
|
Cost of investments for Federal income tax purposes is $211,978,053. The net unrealized appreciation/(depreciation) of investments was $8,637,559. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $9,112,133 and net unrealized depreciation from investments for those securities having an excess of cost over value of $474,574. |
ANNUAL REPORT / April 30, 2014
57 | PORTFOLIOS OF INVESTMENTS
| |
Wilmington Municipal Bond Fund (concluded) |
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s assets carried at fair value:
Level 1
| Level 2
| Level 3
| Total
| |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ | — | $ | 213,091,285 | $ | — | $ | 213,091,285 | ||||||||
Money Market Fund | 7,524,327 | — | — | 7,524,327 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 7,524,327 | $ | 213,091,285 | $ | — | $ | 220,615,612 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
58 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Maryland Municipal Bond Fund
At April 30, 2014, the Fund’s sector classifications as follows (unaudited):
Percentage of | ||||||||
Total Net Assets | ||||||||
General Obligations | 32.5 | % | ||||||
Medical | 17.5 | % | ||||||
Transportation | 16.6 | % | ||||||
Higher Education | 10.4 | % | ||||||
Pre-Refunded/Escrow | 6.0 | % | ||||||
Lease | 5.8 | % | ||||||
Water & Sewer | 5.5 | % | ||||||
Dedicated Tax | 3.9 | % | ||||||
Continuing Care | 1.4 | % | ||||||
Cash Equivalents1 | 0.9 | % | ||||||
Other Assets and Liabilities - Net2 | (0.5 | )% | ||||||
|
| |||||||
TOTAL | 100.0 | % | ||||||
|
|
(1) | Cash Equivalents include investments in a money market fund. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
Percentage of | ||||||||
Credit Quality Diversification3 | Total Net Assets | |||||||
AAA | 32.6 | % | ||||||
AA | 41.5 | % | ||||||
A | 10.1 | % | ||||||
BBB | 1.4 | % | ||||||
Not Rated | 19.9 | % | ||||||
Other Assets and Liabilities – Net2 | (0.5 | )% | ||||||
|
| |||||||
TOTAL |
|
100.0 |
% | |||||
|
|
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description
| Par Value
| Value
| ||||||
MUNICIPAL BONDS – 99.6% | ||||||||
MARYLAND – 99.6% | ||||||||
CONTINUING CARE – 1.4% | ||||||||
Baltimore County, MD, Revenue Refunding Bonds, (Series A), (Oak Crest Village, Inc.), 5.00%, 1/01/22 | $ | 1,200,000 | $ | 1,254,480 | ||||
DEDICATED TAX – 3.9% | ||||||||
Maryland State Department of Transportation, Revenue Bonds, Transit Improvements | ||||||||
5.00%, 2/15/28 | 1,375,000 | 1,576,767 | ||||||
5.50%, 2/15/17 | 1,740,000 | 1,953,689 | ||||||
|
| |||||||
TOTAL DEDICATED TAX | $ | 3,530,456 | ||||||
GENERAL OBLIGATIONS – 32.5% |
| |||||||
Anne Arundel County, MD, Tax Allocation, Refunding Bonds, (National Business Park Project)/(County Guaranty), 5.13%, 7/01/28 | 2,200,000 | 2,217,116 | ||||||
Baltimore County, MD, GO Unlimited, Refunding Notes, 5.00%, 11/01/18 | 1,000,000 | 1,172,200 | ||||||
Baltimore County, MD, GO Unlimited, Refunding Notes, Public Improvements, 5.00%, 2/01/28 | 1,000,000 | 1,160,950 |
Description
| Par Value
| Value
| ||||||
Cecil County, MD, GO Unlimited, Public Improvements, (AGM), 4.00%, 12/01/16 | $ | 1,000,000 | $ | 1,089,850 | ||||
Cecil County, MD, GO Unlimited, Refunding Bonds, 5.00%, 11/01/23 | 2,590,000 | 3,110,616 | ||||||
Charles County, MD, GO Unlimited, Refunding Bonds, 5.00%, 3/01/20 | 3,020,000 | 3,591,867 | ||||||
Frederick County, MD, GO Unlimited, Refunding Bonds, 5.25%, 11/01/19 | 1,500,000 | 1,800,795 | ||||||
Harford County, MD, GO Unlimited, Public Improvements, 4.00%, 7/01/20 | 2,000,000 | 2,247,820 | ||||||
Howard County, MD, GO Unlimited, Refunding Bonds, (Series B), 5.00%, 8/15/18 | 2,500,000 | 2,914,800 | ||||||
Montgomery County, MD, GO Unlimited, Refunding Bonds, (Series A), 5.00%, 7/01/21 | 2,000,000 | 2,427,940 | ||||||
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series A) | ||||||||
5.00%, 8/01/19 | 1,240,000 | 1,472,860 | ||||||
5.00%, 7/01/22 | 2,000,000 | 2,342,960 | ||||||
Prince George’s County, MD, GO Limited, Public Improvements, (Series A), 5.00%, 9/15/27 | 1,020,000 | 1,187,739 |
ANNUAL REPORT / April 30, 2014
59 | PORTFOLIOS OF INVESTMENTS
| |
Wilmington Maryland Municipal Bond Fund (continued) |
Description
| Par Value
| Value
| ||||||
Washington Suburban Sanitary Commission, MD, GO Unlimited, Refunding Bonds, 6.00%, 6/01/18 | $ | 1,000,000 | $ | 1,199,310 | ||||
Washington Suburban Sanitary Commission, MD, GO Unlimited, Water & Utility Improvements, 5.00%, 6/01/18 | 1,315,000 | 1,526,886 | ||||||
|
| |||||||
TOTAL GENERAL OBLIGATIONS | $ | 29,463,709 | ||||||
HIGHER EDUCATION – 10.4% | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Goucher College), 5.00%, 7/01/26 | 1,000,000 | 1,114,780 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series B), (Johns Hopkins University), 5.00%, 7/01/23 | 2,000,000 | 2,432,140 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Johns Hopkins University) | ||||||||
5.00%, 7/01/24 | 2,000,000 | 2,370,600 | ||||||
5.00%, 7/01/26 | 3,000,000 | 3,502,770 | ||||||
|
| |||||||
TOTAL HIGHER EDUCATION | $ | 9,420,290 | ||||||
LEASE – 5.8% | ||||||||
Maryland Economic Development Corp., Refunding Revenue Bonds, (Dept. Transaction Headquarters), 4.00%, 6/01/21 | 2,570,000 | 2,902,918 | ||||||
Maryland Economic Development Corp., Revenue Bonds, General Improvements, (Public Health Laboratory), 5.00%, 6/01/19 | 1,000,000 | 1,175,670 | ||||||
Maryland Stadium Authority, MD, Refunding Revenue Bonds, 5.00%, 6/15/17 | 1,055,000 | 1,193,353 | ||||||
|
| |||||||
TOTAL LEASE | $ | 5,271,941 | ||||||
MEDICAL – 17.5% | ||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Anne Arundel Health Systems) | ||||||||
5.00%, 7/01/22 | 1,000,000 | 1,156,480 | ||||||
5.00%, 7/01/25 | 1,000,000 | 1,124,640 | ||||||
5.00%, 7/01/26 | 1,100,000 | 1,227,072 | ||||||
5.00%, 7/01/27 | 535,000 | 592,170 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Greater Baltimore Medical Center), 5.00%, 7/01/25 | 1,015,000 | 1,148,503 |
Description
| Par Value
| Value
| ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Western Maryland Health System)/(National Reinsurance FHA 242), 4.00%, 1/01/18 | $ | 1,935,000 | $ | 2,022,404 | ||||
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series C), (Upper Chesapeake Medical Center), 5.50%, 1/01/28 | 2,500,000 | 2,666,200 | ||||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, (Johns Hopkins Health System) | ||||||||
5.00%, 7/01/19 | 1,000,000 | 1,180,270 | ||||||
5.00%, 7/01/22 | 1,000,000 | 1,188,150 | ||||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, (Series B), (MedStar Health) | ||||||||
5.00%, 8/15/26 | 1,500,000 | 1,671,435 | ||||||
5.00%, 8/15/27 | 1,000,000 | 1,105,830 | ||||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, (Series C), (Johns Hopkins Health System), 5.00%, 5/15/28 | 675,000 | 770,013 | ||||||
|
| |||||||
TOTAL MEDICAL | $ | 15,853,167 | ||||||
PRE-REFUNDED/ESCROW – 6.0% |
| |||||||
Maryland Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Helix Health Systems, Inc.), (AMBAC), 5.00%, 7/01/27 | 3,630,000 | 4,270,622 | ||||||
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series A), 5.00%, 5/01/19 | 1,000,000 | 1,131,030 | ||||||
|
| |||||||
TOTAL PRE-REFUNDED/ESCROW |
| $ | 5,401,652 | |||||
TRANSPORTATION – 16.6% |
| |||||||
Maryland State Department of Transportation, Refunding Revenue Bonds | ||||||||
5.00%, 5/01/17 | 2,000,000 | 2,261,400 | ||||||
5.00%, 5/01/18 | 825,000 | 955,177 | ||||||
Maryland State Transportation Authority, Refunding Revenue Bonds | ||||||||
5.00%, 7/01/18 | 2,500,000 | 2,904,550 | ||||||
5.00%, 7/01/25 | 1,000,000 | 1,176,000 | ||||||
Maryland State Transportation Authority, Revenue Bonds, Highway Improvements, 5.25%, 3/01/18 | 3,520,000 | 4,079,046 | ||||||
Montgomery County, MD, Parking System Revenue, Refunding Revenue Bonds | ||||||||
4.00%, 6/01/16 | 1,440,000 | 1,545,854 | ||||||
5.00%, 6/01/21 | 1,820,000 | 2,172,680 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | $ | 15,094,707 | ||||||
WATER & SEWER – 5.5% | ||||||||
Maryland Water Quality Financing Administration Revolving Loan Fund, Revenue Bonds, Sewer Improvements | ||||||||
5.00%, 3/01/20 | 2,525,000 | 3,021,794 |
April 30, 2014 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS | 60 |
Wilmington Maryland Municipal Bond Fund (concluded)
Description
| Par Value
| Value
| ||||||
5.00%, 3/01/26 | $ | 1,650,000 | $ | 1,994,933 | ||||
|
| |||||||
TOTAL WATER & SEWER | $ | 5,016,727 | ||||||
|
| |||||||
TOTAL MARYLAND | $ | 90,307,129 | ||||||
|
| |||||||
TOTAL MUNICIPAL BONDS (COST $87,960,865)
| $
| 90,307,129
|
| |||||
Number of
| ||||||||
MONEY MARKET FUND – 0.9% | ||||||||
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^ | 813,838 | $ | 813,838 | |||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $813,838) | $ | 813,838 |
Description
| Value
| |||||
TOTAL INVESTMENTS – 100.5% (COST $88,774,703) | $ | 91,120,967 | ||||
OTHER LIABILITIES LESS ASSETS – (0.5%) | (414,397 | ) | ||||
|
| |||||
TOTAL NET ASSETS – 100.0% | $ | 90,706,570 | ||||
|
|
Cost of investments for Federal income tax purposes is $88,715,018. The net unrealized appreciation/(depreciation) of investments was $2,405,949. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,759,115 and net unrealized depreciation from investments for those securities having an excess of cost over value of $353,166.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1
| Level 2
| Level 3
| Total
| |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ | — | $ | 90,307,129 | $ | — | $ | 90,307,129 | ||||||||
Money Market Fund | 813,838 | — | — | 813,838 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 813,838 | $ | 90,307,129 | $ | — | $ | 91,120,967 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
61 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington New York Municipal Bond Fund
At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):
Percentage of Total Net Assets | |||||
Dedicated Tax | 19.4 | % | |||
Lease | 16.0 | % | |||
Transportation | 16.0 | % | |||
School District | 13.0 | % | |||
General Obligations | 8.1 | % | |||
Water & Sewer | 8.0 | % | |||
Medical | 5.1 | % | |||
Pre-Refunded/Escrow | 4.6 | % | |||
Higher Education | 4.3 | % | |||
Power | 3.4 | % | |||
Cash Equivalents1 | 1.0 | % | |||
Other Assets and Liabilities - Net2 | 1.1 | % | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
Credit Quality Diversification3 | Percentage of Total Net Assets | ||||
AAA | 22.3 | % | |||
AA | 55.6 | % | |||
A | 15.5 | % | |||
NR | 5.5 | % | |||
Other Assets and Liabilities – Net2 | 1.1 | % | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
(1) | Cash Equivalents include investments in a money market fund. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Derived from data provided by Moody’s Investors Service and Standard and Poor’s. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description
| Par Value
| Value
| ||||||
MUNICIPAL BONDS – 97.9% | ||||||||
NEW YORK – 97.9% | ||||||||
DEDICATED TAX – 19.4% | ||||||||
Metropolitan Transportation Authority, NY, Refunding Revenue Bonds, (Series A), 5.00%, 11/15/24 | $ | 1,000,000 | $ | 1,179,100 | ||||
Metropolitan Transportation Authority, NY, Refunding Revenue Bonds, (Subseries B-2), 5.00%, 11/01/16 | 1,000,000 | 1,114,380 | ||||||
Nassau County Interim Finance Authority, Refunding Revenue Bonds, (Series A), 5.00%, 11/15/21 | 1,000,000 | 1,212,470 | ||||||
New York Local Government Assistance Corp., Refunding Revenue Notes, (Series A), (GO of Corp.), 5.00%, 4/01/20 | 3,000,000 | 3,600,150 | ||||||
New York State Dormitory Authority, Revenue Bond, University and College Improvements, (Series A), 5.00%, 7/01/28 | 1,000,000 | 1,148,450 | ||||||
New York State Dormitory Authority, Revenue Bonds, University & College Improvements, (Series A), 5.00%, 3/15/25 | 5,000,000 | 5,925,850 | ||||||
New York State Thruway Authority, Revenue Bonds, Public Improvements, (Series A), 5.25%, 3/15/23 | 2,500,000 | 2,843,075 |
Description
| Par Value
| Value
| ||||||
New York State Thruway Authority, Revenue Bonds, Transit Improvements, (Series A), 5.00%, 3/15/27 | $ | 1,000,000 | $ | 1,148,800 | ||||
|
| |||||||
TOTAL DEDICATED TAX | $ | 18,172,275 | ||||||
GENERAL OBLIGATIONS – 8.1% | ||||||||
New York Municipal Bond Bank Agency, Refunding Revenue Bonds, (Subseries B1)/(AGM), 5.00%, 4/15/21 | 3,000,000 | 3,411,630 | ||||||
New York State, GO Unlimited, Highway Improvements, (Series E), (State Aid Witholding), 5.00%, 12/15/21 | 2,090,000 | 2,535,463 | ||||||
Westchester County, NY, GO Unlimited, Refunding Bonds, (Series A), 5.00%, 10/15/17 | 1,425,000 | 1,633,762 | ||||||
|
| |||||||
TOTAL GENERAL OBLIGATIONS | $ | 7,580,855 | ||||||
HIGHER EDUCATION – 4.3% | ||||||||
New York State Dormitory Authority, Revenue Refunding Bonds, University & College Improvements, (Columbia University), 5.00%, 10/01/19 | 1,865,000 | 2,220,600 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 62 |
Wilmington New York Municipal Bond Fund (continued)
Description
| Par Value
| Value
| ||||||
New York State Dormitory Authority, University & College Improvements, (Series A), (NATL-RE), 6.00%, 7/01/19 | $ | 1,500,000 | $ | 1,835,760 | ||||
|
| |||||||
TOTAL HIGHER EDUCATION | $ | 4,056,360 | ||||||
LEASE – 16.0% | ||||||||
Erie County, NY, IDA, Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 5/01/17 | 1,400,000 | 1,577,170 | ||||||
Erie County, NY, IDA, Revenue Bonds, School Improvements, (Series A), (School District Buffalo Project)/(AGM, State Aid Withholding), 5.75%, 5/01/21 | 1,000,000 | 1,137,170 | ||||||
Erie County, NY, IDA, Revenue Bonds, School Improvements, (Series A), (School District Buffalo Project)/(State Aid Withholding), 5.00%, 5/01/23 | 3,000,000 | 3,469,080 | ||||||
Monroe County, NY, IDA, Revenue Bonds, School Improvements, (Series A), (Rochester School Modernization Project), 5.00%, 5/01/16 | 1,000,000 | 1,088,480 | ||||||
New York City, NY, Transitional Finance Authority, Building Aid, Revenue Refunding Bonds, School Improvements, (Series S-5), (State Aid Withholding), 5.00%, 1/15/27 | 2,770,000 | 3,168,187 | ||||||
New York State Dormitory Authority, Refunding Revenue Bonds, (AGM), 5.00%, 7/01/18 | 1,000,000 | 1,119,640 | ||||||
New York State Urban Development Corp., Refunding Revenue Notes, (Series B), 5.25%, 1/01/23 | 3,000,000 | 3,452,280 | ||||||
|
| |||||||
TOTAL LEASE | $ | 15,012,007 | ||||||
MEDICAL – 5.1% | ||||||||
Monroe County, NY, IDA, Refunding Revenue Bonds, (Highland Hospital Rochester Project), 5.00%, 8/01/22 | 1,000,000 | 1,041,120 | ||||||
New York State Dormitory Authority, Revenue Refunding Bonds, (Series A), (North Shore Long Island Jewish) | ||||||||
5.00%, 5/01/16 | 1,000,000 | 1,084,540 | ||||||
5.00%, 5/01/17 | 1,300,000 | 1,447,043 | ||||||
New York State Dormitory Authority, Revenue Refunding Bonds, (Series C), (Memorial Sloan Kettering Cancer Center)/(National Reinsurance), 5.75%, 7/01/19 | 1,010,000 | 1,211,303 | ||||||
|
| |||||||
TOTAL MEDICAL | $ | 4,784,006 | ||||||
POWER – 3.4% | ||||||||
New York Power Authority/The, Revenue Refunding Bonds, (Series A), (GO of Authority), 5.00%, 11/15/22 | 2,575,000 | 3,123,913 | ||||||
PRE-REFUNDED/ESCROW – 4.6% | ||||||||
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series Y), (CAPMAC - ITC GO of Authority), 6.13%, 1/01/21 | 3,500,000 | 4,333,245 |
Description
| Par Value
| �� | Value
| |||||
SCHOOL DISTRICT – 13.0% | ||||||||
Byram Hills Central School District, NY, GO Unlimited, Refunding Bonds, (State Aid Withholding), 5.00%, 11/15/17 | $ | 1,000,000 | $ | 1,153,010 | ||||
Commack Union Free School District/NY, Refunding Bonds, (GO, State Aid Witholding), 4.00%, 11/15/21 | 1,625,000 | 1,824,111 | ||||||
East Meadow Union Free School District, GO Unlimited, Refunding Bonds, (State Aid Withholding), 4.00%, 8/15/18 | 1,385,000 | 1,555,410 | ||||||
Greece Central School District, NY, GO Unlimited, Refunding Bonds, (Series A), (State Aid Withholding), 5.00%, 6/15/18 | 1,000,000 | 1,155,220 | ||||||
New Rochelle City School District, NY, GO Limited, Refunding Bonds, (State Aid Withholding) | ||||||||
4.00%, 9/01/16 | 1,000,000 | 1,083,570 | ||||||
5.00%, 9/01/17 | 1,530,000 | 1,748,974 | ||||||
New York State Dormitory Authority, Revenue Refunding Bonds, School Improvements, (Series C), (State Aid Withholding), 7.25%, 10/01/28 | 3,000,000 | 3,673,290 | ||||||
|
| |||||||
TOTAL SCHOOL DISTRICT | $ | 12,193,585 | ||||||
TRANSPORTATION – 16.0% | ||||||||
Metropolitan Transportation Authority, NY, Revenue Bonds, Transit Improvements, (Series B), 5.00%, 11/15/22 | 1,000,000 | 1,123,800 | ||||||
Metropolitan Transportation Authority, NY Revenue, Revenue Refunding Bonds, Transit Improvements, (Series A), 5.00%, 11/15/25 | 1,405,000 | 1,614,837 | ||||||
Metropolitan Transportation Authority, NY Revenue, Revenue Refunding Bonds, Transit Improvements, (Series B), 5.00%, 11/15/29 | 2,000,000 | 2,245,820 | ||||||
Metropolitan Transportation Authority, NY Revenue, Revenue Refunding Bonds, Transit Improvements, (Series E), 5.00%, 11/15/28 | 2,000,000 | 2,254,520 | ||||||
Port Authority of New York & New Jersey, Refunding Revenue Bonds, Airport & Marina Improvements, (Series B), 5.00%, 12/01/23 | 4,000,000 | 4,780,240 | ||||||
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series B) | ||||||||
5.00%, 11/15/25 | 1,000,000 | 1,186,550 | ||||||
5.00%, 11/15/28 | 1,500,000 | 1,736,190 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | $ | 14,941,957 | ||||||
WATER & SEWER – 8.0% | ||||||||
New York City, NY, Water & Sewer System, Refunding Revenue Bonds, (Series BB), 5.00%, 6/15/27 | 5,500,000 | 6,291,395 |
ANNUAL REPORT / April 30, 2014
63 | PORTFOLIOS OF INVESTMENTS
| |
Wilmington New York Municipal Bond Fund (concluded) |
Description
| Par Value
| Value
| ||||||
New York State Environmental Facilities Corp., Refunding Revenue Bonds, NYC Municipal Water, 5.00%, 6/15/17 | $ | 1,020,000 | $ | 1,159,852 | ||||
|
| |||||||
TOTAL WATER & SEWER | $ | 7,451,247 | ||||||
|
| |||||||
TOTAL NEW YORK | $ | 91,649,450 | ||||||
|
| |||||||
TOTAL MUNICIPAL BONDS (COST $87,314,908) | $ | 91,649,450 |
Description
| Par Value
| Value
| ||||||
MONEY MARKET FUND – 1.0% | ||||||||
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^ | 937,761 | $ | 937,761 | |||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $937,761) | $ | 937,761 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 98.9% (COST $88,252,669) | $ | 92,587,211 | ||||||
OTHER ASSETS LESS LIABILITIES – 1.1% | 1,039,105 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 93,626,316 | ||||||
|
|
Cost of investments for Federal income tax purposes is $88,190,366. The net unrealized appreciation/(depreciation) of investments was $4,396,845. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $4,586,789 and net unrealized depreciation from investments for those securities having an excess of cost over value of $189,944.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1
| Level 2
| Level 3
| Total
| |||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Municipal Bonds | $ | — | $ | 91,649,450 | $ | — | $ | 91,649,450 | ||||||||||||
Money Market Fund | 937,761 | — | — | 937,761 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 937,761 | $ | 91,649,450 | $ | — | $ | 92,587,211 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
64 |
NOTES TO PORTFOLIOS OF INVESTMENTS
D | Floating rate note with current rate and stated maturity date shown. |
¿ | The rate shown reflects the effective yield at purchase date. |
W | Denotes a restricted security, 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, 2014, these liquid restricted securities were as follows: |
Fund
| Amount
| Percentage
| ||||||
Broad Market Bond Fund | $ | 16,354,950 | 6.5% | |||||
Intermediate-Term Bond Fund | 827,429 | 0.6% | ||||||
Short-Term Corporate Bond Fund | 4,447,333 | 2.6% |
— | 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, 2014, these restricted securities were as follows: |
Security
| Acquisition
| Cost
| Market Value
| Percentage
| ||||||||||||
Broad Market Bond Fund | ||||||||||||||||
Crown Castle Towers LLC | 07/29/2010 | $1,000,000 | $1,066,342 | |||||||||||||
Crown Castle Towers LLC | 08/04/2010 | 1,003,370 | 1,066,342 | |||||||||||||
Daimler Finance North America LLC | 09/07/2011 | 247,588 | 266,077 | |||||||||||||
Extended Stay America Trust 2013-ESH | 01/25/2013 | 797,998 | 780,094 | |||||||||||||
FMR LLC | 10/28/2009 | 997,720 | 1,244,172 | |||||||||||||
General Motors Co. | 09/24/2013 | 2,000,000 | 2,197,500 | |||||||||||||
Harley-Davidson Funding Corp. | 11/19/2009 | 499,195 | 514,693 | |||||||||||||
Hyundai Capital America | 12/01/2011 | 248,878 | 267,099 | |||||||||||||
Hyundai Capital America | 09/24/2012 | 249,855 | 252,849 | |||||||||||||
Hyundai Capital America | 08/06/2013 | 574,666 | 584,021 | |||||||||||||
Hyundai Capital Services, Inc. | 03/06/2012 | 249,073 | 262,676 | |||||||||||||
LA Areana Funding LLC | 04/23/1999 | 1,005,651 | 1,137,566 | |||||||||||||
Nabors Industries, Inc. | 09/04/2013 | 799,536 | 817,973 | |||||||||||||
NBCUniversal Enterprise, Inc. | 03/20/2013 | 420,475 | 421,417 | |||||||||||||
SLM Private Education Loan Trust | 04/14/2011 | 347,188 | 350,141 | |||||||||||||
Sysco Corp. | 04/30/2014 | 2,999,992 | 2,999,992 | |||||||||||||
Weatherford International Ltd. | 04/30/2014 | 1,999,964 | 1,999,964 | |||||||||||||
WM Wrigley Jr. Co. | 10/17/2013 | 124,861 | 126,032 | |||||||||||||
$16,354,950 | 6.5% | |||||||||||||||
Intermediate-Term Bond Fund | ||||||||||||||||
General Motors Financial Co., Inc. | 09/24/2013 | 220,000 | 225,225 | |||||||||||||
SLM Private Education Loan Trust | 04/14/2011 | 347,188 | 350,141 | |||||||||||||
WM Wrigley Jr. Co. | 10/16/2013 | 249,722 | 252,063 | |||||||||||||
$827,429 | 0.6% | |||||||||||||||
Short-Term Corporate Bond Fund | ||||||||||||||||
Extended Stay America Trust 2013-ESH | 01/25/2013 | 503,736 | 492,434 | |||||||||||||
Hyundai Capital America | 08/06/2013 | 399,768 | 406,275 | |||||||||||||
Hyundai Capital America | 09/24/2012 | 249,855 | 252,849 | |||||||||||||
Hyundai Motor Manufacturing Czech | 04/15/2010 | 249,248 | 258,650 | |||||||||||||
Nabors Industries, Inc. | 09/04/2013 | 399,768 | 408,986 | |||||||||||||
SLM Private Education Loan Trust | 04/14/2011 | 462,918 | 466,854 | |||||||||||||
Weatherford International Ltd. | 04/30/2014 | 1,999,964 | 1,999,964 | |||||||||||||
WM Wrigley Jr. Co. | 10/17/2013 | 159,822 | 161,321 | |||||||||||||
$4,447,333 | 2.6% |
ANNUAL REPORT / April 30, 2014
65 | NOTES TO PORTFOLIOS OF INVESTMENTS |
^ | 7-Day net yield. |
# | Security, or a portion thereof, is on loan. See Note 2 in Notes to Financial Statements. |
S | All or a portion of this security was segregated for extended settlement contracts. |
** | Represents less than 0.05%. |
The following acronyms are used throughout this report:
AGM – Assured Guaranty Municipal | GO – General Obligation | |
AMBAC – American Bond Assurance Corporation | GTD – Guaranteed | |
BKNT – Bank Note | IDA – Industrial Development Authority/Agency | |
CAPMAC – Capital Markets Assurance Corporation | LLC – Limited Liability Corporation | |
CIFG – CIFG Assurance North America, Inc. | LP – Limited Partnership | |
CMBS – Commercial Mortgage-Backed Securities | MTN – Medium Term Note | |
ETM – Escrowed to Maturity | NATL-RE – National Public Finance Guarantee Corporation | |
FGIC – Financial Guarantee Insurance Company | OBG – Obligation | |
FHA – Federal Housing Administration | PLC – Public Company Limited | |
FHLB – Federal Home Loan Bank | PSF – Permanent School Fund | |
FHLMC – Federal Home Loan Mortgage Corporation | Q-SBLF – Qualified School Bond Loan Fund | |
FNMA – Federal National Mortgage Association | REIT – Real Estate Investment Trust | |
FRN – Floating Rate Note | TBA – To Be Announced | |
GMTN –Global Medium Term Note | UPMC – University of Pittsburgh Medical Center | |
GNMA – Government National Mortgage Association |
April 30, 2014 Annual Report /
STATEMENTS OF ASSETS AND LIABILITIES | 66 |
April 30, 2014
| Wilmington
| Wilmington Bond Fund
| Wilmington
| Wilmington
| ||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investments, at identified cost | $ | 266,683,792 | $ | 149,582,761 | $ | 170,203,671 | $ | 93,735,557 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Investments in securities, at value (Including $10,319,033, $10,270,993, $2,094,269 and $0 of securities on loan, respectively) (Note 2) | 272,383,000 | 152,085,748 | 171,184,283 | 95,040,035 | ||||||||||||||||||||
Cash | 1,496,055 | — | — | — | ||||||||||||||||||||
Interest receivable | 1,650,537 | 1,013,428 | 1,130,123 | 275,140 | ||||||||||||||||||||
Receivable for shares sold | 608,505 | 156,596 | 224,524 | 88,449 | ||||||||||||||||||||
Receivable for investments sold | 9,433,163 | 2,019,019 | — | 466 | ||||||||||||||||||||
Other assets | 8,647 | 10,955 | 9,304 | 9,384 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
TOTAL ASSETS | 285,579,907 | 155,285,746 | 172,548,234 | 95,413,474 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for investments purchased | 21,828,593 | 2,663,762 | 2,300,000 | — | ||||||||||||||||||||
Collateral for securities on loan | 10,591,137 | 10,542,833 | 2,167,931 | — | ||||||||||||||||||||
Income distribution payable | 508,824 | 210,849 | 109,660 | 165,003 | ||||||||||||||||||||
Payable for shares redeemed | 63,351 | 20,909 | 62,589 | 6,716 | ||||||||||||||||||||
Payable for Trustees’ fees | 56 | 56 | 57 | 56 | ||||||||||||||||||||
Payable for distribution services fee | 1,238 | 1,123 | 563 | 1,777 | ||||||||||||||||||||
Payable for shareholder services fee | 495 | 450 | — | — | ||||||||||||||||||||
Other accrued expenses | 78,078 | 51,309 | 65,698 | 52,086 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
TOTAL LIABILITIES | 33,071,772 | 13,491,291 | 4,706,498 | 225,638 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
NET ASSETS | $ | 252,508,135 | $ | 141,794,455 | $ | 167,841,736 | $ | 95,187,836 | ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Paid-in capital | $ | 246,268,964 | $ | 138,048,900 | $ | 166,253,964 | $ | 94,442,951 | ||||||||||||||||
Undistributed (distributions in excess of) net investment income | 52,413 | 13,616 | — | 321,741 | ||||||||||||||||||||
Accumulated net realized gain (loss) on investments | 487,550 | 1,228,952 | 607,160 | (881,334) | ||||||||||||||||||||
Net unrealized appreciation (depreciation) of investments | 5,699,208 | 2,502,987 | 980,612 | 1,304,478 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
TOTAL NET ASSETS | $ | 252,508,135 | $ | 141,794,455 | $ | 167,841,736 | $ | 95,187,836 | ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Net Assets | $ | 5,983,112 | $ | 5,278,679 | $ | 2,784,911 | $ | 8,000,767 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Shares outstanding (unlimited shares authorized) | 610,673 | 522,696 | 272,341 | 841,844 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net Asset Value per share | $ | 9.80 | $ | 10.10 | $ | 10.23 | $ | 9.50 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Offering price per share* | $ | 10.26*** | $ | 10.58*** | $ | 10.41** | $ | 9.67** | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Class I | ||||||||||||||||||||||||
Net Assets | $ | 246,525,023 | $ | 136,515,776 | $ | 165,056,825 | $ | 87,187,069 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Shares outstanding (unlimited shares authorized) | 25,589,703 | 13,510,717 | 16,137,293 | 9,156,045 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net Asset Value per share | $ | 9.63 | $ | 10.10 | $ | 10.23 | $ | 9.52 | ||||||||||||||||
|
|
|
|
|
|
|
|
* | See “How are Shares Priced?” in the Prospectus. |
** | Computation of offering price per share 100/98.25 of net asset value. |
*** | Computation of offering price per share 100/95.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
67 | STATEMENTS OF ASSETS AND LIABILITIES (concluded) |
Wilmington |
Wilmington |
Wilmington | ||||||||||||||||
Municipal | Maryland | New York | ||||||||||||||||
Bond | Municipal Bond | Municipal Bond | ||||||||||||||||
April 30, 2014 | Fund | Fund | Fund | |||||||||||||||
ASSETS: | ||||||||||||||||||
Investments, at identified cost | $ | 211,978,053 | $ | 88,774,703 | $ | 88,252,669 | ||||||||||||
|
|
|
|
|
| |||||||||||||
Investments in securities, at value | 220,615,612 | 91,120,967 | 92,587,211 | |||||||||||||||
Interest receivable | 2,757,328 | 1,215,336 | 1,223,481 | |||||||||||||||
Due from advisor | 490 | — | — | |||||||||||||||
Receivable for shares sold | 163,671 | 130,994 | 98,112 | |||||||||||||||
Receivable for investments sold | 2,425,148 | 3,444,480 | — | |||||||||||||||
Other assets | 12,549 | 5,965 | 5,535 | |||||||||||||||
|
|
|
|
|
| |||||||||||||
TOTAL ASSETS | 225,974,798 | 95,917,742 | 93,914,339 | |||||||||||||||
|
|
|
|
|
|
| ||||||||||||
LIABILITIES: | ||||||||||||||||||
Payable for investments purchased | 8,827,519 | 5,001,254 | — | |||||||||||||||
Income distribution payable | 407,003 | 160,918 | 169,647 | |||||||||||||||
Payable for shares redeemed | 52,485 | 1,126 | 69,664 | |||||||||||||||
Payable for Trustees’ fees | 57 | 56 | 56 | |||||||||||||||
Payable for distribution services fee | 3,511 | 5,682 | 4,993 | |||||||||||||||
Payable for shareholder services fee | — | 681 | — | |||||||||||||||
Other accrued expenses | 53,249 | 41,455 | 43,663 | |||||||||||||||
|
|
|
|
|
| |||||||||||||
TOTAL LIABILITIES | 9,343,824 | 5,211,172 | 288,023 | |||||||||||||||
|
|
|
|
|
|
| ||||||||||||
NET ASSETS | $ | 216,630,974 | $ | 90,706,570 | $ | 93,626,316 | ||||||||||||
|
|
|
|
|
|
| ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||
| ||||||||||||||||||
Paid-in capital | $ | 207,582,272 | $ | 88,679,858 | $ | 91,362,074 | ||||||||||||
Undistributed (distributions in excess of) net investment income | — | 115,896 | 3 | |||||||||||||||
Accumulated net realized gain (loss) on investments | 411,143 | (435,448) | (2,070,303) | |||||||||||||||
Net unrealized appreciation (depreciation) of investments | 8,637,559 | 2,346,264 | 4,334,542 | |||||||||||||||
|
|
|
|
|
| |||||||||||||
TOTAL NET ASSETS | $ | 216,630,974 | $ | 90,706,570 | $ | 93,626,316 | ||||||||||||
|
|
|
|
|
|
| ||||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||||
Class A | ||||||||||||||||||
Net Assets | $ | 17,128,430 | $ | 27,734,240 | $ | 24,300,831 | ||||||||||||
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited shares authorized) | 1,278,389 | 2,785,946 | 2,301,246 | |||||||||||||||
|
|
|
|
|
| |||||||||||||
Net Asset Value per share | $ | 13.40 | $ | 9.96 | $ | 10.56 | ||||||||||||
|
|
|
|
|
| |||||||||||||
Offering price per share* | $ | 14.03*** | $ | 10.43*** | $ | 11.06*** | ||||||||||||
|
|
|
|
|
| |||||||||||||
Class I | ||||||||||||||||||
Net Assets | $ | 199,502,544 | $ | 62,972,330 | $ | 69,325,485 | ||||||||||||
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited shares authorized) | 14,884,106 | 6,315,756 | 6,561,719 | |||||||||||||||
|
|
|
|
|
| |||||||||||||
Net Asset Value per share | $ | 13.40 | $ | 9.97 | $ | 10.57 | ||||||||||||
|
|
|
|
|
|
* | See “How are Shares Priced?” in the Prospectus. |
*** | Computation of offering price per share 100/95.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF OPERATIONS | 68 |
Wilmington |
Wilmington | |||||||||||||||||||||||
Wilmington | Wilmington | Short-Term | Short Duration | |||||||||||||||||||||
Broad Market | Intermediate-Term | Corporate Bond | Government Bond | |||||||||||||||||||||
Year Ended April 30, 2014 | Bond Fund | Bond Fund | Fund | Fund | ||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||
Dividends | $ 1,627 | $ 479 | $ 1,100 | $ 264 | ||||||||||||||||||||
Interest | 7,308,279 | 3,919,540 | 2,449,090 | 1,648,814 | ||||||||||||||||||||
Securities lending income | 28,630 | 23,008 | 15,661 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
TOTAL INVESTMENT INCOME | 7,338,536 | 3,943,027 | 2,465,851 | 1,649,078 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory fee | 1,200,841 | 860,819 | 841,174 | 563,091 | ||||||||||||||||||||
Administrative personnel and services fee | 64,238 | 45,970 | 45,076 | 30,214 | ||||||||||||||||||||
Portfolio accounting, administration and custodian fees | 91,382 | 71,371 | 67,679 | 52,370 | ||||||||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 104,688 | 16,623 | 105,804 | 28,093 | ||||||||||||||||||||
Trustees’ fees | 29,266 | 29,267 | 29,217 | 29,446 | ||||||||||||||||||||
Professional fees | 68,470 | 67,379 | 64,941 | 66,516 | ||||||||||||||||||||
Distribution services fee—Class A | 16,218 | 18,227 | 6,284 | 38,382 | ||||||||||||||||||||
Shareholder services fee—Class A | 14,878 | 15,457 | 7,245 | 38,382 | ||||||||||||||||||||
Shareholder services fee— Class I | 584,178 | 412,182 | 413,341 | 243,163 | ||||||||||||||||||||
Share registration costs | 23,036 | 25,330 | 19,924 | 24,392 | ||||||||||||||||||||
Printing and postage | 7,294 | 85 | 18,732 | 160 | ||||||||||||||||||||
Miscellaneous | 30,103 | 23,939 | 25,930 | 21,820 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
TOTAL EXPENSES | 2,234,592 | 1,586,649 | 1,645,347 | 1,136,029 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||||||||||
Waiver/reimbursement by investment advisor | (58,225) | (107,801) | (192,245) | (95,380) | ||||||||||||||||||||
Waiver of shareholder services fee—Class A | (9,745) | (10,936) | (7,245) | (38,382) | ||||||||||||||||||||
Waiver of shareholder services fee—Class I | (584,178) | (412,182) | (413,341) | (243,163) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (652,148) | (530,919) | (612,831) | (376,925) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net expenses | 1,582,444 | 1,055,730 | 1,032,516 | 759,104 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income (loss) | 5,756,092 | 2,887,297 | 1,433,335 | 889,974 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||
Net realized gain (loss) on investments | 1,506,274 | 3,297,446 | 758,765 | 670,164 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (8,193,649) | (7,248,008) | (767,735) | (1,932,852) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (6,687,375) | (3,950,562) | (8,970) | (1,262,688) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Change in net assets resulting from operations | $ (931,283) | $(1,063,265) | $1,424,365 | $ (372,714) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
69 | STATEMENTS OF OPERATIONS (concluded) |
Wilmington |
Wilmington | |||||||||||||||||
Wilmington | Maryland | New York | ||||||||||||||||
Municipal Bond | Municipal Bond | Municipal Bond | ||||||||||||||||
Year Ended April 30, 2014 | Fund | Fund | Fund | |||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||
Dividends | $ 1 | $ — | $ — | |||||||||||||||
Interest | 6,613,257 | 2,415,116 | 2,587,531 | |||||||||||||||
|
|
|
|
|
| |||||||||||||
TOTAL INVESTMENT INCOME | 6,613,258 | 2,415,116 | 2,587,531 | |||||||||||||||
|
|
|
|
|
|
| ||||||||||||
EXPENSES: | ||||||||||||||||||
Investment advisory fee | 1,156,510 | 479,961 | 490,830 | |||||||||||||||
Administrative personnel and services fee | 62,156 | 25,833 | 26,450 | |||||||||||||||
Portfolio accounting, administration and custodian fees | 94,212 | 46,636 | 35,693 | |||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 17,966 | 11,528 | 18,693 | |||||||||||||||
Trustees’ fees | 28,619 | 29,214 | 29,462 | |||||||||||||||
Professional fees | 73,521 | 62,059 | 62,413 | |||||||||||||||
Distribution services fee—Class A | 44,422 | 72,584 | 64,932 | |||||||||||||||
Shareholder services fee—Class A | 44,422 | 72,968 | 64,932 | |||||||||||||||
Shareholder services fee— Class I | 533,831 | 166,492 | 180,482 | |||||||||||||||
Share registration costs | 18,416 | 11,914 | 6,408 | |||||||||||||||
Printing and postage | 147 | 486 | 5,180 | |||||||||||||||
Miscellaneous | 25,541 | 17,567 | 18,838 | |||||||||||||||
|
|
|
|
|
| |||||||||||||
TOTAL EXPENSES | 2,099,763 | 997,242 | 1,004,313 | |||||||||||||||
|
|
|
|
|
|
| ||||||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||||
Waiver/reimbursement by investment advisor | (66,489) | (42,050) | (114,787) | |||||||||||||||
Waiver of shareholder services fee—Class A | (44,422) | (64,669) | (64,932) | |||||||||||||||
Waiver of shareholder services fee—Class I | (533,831) | (166,492) | (180,482) | |||||||||||||||
|
|
|
|
|
| |||||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (644,742) | (273,211) | (360,201) | |||||||||||||||
|
|
|
|
|
|
| ||||||||||||
Net expenses | 1,455,021 | 724,031 | 644,112 | |||||||||||||||
|
|
|
|
|
| |||||||||||||
Net investment income (loss) | 5,158,237 | 1,691,085 | 1,943,419 | |||||||||||||||
|
|
|
|
|
| |||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||
Net realized gain (loss) on investments | 405,169 | (380,111) | (444,597) | |||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (5,734,444) | (2,218,218) | (1,760,539) | |||||||||||||||
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) on investments | (5,329,275) | (2,598,329) | (2,205,136) | |||||||||||||||
|
|
|
|
|
| |||||||||||||
Change in net assets resulting from operations | $ (171,038) | $ (907,244) | $ (261,717) | |||||||||||||||
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS | 70 |
Wilmington Broad Market Bond Fund | Wilmington Intermediate-Term Bond Fund | |||||||||||||||
Year Ended 2014 |
Year Ended 2013 |
Year Ended 2014 |
Year Ended 2013 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ 5,756,092 | $ 7,617,152 | $ 2,887,297 | $ 4,919,039 | ||||||||||||
Net realized gain (loss) on investments | 1,506,274 | 6,762,586 | 3,297,446 | 5,203,367 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (8,193,649) | (1,719,094) | (7,248,008) | (2,460,544) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (931,283) | 12,660,644 | (1,063,265) | 7,661,862 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Distributions from net investment income | ||||||||||||||||
Class A | (150,759) | (181,722) | (109,480) | (205,115) | ||||||||||||
Class C | — | — | — | (10,329) | ||||||||||||
Class I | (6,144,802) | (7,984,284) | (2,990,544) | (4,848,047) | ||||||||||||
Distributions from net realized gain on investments | ||||||||||||||||
Class A | (97,771) | (135,577) | (195,175) | (180,045) | ||||||||||||
Class C | — | — | — | (16,895) | ||||||||||||
Class I | (3,020,042) | (5,425,335) | (4,510,730) | (3,368,228) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from distributions to shareholders | (9,413,374) | (13,726,918) | (7,805,929) | (8,628,659) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||
Class A | 397,474 | 1,134,080 | 406,678 | 1,255,340 | ||||||||||||
Class C | — | — | — | 145,702 | ||||||||||||
Class I | 103,588,127 | 71,265,641 | 15,145,445 | 25,564,738 | ||||||||||||
Proceeds from exchange of Class C for Class A | ||||||||||||||||
Class A | — | — | — | 717,567(a) | ||||||||||||
Class C | — | — | — | (717,567)(a) | ||||||||||||
Distributions reinvested | ||||||||||||||||
Class A | 202,092 | 255,335 | 262,321 | 318,516 | ||||||||||||
Class C | — | — | — | 24,258 | ||||||||||||
Class I | 6,401,734 | 9,463,910 | 5,381,943 | 5,278,968 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class A | (1,289,768) | (2,851,238) | (4,718,243) | (5,457,857) | ||||||||||||
Class C | — | — | — | (817,746) | ||||||||||||
Class I | (128,571,321) | (96,483,813) | (77,116,045) | (81,789,148) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from share transactions | (19,271,662) | (17,216,085) | (60,637,901) | (55,477,229) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets | (29,616,319) | (18,282,359) | (69,507,095) | (56,444,026) | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 282,124,454 | 300,406,813 | 211,301,550 | 267,745,576 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $252,508,135 | $282,124,454 | $141,794,455 | $211,301,550 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ 52,413 | $ 213,664 | $ 13,616 | $ 96,315 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
ANNUAL REPORT / April 30, 2014
71 | STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Wilmington Broad Market Bond Fund | Wilmington Intermediate-Term Bond Fund | |||||||||||||||
Year Ended 2014 |
Year Ended 2013 |
Year Ended 2014 |
Year Ended 2013 | |||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||
Shares sold | ||||||||||||||||
Class A | 39,734 | 110,462 | 39,572 | 117,911 | ||||||||||||
Class C | — | — | — | 13,556 | ||||||||||||
Class I | 10,775,486 | 7,064,293 | 1,480,562 | 2,403,713 | ||||||||||||
Shares exchanged | ||||||||||||||||
Class A | — | — | — | 67,154(a) | ||||||||||||
Class C | — | — | — | (67,009)(a) | ||||||||||||
Distributions reinvested | ||||||||||||||||
Class A | 20,770 | 24,906 | 25,907 | 29,932 | ||||||||||||
Class C | — | — | — | 2,275 | ||||||||||||
Class I | 669,184 | 939,016 | 532,221 | 495,961 | ||||||||||||
Shares redeemed | ||||||||||||||||
Class A | (131,826) | (277,557) | (461,039) | (514,348) | ||||||||||||
Class C | — | — | — | (76,818) | ||||||||||||
Class I | (13,300,706) | (9,563,559) | (7,515,739) | (7,680,421) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change resulting from share transactions | (1,927,358) | (1,702,439) | (5,898,516) | (5,208,094) | ||||||||||||
|
|
|
|
|
|
|
|
(a) | On April 13, 2013, Class C shares of the Fund were terminated after the conversion to Class A shares of the Fund. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS (continued) | 72 |
Wilmington Short-Term Corporate Bond Fund | Wilmington Short Duration Government Bond Fund | |||||||||||||||||||||
Year Ended 2014 | Year Ended 2013 | Year Ended 2014 | Year Ended 2013 | |||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||
Net investment income (loss) | $ 1,433,335 | $ 2,114,938 | $ 889,974 | $ 1,867,915 | ||||||||||||||||||
Net realized gain (loss) on investments | 758,765 | 1,824,790 | 670,164 | 1,278,289 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (767,735) | (333,334) | (1,932,852) | (1,438,262) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Change in net assets resulting from operations | 1,424,365 | 3,606,394 | (372,714) | 1,707,942 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||
Class A | (21,534) | (35,543) | (207,774) | (325,374) | ||||||||||||||||||
Class C | — | (508) | — | (5,073) | ||||||||||||||||||
Class I | (1,585,102) | (2,151,733) | (1,603,615) | (2,289,679) | ||||||||||||||||||
Distributions from net realized gain on investments | ||||||||||||||||||||||
Class A | (26,033) | (7,776) | — | (92,383) | ||||||||||||||||||
Class C | — | (797) | — | (2,856) | ||||||||||||||||||
Class I | (1,316,952) | (463,007) | — | (505,332) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Change in net assets resulting from distributions to shareholders | (2,949,621) | (2,659,364) | (1,811,389) | (3,220,697) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||
Class A | 1,557,418 | 904,288 | 189,767 | 1,320,956 | ||||||||||||||||||
Class C | — | 46,550 | — | 50,386 | ||||||||||||||||||
Class I | 71,435,316 | 64,351,456 | 10,387,858 | 17,403,153 | ||||||||||||||||||
Proceeds from exchange of Class C for Class A | ||||||||||||||||||||||
Class A | — | 215,042(a) | — | 480,225(a) | ||||||||||||||||||
Class C | — | (215,042)(a) | — | (480,225)(a) | ||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||
Class A | 28,820 | 30,304 | 143,801 | 277,192 | ||||||||||||||||||
Class C | — | 598 | — | 5,458 | ||||||||||||||||||
Class I | 1,857,787 | 1,553,005 | 824,377 | 1,449,747 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||
Class A | (1,897,685) | (6,950,038) | (12,153,718) | (4,555,497) | ||||||||||||||||||
Class C | — | (179,893) | — | (504,605) | ||||||||||||||||||
Class I | (89,330,926) | (73,425,311) | (32,191,213) | (58,941,821) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Change in net assets resulting from share transactions | (16,349,270) | (13,669,041) | (32,799,128) | (43,495,031) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Change in net assets | (17,874,526) | (12,722,011) | (34,983,231) | (45,007,786) | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||
Beginning of year | 185,716,262 | 198,438,273 | 130,171,067 | 175,178,853 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
End of year | $167,841,736 | $185,716,262 | $ 95,187,836 | $130,171,067 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Undistributed net investment income included in net assets at end of year | $ — | $ 24,473 | $ 321,741 | $ 450,252 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
ANNUAL REPORT / April 30, 2014
73 | STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Wilmington Short-Term Corporate Bond Fund | Wilmington Short Duration Government Bond Fund | |||||||||||||||||||||
Year Ended 2014 |
Year Ended |
Year Ended 2014 |
Year Ended | |||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||
Class A | 151,906 | 87,780 | 19,832 | 135,272 | ||||||||||||||||||
Class C | — | 4,505 | — | 5,184 | ||||||||||||||||||
Class I | 6,975,513 | 6,243,916 | 1,084,517 | 1,780,447 | ||||||||||||||||||
Shares exchanged | ||||||||||||||||||||||
Class A | — | 21,187 | (a) | — | 46,460 | (a) | ||||||||||||||||
Class C | — | (21,164) | (a) | — | (46,361) | (a) | ||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||
Class A | 2,817 | 2,943 | 15,039 | 28,420 | ||||||||||||||||||
Class C | — | 58 | — | 558 | ||||||||||||||||||
Class I | 181,585 | 150,670 | 86,093 | 148,318 | ||||||||||||||||||
Shares redeemed | ||||||||||||||||||||||
Class A | (185,398) | (675,978) | (1,272,808) | (467,422) | ||||||||||||||||||
Class C | — | (17,441) | — | (51,669) | ||||||||||||||||||
Class I | (8,698,195) | (7,120,728) | (3,357,418) | (6,024,162) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Net change resulting from share transactions | (1,571,772) | (1,324,252) | (3,424,745) | (4,444,955) | ||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | On April 13, 2013, Class C shares of the Fund were terminated after the conversion to Class A shares of the Fund. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS (continued) | 74 |
Wilmington Municipal Bond Fund | Wilmington Maryland Municipal Bond Fund | |||||||||||||||
Year Ended 2014 |
Year Ended 2013 |
Year Ended 2014 |
Year Ended 2013 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 5,158,237 | $ | 3,995,601 | $ | 1,691,085 | $ | 1,899,811 | ||||||||
Net realized gain (loss) on investments | 405,169 | 3,289,820 | (380,111) | 1,789,143 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (5,734,444) | (1,338,347) | (2,218,218) | (267,207) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (171,038) | 5,947,074 | (907,244) | 3,421,747 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Distributions from net investment income | ||||||||||||||||
Class A | (355,276) | (203,271) | (482,317) | (540,025) | ||||||||||||
Class I | (4,799,158) | (3,789,729) | (1,277,303) | (1,361,347) | ||||||||||||
Distributions from net realized gain on investments | ||||||||||||||||
Class A | (160,333) | (27,705) | (239,214) | (131,453) | ||||||||||||
Class I | (1,925,141) | (3,351,722) | (545,426) | (280,965) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from distributions to shareholders | (7,239,908) | (7,372,427) | (2,544,260) | (2,313,790) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||
Class A | 420,090 | 1,176,614 | 496,502 | 787,780 | ||||||||||||
Class I | 29,110,066 | 60,509,663 | 3,500,867 | 6,718,543 | ||||||||||||
Proceeds from shares issued in connection with Reorganization (Note 8) | ||||||||||||||||
Class A | — | 28,984,371 | — | — | ||||||||||||
Class I | — | 88,406,939 | — | — | ||||||||||||
Distributions reinvested | ||||||||||||||||
Class A | 364,230 | 129,119 | 571,528 | 512,136 | ||||||||||||
Class I | 2,755,866 | 3,959,423 | 673,628 | 418,813 | ||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class A | (4,519,792) | (9,244,980) | (5,713,236) | (4,271,066) | ||||||||||||
Class I | (73,438,014) | (49,863,029) | (12,278,316) | (9,869,369) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from share transactions | (45,307,554) | 124,058,120 | (12,749,027) | (5,703,163) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets | (52,718,500) | 122,632,767 | (16,200,531) | (4,595,206) | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 269,349,474 | 146,716,707 | 106,907,101 | 111,502,307 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 216,630,974 | $ | 269,349,474 | $ | 90,706,570 | $ | 106,907,101 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of year | $ | — | $ | (235) | $ | 115,896 | $ | 68,422 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||
Shares sold | ||||||||||||||||
Class A | 31,677 | 85,294 | 49,659 | 76,733 | ||||||||||||
Class I | 2,196,580 | 4,390,600 | 352,443 | 654,857 | ||||||||||||
Shares issued in connection with Reorganization (Note 8) | ||||||||||||||||
Class A | — | 2,089,295 | — | — | ||||||||||||
Class I | — | 6,370,639 | — | — | ||||||||||||
Distributions reinvested | ||||||||||||||||
Class A | 27,613 | 9,410 | 58,022 | 49,811 | ||||||||||||
Class I | 209,590 | 285,685 | 68,550 | 40,517 | ||||||||||||
Shares redeemed | ||||||||||||||||
Class A | (339,715) | (676,526) | (580,054) | (416,363) | ||||||||||||
Class I | (5,542,848) | (3,613,370) | (1,245,880) | (960,347) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change resulting from share transactions | (3,417,103) | 8,941,027 | (1,297,260) | (554,792) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
See Notes which are an integral part of the Financial Statements |
ANNUAL REPORT / April 30, 2014
75 | STATEMENTS OF CHANGES IN NET ASSETS (concluded) |
Wilmington New York Municipal Bond Fund | ||||||||
Year Ended 2014 |
Year Ended 2013 | |||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 1,943,419 | $ | 2,288,998 | ||||
Net realized gain (loss) on investments | (444,597) | 1,653,399 | ||||||
Net change in unrealized appreciation (depreciation) of investments | (1,760,539) | (31,655) | ||||||
|
|
|
| |||||
Change in net assets resulting from operations | (261,717) | 3,910,742 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Distributions from net investment income | ||||||||
Class A | (472,576) | (640,368) | ||||||
Class I | (1,495,704) | (1,641,762) | ||||||
|
|
|
| |||||
Change in net assets resulting from distributions to shareholders | (1,968,280) | (2,282,130) | ||||||
|
|
|
| |||||
SHARE TRANSACTIONS: | ||||||||
Proceeds from sale of shares | ||||||||
Class A | 59,253 | 567,278 | ||||||
Class I | 13,374,234 | 18,652,117 | ||||||
Distributions reinvested | ||||||||
Class A | 317,176 | 440,175 | ||||||
Class I | 771,233 | 812,318 | ||||||
Cost of shares redeemed | ||||||||
Class A | (6,715,267) | (5,368,705) | ||||||
Class I | (21,660,012) | (17,034,370) | ||||||
|
|
|
| |||||
Change in net assets resulting from share transactions | (13,853,383) | (1,931,187) | ||||||
|
|
|
| |||||
Change in net assets | (16,083,380) | (302,575) | ||||||
NET ASSETS: | ||||||||
Beginning of year | 109,709,696 | 110,012,271 | ||||||
|
|
|
| |||||
End of year | $ | 93,626,316 | $ | 109,709,696 | ||||
|
|
|
| |||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | 3 | $ | 24,864 | ||||
|
|
|
| |||||
SHARES OF BENEFICIAL INTEREST: | ||||||||
Shares sold | ||||||||
Class A | 5,721 | 53,037 | ||||||
Class I | 1,281,297 | 1,742,747 | ||||||
Distributions reinvested | ||||||||
Class A | 30,500 | 41,142 | ||||||
Class I | 74,111 | 75,842 | ||||||
Shares redeemed | ||||||||
Class A | (639,851) | (502,211) | ||||||
Class I | (2,086,881) | (1,592,521) | ||||||
|
|
|
| |||||
Net change resulting from share transactions | (1,335,103) | (181,964) | ||||||
|
|
|
| |||||
See Notes which are an integral part of the Financial Statements |
April 30, 2014 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS | 76 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON BROAD MARKET BOND FUND |
CLASS A | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $10.19 | $10.23 | $10.16 | $10.05 | $9.24 | |||||||||||||||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.20 | 0.23 | 0.32 | 0.38 | 0.39 | |||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.21 | ) | 0.17 | 0.33 | 0.26 | 0.81 | ||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | (0.01 | ) | 0.40 | 0.65 | 0.64 | 1.20 | ||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | (0.23 | ) | (0.25 | ) | (0.33 | ) | (0.38 | ) | (0.39 | ) | ||||||||||||||||||||||||||||||||||
Net Realized Gains | (0.15 | ) | (0.19 | ) | (0.25 | ) | (0.15 | ) | — | |||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.38 | ) | (0.44 | ) | (0.58 | ) | (0.53 | ) | (0.39 | ) | ||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year | $9.80 | $10.19 | $10.23 | $10.16 | $10.05 | |||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Return(b) | (0.03 | )% | 3.93 | % | 6.54 | % | 6.50 | % | 13.13 | % | ||||||||||||||||||||||||||||||||||
Net Assets, End of Year (000’s) | $5,983 | $6,951 | $8,431 | $6,602 | $6,289 | |||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Gross Expense | 1.15 | % | 1.17 | % | 1.25 | % | 1.28 | % | 1.26 | % | ||||||||||||||||||||||||||||||||||
Net Expenses(c) | 0.98 | % | 0.99 | % | 1.00 | % | 1.00 | % | 0.84 | % | ||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 2.09 | % | 2.23 | % | 3.12 | % | 3.76 | % | 4.00 | % | ||||||||||||||||||||||||||||||||||
Portfolio Turnover Rate | 113 | % | 106 | % | 93 | % | 128 | % | 142 | % | ||||||||||||||||||||||||||||||||||
CLASS I | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $10.03 | $10.07 | $10.01 | $9.90 | $9.10 | |||||||||||||||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.23 | 0.26 | 0.35 | 0.41 | 0.40 | |||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.22 | ) | 0.17 | 0.32 | 0.26 | 0.80 | ||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.01 | 0.43 | 0.67 | 0.67 | 1.20 | |||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | (0.26 | ) | (0.28 | ) | (0.36 | ) | (0.41 | ) | (0.40 | ) | ||||||||||||||||||||||||||||||||||
Net Realized Gains | (0.15 | ) | (0.19 | ) | (0.25 | ) | (0.15 | ) | — | |||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.41 | ) | (0.47 | ) | (0.61 | ) | (0.56 | ) | (0.40 | ) | ||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year | $9.63 | $10.03 | $10.07 | $10.01 | $9.90 | |||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Return(b) | 0.16 | % | 4.32 | % | 6.90 | % | 6.93 | % | 13.39 | % | ||||||||||||||||||||||||||||||||||
Net Assets, End of Year (000’s) | $246,525 | $275,173 | $291,976 | $209,386 | $205,794 | |||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Gross Expense | 0.92 | % | 0.92 | % | 1.00 | % | 1.03 | % | 1.01 | % | ||||||||||||||||||||||||||||||||||
Net Expenses(c) | 0.65 | % | 0.64 | % | 0.66 | % | 0.66 | % | 0.64 | % | ||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 2.41 | % | 2.57 | % | 3.47 | % | 4.12 | % | 4.21 | % | ||||||||||||||||||||||||||||||||||
Portfolio Turnover Rate | 113 | % | 106 | % | 93 | % | 128 | % | 142 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
77 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON INTERMEDIATE-TERM BOND FUND |
CLASS A | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $10.60 | $10.64 | $10.76 | $10.63 | $9.96 | |||||||||||||||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.14 | 0.18 | 0.24 | 0.34 | 0.43 | |||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.19 | ) | 0.13 | 0.28 | 0.24 | 0.68 | ||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | (0.05 | ) | 0.31 | 0.52 | 0.58 | 1.11 | ||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | (0.15 | ) | (0.19 | ) | (0.25 | ) | (0.35 | ) | (0.44 | ) | ||||||||||||||||||||||||||||||||||
Net Realized Gains | (0.30 | ) | (0.16 | ) | (0.39 | ) | (0.10 | ) | — | |||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.45 | ) | (0.35 | ) | (0.64 | ) | (0.45 | ) | (0.44 | ) | ||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year | $10.10 | $10.60 | $10.64 | $10.76 | $10.63 | |||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Return(b) | (0.40 | )% | 2.90 | % | 4.96 | % | 5.51 | % | 11.33 | % | ||||||||||||||||||||||||||||||||||
Net Assets, End of Year (000’s) | $5,279 | $9,730 | $12,961 | $6,744 | $5,777 | |||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Gross Expense | 1.12 | % | 1.14 | % | 1.35 | % | 1.43 | % | 1.41 | % | ||||||||||||||||||||||||||||||||||
Net Expenses(c) | 0.91 | % | 0.94 | % | 1.00 | % | 1.01 | % | 0.87 | % | ||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 1.38 | % | 1.69 | % | 2.22 | % | 3.18 | % | 4.23 | % | ||||||||||||||||||||||||||||||||||
Portfolio Turnover Rate | 43 | % | 52 | % | 253 | % | 485 | % | 164 | % | ||||||||||||||||||||||||||||||||||
CLASS I | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $10.60 | $10.65 | $10.77 | $10.64 | $9.96 | |||||||||||||||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.17 | 0.22 | 0.28 | 0.38 | 0.47 | |||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.18 | ) | 0.11 | 0.27 | 0.24 | 0.67 | ||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | (0.01 | ) | 0.33 | 0.55 | 0.62 | 1.14 | ||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | (0.19 | ) | (0.22 | ) | (0.28 | ) | (0.39 | ) | (0.46 | ) | ||||||||||||||||||||||||||||||||||
Net Realized Gains | (0.30 | ) | (0.16 | ) | (0.39 | ) | (0.10 | ) | — | |||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.49 | ) | (0.38 | ) | (0.67 | ) | (0.49 | ) | (0.46 | ) | ||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year | $10.10 | $10.60 | $10.65 | $10.77 | $10.64 | |||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Return(b) | (0.09 | )% | 3.15 | % | 5.33 | % | 5.96 | % | 11.62 | % | ||||||||||||||||||||||||||||||||||
Net Assets, End of Year (000’s) | $136,516 | $201,572 | $253,419 | $107,625 | $122,553 | |||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Gross Expense | 0.91 | % | 0.89 | % | 1.09 | % | 1.17 | % | 1.15 | % | ||||||||||||||||||||||||||||||||||
Net Expenses(c) | 0.60 | % | 0.60 | % | 0.64 | % | 0.66 | % | 0.63 | % | ||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 1.69 | % | 2.03 | % | 2.58 | % | 3.54 | % | 4.49 | % | ||||||||||||||||||||||||||||||||||
Portfolio Turnover Rate | 43 | % | 52 | % | 253 | % | 485 | % | 164 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) | 78 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SHORT-TERM CORPORATE BOND FUND |
CLASS A | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $10.33 | $10.28 | $10.29 | $10.21 | $9.89 | |||||||||||||||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.07 | 0.09 | 0.12 | 0.16 | 0.21 | |||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.00 | (b) | 0.08 | 0.03 | 0.10 | 0.33 | ||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.07 | 0.17 | 0.15 | 0.26 | 0.54 | |||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | (0.08 | ) | (0.09 | ) | (0.12 | ) | (0.17 | ) | (0.22 | ) | | | | |||||||||||||||||||||||||||||||
Net Realized Gains | (0.09 | ) | (0.03 | ) | (0.04 | ) | (0.01 | ) | — | |||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.17 | ) | (0.12 | ) | (0.16 | ) | (0.18 | ) | (0.22 | ) | ||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year | $10.23 | $10.33 | $10.28 | $10.29 | $10.21 | |||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Return(c) | 0.68 | % | 1.66 | % | 1.48 | % | 2.57 | % | 5.47 | % | ||||||||||||||||||||||||||||||||||
Net Assets, End of Year (000’s) | $2,785 | $3,129 | $8,912 | $11,905 | $5,461 | |||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Gross Expense | 1.19 | % | 1.20 | % | 1.37 | % | 1.45 | % | 1.49 | % | ||||||||||||||||||||||||||||||||||
Net Expenses(d) | 0.83 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.92 | % | ||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.64 | % | 0.89 | % | 1.16 | % | 1.57 | % | 2.04 | % | ||||||||||||||||||||||||||||||||||
Portfolio Turnover Rate | 196 | % | 110 | % | 73 | % | 142 | % | 81 | % | ||||||||||||||||||||||||||||||||||
CLASS I | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $10.33 | $10.28 | $10.29 | $10.21 | $9.89 | |||||||||||||||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.09 | 0.12 | 0.15 | 0.18 | 0.23 | |||||||||||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.00 | (b) | 0.08 | 0.03 | 0.10 | 0.32 | ||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.09 | 0.20 | 0.18 | 0.28 | 0.55 | |||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | (0.10 | ) | (0.12 | ) | (0.15 | ) | (0.19 | ) | (0.23 | ) | ||||||||||||||||||||||||||||||||||
Net Realized Gains | (0.09 | ) | (0.03 | ) | (0.04 | ) | (0.01 | ) | — | |||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.19 | ) | (0.15 | ) | (0.19 | ) | (0.20 | ) | (0.23 | ) | ||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, End of Year | $10.23 | $10.33 | $10.28 | $10.29 | $10.21 | |||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Return(c) | 0.90 | % | 1.91 | % | 1.74 | % | 2.83 | % | 5.66 | % | ||||||||||||||||||||||||||||||||||
Net Assets, End of Year (000’s) | $165,057 | $182,588 | $189,176 | $176,531 | $108,636 | |||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Gross Expense | 0.97 | % | 0.96 | % | 1.11 | % | 1.20 | % | 1.22 | % | ||||||||||||||||||||||||||||||||||
Net Expenses(d) | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.71 | % | ||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.86 | % | 1.12 | % | 1.42 | % | 1.81 | % | 2.32 | % | ||||||||||||||||||||||||||||||||||
Portfolio Turnover Rate | 196 | % | 110 | % | 73 | % | 142 | % | 81 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Represents less than $0.005. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
79 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND |
CLASS A | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $9.68 | $9.79 | $9.87 | $9.90 | $9.90 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.05 | 0.10 | 0.16 | 0.21 | (b) | 0.30 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.10 | ) | (0.02 | ) | (0.02 | ) | 0.00 | (b)(c) | 0.01 | |||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | (0.05 | ) | 0.08 | 0.14 | 0.21 | 0.31 | ||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.13 | ) | (0.15 | ) | (0.22 | ) | (0.24 | ) | (0.31) | |||||||||||
Net Realized Gains | — | (0.04 | ) | — | — | — | ||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.13 | ) | (0.19 | ) | (0.22 | ) | (0.24 | ) | (0.31) | |||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Year | $9.50 | $9.68 | $9.79 | $9.87 | $9.90 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(d) | (0.47 | )% | 0.82 | % | 1.40 | % | 2.10 | % | 3.15% | |||||||||||
Net Assets, End of Year (000’s) | $8,001 | $20,136 | $22,874 | $16,848 | $10,680 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.22 | % | 1.20 | % | 1.27 | % | 1.36 | % | 1.36% | |||||||||||
Net Expenses(e) | 0.89 | % | 0.89 | % | 0.88 | % | 0.89 | % | 0.86% | |||||||||||
Net Investment Income (Loss) | 0.56 | % | 1.02 | % | 1.65 | % | 2.09 | %(b) | 3.04% | |||||||||||
Portfolio Turnover Rate | 27 | % | 31 | % | 131 | % | 255 | % | 164% | |||||||||||
CLASS I | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $9.70 | $9.81 | $9.89 | $9.92 | $9.92 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.08 | 0.12 | 0.18 | 0.23 | (b) | 0.32 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.10 | ) | (0.02 | ) | (0.02 | ) | 0.00 | (b)(c) | 0.00(c) | |||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | (0.02 | ) | 0.10 | 0.16 | 0.23 | 0.32 | ||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.16 | ) | (0.17 | ) | (0.24 | ) | (0.26 | ) | (0.32) | |||||||||||
Net Realized Gains | — | (0.04 | ) | — | — | — | ||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.16 | ) | (0.21 | ) | (0.24 | ) | (0.26 | ) | (0.32) | |||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Year | $9.52 | $9.70 | $9.81 | $9.89 | $9.92 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(d) | (0.21 | )% | 1.07 | % | 1.66 | % | 2.35 | % | 3.32% | |||||||||||
Net Assets, End of Year (000’s) | $87,187 | $110,035 | $151,399 | $83,037 | $77,725 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.97 | % | 0.94 | % | 1.01 | % | 1.11 | % | 1.11% | |||||||||||
Net Expenses(e) | 0.64 | % | 0.64 | % | 0.63 | % | 0.64 | % | 0.65% | |||||||||||
Net Investment Income (Loss) | 0.83 | % | 1.27 | % | 1.85 | % | 2.34 | %(b) | 3.25% | |||||||||||
Portfolio Turnover Rate | 27 | % | 31 | % | 131 | % | 255 | % | 164% |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | 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%. |
(c) | Represents less than $0.005. |
(d) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(e) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See | Notes which are an integral part of the Financial Statements |
April | 30, 2014 / ANNUAL REPORT |
FINANCIAL HIGHLIGHTS (continued) | 80 |
For a share outstanding throughout each period:
WILMINGTON MUNICIPAL BOND FUND† |
CLASS A | Year Ended April 30, 2014 | Year Ended April 30, 2013 | For the Period July 1, 2011 through April 30, 2012* | Year Ended June 30, 2011 | Year Ended June 30, 2010 | Year Ended June 30, 2009 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $13.75 | $13.79 | $13.18 | $13.22 | $12.64 | $12.79 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.27 | 0.24 | 0.29 | 0.42 | 0.46 | 0.47 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.23) | 0.27 | 0.78 | 0.04 | 0.61 | (0.10) | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | 0.04 | 0.51 | 1.07 | 0.46 | 1.07 | 0.37 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.27) | (0.24) | (0.29) | (0.42) | (0.46) | (0.47) | ||||||||||||||||||
Net Realized Gains | (0.12) | (0.31) | (0.17) | (0.08) | (0.03) | (0.05) | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.39) | (0.55) | (0.46) | (0.50) | (0.49) | (0.52) | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $13.40 | $13.75 | $13.79 | $13.18 | $13.22 | $12.64 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(b) | 0.37% | 3.74% | 8.18% | 3.56% | 8.57% | 3.04% | ||||||||||||||||||
Net Assets, End of Period (000’s) | $17,128 | $21,435 | $708 | $758 | $579 | $164 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 1.14% | 1.13% | 0.92% | (c) | 0.86% | 0.85% | �� | 0.87% | ||||||||||||||||
Net Expenses(d) | 0.86% | 0.86% | 0.87% | (c) | 0.86% | 0.85% | 0.87% | |||||||||||||||||
Net Investment Income (Loss) | 2.00% | 1.74% | 2.56% | (c) | 3.20% | 3.55% | 3.50% | |||||||||||||||||
Portfolio Turnover Rate
| 38% | 38% | 52% | 30% | 44% |
| 19%
|
| ||||||||||||||||
CLASS I | Year Ended April 30, 2014 | Year Ended April 30, 2013 | For the Period April 30, | Year Ended June 30, 2011 | Year Ended June 30, 2010 | Year Ended June 30, 2009 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $13.76 | $13.79 | $13.19 | $13.22 | $12.64 | $12.79 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.30 | 0.28 | 0.32 | 0.45 | 0.49 | 0.50 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.24) | 0.28 | 0.77 | 0.05 | 0.61 | (0.10) | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | 0.06 | 0.56 | 1.09 | 0.50 | 1.10 | 0.40 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.30) | (0.28) | (0.32) | (0.45) | (0.49) | (0.50) | ||||||||||||||||||
Net Realized Gains | (0.12) | (0.31) | (0.17) | (0.08) | (0.03) | (0.05) | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.42) | (0.59) | (0.49) | (0.53) | (0.52) | (0.55) | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Period | $13.40 | $13.76 | $13.79 | $13.19 | $13.22 | $12.64 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(b) | 0.55% | 4.06% | 8.33% | 3.90% | 8.84% | 3.27% | ||||||||||||||||||
Net Assets, End of Period (000’s) | $199,503 | $247,914 | $146,009 | $141,519 | $166,253 | $135,073 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 0.89% | 0.90% | 0.68% | (c) | 0.61% | 0.60% | 0.62% | |||||||||||||||||
Net Expenses(d) | 0.61% | 0.61% | 0.62% | (c) | 0.61% | 0.60% | 0.62% | |||||||||||||||||
Net Investment Income (Loss) | 2.25% | 2.01% | 2.80% | (c) | 3.44% | 3.79% | 3.99% | |||||||||||||||||
Portfolio Turnover Rate | 38% | 38% | 52% | 30% | 44% | 19% |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | Annualized for periods less than one year. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
* | Year end changed from June 30 to April 30. |
† | Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Municipal Bond Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
See | Notes which are an integral part of the Financial Statements. |
ANNUAL REPORT / April 30, 2014
81 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON MARYLAND MUNICIPAL BOND FUND |
CLASS A | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $10.27 | $10.17 | $9.77 | $9.98 | $9.50 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.16 | 0.16 | 0.34 | 0.36 | 0.38 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.23 | ) | 0.14 | 0.40 | (0.21 | ) | 0.49 | |||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | (0.07 | ) | 0.30 | 0.74 | 0.15 | 0.87 | ||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.16 | ) | (0.16 | ) | (0.34 | ) | (0.36 | ) | (0.39) | |||||||||||
Net Realized Gains | (0.08 | ) | (0.04 | ) | — | — | — | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.24 | ) | (0.20 | ) | (0.34 | ) | (0.36 | ) | (0.39) | |||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Year | $9.96 | $10.27 | $10.17 | $9.77 | $9.98 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(b) | (0.56 | )% | 2.92 | % | 7.71 | % | 1.54 | % | 9.24% | |||||||||||
Net Assets, End of Year (000’s) | $27,734 | $33,461 | $36,079 | $34,550 | $42,303 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.21 | % | 1.19 | % | �� | 1.36 | % | 1.38 | % | 1.38% | ||||||||||
Net Expenses(c) | 0.95 | % | 0.95 | % | 0.94 | % | 0.94 | % | 0.82% | |||||||||||
Net Investment Income (Loss) | 1.57 | % | 1.53 | % | 3.41 | % | 3.62 | % | 3.90% | |||||||||||
Portfolio Turnover Rate
| 23 | % | 41 | % | 34 | % | 6 | % | 8% | |||||||||||
CLASS I | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $10.29 | $10.18 | $9.79 | $9.99 | $9.51 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.18 | 0.19 | 0.37 | 0.39 | 0.40 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.23 | ) | 0.15 | 0.39 | (0.20 | ) | 0.48 | |||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | (0.05 | ) | 0.34 | 0.76 | 0.19 | 0.88 | ||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.19 | ) | (0.19 | ) | (0.37 | ) | (0.39 | ) | (0.40) | |||||||||||
Net Realized Gains | (0.08 | ) | (0.04 | ) | — | — | — | |||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.27 | ) | (0.23 | ) | (0.37 | ) | (0.39 | ) | (0.40) | |||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Year | $9.97 | $10.29 | $10.18 | $9.79 | $9.99 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(b) | (0.38 | )% | 3.31 | % | 7.89 | % | 1.90 | % | 9.33% | |||||||||||
Net Assets, End of Year (000’s) | $62,972 | $73,446 | $75,423 | $78,912 | $85,039 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.96 | % | 0.94 | % | 1.11 | % | 1.13 | % | 1.13% | |||||||||||
Net Expenses(c) | 0.67 | % | 0.67 | % | 0.66 | % | 0.67 | % | 0.70% | |||||||||||
Net Investment Income (Loss) | 1.85 | % | 1.81 | % | 3.69 | % | 3.90 | % | 4.02% | |||||||||||
Portfolio Turnover Rate | 23 | % | 41 | % | 34 | % | 6 | % | 8% |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See | Notes which are an integral part of the Financial Statements |
April 30, 2014 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (concluded) | 82 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON NEW YORK MUNICIPAL BOND FUND |
CLASS A | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $10.75 | $10.59 | $10.08 | $10.25 | $9.89 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.19 | 0.21 | 0.28 | 0.35 | 0.35 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.19 | ) | 0.16 | 0.51 | (0.16 | ) | 0.36 | |||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.00 | 0.37 | 0.79 | 0.19 | 0.71 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.19 | ) | (0.21 | ) | (0.28 | ) | (0.36 | ) | (0.35) | |||||||||||
Net Realized Gains | — | — | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.19 | ) | (0.21 | ) | (0.28 | ) | (0.36 | ) | (0.35) | |||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Year | $10.56 | $10.75 | $10.59 | $10.08 | $10.25 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(b) | 0.04 | % | 3.48 | % | 7.99 | % | 1.83 | % | 7.28% | |||||||||||
Net Assets, End of Year (000’s) | $24,301 | $31,239 | $35,099 | $34,107 | $40,748 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.21 | % | 1.20 | % | 1.36 | % | 1.40 | % | 1.40% | |||||||||||
Net Expenses(c) | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.80% | |||||||||||
Net Investment Income (Loss) | 1.79 | % | 1.94 | % | 2.73 | % | 3.47 | % | 3.42% | |||||||||||
Portfolio Turnover Rate
| 34 | % | 41 | % | 87 | % | 67 | % | 64% | |||||||||||
CLASS I | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $10.76 | $10.60 | $10.08 | $10.26 | $9.89 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.21 | 0.23 | 0.31 | 0.38 | 0.36 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (0.18 | ) | 0.16 | 0.52 | (0.18 | ) | 0.37 | |||||||||||||
|
| |||||||||||||||||||
Total Income (Loss) From Operations | 0.03 | 0.39 | 0.83 | 0.20 | 0.73 | |||||||||||||||
|
| |||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.22 | ) | (0.23 | ) | (0.31 | ) | (0.38 | ) | (0.36) | |||||||||||
Net Realized Gains | — | — | — | — | — | |||||||||||||||
|
| |||||||||||||||||||
Total Distributions | (0.22 | ) | (0.23 | ) | (0.31 | ) | (0.38 | ) | (0.36) | |||||||||||
|
| |||||||||||||||||||
Net Asset Value, End of Year | $10.57 | $10.76 | $10.60 | $10.08 | $10.26 | |||||||||||||||
|
| |||||||||||||||||||
Total Return(b) | 0.30 | % | 3.74 | % | 8.33 | % | 1.97 | % | 7.54% | |||||||||||
Net Assets, End of Year (000’s) | $69,325 | $78,471 | $74,913 | $68,919 | $67,239 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 0.96 | % | 0.95 | % | 1.11 | % | 1.15 | % | 1.15% | |||||||||||
Net Expenses(c) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.64% | |||||||||||
Net Investment Income (Loss) | 2.05 | % | 2.18 | % | 2.99 | % | 3.71 | % | 3.58% | |||||||||||
Portfolio Turnover Rate | 34 | % | 41 | % | 87 | % | 67 | % | 64% |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See | Notes which are an integral part of the Financial Statements |
ANNUAL REPORT / April 30, 2014
83 | NOTES TO FINANCIAL STATEMENTS |
Wilmington Funds
April 30, 2014
1. | ORGANIZATION |
Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 23 portfolios, 7 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 16 funds are presented in separate reports.
Fund
| Investment Goal
| |
Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”)(d) | The Fund seeks to provide current income and secondarily, capital growth. | |
Wilmington Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”)(d) | The Fund seeks to provide current income and secondarily, capital growth. | |
Wilmington Short-Term Corporate Bond Fund (“Short-Term Corporate Bond Fund”)(d) | The Fund seeks to provide current income. | |
Wilmington Short Duration Government Bond Fund (“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”)(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”)(n) | The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes. |
(d) Diversified
(n) Non-diversified
The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Service Class, Select Class, Administrative Class and Institutional Class are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
On April 13, 2013, Class C shares of the Intermediate-Term Bond, Short-Term Corporate Bond and Short Duration Government Bond Funds were terminated after the conversion to Class A of the Funds.
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:
• 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 Board of Trustees (“Trustees”). |
The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund’s Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2014, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. Pursuant to the Funds’ fair value procedures noted previously, fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 84 |
Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.
Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.
Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due or from the Fund.
At April 30, 2014, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:
Fund/Counterparty | Repurchase Agreements | Fair Value of Non-cash Collateral Received | Cash | Net Amount(1) | ||||||||||||||||||||||||||
Broad Market Bond Fund | ||||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | $ | 2,515,398 | $ | 2,515,398 | $— | $— | ||||||||||||||||||||||||
Daiwa Capital Markets America | 2,515,398 | 2,515,398 | — | — | ||||||||||||||||||||||||||
HSBC Securities USA, Inc. | 2,515,398 | 2,515,398 | — | — | ||||||||||||||||||||||||||
Nomura Securities International, Inc. | 529,545 | 529,545 | — | — | ||||||||||||||||||||||||||
RBS Securities, Inc. | 2,515,398 | 2,515,398 | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 10,591,137 | $ | 10,591,137 | $— | $— | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Intermediate-Term Bond Fund | ||||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | $ | 2,503,926 | $ | 2,503,926 | $— | $— | ||||||||||||||||||||||||
Daiwa Capital Markets America | 2,503,926 | 2,503,926 | — | — | ||||||||||||||||||||||||||
HSBC Securities USA, Inc. | 2,503,926 | 2,503,926 | — | — | ||||||||||||||||||||||||||
Nomura Securities International, Inc. | 527,129 | 527,129 | — | — | ||||||||||||||||||||||||||
RBS Securities, Inc. | 2,503,926 | 2,503,926 | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 10,542,833 | $ | 10,542,833 | $— | $— | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Short-Term Corporate Bond Fund | ||||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | $ | 1,000,000 | $ | 1,000,000 | $— | $— | ||||||||||||||||||||||||
Nomura Securities International, Inc. | $ | 167,931 | $ | 167,931 | — | — | ||||||||||||||||||||||||
RBC Capital Markets LLC | 1,000,000 | 1,000,000 | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 2,167,931 | $ | 2,167,931 | $— | $— | |||||||||||||||||||||||||
|
|
|
|
|
|
(1)Net amount represents the net amount receivable due from the counterparty in the event of default.
Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Inflation/deflation adjustments on Treasury Inflation–Protected Securities are included in interest income. Realized gains and losses from investment transactions are recorded on an identified cost basis.
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.
All Funds offer multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared daily and paid monthly.
ANNUAL REPORT / April 30, 2014
85 | NOTES TO FINANCIAL STATEMENTS (continued) |
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.
The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year or period, the Funds did not incur any interest or penalties.
When-Issued and Delayed Delivery Transactions – The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
The Funds may transact in “To Be Announced Securities” (“TBAs”). As with other delayed delivery transactions, a seller agrees to issue TBAs at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Funds agree to accept any security that meets specified criteria. For example, in a TBA mortgage transaction, the Fund and seller would agree upon the issuer, interest rate and terms of the underlying mortgages. The Funds record TBAs on the trade date utilizing information associated with the specified terms of the transactions as opposed to the specific mortgages. TBAs are marked to market daily and begin earning interest of the settlement date. Losses may occur due to the fact the actual underlying mortgages received may be less favorable than those anticipated by the Funds.
Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Fund’s restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.
Dollar Roll Transactions – The 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, 2014.
Lending of Portfolio Securities – The Trust has entered into an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.
Investments purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”
The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 86 |
At April 30, 2014, the securities loaned which are subject to a MSLA on a net payment basis are as follows:
Fund
|
Value of Securities on Loan
| Cash Collateral Received(1)
| Net Amount(2)
| |||||||||||||||||
Broad Market Bond Fund | $10,319,033 | $10,319,033 | $— | |||||||||||||||||
Intermediate-Term Bond Fund | 10,270,993 | 10,270,993 | — | |||||||||||||||||
Short-Term Corporate Bond Fund | 2,094,269 | 2,094,269 | — | |||||||||||||||||
(1)Collateral with a value of $10,591,137, $10,542,833 and $2,167,931, respectively, has been received in connection with securities lending transactions.
(2)Net amount represents the net amount receivable due from the counterparty in the event of default. |
3. | FEDERAL TAX INFORMATION |
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to the tax treatment of expiring capital loss carryforwards, net investment losses, market discount reclass, discount accretion/premium amortization on debt securities, capital gain or loss as a result of paydown activity, and distributions recognition on income distribution payable. GAAP requires that permanent differences in net investment income and realized gains and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets and have no effect on the net assets nor the NAV of the Funds.
As of April 30, 2014, 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 2013, 2012, and 2011, as well as the current tax year, remain subject to examination by the Internal Revenue Service.
For the year ended April 30, 2014, permanent differences identified and reclassified among the components of net assets were as follows:
Fund
| Paid-in Capital
|
Increase
| Accumulated
| |||||||||||||||
Broad Market Bond Fund | $ | — | $378,218 | $(378,218) | ||||||||||||||
Intermediate-Term Bond Fund | — | 130,028 | (130,028) | |||||||||||||||
Short-Term Corporate Bond Fund | — | 148,828 | (148,828) | |||||||||||||||
Short Duration Government Bond Fund | (1,434,935) | 792,904 | 642,031 | |||||||||||||||
Municipal Bond Fund | — | (3,568) | 3,568 | |||||||||||||||
Maryland Municipal Bond Fund | — | 116,009 | (116,009) |
The tax character of distributions for the corresponding years as reported on the Statements of Changes in Net Assets were as follows:
2014 | 2013 | |||||||||||||||||||||||
Fund
| Ordinary
| Long-Term
| Ordinary
| Long-Term
| ||||||||||||||||||||
Broad Market Bond Fund | $6,683,784 | $2,729,590 | $10,116,058 | $3,610,860 | ||||||||||||||||||||
Intermediate-Term Corporate Bond Fund | 3,282,561 | 4,523,368 | 6,535,290 | 2,093,369 | ||||||||||||||||||||
Short-Term Corporate Bond Fund | 2,059,726 | 889,895 | 2,501,043 | 158,321 | ||||||||||||||||||||
Short Duration Government Bond Fund | 1,811,389 | — | 2,620,248 | 600,449 | ||||||||||||||||||||
Municipal Bond Fund | 5,640,269** | 1,599,639 | 4,924,173*** | 2,448,254 | ||||||||||||||||||||
Maryland Municipal Bond Fund | 1,759,657** | 784,603 | 1,901,372*** | 412,418 | ||||||||||||||||||||
New York Municipal Bond Fund | 1,968,280** | — | 2,282,130*** | — |
* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.
** Included in this amount is tax exempt income of $5,095,492, $1,759,657 and $1,968,280, respectively.
***Included in this amount is tax exempt income of $3,946,261, $1,863,194 and $2,282,130, respectively.
ANNUAL REPORT / April 30, 2014
87 | NOTES TO FINANCIAL STATEMENTS (continued) |
As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:
Fund |
Undistributed/ | Undistributed Long-Term Capital Gains | Other Timing Differences | Unrealized Appreciation (Depreciation) | Capital Loss Carryforwards and Deferrals | ||||||||||||||||||||
Broad Market Bond Fund | $561,237 | $ | 487,550 | $ | (508,824) | $ | 5,699,208 | $ | —- | ||||||||||||||||
Intermediate-Term Bond Fund | 224,465 | 1,233,725 | (210,849) | 2,498,214 | — | ||||||||||||||||||||
Short-Term Corporate Bond Fund | 280,039 | 440,572 | (109,660) | 976,821 | —- | ||||||||||||||||||||
Short Duration Government Bond Fund | 486,744 | — | (165,004) | 1,304,357 | (881,212) | ||||||||||||||||||||
Municipal Bond Fund | 407,003 | 411,142 | (407,002) | 8,637,559 | —- | ||||||||||||||||||||
Maryland Municipal Bond Fund | 276,814 | — | (160,915) | 2,405,949 | (495,136) | ||||||||||||||||||||
New York Municipal Bond Fund | 169,650 | — | (169,647) | 4,396,845 | (2,132,606) |
Under the Regulated Investment Company Modernization Act of 2010, the Funds are 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, 2014, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:
Short-Term | Long-Term |
Total Capital | ||||||||||||||||||||||||||||||||||||||
Capital Loss Available Through | Post-Effective | Post-Effective | Loss | |||||||||||||||||||||||||||||||||||||
Fund | 2015 | 2016 | 2017 | 2018 | 2019 | No Expiration | No Expiration | Carryforwards | ||||||||||||||||||||||||||||||||
Short Duration Government Bond Fund | $129,435 | $— | $— | $ | — | $108,426 | $628,801 | $ | 14,550 | $ | 881,212 | |||||||||||||||||||||||||||||
Maryland Municipal Bond Fund | — | — | — | — | — | 354,088 | 141,048 | 495,136 | ||||||||||||||||||||||||||||||||
New York Municipal Bond Fund | — | — | — | 1,688,009 | — | 444,597 | — | 2,132,606 |
The Funds did not use any capital loss carryforwards to offset taxable capital gains realized during the year ended April 30, 2014:
The Short Duration Government Bond Fund expired capital loss carryforwards in the amount of $1,434,935.
4. | ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS |
Investment Advisor – Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.
Fund |
Advisory Fee | |||
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% |
WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2015, so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below.
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 88 |
Contractual | ||||||||
Fund | Class A | Class I | ||||||
Broad Market Bond Fund | 1.00% | 0.65% | ||||||
Intermediate-Term Bond Fund | 0.95% | 0.60% | ||||||
Short-Term Corporate Bond Fund | 0.86% | 0.61% | ||||||
Short Duration Government Bond Fund | 0.89% | 0.64% | ||||||
Municipal Bond Fund | 0.86% | 0.61% | ||||||
Maryland Municipal Bond Fund | 0.95% | 0.67% | ||||||
New York Municipal Bond Fund | 0.84% | 0.59% |
Administrative Fee – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. WFMC in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.
Administrator | Maximum Fee |
Average Aggregate Daily Net Assets of the Trust | ||||
WFMC | 0.040% | on the first $5 billion | ||||
| 0.030% | on the next $2 billion | ||||
| 0.025% | on the next $3 billion | ||||
| 0.018% | on assets in excess of $10 billion | ||||
BNYM | 0.0285% | on the first $500 million | ||||
| 0.0280% | on the next $500 million | ||||
| 0.0275% | on assets in excess of $1 billion |
On September 30, 2013, the Board of Trustees voted to change the fee schedule for WFMC. Prior to October 1, 2013, these services were provided for at an aggregate annual fee as specified below.
Administrator | Maximum Fee |
Average Aggregate Daily Net Assets of the Trust | ||||
WFMC | 0.033% | 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 |
WFMC may voluntarily choose to waive any portion of its fee. WFMC can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2014, WFMC did not waive any administrative personnel and services fee.
Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Class A shares for the sale, distribution, administration, customer servicing and recordkeeping of these shares.
The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.
For the year ended April 30, 2014, 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 | |||
Broad Market Bond Fund | $11,360 | |||
Intermediate-Term Bond Fund | 6,733 | |||
Short-Term Corporate Bond Fund | 1,075 | |||
Short Duration Government Bond Fund | 26,328 | |||
Municipal Bond Fund | 37,167 | |||
Maryland Municipal Bond Fund | 64,334 | |||
New York Municipal Bond Fund | 57,375 |
Sales Charges – The Class A shares of all the Funds bear front-end sales charges.
For the year ended April 30, 2014, M&T received the amounts listed below from sales charges on the sale of Class A shares.
ANNUAL REPORT / April 30, 2014
89 | NOTES TO FINANCIAL STATEMENTS (continued) |
Fund |
Sales Charges | ||||
Broad Market Bond Fund | $ | 1,220 | |||
Intermediate-Term Bond Fund | 966 | ||||
Short-Term Corporate Bond Fund | 395 | ||||
Short Duration Government Bond Fund | 332 | ||||
Municipal Bond Fund | 10,690 | ||||
Maryland Municipal Bond Fund | 2,072 | ||||
New York Municipal Bond Fund | 2,062 |
Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Class A and Class I to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.
For the year ended April 30, 2014, M&T received a portion of the fees paid by the following Funds which are listed below:
Fund |
Shareholder Services Fee | ||||
Broad Market Bond Fund | $ | 3,644�� | |||
Intermediate-Term Bond Fund | 2,190 | ||||
Maryland Municipal Bond Fund | 7,720 |
Other Service Providers – Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer and Principal Financial Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.
BNYM provides custody services to the Trust.
BNY Mellon Investment Servicing (U.S.) Inc. provides fund accounting and transfer agency services to the Trust.
General – Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trust’s Statement of Additional Information includes additional information about the Trustees.
5. | INVESTMENT TRANSACTIONS |
Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the year ended April 30, 2014 were as follows:
Investments | ||||||||||
Fund | Purchases | Sales | ||||||||
Broad Market Bond Fund | $213,117,313 | $273,372,370 | ||||||||
Intermediate-Term Bond Fund | 52,346,635 | 117,414,666 | ||||||||
Short-Term Corporate Bond Fund | 164,653,505 | 185,757,428 | ||||||||
Short Duration Government Bond Fund | 26,515,499 | 27,601,100 | ||||||||
Municipal Bond Fund | 87,105,159 | 122,283,764 | ||||||||
Maryland Municipal Bond Fund | 21,347,360 | 31,087,303 | ||||||||
New York Municipal Bond Fund | 32,802,157 | 44,612,240 |
Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2014 were as follows:
U.S. Government Securities | ||||||||||
Fund | Purchases | Sales | ||||||||
Broad Market Bond Fund | $ | 68,412,909 | $ | 49,185,147 | ||||||
Intermediate-Term Bond Fund | 20,200,545 | 20,429,612 | ||||||||
Short-Term Corporate Bond Fund | 157,239,805 | 157,547,531 | ||||||||
Short Duration Government Bond Fund | 2,000,703 | 27,548,882 |
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 90 |
6. | CONCENTRATION OF RISK |
Since Maryland Municipal Bond Fund and New York 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, 2014, 10.6% for Maryland Municipal Bond Fund and 45.6% for New York 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 4.7% for Maryland Municipal Bond Fund and 25.7% for New York Municipal Bond Fund.
7. | LINE OF CREDIT |
The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion through March 10, 2014. Effective March 11, 2014, the LOC included a commitment fee of 0.10% per annum on the daily unused portion. The termination date of this LOC is March 9, 2015. The Funds did not utilize the LOC for the year ended April 30, 2014.
8. | REORGANIZATION |
REORGANIZATION - FISCAL YEAR 2013
On June 22, 2012, the Board approved an Agreement and Plans of Reorganization (the “Reorganization”) which provided for the transfer of all the assets of the Wilmington Pennsylvania Municipal Bond Fund and the Wilmington Virginia Municipal Bond Fund, each a series of the Trust, (the “Acquired Funds”) for shares of the Municipal Bond Fund (the “Acquiring Fund”). Shareholders approved the Plans at a meeting held on November 15, 2012 and the reorganization closed on December 3, 2012 based on net asset values determined as of the close of business on November 30, 2012. The acquisitions were accomplished through tax-free exchanges of assets and shares.
The purpose of this transaction was to combine the three Funds with the same Investment Manager and with substantially similar investment objectives, policies, and restrictions. Due to the small size of the Acquired Funds, and the comparatively better prospects for asset growth of the Acquiring Fund, it was believed that the shareholders’ best interests would be served by reorganizing the Acquired Funds into the Acquiring Fund.
For financial reporting purposes, the Municipal Bond Fund was deemed to be the accounting survivor.
Wilmington Municipal Bond Fund | Value of Shares | Acquired Fund Shares Prior to Reorganization |
Shares Issued | Net Assets | ||||||||||||
Acquiring Fund | ||||||||||||||||
Wilmington Municipal Bond Fund | — | — | — | $156,582,398 | ||||||||||||
Acquired Funds | ||||||||||||||||
Wilmington Pennsylvania Municipal Bond Fund | — | — | — | 97,525,271 | ||||||||||||
Class A shares in exchange for Class A | $9,118,331 | 861,667 | 657,281 | — | ||||||||||||
Class I in exchange for Class I | 88,406,940 | 8,351,297 | 6,370,639 | — | ||||||||||||
Wilmington Virginia Municipal Bond Fund | 19,866,040 | |||||||||||||||
Class A in exchange for Class A | 19,866,040 | 1,787,700 | 1,432,014 | — | ||||||||||||
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$273,973,709 | ||||||||||||||||
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The net assets of the Acquired Funds included net unrealized appreciation on investments of $7,032,753 and $1,288,589 and accumulated net realized gains of $1,384,529 and $239,773 for the Wilmington Pennsylvania Municipal Bond Fund and Wilmington Virginia Municipal Bond Fund, respectively.
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, 2012, 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, 2013 would have been $5,548,565, $20,218,458 and $25,767,023, respectively.
ANNUAL REPORT / April 30, 2014
91 | NOTES TO FINANCIAL STATEMENTS (continued) |
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.
April 30, 2014 / ANNUAL REPORT
92 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
WILMINGTON FUNDS
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Wilmington Broad Market Bond Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Municipal Bond Fund, Wilmington Maryland Municipal Bond Fund and Wilmington New York Municipal Bond Fund (seven of the series constituting the Wilmington Funds) (the “Funds”) as of April 30, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and 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, 2014, 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 and Wilmington New York Municipal Bond Fund at April 30, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
June 28, 2014
ANNUAL REPORT / April 30, 2014
93 | 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 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.
INTERESTED TRUSTEES BACKGROUND
Name | ||
Address | ||
Birth date | ||
Position With Trust | ||
Date Service Began
| Principal Occupations and Other Directorships Held for Past Five Years
| |
R. Samuel Fraundorf, CFA, CPA* | Principal Occupations: President of WTIA. | |
Birth date: 4/64 | ||
TRUSTEE | Other Directorships Held: None. | |
Began serving: March 2012 | ||
Previous Positions: President of Wilmington Trust Investment Managements (“WTIM”) (8/04 to 1/12); Chief Operating Officer of WTIM (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08).
| ||
Robert J. Truesdell* Birth date: 11/55 TRUSTEE Began serving: December 2012 | Principal Occupations: Group Vice President and Senior Investment Advisor for Wilmington Trust Wealth Advisory Services, M&T Bank.
Other Directorships Held: None.
Previous Positions: Bond Department Manager, M&T Bank (2/88 to 7/12); Group Vice President, Managing Director and Chief Investment Officer, WTIA (6/02 to 6/12) and WFMC (3/12 to 6/12).
|
* | R. Samuel Fraundorf is “interested” due to positions he holds with WTIA. Robert J. Truesdell is “interested” due to the positions he currently holds with Wilmington Trust Wealth Advisory Services, M&T Bank, the parent of the Funds’ Advisor, and previous positions held with WTIA and WFMC. |
April 30, 2014 (unaudited) / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 94 |
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 | Principal Occupations: Private Investor, Consultant and Community Volunteer. | |
Birth date: 7/34 | ||
CHAIRMAN AND TRUSTEE Began serving: February 1988 | Other Directorships Held: Chairman (3/06 to 3/08), Trustee (3/04 to present) and Treasurer (3/10 to 3/12), Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 1/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman (5/12 to present), Director (1/08 to present), Read to Succeed Buffalo (1/08 to present); Director, Catholic Medical Partners (7/12 to present); Director, Roycroft Campus Corporation (8/12 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.
| ||
Robert H. Arnold Birth date: 3/44 | Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present). | |
TRUSTEE | ||
Began serving: March 2012 | Other Directorships Held: First Potomac Realty Trust (real estate investment trust).
| |
William H. Cowie, Jr. | Principal Occupations: Retired. | |
Birth date: 1/31 | ||
TRUSTEE Began serving: September 2003 | Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present). | |
Previous Positions: CFO, Pencor Inc. (environmental project development); Vice Chairman of Signet Banking Corp.
| ||
John S. Cramer Birth date: 2/42 | Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present). | |
TRUSTEE | ||
Began serving: December 2000 | Other Directorships Held: Director, Chairman of the Executive Committee and Chairman of the Compensation Committee of Chek-Med Corporation (6/03 to present). | |
Previous Positions: President and Chief Executive Officer Emeriti, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania).
| ||
Daniel R. Gernatt, Jr. Birth date: 7/40 | Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present). | |
TRUSTEE | ||
Began serving: February 1988 | Other Directorships Held: Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation.
|
ANNUAL REPORT / April 30, 2014 (unaudited)
95 | BOARD OF TRUSTEES AND TRUST OFFICERS |
Name | ||
Birth date | ||
Position with Trust | ||
Date Service Began
| Principal Occupations and Other Directorships Held for Past Five Years
| |
Nicholas A. Giordano Birth date: 3/43 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).
| ||
Richard B. Seidel Birth date: 4/41 TRUSTEE Began serving: September 2003
| Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (1/96 to present); Chairman and Director, Girard Capital (broker-dealer) (1/10 to present). | |
Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).
|
OFFICERS
Name | ||
Address | ||
Birth year | ||
Positions with Trust
| Principal Occupations for Past Five Years and Previous Positions
| |
Samuel Guerrieri Birth year: 1965 | Principal Occupations: President and Chief Executive Officer, M&T Securities, Senior Vice President, M&T Bank. | |
PRESIDENT | ||
Began serving: December 2012
| ||
Michael D. Daniels Birth year: 1967 | Principal Occupations: Chief Operating Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc., Administrative Vice President, M&T Bank. | |
CHIEF OPERATING OFFICER | ||
Began serving: June 2007 | 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 | Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc; Assistant Treasurer, Wilmington Funds. | |
ASSISTANT TREASURER | ||
Began serving: June 2013 VICE PRESIDENT | Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank. | |
Began serving: June 2007
| ||
John C. McDonnell Birth year: 1966 VICE PRESIDENT AND ASSISTANT TREASURER Began serving: June 2013 | Principal Occupations: Vice President, Wilmington Funds Management Corporation (2005 to Present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). | |
Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012); Audit Senior, Deloitte LLP (2004 to 2005); Assistant Vice President, 1838 Investment Advisors, LP (1999 to 2004).
|
April 30, 2014 (unaudited) / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 96 |
Name | ||
Address | ||
Birth year | ||
Positions with Trust
| Principal Occupations for Past Five Years and Previous Positions
| |
Hope L. Brown Birth year: 1973 | Principal Occupations: Vice President, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds. | |
CHIEF COMPLIANCE OFFICER, AML | ||
COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2012 | Previous Positions: Assistant Vice President, Lead Manager, Risk Management and Divisional Compliance for T. Rowe Price (2005 to 2010); Senior Compliance Officer, Manager of Compliance for RE Investment, Inc., RE Advisers, Inc. and the Homestead Funds (2001 to 2005).
| |
Eric B. Paul Birth year: 1974 | Principal Occupations: Administrative Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008. | |
VICE PRESIDENT | ||
Began serving: June 2008
| ||
Ralph V. Partlow, III 25 South Charles Street, 22nd floor | Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). | |
Baltimore, MD 21201 | ||
Birth year: 1957 | Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003). | |
VICE PRESIDENT | ||
Began serving: June 2010
| ||
Christopher W. Roleke 10 High Street, Suite 302 | Principal Occupation: Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present). | |
Boston, MA 02110 | ||
Birth year: 1972 CHIEF FINANCIAL OFFICER AND TREASURER | Previous Positions: Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011). | |
Began serving: July 2013
| ||
Lisa R. Grosswirth 101 Barclay Street, 13E | Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present). | |
New York, NY 10286 Birth year: 1963 |
Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004). | |
SECRETARY | ||
Began serving: September 2007
| ||
Richard J. Berthy Three Canal Plaza, Suite 100 | Principal Occupation: Chief Executive Officer, Foreside Financial Group, LLC (7/12 to present). | |
Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007
|
Previous Positions: President, Foreside Financial Group, LLC (5/08 to 7/12); 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).
|
ANNUAL REPORT / April 30, 2014 (unaudited)
97 |
Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)
Electronic Delivery
Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:
1.) | Go to www.wilmingtonfunds.com and select “Individual Investors” |
2.) | Click on the link “Sign up for Electronic Delivery” |
3.) | Login to your account or create new user ID |
4.) | Select E-Delivery Consent from the available options, and |
5.) | Complete the information requested, including providing the email address where you would like to receive notification for electronic documents. |
* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.
Householding
In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.
If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.
April 30, 2014 / ANNUAL REPORT
98 |
PRIVACY POLICY AND NOTICE
OF THE FUNDS AND THEIR DISTRIBUTOR
June 8, 2012
The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.
Information The Funds Collect:
The Funds collect nonpublic personal information about you from the following sources:
•We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income. •We may receive information from you, or from your financial representative, through transactions with us or others, correspondence and other communications. Examples of this information include specific investments and your account balances. •We may obtain other personal information from you in connection with providing you a financial product or service. Examples of this information include depository, debit or credit account numbers. |
Information Sharing Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
•We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. •We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. •We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. |
Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.
Information Security:
When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers’ privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.
The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds’ Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.
Each of the following sections explains an aspect of the Funds’ commitment to protecting your personal information and respecting your privacy.
Employee Access to Information:
Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employee’s or agent’s need to know the information in order to service a customer’s account or comply with legal requirements.
Visiting The Funds’ Website:
The Funds’ website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.
ANNUAL REPORT / April 30, 2014
99 |
•Information or data entered into a website will be retained. •Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website. •We may also collect non-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party. |
E-mail:
If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.
Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.
Surveys/Aggregate Data:
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.
Changes to Our Privacy Statement:
The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.
Notice will be provided to you in advance of any changes that would affect your rights under this policy statement
April 30, 2014 / ANNUAL REPORT
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Wilmington Large-Cap Growth Fund (“Large-Cap Growth Fund”)
Wilmington Large-Cap Strategy Fund (“Large-Cap Strategy Fund”)
Wilmington Large-Cap Value Fund (“Large-Cap Value Fund”)
Wilmington Mid-Cap Growth Fund (“Mid-Cap Growth Fund”)
Wilmington Small-Cap Growth Fund (“Small-Cap Growth Fund”)
Wilmington Small-Cap Strategy Fund (“Small-Cap Strategy Fund”)
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I am pleased to present the Annual Report of Wilmington Funds (the Trust). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2013, through April 30, 2014. 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 investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets over the 12-month reporting period.
The Economy
Compared to other animals, humans have an unparalleled ability to see what we wish to see. The tendency to interpret facts to suit our opinions is magnified in the financial arena. Most of the time economic data provides plenty of fodder for both bulls and bears.
We see enough positive news to argue that good times are about to roll...
• | Despite weather-driven speed bumps in January and February, U.S. nonfarm payrolls expanded by 2.37 million jobs in the year ended April 2014 – the strongest gain since the period ended April 2006. April 2014 hiring came in unexpectedly robust, with job growth of 288,000, the highest since January 2012. Payrolls rose an average of 202,000 per month over the last six months, and by the end of April 2014, had recovered to within 113,000 jobs of the all-time high set in January 2008. |
• | Inflation remains under control. The Consumer Price Index for April 2014 was up 2.0% from a year earlier – the biggest year-over-year increase since July 2013 but below the 20-year average of 2.4%. Meanwhile, core CPI – excluding the volatile food and energy categories – was up 1.8% in April 2014, only slightly above the reading in previous months and also lower than the long-run average of 2.2%. |
• | While retail sales came in below expectations in April 2014, strong February and March numbers suggest consumers have come out of hibernation. Job growth and the “wealth effect” from stock returns have set the stage for spending growth. |
… and sufficient worrisome news to justify caution.
• | New-home sales have plummeted so far this year, while sales of existing homes have trended lower since last summer, even taking into account seasonal adjustments. Lenders have become more accommodating, yet credit remains fairly tight, as does the supply of homes. |
• | Two popular measures of consumer confidence, indices maintained by the Conference Boardi and the University of Michiganii, have diverged somewhat in recent months. However, both indices report confidence fairly close to levels seen last summer despite improvements in the labor market, excellent stock returns, and an expanding economy. The early-May reading of the University of Michigan surveyii saw a 2.7% decline from April 2014 levels, while the consensus projected a 3.3% increase. One number does not a trend make, but the University of Michigan data can only be called disappointing. |
ihttp://www.conference-board.org/
iihttp://www.sca.isr.umich.edu/
Many of the recent problems stem directly from the harsh winter weather we have endured which pushed first quarter GDP down by 1%. We expect that a rebound from this will take place in the second quarter which should be followed by a resumption of modest growth rates in the 2.5 to 3.0% range. Given this outlook, we expect to see stocks outperform bonds but fears of a major rise in interest rates are also probably overblown.
The Bond Markets
In the year ended April 30, the Barclays U.S. Aggregate Bond Index1 delivered a -0.26% return, with the majority of the bond market performing at a lackluster level. Blame Treasuries for the Aggregate Bond Index’s negative return, as the Barclays U.S. Treasury Bond Index2 returned -1.59% for the year ended April. In contrast, Barclays indices for mortgage-backed, corporate, and municipal bonds all managed positive returns, albeit below 0.60%.
While the statements above are unequivocally accurate, investors who stop at the raw numbers will miss a big part of the picture – bond investors suffered their pain in 2013; so far, 2014 has proven friendlier.
PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)
ii |
The 10-year Treasury bond yielded 1.70% at the end of April 2013 and ended the year at 3.04%. By the end of April 2014, the T-bond yield had fallen to 2.67%, and as of May 28th it yielded 2.44%. Corporate bonds have traced similar, if less steep, paths. These yields reflect a solid recovery this year, which in turn tells us that the Federal Reserve’s tapering of bond purchases hasn’t had the deleterious effect some pundits projected.
On April 30, the Federal Reserve (the “Fed”) Open Market Committee reduced its monthly bond purchases another $10 billion to $45 billion, down from $85 billion for most of last year. At this pace, the Fed may stop buying bonds before the end of 2014. While new Fed Chair Janet Yellen shocked the market in March when she said the Fed could start raising interest rates just six months after the end of quantitative easing3, subsequent statements suggest the central bank hasn’t set a hard target.
In recent months, the Fed has signaled expectations roughly in line with the consensus, which suggests the federal funds rate won’t rise until the second half of 2015. “Doves” continue to call the shots at the Fed, and it’s tough to predict how markets would react if the bankers changed their tone.
For the 12-month reporting period May 1, 2013 through April 30, 2014, certain Barclays indices performed as follows4:
Barclays U.S. Aggregate Bond Index | Barclays U.S. Treasury Bond Index | Barclays U.S. Mortgage- Backed Securities Index5 | Barclays U.S. Credit Bond Index6 | Barclays Municipal Bond Index7 | ||||
-0.26% | -1.59% | 0.59% | 0.41% | 0.50% |
The Stock Markets
Few investors who owned a diversified stock portfolio at the start of last May and held it through the end of April 2014 should complain. The S&P 500 Index8 of large-cap stocks returned 20.44% during that 12-month period. Most segments of the U.S. stock market shared in the wealth, with the small-cap Russell 2000 Index9 returning 20.50%.
Among large-cap stocks, growth slightly outperformed value. Smaller stocks showed more of a growth bias (Russell 2000 Growth Index10 up 21.46% versus 19.61% for the Russell 2000 Value Index11). But when your lagging group manages an annual return of more than 19%, you’ve enjoyed a good year.
Even foreign stocks provided investors with solid gains – at least in developed markets. The MSCI All Country World ex-US Index12 returned 9.76% over the last year, while the MSCI EAFE (Europe, Australasia, Far East) Index13 of large-cap and midcap stocks from developed markets returned 13.35%. However, the MSCI Emerging Markets Index14 delivered a -1.84% return.
Most of the stock gains racked up in the 12 months ended April 2014 came during the last eight months of 2013. The S&P 500 managed to set eight new all-time closing highs during the first four months of 2014, yet exited April up less than 3% from its level at the end of 2013. The sluggishness during this period has probably contributed to weakness in both consumer and investor sentiment.
The American Association of Individual Investors Sentiment Survey for the week ending May 21st, 2014, found 43% of investors neutral on the stock market, well above the long-run average of 31%. While bullishness has risen and bearishness fallen in recent weeks, percentages for both extremes remain below typical levels. The unusually large number of “neutrals” bespeaks a lack of confidence in the market, feelings not unexpected given lackluster year-to-date returns.
With the U.S. stock market looking for leadership, investors should keep an eye out for groups making strong moves. A large pack of investors uncertain about the market’s direction can quickly transform into a stampede – in any direction.
For the 12-month reporting period May 1, 2013 through April 30, 2014, certain stock market indices performed as follows:
S&P 500 Index | Dow Jones Industrial Average15 | NASDAQ Composite Index16 | MSCI All Country World ex-US (Net) Index | |||
20.44% | 14.44% | 25.20% | 9.76% |
April 30, 2014 (unaudited) / PRESIDENT’S MESSAGE
iii |
The Trust, with assets of $12.5 billion as of April 30, 2014, gives investors access to every major asset class and sector. Whether you are looking to pay for a comfortable retirement, fund a child’s higher education, pursue tax-free income17, 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.18
Sincerely,
Sam Guerrieri
President
May 28, 2014
For more complete information, please download the Funds’ prospectus, which is available on wilmingtonfunds.com, or call 1-800-836-2211 for a copy. You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Trust’s prospectus, which you should read carefully before investing.
Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.
All investments involve risk, including the possible loss of principal. Equity Securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
1. | Barclays U.S. Aggregate Bond Index is a widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index. |
2. | Barclays U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index. |
3. | Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative Easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity. |
4. | Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. |
5. | Barclays U.S. Mortgage Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index. |
6. | Barclays U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index. |
7. | Barclays Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index. |
8. | The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index. |
9. | 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. The index is unmanaged and investments cannot be made directly in an index. |
10. | 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-value 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. |
11. | The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. |
12. | MSCI All Country World ex-US (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices. The index is unmanaged and investments cannot be made directly in an index. |
PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)
iv
13. | MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. |
14. | MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and investments cannot be made directly in an index. |
15. | 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. |
16. | 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. |
17. | Income generated by tax-free funds may be subject to the federal alternative minimum tax and state and local taxes. |
18. | Diversification does not assure a profit nor protect against loss. |
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, 2014 (unaudited) / PRESIDENT’S MESSAGE
[This Page Intentionally Left Blank]
1
WILMINGTON LARGE-CAP GROWTH FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Large-Cap Growth Fund (the “Fund”) had a total return of 18.77%* for Class A Shares and 19.04%* for Class I Shares, versus its benchmark, the Russell 1000 Growth Index,** which had a total return of 20.66%.
The stock market has been on a steady upward trend since the end of the third quarter of 2011. There have been several small corrections along the way but the market has been remarkably resilient with each small correction a buying opportunity. While earnings and revenue growth have not measured up to the recoveries of the past, the Federal Reserve’s (the “Fed”) extraordinary monetary accommodation and reasonable valuations allowed the market (S&P 500 Index) to enjoy a 32% rise in 2013. The market dipped in May and June of 2013, when the first signs from the Fed appeared that accommodation was to have a limited life. As a result, interest rate sensitive equities took a hit and continued to lag into the year ended December 31, 2013. As the new year started, many of these interest rate sensitive companies moved higher as the strength of the global economy came into question putting the likelihood of higher interest rates a little less likely with the 10-Year U.S. Treasury dropping from 3.0% to 2.7%. U.S. earnings, as represented by the S&P 500 Index, continue to roll in ahead of expectations allowing earnings for the year to stay solidly in place versus a typical reduction of estimates as the year progresses.
With the diminution in expected growth rates and its effect on lower rates, the attractiveness of lower risk, lower duration equities with yield characteristics have been bid up versus their cyclical counterparts. Within the equity market, more value can be found with cyclical stocks with lower relative valuations versus defensive companies with higher dividend yields and higher historical valuations. If growth rates accelerate as expected this year with growth in government spending and an improving small business environment that were absent last year, a shift towards longer duration cyclical exposure would be expected. Valuations in the equity market are slightly ahead of their long-term averages with the exception of price-to-earnings (P/E) multiples that are benefitting from record margins. Even with a continuation of only modest mid-single-digit earnings growth, the stock market can continue to rise.
Sector rotation has occurred many times during this bull-run which is a healthy attribute of a long bull cycle. Early this year many of the best performing sectors of last year reversed course including very high valuation companies in the biotechnology and internet associated industries. Additionally, interest rate sensitive sectors like utilities and Real Estate Investment Trusts (“REITs”) performed strongly right out of the gate early in the year as the 10-Year U.S. Treasury started to decline as uncertainty about the healthiness of the economy came into question as weather related weakness hit expectations. Excesses in the economy are hard to find making it more likely that we are still mid cycle and not reaching the end of this economic cycle quite yet. While international difficulties are still in the news, the European economy appears to be on the mend but emerging market economies have some weak spots. The strength of the U.S. economy and increased accommodation abroad bodes well for the U.S. dollar which may put pressure on investments in emerging economies this year.
For the fiscal year, the largest underperformance came from the industrial, consumer discretionary and technology sectors while the consumer staples, energy and telecommunications sectors provided positive relative performance. The largest outperformance from individual holdings came from Apple, Gilead Sciences, Michael Kors and not owning Coca Cola and Verizon. The biggest detractors came from Target, Intuitive Surgical, Tile Shop, Pepsi, and not owning Facebook during the fiscal year.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 12.21%, 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. |
The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share.
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.
Valuation is the process of determining the current worth of an asset or company. There are many techniques that can be used to determine value; some are subjective and others are objective.
Dividend Yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment of a stock.
April 30, 2014 (unaudited) / ANNUAL REPORT
2 |
WILMINGTON LARGE-CAP GROWTH
FUND – Class A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Large-Cap Growth Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 1000 Growth Index (“Russell 1000 Growth”).2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
12.21%
| |
5 Years
|
13.24%
| |
10 Years
|
3.91%
|
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
|
1.80%
| |
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 Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Russell 1000 Growth Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged. |
ANNUAL REPORT / April 30, 2014 (unaudited)
3 |
WILMINGTON LARGE-CAP GROWTH
FUND – Class I
The graph below illustrates the hypothetical investment of $1,000,0001,2 in the Wilmington Large-Cap Growth Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 1000 Growth.2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
19.04%
| |
5 Years
|
14.91%
| |
10 Years
|
4.76%
|
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.
Annual Operating Expense Ratio
Before Waivers
|
1.55%
| |
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 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance shown for Class I of the Fund and the Russell 1000 Growth Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
4 |
WILMINGTON LARGE-CAP STRATEGY FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Large-Cap Strategy Fund (the “Fund”) had a total return of 20.12%* for Class I Shares, versus its benchmark, the Russell 1000 Index**, which had a total return of 20.81%.
The Fund attempts to outperform the Russell 1000 Index by overweighting mega-cap, mid-cap, growth or value companies based on recommendations from the Wilmington Trust Investment Advisors, Inc. Investment Strategy Team (IST). During the period May 2013 through March 2014, the Fund was positioned to track a custom index of 65% mega-cap and 35% mid-cap companies. The Russell 1000 Index can be divided into the Russell Top 200 Index of mega-cap stocks and the Russell Midcap Index which represent the 800 mid-cap companies. The weight of the Russell Midcap Index has been approximately 31% of the Russell 1000 Index. Over this period, the Russell Top 200 Index returned 20.6%, and the Russell Midcap Index returned 21.3%. The tactical overweight to growth had a 0.1% impact on relative performance.
At the March 2014 meeting, the IST recommended a tilt toward growth companies and maintained the capitalization tilt toward mid-sized companies. The Fund was rebalanced to track a custom index incorporating both recommendations. For the month of April 2014, the Russell 1000 Growth Index returned 0.0%, the Russell 1000 Value Index returned 1.0%, the Russell Midcap Index returned -0.6%, the Russell Top 200 Index returned 0.9%, and the Fund returned 0.1%. The IST tactical asset allocation advice detracted 0.1% from excess return. The majority of the 0.7% underperformance over the twelve month period is explained by expenses and transaction costs.
The IST and Investment Research Team are researching additional tactics to improve the risk adjusted return of the portfolio.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Index represents approximately 92% of the U.S. market and is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. |
The Russell Top 200 Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200 Index is a subset of the Russell 3000 Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. The Russell Top 200 Index is constructed to provide a comprehensive and unbiased barometer for this very large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.
The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.
ANNUAL REPORT / April 30, 2014 (unaudited)
5 |
WILMINGTON LARGE-CAP
STRATEGY FUND – Class I
The graph below illustrates the hypothetical investment of $1,000,0001,2 in the Wilmington Large-Cap Strategy Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 1000 Index2 and the S&P 500.2
Average Annual Total Returns for the Year
Ended April 30, 2014
1 Year
|
20.12%
| |
5 Years
|
17.99%
| |
10 Years
|
6.73%
|
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
|
0.89%
| |
After Waivers
|
0.26%
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance shown for Class I 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, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
6 |
WILMINGTON LARGE-CAP VALUE FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Large-Cap Value Fund (the “Fund”) had a total return of 17.46%* for Class A Shares and 17.88%* for Class I Shares, versus its benchmark, the Russell 1000 Value Index**, which had a total return of 20.90%.
The strategy employed by the Fund is a quality oriented dividend growth strategy whose performance tracks more closely with the Fund’s alternate index, the NASDAQ US Dividend Achievers Select Index. The fiscal year performance for the Fund of 17.88% compares favorably to the 16.11% earned by the NASDAQ US Dividend Achievers Select Index.
The stock market has been on a steady upward trend since the end of the third quarter of 2011. There have been several small corrections along the way but the market has been remarkably resilient with each small correction a buying opportunity. While earnings and revenue growth have not measured up to the recoveries of the past, the Federal Reserve’s (the “Fed”) extraordinary monetary accommodation and reasonable valuations allowed the market (S&P 500 Index) to enjoy a 32% rise in 2013. The market dipped in May and June of 2013, when the first signs from the Fed appeared that accommodation was to have a limited life. As a result, interest rate sensitive equities took a hit and continued to lag into the year ended December 31, 2013. As the new year started, many of these interest rate sensitive companies moved higher as the strength of the global economy came into question putting the likelihood of higher interest rates a little less likely with the 10-Year U.S. Treasury dropping from 3.0% to 2.7%. U.S. earnings, as represented by the S&P 500 Index, continue to roll in ahead of expectations allowing earnings for the year to stay solidly in place versus a typical reduction of estimates as the year progresses.
With the diminution in expected growth rates and its effect on lower rates, the attractiveness of lower risk, lower duration equities with yield characteristics have been bid up versus their cyclical counterparts. Within the equity market, more value can be found with cyclical stocks with lower relative valuations versus defensive companies with higher dividend yields and higher historical valuations. If growth rates accelerate as expected this year with growth in government spending and an improving small business environment that were absent last year, a shift towards longer duration cyclical exposure would be expected. Valuations in the equity market are slightly ahead of their long-term averages with the exception of price-to-earnings (P/E) multiples that are benefitting from record margins. Even with a continuation of only modest mid-single-digit earnings growth, the stock market can continue to rise.
Sector rotation has occurred many times during this bull-run which is a healthy attribute of a long bull cycle. Early this year many of the best performing sectors of last year reversed course including very high valuation companies in the biotechnology and internet associated industries. Additionally, interest rate sensitive sectors like utilities and Real Estate Investment Trusts (“REITs”) performed strongly right out of the gate early in the year as the 10-Year U.S. Treasury started to decline as uncertainty about the healthiness of the economy came into question as weather related weakness hit expectations. Excesses in the economy are hard to find making it more likely that we are still mid cycle and not reaching the end of
this economic cycle quite yet. While international difficulties are still in the news, the European economy appears to be on the mend but emerging market economies have some weak spots. The strength of the U.S. economy and increased accommodation abroad bodes well for the U.S. dollar which may put pressure on investments in emerging economies this year.
For the fiscal year, the largest underperformance came from the consumer discretionary, consumer staples and technology sectors. The telecommunication and financial sectors outperformed during this period. Within consumer discretionary and staples sectors, Target, Philip Morris International and Pepsi were responsible for most of the underperformance. Relative outperformance came from Cardinal Health, Lockheed Martin, Schlumberger and by not having a position in AT&T.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 10.96%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmington.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. |
The NASDAQ US Dividend Achievers Select Index is comprised of a select group of securities with at least ten consecutive years of increasing annual regular dividend payments.
The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share.
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.
Valuation is the process of determining the current worth of an asset or company. There are many techniques that can be used to determine value; some are subjective and others are objective.
Dividend Yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment of a stock.
ANNUAL REPORT / April 30, 2014 (unaudited)
7 |
WILMINGTON LARGE-CAP VALUE
FUND – Class A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Large-Cap Value Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 1000 Value Index (“Russell 1000 Value”).2
Average Annual Total Returns for the Year
Ended April 30, 2014
1 Year
|
|
10.96%
|
| |
5 Years
|
|
13.48%
|
| |
10 Years
|
|
5.04%
|
|
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
|
|
1.46%
|
| |
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 Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Russell 1000 Value Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
8 |
WILMINGTON LARGE-CAP VALUE
FUND – Class I
The graph below illustrates the hypothetical investment of $1,000,0001,2 in the Wilmington Large-Cap Value Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 1000 Value.2
Average Annual Total Returns for the Year
Ended April 30, 2014
1 Year
|
|
17.88%
|
| |
5 Years
|
|
15.08%
|
| |
10 Years
|
|
5.76%
|
|
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.
Annual Operating Expense Ratio
Before Waivers
|
|
1.21%
|
| |
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 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance shown for Class I of the Fund and the Russell 1000 Value Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged. |
ANNUAL REPORT / April 30, 2014 (unaudited)
9 |
WILMINGTON MID-CAP GROWTH FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Mid-Cap Growth Fund (the “Fund”) had a total return of 14.64%* for Class A Shares and 14.86%* for Class I Shares, versus its benchmark, the Russell Mid Cap Growth Index**, which had a total return of 20.62%.
During the past fiscal year, the US equity markets staged a significant rally, driven by improving risk appetite from investors, which expanded valuation multiples, continued growth in corporate profits, and accommodative monetary policy. As valuation multiples increased, leadership in the equity market was driven in part by higher multiple, high momentum stocks. More recently, these momentum stocks have struggled under the increased uncertainty of monetary policy and geopolitical unrest. Despite these risks, overall corporate profits remain resilient and the broader market continues to move higher.
Our Fund has been positioned throughout the past five years of economic and equity market recovery to take advantage of a pro-growth environment. While we have generally benefited from this positioning, our primary objective is to identify companies that are best positioned to generate profitable growth throughout the cycle. We strive to invest in businesses with sustainable competitive advantages that produce growing cash flow and earnings through a durable economic business model. Our success or failure is rooted in selecting these companies and paying a reasonable price for this growth.
Our underperformance during the past fiscal year was concentrated in the last two quarters of the fiscal year. Performance was hurt by two primary effects. First, our investment discipline will generally steer us away from many of the high momentum names that propelled much of the benchmark’s performance over the past year. In addition, the portfolio included several stocks that disappointed our expectations, even though in several of these cases the company’s performance has been satisfactory, especially when viewed over a longer investment horizon.
The majority of the underperformance was attributable to adverse stock selection in the consumer discretionary, health care, and information technology sectors. In consumer discretionary, performance was negatively impacted by Tile Shop Holdings, Inc., which was a subject of a “short attack” in November 2013, Lululemon Athletica Inc., which up to this year had been a significant success for the Fund, and not owning Tesla Motors, Inc., a high multiple, momentum stock. Health care performance was hurt by Intuitive Surgical, a long-time successful Fund holding, as well as not owning Actavis plc and Illumina, Inc. Our tech holdings in Nuance Communications, Inc. and Citrix Systems, Inc., which we have since exited, along with ANSYS, Inc. and Aruba Networks, Inc. more than offset our success in Sourcefire Inc., which was acquired by Cisco Systems, Inc. The Fund generated positive performance in consumer staples, primarily by owning Keurig Green Mountain Inc., and energy, which was boosted by our positions in CARBO Ceramics Inc. and Whiting Petroleum Corporation, which incidentally was a notable underperformer last fiscal year.
The dispersion of short-term stock price movements seems to have increased as the equity market advances to new highs and benchmark leadership narrows. We cannot control short-term volatility in
our holdings. However, we are confident that the strategy most likely to generate superior performance over a cycle is to focus on the companies’ longer-term economic health and strategic positioning. Our fundamental approach emphasizes identifying and investing in companies with superior growth prospects and attractive valuations. While short-term underperformance is disappointing to us, we will stay with our disciplined approach and have conviction that, when implemented consistently and effectively, this strategy will pay off over time.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 8.33%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Russell Mid Cap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Mid Cap Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. |
Valuation is the process of determining the current worth of an asset or company. There are many techniques that can be used to determine value; some are subjective and others are objective.
April 30, 2014 (unaudited) / ANNUAL REPORT
10 |
WILMINGTON MID-CAP GROWTH
FUND – Class A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Mid-Cap Growth Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell Mid Cap Growth Index (“Russell Mid Cap Growth”).2
Average Annual Total Returns for the Year
Ended April 30, 2014
1 Year
|
|
8.33%
|
| |
5 Years
|
|
17.74%
|
| |
10 Years
|
|
8.53%
|
|
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
|
|
1.56%
|
| |
After Waivers
|
|
1.24%
|
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Russell Mid Cap Growth Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged. |
ANNUAL REPORT / April 30, 2014 (unaudited)
11 |
WILMINGTON MID-CAP
GROWTH FUND – Class I
The graph below illustrates the hypothetical investment of $1,000,0001,2 in the Wilmington Mid-Cap Growth Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell Mid Cap Growth.2
Average Annual Total Returns for the Year
Ended April 30, 2014
1 Year
|
|
14.86%
|
| |
5 Years
|
|
19.26%
|
| |
10 Years
|
|
9.32%
|
|
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
|
|
1.31%
|
| |
After Waivers
|
|
1.08%
|
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance shown for Class I of the Fund and the Russell Mid Cap Growth assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
12 |
WILMINGTON SMALL-CAP GROWTH FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, the Wilmington Small-Cap Growth Fund (the “Fund”) had a total return of 18.19%* for Class A Shares, and 18.49%* for Class I Shares, versus its benchmark, the Russell 2000 Growth Index,** which had a total return of 21.46%.
The stock market has been on a steady upward trend since the end of the third quarter of 2011. There have been several small corrections along the way but the market has been remarkably resilient with each small correction a buying opportunity. While earnings and revenue growth have not measured up to the recoveries of the past, the Federal Reserve’s (the “Fed”) extraordinary monetary accommodation and reasonable valuations allowed the market (S&P 500 Index) to enjoy a 32% rise in 2013. The market dipped in May and June of 2013, when the first signs from the Fed appeared that accommodation was to have a limited life. As a result, interest rate sensitive equities took a hit and continued to lag into the year ended December 31, 2013. As the new year started, many of these interest rate sensitive companies moved higher as the strength of the global economy came into question putting the likelihood of higher interest rates a little less likely with the 10-Year U.S. Treasury dropping from 3.0% to 2.7%. U.S. earnings, as represented by the S&P 500 Index, continue to roll in ahead of expectations allowing earnings for the year to stay solidly in place versus a typical reduction of estimates as the year progresses.
With the diminution in expected growth rates and its effect on lower rates, the attractiveness of lower risk, lower duration equities with yield characteristics have been bid up versus their cyclical counterparts. Within the equity market, more value can be found with cyclical stocks with lower relative valuations versus defensive companies with higher dividend yields and higher historical valuations. If growth rates accelerate as expected this year with growth in government spending and an improving small business environment that were absent last year, a shift towards longer duration cyclical exposure would be expected. Valuations in the equity market are slightly ahead of their long-term averages with the exception of price-to-earnings (P/E) multiples that are benefitting from record margins. Even with a continuation of only modest mid-single-digit earnings growth, the stock market can continue to rise.
Sector rotation has occurred many times during this bull-run which is a healthy attribute of a long bull cycle. Early this year many of the best performing sectors of last year reversed course including very high valuation companies in the biotechnology and internet associated industries. Additionally, interest rate sensitive sectors like utilities and Real Estate Investment Trusts (“REITs”) performed strongly right out of the gate early in the year as the 10-Year U.S. Treasury started to decline as uncertainty about the healthiness of the economy came into question as weather related weakness hit expectations. Excesses in the economy are hard to find making it more likely that we are still mid cycle and not reaching the end of this economic cycle quite yet. While international difficulties are still in the news, the European economy appears to be on the mend but emerging market economies have some weak spots. The strength of the U.S. economy and increased accommodation abroad bodes
well for the U.S. dollar which may put pressure on investments in emerging economies this year.
For the fiscal year, the Fund’s best relative performing sector during the year was the consumer discretionary sector due largely to outperformance in the media and specialty retail industries. Consumer staples also contributed positively to performance with particular strength in food product industry. Performance was hurt by the health care, financial, technology, and basic materials sectors. The biotechnology and internet software/services industry groups contributed the most to underperformance correcting significantly after a strong run in 2013. Consumer finance within financials and the chemical industry with basic materials were weak performers.
The Fund utilizes a quantitative approach to stock selection and portfolio construction. Factor preferences were relatively consistent for most of 2013 when high beta, low dividend yield, and low quality companies along with price momentum paid off well late in the year allowing the Fund to perform in line with its index for the period from April 30, 2013 to December 31, 2013. However, the start of the year brought about a rotation in factor preferences that caused the underperformance for the fiscal year as it takes some time for the portfolio to adjust to rapid changes in factor preferences. Stock selection is particularly difficult for the quantitative strategies in the biotechnology industry where many companies lack earnings and even revenues making valuation differentiation difficult.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 11.69%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. |
The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share.
ANNUAL REPORT / April 30, 2014 (unaudited)
13 |
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.
Valuation is the process of determining the current worth of an asset or company. There are many techniques that can be used to determine value; some are subjective and others are objective.
Dividend Yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment of a stock.
April 30, 2014 (unaudited) / ANNUAL REPORT
14 |
WILMINGTON SMALL-CAP GROWTH FUND – Class A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Small-Cap Growth Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 2000 Growth Index (“Russell 2000 Growth”).2
Average Annual Total Returns for the Year
Ended April 30, 2014
1 Year
|
11.69%
| |
5 Years
|
15.42%
| |
10 Years
|
6.10%
|
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%.
Annual Operating Expense Ratio
Before Waivers
|
1.81%
| |
After Waivers
|
1.57%
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Russell 2000 Growth Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged. |
ANNUAL REPORT / April 30, 2014 (unaudited)
15 |
WILMINGTON SMALL-CAP GROWTH FUND – Class I
The graph below illustrates the hypothetical investment of $1,000,0001,2 in the Wilmington Small-Cap Growth Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 2000 Growth.2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
18.49%
| |
5 Years
|
16.97%
| |
10 Years
|
6.87%
|
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.
Annual Operating Expense Ratio
Before Waivers
|
1.56%
| |
After Waivers
|
1.35%
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance shown for Class I of the Fund and the Russell 2000 Growth Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
16 |
WILMINGTON SMALL-CAP STRATEGY FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Small-Cap Strategy Fund (the “Fund”) had a total return of 18.74% for Class I Shares, versus its benchmark, the Russell 2000 Index**, which had a total return of 20.50%.
The Fund attempts to outperform the Russell 2000 Index by overweighting growth or value companies based on recommendations from the Wilmington Trust Investment Advisors, Inc. Investment Strategy Team (IST). During the period May 2013 through August 2013, the IST style recommendation for domestic small-cap equities was to overweight value companies. The Russell 2000 Value Index returned 10.3% and the Russell 2000 Growth Index returned 17.8% during this period, so the style tilt had a -1.1% impact on relative performance.
At the September 2013 meeting of the IST, the team voted to reverse the style tilt for domestic small-cap portfolios. The Fund was rebalanced at the end of September to track a custom index of 65% Russell 2000 Growth Index/ 35% Russell 2000 Value Index. IST advice remained unchanged through the end of April 2014. During this period, the Russell 2000 Growth Index returned 3.1% and the Russell 2000 Value Index returned 8.4%. Over the seven month period, the tactical overweight to growth had a -0.7% impact on relative return.
At the April IST meeting, the proprietary U.S. small-cap style model continued to favor growth stocks. The IST voted to follow the models and recommended maintaining the overweight to growth companies in domestic small cap-equity portfolios. The IST and Investment Research Team are researching additional tactics to improve the risk adjusted return of the portfolio.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of the Index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure large stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. |
ANNUAL REPORT / April 30, 2014 (unaudited)
17 |
WILMINGTON SMALL-CAP STRATEGY FUND – Class I
The graph below illustrates the hypothetical investment of $1,000,0001,2 in the Wilmington Small-Cap Strategy Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Russell 2000 Index.2
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
18.74%
| |
5 Years
|
19.47%
| |
10 Years
|
7.54%
|
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
|
0.34%
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance shown for Class I of the Fund and the Russell 2000 Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
18 |
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, 2013 to April 30, 2014.
Actual Expenses
This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for
Comparison Purposes
This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning Account Value 11/1/13 | Ending Account Value 4/30/14 | Expenses Paid During Period1 | Annualized Net Expense Ratio2 | |||||
WILMINGTON LARGE-CAP GROWTH FUND | ||||||||
Actual | ||||||||
Class A | $1,000.00 | $1,033.10 | $7.16 | 1.42% | ||||
Class I | $1,000.00 | $1,034.70 | $5.25 | 1.04% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class A | $1,000.00 | $1,017.75 | $7.10 | 1.42% | ||||
Class I | $1,000.00 | $1,019.64 | $5.21 | 1.04% | ||||
WILMINGTON LARGE-CAP STRATEGY FUND | ||||||||
Actual | ||||||||
Class I | $1,000.00 | $1,077.30 | $1.29 | 0.25% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class I | $1,000.00 | $1,023.55 | $1.25 | 0.25% | ||||
WILMINGTON LARGE-CAP VALUE FUND | ||||||||
Actual | ||||||||
Class A | $1,000.00 | $1,083.10 | $6.77 | 1.31% | ||||
Class I | $1,000.00 | $1,085.00 | $5.38 | 1.04% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class A | $1,000.00 | $1,018.30 | $6.56 | 1.31% | ||||
Class I | $1,000.00 | $1,019.64 | $5.21 | 1.04% | ||||
WILMINGTON MID-CAP GROWTH FUND | ||||||||
Actual | ||||||||
Class A | $1,000.00 | $1,005.90 | $6.17 | 1.24% | ||||
Class I | $1,000.00 | $1,006.80 | $5.37 | 1.08% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class A | $1,000.00 | $1,018.65 | $6.21 | 1.24% | ||||
Class I | $1,000.00 | $1,019.44 | $5.41 | 1.08% |
ANNUAL REPORT / April 30, 2014 (unaudited)
19 |
Beginning Account Value 11/1/13 | Ending Account Value 4/30/14 | Expenses Paid During Period1 | Annualized Net Expense Ratio2 | |||||
WILMINGTON SMALL-CAP GROWTH FUND | ||||||||
Actual | ||||||||
Class A | $1,000.00 | $991.50 | $7.26 | 1.47% | ||||
Class I | $1,000.00 | $993.10 | $6.13 | 1.24% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class A | $1,000.00 | $1,017.50 | $7.35 | 1.47% | ||||
Class I | $1,000.00 | $1,018.65 | $6.21 | 1.24% | ||||
WILMINGTON SMALL-CAP STRATEGY FUND | ||||||||
Actual | ||||||||
Class I | $1,000.00 | $1,026.30 | $1.26 | 0.25% | ||||
Hypothetical (assuming a 5% return before expense) | ||||||||
Class I | $1,000.00 | $1,023.55 | $1.25 | 0.25% |
(1) | Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period). |
(2) | Expense ratio does not reflect the indirect expenses of the underlying funds in which it invests. |
April 30, 2014 (unaudited) / ANNUAL REPORT
20 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Large-Cap Growth Fund
At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):
Percentage of Total Net Assets | |||||
Common Stocks | |||||
Information Technology | 26.1 | % | |||
Consumer Discretionary | 20.0 | % | |||
Industrials | 15.2 | % | |||
Health Care | 14.9 | % | |||
Consumer Staples | 7.5 | % | |||
Financials | 6.3 | % | |||
Energy | 6.2 | % | |||
Materials | 2.0 | % | |||
Cash Equivalents1 | 3.7 | % | |||
Other Assets and Liabilities - Net2 | (1.9 | )% | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
(1) | Cash Equivalents include investments in a money market fund and repurchase agreement. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description
| Number of Shares | Value | ||||||
COMMON STOCKS – 98.2% |
| |||||||
CONSUMER DISCRETIONARY – 20.0% |
| |||||||
AUTO COMPONENTS – 0.8% |
| |||||||
BorgWarner, Inc. | 3,410 | $ | 211,897 | |||||
DISTRIBUTORS – 0.7% |
| |||||||
LKQ Corp.* | 6,305 | 183,602 | ||||||
HOTELS, RESTAURANTS & LEISURE – 0.7% |
| |||||||
DineEquity, Inc. | 1,250 | 94,762 | ||||||
Panera Bread Co.* | 555 | 84,898 | ||||||
|
| |||||||
$ | 179,660 | |||||||
INTERNET & CATALOG RETAIL – 3.3% |
| |||||||
Amazon.com, Inc.* | 1,377 | 418,787 | ||||||
priceline.com, Inc. (The)* | 313 | 362,376 | ||||||
TripAdvisor, Inc.* | 1,200 | 96,888 | ||||||
|
| |||||||
$ | 878,051 | |||||||
MEDIA – 5.5% | ||||||||
CBS Corp., Non-Voting | 12,830 | 741,061 | ||||||
Comcast Corp. | 10,265 | 531,316 | ||||||
Lions Gate Entertainment Corp. | 3,650 | 96,835 | ||||||
Scripps Networks Interactive, Inc. | 1,335 | 100,218 | ||||||
|
| |||||||
$ | 1,469,430 |
Description | Number of Shares | Value | ||||||
MULTILINE RETAIL – 1.8% |
| |||||||
Nordstrom, Inc. | 2,230 | $ | 136,654 | |||||
Target Corp. | 5,626 | 347,406 | ||||||
|
| |||||||
$ | 484,060 | |||||||
SPECIALTY RETAIL – 2.2% | ||||||||
Bed, Bath & Beyond, Inc.* | 2,709 | 168,310 | ||||||
GameStop Corp. | 2,800 | 111,104 | ||||||
L Brands, Inc. | 2,320 | 125,744 | ||||||
Tile Shop Holdings, Inc.#,* | 6,328 | 89,193 | ||||||
Vitamin Shoppe, Inc.* | 1,780 | 85,226 | ||||||
|
| |||||||
$ | 579,577 | |||||||
TEXTILES, APPAREL & LUXURY GOODS – 5.0% |
| |||||||
Coach, Inc. | 1,900 | 84,835 | ||||||
Lululemon Athletica, Inc.#, * | 1,475 | 67,747 | ||||||
Michael Kors Holdings Ltd.* | 4,522 | 412,406 | ||||||
NIKE, Inc. | 8,363 | 610,081 | ||||||
PVH Corp. | 1,250 | 156,963 | ||||||
|
| |||||||
$ | 1,332,032 | |||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | $ | 5,318,309 | ||||||
CONSUMER STAPLES – 7.5% |
| |||||||
BEVERAGES – 3.6% | ||||||||
PepsiCo, Inc. | 11,232 | 964,716 |
ANNUAL REPORT / April 30, 2014
21 PORTFOLIOS OF INVESTMENTS
Wilmington Large-Cap Growth Fund (continued)
Description
| Number of
| Value
| ||||||
FOOD & STAPLES RETAILING – 2.5% |
| |||||||
Costco Wholesale Corp. | 2,980 | $ | 344,726 | |||||
Pricesmart, Inc. | 705 | 67,708 | ||||||
Whole Foods Market, Inc. | 5,067 | 251,830 | ||||||
|
| |||||||
$ | 664,264 | |||||||
FOOD PRODUCTS – 0.7% |
| |||||||
Keurig Green Mountain, Inc. | 1,945 | 182,208 | ||||||
HOUSEHOLD PRODUCTS – 0.5% |
| |||||||
Church & Dwight Co., Inc. | 1,945 | 134,224 | ||||||
PERSONAL PRODUCTS – 0.2% |
| |||||||
Herbalife Ltd.# | 965 | 57,881 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES | $ | 2,003,293 | ||||||
ENERGY – 6.2% | ||||||||
ENERGY EQUIPMENT & SERVICES – 4.4% |
| |||||||
Cameron International Corp.* | 2,225 | 144,536 | ||||||
CARBO Ceramics, Inc.# | 925 | 129,417 | ||||||
Core Laboratories NV | 495 | 92,902 | ||||||
Schlumberger Ltd. | 7,887 | 800,925 | ||||||
|
| |||||||
$ | 1,167,780 | |||||||
OIL, GAS & CONSUMABLE FUELS – 1.8% |
| |||||||
Cabot Oil & Gas Corp. | 3,310 | 130,017 | ||||||
Southwestern Energy Co.* | 3,350 | 160,398 | ||||||
Whiting Petroleum Corp.* | 2,500 | 184,300 | ||||||
|
| |||||||
$ | 474,715 | |||||||
|
| |||||||
TOTAL ENERGY | $ | 1,642,495 | ||||||
FINANCIALS – 6.3% | ||||||||
CAPITAL MARKETS – 0.7% |
| |||||||
Raymond James Financial, Inc. | 2,065 | 102,631 | ||||||
T. Rowe Price Group, Inc. | 1,150 | 94,450 | ||||||
|
| |||||||
$ | 197,081 | |||||||
COMMERCIAL BANKS – 0.5% |
| |||||||
SVB Financial Group* | 1,275 | 136,030 | ||||||
CONSUMER FINANCE – 1.5% |
| |||||||
American Express Co. | 4,713 | 412,058 | ||||||
DIVERSIFIED FINANCIAL SERVICES – 0.8% |
| |||||||
IntercontinentalExchange Group, Inc. | 395 | 80,754 | ||||||
MarketAxess Holdings, Inc. | 2,200 | 118,536 | ||||||
|
| |||||||
$ | 199,290 | |||||||
INSURANCE – 0.5% |
| |||||||
Brown & Brown, Inc. | 4,231 | 125,999 | ||||||
REAL ESTATE INVESTMENT TRUSTS – 1.2% |
| |||||||
American Tower Corp. | 3,964 | 331,073 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.1% |
| |||||||
CBRE Group, Inc.* | 5,925 | 157,842 |
Description
| Number of
| Value
| ||||||
Realogy Holdings Corp.* | 3,125 | $ | 131,406 | |||||
|
| |||||||
$ | 289,248 | |||||||
|
| |||||||
TOTAL FINANCIALS | $ | 1,690,779 | ||||||
HEALTH CARE – 14.9% | ||||||||
BIOTECHNOLOGY – 5.5% |
| |||||||
Biogen Idec, Inc.* | 1,793 | 514,806 | ||||||
Celgene Corp.* | 1,198 | 176,118 | ||||||
Cepheid, Inc.* | 2,725 | 118,483 | ||||||
Gilead Sciences, Inc.* | 6,420 | 503,906 | ||||||
Regeneron Pharmaceuticals, Inc.* | 500 | 148,445 | ||||||
|
| |||||||
$ | 1,461,758 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES – 3.0% |
| |||||||
Alere, Inc.* | 3,500 | 116,900 | ||||||
Intuitive Surgical, Inc.* | 227 | 82,106 | ||||||
ResMed, Inc.# | 3,060 | 152,541 | ||||||
Stryker Corp. | 4,638 | 360,605 | ||||||
West Pharmaceutical Services, Inc. | 2,220 | 96,304 | ||||||
|
| |||||||
$ | 808,456 | |||||||
HEALTH CARE PROVIDERS & SERVICES – 3.6% |
| |||||||
Express Scripts Holding Co.* | 8,803 | 586,104 | ||||||
UnitedHealth Group, Inc. | 4,861 | 364,769 | ||||||
|
| |||||||
$ | 950,873 | |||||||
HEALTH CARE TECHNOLOGY – 0.5% |
| |||||||
Cerner Corp.* | 2,675 | 137,227 | ||||||
PHARMACEUTICALS – 2.3% |
| |||||||
Auxilium Pharmaceuticals, Inc.* | 2,550 | 57,400 | ||||||
Bristol-Myers Squibb Co. | 7,954 | 398,416 | ||||||
Perrigo Co. PLC | 1,150 | 166,589 | ||||||
|
| |||||||
$ | 622,405 | |||||||
|
| |||||||
TOTAL HEALTH CARE | $ | 3,980,719 | ||||||
INDUSTRIALS – 15.2% |
| |||||||
AEROSPACE & DEFENSE – 6.5% |
| |||||||
HEICO Corp. | 3,350 | 136,513 | ||||||
Precision Castparts Corp. | 1,912 | 483,908 | ||||||
United Technologies Corp. | 9,289 | 1,099,167 | ||||||
|
| |||||||
$ | 1,719,588 | |||||||
AIR FREIGHT & LOGISTICS – 1.3% |
| |||||||
United Parcel Service, Inc. | 3,503 | 345,046 | ||||||
COMMERCIAL SERVICES & SUPPLIES – 0.9% |
| |||||||
MSA Safety, Inc. | 2,650 | 139,788 | ||||||
Waste Connections, Inc. | 2,484 | 110,935 | ||||||
|
| |||||||
$ | 250,723 | |||||||
ELECTRICAL EQUIPMENT – 1.2% |
| |||||||
AMETEK, Inc. | 3,025 | 159,478 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 22
Wilmington Large-Cap Growth Fund (continued)
Description
| Number of
| Value
| ||||||
Rockwell Automation, Inc. | 1,300 | $ | 154,934 | |||||
|
| |||||||
$ | 314,412 | |||||||
INDUSTRIAL CONGLOMERATES – 2.7% |
| |||||||
Danaher Corp. | 9,886 | 725,435 | ||||||
MACHINERY – 1.7% |
| |||||||
Chart Industries, Inc.#, * | 1,160 | 79,135 | ||||||
Cummins, Inc. | 925 | 139,536 | ||||||
Graco, Inc. | 1,900 | 137,750 | ||||||
Pall Corp. | 1,100 | 92,565 | ||||||
|
| |||||||
$ | 448,986 | |||||||
ROAD & RAIL – 0.9% |
| |||||||
Kansas City Southern | 1,100 | 110,968 | ||||||
Old Dominion Freight Line, Inc.* | 2,200 | 133,386 | ||||||
|
| |||||||
$ | 244,354 | |||||||
|
| |||||||
TOTAL INDUSTRIALS | $ | 4,048,544 | ||||||
INFORMATION TECHNOLOGY – 26.1% |
| |||||||
COMMUNICATIONS EQUIPMENT – 3.2% |
| |||||||
Aruba Networks, Inc.* | 4,950 | 97,861 | ||||||
QUALCOMM, Inc. | 9,654 | 759,866 | ||||||
|
| |||||||
$ | 857,727 | |||||||
COMPUTERS & PERIPHERALS – 8.5% |
| |||||||
Apple, Inc. | 2,660 | 1,569,639 | ||||||
EMC Corp. | 24,438 | 630,500 | ||||||
Stratasys Ltd.#, * | 800 | 77,496 | ||||||
|
| |||||||
$ | 2,277,635 | |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & |
| |||||||
FEI Co. | 1,050 | 83,496 | ||||||
IPG Photonics Corp.#, * | 2,625 | 169,654 | ||||||
National Instruments Corp. | 3,725 | 101,730 | ||||||
|
| |||||||
$ | 354,880 | |||||||
INTERNET SOFTWARE & SERVICES – 4.3% |
| |||||||
CoStar Group, Inc.* | 655 | 105,383 | ||||||
Google, Inc.* | 1,806 | 958,777 | ||||||
Xoom Corp.* | 4,300 | 95,933 | ||||||
|
| |||||||
$ | 1,160,093 | |||||||
IT SERVICES – 2.9% |
| |||||||
Global Payments, Inc. | 1,840 | 122,967 | ||||||
Mastercard, Inc. | 8,671 | 637,752 | ||||||
|
| |||||||
$ | 760,719 | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.9% |
| |||||||
Altera Corp. | 3,890 | 126,503 | ||||||
Lam Research Corp. | 1,750 | 100,818 | ||||||
|
| |||||||
$ | 227,321 |
Description
| Number of
| Value
| ||||||
SOFTWARE – 5.0% |
| |||||||
ANSYS, Inc.* | 2,212 | $ | 168,798 | |||||
Autodesk, Inc.* | 2,875 | 138,057 | ||||||
Microsoft Corp. | 4,969 | 200,748 | ||||||
Oracle Corp. | 16,593 | 678,322 | ||||||
Red Hat, Inc.* | 2,765 | 134,517 | ||||||
|
| |||||||
$ | 1,320,442 | |||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | $ | 6,958,817 | ||||||
MATERIALS – 2.0% |
| |||||||
CHEMICALS – 1.4% |
| |||||||
Airgas, Inc. | 950 | 100,947 | ||||||
Valspar Corp. (The) | 1,450 | 105,908 | ||||||
WR Grace & Co.* | 1,815 | 167,161 | ||||||
|
| |||||||
$ | 374,016 | |||||||
CONTAINERS & PACKAGING – 0.6% |
| |||||||
Crown Holdings, Inc.* | 3,225 | 152,123 | ||||||
|
| |||||||
TOTAL MATERIALS | $ | 526,139 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (COST $15,751,991) | $ | 26,169,095 | ||||||
MONEY MARKET FUND – 0.6% | ||||||||
Dreyfus Cash Management Fund, | ||||||||
Institutional Shares, 0.03%^ | 159,568 | 159,568 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $159,568) |
| $ | 159,568 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES – 98.8% (COST $15,911,559) | $ | 26,328,663 | ||||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.1% | ||||||||
REPURCHASE AGREEMENT – 3.1% |
| |||||||
Deutsche Bank Securities, Inc., 0.07%,dated 04/30/14, due 05/01/14, repurchase price $836,292, collateralized by a U.S. Treasury Security 2.50%, maturing 08/31/14; total market value of $853,016. | $ | 836,290 | 836,290 | |||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN | ||||||||
(COST $836,290) | $ | 836,290 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 101.9% (COST $16,747,849) |
| $ | 27,164,953 | |||||
COLLATERAL FOR SECURITIES ON LOAN – (3.1%) | (836,290 | ) | ||||||
OTHER ASSETS LESS LIABILITIES – 1.2% | 332,485 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 26,661,148 | ||||||
|
|
ANNUAL REPORT / April 30, 2014
23 PORTFOLIOS OF INVESTMENTS
Wilmington Large-Cap Growth Fund (concluded)
Cost of investments for Federal income tax purposes is $16,937,418. The net unrealized appreciation/(depreciation) of investments was $10,227,535. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $10,525,454 and net unrealized depreciation from investments for those securities having an excess of cost over value of $297,919.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1
| Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 26,169,095 | $ | — | $ | — | $ | 26,169,095 | ||||||||
Money Market Fund | 159,568 | — | — | 159,568 | ||||||||||||
Repurchase Agreement | — | 836,290 | — | 836,290 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 26,328,663 | $ | 836,290 | $ | — | $ | 27,164,953 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
24 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Large-Cap Strategy Fund
At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):
Percentage of | ||
Total Net Assets | ||
Common Stocks | ||
Information Technology | 21.9% | |
Consumer Discretionary | 15.9% | |
Health Care | 12.5% | |
Industrials | 12.0% | |
Financials | 11.3% | |
Consumer Staples | 10.2% | |
Energy | 7.4% | |
Materials | 4.3% | |
Telecommunication Services | 2.4% | |
Utilities | 2.0% | |
Preferred Stock | 0.0%3 | |
Rights | 0.0%3 | |
Warrants | 0.0%3 | |
Cash Equivalents1 | 1.4% | |
Other Assets and Liabilities – Net2 | (1.3)% | |
| ||
TOTAL | 100.0% | |
|
(1) | Cash Equivalents include investments in a money market fund and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represent less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description
| Number of
| Value
| ||||||
COMMON STOCKS – 99.9% | ||||||||
CONSUMER DISCRETIONARY – 15.9% |
| |||||||
AUTO COMPONENTS – 0.5% |
| |||||||
BorgWarner, Inc. | 7,980 | $ | 495,877 | |||||
Delphi Automotive PLC | 9,800 | 655,032 | ||||||
Gentex Corp. | 2,390 | 68,521 | ||||||
Goodyear Tire & Rubber Co. | 9,160 | 230,832 | ||||||
Johnson Controls, Inc. | 7,030 | 317,334 | ||||||
Lear Corp. | 900 | 74,754 | ||||||
TRW Automotive Holdings Corp.* | 1,410 | 113,294 | ||||||
Visteon Corp.* | 1,500 | 130,215 | ||||||
|
| |||||||
$ | 2,085,859 | |||||||
AUTOMOBILES – 0.6% |
| |||||||
Ford Motor Co. | 64,920 | 1,048,458 | ||||||
General Motors Co. | 11,900 | 410,312 | ||||||
Harley-Davidson, Inc. | 7,650 | 565,641 |
Description
| Number of
| Value
| ||||||
Tesla Motors, Inc.#, * | 2,700 | $ | 561,303 | |||||
Thor Industries, Inc. | 280 | 17,044 | ||||||
|
| |||||||
$ | 2,602,758 | |||||||
DISTRIBUTORS – 0.2% |
| |||||||
Genuine Parts Co. | 4,620 | 402,494 | ||||||
LKQ Corp.* | 7,880 | 229,466 | ||||||
|
| |||||||
$ | 631,960 | |||||||
DIVERSIFIED CONSUMER SERVICES – 0.2% |
| |||||||
Apollo Group, Inc.* | 2,487 | 71,775 | ||||||
DeVry, Inc. | 2,020 | 90,961 | ||||||
Graham Holdings Co. | 140 | 93,972 | ||||||
H&R Block, Inc. | 10,260 | 291,589 | ||||||
Service Corp. International | 4,170 | 78,271 | ||||||
Weight Watchers International, Inc.# | 1,560 | 30,888 | ||||||
|
| |||||||
$ | 657,456 |
ANNUAL REPORT / April 30, 2014
25 PORTFOLIOS OF INVESTMENTS
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
HOTELS, RESTAURANTS & LEISURE – 2.5% |
| |||||||
Bally Technologies, Inc.* | 700 | $ | 45,577 | |||||
Brinker International, Inc. | 3,220 | 158,231 | ||||||
Carnival Corp. | 3,820 | 150,164 | ||||||
Chipotle Mexican Grill, Inc.* | 1,050 | 523,425 | ||||||
Choice Hotels International, Inc. | 60 | 2,651 | ||||||
Darden Restaurants, Inc. | 2,540 | 126,263 | ||||||
Domino’s Pizza, Inc. | 2,200 | 163,636 | ||||||
Dunkin’ Brands Group, Inc. | 3,900 | 177,489 | ||||||
International Game Technology | 7,000 | 87,850 | ||||||
Las Vegas Sands Corp. | 11,420 | 903,665 | ||||||
Marriott International, Inc. | 6,972 | 403,888 | ||||||
McDonald’s Corp. | 28,399 | 2,879,091 | ||||||
MGM Resorts International* | 4,510 | 113,787 | ||||||
Panera Bread Co.* | 845 | 129,260 | ||||||
Penn National Gaming, Inc.* | 2,480 | 27,677 | ||||||
Royal Caribbean Cruises Ltd. | 1,780 | 94,571 | ||||||
SeaWorld Entertainment, Inc. | 100 | 3,006 | ||||||
Six Flags Entertainment Corp. | 3,100 | 124,434 | ||||||
Starbucks Corp. | 21,760 | 1,536,691 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 4,430 | 339,560 | ||||||
Wendy’s Co. | 1,200 | 9,972 | ||||||
Wyndham Worldwide Corp. | 3,460 | 246,836 | ||||||
Wynn Resorts Ltd. | 2,620 | 534,192 | ||||||
Yum! Brands, Inc. | 13,250 | 1,020,118 | ||||||
|
| |||||||
$ | 9,802,034 | |||||||
HOUSEHOLD DURABLES – 0.5% |
| |||||||
DR Horton, Inc. | 1,470 | 32,752 | ||||||
Garmin Ltd.# | 1,990 | 113,629 | ||||||
Harman International Industries, Inc. | 1,180 | 129,340 | ||||||
Jarden Corp.* | 4,340 | 248,031 | ||||||
Leggett & Platt, Inc. | 3,670 | 120,596 | ||||||
Lennar Corp. | 3,410 | 131,592 | ||||||
Mohawk Industries, Inc.* | 850 | 112,548 | ||||||
Newell Rubbermaid, Inc. | 7,820 | 235,460 | ||||||
NVR, Inc.* | 130 | 140,010 | ||||||
PulteGroup, Inc. | 10,140 | 186,475 | ||||||
Taylor Morrison Home Corp.* | 3,400 | 72,114 | ||||||
Tempur-Pedic International, Inc.* | 2,500 | 125,450 | ||||||
Toll Brothers, Inc.* | 4,050 | 138,672 | ||||||
Tupperware Brands Corp. | 1,100 | 93,401 | ||||||
Whirlpool Corp. | 750 | 115,035 | ||||||
|
| |||||||
$ | 1,995,105 | |||||||
INTERNET & CATALOG RETAIL – 1.7% |
| |||||||
Amazon.com, Inc.* | 10,730 | 3,263,315 | ||||||
Expedia, Inc. | 3,120 | 221,489 | ||||||
Groupon, Inc.* | 14,200 | 99,258 |
Description
| Number of
| Value
| ||||||
HomeAway, Inc.* | 3,200 | $ | 104,384 | |||||
Lands’ End, Inc.#, * | 21 | 581 | ||||||
Liberty Interactive Corp.* | 7,250 | 210,685 | ||||||
Liberty Ventures* | 2,446 | 141,966 | ||||||
Netflix, Inc.* | 1,700 | 547,468 | ||||||
priceline.com, Inc.* | 1,530 | 1,771,357 | ||||||
TripAdvisor, Inc.* | 4,420 | 356,871 | ||||||
|
| |||||||
$ | 6,717,374 | |||||||
LEISURE EQUIPMENT & PRODUCTS – 0.2% |
| |||||||
Hasbro, Inc. | 3,490 | 192,857 | ||||||
Mattel, Inc. | 12,350 | 484,305 | ||||||
Polaris Industries, Inc. | 2,000 | 268,660 | ||||||
|
| |||||||
$ | 945,822 | |||||||
MEDIA – 4.3% |
| |||||||
AMC Networks, Inc.* | 1,685 | 110,654 | ||||||
Cablevision Systems Corp. | 6,540 | 109,218 | ||||||
CBS Corp., Non-Voting | 17,030 | 983,653 | ||||||
Charter Communications, Inc.* | 2,200 | 298,166 | ||||||
Cinemark Holdings, Inc. | 4,500 | 133,290 | ||||||
Clear Channel Outdoor Holdings, Inc.* | 500 | 4,010 | ||||||
Comcast Corp. | 72,200 | 3,737,072 | ||||||
DIRECTV* | 14,490 | 1,124,424 | ||||||
Discovery Communications, Inc.* | 8,000 | 607,200 | ||||||
DISH Network Corp. | 6,880 | 391,197 | ||||||
DreamWorks Animation SKG, Inc.#, * | 2,490 | 59,835 | ||||||
Gannett Co., Inc. | 3,290 | 89,389 | ||||||
Interpublic Group of Cos., Inc. | 8,720 | 151,902 | ||||||
John Wiley & Sons, Inc. | 2,100 | 120,666 | ||||||
Lamar Advertising Co.* | 2,400 | 119,808 | ||||||
Liberty Global PLC | 10,319 | 410,903 | ||||||
Liberty Global PLC* | 10,319 | 396,559 | ||||||
Liberty Media Corp.* | 943 | 122,317 | ||||||
Lions Gate Entertainment Corp. | 900 | 23,877 | ||||||
Madison Square Garden Co.* | 2,187 | 119,410 | ||||||
Morningstar, Inc. | 1,100 | 80,663 | ||||||
News Corp.* | 11,157 | 189,892 | ||||||
Omnicom Group, Inc. | 7,990 | 540,763 | ||||||
Regal Entertainment Group# | 770 | 14,476 | ||||||
Scripps Networks Interactive, Inc. | 3,780 | 283,765 | ||||||
Sirius XM Holdings, Inc.* | 69,200 | 220,748 | ||||||
Starz* | 2,343 | 75,609 | ||||||
Time Warner Cable, Inc. | 8,324 | 1,177,513 | ||||||
Time Warner, Inc. | 9,596 | 637,750 | ||||||
Twenty-First Century Fox, Inc. | 48,230 | 1,544,325 | ||||||
Viacom, Inc. | 13,120 | 1,114,938 | ||||||
Walt Disney Co. | 25,646 | 2,034,754 | ||||||
|
| |||||||
$ | 17,028,746 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 26
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
MULTILINE RETAIL – 0.8% |
| |||||||
Big Lots, Inc.* | 1,324 | $ | 52,298 | |||||
Dillard’s, Inc. | 100 | 9,793 | ||||||
Dollar General Corp.* | 10,800 | 609,552 | ||||||
Dollar Tree, Inc.* | 7,262 | 378,132 | ||||||
Family Dollar Stores, Inc. | 2,356 | 138,415 | ||||||
JC Penney Co., Inc.#, * | 2,330 | 19,852 | ||||||
Kohl’s Corp. | 2,410 | 132,044 | ||||||
Macy’s, Inc. | 11,380 | 653,553 | ||||||
Nordstrom, Inc. | 5,780 | 354,198 | ||||||
Sears Holdings Corp.#, * | 70 | 3,067 | ||||||
Target Corp. | 15,760 | 973,180 | ||||||
|
| |||||||
$ | 3,324,084 | |||||||
SPECIALTY RETAIL – 3.2% |
| |||||||
Abercrombie & Fitch Co. | 2,400 | 88,224 | ||||||
Advance Auto Parts, Inc. | 2,150 | 260,773 | ||||||
American Eagle Outfitters, Inc. | 3,150 | 36,414 | ||||||
Ascena Retail Group, Inc.* | 4,500 | 77,400 | ||||||
AutoNation, Inc.* | 580 | 30,734 | ||||||
AutoZone, Inc.* | 1,160 | 619,312 | ||||||
Bed, Bath & Beyond, Inc.* | 6,990 | 434,289 | ||||||
Best Buy Co., Inc. | 5,680 | 147,282 | ||||||
Cabela’s, Inc.* | 2,100 | 137,781 | ||||||
CarMax, Inc.* | 7,400 | 323,972 | ||||||
Chico’s FAS, Inc. | 4,890 | 77,653 | ||||||
CST Brands, Inc. | 1,718 | 56,058 | ||||||
Dick’s Sporting Goods, Inc. | 4,500 | 236,970 | ||||||
DSW, Inc. | 600 | 20,034 | ||||||
Foot Locker, Inc. | 1,630 | 75,844 | ||||||
GameStop Corp.# | 2,820 | 111,898 | ||||||
Gap, Inc. | 10,290 | 404,397 | ||||||
GNC Holdings, Inc. | 4,600 | 207,000 | ||||||
Guess?, Inc. | 1,160 | 31,216 | ||||||
Home Depot, Inc. | 43,140 | 3,430,061 | ||||||
L Brands, Inc. | 8,050 | 436,310 | ||||||
Lowe’s Cos., Inc. | 31,300 | 1,436,983 | ||||||
Murphy USA, Inc.* | 1,387 | 58,947 | ||||||
O’Reilly Automotive, Inc.* | 3,600 | 535,644 | ||||||
PetSmart, Inc. | 3,760 | 254,477 | ||||||
Ross Stores, Inc. | 7,480 | 509,238 | ||||||
Sally Beauty Holdings, Inc.* | 4,700 | 128,827 | ||||||
Signet Jewelers Ltd. | 1,420 | 143,874 | ||||||
Staples, Inc. | 8,110 | 101,375 | ||||||
Tiffany & Co. | 3,090 | 270,344 | ||||||
TJX Cos., Inc. | 21,640 | 1,259,015 | ||||||
Tractor Supply Co. | 5,000 | 336,200 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.* | 1,600 | 140,336 |
Description
| Number of
| Value
| ||||||
Urban Outfitters, Inc.* | 3,760 | $ | 134,063 | |||||
Williams-Sonoma, Inc. | 3,240 | 203,537 | ||||||
|
| |||||||
$ | 12,756,482 | |||||||
TEXTILES, APPAREL & LUXURY GOODS – 1.2% |
| |||||||
Carter’s, Inc. | 1,400 | 103,124 | ||||||
Coach, Inc. | 9,550 | 426,407 | ||||||
Deckers Outdoor Corp.* | 400 | 31,580 | ||||||
Fossil Group, Inc.* | 1,600 | 170,640 | ||||||
Hanesbrands, Inc. | 3,500 | 287,315 | ||||||
Michael Kors Holdings Ltd.* | 6,818 | 621,802 | ||||||
NIKE, Inc. | 20,820 | 1,518,819 | ||||||
PVH Corp. | 2,580 | 323,971 | ||||||
Ralph Lauren Corp. | 1,800 | 272,466 | ||||||
Under Armour, Inc.* | 4,400 | 215,116 | ||||||
VF Corp. | 11,700 | 714,753 | ||||||
|
| |||||||
$ | 4,685,993 | |||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | $ | 63,233,673 | ||||||
CONSUMER STAPLES – 10.2% |
| |||||||
BEVERAGES – 2.7% |
| |||||||
Beam, Inc. | 1,660 | 138,560 | ||||||
Brown-Forman Corp. | 4,897 | 439,359 | ||||||
Coca-Cola Co. | 113,282 | 4,620,773 | ||||||
Coca-Cola Enterprises, Inc. | 8,440 | 383,514 | ||||||
Constellation Brands, Inc.* | 4,930 | 393,611 | ||||||
Dr. Pepper Snapple Group, Inc. | 5,750 | 318,665 | ||||||
Molson Coors Brewing Co. | 2,550 | 152,923 | ||||||
Monster Beverage Corp.* | 3,668 | 245,609 | ||||||
PepsiCo, Inc. | 45,699 | 3,925,087 | ||||||
|
| |||||||
$ | 10,618,101 | |||||||
FOOD & STAPLES RETAILING – 2.2% |
| |||||||
Costco Wholesale Corp. | 12,260 | 1,418,237 | ||||||
CVS Caremark Corp. | 14,900 | 1,083,528 | ||||||
Kroger Co. | 16,936 | 779,733 | ||||||
Safeway, Inc. | 3,150 | 107,289 | ||||||
Sysco Corp. | 10,290 | 374,865 | ||||||
Walgreen Co. | 23,220 | 1,576,638 | ||||||
Wal-Mart Stores, Inc. | 36,533 | 2,912,045 | ||||||
Whole Foods Market, Inc. | 12,340 | 613,298 | ||||||
|
| |||||||
$ | 8,865,633 | |||||||
FOOD PRODUCTS – 1.6% |
| |||||||
Archer-Daniels-Midland Co. | 7,540 | 329,724 | ||||||
Bunge Ltd. | 1,670 | 133,016 | ||||||
Campbell Soup Co. | 3,656 | 166,311 | ||||||
ConAgra Foods, Inc. | 12,930 | 394,494 | ||||||
Dean Foods Co | 1,680 | 26,611 |
ANNUAL REPORT / April 30, 2014
27 PORTFOLIOS OF INVESTMENTS
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
Flowers Foods, Inc. | 3,837 | $ | 78,735 | |||||
General Mills, Inc. | 16,884 | 895,190 | ||||||
Hershey Co. | 4,640 | 446,554 | ||||||
Hillshire Brands Co. | 3,300 | 117,645 | ||||||
Hormel Foods Corp. | 3,460 | 165,007 | ||||||
Ingredion, Inc. | 970 | 68,336 | ||||||
JM Smucker Co. | 2,799 | 270,607 | ||||||
Kellogg Co. | 6,340 | 423,702 | ||||||
Keurig Green Mountain, Inc. | 5,040 | 472,147 | ||||||
Kraft Foods Group, Inc. | 15,262 | 867,797 | ||||||
McCormick & Co., Inc. | 3,430 | 244,216 | ||||||
Mead Johnson Nutrition Co. | 6,750 | 595,755 | ||||||
Mondelez International, Inc. | 18,787 | 669,757 | ||||||
Tyson Foods, Inc. | 3,300 | 138,501 | ||||||
WhiteWave Foods Co., Class A* | 3,380 | 93,592 | ||||||
|
| |||||||
$ | 6,597,697 | |||||||
HOUSEHOLD PRODUCTS – 1.5% |
| |||||||
Church & Dwight Co., Inc. | 3,872 | 267,207 | ||||||
Clorox Co. | 3,468 | 314,548 | ||||||
Colgate-Palmolive Co. | 28,176 | 1,896,245 | ||||||
Energizer Holdings, Inc. | 990 | 110,573 | ||||||
Kimberly-Clark Corp. | 9,440 | 1,059,640 | ||||||
Procter & Gamble Co. | 27,106 | 2,237,600 | ||||||
|
| |||||||
$ | 5,885,813 | |||||||
PERSONAL PRODUCTS – 0.3% |
| |||||||
Avon Products, Inc. | 13,970 | 213,462 | ||||||
Estee Lauder Cos., Inc. | 6,780 | 492,025 | ||||||
Herbalife Ltd.# | 3,460 | 207,531 | ||||||
Nu Skin Enterprises, Inc. | 1,600 | 139,200 | ||||||
|
| |||||||
$ | 1,052,218 | |||||||
TOBACCO – 1.9% | ||||||||
Altria Group, Inc. | 57,250 | 2,296,297 | ||||||
Lorillard, Inc. | 12,320 | 732,054 | ||||||
Philip Morris International, Inc. | 47,960 | 4,097,223 | ||||||
Reynolds American, Inc. | 7,440 | 419,839 | ||||||
|
| |||||||
$ | 7,545,413 | |||||||
|
| |||||||
TOTAL CONSUMER STAPLES | $ | 40,564,875 | ||||||
ENERGY – 7.4% | ||||||||
ENERGY EQUIPMENT & SERVICES – 2.2% |
| |||||||
Atwood Oceanics, Inc.* | 550 | 27,258 | ||||||
Baker Hughes, Inc. | 5,100 | 356,490 | ||||||
Cameron International Corp.* | 5,880 | 381,965 | ||||||
Diamond Offshore Drilling, Inc.# | 1,440 | 78,638 | ||||||
Dresser-Rand Group, Inc.* | 2,070 | 125,111 | ||||||
Dril-Quip, Inc.* | 1,500 | 169,680 | ||||||
FMC Technologies, Inc.* | 7,560 | 428,652 |
Description
| Number of
| Value
| ||||||
Halliburton Co. | 24,630 | $ | 1,553,414 | |||||
Helmerich & Payne, Inc. | 1,680 | 182,532 | ||||||
McDermott International, Inc.#, * | 5,080 | 36,728 | ||||||
Nabors Industries Ltd. | 2,530 | 64,566 | ||||||
National Oilwell Varco, Inc. | 4,255 | 334,145 | ||||||
Oceaneering International, Inc. | 3,680 | 269,670 | ||||||
Oil States International, Inc.* | 1,360 | 132,110 | ||||||
Patterson-UTI Energy, Inc. | 430 | 13,988 | ||||||
Rowan Cos. PLC* | 3,240 | 100,181 | ||||||
RPC, Inc. | 450 | 10,004 | ||||||
Schlumberger Ltd. | 38,584 | 3,918,205 | ||||||
Seadrill Ltd.# | 11,500 | 405,030 | ||||||
Superior Energy Services, Inc. | 2,740 | 90,201 | ||||||
Tidewater, Inc. | 1,660 | 84,544 | ||||||
Unit Corp.* | 220 | 14,509 | ||||||
|
| |||||||
$ | 8,777,621 | |||||||
OIL, GAS & CONSUMABLE FUELS – 5.2% | ||||||||
Anadarko Petroleum Corp. | 5,450 | 539,659 | ||||||
Apache Corp. | 3,573 | 310,136 | ||||||
Cabot Oil & Gas Corp. | 14,280 | 560,918 | ||||||
Cheniere Energy, Inc.* | 8,100 | 457,245 | ||||||
Chesapeake Energy Corp. | 7,000 | 201,250 | ||||||
Chevron Corp. | 18,800 | 2,359,776 | ||||||
Cimarex Energy Co. | 950 | 113,164 | ||||||
Cobalt International Energy, Inc.* | 8,700 | 156,600 | ||||||
Concho Resources, Inc.* | 3,580 | 467,011 | ||||||
ConocoPhillips | 12,460 | 925,903 | ||||||
CONSOL Energy, Inc. | 1,800 | 80,118 | ||||||
Continental Resources, Inc.* | 1,360 | 188,387 | ||||||
Denbury Resources, Inc. | 1,815 | 30,528 | ||||||
Devon Energy Corp. | 4,100 | 287,000 | ||||||
Energen Corp. | 1,530 | 119,202 | ||||||
EOG Resources, Inc. | 14,700 | 1,440,600 | ||||||
EQT Corp. | 4,950 | 539,500 | ||||||
Exxon Mobil Corp. | 43,183 | 4,422,371 | ||||||
Gulfport Energy Corp.* | 2,700 | 198,909 | ||||||
Hess Corp. | 2,990 | 266,588 | ||||||
HollyFrontier Corp. | 2,340 | 123,061 | ||||||
Kinder Morgan, Inc. | 17,005 | 555,383 | ||||||
Marathon Oil Corp. | 7,330 | 264,979 | ||||||
Marathon Petroleum Corp. | 3,065 | 284,892 | ||||||
Murphy Oil Corp. | 1,950 | 123,688 | ||||||
Newfield Exploration Co.* | 2,560 | 86,656 | ||||||
Noble Energy, Inc. | 5,920 | 424,938 | ||||||
Oasis Petroleum, Inc.* | 3,000 | 139,530 | ||||||
Occidental Petroleum Corp. | 8,000 | 766,000 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 28
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
PBF Energy, Inc. | 3,000 | $ | 92,340 | |||||
Peabody Energy Corp. | 2,070 | 39,351 | ||||||
Phillips 66 | 5,530 | 460,207 | ||||||
Pioneer Natural Resources Co. | 3,820 | 738,291 | ||||||
QEP Resources, Inc. | 2,400 | 73,656 | ||||||
Range Resources Corp. | 5,350 | 483,908 | ||||||
Sandridge Energy, Inc.#, * | 730 | 5,008 | ||||||
SM Energy Co. | 1,570 | 116,384 | ||||||
Southwestern Energy Co.* | 11,728 | 561,537 | ||||||
Spectra Energy Corp. | 5,300 | 210,463 | ||||||
Teekay Corp. | 520 | 29,177 | ||||||
Tesoro Corp. | 2,340 | 131,719 | ||||||
Ultra Petroleum Corp.* | 300 | 8,940 | ||||||
Valero Energy Corp. | 5,170 | 295,569 | ||||||
Whiting Petroleum Corp.* | 1,800 | 132,696 | ||||||
Williams Cos., Inc. | 13,350 | 562,970 | ||||||
World Fuel Services Corp. | 2,100 | 95,634 | �� | |||||
WPX Energy, Inc.* | 5,116 | 108,868 | ||||||
|
| |||||||
$ | 20,580,710 | |||||||
|
| |||||||
TOTAL ENERGY | $ | 29,358,331 | ||||||
FINANCIALS – 11.3% | ||||||||
CAPITAL MARKETS – 1.6% | ||||||||
Affiliated Managers Group, Inc.* | 2,070 | 410,274 | ||||||
American Capital Ltd.* | 6,400 | 95,936 | ||||||
Ameriprise Financial, Inc. | 3,840 | 428,659 | ||||||
Ares Capital Corp. | 700 | 12,019 | ||||||
Bank of New York Mellon Corp. | 10,870 | 368,167 | ||||||
BlackRock, Inc. | 2,260 | 680,260 | ||||||
Charles Schwab Corp. | 14,470 | 384,179 | ||||||
E*TRADE Financial Corp.* | 4,900 | 110,005 | ||||||
Eaton Vance Corp. | 4,970 | 179,268 | ||||||
Federated Investors, Inc.# | 470 | 13,414 | ||||||
Franklin Resources, Inc. | 11,540 | 604,119 | ||||||
Goldman Sachs Group, Inc. | 4,290 | 685,628 | ||||||
Invesco Ltd. | 5,570 | 196,120 | ||||||
Lazard Ltd. | 3,550 | 167,028 | ||||||
Legg Mason, Inc. | 1,110 | 52,048 | ||||||
LPL Financial Holdings, Inc. | 1,100 | 52,085 | ||||||
Morgan Stanley | 12,996 | 401,966 | ||||||
Northern Trust Corp. | 2,580 | 155,445 | ||||||
Raymond James Financial, Inc. | 2,110 | 104,867 | ||||||
SEI Investments Co. | 2,440 | 79,007 | ||||||
State Street Corp. | 4,520 | 291,811 | ||||||
T. Rowe Price Group, Inc. | 8,280 | 680,036 | ||||||
TD Ameritrade Holding Corp. | 2,150 | 68,585 | ||||||
Waddell & Reed Financial, Inc. | 2,740 | 184,813 | ||||||
|
| |||||||
$ | 6,405,739 |
Description
| Number of
| Value
| ||||||
COMMERCIAL BANKS – 1.6% |
| |||||||
Associated Banc-Corp. | 5,285 | $ | 92,752 | |||||
Bank of Hawaii Corp. | 770 | 42,481 | ||||||
BB&T Corp. | 6,990 | 260,937 | ||||||
BOK Financial Corp. | 320 | 20,934 | ||||||
CIT Group, Inc. | 2,400 | 103,320 | ||||||
City National Corp. | 940 | 68,216 | ||||||
Comerica, Inc. | 1,230 | 59,335 | ||||||
Commerce Bancshares, Inc. | 846 | 36,784 | ||||||
Cullen/Frost Bankers, Inc. | 1,440 | 110,030 | ||||||
East West Bancorp, Inc. | 2,500 | 86,275 | ||||||
Fifth Third Bancorp | 11,100 | 228,771 | ||||||
First Citizens BancShares, Inc. | 50 | 11,244 | ||||||
First Horizon National Corp. | 6,384 | 73,352 | ||||||
First Niagara Financial Group, Inc. | 10,030 | 89,468 | ||||||
First Republic Bank | 1,800 | 91,368 | ||||||
Fulton Financial Corp. | 7,410 | 90,328 | ||||||
Huntington Bancshares, Inc. | 9,441 | 86,480 | ||||||
KeyCorp | 11,570 | 157,815 | ||||||
M&T Bank Corp.§ | 1,610 | 196,436 | ||||||
PacWest Bancorp | 1,339 | 52,716 | ||||||
PNC Financial Services Group, Inc. | 5,360 | 450,454 | ||||||
Popular, Inc.* | 800 | 24,720 | ||||||
Regions Financial Corp. | 17,356 | 175,990 | ||||||
Signature Bank* | 1,100 | 130,702 | ||||||
SunTrust Banks, Inc. | 6,680 | 255,577 | ||||||
SVB Financial Group* | 500 | 53,345 | ||||||
Synovus Financial Corp. | 15,640 | 50,204 | ||||||
TCF Financial Corp. | 4,310 | 67,667 | ||||||
U.S. Bancorp | 18,520 | 755,246 | ||||||
Valley National Bancorp | 5,622 | 56,332 | ||||||
Wells Fargo & Co. | 45,305 | 2,248,940 | ||||||
Zions Bancorporation | 890 | 25,739 | ||||||
|
| |||||||
$ | 6,253,958 | |||||||
CONSUMER FINANCE – 0.8% |
| |||||||
American Express Co. | 27,660 | 2,418,314 | ||||||
Capital One Financial Corp. | 5,700 | 421,230 | ||||||
Discover Financial Services | 5,080 | 283,972 | ||||||
SLM Corp. | 5,360 | 138,020 | ||||||
|
| |||||||
$ | 3,261,536 | |||||||
DIVERSIFIED FINANCIAL SERVICES – 2.4% | ||||||||
Bank of America Corp. | 99,990 | 1,513,849 | ||||||
Berkshire Hathaway, Inc.* | 17,106 | 2,204,108 | ||||||
CBOE Holdings, Inc. | 3,000 | 160,080 | ||||||
Citigroup, Inc. | 29,502 | 1,413,441 | ||||||
CME Group, Inc. | 3,100 | 218,209 |
ANNUAL REPORT / April 30, 2014
29 PORTFOLIOS OF INVESTMENTS
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
Interactive Brokers Group, Inc. | 1,200 | $ | 28,680 | |||||
IntercontinentalExchange Group, Inc. | 3,218 | 657,888 | ||||||
JPMorgan Chase & Co. | 37,220 | 2,083,576 | ||||||
Leucadia National Corp. | 3,310 | 84,471 | ||||||
McGraw Hill Financial, Inc. | 5,940 | 439,144 | ||||||
Moody’s Corp. | 6,940 | 544,790 | ||||||
MSCI, Inc.* | 2,520 | 102,161 | ||||||
NASDAQ OMX Group, Inc. | 530 | 19,557 | ||||||
|
| |||||||
$ | 9,469,954 | |||||||
INSURANCE – 2.2% |
| |||||||
ACE Ltd. | 4,200 | 429,744 | ||||||
Aflac, Inc. | 4,750 | 297,920 | ||||||
Alleghany Corp.* | 256 | 104,443 | ||||||
Allied World Assurance Co. Holdings AG | 930 | 100,152 | ||||||
Allstate Corp. | 3,980 | 226,661 | ||||||
American Financial Group, Inc. | 1,600 | 93,488 | ||||||
American International Group, Inc. | 14,750 | 783,667 | ||||||
American National Insurance Co. | 600 | 67,446 | ||||||
Aon PLC | 8,500 | 721,480 | ||||||
Arch Capital Group Ltd.* | 3,540 | 202,913 | ||||||
Arthur J Gallagher & Co. | 3,880 | 174,678 | ||||||
Aspen Insurance Holdings, Ltd. | 190 | 8,698 | ||||||
Assurant, Inc. | 1,130 | 76,173 | ||||||
Assured Guaranty Ltd. | 1,600 | 38,256 | ||||||
Axis Capital Holdings Ltd. | 3,280 | 150,060 | ||||||
Brown & Brown, Inc. | 2,170 | 64,623 | ||||||
Chubb Corp. | 3,950 | 363,716 | ||||||
Cincinnati Financial Corp. | 2,106 | 102,646 | ||||||
CNA Financial Corp. | 1,050 | 42,997 | ||||||
Endurance Specialty Holdings Ltd. | 2,000 | 101,640 | ||||||
Erie Indemnity Co. | 670 | 48,005 | ||||||
Everest Re Group, Ltd. | 270 | 42,668 | ||||||
Fidelity National Financial, Inc. | 2,541 | 81,769 | ||||||
Genworth Financial, Inc.* | 3,260 | 58,191 | ||||||
Hanover Insurance Group, Inc. | 1,100 | 64,295 | ||||||
Hartford Financial Services Group, Inc. | 3,290 | 118,012 | ||||||
HCC Insurance Holdings, Inc. | 970 | 44,562 | ||||||
Kemper Corp. | 370 | 14,582 | ||||||
Lincoln National Corp. | 3,170 | 153,777 | ||||||
Loews Corp. | 5,050 | 222,048 | ||||||
Markel Corp.* | 80 | 50,074 | ||||||
Marsh & McLennan Cos., Inc. | 11,240 | 554,244 | ||||||
MBIA, Inc.* | 1,650 | 19,998 | ||||||
Mercury General Corp. | 370 | 17,708 | ||||||
MetLife, Inc. | 8,901 | 465,967 | ||||||
Old Republic International Corp. | 6,600 | 109,296 | ||||||
PartnerRe Ltd. | 970 | 102,238 |
Description
| Number of
| Value
| ||||||
Principal Financial Group, Inc. | 3,590 | $ | 168,156 | |||||
ProAssurance Corp. | 500 | 22,710 | ||||||
Progressive Corp. | 15,080 | 365,690 | ||||||
Protective Life Corp. | 1,130 | 57,800 | ||||||
Prudential Financial, Inc. | 8,030 | 647,860 | ||||||
Reinsurance Group of America, Inc. | 1,690 | 129,640 | ||||||
RenaissanceRe Holdings Ltd. | 20 | 2,024 | ||||||
StanCorp Financial Group, Inc. | 40 | 2,444 | ||||||
Torchmark Corp. | 1,130 | 90,061 | ||||||
Travelers Cos., Inc. | 5,080 | 460,146 | ||||||
Unum Group | 2,210 | 73,416 | ||||||
Validus Holdings Ltd. | 170 | 6,302 | ||||||
White Mountains Insurance Group Ltd. | 160 | 95,402 | ||||||
WR Berkley Corp. | 3,580 | 158,379 | ||||||
XL Group PLC | 2,520 | 79,002 | ||||||
|
| |||||||
$ | 8,677,867 | |||||||
REAL ESTATE INVESTMENT TRUSTS – 2.5% |
| |||||||
Alexandria Real Estate Equities, Inc. | 740 | 54,627 | ||||||
American Capital Agency Corp. | 1,600 | 36,336 | ||||||
American Tower Corp. | 11,560 | 965,491 | ||||||
Annaly Capital Management, Inc. | 9,650 | 111,457 | ||||||
Apartment Investment & Management Co. | 3,970 | 122,395 | ||||||
AvalonBay Communities, Inc. | 1,222 | 166,864 | ||||||
BioMed Realty Trust, Inc. | 4,100 | 85,690 | ||||||
Boston Properties, Inc. | 1,950 | 228,423 | ||||||
Brandywine Realty Trust | 730 | 10,621 | ||||||
Camden Property Trust | 170 | 11,643 | ||||||
CBL & Associates Properties, Inc. | 5,000 | 90,850 | ||||||
Chimera Investment Corp. | 15,700 | 48,513 | ||||||
CommonWealth REIT | 2,542 | 64,592 | ||||||
Corporate Office Properties Trust | 1,820 | 48,685 | ||||||
Corrections Corp. of America | 4,047 | 132,742 | ||||||
DDR Corp. | 2,800 | 48,076 | ||||||
Digital Realty Trust, Inc.# | 3,760 | 200,784 | ||||||
Douglas Emmett, Inc. | 10 | 276 | ||||||
Duke Realty Corp. | 6,310 | 110,551 | ||||||
Equity Lifestyle Properties, Inc. | 3,400 | 142,358 | ||||||
Equity Residential | 3,050 | 181,292 | ||||||
Essex Property Trust, Inc. | 1,073 | 185,908 | ||||||
Extra Space Storage, Inc. | 2,200 | 115,126 | ||||||
Federal Realty Investment Trust | 1,170 | 137,522 | ||||||
Gaming and Leisure Properties, Inc. | 104 | 3,822 | ||||||
General Growth Properties, Inc. | 4,843 | 111,244 | ||||||
Hatteras Financial Corp. | 3,400 | 66,538 | ||||||
HCP, Inc. | 5,670 | 237,346 | ||||||
Health Care REIT, Inc. | 2,520 | 158,987 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 30
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
Home Properties, Inc. | 1,000 | $ | 61,600 | |||||
Hospitality Properties Trust | 750 | 22,537 | ||||||
Host Hotels & Resorts, Inc. | 8,640 | 185,328 | ||||||
Kilroy Realty Corp. | 2,000 | 119,140 | ||||||
Kimco Realty Corp. | 6,880 | 157,690 | ||||||
Liberty Property Trust | 1,340 | 50,250 | ||||||
Macerich Co. | 710 | 46,086 | ||||||
Mack-Cali Realty Corp. | 2,330 | 47,462 | ||||||
MFA Financial, Inc. | 13,600 | 107,848 | ||||||
Mid-America Apartment Communities, Inc. | 1,800 | 125,370 | ||||||
National Retail Properties, Inc.# | 100 | 3,413 | ||||||
Omega Healthcare Investors, Inc.# | 4,100 | 142,598 | ||||||
Piedmont Office Realty Trust, Inc. | 3,300 | 58,113 | ||||||
Plum Creek Timber Co., Inc. | 5,170 | 225,412 | ||||||
Post Properties, Inc. | 700 | 35,147 | ||||||
Prologis, Inc. | 6,010 | 244,186 | ||||||
Public Storage | 3,860 | 677,469 | ||||||
Rayonier, Inc. | 3,915 | 176,567 | ||||||
Realty Income Corp.# | 3,910 | 169,890 | ||||||
Regency Centers Corp. | 2,060 | 108,006 | ||||||
Senior Housing Properties Trust | 2,540 | 59,614 | ||||||
Simon Property Group, Inc. | 7,133 | 1,235,436 | ||||||
SL Green Realty Corp. | 790 | 82,721 | ||||||
Spirit Realty Capital, Inc. | 13,000 | 140,010 | ||||||
Starwood Property Trust, Inc. | 3,600 | 86,580 | ||||||
Tanger Factory Outlet Centers | 3,100 | 110,608 | ||||||
Taubman Centers, Inc. | 150 | 10,926 | ||||||
Two Harbors Investment Corp. | 11,700 | 121,446 | ||||||
UDR, Inc. | 2,580 | 66,719 | ||||||
Ventas, Inc. | 6,766 | 447,097 | ||||||
Vornado Realty Trust | 2,573 | 263,990 | ||||||
Weingarten Realty Investors | 3,560 | 111,072 | ||||||
Weyerhaeuser Co. | 18,510 | 552,524 | ||||||
WP Carey, Inc. | 1,900 | 116,812 | ||||||
|
| |||||||
$ | 10,048,426 | |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1% |
| |||||||
CBRE Group, Inc.* | 8,710 | 232,034 | ||||||
Forest City Enterprises, Inc.* | 4,300 | 81,313 | ||||||
Howard Hughes Corp.* | 658 | 93,936 | ||||||
Jones Lang LaSalle, Inc. | 270 | 31,290 | ||||||
Realogy Holdings Corp.* | 2,600 | 109,330 | ||||||
St Joe Co.* | 2,820 | 50,337 | ||||||
|
| |||||||
$ | 598,240 | |||||||
THRIFTS & MORTGAGE FINANCE – 0.1% | ||||||||
Hudson City Bancorp, Inc. | 3,732 | 37,171 | ||||||
New York Community Bancorp, Inc.# | 2,740 | 42,223 | ||||||
Ocwen Financial Corp.* | 3,000 | 113,700 |
Description
| Number of
| Value
| ||||||
People’s United Financial, Inc. | 7,600 | $ | 108,528 | |||||
TFS Financial Corp.* | 250 | 3,348 | ||||||
Washington Federal, Inc. | 270 | 5,827 | ||||||
|
| |||||||
$ | 310,797 | |||||||
|
| |||||||
TOTAL FINANCIALS | $ | 45,026,517 | ||||||
HEALTH CARE – 12.5% | ||||||||
BIOTECHNOLOGY – 3.4% | ||||||||
Alexion Pharmaceuticals, Inc.* | 6,540 | 1,034,628 | ||||||
Alkermes PLC* | 4,400 | 203,544 | ||||||
Amgen, Inc. | 21,884 | 2,445,537 | ||||||
Ariad Pharmaceuticals, Inc.#, * | 3,900 | 28,353 | ||||||
Biogen Idec, Inc.* | 7,000 | 2,009,840 | ||||||
BioMarin Pharmaceutical, Inc.* | 4,800 | 279,504 | ||||||
Celgene Corp.* | 12,183 | 1,791,023 | ||||||
Cubist Pharmaceuticals, Inc.* | 2,500 | 175,150 | ||||||
Gilead Sciences, Inc.* | 44,354 | 3,481,345 | ||||||
Incyte Corp. Ltd.* | 3,700 | 179,672 | ||||||
Medivation, Inc.* | 1,800 | 108,378 | ||||||
Myriad Genetics, Inc.#, * | 2,310 | 97,505 | ||||||
Pharmacyclics, Inc.* | 1,300 | 122,954 | ||||||
Regeneron Pharmaceuticals, Inc.* | 2,300 | 682,847 | ||||||
Seattle Genetics, Inc.#, * | 3,400 | 130,832 | ||||||
Theravance, Inc.#, * | 4,000 | 107,680 | ||||||
United Therapeutics Corp.* | 1,340 | 134,013 | ||||||
Vertex Pharmaceuticals, Inc.* | 7,683 | 520,139 | ||||||
|
| |||||||
$ | 13,532,944 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES – 1.9% |
| |||||||
Abbott Laboratories | 16,409 | 635,685 | ||||||
Alere, Inc.* | 2,650 | 88,510 | ||||||
Baxter International, Inc. | 15,550 | 1,131,884 | ||||||
Becton Dickinson & Co. | 4,860 | 549,326 | ||||||
Boston Scientific Corp.* | 18,100 | 228,241 | ||||||
CareFusion Corp.* | 4,900 | 191,394 | ||||||
Cooper Cos., Inc. | 1,050 | 138,505 | ||||||
Covidien PLC | 4,400 | 313,500 | ||||||
CR Bard, Inc. | 2,280 | 313,112 | ||||||
DENTSPLY International, Inc. | 3,670 | 163,792 | ||||||
Edwards Lifesciences Corp.* | 3,886 | 316,592 | ||||||
Hill-Rom Holdings, Inc. | 2,260 | 84,434 | ||||||
Hologic, Inc.* | 8,040 | 168,719 | ||||||
IDEXX Laboratories, Inc.* | 1,890 | 238,972 | ||||||
Intuitive Surgical, Inc.* | 1,200 | 434,040 | ||||||
Medtronic, Inc. | 10,460 | 615,257 | ||||||
ResMed, Inc.# | 4,720 | 235,292 | ||||||
Sirona Dental Systems, Inc.* | 1,700 | 127,874 | ||||||
St. Jude Medical, Inc. | 7,370 | 467,774 |
ANNUAL REPORT / April 30, 2014
31 PORTFOLIOS OF INVESTMENTS
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
Stryker Corp. | 7,300 | $ | 567,575 | |||||
Teleflex, Inc. | 60 | 6,125 | ||||||
Varian Medical Systems, Inc.* | 2,750 | 218,763 | ||||||
Zimmer Holdings, Inc. | 2,310 | 223,608 | ||||||
|
| |||||||
$ | 7,458,974 | |||||||
HEALTH CARE PROVIDERS & SERVICES – 1.9% |
| |||||||
Aetna, Inc. | 5,231 | 373,755 | ||||||
AmerisourceBergen Corp. | 7,870 | 512,967 | ||||||
Brookdale Senior Living, Inc.#, * | 4,570 | 145,509 | ||||||
Cardinal Health, Inc. | 4,200 | 291,942 | ||||||
Catamaran Corp.* | 6,712 | 253,378 | ||||||
Cigna Corp. | 4,190 | 335,368 | ||||||
Community Health Systems, Inc. | 146 | 5,532 | ||||||
Davita HealthCare Partners, Inc.* | 6,388 | 442,688 | ||||||
Envision Healthcare Holdings, Inc.* | 500 | 16,895 | ||||||
Express Scripts Holding Co.* | 20,562 | 1,369,018 | ||||||
HCA Holdings, Inc. | 3,600 | 187,200 | ||||||
Health Net, Inc.* | 1,220 | 41,883 | ||||||
Henry Schein, Inc.* | 2,460 | 281,006 | ||||||
Humana, Inc. | 2,270 | 249,132 | ||||||
Laboratory Corp. of America Holdings* | 2,710 | 267,477 | ||||||
LifePoint Hospitals, Inc.* | 130 | 7,270 | ||||||
McKesson Corp. | 6,500 | 1,099,735 | ||||||
MEDNAX, Inc.* | 2,740 | 162,345 | ||||||
Omnicare, Inc. | 1,959 | 116,110 | ||||||
Patterson Cos., Inc. | 970 | 39,479 | ||||||
Quest Diagnostics, Inc. | 1,850 | 103,471 | ||||||
Tenet Healthcare Corp.* | 2,425 | 109,319 | ||||||
UnitedHealth Group, Inc. | 10,320 | 774,413 | ||||||
Universal Health Services, Inc. | 2,580 | 211,018 | ||||||
VCA Antech, Inc.* | 870 | 26,648 | ||||||
WellPoint, Inc. | 2,610 | 262,775 | ||||||
|
| |||||||
$ | 7,686,333 | |||||||
HEALTH CARE TECHNOLOGY – 0.1% |
| |||||||
Allscripts Healthcare Solutions, Inc.* | 4,700 | 71,534 | ||||||
Cerner Corp.* | 10,040 | 515,052 | ||||||
|
| |||||||
$ | 586,586 | |||||||
LIFE SCIENCES TOOLS & SERVICES – 0.6% | ||||||||
Agilent Technologies, Inc. | 5,490 | 296,680 | ||||||
Bio-Rad Laboratories, Inc.* | 890 | 109,657 | ||||||
Bruker Corp.* | 5,300 | 109,498 | ||||||
Charles River Laboratories International, Inc.* | 1,920 | 103,142 | ||||||
Covance, Inc.* | 1,940 | 171,263 | ||||||
Illumina, Inc.* | 4,200 | 570,570 | ||||||
Mettler-Toledo International, Inc.* | 920 | 214,470 |
Description
| Number of
| Value
| ||||||
PerkinElmer, Inc. | 870 | $ | 36,514 | |||||
Thermo Fisher Scientific, Inc. | 3,920 | 446,880 | ||||||
Waters Corp.* | 2,610 | 257,189 | ||||||
|
| |||||||
$ | 2,315,863 | |||||||
PHARMACEUTICALS – 4.6% |
| |||||||
AbbVie, Inc. | 44,309 | 2,307,613 | ||||||
Actavis PLC* | 5,816 | 1,188,383 | ||||||
Allergan, Inc. | 8,800 | 1,459,392 | ||||||
Bristol-Myers Squibb Co. | 43,400 | 2,173,906 | ||||||
Eli Lilly & Co. | 14,990 | 885,909 | ||||||
Endo International PLC | 5,210 | 327,943 | ||||||
Forest Laboratories, Inc.* | 3,330 | 306,060 | ||||||
Hospira, Inc.* | 2,270 | 103,966 | ||||||
Jazz Pharmaceuticals PLC* | 1,800 | 242,820 | ||||||
Johnson & Johnson | 34,420 | 3,486,402 | ||||||
Mallinckrodt PLC* | 1,337 | 95,235 | ||||||
Merck & Co., Inc. | 29,646 | 1,736,070 | ||||||
Mylan, Inc.* | 12,630 | 641,351 | ||||||
Perrigo Co. PLC | 4,260 | 617,104 | ||||||
Pfizer, Inc. | 65,523 | 2,049,559 | ||||||
Salix Pharmaceuticals Ltd.* | 1,600 | 176,000 | ||||||
Zoetis, Inc. | 13,681 | 413,987 | ||||||
|
| |||||||
$ | 18,211,700 | |||||||
|
| |||||||
TOTAL HEALTH CARE | $ | 49,792,400 | ||||||
INDUSTRIALS – 12.0% | ||||||||
AEROSPACE & DEFENSE – 3.2% |
| |||||||
Alliant Techsystems, Inc. | 220 | 31,728 | ||||||
B/E Aerospace, Inc.* | 2,900 | 254,533 | ||||||
Boeing Co. | 22,090 | 2,850,052 | ||||||
Exelis, Inc. | 5,070 | 93,998 | ||||||
General Dynamics Corp. | 2,810 | 307,554 | ||||||
Hexcel Corp.* | 3,600 | 150,084 | ||||||
Honeywell International, Inc. | 22,570 | 2,096,753 | ||||||
Huntington Ingalls Industries, Inc. | 1,645 | 169,435 | ||||||
L-3 Communications Holdings, Inc. | 610 | 70,376 | ||||||
Lockheed Martin Corp. | 7,450 | 1,222,843 | ||||||
Northrop Grumman Corp. | 2,770 | 336,583 | ||||||
Precision Castparts Corp. | 4,190 | 1,060,447 | ||||||
Raytheon Co. | 3,520 | 336,090 | ||||||
Rockwell Collins, Inc. | 4,470 | 347,096 | ||||||
Spirit Aerosystems Holdings, Inc.* | 1,940 | 58,258 | ||||||
Textron, Inc. | 3,270 | 133,743 | ||||||
TransDigm Group, Inc. | 1,890 | 336,174 | ||||||
Triumph Group, Inc. | 1,500 | 97,215 | ||||||
United Technologies Corp. | 24,560 | 2,906,185 | ||||||
|
| |||||||
$ | 12,859,147 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 32
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
AIR FREIGHT & LOGISTICS – 0.8% |
| |||||||
C.H. Robinson Worldwide, Inc. | 4,384 | $ | 258,218 | |||||
Expeditors International of Washington, Inc. | 7,280 | 300,227 | ||||||
FedEx Corp. | 3,260 | 444,175 | ||||||
United Parcel Service, Inc. | 20,750 | 2,043,875 | ||||||
|
| |||||||
$ | 3,046,495 | |||||||
AIRLINES – 0.4% |
| |||||||
Alaska Air Group, Inc. | 2,200 | 206,976 | ||||||
American Airlines Group, Inc.* | 3,200 | 112,224 | ||||||
Copa Holdings SA | 720 | 97,402 | ||||||
Delta Air Lines, Inc. | 17,520 | 645,262 | ||||||
Southwest Airlines Co. | 9,730 | 235,174 | ||||||
United Continental Holdings, Inc.* | 11,833 | 483,615 | ||||||
|
| |||||||
$ | 1,780,653 | |||||||
BUILDING PRODUCTS – 0.2% |
| |||||||
Allegion PLC | 2,233 | 110,199 | ||||||
Armstrong World Industries, Inc.* | 40 | 2,102 | ||||||
Fortune Brands Home & Security, Inc. | 4,760 | 189,686 | ||||||
Lennox International, Inc. | 1,490 | 124,907 | ||||||
Masco Corp. | 9,130 | 183,422 | ||||||
Owens Corning | 890 | 36,356 | ||||||
Smith (A.O.) Corp. | 2,500 | 116,900 | ||||||
|
| |||||||
$ | 763,572 | |||||||
COMMERCIAL SERVICES & SUPPLIES – 0.4% |
| |||||||
ADT Corp.# | 1,750 | 52,920 | ||||||
Cintas Corp. | 1,520 | 89,574 | ||||||
Clean Harbors, Inc.* | 1,300 | 78,000 | ||||||
Copart, Inc.* | 5,280 | 191,506 | ||||||
Covanta Holding Corp. | 5,900 | 108,855 | ||||||
Iron Mountain, Inc. | 4,134 | 117,571 | ||||||
KAR Auction Services, Inc. | 100 | 2,978 | ||||||
Pitney Bowes, Inc. | 2,430 | 65,124 | ||||||
Republic Services, Inc. | 5,140 | 180,363 | ||||||
RR Donnelley & Sons Co. | 3,270 | 57,552 | ||||||
Stericycle, Inc.* | 2,752 | 320,443 | ||||||
Waste Connections, Inc. | 2,175 | 97,136 | ||||||
Waste Management, Inc. | 4,440 | 197,358 | ||||||
|
| |||||||
$ | 1,559,380 | |||||||
CONSTRUCTION & ENGINEERING – 0.3% |
| |||||||
AECOM Technology Corp.* | 1,800 | 58,356 | ||||||
Chicago Bridge & Iron Co. NV | 3,482 | 278,804 | ||||||
Fluor Corp. | 3,470 | 262,679 | ||||||
Jacobs Engineering Group, Inc.* | 1,650 | 95,205 | ||||||
KBR, Inc. | 2,070 | 52,516 |
Description
| Number of
| Value
| ||||||
Quanta Services, Inc.* | 5,010 | $ | 176,753 | |||||
URS Corp. | 2,220 | 104,606 | ||||||
|
| |||||||
$ | 1,028,919 | |||||||
ELECTRICAL EQUIPMENT – 0.8% |
| |||||||
AMETEK, Inc. | 6,780 | 357,442 | ||||||
Babcock & Wilcox Co. (The) | 2,940 | 102,283 | ||||||
Eaton Corp. PLC | 4,728 | 343,442 | ||||||
Emerson Electric Co. | 16,890 | 1,151,560 | ||||||
Hubbell, Inc. | 1,590 | 187,175 | ||||||
Regal-Beloit Corp. | 600 | 44,838 | ||||||
Rockwell Automation, Inc. | 4,620 | 550,612 | ||||||
Roper Industries, Inc. | 2,800 | 389,060 | ||||||
SolarCity Corp.#, * | 1,000 | 53,250 | ||||||
|
| |||||||
$ | 3,179,662 | |||||||
INDUSTRIAL CONGLOMERATES – 1.5% |
| |||||||
3M Co. | 17,410 | 2,421,557 | ||||||
Carlisle Cos., Inc. | 1,890 | 155,452 | ||||||
Danaher Corp. | 7,880 | 578,234 | ||||||
General Electric Co. | 99,220 | 2,668,026 | ||||||
|
| |||||||
$ | 5,823,269 | |||||||
MACHINERY – 2.2% | ||||||||
AGCO Corp. | 560 | 31,192 | ||||||
Caterpillar, Inc. | 8,900 | 938,060 | ||||||
Colfax Corp.* | 2,600 | 187,148 | ||||||
Crane Co. | 350 | 25,455 | ||||||
Cummins, Inc. | 4,920 | 742,182 | ||||||
Deere & Co. | 11,350 | 1,059,409 | ||||||
Donaldson Co., Inc. | 4,860 | 204,557 | ||||||
Dover Corp. | 5,360 | 463,104 | ||||||
Flowserve Corp. | 4,920 | 359,406 | ||||||
Graco, Inc. | 2,140 | 155,150 | ||||||
Harsco Corp. | 1,810 | 43,313 | ||||||
IDEX Corp. | 2,120 | 158,088 | ||||||
Illinois Tool Works, Inc. | 6,900 | 588,087 | ||||||
Ingersoll-Rand PLC | 6,700 | 400,660 | ||||||
ITT Corp. | 2,535 | 109,360 | ||||||
Joy Global, Inc. | 1,080 | 65,210 | ||||||
Kennametal, Inc. | 2,650 | 123,834 | ||||||
Lincoln Electric Holdings, Inc. | 2,600 | 173,706 | ||||||
Manitowoc Co., Inc. | 3,910 | 124,260 | ||||||
Navistar International Corp.* | 1,680 | 63,722 | ||||||
Nordson Corp. | 2,000 | 148,700 | ||||||
Oshkosh Corp. | 990 | 54,955 | ||||||
PACCAR, Inc. | 5,990 | 383,240 | ||||||
Pall Corp. | 3,170 | 266,755 | ||||||
Parker Hannifin Corp. | 2,300 | 291,824 |
ANNUAL REPORT / April 30, 2014
33 PORTFOLIOS OF INVESTMENTS
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
Pentair Ltd. | 2,666 | $ | 198,057 | |||||
Snap-On, Inc. | 1,780 | 206,480 | ||||||
SPX Corp. | 1,230 | 125,263 | ||||||
Stanley Black & Decker, Inc. | 1,820 | 156,320 | ||||||
Terex Corp. | 2,030 | 87,879 | ||||||
Timken Co. | 300 | 18,924 | ||||||
Toro Co. | 2,340 | 148,684 | ||||||
Trinity Industries, Inc. | 1,080 | 81,065 | ||||||
Valmont Industries, Inc. | 1,060 | 157,845 | ||||||
WABCO Holdings, Inc.* | 2,050 | 219,371 | ||||||
Wabtec Corp. | 3,320 | 247,506 | ||||||
Xylem, Inc. | 1,370 | 51,498 | ||||||
|
| |||||||
$ | 8,860,269 | |||||||
MARINE – 0.0%** | ||||||||
Kirby Corp.* | 1,500 | 150,930 | ||||||
PROFESSIONAL SERVICES – 0.5% |
| |||||||
Dun & Bradstreet Corp. | 930 | 103,007 | ||||||
Equifax, Inc. | 4,060 | 287,489 | ||||||
IHS, Inc.* | 2,140 | 258,148 | ||||||
Manpowergroup, Inc. | 1,860 | 151,292 | ||||||
Nielsen Holdings N.V. | 5,600 | 262,920 | ||||||
Robert Half International, Inc. | 5,010 | 224,448 | ||||||
Science Applications International Corp. | 1,257 | 49,023 | ||||||
Towers Watson & Co. | 1,300 | 145,886 | ||||||
Verisk Analytics, Inc.* | 6,000 | 360,540 | ||||||
|
| |||||||
$ | 1,842,753 | |||||||
ROAD & RAIL – 1.3% | ||||||||
Avis Budget Group, Inc.* | 3,600 | 189,324 | ||||||
Con-way, Inc. | 1,840 | 78,163 | ||||||
CSX Corp. | 18,800 | 530,536 | ||||||
Genesee & Wyoming, Inc.* | 1,600 | 158,416 | ||||||
Hertz Global Holdings, Inc.* | 12,550 | 357,298 | ||||||
JB Hunt Transport Services, Inc. | 2,980 | 226,778 | ||||||
Kansas City Southern | 4,000 | 403,520 | ||||||
Landstar System, Inc. | 1,590 | 100,154 | ||||||
Norfolk Southern Corp. | 4,160 | 393,245 | ||||||
Old Dominion Freight Line, Inc.* | 2,800 | 169,764 | ||||||
Ryder System, Inc. | 40 | 3,287 | ||||||
Union Pacific Corp. | 13,760 | 2,620,317 | ||||||
|
| |||||||
$ | 5,230,802 | |||||||
TRADING COMPANIES & DISTRIBUTORS – 0.4% |
| |||||||
Fastenal Co. | 10,360 | 518,829 | ||||||
GATX Corp. | 90 | 5,907 | ||||||
MRC Global, Inc.* | 100 | 2,919 | ||||||
MSC Industrial Direct Co., Inc. | 1,390 | 126,573 | ||||||
United Rentals, Inc.* | 2,600 | 243,958 |
Description
| Number of
| Value
| ||||||
WESCO International, Inc.* | 330 | $ | 28,967 | |||||
WW Grainger, Inc. | 2,010 | 511,344 | ||||||
|
| |||||||
$ | 1,438,497 | |||||||
|
| |||||||
TOTAL INDUSTRIALS | $ | 47,564,348 | ||||||
INFORMATION TECHNOLOGY – 21.9% |
| |||||||
COMMUNICATIONS EQUIPMENT – 1.6% |
| |||||||
Brocade Communications Systems, Inc.* | 8,790 | 81,835 | ||||||
Cisco Systems, Inc. | 53,220 | 1,229,914 | ||||||
EchoStar Corp.* | 270 | 12,139 | ||||||
F5 Networks, Inc.* | 1,710 | 179,841 | ||||||
Harris Corp. | 2,040 | 149,981 | ||||||
JDS Uniphase Corp.* | 5,850 | 74,119 | ||||||
Juniper Networks, Inc.* | 10,440 | 257,764 | ||||||
Motorola Solutions, Inc. | 5,790 | 368,128 | ||||||
Palo Alto Networks, Inc.* | 1,800 | 114,444 | ||||||
Polycom, Inc.* | 3,200 | 39,360 | ||||||
QUALCOMM, Inc. | 50,600 | 3,982,726 | ||||||
Riverbed Technology, Inc.* | 4,200 | 81,690 | ||||||
|
| |||||||
$ | 6,571,941 | |||||||
COMPUTERS & PERIPHERALS – 4.2% |
| |||||||
3D Systems Corp.#, * | 3,000 | 142,020 | ||||||
Apple, Inc. | 22,640 | 13,359,638 | ||||||
Diebold, Inc. | 973 | 36,595 | ||||||
EMC Corp. | 42,470 | 1,095,726 | ||||||
Hewlett-Packard Co. | 19,490 | 644,339 | ||||||
Lexmark International, Inc. | 2,230 | 95,890 | ||||||
NCR Corp.* | 5,320 | 162,313 | ||||||
NetApp, Inc. | 11,843 | 421,729 | ||||||
SanDisk Corp. | 4,650 | 395,111 | ||||||
Stratasys Ltd.#, * | 1,300 | 125,931 | ||||||
Western Digital Corp. | 2,280 | 200,936 | ||||||
|
| |||||||
$ | 16,680,228 | |||||||
ELECTRONIC EQUIPMENT, |
| |||||||
Amphenol Corp. | 5,150 | 491,052 | ||||||
Arrow Electronics, Inc.* | 1,340 | 76,045 | ||||||
Avnet, Inc. | 3,060 | 131,978 | ||||||
AVX Corp. | 200 | 2,670 | ||||||
Corning, Inc. | 13,640 | 285,212 | ||||||
Dolby Laboratories, Inc.# | 1,350 | 53,797 | ||||||
FLIR Systems, Inc. | 3,390 | 115,396 | ||||||
Ingram Micro, Inc.* | 100 | 2,696 | ||||||
IPG Photonics Corp.#, * | 200 | 12,926 | ||||||
Jabil Circuit, Inc. | 5,240 | 90,442 | ||||||
Knowles Corp.* | 1,930 | 53,905 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 34
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
National Instruments Corp. | 2,880 | $ | 78,653 | |||||
Tech Data Corp.* | 1,700 | 106,233 | ||||||
Trimble Navigation Ltd.* | 8,300 | 318,969 | ||||||
Vishay Intertechnology, Inc. | 2,370 | 33,701 | ||||||
|
| |||||||
$ | 1,853,675 | |||||||
INTERNET SOFTWARE & SERVICES – 3.9% |
| |||||||
Akamai Technologies, Inc.* | 4,850 | 257,389 | ||||||
AOL, Inc. | 2,331 | 99,790 | ||||||
eBay, Inc.* | 37,820 | 1,960,211 | ||||||
Equinix, Inc.#, * | 1,890 | 354,961 | ||||||
Facebook, Inc.* | 49,700 | 2,971,066 | ||||||
Google, Inc.* | 15,770 | 8,370,243 | ||||||
IAC/InterActiveCorp | 2,830 | 187,572 | ||||||
LinkedIn Corp.* | 3,200 | 491,104 | ||||||
Pandora Media, Inc.* | 4,900 | 114,758 | ||||||
Rackspace Hosting, Inc.* | 2,800 | 81,256 | ||||||
Twitter, Inc.#,* | 1,900 | 74,043 | ||||||
VeriSign, Inc.* | 3,950 | 186,361 | ||||||
Yahoo!, Inc.* | 8,490 | 305,216 | ||||||
|
| |||||||
$ | 15,453,970 | |||||||
IT SERVICES – 4.6% | ||||||||
Accenture PLC | 18,800 | 1,508,136 | ||||||
Alliance Data Systems Corp.* | 1,790 | 433,001 | ||||||
Amdocs Ltd. | 2,720 | 126,562 | ||||||
Automatic Data Processing, Inc. | 14,030 | 1,093,779 | ||||||
Blackhawk Network Holdings, Inc.* | 517 | 11,907 | ||||||
Broadridge Financial Solutions, Inc. | 3,630 | 139,174 | ||||||
Cognizant Technology Solutions Corp.* | 18,120 | 868,039 | ||||||
Computer Sciences Corp. | 1,600 | 94,688 | ||||||
CoreLogic, Inc.* | 680 | 19,060 | ||||||
DST Systems, Inc. | 170 | 15,672 | ||||||
Fidelity National Information Services, Inc. | 4,243 | 226,703 | ||||||
Fiserv, Inc.* | 7,660 | 465,575 | ||||||
FleetCor Technologies, Inc.* | 2,100 | 239,673 | ||||||
Gartner, Inc.* | 3,500 | 241,290 | ||||||
Genpact Ltd. | 6,500 | 109,590 | ||||||
Global Payments, Inc. | 2,250 | 150,367 | ||||||
International Business Machines Corp. | 27,900 | 5,481,513 | ||||||
Jack Henry & Associates, Inc. | 1,900 | 104,804 | ||||||
Leidos Holdings, Inc. | 2,200 | 81,928 | ||||||
Mastercard, Inc. | 34,300 | 2,522,765 | ||||||
NeuStar, Inc.* | 2,800 | 72,016 | ||||||
Paychex, Inc. | 9,670 | 404,303 | ||||||
Teradata Corp.* | 4,070 | 185,022 | ||||||
Total System Services, Inc. | 4,520 | 143,600 | ||||||
Vantiv, Inc.* | 3,900 | 119,925 |
Description
| Number of
| Value
| ||||||
VeriFone Systems, Inc.* | 2,600 | $ | 86,944 | |||||
Visa, Inc. | 15,330 | 3,106,011 | ||||||
Western Union Co. | 20,690 | 328,350 | ||||||
|
| |||||||
$ | 18,380,397 | |||||||
OFFICE ELECTRONICS – 0.1% |
| |||||||
Xerox Corp. | 15,860 | 191,747 | ||||||
Zebra Technologies Corp.* | 350 | 24,304 | ||||||
|
| |||||||
$ | 216,051 | |||||||
SEMICONDUCTORS & |
| |||||||
Advanced Micro Devices, Inc.#,* | 12,850 | 52,556 | ||||||
Altera Corp. | 7,030 | 228,616 | ||||||
Analog Devices, Inc. | 8,820 | 452,378 | ||||||
Applied Materials, Inc. | 32,580 | 620,975 | ||||||
Atmel Corp.* | 11,220 | 87,179 | ||||||
Avago Technologies Ltd. | 8,000 | 508,000 | ||||||
Broadcom Corp. | 9,230 | 284,376 | ||||||
Cree, Inc.* | 3,430 | 161,793 | ||||||
Fairchild Semiconductor International, Inc.* | 1,810 | 23,041 | ||||||
First Solar, Inc.* | 700 | 47,243 | ||||||
Intel Corp. | 54,870 | 1,464,480 | ||||||
KLA-Tencor Corp. | 1,850 | 118,381 | ||||||
Lam Research Corp. | 2,480 | 142,873 | ||||||
Linear Technology Corp. | 6,470 | 287,915 | ||||||
LSI Corp. | 9,100 | 101,374 | ||||||
Marvell Technology Group Ltd. | 3,330 | 52,814 | ||||||
Maxim Integrated Products, Inc. | 11,220 | 363,977 | ||||||
Microchip Technology, Inc.# | 5,900 | 280,486 | ||||||
Micron Technology, Inc.* | 12,970 | 338,776 | ||||||
NVIDIA Corp. | 6,080 | 112,298 | ||||||
ON Semiconductor Corp.* | 10,570 | 99,464 | ||||||
Silicon Laboratories, Inc.* | 1,380 | 62,031 | ||||||
Skyworks Solutions, Inc.* | 4,800 | 197,040 | ||||||
Teradyne, Inc.* | 3,450 | 60,962 | ||||||
Texas Instruments, Inc. | 30,750 | 1,397,588 | ||||||
Xilinx, Inc. | 8,100 | 382,239 | ||||||
|
| |||||||
$ | 7,928,855 | |||||||
SOFTWARE – 5.0% | ||||||||
Activision Blizzard, Inc. | 2,970 | 59,430 | ||||||
Adobe Systems, Inc.* | 8,680 | 535,469 | ||||||
ANSYS, Inc.* | 3,880 | 296,083 | ||||||
Autodesk, Inc.* | 7,530 | 361,591 | ||||||
CA, Inc. | 4,180 | 125,985 | ||||||
Cadence Design Systems, Inc.* | 11,710 | 182,208 | ||||||
Citrix Systems, Inc.* | 6,130 | 363,570 | ||||||
Compuware Corp. | 1,080 | 11,189 | ||||||
Concur Technologies, Inc.* | 1,100 | 88,517 |
ANNUAL REPORT / April 30, 2014
35 PORTFOLIOS OF INVESTMENTS
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
Electronic Arts, Inc.* | 6,660 | $ | 188,478 | |||||
FactSet Research Systems, Inc.# | 1,540 | 164,010 | ||||||
Fortinet, Inc.* | 4,000 | 87,920 | ||||||
Informatica Corp.* | 3,500 | 124,075 | ||||||
Intuit, Inc. | 10,000 | 757,500 | ||||||
MICROS Systems, Inc.* | 1,220 | 62,830 | ||||||
Microsoft Corp. | 242,989 | 9,816,756 | ||||||
NetSuite, Inc.* | 1,200 | 92,772 | ||||||
Nuance Communications, Inc.* | 100 | 1,609 | ||||||
Oracle Corp. | 95,900 | 3,920,392 | ||||||
Red Hat, Inc.* | 6,230 | 303,090 | ||||||
Rovi Corp.* | 1,650 | 36,779 | ||||||
Salesforce.com, Inc.* | 17,080 | 882,182 | ||||||
ServiceNow, Inc.* | 3,500 | 174,020 | ||||||
SolarWinds, Inc.* | 1,300 | 52,416 | ||||||
Solera Holdings, Inc. | 2,700 | 174,906 | ||||||
Splunk, Inc.* | 4,300 | 234,651 | ||||||
Symantec Corp. | 16,720 | 339,082 | ||||||
Synopsys, Inc.* | 2,600 | 97,812 | ||||||
TIBCO Software, Inc.* | 5,000 | 98,150 | ||||||
VMware, Inc.* | 2,310 | 213,698 | ||||||
Workday, Inc.* | 1,300 | 94,991 | ||||||
Zynga, Inc.* | 15,000 | 60,750 | ||||||
|
| |||||||
$ | 20,002,911 | �� | ||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | $ | 87,088,028 | ||||||
MATERIALS – 4.3% | ||||||||
CHEMICALS – 3.1% | ||||||||
Air Products & Chemicals, Inc. | 1,970 | 231,514 | ||||||
Airgas, Inc. | 1,960 | 208,270 | ||||||
Albemarle Corp. | 1,180 | 79,107 | ||||||
Ashland, Inc. | 540 | 52,164 | ||||||
Cabot Corp. | 460 | 26,588 | ||||||
Celanese Corp. | 5,270 | 323,736 | ||||||
CF Industries Holdings, Inc. | 723 | 177,258 | ||||||
Cytec Industries, Inc. | 980 | 93,414 | ||||||
Dow Chemical Co. | 15,250 | 760,975 | ||||||
E.I. du Pont de Nemours & Co. | 26,830 | 1,806,196 | ||||||
Eastman Chemical Co. | 5,688 | 495,823 | ||||||
Ecolab, Inc. | 7,877 | 824,249 | ||||||
FMC Corp. | 3,660 | 281,820 | ||||||
International Flavors & Fragrances, Inc. | 2,900 | 285,708 | ||||||
LyondellBasell Industries NV | 11,100 | 1,026,750 | ||||||
Monsanto Co. | 15,750 | 1,743,525 | ||||||
Mosaic Co. | 2,550 | 127,602 | ||||||
NewMarket Corp. | 400 | 148,928 | ||||||
PPG Industries, Inc. | 3,820 | 739,628 |
Description
| Number of
| Value
| ||||||
Praxair, Inc. | 8,250 | $ | 1,077,037 | |||||
Rockwood Holdings, Inc. | 2,000 | 142,100 | ||||||
RPM International, Inc. | 3,760 | 160,402 | ||||||
Scotts Miracle-Gro Co. | 1,470 | 89,979 | ||||||
Sherwin-Williams Co. | 2,858 | 571,143 | ||||||
Sigma-Aldrich Corp. | 3,490 | 335,773 | ||||||
Valspar Corp. | 2,720 | 198,669 | ||||||
Westlake Chemical Corp. | 1,800 | 128,160 | ||||||
WR Grace & Co.* | 2,900 | 267,090 | ||||||
|
| |||||||
$ | 12,403,608 | |||||||
CONSTRUCTION MATERIALS – 0.1% | ||||||||
Eagle Materials, Inc. | 1,700 | 141,661 | ||||||
Martin Marietta Materials, Inc.# | 1,500 | 186,495 | ||||||
Vulcan Materials Co. | 1,400 | 90,342 | ||||||
|
| |||||||
$ | 418,498 | |||||||
CONTAINERS & PACKAGING – 0.5% | ||||||||
Aptargroup, Inc. | 580 | 39,104 | ||||||
Avery Dennison Corp. | 910 | 44,281 | ||||||
Ball Corp. | 6,200 | 348,378 | ||||||
Bemis Co., Inc. | 3,440 | 138,426 | ||||||
Crown Holdings, Inc.* | 4,340 | 204,718 | ||||||
Greif, Inc. | 270 | 14,631 | ||||||
MeadWestvaco Corp. | 1,480 | 57,824 | ||||||
Owens-Illinois, Inc.* | 3,380 | 107,416 | ||||||
Packaging Corp. of America | 2,850 | 189,895 | ||||||
Rock-Tenn Co. | 2,000 | 191,220 | ||||||
Sealed Air Corp. | 7,500 | 257,325 | ||||||
Silgan Holdings, Inc. | 1,900 | 94,525 | ||||||
Sonoco Products Co. | 3,910 | 164,533 | ||||||
|
| |||||||
$ | 1,852,276 | |||||||
METALS & MINING – 0.4% | ||||||||
Alcoa, Inc. | 6,800 | 91,596 | ||||||
Allegheny Technologies, Inc. | 2,650 | 109,180 | ||||||
Carpenter Technology Corp. | 380 | 23,864 | ||||||
Cliffs Natural Resources, Inc.# | 2,540 | 45,009 | ||||||
Compass Minerals International, Inc. | 900 | 82,440 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 10,465 | 359,682 | ||||||
Newmont Mining Corp. | 5,570 | 138,303 | ||||||
Nucor Corp. | 3,150 | 163,012 | ||||||
Reliance Steel & Aluminum Co. | 750 | 53,115 | ||||||
Royal Gold, Inc. | 400 | 26,480 | ||||||
Southern Copper Corp. | 6,270 | 188,978 | ||||||
Steel Dynamics, Inc. | 5,700 | 104,139 | ||||||
Tahoe Resources, Inc.* | 5,800 | 129,340 | ||||||
United States Steel Corp.# | 3,620 | 94,192 | ||||||
|
| |||||||
$ | 1,609,330 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 36
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
PAPER & FOREST PRODUCTS – 0.2% |
| |||||||
Domtar Corp. | 900 | $ | 84,024 | |||||
International Paper Co. | 13,540 | 631,641 | ||||||
|
| |||||||
$ | 715,665 | |||||||
|
| |||||||
TOTAL MATERIALS | $ | 16,999,377 | ||||||
TELECOMMUNICATION SERVICES – 2.4% | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.0% |
| |||||||
AT&T, Inc. | 49,557 | 1,769,185 | ||||||
CenturyLink, Inc. | 5,519 | 192,668 | ||||||
Frontier Communications Corp.# | 10,500 | 62,475 | ||||||
Level 3 Communications, Inc.* | 2,028 | 87,265 | ||||||
tw telecom, Inc.* | 4,100 | 125,829 | ||||||
Verizon Communications, Inc. | 120,100 | 5,612,273 | ||||||
Windstream Holdings, Inc.# | 15,700 | 142,399 | ||||||
|
| |||||||
$ | 7,992,094 | |||||||
WIRELESS TELECOMMUNICATION SERVICES – 0.4% |
| |||||||
Crown Castle International Corp. | 10,540 | 766,574 | ||||||
SBA Communications Corp.* | 4,510 | 404,818 | ||||||
Sprint Corp. | 11,460 | 97,410 | ||||||
Telephone & Data Systems, Inc.# | 2,424 | 65,909 | ||||||
T-Mobile US, Inc.* | 2,465 | 72,200 | ||||||
United States Cellular Corp. | 90 | 3,739 | ||||||
|
| |||||||
$ | 1,410,650 | |||||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | $ | 9,402,744 | ||||||
UTILITIES – 2.0% | ||||||||
ELECTRIC UTILITIES – 0.9% |
| |||||||
American Electric Power Co., Inc. | 5,390 | 290,036 | ||||||
Duke Energy Corp. | 3,795 | 282,690 | ||||||
Edison International | 3,320 | 187,779 | ||||||
Entergy Corp. | 2,770 | 200,825 | ||||||
Exelon Corp. | 8,199 | 287,211 | ||||||
FirstEnergy Corp. | 4,626 | 156,127 | ||||||
Great Plains Energy, Inc. | 1,720 | 46,148 | ||||||
Hawaiian Electric Industries, Inc.# | 2,710 | 65,013 | ||||||
ITC Holdings Corp. | 3,960 | 146,401 | ||||||
NextEra Energy, Inc. | 3,340 | 333,499 | ||||||
Northeast Utilities | 5,713 | 269,996 | ||||||
OGE Energy Corp. | 3,020 | 112,737 | ||||||
Pinnacle West Capital Corp. | 1,600 | 89,520 | ||||||
PPL Corp. | 9,000 | 300,060 | ||||||
Southern Co. | 10,381 | 475,761 | ||||||
Westar Energy, Inc. | 2,960 | 106,205 | ||||||
Xcel Energy, Inc. | 7,770 | 247,630 | ||||||
|
| |||||||
$ | 3,597,638 |
Description
| Number of
| Value
| ||||||
GAS UTILITIES – 0.3% | ||||||||
AGL Resources, Inc. | 1,320 | $ | 71,280 | |||||
Atmos Energy Corp. | 2,610 | 133,214 | ||||||
National Fuel Gas Co. | 1,410 | 103,832 | ||||||
ONE Gas, Inc. | 1,290 | 47,188 | ||||||
ONEOK, Inc. | 7,160 | 452,655 | ||||||
Questar Corp. | 6,500 | 157,820 | ||||||
UGI Corp. | 1,890 | 88,244 | ||||||
|
| |||||||
$ | 1,054,233 | |||||||
INDEPENDENT POWER |
| |||||||
AES Corp. | 6,610 | 95,514 | ||||||
Calpine Corp.* | 7,850 | 180,000 | ||||||
NRG Energy, Inc. | 3,100 | 101,432 | ||||||
|
| |||||||
$ | 376,946 | |||||||
MULTI-UTILITIES – 0.7% | ||||||||
Alliant Energy Corp. | 2,000 | 116,960 | ||||||
Ameren Corp. | 3,450 | 142,519 | ||||||
CenterPoint Energy, Inc. | 4,760 | 117,858 | ||||||
CMS Energy Corp. | 3,670 | 111,238 | ||||||
Consolidated Edison, Inc. | 5,340 | 309,880 | ||||||
Dominion Resources, Inc. | 4,170 | 302,492 | ||||||
DTE Energy Co. | 2,200 | 171,908 | ||||||
Integrys Energy Group, Inc. | 1,760 | 107,853 | ||||||
MDU Resources Group, Inc. | 4,280 | 151,598 | ||||||
NiSource, Inc. | 4,700 | 170,704 | ||||||
PG&E Corp. | 3,120 | 142,210 | ||||||
Public Service Enterprise Group, Inc. | 6,200 | 254,014 | ||||||
SCANA Corp. | 3,140 | 168,555 | ||||||
Sempra Energy | 3,250 | 320,483 | ||||||
TECO Energy, Inc. | 430 | 7,723 | ||||||
Vectren Corp. | 1,680 | 68,158 | ||||||
Wisconsin Energy Corp. | 4,240 | 205,555 | ||||||
|
| |||||||
$ | 2,869,708 | |||||||
WATER UTILITIES – 0.0%** | ||||||||
American Water Works Co., Inc. | 1,690 | 76,946 | ||||||
Aqua America, Inc. | 6,625 | 166,221 | ||||||
|
| |||||||
$ | 243,167 | |||||||
|
| |||||||
TOTAL UTILITIES | $ | 8,141,692 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (COST $253,327,412) | $ | 397,171,985 | ||||||
MONEY MARKET FUND – 0.1% | ||||||||
Dreyfus Cash Management Fund, | ||||||||
Institutional Shares, 0.03%^ | 233,002 | 233,002 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $233,002) | $ | 233,002 |
ANNUAL REPORT / April 30, 2014
37 PORTFOLIOS OF INVESTMENTS
Wilmington Large-Cap Strategy Fund (continued)
Description
| Number of
| Value
| ||||||
PREFERRED STOCK – 0.0%** |
| |||||||
CONSUMER DISCRETIONARY – 0.0%** |
| |||||||
SPECIALTY RETAIL – 0.0%** |
| |||||||
OSH 1 Liquidating Corp.†† | 57 | $ | — | |||||
|
| |||||||
TOTAL PREFERRED STOCK (COST $132) | $ | — | ||||||
RIGHTS – 0.0%** | ||||||||
Celgene Corp.* | 89 | 249 | ||||||
Community Health Systems, Inc.* | 3,700 | 222 | ||||||
Fresenius Kabi Pharmaceuticals Holding, Inc.*,†† | 132 | — | ||||||
|
| |||||||
TOTAL RIGHTS (COST $142) | $ | 471 | ||||||
WARRANTS – 0.0%** | ||||||||
American International Group, Inc. CW21, Expire 1/19/21* | 2,055 | 45,703 | ||||||
Kinder Morgan, Inc., Expire 5/25/17* | 16,345 | 31,709 | ||||||
|
| |||||||
TOTAL WARRANTS (COST $48,690) | $ | 77,412 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES – 100.0% (COST $253,609,378)
|
| $
| 397,482,870
|
| ||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.3% |
| |||||||
REPURCHASE AGREEMENTS – 1.3% |
| |||||||
Barclays Capital, 0.04%, dated 04/30/14, due 05/01/14, repurchase price $249,297, collateralized by U.S. Treasury Securities 0.00% to 3.63%, maturing 09/15/15 to 02/15/44; total market value of $254,283. | $ | 249,297 | 249,297 | |||||
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $1,184,184, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $1,207,865. | 1,184,182 | 1,184,182 | ||||||
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $1,184,183, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 05/06/14 to 07/15/32; total market value of $1,207,879. | 1,184,182 | 1,184,182 |
Description
|
Par Value
| Value
| ||||||
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $1,184,184, collateralized by U.S. Government Securities 0.25% to 6.75%, maturing 07/15/14 to 07/15/32; total market value of $1,207,870. | $ | 1,184,182 | $ | 1,184,182 | ||||
TD Securities (USA) LLC, 0.06%, dated 04/30/14, due 05/01/14, repurchase price $1,184,184, collateralized by U.S. Government & Treasury Securities 2.50% to 5.63%, maturing 01/15/15 to 02/01/43; total market value of $1,207,866. | 1,184,182 | 1,184,182 | ||||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $4,986,025) | $ | 4,986,025 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 101.3% (COST $258,595,403) | $ | 402,468,895 | ||||||
COLLATERAL FOR SECURITIES ON |
| (4,986,025 | ) | |||||
OTHER LIABILITIES LESS |
| (76,353 | ) | |||||
|
| |||||||
TOTAL NET ASSETS – 100.0% |
| $ | 397,406,517 | |||||
|
|
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 38
Wilmington Large-Cap Strategy Fund (concluded)
Cost of investments for Federal income tax purposes is $262,671,349. The net unrealized appreciation/(depreciation) of investments was $139,797,546. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $147,331,783 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,534,237.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1
| Level 2
| Level 3
| Total
| |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 397,171,985 | $ | — | $ | — | $ | 397,171,985 | ||||||||
Preferred Stock | — | — | — | — | ||||||||||||
Rights | 471 | — | — | 471 | ||||||||||||
Warrants | 77,412 | — | — | 77,412 | ||||||||||||
Money Market Fund | 233,002 | — | — | 233,002 | ||||||||||||
Repurchase Agreements | — | 4,986,025 | — | 4,986,025 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 397,482,870 | $ | 4,986,025 | $ | — | $ | 402,468,895 | ||||||||
|
|
|
|
|
|
|
| |||||||||
See Notes to Portfolios of Investments | ||||||||||||||||
See Notes which are an integral part of the Financial Statements |
ANNUAL REPORT / April 30, 2014
39
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Large-Cap Value Fund
At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):
Percentage of Total Net Assets |
Common Stocks | ||||
Financials | 24.9% | |||
Health Care | 16.5% | |||
Industrials | 15.1% | |||
Energy | 13.6% | |||
Consumer Discretionary | 9.4% | |||
Information Technology | 8.7% | |||
Consumer Staples | 6.8% | |||
Utilities | 3.1% | |||
Materials | 2.0% | |||
Telecommunication Services | 1.4% | |||
Other Assets and Liabilities - Net1 | (1.5)% | |||
| ||||
TOTAL | 100.0% | |||
|
(1) Assets, | other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 101.5% | ||||||||
CONSUMER DISCRETIONARY – 9.4% |
| |||||||
MEDIA – 3.1% | ||||||||
Omnicom Group, Inc. | 7,604 | $ | 514,639 | |||||
MULTILINE RETAIL – 2.5% |
| |||||||
Nordstrom, Inc. | 6,706 | 410,944 | ||||||
SPECIALTY RETAIL – 3.8% |
| |||||||
Dick’s Sporting Goods, Inc. | 6,471 | 340,763 | ||||||
Lowe’s Cos., Inc. | 6,471 | 297,084 | ||||||
|
| |||||||
$ | 637,847 | |||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY |
| $ | 1,563,430 | |||||
CONSUMER STAPLES – 6.8% |
| |||||||
BEVERAGES – 1.9% |
| |||||||
PepsiCo, Inc. | 3,680 | 316,075 | ||||||
FOOD & STAPLES RETAILING – 3.2% |
| |||||||
Costco Wholesale Corp. | 1,418 | 164,034 | ||||||
CVS Caremark Corp. | 4,994 | 363,164 | ||||||
�� |
|
| ||||||
$ | 527,198 | |||||||
TOBACCO – 1.7% | ||||||||
Philip Morris International, Inc. | 3,368 | 287,728 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES |
| $ | 1,131,0301 |
Description | Number of Shares | Value | ||||||
ENERGY – 13.6% | ||||||||
ENERGY EQUIPMENT & SERVICES – 3.0% |
| |||||||
Schlumberger Ltd. | 4,947 | $ | 502,368 | |||||
OIL, GAS & CONSUMABLE FUELS – 10.6% |
| |||||||
Chevron Corp. | 4,855 | 609,400 | ||||||
ConocoPhillips | 6,975 | 518,312 | ||||||
Exxon Mobil Corp. | 2,647 | 271,079 | ||||||
Occidental Petroleum Corp. | 3,797 | 363,563 | ||||||
|
| |||||||
$ | 1,762,354 | |||||||
|
| |||||||
TOTAL ENERGY | $ | 2,264,722 | ||||||
FINANCIALS – 24.9% |
| |||||||
CAPITAL MARKETS – 2.6% |
| |||||||
T. Rowe Price Group, Inc. | 5,300 | 435,289 | ||||||
COMMERCIAL BANKS – 10.3% |
| |||||||
BB&T Corp. | 14,593 | 544,757 | ||||||
PNC Financial Services Group, Inc. | 4,993 | 419,612 | ||||||
U.S. Bancorp | 4,704 | 191,829 | ||||||
Wells Fargo & Co. | 11,301 | 560,982 | ||||||
|
| |||||||
$ | 1,717,180 | |||||||
DIVERSIFIED FINANCIAL SERVICES – 3.0% |
| |||||||
JPMorgan Chase & Co. | 8,839 | 494,807 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 40
Wilmington Large-Cap Value Fund (continued)
Description | Number of Shares | Value | ||||||
INSURANCE – 7.4% | ||||||||
ACE Ltd. | 4,325 | $ | 442,534 | |||||
MetLife, Inc. | 8,783 | 459,790 | ||||||
Travelers Cos., Inc. | 3,559 | 322,374 | ||||||
|
| |||||||
$ | 1,224,698 | |||||||
REAL ESTATE INVESTMENT TRUSTS – 1.6% |
| |||||||
American Tower Corp. | 3,163 | 264,174 | ||||||
|
| |||||||
TOTAL FINANCIALS | $ | 4,136,148 | ||||||
HEALTH CARE – 16.5% | ||||||||
BIOTECHNOLOGY – 1.5% |
| |||||||
Amgen, Inc. | 2,187 | 244,397 | ||||||
HEALTH CARE PROVIDERS & SERVICES – 2.8% |
| |||||||
Cardinal Health, Inc. | 6,635 | 461,199 | ||||||
PHARMACEUTICALS – 12.2% |
| |||||||
Johnson & Johnson | 6,354 | 643,597 | ||||||
Merck & Co., Inc. | 9,041 | 529,441 | ||||||
Pfizer, Inc. | 19,232 | 601,577 | ||||||
Teva Pharmaceutical Industries Ltd. ADR | 5,251 | 256,564 | ||||||
|
| |||||||
$ | 2,031,179 | |||||||
|
| |||||||
TOTAL HEALTH CARE | $ | 2,736,775 | ||||||
INDUSTRIALS – 15.1% | ||||||||
AEROSPACE & DEFENSE – 1.5% |
| |||||||
Lockheed Martin Corp. | 1,482 | 243,255 | ||||||
AIR FREIGHT & LOGISTICS – 1.9% |
| |||||||
United Parcel Service, Inc. | 3,290 | 324,065 | ||||||
AIRLINES – 1.5% |
| |||||||
Delta Air Lines, Inc. | 6,992 | 257,515 | ||||||
ELECTRICAL EQUIPMENT – 1.3% |
| |||||||
Emerson Electric Co. | 3,064 | 208,904 | ||||||
INDUSTRIAL CONGLOMERATES – 6.5% |
| |||||||
Danaher Corp. | 6,292 | 461,707 | ||||||
General Electric Co. | 22,846 | 614,329 | ||||||
|
| |||||||
$ | 1,076,036 | |||||||
ROAD & RAIL – 2.4% |
| |||||||
Union Pacific Corp. | 2,100 | 399,903 | ||||||
|
| |||||||
TOTAL INDUSTRIALS | $ | 2,509,678 |
Description | Number of Shares | Value | ||||||
INFORMATION TECHNOLOGY – 8.7% |
| |||||||
COMMUNICATIONS EQUIPMENT – 2.5% |
| |||||||
QUALCOMM, Inc. | 5,216 | $ | 410,551 | |||||
COMPUTERS & PERIPHERALS – 2.9% |
| |||||||
Apple, Inc. | 827 | 488,004 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR |
| |||||||
Intel Corp. | 9,645 | 257,425 | ||||||
Maxim Integrated Products, Inc. | 9,164 | 297,280 | ||||||
|
| |||||||
$ | 554,705 | |||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY |
| $ | 1,453,260 | |||||
MATERIALS – 2.0% | ||||||||
CHEMICALS – 2.0% |
| |||||||
Air Products & Chemicals, Inc. | 2,887 | 339,280 | ||||||
TELECOMMUNICATION SERVICES – 1.4% |
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.5% |
| |||||||
Verizon Communications, Inc. | 1,928 | 90,095 | ||||||
WIRELESS TELECOMMUNICATION SERVICES – 0.9% |
| |||||||
Vodafone Group PLC ADR | 3,917 | 148,689 | ||||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES |
| $ | 238,784 | |||||
UTILITIES – 3.1% | ||||||||
ELECTRIC UTILITIES – 3.1% |
| |||||||
PPL Corp. | 8,088 | 269,654 | ||||||
Southern Co. | 5,413 | 248,078 | ||||||
|
| |||||||
$ | 517,732 | |||||||
|
| |||||||
TOTAL UTILITIES |
| $ | 517,732 | |||||
|
| |||||||
TOTAL COMMON STOCKS (COST $12,500,889) | $ | 16,890,810 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 101.5% (COST $12,500,889) | $ | 16,890,810 | ||||||
OTHER LIABILITIES LESS ASSETS – (1.5%) | (244,100 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 16,646,710 | ||||||
|
|
Cost of investments for Federal income tax purposes is $12,571,388. The net unrealized appreciation/(depreciation) of investments was $4,319,422. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $4,364,974 and net unrealized depreciation from investments for those securities having an excess of cost over value of $45,552.
ANNUAL REPORT / April 30, 2014
41 PORTFOLIOS OF INVESTMENTS
Wilmington Large-Cap Value 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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 16,890,810 | $ | — | $ | — | $ | 16,890,810 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 16,890,810 | $ | — | $ | — | $ | 16,890,810 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
42
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Mid-Cap Growth Fund
At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):
Percentage of Total Net Assets |
Common Stocks | ||||||
Consumer Discretionary | 21.7% | |||||
Information Technology | 17.3% | |||||
Industrials | 16.9% | |||||
Health Care | 12.0% | |||||
Financials | 10.8% | |||||
Energy | 9.3% | |||||
Materials | 5.9% | |||||
Consumer Staples | 4.9% | |||||
Cash Equivalents1 | 8.8% | |||||
Other Assets and Liabilities – Net2 | (7.6)% | |||||
|
| |||||
TOTAL | 100.0% | |||||
|
|
(1) Cash | Equivalents include investments in a money market fund and repurchase agreements. |
(2) Assets, | other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 98.8% | ||||||||
CONSUMER DISCRETIONARY – 21.7% |
| |||||||
AUTO COMPONENTS – 2.3% | ||||||||
BorgWarner, Inc. | 145,170 | $ | 9,020,864 | |||||
DISTRIBUTORS – 1.9% | ||||||||
LKQ Corp.* | 244,650 | 7,124,208 | ||||||
HOTELS, RESTAURANTS & LEISURE – 2.1% |
| |||||||
DineEquity, Inc. | 54,450 | 4,127,854 | ||||||
Panera Bread Co.* | 24,550 | 3,755,414 | ||||||
|
| |||||||
$ | 7,883,268 | |||||||
INTERNET & CATALOG RETAIL – 1.0% |
| |||||||
TripAdvisor, Inc.* | 48,925 | 3,950,205 | ||||||
MEDIA – 4.7% |
| |||||||
CBS Corp., Non-Voting | 156,050 | 9,013,448 | ||||||
Lions Gate Entertainment Corp. | 151,000 | 4,006,030 | ||||||
Scripps Networks Interactive, Inc. | 63,400 | 4,759,438 | ||||||
|
| |||||||
$ | 17,778,916 | |||||||
MULTILINE RETAIL – 1.5% |
| |||||||
Nordstrom, Inc. | 92,000 | 5,637,760 | ||||||
SPECIALTY RETAIL – 4.6% |
| |||||||
GameStop Corp. | 123,300 | 4,892,544 |
Description | Number of Shares | Value | ||||||
L Brands, Inc. | 98,650 | $ | 5,346,830 | |||||
Tile Shop Holdings, Inc.#,* | 262,613 | 3,701,530 | ||||||
Vitamin Shoppe, Inc.* | 74,600 | 3,571,848 | ||||||
|
| |||||||
$ | 17,512,752 | |||||||
TEXTILES, APPAREL & LUXURY GOODS – 3.6% |
| |||||||
Coach, Inc. | 79,300 | 3,540,745 | ||||||
Lululemon Athletica, Inc.#,* | 65,900 | 3,026,787 | ||||||
PVH Corp. | 56,300 | 7,069,591 | ||||||
|
| |||||||
$ | 13,637,123 | |||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY |
| $ | 82,545,096 | |||||
CONSUMER STAPLES – 4.9% |
| |||||||
BEVERAGES –1.9% |
| |||||||
Keurig Green Mountain, Inc. | 77,400 | 7,250,832 | ||||||
FOOD & STAPLES RETAILING – 0.8% |
| |||||||
Pricesmart, Inc. | 33,000 | 3,169,320 | ||||||
HOUSEHOLD PRODUCTS – 1.5% |
| |||||||
Church & Dwight Co., Inc. | 81,140 | 5,599,471 | ||||||
PERSONAL PRODUCTS – 0.7% |
| |||||||
Herbalife Ltd.# | 41,710 | 2,501,766 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES | $ | 18,521,389 |
ANNUAL REPORT / April 30, 2014
43 PORTFOLIOS OF INVESTMENTS
Wilmington Mid-Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
ENERGY – 9.3% |
| |||||||
ENERGY EQUIPMENT & SERVICES – 4.3% |
| |||||||
Cameron International Corp.* | 95,500 | $ | 6,203,680 | |||||
CARBO Ceramics, Inc.# | 39,530 | 5,530,642 | ||||||
Core Laboratories NV | 24,550 | 4,607,544 | ||||||
|
| |||||||
$ | 16,341,866 | |||||||
OIL, GAS & CONSUMABLE FUELS – 5.0% |
| |||||||
Cabot Oil & Gas Corp. | 139,100 | 5,463,848 | ||||||
Southwestern Energy Co.* | 124,140 | 5,943,823 | ||||||
Whiting Petroleum Corp.* | 106,300 | 7,836,436 | ||||||
|
| |||||||
$ | 19,244,107 | |||||||
|
| |||||||
TOTAL ENERGY | $ | 35,585,973 | ||||||
FINANCIALS – 10.8% |
| |||||||
CAPITAL MARKETS – 2.2% |
| |||||||
Raymond James Financial, Inc. | 86,400 | 4,294,080 | ||||||
T. Rowe Price Group, Inc. | 48,300 | 3,966,879 | ||||||
|
| |||||||
$ | 8,260,959 | |||||||
COMMERCIAL BANKS – 1.6% |
| |||||||
SVB Financial Group* | 55,400 | 5,910,626 | ||||||
DIVERSIFIED FINANCIAL SERVICES – 2.3% |
| |||||||
IntercontinentalExchange Group, Inc. | 18,900 | 3,863,916 | ||||||
MarketAxess Holdings, Inc. | 91,200 | 4,913,856 | ||||||
|
| |||||||
$ | 8,777,772 | |||||||
INSURANCE – 1.4% | ||||||||
Brown & Brown, Inc. | 183,219 | 5,456,262 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.3% |
| |||||||
CBRE Group, Inc.* | 260,550 | 6,941,052 | ||||||
Realogy Holdings Corp.* | 135,150 | 5,683,058 | ||||||
|
| |||||||
$ | 12,624,110 | |||||||
|
| |||||||
TOTAL FINANCIALS | $ | 41,029,729 | ||||||
HEALTH CARE – 12.0% | ||||||||
BIOTECHNOLOGY – 3.1% | ||||||||
Cepheid, Inc.* | 106,500 | 4,630,620 | ||||||
Regeneron Pharmaceuticals, Inc.* | 23,920 | 7,101,609 | ||||||
|
| |||||||
$ | 11,732,229 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES – 4.9% |
| |||||||
Alere, Inc.* | 151,100 | 5,046,740 | ||||||
Intuitive Surgical, Inc.* | 10,475 | 3,788,807 | ||||||
ResMed, Inc.# | 116,235 | 5,794,315 | ||||||
West Pharmaceutical Services, Inc. | 93,950 | 4,075,551 | ||||||
|
| |||||||
$ | 18,705,413 | |||||||
HEALTH CARE TECHNOLOGY – 1.5% |
| |||||||
Cerner Corp.* | 111,850 | 5,737,905 |
Description | Number of Shares | Value | ||||||
PHARMACEUTICALS – 2.5% |
| |||||||
Auxilium Pharmaceuticals, Inc.* | 110,700 | $ | 2,491,857 | |||||
Perrigo Co. PLC | 49,625 | 7,188,678 | ||||||
|
| |||||||
$ | 9,680,535 | |||||||
|
| |||||||
TOTAL HEALTH CARE | $ | 45,856,082 | ||||||
INDUSTRIALS – 16.9% | ||||||||
AEROSPACE & DEFENSE – 2.6% |
| |||||||
HEICO Corp. | 138,500 | 5,643,875 | ||||||
Precision Castparts Corp. | 16,700 | 4,226,603 | ||||||
|
| |||||||
$ | 9,870,478 | |||||||
COMMERCIAL SERVICES & SUPPLIES – 2.8% |
| |||||||
MSA Safety, Inc. | 104,800 | 5,528,200 | ||||||
Waste Connections, Inc. | 115,091 | 5,139,964 | ||||||
|
| |||||||
$ | 10,668,164 | |||||||
ELECTRICAL EQUIPMENT – 3.5% | ||||||||
AMETEK, Inc. | 127,050 | 6,698,076 | ||||||
Rockwell Automation, Inc. | 54,850 | 6,537,023 | ||||||
|
| |||||||
$ | 13,235,099 | |||||||
MACHINERY – 5.2% | ||||||||
Chart Industries, Inc.#,* | 51,550 | 3,516,741 | ||||||
Cummins, Inc. | 39,500 | 5,958,575 | ||||||
Graco, Inc. | 80,450 | 5,832,625 | ||||||
Pall Corp. | 52,500 | 4,417,875 | ||||||
|
| |||||||
$ | 19,725,816 | |||||||
ROAD & RAIL – 2.8% | ||||||||
Kansas City Southern | 53,150 | 5,361,772 | ||||||
Old Dominion Freight Line, Inc.* | 86,800 | 5,262,684 | ||||||
|
| |||||||
$ | 10,624,456 | |||||||
|
| |||||||
TOTAL INDUSTRIALS | $ | 64,124,013 | ||||||
INFORMATION TECHNOLOGY – 17.3% |
| |||||||
COMMUNICATIONS EQUIPMENT – 1.1% |
| |||||||
Aruba Networks, Inc.* | 219,135 | 4,332,299 | ||||||
COMPUTERS & PERIPHERALS – 0.9% |
| |||||||
Stratasys Ltd.* | 34,700 | 3,361,389 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & |
| |||||||
FEI Co. | 51,900 | 4,127,088 | ||||||
IPG Photonics Corp.#,* | 112,810 | 7,290,910 | ||||||
National Instruments Corp. | 151,800 | 4,145,658 | ||||||
|
| |||||||
$ | 15,563,656 | |||||||
INTERNET SOFTWARE & SERVICES – 2.2% |
| |||||||
CoStar Group, Inc.* | 28,547 | 4,592,927 | ||||||
Xoom Corp.* | 178,500 | 3,982,335 | ||||||
|
| |||||||
$ | 8,575,262 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 44
Wilmington Mid-Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
IT SERVICES – 1.4% | ||||||||
Global Payments, Inc. | 77,850 | $ | 5,202,715 | |||||
SEMICONDUCTORS & SEMICONDUCTOR |
| |||||||
Altera Corp. | 171,100 | 5,564,172 | ||||||
Lam Research Corp. | 72,950 | 4,202,650 | ||||||
|
| |||||||
$ | 9,766,822 | |||||||
SOFTWARE – 5.0% | ||||||||
ANSYS, Inc.* | 94,066 | 7,178,176 | ||||||
Autodesk, Inc.* | 125,300 | 6,016,906 | ||||||
Red Hat, Inc.* | 116,150 | 5,650,698 | ||||||
|
| |||||||
$ | 18,845,780 | |||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY |
| $ | 65,647,923 | |||||
MATERIALS – 5.9% | ||||||||
CHEMICALS – 4.2% | ||||||||
Airgas, Inc. | 43,400 | 4,611,684 | ||||||
Valspar Corp. | 60,200 | 4,397,008 | ||||||
WR Grace & Co.* | 76,650 | 7,059,465 | ||||||
|
| |||||||
$ | 16,068,157 | |||||||
CONTAINERS & PACKAGING – 1.7% |
| |||||||
Crown Holdings, Inc.* | 132,250 | 6,238,232 | ||||||
|
| |||||||
TOTAL MATERIALS | $ | 22,306,389 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(COST $271,533,204) | $ | 375,616,594 | ||||||
|
| |||||||
MONEY MARKET FUND – 1.2% | ||||||||
Dreyfus Cash Management Fund, | 4,447,858 | 4,447,858 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUND | ||||||||
(COST $4,447,858) | $ | 4,447,858 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES – 100.0% | ||||||||
(COST $275,981,062) | $ | 380,064,452 |
Description | Par Value | Value | ||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 7.6% | ||||||||
REPURCHASE AGREEMENTS – 7.6% |
| |||||||
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $6,854,053, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $6,991,123. | $ | 6,854,042 | $ | 6,854,042 | ||||
Daiwa Capital Markets America, 0.07%, dated 04/30/14, due 05/01/14, repurchase price $6,854,055, collateralized by U.S. Government & Treasury Securities 1.32% to 6.50%, maturing 06/01/17 to 03/01/48; total market value of $6,991,123. | 6,854,042 | 6,854,042 | ||||||
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $6,854,050, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 05/06/14 to 07/15/32; total market value of $6,991,199. | 6,854,042 | 6,854,042 | ||||||
Nomura Securities International, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $1,442,921, collateralized by U.S. Treasury Securities 0.13% to 6.13%, maturing 07/15/14 to 02/15/44; total market value of $1,471,778. | 1,442,919 | 1,442,919 | ||||||
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $6,854,053, collateralized by U.S. Government Securities 0.25% to 6.75%, maturing 07/15/14 to 07/15/32; total market value of $6,991,146. | 6,854,042 | 6,854,042 | ||||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN | ||||||||
(COST $28,859,087) | $ | 28,859,087 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 107.6% | ||||||||
(COST $304,840,149) | $ | 408,923,539 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (7.6%) | (28,859,087 | ) | ||||||
OTHER ASSETS LESS LIABILITIES – 0.0%** | 161,054 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 380,225,506 | ||||||
|
|
Cost of investments for Federal income tax purposes is $307,822,570. The net unrealized appreciation/(depreciation) of investments was $101,100,969. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $112,229,425 and net unrealized depreciation from investments for those securities having an excess of cost over value of $11,128,456.
ANNUAL REPORT / April 30, 2014
45 PORTFOLIOS OF INVESTMENTS
Wilmington Mid-Cap Growth 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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 375,616,594 | $ | — | $ | — | $ | 375,616,594 | ||||||||
Money Market Fund | 4,447,858 | — | — | 4,447,858 | ||||||||||||
Repurchase Agreements | — | 28,859,087 | — | 28,859,087 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 380,064,452 | $ | 28,859,087 | $ | — | $ | 408,923,539 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which is an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
46
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Small-Cap Growth Fund
At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):
Percentage of Total Net Assets |
Common Stocks | ||||
Industrial | 25.7% | |||
Information Technology | 19.3% | |||
Health Care | 18.8% | |||
Consumer Discretionary | 16.6% | |||
Consumer Staples | 6.2% | |||
Materials | 5.0% | |||
Financials | 4.9% | |||
Energy | 2.4% | |||
Telecommunication Services | 0.7% | |||
Utilities | 0.0%3 | |||
Warrant | 0.0%3 | |||
Cash Equivalents1 | 9.4% | |||
Other Assets and Liabilities – Net2 | (9.0)% | |||
| ||||
TOTAL | 100.0% | |||
|
(1) | Cash Equivalents include investments in a money market fund and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represents less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 99.6% | ||||||||
CONSUMER DISCRETIONARY – 16.6% |
| |||||||
AUTO COMPONENTS – 1.4% |
| |||||||
American Axle & Manufacturing Holdings, Inc.* | 5,529 | $ | 97,587 | |||||
Stoneridge, Inc.* | 11,858 | 126,762 | ||||||
Tenneco, Inc.* | 12,612 | 755,080 | ||||||
Tower International, Inc.* | 6,997 | 194,587 | ||||||
|
| |||||||
$ | 1,174,016 | |||||||
AUTOMOBILES – 0.3% |
| |||||||
Winnebago Industries, Inc.* | 12,171 | 290,887 | ||||||
DISTRIBUTORS – 0.9% |
| |||||||
Core-Mark Holding Co., Inc. | 9,685 | 780,030 | ||||||
DIVERSIFIED CONSUMER SERVICES – 0.4% |
| |||||||
Education Management Corp.#,* | 16,509 | 65,541 |
Description | Number of Shares | Value | ||||||
Steiner Leisure Ltd.* | 7,146 | $ | 308,493 | |||||
|
| |||||||
$ | 374,034 | |||||||
HOTELS, RESTAURANTS & LEISURE – 2.2% |
| |||||||
Cheesecake Factory, Inc. | 9,438 | 423,672 | ||||||
DineEquity, Inc. | 1,417 | 107,423 | ||||||
Life Time Fitness, Inc.#,* | 10,334 | 496,032 | ||||||
Popeyes Louisiana Kitchen, Inc.* | 3,667 | 139,713 | ||||||
Premier Exhibitions, Inc.* | 55,016 | 48,034 | ||||||
Ruth’s Hospitality Group, Inc. | 18,034 | 227,048 | ||||||
Sonic Corp.* | 20,697 | 394,071 | ||||||
|
| |||||||
$ | 1,835,993 | |||||||
HOUSEHOLD DURABLES – 1.0% |
| |||||||
La-Z-Boy, Inc. | 3,228 | 78,214 | ||||||
Libbey, Inc.* | 8,575 | 228,695 | ||||||
Meritage Homes Corp.* | 2,238 | 86,342 |
ANNUAL REPORT / April 30, 2014
47 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
Ryland Group, Inc. | 11,561 | $ | 443,827 | |||||
|
| |||||||
$ | 837,078 | |||||||
INTERNET & CATALOG RETAIL – 0.8% |
| |||||||
Blue Nile, Inc.* | 4,275 | 148,471 | ||||||
HSN, Inc. | 5,970 | 346,499 | ||||||
Orbitz Worldwide, Inc.* | 19,948 | 146,618 | ||||||
Valuevision Media, Inc.* | 15,226 | 71,258 | ||||||
|
| |||||||
$ | 712,846 | |||||||
LEISURE EQUIPMENT & PRODUCTS – 1.3% |
| |||||||
Brunswick Corp. | 15,693 | 630,702 | ||||||
Marine Products Corp. | 8,156 | 57,908 | ||||||
Polaris Industries, Inc. | 2,883 | 387,273 | ||||||
|
| |||||||
$ | 1,075,883 | |||||||
MEDIA – 2.5% |
| |||||||
Entravision Communications Corp. | 24,766 | 131,507 | ||||||
Lions Gate Entertainment Corp. | 9,802 | 260,047 | ||||||
Loral Space & Communications, Inc. | 4,073 | 293,215 | ||||||
MDC Partners, Inc. | 15,033 | 367,106 | ||||||
National CineMedia, Inc. | 3,831 | 58,193 | ||||||
Nexstar Broadcasting Group, Inc.# | 9,802 | 390,610 | ||||||
Sinclair Broadcast Group, Inc.# | 23,797 | 636,094 | ||||||
|
| |||||||
$ | 2,136,772 | |||||||
SPECIALTY RETAIL – 3.3% |
| |||||||
Aeropostale, Inc.#,* | 5,314 | 26,411 | ||||||
Asbury Automotive Group, Inc.* | 6,845 | 422,610 | ||||||
Cabela’s, Inc.* | 3,709 | 243,347 | ||||||
Lumber Liquidators Holdings, Inc.* | 3,892 | 339,227 | ||||||
Monro Muffler Brake, Inc. | 6,907 | 389,555 | ||||||
Pier 1 Imports, Inc. | 8,521 | 155,593 | ||||||
Select Comfort Corp.* | 4,641 | 85,394 | ||||||
Tractor Supply Co. | 11,565 | 777,631 | ||||||
Winmark Corp. | 3,602 | 273,248 | ||||||
Zumiez, Inc.* | 3,029 | 74,059 | ||||||
|
| |||||||
$ | 2,787,075 | |||||||
TEXTILES, APPAREL & LUXURY GOODS – 2.5% |
| |||||||
Quiksilver, Inc.#,* | 14,153 | 90,862 | ||||||
Steven Madden Ltd.* | 19,556 | 696,389 | ||||||
Under Armour, Inc.* | 10,784 | 527,230 | ||||||
Wolverine World Wide, Inc. | 30,655 | 861,405 | ||||||
|
| |||||||
$ | 2,175,886 | |||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | $ | 14,180,500 | ||||||
CONSUMER STAPLES – 6.2% |
| |||||||
BEVERAGES – 0.3% |
| |||||||
National Beverage Corp.* | 13,188 | 254,265 |
Description | Number of Shares | Value | ||||||
FOOD & STAPLES RETAILING – 2.3% |
| |||||||
Andersons, Inc. | 12,791 | $ | 796,751 | |||||
Pricesmart, Inc. | 5,096 | 489,420 | ||||||
Rite Aid Corp.* | 50,503 | 368,672 | ||||||
SUPERVALU, Inc.* | 42,463 | 296,816 | ||||||
|
| |||||||
$ | 1,951,659 | |||||||
FOOD PRODUCTS – 2.2% |
| |||||||
Darling International, Inc.* | 14,455 | 289,245 | ||||||
Hain Celestial Group, Inc.* | 2,776 | 238,792 | ||||||
J&J Snack Foods Corp. | 5,851 | 547,654 | ||||||
Omega Protein Corp.* | 24,369 | 276,832 | ||||||
Pilgrim’s Pride Corp.* | 23,284 | 508,988 | ||||||
|
| |||||||
$ | 1,861,511 | |||||||
HOUSEHOLD PRODUCTS – 1.1% |
| |||||||
Spectrum Brands Holdings, Inc. | 6,318 | 485,412 | ||||||
WD-40 Co. | 6,813 | 496,259 | ||||||
|
| |||||||
$ | 981,671 | |||||||
PERSONAL PRODUCTS – 0.3% |
| |||||||
Nature’s Sunshine Products, Inc. | 7,412 | 99,024 | ||||||
Prestige Brands Holdings, Inc.* | 6,059 | 203,098 | ||||||
|
| |||||||
$ | 302,122 | |||||||
|
| |||||||
TOTAL CONSUMER STAPLES | $ | 5,351,228 | ||||||
ENERGY – 2.4% |
| |||||||
ENERGY EQUIPMENT & SERVICES – 1.3% |
| |||||||
Dril-Quip, Inc.* | 7,359 | 832,450 | ||||||
Geospace Technologies Corp.* | 1,368 | 79,522 | ||||||
Mitcham Industries, Inc.* | 10,328 | 142,526 | ||||||
|
| |||||||
$ | 1,054,498 | |||||||
OIL, GAS & CONSUMABLE FUELS – 1.1% |
| |||||||
Energy XXI (Bermuda) Ltd.# | 850 | 20,340 | ||||||
EPL Oil & Gas, Inc.* | 1,093 | 42,780 | ||||||
Kodiak Oil & Gas Corp.* | 32,947 | 418,756 | ||||||
Oasis Petroleum, Inc.* | 5,929 | 275,758 | ||||||
Rosetta Resources, Inc.* | 2,270 | 107,462 | ||||||
Western Refining, Inc.# | 2,280 | 99,180 | ||||||
|
| |||||||
$ | 964,276 | |||||||
|
| |||||||
TOTAL ENERGY | $ | 2,018,774 | ||||||
FINANCIALS – 4.9% |
| |||||||
CAPITAL MARKETS – 2.4% |
| |||||||
AllianceBernstein Holding LP# | 19,158 | 487,188 | ||||||
HFF, Inc. | 12,489 | 424,626 | ||||||
Lazard Ltd. | 8,019 | 377,294 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 48
Wilmington Small-Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
Medallion Financial Corp. | 34,454 | $ | 468,574 | |||||
Virtus Investment Partners, Inc.* | 1,654 | 305,973 | ||||||
|
| |||||||
$ | 2,063,655 | |||||||
COMMERCIAL BANKS – 0.1% |
| |||||||
Glacier Bancorp, Inc. | 2,952 | 75,748 | ||||||
CONSUMER FINANCE – 0.9% |
| |||||||
Consumer Portfolio Services, Inc.* | 17,500 | 122,150 | ||||||
First Cash Financial Services, Inc.* | 13,528 | 659,761 | ||||||
|
| |||||||
$ | 781,911 | |||||||
INSURANCE – 0.1% |
| |||||||
First American Financial Corp. | 3,631 | 96,585 | ||||||
REAL ESTATE INVESTMENT TRUSTS – 1.0% |
| |||||||
FelCor Lodging Trust, Inc. | 20,777 | 191,772 | ||||||
Geo Group, Inc. | 3,875 | 129,929 | ||||||
Omega Healthcare Investors, Inc.# | 5,732 | 199,359 | ||||||
Strategic Hotels & Resorts, Inc.* | 30,562 | 329,764 | ||||||
|
| |||||||
$ | 850,824 | |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2% |
| |||||||
Tejon Ranch Co.* | 5,433 | 168,477 | ||||||
THRIFTS & MORTGAGE FINANCE – 0.2% |
| |||||||
MGIC Investment Corp.* | 19,049 | 163,821 | ||||||
|
| |||||||
TOTAL FINANCIALS | $ | 4,201,021 | ||||||
HEALTH CARE – 18.8% |
| |||||||
BIOTECHNOLOGY – 6.6% |
| |||||||
ACADIA Pharmaceuticals, Inc.#,* | 9,927 | 199,830 | ||||||
Aegerion Pharmaceuticals, Inc.#,* | 7,937 | 351,292 | ||||||
Alnylam Pharmaceuticals, Inc.* | 7,335 | 363,303 | ||||||
Arena Pharmaceuticals, Inc.#,* | 4,873 | 31,187 | ||||||
Array BioPharma, Inc.* | 28,927 | 115,129 | ||||||
Celldex Therapeutics, Inc.* | 11,076 | 166,140 | ||||||
Cubist Pharmaceuticals, Inc.* | 4,872 | 341,332 | ||||||
Dendreon Corp.#,* | 13,015 | 33,579 | ||||||
Exact Sciences Corp.#,* | 1,795 | 21,540 | ||||||
Exelixis, Inc.#,* | 22,600 | 80,004 | ||||||
Idenix Pharmaceuticals, Inc.#,* | 4,704 | 25,919 | ||||||
Insmed, Inc.* | 8,075 | 112,565 | ||||||
Intercept Pharmaceuticals, Inc.* | 1,258 | 332,263 | ||||||
Intrexon Corp.#,* | 25,606 | 483,441 | ||||||
Ironwood Pharmaceuticals, Inc.* | 5,996 | 66,076 | ||||||
Isis Pharmaceuticals, Inc.* | 3,891 | 103,539 | ||||||
Keryx Biopharmaceuticals, Inc.#,* | 23,691 | 349,916 | ||||||
Novavax, Inc.* | 60,467 | 264,845 | ||||||
Orexigen Therapeutics, Inc.#,* | 21,967 | 123,455 | ||||||
Osiris Therapeutics, Inc.#,* | 8,993 | 127,970 | ||||||
PDL BioPharma, Inc.# | 23,613 | 200,474 |
Description | Number of Shares | Value | ||||||
Pharmacyclics, Inc.* | 1,875 | $ | 177,337 | |||||
Portola Pharmaceuticals, Inc.#,* | 23,200 | 544,272 | ||||||
Puma Biotechnology, Inc.* | 1,770 | 133,706 | ||||||
Raptor Pharmaceutical Corp.#,* | 11,810 | 97,669 | ||||||
Sarepta Therapeutics, Inc.#,* | 5,595 | 207,742 | ||||||
Seattle Genetics, Inc.#,* | 3,491 | 134,334 | ||||||
Spectrum Pharmaceuticals, Inc.#,* | 7,446 | 51,154 | ||||||
Synageva BioPharma Corp.#,* | 1,766 | 152,529 | ||||||
Tetraphase Pharmaceuticals, Inc.* | 21,489 | 230,792 | ||||||
United Therapeutics Corp.* | 413 | 41,304 | ||||||
ZIOPHARM Oncology, Inc.#,* | 3,065 | 11,034 | ||||||
|
| |||||||
$ | 5,675,672 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES – 6.1% |
| |||||||
ABIOMED, Inc.#,* | 16,304 | 386,242 | ||||||
Align Technology, Inc.* | 11,927 | 601,002 | ||||||
Anika Therapeutics, Inc.* | 7,375 | 315,207 | ||||||
Cantel Medical Corp. | 6,289 | 208,543 | ||||||
Cardiovascular Systems, Inc.* | 12,972 | 372,945 | ||||||
Cynosure, Inc.* | 14,052 | 344,836 | ||||||
Haemonetics Corp.* | 7,913 | 240,239 | ||||||
Neogen Corp.* | 17,644 | 737,078 | ||||||
OraSure Technologies, Inc.* | 30,864 | 202,159 | ||||||
Sirona Dental Systems, Inc.* | 2,362 | 177,670 | ||||||
Staar Surgical Co.* | 5,510 | 93,725 | ||||||
STERIS Corp. | 9,372 | 450,325 | ||||||
Utah Medical Products, Inc. | 9,211 | 467,827 | ||||||
West Pharmaceutical Services, Inc. | 14,790 | 641,590 | ||||||
|
| |||||||
$ | 5,239,388 | |||||||
HEALTH CARE PROVIDERS & SERVICES – 2.7% |
| |||||||
Accretive Health, Inc.#,* | 7,558 | 60,842 | ||||||
AMN Healthcare Services, Inc.* | 8,575 | 107,016 | ||||||
Centene Corp.* | 4,895 | 325,028 | ||||||
Corvel Corp.* | 19,672 | 895,863 | ||||||
Gentiva Health Services, Inc.* | 6,768 | 50,963 | ||||||
HealthSouth Corp. | 8,509 | 294,752 | ||||||
National Research Corp., Class B#,* | 2,617 | 114,834 | ||||||
National Research Corp., Class A* | 5,497 | 86,633 | ||||||
Providence Service Corp.* | 9,959 | 404,435 | ||||||
|
| |||||||
$ | 2,340,366 | |||||||
HEALTH CARE TECHNOLOGY – 0.4% |
| |||||||
athenahealth, Inc.#,* | 1,843 | 227,869 | ||||||
Cerner Corp.* | 2,409 | 123,582 | ||||||
|
| |||||||
$ | 351,451 | |||||||
LIFE SCIENCES TOOLS & SERVICES – 0.8% |
| |||||||
Furiex Pharmaceuticals, Inc.* | 2,184 | 225,760 |
ANNUAL REPORT / April 30, 2014
49 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
Luminex Corp.* | 2,656 | $ | 51,022 | |||||
PAREXEL International Corp.* | 7,853 | 356,134 | ||||||
|
| |||||||
$ | 632,916 | |||||||
PHARMACEUTICALS – 2.2% |
| |||||||
Cempra, Inc.* | 35,451 | 323,313 | ||||||
Jazz Pharmaceuticals PLC* | 2,360 | 318,364 | ||||||
Pacira Pharmaceuticals, Inc.* | 6,023 | 412,515 | ||||||
Salix Pharmaceuticals Ltd.* | 6,392 | 703,120 | ||||||
TherapeuticsMD, Inc.#,* | 15,915 | 66,843 | ||||||
Vivus, Inc.#,* | 3,109 | 16,167 | ||||||
|
| |||||||
$ | 1,840,322 | |||||||
|
| |||||||
TOTAL HEALTH CARE | $ | 16,080,115 | ||||||
INDUSTRIALS – 25.7% | ||||||||
AEROSPACE & DEFENSE – 1.6% |
| |||||||
DigitalGlobe, Inc.* | 4,246 | 126,446 | ||||||
GenCorp., Inc.#,* | 17,118 | 300,592 | ||||||
HEICO Corp. | 3,765 | 208,280 | ||||||
Hexcel Corp.* | 11,862 | 494,527 | ||||||
Sypris Solutions, Inc. | 17,292 | 52,395 | ||||||
Teledyne Technologies, Inc.* | 1,830 | 169,934 | ||||||
|
| |||||||
$ | 1,352,174 | |||||||
AIR FREIGHT & LOGISTICS – 0.9% |
| |||||||
Park-Ohio Holdings Corp.* | 10,409 | 607,781 | ||||||
XPO Logistics, Inc.#,* | 5,673 | 153,965 | ||||||
|
| |||||||
$ | 761,746 | |||||||
AIRLINES – 1.6% |
| |||||||
American Airlines Group, Inc.* | 7,711 | 270,425 | ||||||
Hawaiian Holdings, Inc.* | 53,569 | 774,072 | ||||||
Republic Airways Holdings, Inc.* | 17,576 | 146,057 | ||||||
Spirit Airlines, Inc.* | 2,805 | 159,436 | ||||||
|
| |||||||
$ | 1,349,990 | |||||||
BUILDING PRODUCTS – 1.8% |
| |||||||
American Woodmark Corp.* | 5,197 | 155,962 | ||||||
Trex Co., Inc.* | 11,030 | 866,076 | ||||||
USG Corp.* | 18,854 | 562,980 | ||||||
|
| |||||||
$ | 1,585,018 | |||||||
COMMERCIAL SERVICES & SUPPLIES – 3.0% |
| |||||||
Brink’s Co. | 15,374 | 391,115 | ||||||
Healthcare Services Group, Inc. | 13,903 | 404,577 | ||||||
Herman Miller, Inc. | 471 | 14,521 | ||||||
Interface, Inc. | 8,621 | 155,092 | ||||||
Knoll, Inc. | 4,134 | 75,197 | ||||||
Mobile Mini, Inc. | 5,897 | 260,529 | ||||||
SP Plus Corp.* | 26,459 | 646,129 |
Description | Number of Shares | Value | ||||||
Team, Inc.* | 15,506 | $ | 665,052 | |||||
|
| |||||||
$ | 2,612,212 | |||||||
CONSTRUCTION & ENGINEERING – 4.3% |
| |||||||
Aegion Corp.* | 21,789 | 555,402 | ||||||
Comfort Systems USA, Inc. | 9,212 | 138,180 | ||||||
Dycom Industries, Inc.* | 25,701 | 807,011 | ||||||
Furmanite Corp.* | 43,362 | 454,434 | ||||||
Great Lakes Dredge & Dock Corp. | 36,343 | 313,640 | ||||||
MasTec, Inc.* | 11,734 | 464,432 | ||||||
MYR Group, Inc.* | 3,833 | 89,922 | ||||||
Primoris Services Corp. | 31,346 | 877,061 | ||||||
|
| |||||||
$ | 3,700,082 | |||||||
ELECTRICAL EQUIPMENT – 1.4% |
| |||||||
Acuity Brands, Inc. | 5,169 | 643,902 | ||||||
Encore Wire Corp. | 11,572 | 563,904 | ||||||
|
| |||||||
$ | 1,207,806 | |||||||
MACHINERY – 1.2% | ||||||||
Blount International, Inc.* | 5,669 | 63,323 | ||||||
Gorman-Rupp Co. | 251 | 7,794 | ||||||
Meritor, Inc.* | 24,443 | 290,138 | ||||||
Mueller Water Products, Inc. | 14,709 | 134,146 | ||||||
Trimas Corp.* | 8,680 | 311,265 | ||||||
Valmont Industries, Inc. | 413 | 61,500 | ||||||
Wabash National Corp.* | 13,872 | 185,330 | ||||||
|
| |||||||
$ | 1,053,496 | |||||||
MARINE – 0.3% | ||||||||
Rand Logistics, Inc.* | 40,001 | 248,406 | ||||||
PROFESSIONAL SERVICES – 4.6% |
| |||||||
Advisory Board Co.* | 11,339 | 649,271 | ||||||
Barrett Business Services, Inc. | 6,942 | 349,946 | ||||||
Corporate Executive Board Co. | 3,491 | 240,949 | ||||||
Exponent, Inc. | 11,964 | 842,505 | ||||||
GP Strategies Corp.* | 22,413 | 589,014 | �� | |||||
Kforce, Inc. | 13,015 | 300,907 | ||||||
Navigant Consulting, Inc.* | 26,986 | 453,365 | ||||||
On Assignment, Inc.* | 5,568 | 194,880 | ||||||
Resources Connection, Inc. | 20,339 | 276,814 | ||||||
|
| |||||||
$ | 3,897,651 | |||||||
ROAD & RAIL – 1.3% | ||||||||
Genesee & Wyoming, Inc.* | 1,630 | 161,386 | ||||||
Quality Distribution, Inc.* | 50,166 | 630,587 | ||||||
Swift Transportation Co.* | 11,698 | 281,337 | ||||||
|
| |||||||
$ | 1,073,310 | |||||||
TRADING COMPANIES & DISTRIBUTORS – 3.7% |
| |||||||
Aceto Corp. | 29,885 | 653,884 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 50
Wilmington Small-Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
CAI International, Inc.* | 6,791 | $ | 147,704 | |||||
DXP Enterprises, Inc.* | 5,857 | 663,071 | ||||||
H&E Equipment Services, Inc. | 8,640 | 333,072 | ||||||
TAL International Group, Inc. | 1,771 | 74,701 | ||||||
Textainer Group Holdings Ltd.# | 10,284 | 404,161 | ||||||
United Rentals, Inc.* | 9,371 | 879,281 | ||||||
Watsco, Inc. | 199 | 20,479 | ||||||
|
| |||||||
$ | 3,176,353 | |||||||
|
| |||||||
TOTAL INDUSTRIALS | $ | 22,018,244 | ||||||
INFORMATION TECHNOLOGY – 19.3% |
| |||||||
COMMUNICATIONS EQUIPMENT – 1.6% |
| |||||||
Alliance Fiber Optic Products, Inc.# | 2,808 | 53,970 | ||||||
ARRIS Group, Inc.* | 17,774 | 463,724 | ||||||
CalAmp Corp.* | 13,625 | 241,844 | ||||||
InterDigital, Inc. | 4,134 | 143,532 | ||||||
Ixia* | 7,086 | 88,008 | ||||||
Tessco Technologies, Inc. | 11,619 | 382,149 | ||||||
|
| |||||||
$ | 1,373,227 | |||||||
COMPUTERS & PERIPHERALS – 0.6% |
| |||||||
3D Systems Corp.#,* | 6,075 | 287,590 | ||||||
Cray, Inc.* | 8,509 | 244,293 | ||||||
|
| |||||||
$ | 531,883 | |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.3% |
| |||||||
Anixter International, Inc.* | 7,015 | 687,330 | ||||||
Methode Electronics, Inc. | 14,583 | 404,532 | ||||||
|
| |||||||
$ | 1,091,862 | |||||||
INTERNET SOFTWARE & SERVICES – 3.7% |
| |||||||
Blucora, Inc.* | 3,935 | 75,749 | ||||||
Conversant, Inc.* | 24,353 | 595,187 | ||||||
CoStar Group, Inc.* | 3,419 | 550,083 | ||||||
LivePerson, Inc.* | 5,338 | 52,846 | ||||||
OpenTable, Inc.* | 2,893 | 194,294 | ||||||
Perficient, Inc.* | 10,774 | 196,841 | ||||||
Spark Networks, Inc.#,* | 12,396 | 56,154 | ||||||
SPS Commerce, Inc.* | 3,046 | 157,783 | ||||||
Stamps.com, Inc.* | 11,311 | 392,605 | ||||||
support.com, Inc.* | 21,762 | 53,752 | ||||||
TechTarget, Inc.* | 9,995 | 64,168 | ||||||
Textura Corp.#,* | 22,476 | 400,298 | ||||||
Web.com Group, Inc.* | 11,273 | 346,194 | ||||||
�� |
|
| ||||||
$ | 3,135,954 | |||||||
IT SERVICES – 6.2% |
| |||||||
Cardtronics, Inc.* | 14,171 | 474,445 | ||||||
Computer Task Group, Inc. | 12,064 | 190,732 | ||||||
CSG Systems International, Inc. | 15,862 | 418,122 |
Description | Number of Shares | Value | ||||||
Hackett Group, Inc. | 19,018 | $ | 114,108 | |||||
Heartland Payment Systems, Inc. | 8,809 | 360,640 | ||||||
iGATE Corp.* | 26,580 | 972,828 | ||||||
Jack Henry & Associates, Inc. | 8,845 | 487,890 | ||||||
Lionbridge Technologies, Inc.* | 26,082 | 153,362 | ||||||
MAXIMUS, Inc. | 19,852 | 845,100 | ||||||
MoneyGram International, Inc.* | 30,176 | 398,323 | ||||||
ServiceSource International, Inc.* | 30,656 | 191,293 | ||||||
TeleTech Holdings, Inc.* | 5,183 | 125,066 | ||||||
Unisys Corp.* | 16,870 | 411,122 | ||||||
WEX, Inc.* | 1,311 | 125,817 | ||||||
|
| |||||||
$ | 5,268,848 | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.8% |
| |||||||
Ambarella, Inc.#,* | 7,240 | 179,914 | ||||||
Integrated Device Technology, Inc.* | 8,250 | 96,277 | ||||||
Microsemi Corp.* | 3,248 | 76,393 | ||||||
SunEdison, Inc.* | 13,210 | 254,028 | ||||||
SunPower Corp.#,* | 2,770 | 92,573 | ||||||
TriQuint Semiconductor, Inc.* | 1,380 | 19,568 | ||||||
|
| |||||||
$ | 718,753 | |||||||
SOFTWARE – 5.1% |
| |||||||
ACI Worldwide, Inc.* | 2,598 | 148,476 | ||||||
American Software, Inc. | 6,969 | 67,181 | ||||||
ANSYS, Inc.* | 2,716 | 207,258 | ||||||
Aspen Technology, Inc.* | 3,615 | 155,409 | ||||||
Blackbaud, Inc. | 5,779 | 175,971 | ||||||
CommVault Systems, Inc.* | 1,755 | 84,942 | ||||||
Concur Technologies, Inc.* | 4,015 | 323,087 | ||||||
Digimarc Corp. | 3,345 | 110,452 | ||||||
Ebix, Inc.# | 1,068 | 16,853 | ||||||
Fair Isaac Corp. | 2,126 | 121,607 | ||||||
Glu Mobile, Inc.#,* | 17,059 | 68,236 | ||||||
Manhattan Associates, Inc.* | 31,588 | 995,970 | ||||||
Mentor Graphics Corp. | 10,747 | 222,463 | ||||||
PROS Holdings, Inc.* | 5,835 | 159,879 | ||||||
PTC, Inc.* | 7,558 | 267,326 | ||||||
QLIK Technologies, Inc.* | 9,902 | 217,646 | ||||||
Silver Spring Networks, Inc.* | 9,947 | 149,006 | ||||||
Solera Holdings, Inc. | 3,248 | 210,405 | ||||||
Symantec Corp. | 14,076 | 285,461 | ||||||
Ultimate Software Group, Inc.* | 3,111 | 372,169 | ||||||
VirnetX Holding Corp.#,* | 1,195 | 18,821 | ||||||
|
| |||||||
$ | 4,378,618 | |||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | $ | 16,499,145 |
ANNUAL REPORT / April 30, 2014
51 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Growth Fund (continued)
Description | Number of Shares | Value | ||||||
MATERIALS – 5.0% | ||||||||
CHEMICALS – 3.1% | ||||||||
American Vanguard Corp. | 3,041 | $ | 54,160 | |||||
Chase Corp. | 1,994 | 62,093 | ||||||
Chemtura Corp.* | 9,890 | 220,547 | ||||||
H.B. Fuller Co. | 12,674 | 587,186 | ||||||
Hawkins, Inc. | 983 | 35,585 | ||||||
Koppers Holdings, Inc. | 11,430 | 488,061 | ||||||
Landec Corp.* | 19,753 | 234,271 | ||||||
Marrone Bio Innovations, Inc.#,* | 14,869 | 181,104 | ||||||
OMNOVA Solutions, Inc.* | 20,404 | 186,084 | ||||||
Quaker Chemical Corp. | 6,269 | 466,602 | ||||||
Zep, Inc. | 8,143 | 140,792 | ||||||
|
| |||||||
$ | 2,656,485 | |||||||
CONSTRUCTION MATERIALS – 1.2% |
| |||||||
Eagle Materials, Inc. | 9,115 | 759,553 | ||||||
Headwaters, Inc.* | 21,932 | 273,711 | ||||||
|
| |||||||
$ | 1,033,264 | |||||||
CONTAINERS & PACKAGING – 0.2% |
| |||||||
Myers Industries, Inc. | 7,665 | 143,335 | ||||||
METALS & MINING – 0.3% | ||||||||
Materion Corp. | 8,901 | 299,519 | ||||||
PAPER & FOREST PRODUCTS – 0.2% | ||||||||
Neenah Paper, Inc. | 3,242 | 163,300 | ||||||
|
| |||||||
TOTAL MATERIALS | $ | 4,295,903 | ||||||
TELECOMMUNICATION SERVICES – 0.7% | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.7% |
| |||||||
Atlantic Tele-Network, Inc. | 5,798 | 343,068 | ||||||
Inteliquent, Inc. | 20,148 | 274,819 | ||||||
|
| |||||||
$ | 617,887 | |||||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | $ | 617,887 | ||||||
UTILITIES – 0.0%** | ||||||||
WATER UTILITIES – 0.0%** | ||||||||
Cadiz, Inc.#,* | 4,279 | 27,514 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(COST $59,825,355) | $ | 85,290,331 | ||||||
MONEY MARKET FUND – 0.5% | ||||||||
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^ | 423,743 | 423,743 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUND | ||||||||
(COST $423,743) | $ | 423,743 | ||||||
WARRANT – 0.0%** | ||||||||
Tejon Ranch Co., Expire 8/05/14 | 1,341 | 4,559 | ||||||
|
| |||||||
TOTAL WARRANT | ||||||||
(COST $8,046) | $ | 4,559 |
Description | Number of Shares | Value | ||||||
TOTAL INVESTMENTS IN SECURITIES – 100.1% | ||||||||
(COST $60,257,144) | $ | 85,718,633 | ||||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 8.9% | ||||||||
REPURCHASE AGREEMENTS – 8.9% | ||||||||
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $1,808,045, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44;total market value of $1,844,203. | $ | 1,808,042 | $ | 1,808,042 | ||||
Daiwa Capital Markets America, 0.07%,dated 04/30/14, due 05/01/14, repurchase price $1,808,046, collateralized by U.S. Government & Treasury Securities 1.32% to 6.50%, maturing 06/01/17 to 03/01/48;total market value of $1,844,203. | 1,808,042 | 1,808,042 | ||||||
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $1,808,044, collateralized by U.S. Government Securities 0.00% to 9.38%,maturing 05/06/14 to 07/15/32; total market value of $1,844,223. | 1,808,042 | 1,808,042 | ||||||
Nomura Securities International, Inc., 0.05%, dated 04/30/14, due 05/01/14,repurchase price $380,631, collateralized by U.S. Treasury Securities 0.13% to 6.13%,maturing 07/15/14 to 02/15/44; total market value of $388,242. | 380,630 | 380,630 | ||||||
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $1,808,045, collateralized by U.S. Government Securities 0.25% to 6.75%,maturing 07/15/14 to 07/15/32; total market value of $1,844,209. | 1,808,042 | 1,808,042 | ||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN |
| |||||||
(COST $7,612,798) | $ | 7,612,798 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 109.0% | ||||||||
(COST $67,869,942) | $ | 93,331,431 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (8.9%) | (7,612,798 | ) | ||||||
OTHER LIABILITIES LESS ASSETS – (0.1%) | (96,736 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 85,621,897 | ||||||
|
|
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 52
Wilmington Small-Cap Growth Fund (concluded)
Cost of investments for Federal income tax purposes is $67,996,772. The net unrealized appreciation/(depreciation) of investments was $25,334,659. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $28,723,756 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,389,097.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 85,290,331 | $ | — | $ | — | $ | 85,290,331 | ||||||||
Warrant | 4,559 | — | — | 4,559 | ||||||||||||
Money Market Fund | 423,743 | — | — | 423,743 | ||||||||||||
Repurchase Agreements | — | 7,612,798 | — | 7,612,798 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 85,718,633 | $ | 7,612,798 | $ | — | $ | 93,331,431 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
53
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Small-Cap Strategy Fund
At April 30, 2014, the Fund’s sector classifications were as follows (unaudited):
Percentage of Total Net Assets |
Common Stocks | ||||
Information Technology | 18.6% | |||
Financials | 18.3% | |||
Industrials | 15.6% | |||
Health Care | 14.7% | |||
Consumer Discretionary | 13.9% | |||
Energy | 5.4% | |||
Materials | 4.9% | |||
Consumer Staples | 4.2% | |||
Utilities | 2.4% | |||
Equity Funds | 1.0% | |||
Telecommunication Services | 0.7% | |||
Rights | 0.0%3 | |||
Warrants | 0.0%3 | |||
Cash Equivalents1 | 12.7% | |||
Other Assets and Liabilities – Net2 | (12.4)% | |||
| ||||
TOTAL | 100.0% | |||
|
(1) | Cash Equivalents include investment 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, 2014
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 98.7% | ||||||||
CONSUMER DISCRETIONARY – 13.9% |
| |||||||
AUTO COMPONENTS – 1.1% |
| |||||||
American Axle & Manufacturing Holdings, Inc.* | 5,005 | $ | 88,338 | |||||
Cooper Tire & Rubber Co. | 3,846 | 96,727 | ||||||
Dana Holding Corp. | 9,120 | 193,070 | ||||||
Dorman Products, Inc. | 2,882 | 165,859 | ||||||
Drew Industries, Inc. | 2,314 | 116,440 | ||||||
Exide Technologies* | 5,202 | 1,040 | ||||||
Federal-Mogul Corp.* | 1,805 | 31,082 | ||||||
Fuel Systems Solutions, Inc.* | 566 | 5,932 | ||||||
Gentherm, Inc.* | 3,357 | 122,027 | ||||||
Modine Manufacturing Co.* | 2,335 | 38,481 | ||||||
Remy International, Inc. | 980 | 25,990 | ||||||
Spartan Motors, Inc. | 2,409 | 12,792 | ||||||
Standard Motor Products, Inc. | 1,330 | 50,527 |
Description | Number of Shares | Value | ||||||
Stoneridge, Inc.* | 2,918 | $ | 31,193 | |||||
Superior Industries International, Inc. | 1,546 | 32,682 | ||||||
Tenneco, Inc.* | 5,780 | 346,049 | ||||||
Tower International, Inc.* | 10 | 278 | ||||||
|
| |||||||
$ | 1,358,507 | |||||||
AUTOMOBILES – 0.0%** |
| |||||||
Winnebago Industries, Inc.* | 2,745 | 65,606 | ||||||
DISTRIBUTORS – 0.3% |
| |||||||
Core-Mark Holding Co., Inc. | 573 | 46,149 | ||||||
Pool Corp. | 4,855 | 286,542 | ||||||
VOXX International Corp.* | 1,868 | 21,949 | ||||||
Weyco Group, Inc. | 591 | 14,828 | ||||||
|
| |||||||
$ | 369,468 | |||||||
DIVERSIFIED CONSUMER SERVICES – 1.2% |
| |||||||
American Public Education, Inc.* | 1,815 | 62,799 | ||||||
Ascent Capital Group, Inc.* | 970 | 66,707 | ||||||
Bridgepoint Education, Inc.* | 722 | 11,444 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 54
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Bright Horizons Family Solutions, Inc.* | 1,230 | $ | 50,159 | |||||
Capella Education Co. | 1,125 | 65,655 | ||||||
Career Education Corp.* | 3,120 | 22,526 | ||||||
Carriage Services, Inc. | 1,890 | 30,410 | ||||||
Corinthian Colleges, Inc.* | 7,641 | 8,787 | ||||||
Education Management Corp.#,* | 650 | 2,580 | ||||||
Grand Canyon Education, Inc.* | 4,634 | 199,818 | ||||||
Hillenbrand, Inc. | 5,310 | 161,424 | ||||||
Houghton Mifflin Harcourt Co.* | 1,750 | 35,752 | ||||||
ITT Educational Services, Inc.#,* | 2,060 | 55,620 | ||||||
JTH Holding, Inc., Class A#,* | 1,150 | 31,280 | ||||||
K12, Inc.#,* | 2,860 | 67,725 | ||||||
LifeLock, Inc.* | 5,870 | 92,159 | ||||||
Lincoln Educational Services Corp. | 1,680 | 6,854 | ||||||
Matthews International Corp. | 2,432 | 98,131 | ||||||
Regis Corp. | 3,038 | 39,919 | ||||||
Sotheby’s | 6,642 | 279,363 | ||||||
Steiner Leisure Ltd.* | 925 | 39,932 | ||||||
Strayer Education, Inc. | 810 | 34,530 | ||||||
Universal Technical Institute, Inc. | 901 | 10,821 | ||||||
|
| |||||||
$ | 1,474,395 | |||||||
HOTELS, RESTAURANTS & LEISURE – 3.1% |
| |||||||
Biglari Holdings, Inc.* | 96 | 41,186 | ||||||
BJ’s Restaurants, Inc.* | 2,410 | 68,805 | ||||||
Bloomin’ Brands, Inc.* | 5,060 | 107,879 | ||||||
Bob Evans Farms, Inc. | 1,926 | 90,272 | ||||||
Boyd Gaming Corp.* | 6,240 | 73,757 | ||||||
Bravo Brio Restaurant Group, Inc.* | 1,030 | 15,419 | ||||||
Buffalo Wild Wings, Inc.* | 1,892 | 276,459 | ||||||
Caesars Entertainment Corp.#,* | 4,350 | 80,344 | ||||||
Carrols Restaurant Group, Inc.* | 1,060 | 7,113 | ||||||
Cheesecake Factory, Inc. | 5,446 | 244,471 | ||||||
Churchill Downs, Inc. | 1,362 | 119,624 | ||||||
Chuy’s Holdings, Inc.#,* | 1,950 | 70,102 | ||||||
ClubCorp Holdings, Inc.# | 1,520 | 28,637 | ||||||
Cracker Barrel Old Country Store, Inc. | 1,852 | 175,458 | ||||||
Del Frisco’s Restaurant Group, Inc.* | 880 | 22,889 | ||||||
Denny’s Corp.#,* | 10,700 | 72,118 | ||||||
Diamond Resorts International, Inc.* | 920 | 17,213 | ||||||
DineEquity, Inc. | 1,112 | 84,301 | ||||||
Diversified Restaurant Holdings, Inc.* | 400 | 2,004 | ||||||
Einstein Noah Restaurant Group, Inc. | 704 | 10,813 | ||||||
Fiesta Restaurant Group, Inc.* | 2,110 | 77,247 | ||||||
Ignite Restaurant Group, Inc.#,* | 1,370 | 19,372 | ||||||
International Speedway Corp. | 1,620 | 50,933 | ||||||
Interval Leisure Group, Inc. | 4,200 | 108,234 | ||||||
Isle of Capri Casinos, Inc.* | 2,451 | 16,667 |
Description | Number of Shares | Value | ||||||
Jack in the Box, Inc.* | 3,926 | $ | 210,198 | |||||
Jamba, Inc.* | 1,908 | 21,102 | ||||||
Krispy Kreme Doughnuts, Inc.* | 5,570 | 97,698 | ||||||
Life Time Fitness, Inc.#,* | 3,127 | 150,096 | ||||||
Luby’s, Inc.* | 1,420 | 7,696 | ||||||
Marcus Corp. | 1,777 | 29,729 | ||||||
Marriott Vacations Worldwide Corp.* | 1,160 | 63,197 | ||||||
Monarch Casino & Resort, Inc.* | 928 | 14,885 | ||||||
Morgans Hotel Group Co.* | 943 | 7,073 | ||||||
Multimedia Games Holding Co., Inc.* | 2,730 | 79,716 | ||||||
Nathan’s Famous, Inc.* | 350 | 17,248 | ||||||
Noodles & Co.#,* | 400 | 13,116 | ||||||
Orient-Express Hotels Ltd.* | 5,710 | 74,801 | ||||||
Papa John’s International, Inc. | 3,372 | 147,896 | ||||||
Pinnacle Entertainment, Inc.* | 5,527 | 128,613 | ||||||
Popeyes Louisiana Kitchen, Inc.* | 2,235 | 85,154 | ||||||
Red Robin Gourmet Burgers, Inc.* | 1,342 | 91,229 | ||||||
Ruby Tuesday, Inc.* | 4,000 | 30,840 | ||||||
Ruth’s Hospitality Group, Inc. | 3,480 | 43,813 | ||||||
Ryman Hospitality Properties, Inc.# | 4,042 | 184,113 | ||||||
Scientific Games Corp.* | 3,630 | 43,487 | ||||||
Sonic Corp.* | 4,705 | 89,583 | ||||||
Speedway Motorsports, Inc. | 371 | 6,748 | ||||||
Texas Roadhouse, Inc. | 6,805 | 168,356 | ||||||
Town Sports International Holdings, Inc. | 1,160 | 8,132 | ||||||
Vail Resorts, Inc. | 3,670 | 254,074 | ||||||
|
| |||||||
$ | 3,949,910 | |||||||
HOUSEHOLD DURABLES – 1.1% |
| |||||||
Bassett Furniture Industries, Inc. | 760 | 10,480 | ||||||
Beazer Homes USA, Inc.#,* | 1,608 | 30,488 | ||||||
Blyth, Inc.# | 1,970 | 18,459 | ||||||
Cavco Industries, Inc.* | 775 | 60,411 | ||||||
CSS Industries, Inc. | 98 | 2,349 | ||||||
Ethan Allen Interiors, Inc. | 2,546 | 61,817 | ||||||
EveryWare Global, Inc.#,* | 2,080 | 5,658 | ||||||
Flexsteel Industries, Inc. | 720 | 24,710 | ||||||
Helen of Troy Ltd.* | 1,683 | 105,524 | ||||||
Hooker Furniture Corp. | 770 | 10,664 | ||||||
Hovnanian Enterprises, Inc.#,* | 10,983 | 48,984 | ||||||
iRobot Corp.#,* | 2,590 | 86,765 | ||||||
KB Home | 9,320 | 153,873 | ||||||
La-Z-Boy, Inc. | 3,556 | 86,162 | ||||||
LGI Homes, Inc.* | 1,620 | 23,846 | ||||||
Libbey, Inc.* | 1,430 | 38,138 | ||||||
Lifetime Brands, Inc. | 1,330 | 25,403 | ||||||
M/I Homes, Inc.* | 1,414 | 31,490 | ||||||
MDC Holdings, Inc.# | 2,590 | 71,484 |
ANNUAL REPORT / April 30, 2014
55 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Meritage Homes Corp.* | 3,592 | $ | 138,579 | |||||
NACCO Industries, Inc. | 146 | 7,824 | ||||||
Ryland Group, Inc. | 5,011 | 192,372 | ||||||
Skullcandy, Inc.* | 760 | 5,852 | ||||||
Standard Pacific Corp.* | 8,330 | 66,557 | ||||||
TRI Pointe Homes, Inc.#,* | 740 | 11,892 | ||||||
UCP, Inc., Class A* | 1,310 | 18,537 | ||||||
Universal Electronics, Inc.* | 528 | 19,721 | ||||||
WCI Communities, Inc.#,* | 1,000 | 19,170 | ||||||
William Lyon Homes* | 1,600 | 41,760 | ||||||
Zagg, Inc.#,* | 380 | 1,653 | ||||||
|
| |||||||
$ | 1,420,622 | |||||||
INTERNET & CATALOG RETAIL – 0.5% |
| |||||||
1-800-Flowers.com, Inc.* | 572 | 3,117 | ||||||
Blue Nile, Inc.* | 1,102 | 38,272 | ||||||
FTD Cos, Inc.* | 866 | 26,274 | ||||||
HSN, Inc. | 3,620 | 210,105 | ||||||
Nutrisystem, Inc. | 3,709 | 55,635 | ||||||
Orbitz Worldwide, Inc.* | 2,819 | 20,720 | ||||||
Overstock.com, Inc.* | 1,002 | 16,052 | ||||||
PetMed Express, Inc.# | 2,767 | 36,220 | ||||||
RetailMeNot, Inc.* | 560 | 16,694 | ||||||
Shutterfly, Inc.* | 3,452 | 141,290 | ||||||
Valuevision Media, Inc.* | 3,230 | 15,116 | ||||||
Vitacost.com, Inc.* | 1,410 | 9,405 | ||||||
|
| |||||||
$ | 588,900 | |||||||
LEISURE EQUIPMENT & PRODUCTS – 0.6% |
| |||||||
Arctic Cat, Inc. | 1,320 | 53,975 | ||||||
Black Diamond, Inc.* | 930 | 10,369 | ||||||
Brunswick Corp. | 8,481 | 340,851 | ||||||
Callaway Golf Co. | 5,171 | 45,039 | ||||||
Fox Factory Holding Corp.* | 1,100 | 18,689 | ||||||
JAKKS Pacific, Inc. | 2,400 | 21,024 | ||||||
Johnson Outdoors, Inc. | 120 | 2,512 | ||||||
LeapFrog Enterprises, Inc.#,* | 2,207 | 15,118 | ||||||
Marine Products Corp. | 1,100 | 7,810 | ||||||
Nautilus, Inc.* | 1,930 | 16,077 | ||||||
Smith & Wesson Holding Corp.#,* | 6,687 | 102,645 | ||||||
Sturm Ruger & Co., Inc.# | 1,820 | 117,117 | ||||||
|
| |||||||
$ | 751,226 | |||||||
MEDIA – 1.1% |
| |||||||
AH Belo Corp. | 2,340 | 26,933 | ||||||
Carmike Cinemas, Inc.* | 1,590 | 47,159 | ||||||
Central European Media Enterprises Ltd.* | 5,680 | 15,563 | ||||||
Crown Media Holdings, Inc., Class A#,* | 7,280 | 26,062 | ||||||
Cumulus Media, Inc.* | 7,170 | 45,960 |
Description | Number of Shares | Value | ||||||
Daily Journal Corp.#,* | 130 | $ | 22,919 | |||||
Dex Media, Inc.#,* | 1,070 | 7,843 | ||||||
Digital Domain Media Group, Inc.* | 1,470 | 7 | ||||||
Entercom Communications Corp.* | 1,600 | 17,280 | ||||||
Entravision Communications Corp. | 5,010 | 26,603 | ||||||
EW Scripps Co.* | 1,440 | 24,667 | ||||||
Global Sources Ltd.#,* | 619 | 5,503 | ||||||
Gray Television, Inc.* | 4,420 | 49,725 | ||||||
Harte-Hanks, Inc. | 196 | 1,576 | ||||||
Journal Communications, Inc.* | 3,160 | 25,343 | ||||||
Live Nation Entertainment, Inc.* | 7,696 | 160,692 | ||||||
Martha Stewart Living Omnimedia* | 1,683 | 6,581 | ||||||
McClatchy Co.* | 3,460 | 18,961 | ||||||
MDC Partners, Inc. | 2,835 | 69,231 | ||||||
Media General, Inc.#,* | 1,500 | 22,980 | ||||||
Meredith Corp. | 1,710 | 75,360 | ||||||
National CineMedia, Inc. | 4,182 | 63,525 | ||||||
New York Times Co.# | 7,700 | 123,816 | ||||||
Nexstar Broadcasting Group, Inc.# | 2,700 | 107,595 | ||||||
ReachLocal, Inc.#,* | 260 | 2,600 | ||||||
Reading International, Inc.* | 1,510 | 10,691 | ||||||
Rentrak Corp.* | 800 | 45,592 | ||||||
Saga Communications, Inc. | 230 | 10,189 | ||||||
Salem Communications Corp., Class A | 2,100 | 18,501 | ||||||
Scholastic Corp. | 1,556 | 51,208 | ||||||
Shutterstock, Inc.* | 570 | 41,331 | ||||||
Sinclair Broadcast Group, Inc.# | 6,988 | 186,789 | ||||||
Sizmek, Inc.* | 687 | 6,581 | ||||||
World Wrestling Entertainment, Inc.# | 1,017 | 19,832 | ||||||
|
| |||||||
$ | 1,385,198 | |||||||
MULTILINE RETAIL – 0.1% |
| |||||||
Bon-Ton Stores, Inc.# | 990 | 10,890 | ||||||
Burlington Stores, Inc.* | 1,130 | 29,369 | ||||||
Fred’s, Inc. | 2,032 | 37,023 | ||||||
Gordmans Stores, Inc.* | 160 | 718 | ||||||
Tuesday Morning Corp.* | 2,200 | 30,756 | ||||||
|
| |||||||
$ | 108,756 | |||||||
SPECIALTY RETAIL – 3.4% |
| |||||||
Aeropostale, Inc.#,* | 7,650 | 38,020 | ||||||
America’s Car-Mart, Inc.* | 830 | 29,996 | ||||||
ANN, Inc.* | 4,970 | 194,774 | ||||||
Asbury Automotive Group, Inc.* | 3,024 | 186,702 | ||||||
Barnes & Noble, Inc.* | 2,460 | 40,344 | ||||||
bebe stores, Inc. | 2,446 | 12,352 | ||||||
Big 5 Sporting Goods Corp. | 1,902 | 23,223 | ||||||
Body Central Corp.* | 1,760 | 1,830 | ||||||
Brown Shoe Co., Inc. | 3,535 | 83,391 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 56
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Buckle, Inc.# | 2,275 | $ | 106,902 | |||||
Cato Corp. | 1,503 | 42,820 | ||||||
Childrens Place Retail Stores, Inc. | 1,918 | 92,064 | ||||||
Christopher & Banks Corp.* | 2,560 | 15,974 | ||||||
Citi Trends, Inc.* | 936 | 15,903 | ||||||
Conn’s, Inc.#,* | 2,266 | 100,225 | ||||||
Container Store Group, Inc.#,* | 1,060 | 29,245 | ||||||
Destination Maternity Corp. | 830 | 20,468 | ||||||
Destination XL Group, Inc.* | 2,440 | 13,176 | ||||||
Express, Inc.* | 8,430 | 122,825 | ||||||
Finish Line, Inc. | 4,104 | 112,983 | ||||||
Five Below, Inc.* | 3,340 | 134,635 | ||||||
Francesca’s Holdings Corp.* | 4,520 | 73,947 | ||||||
Genesco, Inc.* | 2,391 | 182,601 | ||||||
Group 1 Automotive, Inc. | 1,094 | 78,910 | ||||||
Haverty Furniture Cos., Inc. | 1,437 | 36,701 | ||||||
hhgregg, Inc.#,* | 715 | 6,163 | ||||||
Hibbett Sports, Inc.#,* | 2,654 | 142,918 | ||||||
Jos A Bank Clothiers, Inc.* | 1,750 | 112,962 | ||||||
Kirkland’s, Inc.* | 1,590 | 27,205 | ||||||
Lithia Motors, Inc. | 2,300 | 170,844 | ||||||
Lumber Liquidators Holdings, Inc.* | 2,691 | 234,548 | ||||||
MarineMax, Inc.* | 860 | 13,812 | ||||||
Mattress Firm Holding Corp.#,* | 1,170 | 52,872 | ||||||
Men’s Wearhouse, Inc. | 2,749 | 130,248 | ||||||
Monro Muffler Brake, Inc. | 3,462 | 195,257 | ||||||
New York & Co., Inc.* | 2,080 | 8,715 | ||||||
Office Depot, Inc.* | 29,919 | 122,369 | ||||||
Outerwall, Inc.#,* | 2,298 | 159,366 | ||||||
Pacific Sunwear of California, Inc.* | 5,780 | 16,646 | ||||||
Penske Automotive Group, Inc. | 3,310 | 151,797 | ||||||
Pep Boys-Manny Moe & Jack* | 2,353 | 24,048 | ||||||
Pier 1 Imports, Inc. | 8,760 | 159,958 | ||||||
RadioShack Corp.#,* | 8,250 | 11,798 | ||||||
Rent-A-Center, Inc. | 3,024 | 88,331 | ||||||
Restoration Hardware Holdings, Inc.* | 1,570 | 97,952 | ||||||
Sears Hometown & Outlet Stores, Inc.* | 370 | 8,736 | ||||||
Select Comfort Corp.* | 4,770 | 87,768 | ||||||
Shoe Carnival, Inc. | 1,233 | 28,162 | ||||||
Sonic Automotive, Inc. | 2,778 | 67,617 | ||||||
Stage Stores, Inc. | 2,248 | 43,117 | ||||||
Stein Mart, Inc. | 1,890 | 23,625 | ||||||
Systemax, Inc. | 272 | 4,703 | ||||||
Tile Shop Holdings, Inc.#,* | 1,400 | 19,733 | ||||||
Tilly’s, Inc.* | 710 | 8,023 | ||||||
Vitamin Shoppe, Inc.* | 3,170 | 151,780 | ||||||
West Marine, Inc.* | 1,550 | 16,585 | ||||||
Wet Seal, Inc.* | 5,056 | 5,713 |
Description | Number of Shares | Value | ||||||
Winmark Corp. | 230 | $ | 17,448 | |||||
Zale Corp.* | 2,200 | 47,058 | ||||||
Zumiez, Inc.* | 2,103 | 51,418 | ||||||
|
| |||||||
$ | 4,299,306 | |||||||
TEXTILES, APPAREL & LUXURY GOODS – 1.4% |
| |||||||
American Apparel, Inc.* | 8,370 | 5,410 | ||||||
Columbia Sportswear Co. | 723 | 62,164 | ||||||
Crocs, Inc.* | 7,590 | 114,837 | ||||||
Culp, Inc. | 640 | 11,552 | ||||||
G-III Apparel Group Ltd.* | 1,557 | 111,746 | ||||||
Iconix Brand Group, Inc.* | 3,985 | 169,362 | ||||||
Kate Spade & Co.* | 6,910 | 240,261 | ||||||
Movado Group, Inc. | 1,045 | 41,048 | ||||||
Oxford Industries, Inc. | 1,280 | 84,493 | ||||||
Perry Ellis International, Inc. | 1,507 | 22,756 | ||||||
Quiksilver, Inc.#,* | 11,440 | 73,445 | ||||||
RG Barry Corp. | 990 | 18,097 | ||||||
Skechers U.S.A., Inc.* | 2,603 | 106,697 | ||||||
Steven Madden Ltd.* | 6,249 | 222,527 | ||||||
Tumi Holdings, Inc.#,* | 5,750 | 117,415 | ||||||
Unifi, Inc.* | 926 | 20,502 | ||||||
Vera Bradley, Inc.#,* | 2,420 | 68,486 | ||||||
Vince Holding Corp.* | 960 | 26,410 | ||||||
Wolverine World Wide, Inc. | 10,152 | 285,271 | ||||||
|
| |||||||
$ | 1,802,479 | |||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | $ | 17,574,373 | ||||||
CONSUMER STAPLES – 4.2% |
| |||||||
BEVERAGES – 0.2% |
| |||||||
Boston Beer Co., Inc.#,* | 765 | 188,221 | ||||||
Coca-Cola Bottling Co. Consolidated | 261 | 21,462 | ||||||
Craft Brew Alliance, Inc.* | 1,300 | 19,461 | ||||||
National Beverage Corp.* | 1,740 | 33,547 | ||||||
|
| |||||||
$ | 262,691 | |||||||
FOOD & STAPLES RETAILING – 1.4% |
| |||||||
Andersons, Inc. | 1,492 | 92,937 | ||||||
Casey’s General Stores, Inc. | 3,836 | 263,380 | ||||||
Chefs’ Warehouse, Inc.#,* | 1,570 | 31,541 | ||||||
Fairway Group Holdings Corp.#,* | 940 | 6,514 | ||||||
Ingles Markets, Inc. | 1,040 | 23,910 | ||||||
Natural Grocers by Vitamin Cottage, Inc.* | 510 | 18,156 | ||||||
Pantry, Inc.* | 1,760 | 26,470 | ||||||
Pricesmart, Inc. | 1,966 | 188,815 | ||||||
Rite Aid Corp.* | 59,430 | 433,839 | ||||||
Roundy’s, Inc. | 2,010 | 13,608 | ||||||
Spartan Stores, Inc. | 1,934 | 41,658 |
ANNUAL REPORT / April 30, 2014
57 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
SUPERVALU, Inc.* | 15,800 | $ | 110,442 | |||||
Susser Holdings Corp.#,* | 1,711 | 132,397 | ||||||
United Natural Foods, Inc.* | 5,117 | 353,227 | ||||||
Village Super Market, Inc. | 650 | 15,724 | ||||||
Weis Markets, Inc. | 990 | 45,629 | ||||||
|
| |||||||
$ | 1,798,247 | |||||||
FOOD PRODUCTS – 1.8% |
| |||||||
Alico, Inc. | 260 | 9,079 | ||||||
Annie’s, Inc.#,* | 1,560 | 50,716 | ||||||
B&G Foods, Inc. | 5,436 | 178,301 | ||||||
Boulder Brands, Inc.* | 6,229 | 91,940 | ||||||
Calavo Growers, Inc. | 927 | 28,820 | ||||||
Cal-Maine Foods, Inc. | 1,422 | 84,794 | ||||||
Chiquita Brands International, Inc.* | 3,621 | 41,569 | ||||||
Darling International, Inc.* | 9,907 | 198,239 | ||||||
Diamond Foods, Inc.* | 1,065 | 32,557 | ||||||
Farmer Bros Co.* | 388 | 7,647 | ||||||
Fresh Del Monte Produce, Inc. | 1,939 | 56,018 | ||||||
Griffin Land & Nurseries, Inc. | 246 | 7,183 | ||||||
Hain Celestial Group, Inc.* | 3,913 | 336,596 | ||||||
Inventure Foods, Inc.* | 1,690 | 20,314 | ||||||
J&J Snack Foods Corp. | 1,484 | 138,902 | ||||||
John B Sanfilippo & Son, Inc. | 590 | 13,600 | ||||||
Lancaster Colony Corp. | 1,712 | 162,435 | ||||||
Lifeway Foods, Inc. | 1,310 | 19,663 | ||||||
Limoneira Co. | 910 | 20,903 | ||||||
Omega Protein Corp.* | 450 | 5,112 | ||||||
Pilgrim’s Pride Corp.* | 5,910 | 129,193 | ||||||
Post Holdings, Inc.* | 1,670 | 87,274 | ||||||
Sanderson Farms, Inc. | 2,471 | 203,289 | ||||||
Seneca Foods Corp.* | 420 | 11,928 | ||||||
Snyders-Lance, Inc. | 3,191 | 84,753 | ||||||
Tootsie Roll Industries, Inc.# | 1,578 | 44,484 | ||||||
TreeHouse Foods, Inc.* | 3,162 | 236,644 | ||||||
|
| |||||||
$ | 2,301,953 | |||||||
HOUSEHOLD PRODUCTS – 0.3% |
| |||||||
Central Garden & Pet Co.* | 4,214 | 34,850 | ||||||
Harbinger Group, Inc.* | 2,990 | 34,863 | ||||||
Oil-Dri Corp. of America | 160 | 5,362 | ||||||
Orchids Paper Products Co. | 480 | 12,898 | ||||||
Spectrum Brands Holdings, Inc. | 2,020 | 155,197 | ||||||
WD-40 Co. | 1,544 | 112,465 | ||||||
|
| |||||||
$ | 355,635 | |||||||
PERSONAL PRODUCTS – 0.4% |
| |||||||
Elizabeth Arden, Inc.* | 2,177 | 79,983 | ||||||
Female Health Co.# | 3,250 | 24,570 | ||||||
Inter Parfums, Inc. | 1,578 | 57,739 |
Description | Number of Shares | Value | ||||||
Lifevantage Corp.* | 14,420 | $ | 19,900 | |||||
Medifast, Inc.* | 1,080 | 34,182 | ||||||
Nature’s Sunshine Products, Inc. | 500 | 6,680 | ||||||
Nutraceutical International Corp. | 460 | 11,463 | ||||||
Prestige Brands Holdings, Inc.* | 5,417 | 181,578 | ||||||
Revlon, Inc.#,* | 780 | 23,509 | ||||||
Synutra International, Inc.* | 869 | 4,849 | ||||||
USANA Health Sciences, Inc.#,* | 435 | 29,519 | ||||||
|
| |||||||
$ | 473,972 | |||||||
TOBACCO – 0.1% |
| |||||||
Alliance One International, Inc.* | 2,000 | 5,140 | ||||||
Star Scientific, Inc.* | 13,109 | 8,598 | ||||||
Universal Corp.# | 1,312 | 71,596 | ||||||
Vector Group Ltd.# | 4,380 | 93,294 | ||||||
|
| |||||||
$ | 178,628 | |||||||
|
| |||||||
TOTAL CONSUMER STAPLES | $ | 5,371,126 | ||||||
ENERGY – 5.4% |
| |||||||
ENERGY EQUIPMENT & SERVICES – 1.6% |
| |||||||
Advanced Emissions Solutions, Inc.* | 2,220 | 50,905 | ||||||
Basic Energy Services, Inc.* | 2,022 | 53,421 | ||||||
Bolt Technology Corp. | 800 | 13,504 | ||||||
Bristow Group, Inc. | 2,181 | 167,501 | ||||||
C&J Energy Services, Inc.* | 2,980 | 89,579 | ||||||
Cal Dive International, Inc.* | 3,789 | 5,608 | ||||||
CARBO Ceramics, Inc.# | 1,600 | 223,856 | ||||||
Dawson Geophysical Co. | 773 | 21,845 | ||||||
Era Group, Inc.* | 660 | 18,843 | ||||||
Exterran Holdings, Inc. | 3,400 | 146,268 | ||||||
Forum Energy Technologies, Inc.* | 2,950 | 88,087 | ||||||
Geospace Technologies Corp.* | 1,152 | 66,966 | ||||||
Global Geophysical Services, Inc.* | 490 | 40 | ||||||
Gulf Island Fabrication, Inc. | 1,223 | 24,533 | ||||||
Gulfmark Offshore, Inc. | 1,641 | 73,861 | ||||||
Helix Energy Solutions Group, Inc.* | 5,440 | 130,778 | ||||||
Hercules Offshore, Inc.* | 10,030 | 44,834 | ||||||
Hornbeck Offshore Services, Inc.* | 1,908 | 79,048 | ||||||
ION Geophysical Corp.* | 9,327 | 41,039 | ||||||
Key Energy Services, Inc.* | 8,600 | 86,344 | ||||||
Matrix Service Co.* | 1,613 | 49,955 | ||||||
Mitcham Industries, Inc.* | 1,210 | 16,698 | ||||||
Natural Gas Services Group, Inc.* | 704 | 21,606 | ||||||
Newpark Resources, Inc.* | 6,822 | 82,137 | ||||||
Nuverra Environmental Solutions, Inc.#,* | 820 | 13,948 | ||||||
Parker Drilling Co.* | 5,634 | 37,353 | ||||||
PHI, Inc.* | 935 | 41,888 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 58
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Pioneer Energy Services Corp.* | 1,968 | $ | 29,461 | |||||
RigNet, Inc.* | 980 | 45,825 | ||||||
SEACOR Holdings, Inc. | 1,270 | 105,905 | ||||||
T.G.C. Industries, Inc. | 1,260 | 6,376 | ||||||
Tesco Corp.* | 2,340 | 46,800 | ||||||
TETRA Technologies, Inc.* | 3,620 | 45,250 | ||||||
Vantage Drilling Co.* | 7,760 | 12,959 | ||||||
Willbros Group, Inc.* | 1,478 | 16,421 | ||||||
|
| |||||||
$ | 1,999,442 | |||||||
OIL, GAS & CONSUMABLE FUELS – 3.8% |
| |||||||
Abraxas Petroleum Corp.* | 3,980 | 21,731 | ||||||
Adams Resources & Energy, Inc. | 90 | 6,485 | ||||||
Alon USA Energy, Inc. | 374 | 6,092 | ||||||
Alpha Natural Resources, Inc.#,* | 12,030 | 51,729 | ||||||
Amyris, Inc.#,* | 990 | 3,485 | ||||||
Apco Oil & Gas International, Inc.* | 480 | 6,710 | ||||||
Approach Resources, Inc.#,* | 2,950 | 61,212 | ||||||
Arch Coal, Inc.# | 10,300 | 47,174 | ||||||
Athlon Energy, Inc.* | 1,020 | 41,218 | ||||||
ATP Oil & Gas Corp.* | 2,852 | 48 | ||||||
Bill Barrett Corp.* | 3,095 | 73,290 | ||||||
Bonanza Creek Energy, Inc.* | 3,020 | 146,832 | ||||||
BPZ Resources, Inc.* | 3,943 | 10,646 | ||||||
Callon Petroleum Co.* | 2,980 | 27,356 | ||||||
Carrizo Oil & Gas, Inc.* | 3,806 | 209,406 | ||||||
Clayton Williams Energy, Inc.* | 313 | 45,222 | ||||||
Clean Energy Fuels Corp.#,* | 6,949 | 61,499 | ||||||
Cloud Peak Energy, Inc.* | 3,370 | 66,355 | ||||||
Comstock Resources, Inc. | 3,070 | 85,346 | ||||||
Contango Oil & Gas Co. | 708 | 34,012 | ||||||
Delek US Holdings, Inc. | 3,312 | 105,951 | ||||||
Diamondback Energy, Inc.* | 1,870 | 134,528 | ||||||
Emerald Oil, Inc.* | 2,347 | 16,593 | ||||||
Endeavour International Corp.#,* | 2,243 | 7,716 | ||||||
Energy XXI (Bermuda) Ltd. | 3,980 | 95,241 | ||||||
EPL Oil & Gas, Inc.* | 2,170 | 84,934 | ||||||
Equal Energy Ltd.# | 4,100 | 18,573 | ||||||
Evolution Petroleum Corp. | 1,160 | 13,688 | ||||||
EXCO Resources, Inc.# | 13,787 | 87,547 | ||||||
Forest Oil Corp.* | 6,920 | 12,871 | ||||||
Frontline Ltd.#,* | 2,000 | 6,800 | ||||||
FX Energy, Inc.* | 6,870 | 38,815 | ||||||
GasLog Ltd. | 1,170 | 31,333 | ||||||
Gastar Exploration, Inc.* | 5,520 | 36,598 | ||||||
Goodrich Petroleum Corp.#,* | 2,905 | 73,061 | ||||||
Green Plains Renewable Energy, Inc. | 970 | 29,003 | ||||||
Halcon Resources Corp.#,* | 14,321 | 79,052 |
Description | Number of Shares | Value | ||||||
Hallador Energy Co. | 1,410 | $ | 12,916 | |||||
Isramco, Inc.* | 40 | 5,200 | ||||||
Jones Energy, Inc., Class A* | 1,190 | 18,409 | ||||||
KiOR, Inc.* | 1,360 | 830 | ||||||
Knightsbridge Tankers Ltd. | 2,663 | 31,823 | ||||||
Kodiak Oil & Gas Corp.* | 25,200 | 320,292 | ||||||
L&L Energy, Inc.#,* | 4,530 | 2,945 | ||||||
LinnCo LLC | 2 | 55 | ||||||
Magnum Hunter Resources Corp.* | 12,220 | 103,870 | ||||||
Matador Resources Co.* | 2,910 | 83,575 | ||||||
Midstates Petroleum Co., Inc.#,* | 1,460 | 8,614 | ||||||
Miller Energy Resources, Inc.#,* | 1,970 | 9,495 | ||||||
Nordic American Tankers Ltd.# | 5,418 | 46,757 | ||||||
Northern Oil & Gas, Inc.#,* | 4,280 | 66,040 | ||||||
Panhandle Oil & Gas, Inc. | 586 | 25,696 | ||||||
PDC Energy, Inc.* | 1,979 | 126,003 | ||||||
Penn Virginia Corp.* | 3,904 | 64,963 | ||||||
PetroQuest Energy, Inc.* | 5,960 | 35,879 | ||||||
Quicksilver Resources, Inc.#,* | 7,430 | 24,222 | ||||||
Renewable Energy Group, Inc.* | 720 | 8,474 | ||||||
Rentech, Inc. | 17,580 | 37,270 | ||||||
Resolute Energy Corp.* | 3,090 | 23,175 | ||||||
REX American Resources Corp.* | 200 | 13,072 | ||||||
Rex Energy Corp.* | 4,275 | 90,032 | ||||||
Rosetta Resources, Inc.* | 6,248 | 295,780 | ||||||
RSP Permian, Inc.* | 1,230 | 34,871 | ||||||
Sanchez Energy Corp.#,* | 2,230 | 63,064 | ||||||
Scorpio Tankers, Inc. | 9,070 | 81,721 | ||||||
SemGroup Corp. | 4,210 | 268,935 | ||||||
Ship Finance International Ltd. | 3,503 | 61,758 | ||||||
Solazyme, Inc.#,* | 5,730 | 61,655 | ||||||
Stone Energy Corp.* | 2,964 | 145,384 | ||||||
Swift Energy Co.#,* | 1,270 | 15,659 | ||||||
Synergy Resources Corp.* | 5,620 | 65,417 | ||||||
Targa Resources Corp. | 3,480 | 375,805 | ||||||
Teekay Tankers Ltd.# | 6,988 | 24,388 | ||||||
Triangle Petroleum Corp.* | 4,250 | 40,885 | ||||||
Uranium Energy Corp.* | 3,940 | 4,216 | ||||||
Ur-Energy, Inc.* | 12,900 | 15,480 | ||||||
Vaalco Energy, Inc.* | 4,677 | 43,122 | ||||||
W&T Offshore, Inc. | 1,960 | 37,632 | ||||||
Warren Resources, Inc.* | 2,930 | 14,855 | ||||||
Western Refining, Inc.# | 4,315 | 187,703 | ||||||
Westmoreland Coal Co.* | 140 | 4,145 | ||||||
|
| |||||||
$ | 4,880,234 | |||||||
|
| |||||||
TOTAL ENERGY | $ | 6,879,676 |
ANNUAL REPORT / April 30, 2014
59 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
FINANCIALS – 18.3% | ||||||||
CAPITAL MARKETS – 2.4% |
| |||||||
Apollo Investment Corp. | 11,982 | $ | 95,736 | |||||
Arlington Asset Investment Corp. | 670 | 17,721 | ||||||
BGC Partners, Inc. | 11,960 | 85,753 | ||||||
BlackRock Kelso Capital Corp.# | 5,140 | 46,671 | ||||||
Calamos Asset Management, Inc. | 1,585 | 19,305 | ||||||
Capital Southwest Corp. | 1,048 | 36,785 | ||||||
CIFC Corp. | 1,380 | 10,640 | ||||||
Cohen & Steers, Inc.# | 1,973 | 79,926 | ||||||
Cowen Group, Inc.* | 5,765 | 23,694 | ||||||
Diamond Hill Investment Group, Inc. | 360 | 42,739 | ||||||
Evercore Partners, Inc. | 3,443 | 183,959 | ||||||
FBR & Co.* | 557 | 14,371 | ||||||
Fidus Investment Corp.# | 570 | 10,442 | ||||||
Fifth Street Finance Corp. | 6,576 | 61,223 | ||||||
Financial Engines, Inc. | 4,900 | 216,825 | ||||||
FXCM, Inc. | 4,390 | 67,957 | ||||||
GAMCO Investors, Inc. | 462 | 35,080 | ||||||
Garrison Capital, Inc.# | 10 | 141 | ||||||
GFI Group, Inc. | 6,051 | 22,510 | ||||||
Gladstone Capital Corp.# | 1,822 | 17,619 | ||||||
Gladstone Investment Corp. | 1,367 | 10,745 | ||||||
Golub Capital BDC, Inc.# | 1,500 | 25,080 | ||||||
Greenhill & Co., Inc. | 3,150 | 157,972 | ||||||
GSV Capital Corp.#,* | 1,170 | 10,273 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 1,350 | 17,847 | ||||||
Hercules Technology Growth Capital, Inc.# | 3,627 | 49,617 | ||||||
HFF, Inc. | 3,580 | 121,720 | ||||||
Horizon Technology Finance Corp.# | 850 | 11,135 | ||||||
ICG Group, Inc.* | 1,924 | 39,211 | ||||||
INTL. FCStone, Inc.* | 766 | 14,493 | ||||||
Investment Technology Group, Inc.* | 1,950 | 40,248 | ||||||
Janus Capital Group, Inc.# | 8,430 | 102,256 | ||||||
JMP Group, Inc. | 590 | 4,077 | ||||||
KCAP Financial, Inc.# | 1,700 | 13,549 | ||||||
KCG Holdings, Inc. | 5,460 | 54,327 | ||||||
Ladenburg Thalmann Financial Services, Inc.* | 8,830 | 24,106 | ||||||
Main Street Capital Corp.# | 1,895 | 59,579 | ||||||
Manning & Napier, Inc. | 1,080 | 17,950 | ||||||
MCG Capital Corp. | 4,950 | 16,632 | ||||||
Medallion Financial Corp. | 1,311 | 17,830 | ||||||
Medley Capital Corp.# | 2,080 | 27,123 | ||||||
MVC Capital, Inc. | 734 | 9,571 | ||||||
New Mountain Finance Corp. | 2,660 | 38,065 |
Description | Number of Shares | Value | ||||||
NGP Capital Resources Co. | 3,107 | $ | 21,159 | |||||
Oppenheimer Holdings, Inc. | 850 | 21,641 | ||||||
PennantPark Floating Rate Capital Ltd.# | 1,240 | 17,236 | ||||||
PennantPark Investment Corp. | 4,550 | 48,685 | ||||||
Piper Jaffray Cos.* | 890 | 39,035 | ||||||
Prospect Capital Corp.# | 16,809 | 181,705 | ||||||
Pzena Investment Management, Inc. | 715 | 7,772 | ||||||
Safeguard Scientifics, Inc.* | 1,135 | 23,846 | ||||||
Silvercrest Asset Management Group, Inc. | 1,600 | 27,840 | ||||||
Solar Capital Ltd. | 2,370 | 51,903 | ||||||
Solar Senior Capital Ltd.# | 790 | 13,075 | ||||||
Stellus Capital Investment Corp.# | 1,110 | 14,930 | ||||||
Stifel Financial Corp.* | 3,596 | 168,185 | ||||||
SWS Group, Inc.* | 1,777 | 13,168 | ||||||
TCP Capital Corp. | 1,890 | 30,599 | ||||||
Teton Advisors, Inc.†† | 10 | 350 | ||||||
THL Credit, Inc. | 800 | 10,744 | ||||||
TICC Capital Corp. | 1,229 | 11,835 | ||||||
Triangle Capital Corp.# | 1,406 | 36,654 | ||||||
Virtus Investment Partners, Inc.* | 743 | 137,448 | ||||||
Walter Investment Management Corp.#,* | 1,792 | 47,631 | ||||||
Westwood Holdings Group, Inc. | 880 | 51,190 | ||||||
WhiteHorse Finance, Inc. | 910 | 12,412 | ||||||
WisdomTree Investments, Inc.#,* | 10,840 | 122,384 | ||||||
|
| |||||||
$ | 3,083,930 | |||||||
COMMERCIAL BANKS – 5.1% |
| |||||||
1st Source Corp. | 1,188 | 35,034 | ||||||
1st United Bancorp, Inc. | 740 | 5,417 | ||||||
Access National Corp. | 1,910 | 28,172 | ||||||
American National Bankshares, Inc. | 490 | 10,442 | ||||||
Ameris Bancorp* | 1,760 | 37,435 | ||||||
Ames National Corp.# | 761 | 16,613 | ||||||
Arrow Financial Corp. | 942 | 23,578 | ||||||
Bancfirst Corp. | 444 | 25,845 | ||||||
Banco Latinoamericano de Comercio Exterior SA | 1,974 | 50,771 | ||||||
Bancorp, Inc.* | 1,540 | 24,363 | ||||||
BancorpSouth, Inc. | 5,180 | 121,005 | ||||||
Bank of Kentucky Financial Corp. | 370 | 12,769 | ||||||
Bank of Marin Bancorp | 310 | 14,077 | ||||||
Bank of the Ozarks, Inc. | 3,132 | 187,607 | ||||||
Banner Corp. | 880 | 34,795 | ||||||
Bar Harbor Bankshares | 400 | 15,032 | ||||||
BBCN Bancorp, Inc. | 4,411 | 67,974 | ||||||
BNC Bancorp# | 1,190 | 19,397 | ||||||
Boston Private Financial Holdings, Inc. | 4,698 | 58,772 | ||||||
Bridge Bancorp, Inc. | 600 | 14,592 | ||||||
Bridge Capital Holdings* | 300 | 6,720 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 60
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Bryn Mawr Bank Corp. | 475 | $ | 12,958 | |||||
C&F Financial Corp.# | 250 | 7,812 | ||||||
Camden National Corp. | 713 | 27,215 | ||||||
Capital Bank Financial Corp.* | 1,750 | 41,737 | ||||||
Capital City Bank Group, Inc. | 951 | 13,219 | ||||||
Cardinal Financial Corp. | 1,330 | 22,344 | ||||||
Cathay General Bancorp | 4,422 | 104,359 | ||||||
Center Bancorp, Inc. | 1,220 | 22,582 | ||||||
Centerstate Banks, Inc. | 746 | 8,184 | ||||||
Central Pacific Financial Corp. | 560 | 10,511 | ||||||
Century Bancorp, Inc. | 410 | 13,735 | ||||||
Chemical Financial Corp. | 1,738 | 48,786 | ||||||
Chemung Financial Corp.# | 490 | 14,009 | ||||||
Citizens & Northern Corp. | 831 | 15,573 | ||||||
City Holding Co.# | 762 | 32,758 | ||||||
CNB Financial Corp. | 910 | 15,033 | ||||||
CoBiz Financial, Inc. | 1,980 | 19,879 | ||||||
Columbia Banking System, Inc. | 3,259 | 80,888 | ||||||
Community Bank System, Inc. | 2,114 | 78,620 | ||||||
Community Trust Bancorp, Inc. | 928 | 34,215 | ||||||
CommunityOne Bancorp#,* | 780 | 7,605 | ||||||
CU BanCorp.* | 940 | 17,061 | ||||||
Customers Bancorp, Inc.* | 1,370 | 30,181 | ||||||
CVB Financial Corp. | 4,664 | 67,441 | ||||||
Eagle Bancorp, Inc.* | 1,474 | 49,217 | ||||||
Enterprise Bancorp, Inc. | 60 | 1,096 | ||||||
Enterprise Financial Services Corp. | 1,260 | 22,516 | ||||||
Farmers Capital Bank Corp.* | 630 | 13,161 | ||||||
Fidelity Southern Corp. | 978 | 12,919 | ||||||
Financial Institutions, Inc. | 873 | 20,210 | ||||||
First BanCorp* | 4,230 | 21,742 | ||||||
First Bancorp | 1,095 | 18,845 | ||||||
First Bancorp, Inc. | 439 | 6,993 | ||||||
First Busey Corp. | 4,391 | 24,150 | ||||||
First Commonwealth Financial Corp. | 5,576 | 47,898 | ||||||
First Community Bancshares, Inc. | 1,301 | 19,268 | ||||||
First Connecticut Bancorp, Inc. | 1,340 | 21,239 | ||||||
First Financial Bancorp | 3,455 | 55,936 | ||||||
First Financial Bankshares, Inc.# | 2,941 | 173,666 | ||||||
First Financial Corp. | 935 | 29,929 | ||||||
First Financial Holdings, Inc. | 1,128 | 64,826 | ||||||
First Interstate Bancsystem, Inc. | 1,240 | 30,864 | ||||||
First Merchants Corp. | 1,795 | 38,090 | ||||||
First Midwest Bancorp, Inc. | 4,151 | 67,952 | ||||||
First of Long Island Corp. | 220 | 7,979 | ||||||
First Security Group Inc.* | 7,590 | 14,421 | ||||||
FirstMerit Corp. | 8,942 | 173,385 | ||||||
FNB Corp. | 8,196 | 101,958 |
Description | Number of Shares | Value | ||||||
German American Bancorp, Inc. | 400 | $ | 10,416 | |||||
Glacier Bancorp, Inc. | 3,901 | 100,100 | ||||||
Great Southern Bancorp, Inc. | 490 | 14,048 | ||||||
Guaranty Bancorp | 1,244 | 15,662 | ||||||
Hancock Holding Co. | 5,458 | 184,098 | ||||||
Hanmi Financial Corp. | 1,510 | 32,118 | ||||||
Heartland Financial USA, Inc. | 1,203 | 29,233 | ||||||
Heritage Commerce Corp. | 2,150 | 17,458 | ||||||
Heritage Financial Corp. | 820 | 13,251 | ||||||
Heritage Oaks Bancorp* | 2,670 | 19,785 | ||||||
Home BancShares, Inc. | 3,064 | 97,159 | ||||||
HomeTrust Bancshares, Inc.* | 1,540 | 23,516 | ||||||
Horizon Bancorp | 580 | 11,594 | ||||||
Hudson Valley Holding Corp. | 1,112 | 20,416 | ||||||
Iberiabank Corp. | 1,954 | 122,907 | ||||||
Independent Bank Corp. | 906 | 33,631 | ||||||
Independent Bank Group, Inc. | 550 | 27,065 | ||||||
International Bancshares Corp. | 3,072 | 70,533 | ||||||
Intervest Bancshares Corp.* | 50 | 378 | ||||||
Investors Bancorp, Inc. | 3,168 | 84,681 | ||||||
Lakeland Bancorp, Inc. | 1,142 | 11,922 | ||||||
Lakeland Financial Corp. | 1,015 | 37,149 | ||||||
LCNB Corp.# | 780 | 12,480 | ||||||
Macatawa Bank Corp.# | 3,050 | 14,854 | ||||||
MainSource Financial Group, Inc. | 1,360 | 22,481 | ||||||
MB Financial, Inc. | 2,925 | 78,507 | ||||||
Mercantile Bank Corp. | 620 | 12,096 | ||||||
Merchants Bancshares, Inc. | 290 | 8,430 | ||||||
Metro Bancorp, Inc.* | 572 | 11,680 | ||||||
Middleburg Financial Corp. | 690 | 11,958 | ||||||
MidSouth Bancorp, Inc. | 820 | 13,710 | ||||||
MidWestOne Financial Group, Inc. | 480 | 11,822 | ||||||
National Bank Holdings Corp. | 1,130 | 21,651 | ||||||
National Bankshares, Inc.# | 200 | 6,516 | ||||||
National Penn Bancshares, Inc. | 6,541 | 63,906 | ||||||
NBT Bancorp, Inc. | 2,230 | 50,510 | ||||||
NewBridge Bancorp* | 2,720 | 20,917 | ||||||
Northrim BanCorp, Inc. | 580 | 13,914 | ||||||
OFG Bancorp | 1,954 | 33,335 | ||||||
Old National Bancorp | 4,881 | 68,920 | ||||||
OmniAmerican Bancorp, Inc. | 740 | 18,396 | ||||||
Pacific Continental Corp. | 1,340 | 17,661 | ||||||
Pacific Premier Bancorp, Inc.* | 1,340 | 18,291 | ||||||
PacWest Bancorp | 2,396 | 94,331 | ||||||
Park National Corp.# | 578 | 41,917 | ||||||
Park Sterling Corp. | 3,640 | 23,769 | ||||||
Peapack Gladstone Financial Corp. | 1,195 | 22,717 | ||||||
Penns Woods Bancorp, Inc. | 160 | 7,040 |
ANNUAL REPORT / April 30, 2014
61 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Peoples Bancorp, Inc. | 596 | $ | 15,538 | |||||
Pinnacle Financial Partners, Inc. | 2,381 | 82,311 | ||||||
Preferred Bank* | 650 | 13,943 | ||||||
PrivateBancorp, Inc. | 3,570 | 98,425 | ||||||
Prosperity Bancshares, Inc. | 3,005 | 177,295 | ||||||
Renasant Corp. | 2,082 | 56,672 | ||||||
Republic Bancorp, Inc. | 827 | 19,856 | ||||||
S&T Bancorp, Inc. | 1,220 | 28,377 | ||||||
Sandy Spring Bancorp, Inc. | 1,397 | 33,598 | ||||||
Seacoast Banking Corp. of Florida* | 1,472 | 15,603 | ||||||
Sierra Bancorp | 516 | 8,055 | ||||||
Simmons First National Corp. | 856 | 30,953 | ||||||
Southside Bancshares, Inc.# | 957 | 26,382 | ||||||
Southwest Bancorp, Inc. | 1,132 | 18,904 | ||||||
State Bank Financial Corp. | 2,320 | 38,466 | ||||||
Sterling Bancorp/de | 3,654 | 43,702 | ||||||
Stock Yards Bancorp, Inc. | 530 | 15,624 | ||||||
Suffolk Bancorp* | 854 | 18,728 | ||||||
Sun Bancorp, Inc.* | 1,460 | 5,548 | ||||||
Susquehanna Bancshares, Inc. | 8,442 | 87,459 | ||||||
Taylor Capital Group, Inc.* | 680 | 14,477 | ||||||
Texas Capital Bancshares, Inc.* | 2,238 | 125,753 | ||||||
Tompkins Financial Corp. | 710 | 33,469 | ||||||
TowneBank | 31 | 478 | ||||||
Trico Bancshares | 1,093 | 26,505 | ||||||
Trustmark Corp. | 3,328 | 76,111 | ||||||
UMB Financial Corp. | 1,904 | 111,784 | ||||||
Umpqua Holdings Corp. | 9,798 | 162,941 | ||||||
Union Bankshares Corp.# | 1,955 | 50,028 | ||||||
United Bankshares, Inc. | 3,555 | 103,984 | ||||||
United Community Banks, Inc.* | 2,044 | 33,011 | ||||||
Univest Corp. of Pennsylvania | 853 | 16,813 | ||||||
Washington Banking Co. | 920 | 15,824 | ||||||
Washington Trust Bancorp, Inc. | 576 | 19,699 | ||||||
Webster Financial Corp. | 4,710 | 141,959 | ||||||
WesBanco, Inc. | 1,416 | 42,820 | ||||||
West Bancorporation, Inc. | 1,097 | 15,917 | ||||||
Westamerica Bancorporation# | 1,823 | 92,645 | ||||||
Western Alliance Bancorp* | 4,691 | 108,221 | ||||||
Wilshire Bancorp, Inc. | 3,780 | 37,800 | ||||||
Wintrust Financial Corp. | 2,033 | 91,119 | ||||||
Yadkin Financial Corp.* | 1,060 | 20,299 | ||||||
|
| |||||||
$ | 6,471,400 | |||||||
CONSUMER FINANCE – 0.5% | ||||||||
Cash America International, Inc. | 1,686 | 73,425 | ||||||
Consumer Portfolio Services, Inc.* | 20 | 140 | ||||||
Credit Acceptance Corp.* | 668 | 87,855 |
Description | Number of Shares | Value | ||||||
DFC Global Corp.* | 3,338 | $ | 31,110 | |||||
Ezcorp, Inc.* | 3,449 | 35,973 | ||||||
First Cash Financial Services, Inc.* | 2,679 | 130,655 | ||||||
First Marblehead Corp.* | 508 | 2,672 | ||||||
Green Dot Corp.* | 1,290 | 22,407 | ||||||
Imperial Holdings, Inc.#,* | 2,330 | 15,588 | ||||||
JGWPT Holdings, Inc.* | 1,580 | 22,389 | ||||||
Nelnet, Inc. | 1,152 | 48,684 | ||||||
Nicholas Financial, Inc. | 1,080 | 16,978 | ||||||
Regional Management Corp.* | 650 | 9,971 | ||||||
Springleaf Holdings, Inc.* | 1,000 | 22,980 | ||||||
World Acceptance Corp.#,* | 944 | 68,534 | ||||||
|
| |||||||
$ | 589,361 | |||||||
DIVERSIFIED FINANCIAL SERVICES – 0.3% |
| |||||||
California First National Bancorp | 150 | 2,224 | ||||||
Gain Capital Holdings, Inc. | 1,370 | 13,837 | ||||||
MarketAxess Holdings, Inc. | 3,407 | 183,569 | ||||||
Marlin Business Services Corp. | 480 | 8,242 | ||||||
NewStar Financial, Inc.* | 1,174 | 13,407 | ||||||
PHH Corp.* | 3,347 | 79,558 | ||||||
PICO Holdings, Inc.* | 1,290 | 29,993 | ||||||
Resource America, Inc. | 1,290 | 10,978 | ||||||
|
| |||||||
$ | 341,808 | |||||||
INSURANCE – 1.8% | ||||||||
Ambac Financial Group, Inc.* | 2,410 | 72,734 | ||||||
American Equity Investment Life Holding Co. | 3,553 | 82,856 | ||||||
AMERISAFE, Inc. | 1,082 | 46,147 | ||||||
Amtrust Financial Services, Inc.# | 2,682 | 103,713 | ||||||
Argo Group International Holdings Ltd. | 1,443 | 64,098 | ||||||
Baldwin & Lyons, Inc. | 402 | 10,456 | ||||||
Citizens, Inc.#,* | 1,867 | 12,266 | ||||||
CNO Financial Group, Inc. | 11,480 | 198,030 | ||||||
Crawford & Co. | 1,767 | 20,179 | ||||||
Donegal Group, Inc. | 940 | 13,874 | ||||||
eHealth, Inc.* | 1,804 | 75,570 | ||||||
EMC Insurance Group, Inc. | 510 | 16,825 | ||||||
Employers Holdings, Inc. | 2,527 | 51,424 | ||||||
Enstar Group Ltd.* | 729 | 94,114 | ||||||
FBL Financial Group, Inc. | 553 | 24,725 | ||||||
First American Financial Corp. | 6,600 | 175,560 | ||||||
Global Indemnity PLC* | 524 | 14,043 | ||||||
Greenlight Capital Re Ltd.* | 1,520 | 48,382 | ||||||
Hallmark Financial Services* | 1,837 | 15,431 | ||||||
HCI Group, Inc. | 970 | 37,520 | ||||||
Health Insurance Innovations, Inc. #,* | 1,970 | 19,877 | ||||||
Hilltop Holdings, Inc.* | 3,151 | 70,393 | ||||||
Horace Mann Educators Corp. | 2,174 | 65,372 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 62
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Independence Holding Co. | 400 | $ | 5,224 | |||||
Infinity Property & Casualty Corp. | 698 | 44,791 | ||||||
Investors Title Co. | 10 | 708 | ||||||
Kansas City Life Insurance Co. | 370 | 15,385 | ||||||
Maiden Holdings Ltd. | 2,512 | 29,642 | ||||||
Meadowbrook Insurance Group, Inc. | 4,025 | 22,540 | ||||||
Montpelier Re Holdings Ltd. | 1,944 | 59,448 | ||||||
National Interstate Corp. | 519 | 14,542 | ||||||
National Western Life Insurance Co. | 165 | 38,486 | ||||||
Navigators Group, Inc.* | 716 | 40,791 | ||||||
OneBeacon Insurance Group Ltd. | 2,090 | 32,270 | ||||||
Phoenix Cos., Inc.* | 421 | 18,532 | ||||||
Platinum Underwriters Holdings Ltd. | 1,470 | 92,184 | ||||||
Primerica, Inc. | 3,350 | 153,732 | ||||||
RLI Corp. | 2,132 | 91,804 | ||||||
Safety Insurance Group, Inc. | 654 | 35,126 | ||||||
Selective Insurance Group, Inc. | 2,953 | 67,742 | ||||||
State Auto Financial Corp. | 638 | 13,053 | ||||||
Stewart Information Services Corp. | 969 | 29,555 | ||||||
Symetra Financial Corp. | 4,820 | 99,581 | ||||||
Third Point Reinsurance Ltd.* | 1,370 | 21,427 | ||||||
Tower Group International Ltd. | 4,920 | 12,103 | ||||||
United Fire Group, Inc. | 1,365 | 37,974 | ||||||
Universal Insurance Holdings, Inc. | 2,460 | 35,990 | ||||||
|
| |||||||
$ | 2,346,219 | |||||||
REAL ESTATE INVESTMENT TRUSTS – 6.4% |
| |||||||
Acadia Realty Trust | 3,455 | 93,734 | ||||||
AG Mortgage Investment Trust, Inc. | 520 | 9,199 | ||||||
Agree Realty Corp. | 979 | 29,243 | ||||||
Alexander’s, Inc. | 236 | 81,599 | ||||||
Altisource Residential Corp. | 2,590 | 72,831 | ||||||
American Assets Trust, Inc. | 1,750 | 59,412 | ||||||
American Capital Mortgage Investment Corp. | 2,930 | 58,014 | ||||||
American Realty Capital Properties, Inc. | 17,740 | 232,217 | ||||||
American Residential Properties, Inc.#,* | 980 | 17,611 | ||||||
AmREIT, Inc. | 1,750 | 29,155 | ||||||
Anworth Mortgage Asset Corp. | 6,881 | 37,157 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 640 | 10,886 | ||||||
Apollo Residential Mortgage, Inc. | 1,530 | 24,709 | ||||||
Ares Commercial Real Estate Corp. | 1,830 | 23,351 | ||||||
Armada Hoffler Properties, Inc. | 1,420 | 13,746 | ||||||
ARMOUR Residential REIT, Inc. | 22,340 | 94,722 | ||||||
Ashford Hospitality Prime, Inc. | 882 | 13,530 | ||||||
Ashford Hospitality Trust, Inc. | 4,410 | 45,247 | ||||||
Associated Estates Realty Corp. | 3,474 | 58,294 | ||||||
Aviv REIT, Inc. | 800 | 21,112 | ||||||
Campus Crest Communities, Inc. | 2,970 | 25,572 |
Description | Number of Shares | Value | ||||||
Capstead Mortgage Corp. | 4,690 | $ | 59,938 | |||||
Cedar Realty Trust, Inc. | 3,966 | 24,550 | ||||||
Chambers Street Properties | 14,310 | 111,475 | ||||||
Chatham Lodging Trust | 1,140 | 23,176 | ||||||
Chesapeake Lodging Trust | 2,380 | 64,236 | ||||||
Colony Financial, Inc. | 3,330 | 72,427 | ||||||
Coresite Realty Corp. | 1,940 | 59,015 | ||||||
Cousins Properties, Inc. | 8,677 | 100,914 | ||||||
CubeSmart | 7,054 | 131,204 | ||||||
CYS Investments, Inc. | 9,360 | 80,496 | ||||||
DCT Industrial Trust, Inc. | 15,705 | 122,813 | ||||||
DiamondRock Hospitality Co. | 10,947 | 134,320 | ||||||
DuPont Fabros Technology, Inc. | 4,445 | 107,702 | ||||||
Dynex Capital, Inc. | 3,960 | 33,977 | ||||||
EastGroup Properties, Inc. | 2,924 | 184,943 | ||||||
Education Realty Trust, Inc. | 6,421 | 65,494 | ||||||
Ellington Residential Mortgage REIT# | 1,030 | 16,830 | ||||||
Empire State Realty Trust, Inc. | 5,130 | 78,489 | ||||||
EPR Properties | 2,999 | 160,776 | ||||||
Equity One, Inc. | 3,762 | 84,758 | ||||||
Excel Trust, Inc. | 3,390 | 42,782 | ||||||
FelCor Lodging Trust, Inc. | 8,240 | 76,055 | ||||||
First Industrial Realty Trust, Inc. | 5,582 | 102,541 | ||||||
First Potomac Realty Trust | 4,184 | 54,518 | ||||||
Franklin Street Properties Corp. | 5,247 | 63,908 | ||||||
Getty Realty Corp. | 1,437 | 27,188 | ||||||
Gladstone Commercial Corp. | 1,150 | 20,286 | ||||||
Glimcher Realty Trust | 12,345 | 125,796 | ||||||
Government Properties Income Trust | 2,320 | 59,044 | ||||||
Gramercy Property Trust, Inc.# | 2,850 | 14,877 | ||||||
Healthcare Realty Trust, Inc. | 6,906 | 173,686 | ||||||
Hersha Hospitality Trust | 12,978 | 75,402 | ||||||
Highwoods Properties, Inc. | 6,185 | 249,565 | ||||||
Hudson Pacific Properties, Inc. | 3,420 | 80,541 | ||||||
Inland Real Estate Corp. | 7,105 | 74,247 | ||||||
Invesco Mortgage Capital, Inc. | 6,580 | 109,689 | ||||||
Investors Real Estate Trust | 6,057 | 52,817 | ||||||
iStar Financial, Inc.* | 5,580 | 82,919 | ||||||
JAVELIN Mortgage Investment Corp.# | 270 | 3,567 | ||||||
Kite Realty Group Trust | 7,030 | 43,586 | ||||||
LaSalle Hotel Properties | 5,841 | 193,220 | ||||||
Lexington Realty Trust | 11,211 | 120,630 | ||||||
LTC Properties, Inc. | 3,082 | 119,058 | ||||||
Medical Properties Trust, Inc. | 9,065 | 122,378 | ||||||
Monmouth Real Estate Investment Corp. | 1,802 | 16,921 | ||||||
National Health Investors, Inc. | 2,854 | 176,063 | ||||||
New Residential Investment Corp. | 14,390 | 87,779 | ||||||
New York Mortgage Trust, Inc. | 2,900 | 21,373 |
ANNUAL REPORT / April 30, 2014
63 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
NorthStar Realty Finance Corp. | 15,760 | $ | 252,475 | |||||
One Liberty Properties, Inc. | 1,180 | 26,113 | ||||||
Parkway Properties, Inc. | 2,880 | 54,317 | ||||||
Pebblebrook Hotel Trust | 3,080 | 106,075 | ||||||
Pennsylvania Real Estate Investment Trust | 4,051 | 67,044 | ||||||
PennyMac Mortgage Investment Trust | 4,230 | 99,151 | ||||||
Physicians Realty Trust | 1,520 | 20,854 | ||||||
Potlatch Corp. | 3,291 | 125,815 | ||||||
PS Business Parks, Inc. | 1,949 | 167,166 | ||||||
QTS Realty Trust, Inc. | 1,000 | 27,250 | ||||||
RAIT Financial Trust# | 5,577 | 45,620 | ||||||
Ramco-Gershenson Properties Trust | 3,794 | 62,525 | ||||||
Redwood Trust, Inc.# | 5,539 | 120,750 | ||||||
Resource Capital Corp. | 8,450 | 46,475 | ||||||
Retail Opportunity Investments Corp. | 3,420 | 53,489 | ||||||
Rexford Industrial Realty, Inc. | 1,380 | 19,624 | ||||||
RLJ Lodging Trust | 6,730 | 179,489 | ||||||
Rouse Properties, Inc.# | 1,520 | 25,521 | ||||||
Sabra Health Care REIT, Inc. | 2,653 | 79,510 | ||||||
Saul Centers, Inc. | 1,128 | 51,764 | ||||||
Select Income REIT | 1,070 | 32,935 | ||||||
Silver Bay Realty Trust Corp.# | 1,669 | 25,002 | ||||||
Sovran Self Storage, Inc. | 3,307 | 251,001 | ||||||
STAG Industrial, Inc. | 1,720 | 40,472 | ||||||
Strategic Hotels & Resorts, Inc.* | 16,990 | 183,322 | ||||||
Summit Hotel Properties, Inc. | 4,370 | 39,592 | ||||||
Sun Communities, Inc. | 3,531 | 160,908 | ||||||
Sunstone Hotel Investors, Inc. | 10,624 | 152,029 | ||||||
Terreno Realty Corp. | 1,530 | 27,953 | ||||||
UMH Properties, Inc. | 410 | 4,039 | ||||||
Universal Health Realty Income Trust | 1,687 | 71,579 | ||||||
Urstadt Biddle Properties, Inc. | 2,565 | 52,352 | ||||||
Washington Real Estate Investment Trust | 4,632 | 113,299 | ||||||
Western Asset Mortgage Capital Corp.# | 2,885 | 42,611 | ||||||
Whitestone REIT | 1,480 | 20,764 | ||||||
Winthrop Realty Trust | 2,820 | 39,198 | ||||||
ZAIS Financial Corp. | 840 | 13,852 | ||||||
|
| |||||||
$ | 8,061,245 | |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.4% |
| |||||||
Alexander & Baldwin, Inc. | 2,540 | 94,767 | ||||||
AV Homes, Inc.* | 512 | 8,771 | ||||||
Consolidated-Tomoka Land Co. | 290 | 11,464 | ||||||
Forestar Group, Inc.* | 2,258 | 38,499 | ||||||
Kennedy-Wilson Holdings, Inc. | 3,930 | 85,831 | ||||||
Tejon Ranch Co.* | 1,398 | 43,352 | ||||||
Zillow, Inc.#,* | 2,150 | 233,705 | ||||||
|
| |||||||
$ | 516,389 |
Description | Number of Shares | Value | ||||||
THRIFTS & MORTGAGE FINANCE – 1.4% |
| |||||||
Astoria Financial Corp. | 4,080 | $ | 54,101 | |||||
Banc of California, Inc. | 500 | 6,285 | ||||||
Bank Mutual Corp. | 3,500 | 21,070 | ||||||
BankFinancial Corp. | 1,681 | 16,541 | ||||||
BBX Capital Corp.* | 1,100 | 20,603 | ||||||
Beneficial Mutual Bancorp, Inc.* | 3,030 | 39,511 | ||||||
Berkshire Hills Bancorp, Inc. | 951 | 22,282 | ||||||
BofI Holding, Inc.* | 1,300 | 104,793 | ||||||
Brookline Bancorp, Inc. | 4,008 | 36,393 | ||||||
Capitol Federal Financial, Inc. | 7,420 | 89,337 | ||||||
Charter Financial Corp. | 1,446 | 15,906 | ||||||
Clifton Bancorp, Inc. | 1,067 | 12,367 | ||||||
Dime Community Bancshares, Inc. | 1,703 | 27,759 | ||||||
Doral Financial Corp.# | 884 | 8,451 | ||||||
ESB Financial Corp. | 1,872 | 23,625 | ||||||
ESSA Bancorp, Inc. | 70 | 727 | ||||||
Essent Group Ltd.* | 1,280 | 24,128 | ||||||
EverBank Financial Corp. | 5,080 | 95,098 | ||||||
Federal Agricultural Mortgage Corp. | 340 | 12,097 | ||||||
First Defiance Financial Corp. | 550 | 14,861 | ||||||
First Financial Northwest, Inc. | 990 | 10,098 | ||||||
Flagstar Bancorp, Inc.* | 1,350 | 23,760 | ||||||
Flushing Financial Corp. | 1,594 | 30,637 | ||||||
Fox Chase Bancorp, Inc. | 980 | 16,346 | ||||||
Franklin Financial Corp. | 620 | 12,375 | ||||||
Hingham Institution for Savings | 230 | 15,987 | ||||||
Home Bancorp, Inc.* | 710 | 14,377 | ||||||
Home Federal Bancorp, Inc. | 653 | 9,828 | ||||||
Home Loan Servicing Solutions Ltd.# | 3,530 | 78,190 | ||||||
HomeStreet, Inc. | 280 | 5,085 | ||||||
Kearny Financial Corp.* | 19 | 277 | ||||||
Meridian Interstate Bancorp, Inc.* | 220 | 5,559 | ||||||
Meta Financial Group, Inc. | 530 | 22,212 | ||||||
MGIC Investment Corp.* | 26,655 | 229,233 | ||||||
NASB Financial, Inc.#,* | 630 | 15,032 | ||||||
Northfield Bancorp, Inc. | 3,745 | 48,573 | ||||||
Northwest Bancshares, Inc. | 4,768 | 63,367 | ||||||
OceanFirst Financial Corp. | 758 | 12,295 | ||||||
Oritani Financial Corp. | 2,960 | 43,897 | ||||||
PennyMac Financial Services, Inc. | 870 | 13,807 | ||||||
Provident Financial Holdings, Inc. | 550 | 7,739 | ||||||
Provident Financial Services, Inc. | 2,995 | 52,053 | ||||||
Radian Group, Inc. | 12,186 | 170,360 | ||||||
Rockville Financial, Inc. | 1,562 | 20,556 | ||||||
Territorial Bancorp, Inc. | 730 | 14,936 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 64
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Tree.com, Inc. | 700 | $ | 20,356 | |||||
TrustCo Bank Corp. | 8,150 | 53,872 | ||||||
United Community Financial Corp.* | 3,600 | 11,988 | ||||||
United Financial Bancorp, Inc. | 1,410 | 24,872 | ||||||
ViewPoint Financial Group, Inc. | 2,981 | 77,715 | ||||||
Walker & Dunlop, Inc.* | 510 | 7,997 | ||||||
Westfield Financial, Inc. | 714 | 4,891 | ||||||
WSFS Financial Corp. | 448 | 30,294 | ||||||
|
| |||||||
$ | 1,814,499 | |||||||
|
| |||||||
TOTAL FINANCIALS | $ | 23,224,851 | ||||||
HEALTH CARE – 14.7% |
| |||||||
BIOTECHNOLOGY – 4.9% |
| |||||||
ACADIA Pharmaceuticals, Inc.#,* | 6,840 | 137,689 | ||||||
Acceleron Pharma, Inc.#,* | 570 | 19,579 | ||||||
Achillion Pharmaceuticals, Inc.#,* | 12,150 | 34,627 | ||||||
Acorda Therapeutics, Inc.* | 3,723 | 131,980 | ||||||
Aegerion Pharmaceuticals, Inc.#,* | 2,820 | 124,813 | ||||||
Agios Pharmaceuticals, Inc.#,* | 720 | 30,283 | ||||||
Alnylam Pharmaceuticals, Inc.* | 5,600 | 277,368 | ||||||
AMAG Pharmaceuticals, Inc.* | 1,880 | 34,329 | ||||||
Amicus Therapeutics, Inc.* | 90 | 200 | ||||||
Anacor Pharmaceuticals, Inc.* | 1,690 | 27,834 | ||||||
Arena Pharmaceuticals, Inc.#,* | 20,320 | 130,048 | ||||||
Arqule, Inc.* | 3,040 | 4,925 | ||||||
Array BioPharma, Inc.* | 12,253 | 48,767 | ||||||
AVEO Pharmaceuticals, Inc.* | 1,390 | 1,710 | ||||||
Biotime, Inc.* | 4,930 | 12,769 | ||||||
Bluebird Bio, Inc.#,* | 1,210 | 23,958 | ||||||
Cell Therapeutics, Inc.#,* | 11,400 | 33,630 | ||||||
Celldex Therapeutics, Inc.* | 8,483 | 127,245 | ||||||
Cepheid, Inc.* | 6,807 | 295,968 | ||||||
Chelsea Therapeutics International Ltd.* | 9,820 | 47,922 | ||||||
ChemoCentryx, Inc.* | 1,310 | 7,179 | ||||||
Chimerix, Inc.* | 360 | 6,955 | ||||||
Clovis Oncology, Inc.* | 1,610 | 87,053 | ||||||
Coronado Biosciences, Inc.#,* | 1,460 | 2,540 | ||||||
Curis, Inc.* | 7,270 | 16,430 | ||||||
Cytokinetics, Inc.* | 2,700 | 12,285 | ||||||
Cytori Therapeutics, Inc.#,* | 2,187 | 4,943 | ||||||
Dendreon Corp.#,* | 13,300 | 34,314 | ||||||
Durata Therapeutics, Inc.#,* | 1,920 | 25,997 | ||||||
Dyax Corp.* | 12,411 | 82,037 | ||||||
Dynavax Technologies Corp.* | 21,410 | 34,898 | ||||||
Emergent Biosolutions, Inc.* | 2,141 | 56,437 | ||||||
Enanta Pharmaceuticals, Inc.#,* | 610 | 22,698 | ||||||
Enzon Pharmaceuticals, Inc. | 1,860 | 1,656 | ||||||
Epizyme, Inc.#,* | 490 | 10,692 |
Description | Number of Shares | Value | ||||||
Esperion Therapeutics, Inc.#,* | 1,440 | $ | 19,858 | |||||
Exact Sciences Corp.#,* | 7,330 | 87,960 | ||||||
Exelixis, Inc.#,* | 18,302 | 64,789 | ||||||
Galena Biopharma, Inc.#,* | 10,700 | 26,215 | ||||||
Genomic Health, Inc.#,* | 2,150 | 56,416 | ||||||
Geron Corp.* | 7,057 | 13,973 | ||||||
GTx, Inc.#,* | 9,050 | 13,937 | ||||||
Halozyme Therapeutics, Inc.#,* | 8,851 | 65,940 | ||||||
Harvard Apparatus Regenerative Technology, Inc.* | 162 | 1,401 | ||||||
Hyperion Therapeutics, Inc.#,* | 650 | 16,016 | ||||||
Idenix Pharmaceuticals, Inc.#,* | 10,752 | 59,244 | ||||||
ImmunoGen, Inc.#,* | 7,168 | 92,754 | ||||||
Immunomedics, Inc.#,* | 5,690 | 23,955 | ||||||
Infinity Pharmaceuticals, Inc.* | 4,980 | 48,655 | ||||||
Insmed, Inc.* | 3,950 | 55,063 | ||||||
Insys Therapeutics, Inc.#,* | 735 | 30,179 | ||||||
Intercept Pharmaceuticals, Inc.* | 720 | 190,166 | ||||||
InterMune, Inc.* | 9,366 | 300,461 | ||||||
Intrexon Corp.#,* | 860 | 16,237 | ||||||
Ironwood Pharmaceuticals, Inc.* | 9,300 | 102,486 | ||||||
Isis Pharmaceuticals, Inc.* | 11,082 | 294,892 | ||||||
KaloBios Pharmaceuticals, Inc.* | 5,710 | 12,962 | ||||||
Karyopharm Therapeutics, Inc.#,* | 720 | 19,318 | ||||||
Keryx Biopharmaceuticals, Inc.#,* | 7,910 | 116,831 | ||||||
KYTHERA Biopharmaceuticals, Inc.#,* | 1,220 | 39,784 | ||||||
Lexicon Pharmaceuticals, Inc.* | 26,690 | 41,103 | ||||||
Ligand Pharmaceuticals, Inc.* | 1,725 | 108,968 | ||||||
MannKind Corp.#,* | 14,837 | 97,182 | �� | |||||
MEI Pharma, Inc.#,* | 2,390 | 18,690 | ||||||
Merrimack Pharmaceuticals, Inc.#,* | 9,360 | 41,090 | ||||||
MiMedx Group, Inc.#,* | 7,550 | 43,639 | ||||||
Momenta Pharmaceuticals, Inc.* | 4,560 | 52,075 | ||||||
Nanosphere, Inc.* | 8,570 | 14,655 | ||||||
Neurocrine Biosciences, Inc.* | 7,737 | 108,473 | ||||||
NewLink Genetics Corp.#,* | 1,400 | 30,800 | ||||||
Novavax, Inc.* | 19,653 | 86,080 | ||||||
NPS Pharmaceuticals, Inc.* | 8,492 | 226,057 | ||||||
OncoGenex Pharmaceutical, Inc.* | 1,200 | 4,656 | ||||||
Onconova Therapeutics, Inc.#,* | 1,180 | 6,584 | ||||||
Opko Health, Inc.#,* | 19,530 | 161,513 | ||||||
Orexigen Therapeutics, Inc.#,* | 10,575 | 59,432 | ||||||
Osiris Therapeutics, Inc.#,* | 1,764 | 25,102 | ||||||
OvaScience, Inc.#,* | 1,790 | 14,535 | ||||||
PDL BioPharma, Inc.# | 13,936 | 118,317 | ||||||
Portola Pharmaceuticals, Inc.#,* | 660 | 15,484 | ||||||
Progenics Pharmaceuticals, Inc.* | 5,326 | 18,801 |
ANNUAL REPORT / April 30, 2014
65 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Prothena Corp. PLC* | 1,260 | $ | 27,720 | |||||
PTC Therapeutics, Inc.* | 1,270 | 24,816 | ||||||
Puma Biotechnology, Inc.* | 2,280 | 172,231 | ||||||
Raptor Pharmaceutical Corp.#,* | 5,790 | 47,883 | ||||||
Receptos, Inc.* | 690 | 23,315 | ||||||
Regulus Therapeutics, Inc.#,* | 3,340 | 23,814 | ||||||
Repligen Corp.* | 3,990 | 63,242 | ||||||
Retrophin, Inc.* | 1,400 | 20,006 | ||||||
Rigel Pharmaceuticals, Inc.* | 3,111 | 9,955 | ||||||
Sangamo Biosciences, Inc.#,* | 6,205 | 85,877 | ||||||
Sarepta Therapeutics, Inc.#,* | 3,720 | 138,124 | ||||||
SIGA Technologies, Inc.#,* | 1,840 | 5,281 | ||||||
Spectrum Pharmaceuticals, Inc.* | 2,850 | 19,580 | ||||||
Stemline Therapeutics, Inc.* | 480 | 7,349 | ||||||
Sunesis Pharmaceuticals, Inc.#,* | 4,130 | 21,187 | ||||||
Synageva BioPharma Corp.#,* | 2,080 | 179,650 | ||||||
Synergy Pharmaceuticals, Inc.#,* | 6,660 | 29,903 | ||||||
Synta Pharmaceuticals Corp.#,* | 6,050 | 25,471 | ||||||
Targacept, Inc.* | 60 | 266 | ||||||
TESARO, Inc.* | 960 | 23,962 | ||||||
Tetraphase Pharmaceuticals, Inc.* | 1,770 | 19,010 | ||||||
Threshold Pharmaceuticals, Inc.#,* | 5,060 | 20,746 | ||||||
Trius Therapeutics CVR*,†† | 1,740 | — | ||||||
Ultragenyx Pharmaceutical, Inc.* | 530 | 20,553 | ||||||
Vanda Pharmaceuticals, Inc.#,* | 4,000 | 55,720 | ||||||
Verastem, Inc.#,* | 1,300 | 10,855 | ||||||
Vical, Inc.* | 1,980 | 2,237 | ||||||
XOMA Corp.* | 7,450 | 33,078 | ||||||
ZIOPHARM Oncology, Inc.#,* | 7,320 | 26,352 | ||||||
|
| |||||||
$ | 6,152,669 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES – 3.9% |
| |||||||
Abaxis, Inc. | 2,321 | 94,256 | ||||||
ABIOMED, Inc.#,* | 3,872 | 91,728 | ||||||
Accuray, Inc.#,* | 8,742 | 73,433 | ||||||
Align Technology, Inc.* | 7,081 | 356,812 | ||||||
Alphatec Holdings, Inc.* | 8,380 | 11,313 | ||||||
Analogic Corp. | 708 | 53,157 | ||||||
AngioDynamics, Inc.* | 989 | 13,292 | ||||||
Anika Therapeutics, Inc.* | 970 | 41,458 | ||||||
Antares Pharma, Inc.#,* | 12,950 | 36,001 | ||||||
ArthroCare Corp.* | 2,490 | 120,840 | ||||||
AtriCure, Inc.* | 2,380 | 36,652 | ||||||
Atrion Corp. | 170 | 49,016 | ||||||
Biolase, Inc.#,* | 488 | 942 | ||||||
Cantel Medical Corp. | 2,989 | 99,115 | ||||||
Cardiovascular Systems, Inc.* | 2,040 | 58,650 |
Description | Number of Shares | Value | ||||||
Cerus Corp.#,* | 7,370 | $ | 31,912 | |||||
CONMED Corp. | 1,943 | 90,019 | ||||||
CryoLife, Inc. | 1,550 | 14,074 | ||||||
Cutera, Inc.* | 3,130 | 32,270 | ||||||
Cyberonics, Inc.* | 2,750 | 162,690 | ||||||
Cynosure, Inc.* | 975 | 23,926 | ||||||
Derma Sciences, Inc.* | 930 | 9,616 | ||||||
DexCom, Inc.* | 7,423 | 240,802 | ||||||
Endologix, Inc.* | 5,860 | 74,305 | ||||||
Exactech, Inc.* | 622 | 13,821 | ||||||
GenMark Diagnostics, Inc.* | 2,950 | 26,402 | ||||||
Globus Medical, Inc.* | 5,300 | 129,426 | ||||||
Greatbatch, Inc.* | 1,731 | 79,678 | ||||||
Haemonetics Corp.* | 5,510 | 167,284 | ||||||
HeartWare International, Inc.#,* | 1,640 | 139,334 | ||||||
ICU Medical, Inc.* | 1,247 | 69,558 | ||||||
Insulet Corp.#,* | 4,881 | 183,672 | ||||||
Integra LifeSciences Holdings Corp.* | 1,427 | 65,043 | ||||||
Invacare Corp. | 1,684 | 26,607 | ||||||
Masimo Corp. | 5,531 | 148,010 | ||||||
Meridian Bioscience, Inc. | 4,384 | 87,548 | ||||||
Merit Medical Systems, Inc.* | 2,560 | 32,947 | ||||||
Natus Medical, Inc.* | 2,423 | 60,163 | ||||||
Navidea Biopharmaceuticals, Inc.* | 14,400 | 24,048 | ||||||
Neogen Corp.* | 3,439 | 143,664 | ||||||
NuVasive, Inc.* | 2,830 | 95,399 | ||||||
NxStage Medical, Inc.* | 6,061 | 69,338 | ||||||
OraSure Technologies, Inc.* | 3,017 | 19,761 | ||||||
Orthofix International NV* | 1,521 | 45,934 | ||||||
Oxford Immunotec Global PLC#,* | 1,180 | 21,122 | ||||||
PhotoMedex, Inc.#,* | 670 | 10,124 | ||||||
Quidel Corp.* | 2,907 | 62,355 | ||||||
Rockwell Medical, Inc.#,* | 3,150 | 32,004 | ||||||
RTI Surgical, Inc.* | 4,370 | 18,791 | ||||||
Spectranetics Corp.* | 4,028 | 85,635 | ||||||
Staar Surgical Co.* | 4,280 | 72,803 | ||||||
STERIS Corp. | 6,260 | 300,793 | ||||||
SurModics, Inc.* | 1,650 | 35,904 | ||||||
Symmetry Medical, Inc.* | 3,028 | 25,011 | ||||||
Tandem Diabetes Care, Inc.* | 920 | 16,164 | ||||||
TearLab Corp.#,* | 3,130 | 13,522 | ||||||
Thoratec Corp.* | 5,710 | 187,174 | ||||||
Tornier NV* | 1,880 | 31,904 | ||||||
Unilife Corp.#,* | 9,460 | 30,745 | ||||||
Utah Medical Products, Inc. | 300 | 15,237 | ||||||
Vascular Solutions, Inc.* | 2,120 | 46,449 | ||||||
Volcano Corp.* | 5,169 | 90,768 | ||||||
West Pharmaceutical Services, Inc. | 6,190 | 268,522 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 66
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Wright Medical Group, Inc.* | 1,950 | $ | 53,333 | |||||
Zeltiq Aesthetics, Inc.* | 1,960 | 35,848 | ||||||
|
| |||||||
$ | 4,898,124 | |||||||
HEALTH CARE PROVIDERS & SERVICES – 3.0% |
| |||||||
Acadia Healthcare Co., Inc.* | 3,800 | 159,676 | ||||||
Addus HomeCare Corp.* | 610 | 13,188 | ||||||
Air Methods Corp. | 4,033 | 224,517 | ||||||
Almost Family, Inc. | 1,148 | 24,648 | ||||||
Amedisys, Inc.* | 1,516 | 20,663 | ||||||
AMN Healthcare Services, Inc.* | 5,138 | 64,122 | ||||||
Amsurg Corp.* | 2,510 | 108,708 | ||||||
Bio-Reference Labs, Inc.#,* | 2,508 | 63,703 | ||||||
BioScrip, Inc.#,* | 4,050 | 28,026 | ||||||
Capital Senior Living Corp.#,* | 3,018 | 74,635 | ||||||
Centene Corp.* | 5,437 | 361,017 | ||||||
Chemed Corp. | 1,955 | 162,793 | ||||||
Chindex International, Inc.* | 861 | 20,518 | ||||||
Corvel Corp.* | 1,170 | 53,282 | ||||||
Cross Country Healthcare, Inc.* | 884 | 6,268 | ||||||
Emeritus Corp.* | 4,116 | 122,780 | ||||||
Ensign Group, Inc. | 1,889 | 80,282 | ||||||
ExamWorks Group, Inc.* | 2,960 | 108,928 | ||||||
Five Star Quality Care, Inc.* | 2,940 | 14,200 | ||||||
Gentiva Health Services, Inc.* | 2,977 | 22,417 | ||||||
Hanger, Inc.* | 2,703 | 93,713 | ||||||
HealthSouth Corp. | 8,074 | 279,683 | ||||||
Healthways, Inc.* | 3,750 | 67,500 | ||||||
HMS Holdings Corp.* | 9,267 | 149,847 | ||||||
IPC The Hospitalist Co., Inc.* | 1,770 | 71,685 | ||||||
Kindred Healthcare, Inc. | 2,485 | 62,374 | ||||||
Landauer, Inc. | 1,186 | 51,283 | ||||||
LHC Group, Inc.* | 547 | 11,367 | ||||||
Magellan Health Services, Inc.* | 1,375 | 79,365 | ||||||
Molina Healthcare, Inc.* | 2,742 | 102,551 | ||||||
MWI Veterinary Supply, Inc.* | 1,340 | 209,898 | ||||||
National Healthcare Corp. | 700 | 38,311 | ||||||
National Research Corp., Class A* | 630 | 9,929 | ||||||
Owens & Minor, Inc. | 4,206 | 141,069 | ||||||
PharMerica Corp.* | 2,479 | 67,404 | ||||||
Providence Service Corp.* | 1,060 | 43,047 | ||||||
Select Medical Holdings Corp. | 3,720 | 51,931 | ||||||
Skilled Healthcare Group, Inc.* | 649 | 3,349 | ||||||
Team Health Holdings, Inc.* | 6,890 | 334,027 | ||||||
Triple-S Management Corp.* | 941 | 14,096 | ||||||
U.S. Physical Therapy, Inc. | 1,202 | 37,082 | ||||||
Universal American Corp. | 3,043 | 21,818 | ||||||
USMD Holdings, Inc.#,* | 240 | 3,024 |
Description | Number of Shares | Value | ||||||
WellCare Health Plans, Inc.* | 2,340 | $ | 157,880 | |||||
|
| |||||||
$ | 3,836,604 | |||||||
HEALTH CARE TECHNOLOGY – 0.8% |
| |||||||
athenahealth, Inc.#,* | 3,590 | 443,868 | ||||||
Computer Programs & Systems, Inc. | 873 | 55,112 | ||||||
HealthStream, Inc.* | 1,870 | 42,355 | ||||||
MedAssets, Inc.* | 5,379 | 122,803 | ||||||
Medidata Solutions, Inc.* | 5,320 | 193,169 | ||||||
Merge Healthcare, Inc.* | 720 | 1,642 | ||||||
Omnicell, Inc.* | 3,098 | 82,035 | ||||||
Quality Systems, Inc. | 3,896 | 57,544 | ||||||
Vocera Communications, Inc.* | 2,700 | 41,175 | ||||||
|
| |||||||
$ | 1,039,703 | |||||||
LIFE SCIENCES TOOLS & SERVICES – 0.5% |
| |||||||
Accelerate Diagnostics, Inc.#,* | 1,382 | 25,470 | ||||||
Affymetrix, Inc.* | 3,494 | 25,960 | ||||||
Albany Molecular Research, Inc.* | 1,610 | 25,857 | ||||||
Cambrex Corp.* | 2,284 | 46,799 | ||||||
Fluidigm Corp.* | 3,040 | 114,182 | ||||||
Furiex Pharmaceuticals, Inc.* | 710 | 73,393 | ||||||
Harvard Bioscience, Inc.* | 650 | 2,743 | ||||||
Luminex Corp.* | 4,358 | 83,717 | ||||||
NeoGenomics, Inc.* | 5,920 | 19,595 | ||||||
Pacific Biosciences of California, Inc.* | 1,160 | 5,127 | ||||||
PAREXEL International Corp.* | 5,649 | 256,182 | ||||||
Sequenom, Inc.#,* | 5,922 | 16,167 | ||||||
|
| |||||||
$ | 695,192 | |||||||
PHARMACEUTICALS – 1.6% |
| |||||||
AcelRx Pharmaceuticals, Inc.#,* | 1,790 | 19,368 | ||||||
Akorn, Inc.* | 6,660 | 167,965 | ||||||
Ampio Pharmaceuticals, Inc.#,* | 3,220 | 19,610 | ||||||
Aratana Therapeutics, Inc.#,* | 1,070 | 14,745 | ||||||
Auxilium Pharmaceuticals, Inc.* | 4,971 | 111,897 | ||||||
AVANIR Pharmaceuticals, Inc.* | 16,460 | 81,971 | ||||||
BioDelivery Sciences International, Inc.#,* | 2,450 | 21,829 | ||||||
Cempra, Inc.* | 1,500 | 13,680 | ||||||
ContraVir Pharmaceuticals, Inc.#,* | 656 | 1,227 | ||||||
Corcept Therapeutics, Inc.#,* | 8,370 | 36,995 | ||||||
Depomed, Inc.* | 5,000 | 70,050 | ||||||
Endocyte, Inc.#,* | 2,480 | 44,913 | ||||||
Horizon Pharma, Inc.* | 4,500 | 63,810 | ||||||
Impax Laboratories, Inc.* | 3,940 | 103,031 | ||||||
Lannett Co., Inc.* | 2,310 | 79,764 | ||||||
Medicines Co.* | 6,499 | 172,873 | ||||||
Nektar Therapeutics* | 9,672 | 113,839 | ||||||
Omeros Corp.#,* | 2,690 | 33,302 | ||||||
Pacira Pharmaceuticals, Inc.* | 2,980 | 204,100 |
ANNUAL REPORT / April 30, 2014
67 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Pernix Therapeutics Holdings* | 1,740 | $ | 8,369 | |||||
Pozen, Inc.* | 725 | 6,061 | ||||||
Questcor Pharmaceuticals, Inc. | 5,069 | 416,570 | ||||||
Relypsa, Inc.* | 640 | 14,291 | ||||||
Repros Therapeutics, Inc.#,* | 1,950 | 32,897 | ||||||
Sagent Pharmaceuticals, Inc.* | 1,210 | 25,035 | ||||||
Sciclone Pharmaceuticals, Inc.* | 2,900 | 13,862 | ||||||
Sucampo Pharmaceuticals, Inc.* | 892 | 6,164 | ||||||
Supernus Pharmaceuticals, Inc.* | 3,500 | 28,735 | ||||||
TherapeuticsMD, Inc.#,* | 9,780 | 41,076 | ||||||
Vivus, Inc.#,* | 9,876 | 51,355 | ||||||
XenoPort, Inc.* | 2,584 | 10,491 | ||||||
Zogenix, Inc.* | 10,000 | 24,400 | ||||||
|
| |||||||
$ | 2,054,275 | |||||||
|
| |||||||
TOTAL HEALTH CARE | $ | 18,676,567 | ||||||
INDUSTRIALS – 15.6% |
| |||||||
AEROSPACE & DEFENSE – 1.6% |
| |||||||
AAR Corp. | 2,266 | 58,689 | ||||||
Aerovironment, Inc.* | 824 | 27,826 | ||||||
American Science & Engineering, Inc. | 694 | 46,637 | ||||||
API Technologies Corp.* | 3,490 | 7,957 | ||||||
Astronics Corp.* | 1,360 | 77,683 | ||||||
Cubic Corp. | 988 | 46,861 | ||||||
Curtiss-Wright Corp. | 2,506 | 160,234 | ||||||
DigitalGlobe, Inc.* | 3,817 | 113,670 | ||||||
Ducommun, Inc.* | 760 | 18,445 | ||||||
Engility Holdings, Inc.* | 1,190 | 51,932 | ||||||
Esterline Technologies Corp.* | 1,797 | 195,909 | ||||||
GenCorp., Inc.#,* | 5,069 | 89,012 | ||||||
HEICO Corp. | 6,636 | 367,104 | ||||||
Innovative Solutions & Support, Inc. | 2,190 | 14,739 | ||||||
KEYW Holding Corp.#,* | 3,500 | 44,975 | ||||||
Kratos Defense & Security Solutions, Inc.* | 3,161 | 22,822 | ||||||
LMI Aerospace, Inc.#,* | 657 | 8,961 | ||||||
Moog, Inc.* | 2,986 | 195,434 | ||||||
National Presto Industries, Inc.# | 312 | 22,545 | ||||||
Orbital Sciences Corp.* | 2,951 | 86,759 | ||||||
Sparton Corp.* | 940 | 25,530 | ||||||
Taser International, Inc.* | 4,951 | 79,959 | ||||||
Teledyne Technologies, Inc.* | 2,604 | 241,807 | ||||||
|
| |||||||
$ | 2,005,490 | |||||||
AIR FREIGHT & LOGISTICS – 0.5% |
| |||||||
Air Transport Services Group, Inc.* | 2,530 | 19,810 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 1,454 | 50,875 | ||||||
Echo Global Logistics, Inc.* | 1,770 | 34,621 |
Description | Number of Shares | Value | ||||||
Forward Air Corp. | 3,061 | $ | 135,388 | |||||
Hub Group, Inc.* | 3,392 | 151,453 | ||||||
Park-Ohio Holdings Corp.* | 800 | 46,712 | ||||||
UTi Worldwide, Inc. | 9,130 | 89,383 | ||||||
XPO Logistics, Inc.#,* | 2,742 | 74,418 | ||||||
|
| |||||||
$ | 602,660 | |||||||
AIRLINES – 0.6% |
| |||||||
Allegiant Travel Co. | 1,464 | 171,947 | ||||||
Hawaiian Holdings, Inc.#,* | 2,443 | 35,301 | ||||||
JetBlue Airways Corp.* | 15,804 | 124,931 | ||||||
Republic Airways Holdings, Inc.* | 3,621 | 30,091 | ||||||
SkyWest, Inc. | 2,533 | 29,383 | ||||||
Spirit Airlines, Inc.* | 6,240 | 354,682 | ||||||
|
| |||||||
$ | 746,335 | |||||||
BUILDING PRODUCTS – 0.9% |
| |||||||
AAON, Inc. | 2,607 | 73,908 | ||||||
Ameresco, Inc.* | 770 | 4,936 | ||||||
American Woodmark Corp.* | 1,375 | 41,264 | ||||||
Apogee Enterprises, Inc. | 2,740 | 87,050 | ||||||
Builders FirstSource, Inc.* | 5,290 | 41,526 | ||||||
Gibraltar Industries, Inc.* | 2,030 | 34,672 | ||||||
Griffon Corp. | 2,619 | 27,866 | ||||||
Insteel Industries, Inc. | 2,540 | 52,273 | ||||||
NCI Building Systems, Inc.* | 1,752 | 27,401 | ||||||
Nortek, Inc.* | 1,000 | 82,160 | ||||||
Patrick Industries, Inc.* | 630 | 25,244 | ||||||
PGT, Inc.* | 3,830 | 38,109 | ||||||
Ply Gem Holdings, Inc.* | 800 | 10,200 | ||||||
Quanex Building Products Corp. | 1,963 | 36,983 | ||||||
Simpson Manufacturing Co., Inc. | 2,711 | 88,894 | ||||||
Stock Building Supply Holdings, Inc.* | 1,260 | 21,811 | ||||||
Trex Co., Inc.* | 1,649 | 129,479 | ||||||
Universal Forest Products, Inc. | 1,206 | 60,891 | ||||||
USG Corp.* | 7,870 | 234,998 | ||||||
|
| |||||||
$ | 1,119,665 | |||||||
COMMERCIAL SERVICES & SUPPLIES – 2.4% |
| |||||||
ABM Industries, Inc. | 3,249 | 88,015 | ||||||
ACCO Brands Corp.* | 6,260 | 38,374 | ||||||
Acorn Energy, Inc.# | 1,070 | 2,482 | ||||||
ARC Document Solutions, Inc.* | 1,068 | 6,835 | ||||||
Brink’s Co. | 4,110 | 104,558 | ||||||
Casella Waste Systems, Inc.* | 1,130 | 5,763 | ||||||
Ceco Environmental Corp. | 1,051 | 16,700 | ||||||
Cenveo, Inc.#,* | 593 | 1,832 | ||||||
Compx International, Inc. | 70 | 644 | ||||||
Courier Corp. | 1,194 | 17,349 | ||||||
Deluxe Corp. | 4,485 | 246,451 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 68
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Encore Capital Group, Inc.* | 2,215 | $ | 95,732 | |||||
EnerNOC, Inc.* | 1,694 | 39,978 | ||||||
Ennis, Inc. | 1,079 | 16,142 | ||||||
G&K Services, Inc. | 1,174 | 62,152 | ||||||
Geo Group, Inc. | 5,336 | 178,916 | ||||||
Healthcare Services Group, Inc. | 6,915 | 201,226 | ||||||
Heritage-Crystal Clean, Inc.* | 550 | 8,800 | ||||||
Herman Miller, Inc. | 5,375 | 165,711 | ||||||
HNI Corp. | 4,063 | 143,139 | ||||||
InnerWorkings, Inc.* | 3,370 | 24,264 | ||||||
Interface, Inc. | 5,345 | 96,157 | ||||||
Intersections, Inc. | 40 | 225 | ||||||
Kimball International, Inc. | 2,450 | 41,062 | ||||||
Knoll, Inc. | 4,842 | 88,076 | ||||||
McGrath RentCorp | 1,400 | 44,212 | ||||||
Mobile Mini, Inc. | 2,208 | 97,549 | ||||||
MSA Safety, Inc. | 3,203 | 168,958 | ||||||
Multi-Color Corp. | 701 | 24,430 | ||||||
NL Industries, Inc. | 42 | 421 | ||||||
Performant Financial Corp.* | 940 | 8,187 | ||||||
Portfolio Recovery Associates, Inc.* | 4,967 | 283,864 | ||||||
Quad/Graphics, Inc. | 1,270 | 27,496 | ||||||
Schawk, Inc. | 1,443 | 28,860 | ||||||
SP Plus Corp.* | 1,718 | 41,954 | ||||||
Steelcase, Inc. | 4,440 | 73,171 | ||||||
Sykes Enterprises, Inc.* | 2,282 | 45,161 | ||||||
Team, Inc.* | 1,914 | 82,091 | ||||||
Tetra Tech, Inc.* | 3,594 | 103,040 | ||||||
TRC Cos., Inc.* | 320 | 1,898 | ||||||
UniFirst Corp. | 1,108 | 106,634 | ||||||
United Stationers, Inc. | 2,038 | 76,486 | ||||||
US Ecology, Inc. | 1,664 | 74,298 | ||||||
Viad Corp. | 1,055 | 24,318 | ||||||
West Corp. | 1,040 | 25,324 | ||||||
|
| |||||||
$ | 3,028,935 | |||||||
CONSTRUCTION & ENGINEERING – 0.8% |
| |||||||
Aegion Corp.* | 2,473 | 63,037 | ||||||
Argan, Inc. | 810 | 21,684 | ||||||
Comfort Systems USA, Inc. | 2,191 | 32,865 | ||||||
Dycom Industries, Inc.* | 2,197 | 68,986 | ||||||
EMCOR Group, Inc. | 3,652 | 167,955 | ||||||
Furmanite Corp.* | 2,481 | 26,001 | ||||||
Granite Construction, Inc. | 2,110 | 78,872 | ||||||
Great Lakes Dredge & Dock Corp. | 4,706 | 40,613 | ||||||
Layne Christensen Co.* | 520 | 9,058 | ||||||
MasTec, Inc.* | 5,354 | 211,911 | ||||||
MYR Group, Inc.* | 1,100 | 25,806 |
Description | Number of Shares | Value | ||||||
Northwest Pipe Co.* | 501 | $ | 17,921 | |||||
Orion Marine Group, Inc.* | 1,648 | 19,331 | ||||||
Pike Electric Corp. | 1,200 | 11,520 | ||||||
Primoris Services Corp. | 3,300 | 92,334 | ||||||
Sterling Construction Co., Inc.* | 1,705 | 13,094 | ||||||
Tutor Perini Corp.* | 2,661 | 78,766 | ||||||
|
| |||||||
$ | 979,754 | |||||||
ELECTRICAL EQUIPMENT – 2.0% |
| |||||||
Acuity Brands, Inc. | 4,383 | 545,990 | ||||||
American Superconductor Corp.* | 815 | 1,043 | ||||||
AZZ, Inc. | 2,454 | 106,553 | ||||||
Belden, Inc. | 4,134 | 305,131 | ||||||
Brady Corp. | 2,579 | 66,512 | ||||||
Capstone Turbine Corp.* | 25,640 | 52,818 | ||||||
Encore Wire Corp. | 1,217 | 59,304 | ||||||
EnerSys, Inc. | 3,537 | 239,030 | ||||||
Enphase Energy, Inc.#,* | 2,220 | 16,761 | ||||||
Franklin Electric Co., Inc. | 5,112 | 197,681 | ||||||
FuelCell Energy, Inc.#,* | 23,764 | 53,944 | ||||||
Generac Holdings, Inc. | 5,290 | 311,475 | ||||||
General Cable Corp. | 2,740 | 70,199 | ||||||
Global Power Equipment Group, Inc. | 1,070 | 18,757 | ||||||
GrafTech International Ltd.#,* | 7,260 | 81,385 | ||||||
II-VI, Inc.* | 2,784 | 40,090 | ||||||
LSI Industries, Inc. | 1,963 | 14,938 | ||||||
Polypore International, Inc.#,* | 4,770 | 165,424 | ||||||
Powell Industries, Inc. | 369 | 23,365 | ||||||
Power Solutions International, Inc.#,* | 310 | 25,653 | ||||||
PowerSecure International, Inc.* | 2,160 | 48,017 | ||||||
Preformed Line Products Co. | 194 | 11,593 | ||||||
Revolution Lighting Technologies, Inc.#,* | 2,690 | 7,828 | ||||||
Thermon Group Holdings, Inc.* | 2,710 | 64,552 | ||||||
Vicor Corp.* | 689 | 5,760 | ||||||
|
| |||||||
$ | 2,533,803 | |||||||
INDUSTRIAL CONGLOMERATES – 0.1% |
| |||||||
Raven Industries, Inc. | 3,622 | 111,920 | ||||||
Seaboard Corp. | 17 | 41,446 | ||||||
Standex International Corp. | 638 | 37,878 | ||||||
|
| |||||||
$ | 191,244 | |||||||
MACHINERY – 3.5% |
| |||||||
Accuride Corp.* | 6,660 | 37,562 | ||||||
Actuant Corp. | 3,930 | 133,070 | ||||||
Alamo Group, Inc. | 599 | 31,819 | ||||||
Albany International Corp. | 1,740 | 62,605 | ||||||
Altra Holdings, Inc. | 2,573 | 87,894 | ||||||
American Railcar Industries, Inc. | 559 | 38,817 | ||||||
Ampco-Pittsburgh Corp. | 556 | 11,137 |
ANNUAL REPORT / April 30, 2014
69 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Astec Industries, Inc. | 1,291 | $ | 51,575 | |||||
Barnes Group, Inc. | 2,615 | 100,730 | ||||||
Blount International, Inc.* | 4,370 | 48,813 | ||||||
Briggs & Stratton Corp. | 2,318 | 49,536 | ||||||
Chart Industries, Inc.#,* | 2,979 | 203,227 | ||||||
CIRCOR International, Inc. | 988 | 80,235 | ||||||
CLARCOR, Inc. | 5,128 | 296,193 | ||||||
Columbus McKinnon Corp.* | 1,605 | 42,516 | ||||||
Commercial Vehicle Group, Inc.* | 1,480 | 14,371 | ||||||
Douglas Dynamics, Inc. | 1,430 | 24,124 | ||||||
Dynamic Materials Corp. | 675 | 13,635 | ||||||
Energy Recovery, Inc.#,* | 2,459 | 12,565 | ||||||
EnPro Industries, Inc.* | 1,507 | 107,313 | ||||||
ESCO Technologies, Inc. | 2,072 | 69,246 | ||||||
ExOne Co.#,* | 400 | 13,816 | ||||||
Federal Signal Corp.* | 6,479 | 98,351 | ||||||
FreightCar America, Inc. | 1,033 | 27,127 | ||||||
Global Brass & Copper Holdings, Inc. | 910 | 14,433 | ||||||
Gorman-Rupp Co. | 1,537 | 47,724 | ||||||
Graham Corp. | 545 | 16,263 | ||||||
Greenbrier Cos., Inc.* | 1,160 | 60,830 | ||||||
Hardinge, Inc. | 900 | 12,024 | ||||||
Hurco Cos., Inc. | 510 | 13,597 | ||||||
Hyster-Yale Materials Handling, Inc. | 796 | 76,726 | ||||||
Hyster-Yale Materials Handling, Inc. Class B | 216 | 20,820 | ||||||
John Bean Technologies Corp. | 2,890 | 83,781 | ||||||
Kadant, Inc. | 714 | 24,811 | ||||||
LB Foster Co. | 606 | 28,694 | ||||||
Lindsay Corp. | 1,228 | 108,224 | ||||||
Lydall, Inc.* | 580 | 13,578 | ||||||
Manitex International, Inc.* | 1,410 | 23,209 | ||||||
Meritor, Inc.#,* | 4,780 | 56,739 | ||||||
Middleby Corp.* | 1,884 | 475,672 | ||||||
Miller Industries, Inc. | 460 | 8,910 | ||||||
Mueller Industries, Inc. | 5,332 | 154,308 | ||||||
Mueller Water Products, Inc. | 17,170 | 156,590 | ||||||
NN, Inc. | 1,760 | 34,443 | ||||||
Omega Flex, Inc. | 150 | 3,026 | ||||||
PMFG, Inc.* | 1,007 | 5,710 | ||||||
Proto Labs, Inc.* | 1,480 | 89,599 | ||||||
RBC Bearings, Inc.* | 2,487 | 154,841 | ||||||
Rexnord Corp.* | 3,880 | 103,751 | ||||||
Sun Hydraulics Corp. | 2,037 | 83,273 | ||||||
Tecumseh Products Co.* | 1,460 | 8,775 | ||||||
Tennant Co. | 1,751 | 111,696 | ||||||
Titan International, Inc.# | 5,085 | 89,038 | ||||||
Trimas Corp.* | 4,340 | 155,632 | ||||||
Twin Disc, Inc. | 493 | 14,262 |
Description | Number of Shares | Value | ||||||
Wabash National Corp.* | 4,600 | $ | 61,456 | |||||
Watts Water Technologies, Inc. | 2,004 | 106,613 | ||||||
Woodward, Inc. | 6,901 | 309,372 | ||||||
Xerium Technologies, Inc.* | 1,600 | 21,600 | ||||||
|
| |||||||
$ | 4,406,297 | |||||||
MARINE – 0.1% |
| |||||||
International Shipholding Corp. | 755 | 20,340 | ||||||
Matson, Inc. | 4,090 | 96,892 | ||||||
Scorpio Bulkers, Inc.* | 4,470 | 40,007 | ||||||
|
| |||||||
$ | 157,239 | |||||||
PROFESSIONAL SERVICES – 1.4% |
| |||||||
Acacia Research Corp.# | 2,990 | 47,960 | ||||||
Advisory Board Co.* | 3,626 | 207,625 | ||||||
Barrett Business Services, Inc. | 790 | 39,824 | ||||||
CBIZ, Inc.* | 2,967 | 25,427 | ||||||
CDI Corp. | 1,603 | 24,558 | ||||||
Corporate Executive Board Co. | 3,430 | 236,739 | ||||||
CRA International, Inc.* | 717 | 15,609 | ||||||
Exponent, Inc. | 1,237 | 87,110 | ||||||
Franklin Covey Co.* | 350 | 7,094 | ||||||
FTI Consulting, Inc.* | 2,450 | 84,035 | ||||||
GP Strategies Corp.* | 1,510 | 39,683 | ||||||
Heidrick & Struggles International, Inc. | 1,080 | 20,358 | ||||||
Huron Consulting Group, Inc.* | 1,602 | 114,062 | ||||||
ICF International, Inc.* | 1,047 | 40,802 | ||||||
Insperity, Inc. | 2,241 | 71,846 | ||||||
Kelly Services, Inc. | 917 | 19,312 | ||||||
Kforce, Inc. | 2,533 | 58,563 | ||||||
Korn/Ferry International* | 2,724 | 79,132 | ||||||
Mistras Group, Inc.* | 2,080 | 47,237 | ||||||
Navigant Consulting, Inc.* | 3,602 | 60,514 | ||||||
Odyssey Marine Exploration, Inc.#,* | 11,090 | 24,287 | ||||||
On Assignment, Inc.* | 4,445 | 155,575 | ||||||
Pendrell Corp.* | 2,700 | 4,455 | ||||||
Resources Connection, Inc. | 2,635 | 35,862 | ||||||
RPX Corp.* | 2,140 | 35,053 | ||||||
TrueBlue, Inc.* | 3,941 | 105,422 | ||||||
VSE Corp. | 336 | 20,990 | ||||||
WageWorks, Inc.* | 2,730 | 115,670 | ||||||
|
| |||||||
$ | 1,824,804 | |||||||
ROAD & RAIL – 0.6% |
| |||||||
Arkansas Best Corp. | 1,246 | 49,117 | ||||||
Celadon Group, Inc. | 1,638 | 37,690 | ||||||
Heartland Express, Inc. | 4,288 | 93,307 | ||||||
Knight Transportation, Inc. | 5,177 | 122,850 | ||||||
Marten Transport Ltd. | 1,078 | 25,290 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 70
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Patriot Transportation Holding, Inc.* | 250 | $ | 8,720 | |||||
Quality Distribution, Inc.* | 1,100 | 13,827 | ||||||
Roadrunner Transportation Systems, Inc.* | 1,620 | 39,901 | ||||||
Saia, Inc.* | 1,903 | 78,347 | ||||||
Swift Transportation Co.* | 7,670 | 184,464 | ||||||
Universal Truckload Services, Inc. | 380 | 9,371 | ||||||
Werner Enterprises, Inc. | 2,961 | 75,802 | ||||||
YRC Worldwide, Inc.#,* | 1,880 | 42,168 | ||||||
|
| |||||||
$ | 780,854 | |||||||
TRADING COMPANIES & DISTRIBUTORS – 1.1% |
| |||||||
Aceto Corp. | 1,663 | 36,386 | ||||||
Aircastle Ltd. | 4,585 | 80,558 | ||||||
Applied Industrial Technologies, Inc. | 3,940 | 188,805 | ||||||
Beacon Roofing Supply, Inc.* | 5,444 | 193,698 | ||||||
CAI International, Inc.* | 940 | 20,445 | ||||||
DXP Enterprises, Inc.* | 880 | 99,625 | ||||||
H&E Equipment Services, Inc. | 2,995 | 115,457 | ||||||
Houston Wire & Cable Co. | 1,199 | 14,940 | ||||||
Kaman Corp. | 2,622 | 110,045 | ||||||
Rush Enterprises, Inc.* | 2,190 | 70,299 | ||||||
TAL International Group, Inc. | 2,339 | 98,659 | ||||||
Textainer Group Holdings Ltd.# | 1,344 | 52,819 | ||||||
Titan Machinery, Inc.#,* | 1,470 | 25,931 | ||||||
Watsco, Inc. | 2,383 | 245,235 | ||||||
|
| |||||||
$ | 1,352,902 | |||||||
TRANSPORTATION INFRASTRUCTURE – 0.0%** |
| |||||||
Wesco Aircraft Holdings, Inc.* | 2,010 | 40,723 | ||||||
|
| |||||||
TOTAL INDUSTRIALS | $ | 19,770,705 | ||||||
INFORMATION TECHNOLOGY – 18.6% |
| |||||||
COMMUNICATIONS EQUIPMENT – 1.9% |
| |||||||
ADTRAN, Inc. | 5,741 | 128,771 | ||||||
Alliance Fiber Optic Products, Inc.# | 850 | 16,337 | ||||||
ARRIS Group, Inc.* | 11,501 | 300,061 | ||||||
Aruba Networks, Inc.#,* | 10,415 | 205,905 | ||||||
Aviat Networks, Inc.* | 3,568 | 5,388 | ||||||
Bel Fuse, Inc. | 1,217 | 26,482 | ||||||
Black Box Corp. | 1,078 | 22,918 | ||||||
CalAmp Corp.* | 3,390 | 60,172 | ||||||
Calix, Inc.* | 2,114 | 18,624 | ||||||
Ciena Corp.* | 9,080 | 179,512 | ||||||
Comtech Telecommunications Corp. | 1,219 | 38,703 | ||||||
CyrusOne, Inc. | 1,240 | 24,800 | ||||||
Digi International, Inc.* | 812 | 7,194 | ||||||
Emulex Corp.* | 3,130 | 22,379 | ||||||
Extreme Networks* | 5,086 | 29,092 |
Description | Number of Shares | Value | ||||||
Finisar Corp.#,* | 5,020 | $ | 131,273 | |||||
Harmonic, Inc.* | 4,982 | 35,023 | ||||||
Infinera Corp.#,* | 9,956 | 89,206 | ||||||
InterDigital, Inc. | 4,398 | 152,699 | ||||||
Ixia* | 5,305 | 65,888 | ||||||
KVH Industries, Inc.* | 690 | 9,322 | ||||||
Loral Space & Communications, Inc. | 1,261 | 90,779 | ||||||
NETGEAR, Inc.* | 2,427 | 78,392 | ||||||
Numerex Corp.* | 770 | 7,893 | ||||||
Oplink Communications, Inc.* | 811 | 13,901 | ||||||
Parkervision, Inc.#,* | 11,130 | 50,753 | ||||||
PC-Tel, Inc. | 1,620 | 13,365 | ||||||
Plantronics, Inc. | 3,736 | 162,778 | ||||||
Procera Networks, Inc.* | 1,760 | 16,298 | ||||||
Ruckus Wireless, Inc.* | 5,020 | 52,459 | ||||||
ShoreTel, Inc.* | 2,830 | 21,367 | ||||||
Sonus Networks, Inc.* | 13,800 | 45,126 | ||||||
Tessco Technologies, Inc. | 620 | 20,392 | ||||||
Ubiquiti Networks, Inc.# | 1,530 | 59,257 | ||||||
ViaSat, Inc.* | 3,892 | 249,905 | ||||||
Westell Technologies, Inc.* | 3,290 | 10,725 | ||||||
|
| |||||||
$ | 2,463,139 | |||||||
COMPUTERS & PERIPHERALS – 0.5% |
| |||||||
Cray, Inc.* | 3,330 | 95,604 | ||||||
Datalink Corp.* | 1,130 | 14,509 | ||||||
Electronics For Imaging, Inc.* | 4,068 | 153,730 | ||||||
Fusion-io, Inc.#,* | 6,980 | 60,237 | ||||||
Hutchinson Technology, Inc.* | 3,460 | 9,619 | ||||||
Imation Corp.* | 2,508 | 10,835 | ||||||
Immersion Corp.* | 2,027 | 22,986 | ||||||
QLogic Corp.* | 3,860 | 44,699 | ||||||
Quantum Corp.* | 7,940 | 8,575 | ||||||
Silicon Graphics International Corp.* | 2,110 | 25,489 | ||||||
Super Micro Computer, Inc.* | 1,488 | 30,296 | ||||||
Synaptics, Inc.#,* | 3,453 | 214,604 | ||||||
|
| |||||||
$ | 691,183 | |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.6% |
| |||||||
Aeroflex Holding Corp.* | 760 | 5,814 | ||||||
Agilysys, Inc.* | 1,540 | 19,312 | ||||||
Anixter International, Inc.* | 2,405 | 235,642 | ||||||
Audience, Inc.* | 1,230 | 14,145 | ||||||
Badger Meter, Inc. | 1,378 | 68,280 | ||||||
Benchmark Electronics, Inc.* | 2,670 | 61,891 | ||||||
Checkpoint Systems, Inc.* | 1,693 | 21,620 | ||||||
Cognex Corp. | 9,180 | 316,067 | ||||||
Coherent, Inc. | 2,584 | 154,291 |
ANNUAL REPORT / April 30, 2014
71 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Control4 Corp.#,* | 400 | $ | 7,064 | |||||
CTS Corp. | 2,338 | 41,593 | ||||||
Daktronics, Inc. | 3,008 | 39,164 | ||||||
DTS, Inc.* | 1,787 | 33,256 | ||||||
Electro Rent Corp. | 824 | 13,308 | ||||||
Electro Scientific Industries, Inc. | 1,343 | 11,389 | ||||||
Fabrinet* | 1,030 | 22,248 | ||||||
FARO Technologies, Inc.* | 1,693 | 67,551 | ||||||
FEI Co. | 4,162 | 330,962 | ||||||
GSI Group, Inc.* | 2,140 | 25,980 | ||||||
Insight Enterprises, Inc.* | 2,730 | 71,308 | ||||||
InvenSense, Inc.#,* | 5,360 | 115,401 | ||||||
Itron, Inc.* | 2,070 | 78,660 | ||||||
Kemet Corp.* | 3,580 | 17,936 | ||||||
Littelfuse, Inc. | 2,225 | 201,474 | ||||||
Maxwell Technologies, Inc.* | 1,618 | 24,367 | ||||||
Measurement Specialties, Inc.* | 1,581 | 101,737 | ||||||
Mercury Systems, Inc.* | 2,865 | 39,995 | ||||||
Mesa Laboratories, Inc. | 210 | 17,997 | ||||||
Methode Electronics, Inc. | 3,227 | 89,517 | ||||||
MTS Systems Corp. | 1,550 | 99,929 | ||||||
Multi-Fineline Electronix, Inc.* | 653 | 8,084 | ||||||
Neonode, Inc.#,* | 2,160 | 11,556 | ||||||
Newport Corp.* | 2,832 | 52,902 | ||||||
OSI Systems, Inc.* | 2,009 | 112,122 | ||||||
Park Electrochemical Corp. | 1,152 | 30,712 | ||||||
PC Connection, Inc. | 319 | 6,383 | ||||||
Plexus Corp.* | 1,798 | 75,372 | ||||||
Radisys Corp.* | 2,062 | 6,598 | ||||||
RealD, Inc.#,* | 4,730 | 51,841 | ||||||
Richardson Electronics Ltd. | 1,100 | 11,022 | ||||||
Rofin-Sinar Technologies, Inc.* | 1,723 | 38,251 | ||||||
Rogers Corp.* | 992 | 59,540 | ||||||
Sanmina Corp.* | 5,090 | 103,073 | ||||||
ScanSource, Inc.* | 1,541 | 59,190 | ||||||
Speed Commerce, Inc.* | 5,240 | 17,292 | ||||||
SYNNEX Corp.* | 1,802 | 121,419 | ||||||
TTM Technologies, Inc.* | 2,379 | 18,770 | ||||||
Uni-Pixel, Inc.#,* | 960 | 5,251 | ||||||
Universal Display Corp.#,* | 4,277 | 111,416 | ||||||
Viasystems Group, Inc.* | 20 | 240 | ||||||
Vishay Precision Group, Inc.* | 480 | 7,790 | ||||||
Zygo Corp.* | 1,700 | 32,708 | ||||||
|
| |||||||
$ | 3,289,430 | |||||||
INTERNET SOFTWARE & SERVICES – 2.9% |
| |||||||
Angie’s List, Inc.#,* | 3,720 | 42,073 |
Description | Number of Shares | Value | ||||||
Bankrate, Inc.* | 2,130 | $ | 37,318 | |||||
Bazaarvoice, Inc.#,* | 3,220 | 21,638 | ||||||
Blucora, Inc.* | 3,174 | 61,099 | ||||||
Brightcove, Inc.* | 3,470 | 29,911 | ||||||
Carbonite, Inc.* | 1,390 | 13,747 | ||||||
ChannelAdvisor Corp.* | 590 | 15,482 | ||||||
comScore, Inc.* | 3,345 | 104,799 | ||||||
Constant Contact, Inc.#,* | 3,373 | 87,226 | ||||||
Conversant, Inc.* | 7,069 | 172,766 | ||||||
Cornerstone OnDemand, Inc.* | 4,200 | 154,392 | ||||||
CoStar Group, Inc.* | 2,752 | 442,769 | ||||||
Cvent, Inc.* | 580 | 15,967 | ||||||
DealerTrack Holdings, Inc.* | 4,408 | 201,402 | ||||||
Demand Media, Inc.* | 1,480 | 6,157 | ||||||
Demandware, Inc.* | 1,630 | 80,897 | ||||||
Dice Holdings, Inc.* | 5,110 | 39,091 | ||||||
Digital River, Inc.* | 2,061 | 31,513 | ||||||
E2open, Inc.#,* | 1,590 | 27,459 | ||||||
EarthLink Holdings Corp. | 4,880 | 16,641 | ||||||
eGain Corp.* | 1,140 | 7,456 | ||||||
Endurance International Group Holdings, Inc.#,* | 1,940 | 24,541 | ||||||
Envestnet, Inc.* | 2,080 | 76,648 | ||||||
Global Eagle Entertainment, Inc.* | 2,000 | 22,060 | ||||||
Gogo, Inc.#,* | 1,180 | 15,954 | ||||||
Internap Network Services Corp.* | 905 | 6,082 | ||||||
IntraLinks Holdings, Inc.* | 1,670 | 15,280 | ||||||
j2 Global, Inc. | 4,185 | 194,017 | ||||||
Limelight Networks, Inc.* | 4,342 | 8,988 | ||||||
Liquidity Services, Inc.* | 2,560 | 44,160 | ||||||
LivePerson, Inc.* | 6,830 | 67,617 | ||||||
LogMeIn, Inc.* | 2,380 | 108,171 | ||||||
Marchex, Inc. | 35 | 324 | ||||||
Marketo, Inc.* | 630 | 17,098 | ||||||
Millennial Media, Inc.#,* | 3,360 | 21,470 | ||||||
Monster Worldwide, Inc.* | 6,150 | 42,374 | ||||||
Move, Inc.* | 3,820 | 40,836 | ||||||
NIC, Inc. | 6,093 | 111,746 | ||||||
OpenTable, Inc.* | 2,400 | 161,184 | ||||||
Perficient, Inc.* | 2,246 | 41,034 | ||||||
QuinStreet, Inc.* | 1,450 | 8,845 | ||||||
RealNetworks, Inc.* | 719 | 5,421 | ||||||
Reis, Inc.* | 1,290 | 21,233 | ||||||
SciQuest, Inc.* | 2,220 | 53,236 | ||||||
Spark Networks, Inc.#,* | 3,390 | 15,357 | ||||||
SPS Commerce, Inc.* | 1,390 | 72,002 | ||||||
Stamps.com, Inc.* | 1,400 | 48,594 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 72
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
support.com, Inc.* | 7,661 | $ | 18,923 | |||||
TechTarget, Inc.* | 1,335 | 8,571 | ||||||
Textura Corp.#,* | 470 | 8,371 | ||||||
Travelzoo, Inc.* | 900 | 16,146 | ||||||
Tremor Video, Inc.#,* | 2,240 | 10,102 | ||||||
Trulia, Inc.#,* | 2,488 | 84,592 | ||||||
United Online, Inc. | 619 | 7,335 | ||||||
Unwired Planet, Inc.* | 6,333 | 14,439 | ||||||
VistaPrint NV* | 3,400 | 134,198 | ||||||
Vocus, Inc.* | 994 | 17,872 | ||||||
Web.com Group, Inc.* | 3,750 | 115,163 | ||||||
WebMD Health Corp.#,* | 3,260 | 143,733 | ||||||
Wix.Com Ltd.* | 890 | 18,236 | ||||||
XO Group, Inc.* | 2,034 | 21,601 | ||||||
Xoom Corp.* | 830 | 18,517 | ||||||
Yelp, Inc.* | 3,130 | 182,542 | ||||||
Zix Corp.* | 9,150 | 30,012 | ||||||
|
| |||||||
$ | 3,704,428 | |||||||
IT SERVICES – 2.4% |
| |||||||
Acxiom Corp.* | 5,441 | 153,654 | ||||||
Blackhawk Network Holdings, Inc.#,* | 2,040 | 48,940 | ||||||
CACI International, Inc.* | 1,473 | 102,594 | ||||||
Cardtronics, Inc.* | 4,370 | 146,308 | ||||||
Cass Information Systems, Inc. | 1,018 | 51,419 | ||||||
CIBER, Inc.* | 3,842 | 16,597 | ||||||
Computer Task Group, Inc. | 1,430 | 22,608 | ||||||
Convergys Corp. | 5,840 | 125,794 | ||||||
CSG Systems International, Inc. | 3,000 | 79,080 | ||||||
EPAM Systems, Inc.* | 2,140 | 66,618 | ||||||
Euronet Worldwide, Inc.* | 5,166 | 237,584 | ||||||
EVERTEC, Inc. | 2,190 | 51,553 | ||||||
ExlService Holdings, Inc.* | 3,245 | 91,817 | ||||||
Forrester Research, Inc. | 1,335 | 47,299 | ||||||
Global Cash Access Holdings, Inc.* | 2,961 | 19,543 | ||||||
Hackett Group, Inc. | 1,523 | 9,138 | ||||||
Heartland Payment Systems, Inc. | 3,939 | 161,263 | ||||||
Higher One Holdings, Inc.* | 3,830 | 22,942 | ||||||
iGATE Corp.* | 4,018 | 147,059 | ||||||
Lionbridge Technologies, Inc.* | 7,710 | 45,335 | ||||||
Luxoft Holding, Inc. | 810 | 21,862 | ||||||
ManTech International Corp. | 1,571 | 46,863 | ||||||
MAXIMUS, Inc. | 6,828 | 290,668 | ||||||
ModusLink Global Solutions, Inc.#,* | 1,459 | 5,894 | ||||||
MoneyGram International, Inc.* | 1,507 | 19,892 | ||||||
Planet Payment, Inc.* | 8,550 | 22,487 | ||||||
PRGX Global, Inc.* | 1,750 | 11,253 |
Description | Number of Shares | Value | ||||||
Sapient Corp.* | 11,770 | $ | 191,498 | |||||
ServiceSource International, Inc.* | 6,220 | 38,813 | ||||||
Syntel, Inc. | 1,505 | 120,882 | ||||||
TeleTech Holdings, Inc.* | 1,218 | 29,390 | ||||||
Unisys Corp.* | 2,851 | 69,479 | ||||||
Virtusa Corp.* | 2,659 | 87,667 | ||||||
WEX, Inc.* | 4,066 | 390,214 | ||||||
|
| |||||||
$ | 2,994,007 | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.7% |
| |||||||
Advanced Energy Industries, Inc.* | 3,282 | 71,810 | ||||||
Alpha & Omega Semiconductor Ltd.* | 1,770 | 12,744 | ||||||
Ambarella, Inc.#,* | 2,080 | 51,688 | ||||||
Amkor Technology, Inc.* | 6,054 | 48,129 | ||||||
ANADIGICS, Inc.* | 4,640 | 5,800 | ||||||
Applied Micro Circuits Corp.* | 7,114 | 69,077 | ||||||
Axcelis Technologies, Inc.* | 11,400 | 20,406 | ||||||
Brooks Automation, Inc. | 4,644 | 47,508 | ||||||
Cabot Microelectronics Corp.* | 2,191 | 95,024 | ||||||
Cavium, Inc.* | 5,344 | 226,425 | ||||||
Ceva, Inc.* | 1,832 | 29,733 | ||||||
Cirrus Logic, Inc.* | 4,300 | 95,890 | ||||||
Cohu, Inc. | 2,163 | 22,279 | ||||||
Cypress Semiconductor Corp. | 13,530 | 128,129 | ||||||
Diodes, Inc.* | 3,335 | 87,944 | ||||||
DSP Group, Inc.* | 1,625 | 12,935 | ||||||
Entegris, Inc.* | 8,590 | 95,263 | ||||||
Entropic Communications, Inc.* | 3,240 | 11,956 | ||||||
Exar Corp.* | 3,780 | 40,900 | ||||||
FormFactor, Inc.* | 2,571 | 14,783 | ||||||
GSI Technology, Inc.* | 440 | 2,794 | ||||||
GT Advanced Technologies, Inc.#,* | 12,324 | 204,702 | ||||||
Hittite Microwave Corp. | 3,198 | 189,833 | �� | |||||
Inphi Corp.* | 1,560 | 23,072 | ||||||
Integrated Device Technology, Inc.* | 7,680 | 89,626 | ||||||
Integrated Silicon Solution, Inc.* | 2,410 | 34,849 | ||||||
Intermolecular, Inc.* | 140 | 381 | ||||||
International Rectifier Corp.* | 4,660 | 121,346 | ||||||
Intersil Corp. | 6,780 | 83,665 | ||||||
IXYS Corp. | 1,532 | 16,530 | ||||||
Kopin Corp.* | 3,008 | 9,806 | ||||||
Lattice Semiconductor Corp.* | 8,270 | 69,633 | ||||||
LTX-Credence Corp.* | 1,643 | 15,822 | ||||||
M/A-COM Technology Solutions Holdings, | ||||||||
Inc.* | 1,040 | 18,210 | ||||||
MaxLinear, Inc.* | 1,840 | 14,481 | ||||||
Micrel, Inc. | 5,246 | 52,250 | ||||||
Microsemi Corp.* | 8,632 | 203,025 |
ANNUAL REPORT / April 30, 2014
73 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
MKS Instruments, Inc. | 2,859 | $ | 80,481 | |||||
Monolithic Power Systems, Inc. | 3,487 | 129,368 | ||||||
MoSys, Inc.* | 5,350 | 20,919 | ||||||
Nanometrics, Inc.* | 1,090 | 17,723 | ||||||
NeoPhotonics Corp.* | 460 | 2,654 | ||||||
NVE Corp.* | 299 | 15,700 | ||||||
OmniVision Technologies, Inc.* | 3,381 | 66,031 | ||||||
PDF Solutions, Inc.* | 2,690 | 50,491 | ||||||
Peregrine Semiconductor Corp.* | 1,490 | 8,001 | ||||||
Pericom Semiconductor Corp.* | 513 | 4,140 | ||||||
Photronics, Inc.* | 2,660 | 23,089 | ||||||
PLX Technology, Inc.* | 2,973 | 17,243 | ||||||
PMC - Sierra, Inc.* | 14,990 | 102,532 | ||||||
Power Integrations, Inc. | 3,124 | 147,547 | ||||||
Rambus, Inc.* | 10,630 | 128,517 | ||||||
RF Micro Devices, Inc.* | 26,650 | 224,926 | ||||||
Rubicon Technology, Inc.* | 702 | 7,111 | ||||||
Rudolph Technologies, Inc.* | 2,417 | 22,019 | ||||||
Semtech Corp.* | 6,400 | 153,472 | ||||||
Sigma Designs, Inc.* | 1,225 | 4,618 | ||||||
Silicon Image, Inc.* | 6,775 | 38,008 | ||||||
Spansion, Inc.* | 3,340 | 59,552 | ||||||
SunEdison, Inc.* | 26,690 | 513,249 | ||||||
SunPower Corp.#,* | 4,340 | 145,043 | ||||||
Tessera Technologies, Inc. | 2,536 | 55,614 | ||||||
TriQuint Semiconductor, Inc.* | 10,235 | 145,132 | ||||||
Ultra Clean Holdings* | 470 | 4,004 | ||||||
Ultratech, Inc.* | 2,761 | 73,498 | ||||||
Veeco Instruments, Inc.* | 2,580 | 95,383 | ||||||
|
| |||||||
$ | 4,694,513 | |||||||
SOFTWARE – 4.6% |
| |||||||
ACI Worldwide, Inc.* | 4,184 | 239,116 | ||||||
Actuate Corp.* | 2,873 | 16,175 | ||||||
Advent Software, Inc. | 3,104 | 89,457 | ||||||
American Software, Inc. | 3,494 | 33,682 | ||||||
Aspen Technology, Inc.* | 9,370 | 402,816 | ||||||
AVG Technologies NV* | 2,660 | 49,822 | ||||||
Barracuda Networks, Inc.* | 780 | 20,147 | ||||||
Blackbaud, Inc. | 4,222 | 128,560 | ||||||
Bottomline Technologies, Inc.* | 3,807 | 120,453 | ||||||
BroadSoft, Inc.* | 2,620 | 66,496 | ||||||
Callidus Software, Inc.* | 3,920 | 37,416 | ||||||
CommVault Systems, Inc.* | 4,471 | 216,396 | ||||||
Comverse, Inc.* | 1,563 | 38,981 | ||||||
Cyan, Inc.#,* | 460 | 1,923 | ||||||
Digimarc Corp. | 1,130 | 37,313 |
Description | Number of Shares | Value | ||||||
Ebix, Inc.# | 3,358 | $ | 52,989 | |||||
Ellie Mae, Inc.* | 2,680 | 65,365 | ||||||
EPIQ Systems, Inc. | 1,991 | 25,465 | ||||||
ePlus, Inc. | 210 | 10,508 | ||||||
Fair Isaac Corp. | 3,754 | 214,729 | ||||||
Fleetmatics Group PLC* | 1,870 | 56,156 | ||||||
Gigamon, Inc.#,* | 850 | 13,404 | ||||||
Glu Mobile, Inc.#,* | 7,070 | 28,280 | ||||||
Guidance Software, Inc.* | 680 | 6,263 | ||||||
Guidewire Software, Inc.* | 4,710 | 177,850 | ||||||
Imperva, Inc.#,* | 2,060 | 47,133 | ||||||
Infoblox, Inc.* | 5,370 | 105,359 | ||||||
Interactive Intelligence Group, Inc.* | 1,423 | 89,037 | ||||||
Jive Software, Inc.* | 2,230 | 16,680 | ||||||
Manhattan Associates, Inc.* | 8,500 | 268,005 | ||||||
Mentor Graphics Corp. | 5,768 | 119,398 | ||||||
MicroStrategy, Inc.* | 929 | 112,808 | ||||||
Mitek Systems, Inc.#,* | 3,400 | 11,084 | ||||||
Model N, Inc.* | 850 | 7,659 | ||||||
Monotype Imaging Holdings, Inc. | 3,558 | 93,967 | ||||||
Netscout Systems, Inc.* | 3,391 | 132,113 | ||||||
Pegasystems, Inc. | 3,638 | 60,282 | ||||||
Progress Software Corp.* | 3,834 | 82,278 | ||||||
Proofpoint, Inc.* | 2,040 | 51,898 | ||||||
PROS Holdings, Inc.* | 2,166 | 59,348 | ||||||
PTC, Inc.* | 12,117 | 428,578 | ||||||
QAD, Inc. | 607 | 11,563 | ||||||
QLIK Technologies, Inc.* | 9,030 | 198,479 | ||||||
Qualys, Inc.* | 2,060 | 39,737 | ||||||
Rally Software Development Corp.* | 630 | 8,240 | ||||||
RealPage, Inc.* | 4,350 | 77,213 | ||||||
Rosetta Stone, Inc.* | 750 | 8,933 | ||||||
Seachange International, Inc.* | 1,480 | 13,868 | ||||||
Silver Spring Networks, Inc.* | 1,360 | 20,373 | ||||||
SS&C Technologies Holdings, Inc.* | 5,960 | 231,963 | ||||||
Synchronoss Technologies, Inc.* | 2,559 | 77,896 | ||||||
Take-Two Interactive Software, Inc.* | 7,851 | 160,003 | ||||||
Tangoe, Inc.* | 3,620 | 54,445 | ||||||
TeleCommunication Systems, Inc.* | 7,060 | 18,003 | ||||||
Telenav, Inc.* | 770 | 4,720 | ||||||
TiVo, Inc.* | 9,360 | 111,010 | ||||||
Tyler Technologies, Inc.* | 3,199 | 261,198 | ||||||
Ultimate Software Group, Inc.* | 2,617 | 313,072 | ||||||
VASCO Data Security International, Inc.* | 1,185 | 13,521 | ||||||
Verint Systems, Inc.* | 5,507 | 241,041 | ||||||
VirnetX Holding Corp.#,* | 3,970 | 62,528 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 74
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Vringo, Inc.* | 5,130 | $ | 20,982 | |||||
|
| |||||||
$ | 5,784,177 | |||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | $ | 23,620,877 | ||||||
MATERIALS – 4.9% |
| |||||||
CHEMICALS – 2.4% |
| |||||||
A Schulman, Inc. | 1,898 | 68,176 | ||||||
American Vanguard Corp. | 2,894 | 51,542 | ||||||
Arabian American Development Co.* | 1,710 | 18,690 | ||||||
Axiall Corp. | 3,830 | 178,478 | ||||||
Balchem Corp. | 2,850 | 176,557 | ||||||
Calgon Carbon Corp.* | 5,111 | 102,373 | ||||||
Chase Corp. | 760 | 23,666 | ||||||
Chemtura Corp.* | 9,970 | 222,331 | ||||||
Ferro Corp.* | 6,902 | 89,588 | ||||||
Flotek Industries, Inc.* | 4,290 | 120,163 | ||||||
FutureFuel Corp. | 620 | 12,443 | ||||||
H.B. Fuller Co. | 5,409 | 250,599 | ||||||
Hawkins, Inc. | 940 | 34,028 | ||||||
Innophos Holdings, Inc. | 2,085 | 117,677 | ||||||
Innospec, Inc. | 2,110 | 90,857 | ||||||
Intrepid Potash, Inc.# | 3,850 | 62,755 | ||||||
KMG Chemicals, Inc. | 770 | 12,020 | ||||||
Koppers Holdings, Inc. | 2,244 | 95,819 | ||||||
Kraton Performance Polymers, Inc.* | 2,140 | 55,747 | ||||||
Landec Corp.* | 2,617 | 31,038 | ||||||
LSB Industries, Inc.* | 1,331 | 50,831 | ||||||
Marrone Bio Innovations, Inc.#,* | 1,060 | 12,911 | ||||||
Minerals Technologies, Inc. | 1,730 | 102,918 | ||||||
Olin Corp.# | 6,635 | 186,444 | ||||||
OM Group, Inc. | 1,506 | 44,111 | ||||||
OMNOVA Solutions, Inc.* | 4,500 | 41,040 | ||||||
Penford Corp.* | 1,200 | 15,120 | ||||||
PolyOne Corp. | 9,912 | 371,403 | ||||||
Quaker Chemical Corp. | 842 | 62,670 | ||||||
Sensient Technologies Corp. | 2,622 | 141,719 | ||||||
Stepan Co. | 1,568 | 90,677 | ||||||
Taminco Corp.* | 800 | 16,072 | ||||||
Tredegar Corp. | 1,810 | 37,666 | ||||||
Zep, Inc. | 1,904 | 32,920 | ||||||
|
| |||||||
$ | 3,021,049 | |||||||
CONSTRUCTION MATERIALS – 0.3% |
| |||||||
Headwaters, Inc.* | 7,855 | 98,030 | ||||||
Texas Industries, Inc.* | 2,150 | 186,405 | ||||||
United States Lime & Minerals, Inc. | 246 | 13,299 | ||||||
US Concrete, Inc.#,* | 1,020 | 25,112 | ||||||
|
| |||||||
$ | 322,846 |
Description | Number of Shares | Value | ||||||
CONTAINERS & PACKAGING – 0.3% |
| |||||||
AEP Industries, Inc.* | 517 | $ | 18,416 | |||||
Berry Plastics Group, Inc.* | 4,940 | 111,101 | ||||||
Graphic Packaging Holding Co.* | 19,590 | 200,993 | ||||||
Myers Industries, Inc. | 1,732 | 32,388 | ||||||
UFP Technologies, Inc.* | 580 | 14,709 | ||||||
|
| |||||||
$ | 377,607 | |||||||
METALS & MINING – 1.1% |
| |||||||
AK Steel Holding Corp.#,* | 9,180 | 64,260 | ||||||
Allied Nevada Gold Corp.#,* | 4,290 | 14,543 | ||||||
AM Castle & Co.* | 70 | 860 | ||||||
AMCOL International Corp. | 1,660 | 76,111 | ||||||
Century Aluminum Co.* | 2,020 | 27,775 | ||||||
Coeur Mining, Inc.* | 8,770 | 75,948 | ||||||
Commercial Metals Co. | 6,720 | 129,024 | ||||||
General Moly, Inc.* | 2,460 | 2,706 | ||||||
Globe Specialty Metals, Inc. | 3,750 | 72,675 | ||||||
Gold Reserve, Inc.#,* | 2,870 | 8,610 | ||||||
Gold Resource Corp. | 4,370 | 20,146 | ||||||
Handy & Harman Ltd.* | 730 | 16,505 | ||||||
Haynes International, Inc. | 574 | 30,451 | ||||||
Hecla Mining Co.# | 24,228 | 74,380 | ||||||
Horsehead Holding Corp.* | 2,628 | 40,971 | ||||||
Kaiser Aluminum Corp. | 1,001 | 70,470 | ||||||
Materion Corp. | 2,062 | 69,386 | ||||||
Midway Gold Corp.* | 9,790 | 8,953 | ||||||
Molycorp, Inc.#,* | 4,990 | 23,703 | ||||||
Noranda Aluminum Holding Corp. | 870 | 3,089 | ||||||
Olympic Steel, Inc. | 625 | 16,475 | ||||||
Paramount Gold & Silver Corp.#,* | 18,720 | 18,907 | ||||||
RTI International Metals, Inc.* | 1,582 | 44,549 | ||||||
Schnitzer Steel Industries, Inc. | 1,420 | 39,859 | ||||||
Stillwater Mining Co.* | 5,344 | 84,328 | ||||||
SunCoke Energy, Inc.* | 2,830 | 59,062 | ||||||
Universal Stainless & Alloy Products, Inc.* | 746 | 26,774 | ||||||
US Silica Holdings, Inc.# | 2,370 | 107,053 | ||||||
Walter Energy, Inc.# | 5,080 | 36,576 | ||||||
Worthington Industries, Inc. | 4,929 | 181,387 | ||||||
|
| |||||||
$ | 1,445,536 | |||||||
PAPER & FOREST PRODUCTS – 0.8% |
| |||||||
Boise Cascade Co.* | 880 | 22,018 | ||||||
Clearwater Paper Corp.* | 1,874 | 115,045 | ||||||
Deltic Timber Corp. | 1,185 | 71,989 | ||||||
KapStone Paper & Packaging Corp. | 8,420 | 222,120 | ||||||
Louisiana-Pacific Corp.* | 12,586 | 206,285 | ||||||
Neenah Paper, Inc. | 901 | 45,383 | ||||||
PH Glatfelter Co. | 4,743 | 121,041 |
ANNUAL REPORT / April 30, 2014
75 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Resolute Forest Products, Inc.* | 3,440 | $ | 61,370 | |||||
Schweitzer-Mauduit International, Inc. | 2,378 | 103,776 | ||||||
Wausau Paper Corp. | 5,170 | 61,833 | ||||||
|
| |||||||
$ | 1,030,860 | |||||||
|
| |||||||
TOTAL MATERIALS | $ | 6,197,898 | ||||||
TELECOMMUNICATION SERVICES – 0.7% |
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6% |
| |||||||
8x8, Inc.* | 7,210 | 69,937 | ||||||
Atlantic Tele-Network, Inc. | 700 | 41,419 | ||||||
Cbeyond, Inc.* | 2,039 | 20,166 | ||||||
Cincinnati Bell, Inc.* | 12,380 | 41,473 | ||||||
Cogent Communications Group, Inc. | 5,033 | 173,488 | ||||||
Consolidated Communications Holdings, Inc.# | 4,772 | 95,058 | ||||||
Fairpoint Communications, Inc.#,* | 1,780 | 24,279 | ||||||
General Communication, Inc.* | 1,642 | 17,142 | ||||||
Hawaiian Telcom Holdco, Inc.* | 550 | 14,641 | ||||||
HickoryTech Corp. | 2,470 | 29,319 | ||||||
IDT Corp. | 1,300 | 20,592 | ||||||
inContact, Inc.* | 4,410 | 36,382 | ||||||
Inteliquent, Inc. | 1,440 | 19,642 | ||||||
Iridium Communications, Inc.#,* | 1,760 | 11,739 | ||||||
Lumos Networks Corp. | 1,737 | 22,946 | ||||||
magicJack VocalTec Ltd.* | 620 | 10,962 | ||||||
ORBCOMM, Inc.* | 2,560 | 16,051 | ||||||
Premiere Global Services, Inc.* | 2,460 | 31,291 | ||||||
Straight Path Communications, Inc.* | 165 | 1,155 | ||||||
Towerstream Corp.#,* | 3,390 | 6,272 | ||||||
Vonage Holdings Corp.* | 4,750 | 18,240 | ||||||
|
| |||||||
$ | 722,194 | |||||||
WIRELESS TELECOMMUNICATION SERVICES – 0.1% |
| |||||||
Boingo Wireless, Inc.* | 1,190 | 7,854 | ||||||
NII Holdings, Inc.* | 10,100 | 8,685 | ||||||
NTELOS Holdings Corp.# | 1,647 | 22,712 | ||||||
Shenandoah Telecommunications Co. | 2,366 | 66,319 | ||||||
USA Mobility, Inc. | 1,488 | 25,489 | ||||||
|
| |||||||
$ | 131,059 | |||||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | $ | 853,253 | ||||||
UTILITIES – 2.4% | ||||||||
ELECTRIC UTILITIES – 1.1% |
| |||||||
ALLETE, Inc. | 2,396 | 124,017 | ||||||
Cleco Corp. | 3,505 | 184,188 | ||||||
El Paso Electric Co. | 2,300 | 86,986 | ||||||
Empire District Electric Co.# | 1,636 | 39,788 | ||||||
IDACORP, Inc. | 3,092 | 173,585 |
Description | Number of Shares | Value | ||||||
MGE Energy, Inc. | 1,708 | $ | 65,280 | |||||
NRG Yield, Inc., Class A# | 1,670 | 71,543 | ||||||
Otter Tail Corp. | 2,330 | 68,269 | ||||||
PNM Resources, Inc. | 4,407 | 121,986 | ||||||
Portland General Electric Co. | 4,647 | 155,535 | ||||||
UIL Holdings Corp. | 2,836 | 104,166 | ||||||
Unitil Corp. | 810 | 26,892 | ||||||
UNS Energy Corp. | 2,375 | 142,643 | ||||||
|
| |||||||
$ | 1,364,878 | |||||||
GAS UTILITIES – 0.7% |
| |||||||
Chesapeake Utilities Corp. | 570 | 36,058 | ||||||
Delta Natural Gas Co., Inc. | 330 | 6,293 | ||||||
Laclede Group, Inc. | 1,718 | 81,450 | ||||||
New Jersey Resources Corp. | 2,447 | 121,689 | ||||||
Northwest Natural Gas Co. | 1,648 | 72,957 | ||||||
Piedmont Natural Gas Co., Inc. | 4,294 | 153,682 | ||||||
South Jersey Industries, Inc. | 2,111 | 121,277 | ||||||
Southwest Gas Corp. | 2,658 | 146,217 | ||||||
WGL Holdings, Inc. | 3,360 | 133,694 | ||||||
|
| |||||||
$ | 873,317 | |||||||
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.2% |
| |||||||
Atlantic Power Corp.# | 3,710 | 11,019 | ||||||
Dynegy, Inc.* | 5,660 | 161,027 | ||||||
Genie Energy Ltd. | 1,200 | 9,720 | ||||||
Ormat Technologies, Inc. | 850 | 22,678 | ||||||
Pattern Energy Group, Inc. | 840 | 22,512 | ||||||
|
| |||||||
$ | 226,956 | |||||||
MULTI-UTILITIES – 0.2% |
| |||||||
Avista Corp. | 3,668 | 117,926 | ||||||
Black Hills Corp. | 2,408 | 139,062 | ||||||
NorthWestern Corp. | 1,909 | 92,357 | ||||||
|
| |||||||
$ | 349,345 | |||||||
WATER UTILITIES – 0.2% |
| |||||||
American States Water Co. | 2,134 | 64,788 | ||||||
Artesian Resources Corp. | 630 | 13,873 | ||||||
California Water Service Group | 2,380 | 53,550 | ||||||
Connecticut Water Service, Inc. | 363 | 11,797 | ||||||
Consolidated Water Co. Ltd. | 907 | 10,539 | ||||||
Middlesex Water Co. | 991 | 20,147 | ||||||
Pure Cycle Corp.#,* | 3,800 | 21,318 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 76
Wilmington Small-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
SJW Corp. | 968 | $ | 26,359 | |||||
York Water Co. | 1,140 | 22,811 | ||||||
|
| |||||||
$ | 245,182 | |||||||
|
| |||||||
TOTAL UTILITIES | $ | 3,059,678 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(COST $105,473,564) | $ | 125,229,004 | ||||||
INVESTMENT COMPANIES – 1.0% | ||||||||
EQUITY FUNDS – 1.0% | ||||||||
Firsthand Technology Value Fund, Inc.#,* | 620 | 12,127 | ||||||
iShares Russell 2000 Index Fund# | 11,400 | 1,276,572 | ||||||
|
| |||||||
TOTAL EQUITY FUNDS | $ | 1,288,699 | ||||||
|
| |||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(COST $1,317,956) | $ | 1,288,699 | ||||||
RIGHTS – 0.0%** | ||||||||
Cubist Pharmaceuticals, Inc.* | 3,645 | 1,053 | ||||||
Forest Laboratories, Inc.†† | 845 | — | ||||||
Leap Wireless International, Inc.*,†† | 4,140 | 10,102 | ||||||
|
| |||||||
TOTAL RIGHTS | ||||||||
(COST $16,404) | $ | 11,155 | ||||||
WARRANTS – 0.0%** | ||||||||
Magnum Hunter Corp., Expire 8/08/14†† | 1,281 | — | ||||||
Tejon Ranch Co., Expire 8/05/14 | 118 | 401 | ||||||
Vector Group Ltd., Expire 7/31/14†† | 3,960 | — | ||||||
|
| |||||||
TOTAL WARRANTS (COST $702) | $ | 401 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES – 99.7% | ||||||||
(COST $106,808,626) | $ | 126,529,259 |
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 12.7% | ||||||||
REPURCHASE AGREEMENTS – 12.7% |
| |||||||
Barclays Capital, 0.04%, dated 04/30/14, due 05/01/14, repurchase price $808,313, collateralized by U.S. Treasury Securities 0.00% to 3.63%, maturing 09/15/15 to 02/15/44; total market value of $824,479. | $ | 808,312 | 808,312 | |||||
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $3,836,361, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $3,913,082. | 3,836,355 | 3,836,355 | ||||||
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $3,836,359, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 05/06/14 to 07/15/32; total market value of $3,913,125. | 3,836,355 | 3,836,355 |
Description | Par Value | Value | ||||||
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $3,836,361, collateralized by U.S. Government Securities 0.25% to 6.75%, maturing 07/15/14 to 07/15/32; total market value of $3,913,095. | $ | 3,836,355 | $ | 3,836,355 | ||||
TD Securities (USA) LLC, 0.06%, dated 04/30/14, due 05/01/14, repurchase price $3,836,361, collateralized by U.S. Government & Treasury Securities 2.50% to 5.63%, maturing 01/15/15 to 02/01/43; total market value of $3,913,084. | 3,836,355 | 3,836,355 | ||||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN | ||||||||
(COST $16,153,732) | $ | 16,153,732 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 112.4% | ||||||||
(COST $122,962,358) | $ | 142,682,991 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (12.7%) | (16,153,732 | ) | ||||||
OTHER ASSETS LESS LIABILITIES – 0.3% | 361,303 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 126,890,562 | ||||||
|
|
ANNUAL REPORT / April 30, 2014
77 PORTFOLIOS OF INVESTMENTS
Wilmington Small-Cap Strategy Fund (concluded)
Cost of investments for Federal income tax purposes is $124,137,196. The net unrealized appreciation/(depreciation) of investments was $18,545,795. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $25,662,386 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,116,591.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 125,228,654 | $ | 350 | $ | — | $ | 125,229,004 | ||||||||
Investment Companies | 1,288,699 | — | — | 1,288,699 | ||||||||||||
Rights | 1,053 | 10,102 | — | 11,155 | ||||||||||||
Warrants | 401 | — | — | 401 | ||||||||||||
Repurchase Agreements | — | 16,153,732 | — | 16,153,732 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 126,518,807 | $ | 16,164,184 | $ | — | $ | 142,682,991 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
78
NOTES TO PORTFOLIOS OF INVESTMENTS
^ | 7-Day net yield. |
§ | Affiliated company. See Note 4 in Notes to Financial Statements. |
†† | Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2014, the value of these securities amounted to: |
Fund | Amount | Percentage of Total Net Assets | ||||||
Wilmington Large Cap Strategy Fund | $— | 0.0 | %** | |||||
Wilmington Small Cap Strategy Fund | 10,452 | 0.0 | %** |
# | 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 | REIT – Real Estate Investment Trust | |
LP – Limited Partnership | ||
PLC – Public Limited Company |
ANNUAL REPORT / April 30, 2014
79 | STATEMENTS OF ASSETS AND LIABILITIES |
April 30, 2014 | Wilmington Large-Cap Growth Fund | Wilmington Large-Cap Strategy Fund | Wilmington Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments, at identified cost | $ | 16,747,849 | $ | 258,595,403 | $ | 12,500,889 | ||||||||||
|
|
|
|
|
| |||||||||||
Investments in securities, at value (Including $815,189, $4,730,001 and $0 of securities on loan, respectively) (Note 2) | 27,164,953 | 402,468,895 | (a) | 16,890,810 | ||||||||||||
Cash | — | 128,470 | — | |||||||||||||
Income receivable | 8,486 | 323,281 | 8,363 | |||||||||||||
Due from advisor | — | — | 882 | |||||||||||||
Receivable for shares sold | 288 | 19,967 | 30 | |||||||||||||
Receivable for investments sold | 774,136 | — | — | |||||||||||||
Other assets | 10,582 | 4,630 | 9,118 | |||||||||||||
|
|
|
|
|
| |||||||||||
TOTAL ASSETS | 27,958,445 | 402,945,243 | 16,909,203 | |||||||||||||
|
|
|
|
|
|
| ||||||||||
LIABILITIES: | ||||||||||||||||
Payable to custodian | 392,958 | — | 180,779 | |||||||||||||
Payable for investments purchased | — | 128,470 | — | |||||||||||||
Collateral for securities on loan | 836,290 | 4,986,025 | — | |||||||||||||
Payable for shares redeemed | 14,055 | 334,262 | 30,724 | |||||||||||||
Payable for Trustees’ fees | 56 | 57 | 56 | |||||||||||||
Payable for distribution services fee | 3,784 | — | 1,114 | |||||||||||||
Payable for shareholder services fee | 2,422 | — | 1,839 | |||||||||||||
Other accrued expenses | 47,732 | 89,912 | 47,981 | |||||||||||||
|
|
|
|
|
| |||||||||||
TOTAL LIABILITIES | 1,297,297 | 5,538,726 | 262,493 | |||||||||||||
|
|
|
|
|
|
| ||||||||||
NET ASSETS | $ | 26,661,148 | $ | 397,406,517 | $ | 16,646,710 | ||||||||||
|
|
|
|
|
|
| ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
| ||||||||||||||||
Paid-in capital | $ | 25,003,997 | $ | 244,468,017 | $ | 14,737,599 | ||||||||||
Undistributed (distributions in excess of) net investment income | — | 457,163 | — | |||||||||||||
Accumulated net realized gain (loss) on investments | (8,759,953) | 8,607,845 | (2,480,810) | |||||||||||||
Net unrealized appreciation (depreciation) of investments | 10,417,104 | 143,873,492 | 4,389,921 | |||||||||||||
|
|
|
|
|
| |||||||||||
TOTAL NET ASSETS | $ | 26,661,148 | $ | 397,406,517 | $ | 16,646,710 | ||||||||||
|
|
|
|
|
|
| ||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||
Class A | ||||||||||||||||
Net Assets | $ | 18,295,568 | $ | — | $ | 5,395,817 | ||||||||||
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | 1,938,834 | — | 405,999 | |||||||||||||
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | 9.44 | $ | — | $ | 13.29 | ||||||||||
|
|
|
|
|
| |||||||||||
Offering price per share* | $ | 9.99** | $ | — | $ | 14.06** | ||||||||||
|
|
|
|
|
| |||||||||||
Class I | ||||||||||||||||
Net Assets | $ | 8,365,580 | $ | 397,406,517 | $ | 11,250,893 | ||||||||||
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | 875,417 | 23,006,789 | 842,817 | |||||||||||||
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | 9.56 | $ | 17.27 | $ | 13.35 | ||||||||||
|
|
|
|
|
| |||||||||||
(a) | Includes $196,436 of investments in affiliated issuers. |
* | See “How are Shares Priced?” in the Prospectus. |
** | Computation of offering price per share 100/94.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF ASSETS AND LIABILITIES (concluded) | 80 |
April 30, 2014 | Wilmington Mid-Cap Growth Fund | Wilmington Small-Cap Growth Fund | Wilmington Small-Cap Strategy Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments, at identified cost | $ | 304,840,149 | $ | 67,869,942 | $ | 122,962,358 | ||||||||||
|
|
|
|
|
| |||||||||||
Investments in repurchase agreements, at value | $ | 28,859,087 | $ | 7,612,798 | $ | 16,153,732 | ||||||||||
Investments in securities, at value (Including $28,177,954, $7,457,211 and $15,739,643 of securities on loan, respectively) (Note 2) | 380,064,452 | 85,718,633 | 126,529,259 | |||||||||||||
|
|
|
|
|
| |||||||||||
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS | 408,923,539 | 93,331,431 | 142,682,991 | |||||||||||||
|
|
|
|
|
|
| ||||||||||
Cash | 28,184 | — | — | |||||||||||||
Income receivable | 140,320 | 20,086 | 64,672 | |||||||||||||
Due from advisor | — | — | 4,961 | |||||||||||||
Receivable for shares sold | 2,621,904 | 4,220 | 26,894 | |||||||||||||
Receivable for investments sold | 413,103 | — | 815,437 | |||||||||||||
Other assets | 16,943 | 8,156 | 5,019 | |||||||||||||
|
|
|
|
|
| |||||||||||
TOTAL ASSETS | 412,143,993 | 93,363,893 | 143,599,974 | |||||||||||||
|
|
|
|
|
|
| ||||||||||
LIABILITIES: | ||||||||||||||||
Payable to custodian | — | — | 495,759 | |||||||||||||
Payable for investments purchased | 2,660,999 | — | — | |||||||||||||
Collateral for securities on loan | 28,859,087 | 7,612,798 | 16,153,732 | |||||||||||||
Payable for shares redeemed | 243,201 | 45,765 | 3,696 | |||||||||||||
Payable for Trustees’ fees | 56 | 56 | 56 | |||||||||||||
Payable for distribution services fee | 12,174 | 8,224 | — | |||||||||||||
Payable for shareholder services fee | 36,145 | 7,655 | — | |||||||||||||
Other accrued expenses | 106,825 | 67,498 | 56,169 | |||||||||||||
|
|
|
|
|
| |||||||||||
TOTAL LIABILITIES | 31,918,487 | 7,741,996 | 16,709,412 | |||||||||||||
|
|
|
|
|
|
| ||||||||||
NET ASSETS | $ | 380,225,506 | $ | 85,621,897 | $ | 126,890,562 | ||||||||||
|
|
|
|
|
|
| ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
| ||||||||||||||||
Paid-in capital | $ | 276,281,340 | $ | 60,705,603 | $ | 106,574,488 | ||||||||||
Undistributed (distributions in excess of) net investment income | (327,157) | (353,137) | 131,708 | |||||||||||||
Accumulated net realized gain (loss) on investments | 187,933 | (192,058) | 463,733 | |||||||||||||
Net unrealized appreciation (depreciation) of investments | 104,083,390 | 25,461,489 | 19,720,633 | |||||||||||||
|
|
|
|
|
| |||||||||||
TOTAL NET ASSETS | $ | 380,225,506 | $ | 85,621,897 | $ | 126,890,562 | ||||||||||
|
|
|
|
|
|
| ||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||
Class A | ||||||||||||||||
Net Assets | $ | 57,959,635 | $ | 39,072,399 | $ | — | ||||||||||
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | 3,291,091 | 1,815,253 | — | |||||||||||||
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | 17.61 | $ | 21.52 | $ | — | ||||||||||
|
|
|
|
|
| |||||||||||
Offering price per share* | $ | 18.63** | $ | 22.77** | $ | — | ||||||||||
|
|
|
|
|
| |||||||||||
Class I | ||||||||||||||||
Net Assets | $ | 322,265,871 | $ | 46,549,498 | $ | 126,890,562 | ||||||||||
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited shares authorized) | 17,751,713 | 2,086,674 | 8,796,330 | |||||||||||||
|
|
|
|
|
| |||||||||||
Net Asset Value per share | $ | 18.15 | $ | 22.31 | $ | 14.43 | ||||||||||
|
|
|
|
|
| |||||||||||
* | See “How are Shares Priced?” in the Prospectus. |
** | Computation of offering price per share 100/94.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
81 | STATEMENTS OF OPERATIONS |
Year Ended April 30, 2014 | Wilmington Large-Cap Growth Fund | Wilmington Large-Cap Strategy Fund | Wilmington Large-Cap Value Fund | |||||||||||
INVESTMENT INCOME: | ||||||||||||||
Dividends | $ | 654,828(a) | $ | 7,849,709(a)(b) | $ | 2,810,904(a) | ||||||||
Securities lending income | 21,578 | 42,862 | 16 | |||||||||||
|
|
|
|
|
| |||||||||
TOTAL INVESTMENT INCOME | 676,406 | 7,892,571 | 2,810,920 | |||||||||||
|
|
|
|
|
|
| ||||||||
EXPENSES: | ||||||||||||||
Investment advisory fee | 472,783 | 2,012,495 | 602,419 | |||||||||||
Administrative personnel and services fee | 14,735 | 108,797 | 22,083 | |||||||||||
Portfolio accounting, administration and custodian fees | 26,487 | 151,963 | 56,053 | |||||||||||
Transfer and dividend disbursing agent fees and expenses | 97,372 | 10,885 | 76,678 | |||||||||||
Trustees’ fees | 29,178 | 29,188 | 29,219 | |||||||||||
Professional fees | 61,375 | 82,833 | 63,175 | |||||||||||
Distribution services fee—Class A | 45,750 | — | 14,577 | |||||||||||
Shareholder services fee—Class A | 45,636 | — | 13,516 | |||||||||||
Shareholder services fee— Class I | 93,178 | 1,006,245 | 199,737 | |||||||||||
Share registration costs | 21,189 | 16,852 | 14,605 | |||||||||||
Printing and postage | 13,939 | 6,190 | 10,150 | |||||||||||
Miscellaneous | 14,108 | 88,538 | 17,897 | |||||||||||
|
|
|
|
|
| |||||||||
TOTAL EXPENSES | 935,730 | 3,513,986 | 1,120,109 | |||||||||||
|
|
|
|
|
|
| ||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||
Waiver/reimbursement by investment advisor | (183,826) | (1,501,493) | (100,529) | |||||||||||
Waiver of shareholder services fee—Class A | (18,304) | — | (5,834) | |||||||||||
Waiver of shareholder services fee—Class I | (85,831) | (1,006,245) | (104,292) | |||||||||||
|
|
|
|
|
| |||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (287,961) | (2,507,738) | (210,655) | |||||||||||
|
|
|
|
|
|
| ||||||||
Net expenses | 647,769 | 1,006,248 | 909,454 | |||||||||||
|
|
|
|
|
| |||||||||
Net investment income (loss) | 28,637 | 6,886,323 | 1,901,466 | |||||||||||
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||
Net realized gain (loss) on investments | 21,167,128 | 53,552,193(c) | 26,298,220 | |||||||||||
Net change in unrealized appreciation (depreciation) of investments | (9,084,782) | 13,297,909 | (13,661,541) | |||||||||||
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments | 12,082,346 | 66,850,102 | 12,636,679 | |||||||||||
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 12,110,983 | $ | 73,736,425 | $ | 14,538,145 | ||||||||
|
|
|
|
|
|
(a) | Net of foreign withholding taxes withheld of $245, $2,626 and $5,936. |
(b) | Includes $9,548 received from affiliated issuers. |
(c) | Includes $43,169 gain on sales of affiliated issuers. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF OPERATIONS (concluded) | 82 |
Year Ended April 30, 2014 | Wilmington Mid-Cap Growth Fund | Wilmington Small-Cap Growth Fund | Wilmington Small-Cap Strategy Fund | |||||||||||
INVESTMENT INCOME: | ||||||||||||||
Dividends | $2,651,112(a) | $1,487,571(a) | $1,296,772(a) | |||||||||||
Securities lending income | 390,291 | 152,224 | 216,491 | |||||||||||
|
|
|
|
|
| |||||||||
TOTAL INVESTMENT INCOME | 3,041,403 | 1,639,795 | 1,513,263 | |||||||||||
|
|
|
|
|
|
| ||||||||
EXPENSES: | ||||||||||||||
Investment advisory fee | 2,896,371 | 1,146,443 | 587,132 | |||||||||||
Administrative personnel and services fee | 92,881 | 36,091 | 29,692 | |||||||||||
Portfolio accounting, administration and custodian fees | 117,961 | 61,229 | 113,566 | |||||||||||
Transfer and dividend disbursing agent fees and expenses | 214,987 | 186,253 | 8,679 | |||||||||||
Trustees’ fees | 29,268 | 29,265 | 29,272 | |||||||||||
Professional fees | 71,670 | 62,554 | 68,379 | |||||||||||
Distribution services fee—Class A | 150,386 | 100,672 | — | |||||||||||
Shareholder services fee—Class A | 149,947 | 97,331 | — | |||||||||||
Shareholder services fee— Class I | 697,881 | 234,103 | 266,878 | |||||||||||
Share registration costs | 22,969 | 20,205 | 21,484 | |||||||||||
Printing and postage | 24,154 | 17,148 | 5,394 | |||||||||||
Miscellaneous | 31,115 | 19,094 | 36,783 | |||||||||||
|
|
|
|
|
| |||||||||
TOTAL EXPENSES | 4,499,590 | 2,010,388 | 1,167,259 | |||||||||||
|
|
|
|
|
|
| ||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||
Waiver/reimbursement by investment advisor | (264,258) | (54,187) | (633,503) | |||||||||||
Waiver of shareholder services fee—Class A | (126,535) | (64,590) | — | |||||||||||
Waiver of shareholder services fee—Class I | (336,594) | (122,858) | (266,878) | |||||||||||
|
|
|
|
|
| |||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (727,387) | (241,635) | (900,381) | |||||||||||
|
|
|
|
|
|
| ||||||||
Net expenses | 3,772,203 | 1,768,753 | 266,878 | |||||||||||
|
|
|
|
|
| |||||||||
Net investment income (loss) | (730,800) | (128,958) | 1,246,385 | |||||||||||
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||
Net realized gain (loss) on investments | 28,351,232 | 28,438,977 | 14,611,525 | |||||||||||
Net realized gain (loss) on foreign currency transactions | — | — | (18) | |||||||||||
Net change in unrealized appreciation (depreciation) of investments | 16,167,784 | 901,718 | (805,797) | |||||||||||
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments | 44,519,016 | 29,340,695 | 13,805,710 | |||||||||||
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 43,788,216 | $29,211,737 | $15,052,095 | ||||||||||
|
|
|
|
|
|
(a) | Net of foreign withholding taxes withheld of $5,376, $3,762 and $736. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
83 | STATEMENTS OF CHANGES IN NET ASSETS |
| Wilmington Large-Cap Growth Fund | Wilmington Large-Cap Strategy Fund | ||||||||||||||||
Year Ended 2014 | Year Ended 2013 | Year Ended 2014 | Year Ended 2013 | |||||||||||||||
OPERATIONS: | ||||||||||||||||||
Net investment income (loss) | $ | 28,637 | $ | 341,706 | $ | 6,886,323 | $ | 7,328,253 | ||||||||||
Net realized gain (loss) on investments | 21,167,128 | 4,081,645 | 53,552,193 | 13,948,281 | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (9,084,782) | (1,350,720) | 13,297,909 | 34,752,819 | ||||||||||||||
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Change in net assets resulting from operations | 12,110,983 | 3,072,631 | 73,736,425 | 56,029,353 | ||||||||||||||
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DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||
Class A | (114,149) | (5,852) | — | (944) | ||||||||||||||
Class I | (227,880) | (79,133) | (6,931,023) | (7,318,547) | ||||||||||||||
Distributions from net realized gain on investments | ||||||||||||||||||
Class A | (1,227,840) | (1,579,653) | — | — | ||||||||||||||
Class I | (2,237,110) | (5,786,413) | — | — | ||||||||||||||
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Change in net assets resulting from distributions to shareholders | (3,806,979) | (7,451,051) | (6,931,023) | (7,319,491) | ||||||||||||||
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SHARE TRANSACTIONS: | ||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||
Class A | 390,663 | 253,460 | — | 40,894 | ||||||||||||||
Class I | 3,894,243 | 10,388,386 | 16,030,887 | 48,465,457 | ||||||||||||||
Proceeds from exchange of Class A for Class I | ||||||||||||||||||
Class A | — | — | — | (71,512) | (a) | |||||||||||||
Class I | — | — | — | 71,512 | (a) | |||||||||||||
Distributions reinvested | ||||||||||||||||||
Class A | 1,289,239 | 1,541,369 | — | 944 | ||||||||||||||
Class I | 2,192,435 | 5,219,589 | 2,105,697 | 2,465,687 | ||||||||||||||
Cost of shares redeemed | ||||||||||||||||||
Class A | (2,268,617) | (2,625,380) | — | (9,294) | ||||||||||||||
Class I | (55,286,456) | (39,496,341) | (87,245,073) | (74,891,786) | ||||||||||||||
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Change in net assets resulting from share transactions | (49,788,493) | (24,718,917) | (69,108,489) | (23,928,098) | ||||||||||||||
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Change in net assets | (41,484,489) | (29,097,337) | (2,303,087) | 24,781,764 | ||||||||||||||
NET ASSETS: | ||||||||||||||||||
Beginning of year | 68,145,637 | 97,242,974 | 399,709,604 | 374,927,840 | ||||||||||||||
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End of year | $ | 26,661,148 | $ | 68,145,637 | $ | 397,406,517 | $ | 399,709,604 | ||||||||||
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Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | — | $ | 341,701 | $ | 457,163 | $ | 502,727 | ||||||||||
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SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||
Shares sold | ||||||||||||||||||
Class A | 41,931 | 30,523 | — | 3,295 | ||||||||||||||
Class I | 418,640 | 1,233,597 | 1,018,939 | 3,620,752 | ||||||||||||||
Shares exchanged | ||||||||||||||||||
Class A | — | — | — | (4,623) | (a) | |||||||||||||
Class I | — | — | — | 4,623 | (a) | |||||||||||||
Distributions reinvested | ||||||||||||||||||
Class A | 136,860 | 197,616 | — | 71 | ||||||||||||||
Class I | 229,865 | 663,275 | 132,729 | 187,578 | ||||||||||||||
Shares redeemed | ||||||||||||||||||
Class A | (243,010) | (315,072) | — | (698) | ||||||||||||||
Class I | (5,680,707) | (4,693,783) | (5,469,888) | (5,690,589) | ||||||||||||||
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Net change resulting from share transactions | (5,096,421) | (2,883,844) | (4,318,220) | (1,879,591) | ||||||||||||||
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(a) | On April 13, 2013, Class A of the Large-Cap Strategy Fund was terminated after the conversion to Class I of the Fund. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS (continued) | 84 |
| Wilmington Large-Cap Value Fund | Wilmington Mid-Cap Growth Fund | ||||||||||||||||
Year Ended 2014 | Year Ended 2013 | Year Ended 2014 | Year Ended 2013 | |||||||||||||||
OPERATIONS: | ||||||||||||||||||
Net investment income (loss) | $ | 1,901,466 | $ | 1,787,956 | $ | (730,800) | $ | 132,698 | ||||||||||
Net realized gain (loss) on investments | 26,298,220 | 10,280,175 | 28,351,232 | 7,738,830 | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (13,661,541) | 1,036,364 | 16,167,784 | 18,624,339 | ||||||||||||||
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Change in net assets resulting from operations | 14,538,145 | 13,104,495 | 43,788,216 | 26,495,867 | ||||||||||||||
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DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||
Class A | (144,074) | (63,452) | — | — | ||||||||||||||
Class I | (1,485,675) | (1,735,768) | — | — | ||||||||||||||
Distributions from net realized gain on investments | ||||||||||||||||||
Class A | — | — | (2,327,727) | (2,239,956) | ||||||||||||||
Class I | — | — | (10,267,019) | (9,036,430) | ||||||||||||||
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Change in net assets resulting from distributions to shareholders | (1,629,749) | (1,799,220) | (12,594,746) | (11,276,386) | ||||||||||||||
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SHARE TRANSACTIONS: | ||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||
Class A | 221,097 | 258,300 | 2,487,859 | 3,853,332 | ||||||||||||||
Class I | 7,113,354 | 28,166,748 | 112,488,819 | 61,439,480 | ||||||||||||||
Distributions reinvested | ||||||||||||||||||
Class A | 136,894 | 61,515 | 2,105,354 | 2,060,452 | ||||||||||||||
Class I | 781,544 | 1,063,341 | 9,019,417 | 8,109,967 | ||||||||||||||
Cost of shares redeemed | ||||||||||||||||||
Class A | (1,695,947) | (927,691) | (9,357,996) | (12,309,078) | ||||||||||||||
Class I | (130,253,518) | (54,085,694) | (68,975,454) | (70,635,840) | ||||||||||||||
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Change in net assets resulting from share transactions | (123,696,576) | (25,463,481) | 47,767,999 | (7,481,687) | ||||||||||||||
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Change in net assets | (110,788,180) | (14,158,206) | 78,961,469 | 7,737,794 | ||||||||||||||
NET ASSETS: | ||||||||||||||||||
Beginning of year | 127,434,890 | 141,593,096 | 301,264,037 | 293,526,243 | ||||||||||||||
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End of year | $ | 16,646,710 | $ | 127,434,890 | $ | 380,225,506 | $ | 301,264,037 | ||||||||||
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Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | — | $ | — | $ | (327,157) | $ | (272,627) | ||||||||||
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SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||
Shares sold | ||||||||||||||||||
Class A | 17,831 | 24,650 | 141,838 | 266,791 | ||||||||||||||
Class I | 584,330 | 2,701,379 | 6,143,384 | 4,131,878 | ||||||||||||||
Distributions reinvested | ||||||||||||||||||
Class A | 10,829 | 5,812 | 118,879 | 146,339 | ||||||||||||||
Class I | 64,167 | 100,572 | 494,215 | 560,468 | ||||||||||||||
Shares redeemed | ||||||||||||||||||
Class A | (133,277) | (88,890) | (531,685) | (839,784) | ||||||||||||||
Class I | (10,231,320) | (5,101,040) | (3,786,555) | (4,725,079) | ||||||||||||||
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Net change resulting from share transactions | (9,687,440) | (2,357,517) | 2,580,076 | (459,387) | ||||||||||||||
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See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
85 | STATEMENTS OF CHANGES IN NET ASSETS (concluded) |
| Wilmington Small-Cap Growth Fund | Wilmington Small-Cap Strategy Fund | ||||||||||||||||
Year Ended 2014 | Year Ended 2013 | Year Ended 2014 | Year Ended 2013 | |||||||||||||||
OPERATIONS: | ||||||||||||||||||
Net investment income (loss) | $ | (128,958) | $ | 231,629 | $ | 1,246,385 | $ | 814,296 | ||||||||||
Net realized gain (loss) on investments | 28,438,977 | 1,385,443 | 14,611,507 | 5,895,696 | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 901,718 | 11,305,096 | (805,797) | 2,022,351 | ||||||||||||||
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Change in net assets resulting from operations | 29,211,737 | 12,922,168 | 15,052,095 | 8,732,343 | ||||||||||||||
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DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||
Class A | (28,448) | (185,121) | — | — | ||||||||||||||
Class C | — | (1,318) | — | — | ||||||||||||||
Class I | (105,552) | (571,237) | (1,238,125) | (763,725) | ||||||||||||||
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Change in net assets resulting from distributions to shareholders | (134,000) | (757,676) | (1,238,125) | (763,725) | ||||||||||||||
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SHARE TRANSACTIONS: | ||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||
Class A | 665,356 | 591,874 | — | — | ||||||||||||||
Class C | — | 9,481 | — | — | ||||||||||||||
Class I | 9,672,535 | 15,999,615 | 70,925,875 | 26,614,352 | ||||||||||||||
Proceeds from exchange of Class C for Class A | ||||||||||||||||||
Class A | — | 299,066(a) | — | — | ||||||||||||||
Class C | — | (299,066)(a) | — | — | ||||||||||||||
Distributions reinvested | ||||||||||||||||||
Class A | 27,356 | 172,046 | — | — | ||||||||||||||
Class C | — | 1,161 | — | — | ||||||||||||||
Class I | 47,825 | 284,137 | 264,230 | 188,667 | ||||||||||||||
Cost of shares redeemed | ||||||||||||||||||
Class A | (4,416,047) | (6,344,652) | — | — | ||||||||||||||
Class C | — | (20,041) | — | — | ||||||||||||||
Class I | (90,049,853) | (45,935,744) | (30,600,036) | (11,259,397) | ||||||||||||||
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Change in net assets resulting from share transactions | (84,052,828) | (35,242,123) | 40,590,069 | 15,543,622 | ||||||||||||||
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Change in net assets | (54,975,091) | (23,077,631) | 54,404,039 | 23,512,240 | ||||||||||||||
NET ASSETS: | ||||||||||||||||||
Beginning of year | 140,596,988 | 163,674,619 | 72,486,523 | 48,974,283 | ||||||||||||||
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End of year | $ | 85,621,897 | $ | 140,596,988 | $ | 126,890,562 | $ | 72,486,523 | ||||||||||
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Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | (353,137) | $ | (417,631) | $ | 131,708 | $ | 83,347 | ||||||||||
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SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||
Shares sold | ||||||||||||||||||
Class A | 31,085 | 36,338 | — | — | ||||||||||||||
Class C | — | 545 | — | — | ||||||||||||||
Class I | 451,386 | 943,603 | 5,024,347 | 2,267,147 | ||||||||||||||
Shares exchanged | ||||||||||||||||||
Class A | — | 15,564(a) | — | — | ||||||||||||||
Class C | — | (16,152)(a) | — | — | ||||||||||||||
Distributions reinvested | ||||||||||||||||||
Class A | 1,204 | 10,582 | — | — | ||||||||||||||
Class C | — | 74 | — | — | ||||||||||||||
Class I | 2,032 | 16,903 | 19,044 | 17,227 | ||||||||||||||
Shares redeemed | ||||||||||||||||||
Class A | (207,755) | (384,759) | — | — | ||||||||||||||
Class C | — | (1,387) | — | — | ||||||||||||||
Class I | (3,900,870) | (2,706,593) | (2,137,886) | (1,019,535) | ||||||||||||||
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Net change resulting from share transactions | (3,622,918) | (2,085,282) | 2,905,505 | 1,264,839 | ||||||||||||||
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(a) | On April 13, 2013, Class C of the Small-Cap Growth Fund was terminated after the conversion to Class A of the Fund. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS | 86 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
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WILMINGTON LARGE-CAP GROWTH FUND | ||||||||||||||||||||
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CLASS A | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $8.55 | $8.97 | $9.54 | $8.09 | $5.80 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | (0.02 | ) | 0.00 | (b) | (0.02 | ) | (0.05 | ) | 0.00 | (b) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.62 | 0.40 | (0.41 | ) | 1.51 | 2.29 | ||||||||||||||
Total Income (Loss) From Operations | 1.60 | 0.40 | (0.43 | ) | 1.46 | 2.29 | ||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.06 | ) | (0.00 | )(b) | — | (0.01 | ) | (0.00 | )(b) | |||||||||||
Net Realized Gains | (0.65 | ) | (0.82 | ) | (0.14 | ) | — | — | ||||||||||||
Total Distributions | (0.71 | ) | (0.82 | ) | (0.14 | ) | (0.01 | ) | — | |||||||||||
Net Asset Value, End of Year | $9.44 | $8.55 | $8.97 | $9.54 | $8.09 | |||||||||||||||
Total Return(c) | 18.77 | % | 5.39 | % | (4.36 | )% | 18.00 | % | 39.52 | % | ||||||||||
Net Assets, End of Year (000’s) | $18,296 | $17,131 | $18,738 | $22,790 | $20,790 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.85 | % | 1.80 | % | 1.66 | % | 1.66 | % | 1.64 | % | ||||||||||
Net Expenses(d) | 1.42 | % | 1.42 | % | 1.42 | % | 1.42 | % | 1.29 | % | ||||||||||
Net Investment Income (Loss) | (0.26 | )% | 0.04 | % | (0.20 | )% | (0.58 | )% | (0.06 | )% | ||||||||||
Portfolio Turnover Rate | 10 | % | 49 | % | 83 | % | 61 | % | 83 | % | ||||||||||
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CLASS I | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | 8.64 | $9.02 | $9.56 | $8.09 | $5.80 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.02 | 0.05 | 0.02 | 0.02 | 0.01 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.62 | 0.40 | (0.41 | ) | 1.47 | 2.29 | ||||||||||||||
Total Income (Loss) From Operations | 1.64 | 0.45 | (0.39 | ) | 1.49 | 2.30 | ||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.07 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | ||||||||||
Net Realized Gains | (0.65 | ) | (0.82 | ) | (0.14 | ) | — | — | ||||||||||||
Total Distributions | (0.72 | ) | (0.83 | ) | (0.15 | ) | (0.02 | ) | (0.01 | ) | ||||||||||
Net Asset Value, End of Year | $9.56 | $8.64 | $9.02 | $9.56 | $8.09 | |||||||||||||||
Total Return(c) | 19.04 | % | 5.92 | % | (3.96 | )% | 18.40 | % | 39.72 | % | ||||||||||
Net Assets, End of Year (000’s) | $8,366 | $51,014 | $78,505 | $123,247 | $121,608 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.60 | % | 1.55 | % | 1.41 | % | 1.41 | % | 1.39 | % | ||||||||||
Net Expenses(d) | 1.04 | % | 1.04 | % | 1.03 | % | 1.03 | % | 1.10 | % | ||||||||||
Net Investment Income (Loss) | 0.21 | % | 0.52 | % | 0.20 | % | 0.25 | % | 0.14 | % | ||||||||||
Portfolio Turnover Rate | 10 | % | 49 | % | 83 | % | 61 | % | 83 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Represents less than $0.005. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
87 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each period:
WILMINGTON LARGE-CAP STRATEGY FUND† | ||||||||||||||||||||||||
CLASS I | Year Ended April 30, 2014 | Year Ended April 30, 2013 | For the Period July 1, 2011 through April 30, 2012* | Year Ended June 30, 2011 | Year Ended June 30, 2010 | Year Ended June 30, 2009 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $14.63 | $12.84 | $12.13 | $9.39 | $8.61 | $12.28 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.27 | 0.26 | 0.16 | 0.20 | 0.10 | 0.12 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.65 | 1.79 | 0.71 | 2.72 | 0.79 | (3.68 | ) | |||||||||||||||||
Total Income (Loss) From Operations | 2.92 | 2.05 | 0.87 | 2.92 | 0.89 | (3.56 | ) | |||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.28 | ) | (0.26 | ) | (0.16 | ) | (0.18 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||
Total Distributions | (0.28 | ) | (0.26 | ) | (0.16 | ) | (0.18 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||
Net Asset Value, End of Period | $17.27 | $14.63 | $12.84 | $12.13 | $9.39 | $8.61 | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Return(b) | 20.12 | % | 16.25 | % | 7.32 | % | 31.24 | % | 10.28 | % | (28.94 | )% | ||||||||||||
Net Assets, End of Period (000’s) | $397,407 | $399,710 | $374,903 | $429,467 | $118,102 | $131,692 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 0.87 | % | 0.88 | % | 0.74 | %(c) | 0.69 | % | 1.01 | % | 1.18 | % | ||||||||||||
Net Expenses(d) | 0.25 | % | 0.25 | % | 0.25 | %(c) | 0.25 | % | 0.93 | % | 1.00 | % | ||||||||||||
Net Investment Income (Loss) | 1.71 | % | 1.99 | % | 1.70 | %(c) | 1.72 | % | 0.99 | % | 1.27 | % | ||||||||||||
Portfolio Turnover Rate | 29 | % | 24 | % | 19 | % | 39 | % | 160 | % | 224 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | Annualized for periods less than one year. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
† | Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Large-Cap Strategy Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) | 88 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON LARGE-CAP VALUE FUND | ||||||||||||||||||||
CLASS A | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $11.61 | $10.61 | $11.47 | $9.85 | $7.03 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.26 | 0.12 | 0.06 | 0.01 | 0.04 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.75 | 1.00 | (0.86 | ) | 1.64 | 2.83 | ||||||||||||||
Total Income (Loss) From Operations | 2.01 | 1.12 | (0.80 | ) | 1.65 | 2.87 | ||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.33 | ) | (0.12 | ) | (0.06 | ) | (0.03 | ) | (0.05 | ) | ||||||||||
Return of Capital | — | — | — | — | (0.00 | )(b) | ||||||||||||||
Total Distributions | (0.33 | ) | (0.12 | ) | (0.06 | ) | (0.03 | ) | (0.05 | ) | ||||||||||
Net Asset Value, End of Year | $13.29 | $11.61 | $10.61 | $11.47 | $9.85 | |||||||||||||||
| ||||||||||||||||||||
Total Return(c) | 17.46 | % | 10.65 | % | (6.94 | )% | 16.79 | % | 41.02 | % | ||||||||||
Net Assets, End of Year (000’s) | $5,396 | $5,928 | $6,038 | $7,315 | $6,606 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.61 | % | 1.46 | % | 1.42 | % | 1.43 | % | 1.42 | % | ||||||||||
Net Expenses(d) | 1.31 | % | 1.29 | % | 1.29 | % | 1.31 | % | 1.15 | % | ||||||||||
Net Investment Income (Loss) | 2.09 | % | 1.12 | % | 0.56 | % | 0.09 | % | 0.41 | % | ||||||||||
Portfolio Turnover Rate | 17 | % | 93 | % | 37 | % | 26 | % | 29 | % | ||||||||||
CLASS I | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $11.65 | $10.65 | $11.51 | $9.88 | $7.05 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.27 | 0.15 | 0.09 | 0.05 | 0.05 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.79 | 1.00 | (0.86 | ) | 1.63 | 2.84 | ||||||||||||||
Total Income (Loss) From Operations | 2.06 | 1.15 | (0.77 | ) | 1.68 | 2.89 | ||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.36 | ) | (0.15 | ) | (0.09 | ) | (0.05 | ) | (0.06 | ) | ||||||||||
Return of Capital | — | — | — | — | (0.00 | )(b) | ||||||||||||||
Total Distributions | (0.36 | ) | (0.15 | ) | (0.09 | ) | (0.05 | ) | (0.06 | ) | ||||||||||
Net Asset Value, End of Year | $13.35 | $11.65 | $10.65 | $11.51 | $9.88 | |||||||||||||||
| ||||||||||||||||||||
Total Return(c) | 17.88 | % | 10.91 | % | (6.65 | )% | 17.08 | % | 41.23 | % | ||||||||||
Net Assets, End of Year (000’s) | $11,251 | $121,507 | $135,556 | $175,440 | $156,442 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.28 | % | 1.21 | % | 1.17 | % | 1.18 | % | 1.17 | % | ||||||||||
Net Expenses(d) | 1.04 | % | 1.04 | % | 1.00 | % | 1.02 | % | 0.99 | % | ||||||||||
Net Investment Income | 2.22 | % | 1.39 | % | 0.85 | % | 0.48 | % | 0.57 | % | ||||||||||
Portfolio Turnover Rate | 17 | % | 93 | % | 37 | % | 26 | % | 29 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Represents less than $0.005. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
89 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON MID-CAP GROWTH FUND |
| |||||||||||||||||||
CLASS A | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $15.96 | $15.21 | $16.21 | $12.24 | $8.37 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | (0.06 | ) | (0.01 | ) | (0.07 | ) | (0.11 | ) | (0.05 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.40 | 1.38 | (0.25 | ) | 4.08 | 3.93 | ||||||||||||||
Total Income (Loss) From Operations | 2.34 | 1.37 | (0.32 | ) | 3.97 | 3.88 | ||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | — | — | — | — | (0.01 | ) | ||||||||||||||
Net Realized Gains | (0.69 | ) | (0.62 | ) | (0.68 | ) | — | — | ||||||||||||
Return of Capital | — | — | — | — | (0.00 | )(b) | ||||||||||||||
Total Distributions | (0.69 | ) | (0.62 | ) | (0.68 | ) | — | (0.01 | ) | |||||||||||
Net Asset Value, End of Year | $17.61 | $15.96 | $15.21 | $16.21 | $12.24 | |||||||||||||||
| ||||||||||||||||||||
Total Return(c) | 14.64 | % | 9.55 | % | (1.55 | )% | 32.43 | % | 46.30 | % | ||||||||||
Net Assets, End of Year (000’s) | $57,960 | $56,837 | $60,666 | $63,168 | $40,438 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.52 | % | 1.56 | % | 1.57 | % | 1.62 | % | 1.62 | % | ||||||||||
Net Expenses(d) | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.13 | % | ||||||||||
Net Investment Income (Loss) | (0.34 | )% | (0.08 | )% | (0.47 | )% | (0.85 | )% | (0.51 | )% | ||||||||||
Portfolio Turnover Rate | 32 | % | 36 | % | 44 | % | 34 | % | 56 | % | ||||||||||
CLASS I | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $16.40 | $15.59 | $16.57 | $12.49 | $8.54 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | (0.03 | ) | 0.01 | (0.04 | ) | (0.07 | ) | (0.04 | ) | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.47 | 1.42 | (0.26 | ) | 4.15 | 4.00 | ||||||||||||||
Total Income (Loss) From Operations | 2.44 | 1.43 | (0.30 | ) | 4.08 | 3.96 | ||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | — | — | — | — | (0.01 | ) | ||||||||||||||
Net Realized Gains | (0.69 | ) | (0.62 | ) | (0.68 | ) | — | — | ||||||||||||
Return of Capital | — | — | — | — | (0.00 | )(b) | ||||||||||||||
Total Distributions | (0.69 | ) | (0.62 | ) | (0.68 | ) | — | (0.01 | ) | |||||||||||
Net Asset Value, End of Year | $18.15 | $16.40 | $15.59 | $16.57 | $12.49 | |||||||||||||||
| ||||||||||||||||||||
Total Return(c) | 14.86 | % | 9.70 | % | (1.40 | )% | 32.67 | % | 46.37 | % | ||||||||||
Net Assets, End of Year (000’s) | $322,266 | $244,427 | $232,860 | $187,207 | $143,594 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.28 | % | 1.31 | % | 1.33 | % | 1.37 | % | 1.36 | % | ||||||||||
Net Expenses(d) | 1.08 | % | 1.08 | % | 1.06 | % | 1.06 | % | 0.96 | % | ||||||||||
Net Investment Income | (0.19 | )% | 0.08 | % | (0.30 | )% | (0.54 | )% | (0.33 | )% | ||||||||||
Portfolio Turnover Rate | 32 | % | 36 | % | 44 | % | 34 | % | 56 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Represents less than $0.005. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) | 90 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SMALL-CAP GROWTH FUND | ||||||||||||||||||||
CLASS A | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $18.22 | $16.62 | $18.20 | $14.48 | $9.99 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | (0.07 | ) | (0.00 | )(b) | (0.08 | ) | (0.21 | ) | (0.12 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 3.39 | 1.69 | (1.50 | ) | 3.93 | 4.61 | ||||||||||||||
Total Income (Loss) From Operations | 3.32 | 1.69 | (1.58 | ) | 3.72 | 4.49 | ||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.02 | ) | (0.09 | ) | — | — | — | |||||||||||||
Total Distributions | (0.02 | ) | (0.09 | ) | — | — | — | |||||||||||||
Net Asset Value, End of Year | $21.52 | $18.22 | $16.62 | $18.20 | $14.48 | |||||||||||||||
| ||||||||||||||||||||
Total Return(c) | 18.19 | % | 10.21 | % | (8.68 | )% | 25.69 | % | 44.94 | % | ||||||||||
Net Assets, End of Year (000’s) | $39,072 | $36,269 | $38,439 | $47,884 | $41,276 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.66 | % | 1.71 | % | 1.64 | % | 1.67 | % | 1.70 | % | ||||||||||
Net Expenses(d) | 1.46 | % | 1.47 | % | 1.44 | % | 1.45 | % | 1.30 | % | ||||||||||
Net Investment Income (Loss) | (0.34 | )% | (0.01 | )% | (0.54 | )% | (1.43 | )% | (0.98 | )% | ||||||||||
Portfolio Turnover Rate | 37 | % | 142 | % | 561 | % | 393 | % | 635 | % | ||||||||||
CLASS I | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net Asset Value, Beginning of Year | $18.85 | $17.16 | $18.76 | $14.89 | $10.26 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.00 | (b) | 0.04 | (0.05 | ) | (0.12 | ) | (0.10 | ) | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 3.49 | 1.75 | (1.55 | ) | 3.99 | 4.73 | ||||||||||||||
Total Income (Loss) From Operations | 3.49 | 1.79 | (1.60 | ) | 3.87 | 4.63 | ||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.03 | ) | (0.10 | ) | — | — | — | |||||||||||||
Total Distributions | (0.03 | ) | (0.10 | ) | — | — | — | |||||||||||||
Net Asset Value, End of Year | $22.31 | $18.85 | $17.16 | $18.76 | $14.89 | |||||||||||||||
Total Return(c) | 18.49 | % | 10.47 | % | (8.53 | )% | 25.99 | % | 45.13 | % | ||||||||||
Net Assets, End of Year (000’s) | $46,549 | $104,328 | $124,964 | $148,560 | $130,502 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense | 1.42 | % | 1.46 | % | 1.39 | % | 1.42 | % | 1.45 | % | ||||||||||
Net Expenses(d) | 1.25 | % | 1.25 | % | 1.21 | % | 1.24 | % | 1.17 | % | ||||||||||
Net Investment Income (Loss) | 0.01 | % | 0.21 | % | (0.30 | )% | (0.81 | )% | (0.84 | )% | ||||||||||
Portfolio Turnover Rate | 37 | % | 142 | % | 561 | % | 393 | % | 635 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Represents less than $0.005. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
91 | FINANCIAL HIGHLIGHTS (concluded) |
For a share outstanding throughout each period:
|
| |||||||||||||||||||||||
WILMINGTON SMALL-CAP STRATEGY FUND† | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
CLASS I | Year Ended April 30, 2014 | Year Ended April 30, 2013 | For the Period July 1, 2011 through April 30, 2012* | Year Ended June 30, 2011 | Year Ended June 30, 2010 | Year Ended June 30, 2009 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $12.30 | $10.59 | $10.70 | $7.90 | $6.57 | $9.16 | ||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.16 | 0.18 | 0.09 | 0.11 | 0.09 | 0.05 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.14 | 1.70 | (0.10 | ) | 2.80 | 1.32 | (2.60 | ) | ||||||||||||||||
Total Income (Loss) From Operations | 2.30 | 1.88 | (0.01 | ) | 2.91 | 1.41 | (2.55 | ) | ||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.17 | ) | (0.17 | ) | (0.10 | ) | (0.11 | ) | (0.08 | ) | (0.04 | ) | ||||||||||||
Total Distributions | (0.17 | ) | (0.17 | ) | (0.10 | ) | (0.11 | ) | (0.08 | ) | (0.04 | ) | ||||||||||||
Net Asset Value, End of Period | $14.43 | $12.30 | $10.59 | $10.70 | $7.90 | $6.57 | ||||||||||||||||||
Total Return(b) | 18.74 | % | 18.07 | % | 0.06 | % | 36.96 | % | 21.47 | % | (27.72 | )% | ||||||||||||
Net Assets, End of Period (000’s) | $126,891 | $72,487 | $48,974 | $127,968 | $99,057 | $62,938 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense | 1.09 | % | 1.32 | % | 1.16 | %(c) | 0.96 | % | 1.07 | % | 1.61 | % | ||||||||||||
Net Expenses(d) | 0.25 | % | 0.25 | % | 0.25 | %(c) | 0.25 | % | 0.25 | % | 0.75 | % | ||||||||||||
Net Investment Income (Loss) | 1.17 | % | 1.60 | % | 1.17 | %(c) | 1.18 | % | 1.14 | % | 0.81 | % | ||||||||||||
Portfolio Turnover Rate | 47 | % | 42 | % | 10 | % | 48 | % | 84 | % | 205 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | Annualized for periods less than one year. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
† | Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Small-Cap Strategy Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS | 92 |
Wilmington Funds
April 30, 2014
1. | ORGANIZATION |
Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 23 portfolios, 6 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 17 funds are presented in separate reports.
Fund | Investment Goal | |
Wilmington Large-Cap Growth Fund (“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 seeks to achieve long-term capital appreciation.
| |
Wilmington Large-Cap Value Fund (“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”)(d)
| The Fund seeks to provide long-term capital appreciation.
| |
Wilmington Small-Cap Growth Fund (“Small-Cap Growth Fund”)(d)
| The Fund seeks to provide long-term capital appreciation.
| |
Wilmington Small-Cap Strategy Fund*(“Small-Cap Strategy Fund”)(d) | The Fund seeks to achieve long-term capital appreciation.
|
(d) Diversified
The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Service Class, Select Class, Administrative Class and Institutional Class are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
On April 13, 2013, Class C shares of the Small-Cap Growth Fund were terminated after the conversion to Class A of the Fund.
On April 13, 2013, Class A shares of the Large-Cap Strategy Fund were terminated after the conversion to Class I of the Funds.
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 open-end regulated investment companies are valued at net asset value (“NAV”); and |
• | for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Board of Trustees (“Trustees”). |
Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (“NYSE”). In computing 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.
The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2014, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based
ANNUAL REPORT / April 30, 2014
93 | NOTES TO FINANCIAL STATEMENTS (continued) |
on levels assigned to securities at the beginning of the period. Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.
Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.
Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.
Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.
At April 30, 2014, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:
Fair Value of | ||||||||||||||
Non-cash | Cash | |||||||||||||
Repurchase | Collateral | Collateral | ||||||||||||
Fund/Counterparty | Agreements | Received | Received | Net Amount(1) | ||||||||||
Large-Cap Growth Fund | ||||||||||||||
Deutsche Bank Securities, Inc. | $ 836,290 | $ 836,290 | $— | $— | ||||||||||
$ 836,290 | $ 836,290 | $— | $— | |||||||||||
Large-Cap Strategy Fund | ||||||||||||||
Barclays Capital | $ 249,297 | $ 249,297 | $— | $— | ||||||||||
Citigroup Global Markets, Inc. | 1,184,182 | 1,184,182 | — | — | ||||||||||
HSBC Securities USA, Inc. | 1,184,182 | 1,184,182 | — | — | ||||||||||
RBS Securities, Inc. | 1,184,182 | 1,184,182 | — | — | ||||||||||
TD Securities (USA) LLC | 1,184,182 | 1,184,182 | — | — | ||||||||||
$ 4,986,025 | $ 4,986,025 | $— | $— | |||||||||||
Mid-Cap Growth Fund | ||||||||||||||
Citigroup Global Markets, Inc. | $ 6,854,042 | $ 6,854,042 | $— | $— | ||||||||||
Daiwa Capital Markets America | 6,854,042 | 6,854,042 | — | — | ||||||||||
HSBC Securities USA, Inc. | 6,854,042 | 6,854,042 | — | — | ||||||||||
Nomura Securities International, Inc. | 1,442,919 | 1,442,919 | — | — | ||||||||||
RBS Securities, Inc. | 6,854,042 | 6,854,042 | — | — | ||||||||||
$28,859,087 | $28,859,087 | $— | $— | |||||||||||
Small-Cap Growth Fund | ||||||||||||||
Citigroup Global Markets, Inc. | $ 1,808,042 | $ 1,808,042 | $— | $— | ||||||||||
Daiwa Capital Markets America | 1,808,042 | 1,808,042 | — | — | ||||||||||
HSBC Securities USA, Inc. | 1,808,042 | 1,808,042 | — | — | ||||||||||
Nomura Securities International, Inc. | 380,630 | 380,630 | — | — | ||||||||||
RBS Securities, Inc. | 1,808,042 | 1,808,042 | — | — | ||||||||||
$ 7,612,798 | $ 7,612,798 | $— | $— |
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 94 |
Fund/Counterparty | Repurchase Agreements | Fair Value of Non-cash Collateral Received | Cash Collateral Received | Net Amount(1) | ||||||||||||||||||||
Small-Cap Strategy Fund | ||||||||||||||||||||||||
Barclays Capital | $ 808,312 | $ 808,312 | $— | $— | ||||||||||||||||||||
Citigroup Global Markets, Inc. | 3,836,355 | 3,836,355 | — | — | ||||||||||||||||||||
HSBC Securities USA, Inc. | 3,836,355 | 3,836,355 | — | — | ||||||||||||||||||||
RBS Securities, Inc. | 3,836,355 | 3,836,355 | — | — | ||||||||||||||||||||
TD Securities (USA) LLC | 3,836,355 | 3,836,355 | — | — | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
|
$16,153,732 |
| $16,153,732 | $— | $— | |||||||||||||||||||
|
|
|
|
|
|
(1) Net amount represents the net amount receivable due from the counterparty in the event of default.
Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.
All Funds (except Large-Cap Strategy Fund and Small-Cap Strategy Fund) offer multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income, if any, are declared and paid as follows:
Fund | Dividends Declared | Dividends Paid | ||||
Large-Cap 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 |
Real Estate Investment Trusts – The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.
Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income or excise tax are necessary.
Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.
The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year or period, the Funds did not incur any interest or penalties.
Warrants and Rights – Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Board of Trustees’ approved fair value procedures.
Lending of Portfolio Securities – The Trust has entered into an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and
ANNUAL REPORT / April 30, 2014
95 | NOTES TO FINANCIAL STATEMENTS (continued) |
any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.
Investments purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”
The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts received and create one single net payment due to or from the Fund.
At April 30, 2014, the securities loaned which are subject to a MSLA on a net payment basis are as follows:
Fund | Value of on Loan | Cash Collateral Received(1) | Net Amount(2) | |||||||||||
Large-Cap Growth Fund | $ 815,189 | $ 815,189 | $— | |||||||||||
Large-Cap Strategy Fund | 4,730,001 | 4,730,001 | — | |||||||||||
Mid-Cap Growth Fund | 28,177,954 | 28,177,954 | — | |||||||||||
Small-Cap Growth Fund | 7,457,211 | 7,457,211 | — | |||||||||||
Small-Cap Strategy Fund | 15,739,643 | 15,739,643 | — |
(1) Collateral with a value of $836,290, $4,986,025, $28,859,087, $7,612,798 and $16,153,732, respectively, has been received in connection with securities lending transactions.
(2) Net amount represents the net amount receivable due from the counterparty in the event of default.
3. | FEDERAL TAX INFORMATION |
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to the tax treatment of expiring capital loss carryforwards, net investment losses, the “mark-to-market” of certain passive foreign investment companies (PFICs), losses deferred due to wash sales, and utilization of earning and profits distributed to shareholders on redemption of shares. GAAP requires that permanent differences in net investment income and realized gains and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets and have no effect on the net assets nor the NAV of the Funds.
As of April 30, 2014, 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 2013, 2012, and 2011, as well as the current year, remain subject to examination by the Internal Revenue Service.
For the year ended April 30, 2014, permanent differences identified and reclassified among the components of net assets were as follows:
Fund | Paid-in Capital | Increase (Decrease) Net Investment | Accumulated Net Realized Gain (Loss) | |||||||||
Large-Cap Growth Fund | $ | 10,882,474 | $ (28,309) | $ | (10,854,165) | |||||||
Large-Cap Strategy Fund | — | (864) | 864 | |||||||||
Large-Cap Value Fund | 19,020,574 | (271,717) | (18,748,857) | |||||||||
Mid-Cap Growth Fund | (676,270) | 676,270 | — | |||||||||
Small-Cap Growth Fund | (193,452) | 327,452 | (134,000) | |||||||||
Small-Cap Strategy Fund | — | 40,101 | (40,101) |
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 96 |
The tax character of distributions for the corresponding years as reported on the Statements of Changes in Net Assets were as follows:
2014 | 2013 | ||||||||||||||||||||||||
Return of | Ordinary | Long-Term | Ordinary | Long-Term | |||||||||||||||||||||
Fund | Capital | Income* | Capital Gains | Income* | Capital Gains | ||||||||||||||||||||
Large-Cap Growth Fund | $— | $ | 342,029 | $ | 3,464,950 | $ | 84,985 | $ | 7,366,066 | ||||||||||||||||
Large-Cap Strategy Fund | — | 6,931,023 | — | 7,319,491 | — | ||||||||||||||||||||
Large-Cap Value Fund | — | 1,629,749 | — | 1,799,220 | — | ||||||||||||||||||||
Mid-Cap Growth Fund | — | — | 12,594,746 | — | 11,276,386 | ||||||||||||||||||||
Small-Cap Growth Fund | — | — | 134,000 | 757,676 | — | ||||||||||||||||||||
Small-Cap Strategy Fund | — | 1,238,125 | — | 763,725 | — |
* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.
As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:
Undistributed/ | Late Year | Other | Capital Loss | |||||||||||||||||||||||||||
(Over Distributed) | Undistributed | Unrealized | Ordinary | Timing | Carryforwards | |||||||||||||||||||||||||
Fund | Ordinary Income | Long-Term Capital Gains | Appreciation | Deferrals | Differences | and Deferrals | ||||||||||||||||||||||||
Large-Cap Growth Fund | $ — | $ 2,846,323 | $ | 10,227,535 | $ | — | $— | $(11,416,707) | ||||||||||||||||||||||
Large-Cap Strategy | ||||||||||||||||||||||||||||||
Fund | 455,206 | 12,685,749 | 139,797,545 | — | — | — | ||||||||||||||||||||||||
Large-Cap Value Fund | — | — | 4,319,424 | — | — | (2,410,313) | ||||||||||||||||||||||||
Mid-Cap Growth Fund | — | 17,570,880 | 101,100,969 | (327,157) | — | (14,400,526) | ||||||||||||||||||||||||
Small-Cap Growth Fund | — | 5,353,233 | 25,334,659 | (301,593) | — | (5,470,005) | ||||||||||||||||||||||||
Small-Cap Strategy | ||||||||||||||||||||||||||||||
Fund | 142,143 | 1,628,136 | 18,545,795 | — | — | — |
Under the Regulated Investment Company Modernization Act of 2010, the Funds are 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 are 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, 2014, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:
Short-Term | Long-Term | Total Capital | ||||||||||||||||||||||||||||
Capital Loss Available Through | Post-Effective | Post-Effective | Loss | |||||||||||||||||||||||||||
Fund | 2016 | 2017 | 2018 | No Expiration | No Expiration | Carryforwards | ||||||||||||||||||||||||
Large-Cap Growth Fund | 7,611,138 | 3,805,569 | $ | — | $— | $— | 11,416,707 | |||||||||||||||||||||||
Large-Cap Value Fund | 1,333,381 | 666,690 | 410,242 | — | — | 2,410,313 | ||||||||||||||||||||||||
Mid-Cap Growth Fund | — | 13,039,596 | 1,360,930 | — | — | 14,400,526 | ||||||||||||||||||||||||
Small-Cap Growth Fund | 3,646,670 | 1,823,335 | — | — | — | 5,470,005 |
The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2014:
Capital Loss | ||||
Carryforwards | ||||
Fund | Used | |||
Large-Cap Growth Fund | $ 3,805,569 | |||
Large-Cap Strategy Fund | 38,402,939 | |||
Large-Cap Value Fund | 5,708,921 | |||
Mid-Cap Growth Fund | 3,259,899 | |||
Small-Cap Growth Fund | 22,327,433 | |||
Small-Cap Strategy Fund | 12,806,893 |
ANNUAL REPORT / April 30, 2014
97 | NOTES TO FINANCIAL STATEMENTS (continued) |
Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. Post-October, Post-December and Late Year losses deferred to May 1, 2014 are as follows:
Fund | Ordinary Post-December Losses |
Short-Term |
Long-Term | |||
Mid-Cap Growth Fund | 327,157 | — | — | |||
Small-Cap Growth Fund | 301,593 | — | — |
4. | ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS |
Investment Advisor – Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.
Fund |
Advisory Fee | |
Large-Cap Growth Fund | 0.85% | |
Large-Cap Strategy Fund | 0.50% | |
Large-Cap Value Fund | 0.70% | |
Mid-Cap Growth Fund | 0.85% | |
Small-Cap Growth Fund | 0.85% | |
Small-Cap Strategy Fund | 0.55% |
WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2014, 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 | ||||
Fund | Class A | Class I | ||
Large-Cap Growth Fund | 1.42% | 1.04% | ||
Large-Cap Strategy Fund | N/A | 0.25% | ||
Large-Cap Value Fund | 1.32% | 1.04% | ||
Mid-Cap Growth Fund | 1.24% | 1.08% | ||
Small-Cap Growth Fund | 1.47% | 1.25% | ||
Small-Cap Strategy Fund | N/A | 0.25% |
Administrative Fee – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. WFMC in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.
Administrator |
Maximum |
Average Aggregate Daily Net Assets of the Trust | ||||
WFMC | 0.040 | % | on the first $5 billion | |||
0.030 | % | on the next $2 billion | ||||
0.025 | % | on the next $3 billion | ||||
0.018 | % | on assets in excess of $10 billion | ||||
BNYM | 0.0285 | % | on the first $500 million | |||
0.0280 | % | on the next $500 million | ||||
0.0275 | % | on assets in excess of $1 billion |
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 98 |
On September 30, 2013, the Board of Trustees voted to change the fee schedule for WFMC. Prior to October 1, 2013, these services were provided for an aggregate annual fee as specified below.
Administrator |
Maximum |
Average Aggregate Daily Net Assets of the Trust | ||
WFMC | 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 |
WFMC may voluntarily choose to waive any portion of its fee. WFMC can modify or terminate its voluntary waiver at any time at its sole discretion. For the period ended April 30, 2014, WFMC did not waive any administrative personnel and services fee.
Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Class A, for the sale, distribution, administration, customer servicing and record keeping of these shares.
The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.
For the year ended April 30, 2014, 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 | |||
Large-Cap Growth Fund | $39,808 | |||
Large-Cap Value Fund | 11,503 | |||
Mid-Cap Growth Fund | 95,913 | |||
Small-Cap Growth Fund | 36,793 |
Sales Charges – The Class A shares of all the Funds bear front-end sales charges.
For the year ended April 30, 2014, M&T received the amounts listed below from sales charges on the sale of Class A shares.
Fund |
Sales Charges | |||
Large-Cap Growth Fund | $ 5,923 | |||
Large-Cap Value Fund | 2,542 | |||
Mid-Cap Growth Fund | 14,541 | |||
Small-Cap Growth Fund | 6,713 |
Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Class A and Class I shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.
For the year ended April 30, 2014, M&T received a portion of the fees paid by the following Funds which are listed below:
Fund |
Shareholder Fee | |||
Large-Cap Growth Fund | $ | 31,116 | ||
Large-Cap Value Fund | 101,260 | |||
Mid-Cap Growth Fund | 352,441 | |||
Small-Cap Growth Fund | 123,542 |
Other Service Providers – Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer and Principal Financial Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.
BNYM provides custody services to the Trust.
ANNUAL REPORT / April 30, 2014
99 | NOTES TO FINANCIAL STATEMENTS (continued) |
BNY Mellon Investment Servicing (U.S.) Inc. provides fund accounting and transfer agency services to the Trust.
General – Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trust’s Statement of Additional Information includes additional information about the Trustees.
Other Affiliated Parties and Transactions – Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Funds’ distributor. Transactions with affiliated companies during the year ended April 30, 2014 are as follows:
Balance of |
Balance of | |||||||||||||
Shares Held | Purchases/ | Sales/ | Shares Held | Value at | Dividend | Realized | ||||||||
Affiliated Security Name | 4/30/2013 | Additions | Reductions | 4/30/2014 | 4/30/2014 | Income | Gain/(Loss) | |||||||
Large-Cap Strategy Fund: | ||||||||||||||
M&T Bank Corp. | 3,410 | — | 1,800 | 1,610 | $196,436 | $9,548 | $43,169 |
Certain Funds effect trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the year ended April 30, 2014 were as follows:
Fund |
Commissions | |||
Large-Cap Growth Fund | $ | 8,642 | ||
Large-Cap Strategy Fund | 57,756 | |||
Large-Cap Value Fund | 51,178 | |||
Small-Cap Growth Fund | 236,863 | |||
Small-Cap Strategy Fund | 74,682 |
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, 2014 were as follows:
Investments
| ||||||||
Fund | Purchases | Sales | ||||||
Large-Cap Growth Fund | $ | 5,578,371 | $ | 59,618,584 | ||||
Large-Cap Strategy Fund | 115,218,950 | 183,599,773 | ||||||
Large-Cap Value Fund | 14,632,425 | 138,309,920 | ||||||
Mid-Cap Growth Fund | 139,767,448 | 108,498,160 | ||||||
Small-Cap Growth Fund | 49,124,457 | 130,319,839 | ||||||
Small-Cap Strategy Fund | 91,124,781 | 50,537,902 |
6. | LINE OF CREDIT |
The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion through March 10, 2014. Effective March 11, 2014, the LOC included a commitment fee of 0.10% per annum on the daily unused portion. The termination date of this LOC is March 9, 2015. The Funds did not utilize the LOC for the year ended April 30, 2014.
7. | LEGAL PROCEEDINGS |
The Funds are subject to claims and suits that arise from time to time in the ordinary course of business. For example, certain creditors of Tribune Co., which has recently emerged from bankruptcy, have filed actions against former Tribune shareholders, (collectively, the “Lawsuits”) who tendered their shares when Tribune went private in 2007 as part of a leveraged buyout (“LBO”). These creditor plaintiffs seek the return of all proceeds received by the former Tribune shareholders. 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, but by different legal theories. Although management currently believes that the resolution of the claims against the Funds, individually or in the aggregate, will not have a materially adverse impact on the Funds’ financial positions, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters could change in the future.
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 100 |
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 their net asset values will be made relating to the Lawsuits. However, even if the plaintiffs in the Lawsuits were to obtain the full recovery they seek, the amount would be less than 0.5% of each of the Large-Cap Strategy Fund and the Mid-Cap Growth Fund’s net asset value at this time. Neither the Large-Cap Strategy Fund nor the Mid-Cap Growth Fund can predict what their size might be at the time that the cost of the Lawsuits might be quantifiable and thus potentially deducted from their net asset value. Therefore, at this time, those buying or redeeming shares of the Large-Cap Strategy Fund and the Mid-Cap Growth Fund will pay or receive, as the case may be, a price based on net asset value of the Large-Cap Strategy Fund and the Mid-Cap Growth Fund, with no adjustment relating to the Lawsuits. The attorneys’ fees and costs relating to the Lawsuits will be taken as expenses by the Large-Cap Strategy Fund and the Mid-Cap Growth Fund as incurred and in a manner similar to any other expense incurred by the Large-Cap Strategy Fund and the Mid-Cap Growth Fund.
8. | SUBSEQUENT EVENTS |
On May 22, 2014, WFMC and WTIA, recommended, and the Trustees approved the liquidation of the Large-Cap Growth Fund and the Large-Cap Value Fund. Effective upon the close of business of the New York Stock Exchange on May 22, 2014, the Large-Cap Growth Fund and the Large-Cap Value Fund no longer accepted purchase orders of any kind. On June 20, 2014, the liquidation date, each Fund made a liquidating distribution to its remaining shareholders equal to each shareholder’s proportionate share of the net assets of the respective Fund in complete redemption and cancellation of the fund’s shares held by each remaining shareholder, and then dissolved.
9. | FEDERAL TAX INFORMATION (UNAUDITED) |
Complete information regarding the tax status of distributions will be reported on Forms 1099.
Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended April 30, 2014, 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 | 99.68 | % | ||
Large-Cap Value Fund | 43.00 | % | ||
Small-Cap Strategy Fund | 59.74 | % |
For the year ended April 30, 2014, 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 | 52.73 | % | ||
Small-Cap Strategy Fund | 62.33 | % |
If the Funds meet the requirements of Section 853 of the Code, the Funds will pass through to shareholders credits of foreign taxes paid.
ANNUAL REPORT / April 30, 2014
101
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
WILMINGTON FUNDS
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Wilmington Large-Cap 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”) as of April 30, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and 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, 2014, 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, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
June 28, 2014
April 30, 2014 / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 102 |
BOARD OF TRUSTEES AND TRUST OFFICERS
The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 23 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.
INTERESTED TRUSTEES BACKGROUND
Name Address Birth date Position With Trust Date Service Began
| Principal Occupations and Other Directorships Held for Past Five Years
| |||
R. Samuel Fraundorf, CFA, CPA* | Principal Occupations: President of WTIA. | |||
Birth date: 4/64 | ||||
TRUSTEE | Other Directorships Held: None. | |||
Began serving: March 2012 | ||||
Previous Positions: President of Wilmington Trust Investment Managements (“WTIM”) (8/04 to 1/12); Chief Operating Officer of WTIM (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08).
| ||||
Robert J. Truesdell* Birth date: 11/55 TRUSTEE |
Principal Occupations: Group Vice President and Senior Investment Advisor for Wilmington Trust Wealth Advisory Services, M&T Bank. | |||
Began serving: December 2012 | Other Directorships Held: None. | |||
Previous Positions: Bond Department Manager, M&T Bank (2/88 to 7/12); Group Vice President, Managing Director and Chief Investment Officer, WTIA (6/02 to 6/12) and WFMC (3/12 to 6/12).
| ||||
* R. Samuel Fraundorf is “interested” due to positions he holds with WTIA. Robert J. Truesdell is “interested” due to the positions he currently holds with Wilmington Trust Wealth Advisory Services, M&T Bank, the parent of the Funds’ Advisor, and previous positions held with WTIA and WFMC. |
ANNUAL REPORT / April 30, 2014 (unaudited)
103 | BOARD OF TRUSTEES AND TRUST OFFICERS |
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 |
Principal Occupations: Private Investor, Consultant and Community Volunteer. | |||
CHAIRMAN AND TRUSTEE Began serving: February 1988 | Other Directorships Held: Chairman (3/06 to 3/08), Trustee (3/04 to present) and Treasurer (3/10 to 3/12), Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 1/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman (5/12 to present), Director (1/08 to present), Read to Succeed Buffalo (1/08 to present); Director, Catholic Medical Partners (7/12 to present); Director, Roycroft Campus Corporation (8/12 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.
| ||||
Robert H. Arnold Birth date: 3/44 |
Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present). | |||
TRUSTEE | ||||
Began serving: March 2012 | Other Directorships Held: First Potomac Realty Trust (real estate investment trust).
| |||
William H. Cowie, Jr. |
Principal Occupations: Retired. | |||
Birth date: 1/31 | ||||
TRUSTEE Began serving: September 2003 | Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present). | |||
Previous Positions: CFO, Pencor Inc. (environmental project development); Vice Chairman of Signet Banking Corp.
| ||||
John S. Cramer Birth date: 2/42 |
Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present). | |||
TRUSTEE | ||||
Began serving: December 2000 | Other Directorships Held: Director, Chairman of the Executive Committee and Chairman of the Compensation Committee of Chek-Med Corporation (6/03 to present). | |||
Previous Positions: President and Chief Executive Officer Emeriti, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania).
| ||||
Daniel R. Gernatt, Jr. Birth date: 7/40 |
Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present). | |||
TRUSTEE | ||||
Began serving: February 1988 | Other Directorships Held: Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation.
|
April 30, 2014 (unaudited) / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 104 |
Name Birth date Position with Trust Date Service Began
| Principal Occupations and Other Directorships Held for Past Five Years
| |
Nicholas A. Giordano Birth date: 3/43 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).
| ||
Richard B. Seidel Birth date: 4/41 TRUSTEE | Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (1/96 to present); Chairman and Director, Girard Capital (broker-dealer) (1/10 to present). | |
Began serving: September 2003 |
Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).
| |
OFFICERS
| ||
Name Address Birth year Positions with Trust
| Principal Occupations for Past Five Years and Previous Positions
| |
Samuel Guerrieri Birth year: 1965 PRESIDENT Began serving: December 2012
| Principal Occupations: President and Chief Executive Officer, M&T Securities, 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 ASSISTANT TREASURER Began serving: June 2013 VICE PRESIDENT Began serving: June 2007 | Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc; Assistant Treasurer, Wilmington Funds.
Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank. | |
John C. McDonnell Birth year: 1966 VICE PRESIDENT AND ASSISTANT TREASURER Began serving: June 2013 | Principal Occupations: Vice President, Wilmington Funds Management Corporation (2005 to Present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). | |
Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012); Audit Senior, Deloitte LLP (2004 to 2005); Assistant Vice President, 1838 Investment Advisors, LP (1999 to 2004).
|
ANNUAL REPORT / April 30, 2014 (unaudited)
105 | BOARD OF TRUSTEES AND TRUST OFFICERS |
Name Address Birth year Positions with Trust
| Principal Occupations for Past Five Years and Previous Positions
| |
Hope L. Brown Birth year: 1973 CHIEF COMPLIANCE OFFICER, AML COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2012 | Principal Occupations: Vice President, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds.
Previous Positions: Assistant Vice President, Lead Manager, Risk Management and Divisional Compliance for T. Rowe Price (2005 to 2010); Senior Compliance Officer, Manager of Compliance for RE Investment, Inc., RE Advisers, Inc. and the Homestead Funds (2001 to 2005).
| |
Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008
| Principal Occupations: Administrative Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank 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).
| |
Christopher W. Roleke 10 High Street, Suite 302 Boston, MA 02110 Birth year: 1972 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: July 2013 | Principal Occupation: Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present).
Previous Positions: Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
| |
Lisa R. Grosswirth 101 Barclay Street, 13E New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007 | Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present).
Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).
| |
Richard J. Berthy Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007 | Principal Occupation: Chief Executive Officer, Foreside Financial Group, LLC (7/12 to present).
Previous Positions: President, Foreside Financial Group, LLC (5/08 to 7/12); 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).
|
April 30, 2014 (unaudited) / ANNUAL REPORT
106 |
Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)
Electronic Delivery
Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:
1.) | Go to www.wilmingtonfunds.com and select “Individual Investors” |
2.) | Click on the link “Sign up for Electronic Delivery” |
3.) | Login to your account or create new user ID |
4.) | Select E-Delivery Consent from the available options, and |
5.) | Complete the information requested, including providing the email address where you would like to receive notification for electronic documents. |
* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.
Householding
In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.
If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.
/ April 30, 2014
107 |
PRIVACY POLICY AND NOTICE
OF THE FUNDS AND THEIR DISTRIBUTOR
June 8, 2012
The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.
Information The Funds Collect:
The Funds collect nonpublic personal information about you from the following sources:
• | We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income. |
• | We may receive information from you, or from your financial representative, through transactions with us or others, correspondence and other communications. Examples of this information include specific investments and your account balances. |
• | We may obtain other personal information from you in connection with providing you a financial product or service. Examples of this information include depository, debit or credit account numbers. |
Information Sharing Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
• | We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
• | We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
• | We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. |
Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.
Information Security:
When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers’ privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.
The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds’ Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.
Each of the following sections explains an aspect of the Funds’ commitment to protecting your personal information and respecting your privacy.
Employee Access to Information:
Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employee’s or agent’s need to know the information in order to service a customer’s account or comply with legal requirements.
Visiting The Funds’ Website:
The Funds’ website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.
April 30, 2014 /
108 |
• | Information or data entered into a website will be retained. |
• | Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website. |
• | We may also collect non-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party. |
E-mail:
If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.
Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.
Surveys/Aggregate Data:
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.
Changes to Our Privacy Statement:
The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.
Notice will be provided to you in advance of any changes that would affect your rights under this policy statement
/ April 30, 2014
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Investment Advisor Custodian Wilmington Funds Management Corp. The Bank of New York Mellon 1100 North Market Street One Wall Street Wilmington, DE 19890 New York, NY 10286 Sub-Advisor Distributor Wilmington Trust Investment Advisors ALPS Distributors, Inc. 111 South Calvert Street 26th Floor 1290 Broadway, Suite 1100 Baltimore, MD 21202 Denver, CO 80203 Co-Administrator Fund Accountant, Co-Administrator, Transfer Agent Wilmington Funds Management Corp. and Dividend Disbursing Agent 1100 North Market Street BNY Mellon Investment Servicing (U.S.) Inc. Wilmington, DE 19890 301 Bellevue Parkway Wilmington, DE 19809 Independent Registered Public Accounting Firm Ernst & Young LLP One Commerce Square 2005 Market Street, Suite 700 Philadelphia, PA 19103
Wilmington Multi-Manager International Fund (“International Fund”)
Wilmington Multi-Manager Alternatives Fund (“Alternatives Fund”), formerly Wilmington Rock Maple Alternatives Fund
Wilmington Multi-Manager Real Asset Fund (“Real Asset Fund”)
Wilmington Strategic Allocation Conservative Fund (“Strategic Allocation Conservative Fund”)
Wilmington Strategic Allocation Moderate Fund (“Strategic Allocation Moderate Fund”)
Wilmington Strategic Allocation Aggressive Fund (“Strategic Allocation Aggressive Fund”)
[This Page Intentionally Left Blank]
i
I am pleased to present the Annual Report of Wilmington Funds (the Trust). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2013, through April 30, 2014. 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 investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets over the 12-month reporting period.
The Economy
Compared to other animals, humans have an unparalleled ability to see what we wish to see. The tendency to interpret facts to suit our opinions is magnified in the financial arena. Most of the time economic data provides plenty of fodder for both bulls and bears.
We see enough positive news to argue that good times are about to roll ....
• | Despite weather-driven speed bumps in January and February, U.S. nonfarm payrolls expanded by 2.37 million jobs in the year ended April 2014 – the strongest gain since the period ended April 2006. April 2014 hiring came in unexpectedly robust, with job growth of 288,000, the highest since January 2012. Payrolls rose an average of 202,000 per month over the last six months, and by the end of April 2014, had recovered to within 113,000 jobs of the all-time high set in January 2008. |
• | Inflation remains under control. The Consumer Price Index for April 2014 was up 2.0% from a year earlier – the biggest year-over-year increase since July 2013 but below the 20-year average of 2.4%. Meanwhile, core CPI – excluding the volatile food and energy categories – was up 1.8% in April 2014, only slightly above the reading in previous months and also lower than the long-run average of 2.2%. |
• | While retail sales came in below expectations in April 2014, strong February and March numbers suggest consumers have come out of hibernation. Job growth and the “wealth effect” from stock returns have set the stage for spending growth. |
... and sufficient worrisome news to justify caution.
• | New-home sales have plummeted so far this year, while sales of existing homes have trended lower since last summer, even taking into account seasonal adjustments. Lenders have become more accommodating, yet credit remains fairly tight, as does the supply of homes. |
• | Two popular measures of consumer confidence, indices maintained by the Conference Boardi and the University of Michiganii, have diverged somewhat in recent months. However, both indices report confidence fairly close to levels seen last summer despite improvements in the labor market, excellent stock returns, and an expanding economy. The early-May reading of the University of Michigan surveyii saw a 2.7% decline from April 2014 levels, while the consensus projected a 3.3% increase. One number does not a trend make, but the University of Michigan data can only be called disappointing. |
ihttp://www.conference-board.org
iihttp://www.sca.isr.umich.edu
Many of the recent problems stem directly from the harsh winter weather we have endured which pushed first quarter GDP down by 1%. We expect that a rebound from this will take place in the second quarter which should be followed by a resumption of modest growth rates in the 2.5 to 3.0% range. Given this outlook, we expect to see stocks outperform bonds but fears of a major rise in interest rates are also probably overblown.
The Bond Markets
In the year ended April 30, the Barclays U.S. Aggregate Bond Index1 delivered a -0.26% return, with the majority of the bond market performing at a lackluster level. Blame Treasuries for the Aggregate Bond Index’s negative return, as the Barclays U.S. Treasury Bond Index2 returned -1.59% for the year ended April. In contrast, Barclays indices for mortgage-backed, corporate, and municipal bonds all managed positive returns, albeit below 0.60%.
While the statements above are unequivocally accurate, investors who stop at the raw numbers will miss a big part of the picture – bond investors suffered their pain in 2013; so far, 2014 has proven friendlier.
PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)
ii
The 10-year Treasury bond yielded 1.70% at the end of April 2013 and ended the year at 3.04%. By the end of April 2014, the T-bond yield had fallen to 2.67%, and as of May 28th it yielded 2.44%. Corporate bonds have traced similar, if less steep, paths. These yields reflect a solid recovery this year, which in turn tells us that the Federal Reserve’s tapering of bond purchases hasn’t had the deleterious effect some pundits projected.
On April 30, the Federal Reserve (the “Fed”) Open Market Committee reduced its monthly bond purchases another $10 billion to $45 billion, down from $85 billion for most of last year. At this pace, the Fed may stop buying bonds before the end of 2014. While new Fed Chair Janet Yellen shocked the market in March when she said the Fed could start raising interest rates just six months after the end of quantitative easing3, subsequent statements suggest the central bank hasn’t set a hard target.
In recent months, the Fed has signaled expectations roughly in line with the consensus, which suggests the federal funds rate won’t rise until the second half of 2015. “Doves” continue to call the shots at the Fed, and it’s tough to predict how markets would react if the bankers changed their tone.
For the 12-month reporting period May 1, 2013 through April 30, 2014, certain Barclays Indices performed as follows4:
Barclays U.S. Aggregate Bond Index | Barclays U.S. U.S. Treasury Bond Index | Barclays U.S. Mortgage-Backed Securities Index5 | Barclays U.S. Credit Bond Index6 | Barclays Municipal Bond Index7 | ||||
-0.26% | -1.59% | 0.59% | 0.41% | 0.50% |
The Stock Markets
Few investors who owned a diversified stock portfolio at the start of last May and held it through the end of April 2014 should complain. The S&P 500 Index8 of large-cap stocks returned 20.44% during that 12-month period. Most segments of the U.S. stock market shared in the wealth, with the small-cap Russell 2000 Index9 returning 20.50%.
Among large-cap stocks, growth slightly outperformed value. Smaller stocks showed more of a growth bias (Russell 2000 Growth Index10 up 21.46% versus 19.61% for the Russell 2000 Value Index11). But when your lagging group manages an annual return of more than 19%, you’ve enjoyed a good year.
Even foreign stocks provided investors with solid gains – at least in developed markets. The MSCI All Country World ex-US Index12 returned 9.76% over the last year, while the MSCI EAFE (Europe, Australasia, Far East) Index13 of large-cap and midcap stocks from developed markets returned 13.35%. However, the MSCI Emerging Markets Index14 delivered a -1.84% return.
Most of the stock gains racked up in the 12 months ended April 2014 came during the last eight months of 2013. The S&P 500 managed to set eight new all-time closing highs during the first four months of 2014, yet exited April up less than 3% from its level at the end of 2013. The sluggishness during this period has probably contributed to weakness in both consumer and investor sentiment.
The American Association of Individual Investors Sentiment Survey for the week ending May 21st, 2014, found 43% of investors neutral on the stock market, well above the long-run average of 31%. While bullishness has risen and bearishness fallen in recent weeks, percentages for both extremes remain below typical levels. The unusually large number of “neutrals” bespeaks a lack of confidence in the market, feelings not unexpected given lackluster year-to-date returns.
With the U.S. stock market looking for leadership, investors should keep an eye out for groups making strong moves. A large pack of investors uncertain about the market’s direction can quickly transform into a stampede – in any direction.
For the 12-month reporting period May 1, 2013 through April 30, 2014, certain stock market indices performed as follows:
S&P 500 Index | Dow Jones Industrial Average15 | NASDAQ Composite Index16 |
MSCI All Country World ex-US (Net) Index | |||
20.44% | 14.44% | 25.20% | 9.76% |
April 30, 2014 (unaudited) / PRESIDENT’S MESSAGE
iii
The Trust, with assets of $12.5 billion as of April 30, 2014, gives investors access to every major asset class and sector. Whether you are looking to pay for a comfortable retirement, fund a child’s higher education, pursue tax-free income17, 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.18
Sincerely,
Sam Guerrieri
President
May 28, 2014
For more complete information, please download the Funds’ prospectus, which is available on wilmingtonfunds.com or call 1-800-836-2211 for a copy. You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds’ prospectus, which you should read carefully before investing.
Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.
All investments involve risk, including the possible loss of principal. Equity Securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.
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. | Barclays U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index. |
2. | Barclays U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index. |
3. | Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative Easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity loss |
4. | Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. |
5. | Barclays U.S. Mortgage Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index. |
6. | Barclays U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index. |
7. | Barclays Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index. |
8. | The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index. |
9. | 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. The index is unmanaged and investments cannot be made directly in an index. |
10. | 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-value 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. |
11. | The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. |
12. | MSCI All Country World ex-US (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices. The index is unmanaged and investments cannot be made directly in an index. |
13. | MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed |
PRESIDENT’S MESSAGE / April 30, 2014 (unaudited)
iv
markets, excluding the U.S. & Canada. The index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. |
14. | MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and investments cannot be made directly in an index. |
15. | 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. |
16. | 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. |
17. | Income generated by tax-free funds may be subject to the federal alternative minimum tax and state and local taxes. |
18. | Diversification does not assure a profit nor protect against loss. |
April 30, 2014 (unaudited) / PRESIDENT’S MESSAGE
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WILMINGTON MULTI-MANAGER INTERNATIONAL FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Multi-Manager International Fund (the “Fund”) had a total return of 10.53%* for Class A shares and 10.73%* for Class I shares, versus its benchmark, the Morgan Stanley Capital International – All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US)** which had a total return of 9.76%. The appreciation of the U.S. Dollar detracted 0.50%, as the MSCI ACWI ex-US in local currency terms, returned 10.26%. The MSCI ACWI ex-US is a free float-adjusted market capitalization index that is designed to measure developed and emerging market equity performance, excluding the U.S. On a net-of-fees basis, overall manager selection had a meaningful positive effect and overall tactical asset allocation decisions had no material impact on the Fund’s relative returns.
On a global level, the greatest single contributor to the world ex-U.S. performance during the period was economic growth in the world’s largest economy, the U.S. However, in many markets local economic and political conditions were prevailing influences.
It is notable that developed countries significantly outperformed emerging markets during the period. The MSCI World ex-US Index (Net, USD), a proxy for developed country large/mid cap equity returns, returned 13.1% in U.S. Dollar terms, while the MSCI Emerging Markets Index (Net, USD) lost 1.8%. Moreover, within each group, developed and emerging, there was significant variation across markets, as local conditions were varied.
Within developed countries, there were two significant trends during the period. The first trend was the substantial recovery of Italian and Spanish equity markets, mirrored to a lesser degree in northern European markets. The second trend was a slight retrenchment of Japanese performance after a strong surge in equity prices during the prior period of May 2012-April 2013.
Italy produced an equity return of 38.9% while Spain produced an equity return of 36.0%. The backdrop for these strong equity returns is a significant economic recovery after several years of sharp fiscal austerity related to the Eurozone debt crisis. In particular, Spain has seen some recovery in its struggling housing market and in its banking sector.
To a significant degree, the recovery in the Italian and Spanish equity markets has been assisted through the actual and implied supports offered by the European Central Bank (ECB). Clearly, the ECB’s actions have had impacts on European bond markets, as yields for Italian and Spanish sovereign bonds have returned to levels last seen before the Eurozone debt crisis.
Through intra-European Union trade and financial linkages, Italian and Spanish economic recovery benefitted the economies and equity markets of France and Germany, with whom they share the Euro currency. Moreover, pro-business German Chancellor Angela Merkel was re-elected in September 2013, while socialist French president Francois Hollande softened his anti-business policies in response to a March 2014 loss of seats in local elections. Germany returned 26.9%, and France returned 25.5% during the period.
The UK returned 18.4% during the reporting period. Its performance may have matched that of Germany or France except
for the impact of weak commodities prices on some of the large commodities producers listed on their market and concerns about the possible outcome of a forthcoming Scottish referendum on independence from the UK also played a role.
The Japanese equity market lost 3.7% during the period. In the six months prior to the current reporting period, the Japanese equity market surged on news of the election of Shinzo Abe as Prime Minister and the announcement of quantitative easing and a weak-Yen policy, aimed at supporting exporter competitiveness. Subsequently, during the current reporting period, Japanese equity market attention turned toward the increasing of consumption taxes, in order to raise new revenues to reduce the government’s large fiscal deficits. The specter of higher taxes stopped the boom in equities and led to slight retrenchment. Additionally, as a result of the Russia-Ukraine conflict, capital flowed into the Yen- considered a “safe haven” currency, preventing further beneficial depreciation. Looking forward, Japanese equity markets are confronted by a number of tough challenges, namely poor demographics, high debt, and a potential maritime conflict with China.
The significant recent underperformance of emerging markets is due in part to the increase in U.S. long-term interest rates following the Fed’s May 2013 pre-announcement of potential tapering. Higher U.S. interest rates, plus a booming U.S. equities market, prompted outflows of capital from many emerging markets. This adversely impacted emerging market returns in local currency terms. Moreover, such outflows led to currency devaluations, which further adversely impacted returns in U.S. Dollar terms.
Two of the most adversely impacted countries included Brazil, which lost 11.3% during the period, and India, which managed to eke out a positive 1.3% after an intra-period plunge. It is notable that toward the end of the reporting period, both countries were facing nationwide elections. In the case of India, it appeared that a pro-business candidate, Marenda Modi, would become prime minister, while in the case of Brazil the current socialist president, Dilma Rousseff, would be re-elected.
Another factor impacting the adverse performance of emerging markets was the Russia-Ukraine conflict, which erupted during the first quarter of 2014. Although Russian equities market performance had already been deteriorating in 2013, it significantly worsened during the first quarter of 2014 as a consequence of the conflict. For the entirety of the reporting period, Russia lost 14.3%.
The Chinese equities market lost 1.3% during the period. While the new government appears to act decisively in response to short-term crises, such as recent defaults among non-bank lenders, its long-term economic policy priorities remain murky. There is widespread distrust of the accuracy of Chinese official data reporting. Moreover, the Chinese government seems pre-occupied with non-economic issues, such as maritime claims in the East and South China Seas. Chinese companies are finding it difficult to make long-term investment decisions under such conditions of uncertainty.
It is tempting to describe the relatively weak performance of China and some other emerging markets during the reporting period as an
April 30, 2014 (unaudited) / ANNUAL REPORT
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aberration in a long-run trend. After all, emerging markets have higher GDP growth rates than developed countries. However, the fact is that lackluster emerging market equity returns have been a persistent phenomenon. Over a trailing five year period, emerging markets returned 11.08% versus 13.45% for developed markets.
A likely explanation is structural: companies in many emerging markets face greater constraints than their developed-country counterparts in their efforts to expand profit margins. Labor markets in many emerging markets have tightened, placing significant pressure on wages. Moreover, infrastructure building – highways, ports, airports, power plants, water systems – has not kept pace with business and consumer demand. While businesses in developed countries are perfecting highly-automated “just-in-time”, their counterparts in emerging markets are often struggling to obtain raw materials on-time, keep the power on, and deliver products on-time to their customers.
Among emerging markets, there are two countries where infrastructure is closer to the standards prevailing in developed markets: Korea and Taiwan. Were it not for some technical characteristics of their stock exchanges and securities regulation, MSCI would label them as “developed”. Indeed, both countries posted significant equity returns during the reporting period, partly on the strength of U.S. demand for electronic components and products. Korea posted a 9.46% return and Taiwan a 7.46% return.
The Fund allocates assets between developed and emerging markets based on the advice by Wilmington Trust Investment Advisors Investment Strategy Team’s tactical asset allocation recommendations. At the end of the period had a 72% allocation to developed large-cap countries, 12% to developed small-cap countries, and 16% allocation to emerging markets. This allocation was in place for the last eight months of the period. In addition, the current allocation to developed large-cap countries was 50% value and 50% growth. At the start of the period, the Fund’s assets represented a 67% allocation to developed large-cap countries (50% value / 50% growth), 0% to developed small-cap countries, and 33% allocation to emerging markets. This starting allocation was in place for the first four months of the period. The Fund’s overweight allocation to emerging markets during the first four months of the period had a negative effect as noted above by the large difference in returns between developed countries and emerging markets. The tactical allocation to developed country small-cap equities, not represented in the Fund’s benchmark index, and underweight allocation to emerging markets both had a positive effect in the last eight months of the period. In total, there was no material impact on the Fund’s excess returns from these various tactical asset allocation recommendations.
On October 15, 2013, the Fund added Oberweis Asset Management, Inc. (“Oberweis”) as a new sub-advisor managing a portfolio of developed country small-cap equities. Oberweis actively selects stocks by exploiting the inefficiency regarding ‘Post-Earnings Announcement Drift’, whereby investors systematically under-react to changes in company business fundamentals when these changes are contrary to their existing prior beliefs. This drift results in stock prices continuing to drift for a long period (9 to 12 months) after the earnings surprise announcement. Their portfolio will usually have 70-85 individual positions, and the active share is generally greater than 90.
As of the fiscal year end, the Fund currently had a sub-advisor lineup consisting of the following asset managers: Baring International Investment Limited (“Barings”), Dimensional Fund
Advisors LP (“DFA”), LSV Asset Management (“LSV”), Northern Cross LLC, Oberweis, Parametric Portfolio Associates LLC (“Parametric”), and Wilmington Trust Investment Advisors, Inc. (“WTIA”). WTIA allocates assets of the Fund among the sub-advisors.
The developed country large-cap growth portfolio managed by Northern Cross outperformed the MSCI World ex-US Growth Index (Net, USD). Most of the relative positive attribution was a result of their persistent large underweight allocation to Japan, the worst-performing developed country, and not owning any names in Australia, the second worst-performing developed country. They also experienced strong positive stock selection in European financials such as Intesa Sanpaolo, AXA, BBVA, and Lloyds.
The emerging markets portfolio managed by Parametric outperformed the MSCI Emerging Markets Index (Net, USD). The main positive drivers in explaining their relative results were their structural underweight to Brazil, investments in non-benchmark countries such as the United Arab Emirates and Qatar, and their overweight allocation to Poland. Their underweight allocations to Korea and Taiwan had the most meaningful negative influence on relative returns.
The developed country large-cap value portfolio managed by DFA outperformed the MSCI World ex-US Value Index (Net, USD). Their portfolio’s relative performance was driven primarily by the specific industries and countries owned as a result of their portfolio construction process. At the sector level, the portfolio’s emphasis on deep value stocks in financials and consumer discretionary contributed positively to relative performance. The exclusion of real estate investment trusts from the portfolio also positively contributed to relative performance. From a country perspective, overweight allocation in France and the Netherlands had a positive impact. However, an underweight allocation in Spain, one of the best-performing countries over the last 12 months, was one of the few negative contributors to relative performance.
Since Oberweis was added to the Fund in October, their portfolio outperformed the MSCI World ex-US Small-Cap Index (Net, USD). Looking at countries, they experienced strong positive stock selection within Japan, Denmark, Norway and Canada while experiencing weak stock selection in the U.K. From a sector perspective, the portfolio experienced strong positive stock selection within consumer discretionary, industrials, health care, and energy.
The developed country large-cap value portfolio managed by LSV was in line with the MSCI World ex-US Value Index (Net, USD). As they try to keep their portfolio both sector- and country-neutral, stock selection typically explains their relative results. Though they experienced strong stock selection in Japan, their relative returns were tempered by weak stock selection in consumer staples.
The developed country large-cap core portfolio managed by Barings trailed the MSCI World ex-US Index (Net, USD). The reasons for the relative underperformance were due to a mix of regional allocation and weak stock selection. They spent most of the year being substantially underweight the Pacific ex-Japan region, as they had concerns about the Australian economy. This decision had a positive influence, as the Australian market underperformed the international equity market. However, their underweight position in Continental Europe was detrimental to relative performance as they owned
ANNUAL REPORT / April 30, 2014 (unaudited)
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very few names in some of the best-performing countries in the region such as Spain and Italy. Finally, their lack of ownership of many of the best-performing industrials also was a key factor in explaining their results.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 4.49%, 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 MSCI All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 45 country indices comprising 22 developed and 23 emerging market country indices. The developed market country indices included are:Australia,Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and it is not possible to invest directly in an index. |
*** | The MSCI EAFE Index (Europe, Australasia, Far East) (Net, USD) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consisted of the |
following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and it is not possible to invest directly in an index. |
MSCI Emerging Markets Index (Net, USD) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, 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. |
The MSCI ACWI ex US Small Cap Index captures small cap representation across 23 of 24 Developed Markets countries (excluding the US) and 21 Emerging Markets countries*. With 4,168 constituents, the index covers approximately 14% of the global equity opportunity set outside the US. The International investing involves special risks including currency risks, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. |
April 30, 2014 (unaudited) / ANNUAL REPORT
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WILMINGTON MULTI-MANAGER INTERNATIONAL FUND — CLASS A†
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Multi-Manager International Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the MSCI ACWI ex-US.2
VALUE OF A HYPOTHETICAL $10,000 INVESTMENT
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
| 4.49%
|
| |
5 Years
|
| 10.74%
|
| |
Start of Performance (12/19/05)
|
| 2.98%
|
|
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
|
| 1.81%
|
| |
After Waivers
|
| 1.51%
|
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the MSCI ACWI ex-US assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged. |
† | The information presented above, for the period prior to March 12, 2012, is historical information for the WT Multi-Manager International Fund. See Reorganization note within the notes to financial statements. |
ANNUAL REPORT / April 30, 2014 (unaudited)
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WILMINGTON MULTI-MANAGER INTERNATIONAL FUND — CLASS I†
The graph below illustrates the hypothetical investment of $1,000,0001,2 in the Wilmington Multi-Manager International Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Morgan Stanley Capital International All Country World Index ex-US (Net, USD) (“MSCI ACWI ex-US”).2
VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
| 10.73%
|
| |
5 Years
|
| 12.21%
|
| |
10 Years
|
| 6.49%
|
|
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
|
| 1.56%
|
| |
After Waivers
|
| 1.38%
|
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Fund and the MSCI ACWI ex-US assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
† | The information presented above, for the period prior to March 12, 2012, is historical information for the WT Multi-Manager International Fund. See Reorganization note within the notes to financial statements. |
April 30, 2014 (unaudited) / ANNUAL REPORT
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WILMINGTON MULTI-MANAGER ALTERNATIVES FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Multi-Manager Alternatives Fund (the “Fund”) had a total return of 2.74%* for Class A Shares and 3.01%* for Class I Shares, versus its benchmark, the HFRX Global Hedge Fund Index**, which had a total return of 3.23%.
Fund Highlights
The Fund’s 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. The Fund’s annualized volatility for the fiscal year was 3.06%, the realized beta to S&P 500 was 0.16, and the realized correlation to the Barclays US Aggregate was 0.00.
Performance by Strategy
Long/short equity was the largest contributor to the Fund’s performance. Calypso Capital Management, LP (Calypso), our European manager was again the best performer in the Fund. The manager skillfully rotated into consumer-sensitive names in Southern Europe as it became clear that the European Central Band (ECB) was willing to take increasingly pro-active measures to ensure the stability of sovereign finances and foster growth. TIG Advisors, LLC (TIG) also posted strong gains for the year, primarily from idiosyncratic trades in smaller names in broadcasting and technology. Madison Street Partners, LLC (Madison) performance was buoyed by an advancing US equities market, where the manager skillfully moved net and gross exposure to damper volatility and reduce beta. The only long-short manager to detract from performance during the year was ADAR Investment Management, LLC (ADAR). Performance was down very modestly due largely to losses on a single position, Tower Group International. The firm was a specialty insurer who received a negative opinion on their reserves while in the process of re-domiciling in Bermuda. In April, we added Loeb King Capital Management (Loeb King) as a sub-advisor to the Fund. They manage a concentrated global catalyst driven long/short equity strategy that uses position level hedging (including options) to reduce risk. Since funding the strategy has contributed positively to performance. During the year, the Fund ended its sub-advisory relationship with ADAR and Madison.
Our event driven strategy, accessed through the Arbitrage Fund, posted modest gains. Over the last twelve months we have seen a large uptick in deal activity, especially hostile deals and those with topping bids, which act as a tail-wind to the strategy. At the same time, the low-levels of implied volatility reduced hedging costs on the options portfolio.
Our corporate credit strategies contributed positively to returns. Both allocations remain focused on short-duration high yield credit. Acuity Capital Management, LLC (Acuity) continues to invest primarily in credits from smaller high yield issuers where they expect the bonds to be called or refinanced in the near term. The strategy generates substantial current income and the price appreciation from calls and spread compression adds to total return. The allocation to the Osterweis Strategic Income Fund also contributed to performance as they continued to exploit the technical cheapness of near-maturity bonds due to selling pressure from benchmark driven, long-only money managers.
Options arbitrage, managed by Parametric Risk Advisers, detracted modestly from performance. Over the year, S&P equity volatility both implied and realized traded at historic norms. While the structural inefficiency that manager exploits persisted (namely that investors over pay for implied volatility relative to the realized volatility they experience), the nearly uni-directional move up in the S&P 500 outweighed this inefficiency. The strategy met management’s expectation for this market environment.
In September, P/E Global LLC (P/E Global) was added as a sub-advisor to the Fund. The manager trades currency futures using an adaptive systematic model that incorporates yield curve inputs. The global macro strategy has shown low correlation to the Fund’s other strategies and has acted to curb volatility meaningfully. Historically, the strategy has performed exceptionally well in equity market sell-offs, as shown in January of 2014. The strategy has detracted from performance since funding, as a result of its long-dollar positioning.
Commentary & Outlook
We remain constructive on both equity and credit markets. Despite an unusually cold winter, the US economy continued to grow and show modest job gains in the first quarter, while corporations posted stronger than expected results. Given corporate balance sheet’s sizable cash positions and divergent global growth, we expect corporate activity to remain strong supporting the event driven strategy. Much of the concern in 2014 year to date has focused on the risk posed by the Federal Reserve’s (the “Fed”) tapering its quantitative easing program. While the Fed had previously committed to not raising the Fed Funds rate until unemployment dipped below 6.5%, given the low levels of inflation, the Central Bank has dropped the threshold commitment, delaying the markets expectation of monetary policy “normalizing”. This, coupled with a demand for lower-risk yield generating assets by aging demographics should provide support to US Treasuries and credit products. As Central Banks adopt less interventionist policies towards the currency markets, we would expect our global macro strategy to outperform as markets revert to trading on fundamentals. We will continue to run the Fund with the aim of generating absolute returns without sensitivity to macro factors by being well diversified from an exposure and thematic standpoint.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -2.94%, 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. |
ANNUAL REPORT / April 30, 2014 (unaudited)
7
** | 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. |
Beta is a measure of a portfolio’s volatility, or systematic risk, in comparison to the market as a whole. A beta below 1 indicates less volatility than the market; a higher beta indicates more volatility. |
Investing involves risk and you may incur a profit or a loss. Investments such as mutual funds which focus on alternative strategies are subject to increased risk and loss of principal and are not suitable for all investors. Diversification does not ensure a profit or guarantee against a loss. There is no assurance that any investment strategy will be successful.Any investment in the Fund should be part of an overall investment program rather than, in itself, a complete program. Because the Fund invests in underlying mutual funds or other managed strategies, an investor in the Fund will bear the management fees and operating expenses of the “Underlying Strategies” in which the Fund invests. The total expenses borne by an investor in the Fund will be higher than if the investor invested directly in the Underlying Strategies, and the returns may therefore be lower. |
The Fund, the Sub-Advisers, and the Underlying Strategies may use aggressive investment strategies, which are riskier than those used by typical mutual funds. If the Fund and Sub-Advisers are unsuccessful in applying these investment strategies, the Fund and you may lose more money than if you had invested in another fund that did not invest aggressively. The Fund is subject to risks associated with the Sub-Advisers making trading decisions independently, investing in other investment companies, using a particular style or set of styles, basing investment decisions on historical relationships and correlations, trading frequently, using leverage, making short sales, being non-diversified, and investing in securities with low correlation to the market. The use of leverage may magnify losses. |
The Fund is also subject to risks associated with investments in foreign markets, emerging market securities, small cap companies, debt securities, derivatives, commodity-linked instruments, illiquid securities, asset-backed securities, and CMOs. Please see the prospectus and summary prospectus for information on these as well as other risk considerations. |
Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity. |
April 30, 2014 (unaudited) / ANNUAL REPORT
8
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND — CLASS A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Multi-Manager Alternatives Fund (Class A) (the “Fund”) from January 12, 2012 (start of performance) to April 30, 2014, compared to the HFRX Global Hedge Fund Index.2
VALUE OF A HYPOTHETICAL $10,000 INVESTMENT
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
| -2.94%
|
| |
Start of Performance (1/12/12)
|
| 1.57%
|
|
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.
Annual Operating Expense Ratio
Before Waivers
|
| 4.27%
|
| |
After Waivers
|
| 3.11%
|
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the HFRX Global Hedge Fund Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged. |
ANNUAL REPORT / April 30, 2014 (unaudited)
9
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND — CLASS I
The graph below illustrates the hypothetical investment of $1,000,0001,2 in the Wilmington Multi-Manager Alternatives Fund (Class I) (the “Fund”) from January 12, 2012 (start of performance) to April 30, 2014, compared to the HFRX Global Hedge Fund Index.2
VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
| 3.01%
|
| |
Start of Performance (1/12/12)
|
| 4.36%
|
|
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
|
| 4.02%
|
| |
After Waivers
|
| 2.86%
|
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Fund and the HFRX Global Hedge Fund Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
April 30, 2014 (unaudited) / ANNUAL REPORT
10
WILMINGTON MULTI-MANAGER REAL ASSET FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Multi-Manager Real Asset Fund (the “Fund”) had a total return of -3.46%* for Class A Shares and -3.20%* for Class I Shares, versus its benchmarks, the Barclays Capital World Government Inflation Linked Bond Index (hedged, USD) (Barclays World GILB Index)** and its Blended Index which had total returns of -4.86% and -2.35%, respectively.
The Blended Index is currently a mix of 50% Barclays World GILB Index, 35% S&P Developed Property Index**, and 15% Dow Jones-UBS Commodity Index (“DJUBSCI”)**. During this period, the Fund’s underlying managers and investments outperformed their individual benchmarks while tactical asset allocation decisions at the Fund level to underweight global inflation linked bonds (ILBs) and overweight real estate related securities were slightly negative over the course of the fiscal year, though positive since being first initiated during February 2013. One cannot invest directly in an index.
The Fund allocated 10% more than its blended benchmark to public real estate securities during the spring/summer of 2013 up until the end of August 2013 when the overweight was reduced to 5% and the difference re-invested in global ILB’s. The initial movement to real estate came in response to annualized real yields on ILB’s breaching the -0.2% level. Following a sell-off in the bond market that began in April 2013, the Fund began shifting some assets back to ILB’s as real-rates moved close to +0.4% at the end of August.
The Fund’s current weightings of 45% global ILB’s, 40% real estate related securities and 15% commodities reflecting a continued 5% overweight to real estate reflects our belief that a slowly growing economy, low interest rates, available financing and restrained inflation may benefit real estate to a greater extent than ILB’s or commodities.
Real yields on ILB’s rose during the fiscal year from -0.4% to +0.1% as measured by the Barclays World GILB Index with the bulk of the increase coming in May and June of 2013 following comments from Ben Bernanke on the likelihood of the Federal Reserve starting to wind down their latest quantitative easing program. The long average maturities of ILB’s are particularly sensitive to changes in overall interest rate levels and led to a -4.9% return during the fiscal year in that asset class. The Fund’s overall ILB allocation outperformed the index -4.6% vs. -4.8%. The portfolio of developed-and emerging-market ILBs managed by Pacific Investment Management Company (“PIMCO”) outperformed the Fund’s ILB benchmark during this time (-4.4% versus -4.9%) despite a structural allocation to emerging market ILBs which fell -7.8% as measured by the Barclays Emerging Market GILB Index (hedged, USD)** on rising real yields and capital flight from emerging markets. The portfolio of global, developed-market ILBs managed by HSBC Global Asset Management (“HSBC”) outperformed its benchmark during the period (-4.4% versus -4.9% for the Barclays World GILB Index).
Global real estate securities were down -1.5% during the fiscal year, measured by the S&P Developed Property Index, as real estate markets weighed the rise in interest rates against continued recovery in the operating characteristics of most properties. Performance was widely varied geographically led by Europe (+19.7%), the US (+0.6%)
and Asia-Pacific (-10.65%). The Fund’s overall real estate allocation outperformed the index -1.4% vs. -1.5%. The portfolio of global real estate securities managed by EII Realty Securities (“EII”) returned -1.2% during the period while the portfolio of global real estate securities managed by CBRE Clarion Securities (“CBRE”) also returned -1.2%. Both beat the index performance of -1.5% primarily due to holdings of cash in a down market.
Finally, commodities proved to be the best and only positive performer among the three asset classes for the fiscal year ending up +3.2% as measured by the DJUBSCI. Commodities had been solidly negative in 2013 before seeing significant jumps in early 2014 on a combination of supply disruptions that affected numerous commodities forcing spot prices, and index values, higher. The combination of declining central bank influence on markets as the Federal Reserve began to steadily remove quantitative easing and idiosyncratic performance among unrelated commodities has caused commodity allocations to resume their historical role as a diversifier for portfolios normally composed of financial assets.
The Fund’s overall commodity allocation outperformed the index +3.8% vs. +3.2%. The PIMCO CommoditiesPLUS Fund (the “PIMCO Fund”) was added at the start of the fiscal year and outpaced the DJUBSCI, returning +7.2% vs. +3.2%. The Credit Suisse Commodity Return Strategy Fund (the “Credit Suisse Fund”) trailed the DJUBSCI (+2.1% versus +3.2%). The Fund also had exposure to the Deutsche Bank Liquid Commodity Index-Optimum Yield Diversified (“DBLCIOY Diversified”) index** via holdings of the PowerShares DB Commodity Index Tracking Fund. During the period the Powershares Fund underperformed the DJUBSCI (+0.5% vs. +3.2%).
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -8.80%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | Barclays Capital World Government Inflation-Linked Bond Index measures the performance of the major government inflation-linked bond markets. The index is designed to include only those markets in which a global government linker fund is likely to invest. |
S&P Developed Property Index defines and measures the investable universe of publicly traded property companies in developed global markets. |
Dow Jones - UBS Commodity Index Total Return is designed to be a diversified benchmark for commodities as an asset class, and reflects the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the Index |
ANNUAL REPORT / April 30, 2014 (unaudited)
11
plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills. The Index is currently composed of futures contracts on 20 physical commodities. |
Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity. |
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 Deutsche Bank Liquid Commodity Index-OptimumYield-Diversified Excess ReturnTM reflects the performance of a basket of futures contracts relating to 16 of the most heavily-traded and imported physical commodities. |
International investing involves special risks including currency risks, increased volatility of foreign securities, political risks and differences in auditing and other financial standards. |
April 30, 2014 (unaudited) / ANNUAL REPORT
12
WILMINGTON MULTI-MANAGER REAL ASSET FUND — CLASS A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Multi-Manager Real Asset Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the Barclays Capital World Government Inflation-Linked Bond Index (“BCWGILB”)2 and the Real Asset Blended Index.2,3
VALUE OF A HYPOTHETICAL $10,000 INVESTMENT
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
| -8.80%
|
| |
5 Years
|
| 7.19%
|
| |
Start of Performance (12/19/05)
|
| 3.85%
|
|
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
|
| 1.67%
|
| |
After Waivers
|
| 1.39%
|
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BCWGILB and the Real Asset Blended Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged. |
3 | The Real Asset Blended Index is calculated by the investment advisor and 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 50% BCWGILB, 35% S&P Developed Property Index and 15% Dow Jones-UBS Commodity Index for the period since January 1, 2009. |
ANNUAL REPORT / April 30, 2014 (unaudited)
13
WILMINGTON MULTI-MANAGER REAL ASSET FUND — CLASS I
The graph below illustrates the hypothetical investment of $1,000,0001,2 in the Wilmington Multi-Manager Real Asset Fund (Class I) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the BCWGILB2 and the Real Asset Blended Index.2,3
VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
| -3.20%
|
| |
5 Years
|
| 8.69%
|
| |
10 Years
|
| 8.28%
|
|
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.
Annual Operating Expense Ratio
Before Waivers
|
| 1.42%
|
| |
After Waivers
|
| 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 $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Fund, the BCWGILB and the Real Asset Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
3 | The Real Asset Blended Index is calculated by the investment advisor and 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 50% BCWGILB, 35% S&P Developed Property Index and 15% Dow Jones-UBS Commodity Index for the period since January 1, 2009. |
April 30, 2014 (unaudited) / ANNUAL REPORT
14
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Strategic Allocation Conservative Fund (the “Fund”) returned 1.60%* for Class A Shares and 1.85%* for Class I Shares, versus its benchmarks, the Barclays Capital U.S. Aggregate Bond Index and the Conservative Blended Index**, which returned -0.26% and 2.28%, respectively.
The Wilmington Strategic Allocation Conservative Fund is managed by first replicating tactical asset allocation decisions made by the Wilmington Trust Investment Advisors, Inc. Investment Strategy Team and then overlaying upon the asset allocation framework, active and passive managers that are closely benchmarked against the tactical asset allocations. The portfolio managers seek to add value through the combination of tactical asset allocation and manager selection. The primary focus of the portfolio managers is in beating the Conservative Blended Index.
Over the past year, the Class I Shares underperformed the Conservative Blended Index by 0.43%. During the period, tactical decisions added approximately 0.6% to relative performance, with manager selection adding an additional 0.25%. Netting fees charged by the Fund and the various mutual funds employed by the Fund yielded a 0.43% underperformance for the fiscal year. During the year, the Fund faced an environment that witnessed the beginning of stimulus tapering by the Federal Reserve, continued reductions in the growth outlook for emerging markets, and questions of the sustainability of domestic growth in the face of tapering of quantitative easing. In this environment of tepid growth with low inflation, equities outperformed bonds and inflation hedges. The Fund benefitted from an overweight of equities funded principally from an underweight of inflation hedges and core bonds. Partially offsetting the benefits of this overweight to equities was an early overweight of emerging market equities, and a tactical position in emerging market debt. Emerging markets appeared attractively valued at the beginning of the fiscal year, but struggled in the face of downward growth revisions. The Fund exited the emerging market debt position, and trimmed the position in emerging market equities to a neutral weight over the course of the year.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be |
worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -3.97%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211. |
** | The 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 indices are unmanaged and it is not possible to invest directly in an index. |
Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity. |
International investing involves special risks including currency risk, political risks, increased volatility of foreign securities, and differences in auditing and other financial standards. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Due to its strategy of investing in other mutual funds, this Fund may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds. |
ANNUAL REPORT / April 30, 2014 (unaudited)
15
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND — CLASS A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Strategic Allocation Conservative Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”)2 and the Conservative Blended Index.2,3
VALUE OF A HYPOTHETICAL $10,000 INVESTMENT
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
| -3.97%
|
| |
5 Years
|
| 5.99%
|
| |
Start of Performance (12/19/05)
|
| 3.26%
|
|
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.
Annual Operating Expense Ratio
Before Waivers
|
| 1.98%
|
| |
After Waivers
|
| 1.53%
|
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BCAB and the Conservative Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
3 | The Conservative Blended Index is 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. |
April 30, 2014 (unaudited) / ANNUAL REPORT
16
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND — CLASS I
The graph below illustrates the hypothetical investment of $1,000,0001,2 in the Wilmington Strategic Allocation Conservative Fund (Class I) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the BCAB2 and the Conservative Blended Index.2,3
VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
| 1.85%
|
| |
5 Years
|
| 7.45%
|
| |
Start of Performance (12/19/05)
|
| 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.
Annual Operating Expense Ratio
Before Waivers
|
| 1.73%
|
| |
After Waivers
|
| 1.28%
|
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the 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. |
ANNUAL REPORT / April 30, 2014 (unaudited)
17
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Strategic Allocation Moderate Fund (the “Fund”) had a total return of 7.34%* for Class A Shares and 7.76%* for Class I Shares, versus its current benchmarks, the Russell 3000 Index, Barclays Capital U.S. Aggregate Bond Index, and the Moderate Blended Index**, which had total returns of 20.78%, -0.26%, and 7.72%, respectively.
The Fund is managed by first replicating tactical asset allocation decisions made by the Wilmington Trust Investment Advisors, Inc. Investment Strategy Team and then overlaying upon the asset allocation framework, active and passive managers that are closely benchmarked against the tactical asset allocations. The portfolio managers seek to add value through the combination of tactical asset allocation and manager selection. The primary focus of the portfolio managers is in beating the Moderate Blended Index.
Over the past year, the Class I Shares performed approximately in line with the Moderate Blended Index. During the period, tactical decisions added approximately 0.6% to relative performance, with manager selection adding an additional 0.9%. Netting fees charged by the Fund and the various mutual funds employed by the Fund yielded a modest outperformance for the fiscal year. During the year, the Fund faced an environment that witnessed the beginning of stimulus tapering by the Federal Reserve, continued reductions in the growth outlook for emerging markets, and questions of the sustainability of domestic growth in the face of tapering quantitative easing. In this environment of tepid growth with low inflation, equities outperformed bonds and inflation hedges, and the Fund benefitted from an overweight of equities funded principally from an underweight of inflation hedges and core bonds. Partially offsetting the benefits of this overweight to equities was an early overweight of emerging market equities, and a tactical position in emerging market debt. Emerging markets appeared attractively valued at the beginning of the fiscal year, but struggled in the face of downward growth revisions. The Fund exited the emerging market debt position, and moved to an underweight position in emerging market equities over the course of the year.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of |
taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 1.47%, 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 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 indices are unmanaged and it is not possible to invest directly in an index. |
Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity. |
International investing involves special risks including currency risk, political risks, increased volatility of foreign securities, and differences in auditing and other financial standards. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Due to its strategy of investing in other mutual funds, this Fund may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds. |
April 30, 2014 (unaudited) / ANNUAL REPORT
18
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND — CLASS A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Strategic Allocation Moderate Fund (Class A) (the “Fund”) from April 30, 2004 to April 30, 2014, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”)2, the Russell 3000 Index2 and the Moderate Blended Index.2,3
VALUE OF A HYPOTHETICAL $10,000 INVESTMENT
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
| 1.47%
|
| |
5 Years
|
| 9.34%
|
| |
10 Years
|
| 3.69%
|
|
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%.
Annual Operating Expense Ratio
Before Waivers
|
| 2.18%
|
| |
After Waivers
|
| 1.57%
|
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the BCAB, the Russell 3000 Index and the Moderate Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
3 | The Moderate Blended Index is 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. |
ANNUAL REPORT / April 30, 2014 (unaudited)
19
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND — Class I
The graph below illustrates the hypothetical investment of $1,000,0001,2 in the Wilmington Strategic Allocation Moderate Fund (Class I) (the “Fund”) from June 11, 2010 (start of performance) to April 30, 2014, compared to the BCAB2, the Russell 3000 Index2 and the Moderate Blended Index.2,3
VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
| 7.76%
|
| |
Start of Performance (6/11/10)
|
| 8.72%
|
|
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
|
| 1.93%
|
| |
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 $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Fund, the BCAB, the Russell 3000 Index and the Moderate Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
3 | The Moderate Blended Index is 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. |
April 30, 2014 (unaudited) / ANNUAL REPORT
20
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND
Management’s Discussion of Fund Performance
For the fiscal year ended April 30, 2014, Wilmington Strategic Allocation Aggressive Fund (the “Fund”) had a total return of 11.84%* for Class A Shares and 12.11%* for Class I Shares, versus its benchmarks, the Russell 3000 Index**, MSCI All Country World ex-US Investable Market Index**, and the Aggressive Blended Index**, which returned 20.78%, 10.16%, and 13.07%, respectively.
The Wilmington Strategic Allocation Aggressive Fund is managed by first replicating tactical asset allocation decisions made by the Wilmington Trust Investment Advisors, Inc. Investment Strategy Team. Then overlaying upon the asset allocation framework, active and passive managers that are closely benchmarked against the tactical asset allocations. The portfolio managers seek to add value through the combination of tactical asset allocation and manager selection. The primary focus of the portfolio managers is in beating the Aggressive Blended Index.
Over the past year, the Class I Shares underperformed the Aggressive Blended Index by 0.96%. During the period, both tactical decisions and manager performance contributed modestly to overall Fund performance, with expenses charged by the Fund and the various mutual funds employed by the Fund more than offsetting the benefit. During the year, the Fund faced an environment that witnessed the beginning of stimulus tapering by the Federal Reserve, continued reductions in the growth outlook for emerging markets, and questions of the sustainability of domestic growth in the face of tapering of quantitative easing. In this environment of tepid growth with low inflation, equities outperformed bonds and inflation hedges. The Fund benefitted from an overweight of equities funded principally from an underweight of inflation hedges. An early overweight of emerging market equities, which appeared attractively valued, detracted from performance as growth prospects dimmed. Throughout the period, this allocation was reduced, and exited the period as an underweight position. During calendar year 2013, in a scarce growth environment, investors favored growth equities over value. In a sudden and dramatic shift marked by Fed Chair Janet Yellens’ March 2014 speech, which reaffirmed the pace of stimulus tapering, the market shifted preference from growth to value. The Fund’s tactical overweight of growth equities penalized performance in this period.
* | Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total |
return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 5.73%, 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 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 indices are unmanaged and it is not possible to invest directly in an index. |
International investing involves special risks including currency risk, political risks, increased volatility of foreign securities, and differences in auditing and other financial standards. |
Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity. |
Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. |
Due to its strategy of investing in other mutual funds, this Fund may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds. |
ANNUAL REPORT / April 30, 2014 (unaudited)
21
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND — CLASS A
The graph below illustrates the hypothetical investment of $10,0001 in the Wilmington Strategic Allocation Aggressive Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the Russell 3000 Index2, the MSCI All Country World ex-US Investable Market Index (“MSCI ACWI ex-US Investable Market Index”)2 and the Aggressive Blended Index.2,3
VALUE OF A HYPOTHETICAL $10,000 INVESTMENT
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
| 5.73%
|
| |
5 Years
|
| 12.37%
|
| |
Start of Performance (12/19/05)
|
| 3.75%
|
|
Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.
Annual Operating Expense Ratio
Before Waivers
|
| 2.12%
|
| |
After Waivers
|
| 1.69%
|
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Russell 3000 Index, the MSCI ACWI ex-US Investable Market Index and the Aggressive Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
3 | The Aggressive Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 48% Russell 3000 Index; 32% MSCI ACWI 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. |
April 30, 2014 (unaudited) / ANNUAL REPORT
22
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND — CLASS I
The graph below illustrates the hypothetical investment of $1,000,0001,2 in the Wilmington Strategic Allocation Moderate Fund (I Shares) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2014, compared to the Russell 3000 Index2, the MSCI All Country World ex-US Investable Market Index (“MSCI ACWI ex-US Investable Market Index”)2 and the Aggressive Blended Index.2,3
VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT
Average Annual Total Returns for the Year Ended April 30, 2014
1 Year
|
| 12.11%
|
| |
5 Years
|
| 13.95%
|
| |
Start of Performance (12/19/05)
|
| 4.71%
|
|
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
|
| 1.87%
|
| |
After Waivers
|
| 1.44%
|
|
The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).
1 | Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions. |
2 | The performance for the Fund, the Russell 3000 Index, the MSCI ACWI ex-US Investable Market Index and the Aggressive Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged. |
3 | The Aggressive Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 48% Russell 3000 Index; 32% MSCI ACWI 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. |
ANNUAL REPORT / April 30, 2014 (unaudited)
23
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 Novem-ber 1, 2013 to April 30, 2014.
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 11/1/13 | Ending Account Value 4/30/14 | Expenses Paid During Period1 | Annualized Net Expense Ratio2 | |||||||||||||||||
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND | ||||||||||||||||||||
Actual | ||||||||||||||||||||
Class A | $1,000.00 | $1,041.20 | $7.54 | 1.49% | ||||||||||||||||
Class I | $1,000.00 | $1,041.30 | $6.88 | 1.36% | ||||||||||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||||||
Class A | $1,000.00 | $1,017.41 | $7.45 | 1.49% | ||||||||||||||||
Class I | $1,000.00 | $1,018.05 | $6.80 | 1.36% | ||||||||||||||||
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND | ||||||||||||||||||||
Actual | ||||||||||||||||||||
Class A | $1,000.00 | $1,003.70 | $13.12 | 2.64% | ||||||||||||||||
Class I | $1,000.00 | $1,005.30 | $11.88 | 2.39% | ||||||||||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||||||
Class A | $1,000.00 | $1,011.70 | $13.17 | 2.64% | ||||||||||||||||
Class I | $1,000.00 | $1,012.94 | $11.93 | 2.39% | ||||||||||||||||
WILMINGTON MULTI-MANAGER REAL ASSET FUND | ||||||||||||||||||||
Actual | ||||||||||||||||||||
Class A | $1,000.00 | $1,024.60 | $6.43 | 1.28% | ||||||||||||||||
Class I | $1,000.00 | $1,025.80 | $5.17 | 1.03% | ||||||||||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||||||
Class A | $1,000.00 | $1,018.45 | $6.41 | 1.28% | ||||||||||||||||
Class I | $1,000.00 | $1,019.69 | $5.16 | 1.03% | ||||||||||||||||
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND | ||||||||||||||||||||
Actual | ||||||||||||||||||||
Class A | $1,000.00 | $1,013.00 | $4.49 | 0.90% | ||||||||||||||||
Class I | $1,000.00 | $1,014.30 | $3.25 | 0.65% | ||||||||||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||||||
Class A | $1,000.00 | $1,020.33 | $4.51 | 0.90% | ||||||||||||||||
Class I | $1,000.00 | $1,021.57 | $3.26 | 0.65% |
April 30, 2014 (unaudited) / ANNUAL REPORT
24
Beginning Account Value 11/1/13 | Ending Account Value 4/30/14 | Expenses Paid During Period1 | Annualized Net Expense Ratio2 | |||||||||||||||||
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND | ||||||||||||||||||||
Actual | ||||||||||||||||||||
Class A | $1,000.00 | $1,026.00 | $4.22 | 0.84% | ||||||||||||||||
Class I | $1,000.00 | $1,027.60 | $2.97 | 0.59% | ||||||||||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||||||
Class A | $1,000.00 | $1,020.63 | $4.21 | 0.84% | ||||||||||||||||
Class I | $1,000.00 | $1,021.87 | $2.96 | 0.59% | ||||||||||||||||
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND | ||||||||||||||||||||
Actual | ||||||||||||||||||||
Class A | $1,000.00 | $1,030.90 | $5.19 | 1.03% | ||||||||||||||||
Class I | $1,000.00 | $1,032.40 | $3.93 | 0.78% | ||||||||||||||||
Hypothetical (assuming a 5% return before expense) | ||||||||||||||||||||
Class A | $1,000.00 | $1,019.69 | $5.16 | 1.03% | ||||||||||||||||
Class I | $1,000.00 | $1,020.93 | $3.91 | 0.78% |
(1) | Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period). |
(2) | Expense ratio does not reflect the indirect expenses of the underlying funds it invests in. |
ANNUAL REPORT / April 30, 2014 (unaudited)
25
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Multi-Manager International Fund
At April 30, 2014, the Fund’s sector classifications and country allocations were as follows (unaudited):
Common Stocks | Percentage of Total Net Assets | ||||
Financials | 23.7 | % | |||
Industrials | 14.4 | % | |||
Consumer Discretionary | 10.6 | % | |||
Materials | 9.8 | % | |||
Consumer Staples | 8.9 | % | |||
Energy | 7.6 | % | |||
Health Care | 7.3 | % | |||
Information Technology | 4.8 | % | |||
Telecommunication Services | 3.4 | % | |||
Utilities | 2.2 | % | |||
Software | 0.0 | %3 | |||
Commercial Banks | 0.0 | %3 | |||
Investment Company | 2.4 | % | |||
Call Warrants | 1.0 | % | |||
Preferred Stocks | 0.9 | % | |||
Real Estate Investment Trusts | 0.6 | % | |||
Certificates | 0.3 | % | |||
Rights | 0.0 | %3 | |||
Cash Equivalents1 | 9.0 | % | |||
Other Assets and Liabilities – Net2 | (6.9 | )% | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
(1) | Cash Equivalents include investments in a money market fund and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represents less than 0.05%. |
Country Allocation | Percentage of Total Net Assets | ||||
Common Stock | |||||
United Kingdom | 14.4 | % | |||
Japan | 12.4 | % | |||
France | 10.6 | % | |||
Switzerland | 8.9 | % | |||
Germany | 7.0 | % | |||
Canada | 5.0 | % | |||
Sweden | 3.6 | % | |||
Australia | 3.1 | % | |||
Spain | 2.4 | % | |||
Italy | 1.9 | % | |||
Netherlands | 1.7 | % | |||
Denmark | 1.5 | % | |||
China | 1.4 | % | |||
Hong Kong | 1.3 | % | |||
Taiwan | 1.3 | % | |||
Belgium | 1.2 | % | |||
Singapore | 1.0 | % | |||
South Korea | 1.0 | % | |||
All other countries less than 1.0% | 13.0 | % | |||
Investment Company | 2.4 | % | |||
Call Warrants | 1.0 | % | |||
Preferred Stocks | 0.9 | % | |||
Real Estate Investment Trusts | 0.6 | % | |||
Certificates | 0.3 | % | |||
Rights | 0.0 | %3 | |||
Cash Equivalents1 | 9.0 | % | |||
Other Assets and Liabilities – Net2 | (6.9 | )% | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 92.7% | ||||||||
ARGENTINA – 0.1% | ||||||||
Adecoagro SA* | 5,500 | $ | 49,061 | |||||
Arcos Dorados Holdings, Inc.# | 6,100 | 55,571 | ||||||
Banco Macro SA ADR* | 1,600 | 48,896 | ||||||
BBVA Banco Frances SA ADR* | 2,720 | 26,656 | ||||||
Cresud SACIF y A ADR | 2,226 | 26,868 | ||||||
Grupo Financiero Galicia SA ADR | 4,320 | 58,147 | ||||||
MercadoLibre, Inc.# | 940 | 87,674 | ||||||
Petrobras Argentina SA ADR* | 19,536 | 107,057 | ||||||
Telecom Argentina SA ADR* | 4,350 | 88,610 |
Description | Number of Shares | Value | ||||||
Transportadora de Gas del Sur SA ADR | 10,400 | $ | 27,456 | |||||
|
| |||||||
TOTAL ARGENTINA | $ | 575,996 | ||||||
AUSTRALIA – 3.1% | ||||||||
AGL Energy Ltd. | 4,217 | 61,780 | ||||||
ALS Ltd. | 3,085 | 21,495 | ||||||
Alumina Ltd.* | 31,910 | 40,020 | ||||||
Alumina Ltd. ADR* | 4,000 | 19,840 | ||||||
Amcor Ltd. | 41,581 | 397,489 | ||||||
AMP Ltd. | 10,091 | 47,341 | ||||||
APA Group | 5,889 | 36,436 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 26
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Arrium Ltd. | 266,400 | $ | 294,507 | |||||
Asciano Ltd. | 34,831 | 175,056 | ||||||
ASX Ltd. | 1,019 | 33,644 | ||||||
Aurizon Holdings Ltd. | 14,150 | 68,093 | ||||||
Australia & New Zealand Banking Group Ltd. | 13,852 | 443,576 | ||||||
Bank of Queensland Ltd. | 8,684 | 98,906 | ||||||
Bendigo & Adelaide Bank Ltd. | 50,517 | 540,167 | ||||||
BHP Billiton Ltd. | 12,699 | 445,349 | ||||||
BlueScope Steel Ltd.* | 20,120 | 120,933 | ||||||
Boart Longyear Ltd.#, * | 48,400 | 12,815 | ||||||
Boral Ltd. | 21,033 | 111,180 | ||||||
Brambles Ltd. | 12,481 | 109,339 | ||||||
Brickworks Ltd. | 1,116 | 13,903 | ||||||
Challenger Ltd. | 51,900 | 339,915 | ||||||
Coca-Cola Amatil Ltd. | 1,210 | 10,398 | ||||||
Cochlear Ltd. | 324 | 17,665 | ||||||
Commonwealth Bank of Australia | 6,729 | 493,221 | ||||||
Crown Ltd. | 3,732 | 55,611 | ||||||
CSL Ltd. | 3,320 | 211,057 | ||||||
Domino’s Pizza Enterprises L | 28,100 | 516,875 | ||||||
Downer EDI Ltd. | 63,750 | 295,526 | ||||||
Echo Entertainment Group Ltd. | 18,904 | 49,524 | ||||||
Fairfax Media Ltd. | 52,075 | 47,410 | ||||||
Fortescue Metals Group Ltd. | 6,140 | 28,805 | ||||||
GPT Group | 8,152 | 29,687 | ||||||
GrainCorp Ltd. | 3,989 | 32,833 | ||||||
Harvey Norman Holdings Ltd. | 9,633 | 29,353 | ||||||
Incitec Pivot Ltd. | 36,866 | 98,635 | ||||||
Insurance Australia Group Ltd. | 19,936 | 106,308 | ||||||
James Hardie Industries PLC | 2,466 | 31,431 | ||||||
Leighton Holdings Ltd.# | 17,845 | 316,307 | ||||||
Lend Lease Group | 55,659 | 669,606 | ||||||
Macquarie Group Ltd. | 15,073 | 807,960 | ||||||
Metcash Ltd. | 50,197 | 129,639 | ||||||
Mineral Resources Ltd. | 109,500 | 1,182,046 | ||||||
Mirvac Group | 19,153 | 31,138 | ||||||
National Australia Bank Ltd. | 25,578 | 838,794 | ||||||
Newcrest Mining Ltd.* | 17,105 | 166,215 | ||||||
Orica Ltd. | 19,680 | 399,841 | ||||||
Origin Energy Ltd. | 31,484 | 435,803 | ||||||
OZ Minerals Ltd. | 15,767 | 53,903 | ||||||
Primary Health Care Ltd. | 11,418 | 49,748 | ||||||
Qantas Airways Ltd.* | 37,254 | 42,223 | ||||||
QBE Insurance Group Ltd. | 12,221 | 131,471 | ||||||
Ramsay Health Care Ltd. | 1,156 | 48,122 | ||||||
Rio Tinto Ltd. | 12,367 | 708,866 | ||||||
Sandfire Resources Nl* | 8,029 | 42,367 | ||||||
Santos Ltd. | 39,329 | 502,377 |
Description | Number of Shares | Value | ||||||
Seek Ltd. | 75,600 | $ | 1,174,282 | |||||
Sims Metal Management Ltd.* | 5,437 | 49,449 | ||||||
Skilled Group Ltd. | 87,000 | 221,454 | ||||||
Suncorp Group Ltd. | 32,826 | 397,048 | ||||||
Tabcorp Holdings Ltd. | 22,564 | 77,978 | ||||||
Tatts Group Ltd. | 32,697 | 91,734 | ||||||
Telstra Corp. Ltd. | 10,691 | 51,845 | ||||||
Toll Holdings Ltd. | 11,181 | 54,948 | ||||||
Transurban Group†† | 8,432 | 56,180 | ||||||
Treasury Wine Estates Ltd. | 10,695 | 37,855 | ||||||
Vocation Ltd.* | 147,100 | 327,973 | ||||||
Wesfarmers Ltd. | 28,848 | 1,144,615 | ||||||
Westpac Banking Corp. | 12,489 | 407,471 | ||||||
Woodside Petroleum Ltd. | 8,079 | 306,219 | ||||||
Woolworths Ltd. | 7,507 | 260,269 | ||||||
WorleyParsons Ltd. | 919 | 14,352 | ||||||
|
| |||||||
TOTAL AUSTRALIA | $ | 16,716,221 | ||||||
AUSTRIA – 0.6% | ||||||||
Andritz AG | 569 | 35,314 | ||||||
Buwog AG* | 365 | 6,702 | ||||||
Erste Group Bank AG | 55,353 | 1,857,643 | ||||||
Immofinanz AG | 7,310 | 27,098 | ||||||
OMV AG | 10,903 | 509,981 | ||||||
Orora Ltd. | 12,817 | 16,551 | ||||||
Raiffeisen International Bank Holding AG | 12,079 | 381,239 | ||||||
Recall Holdings Ltd.* | 2,496 | 10,504 | ||||||
Sydney Airport | 9,172 | 35,958 | ||||||
Telekom Austria AG | 6,978 | 69,219 | ||||||
Voestalpine AG | 6,212 | 283,539 | ||||||
|
| |||||||
TOTAL AUSTRIA | $ | 3,233,748 | ||||||
BAHRAIN – 0.0%** | ||||||||
Al-Salam Bank | 226,000 | 141,521 | ||||||
Gulf Finance House EC* | 226,300 | 40,603 | ||||||
|
| |||||||
TOTAL BAHRAIN | $ | 182,124 | ||||||
BELGIUM – 1.2% | ||||||||
Ageas | 5,970 | 256,632 | ||||||
Anheuser-Busch InBev NV | 40,174 | 4,371,876 | ||||||
Belgacom SA# | 407 | 12,456 | ||||||
Delhaize Group SA ADR | 9,600 | 179,328 | ||||||
Delhaize Group SA# | 7,345 | 545,577 | ||||||
Groupe Bruxelles Lambert SA# | 603 | 60,961 | ||||||
KBC Groep NV* | 6,166 | 375,623 | ||||||
Mobistar SA#, * | 1,115 | 21,726 | ||||||
Solvay SA | 2,050 | 331,902 | ||||||
Telenet Group Holding NV* | 726 | 42,550 | ||||||
UCB SA# | 2,066 | 169,368 |
ANNUAL REPORT / April 30, 2014
27 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Umicore SA# | 1,261 | $ | 61,799 | |||||
|
| |||||||
TOTAL BELGIUM | $ | 6,429,798 | ||||||
BOTSWANA – 0.1% | ||||||||
Barclays Bank of Botswana Ltd. | 100,300 | 48,838 | ||||||
Botswana Insurance Holdings Ltd. | 60,900 | 74,481 | ||||||
First National Bank of Botswana | 274,700 | 109,580 | ||||||
Sechaba Breweries Ltd. | 61,203 | 152,292 | ||||||
Standard Chartered Bank Botswana Ltd. | 41,700 | 55,956 | ||||||
|
| |||||||
TOTAL BOTSWANA | $ | 441,147 | ||||||
BRAZIL – 0.8% | ||||||||
ALL America Latina Logistica SA | 17,200 | 67,728 | ||||||
Ambev SA | 43,575 | 317,566 | ||||||
Banco do Brasil SA | 8,167 | 86,038 | ||||||
Banco Santander Brasil SA | 11,000 | 73,407 | ||||||
BB Seguridade Participacoes SA | 6,000 | 70,636 | ||||||
BM&FBovespa SA | 21,807 | 111,297 | ||||||
BR Malls Participacoes SA | 5,800 | 50,151 | ||||||
BRF SA | 6,756 | 152,709 | ||||||
CCR SA | 18,800 | 147,382 | ||||||
Centrais Eletricas Brasileiras SA | 9,100 | 31,833 | ||||||
CETIP SA - Mercados Organizados | 5,500 | 69,732 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 9,000 | 85,368 | ||||||
Cia Energetica de Minas Gerais | 2,768 | 21,290 | ||||||
Cia Siderurgica Nacional SA | 10,200 | 39,432 | ||||||
Cielo SA | 14,266 | 248,819 | ||||||
Cosan SA Industria e Comercio | 1,200 | 20,445 | ||||||
CPFL Energia SA | 4,800 | 40,406 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 7,500 | 45,442 | ||||||
EDP - Energias do Brasil SA | 10,300 | 45,177 | ||||||
Embraer SA | 11,800 | 101,661 | ||||||
Gafisa SA | 28,700 | 46,852 | ||||||
Itau Unibanco Holding SA ADR | 96,572 | 1,579,918 | ||||||
Localiza Rent a Car SA | 5,040 | 75,382 | ||||||
Lojas Renner SA | 2,500 | 72,788 | ||||||
Marfrig Alimentos SA* | 14,350 | 26,773 | ||||||
MRV Engenharia e Participacoes SA | 6,800 | 21,592 | ||||||
Natura Cosmeticos SA | 3,600 | 61,998 | ||||||
Oi SA | 9,480 | 9,566 | ||||||
PDG Realty SA Empreendimentos e Participacoes* | 31,200 | 19,030 | ||||||
Prumo Logistica SA* | 13,400 | 6,911 | ||||||
Souza Cruz SA | 7,600 | 69,737 | ||||||
Tim Participacoes SA | 12,106 | 65,315 | ||||||
Totvs SA | 4,400 | 72,204 | ||||||
Tractebel Energia SA | 4,800 | 70,523 | ||||||
Ultrapar Participacoes SA | 3,000 | 74,834 |
Description | Number of Shares | Value | ||||||
Weg SA | 5,070 | $ | 60,938 | |||||
|
| |||||||
TOTAL BRAZIL | $ | 4,160,880 | ||||||
BULGARIA – 0.0%** | ||||||||
Central Cooperative Bank AD* | 20,482 | 20,687 | ||||||
Chimimport AD* | 10,600 | 16,450 | ||||||
Doverie Holding AD* | 11,040 | 9,318 | ||||||
Olovno Tzinkov Komplex AD*,†† | 900 | 93 | ||||||
Petrol AD* | 37,250 | 111,124 | ||||||
Sopharma AD Sofia | 14,000 | 43,800 | ||||||
|
| |||||||
TOTAL BULGARIA | $ | 201,472 | ||||||
CANADA – 5.0% | ||||||||
Agrium, Inc. | 6,726 | 645,998 | ||||||
Air Canada* | 33,200 | 229,603 | ||||||
Alimentation Couche Tard, Inc. | 4,200 | 118,369 | ||||||
Athabasca Oil Corp.* | 3,780 | 28,073 | ||||||
Autocanada, Inc. | 9,400 | 600,338 | ||||||
Badger Daylighting Ltd. | 6,800 | 236,996 | ||||||
Bank of Montreal# | 3,900 | 268,824 | ||||||
Bank Of Montreal | 600 | 41,364 | ||||||
Bank of Nova Scotia | 7,095 | 431,118 | ||||||
Barrick Gold Corp. | 51,844 | 905,714 | ||||||
Barrick Gold Corp. (2024644) | 3,275 | 57,160 | ||||||
Baytex Energy Corp.# | 436 | 18,147 | ||||||
Birchcliff Energy Ltd.* | 26,200 | 303,820 | ||||||
Black Diamond Group Ltd. | 4,300 | 135,193 | ||||||
Blackberry Ltd.* | 12,417 | 94,822 | ||||||
Blackberry Ltd. ADR#,* | 8,604 | 65,907 | ||||||
Bombardier, Inc. | 85,500 | 344,013 | ||||||
Bonavista Energy Corp.# | 1,621 | 25,467 | ||||||
Brookfield Asset Management, Inc. | 2,553 | 107,170 | ||||||
CAE, Inc. | 1,400 | 18,483 | ||||||
Cameco Corp. | 1,611 | 34,291 | ||||||
Canadian Imperial Bank of Commerce | 7,000 | 624,096 | ||||||
Canadian National Railway Co. | 5,890 | 345,001 | ||||||
Canadian Natural Resources Ltd. (136385101) | 21,257 | 866,648 | ||||||
Canadian Natural Resources Ltd. (2171573) | 5,353 | 218,115 | ||||||
Canadian Pacific Railway Ltd. | 427 | 66,673 | ||||||
Canadian Tire Corp. Ltd. | 6,273 | 616,111 | ||||||
Canadian Utilities Ltd. | 1,396 | 51,571 | ||||||
CCL Industries, Inc. Class B | 4,800 | 436,447 | ||||||
Cenovus Energy, Inc. | 6,295 | 187,520 | ||||||
Cogeco Cable, Inc. | 10,300 | 563,843 | ||||||
Constellation Software, Inc./Canada | 1,649 | 365,216 | ||||||
Crescent Point Energy Corp.# | 2,822 | 114,806 | ||||||
Dollarama, Inc. | 3,800 | 316,051 | ||||||
Dorel Industries, Inc. | 8,700 | 311,789 |
April 30, 2014 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS 28
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Eldorado Gold Corp. | 2,689 | $ | 16,388 | |||||
Eldorado Gold Corp. | 910 | 5,551 | ||||||
Empire Co. Ltd. | 8,000 | 506,036 | ||||||
Enbridge, Inc. | 5,558 | 268,202 | ||||||
Enerplus Corp. | 1,090 | 24,176 | ||||||
Ensign Energy Services, Inc. | 2,332 | 36,702 | ||||||
Fairfax Financial Holdings Ltd. | 450 | 196,209 | ||||||
Finning International, Inc. | 1,116 | 30,139 | ||||||
First Quantum Minerals Ltd. | 8,534 | 169,971 | ||||||
Franco-Nevada Corp. | 1,300 | 62,660 | ||||||
Genworth MI Canada, Inc. | 1,061 | 37,220 | ||||||
Gildan Activewear, Inc. | 600 | 30,672 | ||||||
Goldcorp, Inc. | 15,542 | 384,198 | ||||||
Goldcorp, Inc. | 6,240 | 154,114 | ||||||
Husky Energy, Inc. | 7,400 | 241,839 | ||||||
IAMGOLD Corp. (2446646) | 8,028 | 27,980 | ||||||
IAMGOLD Corp. (450913108) | 8,324 | 29,051 | ||||||
Imperial Oil Ltd. | 2,819 | 137,651 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 1,794 | 74,065 | ||||||
Intact Financial Corp. | 1,031 | 67,699 | ||||||
Kinross Gold Corp.* | 14,013 | 56,893 | ||||||
Laurentian Bank of Canada | 5,700 | 244,839 | ||||||
Linamar Corp. | 21,100 | 1,056,299 | ||||||
Loblaw Cos. Ltd. | 310 | 13,477 | ||||||
Lundin Mining Corp.* | 15,100 | 77,150 | ||||||
Magna International, Inc. | 10,290 | 1,008,111 | ||||||
Manulife Financial Corp. | 37,395 | 702,147 | ||||||
Metro, Inc. | 5,700 | 351,346 | ||||||
National Bank of Canada | 10,600 | 439,938 | ||||||
Nevsun Resources Ltd. | 26,700 | 96,710 | ||||||
New Gold, Inc.* | 3,377 | 17,069 | ||||||
Onex Corp. | 500 | 28,557 | ||||||
Open Text Corp. | 17,300 | 853,122 | ||||||
Painted Pony Petroleum Ltd.* | 58,500 | 604,188 | ||||||
Pan American Silver Corp. | 600 | 7,773 | ||||||
Pan American Silver Corp. | 589 | 7,633 | ||||||
Parex Resources, Inc.* | 34,300 | 342,984 | ||||||
Pembina Pipeline Corp.# | 1,266 | 49,748 | ||||||
Pengrowth Energy Corp.# | 6,876 | 44,667 | ||||||
Penn West Petroleum Ltd. | 3,500 | 31,710 | ||||||
Penn West Petroleum Ltd. | 6,303 | 56,989 | ||||||
Potash Corp. of Saskatchewan, Inc. (2696980) | 2,536 | 91,671 | ||||||
Potash Corp. of Saskatchewan, Inc. (73755L107) | 28,289 | 1,022,930 | ||||||
Power Corp. of Canada | 1,700 | 47,865 |
Description | Number of Shares | Value | ||||||
Power Financial Corp. | 3,300 | $ | 104,836 | |||||
Precision Drilling Corp. | 3,100 | 40,300 | ||||||
Precision Drilling Corp. (B5YPLH9) | 59,900 | 778,774 | ||||||
Ritchie Bros. Auctioneers, Inc. | 500 | 12,495 | ||||||
Rogers Communications, Inc. | 1,391 | 55,244 | ||||||
Royal Bank of Canada | 5,300 | 353,720 | ||||||
Sandvine Corp.* | 38,800 | 138,059 | ||||||
Saputo, Inc. | 800 | 42,779 | ||||||
Secure Energy Services, Inc. | 27,200 | 487,890 | ||||||
Shaw Communications, Inc. | 13,300 | 322,170 | ||||||
Sherritt International Corp. | 44,900 | 190,079 | ||||||
Silver Wheaton Corp. | 1,891 | 41,942 | ||||||
SNC-Lavalin Group, Inc. | 800 | 36,290 | ||||||
Sun Life Financial, Inc. | 3,587 | 121,416 | ||||||
Suncor Energy, Inc. | 45,696 | 1,762,718 | ||||||
Talisman Energy, Inc. | 23,990 | 247,987 | ||||||
Talisman Energy, Inc. | 4,244 | 43,841 | ||||||
Teck Resources Ltd. (2879327) | 4,400 | 100,280 | ||||||
Teck Resources Ltd. (878742204) | 11,509 | 262,060 | ||||||
TELUS Corp. | 2,362 | 83,227 | ||||||
Thomson Reuters Corp.# | 8,175 | 295,883 | ||||||
Tim Hortons, Inc. | 800 | 43,881 | ||||||
Toronto-Dominion Bank | 6,610 | 318,001 | ||||||
Tourmaline Oil Corp.* | 1,041 | 53,900 | ||||||
TransAlta Corp. | 8,900 | 108,727 | ||||||
TransCanada Corp. | 2,048 | 95,444 | ||||||
Transcontinental, Inc. | 18,800 | 273,925 | ||||||
Valeant Pharmaceuticals International, Inc.* | 2,239 | 299,412 | ||||||
Vermilion Energy, Inc.# | 982 | 65,341 | ||||||
West Fraser Timber Co. Ltd. | 8,200 | 366,589 | ||||||
Yamana Gold, Inc. | 20,386 | 152,702 | ||||||
|
| |||||||
TOTAL CANADA | $ | 26,849,008 | ||||||
CHILE – 0.4% | ||||||||
AES Gener SA | 53,119 | 28,572 | ||||||
Aguas Andinas SA | 57,100 | 35,226 | ||||||
Antarchile SA | 5,564 | 73,463 | ||||||
Banco de Chile | 842,020 | 108,189 | ||||||
Banco de Credito e Inversiones | 2,004 | 110,809 | ||||||
Banco Santander Chile | 876,218 | 52,953 | ||||||
Banco Santander Chile ADR | 3,592 | 87,178 | ||||||
CAP SA | 2,590 | 38,832 | ||||||
Cencosud SA | 25,800 | 85,961 | ||||||
Cia Cervecerias Unidas SA ADR | 2,500 | 58,925 | ||||||
Cia General de Electricidad SA | 7,900 | 37,102 | ||||||
Colbun SA | 160,447 | 39,698 | ||||||
Corpbanca SA | 6,076,800 | 70,002 |
ANNUAL REPORT / April 30, 2014
29 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Empresa Nacional de Electricidad SA ADR | 2,800 | $ | 123,396 | |||||
Empresas CMPC SA | 40,150 | 89,372 | ||||||
Empresas COPEC SA | 14,546 | 187,672 | ||||||
Enersis SA | 404,755 | 130,912 | ||||||
ENTEL Chile SA | 3,669 | 45,042 | ||||||
Latam Airlines Group SA | 5,926 | 90,425 | ||||||
Parque Arauco SA | 33,651 | 60,228 | ||||||
Quinenco SA | 31,602 | 70,008 | ||||||
SACI Falabella | 21,748 | 185,006 | ||||||
Sociedad Matriz SAAM SA | 373,941 | 30,220 | ||||||
Sonda SA | 49,407 | 114,268 | ||||||
Vina Concha y Toro SA ADR | 1,100 | 46,090 | ||||||
|
| |||||||
TOTAL CHILE | $ | 1,999,549 | ||||||
CHINA – 1.4% | ||||||||
Agricultural Bank of China Ltd. | 132,000 | 55,334 | ||||||
Anhui Conch Cement Co. Ltd. | 15,000 | 55,721 | ||||||
Baidu, Inc. ADR* | 1,500 | 230,775 | ||||||
Bank of China Ltd. | 384,000 | 168,896 | ||||||
Bank of Communications Co. Ltd. | 78,800 | 48,990 | ||||||
Belle International Holdings Ltd. | 55,000 | 56,965 | ||||||
Brilliance China Automotive Holdings Ltd. | 28,000 | 43,266 | ||||||
Byd Co. Ltd.#,* | 6,000 | 32,310 | ||||||
Chaoda Modern Agriculture Holdings Ltd.*,†† | 98,140 | — | ||||||
China Agri-Industries Holdings Ltd. | 145,000 | 57,978 | ||||||
China CITIC Bank Corp. Ltd. | 42,000 | 25,028 | ||||||
China Coal Energy Co. Ltd.# | 75,000 | 40,533 | ||||||
China Communications Construction Co. Ltd. | 96,000 | 62,779 | ||||||
China Construction Bank Corp. | 452,810 | 312,466 | ||||||
China COSCO Holdings Co. Ltd.* | 135,500 | 53,655 | ||||||
China Eastern Airlines Corp. Ltd.* | 74,000 | 22,812 | ||||||
China Gas Holdings Ltd. | 506,000 | 822,345 | ||||||
China Life Insurance Co. Ltd. | 42,000 | 108,238 | ||||||
China Longyuan Power Group Corp. | 37,000 | 38,084 | ||||||
China Mengniu Dairy Co. Ltd. | 15,000 | 77,100 | ||||||
China Merchants Bank Co. Ltd. | 23,052 | 41,151 | ||||||
China Merchants Holdings International Co. Ltd. | 18,000 | 56,301 | ||||||
China Minsheng Banking Corp. Ltd.# | 60,000 | 60,364 | ||||||
China Mobile Ltd. | 54,000 | 513,327 | ||||||
China Modern Dairy Holdings Ltd.* | 486,000 | 208,117 | ||||||
China National Building Material Co Ltd. | 34,000 | 32,145 | ||||||
China Oilfield Services Ltd. | 16,000 | 38,138 | ||||||
China Overseas Land & Investment Ltd. | 20,320 | 49,850 | ||||||
China Pacific Insurance Group Co. Ltd. | 18,800 | 58,925 | ||||||
China Petroleum & Chemical Corp. | 235,800 | 208,337 | ||||||
China Railway Construction Corp. Ltd. | 29,400 | 24,307 |
Description | Number of Shares | Value | ||||||
China Resources Enterprise Ltd. | 26,000 | $ | 73,946 | |||||
China Resources Land Ltd. | 28,000 | 57,640 | ||||||
China Resources Power Holdings Co. Ltd. | 39,600 | 99,601 | ||||||
China Shenhua Energy Co. Ltd. | 32,000 | 86,677 | ||||||
China Southern Airlines Co. Ltd. | 81,000 | 24,134 | ||||||
China Telecom Corp. Ltd. | 202,000 | 103,697 | ||||||
China Unicom Hong Kong Ltd. | 54,652 | 83,885 | ||||||
China Windpower Group Ltd.* | 1,556,400 | 102,382 | ||||||
China Yurun Food Group Ltd.#,* | 106,000 | 50,997 | ||||||
CNOOC Ltd. | 150,000 | 248,035 | ||||||
COSCO Pacific Ltd. | 38,000 | 50,876 | ||||||
Ctrip.com International Ltd. ADR* | 1,600 | 74,784 | ||||||
Datang International Power Generation Co. Ltd. | 132,000 | 49,205 | ||||||
Dongfeng Motor Group Co. Ltd. | 30,000 | 40,011 | ||||||
Great Wall Motor Co. Ltd. | 10,000 | 45,273 | ||||||
Guangzhou Automobile Group Co. Ltd. | 64,974 | 65,536 | ||||||
HC International, Inc.* | 32,000 | 73,882 | ||||||
Hengan International Group Co. Ltd. | 6,500 | 68,455 | ||||||
Hi Sun Technology China Ltd.* | 616,200 | 131,936 | ||||||
Industrial & Commercial Bank of China | 455,000 | 271,136 | ||||||
Inner Mongolia Yitai Coal Co. | 13,200 | 16,592 | ||||||
Intime Retail Group Co. Ltd. | 35,000 | 34,355 | ||||||
Jiangxi Copper Co. Ltd. | 20,000 | 33,020 | ||||||
Kingboard Chemical Holdings Ltd. | 136,200 | 259,647 | ||||||
Kunlun Energy Co. Ltd. | 28,000 | 43,700 | ||||||
Lenovo Group Ltd. | 40,000 | 45,505 | ||||||
NetEase, Inc. ADR | 1,300 | 88,517 | ||||||
New Oriental Education & Technology Group ADR | 2,600 | 62,920 | ||||||
Parkson Retail Group Ltd. | 84,000 | 24,595 | ||||||
PetroChina Co. Ltd. | 196,000 | 227,021 | ||||||
PICC Property & Casualty Co. Ltd. | 20,000 | 26,364 | ||||||
Ping An Insurance Group Co. of China Ltd. | 11,000 | 81,369 | ||||||
Qihoo 360 Technology Co Ltd. ADR* | 700 | 59,066 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. | 64,000 | 64,388 | ||||||
Shanghai Electric Group Co. Ltd. | 90,000 | 35,290 | ||||||
Shanghai Industrial Holdings Ltd. | 13,000 | 40,243 | ||||||
SINA Corp.* | 900 | 43,020 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd. | 81,000 | 19,746 | ||||||
Sohu.com, Inc.#,* | 700 | 38,619 | ||||||
TCL Communication Technology Holdings Ltd. | 255,000 | 272,006 | ||||||
Tencent Holdings Ltd. | 5,800 | 361,483 | ||||||
Tingyi Cayman Islands Holding Corp. | 14,000 | 38,914 | ||||||
Want Want China Holdings Ltd. | 65,000 | 101,948 | ||||||
Wumart Stores, Inc.# | 27,000 | 26,502 |
April 30, 2014 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS 30
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 28,000 | $ | 24,567 | |||||
Yantai Changyu Pioneer Wine Co. Ltd. | 9,100 | 22,571 | ||||||
Yanzhou Coal Mining Co. Ltd. | 40,000 | 30,130 | ||||||
Youku Tudou, Inc. ADR* | 1,300 | 28,977 | ||||||
Zijin Mining Group Co. Ltd.# | 90,000 | 21,940 | ||||||
ZTE Corp.#,* | 11,440 | 23,343 | ||||||
|
| |||||||
TOTAL CHINA | $ | 7,602,683 | ||||||
COLOMBIA – 0.2% | ||||||||
Almacenes Exito SA | 7,203 | 109,724 | ||||||
Banco de Bogota SA | 2,448 | 88,360 | ||||||
Bancolombia SA ADR | 2,100 | 119,553 | ||||||
Cementos Argos SA | 7,800 | 43,499 | ||||||
Corp. Financiera Colombiana SA | 1,700 | 32,866 | ||||||
Ecopetrol SA | 64,690 | 120,423 | ||||||
Empresa de Energia de Bogota SA | 67,410 | 55,346 | ||||||
Grupo Argos SA | 5,900 | 64,954 | ||||||
Grupo Aval Acciones y Valores | 107,700 | 73,132 | ||||||
Grupo de Inversiones Suramericana SA | 3,700 | 72,182 | ||||||
Grupo Nutresa SA | 8,078 | 113,375 | ||||||
Grupo Odinsa SA | 6,073 | 24,931 | ||||||
Grupo Odinsa SA* | 183 | 741 | ||||||
Interconexion Electrica SA ESP | 13,178 | 61,788 | ||||||
Isagen SA ESP | 48,800 | 79,755 | ||||||
|
| |||||||
TOTAL COLOMBIA | $ | 1,060,629 | ||||||
CROATIA – 0.1% | ||||||||
Atlantska Plovidba DD* | 262 | 16,113 | ||||||
Ericsson Nikola Tesla | 200 | 58,941 | ||||||
Hrvatski Telekom DD | 5,250 | 150,387 | ||||||
Koncar-Elektroindustrija DD | 720 | 85,367 | ||||||
Petrokemija DD* | 1,500 | 16,901 | ||||||
Podravka DD* | 1,000 | 51,384 | ||||||
Privredna Banka Zagreb DD | 830 | 65,928 | ||||||
VIRO Tvornica Secera* | 370 | 33,442 | ||||||
Zagrebacka Banka DD* | 3,000 | 15,252 | ||||||
|
| |||||||
TOTAL CROATIA | $ | 493,715 | ||||||
CZECH REPUBLIC – 0.2% | ||||||||
CEZ AS | 14,700 | 441,976 | ||||||
Komercni Banka AS | 1,400 | 322,595 | ||||||
New World Resources PLC* | 17,370 | 10,928 | ||||||
Pegas Nonwovens SA | 1,790 | 53,846 | ||||||
Philip Morris CR AS | 180 | 95,050 | ||||||
Telefonica Czech Republic AS | 9,102 | 137,890 | ||||||
Unipetrol AS#,* | 15,059 | 104,936 | ||||||
|
| |||||||
TOTAL CZECH REPUBLIC | $ | 1,167,221 | ||||||
DENMARK – 1.5% | ||||||||
AP Moeller - Maersk A/S Class A# | 280 | 667,212 |
Description | Number of Shares | Value | ||||||
AP Moeller - Maersk A/S Class B | 50 | $ | 113,383 | |||||
Carlsberg A/S | 3,041 | 303,817 | ||||||
Coloplast A/S | 685 | 57,474 | ||||||
Danske Bank A/S | 16,125 | 455,576 | ||||||
DSV A/S | 1,213 | 40,471 | ||||||
H Lundbeck A/S | 1,328 | 38,705 | ||||||
Novo Nordisk A/S Class B | 88,605 | 3,997,107 | ||||||
Novozymes A/S | 1,740 | 83,345 | ||||||
Pandora A/S* | 20,700 | 1,392,441 | ||||||
TDC A/S | 21,759 | 204,244 | ||||||
Tryg A/S | 98 | 9,308 | ||||||
Vestas Wind Systems A/S* | 18,235 | 809,390 | ||||||
William Demant Holding A/S#,* | 139 | 12,445 | ||||||
|
| |||||||
TOTAL DENMARK | $ | 8,184,918 | ||||||
EGYPT – 0.3% | ||||||||
Alexandria Mineral Oils Co. | 6,200 | �� | 68,861 | |||||
Commercial International Bank Egypt SAE | 76,155 | 407,425 | ||||||
Eastern Tobacco | 3,670 | 87,461 | ||||||
Egyptian Financial Group-Hermes Holding* | 45,180 | 82,848 | ||||||
Egyptian Kuwaiti Holding Co. SAE* | 49,173 | 51,632 | ||||||
ElSwedy Electric Co. | 14,834 | 71,973 | ||||||
EZZ Steel* | 42,100 | 99,850 | ||||||
Juhayna Food Industries | 63,000 | 110,491 | ||||||
Orascom Telecom Holding SAE* | 324,755 | 240,523 | ||||||
Orascom Telecom Media & Technology Holding SAE* | 224,975 | 40,452 | ||||||
Oriental Weavers | 8,100 | 56,350 | ||||||
Sidi Kerir Petrochemicals Co. | 30,650 | 85,640 | ||||||
Six of October Development* | 8,300 | 30,961 | ||||||
Talaat Moustafa Group | 110,187 | 140,730 | ||||||
|
| |||||||
TOTAL EGYPT | $ | 1,575,197 | ||||||
ESTONIA – 0.1% | ||||||||
AS Merko Ehitus | 4,300 | 46,770 | ||||||
AS Tallinna Vesi | 5,400 | 99,639 | ||||||
Nordecon AS* | 12,000 | 16,315 | ||||||
Olympic Entertainment Group AS | 42,630 | 111,780 | ||||||
Tallink Group AS | 198,320 | 214,608 | ||||||
Tallinna Kaubamaja AS | 11,600 | 80,466 | ||||||
|
| |||||||
TOTAL ESTONIA | $ | 569,578 | ||||||
FINLAND – 0.3% | ||||||||
Fortum OYJ# | 7,574 | 170,961 | ||||||
Huhtamaki OYJ# | 19,100 | 501,613 | ||||||
Kesko OYJ | 1,647 | 67,269 | ||||||
Kone OYJ# | 3,700 | 158,205 | ||||||
Neste Oil OYJ# | 921 | 18,911 | ||||||
Nokia OYJ* | 8,722 | 65,282 | ||||||
Nokian Renkaat OYJ | 1,315 | 52,213 |
ANNUAL REPORT / April 30, 2014
31 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Stora Enso OYJ# | 21,130 | $ | 215,317 | |||||
UPM-Kymmene OYJ# | 12,909 | 225,657 | ||||||
Wartsila OYJ Abp | 1,520 | 84,646 | ||||||
|
| |||||||
TOTAL FINLAND | $ | 1,560,074 | ||||||
FRANCE – 10.6% | ||||||||
Accor SA | 27,650 | 1,351,812 | ||||||
Air Liquide SA | 13,217 | 1,890,501 | ||||||
Alstom SA | 14,045 | 575,206 | ||||||
APERAM* | 37,600 | 977,558 | ||||||
ArcelorMittal | 11,750 | 190,808 | ||||||
ArcelorMittal, NY Reg. Shares# | 20,624 | 335,140 | ||||||
Arkema SA | 2,400 | 267,603 | ||||||
AtoS* | 272 | 23,483 | ||||||
AXA SA# | 224,476 | 5,847,026 | ||||||
BNP Paribas SA | 34,554 | 2,593,946 | ||||||
Bouygues SA# | 6,213 | 279,404 | ||||||
Bureau Veritas SA | 1,528 | 46,637 | ||||||
Cap Gemini SA | 405 | 28,605 | ||||||
Casino Guichard Perrachon SA | 1,573 | 200,226 | ||||||
CGG SA Sponsored ADR#,* | 1,200 | 20,640 | ||||||
Christian Dior SA# | 241 | 49,534 | ||||||
Cie de St-Gobain | 54,148 | 3,306,874 | ||||||
Cie Generale des Etablissements Michelin | 1,176 | 143,573 | ||||||
CNP Assurances | 7,090 | 163,381 | ||||||
Credit Agricole SA* | 47,368 | 746,204 | ||||||
Danone SA# | 32,520 | 2,398,395 | ||||||
Dassault Systemes SA* | 446 | 54,840 | ||||||
Edenred | 1,941 | 65,463 | ||||||
Electricite de France SA | 24,507 | 939,922 | ||||||
Essilor International SA | 22,789 | 2,437,297 | ||||||
Eutelsat Communications SA | 577 | 19,796 | ||||||
GDF Suez# | 40,166 | 1,012,787 | ||||||
Gemalto NV | 596 | 66,728 | ||||||
Hermes International | 4 | 1,405 | ||||||
Iliad SA | 79 | 21,317 | ||||||
Imerys SA | 6,400 | 561,776 | ||||||
JCDecaux SA | 26,075 | 1,068,974 | ||||||
Kering | 249 | 55,065 | ||||||
Lafarge SA | 5,629 | 514,248 | ||||||
Lagardere SCA | 2,100 | 87,913 | ||||||
Legrand SA | 29,827 | 1,924,189 | ||||||
L’Oreal SA# | 14,443 | 2,484,645 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 7,143 | 1,404,717 | ||||||
Metropole Television SA | 132 | 2,828 | ||||||
Natixis | 49,439 | 350,971 | ||||||
Orange SA | 54,358 | 880,452 |
Description | Number of Shares | Value | ||||||
Pernod-Ricard SA | 23,868 | $ | 2,864,624 | |||||
Peugeot SA* | 11,715 | 207,304 | ||||||
Plastic Omnium SA | 12,400 | 421,476 | ||||||
Publicis Groupe SA | 1,378 | 117,382 | ||||||
Renault SA | 7,439 | 723,982 | ||||||
Rexel SA | 4,686 | 118,320 | ||||||
Sa des Ciments Vicat | 165 | 14,318 | ||||||
Safran SA | 1,839 | 123,599 | ||||||
Sanofi | 18,256 | 1,976,045 | ||||||
Schneider Electric SA | 51,849 | 4,859,045 | ||||||
SCOR SE | 15,827 | 577,594 | ||||||
SES SA | 19,457 | 732,742 | ||||||
Societe BIC SA | 157 | 20,819 | ||||||
Societe Generale SA | 25,475 | 1,583,352 | ||||||
Sodexo* | 699 | 75,350 | ||||||
STMicroelectronics NV | 16,726 | 160,020 | ||||||
Suez Environnement Co.* | 2,225 | 43,679 | ||||||
Technip SA | 714 | 80,335 | ||||||
Thales SA | 6,500 | 413,464 | ||||||
Total SA | 32,079 | 2,291,102 | ||||||
Ubisoft Entertainment* | 49,600 | 924,151 | ||||||
Valeo SA | 3,200 | 438,357 | ||||||
Vallourec SA | 1,590 | 93,982 | ||||||
Veolia Environnement SA# | 6,814 | 127,053 | ||||||
Vinci SA# | 9,172 | 691,463 | ||||||
Vivendi SA | 51,743 | 1,388,331 | ||||||
Zodiac Aerospace | 1,495 | 49,685 | ||||||
|
| |||||||
TOTAL FRANCE | $ | 56,509,463 | ||||||
GERMANY – 7.0% | ||||||||
Adidas AG | 6,434 | 686,692 | ||||||
Allianz SE | 30,723 | 5,321,541 | ||||||
Aurelius AG# | 7,700 | 285,866 | ||||||
BASF SE# | 7,762 | 898,424 | ||||||
Bayer AG# | 8,973 | 1,244,867 | ||||||
Bayerische Motoren Werke AG | 12,754 | 1,595,665 | ||||||
Brenntag AG | 209 | 37,796 | ||||||
Celesio AG* | 1,825 | 63,272 | ||||||
Commerzbank AG* | 16,913 | 300,459 | ||||||
Continental AG# | 451 | 105,648 | ||||||
Daimler AG | 66,295 | 6,137,438 | ||||||
Deutsche Bank AG | 18,619 | 820,393 | ||||||
Deutsche Bank AG Registered Shares | 5,954 | 262,155 | ||||||
Deutsche Boerse AG | 10,519 | 770,392 | ||||||
Deutsche Lufthansa AG# | 5,417 | 135,876 | ||||||
Deutsche Post AG | 3,459 | 130,216 | ||||||
Deutsche Telekom AG | 7,569 | 126,903 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 32
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Duerr AG | 200 | $ | 15,771 | |||||
E.ON AG# | 42,803 | 818,589 | ||||||
Fraport AG Frankfurt Airport Services Worldwide* | 520 | 38,372 | ||||||
Freenet AG | 28,800 | 995,494 | ||||||
Fresenius Medical Care AG & Co. KGaA | 15,431 | 1,060,774 | ||||||
Fresenius SE & Co. KGaA | 14,468 | 2,198,903 | ||||||
GEA Group AG | 1,277 | 57,127 | ||||||
Hannover Rueck SE | 364 | 33,890 | ||||||
HeidelbergCement AG | 3,724 | 323,008 | ||||||
Henkel AG & Co. KGaA | 1,303 | 133,735 | ||||||
K+S AG# | 760 | 26,576 | ||||||
Lanxess AG | 790 | 60,061 | ||||||
Linde AG | 16,172 | 3,353,087 | ||||||
Merck KGaA# | 487 | 82,124 | ||||||
Metro AG* | 7,844 | 313,412 | ||||||
Muenchener Rueckversicherungs AG# | 6,344 | 1,464,982 | ||||||
Osram Licht AG* | 1,048 | 54,857 | ||||||
ProSiebenSat.1 Media AG | 1,194 | 52,204 | ||||||
Rheinmetall AG | 4,100 | 272,035 | ||||||
RWE AG | 15,705 | 598,851 | ||||||
SAP AG | 60,710 | 4,888,469 | ||||||
Siemens AG | 3,113 | 410,287 | ||||||
Suedzucker AG# | 10,789 | 229,909 | ||||||
United Internet AG | 702 | 30,133 | ||||||
Volkswagen AG | 2,985 | 797,187 | ||||||
|
| |||||||
TOTAL GERMANY | $ | 37,233,440 | ||||||
GHANA – 0.1% | ||||||||
CAL Bank Ltd. | 498,146 | 151,380 | ||||||
Ghana Commercial Bank Ltd. | 92,696 | 131,347 | ||||||
HFC Bank Ghana Ltd. | 160,050 | 70,693 | ||||||
Produce Buying Co. Ltd.* | 288,000 | 15,265 | ||||||
Standard Chartered Bank Ghana Ltd. | 13,200 | 88,482 | ||||||
|
| |||||||
TOTAL GHANA | $ | 457,167 | ||||||
GREECE – 0.2% | ||||||||
Alpha Bank AE* | 75,400 | 72,910 | ||||||
Dryships, Inc.#,* | 13,900 | 40,588 | ||||||
Ellaktor SA* | 8,300 | 43,757 | ||||||
Folli Follie SA* | 800 | 27,747 | ||||||
Frigoglass SA* | 3,182 | 18,409 | ||||||
GEK Terna Holding Real Estate Construction SA* | 7,360 | 38,393 | ||||||
Hellenic Petroleum SA | 3,284 | 28,111 | ||||||
Hellenic Telecommunications Organization SA* | 10,000 | 159,406 | ||||||
Jumbo SA* | 4,495 | 72,651 | ||||||
Metka SA | 1,500 | 26,845 | ||||||
Motor Oil Hellas Corinth Refineries SA | 4,200 | 52,908 |
Description | Number of Shares | Value | ||||||
Mytilineos Holdings SA* | 3,042 | $ | 27,137 | |||||
National Bank of Greece SA* | 15,500 | 60,211 | ||||||
OPAP SA | 10,400 | 165,927 | ||||||
Piraeus Bank SA* | 39,200 | 92,453 | ||||||
Public Power Corp. SA | 5,900 | 89,138 | ||||||
Titan Cement Co. SA* | 3,548 | 111,736 | ||||||
Viohalco SA* | 4,300 | 26,947 | ||||||
|
| |||||||
TOTAL GREECE | $ | 1,155,274 | ||||||
HONG KONG – 1.3% | ||||||||
AIA Group Ltd. | 148,000 | 717,766 | ||||||
ASM Pacific Technology Ltd. | 1,100 | 12,230 | ||||||
Bank of East Asia Ltd. | 13,200 | 54,397 | ||||||
Cathay Pacific Airways Ltd. | 10,000 | 18,883 | ||||||
Cheung Kong Holdings Ltd. | 155,000 | 2,638,996 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 3,000 | 19,580 | ||||||
CLP Holdings Ltd. | 9,000 | 71,973 | ||||||
Dah Sing Financial Holdings Ltd. | 49,044 | 218,558 | ||||||
Galaxy Entertainment Group Ltd. | 4,000 | 31,395 | ||||||
Hang Lung Group Ltd. | 10,000 | 54,238 | ||||||
Hang Lung Properties Ltd. | 162,000 | 481,636 | ||||||
Henderson Land Development Co. Ltd. | 19,927 | 118,745 | ||||||
HKT Trust / HKT Ltd. | 346 | 362 | ||||||
Hong Kong & China Gas Co. Ltd. | 53,625 | 123,671 | ||||||
Hong Kong Exchanges and Clearing Ltd. | 4,200 | 75,680 | ||||||
Hongkong & Shanghai Hotels | 6,000 | 8,776 | ||||||
Hopewell Holdings Ltd. | 10,000 | 34,438 | ||||||
Huabao International Holdings Ltd. | 692,000 | 327,571 | ||||||
Hutchison Whampoa Ltd. | 25,400 | 347,274 | ||||||
Hysan Development Co. Ltd. | 8,000 | 34,206 | ||||||
Kerry Logistics Network Ltd. | 2,500 | 3,676 | ||||||
Kerry Properties Ltd. | 5,000 | 16,413 | ||||||
MTR Corp. Ltd. | 5,500 | 20,750 | ||||||
New World Development Co. Ltd. | 147,217 | 151,908 | ||||||
Orient Overseas International Ltd. | 2,500 | 11,931 | ||||||
Sands China Ltd. | 22,000 | 160,610 | ||||||
Shangri-La Asia Ltd. | 8,857 | 14,600 | ||||||
Sino Land Co. Ltd.# | 48,000 | 71,818 | ||||||
Skyworth Digital Hldgs Ltd. | 486,000 | 232,564 | ||||||
Sun Hung Kai Properties Ltd. | 26,165 | 329,553 | ||||||
Swire Pacific Ltd. | 3,500 | 40,404 | ||||||
Wharf Holdings Ltd. | 23,000 | 160,939 | ||||||
Wheelock & Co. Ltd. | 29,000 | 119,322 | ||||||
Wynn Macau Ltd. | 20,000 | 78,809 | ||||||
Xinyi Solar Holdings Ltd.* | 637,500 | 171,032 | ||||||
|
| |||||||
TOTAL HONG KONG | $ | 6,974,704 | ||||||
HUNGARY – 0.2% | ||||||||
Magyar Telekom Telecommunications PLC* | 81,250 | 115,754 |
ANNUAL REPORT / April 30, 2014
33 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
MOL Hungarian Oil & Gas PLC | 4,913 | $ | 282,197 | |||||
OTP Bank PLC | 18,150 | 345,671 | ||||||
Richter Gedeon Nyrt | 18,510 | 316,865 | ||||||
|
| |||||||
TOTAL HUNGARY | $ | 1,060,487 | ||||||
INDIA – 0.2% | ||||||||
GAIL India Ltd. GDR | 1,770 | 65,826 | ||||||
ICICI Bank Ltd. ADR | 3,600 | 153,612 | ||||||
Infosys Ltd. ADR | 6,000 | 322,260 | ||||||
Reliance Industries Ltd. GDR•,W | 11,800 | 365,800 | ||||||
State Bank of India GDR | 850 | 58,183 | ||||||
Tata Motors Ltd. ADR | 2,390 | 89,434 | ||||||
Wipro Ltd. ADR# | 7,400 | 88,504 | ||||||
|
| |||||||
TOTAL INDIA | $ | 1,143,619 | ||||||
INDONESIA – 0.5% | ||||||||
Adaro Energy Tbk PT | 719,000 | 73,694 | ||||||
AKR Corporindo Tbk PT | 143,500 | 59,205 | ||||||
Aneka Tambang Persero Tbk PT | 221,500 | 22,511 | ||||||
Astra International Tbk PT | 309,500 | 198,766 | ||||||
Bank Central Asia Tbk PT | 215,500 | 205,034 | ||||||
Bank Danamon Indonesia Tbk PT | 81,122 | 28,698 | ||||||
Bank Mandiri Persero Tbk PT | 206,500 | 175,484 | ||||||
Bank Negara Indonesia Persero Tbk PT | 142,000 | 59,139 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 231,500 | 198,231 | ||||||
Bumi Resources Tbk PT* | 1,083,000 | 19,109 | ||||||
Charoen Pokphand Indonesia Tbk PT | 200,000 | 65,216 | ||||||
Gudang Garam Tbk PT | 18,000 | 87,964 | ||||||
Indo Tambangraya Megah Tbk PT | 21,000 | 46,272 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 48,000 | 91,130 | ||||||
Indofood Sukses Makmur Tbk PT | 148,000 | 90,248 | ||||||
Indosat Tbk PT | 70,500 | 23,842 | ||||||
Kalbe Farma Tbk PT | 870,000 | 116,261 | ||||||
Lippo Karawaci Tbk PT | 501,000 | 46,367 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 345,500 | 159,131 | ||||||
Semen Indonesia Persero Tbk PT | 100,500 | 129,086 | ||||||
Surya Semesta Internusa Tbk PT | 410,000 | 29,434 | ||||||
Tambang Batubara Bukit Asam Persero Tbk PT | 54,500 | 46,550 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 1,302,500 | 255,171 | ||||||
Unilever Indonesia Tbk PT | 24,000 | 60,719 | ||||||
United Tractors Tbk PT | 75,500 | 141,707 | ||||||
XL Axiata Tbk PT | 70,000 | 31,332 | ||||||
|
| |||||||
TOTAL INDONESIA | $ | 2,460,301 | ||||||
IRELAND – 0.7% | ||||||||
Bank of Ireland* | 122,676 | 48,165 | ||||||
CRH PLC | 86,463 | 2,505,074 | ||||||
CRH PLC ADR | 2,171 | 63,567 |
Description | Number of Shares | Value | ||||||
Icon PLC | 9,100 | $ | 352,807 | |||||
Kerry Group PLC | 1,457 | 115,016 | ||||||
Permanent TSB Group Holdings PLC* | 38,000 | 5,035 | ||||||
Perrigo Co. PLC | 274 | 39,692 | ||||||
Smurfit Kappa Group PLC | 20,900 | 464,944 | ||||||
|
| |||||||
TOTAL IRELAND | $ | 3,594,300 | ||||||
ISRAEL – 0.2% | ||||||||
Bank Hapoalim BM | 49,877 | 281,491 | ||||||
Bank Leumi Le-Israel BM* | 55,972 | 218,842 | ||||||
Teva Pharmaceutical Industries Ltd. | 10,501 | 523,457 | ||||||
Teva Pharmaceutical Industries Ltd. ADR | 700 | 34,202 | ||||||
|
| |||||||
TOTAL ISRAEL | $ | 1,057,992 | ||||||
ITALY – 1.9% | ||||||||
Assicurazioni Generali SpA | 4,642 | 108,386 | ||||||
Atlantia SpA | 1,615 | 42,011 | ||||||
Banca Monte dei Paschi di Siena SpA#, * | 101,271 | 33,705 | ||||||
Banco Popolare Sc* | 2,148 | 44,223 | ||||||
Brembo-SpA | 24,100 | 891,045 | ||||||
Enel SpA | 161,381 | 912,134 | ||||||
Eni SpA | 34,214 | 888,102 | ||||||
ERG SpA | 35,000 | 604,051 | ||||||
Exor SpA | 1,244 | 56,746 | ||||||
Fiat SpA* | 7,913 | 95,290 | ||||||
Finmeccanica SpA* | 5,982 | 55,231 | ||||||
Industria Macchine Automatic | 3,800 | 186,626 | ||||||
Intesa Sanpaolo SpA* | 814,640 | 2,780,264 | ||||||
Luxottica Group SpA | 672 | 38,476 | ||||||
Mediobanca SpA* | 2,499 | 27,667 | ||||||
Pirelli & C. SpA | 67,781 | 1,135,952 | ||||||
Prysmian SpA | 1,573 | 40,896 | ||||||
Saipem SpA* | 1,916 | 51,302 | ||||||
Telecom Italia SpA* | 220,025 | 281,899 | ||||||
Telecom Italia SpA ADR | 4,715 | 60,541 | ||||||
UniCredit SpA | 152,271 | 1,360,468 | ||||||
Unione di Banche Italiane SCPA | 42,922 | 408,498 | ||||||
|
| |||||||
TOTAL ITALY | $ | 10,103,513 | ||||||
JAPAN – 12.4% | ||||||||
ABC-Mart, Inc. | 100 | 4,485 | ||||||
Aeon Co. Ltd. | 14,700 | 169,812 | ||||||
Aeon Mall Co. Ltd. | 440 | 10,475 | ||||||
Ain Pharmaciez, Inc. | 5,800 | 255,011 | ||||||
Aisin Seiki Co. Ltd. | 12,300 | 434,323 | ||||||
Ajinomoto Co., Inc. | 6,000 | 88,150 | ||||||
Alfresa Holdings Corp. | 900 | 55,989 | ||||||
Amada Co. Ltd. | 8,000 | 57,828 | ||||||
Aoyama Trading Co. Ltd. | 400 | 9,918 |
April 30, 2014 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS 34
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Asahi Glass Co. Ltd. | 40,000 | $ | 226,536 | |||||
Asahi Group Holdings Ltd. | 3,100 | 85,448 | ||||||
Asahi Kasei Corp. | 29,000 | 197,144 | ||||||
Asics Corp. | 2,000 | 38,910 | ||||||
Astellas Pharma, Inc. | 50,000 | 556,071 | ||||||
Autobacs Seven Co. Ltd. | 1,200 | 18,557 | ||||||
Azbil Corp. | 800 | 18,131 | ||||||
Bank of Kyoto Ltd. | 4,000 | 32,552 | ||||||
Bank of Yokohama Ltd. | 23,000 | 115,410 | ||||||
Benesse Holdings, Inc. | 400 | 15,200 | ||||||
Bridgestone Corp. | 5,300 | 189,739 | ||||||
Brother Industries Ltd. | 21,600 | 301,493 | ||||||
Canon Marketing Japan, Inc.# | 1,600 | 25,760 | ||||||
Canon, Inc. | 4,000 | 125,789 | ||||||
Casio Computer Co. Ltd.# | 4,200 | 47,901 | ||||||
Central Glass Co. Ltd. | 82,000 | 268,695 | ||||||
Central Japan Railway Co. | 500 | 61,329 | ||||||
Chiba Bank Ltd. | 13,000 | 82,526 | ||||||
Chiyoda Corp. | 2,000 | 26,781 | ||||||
Chugai Pharmaceutical Co. Ltd. | 2,700 | 68,058 | ||||||
Citizen Holdings Co. Ltd. | 10,300 | 75,561 | ||||||
Coca-Cola West Co. Ltd. | 1,400 | 24,348 | ||||||
COMSYS Holdings Corp. | 3,000 | 49,151 | ||||||
Cosmo Oil Co. Ltd.* | 12,000 | 22,419 | ||||||
Credit Saison Co. Ltd. | 1,500 | 31,897 | ||||||
Dai Nippon Printing Co. Ltd. | 12,000 | 108,221 | ||||||
Daicel Corp. | 4,000 | 33,413 | ||||||
Daido Steel Co. Ltd.# | 5,000 | 24,405 | ||||||
Daihatsu Motor Co. Ltd. | 2,000 | 33,081 | ||||||
Dai-ichi Life Insurance Co. Ltd. | 4,600 | 63,622 | ||||||
Dainippon Sumitomo Pharma Co. Ltd. | 1,400 | 21,239 | ||||||
Daishi Bank Ltd. | 6,000 | 21,656 | ||||||
Daito Trust Construction Co. Ltd. | 600 | 60,977 | ||||||
Daiwa House Industry Co. Ltd. | 3,000 | 50,560 | ||||||
DCM Holdings Co. Ltd.# | 28,600 | 193,306 | ||||||
Denso Corp. | 14,100 | 641,592 | ||||||
Dentsu, Inc. | 36,600 | 1,503,594 | ||||||
East Japan Railway Co. | 9,000 | 656,106 | ||||||
Eizo Nanao Corp. | 9,500 | 256,933 | ||||||
FamilyMart Co. Ltd. | 300 | 12,457 | ||||||
FANUC Corp. | 22,700 | 4,085,490 | ||||||
Fast Retailing Co. Ltd. | 500 | 155,377 | ||||||
Fuji Heavy Industries Ltd. | 1,000 | 26,263 | ||||||
Fuji Media Holdings, Inc. | 1,800 | 30,301 | ||||||
FUJIFILM Holdings Corp. | 15,300 | 395,089 | ||||||
Fujitsu Ltd. | 23,000 | 134,983 | ||||||
Fukuoka Financial Group, Inc. | 33,000 | 134,601 | ||||||
Geo Holdings Corp. | 20,000 | 182,912 |
Description | Number of Shares | Value | ||||||
Glory Ltd.# | 1,200 | $ | 30,940 | |||||
Gree, Inc. | 900 | 8,768 | ||||||
Gunma Bank Ltd. | 9,000 | 47,802 | ||||||
H2O Retailing Corp. | 2,000 | 15,083 | ||||||
Hachijuni Bank Ltd. | 10,000 | 54,580 | ||||||
Hakuhodo DY Holdings, Inc. | 2,100 | 16,289 | ||||||
Hamamatsu Photonics KK | 300 | 13,498 | ||||||
Hankyu Hanshin Holdings, Inc. | 33,000 | 180,760 | ||||||
Hino Motors Ltd. | 19,000 | 250,149 | ||||||
Hirose Electric Co. Ltd. | 300 | 42,285 | ||||||
Hiroshima Bank Ltd. | 4,000 | 16,433 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | 12,559 | ||||||
Hitachi Chemical Co. Ltd. | 2,200 | 32,343 | ||||||
Hitachi Construction Machinery Co. Ltd. | 600 | 11,133 | ||||||
Hitachi High-Technologies Corp. | 900 | 20,565 | ||||||
Hitachi Ltd. | 84,000 | 597,330 | ||||||
Hitachi Metals Ltd. | 38,000 | 515,166 | ||||||
Hitachi Transport System Ltd. | 1,300 | 19,913 | ||||||
Hokkaido Electric Power Co., Inc.#,* | 7,300 | 44,628 | ||||||
Hokuhoku Financial Group, Inc. | 29,000 | 55,881 | ||||||
Honda Motor Co. Ltd. | 6,400 | 211,591 | ||||||
House Foods Corp.# | 1,600 | 26,605 | ||||||
Hoya Corp. | 1,500 | 44,222 | ||||||
HULIC Co. Ltd.# | 3,700 | 44,479 | ||||||
Ibiden Co. Ltd. | 6,300 | 113,448 | ||||||
Idemitsu Kosan Co. Ltd. | 1,200 | 26,468 | ||||||
IHI Corp. | 21,000 | 83,602 | ||||||
Inpex Corp. | 18,800 | 273,628 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 8,900 | 110,559 | ||||||
Isuzu Motors Ltd. | 95,000 | 551,034 | ||||||
Ito En Ltd.# | 100 | 2,137 | ||||||
ITOCHU Corp. | 61,800 | 691,536 | ||||||
Iyo Bank Ltd. | 6,000 | 53,935 | ||||||
J Front Retailing Co. Ltd. | 7,000 | 44,368 | ||||||
Japan Airlines Co. Ltd. | 600 | 31,046 | ||||||
Japan Aviation Electronics Industry Ltd. | 50,000 | 850,981 | ||||||
Japan Tobacco, Inc. | 103,800 | 3,407,373 | ||||||
JFE Holdings, Inc. | 15,100 | 279,151 | ||||||
JGC Corp. | 14,000 | 453,270 | ||||||
Joyo Bank Ltd.# | 9,000 | 43,752 | ||||||
Juroku Bank Ltd.# | 3,000 | 10,476 | ||||||
JX Holdings, Inc. | 124,980 | 647,913 | ||||||
Kajima Corp. | 5,000 | 19,025 | ||||||
Kamigumi Co. Ltd. | 4,000 | 38,108 | ||||||
Kanamoto Co. Ltd. | 28,000 | 879,151 | ||||||
Kaneka Corp. | 9,000 | 52,819 | ||||||
Kansai Electric Power Co., Inc.* | 10,600 | 88,752 | ||||||
Kansai Paint Co. Ltd.# | 2,000 | 27,994 |
ANNUAL REPORT / April 30, 2014
35 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Kao Corp. | 4,100 | $ | 154,279 | |||||
Kawasaki Kisen Kaisha Ltd. | 21,000 | 42,109 | ||||||
KDDI Corp. | 20,300 | 1,080,574 | ||||||
Keikyu Corp. | 4,000 | 33,178 | ||||||
Keio Corp. | 5,000 | 35,360 | ||||||
Keisei Electric Railway Co. Ltd. | 1,000 | 8,696 | ||||||
Keyence Corp. | 430 | 165,653 | ||||||
Kinden Corp. | 3,000 | 27,583 | ||||||
Kintetsu Corp. | 12,000 | 42,138 | ||||||
Kobe Steel Ltd. | 23,000 | 30,146 | ||||||
Koito Manufacturing Co. Ltd. | 28,100 | 612,381 | ||||||
Komatsu Ltd. | 41,300 | 909,743 | ||||||
Konica Minolta, Inc. | 8,500 | 78,902 | ||||||
K’s Holdings Corp. | 1,000 | 29,021 | ||||||
Kubota Corp. | 10,000 | 128,527 | ||||||
Kuraray Co. Ltd. | 4,500 | 50,487 | ||||||
Kyocera Corp. | 9,700 | 456,085 | ||||||
Kyocera Corp. ADR | 200 | 9,428 | ||||||
Kyowa Exeo Corp. | 16,100 | 208,189 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 5,000 | 56,928 | ||||||
Kyushu Electric Power Co., Inc.* | 6,900 | 69,584 | ||||||
Lawson, Inc. | 500 | 34,724 | ||||||
LIXIL Group Corp. | 19,200 | 507,630 | ||||||
M3, Inc. | 51,100 | 700,760 | ||||||
Makita Corp. | 400 | 21,206 | ||||||
Marubeni Corp. | 97,000 | 647,078 | ||||||
Marui Group Co. Ltd. | 5,100 | 45,246 | ||||||
McDonald’s Holdings Co Japan Ltd.# | 300 | 8,301 | ||||||
Medipal Holdings Corp. | 4,550 | 63,909 | ||||||
Megmilk Snow Brand Co. Ltd. | 17,500 | 232,112 | ||||||
Minebea Co. Ltd. | 93,000 | 752,296 | ||||||
Ministop Co. Ltd.# | 9,600 | 145,453 | ||||||
Miraca Holdings, Inc. | 3,400 | 147,327 | ||||||
Mitsubishi Chemical Holdings Corp. | 32,500 | 130,019 | ||||||
Mitsubishi Corp. | 72,900 | 1,303,479 | ||||||
Mitsubishi Electric Corp. | 55,000 | 625,666 | ||||||
Mitsubishi Estate Co. Ltd. | 11,000 | 248,975 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 2,000 | 11,542 | ||||||
Mitsubishi Heavy Industries Ltd. | 21,000 | 110,510 | ||||||
Mitsubishi Logistics Corp. | 1,000 | 14,339 | ||||||
Mitsubishi Materials Corp. | 32,000 | 92,649 | ||||||
Mitsubishi Tanabe Pharma Corp. | 3,200 | 43,821 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 487,494 | 2,584,455 | ||||||
Mitsui & Co. Ltd. | 46,092 | 653,272 | ||||||
Mitsui Chemicals, Inc. | 18,000 | 43,840 | ||||||
Mitsui Fudosan Co. Ltd. | 6,000 | 177,297 | ||||||
Mitsui OSK Lines Ltd. | 28,000 | 93,393 | ||||||
Mizuho Financial Group, Inc. | 621,500 | 1,215,826 |
Description | Number of Shares | Value | ||||||
Mochida Pharmaceutical Co. Ltd. | 3,000 | $ | 211,278 | |||||
MS&AD Insurance Group Holdings | 10,900 | 244,153 | ||||||
Nabtesco Corp. | 1,000 | 21,509 | ||||||
Nagase & Co. Ltd. | 3,000 | 36,739 | ||||||
NEC Corp. | 60,000 | 168,435 | ||||||
NET One Systems Co. Ltd. | 57,800 | 469,818 | ||||||
NGK Insulators Ltd. | 30,000 | 566,049 | ||||||
Nikon Corp. | 2,800 | 43,903 | ||||||
Nintendo Co. Ltd. | 500 | 52,526 | ||||||
Nippon Electric Glass Co. Ltd. | 15,000 | 73,214 | ||||||
Nippon Express Co. Ltd. | 20,000 | 94,488 | ||||||
Nippon Meat Packers, Inc. | 2,000 | 34,646 | ||||||
Nippon Paint Co. Ltd. | 2,000 | 30,909 | ||||||
Nippon Paper Industries Co. Ltd.# | 7,400 | 135,066 | ||||||
Nippon Shokubai Co. Ltd. | 1,000 | 11,513 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 178,340 | 467,503 | ||||||
Nippon Telegraph & Telephone Corp. | 17,000 | 941,331 | ||||||
Nippon Yusen KK | 41,000 | 111,087 | ||||||
Nishi-Nippon City Bank Ltd. | 44,000 | 99,849 | ||||||
Nissan Motor Co. Ltd.# | 42,000 | 360,287 | ||||||
Nisshin Seifun Group, Inc. | 7,150 | 83,155 | ||||||
Nisshin Steel Holdings Co. Ltd. | 10,415 | 106,763 | ||||||
Nisshinbo Holdings, Inc. | 3,000 | 25,676 | ||||||
Nitto Denko Corp. | 900 | 38,822 | ||||||
NKSJ Holdings, Inc. | 9,100 | 226,888 | ||||||
NOF Corp. | 42,000 | 290,859 | ||||||
NOK Corp. | 500 | 8,177 | ||||||
Nomura Holdings, Inc. | 26,900 | 154,714 | ||||||
North Pacific Bank Ltd. | 8,800 | 35,636 | ||||||
NTN Corp.* | 31,000 | 106,128 | ||||||
NTT Data Corp. | 1,700 | 65,765 | ||||||
NTT DoCoMo, Inc. | 62,800 | 996,348 | ||||||
NTT Urban Development Corp. | 600 | 5,270 | ||||||
Obara Group, Inc. | 24,000 | 899,105 | ||||||
Obayashi Corp. | 15,000 | 96,689 | ||||||
Odakyu Electric Railway Co. Ltd. | 6,000 | 52,643 | ||||||
Oji Paper Co. Ltd. | 39,000 | 163,653 | ||||||
Onward Holdings Co. Ltd. | 2,000 | 13,440 | ||||||
Oriental Land Co. Ltd. | 500 | 74,852 | ||||||
ORIX Corp. | 1,600 | 23,115 | ||||||
Otsuka Corp. | 300 | 35,477 | ||||||
Otsuka Holdings Co. Ltd. | 17,200 | 495,130 | ||||||
Panasonic Corp. | 5,800 | 63,483 | ||||||
Paramount Bed Holdings Co. Ltd. | 7,200 | 216,912 | ||||||
Rakuten, Inc.# | 2,300 | 29,741 | ||||||
Rengo Co. Ltd. | 7,000 | 31,291 | ||||||
Resona Holdings, Inc. | 153,200 | 782,222 | ||||||
Ricoh Co. Ltd. | 18,400 | 211,474 |
April 30, 2014 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS 36
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Rinnai Corp. | 200 | $ | 16,628 | |||||
Rohm Co. Ltd. | 2,400 | 114,442 | ||||||
San-In Godo Bank Ltd. | 2,000 | 13,185 | ||||||
Sankyo Co. Ltd. | 700 | 27,970 | ||||||
Sankyu, Inc. | 44,000 | 167,418 | ||||||
Santen Pharmaceutical Co. Ltd. | 400 | 17,841 | ||||||
SBI Holdings, Inc. | 4,210 | 47,974 | ||||||
Secom Co. Ltd. | 1,400 | 80,561 | ||||||
Seiko Epson Corp. | 16,400 | 446,915 | ||||||
Sekisui Chemical Co. Ltd. | 2,000 | 20,287 | ||||||
Sekisui House Ltd. | 13,400 | 160,824 | ||||||
Seven & I Holdings Co. Ltd. | 1,600 | 63,086 | ||||||
Seven Bank Ltd. | 1,000 | 3,785 | ||||||
Shiga Bank Ltd. | 4,000 | 21,832 | ||||||
Shimamura Co. Ltd. | 100 | 9,312 | ||||||
Shimano, Inc. | 300 | 29,931 | ||||||
Shimizu Corp. | 18,000 | 101,942 | ||||||
Shin-Etsu Chemical Co. Ltd. | 2,900 | 170,139 | ||||||
Shionogi & Co. Ltd. | 1,700 | 29,765 | ||||||
Showa Denko KK | 19,000 | 25,275 | ||||||
SMC Corp. | 10,000 | 2,374,432 | ||||||
Softbank Corp. | 6,100 | 452,868 | ||||||
Sojitz Corp. | 30,900 | 48,661 | ||||||
Sony Corp. | 23,300 | 408,408 | ||||||
Sony Financial Holdings, Inc. | 2,500 | 40,055 | ||||||
Sumco Corp.# | 8,300 | 63,649 | ||||||
Sumitomo Chemical Co. Ltd. | 37,000 | 138,612 | ||||||
Sumitomo Corp. | 47,100 | 611,354 | ||||||
Sumitomo Electric Industries Ltd. | 17,700 | 244,287 | ||||||
Sumitomo Forestry Co. Ltd.# | 800 | 8,138 | ||||||
Sumitomo Heavy Industries Ltd. | 8,000 | 33,961 | ||||||
Sumitomo Metal Mining Co. Ltd. | 38,000 | 572,778 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 30,300 | 1,195,283 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 134,000 | 551,807 | ||||||
Sumitomo Realty & Development Co. Ltd. | 3,000 | 116,203 | ||||||
Sumitomo Rubber Industries Ltd. | 2,500 | 34,699 | ||||||
Suruga Bank Ltd. | 1,000 | 17,137 | ||||||
Suzuken Co. Ltd. | 1,700 | 61,192 | ||||||
Suzuki Motor Corp. | 8,400 | 216,502 | ||||||
Sysmex Corp. | 800 | 25,314 | ||||||
T&D Holdings, Inc. | 10,100 | 120,427 | ||||||
Taisei Corp. | 3,000 | 13,880 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 14,731 | ||||||
Takashimaya Co. Ltd. | 5,000 | 47,342 | ||||||
Takeda Pharmaceutical Co. Ltd. | 14,000 | 628,279 | ||||||
Takeuchi Manufacturing Co. Ltd. | 3,500 | 101,575 | ||||||
TDK Corp. | 3,100 | 132,205 | ||||||
Teijin Ltd. | 12,000 | 29,462 |
Description | Number of Shares | Value | ||||||
Tobu Railway Co. Ltd. | 7,000 | $ | 34,235 | |||||
Toho Co. Ltd. | 300 | 5,778 | ||||||
Tokai Rika Co. Ltd. | 900 | 15,635 | ||||||
Tokio Marine Holdings, Inc. | 51,100 | 1,504,984 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 700 | 7,600 | ||||||
Tokyo Electric Power Co., Inc.* | 29,100 | 109,870 | ||||||
Tokyo Tatemono Co. Ltd. | 3,000 | 23,886 | ||||||
Tokyu Corp. | 12,000 | 75,473 | ||||||
Toppan Printing Co. Ltd. | 14,000 | 96,268 | ||||||
Toray Industries, Inc. | 6,000 | 39,145 | ||||||
Toshiba Corp. | 10,000 | 39,126 | ||||||
Tosoh Corp. | 16,000 | 61,036 | ||||||
TOTO Ltd. | 1,000 | 14,134 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 1,000 | 4,079 | ||||||
Toyo Seikan Kaisha Ltd. | 3,300 | 49,031 | ||||||
Toyo Tire & Rubber Co. Ltd. | 62,000 | 461,505 | ||||||
Toyota Motor Corp. | 60,300 | 3,253,433 | ||||||
Toyota Tsusho Corp. | 3,700 | 97,318 | ||||||
Tsumura & Co.# | 300 | 7,119 | ||||||
Ube Industries Ltd. | 15,000 | 25,383 | ||||||
Ulvac, Inc.* | 20,400 | 386,310 | ||||||
Unicharm Corp. | 800 | 43,351 | ||||||
UNY Group Holdings Co. Ltd. | 6,000 | 38,676 | ||||||
Ushio, Inc. | 2,400 | 31,340 | ||||||
West Japan Railway Co. | 7,300 | 295,827 | ||||||
Yahoo Japan Corp. | 7,700 | 33,441 | ||||||
Yakult Honsha Co. Ltd. | 400 | 21,597 | ||||||
Yamada Denki Co. Ltd. | 28,000 | 103,252 | ||||||
Yamaguchi Financial Group, Inc. | 13,000 | 119,782 | ||||||
Yamaha Corp. | 1,900 | 25,424 | ||||||
Yamaha Motor Co. Ltd. | 3,800 | 58,616 | ||||||
Yamato Holdings Co. Ltd. | 1,100 | 22,617 | ||||||
Yamato Kogyo Co. Ltd.# | 700 | 20,157 | ||||||
Yamazaki Baking Co. Ltd. | 3,000 | 36,621 | ||||||
Yokogawa Electric Corp. | 700 | 9,552 | ||||||
Yokohama Rubber Co. Ltd. | 40,100 | 358,109 | ||||||
Zenkoku Hosho Co. Ltd. | 19,400 | 433,979 | ||||||
|
| |||||||
TOTAL JAPAN | $ | 65,938,992 | ||||||
JORDAN – 0.1% | ||||||||
Arab Bank PLC | 22,464 | 273,483 | ||||||
Arab Potash Co.†† | 2,100 | 82,748 | ||||||
Bank of Jordan | 8,070 | 28,494 | ||||||
Capital Bank of Jordan | 23,325 | 61,273 | ||||||
Jordan Ahli Bank* | 19,180 | 35,215 | ||||||
Jordan Petroleum Refinery Co. | 3,218 | 17,452 | ||||||
Jordan Phosphate Mines | 1,700 | 16,807 |
ANNUAL REPORT / April 30, 2014 |
37 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Jordan Steel | 8,559 | $ | 10,638 | |||||
Jordan Telecommunications Co. PSC | 4,950 | 21,393 | ||||||
Jordanian Electric Power Co. | 12,017 | 45,824 | ||||||
Middle East Complex for Engineering Electric and Heavy Industries PLC*,†† | 60 | 9 | ||||||
|
| |||||||
TOTAL JORDAN | $ | 593,336 | ||||||
KAZAKHSTAN – 0.1% | ||||||||
Halyk Savings Bank of Kazakhstan JSC GDR | 10,490 | 94,410 | ||||||
Kazakhmys PLC* | 27,568 | 110,825 | ||||||
Kazkommertsbank JSC GDR* | 28,000 | 61,600 | ||||||
KazMunaiGas Exploration Production JSC GDR | 9,600 | 142,848 | ||||||
KCell JSC GDR | 8,400 | 126,840 | ||||||
|
| |||||||
TOTAL KAZAKHSTAN | $ | 536,523 | ||||||
KENYA – 0.1% | ||||||||
ARM Cement Ltd. | 52,600 | 51,687 | ||||||
Bamburi Cement Co. Ltd. | 6,600 | 12,895 | ||||||
Barclays Bank of Kenya Ltd. | 135,900 | 26,552 | ||||||
East African Breweries Ltd. | 25,180 | 84,792 | ||||||
Equity Bank Ltd. | 141,500 | 62,204 | ||||||
Kenya Airways Ltd.* | 154,800 | 22,239 | ||||||
Kenya Commercial Bank Ltd. | 170,300 | 95,905 | ||||||
Kenya Power & Lighting Ltd. | 58,087 | 9,947 | ||||||
Nation Media Group Ltd. | 16,244 | 57,314 | ||||||
Safaricom Ltd. | 782,500 | 117,811 | ||||||
Standard Chartered Bank Kenya Ltd. | 10,458 | 37,019 | ||||||
|
| |||||||
TOTAL KENYA | $ | 578,365 | ||||||
LATVIA – 0.0%** | ||||||||
Latvian Shipping Co.* | 36,206 | 25,919 | ||||||
LEBANON – 0.1% | ||||||||
Solidere GDR#,* | 19,314 | 249,151 | ||||||
LITHUANIA – 0.0%** | ||||||||
Apranga PVA | 22,400 | 86,393 | ||||||
Invalda Privatus Kapitalas AB*,†† | 7,855 | 30,404 | ||||||
Lesto AB | 19,018 | 22,664 | ||||||
Lietuvos Energijos Gamyba AB | 10,949 | 8,993 | ||||||
Litgrid AB | 8,818 | 7,768 | ||||||
Panevezio Statybos Trestas | 16,900 | 22,977 | ||||||
Pieno Zvaigzdes | 10,687 | 26,540 | ||||||
Siauliu Bankas* | 61,853 | 24,885 | ||||||
|
| |||||||
TOTAL LITHUANIA | $ | 230,624 | ||||||
MALAYSIA – 0.7% | ||||||||
AirAsia Bhd | 27,300 | 18,559 | ||||||
Alliance Financial Group Bhd | 28,800 | 39,511 | ||||||
AMMB Holdings Bhd | 18,600 | 40,897 |
Description | Number of Shares | Value | ||||||
Astro Malaysia Holdings Bhd | 39,600 | $ | 40,382 | |||||
Axiata Group Bhd | 51,400 | 105,932 | ||||||
Batu Kawan Bhd | 7,300 | 43,547 | ||||||
Boustead Holdings Bhd | 17,400 | 29,573 | ||||||
British American Tobacco Malaysia Bhd | 1,800 | 33,735 | ||||||
Bumi Armada Bhd | 35,400 | 43,362 | ||||||
CIMB Group Holdings Bhd | 32,500 | 74,744 | ||||||
Dialog Group Bhd | 46,700 | 51,341 | ||||||
DiGi.Com Bhd | 35,500 | 60,227 | ||||||
Felda Global Ventures Holdings Bhd | 27,800 | 38,480 | ||||||
Gamuda Bhd | 47,300 | 66,775 | ||||||
Genting Bhd | 426,100 | 1,278,756 | ||||||
Genting Malaysia Bhd | 44,500 | 57,507 | ||||||
Hong Leong Bank Bhd | 6,400 | 27,438 | ||||||
IHH Healthcare Bhd* | 39,600 | 48,628 | ||||||
IJM Corp. Bhd | 24,060 | 47,007 | ||||||
IOI Corp. Bhd | 37,780 | 57,847 | ||||||
IOI Properties Group Bhd* | 51,089 | 41,929 | ||||||
KLCC Property Holdings Bhd | 11,200 | 22,842 | ||||||
Kuala Lumpur Kepong Bhd | 5,700 | 42,242 | ||||||
Lafarge Malayan Cement Bhd | 16,000 | 44,538 | ||||||
Magnum Bhd | 36,500 | 33,756 | ||||||
Malayan Banking Bhd | 37,590 | 113,961 | ||||||
Malaysian Resources Corp. Bhd | 26,900 | 12,933 | ||||||
Maxis Bhd | 23,100 | 49,164 | ||||||
MMC Corp. Bhd | 24,100 | 20,665 | ||||||
Muhibbah Engineering M Bhd | 32,000 | 28,418 | ||||||
Petronas Chemicals Group Bhd | 53,700 | 110,672 | ||||||
Petronas Dagangan Bhd | 8,200 | 76,086 | ||||||
Petronas Gas Bhd | 6,200 | 44,618 | ||||||
PPB Group Bhd | 8,100 | 40,829 | ||||||
Public Bank Bhd | 12,900 | 79,561 | ||||||
RHB Capital Bhd | 18,000 | 45,696 | ||||||
Sapurakencana Petroleum Bhd* | 79,917 | 105,479 | ||||||
Sime Darby Bhd | 124,646 | 360,331 | ||||||
Ta Ann Holdings Bhd | 19,008 | 24,448 | ||||||
Telekom Malaysia Bhd | 22,900 | 43,479 | ||||||
Tenaga Nasional Bhd | 28,525 | 103,950 | ||||||
UMW Holdings Bhd | 15,400 | 50,744 | ||||||
WCT Holdings Bhd | 40,786 | 28,102 | ||||||
YTL Corp. Bhd | 57,476 | 28,338 | ||||||
YTL Power International Bhd* | 37,501 | 18,030 | ||||||
|
| |||||||
TOTAL MALAYSIA | $ | 3,775,059 | ||||||
MARSHALL ISLANDS – 0.0%** | ||||||||
Diana Shipping, Inc.#,* | 2,211 | 24,896 | ||||||
MAURITIUS – 0.1% | ||||||||
CIM Financial Services Ltd. | 191,700 | 50,693 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 38
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Lux Island Resorts Ltd. | 7,000 | $ | 9,349 | |||||
MCB Group Ltd.* | 38,600 | 281,606 | ||||||
New Mauritius Hotels Ltd.* | 18,900 | 54,586 | ||||||
Rogers & Co. Ltd. | 7,100 | 46,286 | ||||||
State Bank of Mauritius Ltd. | 3,060,000 | 105,235 | ||||||
Sun Resorts Ltd.* | 24,969 | 33,264 | ||||||
|
| |||||||
TOTAL MAURITIUS | $ | 581,019 | ||||||
MEXICO – 0.8% | ||||||||
Alfa SAB de CV | 100,800 | 266,278 | ||||||
America Movil SAB de CV | 651,224 | 656,563 | ||||||
Arca Continental SAB de CV | 10,200 | 64,867 | ||||||
Cemex SAB de CV* | 306,128 | 388,897 | ||||||
Coca-Cola Femsa SAB de CV | 8,700 | 97,475 | ||||||
Compartamos SAB de CV | 108,000 | 188,382 | ||||||
Empresas ICA SAB de CV* | 20,800 | 37,235 | ||||||
Fomento Economico Mexicano SAB de CV | 30,400 | 276,191 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 5,400 | 19,788 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV | 14,700 | 88,485 | ||||||
Grupo Aeroportuario del Sureste SAB de CV | 2,300 | 28,148 | ||||||
Grupo Bimbo SAB de CV | 43,000 | 118,587 | ||||||
Grupo Carso SAB de CV | 20,100 | 102,415 | ||||||
Grupo Elektra SA de CV | 1,460 | 41,799 | ||||||
Grupo Financiero Banorte SAB de CV | 59,900 | 397,830 | ||||||
Grupo Financiero Inbursa SAB de CV | 86,100 | 220,536 | ||||||
Grupo Mexico SAB de CV | 66,221 | 199,431 | ||||||
Grupo Televisa SAB | 32,000 | 209,668 | ||||||
Impulsora del Desarrollo y El Empleo en America Latina SAB de CV* | 28,295 | 65,121 | ||||||
Industrias CH SAB de CV#,* | 7,500 | 39,785 | ||||||
Industrias Penoles SAB de CV | 3,930 | 91,497 | ||||||
Kimberly-Clark de Mexico SAB de CV | 22,000 | 57,410 | ||||||
Mexichem SAB de CV | 29,605 | 110,317 | ||||||
Minera Frisco SAB de CV* | 16,600 | 30,351 | ||||||
Organizacion Soriana SAB de CV* | 10,800 | 31,295 | ||||||
Promotora y Operadora de Infraestructura SAB de CV* | 10,400 | 145,236 | ||||||
TV Azteca SAB de CV | 95,000 | 51,920 | ||||||
Wal-Mart de Mexico SAB de CV | 85,200 | 215,560 | ||||||
|
| |||||||
TOTAL MEXICO | $ | 4,241,067 | ||||||
MOROCCO – 0.1% | ||||||||
Attijariwafa Bank | 2,400 | 93,805 | ||||||
Auto Hall | 3,700 | 39,669 | ||||||
Banque Centrale Populaire | 2,450 | 56,978 | ||||||
Banque Marocaine du Commerce et de l’Industrie | 100 | 9,722 | ||||||
BMCE Bank | 2,000 | 51,448 |
Description | Number of Shares | Value | ||||||
Cie Generale Immobiliere | 190 | $ | 16,880 | |||||
Douja Promotion Groupe Addoha SA | 7,120 | 52,697 | ||||||
Holcim Maroc SA | 240 | 48,827 | ||||||
Lafarge Ciments | 460 | 84,278 | ||||||
Maroc Telecom SA | 10,200 | 124,648 | ||||||
|
| |||||||
TOTAL MOROCCO | $ | 578,952 | ||||||
NETHERLANDS – 1.7% | ||||||||
Aegon NV | 82,714 | 749,911 | ||||||
Akzo Nobel NV | 3,155 | 242,884 | ||||||
ASM International NV | 1,500 | 65,542 | ||||||
ASML Holding NV | 2,365 | 194,994 | ||||||
Delta Lloyd NV | 3,924 | 103,190 | ||||||
European Aeronautic Defence and Space Co. NV | 10,768 | 739,329 | ||||||
Fugro NV# | 1,474 | 97,575 | ||||||
Heineken NV#,* | 34,905 | 2,421,268 | ||||||
ING Groep NV* | 137,463 | 1,951,906 | ||||||
Koninklijke Ahold NV | 35,524 | 685,296 | ||||||
Koninklijke Boskalis Westminster NV | 1,191 | 67,465 | ||||||
Koninklijke DSM NV | 3,682 | 263,992 | ||||||
Koninklijke KPN NV* | 31,271 | 111,149 | ||||||
Koninklijke Philips NV | 19,298 | 617,788 | ||||||
PostNL NV* | 49,500 | 217,146 | ||||||
Randstad Holding NV | 480 | 27,906 | ||||||
Reed Elsevier NV# | 1,890 | 38,558 | ||||||
TNT Express NV | 9,904 | 89,174 | ||||||
Unilever NV | 6,274 | 268,830 | ||||||
|
| |||||||
TOTAL NETHERLANDS | $ | 8,953,903 | ||||||
NEW ZEALAND – 0.0%** | ||||||||
Auckland International Airport Ltd. | 17,439 | 59,700 | ||||||
Contact Energy Ltd. | 8,921 | 43,771 | ||||||
Fletcher Building Ltd. | 316 | 2,684 | ||||||
SKYCITY Entertainment Group Ltd. | 3,557 | 12,974 | ||||||
|
| |||||||
TOTAL NEW ZEALAND | $ | 119,129 | ||||||
NIGERIA – 0.1% | ||||||||
Dangote Cement PLC | 25,500 | 35,875 | ||||||
Ecobank Transitional, Inc.†† | 7,768 | — | ||||||
FBN Holdings PLC | 629,542 | 55,489 | ||||||
Guaranty Trust Bank PLC | 576,410 | 94,113 | ||||||
Lafarge Cement WAPCO Nigeria PLC | 36,300 | 24,516 | ||||||
Nestle Nigeria PLC | 7,636 | 49,433 | ||||||
Nigerian Breweries PLC | 70,380 | 65,714 | ||||||
Oando PLC | 308,975 | 30,773 | ||||||
UAC of Nigeria PLC | 84,600 | 29,785 | ||||||
Unilever Nigeria PLC | 79,800 | 23,595 | ||||||
United Bank for Africa PLC | 812,013 | 34,118 |
ANNUAL REPORT / April 30, 2014 |
39 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Zenith Bank PLC | 535,775 | $ | 75,706 | |||||
|
| |||||||
TOTAL NIGERIA | $ | 519,117 | ||||||
NORWAY – 0.7% | ||||||||
AKER Solutions ASA | 954 | 15,271 | ||||||
Atea ASA | 13,300 | 152,705 | ||||||
DNB ASA# | 9,287 | 164,202 | ||||||
Hexagon Composites ASA* | 68,000 | 420,975 | ||||||
Nordic Semiconductor ASA* | 53,100 | 297,466 | ||||||
Norsk Hydro ASA* | 22,820 | 122,118 | ||||||
Orkla ASA# | 4,345 | 35,882 | ||||||
Seadrill Ltd. | 3,421 | 119,418 | ||||||
Statoil ASA#,* | 37,064 | 1,124,833 | ||||||
Statoil ASA ADR | 1,988 | 60,574 | ||||||
Storebrand ASA* | 10,389 | 58,234 | ||||||
Subsea 7 SA | 5,418 | 108,373 | ||||||
Telenor ASA | 7,363 | 172,794 | ||||||
Yara International ASA | 17,306 | 816,929 | ||||||
|
| |||||||
TOTAL NORWAY | $ | 3,669,774 | ||||||
OMAN – 0.1% | ||||||||
Bank Dhofar SAOG | 49,343 | 42,294 | ||||||
Bank Sohar | 98,203 | 57,902 | ||||||
BankMuscat SAOG | 53,380 | 85,963 | ||||||
Dhofar International Development & Investment Holding Co. | 27,390 | 37,848 | ||||||
Galfar Engineering & Contracting SAOG | 77,326 | 49,408 | ||||||
National Bank of Oman SAOG | 54,311 | 41,192 | ||||||
Oman Cement Co. | 32,940 | 66,393 | ||||||
Oman Flour Mills Co. SAOG | 16,000 | 26,265 | ||||||
Oman Oil Marketing Co. | 7,300 | 42,757 | ||||||
Oman Telecommunications Co. SAOG | 31,500 | 121,909 | ||||||
Renaissance Services SAOG | 11,992 | 20,931 | ||||||
|
| |||||||
TOTAL OMAN | $ | 592,862 | ||||||
PANAMA – 0.0%** | ||||||||
Copa Holdings SA Class A | 1,530 | 206,978 | ||||||
PERU – 0.2% | ||||||||
Alicorp SA | 57,000 | 172,573 | ||||||
BBVA Banco Continental SA | 14,125 | 27,470 | ||||||
Cia de Minas Buenaventura SA ADR | 5,000 | 65,000 | ||||||
Cia Minera Milpo SAA | 34,893 | 27,467 | ||||||
Credicorp Ltd. | 2,410 | 359,693 | ||||||
Edegel SAA | 37,100 | 34,358 | ||||||
Ferreycorp SAA | 84,705 | 50,687 | ||||||
Grana y Montero SA | 32,600 | 115,189 | ||||||
Luz del Sur SAA | 12,200 | 40,196 | ||||||
Minsur SA | 35,670 | 22,615 | ||||||
Sociedad Minera Cerro Verde SAA* | 1,400 | 31,990 |
Description | Number of Shares | Value | ||||||
Sociedad Minera el Brocal SA | 4,000 | $ | 10,686 | |||||
Southern Copper Corp. | 6,359 | 191,660 | ||||||
Volcan Cia Minera SAA | 131,613 | 49,692 | ||||||
|
| |||||||
TOTAL PERU | $ | 1,199,276 | ||||||
PHILIPPINES – 0.2% | ||||||||
Aboitiz Equity Ventures, Inc. | 31,200 | 39,612 | ||||||
Alliance Global Group, Inc. | 57,000 | 39,828 | ||||||
Ayala Corp. | 5,620 | 78,665 | ||||||
Ayala Land, Inc. | 94,700 | 63,941 | ||||||
Bank of the Philippine Islands | 27,653 | 56,323 | ||||||
BDO Unibank, Inc. | 16,262 | 32,192 | ||||||
Energy Development Corp. | 411,750 | 51,630 | ||||||
International Container Terminal Services, Inc. | 16,400 | 39,768 | ||||||
JG Summit Holdings, Inc. | 37,500 | 42,564 | ||||||
Jollibee Foods Corp. | 27,600 | 106,487 | ||||||
Manila Electric Co. | 6,210 | 39,115 | ||||||
Metro Pacific Investments Corp. | 190,000 | 21,608 | ||||||
Metropolitan Bank & Trust | 12,157 | 23,098 | ||||||
Philex Mining Corp. | 216,150 | 43,443 | ||||||
Philippine Long Distance Telephone Co. | 1,800 | 116,285 | ||||||
San Miguel Corp. | 13,000 | 24,349 | ||||||
Semirara Mining Corp. | 14,190 | 130,823 | ||||||
SM Investments Corp. | 6,262 | 101,838 | ||||||
SM Prime Holdings, Inc. | 200,750 | 73,491 | ||||||
Top Frontier Investment Holdings, Inc. Npv* | 1,300 | 2,727 | ||||||
Universal Robina Corp. | 22,900 | 74,998 | ||||||
|
| |||||||
TOTAL PHILIPPINES | $ | 1,202,785 | ||||||
POLAND – 0.4% | ||||||||
AmRest Holdings SE* | 2,700 | 72,966 | ||||||
Asseco Poland SA | 7,073 | 105,126 | ||||||
Astarta Holding NV* | 2,300 | 31,146 | ||||||
Bank Pekao SA | 2,850 | 182,476 | ||||||
BRE Bank SA | 390 | 63,762 | ||||||
Budimex SA | 730 | 33,948 | ||||||
Cyfrowy Polsat SA | 6,760 | 45,883 | ||||||
Eurocash SA | 4,940 | 65,184 | ||||||
Getin Noble Bank SA* | 54,005 | 65,641 | ||||||
Grupa Lotos SA* | 2,600 | 33,491 | ||||||
ING Bank Slaski SA* | 2,000 | 89,839 | ||||||
Jastrzebska Spolka Weglowa SA | 1,300 | 17,862 | ||||||
Kernel Holding SA* | 4,220 | 39,069 | ||||||
KGHM Polska Miedz SA* | 3,080 | 111,342 | ||||||
LPP SA | 50 | 129,473 | ||||||
Lubelski Wegiel Bogdanka SA | 700 | 28,611 | ||||||
Netia SA* | 39,573 | 70,712 |
April 30, 2014 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS 40
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Orbis SA | 1,520 | $ | 19,680 | |||||
PGE SA | 27,800 | 192,823 | ||||||
Polski Koncern Naftowy Orlen SA | 7,040 | 105,333 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 37,780 | 58,773 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 21,090 | 289,081 | ||||||
Powszechny Zaklad Ubezpieczen SA | 1,220 | 172,947 | ||||||
Synthos SA# | 11,480 | 18,049 | ||||||
Tauron Polska Energia SA | 47,180 | 83,369 | ||||||
Telekomunikacja Polska SA# | 26,910 | 91,903 | ||||||
TVN SA | 6,950 | 37,807 | ||||||
|
| |||||||
TOTAL POLAND | $ | 2,256,296 | ||||||
PORTUGAL – 0.1% | ||||||||
Banco Espirito Santo SA* | 15,937 | 28,213 | ||||||
EDP - Energias de Portugal SA | 28,687 | 139,296 | ||||||
EDP Renovaveis SA | 10,506 | 71,959 | ||||||
Jeronimo Martins SGPS SA# | 1,290 | 22,559 | ||||||
Portugal Telecom SGPS SA# | 13,660 | 56,853 | ||||||
|
| |||||||
TOTAL PORTUGAL | $ | 318,880 | ||||||
QATAR – 0.3% | ||||||||
Al Meera Consumer Goods Co. | 1,000 | 50,181 | ||||||
Barwa Real Estate Co. | 4,800 | 49,439 | ||||||
Commercial Bank of Qatar QSC | 2,300 | 43,147 | ||||||
Doha Bank QSC | 3,322 | 59,216 | ||||||
Gulf International Services QSC | 3,625 | 89,608 | ||||||
Industries Qatar QSC | 4,900 | 239,559 | ||||||
Masraf Al Rayan | 14,500 | 192,359 | ||||||
Ooredoo QSC | 3,140 | 126,778 | ||||||
Qatar Electricity & Water Co. | 1,738 | 87,023 | ||||||
Qatar Gas Transport Co. Nakilat | 14,200 | 93,605 | ||||||
Qatar Islamic Bank | 2,200 | 52,026 | ||||||
Qatar National Bank SAQ | 3,750 | 195,696 | ||||||
Qatar National Cement Co. | 1,520 | 59,283 | ||||||
Qatar Navigation | 1,703 | 45,839 | ||||||
|
| |||||||
TOTAL QATAR | $ | 1,383,759 | ||||||
ROMANIA – 0.1% | ||||||||
Banca Transilvania* | 298,163 | 167,330 | ||||||
Biofarm Bucuresti | 481,487 | 45,171 | ||||||
BRD-Groupe Societe Generale* | 68,300 | 176,268 | ||||||
OMV Petrom SA | 1,206,500 | 171,726 | ||||||
Transelectrica SA | 2,450 | 14,278 | ||||||
|
| |||||||
TOTAL ROMANIA | $ | 574,773 | ||||||
RUSSIA – 0.7% | ||||||||
CTC Media, Inc. | 1,700 | 14,739 | ||||||
Federal Hydrogenerating Co. JSC ADR | 105,160 | 159,843 | ||||||
Gazprom Neft OAO ADR | 1,400 | 27,832 |
Description | Number of Shares | Value | ||||||
Gazprom OAO ADR | 72,510 | $ | 523,522 | |||||
Globaltrans Investment PLC GDR | 7,280 | 69,306 | ||||||
LSR Group GDR* | 17,440 | 52,146 | ||||||
Lukoil OAO ADR | 6,600 | 348,810 | ||||||
Magnit OJSC GDR | 7,200 | 338,760 | ||||||
Mail.ru Group Ltd. GDR* | 3,190 | 86,672 | ||||||
MMC Norilsk Nickel OJSC ADR (B114RK6) | 7,210 | 129,996 | ||||||
Mobile Telesystems OJSC ADR | 9,500 | 159,220 | ||||||
NovaTek OAO GDR | 900 | 92,970 | ||||||
Novolipetsk Steel OJSC GDR | 2,800 | 32,508 | ||||||
Pharmstandard OJSC GDR* | 3,313 | 25,692 | ||||||
Rosneft OAO GDR | 15,500 | 97,232 | ||||||
Rostelecom OJSC ADR | 4,343 | 56,459 | ||||||
Sberbank of Russia ADR | 49,830 | 420,067 | ||||||
Severstal OAO GDR | 5,880 | 41,395 | ||||||
Sistema JSFC GDR | 5,500 | 130,900 | ||||||
Surgutneftegas OAO ADR | 13,470 | 94,021 | ||||||
Tatneft OAO ADR | 4,000 | 137,200 | ||||||
TMK OAO GDR | 4,860 | 38,637 | ||||||
Uralkali OJSC GDR | 5,000 | 110,750 | ||||||
VimpelCom Ltd. ADR | 4,500 | 37,800 | ||||||
VTB Bank OJSC GDR | 42,550 | 90,121 | ||||||
X5 Retail Group NV GDR* | 3,800 | 66,804 | ||||||
Yandex NV* | 6,000 | 159,000 | ||||||
|
| |||||||
TOTAL RUSSIA | $ | 3,542,402 | ||||||
SINGAPORE – 1.0% | ||||||||
CapitaLand Ltd. | 58,000 | 148,042 | ||||||
City Developments Ltd. | 4,000 | 34,553 | ||||||
DBS Group Holdings Ltd. | 92,000 | 1,243,104 | ||||||
Global Logistic Properties Ltd. | 17,000 | 38,646 | ||||||
Golden Agri-Resources Ltd. | 126,000 | 61,307 | ||||||
Jardine Cycle & Carriage Ltd. | 1,000 | 37,417 | ||||||
Keppel Corp. Ltd. | 74,900 | 629,096 | ||||||
Keppel Land Ltd. | 9,000 | 24,838 | ||||||
Noble Group Ltd. | 66,000 | 67,648 | ||||||
Olam International Ltd. | 22,000 | 39,132 | ||||||
Oversea-Chinese Banking Corp. | 19,000 | 146,247 | ||||||
Overseas Union Enterprise Ltd. | 8,000 | 14,485 | ||||||
SembCorp. Industries Ltd. | 5,000 | 21,417 | ||||||
SembCorp. Marine Ltd. | 4,000 | 12,986 | ||||||
Singapore Airlines Ltd. | 14,000 | 115,913 | ||||||
Singapore Exchange Ltd. | 11,000 | 60,716 | ||||||
Singapore Press Holdings Ltd. | 8,000 | 26,737 | ||||||
Singapore Technologies Engineering Ltd. | 20,000 | 60,940 | ||||||
Singapore Telecommunications Ltd. | 55,000 | 168,023 | ||||||
United Overseas Bank Ltd.# | 116,000 | 2,013,369 | ||||||
UOL Group Ltd. | 12,000 | 61,450 |
ANNUAL REPORT / April 30, 2014
41 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Vard Holdings* | 155,000 | $ | 119,307 | |||||
Venture Corp. Ltd. | 5,000 | 30,589 | ||||||
Wilmar International Ltd. | 27,000 | 73,223 | ||||||
Wing Tai Holdings Ltd. | 107,000 | 170,695 | ||||||
|
| |||||||
TOTAL SINGAPORE | $ | 5,419,880 | ||||||
SLOVENIA – 0.1% | ||||||||
Hutchison Port Holdings Trust | 25,000 | 17,000 | ||||||
Krka DD Novo Mesto | 2,680 | 236,285 | ||||||
Mercator Poslovni Sistem* | 622 | 65,151 | ||||||
Petrol DD Ljubljana | 210 | 81,285 | ||||||
Telekom Slovenije DD | 800 | 146,504 | ||||||
Zavarovalnica Triglav DD | 3,470 | 110,676 | ||||||
|
| |||||||
TOTAL SLOVENIA | $ | 656,901 | ||||||
SOUTH AFRICA – 0.9% | ||||||||
African Bank Investments Ltd.# | 36,266 | 42,986 | ||||||
African Rainbow Minerals Ltd. | 2,100 | 39,465 | ||||||
Anglo American Platinum Ltd.* | 800 | 38,021 | ||||||
AngloGold Ashanti Ltd.* | 5,430 | 97,999 | ||||||
Aspen Pharmacare Holdings Ltd. | 3,332 | 88,671 | ||||||
Aveng Ltd.* | 21,500 | 46,186 | ||||||
AVI Ltd. | 5,800 | 31,981 | ||||||
Barclays Africa Group Ltd. | 7,500 | 109,786 | ||||||
Barloworld Ltd. | 7,800 | 84,973 | ||||||
Bidvest Group Ltd. | 8,170 | 224,043 | ||||||
Discovery Ltd. | 7,999 | 69,342 | ||||||
Exxaro Resources Ltd. | 4,100 | 55,877 | ||||||
FirstRand Ltd. | 45,190 | 166,061 | ||||||
Foschini Group Ltd.# | 4,400 | 45,378 | ||||||
Gold Fields Ltd. | 15,890 | 66,623 | ||||||
Grindrod Ltd. | 17,500 | 41,419 | ||||||
Growthpoint Properties Ltd. | 19,600 | 45,272 | ||||||
Harmony Gold Mining Co. Ltd.* | 8,390 | 27,737 | ||||||
Impala Platinum Holdings Ltd. | 7,674 | 86,365 | ||||||
Imperial Holdings Ltd. | 3,900 | 72,636 | ||||||
Kumba Iron Ore Ltd.# | 1,560 | 55,478 | ||||||
Liberty Holdings Ltd. | 3,300 | 39,532 | ||||||
Life Healthcare Group Holdings Ltd. | 10,800 | 42,880 | ||||||
Massmart Holdings Ltd.# | 3,274 | 43,335 | ||||||
MMI Holdings Ltd. | 22,679 | 56,910 | ||||||
Mr. Price Group Ltd. | 2,100 | 31,598 | ||||||
MTN Group Ltd. | 39,160 | 784,689 | ||||||
Murray & Roberts Holdings Ltd.* | 26,380 | 61,684 | ||||||
Nampak Ltd. | 15,000 | 55,891 | ||||||
Naspers Ltd. | 4,471 | 421,580 | ||||||
Nedbank Group Ltd. | 2,600 | 55,643 | ||||||
Netcare Ltd. | 12,300 | 29,813 | ||||||
Pick n Pay Stores Ltd. | 8,300 | 47,328 |
Description | Number of Shares | Value | ||||||
PPC Ltd. | 10,921 | $ | 31,765 | |||||
Remgro Ltd. | 5,090 | 102,400 | ||||||
Reunert Ltd. | 12,650 | 82,967 | ||||||
RMB Holdings Ltd. | 7,800 | 37,374 | ||||||
RMI Holdings | 17,600 | 50,188 | ||||||
Sanlam Ltd. | 19,700 | 105,330 | ||||||
Sasol Ltd. | 7,180 | 402,859 | ||||||
Shoprite Holdings Ltd.# | 3,920 | 65,463 | ||||||
Sibanye Gold Ltd. | 14,690 | 37,980 | ||||||
Standard Bank Group Ltd. | 13,540 | 177,710 | ||||||
Steinhoff International Holdings Ltd. | 27,000 | 140,152 | ||||||
Tiger Brands Ltd. | 2,090 | 55,851 | ||||||
Truworths International Ltd.# | 4,900 | 39,287 | ||||||
Vodacom Group Ltd. | 10,520 | 125,444 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 4,800 | 62,041 | ||||||
Woolworths Holdings Ltd. | 7,280 | 49,477 | ||||||
|
| |||||||
TOTAL SOUTH AFRICA | $ | 4,773,470 | ||||||
SOUTH KOREA – 1.0% | ||||||||
BS Financial Group, Inc. | 3,215 | 49,160 | ||||||
Cheil Industries, Inc. | 890 | 56,761 | ||||||
Coway Co. Ltd. | 1,510 | 119,099 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 4,364 | 36,152 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 1,030 | 34,689 | ||||||
E-Mart Co. Ltd. | 421 | 96,154 | ||||||
GS Holdings | 1,300 | 60,515 | ||||||
Hana Financial Group, Inc. | 2,898 | 101,947 | ||||||
Hyosung Corp. | 550 | 39,229 | ||||||
Hyundai Department Store Co. Ltd. | 430 | 55,347 | ||||||
Hyundai Glovis Co. Ltd. | 270 | 63,626 | ||||||
Hyundai Heavy Industries Co. Ltd. | 297 | 55,617 | ||||||
Hyundai Mobis | 363 | 103,634 | ||||||
Hyundai Motor Co. | 990 | 220,362 | ||||||
Hyundai Steel Co. | 690 | 45,074 | ||||||
KB Financial Group, Inc. | 2,873 | 97,871 | ||||||
KCC Corp. | 120 | 59,692 | ||||||
Kia Motors Corp. | 1,355 | 75,139 | ||||||
Korea Electric Power Corp. | 3,540 | 135,324 | ||||||
Korea Zinc Co. Ltd. | 200 | 65,905 | ||||||
Korean Air Lines Co. Ltd.* | 644 | 20,754 | ||||||
KT Corp. | 2,531 | 80,341 | ||||||
KT&G Corp. | 800 | 64,105 | ||||||
LG Chem Ltd. | 418 | 106,391 | ||||||
LG Corp. | 1,030 | 57,316 | ||||||
LG Display Co. Ltd.* | 2,660 | 70,664 | ||||||
LG Electronics, Inc. | 770 | 51,194 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 42
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
LG Household & Health Care Ltd. | 150 | $ | 68,518 | |||||
LG Uplus Corp. | 2,560 | 25,147 | ||||||
Lotte Chemical Corp. | 380 | 59,944 | ||||||
Lotte Shopping Co. Ltd. | 190 | 58,841 | ||||||
Macquarie Korea Infrastructure Fund | 5,769 | 35,732 | ||||||
NHN Corp. | 197 | 140,701 | ||||||
OCI Co. Ltd.* | 270 | 47,295 | ||||||
POSCO | 860 | 255,928 | ||||||
Samsung C&T Corp. | 850 | 53,305 | ||||||
Samsung Card Co. Ltd. | 1,000 | 36,243 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 270 | 17,298 | ||||||
Samsung Electronics Co. Ltd. GDR | 983 | 1,277,624 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 380 | 90,100 | ||||||
Samsung Heavy Industries Co. Ltd. | 1,680 | 45,849 | ||||||
Samsung Life Insurance Co. Ltd. | 1,300 | 120,904 | ||||||
Samsung Securities Co. Ltd. | 1,240 | 47,222 | ||||||
Shinhan Financial Group Co. Ltd. | 4,050 | 176,377 | ||||||
SK Holdings Co. Ltd. | 1,543 | 273,269 | ||||||
SK Hynix, Inc.* | 2,590 | 100,637 | ||||||
SK Innovation Co. Ltd. | 600 | 68,518 | ||||||
SK Telecom Co. Ltd. | 520 | 107,442 | ||||||
S-Oil Corp. | 740 | 43,256 | ||||||
Woori Finance Holdings Co. Ltd.*,†† | 2,990 | 33,711 | ||||||
Woori Investment & Securities Co. Ltd. | 6,468 | 54,583 | ||||||
|
| |||||||
TOTAL SOUTH KOREA | $ | 5,260,506 | ||||||
SPAIN – 2.4% | ||||||||
Abertis Infraestructuras SA | 1,408 | 31,655 | ||||||
ACS Actividades de Construccion y Servicios SA | 11,679 | 500,262 | ||||||
Almirall SA* | 15,300 | 256,203 | ||||||
Amadeus IT Holding SA | 1,985 | 82,493 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 380,432 | 4,668,315 | ||||||
Banco de Sabadell SA | 49,403 | 167,921 | ||||||
Banco Popular Espanol SA | 66,439 | 488,522 | ||||||
Banco Santander SA | 358,821 | 3,567,800 | ||||||
CaixaBank | 13,658 | 83,183 | ||||||
Gamesa Corp. Tecnologica SA* | 38,200 | 378,979 | ||||||
Grifols SA | 850 | 45,401 | ||||||
Iberdrola SA | 109,825 | 767,160 | ||||||
Inditex SA# | 1,681 | 252,220 | ||||||
Mapfre SA | 23,156 | 97,501 | ||||||
Red Electrica Corp. SA | 1,048 | 86,190 | ||||||
Repsol SA | 31,896 | 858,466 | ||||||
Telefonica SA# | 31,553 | 528,364 | ||||||
|
| |||||||
TOTAL SPAIN | $ | 12,860,635 | ||||||
SWEDEN – 3.6% | ||||||||
Assa Abloy AB | 2,996 | 158,596 |
Description | Number of Shares | Value | ||||||
Atlas Copco AB Class A#,* | 103,829 | $ | 3,005,232 | |||||
Atlas Copco AB Class B#,* | 3,785 | 102,801 | ||||||
Axis Communications AB# | 6,700 | 199,799 | ||||||
Boliden AB | 30,037 | 456,408 | ||||||
CDON Group AB* | 191 | 778 | ||||||
Clas Ohlson AB | 27,100 | 598,082 | ||||||
Elekta AB# | 2,432 | 34,036 | ||||||
Getinge AB | 2,202 | 64,717 | ||||||
Hennes & Mauritz AB# | 3,398 | 138,382 | ||||||
Hexagon AB | 2,016 | 64,242 | ||||||
Hexpol AB | 5,000 | 472,148 | ||||||
Holmen AB | 1,517 | 53,473 | ||||||
Husqvarna AB Class B | 77,300 | 641,967 | ||||||
Investor AB | 68,423 | 2,646,548 | ||||||
Kinnevik Investment AB | 901 | 31,663 | ||||||
Lindab International AB* | 33,900 | 422,303 | ||||||
Meda AB | 57,175 | 1,023,526 | ||||||
Millicom International Cellular SA | 224 | 22,151 | ||||||
Nordea Bank AB | 66,592 | 962,185 | ||||||
Saab AB# | 13,800 | 422,349 | ||||||
Sandvik AB | 90,543 | 1,277,617 | ||||||
Securitas AB Class B# | 25,700 | 310,074 | ||||||
Skandinaviska Enskilda Banken AB | 50,282 | 692,497 | ||||||
SKF AB | 4,302 | 111,153 | ||||||
SSAB AB Class A* | 65,766 | 570,959 | ||||||
SSAB AB Class B#,* | 1,865 | 14,052 | ||||||
Svenska Cellulosa AB | 6,557 | 183,635 | ||||||
Svenska Handelsbanken AB | 3,560 | 178,651 | ||||||
Swedbank AB | 13,390 | 355,641 | ||||||
Swedish Match AB | 1,376 | 47,170 | ||||||
Tele2 AB | 3,815 | 48,698 | ||||||
Telefonaktiebolaget LM Ericsson ADR | 5,941 | 71,233 | ||||||
Telefonaktiebolaget LM Ericsson Class A# | 1,060 | 12,194 | ||||||
Telefonaktiebolaget LM Ericsson Class B | 43,604 | 526,424 | ||||||
TeliaSonera AB | 57,588 | 417,681 | ||||||
Trelleborg AB# | 1,475 | 31,441 | ||||||
Volvo AB | 165,109 | 2,602,761 | ||||||
|
| |||||||
TOTAL SWEDEN | $ | 18,973,267 | ||||||
SWITZERLAND – 8.9% | ||||||||
ABB Ltd. | 107,244 | 2,576,001 | ||||||
Adecco SA | 2,765 | 231,071 | ||||||
Aryzta AG | 2,543 | 234,767 | ||||||
Baloise Holding AG | 4,451 | 541,140 | ||||||
Barry Callebaut AG | 34 | 46,165 | ||||||
Bucher Industries AG | 1,200 | 389,956 | ||||||
Cie Financiere Richemont SA | 34,744 | 3,525,326 |
ANNUAL REPORT / April 30, 2014 |
43 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Clariant AG | 6,591 | $ | 129,708 | |||||
Credit Suisse Group AG | 63,440 | 2,011,828 | ||||||
Fischer (Georg) AG* | 1,033 | 818,090 | ||||||
Forbo Holdings AG | 799 | 826,599 | ||||||
Geberit AG | 219 | 72,983 | ||||||
Givaudan SA | 43 | 67,767 | ||||||
Helvetia Holding AG | 600 | 298,262 | ||||||
Holcim Ltd. | 33,183 | 3,038,915 | ||||||
Julius Baer Group Ltd.* | 11,542 | 539,658 | ||||||
Lonza Group AG | 551 | 57,567 | ||||||
Nestle SA* | 50,871 | 3,927,604 | ||||||
Novartis AG* | 80,947 | 7,017,675 | ||||||
OC Oerlikon Corp. AG | 1,761 | 28,013 | ||||||
Pargesa Holding SA | 785 | 71,177 | ||||||
Partners Group Holding AG | 162 | 44,324 | ||||||
Roche Holding AG | 20,634 | 6,048,826 | ||||||
Schindler Holding AG (B11TCY0) | 380 | 58,807 | ||||||
Schindler Holding AG (B11WWH2) | 347 | 52,911 | ||||||
SGS SA | 43 | 107,243 | ||||||
Sika AG | 13 | 52,570 | ||||||
Sonova Holding AG* | 100 | 14,430 | ||||||
Sulzer AG | 391 | 60,154 | ||||||
Swatch Group AG | 730 | 468,225 | ||||||
Swiss Life Holding AG | 10,442 | 2,565,118 | ||||||
Swiss Re AG | 18,922 | 1,652,262 | ||||||
Syngenta AG* | 7,520 | 2,978,606 | ||||||
Temenos Group AG* | 16,600 | 594,137 | ||||||
Transocean Ltd.# | 654 | 28,168 | ||||||
UBS AG | 185,838 | 3,885,262 | ||||||
Wolseley PLC | 1,290 | 74,510 | ||||||
Zurich Financial Services AG | 7,938 | 2,273,798 | ||||||
|
| |||||||
TOTAL SWITZERLAND | $ | 47,409,623 | ||||||
TAIWAN – 1.3% | ||||||||
Acer, Inc.* | 73,870 | 45,621 | ||||||
Advanced Semiconductor Engineering, Inc. | 37,804 | 43,815 | ||||||
Asia Cement Corp. | 42,177 | 55,448 | ||||||
Asustek Computer, Inc. | 4,700 | 48,560 | ||||||
AU Optronics Corp.* | 147,126 | 55,541 | ||||||
Catcher Technology Co. Ltd. | 9,438 | 79,541 | ||||||
Cathay Financial Holding Co. Ltd. | 65,219 | 92,004 | ||||||
Chang Hwa Commercial Bank | 83,611 | 48,592 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 26,358 | 75,588 | ||||||
China Development Financial Holding Corp. | 192,750 | 55,212 | ||||||
China Steel Corp. | 127,679 | 107,181 | ||||||
Chunghwa Telecom Co. Ltd. | 72,024 | 224,673 | ||||||
Compal Electronics, Inc. | 59,736 | 42,629 |
Description | Number of Shares | Value | ||||||
CTBC Financial Holding Co. Ltd. | 149,106 | $ | 88,630 | |||||
Delta Electronics, Inc. | 22,888 | 140,217 | ||||||
D-Link Corp. | 36,046 | 23,575 | ||||||
E.Sun Financial Holding Co. Ltd. | 42,000 | 25,382 | ||||||
Far Eastern Department Stores Co. Ltd. | 68,887 | 64,101 | ||||||
Far Eastern New Century Corp. | 23,795 | 24,348 | ||||||
Far EasTone Telecommunications Co. Ltd. | 42,000 | 90,821 | ||||||
First Financial Holding Co. Ltd. | 92,018 | 53,935 | ||||||
Formosa Chemicals & Fibre Corp. | 37,198 | 89,922 | ||||||
Formosa Petrochemical Corp. | 28,990 | 72,864 | ||||||
Formosa Plastics Corp. | 59,601 | 153,552 | ||||||
Foxconn Technology Co. Ltd. | 20,947 | 52,024 | ||||||
Fubon Financial Holding Co. Ltd. | 71,314 | 92,100 | ||||||
Giant Manufacturing Co. Ltd. | 14,000 | 109,411 | ||||||
Hon Hai Precision Industry Co. Ltd. | 93,639 | 268,532 | ||||||
Hotai Motor Co. Ltd. | 7,000 | 82,058 | ||||||
HTC Corp. | 9,465 | 48,582 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 72,717 | 40,936 | ||||||
Innolux Corp.* | 49,877 | 17,177 | ||||||
Largan Precision Co. Ltd. | 1,000 | 62,421 | ||||||
Lite-On Technology Corp. | 34,230 | 52,255 | ||||||
MediaTek, Inc. | 11,082 | 173,214 | ||||||
Mega Financial Holding Co. Ltd. | 76,175 | 58,270 | ||||||
Nan Kang Rubber Tire Co. Ltd.* | 15,599 | 17,718 | ||||||
Nan Ya Plastics Corp. | 55,597 | 121,696 | ||||||
Novatek Microelectronics Corp. | 10,145 | 46,865 | ||||||
Pegatron Corp. | 42,990 | 65,130 | ||||||
Pou Chen Corp. | 37,157 | 47,249 | ||||||
President Chain Store Corp. | 7,496 | 55,727 | ||||||
Quanta Computer, Inc. | 16,571 | 45,436 | ||||||
Realtek Semiconductor Corp. | 14,315 | 40,815 | ||||||
Shin Kong Financial Holding Co. Ltd. | 68,453 | 20,719 | ||||||
Siliconware Precision Industries Co. | 36,000 | 52,752 | ||||||
SinoPac Financial Holdings Co. Ltd. | 64,559 | 28,754 | ||||||
Synnex Technology International Corp. | 23,941 | 37,222 | ||||||
Tainan Spinning Co. Ltd. | 115,165 | 77,417 | ||||||
Taishin Financial Holding Co. Ltd. | 112,962 | 51,248 | ||||||
Taiwan Cement Corp. | 62,057 | 98,435 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 144,983 | 77,057 | ||||||
Taiwan Fertilizer Co. Ltd. | 16,000 | 31,790 | ||||||
Taiwan Mobile Co. Ltd. | 27,874 | 89,904 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 111,911 | 439,150 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 90,307 | 1,815,171 | ||||||
Tatung Co. Ltd.* | 245,916 | 77,770 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 44
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
TSRC Corp. | 18,700 | $ | 27,433 | |||||
Tung Ho Steel Enterprise Corp. | 37,476 | 31,956 | ||||||
Uni-President Enterprises Corp. | 76,755 | 129,882 | ||||||
United Microelectronics Corp. | 110,000 | 47,536 | ||||||
Walsin Lihwa Corp.* | 120,000 | 39,340 | ||||||
Wistron Corp. | 33,621 | 28,056 | ||||||
Yuanta Financial Holding Co. Ltd. | 104,172 | 51,917 | ||||||
Yulon Motor Co. Ltd. | 49,640 | 77,095 | ||||||
Zinwell Corp. | 22,435 | 22,994 | ||||||
|
| |||||||
TOTAL TAIWAN | $ | 6,652,966 | ||||||
THAILAND – 0.4% | ||||||||
Advanced Info Service PCL | 23,300 | 174,246 | ||||||
Airports of Thailand PCL | 7,000 | 42,182 | ||||||
Bangkok Bank PCL | 12,100 | 70,671 | ||||||
Bangkok Dusit Med Service | 89,000 | 40,705 | ||||||
Bangkok Expressway PCL | 24,400 | 25,825 | ||||||
Banpu Public Co. Ltd. | 29,000 | 26,885 | ||||||
BEC World PCL | 18,000 | 30,454 | ||||||
Berli Jucker PCL | 60,600 | 89,421 | ||||||
Big C Supercenter PCL | 12,200 | 71,632 | ||||||
Bts Group Holdings PCL | 134,400 | 34,680 | ||||||
Bumrungrad Hospital PCL | 16,000 | 48,455 | ||||||
Central Pattana PCL | 54,000 | 75,510 | ||||||
Charoen Pokphand Foods PCL | 91,300 | 76,177 | ||||||
CP ALL PCL | 98,600 | 127,973 | ||||||
Electricity Generating PCL | 8,600 | 34,947 | ||||||
Glow Energy PCL | 9,100 | 21,864 | ||||||
Hana Microelectronics PCL | 113,100 | 112,716 | ||||||
Indorama Ventures PCL | 46,100 | 33,905 | ||||||
Intouch Holdings PCL Class F | 17,200 | 41,459 | ||||||
IRPC PCL | 269,900 | 30,693 | ||||||
Kasikornbank PCL | 16,600 | 100,800 | ||||||
Krung Thai Bank PCL | 93,750 | 52,437 | ||||||
PTT Exploration & Production PCL | 26,409 | 130,168 | ||||||
PTT Global Chemical PCL | 24,800 | 53,455 | ||||||
PTT Global Chemical PCL (Foreign) | 1,681 | 3,623 | ||||||
PTT PCL | 13,500 | 130,578 | ||||||
Ratchaburi Electricity Generating Holding PCL | 19,500 | 32,088 | ||||||
Siam Cement PCL | 4,700 | 63,325 | ||||||
Siam City Cement PCL | 1,000 | 11,928 | ||||||
Siam Commercial Bank PCL | 23,600 | 120,698 | ||||||
Thai Beverage PCL | 242,369 | 114,061 | ||||||
Thai Oil PCL | 15,800 | 25,511 | ||||||
Thai Union Frozen Products PCL | 20,664 | 44,700 | ||||||
TMB Bank PCL | 302,900 | 21,529 | ||||||
Total Access Communication PCL | 18,100 | 69,637 |
Description | Number of Shares | Value | ||||||
True Corp. PCL* | 184,000 | $ | 38,381 | |||||
|
| |||||||
TOTAL THAILAND | $ | 2,223,319 | ||||||
TUNISIA – 0.0%** | ||||||||
Banque de Tunisie | 7,750 | 46,000 | ||||||
Carthage Cement* | 21,000 | 41,373 | ||||||
Ennakl | 4,230 | 24,869 | ||||||
Poulina Group Holding | 7,600 | 24,718 | ||||||
Soc Tunisienne D’Assur Reass* | 230 | 20,499 | ||||||
Societe Moderne de Ceramique | 11,100 | 19,856 | ||||||
Tunisie Profiles Aluminium | 7,500 | 19,795 | ||||||
|
| |||||||
TOTAL TUNISIA | $ | 197,110 | ||||||
TURKEY – 0.5% | ||||||||
Akbank TAS | 41,103 | 143,463 | ||||||
Akenerji Elektrik Uretim AS* | 1 | — | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 7,963 | 95,222 | ||||||
Arcelik AS | 9,420 | 57,995 | ||||||
BIM Birlesik Magazalar AS | 5,520 | 127,442 | ||||||
Coca-Cola Icecek AS | 2,500 | 58,547 | ||||||
Dogan Sirketler Grubu Holding AS* | 85,907 | 29,293 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 6,600 | 24,974 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 53,700 | 70,191 | ||||||
Enka Insaat ve Sanayi AS | 27,960 | 84,747 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 72,356 | 100,402 | ||||||
Haci Omer Sabanci Holding AS | 24,348 | 102,625 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS* | 82,673 | 59,121 | ||||||
KOC Holding AS | 34,628 | 154,644 | ||||||
Koza Altin Isletmeleri AS | 2,800 | 27,913 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS* | 11,200 | 13,579 | ||||||
Petkim Petrokimya Holding AS* | 16,518 | 23,468 | ||||||
TAV Havalimanlari Holding AS | 9,700 | 77,635 | ||||||
Tekfen Holding AS | 18,500 | 46,698 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 6,100 | 37,266 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 7,536 | 169,525 | ||||||
Turk Hava Yollari | 22,042 | 70,462 | ||||||
Turk Telekomunikasyon AS | 25,727 | 77,124 | ||||||
Turkcell Iletisim Hizmetleri AS* | 26,668 | 155,344 | ||||||
Turkiye Garanti Bankasi AS | 56,023 | 205,090 | ||||||
Turkiye Halk Bankasi AS | 13,054 | 87,169 | ||||||
Turkiye Is Bankasi | 30,292 | 71,299 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 34,937 | 31,603 | ||||||
Turkiye Vakiflar Bankasi Tao | 22,040 | 46,031 | ||||||
Ulker Biskuvi Sanayi AS | 6,181 | 47,128 | ||||||
Yapi ve Kredi Bankasi AS | 28,578 | 59,415 |
ANNUAL REPORT / April 30, 2014
45 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Yazicilar Holding AS | 6,080 | $ | 55,285 | |||||
|
| |||||||
TOTAL TURKEY | $ | 2,410,700 | ||||||
UKRAINE – 0.0%** | ||||||||
Avangardco Investments Public Ltd. GDR* | 3,100 | 27,885 | ||||||
Ferrexpo PLC | 26,750 | 65,759 | ||||||
MHP SA GDR | 4,100 | 48,216 | ||||||
|
| |||||||
TOTAL UKRAINE | $ | 141,860 | ||||||
UNITED ARAB EMIRATES – 0.3% | ||||||||
Aabar Investments PJSC*,†† | 83,600 | — | ||||||
Abu Dhabi Commercial Bank PJSC | 49,070 | 103,806 | ||||||
Abu Dhabi National Hotels | 50,000 | 43,562 | ||||||
Air Arabia PJSC | 146,400 | 52,614 | ||||||
Aldar Properties PJSC | 73,140 | 80,051 | ||||||
Arabtec Holding Co.* | 111,186 | 270,931 | ||||||
DP World Ltd. | 10,600 | 196,100 | ||||||
Dubai Financial Market | 56,800 | 56,136 | ||||||
Emaar Properties PJSC | 71,960 | 213,552 | ||||||
First Gulf Bank PJSC | 23,660 | 111,763 | ||||||
National Bank of Abu Dhabi PJSC | 29,445 | 114,238 | ||||||
Union National Bank PJSC | 37,126 | 72,777 | ||||||
|
| |||||||
TOTAL UNITED ARAB EMIRATES | $ | 1,315,530 | ||||||
UNITED KINGDOM – 14.4% | ||||||||
3i Group PLC | 43,635 | 279,810 | ||||||
Aberdeen Asset Management PLC | 7,766 | 57,273 | ||||||
Admiral Group PLC | 27,674 | 653,209 | ||||||
Aggreko PLC | 1,822 | 48,512 | ||||||
Ahli United Bank BSC | 77,175 | 62,047 | ||||||
Alent PLC | 17,900 | 96,107 | ||||||
AMEC PLC | 28,457 | 593,375 | ||||||
Anglo American PLC | 79,875 | 2,133,488 | ||||||
Antofagasta PLC | 1,765 | 23,453 | ||||||
ARM Holdings PLC | 11,008 | 165,692 | ||||||
Ashtead Group PLC | 46,600 | 688,048 | ||||||
Associated British Foods PLC | 2,442 | 122,496 | ||||||
AstraZeneca PLC | 30,213 | 2,379,169 | ||||||
Aviva PLC | 81,319 | 721,502 | ||||||
Babcock International Group PLC | 46,362 | 934,630 | ||||||
BAE Systems PLC | 90,500 | 611,197 | ||||||
Banco Santander SA - Temp Line*,†† | 5,725 | 56,924 | ||||||
Barclays PLC | 255,478 | 1,087,857 | ||||||
Barclays PLC ADR# | 48,929 | 837,175 | ||||||
Barratt Developments PLC | 1,885 | 11,760 | ||||||
BG Group PLC | 210,187 | 4,251,436 | ||||||
BHP Billiton PLC | 23,337 | 756,124 | ||||||
BP PLC | 211,194 | 1,780,038 |
Description | Number of Shares | Value | ||||||
BP PLC ADR | 56,228 | $ | 2,846,261 | |||||
British American Tobacco PLC | 21,798 | 1,257,577 | ||||||
Britvic PLC* | 66,000 | 807,338 | ||||||
BT Group PLC | 262,983 | 1,636,206 | ||||||
Bunzl PLC | 1,783 | 50,605 | ||||||
Burberry Group PLC | 2,540 | 63,684 | ||||||
Carnival PLC ADR# | 2,155 | 86,006 | ||||||
Centrica PLC | 117,643 | 655,470 | ||||||
Chemring Group PLC | 46,900 | 177,376 | ||||||
CNH Industrial NV | 2,965 | 34,553 | ||||||
Cobham PLC | 6,837 | 35,635 | ||||||
Compass Group PLC | 14,382 | 228,741 | ||||||
Computacenter PLC | 23,040 | 253,242 | ||||||
Croda International PLC | 858 | 37,317 | ||||||
Dairy Crest Group PLC | 13,900 | 108,402 | ||||||
Debenhams PLC | 148,800 | 201,489 | ||||||
Diageo PLC | 128,201 | 3,934,040 | ||||||
Direct Line Insurance Group | 73,100 | 308,924 | ||||||
Evraz PLC* | 15,456 | 25,130 | ||||||
Experian PLC | 24,737 | 474,458 | ||||||
Fresnillo PLC | 17,676 | 254,122 | ||||||
G4S PLC | 8,277 | 32,981 | ||||||
GKN PLC | 108,933 | 706,259 | ||||||
GlaxoSmithKline PLC | 60,298 | 1,661,483 | ||||||
Glencore Xstrata PLC | 454,873 | 2,446,091 | ||||||
Grainger PLC | 29,000 | 104,537 | ||||||
HSBC Holdings PLC (0540528) | 120,677 | 1,230,853 | ||||||
HSBC Holdings PLC (404280406) | 33,408 | 1,714,499 | ||||||
HSBC Holdings PLC (6158163) | 48,400 | 490,995 | ||||||
IMI PLC | 2,116 | 53,590 | ||||||
Imperial Tobacco Group PLC* | 2,627 | 113,413 | ||||||
InterContinental Hotels Group PLC | 1,584 | 53,970 | ||||||
International Consolidated Airlines Group SA* | 4,810 | 32,818 | ||||||
Intertek Group PLC | 1,153 | 56,572 | ||||||
Investec PLC | 3,817 | 33,609 | ||||||
ITV PLC | 21,905 | 67,311 | ||||||
J Sainsbury PLC | 99,935 | 566,424 | ||||||
Johnson Matthey PLC | 1,139 | 62,942 | ||||||
Kingfisher PLC | 52,509 | 370,670 | ||||||
Kuwait Finance House | 27,120 | 80,077 | ||||||
Lloyds Banking Group PLC* | 3,196,328 | 4,066,916 | ||||||
Lloyds Banking Group PLC ADR#,* | 82,972 | 428,965 | ||||||
London Stock Exchange Group PLC | 2,311 | 70,702 | ||||||
Meggitt PLC | 6,123 | 49,281 | ||||||
Melrose Industries PLC | 8,062 | 38,862 | ||||||
Mitie Group PLC | 40,200 | 215,905 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 46
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Mondi PLC | 9,300 | $ | 154,272 | |||||
National Grid PLC | 11,377 | 161,450 | ||||||
National Industries Group Class H | 55,400 | 50,256 | ||||||
Next PLC | 1,639 | 180,426 | ||||||
Old Mutual PLC | 140,824 | 474,819 | ||||||
Pace PLC | 57,500 | 354,060 | ||||||
Pearson PLC | 90,194 | 1,688,815 | ||||||
Petrofac Ltd. | 2,059 | 50,512 | ||||||
Playtech PLC* | 18,000 | 202,708 | ||||||
Plus500 Ltd. | 105,600 | 1,026,082 | ||||||
Premier Foods PLC* | 201,280 | 195,408 | ||||||
Prudential PLC | 42,717 | 979,790 | ||||||
Randgold Resources Ltd. | 3,232 | 260,839 | ||||||
Reckitt Benckiser Group PLC | 27,966 | 2,254,637 | ||||||
Reed Elsevier PLC | 3,692 | 54,356 | ||||||
Resolution Ltd. | 142,233 | 716,352 | ||||||
Rexam PLC* | 4,216 | 35,307 | ||||||
Rio Tinto PLC | 4,800 | 261,322 | ||||||
Rolls Royce Holdings C Shares* | 34,801,408 | 58,758 | ||||||
Rolls-Royce Holdings PLC | 259,712 | 4,604,202 | ||||||
Royal Bank of Scotland Group PLC ADR* | 21,776 | 221,244 | ||||||
Royal Bank of Scotland Group PLC* | 4,992 | 25,184 | ||||||
Royal Dutch Shell PLC | 71,311 | 2,824,046 | ||||||
Royal Dutch Shell PLC ADR | 7,962 | 626,928 | ||||||
Royal Dutch Shell PLC (B03MLX2) | 22,154 | 877,886 | ||||||
Royal Dutch Shell PLC ADR (780259107)# | 23,933 | 2,025,928 | ||||||
Royal Dutch Shell PLC Class B | 47,677 | 2,028,535 | ||||||
SABMiller PLC | 5,890 | 320,267 | ||||||
Sage Group PLC | 11,021 | 79,343 | ||||||
Schroders PLC | 648 | 27,965 | ||||||
Severn Trent PLC | 2,536 | 78,998 | ||||||
Shire PLC | 17,316 | 987,598 | ||||||
Smith & Nephew PLC | 4,929 | 76,522 | ||||||
Smiths Group PLC | 1,864 | 42,015 | ||||||
SSE PLC | 2,269 | 58,422 | ||||||
Standard Chartered PLC | 12,627 | 273,207 | ||||||
Tate & Lyle PLC | 30,682 | 363,141 | ||||||
Telecom Plus PLC | 8,800 | 229,999 | ||||||
Tesco PLC | 111,217 | 550,095 | ||||||
Tullow Oil PLC | 7,765 | 115,371 | ||||||
Unilever PLC | 6,914 | 308,648 | ||||||
Vedanta Resources PLC | 4,126 | 65,902 | ||||||
Vesuvius PLC | 33,100 | 233,044 | ||||||
Vodafone Group PLC | 297,479 | 1,124,813 | ||||||
Vodafone Group PLC ADR | 23,770 | 902,309 | ||||||
Weir Group PLC | 1,346 | 61,132 | ||||||
Whitbread PLC | 1,014 | 69,851 | ||||||
WM Morrison Supermarkets PLC* | 188,245 | 638,522 |
Description | Number of Shares | Value | ||||||
WPP PLC | 47,874 | $ | 1,029,774 | |||||
|
| |||||||
TOTAL UNITED KINGDOM | $ | 76,608,683 | ||||||
UNITED STATES – 0.5% | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 77,704 | 2,670,687 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(COST $410,099,436) | $ | 494,223,192 | ||||||
INVESTMENT COMPANY – 2.4% | ||||||||
DFA International Small Cap Value Portfolio | 597,274 | 12,841,383 | ||||||
|
| |||||||
TOTAL INVESTMENT COMPANY | ||||||||
(COST $10,768,843) | $ | 12,841,383 | ||||||
PREFERRED STOCKS – 0.9% | ||||||||
BRAZIL – 0.8% | ||||||||
AES Tiete SA | 3,080 | 24,256 | ||||||
Alpargatas SA | 10,197 | 50,168 | ||||||
Banco Bradesco SA | 138,212 | 2,051,718 | ||||||
Bradespar SA | 2,600 | 22,691 | ||||||
Braskem SA | 3,300 | 22,481 | ||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar | 823 | 38,973 | ||||||
Cia Energetica de Minas Gerais | 12,676 | 95,450 | ||||||
Cia Energetica de Sao Paulo | 3,500 | 40,906 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | 5,760 | 23,637 | ||||||
Gerdau SA | 10,000 | 60,052 | ||||||
Itau Unibanco Holding SA | 20,390 | 335,330 | ||||||
Itausa - Investimentos Itau SA | 33,224 | 146,023 | ||||||
Klabin SA | 43,000 | 43,969 | ||||||
Lojas Americanas SA | 6,022 | 45,778 | ||||||
Marcopolo SA | 33,800 | 62,150 | ||||||
Metalurgica Gerdau SA | 3,500 | 25,602 | ||||||
Oi SA | 17,000 | 16,316 | ||||||
Petroleo Brasileiro SA | 56,059 | 413,576 | ||||||
Telefonica Brasil SA | 4,910 | 103,320 | ||||||
Usinas Siderurgicas de Minas Gerais SA* | 5,800 | 22,734 | ||||||
Vale SA | 23,741 | 281,943 | ||||||
|
| |||||||
TOTAL BRAZIL | $ | 3,927,073 | ||||||
CHILE – 0.0%** | ||||||||
Embotelladora Andina SA | 10,300 | 41,437 | ||||||
Sociedad Quimica y Minera de Chile SA | 3,740 | 119,248 | ||||||
|
| |||||||
TOTAL CHILE | $ | 160,685 | ||||||
COLOMBIA – 0.0%** | ||||||||
Grupo Argos SA | 2,418 | 26,645 | ||||||
Grupo Aval Acciones y Valores | 84,500 | 57,160 | ||||||
|
| |||||||
TOTAL COLOMBIA | $ | 83,805 | ||||||
CROATIA – 0.0%** | ||||||||
Adris Grupa DD | 579 | 28,018 |
ANNUAL REPORT / April 30, 2014 |
47 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
GERMANY – 0.1% | ||||||||
Bayerische Motoren Werke AG | 1,210 | $ | 119,019 | |||||
Henkel AG & Co. KGaA | 1,401 | 156,019 | ||||||
Porsche Automobil Holding SE | 1,198 | 131,883 | ||||||
Volkswagen AG# | 901 | 242,625 | ||||||
|
| |||||||
TOTAL GERMANY | $ | 649,546 | ||||||
PHILIPPINES – 0.0%** | ||||||||
Ayala Land Voting†† | 178,200 | 400 | ||||||
RUSSIA – 0.0%** | ||||||||
Surgutneftegas OAO ADR | 9,400 | 67,210 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | ||||||||
(COST $4,538,923) | $ | 4,916,737 | ||||||
MONEY MARKET FUND – 2.0% | ||||||||
Dreyfus Cash Management Fund, | ||||||||
Institutional Shares, 0.03%^ | 10,658,757 | 10,658,757 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUND | ||||||||
(COST $10,658,757) | $ | 10,658,757 | ||||||
RIGHTS – 0.0%** | ||||||||
AUSTRALIA – 0.0%** | ||||||||
Transurban Group*,†† | 1,960 | 768 | ||||||
BRAZIL – 0.0%** | ||||||||
Ambev SA* | 60 | 7 | ||||||
Klabin SA*,†† | 260 | 93 | ||||||
|
| |||||||
TOTAL BRAZIL | $ | 100 | ||||||
BULGARIA – 0.0%** | ||||||||
Petrol AD Sofia*,†† | 37,250 | — | ||||||
EGYPT – 0.0%** | ||||||||
Egypt Kuwait Holding Co.-Rts* | 7,684 | 1,306 | ||||||
ROMANIA – 0.0%** | ||||||||
Transelectrica SA, Expire To Be Determined at RON 10.00*,†† | 2,450 | 50 | ||||||
SPAIN – 0.0%** | ||||||||
Banco Santander SA#,* | 36 | 8 | ||||||
TAIWAN – 0.0%** | ||||||||
e. Sun Financial Holding Co. Ltd.*,†† | 3,825 | 412 | ||||||
UNITED KINGDOM – 0.0%** | ||||||||
Babcock International Group* | 1,838 | 12,413 | ||||||
|
| |||||||
TOTAL RIGHTS | ||||||||
(COST $7) | $ | 15,057 | ||||||
CALL WARRANTS – 1.0% | ||||||||
Citigroup Global Markets - | ||||||||
Bank Alfalah Ltd., Expire 1/20/15*,•,W | 129,000 | 35,477 | ||||||
Boubyan Petrochemicals Co., Expire 3/24/16* | 37,700 | 100,587 | ||||||
DG Khan Cement Co. Ltd., Expire 1/17/17*,•,W | 43,500 | 38,773 |
Description | Number of Shares | Value | ||||||
Fauji Fertilizer Co. Ltd., Expire 1/17/17*,•,W | 37,000 | $ | 42,558 | |||||
Hub Power Co Ltd./The, Expire 1/17/17*,•,W | 69,299 | 40,350 | ||||||
Lucky Cement Ltd., Expire 1/20/15*,•,W | 23,200 | 83,652 | ||||||
MCB Bank Ltd., Expire 1/20/15*,•,W | 46,530 | 133,317 | ||||||
Mebanee, Expire 7/27/2014* | 19,800 | 83,116 | ||||||
Mobile Telecommunications Co., Expire 3/24/16* | 73,500 | 169,957 | ||||||
National Bank of Pakistan, Expire 1/20/15*,•,W | 55,000 | 31,924 | ||||||
Nishat Mills Ltd., Expire 1/17/17*,•,W | 18,900 | 22,124 | ||||||
Oil & Gas Development Co. Ltd., Expire 1/20/15*,•,W | 43,200 | 110,459 | ||||||
OTC Pharm, Expire 5/23/14*,†† | 3,313 | 6,175 | ||||||
Pakistan State Oil Co. Ltd., Expire 1/17/17*,•,W | 13,090 | 53,832 | ||||||
Pakistan Telecommunication Co. Ltd., Expire 1/20/15*,•,W | 91,800 | 26,428 | ||||||
Peugeot SA, Expire 4/29/17* | 11,715 | 22,413 | ||||||
SUI Southern Gas Co. Ltd., Expire 1/20/15*,•,W | 91,500 | 28,206 | ||||||
Sun Hung Kai Properties Ltd., Expire 5/22/16* | 2,166 | 1,458 | ||||||
JPMorgan Chase Bank NA - | ||||||||
FPT Corp., Expire 1/13/15*,•,W | 24,950 | 80,589 | ||||||
HAGL JSC, Expire 3/03/15* | 59,408 | 73,072 | ||||||
Hoa Phat Group JSC, Expire 3/03/15* | 26,225 | 61,366 | ||||||
Masan Group Corp., Expire 7/07/16* | 27,330 | 123,532 | ||||||
PetroVietnam Drilling & Well Services JSC, Expire 12/15/14*,•,W | 14,520 | 58,225 | ||||||
PetroVietnam Fertilizer & Chemicals JSC, Expire 12/09/14*,•,W | 24,830 | 40,473 | ||||||
Pha Lai Thermal Power JSC, Expire 1/13/15*,•,W | 38,600 | 37,828 | ||||||
Saudi Pharmaceutical Industries Ltd., Expire 9/24/15* | 1,988 | 25,973 | ||||||
Vietnam Joint Stock Commercial Bank for Industry and Trade, Expire 10/27/16* | 80,698 | 59,717 | ||||||
Vingroup JSC, Expire 12/16/14*,•,W | 31,800 | 97,308 | ||||||
Merrill Lynch International & Co. - | ||||||||
ABB India Ltd., Expire 6/05/17* | 2,560 | 35,855 | ||||||
Adani Ports and Special Economic Zone, Expire 12/17/14* | 21,000 | 65,799 | ||||||
Aditya Birla Nuvo Ltd., Expire 6/11/15*,•,W | 1,600 | 29,193 | ||||||
Ambuja Cements Ltd., Expire 6/11/15*,•,W | 17,000 | 55,692 | ||||||
Axis Bank Ltd., Expire 3/16/15*,•,W | 2,560 | 64,353 | ||||||
Bharat Heavy Electricals Ltd., Expire 8/17/15* | 16,020 | 47,993 | ||||||
Bharti Airtel Ltd., Expire 2/08/16* | 31,700 | 172,144 | ||||||
Cairn India Ltd., Expire 11/14/16* | 8,870 | 49,194 | ||||||
Cipla Ltd., Expire 9/09/15* | 11,100 | 72,888 |
April 30, 2014 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS 48
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Coal India Ltd., Expire 11/02/15* | 14,980 | $ | 71,305 | |||||
Colgate-Palmolive India Ltd., Expire 8/10/17* | 2,500 | 59,265 | ||||||
Container Corp. of India, Expire 2/02/15*,•,W | 3,750 | 59,512 | ||||||
DLF Ltd., Expire 2/01/16* | 11,800 | 27,212 | ||||||
Dr. Reddy’s Laboratories Ltd., Expire 12/17/15* | 1,400 | 62,588 | ||||||
Essar Oil Ltd., Expire 3/27/17* | 23,290 | 22,356 | ||||||
Grasim Industries Ltd., Expire 4/18/16* | 300 | 13,046 | ||||||
HCL Technologies Ltd., Expire 8/17/15* | 3,500 | 81,032 | ||||||
HDFC Bank Ltd., Expire 5/26/15*,•,W | 15,430 | 184,919 | ||||||
Hero Motocorp Ltd., Expire 4/18/16* | 2,200 | 80,124 | ||||||
Hindustan Unilever Ltd., Expire 12/14/15* | 9,900 | 93,414 | ||||||
Housing Development Finance Corp., Expire 8/19/15* | 20,500 | 305,268 | ||||||
Idea Cellular Ltd., Expire 2/14/17* | 24,300 | 54,182 | ||||||
IDFC Ltd., Expire 7/29/15* | 32,000 | 59,190 | ||||||
Indian Oil Corp. Ltd., Expire 7/29/16* | 9,400 | 40,985 | ||||||
ITC Ltd., Expire 8/04/15* | 23,500 | 132,397 | ||||||
Jaiprakash Associates Ltd., Expire 6/15/15*,•,W | 50,500 | 45,187 | ||||||
Jindal Steel & Power Ltd., Expire 10/8/15* | 9,510 | 40,202 | ||||||
Kotak Mahindra Bank Ltd., Expire 3/27/17* | 7,400 | 98,308 | ||||||
Larsen & Toubro Ltd., Expire 6/10/14* | 3,535 | 75,810 | ||||||
Mahindra & Mahindra Ltd., Expire 12/10/15* | 4,400 | 78,157 | ||||||
Maruti Suzuki India Ltd., Expire 11/30/15* | 1,000 | 31,839 | ||||||
Nestle India Ltd., Expire 9/17/15* | 570 | 44,831 | ||||||
NTPC Ltd., Expire 10/06/14*,•,W | 54,303 | 104,180 | ||||||
Oil & Natural Gas Corp. Ltd., Expire 2/28/16* | 28,400 | 153,295 | ||||||
Piramal Enterprises Ltd., Expire 1/19/18* | 4,505 | 40,437 | ||||||
Power Grid Corp. of India Ltd., Expire 3/27/17* | 36,900 | 64,664 | ||||||
Ranbaxy Laboratories Ltd., Expire 10/26/15* | 5,000 | 39,136 | ||||||
Reliance Capital Ltd., Expire 8/30/16* | 7,700 | 45,144 | ||||||
Reliance Communications Ltd., Expire 12/28/15* | 16,729 | 33,973 | ||||||
Reliance Infrastructure Ltd., Expire 2/11/16* | 4,900 | 41,254 | ||||||
Reliance Power Ltd., Expire 3/27/17* | 23,200 | 26,244 | ||||||
Sesa Goa Ltd., Expire 12/04/14* | 17,500 | 53,739 | ||||||
Steel Authority, Expire 5/30/18* | 32,680 | 36,602 | ||||||
Sun Pharmaceutical Industries Ltd., Expire 2/02/15*,•,W | 12,000 | 125,782 | ||||||
Suzlon Energy Ltd., Expire 8/15/15* | 163,300 | 35,273 | ||||||
Tata Consultancy Services Ltd., Expire 8/06/14* | 5,840 | 211,685 | ||||||
Tata Power Co. Ltd., Expire 9/17/15* | 33,500 | 43,295 | ||||||
Tata Steel Ltd., Expire 12/23/14*,•,W | 4,750 | 31,526 | ||||||
Ultratech Cement Ltd., Expire 6/10/14* | 1,871 | 63,021 |
Description | Number of Shares | Value | ||||||
United Spirits Ltd., Expire 1/13/16* | 1,200 | $ | 54,921 | |||||
|
| |||||||
TOTAL CALL WARRANTS | ||||||||
(COST $4,973,387) | $ | 5,247,300 | ||||||
CERTIFICATES – 0.3% | ||||||||
Citigroup Global Markets - | ||||||||
Al-Qurain Petrochemicals Co., Expire 3/24/16* | 40,000 | 35,575 | ||||||
Boubyan Bank K.S.C., Expire 3/24/16* | 16,371 | 32,031 | ||||||
Burgan Banking, Expire 3/30/16* | 15,943 | 31,194 | ||||||
Commercial Bank of Kuwait, Expire 3/17/17* | 19,200 | 50,544 | ||||||
Gulf Bank, Expire 3/24/16* | 42,000 | 56,777 | ||||||
Gulf Cable & Electrical Ind., Expire 3/24/16* | 12,500 | 34,241 | ||||||
Kuwait Food Co., Expire 3/24/16* | 9,600 | 94,941 | ||||||
Kuwait Real Estate Co., Expire 3/24/16* | 120,000 | 40,128 | ||||||
National Bank of Kuwait, Expire 3/24/16* | 70,455 | 245,628 | ||||||
HSBC Bank PLC - | ||||||||
Agility Public Warehousing K.S.C., Expire 10/17/16* | 19,000 | 54,073 | ||||||
Al Rajhi Bank, Expire 2/16/15* | 3,575 | 61,483 | ||||||
Alinma Bank, Expire 2/23/15* | 4,730 | 23,206 | ||||||
Almarai Co. Ltd., Expire 11/24/14* | 2,070 | 37,945 | ||||||
Arab National Bank, Expire 5/11/15* | 4,380 | 32,467 | ||||||
Etihad Etisalat Co., Expire 12/05/14* | 2,000 | 51,061 | ||||||
Jarir Marketing Co., Expire 5/4/15* | 495 | 26,661 | ||||||
National Industrialization Co., Expire 5/04/15* | 5,332 | 44,783 | ||||||
Samba Financial, Expire 2/10/15* | 2,333 | 25,193 | ||||||
Saudi Arabian Fertilizer Co., Expire 5/11/2015* | 826 | 35,624 | ||||||
Saudi Basic Industries Corp., Expire 2/23/2015* | 1,830 | 55,625 | ||||||
Saudi Cement Co., Expire 8/10/15* | 960 | 27,645 | ||||||
Saudi Electricity Co., Expire 3/27/2015* | 5,670 | 22,148 | ||||||
Saudi Industrial Investment Group, Expire 3/27/2015* | 3,310 | 31,507 | ||||||
Saudi Kayan Petrochemical Co., Expire 3/27/2015* | 5,500 | 23,830 | ||||||
Saudi Telecom Co., Expire 5/11/15* | 2,200 | 38,569 | ||||||
Savola, Expire 2/02/15* | 3,150 | 59,003 | ||||||
Sultan Center Food Production, Expire 7/27/15* | 100,000 | 34,863 | ||||||
|
| |||||||
TOTAL CERTIFICATES | ||||||||
(COST $1,140,796) | $ | 1,306,745 | ||||||
REAL ESTATE INVESTMENT TRUSTS – 0.6% | ||||||||
AUSTRALIA – 0.1% | ||||||||
CFS Retail Property Trust Group | 9,654 | 18,027 | ||||||
Federation Centres Ltd. | 15,794 | 36,535 | ||||||
Shopping Centres Australasia Property Group | 2,111 | 3,403 |
ANNUAL REPORT / April 30, 2014 |
49 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Description | Number of Shares | Value | ||||||
Stockland | 25,350 | $ | 91,610 | |||||
Westfield Group | 4,442 | 45,186 | ||||||
Westfield Retail Trust | 10,178 | 30,163 | ||||||
|
| |||||||
TOTAL AUSTRALIA | $ | 224,924 | ||||||
CANADA – 0.0%** | ||||||||
H&R Real Estate Investment Trust | 1,200 | 25,269 | ||||||
FRANCE – 0.5% | ||||||||
Unibail-Rodamco SE# | 9,988 | 2,694,460 | ||||||
HONG KONG – 0.0%** | ||||||||
Link REIT | 17,500 | 87,015 | ||||||
NETHERLANDS – 0.0%** | ||||||||
Corio NV# | 1,053 | 49,283 | ||||||
NIGERIA – 0.0%** | ||||||||
Afriland Properties PLC*,†† | 24,606 | — | ||||||
SINGAPORE – 0.0%** | ||||||||
Keppel REIT | 3,696 | 3,567 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | ||||||||
(COST $2,515,272) | $ | 3,084,518 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES – 99.9% | ||||||||
(COST $444,695,421) | $ | 532,293,689 | ||||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 7.0% | ||||||||
REPURCHASE AGREEMENTS – 7.0% |
| |||||||
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $8,829,019, collateralized by U.S. Government & Treasury Securities 0.13% to 9.00%, maturing 05/01/14 to 05/01/44; total market value of $9,005,585. | $ | 8,829,004 | $ | 8,829,004 | ||||
Daiwa Capital Markets America, 0.07%, dated 04/30/14, due 05/01/14, repurchase price $8,829,021, collateralized by U.S. Government & Treasury Securities 1.32% to 6.50%, maturing 06/01/17 to 03/01/48; total market value of $9,005,584. | 8,829,004 | 8,829,004 | ||||||
HSBC Securities USA, Inc., 0.04%, dated 04/30/14, due 05/01/14, repurchase price $8,829,014, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 05/06/14 to 07/15/32; total market value of $9,005,682. | 8,829,004 | 8,829,004 |
Description | Par Value | Value | ||||||
Nomura Securities International, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $1,858,695, collateralized by U.S. Treasury Securities 0.13% to 6.13%, maturing 07/15/14 to 02/15/44; total market value of $1,895,866. | $ | 1,858,692 | $ | 1,858,692 | ||||
RBS Securities, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $8,829,019, collateralized by U.S. Government Securities 0.25% to 6.75%, maturing 07/15/14 to 07/15/32; total market value of $9,005,614. | 8,829,004 | 8,829,004 | ||||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN | ||||||||
(COST $37,174,708) | $ | 37,174,708 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 106.9% | ||||||||
(COST $481,870,129) | $ | 569,468,397 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (7.0%) |
| (37,174,708 | ) | |||||
OTHER ASSETS LESS LIABILITIES – 0.1% | 686,904 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 532,980,593 | ||||||
|
|
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 50
Wilmington Multi-Manager International Fund (continued)
Cost of investments for Federal income tax purposes is $490,221,276. The net unrealized appreciation/(depreciation) of investments was $79,247,121. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $107,625,511 and net unrealized depreciation from investments for those securities having an excess of cost over value of $28,378,390.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 493,542,635 | $ | 680,557 | $ | — | $ | 494,223,192 | ||||||||
Investment Company | 12,841,383 | — | — | 12,841,383 | ||||||||||||
Preferred Stocks | 4,916,337 | 400 | — | 4,916,737 | ||||||||||||
Money Market Fund | 10,658,757 | — | — | 10,658,757 | ||||||||||||
Rights | 13,827 | 1,230 | — | 15,057 | ||||||||||||
Call Warrants | 5,241,125 | 6,175 | — | 5,247,300 | ||||||||||||
Certificates | 1,306,745 | — | — | 1,306,745 | ||||||||||||
Real Estate Investment Trusts | 3,084,518 | — | — | 3,084,518 | ||||||||||||
Repurchase Agreements | — | 37,174,708 | — | 37,174,708 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 531,605,327 | 37,863,070 | — | 569,468,397 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments^ | ||||||||||||||||
Forward Foreign Currency Contracts | — | 6,838 | — | 6,838 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 531,605,327 | $ | 37,869,908 | $ | — | $ | 569,475,235 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments^ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (4,887 | ) | $ | — | $ | (4,887 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | (4,887 | ) | $ | — | $ | (4,887 | ) | ||||||
|
|
|
|
|
|
|
|
^ | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Portfolio of Investments such as forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
ANNUAL REPORT / April 30, 2014
51 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
At April 30, 2014, the Wilmington Multi-Manager International Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:
Settlement Date | Counterparty | Contracts to Deliver/Receive | Contract Amount | Contracts at Value | Unrealized Appreciation (Depreciation) | |||||||||||||
CONTRACTS PURCHASED | ||||||||||||||||||
5/1/2014 | Bank of New York | 6,143,900 Japanese Yen | $ | 60,241 | $ | 60,096 | $ (145) | |||||||||||
5/1/2014 | Bank of New York | 2,404,675 Japanese Yen | 23,567 | 23,521 | (46) | |||||||||||||
5/1/2014 | Bank of New York | 921,670 Australian Dollar | 855,528 | 856,228 | 700 | |||||||||||||
5/1/2014 | Bank of New York | 14,411 Australian Dollar | 13,377 | 13,388 | 11 | |||||||||||||
5/1/2014 | Bank of New York | 10,959 Pound Sterling | 18,420 | 18,503 | 83 | |||||||||||||
5/2/2014 | Bank of New York | 14,800,852 Japanese Yen | 144,725 | 144,773 | 48 | |||||||||||||
5/2/2014 | Bank of New York | 3,638,010 Japanese Yen | 35,573 | 35,585 | 12 | |||||||||||||
5/2/2014 | Bank of New York | 1,932,360 Japanese Yen | 18,895 | 18,901 | 6 | |||||||||||||
5/2/2014 | Bank of New York | 1,910,945 Japanese Yen | 18,685 | 18,692 | 7 | |||||||||||||
5/2/2014 | Bank of New York | 1,526,906 Japanese Yen | 14,930 | 14,935 | 5 | |||||||||||||
5/2/2014 | Bank of New York | 1,429,837 Swedish Krona | 219,210 | 219,900 | 690 | |||||||||||||
5/2/2014 | Bank of New York | 774,435 Swedish Krona | 118,730 | 119,103 | 373 | |||||||||||||
5/2/2014 | Bank of New York | 93,144 Australian Dollar | 86,432 | 86,531 | 99 | |||||||||||||
5/2/2014 | Bank of New York | 72,500 Swiss Franc | 82,409 | 82,377 | (32) | |||||||||||||
5/2/2014 | Bank of New York | 24,878 Pound Sterling | 41,811 | 42,003 | 192 | |||||||||||||
5/2/2014 | Bank of New York | 16,769 Australian Dollar | 15,560 | 15,578 | 18 | |||||||||||||
5/5/2014 | Bank of New York | 2,125,840 Swedish Krona | 325,299 | 326,911 | 1,612 | |||||||||||||
5/5/2014 | Bank of New York | 1,566,585 Swedish Krona | 239,721 | 240,909 | 1,188 | |||||||||||||
5/5/2014 | Bank of New York | 462,526 Swedish Krona | 70,776 | 71,127 | 351 | |||||||||||||
5/5/2014 | Bank of New York | 422,547 Norwegian Krone | 70,596 | 71,070 | 474 | |||||||||||||
5/5/2014 | Bank of New York | 56,323 Swedish Krona | 8,619 | 8,661 | 42 | |||||||||||||
5/5/2014 | Bank of New York | 34,157 Euro | 47,174 | 47,387 | 213 | |||||||||||||
5/5/2014 | Bank of New York | 28,517 Swiss Franc | 32,427 | 32,403 | (24) | |||||||||||||
5/5/2014 | Bank of New York | 27,383 Euro | 37,818 | 37,989 | 171 | |||||||||||||
5/5/2014 | Bank of New York | 22,337 Swiss Franc | 25,400 | 25,380 | (20) | |||||||||||||
5/5/2014 | Bank of New York | 14,711 Australian Dollar | 13,674 | 13,661 | (13) | |||||||||||||
5/6/2014 | Bank of New York | 900,145 Swedish Krona | 138,468 | 138,422 | (46) | |||||||||||||
5/6/2014 | Bank of New York | 486,395 Norwegian Krone | 81,889 | 81,805 | (84) | |||||||||||||
5/6/2014 | Bank of New York | 351,448 Swedish Krona | 54,063 | 54,045 | (18) | |||||||||||||
5/6/2014 | Bank of New York | 88,556 Swedish Krona | 13,622 | 13,618 | (4) | |||||||||||||
5/6/2014 | Bank of New York | 71,657 Swedish Krona | 11,023 | 11,019 | (4) | |||||||||||||
5/6/2014 | Bank of New York | 47,192 Euro | 65,275 | 65,470 | 195 | |||||||||||||
5/6/2014 | Bank of New York | 33,570 Euro | 46,433 | 46,572 | 139 | |||||||||||||
5/6/2014 | Bank of New York | 30,934 Pound Sterling | 52,035 | 52,225 | 190 | |||||||||||||
5/6/2014 | Bank of New York | 11,626 Swiss Franc | 13,221 | 13,211 | (10) | |||||||||||||
5/7/2014 | Bank of New York | 29,391,639 Japanese Yen | 287,910 | 287,504 | (406) | |||||||||||||
5/7/2014 | Bank of New York | 26,504,538 Japanese Yen | 259,629 | 259,263 | (366) | |||||||||||||
5/7/2014 | Bank of New York | 22,935,780 Japanese Yen | 224,671 | 224,354 | (317) | |||||||||||||
5/7/2014 | Bank of New York | 10,774,832 Japanese Yen | 105,546 | 105,397 | (149) | |||||||||||||
5/7/2014 | Bank of New York | 7,308,822 Japanese Yen | 71,595 | 71,494 | (101) | |||||||||||||
5/7/2014 | Bank of New York | 3,942,155 Japanese Yen | 38,616 | 38,561 | (55) | |||||||||||||
5/7/2014 | Bank of New York | 3,437,767 Japanese Yen | 33,675 | 33,628 | (47) | |||||||||||||
5/7/2014 | Bank of New York | 2,920,732 Japanese Yen | 28,610 | 28,570 | (40) | |||||||||||||
5/7/2014 | Bank of New York | 1,527,452 Japanese Yen | 14,962 | 14,941 | (21) | |||||||||||||
CONTRACTS SOLD | ||||||||||||||||||
5/2/2014 | Bank of New York | 7,518,388 Japanese Yen | 73,516 | 73,540 | (24) |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 52
Wilmington Multi-Manager International Fund (continued)
Settlement Date | Counterparty | Contracts to Deliver/Receive | Contract Amount | Contracts at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
CONTRACTS SOLD (continued) | ||||||||||||||||||||
5/2/2014 | Bank of New York | 4,085,815 Japanese Yen | $ | 39,952 | $ | 39,965 | $ (13) | |||||||||||||
5/2/2014 | Bank of New York | 754,011 Hong Kong Dollar | 97,247 | 97,255 | (8) | |||||||||||||||
5/2/2014 | Bank of New York | 339,741 Hong Kong Dollar | 43,817 | 43,821 | (4) | |||||||||||||||
5/2/2014 | Bank of New York | 249,032 Hong Kong Dollar | 32,118 | 32,121 | (3) | |||||||||||||||
5/2/2014 | Bank of New York | 201,309 Hong Kong Dollar | 25,963 | 25,965 | (2) | |||||||||||||||
5/2/2014 | Bank of New York | 182,719 Hong Kong Dollar | 23,566 | 23,568 | (2) | |||||||||||||||
5/2/2014 | Bank of New York | 78,951 Euro | 109,285 | 109,533 | (248) | |||||||||||||||
5/2/2014 | Bank of New York | 76,070 Malaysian Ringgit | 23,269 | 23,295 | (26) | |||||||||||||||
5/2/2014 | Bank of New York | 66,582 Euro | 92,163 | 92,372 | (209) | |||||||||||||||
5/2/2014 | Bank of New York | 60,354 Hong Kong Dollar | 7,784 | 7,785 | (1) | |||||||||||||||
5/2/2014 | Bank of New York | 55,298 Euro | 76,544 | 76,718 | (174) | |||||||||||||||
5/2/2014 | Bank of New York | 19,250 Euro | 26,646 | 26,707 | (61) | |||||||||||||||
5/2/2014 | Bank of New York | 15,964 Pound Sterling | 26,831 | 26,954 | (123) | |||||||||||||||
5/2/2014 | Bank of New York | 11,494 Australian Dollar | 10,622 | 10,678 | (56) | |||||||||||||||
5/2/2014 | Bank of New York | 4,525 Pound Sterling | 7,605 | 7,640 | (35) | |||||||||||||||
5/5/2014 | Bank of New York | 1,044,232 Hong Kong Dollar | 134,684 | 134,690 | (6) | |||||||||||||||
5/5/2014 | Bank of New York | 494,114 Hong Kong Dollar | 63,730 | 63,733 | (3) | |||||||||||||||
5/5/2014 | Bank of New York | 378,430 Hong Kong Dollar | 48,810 | 48,812 | (2) | |||||||||||||||
5/5/2014 | Bank of New York | 313,778 Swedish Krona | 48,015 | 48,253 | (238) | |||||||||||||||
5/5/2014 | Bank of New York | 242,084 Hong Kong Dollar | 31,224 | 31,225 | (1) | |||||||||||||||
5/5/2014 | Bank of New York | 233,130 Hong Kong Dollar | 30,069 | 30,070 | (1) | |||||||||||||||
5/5/2014 | Bank of New York | 161,735 Norwegian Krone | 27,021 | 27,203 | (182) | |||||||||||||||
5/5/2014 | Bank of New York | 147,803 Hong Kong Dollar | 19,063 | 19,064 | (1) | |||||||||||||||
5/5/2014 | Bank of New York | 84,543 Malaysian Ringgit | 25,878 | 25,880 | (2) | |||||||||||||||
5/5/2014 | Bank of New York | 77,751 Hong Kong Dollar | 10,028 | 10,028 | — | |||||||||||||||
5/5/2014 | Bank of New York | 64,002 Euro | 88,393 | 88,792 | (399) | |||||||||||||||
5/5/2014 | Bank of New York | 35,695 Swiss Franc | 40,357 | 40,559 | (202) | |||||||||||||||
5/5/2014 | Bank of New York | 28,950 Euro | 40,043 | 40,163 | (120) | |||||||||||||||
5/5/2014 | Bank of New York | 25,072 Hong Kong Dollar | 3,234 | 3,234 | — | |||||||||||||||
5/5/2014 | Bank of New York | 14,356 Euro | 19,828 | 19,917 | (89) | |||||||||||||||
5/5/2014 | Bank of New York | 9,691 Euro | 13,380 | 13,444 | (64) | |||||||||||||||
5/5/2014 | Bank of New York | 8,393 Euro | 11,587 | 11,643 | (56) | |||||||||||||||
5/6/2014 | Bank of New York | 113,238 Norwegian Krone | 19,064 | 19,045 | 19 | |||||||||||||||
5/6/2014 | Bank of New York | 45,147 Euro | 62,447 | 62,633 | (186) | |||||||||||||||
5/6/2014 | Bank of New York | 28,609 Euro | 39,572 | 39,690 | (118) | |||||||||||||||
5/6/2014 | Bank of New York | 24,427 Pound Sterling | 41,089 | 41,240 | (151) | |||||||||||||||
5/6/2014 | Bank of New York | 20,845 Pound Sterling | 35,065 | 35,194 | (129) | |||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS | $1,951 |
At April 30, 2014, the Wilmington Multi-Manager International Fund had the following outstanding foreign exchange contracts:
Settlement Date | Counterparty | Contracts to Deliver/Receive | In Exchange For | Contracts at Value | Unrealized Appreciation (Depreciation) | |||||||||||||
CONTRACTS PURCHASED | ||||||||||||||||||
5/1/2014 | Bank of New York | 73,188 Canadian Dollar | $66,818 | $66,774 | $(44) | |||||||||||||
5/1/2014 | Bank of New York | 40,075 Canadian Dollar | 36,587 | 36,563 | (24) | |||||||||||||
5/1/2014 | Bank of New York | 32,144 Canadian Dollar | 29,347 | 29,327 | (20) | |||||||||||||
5/1/2014 | Bank of New York | 13,504 Canadian Dollar | 12,329 | 12,321 | (8) |
ANNUAL REPORT / April 30, 2014
53 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (concluded)
Settlement Date | Counterparty | Contracts to Deliver/Receive | In Exchange For | Contracts at Value | Unrealized Appreciation (Depreciation) | |||||||||||||
CONTRACTS PURCHASED (continued) | ||||||||||||||||||
5/2/2014 | Bank of New York | 109,911 Canadian Dollar | $100,135 | $100,279 | $ 144 | |||||||||||||
5/2/2014 | Bank of New York | 41,941 Canadian Dollar | 38,211 | 38,266 | 55 | |||||||||||||
5/2/2014 | Bank of New York | 12,973 Canadian Dollar | 11,819 | 11,836 | 17 | |||||||||||||
5/2/2014 | Bank of New York | 6,996 Canadian Dollar | 6,374 | 6,383 | 9 | |||||||||||||
CONTRACTS SOLD | ||||||||||||||||||
5/1/2014 | Bank of New York | 7,181 Pound Sterling | 12,080 | 12,125 | (45) | |||||||||||||
5/2/2014 | Warburg, Dillion, Read Corp. | 374,354 Hong Kong Dollar | 48,283 | 48,285 | (2) | |||||||||||||
5/2/2014 | Bank of New York | 210,989 Canadian Dollar | 192,223 | 192,499 | (276) | |||||||||||||
5/2/2014 | Bank of New York | 132,732 Canadian Dollar | 120,927 | 121,101 | (174) | |||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FOREIGN EXCHANGE CONTRACTS | $(368) |
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
54 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Multi-Manager Alternatives Fund†
At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):
Percentage of Total Net Assets |
Common Stocks | 40.6% | |||
Corporate Bonds | 18.6% | |||
Investment Companies | 10.9% | |||
U.S. Government Obligations | 16.1% | |||
Purchased Options | 0.2% | |||
Cash Equivalents1 | 18.5% | |||
Securities Sold Short | (16.8)% | |||
Written Options | (0.8)% | |||
Other Assets and Liabilities – Net2 | 12.7% | |||
| ||||
TOTAL | 100.0% | |||
|
(1) | Cash Equivalents include investment in a money market fund. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description
| Number of
| Value
| ||||||
COMMON STOCKS – 40.6% | ||||||||
AUTOMOBILES – 1.4% |
| |||||||
Bayerische Motoren Werke AGÖ | 23,091 | $ | 2,888,938 | |||||
BEVERAGES – 1.5% |
| |||||||
Beam, Inc. | 38,660 | 3,226,950 | ||||||
CAPITAL MARKETS – 0.5% |
| |||||||
BGC Partners, Inc. | 138,766 | 994,952 | ||||||
COMMERCIAL BANKS – 1.4% |
| |||||||
Aozora Bank Ltd. | 630,000 | 1,873,331 | ||||||
Commerzbank AG* | 63,000 | 1,119,194 | ||||||
|
| |||||||
TOTAL COMMERCIAL BANKS | $ | 2,992,525 | ||||||
COMMUNICATIONS EQUIPMENT – 0.8% |
| |||||||
Finisar Corp.*,Ö | 65,240 | 1,706,026 | ||||||
COMPUTERS & PERIPHERALS – 2.0% |
| |||||||
Nokia OYJ ADR* | 555,000 | 4,162,500 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.3% |
| |||||||
Ziggo NV | 63,800 | 2,768,679 | ||||||
ENERGY EQUIPMENT & SERVICES – 1.3% |
| |||||||
Dresser-Rand Group, Inc.*,Ö | 47,215 | 2,853,675 |
Description
| Number of
| Value
| ||||||
FOOD PRODUCTS – 1.4% |
| |||||||
Danone SAÖ | 39,724 | $ | 2,929,700 | |||||
HEALTH CARE PROVIDERS & SERVICES – 0.2% |
| |||||||
Accretive Health, Inc.* | 57,500 | 462,875 | ||||||
HOTELS, RESTAURANTS & |
| |||||||
Thomas Cook Group PLC* | 882,459 | 2,602,918 | ||||||
IT SERVICES – 1.6% |
| |||||||
InterXion Holding NV*,Ö | 127,119 | 3,286,026 | ||||||
MEDIA – 10.4% |
| |||||||
Atresmedia Corp. de Medios de Comunicacion SAÖ | 180,895 | 2,592,460 | ||||||
Cablevision Systems Corp.Ö | 176,678 | 2,950,523 | ||||||
Perform Group PLC*,Ö | 755,777 | 2,749,881 | ||||||
Promotora de Informaciones* | 5,528,069 | 3,075,410 | ||||||
Schibsted ASA GroupÖ | 50,026 | 2,873,152 | ||||||
Societe Television Francaise 1 | 102,170 | 1,736,380 | ||||||
Time Warner Cable, Inc. | 23,000 | 3,253,580 | ||||||
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SAÖ | 399,053 | 2,878,297 | ||||||
|
| |||||||
TOTAL MEDIA | $ | 22,109,683 | ||||||
METALS & MINING – 1.4% |
| |||||||
Barrick Gold Corp. | 33,125 | 578,693 |
ANNUAL REPORT / April 30, 2014
55 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager Alternatives Fund† (continued)
Description | Number of Shares | Value | ||||||
Newmont Mining Corp. | 92,500 | $ | 2,296,775 | |||||
|
| |||||||
TOTAL METALS & MINING | $ | 2,875,468 | ||||||
MULTI-UTILITIES – 0.8% |
| |||||||
Veolia Environnement SA | 89,219 | 1,663,573 | ||||||
OIL, GAS & CONSUMABLE |
| |||||||
Africa Oil Corp.* | 211,310 | 1,611,912 | ||||||
John Wood Group PLC | 131,469 | 1,739,143 | ||||||
Lundin Petroleum AB*,Ö | 154,016 | 3,290,090 | ||||||
|
| |||||||
TOTAL OIL, GAS & CONSUMABLE FUELS | $ | 6,641,145 | ||||||
PERSONAL PRODUCTS – 0.2% |
| |||||||
Avon Products, Inc. | 30,000 | 458,400 | ||||||
PHARMACEUTICALS – 3.5% |
| |||||||
Allergan, Inc. | 34,800 | 5,771,232 | ||||||
GlaxoSmithKline PLCÖ | 62,990 | 1,735,660 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS |
| $ | 7,506,892 | |||||
SEMICONDUCTORS & SEMICONDUCTOR |
| |||||||
Applied Micro Circuits Corp.* | 102,121 | 991,595 | ||||||
NVIDIA Corp. | 170,000 | 3,139,900 | ||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
| $ | 4,131,495 | |||||
THRIFTS & MORTGAGE |
| |||||||
Aareal Bank AG* | 24,239 | 1,098,792 | ||||||
WIRELESS TELECOMMUNICATION |
| |||||||
T-Mobile US, Inc.* | 196,600 | 5,758,414 | ||||||
Vodafone Group PLC ADR | 76,300 | 2,896,348 | ||||||
|
| |||||||
TOTAL WIRELESS TELECOMMUNICATION SERVICES |
| $ | 8,654,762 | |||||
|
| |||||||
TOTAL COMMON STOCKS (COST $85,301,950) | $ | 86,015,974 | ||||||
INVESTMENT COMPANIES – 10.9% | ||||||||
ALTERNATIVE INVESTMENT |
| |||||||
Arbitrage Fund, Class I | 612,670 | 7,860,555 | ||||||
EQUITY FUNDS – 7.2% |
| |||||||
Professionally Managed Portfolios - The Osterweis Strategic Income Fund, Class I | 1,264,349 | 15,197,472 | ||||||
|
| |||||||
TOTAL INVESTMENT COMPANIES (COST $22,868,541) | $ | 23,058,027 | ||||||
Par Value | ||||||||
CORPORATE BONDS – 18.6% | ||||||||
AEROSPACE & DEFENSE – 1.0% |
| |||||||
TransDigm, Inc., Company Guaranteed, 7.75%, 12/15/18 | $ | 2,000,000 | $ | 2,142,500 | ||||
BEVERAGES – 0.9% |
| |||||||
Beverages & More, Inc., | 1,850,000 | 1,910,125 |
Description | Par Value | Value | ||||||
DIVERSIFIED FINANCIAL |
| |||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp., | $ | 1,250,000 | $ | 1,259,375 | ||||
ENVIORNMENTAL CONTROL – 1.3% |
| |||||||
ADS Waste Holdings, Inc., Company Guaranteed, 8.25%, 10/01/20 | 2,525,000 | 2,755,406 | ||||||
FOOD – 0.5% |
| |||||||
Michael Foods Holding, Inc., Sr. Unsecured, 8.50%, 7/15/18•,W | 1,000,000 | 1,043,750 | ||||||
HEALTH CARE PROVIDERS & |
| |||||||
Tenet Healthcare Corp., Sr. Unsecured, 8.13%, 4/01/22 | 2,000,000 | 2,230,000 | ||||||
LODGING – 1.0% |
| |||||||
Marina District Finance Co., Inc., | 2,000,000 | 2,130,000 | ||||||
MACHINERY – 1.5% |
| |||||||
BlueLine Rental Finance Corp., Secured, 7.00%, 2/01/19•,W | 2,650,000 | 2,848,750 | ||||||
Vander Intermediate Holding II Corp., | 285,000 | 300,675 | ||||||
|
| |||||||
TOTAL MACHINERY | $ | 3,149,425 | ||||||
OFFICE/BUSINESS EQUIPMENT – 0.2% |
| |||||||
CDW LLC / CDW Finance Corp., Company Guaranteed, 12.54%, 10/12/17 | 415,000 | 432,339 | ||||||
RETAIL – 3.5% |
| |||||||
Burlington Coat Factory Warehouse Corp., Company Guaranteed, 10.00%, 2/15/19 | 2,227,000 | 2,466,402 | ||||||
Burlington Holdings LLC / Burlington Holding Finance, Inc., | 577,000 | 591,425 | ||||||
Michaels Finco Holding LLC / Michaels Finco, Inc., | 2,000,000 | 2,057,500 | ||||||
Neiman Marcus Group Ltd., Inc., Company Guaranteed, 8.75%, 10/15/21•,W | 2,000,000 | 2,220,000 | ||||||
|
| |||||||
TOTAL RETAIL | $ | 7,335,327 | ||||||
SOFTWARE – 1.0% |
| |||||||
First Data Corp., Company Guaranteed, 11.75%, 8/15/21 | 2,000,000 | 2,137,500 | ||||||
TELECOMMUNICATIONS – 6.1% |
| |||||||
Altice SA, | 2,500,000 | 2,609,375 | ||||||
Intelsat Jackson Holdings SA, Company Guaranteed, 7.25%, 10/15/20 | 2,000,000 | 2,165,000 | ||||||
Intelsat Jackson Holdings SA, Company Guaranteed, 7.50%, 4/01/21 | 150,000 | 165,000 | ||||||
Level 3 Financing, Inc., | 2,000,000 | 2,200,000 | ||||||
Sprint Corp., | 2,025,000 | 2,212,312 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 56 |
Wilmington Multi-Manager Alternatives Fund† (continued)
| Par Value
| Value
| ||||||
West Corp., | ||||||||
Company Guaranteed, | $ | 1,825,000 | $ | 1,957,313 | ||||
Wind Acquisition Finance SA, | ||||||||
Company Guaranteed, 7.38%, 4/23/21•,W | 1,500,000 | 1,545,000 | ||||||
|
| |||||||
TOTAL TELECOMMUNICATIONS | $ | 12,854,000 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (COST $39,040,960) | $ | 39,379,747 | ||||||
U.S. GOVERNMENT OBLIGATIONS –16.1% | ||||||||
U.S. TREASURY BILLS – 15.6% | ||||||||
0.09%, 5/01/14Ö,‡ | 25,000,000 | 24,999,983 | ||||||
0.09%, 10/16/14Ö,‡ | 4,150,000 | 4,149,318 | ||||||
0.09%, 1/08/15Ö,‡ | 4,000,000 | 3,998,738 | ||||||
|
| |||||||
TOTAL U.S. TREASURY BILLS | $ | 33,148,039 | ||||||
U.S. TREASURY NOTES – 0.5% | ||||||||
0.25%, 1/31/15Ö | 1,000,000 | 1,001,288 | ||||||
|
| |||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $34,146,137) | $ | 34,149,327 | ||||||
Number of
| ||||||||
MONEY MARKET FUND – 18.5% | ||||||||
Dreyfus Cash Management Fund, | ||||||||
Institutional Shares, 0.03%^ | 39,204,937 | $ | 39,204,937 | |||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $39,204,937) | $ | 39,204,937 | ||||||
| ||||||||
PURCHASED OPTIONS – 0.2% | ||||||||
CALL OPTIONS – 0.0%** | ||||||||
S&P 500 Index, Strike Price $1,965.00, Expiring 5/09/2014 | 19 | $ | 190 | |||||
S&P 500 Index, Strike Price $1,970.00, Expiring 5/12/2014 | 19 | 67 | ||||||
S&P 500 Index, Strike Price $1,985.00, Expiring 5/05/2014 | 19 | — | ||||||
S&P 500 Index, Strike Price $1,985.00, Expiring 5/14/2014 | 19 | 36 | ||||||
S&P 500 Index, Strike Price $1,985.00, Expiring 5/17/2014 | 19 | 237 | ||||||
S&P 500 Index, Strike Price $1,990.00, Expiring 5/07/2014 | 20 | — | ||||||
S&P 500 Index, Strike Price $1,995.00, Expiring 5/19/2014 | 19 | 60 | ||||||
S&P 500 Index, Strike Price $1,995.00, Expiring 5/23/2014 | 22 | 385 | ||||||
S&P 500 Index, Strike Price $2,000.00, Expiring 5/27/2014 | 22 | 191 |
| Contracts
| Value
| ||||||
S&P 500 Index, Strike Price $2,005.00, Expiring 5/21/2014 | 23 | $ | 55 | |||||
S&P 500 Index, Strike Price $2,005.00, Expiring 5/28/2014 | 22 | 219 | ||||||
S&P 500 Index, Strike Price $2,010.00, Expiring 5/02/2014 | 19 | 95 | ||||||
|
| |||||||
TOTAL CALL OPTIONS | $ | 1,535 | ||||||
PUT OPTIONS – 0.2% | ||||||||
Allergan, Inc., Strike Price $140.00, Expiring 6/21/2014 | 97 | 5,820 | ||||||
Allergan, Inc., Strike Price $145.00, Expiring 6/21/2014 | 98 | 9,065 | ||||||
Allergan, Inc., Strike Price $150.00, Expiring 5/17/2014 | 41 | 1,435 | ||||||
Allergan, Inc., Strike Price $150.00, Expiring 6/21/2014 | 70 | 8,400 | ||||||
Nokia OYJ, Strike Price $6.00, Expiring 6/21/2014 | 1,250 | 6,250 | ||||||
NVIDIA Corp., Strike Price $16.00, Expiring 6/21/2014 | 1,700 | 27,200 | ||||||
S&P 500 Index, Strike Price $1,645.00, Expiring 5/09/2014 | 19 | 285 | ||||||
S&P 500 Index, Strike Price $1,645.00, Expiring 5/12/2014 | 19 | 274 | ||||||
S&P 500 Index, Strike Price $1,665.00, Expiring 5/05/2014 | 19 | 5 | ||||||
S&P 500 Index, Strike Price $1,675.00, Expiring 5/14/2014 | 19 | 670 | ||||||
S&P 500 Index, Strike Price $1,685.00, Expiring 5/07/2014 | 20 | 62 | ||||||
S&P 500 Index, Strike Price $1,685.00, Expiring 5/23/2014 | 22 | 1,760 | ||||||
S&P 500 Index, Strike Price $1,695.00, Expiring 5/17/2014 | 19 | 1,140 | ||||||
S&P 500 Index, Strike Price $1,695.00, Expiring 5/19/2014 | 19 | 1,298 | ||||||
S&P 500 Index, Strike Price $1,700.00, Expiring 5/27/2014 | 22 | 2,793 | ||||||
S&P 500 Index, Strike Price $1,705.00, Expiring 5/02/2014 | 19 | 285 | ||||||
S&P 500 Index, Strike Price $1,705.00, Expiring 5/21/2014 | 23 | 2,009 | ||||||
S&P 500 Index, Strike Price $1,705.00, Expiring 5/28/2014 | 22 | 4,289 | ||||||
T-Mobile US, Inc., Strike Price $23.00, Expiring 6/21/2014 | 170 | 6,970 | ||||||
T-Mobile US, Inc., Strike Price $26.00, Expiring 8/16/2014 | 466 | 65,240 | ||||||
T-Mobile US, Inc., Strike Price $27.00, Expiring 8/16/2014 | 1,330 | 234,080 | ||||||
|
| |||||||
TOTAL PUT OPTIONS | $ | 379,330 | ||||||
|
| |||||||
TOTAL PURCHASED OPTIONS | $ | 380,865 |
ANNUAL REPORT / April 30, 2014
57 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager Alternatives Fund† (continued)
Description
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES – 104.9% | ||||||||
(COST $221,015,054) | $ | 222,188,877 | ||||||
Number of
| ||||||||
SECURITIES SOLD SHORT – (16.8%) | ||||||||
COMMON STOCKS – (3.2%) |
| |||||||
CAPITAL MARKETS – (0.4%) |
| |||||||
Deutsche Bank AG | (20,500 | ) | $ | (903,274 | ) | |||
MEDIA – (2.6%) |
| |||||||
Comcast Corp. | (66,125 | ) | (3,422,630 | ) | ||||
Liberty Global PLC, Series A | (14,559 | ) | (579,739 | ) | ||||
Liberty Global PLC, Series C | (35,919 | ) | (1,380,367 | ) | ||||
|
| |||||||
TOTAL MEDIA |
| $ | (5,382,736 | ) | ||||
PHARMACEUTICALS – (0.2%) |
| |||||||
Valeant Pharmaceuticals International, Inc.* | (2,789 | ) | (372,917 | ) | ||||
|
| |||||||
TOTAL COMMON STOCKS |
| $ | (6,658,927 | ) | ||||
INVESTMENT COMPANIES – (13.6%) |
| |||||||
EQUITY FUNDS – (13.6%) |
| |||||||
iShares Core S&P 500 ETF | (26,313 | ) | (4,987,366 | ) | ||||
iShares MSCI EMU ETF | (475,552 | ) | (20,472,514 | ) | ||||
iShares MSCI United Kingdom Index Fund | (23,719 | ) | (510,433 | ) | ||||
Market Vectors Gold Miners | (120,000 | ) | (2,893,200 | ) | ||||
|
| |||||||
TOTAL EQUITY FUNDS | $ | (28,863,513 | ) | |||||
|
| |||||||
TOTAL INVESTMENT COMPANIES | $ | (28,863,513 | ) | |||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT (PROCEEDS $33,796,963) |
| $ | (35,522,440 | ) | ||||
| ||||||||
WRITTEN OPTIONS – (0.8%) | ||||||||
CALL OPTIONS – (0.8%) |
| |||||||
Allergan, Inc., Strike Price $160.00, Expiring 6/21/2014 | (264 | ) | $ | (242,880 | ) | |||
Allergan, Inc., Strike Price $165.00, Expiring 6/21/2014 | (42 | ) | (22,680 | ) | ||||
Avon Products, Inc., Strike Price $15.00, Expiring 5/02/2014 | (300 | ) | (24,000 | ) | ||||
Nokia OYJ, Strike Price $7.00, Expiring 6/21/2014 | (5,550 | ) | (388,500 | ) | ||||
NVIDIA Corp., Strike Price $18.00, Expiring 6/21/2014 | (850 | ) | (91,800 | ) | ||||
NVIDIA Corp., Strike Price $19.00, Expiring 6/21/2014 | (850 | ) | (55,250 | ) | ||||
S&P 500 Index, Strike Price $1,875.00, Expiring 5/09/2014 | (19 | ) | (34,960 | ) |
Description
|
|
| ||||||
S&P 500 Index, Strike Price $1,880.00, Expiring 5/12/2014 | (19 | ) | $ | (29,966 | ) | |||
S&P 500 Index, Strike Price $1,895.00, Expiring 5/05/2014 | (19 | ) | (8,449 | ) | ||||
S&P 500 Index, Strike Price $1,895.00, Expiring 5/14/2014 | (19 | ) | (17,077 | ) | ||||
S&P 500 Index, Strike Price $1,895.00, Expiring 5/17/2014 | (19 | ) | (20,045 | ) | ||||
S&P 500 Index, Strike Price $1,900.00, Expiring 5/07/2014 | (20 | ) | (7,711 | ) | ||||
S&P 500 Index, Strike Price $1,905.00, Expiring 5/19/2014 | (19 | ) | (13,574 | ) | ||||
S&P 500 Index, Strike Price $1,905.00, Expiring 5/23/2014 | (22 | ) | (18,260 | ) | ||||
S&P 500 Index, Strike Price $1,910.00, Expiring 5/27/2014 | (22 | ) | (18,157 | ) | ||||
S&P 500 Index, Strike Price $1,915.00, Expiring 5/21/2014 | (23 | ) | (11,369 | ) | ||||
S&P 500 Index, Strike Price $1,915.00, Expiring 5/28/2014 | (22 | ) | (13,201 | ) | ||||
S&P 500 Index, Strike Price $1,920.00, Expiring 5/02/2014 | (19 | ) | (285 | ) | ||||
T-Mobile US, Inc., Strike Price $25.00, Expiring 6/21/2014 | (170 | ) | (88,400 | ) | ||||
T-Mobile US, Inc., Strike Price $30.00, Expiring 8/16/2014 | (1,330 | ) | (327,845 | ) | ||||
T-Mobile US, Inc., Strike Price $31.00, Expiring 8/16/2014 | (466 | ) | (95,763 | ) | ||||
Vodafone Gorup PLC, Strike Price $36.00, Expiring 6/21/2014 | (763 | ) | (189,224 | ) | ||||
|
| |||||||
TOTAL CALL OPTIONS |
| $ | (1,719,396 | ) | ||||
PUT OPTIONS – 0.0%** |
| |||||||
S&P 500 Index, Strike Price $1,735.00, Expiring 5/09/2014 | (19 | ) | (665 | ) | ||||
S&P 500 Index, Strike Price $1,735.00, Expiring 5/12/2014 | (19 | ) | (986 | ) | ||||
S&P 500 Index, Strike Price $1,755.00, Expiring 5/05/2014 | (19 | ) | (173 | ) | ||||
S&P 500 Index, Strike Price $1,765.00, Expiring 5/14/2014 | (19 | ) | (1,960 | ) | ||||
S&P 500 Index, Strike Price $1,775.00, Expiring 5/07/2014 | (20 | ) | (577 | ) | ||||
S&P 500 Index, Strike Price $1,775.00, Expiring 5/23/2014 | (22 | ) | (7,260 | ) | ||||
S&P 500 Index, Strike Price $1,785.00, Expiring 5/17/2014 | (19 | ) | (3,895 | ) | ||||
S&P 500 Index, Strike Price $1,785.00, Expiring 5/19/2014 | (19 | ) | (4,814 | ) | ||||
S&P 500 Index, Strike Price $1,790.00, Expiring 5/27/2014 | (22 | ) | (10,385 | ) | ||||
S&P 500 Index, Strike Price $1,795.00, Expiring 5/02/2014 | (19 | ) | (285 | ) | ||||
S&P 500 Index, Strike Price $1,795.00, Expiring 5/21/2014 | (23 | ) | (8,280 | ) |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 58 |
Wilmington Multi-Manager Alternatives Fund† (continued)
Description
| Contracts
| Value
| ||||||
S&P 500 Index, Strike Price $1,795.00, Expiring 5/28/2014 | (22 | ) | $ | (13,201 | ) | |||
|
| |||||||
TOTAL PUT OPTIONS | $ | (52,481 | ) | |||||
|
| |||||||
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $1,888,564) |
| $ | (1,771,877 | ) | ||||
|
|
Description
| Value
| |||
TOTAL INVESTMENTS NET OF SECURITIES SOLD SHORT AND WRITTEN OPTIONS – 87.3% | ||||
$ | 184,894,560 | |||
OTHER ASSETS LESS LIABILITIES – 12.7% | 26,791,459 | |||
|
| |||
TOTAL NET ASSETS – 100.0% | $ | 211,686,019 | ||
|
|
Cost of investments for Federal income tax purposes is $222,653,063. The net unrealized appreciation/(depreciation) of investments was $(464,186). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,230,342 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,694,528.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1
| Level 2
| Level 3
| Total
| |||||||||||||
Assets | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 86,015,974 | $ | — | $ | — | $ | 86,015,974 | ||||||||
Investment Companies | 23,058,027 | — | — | 23,058,027 | ||||||||||||
Corporate Bonds | — | 39,379,747 | — | 39,379,747 | ||||||||||||
U.S. Government Obligations | — | 34,149,327 | — | 34,149,327 | ||||||||||||
Money Market Fund | 39,204,937 | — | — | 39,204,937 | ||||||||||||
Purchased Options | 364,460 | 16,405 | — | 380,865 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 148,643,398 | 73,545,479 | — | 222,188,877 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments^ | ||||||||||||||||
Financial Futures Contracts | 23,658 | — | — | 23,658 | ||||||||||||
Forward Foreign Currency Contracts | — | 35,559 | — | 35,559 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 148,667,056 | $ | 73,581,038 | $ | — | $ | 222,248,094 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments^ | ||||||||||||||||
Financial Futures Contracts | $ | (76,575 | ) | $ | — | $ | — | $ | (76,575 | ) | ||||||
Forward Foreign Currency Contracts | — | (176,540 | ) | — | (176,540 | ) | ||||||||||
Securities Sold Short | (35,522,440 | ) | — | — | (35,522,440 | ) | ||||||||||
Written Options | (1,526,342 | ) | (245,535 | ) | — | (1,771,877 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (37,125,357 | ) | $ | (422,075 | ) | $ | — | $ | (37,547,432 | ) | |||||
|
|
|
|
|
|
|
|
^ | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Portfolio of Investments such as financial futures contracts and 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. |
ANNUAL REPORT / April 30, 2014
59 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager Alternatives Fund† (concluded)
At April 30, 2014, the Wilmington Multi-Manager Alternatives Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:
Settlement Date | Counterparty | Contracts to Deliver/Receive | Contract Amount | Contract at Value | Unrealized Appreciation (Depreciation) | |||||||||||
CONTRACTS PURCHASED | ||||||||||||||||
5/2/2014 | Bank of New York | 2,467,965 Swedish Krona | $376,921 | $379,558 | $2,637 | |||||||||||
5/2/2014 | Bank of New York | 1,472,295 Pound Sterling | 2,476,252 | 2,485,808 | 9,556 | |||||||||||
5/2/2014 | Bank of New York | 980,820 Euro | 1,358,995 | 1,360,738 | 1,743 | |||||||||||
5/5/2014 | Bank of New York | 2,929,742 Swedish Krona | 446,199 | 450,535 | 4,336 | |||||||||||
5/5/2014 | Bank of New York | 883,494 Euro | 1,220,635 | 1,225,698 | 5,063 | |||||||||||
5/6/2014 | Bank of New York | 2,478,834 Swedish Krona | 381,042 | 381,187 | 145 | |||||||||||
5/6/2014 | Bank of New York | 971,678 Pound Sterling | 1,640,678 | 1,640,494 | (184) | |||||||||||
5/6/2014 | Bank of New York | 651,581 Euro | 903,287 | 903,958 | 671 | |||||||||||
5/7/2014 | Bank of New York | 191,384,429 Japanese Yen | 1,874,732 | 1,872,005 | (2,727) | |||||||||||
5/30/2014 | Bank of New York | 1,624,000 Swiss Franc | 1,836,689 | 1,845,622 | 8,933 | |||||||||||
CONTRACTS SOLD | ||||||||||||||||
5/1/2014 | Bank of New York | 3,089,710 Pound Sterling | 5,192,165 | 5,216,637 | (24,472) | |||||||||||
5/2/2014 | Bank of New York | 10,883,435 Norwegian Krone | 1,811,672 | 1,830,903 | (19,231) | |||||||||||
5/2/2014 | Bank of New York | 1,110,596 Swiss Franc | 1,262,772 | 1,261,897 | 875 | |||||||||||
5/5/2014 | Bank of New York | 1,632,530 Swiss Franc | 1,845,918 | 1,855,000 | (9,082) | |||||||||||
5/30/2014 | Bank of New York | 25,894,000 Swedish Krona | 3,952,558 | 3,980,116 | (27,558) | |||||||||||
5/30/2014 | Bank of New York | 16,839,000 Norwegian Krone | 2,799,827 | 2,829,309 | (29,482) | |||||||||||
5/30/2014 | Bank of New York | 11,315,000 Euro | 15,676,084 | 15,696,747 | (20,663) | |||||||||||
5/30/2014 | Bank of New York | 3,218,000 Swedish Krona | 489,869 | 494,632 | (4,763) | |||||||||||
5/30/2014 | Bank of New York | 2,886,000 Pound Sterling | 4,848,624 | 4,871,544 | (22,920) | |||||||||||
5/30/2014 | Bank of New York | 2,762,000 Swedish Krona | 424,368 | 424,542 | (174) | |||||||||||
5/30/2014 | Bank of New York | 1,624,000 Swiss Franc | 1,846,840 | 1,845,622 | 1,218 | |||||||||||
5/30/2014 | Bank of New York | 1,504,000 Pound Sterling | 2,528,991 | 2,538,739 | (9,748) | |||||||||||
5/30/2014 | Bank of New York | 851,000 Pound Sterling | 1,436,863 | 1,436,481 | 382 | |||||||||||
5/30/2014 | Bank of New York | 846,000 Euro | 1,168,766 | 1,173,614 | (4,848) | |||||||||||
5/30/2014 | Bank of New York | 673,000 Euro | 932,933 | 933,621 | (688) | |||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS | $(140,981) |
At April 30, 2014, the Wilmington Multi-Manager Alternatives Fund had open financial futures contracts as follows:
Underlying Contracts to Buy/Sell | Expiration Date | Number of Contracts | Contract Amount | Contract at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
LONG POSITIONS: | ||||||||||||||||||||
Norwegian Krone Cross Futures | June 2014 | 25 | $ 2,530,761 | $2,503,554 | $(27,207) | |||||||||||||||
Swedish Krona Cross Futures | June 2014 | 9 | 884,447 | 900,491 | 16,044 | |||||||||||||||
SHORT POSITIONS: | ||||||||||||||||||||
Australian Dollar Future | June 2014 | 63 | 5,834,974 | 5,838,210 | (3,236) | |||||||||||||||
Canadian Dollar Future | June 2014 | 10 | 898,985 | 912,600 | (13,615) | |||||||||||||||
Euro Future | June 2014 | 190 | 32,908,733 | 32,941,250 | (32,517) | |||||||||||||||
Swiss Franc Future | June 2014 | 31 | 4,413,101 | 4,405,487 | 7,614 | |||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS |
| $(52,917) |
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
60 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Multi-Manager Real Asset Fund
At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):
Percentage of Total Net Assets |
Inflation-Linked & Fixed Income Securities: | ||||
Foreign Government Inflation-Linked Securities | 21.6% | |||
U.S. Government Inflation-Linked Securities | 13.5% | |||
Foreign Government Securities | 2.2% | |||
Exchange-Traded Fund | 1.5% | |||
Corporate Bonds | 0.7% | |||
U.S. Government Agency Obligations | 0.3% | |||
Mortgage-Backed Securities | 0.2% | |||
Asset-Backed Securities | 0.2% | |||
U.S. Treasury | 0.1% | |||
Real Estate Related Securities: | ||||
Real Estate Investment Trusts | 25.3% | |||
Common Stocks | 10.6% | |||
Exchange-Traded Funds | 4.0% | |||
Preferred Stocks | 0.0%3 | |||
Warrants | 0.0%3 | |||
Commodity Related Securities: | ||||
Investment Companies | 8.3% | |||
Exchange-Traded Fund | 3.8% | |||
Structured Note | 1.0% | |||
Written Options | 0.0%3 | |||
Short-Term Investments | ||||
Cash Equivalents1 | 7.1% | |||
Other Assets and Liabilities – Net2 | (0.4)% | |||
| ||||
TOTAL | 100.0% | |||
|
(1) | Cash Equivalents include investments in a money market fund and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represents less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Par Value | Value | ||||||
INFLATION-LINKED & FIXED INCOME SECURITIES – 40.3% | ||||||||
ASSET-BACKED SECURITIES – 0.2% |
| |||||||
COLLATERALIZED LOAN |
| |||||||
MAGI Funding PLC, | ||||||||
Series I-A, Class A, 1.31%, 4/11/21•,W | 153,028 | EUR | $ | 209,645 | ||||
DIVERSIFIED FINANCIAL SERVICES – 0.1% |
| |||||||
Venture VII CDO Ltd., Series 2006-7A, Class A1A, 0.46%, 1/20/22D,•,W | $ | 367,566 | 361,398 |
Description | Par Value | Value | ||||||
WHOLE LOAN – 0.0%** | ||||||||
Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB2, Class M2, 1.10%, 4/25/36D | $ | 241,321 | $ | 199,640 | ||||
|
| |||||||
TOTAL ASSET-BACKED SECURITIES |
| |||||||
(COST $744,817) | $ | 770,683 |
ANNUAL REPORT / April 30, 2014
61 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager Real Asset Fund (continued)
Description | Par Value | Value | ||||||
CORPORATE BONDS – 0.7% |
| |||||||
FINANCIALS – 0.7% |
| |||||||
Ally Financial, Inc., Company Guaranteed, 5.50%, 2/15/17 | $ | 569,000 | $ | 620,921 | ||||
CIT Group, Inc., Sr. Unsecured, 4.25%, 8/15/17 | 594,000 | 622,215 | ||||||
Eksportfinans ASA, Sr. Unsecured, 5.50%, 6/26/17 | 1,000,000 | 1,073,750 | ||||||
Ford Motor Credit Co. LLC, Sr. Unsecured, | ||||||||
5.63%, 9/15/15 | 400,000 | 425,760 | ||||||
8.00%, 6/01/14 | 200,000 | 201,263 | ||||||
International Lease Finance Corp., Sr. Unsecured, 8.63%, 9/15/15 | 200,000 | 219,625 | ||||||
Intesa Sanpaolo SpA, Bank Guaranteed, 3.13%, 1/15/16 | 100,000 | 102,946 | ||||||
|
| |||||||
TOTAL FINANCIALS | $ | 3,266,480 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (COST $3,164,171) |
| $ | 3,266,480 | |||||
EXCHANGE-TRADED FUNDS – 1.5% |
| |||||||
DEBT FUND – 1.5% |
| |||||||
FlexShares iBoxx 3-Year Target Duration TIPS Index Fund# | 280,000 | 7,014,000 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS (COST $7,001,180) |
| $ | 7,014,000 | |||||
FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES – 21.6% |
| |||||||
GOVERNMENT – 21.6% |
| |||||||
Australia Government Bond, Sr. Unsecured, | ||||||||
2.50%, 9/20/30 | 250,000AUD | 280,181 | ||||||
4.00%, 8/20/20 | 1,650,000AUD | 2,839,740 | ||||||
Brazil Notas do Tesouro Nacional Series B, | ||||||||
6.00%, 5/15/35 | 300,000BRL | 308,375 | ||||||
6.00%, 5/15/45 | 1,508,000BRL | 1,527,515 | ||||||
6.00%, 8/15/50 | 800,000BRL | 807,149 | ||||||
Bundesrepublik Deutschland Bundesob-ligation Inflation Linked Bond, 0.75%, 4/15/18 | 16,182,217EUR | 24,759,898 | ||||||
Canadian Government Bond, 4.00%, 12/01/31 | 787,443CAD | 1,103,692 | ||||||
Colombian Tesoreria, 3.00%, 3/25/33 | 3,195,186,529COP | 1,452,256 | ||||||
Deutsche Bundesrepublik Inflation Linked Bond, | ||||||||
0.10%, 4/15/23 | 490,000EUR | 708,689 | ||||||
0.50%, 4/15/30 | 150,000EUR | 212,551 | ||||||
1.75%, 4/15/20 | 315,044EUR | 494,002 | ||||||
France Government Bond OAT, 0.10%, 7/25/21 | 3,200,000EUR | 4,495,751 |
Description | Par Value | Value | ||||||
0.25%, 7/25/24 | 200,000EUR | $ | 276,056 | |||||
1.00%, 7/25/17 | 678,306EUR | 993,792 | ||||||
1.10%, 7/25/22 | 500,000EUR | 808,014 | ||||||
1.30%, 7/25/19 | 106,389EUR | 160,736 | ||||||
1.80%, 7/25/40 | 227,138EUR | 381,418 | ||||||
2.10%, 7/25/23 | 350,000EUR | 623,270 | ||||||
2.25%, 7/25/20 | 242,010EUR | 388,468 | ||||||
3.15%, 7/25/32 | 367,809EUR | 715,309 | ||||||
3.40%, 7/25/29 | 124,938EUR | 243,915 | ||||||
1.85%, 7/25/27 | 780,000EUR | 1,329,308 | ||||||
Italy Buoni Poliennali Del Tesoro, | ||||||||
2.25%, 4/22/17 | 3,999,000EUR | 5,746,898 | ||||||
2.55%, 10/22/16 | 1,899,525EUR | 2,749,805 | ||||||
2.35%, 9/15/24 | 1,500,000EUR | 2,163,939 | ||||||
Japanese Government CPI Linked Bond, Sr. Unsecured, | ||||||||
0.10%, 9/10/23 | 68,340,000JPY | 729,597 | ||||||
0.10%, 3/10/24 | 49,950,000JPY | 533,035 | ||||||
1.40%, 3/10/18 | 14,925,000JPY | 169,443 | ||||||
Mexican Udibonos, | ||||||||
4.00%, 11/15/40 | 10,300,086MXN | 835,841 | ||||||
4.50%, 11/22/35 | 9,785,082MXN | 852,531 | ||||||
New Zealand Government Bond, Sr. Unsecured, 3.00%, 9/20/30 | 1,825,000NZD | 1,615,554 | ||||||
Poland Government Bond, 3.00%, 8/24/16 | 2,346,494PLN | 808,154 | ||||||
Sweden Government Bond, | ||||||||
3.50%, 12/01/28 | 2,200,000SEK | 569,244 | ||||||
4.00%, 12/01/20 | 900,000SEK | 219,602 | ||||||
Thailand Government Bond, Unsecured, 1.25%, 3/12/28 | 39,068,286THB | 1,069,549 | ||||||
U.K. Gilt Inflation Linked, | ||||||||
0.13%, 3/22/24 | 419,352GBP | 740,210 | ||||||
0.13%, 3/22/29 | 1,370,176GBP | 2,386,477 | ||||||
0.13%, 3/22/44 | 3,753,129GBP | 6,634,891 | ||||||
0.13%, 3/22/68 | 50,891GBP | 96,303 | ||||||
0.38%, 3/22/62 | 129,320GBP | 268,397 | ||||||
0.50%, 3/22/50 | 488,285GBP | 994,197 | ||||||
0.63%, 3/22/40 | 352,131GBP | 698,453 | ||||||
0.63%, 11/22/42 | 2,870,832GBP | 5,817,153 | ||||||
0.75%, 3/22/34 | 3,283,140GBP | 6,421,092 | ||||||
0.75%, 11/22/47 | 1,125,372GBP | 2,424,162 | ||||||
1.13%, 11/22/37 | 816,816GBP | 1,767,390 | ||||||
1.25%, 11/22/27 | 1,244,101GBP | 2,518,743 | ||||||
1.25%, 11/22/32 | 351,141GBP | 741,996 | ||||||
1.25%, 11/22/55 | 396,690GBP | 1,049,841 | ||||||
1.88%, 11/22/22 | 160,650GBP | 329,954 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 62 |
Wilmington Multi-Manager Real Asset Fund (continued)
Description | Par Value | Value | ||||||
2.50%, 4/16/20 | 250,000 | GBP | $ | 1,541,434 | ||||
2.50%, 7/17/24 | 150,000 | GBP | 841,064 | |||||
|
| |||||||
TOTAL GOVERNMENT | $ | 98,245,034 | ||||||
|
| |||||||
TOTAL FOREIGN GOVERNMENT | $ | 98,245,034 | ||||||
FOREIGN GOVERNMENT | ||||||||
GOVERNMENT – 2.2% | ||||||||
Autonomous Community of Catalonia, | 100,000 | EUR | 152,317 | |||||
Brazil Notas do Tesouro Nacional Series F, | ||||||||
10.00%, 1/01/23 | 12,630,000 | BRL | 4,966,016 | |||||
10.00%, 1/01/25 | 3,100,000 | BRL | 1,185,335 | |||||
Hellenic T-Bill, Series 26W, 0.00%, 10/10/14‡ | 500,000 | EUR | 687,174 | |||||
Mexican Bonos de Proteccion al Ahorro, 3.56%, 4/01/18D | 15,500,000 | MXN | 1,193,190 | |||||
Slovenia Government International Bond, Sr. Unsecured, 4.70%, 11/01/16•,W | 200,000 | EUR | 300,863 | |||||
South Africa Government Bond, Series R207, 7.25%, 1/15/20 | 15,475,000 | ZAR | 1,421,620 | |||||
|
| |||||||
TOTAL GOVERNMENT | $ | 9,906,515 | ||||||
|
| |||||||
TOTAL FOREIGN GOVERNMENT SECURITIES (COST $10,191,939) | $ | 9,906,515 | ||||||
MORTGAGE-BACKED SECURITIES – 0.2% | ||||||||
WHOLE LOAN – 0.2% | ||||||||
Rise Ltd., 2014-1, Class A, 4.75%, 2/15/39†† | $ | 300,000 | 305,481 | |||||
WAMU Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A4, | ||||||||
2.05%, 11/25/36D | 401,266 | 345,064 | ||||||
2.43%, 3/25/37D | 176,995 | 150,702 | ||||||
|
| |||||||
TOTAL WHOLE LOAN | $ | 801,247 | ||||||
|
| |||||||
TOTAL MORTGAGE-BACKED SECURITIES (COST $730,269) | $ | 801,247 | ||||||
U.S. GOVERNMENT AGENCY | ||||||||
FEDERAL HOME LOAN BANK (FHLB) – 0.3% | ||||||||
Federal Home Loan Bank Discount Notes, 0.06%, 7/23/14‡ | 1,600,000 | 1,599,818 | ||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $1,599,779) | $ | 1,599,818 | ||||||
U.S. GOVERNMENT INFLATION-LINKED SECURITIES – 13.5% | ||||||||
U.S. TREASURY INFLATION INDEXED BONDS – 9.3% | ||||||||
U.S. Treasury Inflation Indexed Bond, | ||||||||
0.13%, 4/15/19 | 5,500,000 | 5,625,192 | ||||||
0.63%, 1/15/24 | 8,000,000 | 8,167,398 | ||||||
0.75%, 2/15/42 | 1,870,000 | 1,749,551 |
Description | Par Value | Value | ||||||
1.38%, 1/15/20 | $ | 500,000 | $ | 590,097 | ||||
1.75%, 1/15/28 | 6,300,000 | 7,951,955 | ||||||
2.00%, 1/15/26 | 2,018,000 | 2,757,097 | ||||||
2.38%, 1/15/27 | 800,000 | 1,122,185 | ||||||
2.38%, 1/15/25 | 923,000 | 1,368,572 | ||||||
2.50%, 1/15/29 | 4,750,000 | 6,415,322 | ||||||
3.38%, 4/15/32 | 320,000 | 596,054 | ||||||
3.63%, 4/15/28 | 2,700,000 | 5,407,159 | ||||||
3.88%, 4/15/29 | 350,000 | 716,734 | ||||||
|
| |||||||
TOTAL U.S. TREASURY INFLATION INDEXED BONDS | $ | 42,467,316 | ||||||
U.S. TREASURY INFLATION INDEXED NOTES – 4.2% | ||||||||
U.S. Treasury Inflation Indexed Note, | ||||||||
0.13%, 1/15/22 | 5,650,000 | 5,794,202 | ||||||
0.38%, 7/15/23 | 50,000 | 50,439 | ||||||
0.63%, 7/15/21 | 1,510,000 | 1,633,289 | ||||||
1.13%, 1/15/21 | 1,200,000 | 1,376,893 | ||||||
1.25%, 7/15/20 | 1,000,000 | 1,168,075 | ||||||
1.63%, 1/15/15ø | 400,000 | 503,681 | ||||||
1.63%, 1/15/18# | 1,750,000 | 2,134,636 | ||||||
1.88%, 7/15/15ø | 1,900,000 | 2,400,307 | ||||||
2.00%, 1/15/16 | 508,000 | 637,215 | ||||||
2.13%, 1/15/19 | 2,100,000 | 2,576,221 | ||||||
2.38%, 1/15/17 | 550,000 | 701,822 | ||||||
|
| |||||||
TOTAL U.S. TREASURY INFLATION INDEXED NOTES | $ | 18,976,780 | ||||||
|
| |||||||
TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $61,301,667) | $ | 61,444,096 | ||||||
U.S. TREASURY – 0.1% | ||||||||
U.S. TREASURY BILL – 0.1% | ||||||||
U.S. Treasury Bill, 0.04%, 8/21/14‡,ø | 208,000 | 207,984 | ||||||
U.S. TREASURY NOTE – 0.0%** | ||||||||
U.S. Treasury Note, 0.25%, 3/31/15ø | 200,000 | 200,290 | ||||||
|
| |||||||
TOTAL U.S. TREASURY (COST $408,175) | $ | 408,274 | ||||||
|
| |||||||
TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (COST $179,365,202) | $ | 183,456,147 | ||||||
Number of Shares | ||||||||
REAL ESTATE RELATED SECURITIES – 39.9% | ||||||||
COMMON STOCKS – 10.6% | ||||||||
DEPARTMENT STORES – 0.4% | ||||||||
Lifestyle International Holdings Ltd. | 835,400 | $ | 1,635,683 | |||||
DIVERSIFIED REAL ESTATE ACTIVITIES – 4.9% | ||||||||
CapitaLand Ltd. | 562,150 | 1,434,857 |
ANNUAL REPORT / April 30, 2014
63 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager Real Asset Fund (continued)
Description | Number of Shares | Value | ||||||
City Developments Ltd. | 205,000 | $ | 1,770,878 | |||||
Daito Trust Construction Co. Ltd. | 5,601 | 569,222 | ||||||
Daiwa House Industry Co. Ltd. | 147,006 | 2,477,540 | ||||||
Hang Lung Properties Ltd. | 478,100 | 1,421,421 | ||||||
Kerry Properties Ltd. | 395,000 | 1,296,635 | ||||||
Mitsubishi Estate Co. Ltd. | 176,210 | 3,988,359 | ||||||
Mitsui Fudosan Co. Ltd. | 179,689 | 5,309,733 | ||||||
Sumitomo Realty & Development Co. Ltd. | 58,600 | 2,269,829 | ||||||
Sun Hung Kai Properties Ltd. | 116,075 | 1,461,988 | ||||||
Tokyo Tatemono Co. Ltd. | 40,100 | 319,278 | ||||||
Wharf Holdings Ltd. | 27,500 | 192,427 | ||||||
|
| |||||||
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES | $ | 22,512,167 | ||||||
FINANCIALS – 0.1% |
| |||||||
Brixmor Property Group, Inc. | 16,300 | 357,948 | ||||||
Fabege AB | 5,000 | 70,092 | ||||||
Unite Group PLC (The) | 13,068 | 93,220 | ||||||
|
| |||||||
TOTAL FINANCIALS | $ | 521,260 | ||||||
HOTELS, RESTAURANTS & | ||||||||
Extended Stay America, Inc. | 5,700 | 122,835 | ||||||
Hilton Worldwide Holdings, Inc.* | 24,500 | 534,835 | ||||||
Melia Hotels International SA | 119,500 | 1,508,671 | ||||||
Shangri-La Asia Ltd. | 632,416 | 1,042,478 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 30,000 | 2,299,500 | ||||||
|
| |||||||
TOTAL HOTELS, RESTAURANTS & LEISURE | $ | 5,508,319 | ||||||
REAL ESTATE DEVELOPMENT – 1.2% |
| |||||||
Capital & Counties Properties PLC | 6,900 | 38,876 | ||||||
Cheung Kong Holdings Ltd. | 87,634 | 1,492,037 | ||||||
China Overseas Land & Investment Ltd. | 613,500 | 1,505,075 | ||||||
China Resources Land Ltd. | 268,000 | 551,697 | ||||||
Gagfah SA* | 11,100 | 175,247 | ||||||
Guangzhou R&F Properties Co. Ltd. | 470,000 | 613,496 | ||||||
Lend Lease Group | 24,900 | 299,560 | ||||||
Sino Land Co. Ltd. | 268,982 | 402,452 | ||||||
Wing Tai Holdings Ltd. | 195,975 | 312,635 | ||||||
|
| |||||||
TOTAL REAL ESTATE DEVELOPMENT | $ | 5,391,075 | ||||||
REAL ESTATE OPERATING | ||||||||
Aeon Mall Co. Ltd. | 73,700 | 1,754,642 | ||||||
Castellum AB | 96,118 | 1,634,931 | ||||||
Central Pattana PCL | 832,000 | 1,163,412 | ||||||
Central Pattana PCL NVDR | 116,000 | 162,206 | ||||||
Global Logistic Properties Ltd. | 423,200 | 962,048 | ||||||
Hongkong Land Holdings Ltd. | 397,681 | 2,783,767 | ||||||
Hufvudstaden AB | 18,694 | 273,128 | ||||||
Hulic Co. Ltd. | 35,920 | 431,806 | ||||||
Hysan Development Co. Ltd. | 430,617 | 1,841,229 |
Description | Number of Shares | Value | ||||||
LEG Immobilien AG | 9,970 | $ | 665,036 | |||||
PSP Swiss Property AG* | 3,625 | 348,043 | ||||||
Swire Properties Ltd. | 192,900 | 579,724 | ||||||
|
| |||||||
TOTAL REAL ESTATE OPERATING COMPANIES | $ | 12,599,972 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (COST $39,728,960) | $ | 48,168,476 | ||||||
EXCHANGE-TRADED | ||||||||
EQUITY FUNDS – 4.0% |
| |||||||
SPDR Dow Jones International Real Estate ETF | 280,500 | 11,980,155 | ||||||
Vanguard REIT ETF | 83,700 | 6,105,078 | ||||||
|
| |||||||
TOTAL EQUITY FUNDS | $ | 18,085,233 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS (COST $17,266,053) | $ | 18,085,233 | ||||||
PREFERRED STOCKS – 0.0%** |
| |||||||
CONSUMER FINANCE – 0.0%** |
| |||||||
SLM Corp., 3.56% | 3,000 | 72,720 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | $ | 72,720 | ||||||
REAL ESTATE INVESTMENT | ||||||||
DIVERSIFIED – 4.2% | ||||||||
British Land Co. PLC | 63,445 | 739,663 | ||||||
Duke Realty Corp. | 47,000 | 823,440 | ||||||
Fonciere Des Regions | 3,146 | 319,357 | ||||||
GPT Group | 305,000 | 1,110,709 | ||||||
ICADE | 25,561 | 2,606,456 | ||||||
Kenedix Realty Investment Corp. | 72 | 359,173 | ||||||
Land Securities Group PLC | 193,861 | 3,476,065 | ||||||
Lexington Realty Trust | 33,400 | 359,384 | ||||||
Liberty Property Trust | 21,800 | 817,500 | ||||||
Mirvac Group | 614,970 | 999,784 | ||||||
Shaftesbury PLC | 61,233 | 683,893 | ||||||
Stockland | 621,721 | 2,246,774 | ||||||
United Urban Investment Corp. | 249 | 375,077 | ||||||
Vornado Realty Trust | 41,997 | 4,308,892 | ||||||
|
| |||||||
TOTAL DIVERSIFIED | $ | 19,226,167 | ||||||
FINANCIALS – 1.3% | ||||||||
Activia Properties, Inc. | 31 | 259,862 | ||||||
American Homes 4 Rent | 76,100 | 1,221,405 | ||||||
Atrium European Real Estate Ltd.* | 10,500 | 60,454 | ||||||
Australand Property Group | 25,523 | 101,482 | ||||||
Corio NV | 2,950 | 138,066 | ||||||
DCT Industrial Trust, Inc. | 50,000 | 391,000 | ||||||
Equity One, Inc. | 38,400 | 865,152 | ||||||
Gecina SA | 2,470 | 332,566 | ||||||
GLP J-Reit | 176 | 173,702 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 64 |
Wilmington Multi-Manager Real Asset Fund (continued)
Description | Number of Shares | Value | ||||||
Japan Hotel REIT Investment Corp. | 262 | $ | 120,576 | |||||
Lifestyle Properties Development Ltd.* | 41,770 | 6,196 | ||||||
Nieuwe Steen Investments NV | 73,760 | 446,571 | ||||||
Orix JREIT, Inc. | 200 | 254,316 | ||||||
Realty Income Corp. | 12,700 | 551,815 | ||||||
Spirit Realty Capital, Inc. | 54,600 | 588,042 | ||||||
Suntec REIT | 345,800 | 473,037 | ||||||
|
| |||||||
TOTAL FINANCIALS | $ | 5,984,242 | ||||||
INDUSTRIALS – 1.4% | ||||||||
Goodman Group | 149,145 | 690,005 | ||||||
Nippon Prologis REIT, Inc. | 150 | 317,210 | ||||||
Prologis, Inc. | 133,021 | 5,404,643 | ||||||
|
| |||||||
TOTAL INDUSTRIALS | $ | 6,411,858 | ||||||
OFFICE – 4.5% | ||||||||
Alexandria Real Estate Equities, Inc. | 33,300 | 2,458,206 | ||||||
BioMed Realty Trust, Inc. | 26,500 | 553,850 | ||||||
Boston Properties, Inc. | 37,900 | 4,439,606 | ||||||
Brandywine Realty Trust | 28,500 | 414,675 | ||||||
CapitaCommercial Trust | 561,200 | 716,216 | ||||||
Derwent London PLC | 55,758 | 2,560,643 | ||||||
Douglas Emmett, Inc. | 20,800 | 574,080 | ||||||
Great Portland Estates PLC | 237,514 | 2,514,373 | ||||||
Highwoods Properties, Inc. | 9,900 | 399,465 | ||||||
Investa Office Fund | 110,707 | 343,507 | ||||||
Japan Real Estate Investment Corp. | 153 | 809,635 | ||||||
Kilroy Realty Corp. | 47,200 | 2,811,704 | ||||||
Nippon Building Fund, Inc. | 35 | 193,769 | ||||||
SL Green Realty Corp. | 17,700 | 1,853,367 | ||||||
|
| |||||||
TOTAL OFFICE | $ | 20,643,096 | ||||||
REAL ESTATE OPERATING | ||||||||
Safestore Holdings PLC | 63,600 | 247,246 | ||||||
RESIDENTIAL – 2.9% |
| |||||||
American Campus Communities, Inc. | 43,800 | 1,673,160 | ||||||
AvalonBay Communities, Inc. | 8,829 | 1,205,600 | ||||||
Boardwalk Real Estate Investment Trust | 4,800 | 270,557 | ||||||
Equity Residential | 74,300 | 4,416,392 | ||||||
Essex Property Trust, Inc. | 24,075 | 4,171,234 | ||||||
Post Properties, Inc. | 9,300 | 466,953 | ||||||
UDR, Inc. | 43,419 | 1,122,815 | ||||||
|
| |||||||
TOTAL RESIDENTIAL | $ | 13,326,711 | ||||||
RETAIL – 7.4% | ||||||||
CapitaMall Trust | 43,042 | 68,492 | ||||||
CFS Retail Property Trust Group | 305,000 | 569,521 | ||||||
DDR Corp. | 43,200 | 741,744 | ||||||
Eurocommercial Properties NV | 6,127 | 281,274 | ||||||
Federal Realty Investment Trust | 20,900 | 2,456,586 |
Description | Number of Shares | Value | ||||||
Federation Centres Ltd. | 205,000 | $ | 474,206 | |||||
Frasers Centrepoint Trust | 76,000 | 108,814 | ||||||
General Growth Properties, Inc. | 51,974 | 1,193,843 | ||||||
Hammerson PLC | 182,925 | 1,761,983 | ||||||
Japan Retail Fund Investment Corp. | 474 | 952,312 | ||||||
Kimco Realty Corp. | 33,200 | 760,944 | ||||||
Klepierre | 29,032 | 1,330,969 | ||||||
Link REIT (The) | 54,800 | 272,482 | ||||||
Macerich Co. (The) | 35,184 | 2,283,793 | ||||||
Mercialys SA | 9,220 | 212,080 | ||||||
Ramco-Gershenson Properties Trust | 11,700 | 192,816 | ||||||
RioCan Real Estate Investment Trust | 110,169 | 2,737,012 | ||||||
Simon Property Group, Inc. | 52,349 | 9,066,847 | ||||||
Tanger Factory Outlet Centers | 5,310 | 189,461 | ||||||
Taubman Centers, Inc. | 33,400 | 2,432,856 | ||||||
Unibail-Rodamco SE | 15,134 | 4,082,694 | ||||||
Westfield Group | 48,341 | 491,750 | ||||||
Westfield Retail Trust | 336,663 | 997,701 | ||||||
|
| |||||||
TOTAL RETAIL | $ | 33,660,180 | ||||||
SPECIALIZED – 3.5% | ||||||||
HCP, Inc. | 5,200 | 217,672 | ||||||
Health Care REIT, Inc. | 58,900 | 3,716,001 | ||||||
Healthcare Realty Trust, Inc. | 19,900 | 500,485 | ||||||
Healthcare Trust of America, Inc. | 23,500 | 274,715 | ||||||
Host Hotels & Resorts, Inc. | 206,414 | 4,427,580 | ||||||
LaSalle Hotel Properties | 38,500 | 1,273,580 | ||||||
Pebblebrook Hotel Trust | 9,800 | 337,512 | ||||||
Plum Creek Timber Co., Inc. | 38,400 | 1,674,240 | ||||||
Public Storage | 4,650 | 816,122 | ||||||
Senior Housing Properties Trust | 17,300 | 406,031 | ||||||
Strategic Hotels & Resorts, Inc.* | 35,800 | 386,282 | ||||||
Sunstone Hotel Investors, Inc. | 24,200 | 346,302 | ||||||
Ventas, Inc. | 23,684 | 1,565,039 | ||||||
|
| |||||||
TOTAL SPECIALIZED | $ | 15,941,561 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $90,818,492) | $ | 115,441,061 | ||||||
WARRANTS – 0.0% |
| |||||||
REAL ESTATE | ||||||||
Sun Hung Kai Properties Ltd., Expire 5/22/16* | 9,622 | 6,478 | ||||||
|
| |||||||
TOTAL WARRANTS | $ | 6,478 | ||||||
|
| |||||||
TOTAL REAL ESTATE RELATED SECURITIES (COST $147,887,583) | $ | 181,773,968 |
ANNUAL REPORT / April 30, 2014
65 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager Real Asset Fund (continued)
Description | Number of Shares | Value | ||||||
COMMODITY RELATED SECURITIES – 13.1% | ||||||||
EXCHANGE-TRADED FUND – 3.8% |
| |||||||
COMMODITY FUND – 3.8% |
| |||||||
PowerShares DB Commodity Index Tracking Fund ETP* | 661,300 | $ | 17,464,933 | |||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUND (COST $17,573,172) |
| $ | 17,464,933 | |||||
INVESTMENT COMPANIES – 8.3% |
| |||||||
COMMODITY FUNDS – 8.3% |
| |||||||
Credit Suisse Commodity Return Strategy Fund* | 1,593,818 | 12,527,410 | ||||||
PIMCO CommoditiesPLUS Strategy Fund* | 2,217,377 | 25,189,404 | ||||||
|
| |||||||
TOTAL COMMODITY FUNDS | $ | 37,716,814 | ||||||
|
| |||||||
TOTAL INVESTMENT COMPANIES (COST $35,484,657) |
| $ | 37,716,814 | |||||
Par Value | ||||||||
STRUCTURED NOTE – 1.0% |
| |||||||
FINANCIALS – 1.0% |
| |||||||
Deutsche Bank AG, London Branch, Structured Note Linked to Dow Jones-UBS Commodity Index, 0.00%, 07/22/14 | $ | 4,000,000 | $ | 4,620,000 | ||||
|
| |||||||
TOTAL STRUCTURED NOTE (COST $4,000,000) |
| $ | 4,620,000 | |||||
|
| |||||||
TOTAL COMMODITY RELATED SECURITIES (COST $57,057,829) |
| $ | 59,801,747 | |||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENTS – 6.9% | ||||||||
MONEY MARKET FUNDS – 6.8% |
| |||||||
Dreyfus Cash Management Fund, Institutional Shares, 0.03%^ | 31,047,935 | $ | 31,047,935 | |||||
|
| |||||||
TOTAL MONEY MARKET FUNDS (COST $31,047,935) |
| $ | 31,047,935 | |||||
Par Value | ||||||||
REPURCHASE AGREEMENT – 0.1% | ||||||||
Citigroup Global Markets, Inc., 0.06%, dated 04/30/14, due 05/01/14, repurchase price $600,001, collateralized by a U.S. Treasury Security 0.88%, maturing 02/28/17; total market value of $613,080. | $ | 600,000 | $ | 600,000 | ||||
|
| |||||||
TOTAL REPURCHASE AGREEMENT (COST $600,000) |
| $ | 600,000 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (COST $31,647,935) |
| $ | 31,647,935 |
Description | Par Value | Value | ||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.2% | ||||||||
REPURCHASE AGREEMENT – 0.2% |
| |||||||
Morgan Stanley & Co. LLC, 0.07%, dated 04/30/14, due 05/01/14, repurchase price $992,732, collateralized by U.S. Government Securities 1.36% to 8.50%, maturing 05/01/17 to 12/01/44; total market value of $1,012,585. | $ | 992,730 | $ | 992,730 | ||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $992,730) | $ | 992,730 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES – 100.4% (COST $416,951,279) |
| $ | 457,672,527 | |||||
Contracts | ||||||||
WRITTEN OPTIONS – 0.0%** | ||||||||
CALL OPTIONS – 0.0%** |
| |||||||
Euro-Bund 10Y Futures UBS, Strike Price $145.00, Expiring 5/23/2014 | (27 | ) | $ | (15,358 | ) | |||
U.S. 10Y Futures MS, Strike Price $125.00, Expiring 6/20/2014 | (99 | ) | (30,938 | ) | ||||
|
| |||||||
TOTAL CALL OPTIONS | $ | (46,296 | ) | |||||
Notional Amount | ||||||||
CALL SWAPTIONS – 0.0%** |
| |||||||
ITRAXX Eu21 5Y JPM, Strike Price $0.65, Expiring 6/18/2018 | $ | (400,000 | ) | $ | (424 | ) | ||
|
| |||||||
TOTAL CALL SWAPTIONS | $ | (424 | ) | |||||
Contracts | ||||||||
PUT OPTIONS – 0.0%** |
| |||||||
CBOT Aput Ustn Fut MS, Strike Price $1.22, Expiring 6/20/2014 | (99 | ) | $ | (35,578 | ) | |||
|
| |||||||
TOTAL PUT OPTIONS | $ | (35,578 | ) | |||||
Notional Amount | ||||||||
PUT SWAPTIONS – 0.0%** |
| |||||||
INF Cap U.S. 10Y JPM, Strike Price $4.00, Expiring 4/22/2024 | $ | (1,300,000 | ) | $ | (9,214 | ) | ||
INF FLOOR USD, Strike Price $216.69, Expiring 4/07/2020 | (2,600,000 | ) | (2,077 | ) | ||||
ITRAXX Eu20 5Y BOA, Strike Price $0.90, Expiring 6/18/2014 | (100,000 | ) | (32 | ) | ||||
ITRAXX Eu20 5Y CBK, Strike Price $0.90, Expiring 6/18/2014 | (1,000,000 | ) | (322 | ) | ||||
ITRAXX Eu20 5Y DUB, Strike Price $0.90, Expiring 6/18/2014 | (200,000 | ) | (64 | ) |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 66 |
Wilmington Multi-Manager Real Asset Fund (continued)
Description | Notional Amount | Value | ||||||
ITRAXX Eu20 5Y GST, Strike Price $0.90, Expiring 6/18/2014 | $ | (600,000 | ) | $ | (193 | ) | ||
ITRAXX Eu20 5Y JPM, Strike Price $0.90, Expiring 6/18/2014 | (400,000) | (129 | ) | |||||
ITRAXX Eu20 5Y MYC, Strike Price $0.90, Expiring 6/18/2014 | (100,000 | ) | (32 | ) | ||||
ITRAXX Eu21 5Y CBK, Strike Price $0.95, Expiring 9/17/2014 | (500,000 | ) | (1,390) | |||||
ITRAXX Eu21 5Y CBK, Strike Price $1.00, Expiring 9/17/2014 | (400,000 | ) | (926 | ) | ||||
ITRAXX Eu21 5Y GST, Strike Price $0.95, Expiring 9/17/2014 | (200,000 | ) | (556 | ) | ||||
ITRAXX Eu21 5Y GST, Strike Price $1.00, Expiring 6/18/2014 | (100,000 | ) | (41 | ) | ||||
ITRAXX Eu21 5Y GST, Strike Price $1.10, Expiring 9/17/2014 | (200,000 | ) | (325 | ) |
Description | Notional Amount | Value | ||||||
ITRAXX Eu21 5Y JPM, Strike Price $0.90, Expiring 6/18/2014 | $ | (400,000 | ) | $ | (323 | ) | ||
ITRAXX Eu21 5Y JPM, Strike Price $0.95, Expiring 9/17/2014 | (400,000 | ) | (1,112 | ) | ||||
ITRAXX Eu21 5Y JPM, Strike Price $1.10, Expiring 9/17/2014 | (200,000) | (325 | ) | |||||
|
| |||||||
TOTAL PUT SWAPTIONS | $ | (17,061 | ) | |||||
|
| |||||||
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $137,323) | $ | (99,359 | ) | |||||
TOTAL INVESTMENTS AND WRITTEN OPTIONS – 100.4% | $ | 457,573,168 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (0.2%) | (992,730 | ) | ||||||
OTHER LIABILITIES LESS ASSETS – (0.2%) | (1,062,285 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 455,518,153 | ||||||
|
|
Cost of investments for Federal income tax purposes is $429,663,169. The net unrealized appreciation/(depreciation) of investments was $28,009,358. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $34,686,704 and net unrealized depreciation from investments for those securities having an excess of cost over value of $6,677,346.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Inflation-Linked & Fixed Income Securities | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 770,683 | $ | — | $ | 770,683 | ||||||||
Corporate Bonds | — | 3,266,480 | — | 3,266,480 | ||||||||||||
Exchange-Traded Funds | 7,014,000 | — | — | 7,014,000 | ||||||||||||
Foreign Government Inflation-Linked Securities | — | 98,245,034 | — | 98,245,034 | ||||||||||||
Foreign Government Securities | — | 9,906,515 | — | 9,906,515 | ||||||||||||
Mortgage-Backed Securities | — | 801,247 | — | 801,247 | ||||||||||||
U.S. Government Agency Obligations | — | 1,599,818 | — | 1,599,818 | ||||||||||||
U.S. Government Inflation-Linked Securities | — | 61,444,096 | — | 61,444,096 | ||||||||||||
U.S. Treasury | — | 408,274 | — | 408,274 | ||||||||||||
Real Estate Related Securities | ||||||||||||||||
Common Stocks | 48,168,476 | — | — | 48,168,476 | ||||||||||||
Exchange-Traded Funds | 18,085,233 | — | — | 18,085,233 | ||||||||||||
Preferred Stocks | 72,720 | — | — | 72,720 | ||||||||||||
Real Estate Investment Trusts | 115,441,061 | — | — | 115,441,061 | ||||||||||||
Warrants | 6,478 | — | — | 6,478 | ||||||||||||
Commodity Related Securities | ||||||||||||||||
Exchange-Traded Fund | 17,464,933 | — | — | 17,464,933 | ||||||||||||
Investment Companies | 37,716,814 | — | — | 37,716,814 | ||||||||||||
Structured Note | — | 4,620,000 | — | 4,620,000 |
ANNUAL REPORT / April 30, 2014
67 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager Real Asset Fund (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short-Term Investments | ||||||||||||||||
Money Market Funds | $ | 31,047,935 | $ | — | $ | — | $ | 31,047,935 | ||||||||
Repurchase Agreements | — | 1,592,730 | — | 1,592,730 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 275,017,650 | 182,654,877 | — | 457,672,527 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments^ | ||||||||||||||||
Forward Foreign Currency Contracts | — | 628,682 | — | 628,682 | ||||||||||||
Financial Futures Contracts | 32,253 | — | — | 32,253 | ||||||||||||
Credit Default Swaps | — | 75,264 | — | 75,264 | ||||||||||||
Interest Rate Swaps | — | 223,694 | — | 223,694 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 275,049,903 | $ | 183,582,517 | $ | — | $ | 458,632,420 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments^ | ||||||||||||||||
Written Options | — | (99,359 | ) | — | (99,359 | ) | ||||||||||
Forward Foreign Currency Contracts | — | (2,644,134 | ) | — | (2,644,134 | ) | ||||||||||
Financial Futures Contracts | (48,753 | ) | — | — | (48,753 | ) | ||||||||||
Interest Rate Swaps | — | (208,840 | ) | — | (208,840 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (48,753 | ) | $ | (2,952,333 | ) | $ | — | $ | (3,001,086 | ) | |||||
|
|
|
|
|
|
|
|
^ | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Portfolio of Investments. Financial futures contracts, credit default swaps, interest rate swaps and forward foreign currency contracts are valued at the unrealized appreciation (depreciation) on the instrument. Written options are reported at their market value at period end. |
At April 30, 2014, the Wilmington Multi-Manager Real Asset Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:
Settlement Date | Counterparty | Contracts to Deliver/Receive | Contract Amount | Contract at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
CONTRACTS PURCHASED | ||||||||||||||||||||
5/2/2014 | Banc of America Securities | 26,093,747 Euro | $ | 36,103,544 | $ | 36,201,093 | $ 97,549 | |||||||||||||
5/2/2014 | Chase Manhattan Corp. | 14,017,486 Pound Sterling | 23,528,350 | 23,666,992 | 138,642 | |||||||||||||||
5/2/2014 | Credit Suisse | 3,950,000 Pound Sterling | 6,632,801 | 6,669,143 | 36,342 | |||||||||||||||
5/2/2014 | Banc of America Securities | 3,361,583 New Zealand Dollar | 2,886,526 | 2,898,691 | 12,165 | |||||||||||||||
5/2/2014 | Morgan Stanley & Co., Inc. | 2,858,219 Australian Dollar | 2,651,927 | 2,655,278 | 3,351 | |||||||||||||||
5/2/2014 | Citigroup Global Markets | 2,630,461 Euro | 3,640,821 | 3,649,363 | 8,542 | |||||||||||||||
5/2/2014 | Credit Suisse | 1,201,000 Euro | 1,656,956 | 1,666,204 | 9,248 | |||||||||||||||
5/2/2014 | Citigroup Global Markets | 1,115,000 Euro | 1,534,805 | 1,546,892 | 12,087 | |||||||||||||||
5/2/2014 | Chase Manhattan Corp. | 896,000 Euro | 1,235,050 | 1,243,063 | 8,013 | |||||||||||||||
5/2/2014 | Chase Manhattan Corp. | 864,000 Pound Sterling | 1,436,918 | 1,458,769 | 21,851 | |||||||||||||||
5/2/2014 | Credit Suisse | 810,000 Australian Dollar | 755,762 | 752,485 | (3,277) | |||||||||||||||
5/2/2014 | Credit Suisse | 690,000 Pound Sterling | 1,154,058 | 1,164,990 | 10,932 | |||||||||||||||
5/2/2014 | Barclays Bank International | 246,000 Euro | 337,403 | 341,287 | 3,884 | |||||||||||||||
5/2/2014 | Bank of Tokyo | 13,739 Singapore Dollar | 10,935 | 10,959 | 24 | |||||||||||||||
5/2/2014 | Bank of Tokyo | 8,293 Euro | 11,490 | 11,505 | 15 | |||||||||||||||
5/5/2014 | Banc of America Securities | 11,902,975 Brazilian Real | 5,323,334 | 5,329,621 | 6,287 | |||||||||||||||
5/5/2014 | Morgan Stanley & Co., Inc. | 9,121,451 Brazilian Real | 4,122,876 | 4,084,179 | (38,697) | |||||||||||||||
5/5/2014 | Credit Suisse | 5,793,317 Brazilian Real | 2,569,099 | 2,593,989 | 24,890 | |||||||||||||||
5/5/2014 | JP Morgan Securities | 5,768,420 Brazilian Real | 2,580,949 | 2,582,843 | 1,894 | |||||||||||||||
5/5/2014 | JP Morgan Securities | 5,695,257 Brazilian Real | 2,558,516 | 2,550,082 | (8,434) | |||||||||||||||
5/5/2014 | JP Morgan Securities | 2,683,926 Brazilian Real | 1,169,683 | 1,201,742 | 32,059 | |||||||||||||||
5/5/2014 | JP Morgan Securities | 2,585,639 Brazilian Real | 1,131,150 | 1,157,734 | 26,584 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 68 |
Wilmington Multi-Manager Real Asset Fund (continued)
Settlement Date | Counterparty | Contracts to Deliver/Receive | Contract Amount | Contract at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
CONTRACTS PURCHASED (continued) | ||||||||||||||||||||
5/5/2014 | Morgan Stanley & Co., Inc. | 1,778,519 Brazilian Real | $ 763,051 | $ 796,341 | $ 33,290 | |||||||||||||||
5/5/2014 | Citigroup Global Markets | 1,630,746 Brazilian Real | 729,314 | 730,175 | 861 | |||||||||||||||
5/5/2014 | Credit Suisse | 1,102,587 Brazilian Real | 493,107 | 493,689 | 582 | |||||||||||||||
5/5/2014 | Morgan Stanley & Co., Inc. | 58,334 Brazilian Real | 26,188 | 26,119 | (69) | |||||||||||||||
5/5/2014 | Bank of Tokyo | 11,139 Singapore Dollar | 8,876 | 8,885 | 9 | |||||||||||||||
5/5/2014 | Bank of Tokyo | 3,324 Euro | 4,592 | 4,611 | 19 | |||||||||||||||
5/6/2014 | Deutsche Bank | 2,803,231,320 Colombian Peso | 1,453,581 | 1,446,664 | (6,917) | |||||||||||||||
5/6/2014 | Bank of New York | 23,106 Pound Sterling | 39,002 | 39,011 | 9 | |||||||||||||||
5/6/2014 | Bank of Tokyo | 14,104 Singapore Dollar | 11,240 | 11,250 | 10 | |||||||||||||||
5/8/2014 | Societe General Securities | 54,468,559 Japanese Yen | 532,555 | 532,805 | 250 | |||||||||||||||
5/13/2014 | Citigroup Global Markets | 256,600,000 Japanese Yen | 2,507,670 | 2,510,108 | 2,438 | |||||||||||||||
5/13/2014 | Chase Manhattan Corp. | 30,000,000 Japanese Yen | 296,481 | 293,466 | (3,015) | |||||||||||||||
5/13/2014 | Credit Suisse | 14,975,000 Swedish Krona | 2,281,851 | 2,302,509 | 20,658 | |||||||||||||||
5/13/2014 | Barclays Bank International | 11,225,000 Swedish Krona | 1,740,534 | 1,725,920 | (14,614) | |||||||||||||||
5/14/2014 | Goldman Sachs & Company | 33,608,702 Mexican Peso | 2,571,931 | 2,565,926 | (6,005) | |||||||||||||||
5/14/2014 | Citigroup Global Markets | 25,350,000 Mexican Peso | 1,917,042 | 1,935,398 | 18,356 | |||||||||||||||
5/14/2014 | HSBC Securities, Inc. | 7,676,000 Mexican Peso | 580,710 | 586,040 | 5,330 | |||||||||||||||
5/14/2014 | Royal Bank of Canada | 1,164,525 Mexican Peso | 88,547 | 88,908 | 361 | |||||||||||||||
6/3/2014 | Deutsche Bank | 2,705,000 Euro | 3,743,241 | 3,752,473 | 9,232 | |||||||||||||||
6/3/2014 | Chase Manhattan Corp. | 1,246,000 Pound Sterling | 2,094,341 | 2,103,176 | 8,835 | |||||||||||||||
6/3/2014 | Credit Suisse | 990,080 Brazilian Real | 442,000 | 439,230 | (2,770) | |||||||||||||||
6/3/2014 | Goldman Sachs & Company | 649,383 Brazilian Real | 289,000 | 288,086 | (914) | |||||||||||||||
6/3/2014 | Goldman Sachs & Company | 647,238 Brazilian Real | 288,946 | 287,135 | (1,811) | |||||||||||||||
6/3/2014 | Goldman Sachs & Company | 258,564 Brazilian Real | 116,000 | 114,707 | (1,293) | |||||||||||||||
6/25/2014 | Goldman Sachs & Company | 3,960,000 Mexican Peso | 296,874 | 301,251 | 4,377 | |||||||||||||||
6/26/2014 | Societe General Securities | 453,689 Pound Sterling | 764,519 | 765,672 | 1,153 | |||||||||||||||
CONTRACTS SOLD | ||||||||||||||||||||
5/1/2014 | Bank of Tokyo | 17,371 Australian Dollar | 16,054 | 16,138 | (84) | |||||||||||||||
5/2/2014 | Royal Bank of Scotland | 24,720,526 Euro | 34,055,714 | 34,295,957 | (240,243) | |||||||||||||||
5/2/2014 | Royal Bank of Scotland | 19,207,990 Pound Sterling | 31,643,934 | 32,430,590 | (786,656) | |||||||||||||||
5/2/2014 | Banc of America Securities | 3,668,219 Australian Dollar | 3,376,798 | 3,407,766 | (30,968) | |||||||||||||||
5/2/2014 | Credit Suisse | 3,480,000 Euro | 4,799,139 | 4,827,969 | (28,830) | |||||||||||||||
5/2/2014 | Banc of America Securities | 2,387,682 Euro | 3,292,614 | 3,312,545 | (19,931) | |||||||||||||||
5/2/2014 | Banc of America Securities | 1,514,815 New Zealand Dollar | 1,300,000 | 1,306,224 | (6,224) | |||||||||||||||
5/2/2014 | Morgan Stanley & Co., Inc. | 1,018,768 New Zealand Dollar | 874,925 | 878,483 | (3,558) | |||||||||||||||
5/2/2014 | Citigroup Global Markets | 956,000 Euro | 1,319,770 | 1,326,304 | (6,534) | |||||||||||||||
5/2/2014 | Royal Bank of Canada | 828,000 New Zealand Dollar | 719,951 | 713,984 | 5,967 | |||||||||||||||
5/2/2014 | Goldman Sachs & Company | 347,000 Euro | 482,048 | 481,410 | 638 | |||||||||||||||
5/2/2014 | Barclays Bank International | 313,496 Pound Sterling | 525,000 | 529,304 | (4,304) | |||||||||||||||
5/2/2014 | Goldman Sachs & Company | 188,000 Euro | 260,288 | 260,821 | (533) | |||||||||||||||
5/2/2014 | Chase Manhattan Corp. | 103,000 Euro | 142,188 | 142,897 | (709) | |||||||||||||||
5/2/2014 | Bank of Tokyo | 22,148 Australian Dollar | 20,542 | 20,575 | (33) | |||||||||||||||
5/5/2014 | Morgan Stanley & Co., Inc. | 9,799,209 Brazilian Real | 4,382,473 | 4,387,649 | (5,176) |
ANNUAL REPORT / April 30, 2014
69 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager Real Asset Fund (continued)
Settlement Date | Counterparty | Contracts to Deliver/Receive | Contract Amount | Contract at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
CONTRACTS SOLD (continued) | ||||||||||||||||||||
5/5/2014 | Credit Suisse | 6,031,745 Brazilian Real | $ | 2,536,265 | $ | 2,700,747 | $ | (164,482) | ||||||||||||
5/5/2014 | JP Morgan Securities | 6,005,212 Brazilian Real | 2,524,949 | 2,688,866 | (163,917) | |||||||||||||||
5/5/2014 | Banc of America Securities | 5,976,222 Brazilian Real | 2,515,457 | 2,675,886 | (160,429) | |||||||||||||||
5/5/2014 | Banc of America Securities | 5,926,753 Brazilian Real | 2,494,162 | 2,653,735 | (159,573) | |||||||||||||||
5/5/2014 | JP Morgan Securities | 5,890,930 Brazilian Real | 2,505,553 | 2,637,696 | (132,143) | |||||||||||||||
5/5/2014 | JP Morgan Securities | 4,837,099 Brazilian Real | 2,163,282 | 2,165,837 | (2,555) | |||||||||||||||
5/5/2014 | Citigroup Global Markets | 1,630,746 Brazilian Real | 693,006 | 730,176 | (37,170) | |||||||||||||||
5/5/2014 | Morgan Stanley & Co., Inc. | 1,159,095 Brazilian Real | 509,000 | 518,991 | (9,991) | |||||||||||||||
5/5/2014 | Credit Suisse | 864,159 Brazilian Real | 377,000 | 386,932 | (9,932) | |||||||||||||||
5/5/2014 | Bank of New York | 7,953 Euro | 10,981 | 11,034 | (53) | |||||||||||||||
5/5/2014 | Bank of Tokyo | 3,014 Australian Dollar | 2,794 | 2,799 | (5) | |||||||||||||||
5/6/2014 | Deutsche Bank | 1,081,137,728 Colombian Peso | 549,359 | 557,943 | (8,584) | |||||||||||||||
5/6/2014 | Citigroup Global Markets | 518,731,390 Colombian Peso | 269,695 | 267,702 | 1,993 | |||||||||||||||
5/6/2014 | Citigroup Global Markets | 518,731,390 Colombian Peso | 269,275 | 267,702 | 1,573 | |||||||||||||||
5/6/2014 | Citigroup Global Markets | 276,178,942 Colombian Peso | 141,196 | 142,528 | (1,332) | |||||||||||||||
5/6/2014 | Citigroup Global Markets | 255,033,592 Colombian Peso | 129,393 | 131,615 | (2,222) | |||||||||||||||
5/6/2014 | Citigroup Global Markets | 153,418,279 Colombian Peso | 79,872 | 79,175 | 697 | |||||||||||||||
5/6/2014 | Societe General Securities | 453,689 Pound Sterling | 764,815 | 765,968 | (1,153) | |||||||||||||||
5/13/2014 | Citigroup Global Markets | 254,200,000 Japanese Yen | 2,491,874 | 2,486,631 | 5,243 | |||||||||||||||
5/13/2014 | Citigroup Global Markets | 36,000,000 Japanese Yen | 353,024 | 352,158 | 866 | |||||||||||||||
5/13/2014 | Barclays Bank International | 26,414,000 Swedish Krona | 4,069,295 | 4,061,332 | 7,963 | |||||||||||||||
5/14/2014 | Citigroup Global Markets | 24,963,036 Mexican Peso | 1,872,485 | 1,905,854 | (33,369) | |||||||||||||||
5/14/2014 | Chase Manhattan Corp. | 24,963,036 Mexican Peso | 1,863,469 | 1,905,854 | (42,385) | |||||||||||||||
5/14/2014 | Morgan Stanley & Co., Inc. | 8,241,013 Mexican Peso | 623,000 | 629,177 | (6,177) | |||||||||||||||
5/14/2014 | Citigroup Global Markets | 7,150,000 Mexican Peso | 536,581 | 545,881 | (9,300) | |||||||||||||||
5/14/2014 | Citigroup Global Markets | 2,183,143 Mexican Peso | 164,000 | 166,677 | (2,677) | |||||||||||||||
5/14/2014 | Barclays Bank International | 299,000 Mexican Peso | 22,805 | 22,828 | (23) | |||||||||||||||
5/14/2014 | Morgan Stanley & Co., Inc. | 178,714 Turkish Lira | 78,021 | 84,316 | (6,295) | |||||||||||||||
6/3/2014 | Banc of America Securities | 26,093,747 Euro | 36,100,700 | 36,198,180 | (97,480) | |||||||||||||||
6/3/2014 | Chase Manhattan Corp. | 14,017,486 Pound Sterling | 23,522,617 | 23,660,707 | (138,090) | |||||||||||||||
6/3/2014 | Credit Suisse | 5,793,317 Brazilian Real | 2,547,913 | 2,570,092 | (22,179) | |||||||||||||||
6/3/2014 | JP Morgan Securities | 5,768,420 Brazilian Real | 2,559,590 | 2,559,047 | 543 | |||||||||||||||
6/3/2014 | JP Morgan Securities | 5,695,257 Brazilian Real | 2,537,484 | 2,526,590 | 10,894 | |||||||||||||||
6/3/2014 | Banc of America Securities | 3,361,583 New Zealand Dollar | 2,878,925 | 2,890,100 | (11,175) | |||||||||||||||
6/3/2014 | Morgan Stanley & Co., Inc. | 2,858,219 Australian Dollar | 2,646,031 | 2,648,960 | (2,929) | |||||||||||||||
6/3/2014 | Citigroup Global Markets | 2,678,849 Brazilian Real | 1,113,589 | 1,188,419 | (74,830) | |||||||||||||||
6/3/2014 | Citigroup Global Markets | 2,630,000 Euro | 3,639,775 | 3,648,430 | (8,655) | |||||||||||||||
6/3/2014 | Banc of America Securities | 1,590,000 Euro | 2,204,656 | 2,205,705 | (1,049) | |||||||||||||||
6/3/2014 | Morgan Stanley & Co., Inc. | 58,334 Brazilian Real | 25,969 | 25,879 | 90 | |||||||||||||||
6/25/2014 | Goldman Sachs & Company | 6,995,486 Mexican Peso | 521,876 | 532,171 | (10,295) | |||||||||||||||
6/26/2014 | Societe General Securities | 88,459,643 Japanese Yen | 867,062 | 865,554 | 1,508 | |||||||||||||||
6/26/2014 | Societe General Securities | 54,468,559 Japanese Yen | 532,707 | 532,960 | (253) | |||||||||||||||
6/26/2014 | Societe General Securities | 8,489,044 Pound Sterling | 14,268,043 | 14,326,606 | (58,563) | |||||||||||||||
6/26/2014 | UBS AG | 7,235,390 Euro | 10,025,935 | 10,036,551 | (10,616) | |||||||||||||||
6/26/2014 | Societe General Securities | 5,307,534 Swedish Krona | 807,664 | 815,426 | (7,762) | |||||||||||||||
6/26/2014 | Societe General Securities | 1,181,385 Canadian Dollar | 1,071,369 | 1,076,362 | (4,993) | |||||||||||||||
6/26/2014 | UBS AG | 593,338 Australian Dollar | 552,523 | 549,026 | 3,497 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 70 |
Wilmington Multi-Manager Real Asset Fund (continued)
Settlement Date | Counterparty | Contracts to Deliver/Receive | Contract Amount | Contract at Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
CONTRACTS SOLD (continued) | |||||||||||||||||||||||||
7/23/2014 | JP Morgan Securities | 34,648,671 Thai Baht | $ | 1,070,395 | $ | 1,066,786 | $ | 3,609 | |||||||||||||||||
7/30/2014 | JP Morgan Securities | 2,644,636 Polish Zloty | 868,523 | 868,348 | 175 | ||||||||||||||||||||
8/25/2014 | Goldman Sachs & Company | 33,608,702 Mexican Peso | 2,551,429 | 2,544,420 | 7,009 | ||||||||||||||||||||
8/25/2014 | Royal Bank of Canada | 1,164,525 Mexican Peso | 87,836 | 88,163 | (327) | ||||||||||||||||||||
10/2/2014 | Credit Suisse | 1,023,805 Brazilian Real | 442,000 | 438,949 | 3,051 | ||||||||||||||||||||
10/2/2014 | Goldman Sachs & Company | 671,376 Brazilian Real | 289,000 | 287,848 | 1,152 | ||||||||||||||||||||
10/2/2014 | Goldman Sachs & Company | 668,735 Brazilian Real | 288,946 | 286,716 | 2,230 | ||||||||||||||||||||
10/2/2014 | Goldman Sachs & Company | 267,322 Brazilian Real | 116,000 | 114,612 | 1,388 | ||||||||||||||||||||
10/15/2014 | Chase Manhattan Corp. | 16,217,706 South African Rand | 1,477,870 | 1,497,442 | (19,572) | ||||||||||||||||||||
10/16/2014 | Deutsche Bank | 2,803,231,320 Colombian Peso | 1,431,023 | 1,422,556 | 8,467 | ||||||||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS | (2,015,452) |
At April 30, 2014, the Wilmington Multi-Manager Real Asset Fund had open financial futures contracts as follows:
Underlying Contracts to Buy/Sell | Expiration Date | Number of Contracts | Contract Amount | Contract at Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
LONG POSITIONS: | |||||||||||||||||||||||||
90 DAY STERLING | June 2015 | 191 | $ | 39,810,473 | $ | 39,842,726 | $ | 32,253 | |||||||||||||||||
SHORT POSITIONS: | |||||||||||||||||||||||||
EURO-BOBL FUTURE | June 2014 | 20 | 3,475,955 | 3,489,734 | (13,779) | ||||||||||||||||||||
EURO-BUND FUTURE | June 2014 | 4 | 793,108 | 802,109 | (9,001) | ||||||||||||||||||||
LONG 10YR GILT FUTURE | June 2014 | 10 | 1,836,828 | 1,862,801 | (25,973) | ||||||||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS | $ | (16,500) |
ANNUAL REPORT / April 30, 2014
71 | PORTFOLIOS OF INVESTMENTS |
Wilmington Multi-Manager Real Asset Fund (continued)
At April 30, 2014, the Wilmington Multi-Manager Real Asset Fund had open interest rate swap contracts as follows:
Counterparty
| Termination
| Notional
| Fixed
| Floating Rate
| Fair Value
| Upfront
| Unrealized
| |||||||||||||||||||
Centrally Cleared | ||||||||||||||||||||||||||
Chicago Mercantile Exchange* | 06/18/44 | $4,700,000 | 3.75% | 3 Month USD LIBOR | $(258,925 | ) | $(261,727 | ) | $2,802 | |||||||||||||||||
Chicago Mercantile Exchange# | 06/18/19 | 13,100,000 | 4.00 | 6 Month BBR BBSW Index | 212,715 | 47,041 | 165,674 | |||||||||||||||||||
Chicago Mercantile Exchange* | 09/18/23 | 140,000,000 | 1.00 | 6 Month JPY LIBOR | (33,275 | ) | (9,264 | ) | (24,011 | ) | ||||||||||||||||
Chicago Mercantile Exchange* | 09/18/23 | 120,000,000 | 1.00 | 6 Month JPY LIBOR | (28,522 | ) | (6,099 | ) | (22,423 | ) | ||||||||||||||||
$(108,007 | ) | $(230,049 | ) | $122,042 | ||||||||||||||||||||||
Over the Counter | ||||||||||||||||||||||||||
Bank of America NA# | 02/09/29 | $26,400,000 | 7.38 | 28 Day MXN TIIE | $41,504 | $17,452 | $24,052 | |||||||||||||||||||
Barclays Bank PLC* | 12/19/15 | 2,800,000 | 1.73 | US Urban Consumers NSA | 7,161 | — | 7,161 | |||||||||||||||||||
Deutsche Bank AG* | 11/29/16 | 3,500,000 | 1.85 | US Urban Consumers NSA | 5,988 | — | 5,988 | |||||||||||||||||||
Deutsche Bank AG* | 11/29/16 | 900,000 | 1.83 | US Urban Consumers NSA | 2,089 | — | 2,089 | |||||||||||||||||||
Deutsche Bank AG* | 02/10/17 | 6,200,000 | 1.93 | US Urban Consumers NSA | 15,826 | — | 15,826 | |||||||||||||||||||
Goldman Sachs Group, Inc.* | 02/12/17 | 500,000 | 2.42 | US Urban Consumers NSA | (11,951 | ) | — | (11,951 | ) | |||||||||||||||||
RBS Securities, Inc.* | 07/15/17 | 2,400,000 | 2.25 | US Urban Consumers NSA | (55,261 | ) | 161 | (55,422 | ) | |||||||||||||||||
Citibank NA* | 07/15/17 | 200,000 | 2.25 | US Urban Consumers NSA | 135 | 33 | 102 | |||||||||||||||||||
Goldman Sachs Group, Inc.* | 07/15/22 | 1,600,000 | 2.50 | US Urban Consumers NSA | (46,826 | ) | 26,286 | (73,112 | ) | |||||||||||||||||
Citibank NA* | 07/15/22 | 500,000 | 2.50 | US Urban Consumers NSA | (2,009 | ) | 3,201 | (5,210 | ) | |||||||||||||||||
Deutsche Bank AG* | 07/15/22 | 400,000 | 2.50 | US Urban Consumers NSA | (11,706 | ) | 5,005 | (16,711 | ) | |||||||||||||||||
$(55,050 | ) | $52,138 | $(107,188 | ) | ||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) on Interest Rate Swap Contracts |
| $(163,057 | ) | $(177,911 | ) | $14,854 |
At April 30, 2014, the Wilmington Multi-Manager Real Asset Fund had open credit default swap contracts as follows:
Counterparty
| Termination
| Notional
| Fixed
| Reference Equity/Obligation
| Implied
| Fair
| Upfront
| Unrealized
| ||||||||||||||||||||||
Centrally Cleared | ||||||||||||||||||||||||||||||
IntercontinentalExchange## | 06/20/19 | $19,300,000 | 1.00% | CDX IG22 5Y BP | 0.64% | $339,101 | $322,157 | $16,944 | ||||||||||||||||||||||
IntercontinentalExchange## | 06/20/19 | 2,100,000 | 1.00 | CDX IG22 5Y BP | 0.64% | 36,897 | 33,963 | 2,934 | ||||||||||||||||||||||
IntercontinentalExchange## | 06/20/24 | 2,400,000 | 1.00 | CDX ITRAXX MAIN21 10Y BP | 1.16% | (46,016 | ) | (59,205 | ) | 13,189 | ||||||||||||||||||||
IntercontinentalExchange## | 06/20/24 | 1,400,000 | 1.00 | CDX ITRAXX MAIN21 10Y BP | 1.16% | (26,842 | ) | (32,731 | ) | 5,889 | ||||||||||||||||||||
IntercontinentalExchange## | 06/20/19 | 2,000,000 | 1.00 | CDX ITRAXX MAIN21 5Y BP | 0.7% | 40,893 | 40,372 | 521 | ||||||||||||||||||||||
$344,033 | $304,556 | $39,477 | ||||||||||||||||||||||||||||
Over the Counter | ||||||||||||||||||||||||||||||
Bank of America NA## | 03/20/19 | $300,000 | 1.00 | BRL LA SP BOA | 1.39% | $(5,079 | ) | $(14,658 | ) | $9,579 | ||||||||||||||||||||
Morgan Stanley Capital Services## | 03/20/19 | 800,000 | 1.00 | BRL LA SP MYC | 1.39% | (13,544 | ) | (38,440 | ) | 24,896 | ||||||||||||||||||||
Bank of America NA## | 03/20/19 | 100,000 | 1.00 | RUB EM SP BOA | 2.56% | (6,853 | ) | (8,165 | ) | 1,312 | ||||||||||||||||||||
$(25,476 | ) | $(61,263 | ) | $35,787 | ||||||||||||||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON CREDIT DEFAULT SWAP CONTRACTS |
| $318,557 | $243,293 | $75,264 |
* Portfolio pays the fixed rate and receives the floating rate.
# Portfolio pays the floating rate and receives the fixed rate.
## The Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 72 |
Wilmington Multi-Manager Real Asset Fund (concluded)
(a) “Notional amount” represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(b) “Implied credit spreads”, represented in absolute terms, are utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of reporting date. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
(c) “Fair value” of credit default swap agreements on asset-backed securities and credit indices serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
73 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Strategic Allocation Conservative Fund
At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):
Percentage of Total Net Assets |
Debt Funds | 60.2% | |||
Equity Funds | 19.1% | |||
Alternative Investment Funds | 13.0% | |||
Exchange-Traded Funds | 5.6% | |||
Money Market Fund | 1.2% | |||
Commodity Fund | 0.9% | |||
Other Assets and Liabilities – Net1 | 0.0%2 | |||
| ||||
TOTAL | 100.0% | |||
|
(1) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(2) | Represents Less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description | Number of Shares | Value | ||||||
INVESTMENT COMPANIES – 100.0% | ||||||||
ALTERNATIVE INVESTMENT FUNDS – 13.0% |
| |||||||
AQR Managed Futures Strategy Fund, Class I | 103,740 | $ | 1,028,065 | |||||
Gateway Fund, Class Y | 51,357 | 1,496,038 | ||||||
Legg Mason BW Absolute Return Opportunities Fund, Class I | 74,163 | 934,450 | ||||||
PIMCO Unconstrained Bond Fund, Institutional Shares | 180,103 | 2,020,755 | ||||||
|
| |||||||
TOTAL ALTERNATIVE INVESTMENT FUNDS | $ | 5,479,308 | ||||||
COMMODITY FUND – 0.9% |
| |||||||
Credit Suisse Commodity Return Strategy Fund, Class I* | 49,046 | 385,504 | ||||||
DEBT FUNDS – 60.2% |
| |||||||
Federated Ultrashort Bond Fund, Institutional Shares¤ | 280,151 | 2,568,982 | ||||||
FPA New Income, Inc. | 124,589 | 1,279,525 | ||||||
RidgeWorth Seix Floating Rate High Income Fund, Class I | 264,666 | 2,392,577 | ||||||
Scout Unconstrained Bond Fund | 108,791 | 1,277,209 | ||||||
Wilmington Intermediate-Term Bond Fund, Class I§ | 1,775,859 | 17,936,178 | ||||||
|
| |||||||
TOTAL DEBT FUNDS | $ | 25,454,471 | ||||||
EQUITY FUNDS – 19.1% |
| |||||||
DFA U.S. Small Cap Value Portfolio, Institutional Shares | 6,318 | 222,063 |
Description | Number of Shares | Value | ||||||
Diamond Hill Large Cap Fund, Class Y | 15,618 | $ | 343,753 | |||||
LSV Value Equity Fund | 15,470 | 347,448 | ||||||
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I | 23,953 | 871,170 | ||||||
Morgan Stanley Institutional Fund, Inc. - Small Company Growth Portfolio, Class I | 18,975 | 325,237 | ||||||
T Rowe Price Institutional Large-Cap Growth Fund | 34,370 | 908,750 | ||||||
Wilmington Large-Cap Strategy Fund, Class I§ | 32,816 | 566,737 | ||||||
Wilmington Mid-Cap Growth Fund, Class I§ | 54,798 | 994,576 | ||||||
Wilmington Multi-Manager International Fund, Class I§ | 396,644 | 3,149,355 | ||||||
Wilmington Small-Cap Strategy Fund, Class I§ | 23,850 | 344,158 | ||||||
|
| |||||||
TOTAL EQUITY FUNDS | $ | 8,073,247 | ||||||
EXCHANGE-TRADED FUNDS – 5.6% |
| |||||||
iShares Cohen & Steers REIT ETF | 5,150 | 440,067 | ||||||
iShares Russell Mid-Cap Value ETF | 4,954 | 341,876 | ||||||
iShares TIPS ETF | 9,350 | 1,061,973 | ||||||
SPDR Dow Jones International Real Estate ETF | 11,850 | 506,114 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | $ | 2,350,030 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 74 |
Wilmington Strategic Allocation Conservative Fund (concluded)
Description | Number of Shares | Value | ||||||
MONEY MARKET FUND – 1.2% |
| |||||||
Wilmington Prime Money Market Fund, Institutional Class, 0.01%^,§ | 504,720 | $ | 504,720 | |||||
|
| |||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(COST $40,575,588) | $ | 42,247,280 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 100.0% | ||||||||
(COST $40,575,588) | $ | 42,247,280 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.0%** | 13,831 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 42,261,111 | ||||||
|
|
Cost of investments for Federal income tax purposes is $40,975,225. The net unrealized appreciation/(depreciation) of investments was $1,272,055. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,643,473 and net unrealized depreciation from investments for those securities having an excess of cost over value of $371,418.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Investment Companies | $ | 42,247,280 | $ | — | $ | — | $ | 42,247,280 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 42,247,280 | $ | — | $ | — | $ | 42,247,280 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
75
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Strategic Allocation Moderate Fund
At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):
Investment Companies: | Percentage of Total Net Assets |
Equity Funds | 51.8 | % | ||||
Debt Funds | 13.8 | % | ||||
Exchange-Traded Funds | 7.0 | % | ||||
Alternative Investment Funds | 13.0 | % | ||||
Money Market Fund | 1.3 | % | ||||
Commodity Fund | 0.9 | % | ||||
Corporate Bonds | 6.8 | % | ||||
Mortgage-Backed Securities | 2.8 | % | ||||
U.S. Treasury | 1.9 | % | ||||
Collateralized Mortgage Obligations | 0.5 | % | ||||
Enhanced Equipment Trust Certificates | 0.2 | % | ||||
Cash Equivalents1 | 1.4 | % | ||||
Other Assets and Liabilities – Net2 | (1.4 | )% | ||||
|
| |||||
TOTAL | 100.0 | % | ||||
|
|
(1) | Cash Equivalents include investments in a money market fund and a repurchase agreement. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2014
Description
|
Number of
| Value
| ||||||
INVESTMENT COMPANIES – 87.8% |
| |||||||
ALTERNATIVE INVESTMENT |
| |||||||
AQR Managed Futures Strategy Fund, Class I | 148,864 | $ | 1,475,242 | |||||
Gateway Fund, Class Y | 78,377 | 2,283,113 | ||||||
Legg Mason BW Absolute Return Opportunities Fund, Class I | 117,969 | 1,486,410 | ||||||
PIMCO Unconstrained Bond Fund, Institutional Shares | 206,008 | 2,311,408 | ||||||
|
| |||||||
TOTAL ALTERNATIVE INVESTMENT FUNDS | $ | 7,556,173 | ||||||
COMMODITY FUND – 0.9% |
| |||||||
Credit Suisse Commodity Return Strategy Fund, Class I* | 67,439 | 530,068 | ||||||
DEBT FUNDS – 13.8% |
| |||||||
Federated Ultrashort Bond Fund, Institutional Shares¤ | 197,548 | 1,811,519 | ||||||
FPA New Income, Inc. | 92,643 | 951,442 | ||||||
RidgeWorth Seix Floating Rate High Income Fund, Class I | 348,905 | 3,154,103 |
Description
|
Number of
| Value
| ||||||
Scout Unconstrained Bond, Institutional Shares | 181,910 | $ | 2,135,628 | |||||
|
| |||||||
TOTAL DEBT FUNDS | $ | 8,052,692 | ||||||
EQUITY FUNDS – 51.8% |
| |||||||
DFA U.S. Small Cap Value Portfolio, Institutional Shares | 25,071 | 881,257 | ||||||
Diamond Hill Large Cap Fund, Class Y | 62,036 | 1,365,403 | ||||||
Harbor International Fund, Institutional Shares | 66,441 | 4,876,744 | ||||||
Lazard Emerging Markets Equity Portfolio, Institutional Shares | 32,284 | 603,063 | ||||||
LSV Value Equity Fund | 61,368 | 1,378,334 | ||||||
MFS International New Discovery Fund, Class I | 21,651 | 639,582 | ||||||
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I | 104,641 | 3,805,789 | ||||||
Morgan Stanley Institutional Fund, Inc. - Small Company Growth Portfolio, Class I | 77,482 | 1,328,041 | ||||||
T Rowe Price Institutional Large-Cap Growth Fund | 144,559 | 3,822,151 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 76
Wilmington Strategic Allocation Moderate Fund (continued)
Description
|
Number of
| Value
| ||||||
Wilmington Mid-Cap Growth Fund, | 226,973 | $ | 4,119,565 | |||||
Wilmington Multi-Manager International Fund, Class I§ | 764,554 | 6,070,558 | ||||||
Wilmington Small-Cap Strategy Fund, | 90,727 | 1,309,185 | ||||||
|
| |||||||
TOTAL EQUITY FUNDS | $ | 30,199,672 | ||||||
EXCHANGE-TRADED FUNDS – 7.0% |
| |||||||
iShares Cohen & Steers REIT ETF# | 6,925 | 591,741 | ||||||
iShares Russell Mid-Cap Value ETF# | 20,528 | 1,416,637 | ||||||
iShares TIPS ETF | 12,350 | 1,402,713 | ||||||
SPDR Dow Jones International Real Estate ETF | 16,300 | 696,173 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | $ | 4,107,264 | ||||||
MONEY MARKET FUND – 1.3% |
| |||||||
Wilmington Prime Money Market Fund, Institutional Class, 0.01%^,§ | 727,547 | 727,547 | ||||||
|
| |||||||
TOTAL INVESTMENT COMPANIES (COST $45,739,786) | $ | 51,173,416 | ||||||
| ||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.5% | ||||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3% |
| |||||||
Series 1988-23, Class C, 9.75%, 9/25/18 | $ | 1,040 | $ | 1,169 | ||||
Series 2012-114, Class VM, 3.50%, 10/25/25 | 180,103 | 186,399 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) |
| $ | 187,568 | |||||
WHOLE LOAN – 0.2% |
| |||||||
Banc of America Mortgage Securities, Inc., | ||||||||
Series 2004-A, Class 2A1, 2.93%, 2/25/34D | 53,869 | 51,451 | ||||||
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.75%, 11/25/35D | 37,558 | 33,787 | ||||||
|
| |||||||
TOTAL WHOLE LOAN | $ | 85,238 | ||||||
|
| |||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $293,258) | $ | 272,806 | ||||||
CORPORATE BONDS – 6.8% | ||||||||
AEROSPACE & DEFENSE – 0.2% |
| |||||||
L-3 Communications Corp., | 85,000 | 90,760 | ||||||
BANKS – 0.0%** |
| |||||||
Fifth Third Bancorp, | ||||||||
Subordinated, 4.30%, 1/16/24 | 20,000 | 20,601 | ||||||
BEVERAGES – 0.3% |
| |||||||
Anheuser-Busch Cos. LLC, | 130,000 | 143,116 |
| Value
| |||||||
Diageo Capital PLC, | $ | 15,000 | $ | 13,938 | ||||
Dr. Pepper Snapple Group, Inc., | 10,000 | 9,773 | ||||||
|
| |||||||
TOTAL BEVERAGES | $ | 166,827 | ||||||
CAPITAL MARKETS – 0.4% |
| |||||||
BlackRock, Inc., | 38,000 | 38,896 | ||||||
Charles Schwab Corp., | 15,000 | 15,234 | ||||||
Goldman Sachs Group, Inc., | 100,000 | 102,648 | ||||||
Morgan Stanley, | 35,000 | 35,510 | ||||||
Morgan Stanley, | 30,000 | 30,112 | ||||||
|
| |||||||
TOTAL CAPITAL MARKETS | $ | 222,400 | ||||||
CHEMICALS – 0.1% |
| |||||||
Dow Chemical Co., | 70,000 | 67,397 | ||||||
COMMERCIAL BANKS – 0.1% |
| |||||||
HSBC USA, Inc., | 40,000 | 41,223 | ||||||
Wells Fargo & Co., | 35,000 | 34,353 | ||||||
|
| |||||||
TOTAL COMMERCIAL BANKS |
| $ | 75,576 | |||||
COMMERCIAL FINANCE – 0.1% |
| |||||||
General Electric Capital Corp., | 70,000 | 72,306 | ||||||
COMPUTERS – 0.3% |
| |||||||
Apple, Inc., | 45,000 | 45,101 | ||||||
Apple, Inc., | 35,000 | 31,816 | ||||||
Hewlett-Packard Co., | 80,000 | 80,288 | ||||||
|
| |||||||
TOTAL COMPUTERS | $ | 157,205 | ||||||
CONSUMER FINANCE – 0.2% |
| |||||||
American Express Co., | 30,000 | 30,212 | ||||||
Capital One Financial Corp., | 100,000 | 100,424 | ||||||
|
| |||||||
TOTAL CONSUMER FINANCE |
| $ | 130,636 | |||||
DIVERSIFIED FINANCIAL SERVICES – 0.6% |
| |||||||
Bank of America Corp., | 50,000 | 50,221 | ||||||
Citigroup, Inc., | 100,000 | 113,364 | ||||||
FMR LLC, | 100,000 | 124,417 |
ANNUAL REPORT / April 30, 2014
77 PORTFOLIOS OF INVESTMENTS
Wilmington Strategic Allocation Moderate Fund (continued)
Description
|
| Value
| ||||||
Ford Motor Credit Co., LLC, | $ | 35,000 | $ | 37,091 | ||||
Hyundai Capital America, | 25,000 | 25,392 | ||||||
JPMorgan Chase & Co., | 20,000 | 19,154 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES | $ | 369,639 | ||||||
ELECTRIC – 0.4% |
| |||||||
Appalachian Power Co., | ||||||||
Sr. Unsecured, 5.00%, 6/01/17 | 35,000 | 38,191 | ||||||
DTE Energy Co., | ||||||||
Sr. Unsecured, 3.85%, 12/01/23 | 10,000 | 10,284 | ||||||
Entergy Corp., | ||||||||
Sr. Unsecured, 5.13%, 9/15/20 | 90,000 | 98,542 | ||||||
Pacific Gas & Electric Co., | ||||||||
Sr. Unsecured, 3.75%, 2/15/24 | 20,000 | 20,364 | ||||||
UIL Holdings Corp., | ||||||||
Sr. Unsecured, 4.63%, 10/01/20 | 70,000 | 73,661 | ||||||
|
| |||||||
TOTAL ELECTRIC | $ | 241,042 | ||||||
ENVIORNMENTAL CONTROL – 0.1% |
| |||||||
Waste Management, Inc., | ||||||||
Company Guaranteed, 2.60%, 9/01/16 | 60,000 | 62,368 | ||||||
FOOD – 0.2% |
| |||||||
Kroger Co., | ||||||||
Company Guaranteed, 3.90%, 10/01/15 | 100,000 | 104,584 | ||||||
FOREST PRODUCTS & PAPER – 0.2% |
| |||||||
International Paper Co., | ||||||||
Sr. Unsecured, 5.30%, 4/01/15 | 100,000 | 104,304 | ||||||
HEALTH CARE PROVIDERS & SERVICES – 0.0%** |
| |||||||
UnitedHealth Group, Inc., | ||||||||
Sr. Unsecured, 2.75%, 2/15/23 | 25,000 | 23,999 | ||||||
HOME FURNISHINGS – 0.1% |
| |||||||
Whirlpool Corp., | ||||||||
Sr. Unsecured, 4.70%, 6/01/22 | 65,000 | 70,166 | ||||||
Whirlpool Corp., | ||||||||
Sr. Unsecured, MTN, 5.15%, 3/01/43 | 10,000 | 10,520 | ||||||
|
| |||||||
TOTAL HOME FURNISHINGS | $ | 80,686 | ||||||
HOUSEHOLD PRODUCTS – 0.1% |
| |||||||
Tupperware Brands Corp., | ||||||||
Company Guaranteed, 4.75%, 6/01/21 | 60,000 | 63,588 | ||||||
INSURANCE – 0.4% |
| |||||||
American International Group, Inc., | ||||||||
Sr. Unsecured, 3.80%, 3/22/17 | 100,000 | 107,144 | ||||||
Berkshire Hathaway Finance Corp., | ||||||||
Company Guaranteed, 4.30%, 5/15/43 | 20,000 | 19,533 | ||||||
CNA Financial Corp., | ||||||||
Sr. Unsecured, 3.95%, 5/15/24# | 35,000 | 35,792 | ||||||
WR Berkley Corp., | ||||||||
Sr. Unsecured, 4.63%, 3/15/22 | 60,000 | 63,363 | ||||||
|
| |||||||
TOTAL INSURANCE | $ | 225,832 |
Description
|
| Value
| ||||||
MEDIA – 0.3% |
| |||||||
COX Communications, Inc., | ||||||||
Sr. Unsecured, 4.50%, 6/30/43•,W | $ | 100,000 | $ | 93,325 | ||||
Viacom, Inc., | ||||||||
Sr. Unsecured, 2.50%, 12/15/16 | 60,000 | 62,189 | ||||||
|
| |||||||
TOTAL MEDIA | $ | 155,514 | ||||||
METALS & MINING – 0.1% |
| |||||||
Rio Tinto Finance USA Ltd., | ||||||||
Company Guaranteed, 9.00%, 5/01/19 | 60,000 | 78,882 | ||||||
MISCELLANEOUS MANUFACTURING – 0.2% |
| |||||||
General Electric Co., | ||||||||
Sr. Unsecured, 4.13%, 10/09/42 | 35,000 | 34,231 | ||||||
Illinois Tool Works, Inc., | ||||||||
Sr. Unsecured, 3.50%, 3/01/24 | 45,000 | 45,529 | ||||||
Textron, Inc., | ||||||||
Sr. Unsecured, 3.65%, 3/01/21 | 20,000 | 20,457 | ||||||
|
| |||||||
TOTAL MISCELLANEOUS MANUFACTURING | $ | 100,217 | ||||||
OFFICE/BUSINESS EQUIPMENT – 0.1% |
| |||||||
Xerox Corp., | ||||||||
Sr. Unsecured, 2.75%, 3/15/19 | 30,000 | 30,452 | ||||||
OIL & GAS – 0.4% |
| |||||||
BP Capital Markets PLC, | ||||||||
Company Guaranteed, 2.50%, 11/06/22 | 50,000 | 47,312 | ||||||
Exxon Mobil Corp., | ||||||||
Sr. Unsecured, 1.82%, 3/15/19 | 30,000 | 30,090 | ||||||
Husky Energy, Inc., | ||||||||
Sr. Unsecured, 4.00%, 4/15/24 | 15,000 | 15,487 | ||||||
Marathon Oil Corp., | ||||||||
Sr. Unsecured, 2.80%, 11/01/22 | 45,000 | 42,997 | ||||||
Murphy Oil Corp., | ||||||||
Sr. Unsecured, 5.13%, 12/01/42 | 70,000 | 67,966 | ||||||
Petrobras Global Finance BV, | ||||||||
Company Guaranteed, 2.00%, 5/20/16 | 30,000 | 30,037 | ||||||
|
| |||||||
TOTAL OIL & GAS | $ | 233,889 | ||||||
PHARMACEUTICALS – 0.2% |
| |||||||
AbbVie, Inc., | ||||||||
Sr. Unsecured, 4.40%, 11/06/42 | 20,000 | 20,216 | ||||||
Novartis Capital Corp., | ||||||||
Company Guaranteed, 4.40%, 5/06/44 | 75,000 | 76,966 | ||||||
Zoetis, Inc., | ||||||||
Sr. Unsecured, 4.70%, 2/01/43 | 15,000 | 15,300 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS | $ | 112,482 | ||||||
PIPELINES – 0.2% |
| |||||||
Buckeye Partners LP, | ||||||||
Sr. Unsecured, 2.65%, 11/15/18 | 40,000 | 39,934 | ||||||
Energy Transfer Partners LP, | ||||||||
Sr. Unsecured, 3.60%, 2/01/23# | 35,000 | 34,105 | ||||||
ONEOK Partners LP, | ||||||||
Company Guaranteed, 6.20%, 9/15/43 | 45,000 | 53,156 | ||||||
|
| |||||||
TOTAL PIPELINES | $ | 127,195 |
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 78
Wilmington Strategic Allocation Moderate Fund (continued)
Description
|
| Value
| ||||||
REAL ESTATE INVESTMENT TRUSTS – 0.9% |
| |||||||
American Tower Corp., | ||||||||
Sr. Unsecured, 5.00%, 2/15/24 | $ | 15,000 | $ | 15,980 | ||||
CommonWealth REIT, | ||||||||
Sr. Unsecured, 6.65%, 1/15/18 | 100,000 | 111,597 | ||||||
Digital Realty Trust LP, | ||||||||
Company Guaranteed, 5.88%, 2/01/20# | 100,000 | 110,229 | ||||||
HCP, Inc., | ||||||||
Sr. Unsecured, 4.20%, 3/01/24 | 15,000 | 15,452 | ||||||
Health Care REIT, Inc., | ||||||||
Sr. Unsecured, 4.70%, 9/15/17 | 100,000 | 109,454 | ||||||
Healthcare Realty Trust, Inc., | ||||||||
Sr. Unsecured, 3.75%, 4/15/23 | 40,000 | 38,674 | ||||||
Mack-Cali Realty LP, | ||||||||
Sr. Unsecured, 2.50%, 12/15/17 | 90,000 | 90,967 | ||||||
ProLogis LP, | ||||||||
Company Guaranteed, 3.35%, 2/01/21 | 35,000 | 35,298 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | $ | 527,651 | ||||||
RETAIL – 0.1% |
| |||||||
CVS Caremark Corp., | ||||||||
Sr. Unsecured, 5.75%, 6/01/17 | 49,000 | 55,564 | ||||||
SEMICONDUCTORS – 0.1% |
| |||||||
Intel Corp., | ||||||||
Sr. Unsecured, 2.70%, 12/15/22 | 35,000 | 33,850 | ||||||
TELECOMMUNICATIONS – 0.2% |
| |||||||
AT&T, Inc., | ||||||||
FRN, Sr. Unsecured, 1.14%, 11/27/18D | 55,000 | 56,072 | ||||||
Verizon Communications, Inc., | ||||||||
Sr. Unsecured, 6.40%, 9/15/33 | 35,000 | 42,337 | ||||||
|
| |||||||
TOTAL TELECOMMUNICATIONS |
| $ | 98,409 | |||||
TRANSPORTATION – 0.2% |
| |||||||
FedEx Corp., | ||||||||
Company Guaranteed, 3.88%, 8/01/42 | 30,000 | 26,824 | ||||||
Ryder System, Inc., | ||||||||
Sr. Unsecured, MTN, 2.50%, 3/01/18 | 55,000 | 56,213 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | $ | 83,037 | ||||||
TRUCKING & LEASING – 0.0%** |
| |||||||
GATX Corp., | ||||||||
Sr. Unsecured, 5.20%, 3/15/44 | 20,000 | 21,281 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (COST $3,821,427) | $ | 3,938,173 | ||||||
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2% |
| |||||||
AIRLINES – 0.2% |
| |||||||
Continental Airlines 2009-2, | ||||||||
Series A, Pass-Through Certificates, | ||||||||
7.25%, 11/10/19 | 66,086 | 77,362 |
Description
|
| Value
| ||||||
Delta Air Lines, 2007-1, | ||||||||
Series A, Pass-Through Certificates, | ||||||||
6.82%, 8/10/22 | $ | 52,048 | $ | 61,547 | ||||
|
| |||||||
TOTAL AIRLINES | $ | 138,909 | ||||||
|
| |||||||
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $117,735) | $ | 138,909 | ||||||
MORTGAGE-BACKED SECURITIES – 2.8% |
| |||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.2% |
| |||||||
Pool A15865, 5.50%, 11/01/33 | 76,274 | 84,385 | ||||||
Pool A19412, 5.00%, 3/01/34 | 192,376 | 211,627 | ||||||
Pool C00478, 8.50%, 9/01/26 | 2,734 | 3,139 | ||||||
Pool C03517, 4.50%, 9/01/40 | 60,360 | 64,925 | ||||||
Pool C04305, 3.00%, 11/01/42 | 237,540 | 231,461 | ||||||
Pool C09020, 3.50%, 11/01/42 | 243,096 | 246,890 | ||||||
Pool G05774, 5.00%, 1/01/40 | 418,864 | 462,284 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) |
| $ | 1,304,711 | |||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.4% |
| |||||||
Pool 533246, 7.50%, 4/01/30 | 18,521 | 19,522 | ||||||
Pool AB4089, 3.00%, 12/01/26 | 55,559 | 57,563 | ||||||
Pool AJ4050, 4.00%, 10/01/41 | 175,321 | 184,050 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE |
| $ | 261,135 | |||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.2% |
| |||||||
Pool 354677, 7.50%, 10/15/23 | 21,961 | 24,964 | ||||||
Pool 354765, 7.00%, 2/15/24 | 28,903 | 32,926 | ||||||
Pool 354827, 7.00%, 5/15/24 | 26,172 | 29,731 | ||||||
|
| |||||||
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) |
| $ | 87,621 | |||||
|
| |||||||
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,624,012) | $ | 1,653,467 | ||||||
U.S. TREASURY – 1.9% | ||||||||
U.S. TREASURY BONDS – 0.5% |
| |||||||
4.38%, 5/15/40 | 190,000 | 222,969 | ||||||
4.75%, 2/15/37 | 21,000 | 25,881 | ||||||
|
| |||||||
TOTAL U.S. TREASURY BONDS | $ | 248,850 | ||||||
U.S. TREASURY NOTES – 1.4% |
| |||||||
0.63%, 9/30/17 | 40,000 | 39,380 | ||||||
1.50%, 12/31/18 | 87,000 | 86,629 | ||||||
1.50%, 3/31/19 | 100,000 | 99,262 | ||||||
1.63%, 11/15/22 | 96,000 | 89,448 | ||||||
2.13%, 5/31/15 | 65,000 | 66,405 | ||||||
2.13%, 8/31/20 | 115,000 | 115,305 | ||||||
3.50%, 5/15/20 | 100,000 | 108,765 |
ANNUAL REPORT / April 30, 2014
79 PORTFOLIOS OF INVESTMENTS
Wilmington Strategic Allocation Moderate Fund (continued)
Description
|
| Value
| ||||||
4.50%, 2/15/16 | $ | 100,000 | $ | 107,494 | ||||
4.50%, 5/15/17 | 100,000 | 110,824 | ||||||
|
| |||||||
TOTAL U.S. TREASURY NOTES | $ | 823,512 | ||||||
|
| |||||||
TOTAL U.S. TREASURY (COST $1,019,515) | $ | 1,072,362 | ||||||
Number of
| ||||||||
MONEY MARKET FUND – 0.2% | ||||||||
Dreyfus Cash Management Fund, | ||||||||
Institutional Shares, 0.03%^ | 135,211 | $ | 135,211 | |||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $135,211) | $ | 135,211 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES – 100.2% (COST $52,750,944) | $ | 58,384,344 | ||||||
| ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.2% |
| |||||||
REPURCHASE AGREEMENTS – 1.2% |
| |||||||
Mizuho Securities USA, Inc., 0.05%, dated 04/30/14, due 05/01/14, repurchase price $736,601, collateralized by U.S. Treasury Securities 0.00% to 4.25%, maturing 05/01/14 to 02/15/44; total market value of $751,332. | $ | 736,600 | $ | 736,600 | ||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $736,600) | $ | 736,600 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 101.4% (COST $53,487,544) | $ | 59,120,944 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (1.2%) | (736,600 | ) | ||||||
OTHER LIABILITIES LESS ASSETS – (0.2%) | (95,965 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 58,288,379 | ||||||
|
|
Cost of investments for Federal income tax purposes is $54,219,967. The net unrealized appreciation/(depreciation) of investments was $4,900,977. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $5,602,217 and net unrealized depreciation from investments for those securities having an excess of cost over value of $701,239.
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 80
Wilmington Strategic Allocation Aggressive 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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1
|
Level 2
|
Level 3
|
Total
| |||||||||||||
Investments in Securities | ||||||||||||||||
Investment Companies | $ | 51,173,416 | $ | — | $ | — | $ | 51,173,416 | ||||||||
Collateralized Mortgage Obligations | — | 272,806 | — | 272,806 | ||||||||||||
Corporate Bonds | — | 3,938,173 | — | 3,938,173 | ||||||||||||
Enhanced Equipment Trust Certificates | — | 138,909 | — | 138,909 | ||||||||||||
Mortgage-Backed Securities | — | 1,653,467 | — | 1,653,467 | ||||||||||||
U.S. Treasury | — | 1,072,362 | — | 1,072,362 | ||||||||||||
Money Market Fund | 135,211 | — | — | 135,211 | ||||||||||||
Repurchase Agreement | — | 736,600 | — | 736,600 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 51,308,627 | $ | 7,812,317 | $ | — | $ | 59,120,944 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
81
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Strategic Allocation Aggressive Fund
At April 30, 2014, the Fund’s portfolio composition was as follows (unaudited):
Percentage of Total Net Assets |
Equity Funds | 83.7 | % | |||||
Exchange-Traded Funds | 8.7 | % | |||||
Alternative Investment Funds | 5.4 | % | |||||
Money Market Fund | 1.4 | % | |||||
Commodity Fund | 0.9 | % | |||||
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, 2014
Description
| Number of
| Value
| ||||||
INVESTMENT COMPANIES – 100.1% |
| |||||||
ALTERNATIVE INVESTMENT |
| |||||||
AQR Managed Futures Strategy Fund, Class I | 89,201 | $ | 883,983 | |||||
Gateway Fund, Class Y | 40,352 | 1,175,459 | ||||||
|
| |||||||
TOTAL ALTERNATIVE INVESTMENT FUNDS | $ | 2,059,442 | ||||||
COMMODITY FUND – 0.9% | ||||||||
Credit Suisse Commodity Return Strategy Fund, Class I* | 43,324 | 340,529 | ||||||
EQUITY FUNDS – 83.7% | ||||||||
DFA U.S. Small Cap Value Portfolio, Institutional Class | 23,015 | 808,976 | ||||||
Diamond Hill Large Cap Fund, Class Y | 62,883 | 1,384,048 | ||||||
Harbor International Fund, Institutional Shares | 41,495 | 3,045,710 | ||||||
LSV Value Equity Fund | 62,204 | 1,397,101 | ||||||
MFS International New Discovery Fund, Class I | 16,649 | 491,806 | ||||||
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I | 105,188 | 3,825,690 | ||||||
Morgan Stanley Institutional Fund, Inc. - Small Company Growth Portfolio, Class I | 75,996 | 1,302,575 | ||||||
T Rowe Price Institutional Large-Cap Growth Fund | 150,973 | 3,991,729 | ||||||
Wilmington Large-Cap Strategy Fund, Class I§ | 14,913 | 257,555 |
Description
| Number of
| Value
| ||||||
Wilmington Mid-Cap Growth Fund, Class I§ | 251,907 | $ | 4,572,107 | |||||
Wilmington Multi-Manager International Fund, Class I§ | 1,201,789 | 9,542,203 | ||||||
Wilmington Small-Cap Strategy Fund, Class I§ | 104,454 | 1,507,267 | ||||||
|
| |||||||
TOTAL EQUITY FUNDS | $ | 32,126,767 | ||||||
EXCHANGE-TRADED FUNDS – 8.7% |
| |||||||
iShares Cohen & Steers REIT ETF | 4,550 | 388,798 | ||||||
iShares Russell Mid-Cap Value | 22,788 | 1,572,600 | ||||||
iShares TIPS ETF | 8,250 | 937,035 | ||||||
SPDR Dow Jones International Real Estate ETF | 10,500 | 448,455 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | $ | 3,346,888 | ||||||
MONEY MARKET FUND – 1.4% | ||||||||
Wilmington Prime Money Market Fund, Institutional Class, 0.01%^,§ | 526,966 | 526,966 | ||||||
|
| |||||||
TOTAL INVESTMENT COMPANIES (COST $32,587,750) |
| $ | 38,400,592 | |||||
|
| |||||||
TOTAL INVESTMENTS – 100.1% (COST $32,587,750) | $ | 38,400,592 | ||||||
OTHER LIABILITIES LESS ASSETS – (0.1%) | (34,558 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 38,366,034 | ||||||
|
|
April 30, 2014 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 82
Wilmington Strategic Allocation Aggressive Fund (concluded)
Cost of investments for Federal income tax purposes is $36,695,702. The net unrealized appreciation/(depreciation) of investments was $1,704,890. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,171,870 and net unrealized depreciation from investments for those securities having an excess of cost over value of $466,980.
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, 2014 in valuing the Fund’s assets carried at fair value:
Level 1
| Level 2
| Level 3
| Total
| |||||||||||||
Investments in Securities | ||||||||||||||||
Investment Companies | $ | 38,400,592 | $ | — | $ | — | $ | 38,400,592 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 38,400,592 | $ | — | $ | — | $ | 38,400,592 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
83
NOTES TO PORTFOLIOS OF INVESTMENTS
† | During the period, the Wilmington Rock Maple Alternatives Fund was renamed Wilmington Multi-Manager Alternatives Fund. |
D | Floating rate note with current rate and stated maturity date shown. |
‡ | Zero coupon security. The rate shown reflects the effective yield at purchase date. |
W | 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, 2014, these liquid restricted securities were as follows: |
Fund | Amount | Percentage of Total Net Assets | ||||||
International Fund | $ | 2,027,667 | 0.4% | |||||
Alternatives Fund | 18,598,287 | 8.8% | ||||||
Real Asset Fund | 871,906 | 0.2% | ||||||
Strategic Allocation Moderate Fund | 243,134 | 0.4% |
• | 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, 2014, these restricted securities were as follows: |
Security | Acquisition Date | Cost | Market Value | Percentage of Total Net Assets | ||||||||||||
International Fund | ||||||||||||||||
Aditya Birla Nuvo Ltd. | 06/16/2010 | $26,604 | $29,193 | |||||||||||||
Ambuja Cements Ltd. | 11/01/2012 | 64,415 | 55,692 | |||||||||||||
Axis Bank Ltd. | 03/19/2010 | 16,746 | 16,591 | |||||||||||||
Axis Bank Ltd. | 03/27/2012 | 43,358 | 47,762 | |||||||||||||
Bank Alfalah Ltd. | 10/22/2013 | 26,729 | 35,477 | |||||||||||||
Container Corp. of India | 02/08/2010 | 29,219 | 26,185 | |||||||||||||
Container Corp. of India | 01/13/2011 | 38,773 | 33,327 | |||||||||||||
DG Khan Cement Co. Ltd. | 10/22/2013 | 29,545 | 38,773 | |||||||||||||
Fauji Fertilizer Co. Ltd. | 10/22/2013 | 36,364 | 42,558 | |||||||||||||
FPT Corp. | 10/13/2010 | 25,843 | 28,101 | |||||||||||||
FPT Corp. | 01/13/2011 | 38,488 | 52,488 | |||||||||||||
HDFC Bank Ltd. | 12/20/2010 | 121,868 | 152,861 | |||||||||||||
HDFC Bank Ltd. | 01/13/2011 | 26,322 | 32,058 | |||||||||||||
Hub Power Co. Ltd. | 10/22/2013 | 41,351 | 40,350 | |||||||||||||
Jaiprakash Associates Ltd. | 06/21/2010 | 34,593 | 10,648 | |||||||||||||
Jaiprakash Associates Ltd. | 01/13/2011 | 36,608 | 15,212 | |||||||||||||
Jaiprakash Associates Ltd. | 11/01/2012 | 35,223 | 19,327 | |||||||||||||
Lucky Cement Ltd. | 10/22/2013 | 53,636 | 83,652 | |||||||||||||
MCB Bank Ltd. | 10/22/2013 | 103,830 | 133,317 | |||||||||||||
National Bank of Pakistan | 10/22/2013 | 27,192 | 31,924 | |||||||||||||
Nishat Mills Ltd. | 10/22/2013 | 16,596 | 22,124 | |||||||||||||
NTPC Ltd. | 10/12/2009 | 102,375 | 43,498 | |||||||||||||
NTPC Ltd. | 01/13/2011 | 52,888 | 23,789 | |||||||||||||
NTPC Ltd. | 03/27/2012 | 63,330 | 36,893 | |||||||||||||
Oil & Gas Development Co. Ltd. | 10/22/2013 | 98,207 | 110,459 | |||||||||||||
Pakistan State Oil Co. Ltd. | 10/22/2013 | 31,024 | 53,832 | |||||||||||||
Pakistan Telecommunication Co. Ltd. | 10/22/2013 | 22,996 | 26,428 | |||||||||||||
PetroVietnam Drilling & Well Services JSC | 10/11/2012 | 23,747 | 58,225 | |||||||||||||
PetroVietnam Fertilizer & Chemicals JSC | 03/27/2012 | 37,753 | 40,473 | |||||||||||||
Pha Lai Thermal Power JSC | 10/13/2010 | 23,704 | 37,828 | |||||||||||||
Reliance Industries Ltd. GDR | 07/03/2007 | 169,670 | 123,814 | |||||||||||||
Reliance Industries Ltd. GDR | 01/20/2012 | 42,433 | 42,036 | |||||||||||||
Reliance Industries Ltd. GDR | 03/27/2012 | 82,122 | 88,350 |
April 30, 2014 / ANNUAL REPORT
NOTES TO PORTFOLIOS OF INVESTMENTS 84
Security | Acquisition Date | Cost | Market Value | Percentage of Total Net Assets | |||||||||||||||||||||
Reliance Industries Ltd. GDR | 04/02/2012 | $ | 41,493 | $ 43,400 | |||||||||||||||||||||
Reliance Industries Ltd. GDR | 11/01/2012 | 66,561 | 68,200 | ||||||||||||||||||||||
SUI Southern Gas Co. Ltd. | 10/22/2013 | 22,024 | 28,206 | ||||||||||||||||||||||
Sun Pharmaceutical Industries Ltd. | 02/08/2010 | 38,759 | 125,782 | ||||||||||||||||||||||
Tata Steel Ltd. | 09/21/2011 | 45,297 | 31,526 | ||||||||||||||||||||||
Vingroup JSC | 10/13/2010 | 24,321 | 37,691 | ||||||||||||||||||||||
Vingroup JSC | 10/14/2010 | 2,963 | 4,476 | ||||||||||||||||||||||
Vingroup JSC | 11/01/2012 | 51,422 | 55,141 | ||||||||||||||||||||||
$ 2,027,667 | 0.4 | % | |||||||||||||||||||||||
Alternatives Fund | |||||||||||||||||||||||||
Altice SA | 04/23/2014 | 2,065,000 | 2,087,500 | ||||||||||||||||||||||
Altice SA | 04/30/2014 | 523,125 | 521,875 | ||||||||||||||||||||||
Beverages & More, Inc. | 11/08/2013 | 1,015,000 | 1,032,500 | ||||||||||||||||||||||
Beverages & More, Inc. | 04/04/2014 | 894,625 | 877,625 | ||||||||||||||||||||||
BlueLine Rental Finance Corp. | 01/22/2014 | 1,037,500 | 1,075,000 | ||||||||||||||||||||||
BlueLine Rental Finance Corp. | 02/25/2014 | 1,315,625 | 1,343,750 | ||||||||||||||||||||||
BlueLine Rental Finance Corp. | 03/18/2014 | 423,000 | 430,000 | ||||||||||||||||||||||
Burlington Holdings LLC | 11/08/2013 | 378,010 | 376,175 | ||||||||||||||||||||||
Burlington Holdings LLC | 01/08/2014 | 215,775 | 215,250 | ||||||||||||||||||||||
Jefferies Finance LLC/JFIN Co.-Issuer Corp. | 03/27/2014 | 1,262,500 | 1,259,375 | ||||||||||||||||||||||
Michael Foods Holding, Inc. | 11/13/2013 | 530,625 | 521,875 | ||||||||||||||||||||||
Michael Foods Holding, Inc. | 11/18/2013 | 530,000 | 521,875 | ||||||||||||||||||||||
Michaels Finco Holding LLC / Michaels Finco, Inc. | 08/01/2013 | 406,000 | 411,500 | ||||||||||||||||||||||
Michaels Finco Holding LLC / Michaels Finco, Inc. | 11/06/2013 | 258,750 | 257,187 | ||||||||||||||||||||||
Michaels Finco Holding LLC / Michaels Finco, Inc. | 11/07/2013 | 363,125 | 360,063 | ||||||||||||||||||||||
Michaels Finco Holding LLC / Michaels Finco, Inc. | 02/06/2014 | 1,035,000 | 1,028,750 | ||||||||||||||||||||||
Neiman Marcus Group Ltd., Inc. | 11/06/2013 | 769,688 | 832,500 | ||||||||||||||||||||||
Neiman Marcus Group Ltd., Inc. | 11/18/2013 | 256,250 | 277,500 | ||||||||||||||||||||||
Neiman Marcus Group Ltd., Inc. | 02/06/2014 | 1,047,500 | 1,110,000 | ||||||||||||||||||||||
Sprint Corp. | 09/09/2013 | 482,125 | 518,937 | ||||||||||||||||||||||
Sprint Corp. | 11/07/2013 | 321,750 | 327,750 | ||||||||||||||||||||||
Sprint Corp. | 11/19/2013 | 269,063 | 273,125 | ||||||||||||||||||||||
Sprint Corp. | 02/06/2014 | 1,077,500 | 1,092,500 | ||||||||||||||||||||||
Vander Intermediate Holding II Corp. | 04/09/2014 | 304,235 | 300,675 | ||||||||||||||||||||||
Wind Acquisition Finance SA | 04/30/2014 | 1,546,875 | 1,545,000 | ||||||||||||||||||||||
$18,598,287 | 8.8 | % | |||||||||||||||||||||||
Real Asset Fund | |||||||||||||||||||||||||
MAGI Funding PLC | 05/12/2011 | 208,109 | 209,645 | ||||||||||||||||||||||
Slovenia Government International Bond | 11/15/2013 | 268,742 | 300,863 | ||||||||||||||||||||||
Venture VII CDO Ltd. | 08/02/2010 | 329,177 | 361,398 | ||||||||||||||||||||||
$ 871,906 | 0.2 | % | |||||||||||||||||||||||
Strategic Allocation Moderate Fund | |||||||||||||||||||||||||
Cox Communications, Inc. | 04/24/2013 | 99,875 | 93,325 | ||||||||||||||||||||||
FMR LLC | 06/28/2010 | 102,666 | 124,417 | ||||||||||||||||||||||
Hyundai Capital America | 08/06/2013 | 24,985 | 25,392 | ||||||||||||||||||||||
$ 243,134 | 0.4 | % |
^ | 7-Day net yield. |
§ | Affiliated company. See Note 4 in Notes to Financial Statements. |
ANNUAL REPORT / April 30, 2014
85 NOTES TO PORTFOLIOS OF INVESTMENTS
†† | 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, 2014, the value of these securities amounted to: |
Fund | Amount | Percentage of Total Net Assets | ||||||
International Fund | $ | 267,967 | 0.1% | |||||
| ||||||||
Real Asset Fund | $ | 305,481 | 0.1% | |||||
|
¤ | While the Fund’s position in this security is long, the investment provides short exposure to the market. |
# | Security, or a portion thereof, is on loan. See Note 2 in Notes to Financial Statements. |
Ö | All or a portion of this security is segregated as collateral in connection with the fund’s short positions and written options carried by the Funds. The total value of all securities segregated at April 30, 2014 was: |
Fund | Amount | Percentage of Total Net Assets | ||||||
Alternatives Fund | $ | 66,440,990 | 31.4% | |||||
|
Ø | All or a portion of this security is segregated as collateral in connection with the fund’s futures, forwards and written options positions. The total value of all securities segregated at April 30, 2014 was: |
Fund | Amount | Percentage of Total Net Assets | ||||||
Real Asset Fund | $ | 698,039 | 0.2% | |||||
|
* | 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
EAFE – Europe, Asia, Far East
ETF – Exchange Traded Fund
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GDR – Global Depositary Receipt
GNMA – Government National Mortgage Association
LLC – Limited Liability Corporation
LP – Limited Partnership
MSCI – Morgan Stanley Capital International
MTN – Medium Term Note
PCL – Public Company Limited
PLC – Public Limited Company
REIT – Real Estate Investment Trust
SPDR – Standard & Poor’s Depository Receipts
TIPS – Treasury Inflation Protected Security
Currency Code | Currency | |
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
COP | Colombian Peso | |
EUR | Euro | |
GBP | Pound Sterling | |
JPY | Japanese Yen | |
MXN | Mexican Peso | |
NZD | New Zealand Dollar | |
PLN | Polish Zloty | |
SEK | Swedish Krona | |
ZAR | South African Rand |
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF ASSETS AND LIABILITIES | 86 |
April 30, 2014
|
Wilmington Fund
|
Wilmington Fund
|
Wilmington Fund
| |||||||||||
ASSETS: | ||||||||||||||
Investments, at identified cost | $ | 481,870,129 | $ | 221,015,054 | $ | 416,951,279 | ||||||||
|
|
|
|
|
| |||||||||
Investments in securities, at value (Including $35,042,406, $0 and $969,935 of securities on loan, respectively) (Note 2) | 569,468,397 | 222,188,877 | 457,672,527 | |||||||||||
|
|
|
|
|
| |||||||||
Cash | 31,794 | 3,189,615 | 439,803 | |||||||||||
Deposits for securities sold short | — | 34,447,771 | — | |||||||||||
Deposits for swaps | — | — | 458,000 | |||||||||||
Cash denominated in foreign currencies(a) | 1,222,596 | 540,531 | 3,931,593 | |||||||||||
Premiums paid for swap agreements | — | — | 52,138 | |||||||||||
Variation margin receivable for centrally cleared swap agreements | — | — | 52,034 | |||||||||||
Income receivable | 2,648,666 | 676,694 | 1,216,613 | |||||||||||
Receivable for shares sold | 234,288 | 178,580 | 295,885 | |||||||||||
Unrealized appreciation on over the counter swap agreements | — | — | 91,005 | |||||||||||
Unrealized appreciation on foreign exchange contracts | 6,838 | 35,559 | 628,682 | |||||||||||
Receivable for investments sold | 3,263,161 | 17,925,244 | 3,339,762 | |||||||||||
Other assets | 10,731 | 22,490 | 15,212 | |||||||||||
|
|
|
|
|
| |||||||||
TOTAL ASSETS |
|
576,886,471 |
|
|
279,205,361 |
|
|
468,193,254 |
| |||||
|
|
|
|
|
|
| ||||||||
LIABILITIES: | ||||||||||||||
Options written, at value | — | �� | 1,771,877(b) | 99,359(b) | ||||||||||
Deferred capital gains tax payable | 131,115 | — | 155,002 | |||||||||||
Premiums received for swap agreements | — | — | 61,263 | |||||||||||
Variation margin payable for centrally cleared swap agreements | — | — | 32,988 | |||||||||||
Payable for securities sold short | — | 35,522,440(c) | — | |||||||||||
Payable for investments purchased | 5,317,710 | 26,918,085 | 7,698,510 | |||||||||||
Collateral for securities on loan | 37,174,708 | — | 992,730 | |||||||||||
Due to broker for foreign exchange contracts | — | — | 240,000 | |||||||||||
Due to broker for swap agreements | — | — | 250,000 | |||||||||||
Due to prime broker for securities sold short | — | 2,878,953 | — | |||||||||||
Unrealized depreciation on over the counter swap agreements | — | — | 162,406 | |||||||||||
Unrealized depreciation on foreign exchange contracts | 4,887 | 176,540 | 2,644,134 | |||||||||||
Payable for shares redeemed | 694,808 | 23,868 | 52,112 | |||||||||||
Payable to sub-advisors | 237,696 | 123,306 | 127,010 | |||||||||||
Payable for Trustees’ fees | 57 | 56 | 56 | |||||||||||
Payable for distribution services fee | 1,256 | 833 | 520 | |||||||||||
Payable for shareholder services fee | 51,601 | — | — | |||||||||||
Other accrued expenses | 292,040 | 103,384 | 159,011 | |||||||||||
|
|
|
|
|
| |||||||||
TOTAL LIABILITIES |
|
43,905,878 |
|
|
67,519,342 |
|
|
12,675,101 |
| |||||
|
|
|
|
|
|
| ||||||||
NET ASSETS | $ | 532,980,593 | $ | 211,686,019 | $ | 455,518,153 | ||||||||
|
|
|
|
|
|
| ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||
| ||||||||||||||
Paid-in capital | $ | 802,518,279 | $ | 210,346,350 | $ | 534,704,625 | ||||||||
Undistributed (distributions in excess of) net investment income | 2,418,285 | 86,713 | (3,791,351) | |||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (359,593,225) | 1,849,609 | (114,326,355) | |||||||||||
Net unrealized appreciation (depreciation) of investments and foreign currencies | 87,637,254 | (596,653) | 38,931,234 | |||||||||||
|
|
|
|
|
| |||||||||
TOTAL NET ASSETS |
$ |
532,980,593 |
|
$ |
211,686,019 |
|
$ |
455,518,153 |
| |||||
|
|
|
|
|
|
| ||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||
Class A | ||||||||||||||
Net Assets | $ | 6,106,973 | $ | 4,156,085 | $ | 2,605,543 | ||||||||
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited shares authorized) | 773,127 | 386,969 | 175,926 | |||||||||||
|
|
|
|
|
| |||||||||
Net Asset Value per share | $ | 7.90 | $ | 10.74 | $ | 14.81 | ||||||||
|
|
|
|
|
| |||||||||
Offering price per share* | $ | 8.36** | $ | 11.37** | $ | 15.67** | ||||||||
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||
Net Assets | $ | 526,873,620 | $ | 207,529,934 | $ | 452,912,610 | ||||||||
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited shares authorized) | 66,337,224 | 19,325,834 | 30,436,034 | |||||||||||
|
|
|
|
|
| |||||||||
Net Asset Value per share | $ | 7.94 | $ | 10.74 | $ | 14.88 | ||||||||
|
|
|
|
|
|
(a) | Cost of cash denominated in foreign currencies was $1,213,723, $536,461 and $3,817,711, respectively. |
(b) | Premiums received for options written was $1,888,564 and $137,323, respectively. |
(c) | Proceeds received for securities sold short was $33,796,963. |
* | See “What Do Shares Cost?” in the Prospectus. |
** | Computation of offering price per share 100/94.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
87 | STATEMENTS OF ASSETS AND LIABILITIES (concluded) |
April 30, 2014
|
Wilmington
|
Wilmington
|
Wilmington
| ||||||||||||||||
ASSETS: | |||||||||||||||||||
Investments, at identified cost | $ | 40,575,588 | $ | 53,487,544 | $ | 32,587,750 | |||||||||||||
|
|
|
|
|
| ||||||||||||||
Investments in securities, at value (Including $0, $721,730 and $0 of securities on loan, respectively) (Note 2) | 42,247,280(a) | 59,120,944(a) | 38,400,592(a) | ||||||||||||||||
|
|
|
|
|
| ||||||||||||||
Income receivable | 39,393 | 78,454 | 7 | ||||||||||||||||
Due from advisor | — | 477 | 103 | ||||||||||||||||
Receivable for shares sold | — | 1,992 | — | ||||||||||||||||
Other assets | 14,449 | 6,568 | 13,768 | ||||||||||||||||
|
|
|
|
|
| ||||||||||||||
TOTAL ASSETS |
|
42,301,122 |
|
|
59,208,435 |
|
|
38,414,470 |
| ||||||||||
|
|
|
|
|
|
| |||||||||||||
LIABILITIES: | |||||||||||||||||||
Payable for investments purchased | — | 48,745 | — | ||||||||||||||||
Collateral for securities on loan | — | 736,600 | — | ||||||||||||||||
Payable for shares redeemed | 1,203 | 58,153 | — | ||||||||||||||||
Payable for Trustees’ fees | 56 | 56 | 57 | ||||||||||||||||
Payable for distribution services fee | 965 | 11,887 | 624 | ||||||||||||||||
Other accrued expenses | 37,787 | 64,615 | 47,755 | ||||||||||||||||
|
|
|
|
|
| ||||||||||||||
TOTAL LIABILITIES |
|
40,011 |
|
|
920,056 |
|
|
48,436 |
| ||||||||||
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | $ | 42,261,111 | $ | 58,288,379 | $ | 38,366,034 | |||||||||||||
|
|
|
|
|
|
| |||||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||||
| |||||||||||||||||||
Paid-in capital | $ | 40,189,902 | $ | 60,705,067 | $ | 38,447,363 | |||||||||||||
Undistributed (distributions in excess of) net investment income | 95,931 | 97,447 | 25,581 | ||||||||||||||||
Accumulated net realized gain (loss) on investments | 303,586 | (8,147,535) | (5,919,752) | ||||||||||||||||
Net unrealized appreciation (depreciation) of investments | 1,671,692 | 5,633,400 | 5,812,842 | ||||||||||||||||
|
|
|
|
|
| ||||||||||||||
TOTAL NET ASSETS |
$ |
42,261,111 |
|
$ |
58,288,379 |
|
$ |
38,366,034 |
| ||||||||||
|
|
|
|
|
|
| |||||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | |||||||||||||||||||
Class A | |||||||||||||||||||
Net Assets | $ | 4,608,463 | $ | 57,317,338 | $ | 2,973,618 | |||||||||||||
|
|
|
|
|
| ||||||||||||||
Shares outstanding (unlimited shares authorized) | 420,981 | 5,476,378 | 262,020 | ||||||||||||||||
|
|
|
|
|
| ||||||||||||||
Net Asset Value per share | $ | 10.95 | $ | 10.47 | $ | 11.35 | |||||||||||||
|
|
|
|
|
| ||||||||||||||
Offering price per share* | $ | 11.59** | $ | 11.08** | $ | 12.01** | |||||||||||||
|
|
|
|
|
| ||||||||||||||
Class I | |||||||||||||||||||
Net Assets | $ | 37,652,648 | $ | 971,041 | $ | 35,392,416 | |||||||||||||
|
|
|
|
|
| ||||||||||||||
Shares outstanding (unlimited shares authorized) | 3,432,440 | 92,763 | 3,108,634 | ||||||||||||||||
|
|
|
|
|
| ||||||||||||||
Net Asset Value per share | $ | 10.97 | $ | 10.47 | $ | 11.39 | |||||||||||||
|
|
|
|
|
|
(a) | Includes $23,495,724, $12,226,855 and $16,406,098 of investments in affiliated issuers, respectively. |
* | See “What Do Shares Cost?” in the Prospectus. |
** | Computation of offering price per share 100/94.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF OPERATIONS | 88 |
Year Ended April 30, 2014
|
Wilmington
|
Wilmington
|
Wilmington
| |||||||||||
INVESTMENT INCOME: | ||||||||||||||
Dividends | $ | 16,035,795(a)(b) | $ | 1,215,618(a) | $ | 4,892,580(a)(b) | ||||||||
Interest | 48,663(a) | 1,329,951 | 3,589,840(a) | |||||||||||
Securities lending income | 162,570 | — | 22,817 | |||||||||||
|
|
|
|
|
| |||||||||
TOTAL INVESTMENT INCOME |
|
16,247,028 |
|
|
2,545,569 |
|
|
8,505,237 |
| |||||
|
|
|
|
|
|
| ||||||||
EXPENSES: | ||||||||||||||
Investment advisory fee | 5,291,162 | 1,962,374 | 3,648,416 | |||||||||||
Administrative personnel and services fee | 141,408 | 30,507 | 117,917 | |||||||||||
Portfolio accounting, administration and custodian fees | 739,160 | 145,715 | 354,787 | |||||||||||
Transfer and dividend disbursing agent fees and expenses | 154,932 | 63,342 | 155,201 | |||||||||||
Trustees’ fees | 29,266 | 29,461 | 29,233 | |||||||||||
Professional fees | 202,343 | 126,983 | 97,705 | |||||||||||
Distribution services fee—Class A | 15,113 | 7,390 | 10,921 | |||||||||||
Shareholder services fee—Class A | 15,192 | 7,409 | 10,997 | |||||||||||
Shareholder services fee—Class I | 1,287,618 | 259,263 | 1,076,827 | |||||||||||
Share registration costs | 16,897 | 10,763 | 15,691 | |||||||||||
Printing and postage | 44,522 | 22,492 | 34,361 | |||||||||||
Dividend expense on securities sold short | — | 238,659 | — | |||||||||||
Prime broker interest expense | — | 240,030 | — | |||||||||||
Miscellaneous | 71,231 | 15,546 | 54,403 | |||||||||||
|
|
|
|
|
| |||||||||
TOTAL EXPENSES |
|
8,008,844 |
|
|
3,159,934 |
|
|
5,606,459 |
| |||||
|
|
|
|
|
|
| ||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||
Waiver/reimbursement by investment advisor/subadvisors | (219,908) | (295,129) | (33,301) | |||||||||||
Waiver of shareholder services fee—Class A | (15,192) | (7,409) | (10,997) | |||||||||||
Waiver of shareholder services fee—Class I | (670,505) | (259,263) | (1,076,827) | |||||||||||
|
|
|
|
|
| |||||||||
TOTAL WAIVERS AND REIMBURSEMENTS |
|
(905,605) |
|
|
(561,801) |
|
|
(1,121,125) |
| |||||
|
|
|
|
|
|
| ||||||||
Net expenses | 7,103,239 | 2,598,133 | 4,485,334 | |||||||||||
|
|
|
|
|
| |||||||||
Net investment income (loss) | 9,143,789 | (52,564) | 4,019,903 | |||||||||||
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||
Net realized gain (loss) on investments | 13,579,929 | 6,929,411 | 3,199,997 | |||||||||||
Net realized gain (loss) of foreign currency transactions | (312,549) | (836,798) | (2,487,217) | |||||||||||
Net realized gain (loss) on futures contracts | — | (1,055,290) | 376,418 | |||||||||||
Net realized gain (loss) on swap agreements | — | — | (824,440) | |||||||||||
Net realized gain (loss) on options written | — | 495,136 | 288,036 | |||||||||||
Net realized gain (loss) on securities sold short | — | (2,036,795) | (41,422) | |||||||||||
Net change in unrealized appreciation (depreciation) of investments | 31,325,697 | (2,608,605) | (18,354,098) | |||||||||||
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments | 44,593,077 | 887,059 | (17,842,726) | |||||||||||
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 53,736,866 | $ | 834,495 | $ | (13,822,823) | ||||||||
|
|
|
|
|
|
(a) | Net of foreign withholding taxes withheld of $1,269,001, $25,115 and $198,471, respectively. |
(b) | Includes $30 and $1,135 received from affiliated issuers, respectively. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
89 | STATEMENTS OF OPERATIONS (concluded) |
Year Ended April 30, 2014
|
Wilmington
|
Wilmington
|
Wilmington
| ||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||
Dividends(a) | $ | 816,481 | $ | 827,085 | $ | 505,381 | |||||||||||
Interest | — | 268,696 | — | ||||||||||||||
Securities lending income | — | 1,671 | — | ||||||||||||||
|
|
|
|
|
| ||||||||||||
TOTAL INVESTMENT INCOME |
|
816,481 |
|
|
1,097,452 |
|
|
505,381 |
| ||||||||
|
|
|
|
|
|
| |||||||||||
EXPENSES: | |||||||||||||||||
Investment advisory fee | 222,325 | 307,872 | 197,043 | ||||||||||||||
Administrative personnel and services fee | 11,979 | 16,646 | 10,665 | ||||||||||||||
Portfolio accounting, administration and custodian fees | 36,207 | 35,522 | 37,553 | ||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 2,782 | 78,543 | 2,502 | ||||||||||||||
Trustees’ fees | 29,276 | 29,177 | 29,184 | ||||||||||||||
Professional fees | 62,637 | 69,359 | 83,307 | ||||||||||||||
Distribution services fee—Class A | 13,325 | 147,303 | 7,922 | ||||||||||||||
Shareholder services fee—Class A | 13,325 | 147,374 | 7,922 | ||||||||||||||
Shareholder services fee—Class I | 97,838 | 6,561 | 90,599 | ||||||||||||||
Share registration costs | 16,918 | 15,556 | 15,756 | ||||||||||||||
Printing and postage | 5,950 | 16,077 | 2,280 | ||||||||||||||
Miscellaneous | 17,337 | 15,315 | 15,153 | ||||||||||||||
|
|
|
|
|
| ||||||||||||
TOTAL EXPENSES |
|
529,899 |
|
|
885,305 |
|
|
499,886 |
| ||||||||
|
|
|
|
|
|
| |||||||||||
WAIVERS AND REIMBURSEMENTS: | |||||||||||||||||
Waiver/reimbursement by investment advisor | (183,433) | (220,778) | (115,850) | ||||||||||||||
Waiver of shareholder services fee—Class A | (13,325) | (147,374) | (7,922) | ||||||||||||||
Waiver of shareholder services fee—Class I | (97,838) | (6,561) | (90,599) | ||||||||||||||
|
|
|
|
|
| ||||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS |
|
(294,596) |
|
|
(374,713) |
|
|
(214,371) |
| ||||||||
|
|
|
|
|
|
| |||||||||||
Net expenses | 235,303 | 510,592 | 285,515 | ||||||||||||||
|
|
|
|
|
| ||||||||||||
Net investment income | 581,178 | 586,860 | 219,866 | ||||||||||||||
|
|
|
|
|
| ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||
Net realized gain (loss) on investments | 42,432 | 2,998,781 | 1,300,056 | ||||||||||||||
Net realized gain (loss) from affiliated investment companies | 1,508,172 | 2,506,837 | 6,694,802 | ||||||||||||||
Realized gain distributions received from investment companies | 771,580(b) | 1,040,095(b) | 962,710(b) | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (2,171,155) | (2,779,410) | (4,625,166) | ||||||||||||||
|
|
|
|
|
| ||||||||||||
Net realized and unrealized gain (loss) on investments | 151,029 | 3,766,303 | 4,332,402 | ||||||||||||||
|
|
|
|
|
| ||||||||||||
Change in net assets resulting from operations | $ | 732,207 | $ | 4,353,163 | $ | 4,552,268 | |||||||||||
|
|
|
|
|
|
(a) | Includes $463,388, $160,289 and $268,287 received from affiliated issuers, respectively. |
(b) | Includes $538,076, $113,741 and $119,223 received from affiliated issuers, respectively. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS | 90 |
|
Wilmington |
Wilmington | ||||||||||||||||||||
Year Ended
| Year Ended
| Year Ended
| Year Ended
| |||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||
Net investment income (loss) | $ | 9,143,789 | $ | 6,520,842 | $ | (52,564) | $ | 104,479 | ||||||||||||||
Net realized gain (loss) on investments | 13,267,380 | 1,499,837 | 3,495,664 | 388,584 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 31,325,697 | 39,873,592 | (2,608,605) | 1,805,504 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Change in net assets resulting from operations | 53,736,866 | 47,894,271 | 834,495 | 2,298,567 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||
Class A | (100,744) | (111,214) | (1,588) | (4,523) | ||||||||||||||||||
Class I | (9,081,446) | (7,211,270) | (148,469) | (199,237) | ||||||||||||||||||
Distributions from net realized gain on investments | ||||||||||||||||||||||
Class A | — | — | (34,832) | (8,614) | ||||||||||||||||||
Class I | — | — | (1,351,865) | (223,223) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Change in net assets resulting from distributions to shareholders | (9,182,190) | (7,322,484) | (1,536,754) | (435,597) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||
Class A | 137,022 | 142,433 | 2,033,438 | 2,861,578 | ||||||||||||||||||
Class I | 50,989,190 | 166,779,699 | 177,165,983 | 27,403,985 | ||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||
Class A | 94,256 | 103,845 | 19,874 | 4,638 | ||||||||||||||||||
Class I | 3,099,392 | 3,795,059 | 1,235,059 | 253,077 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||
Class A | (924,964) | (1,098,408) | (312,867) | (667,034) | ||||||||||||||||||
Class I | (84,158,652) | (93,477,137) | (14,810,513) | (9,717,858) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Change in net assets resulting from share transactions | (30,763,756) | 76,245,491 | 165,330,974 | 20,138,386 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Change in net assets | 13,790,920 | 116,817,278 | 164,628,715 | 22,001,356 | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||
Beginning of year | 519,189,673 | 402,372,395 | 47,057,304 | 25,055,948 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
End of year | $ | 532,980,593 | $ | 519,189,673 | $ | 211,686,019 | $ | 47,057,304 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | 2,418,285 | $ | 2,491,830 | $ | 86,713 | $ | 55,303 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||
Class A | 18,251 | 21,733 | 187,539 | 277,947 | ||||||||||||||||||
Class I | 6,846,276 | 24,972,503 | 16,352,366 | 2,674,880 | ||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||
Class A | 13,226 | 16,626 | 1,838 | 456 | ||||||||||||||||||
Class I | 428,856 | 602,343 | 114,237 | 24,901 | ||||||||||||||||||
Shares redeemed | ||||||||||||||||||||||
Class A | (125,478) | (165,710) | (28,946) | (63,829) | ||||||||||||||||||
Class I | (11,165,156) | (13,970,185) | (1,369,535) | (945,109) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Net change resulting from share transactions | (3,984,025) | 11,477,310 | 15,257,499 | 1,969,246 | ||||||||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
91 | STATEMENTS OF CHANGES IN NET ASSETS (continued) |
|
Wilmington |
Wilmington | ||||||||||||||||
Year Ended
| Year Ended
| Year Ended
| Year Ended
| |||||||||||||||
OPERATIONS: | ||||||||||||||||||
Net investment income (loss) | $ | 4,019,903 | $ | 5,289,159 | $ | 581,178 | $ | 952,943 | ||||||||||
Net realized gain (loss) on investments | 511,372 | 13,436,862 | 2,322,184 | 2,951,436 | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (18,354,098) | 21,596,419 | (2,171,155) | (972,404) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from operations | (13,822,823) | 40,322,440 | 732,207 | 2,931,975 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||
Class A | (70,292) | (81,145) | (86,628) | (125,121) | ||||||||||||||
Class I | (6,365,654) | (5,540,020) | (721,293) | (935,470) | ||||||||||||||
Distributions from net realized gain on investments | ||||||||||||||||||
Class A | — | — | (36,042) | — | ||||||||||||||
Class I | — | — | (270,649) | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from distributions to shareholders | (6,435,946) | (5,621,165) | (1,114,612) | (1,060,591) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||
Class A | 456,530 | 1,212,737 | 267,212 | 169,929 | ||||||||||||||
Class I | 94,787,111 | 116,563,420 | 2,166,977 | 1,963,989 | ||||||||||||||
Distributions reinvested | ||||||||||||||||||
Class A | 60,601 | 71,152 | 112,340 | 119,486 | ||||||||||||||
Class I | 2,253,884 | 2,285,729 | 933,462 | 865,722 | ||||||||||||||
Cost of shares redeemed | ||||||||||||||||||
Class A | (3,825,835) | (2,482,554) | (1,736,476) | (1,514,337) | ||||||||||||||
Class I | (65,291,287) | (56,703,907) | (7,034,024) | (7,844,528) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from share transactions | 28,441,004 | 60,946,577 | (5,290,509) | (6,239,739) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Change in net assets | 8,182,235 | 95,647,852 | (5,672,914) | (4,368,355) | ||||||||||||||
NET ASSETS: | ||||||||||||||||||
Beginning of year | 447,335,918 | 351,688,066 | 47,934,025 | 52,302,380 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
End of year | $ | 455,518,153 | $ | 447,335,918 | $ | 42,261,111 | $ | 47,934,025 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | (3,791,351) | $ | (265,630) | $ | 95,931 | $ | 279,493 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||
Shares sold | ||||||||||||||||||
Class A | 31,056 | 82,008 | 24,601 | 15,803 | ||||||||||||||
Class I | 6,548,509 | 7,894,671 | 198,386 | 183,347 | ||||||||||||||
Distributions reinvested | ||||||||||||||||||
Class A | 4,301 | 4,913 | 10,425 | 11,200 | ||||||||||||||
Class I | 159,217 | 157,201 | 86,408 | 80,984 | ||||||||||||||
Shares redeemed | ||||||||||||||||||
Class A | (266,938) | (172,209) | (159,664) | (141,142) | ||||||||||||||
Class I | (4,518,152) | (3,858,115) | (646,380) | (729,645) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Net change resulting from share transactions | 1,957,993 | 4,108,469 | (486,224) | (579,453) | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS (concluded) | 92 |
|
Wilmington |
Wilmington | ||||||||||||||||||||
Year Ended
| Year Ended
| Year Ended
| Ten Months Ended
| |||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||
Net investment income (loss) | $ | 586,860 | $ | 873,786 | $ | 219,866 | $ | 526,496 | ||||||||||||||
Net realized gain (loss) on investments | 6,545,713 | 2,637,418 | 8,957,568 | 3,114,286 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | (2,779,410) | 1,297,464 | (4,625,166) | 786,944 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Change in net assets resulting from operations | 4,353,163 | 4,808,668 | 4,552,268 | 4,427,726 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||
Class A | (636,970) | (926,451) | (19,582) | (35,195) | ||||||||||||||||||
Class I | (41,402) | (49,723) | (290,529) | (505,334) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Change in net assets resulting from distributions to shareholders | (678,372) | (976,174) | (310,111) | (540,529) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||
Class A | 1,505,386 | 2,054,731 | 105,225 | 209,528 | ||||||||||||||||||
Class I | 1,312,531 | 159,948 | 3,712,404 | 2,700,961 | ||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||
Class A | 603,379 | 883,415 | 18,626 | 34,161 | ||||||||||||||||||
Class I | 36,056 | 49,723 | 87,571 | 162,920 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||
Class A | (8,953,240) | (11,243,873) | (691,931) | (433,111) | ||||||||||||||||||
Class I | (3,283,872) | (735,576) | (8,139,037) | (9,861,513) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Change in net assets resulting from share transactions | (8,779,760) | (8,831,632) | (4,907,142) | (7,187,054) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Change in net assets | (5,104,969) | (4,999,138) | (664,985) | (3,299,857) | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||
Beginning of year | 63,393,348 | 68,392,486 | 39,031,019 | 42,330,876 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
End of year | $ | 58,288,379 | $ | 63,393,348 | $ | 38,366,034 | $ | 39,031,019 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year | $ | 97,447 | $ | 84,765 | $ | 25,581 | $ | 48,599 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||
Class A | 147,756 | 219,213 | 9,611 | 22,757 | ||||||||||||||||||
Class I | 130,859 | 17,508 | 343,392 | 284,533 | ||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||
Class A | 59,124 | 94,779 | 1,668 | 3,589 | ||||||||||||||||||
Class I | 3,548 | 5,344 | 7,911 | 17,145 | ||||||||||||||||||
Shares redeemed | ||||||||||||||||||||||
Class A | (882,214) | (1,209,721) | (63,104) | (46,813) | ||||||||||||||||||
Class I | (321,291) | (79,089) | (742,129) | (1,060,103) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Net change resulting from share transactions | (862,218) | (951,966) | (442,651) | (778,892) | ||||||||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
93 | FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period.
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND†
| ||||||||||||||||||||||||||||
CLASS A
| Year Ended
| Year Ended
|
For the Period April 30,
| Year Ended
| Year Ended
| Year Ended
| ||||||||||||||||||||||
Net Asset Value, Beginning of Period | $7.27 | $6.72 | $7.63 | $5.95 | $5.36 | $8.50 | ||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.12 | 0.09 | 0.16 | 0.12 | 0.06 | 0.08 | ||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency | 0.63 | 0.57 | (1.05 | ) | 1.64 | 0.63 | (2.92 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.75 | 0.66 | (0.89 | ) | 1.76 | 0.69 | (2.84 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||
Net Investment Income | (0.12 | ) | (0.11 | ) | (0.02 | ) | (0.08 | ) | (0.10 | ) | (0.10 | ) | ||||||||||||||||
Net Realized Gains | — | — | — | — | — | (0.20 | ) | |||||||||||||||||||||
Return of Capital | — | — | — | — | 0.00 | (b) | — | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Distributions | (0.12 | ) | (0.11 | ) | (0.02 | ) | (0.08 | ) | (0.10 | ) | (0.30 | ) | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net Asset Value, End of Period | 7.90 | 7.27 | 6.72 | $7.63 | $5.95 | $5.36 | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Return(c) | 10.53 | % | 10.17 | % | (11.65 | )% | 29.57 | % | 12.74 | % | (32.95 | )% | ||||||||||||||||
Net Assets, End of Period (000’s) | $6,107 | $6,301 | $6,682 | $571 | $83 | $80 | ||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Gross Expense | 1.78 | % | 1.78 | % | 1.62 | %(d) | 1.59 | % | 1.63 | % | 1.72 | % | ||||||||||||||||
Net Expenses(e) | 1.49 | % | 1.48 | % | 1.42 | %(d) | 1.58 | % | 1.62 | % | 1.65 | % | ||||||||||||||||
Net Investment Income (Loss) | 1.64 | % | 1.38 | % | 2.77 | %(d) | 1.61 | % | 0.89 | % | 1.53 | % | ||||||||||||||||
Portfolio Turnover Rate | 49 | % | 72 | % | 85 | % | 98 | % | 107 | % | 136 | % | ||||||||||||||||
CLASS I
| Year Ended
| Year Ended
|
For the Period
| Year Ended
| Year Ended
| Year Ended
| ||||||||||||||||||||||
Net Asset Value, Beginning of Period | $7.30 | $6.75 | $7.66 | $5.97 | $5.37 | $8.51 | ||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.13 | 0.10 | 0.06 | 0.10 | 0.07 | 0.10 | ||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency | 0.64 | 0.57 | (0.94 | ) | 1.67 | 0.64 | (2.93 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.77 | 0.67 | (0.88 | ) | 1.77 | 0.71 | (2.83 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||
Net Investment Income | (0.13 | ) | (0.12 | ) | (0.03 | ) | (0.08 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||||||
Net Realized Gains | — | — | — | — | — | (0.20 | ) | |||||||||||||||||||||
Return of Capital | — | — | — | — | 0.00 | (b) | — | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Distributions | (0.13 | ) | (0.12 | ) | (0.03 | ) | (0.08 | ) | (0.11 | ) | (0.31 | ) | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net Asset Value, End of Period | $7.94 | $7.30 | $6.75 | $7.66 | $5.97 | $5.37 | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Return(c) | 10.73 | % | 10.22 | % | (11.45 | )% | 29.78 | % | 13.10 | % | (32.82 | )% | ||||||||||||||||
Net Assets, End of Period (000’s) | $526,874 | $512,889 | $395,690 | $373,798 | $249,031 | $395,536 | ||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Gross Expense | 1.53 | % | 1.54 | % | 1.42 | %(d) | 1.43 | % | 1.38 | % | 1.42 | % | ||||||||||||||||
Net Expenses(e) | 1.36 | % | 1.35 | % | 1.38 | %(d) | 1.41 | % | 1.37 | % | 1.40 | % | ||||||||||||||||
Net Investment Income (Loss) | 1.75 | % | 1.47 | % | 1.17 | %(d) | 1.38 | % | 1.03 | % | 1.64 | % | ||||||||||||||||
Portfolio Turnover Rate | 49 | % | 72 | % | 85 | % | 98 | % | 107 | % | 136 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Represents less than $0.005. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | Annualized for periods less than one year. |
(e) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
† | Effective March 9, 2012, the Fund acquired all the assets and liabilities of the Wilmington Multi-Manager International Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the period prior to this date reflect the performance of the WT Fund. |
* | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) | 94 |
For a share outstanding throughout each period.
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND
| ||||||||||||||||
CLASS A
| Year Ended
| Year Ended
|
For the Period April 30, 2012
| |||||||||||||
Net Asset Value, Beginning of Period | $10.58 | $10.11 | $10.00 | |||||||||||||
Income (Loss) From Operations: | ||||||||||||||||
Net Investment Income (Loss)(a) | (0.04 | ) | 0.00 | (b) | 0.03 | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency | 0.34 | 0.56 | 0.08 | |||||||||||||
| ||||||||||||||||
Total Income (Loss) From Operations | 0.30 | 0.56 | 0.11 | |||||||||||||
| ||||||||||||||||
Less Distributions From: | ||||||||||||||||
Net Investment Income | (0.01 | ) | (0.03 | ) | — | |||||||||||
Net Realized Gains | (0.13 | ) | (0.06 | ) | — | |||||||||||
| ||||||||||||||||
Total Distributions | (0.14 | ) | (0.09 | ) | — | |||||||||||
| ||||||||||||||||
Net Asset Value, End of Period | $10.74 | $10.58 | $10.11 | |||||||||||||
| ||||||||||||||||
Total Return(c) | 2.74 | % | 5.56 | % | 1.10 | % | ||||||||||
Net Assets, End of Period (000’s) | $4,156 | $2,397 | $121 | |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||
Gross Expense | 3.30 | % | 3.98 | % | 4.66 | %(d)(e) | ||||||||||
Net Expenses(f)(g) | 2.71 | % | 2.84 | % | 2.89 | %(d)(e) | ||||||||||
Net Investment Income (Loss) | (0.33 | )% | 0.00 | %(h) | 0.88 | %(d) | ||||||||||
Portfolio Turnover Rate | 403 | % | 367 | % | 8 | % | ||||||||||
CLASS I
| Year Ended April 30, 2014
| Year Ended April 30, 2013
|
For the Period January 12, 2012* through April 30, 2012
| |||||||||||||
Net Asset Value, Beginning of Period | $10.56 | $10.08 | $10.00 | |||||||||||||
Income (Loss) From Operations: | ||||||||||||||||
Net Investment Income (Loss)(a) | 0.00 | (b) | 0.03 | 0.06 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency | 0.32 | 0.56 | 0.05 | |||||||||||||
| ||||||||||||||||
Total Income (Loss) From Operations | 0.32 | 0.59 | 0.11 | |||||||||||||
| ||||||||||||||||
Less Distributions From: | ||||||||||||||||
Net Investment Income | (0.01 | ) | (0.05 | ) | (0.03 | ) | ||||||||||
Net Realized Gains | (0.13 | ) | (0.06 | ) | — | |||||||||||
| ||||||||||||||||
Total Distributions | (0.14 | ) | (0.11 | ) | (0.03 | ) | ||||||||||
| ||||||||||||||||
Net Asset Value, End of Period | $10.74 | $10.56 | $10.08 | |||||||||||||
| ||||||||||||||||
Total Return(c) | 3.01 | % | 5.91 | % | 1.10 | % | ||||||||||
Net Assets, End of Period (000’s) | $207,530 | $44,660 | $24,935 | |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||
Gross Expense | 2.95 | % | 3.77 | % | 4.33 | %(d)(e) | ||||||||||
Net Expenses(f)(g) | 2.43 | % | 2.65 | % | 2.39 | %(d)(e) | ||||||||||
Net Investment Income (Loss) | (0.04 | )% | 0.29 | % | 2.11 | %(d) | ||||||||||
Portfolio Turnover Rate | 403 | % | 367 | % | 8 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Represents less than $0.005. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | Annualized for periods less than one year. |
(e) | Ratio of expenses to average net assets was increased by 0.41% to include dividend and interest expenses related to securities sold short. |
(f) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(g) | Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of expenses to average net assets for the year and the periods presented would be: |
Class A | Class I | |||||||
April 30, 2014 | 2.23% | 1.98% | ||||||
April 30, 2013 | 2.24% | 1.98% | ||||||
April 30, 2012 | 2.48% | 1.98% |
(h) | Represents less than 0.005%. |
* | Commencement of operations. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
95 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each period.
WILMINGTON MULTI-MANAGER REAL ASSET FUND†
| ||||||||||||||||||||||||||||||||||||||||||
CLASS A | Year Ended
| Year Ended
|
For the Period
| Year Ended
| Year Ended
| Year Ended
| ||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $15.55 | $14.28 | $14.00 | $12.10 | $11.60 | $17.75 | ||||||||||||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.10 | 0.18 | (0.21 | ) | 0.63 | 0.02 | 0.15 | |||||||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency | (0.65 | ) | 1.28 | 0.50 | 1.91 | 0.75 | (4.89 | ) | ||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | (0.55 | ) | 1.46 | 0.29 | 2.54 | 0.77 | (4.74 | ) | ||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | (0.19 | ) | (0.19 | ) | (0.01 | ) | (0.64 | ) | (0.27 | ) | (0.59 | ) | ||||||||||||||||||||||||||||||
Net Realized Gains | — | — | — | — | — | (0.82 | ) | |||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.19 | ) | (0.19 | ) | (0.01 | ) | (0.64 | ) | (0.27 | ) | (1.41 | ) | ||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
Net Asset Value, End of Period | $14.81 | $15.55 | $14.28 | $14.00 | $12.10 | $11.60 | ||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
Total Return(b) | (3.46 | )% | 10.33 | % | 2.04 | % | 21.45 | % | 6.57 | % | (26.78 | )% | ||||||||||||||||||||||||||||||
Net Assets, End of Period (000’s) | $2,606 | $6,337 | $7,038 | $13,773 | $16,305 | $20,073 | ||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||
Gross Expense | 1.54 | % | 1.55 | % | 1.33 | %(c) | 1.25 | % | 1.20 | % | 1.09 | % | ||||||||||||||||||||||||||||||
Net Expenses(d) | 1.28 | % | 1.27 | % | 1.28 | %(c) | 1.25 | % | 1.19 | % | 1.07 | % | ||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.72 | % | 1.13 | % | (1.86 | )%(c) | 4.64 | % | 0.13 | % | 1.15 | % | ||||||||||||||||||||||||||||||
Portfolio Turnover Rate | 149 | % | 131 | % | 180 | % | 199 | % | 156 | % | 115 | % | ||||||||||||||||||||||||||||||
CLASS I
| Year Ended
| Year Ended
|
For the Period
| Year Ended
| Year Ended
| Year Ended
| ||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $15.61 | $14.33 | $14.02 | $12.11 | $11.61 | $17.75 | ||||||||||||||||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.13 | 0.20 | (0.09 | ) | 0.65 | 0.04 | 0.28 | |||||||||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency | (0.64 | ) | 1.30 | 0.41 | 1.94 | 0.75 | (4.99 | ) | ||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations | (0.51 | ) | 1.50 | 0.32 | 2.59 | 0.79 | (4.71 | ) | ||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | (0.22 | ) | (0.22 | ) | (0.01 | ) | (0.68 | ) | (0.29 | ) | (0.61 | ) | ||||||||||||||||||||||||||||||
Net Realized Gains | — | — | — | — | — | (0.82 | ) | |||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
Total Distributions | (0.22 | ) | (0.22 | ) | (0.01 | ) | (0.68 | ) | (0.29 | ) | (1.43 | ) | ||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
Net Asset Value, End of Period | $14.88 | $15.61 | $14.33 | $14.02 | $12.11 | $11.61 | ||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||
Total Return(b) | (3.20 | )% | 10.58 | % | 2.31 | % | 21.70 | % | 6.76 | % | (26.59 | )% | ||||||||||||||||||||||||||||||
Net Assets, End of Period (000’s) | $452,913 | $440,999 | $344,650 | $252,497 | $283,703 | $368,263 | ||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||
Gross Expense | 1.29 | % | 1.31 | % | 1.08 | %(c) | 1.00 | % | 0.95 | % | 0.82 | % | ||||||||||||||||||||||||||||||
Net Expenses(d) | 1.03 | % | 1.02 | % | 1.02 | %(c) | 1.00 | % | 0.94 | % | 0.82 | % | ||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.93 | % | 1.39 | % | (0.74 | )%(c) | 4.82 | % | 0.33 | % | 2.09 | % | ||||||||||||||||||||||||||||||
Portfolio Turnover Rate | 149 | % | 131 | % | 180 | % | 199 | % | 156 | % | 115 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | Annualized for periods less than one year. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
† | Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Multi-Manager Real Asset Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) | 96 |
For a share outstanding throughout each period.
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND†
| ||||||||||||||||||||||||||||
CLASS A
| Year Ended
| Year Ended
|
For the Period through 2012*
| Year Ended
| Year Ended
| Year Ended
| ||||||||||||||||||||||
Net Asset Value, Beginning of Period | $11.03 | $10.61 | $10.60 | $9.66 | $9.02 | $10.54 | ||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.12 | 0.18 | 0.17 | 0.26 | 0.26 | 0.28 | ||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.05 | 0.45 | 0.05 | 0.95 | 0.64 | (1.41 | ) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.17 | 0.63 | 0.22 | 1.21 | 0.90 | (1.13 | ) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Less Distributions From(b): | ||||||||||||||||||||||||||||
Net Investment Income | (0.17 | ) | (0.21 | ) | (0.21 | ) | (0.27 | ) | (0.26 | ) | (0.25 | ) | ||||||||||||||||
Net Realized Gains | (0.08 | ) | — | — | — | — | (0.14 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Distributions | (0.25 | ) | (0.21 | ) | (0.21 | ) | (0.27 | ) | (0.26 | ) | (0.39 | ) | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net Asset Value, End of Period | $10.95 | $11.03 | $10.61 | $10.60 | $9.66 | $9.02 | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Return(c) | 1.60 | % | 5.97 | % | 2.15 | % | 12.58 | % | 9.98 | % | (10.57 | )% | ||||||||||||||||
Net Assets, End of Period (000’s) | $4,608 | $6,016 | $7,003 | $8,003 | $9,890 | $3,402 | ||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Gross Expense(d) | 1.41 | % | 1.35 | % | 0.77 | %(e) | 0.60 | % | 0.64 | % | 1.56 | % | ||||||||||||||||
Net Expenses(d)(f) | 0.75 | % | 0.72 | % | 0.63 | %(e) | 0.60 | % | 0.64 | % | 0.75 | % | ||||||||||||||||
Net Investment Income (Loss) | 1.10 | % | 1.71 | % | 1.95 | %(e) | 2.54 | % | 2.65 | % | 3.02 | % | ||||||||||||||||
Portfolio Turnover Rate | 33 | % | 29 | % | 37 | % | 26 | % | 92 | % | 31 | % | ||||||||||||||||
CLASS I
| Year Ended
| Year Ended
|
For the Period through April 30, 2012*
| Year Ended
| Year Ended
| Year Ended
| ||||||||||||||||||||||
Net Asset Value, Beginning of Period | $11.05 | $10.64 | $10.62 | $9.67 | $9.04 | $10.55 | ||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.15 | 0.21 | 0.19 | 0.29 | 0.29 | 0.31 | ||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.05 | 0.43 | 0.06 | 0.95 | 0.62 | (1.41 | ) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.20 | 0.64 | 0.25 | 1.24 | 0.91 | (1.10 | ) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Less Distributions From(b): | ||||||||||||||||||||||||||||
Net Investment Income | (0.20 | ) | (0.23 | ) | (0.23 | ) | (0.29 | ) | (0.28 | ) | (0.27 | ) | ||||||||||||||||
Net Realized Gains | (0.08 | ) | — | — | — | — | (0.14 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Distributions | (0.28 | ) | (0.23 | ) | (0.23 | ) | (0.29 | ) | (0.28 | ) | (0.41 | ) | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net Asset Value, End of Period | $10.97 | $11.05 | $10.64 | $10.62 | $9.67 | $9.04 | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Return(c) | 1.85 | % | 6.13 | % | 2.44 | % | 12.96 | % | 10.12 | % | (10.30 | )% | ||||||||||||||||
Net Assets, End of Period (000’s) | $37,653 | $41,918 | $45,299 | $55,226 | $53,131 | $13,021 | ||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Gross Expense(d) | 1.16 | % | 1.10 | % | 0.52 | %(e) | 0.35 | % | 0.39 | % | 1.30 | % | ||||||||||||||||
Net Expenses(d)(f) | 0.50 | % | 0.47 | % | 0.38 | %(e) | 0.35 | % | 0.39 | % | 0.50 | % | ||||||||||||||||
Net Investment Income (Loss) | 1.34 | % | 1.95 | % | 2.20 | %(e) | 2.81 | % | 2.91 | % | 3.42 | % | ||||||||||||||||
Portfolio Turnover Rate | 33 | % | 29 | % | 37 | % | 26 | % | 92 | % | 31 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | For financial reporting purposes, certain distributions from net investment income for Federal income tax purposes have been reclassified to distributions from realized gains. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The 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. |
(e) | Annualized for periods less than one year. |
(f) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
† | Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Conservative Asset Allocation Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
97 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND†
| ||||||||||||||||||||||||
CLASS A | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Net Asset Value, Beginning of Year | $9.86 | $9.26 | $9.70 | $8.62 | $6.72 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.10 | 0.13 | 0.11 | 0.10 | 0.04 | |||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.62 | 0.61 | (0.42 | ) | 1.13 | 1.87 | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.72 | 0.74 | (0.31 | ) | 1.23 | 1.91 | ||||||||||||||||||
| ||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.11 | ) | (0.14 | ) | (0.12 | ) | (0.12 | ) | (0.01 | ) | ||||||||||||||
Net Realized Gains | — | — | (0.01 | ) | (0.03 | ) | — | |||||||||||||||||
| ||||||||||||||||||||||||
Total Distributions | (0.11 | ) | (0.14 | ) | (0.13 | ) | (0.15 | ) | (0.01 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Net Asset Value, End of Year | $10.47 | $9.86 | $9.26 | $9.70 | $8.62 | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Return(b) | 7.34 | % | 8.12 | % | (3.13 | )% | 14.54 | % | 28.39 | % | ||||||||||||||
Net Assets, End of Year (000’s) | $57,317 | $60,640 | $65,285 | $75,554 | $21,822 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense(c) | 1.45 | % | 1.45 | % | 1.64 | % | 1.51 | % | 1.39 | % | ||||||||||||||
Net Expenses(c)(d) | 0.84 | % | 0.84 | % | 0.79 | % | 0.73 | % | 0.83 | % | ||||||||||||||
Net Investment Income (Loss) | 0.94 | % | 1.36 | % | 1.26 | % | 0.97 | % | 0.46 | % | ||||||||||||||
Portfolio Turnover Rate | 54 | % | 32 | % | 41 | % | 55 | % | 10 | % | ||||||||||||||
CLASS I | 2014 | 2013 | 2012 | 2011(e) | ||||||||||||||||||||
Net Asset Value, Beginning of Year | $9.84 | $9.25 | $9.70 | $8.08 | ||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.13 | 0.15 | 0.14 | 0.10 | ||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 0.63 | 0.61 | (0.43 | ) | 1.66 | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.76 | 0.76 | (0.29 | ) | 1.76 | |||||||||||||||||||
| ||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income | (0.13 | ) | (0.17 | ) | (0.15 | ) | (0.11 | ) | ||||||||||||||||
Net Realized Gains | — | — | (0.01 | ) | (0.03 | ) | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Distributions | (0.13 | ) | (0.17 | ) | (0.16 | ) | (0.14 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net Asset Value, End of Year | $10.47 | $9.84 | $9.25 | $9.70 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Total Return(b) | 7.76 | % | 8.29 | % | (2.87 | )% | 22.07 | % | ||||||||||||||||
Net Assets, End of Year (000’s) | $971 | $2,753 | $3,108 | $3,426 | ||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense(c) | 1.19 | % | 1.20 | % | 1.39 | % | 1.44 | %(f) | ||||||||||||||||
Net Expenses(c)(d) | 0.59 | % | 0.59 | % | 0.51 | % | 0.67 | %(f) | ||||||||||||||||
Net Investment Income (Loss) | 1.33 | % | 1.59 | % | 1.53 | % | 1.25 | %(f) | ||||||||||||||||
Portfolio Turnover Rate | 54 | % | 32 | % | 41 | % | 55 | %(g) |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | The Fund invests in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(e) | For the period from June 11, 2010 (commencement of operations) to April 30, 2011. |
(f) | Annualized for periods less than one year. |
(g) | Reflects portfolio turnover for the Fund for the year ended April 30, 2011. |
† | Effective June 11, 2010, shareholders of the former Managed Allocation Fund—Aggressive Growth, Managed Allocation Fund—Moderate Growth, and Managed Allocation Fund—Conservative Growth became owners of the Strategic Allocation Fund in a plan of reorganization. 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. |
See Notes which are an integral part of the Financial Statements
April 30, 2014 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (concluded) | 98 |
For a share outstanding throughout each period.
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND†
| ||||||||||||||||||||||||||||
CLASS A
| Year Ended
| Year Ended
|
For the Period
| Year Ended
| Year Ended
| Year Ended
| ||||||||||||||||||||||
Net Asset Value, Beginning of Period | $10.21 | $9.20 | $9.33 | $7.49 | $6.81 | $10.92 | ||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.04 | 0.10 | 0.05 | 0.14 | 0.10 | 0.12 | ||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.17 | 1.02 | (0.13 | ) | 1.85 | 0.68 | (3.53 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 1.21 | 1.12 | (0.08 | ) | 1.99 | 0.78 | (3.41 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Less Distributions From(b): | ||||||||||||||||||||||||||||
Net Investment Income | (0.07 | ) | (0.11 | ) | (0.05 | ) | (0.15 | ) | (0.10 | ) | (0.12 | ) | ||||||||||||||||
Net Realized Gains | — | — | — | — | — | (0.58 | ) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Distributions | (0.07 | ) | (0.11 | ) | (0.05 | ) | (0.15 | ) | (0.10 | ) | (0.70 | ) | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net Asset Value, End of Period | $11.35 | $10.21 | $9.20 | $9.33 | $7.49 | $6.81 | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Return(c) | 11.84 | % | 12.26 | % | (0.75 | )% | 26.66 | % | 11.41 | % | (30.79 | )% | ||||||||||||||||
Net Assets, End of Period (000’s) | $2,974 | $3,205 | $3,074 | $3,502 | $3,788 | $3,165 | ||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Gross Expense(d) | 1.50 | % | 1.46 | % | 0.88 | %(e) | 0.67 | % | 0.58 | % | 0.66 | % | ||||||||||||||||
Net Expenses(d)(f) | 0.95 | % | 0.87 | % | 0.73 | %(e) | 0.67 | % | 0.58 | % | 0.65 | % | ||||||||||||||||
Net Investment Income (Loss) | 0.34 | % | 1.10 | % | 0.75 | %(e) | 1.64 | % | 1.23 | % | 1.63 | % | ||||||||||||||||
Portfolio Turnover Rate | 72 | % | 43 | % | 17 | % | 34 | % | 53 | % | 59 | % | ||||||||||||||||
CLASS I
| Year Ended
| Year Ended
|
For the Period April 30, 2012*
| Year Ended
| Year Ended
| Year Ended
| ||||||||||||||||||||||
Net Asset Value, Beginning of Period | $10.24 | $9.22 | $9.35 | $7.51 | $6.82 | $10.93 | ||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) | 0.06 | 0.13 | 0.07 | 0.17 | 0.11 | 0.15 | ||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.18 | 1.02 | (0.13 | ) | 1.84 | 0.70 | (3.54 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 1.24 | 1.15 | (0.06 | ) | 2.01 | 0.81 | (3.39 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Less Distributions From(b): | ||||||||||||||||||||||||||||
Net Investment Income | (0.09 | ) | (0.13 | ) | (0.07 | ) | (0.17 | ) | (0.12 | ) | (0.14 | ) | ||||||||||||||||
Net Realized Gains | — | — | — | — | — | (0.58 | ) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Distributions | (0.09 | ) | (0.13 | ) | (0.07 | ) | (0.17 | ) | (0.12 | ) | (0.72 | ) | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net Asset Value, End of Period | $11.39 | $10.24 | $9.22 | $9.35 | $7.51 | $6.82 | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Return(c) | 12.11 | % | 12.62 | % | (0.62 | )% | 26.91 | % | 11.80 | % | (30.63 | )% | ||||||||||||||||
Net Assets, End of Period (000’s) | $35,392 | $35,826 | $39,257 | $51,887 | $46,058 | $51,823 | ||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Gross Expense(d) | 1.25 | % | 1.21 | % | 0.61 | %(e) | 0.42 | % | 0.33 | % | 0.41 | % | ||||||||||||||||
Net Expenses(d)(f) | 0.70 | % | 0.62 | % | 0.48 | %(e) | 0.42 | % | 0.33 | % | 0.40 | % | ||||||||||||||||
Net Investment Income (Loss) | 0.58 | % | 1.38 | % | 1.02 | %(e) | 1.89 | % | 1.41 | % | 1.97 | % | ||||||||||||||||
Portfolio Turnover Rate | 72 | % | 43 | % | 17 | % | 34 | % | 53 | % | 59 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | For financial reporting purposes, certain distributions from net investment income for Federal income tax purposes have been reclassified to distributions from realized gains. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The 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. |
(e) | Annualized for periods less than one year. |
(f) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
† | Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Aggressive Asset Allocation Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2014
99 | NOTES TO FINANCIAL STATEMENTS |
Wilmington Funds
April 30, 2014
1. ORGANIZATION
Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 23 portfolios, 6 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 17 funds are presented in separate reports.
Fund | Investment Goal | |
Wilmington Multi-Manager International Fund* (“International Fund”)(d) | The Fund seeks to provide long-term capital appreciation primarily through a diversified portfolio of non-U.S. equity securities.
| |
Wilmington Multi-Manager Alternatives Fund (“Alternatives Fund”)(d)† | The Fund seeks to achieve long-term growth of capital through consistent returns from investments that have a low correlation to traditional asset classes.
| |
Wilmington Multi-Manager Real Asset Fund* (“Real Asset Fund”)(d) | The Fund seeks to achieve long-term preservation of capital with current income.
| |
Wilmington Strategic Allocation Conservative Fund (“Strategic Allocation Conservative Fund”)(d) | The Fund seeks a high level of total return consistent with a conservative level of risk relative to other Wilmington Strategic Allocation Funds.
| |
Wilmington Strategic Allocation Moderate Fund (“Strategic Allocation Moderate Fund”)(d) | The Fund seeks a high level of total return consistent with a moderate level of risk relative to the other Wilmington Strategic Allocation Funds.
| |
Wilmington Strategic Allocation Aggressive Fund (“Strategic Allocation Aggressive Fund”)(d) | The Fund seeks a high level of total return consistent with an aggressive level of risk relative to other Wilmington Strategic Allocation Funds. |
† | During the period, the Wilmington Rock Maple Alternatives Fund was renamed Wilmington Multi-Manager Alternatives Fund. |
(d) | Diversified |
The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Service Class, Select Class, Administrative Class and Institutional Class are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.
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 of Trustees (“Trustees”) may determine in good faith that another method of valuing such investments is necessary to appraise their fair value; |
• | forward foreign currency contracts are valued at the mean between the last bid and asked prices; |
• | investments in open-end regulated investment companies are valued at net asset value (“NAV”); |
• | for fixed income securities according to prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; |
• | price information on listed securities, including underlying Exchange Traded Funds (“ETF’s”) and Exchange Traded Notes (“ETN’s”), is taken from the exchange where the security is primarily traded; and |
• | for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. |
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
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 100 |
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.
The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2014, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. This does not include transfers between Level 1 and Level 2 due to the International Fund and the Real Asset Fund utilizing international fair value pricing during the period. Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) and exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.
Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.
Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.
Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due or from the Fund.
At April 30, 2014, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:
Fund/Counterparty | Repurchase Agreements | Fair Value of Non-cash Collateral Received | Cash Collateral Received | Net Amount(1) | ||||||||||||||||
International Fund | ||||||||||||||||||||
Citigroup Global Markets, Inc. | $ | 8,829,004 | $ | 8,829,004 | $ | — | $ | — | ||||||||||||
Daiwa Capital Markets America | 8,829,004 | 8,829,004 | — | — | ||||||||||||||||
HSBC Securities USA, Inc. | 8,829,004 | 8,829,004 | — | — | ||||||||||||||||
Nomura Securities International, Inc. | 1,858,692 | 1,858,692 | — | — | ||||||||||||||||
RBS Securities, Inc. | 8,829,004 | 8,829,004 | — | — | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
$ | 37,174,708 | $ | 37,174,708 | $ | — | $ | — | |||||||||||||
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|
|
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|
|
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| |||||||||||||
Real Asset Fund | ||||||||||||||||||||
Citigroup Global Markets, Inc. | $ | 600,000 | $ | 600,000 | $ | — | $ | — | ||||||||||||
Morgan Stanley & Co. LLC | 992,730 | 992,730 | — | — | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
$ | 1,592,730 | $ | 1,592,730 | $ | — | $ | — | |||||||||||||
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|
| |||||||||||||
Strategic Allocation Moderate Fund | ||||||||||||||||||||
Mizuho Securities USA, Inc. | $ | 736,600 | $ | 736,600 | $ | — | $ | — | ||||||||||||
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| |||||||||||||
$ | 736,600 | $ | 736,600 | $ | — | $ | — | |||||||||||||
|
|
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|
|
|
|
|
(1)Net amount represents the net amount receivable due from the counterparty in the event of default.
ANNUAL REPORT / April 30, 2014
101 | NOTES TO FINANCIAL STATEMENTS (continued) |
Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.
All Funds offer multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared and paid quarterly.
Real Estate Investment Trusts – The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.
Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income or excise tax are necessary.
Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.
The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year or period, the Funds did not incur any interest or penalties.
Warrants and Rights – Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Trustees’ approved fair value procedures.
Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (“FCs”) are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the net realized and unrealized gain or loss on investments.
Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rate.
Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.
Securities Sold Short – Certain Funds may sell securities short. A short sale is a transaction in which the Fund sells a security it does not own in anticipation of a decline in market price. To sell a security short, the Fund must borrow the security. The Fund’s obligation to replace the security borrowed and sold short will be fully collateralized at all times by the proceeds from the short sale retained by the broker and
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 102 |
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.
In accordance with the terms of its prime brokerage agreement, the Funds may be charged a fee on borrowed securities. Such fees are calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds record these prime broker charges on a net basis as interest expense on securities sold short. In addition, the Funds are required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividends expense on securities sold short.
The Funds are required to maintain margin cash balances at the prime broker sufficient to satisfy its short sales positions on a daily basis. The Fund is charged interest expense at the Fed Funds open rate plus 50 basis points on the amount of any shortfall in the required cash margin.
For the year ended April 30, 2014, the Alternatives Fund had average daily borrowings of $2,272,720 at an effective interest rate of 0.59% over 365 days. As of April 30, 2014, the Alternatives Fund had borrowings of $2,878,953. Interest expense on securities sold short for the year ended April 30, 2014 totaled $13,465.
Lending of Portfolio Securities – The Trust has entered into an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.
Investments purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”
The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.
At April 30, 2014, the securities loaned which are subject to a MSLA on a net payment basis are as follows:
Fund |
Value of | Cash Collateral Received(1) | Net Amount(2) | |||||||
International Fund | $ | 35,042,406 | $ | 35,042,406 | $— | |||||
Real Asset Fund | 969,935 | 969,935 | — | |||||||
Strategic Allocation Moderate Fund | 721,730 | 721,730 | — | |||||||
(1) Collateral with a value of $37,174,708, $992,730 and $736,600 respectively, has been received in connection with securities lending transactions. | ||||||||||
(2) Net amount represents the net amount receivable due from the counterparty in the event of default. |
3. DERIVATIVE FINANCIAL INSTRUMENTS
Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect and entity’s results of operations and financial position.
Options – Certain Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign exchange rates, with respect to securities which the Fund currently owns or intends to purchase. A Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as
ANNUAL REPORT / April 30, 2014
103 | NOTES TO FINANCIAL STATEMENTS (continued) |
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 Alternatives Fund had options written during the year ended April 30, 2014 as follows:
Number of |
Premiums | |||||||
Outstanding options at April 30, 2013 | 150 | $ | 88,244 | |||||
Option closed |
|
— |
|
|
— |
| ||
Options written |
|
13,979 |
|
|
3,811,860 |
| ||
Options expired |
|
(2,467) |
|
|
(1,593,137) |
| ||
Options exercised |
|
(593) |
|
|
(418,403) |
| ||
|
|
|
| |||||
Options outstanding at April 30, 2014 |
|
11,069 |
|
$ |
1,888,564 |
| ||
|
|
|
|
The Real Asset Fund had transactions in options written during the year ended April 30, 2014 as follows:
Notional |
Number of |
Premiums | |||||||||||||
Options outstanding at April 30, 2013 | $ | 29,900,000 | — | $ | 161,326 | ||||||||||
Options closed |
|
(96,200,000) |
|
|
— |
|
|
(213,603) |
| ||||||
Options written |
|
119,430,000 |
|
|
235 |
|
|
465,889 |
| ||||||
Options expired |
|
(36,030,000) |
|
|
(5) |
|
|
(236,271) |
| ||||||
Options exercised |
|
(8,000,000) |
|
|
(5) |
|
|
(40,018) |
| ||||||
|
|
|
|
|
| ||||||||||
Options outstanding at April 30, 2014 |
$ |
9,100,000 |
|
|
225 |
|
$ |
137,323 |
| ||||||
|
|
|
|
|
| ||||||||||
*Reflects notional amount of Written Options. |
|
Forward Foreign Currency Contracts – Certain Funds may enter into foreign currency commitments or foreign currency exchange transactions. The Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies; whereas, contracts to sell are used to hedge the Fund’s securities against currency fluctuations. Risks may arise upon entering into these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.
Futures Contracts – The Funds may invest in financial futures contracts to hedge their existing portfolios, manage cash flows, enhance yield and to potentially reduce transaction costs. Upon entering into a futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. Risk of loss may exceed amounts recognized on the statements of assets and liabilities.
Swap Agreements – Certain Funds may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Payments received or paid by the Fund are recorded as realized gains or losses upon termination or maturity of the swap. Risk of loss may exceed amounts recognized on the statements of assets and liabilities. Swap agreements outstanding at period end, if any, are listed on the Portfolio of Investments.
Interest rate swaps – Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Fund may use interest rate swaps to either maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments using interest rate swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty which may permit the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund, to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable.
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 104 |
Centrally cleared swap agreements – Centrally cleared swap agreements (“swap”) are agreements executed through a broker but are cleared through a central counterparty (the “CCP”) and a Fund’s counterparty on the swap becomes the CCP. The Fund is required to interface with the CCP through a broker and upon entering into a centrally cleared swap is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of a particular swap. Centrally cleared swaps are subject to general market risks and to liquidity risk. Pursuant to the swap, the Fund agrees to pay to or receive from the counterparty an amount of cash equal to the daily fluctuation in the value of the swap (the “Variation Margin”). Such payments are recorded by the Fund as unrealized gains or losses until the contract is closed or settled at which point the gain or loss is realized.
Credit default swap agreements – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.
If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.
Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the footnotes to the Portfolios of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement.
ANNUAL REPORT / April 30, 2014
105 | NOTES TO FINANCIAL STATEMENTS (continued) |
The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of April 30, 2014.
Location on the Statement of Assets and Liabilities
| ||||
Derivative Type | Asset Derivatives | Liability Derivatives | ||
Credit Contracts |
Investments in securities, at value. |
Options written, at value. | ||
Variation margin receivable for centrally cleared swaps.* |
Variation margin payable for centrally cleared swaps.* | |||
Net unrealized appreciation on over the counter swap agreements. |
Net unrealized depreciation on over the counter swap agreements. | |||
Interest rate contracts |
Variation margin receivable for centrally cleared swaps.* |
Options written, at value. | ||
Net unrealized appreciation on over the counter swap agreements. |
Variation margin payable for centrally cleared swaps.* | |||
Net unrealized depreciation on over the counter swap agreements. | ||||
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. |
Options written, at value. |
*The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for centrally cleared swap contracts. The variation margin presented below is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until April 30, 2014.
Asset Derivative Fair Value
| |||||||||||||||||||||||||
Fund | Total Value | Equity Contracts | Foreign Exchange Contracts | Interest Rate Contracts | Credit Contracts | ||||||||||||||||||||
International Fund | $ | 6,838 | $ | — | $ | 6,838 | $ | — | $ | — | |||||||||||||||
Alternatives Fund | 440,082 | 380,865 | 59,217 | — | — | ||||||||||||||||||||
Real Asset Fund | 959,893 | — | 628,682 | 255,947 | 75,264 | ||||||||||||||||||||
Liability Derivative Fair Value
| |||||||||||||||||||||||||
Fund | Total Value | Equity Contracts | Foreign Exchange Contracts | Interest Rate Contracts | Credit Contracts | ||||||||||||||||||||
International Fund | $ | 4,887 | $ | — | $ | 4,887 | $ | — | $ | — | |||||||||||||||
Alternatives Fund | 2,024,992 | 1,771,877 | 253,115 | — | — | ||||||||||||||||||||
Real Asset Fund | 3,001,086 | — | 2,644,134 | 350,758 | 6,194 |
The effect of derivative instruments on the Statements of Operations for the year ended April 30, 2014 are as follows:
Derivative Type |
Location on the Statement of Operations | |
Equity contracts |
Net realized gain (loss) on investments, options written and futures contracts | |
Net change in unrealized appreciation (depreciation) on investments | ||
Credit contracts |
Net realized gain (loss) on swap agreements | |
Net change in unrealized appreciation (depreciation) on investments | ||
Interest rate contracts |
Net realized gain (loss) on investments, swap agreements, options written and futures contracts | |
Net change in unrealized appreciation (depreciation) on investments | ||
Foreign exchange contracts |
Net realized gain (loss) on investments, foreign currency transactions and options written | |
Net change in unrealized appreciation (depreciation) on investments |
Total Realized Gain (Loss) on Derivatives Recognized in Results from Operations
| |||||||||||||||||||||||||
Fund | Total | Equity Contracts | Foreign Exchange Contracts | Interest Rate Contracts | Credit Contracts | ||||||||||||||||||||
International Fund | $ | (282,566) | $ | — | $ | (282,566) | $ | — | $ | — | |||||||||||||||
Alternatives Fund | (1,920,690) | (12,414) | (1,908,276) | — | — | ||||||||||||||||||||
Real Asset Fund | (2,542,064) | — | (2,385,550) | (342,691) | 186,177 | ||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Results from Operations
| |||||||||||||||||||||||||
Fund | Total | Equity Contracts | Foreign Exchange Contracts | Interest Rate Contracts | Credit Contracts | ||||||||||||||||||||
International Fund | $ | 6,844 | $ | — | $ | 6,844 | $ | — | $ | — | |||||||||||||||
Alternatives Fund | (55,766) | 66,190 | (121,956) | — | — | ||||||||||||||||||||
Real Asset Fund | (1,227,854) | — | (1,411,136) | 99,721 | 83,561 |
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 106 |
The Funds’ derivative financial instruments outstanding as of April 30, 2014, as disclosed in the Portfolios of Investments, are indicative of the volume of derivative activity for the Funds.
Certain Funds are parties to International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“MA”) with various counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The ISDA MA may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the ISDA MA, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the Fund’s portfolio or Statements of Assets and Liabilities.
At April 30, 2014, derivative assets and liabilities (by type) held by the Funds are as follows:
Fund | Assets | Liabilities | ||||||
International Fund | ||||||||
Derivative Financial Instruments: | ||||||||
Forward foreign currency contracts | $ 6,838 | $ 4,887 | ||||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 6,838 | 4,887 | ||||||
Derivatives not subject to a MA or similar agreement | — | — | ||||||
|
|
|
| |||||
Total assets and liabilities subject to a MA | $ 6,838 | $ 4,887 | ||||||
|
|
|
| |||||
Alternatives Fund | ||||||||
Derivative Financial Instruments: | ||||||||
Financial futures contracts | $ 23,658 | $ 76,575 | ||||||
Forward foreign currency contracts | 35,559 | 176,540 | ||||||
Options | 380,865 | 1,771,877 | ||||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 440,082 | 2,024,992 | ||||||
Derivatives not subject to a MA or similar agreement | 23,658 | 76,575 | ||||||
|
|
|
| |||||
Total assets and liabilities subject to a MA | $416,424 | $1,948,417 | ||||||
|
|
|
| |||||
Real Asset Fund | ||||||||
Derivative Financial Instruments: | ||||||||
Financial futures contracts | $32,253 | $48,753 | ||||||
Forward foreign currency contracts | 628,682 | 2,644,134 | ||||||
Options | — | 99,359 | ||||||
Swaps | 298,958 | 208,840 | ||||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 959,893 | 3,001,086 | ||||||
Derivatives not subject to a MA or similar agreement | 240,206 | 177,061 | ||||||
|
|
|
| |||||
Total assets and liabilities subject to a MA | $719,687 | $2,824,025 | ||||||
|
|
|
|
At April 30, 2014, derivative assets and liabilities by type net of amounts available for offset under a MA and net of the related collateral received by each Fund are as follows:
Fund/Derivative Type |
Derivative Assets Subject to | Derivatives Available for Offset | Non-Cash Collateral Received(1) | Cash Collateral Received(1) | Net Amount of Derivative Assets(2) | ||||||||||||||||||||
International Fund | |||||||||||||||||||||||||
Forward foreign exchange contracts | $6,838 | $(4,887) | $— | $— | $1,951 | ||||||||||||||||||||
Total Derivative Assets |
|
$6,838 |
| $(4,887) | $— | $— | $1,951 | ||||||||||||||||||
Derivative Liabilities Subject to a MA by Type | Derivatives Available for Offset | Non-Cash Collateral Pledged(3) | Cash Collateral Pledged(3) | Net Amount of Derivative Liabilities(4) | |||||||||||||||||||||
Forward foreign exchange contracts | $4,887 | $(4,887) | $— | $— | $ — | ||||||||||||||||||||
Total Derivative Liabilities |
|
$4,887 |
| $(4,887) | $— | $— | $ — |
ANNUAL REPORT / April 30, 2014
107 | NOTES TO FINANCIAL STATEMENTS (continued) |
Fund/Derivative Type |
Derivative a MA by Type | Derivatives Available for Offset | Non-Cash Collateral Received(1) | Cash Collateral Received(1) | Net Amount of Derivative Assets(2) | ||||||||||||||||||||
Alternatives Fund | |||||||||||||||||||||||||
Forward foreign exchange contracts | $ | 35,559 | $ | (35,559) | $ | — | $ | — | $ | — | |||||||||||||||
Options | 380,865 | (380,865) | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total Derivative Assets | $ | 416,424 | $ | (416,424) | $ | — | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Derivative | Derivatives Available for Offset | Non-Cash Collateral Pledged(3) | Cash Collateral Pledged(3) | Net Amount of Derivative Liabilities(4) | |||||||||||||||||||||
Forward foreign exchange contracts | $ | 176,540 | $ | (35,559) | $ | — | $ | — | $ | 140,981 | |||||||||||||||
Options | 1,771,877 | (380,865) | (1,391,012) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total Derivative Liabilities | $ | 1,948,417 | $ | (416,424) | $ | (1,391,012) | $ | — | $ | 140,981 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Derivative a MA by Type | Derivatives Available for Offset | Non-Cash Collateral Received(1) | Cash Collateral Received(1) | Net Amount of Derivative Assets(2) | |||||||||||||||||||||
Real Asset Fund | |||||||||||||||||||||||||
Forward foreign exchange contracts | $ | 628,682 | $ | (615,153) | $ | — | $ | — | $ | 13,529 | |||||||||||||||
Swaps | 91,005 | (16,813) | — | — | 74,192 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total Derivative Assets | $ | 719,687 | $ | (631,966) | $ | — | $ | — | $ | 87,721 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Derivative | Derivatives Available for Offset | Non-Cash Collateral Pledged(3) | Cash Collateral Pledged(3) | Net Amount of Derivative Liabilities(4) | |||||||||||||||||||||
Forward foreign exchange contracts | $ | 2,644,134 | $ | (615,153) | $ | — | $ | — | $ | 2,028,981 | |||||||||||||||
Options | 17,485 | — | (17,485) | — | — | ||||||||||||||||||||
Swaps | 162,406 | (16,813) | — | (145,593) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total Derivative Liabilities | $ | 2,824,025 | $ | (631,966) | $ | (17,485) | $ | (145,593) | $ | 2,028,981 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
(1) Excess of collateral received is not shown for financial reporting purposes.
(2) Net amount represents the net amount receivable in the event of default.
(3) Excesss of collateral pledged is not shown for financial reporting purposes.
(4) Net amount represents the net amount payable due in the event of default. |
|
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 the tax treatment of expiring capital loss carryforwards, net investment losses, the “mark-to-market” of certain passive foreign investment companies (PFICs), losses deferred due to wash sales, partnership adjustments, losses deferred due to straddles, and adjustments for IRS Section 1256 contracts. GAAP requires that permanent differences in net investment income and realized gains and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets and have no effect on the net assets nor the NAV of the Funds.
As of April 30, 2014, 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 2013, 2012, and 2011, as well as the current tax year, remain subject to examination by the Internal Revenue Service.
For the year ended April 30, 2014, permanent differences identified and reclassified among the components of net assets were as follows:
Fund | Paid-in Capital |
Increase (Decrease) | Accumulated Net Realized Gain (Loss) | ||||||||||||
International Fund | $ | — | $ | (35,144) | $ | 35,144 | |||||||||
Alternatives Fund | — | 234,031 | (234,031) | ||||||||||||
Real Asset Fund | (2,602) | (1,109,678) | 1,112,280 | ||||||||||||
Strategic Allocation Conservative Fund | — | 43,181 | (43,181) | ||||||||||||
Strategic Allocation Moderate Fund | — | 104,194 | (104,194) | ||||||||||||
Strategic Allocation Aggressive Fund | — | 67,227 | (67,227) |
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 108 |
The tax character of distributions for the year ended April 30, 2014 and 2013 were as follows:
2014 | 2013 | |||||||||||||||||||
Fund | Ordinary Income* | Long-Term Capital Gains | Ordinary Income* | Long-Term Capital Gains | ||||||||||||||||
International Fund | $ | 9,182,190 | $ — | $ | 7,322,484 | $ — | ||||||||||||||
Alternatives Fund | 161,975 | 1,374,779 | 241,997 | 193,600 | ||||||||||||||||
Real Asset Fund | 6,435,946 | — | 5,621,165 | — | ||||||||||||||||
Strategic Allocation Conservative Fund | 807,921 | 306,691 | 1,060,591 | — | ||||||||||||||||
Strategic Allocation Moderate Fund | 678,372 | — | 976,174 | — | ||||||||||||||||
Strategic Allocation Aggressive Fund | 310,111 | — | 540,529 | — | ||||||||||||||||
* For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
|
As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:
Fund |
Undistributed/ | Undistributed Long-Term Capital Gains | Other Timing | Unrealized Appreciation | Capital Loss Carryforwards and Deferrals | Late Year Ordinary Deferrals | ||||||||||||||||||||||||
International Fund | $4,731,594 | $ — | $ | (2,014) | $79,286,107 | $(353,553,373) | $ — | |||||||||||||||||||||||
Alternatives Fund | 1,957,530 | 1,461,848 | 154,953 | (2,234,662) | — | — | ||||||||||||||||||||||||
Real Asset Fund | — | — | 1,299,393 | 26,219,344 | (104,857,547) | (1,847,662) | ||||||||||||||||||||||||
Strategic Allocation Conservative Fund | 95,931 | 703,223 | — | 1,272,055 | — | — | ||||||||||||||||||||||||
Strategic Allocation Moderate Fund | 97,447 | — | — | 4,900,979 | (7,415,114) | — | ||||||||||||||||||||||||
Strategic Allocation Aggressive Fund | 25,581 | — | — | 1,704,890 | (1,811,800) | — |
Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds are 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, 2014, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the (“Code”) and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:
Capital Loss Available Through | Short-Term Post-Effective | Long-Term Post-Effective No Expiration |
Total Capital | ||||||||||||||||||||||||||||||||
Loss | |||||||||||||||||||||||||||||||||||
Fund | 2016 | 2017 | 2018 | 2019 | No Expiration | Carryforwards | |||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||
Fund | $ | 88,749,523 | $ | 236,603,604 | $ | 28,105,841 | $ | — | $ | 94,405 | $— | $ | 353,553,373 | ||||||||||||||||||||||
Real Asset Fund | — | — | 104,657,041 | — | 200,506 | — | 104,857,547 | ||||||||||||||||||||||||||||
Strategic | |||||||||||||||||||||||||||||||||||
Allocation | |||||||||||||||||||||||||||||||||||
Moderate Fund | — | 5,833,221 | 1,581,893 | — | — | — | 7,415,114 | ||||||||||||||||||||||||||||
Strategic | |||||||||||||||||||||||||||||||||||
Allocation | |||||||||||||||||||||||||||||||||||
Aggressive | |||||||||||||||||||||||||||||||||||
Fund | — | — | — | 1,811,800 | — | — | 1,811,800 |
ANNUAL REPORT / April 30, 2014
109 | NOTES TO FINANCIAL STATEMENTS (continued) |
The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2014:
Fund |
Capital Loss | |||
International Fund | $12,472,389 | |||
Strategic Allocation Conservative Fund | 876,936 | |||
Strategic Allocation Moderate Fund | 6,367,164 | |||
Strategic Allocation Aggressive Fund | 6,700,418 |
Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. Post-October, Post-December and Late Year losses deferred to May 1, 2014 are as follows:
Fund | Ordinary Post-December Losses |
Short-Term | Long-Term Post-October/ Late Year Capital Losses | |||
Real Asset Fund | $1,847,662 | $�� | $— |
5. ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS
Investment Advisor – Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.
The International Fund, Alternatives Fund and Real Asset Fund, utilize a multi-manager strategy, whereby WFMC allocates all or a portion of the Funds’ assets among a number of sub-advisors. For their services, the Funds pay each sub-advisor fees, accrued daily and paid monthly, as described below. Certain sub-advisors have entered into an agreement with WFMC to waive their fees to the extent that the fee calculation determined by taking into account similarly managed assets in the accounts of clients of WFMC or its affiliates, results in a fee that is less than the fee calculation under the sub-advisory agreement.
WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2014, 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 | ||||
Fund | Class A | Class I | ||
International Fund | 1.49% | 1.36% | ||
Alternatives Fund | 2.23% | 1.98% | ||
Real Asset Fund | 1.28% | 1.03% | ||
Strategic Allocation Conservative Fund* | 0.90% | 0.65% | ||
Strategic Allocation Moderate Fund | 0.84% | 0.59% | ||
Strategic Allocation Aggressive Fund* | 1.03% | 0.78% |
* The advisor has voluntarily agreed to waive fees so that the Fund’s expenses are below the contractual expense limitations.
Fund | Gross Fees | Fees Waived |
Fee as a % of average net asset | |||||||
International Fund | ||||||||||
WFMC | $2,609,279 | $(174,849) | 0.50% | |||||||
Sub-advisors: | ||||||||||
Baring International Investment Limited | 222,287 | — | 0.45% | |||||||
Dimensional Fund Advisors LP | 272,523 | (42,350) | 0.45% on the first $50 million; | |||||||
0.30% in excess of $50 million | ||||||||||
LSV Asset Management | 265,638 | — | 0.49% | |||||||
Northern Cross LLC | 797,290 | — | 0.55% on the first $1 billion; | |||||||
0.50% in excess over $1 billion. |
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 110 |
Fund | Gross Fees | Fees Waived |
Fee as a % of average net asset | |||||||||
Oberweis Asset Management, Inc. (Since 10/24/2013) | 239,587 | (1,655) | 1.00% on the first $50 million; | |||||||||
0.90% on the next $50 million; | ||||||||||||
0.80% in excess over $100 million | ||||||||||||
Parametric Portfolio Associates LLC | 715,339 | — | 0.80% on the first $100 million; | |||||||||
(Emerging Markets Strategy) | 0.75% in excess of $100 million | |||||||||||
Parametric Portfolio Associates LLC | 169,219 | (1,054) | 0.275% on the first $50 million; | |||||||||
(Developed Country Index Replication Strategy) | 0.20% in excess of $50 million | |||||||||||
Alternatives Fund | ||||||||||||
WFMC | 1,066,694 | (295,129) | 1.00% | |||||||||
Rock Maple Services, LLC (terminated 8/28/2013) | 66,376 | — | 0.40% | |||||||||
Sub-advisors: | ||||||||||||
Acuity Capital Management, LLC | 186,947 | — | 1.00% | |||||||||
ADAR Investment Management, LLC (terminated 1/31/2014) | 76,012 | — | 1.00% | |||||||||
Calypso Capital Management, LP | 205,722 | — | 1.00% | |||||||||
Loeb King Capital Management (Since 04/22/2014) | 11,893 | — | 1.05% on the first $100 million; | |||||||||
1.00% in excess of $100 million | ||||||||||||
Madison Street Partners LLC (terminated 10/11/2013) | 26,247 | — | 1.00% | |||||||||
Parametric Risk Advisors | 110,056 | — | 0.90% | |||||||||
P\E Global LLC (Since 10/02/2013) | 90,283 | — | 1.00% | |||||||||
TIG Advisors, LLC | 122,144 | — | 1.00% | |||||||||
Real Asset Fund | ||||||||||||
WFMC | 2,175,654 | (13,463) | 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 | 7,005 | — | 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: | ||||||||||||
CBRE Clarion Securities LLC | 398,662 | (11,068) | 0.65% on the first $50 million; | |||||||||
0.55% on the next $50 million; | ||||||||||||
0.45% in excess of $100 million | ||||||||||||
EII Realty Securities, Inc. | 621,394 | (8,770) |
0.65% on the first $100 million; | |||||||||
0.60% in excess of $100 million | ||||||||||||
HSBC Global Asset Management (France) | 93,358 | — |
0.20% on the first $100 million; | |||||||||
0.15% on the next $400 million; | ||||||||||||
0.10% in excess of $500 million | ||||||||||||
Pacific Investment Management Company, LLC | 352,343 | — |
0.29% | |||||||||
Strategic Allocation Conservative Fund | 222,325 | (183,433) | 0.50% | |||||||||
Strategic Allocation Moderate Fund | 307,872 | (220,778) | 0.50% | |||||||||
Strategic Allocation Aggressive Fund | 197,043 | (115,850) | 0.50% |
Administrative Fee – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. WFMC in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.
Administrator | Maximum Fee |
Average Aggregate Daily Net | ||||
WFMC | 0.040 | % | on the first $5 billion | |||
|
0.030 |
% |
on the next $2 billion | |||
|
0.025 |
% |
on the next $3 billion | |||
|
0.018 |
% |
on assets in excess of $10 billion | |||
BNYM | 0.0285 | % | on the first $500 million | |||
|
0.0280 |
% |
on the next $500 million | |||
|
0.0275 |
% |
on assets in excess of $1 billion |
ANNUAL REPORT / April 30, 2014
111 | NOTES TO FINANCIAL STATEMENTS (continued) |
On September 30, 2013, the Board of Trustees voted to change the fee schedule for WFMC. Prior to October 1, 2013, these services were provided for at an aggregate annual fee as specified below.
Administrator | Maximum Fee |
Average Aggregate Daily Net Assets of the Trust | ||
WFMC |
0.033% | 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 |
WFMC may voluntarily choose to waive any portion of its fee. WFMC can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2014, WFMC did not waive any administrative personnel and services fee.
Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Class A shares, for the sale, distribution, administration, customer servicing and record keeping of these shares.
The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.
For the year ended April 30, 2014, 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 | |
International Fund | $ 5,832 | |
Alternatives Fund | 58 | |
Real Asset Fund | 922 | |
Strategic Allocation Conservative Fund | 8,600 | |
Strategic Allocation Moderate Fund | 125,032 | |
Strategic Allocation Aggressive Fund | 5,352 |
Sales Charges – The Class A shares of all the Funds bear front-end sales charges.
For the year ended April 30, 2014, M&T received the amounts listed below from sales charges on the sale of Class A shares.
Fund |
Sales Charges | |
International Fund | $ 644 | |
Alternatives Fund | — | |
Real Asset Fund | 2,471 | |
Strategic Allocation Conservative Fund | 5,769 | |
Strategic Allocation Moderate Fund | 47,949 | |
Strategic Allocation Aggressive Fund | 3,961 |
Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Class A and Class I shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.
For the year ended April 30, 2014, M&T received a portion of the fees paid by the following Fund which is listed below:
Fund |
Shareholder Fee | |
International Fund | $587,553 |
Other Service Providers – Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer and Principal Financial Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.
BNYM provides custody services to the Trust.
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 112 |
BNY Mellon Investment Servicing (U.S.) Inc. provides fund accounting and transfer agency services to the Trust.
General – Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trust’s Statement of Additional Information includes additional information about the Trustees.
Other Affiliated Parties and Transactions – Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Funds’ distributor. Transactions with affiliated companies during the year ended April 30, 2014 are as follows:
Affiliated Fund Name | Balance of Shares Held 4/30/13 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 4/30/14 | Value at 4/30/14 | Dividend Income(a) | Realized Gain/(Loss)(b) | ||||||||||||||||||||||||||||
International Fund: | |||||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | — | 22,176,377 | 22,176,377 | — | $ | — | $ | 30 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
Real Asset Fund: | |||||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | 2,650,807 | 69,816,721 | 72,467,528 | — | $ | — | $ | 1,135 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
Strategic Allocation Conservative Fund: | |||||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | 710,281 | 11,029,513 | 11,235,074 | 504,720 | $ | 504,720 | $ | 90 | $ | — | |||||||||||||||||||||||||
Wilmington Mid-Cap Growth Fund | 34,388 | 27,207 | 6,797 | 54,798 | 994,576 | — | 46,962 | ||||||||||||||||||||||||||||
Wilmington Large-Cap Strategy Fund | 242,365 | 1,468 | 211,017 | 32,816 | 566,737 | 22,139 | 1,006,709 | ||||||||||||||||||||||||||||
Wilmington Small-Cap Strategy Fund | 26,932 | 322 | 3,404 | 23,850 | 344,158 | 4,445 | 26,942 | ||||||||||||||||||||||||||||
Wilmington Intermediate-Term Bond Fund | 2,276,678 | 83,503 | 584,322 | 1,775,859 | 17,936,178 | 362,086 | 331,385 | ||||||||||||||||||||||||||||
Wilmington Multi-Manager International Fund | 434,816 | 54,716 | 92,888 | 396,644 | 3,149,355 | 56,181 | 74,568 | ||||||||||||||||||||||||||||
Wilmington Multi-Manager Real Asset Fund | 175,518 | 1,320 | 176,838 | — | — | 18,447 | 559,682 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
TOTAL | 11,198,049 | 12,310,340 | $ | 23,495,724 | $ | 463,388 | $ | 2,046,248 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
Strategic Allocation Moderate Fund: | |||||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | 1,223,157 | 15,867,156 | 16,362,766 | 727,547 | $ | 727,547 | $ | 122 | $ | — | |||||||||||||||||||||||||
Wilmington Large-Cap Growth Fund | 211,542 | — | 211,542 | — | — | — | 786,643 | ||||||||||||||||||||||||||||
Wilmington Large-Cap Value Fund | 122,512 | — | 122,512 | — | — | 5,693 | 639,844 | ||||||||||||||||||||||||||||
Wilmington Mid-Cap Growth Fund | 188,417 | 77,648 | 39,092 | 226,973 | 4,119,565 | — | 255,947 | ||||||||||||||||||||||||||||
Wilmington Small-Cap Growth Fund | 56,897 | — | 56,897 | — | — | — | 656,025 | ||||||||||||||||||||||||||||
Wilmington Multi-Manager International Fund | 942,860 | — | 178,306 | 764,554 | 6,070,558 | 118,895 | 272,362 | ||||||||||||||||||||||||||||
Wilmington Small-Cap Strategy Fund | — | 103,236 | 12,509 | 90,727 | 1,309,185 | 12,342 | 9,757 | ||||||||||||||||||||||||||||
Wilmington Multi-Manager Real Asset Fund | 221,091 | 1,662 | 222,753 | — | — | 23,237 | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
TOTAL | 16,049,702 | 17,206,377 | $ | 12,226,855 | $ | 160,289 | $ | 2,620,578 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT / April 30, 2014
113 | NOTES TO FINANCIAL STATEMENTS (continued) |
Affiliated Fund Name |
Balance of | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 4/30/14 | Value at 4/30/14 | Dividend Income(a) | Realized Gain/(Loss)(b) | ||||||||||||||||||||||||||||
Strategic Allocation Aggressive Fund: | |||||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund | 643,033 | 14,821,084 | 14,937,151 | 526,966 | $ | 526,966 | $ | 120 | $ | — | |||||||||||||||||||||||||
Wilmington Mid-Cap Growth Fund | 169,356 | 87,811 | 5,260 | 251,907 | 4,572,107 | — | 126,588 | ||||||||||||||||||||||||||||
Wilmington Large-Cap Strategy Fund | 897,089 | 4,194 | 886,370 | 14,913 | 257,555 | 61,168 | 5,968,731 | ||||||||||||||||||||||||||||
Wilmington Small-Cap Strategy Fund | 69,393 | 35,061 | — | 104,454 | 1,507,267 | 15,728 | — | ||||||||||||||||||||||||||||
Wilmington Multi-Manager International Fund | 1,398,685 | 24,794 | 221,690 | 1,201,789 | 9,542,203 | 178,042 | 273,882 | ||||||||||||||||||||||||||||
Wilmington Multi-Manager Real Asset Fund | 125,870 | 946 | 126,816 | — | — | 13,229 | 444,824 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
TOTAL | 14,973,890 | 16,177,287 | $ | 16,406,098 | $ | 268,287 | $ | 6,814,025 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Dividend Income may include distributions from net investment income and return of capital paid by the affiliated fund to the Fund. |
(b) | Realized Gain/(Loss) includes realized capital gain distributions paid by the affiliated fund and gain/(loss) received by the Fund for sales of the affiliated fund. |
Certain Funds effect trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the year ended April 30, 2014 were as follows:
Fund | Commissions | ||||
International Fund | $55,877 | ||||
Alternatives Fund | 1,360 | ||||
Real Asset Fund | 29,201 |
6. INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities for the year ended April 30, 2014 were as follows:
Investments | ||||||||||
Fund | Purchases | Sales | ||||||||
International Fund | $ | 249,968,438 | $ | 282,779,238 | ||||||
Alternatives Fund | 426,568,483 | 341,418,398 | ||||||||
Real Asset Fund | 310,836,515 | 306,919,712 | ||||||||
Strategic Allocation Conservative Fund | 14,508,963 | 19,462,660 | ||||||||
Strategic Allocation Moderate Fund | 31,886,637 | 38,011,298 | ||||||||
Strategic Allocation Aggressive Fund | 27,557,747 | 31,598,711 |
Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2014 were as follows:
U.S. Government Securities | ||||||||
Fund | Purchases | Sales | ||||||
Alternatives Fund | $ | — | $ | 250,000 | ||||
Real Asset Fund | 313,868,911 | 298,789,923 | ||||||
Strategic Allocation Moderate Fund | 362,759 | 1,568,900 |
7. LINE OF CREDIT
The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion through March 10, 2014. Effective March 11, 2014, the LOC included a commitment fee of 0.10% per annum on the daily unused portion. The termination date of this LOC is March 9, 2015. The Funds did not utilize the LOC for the year ended April 30, 2014.
April 30, 2014 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 114 |
8. SUBSEQUENT EVENTS
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require disclosure in the Funds’ financial statements through this date.
9. FEDERAL TAX INFORMATION (UNAUDITED)
Complete information regarding the tax status of distributions will be reported on Forms 1099.
Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended April 30, 2014, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:
Fund | ||||
International Fund | 0.00 | % | ||
Alternatives Fund | 23.86 | % | ||
Real Asset Fund | 8.57 | % | ||
Strategic Allocation Conservative Fund | 10.15 | % | ||
Strategic Allocation Moderate Fund | 19.15 | % | ||
Strategic Allocation Aggressive Fund | 55.39 | % |
For the year ended April 30, 2014, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 15%:
Fund | ||||
International Fund | 100.00 | % | ||
Alternatives Fund | 29.80 | % | ||
Real Asset Fund | 21.91 | % | ||
Strategic Allocation Conservative Fund | 19.44 | % | ||
Strategic Allocation Moderate Fund | 48.92 | % | ||
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.
ANNUAL REPORT / April 30, 2014
115 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
WILMINGTON FUNDS
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Wilmington Multi-Manager International Fund, Wilmington Multi-Manager Alternatives Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Moderate Fund and Wilmington Strategic Allocation Aggressive Fund (six of the series constituting the Wilmington Funds) (the “Funds”) as of April 30, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and 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, 2014, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Multi-Manager International Fund, Wilmington Multi-Manager Alternatives Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Moderate Fund and Wilmington Strategic Allocation Aggressive Fund at April 30, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
June 28, 2014
April 30, 2014 / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 116 |
BOARD OF TRUSTEES AND TRUST OFFICERS
The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 23 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.
INTERESTED TRUSTEES BACKGROUND
Name Address Birth date Position With Trust Date Service Began
| Principal Occupations and Other Directorships Held for Past Five Years
| |||
R. Samuel Fraundorf, CFA, CPA* | Principal Occupations: President of WTIA. | |||
Birth date: 4/64 | ||||
TRUSTEE | Other Directorships Held: None. | |||
Began serving: March 2012 | ||||
Previous Positions: President of Wilmington Trust Investment Managements (“WTIM”) (8/04 to 1/12); Chief Operating Officer of WTIM (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08).
| ||||
Robert J. Truesdell* Birth date: 11/55 | Principal Occupations: Group Vice President and Senior Investment Advisor for Wilmington Trust Wealth Advisory Services, M&T Bank. | |||
TRUSTEE Began serving: December 2012 | Other Directorships Held: None. | |||
Previous Positions: Bond Department Manager, M&T Bank (2/88 to 7/12); Group Vice President, Managing Director and Chief Investment Officer, WTIA (6/02 to 6/12) and WFMC (3/12 to 6/12). |
* | R. Samuel Fraundorf is “interested” due to positions he holds with WTIA. Robert J. Truesdell is “interested” due to the positions he currently holds with Wilmington Trust Wealth Advisory Services, M&T Bank, the parent of the Funds’ Advisor, and previous positions held with WTIA and WFMC. |
ANNUAL REPORT / April 30, 2014 (unaudited)
117 | BOARD OF TRUSTEES AND TRUST OFFICERS |
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: Private Investor, Consultant and Community Volunteer. | |
Other Directorships Held: Chairman (3/06 to 3/08), Trustee (3/04 to present) and Treasurer (3/10 to 3/12), Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 1/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman (5/12 to present), Director (1/08 to present), Read to Succeed Buffalo (1/08 to present); Director, Catholic Medical Partners (7/12 to present); Director, Roycroft Campus Corporation (8/12 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.
| ||
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).
| ||
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: CFO, Pencor Inc. (environmental project development); 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, Chairman of the Executive Committee and Chairman of the Compensation Committee of Chek-Med Corporation (6/03 to present).
| ||
Previous Positions: President and Chief Executive Officer Emeriti, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania).
| ||
Daniel R. Gernatt, Jr. Birth date: 7/40 TRUSTEE Began serving: February 1988 | Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present). | |
Other Directorships Held: Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation.
|
April 30, 2014 (unaudited) / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 118 |
Name Birth date Position with Trust Date Service Began
| Principal Occupations and Other Directorships Held for Past Five Years
| |
Nicholas A. Giordano | Principal Occupations: Consultant, financial services organizations (1997 to present). | |
Birth date: 3/43 TRUSTEE Began serving: March 2012 | ||
Other Directorships Held: Kalmar Pooled Investment Trust; The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (industrial furnaces and ovens).
| ||
Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
| ||
Richard B. Seidel Birth date: 4/41 TRUSTEE Began serving: September 2003 | Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (1/96 to present); Chairman and Director, Girard Capital (broker-dealer) (1/10 to present). | |
Other Directorships Held: Director, Tristate Capital Bank (1/08 to present).
|
OFFICERS
Name Address Birth year Positions with Trust
| Principal Occupations for Past Five Years and Previous Positions
| |
Samuel Guerrieri Birth year: 1965 PRESIDENT Began serving: December 2012
| Principal Occupations: President and Chief Executive Officer, M&T Securities, 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 ASSISTANT TREASURER | Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc; Assistant Treasurer, Wilmington Funds. | |
Began serving: June 2013 VICE PRESIDENT Began serving: June 2007 | Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank. | |
John C. McDonnell Birth year: 1966 VICE PRESIDENT AND ASSISTANT TREASURER Began serving: June 2013 | Principal Occupations: Vice President, Wilmington Funds Management Corporation (2005 to Present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). | |
Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012); Audit Senior, Deloitte LLP (2004 to 2005); Assistant Vice President, 1838 Investment Advisors, LP (1999 to 2004).
|
ANNUAL REPORT / April 30, 2014 (unaudited)
119 | BOARD OF TRUSTEES AND TRUST OFFICERS |
Name Address Birth year Positions with Trust
| Principal Occupations for Past Five Years and Previous Positions
| |
Hope L. Brown Birth year: 1973 CHIEF COMPLIANCE OFFICER, AML COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2012 | Principal Occupations: Vice President, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds. | |
Previous Positions: Assistant Vice President, Lead Manager, Risk Management and Divisional Compliance for T. Rowe Price (2005 to 2010); Senior Compliance Officer, Manager of Compliance for RE Investment, Inc., RE Advisers, Inc. and the Homestead Funds (2001 to 2005). | ||
Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008 | Principal Occupations: Administrative Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008. | |
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore, MD 21201 | Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). | |
Birth year: 1957 | Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003). | |
VICE PRESIDENT | ||
Began serving: June 2010
| ||
Christopher W. Roleke 10 High Street, Suite 302 Boston, MA 02110 | Principal Occupation: Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present). | |
Birth year: 1972 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: July 2013 | Previous Positions: Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011). | |
Lisa R. Grosswirth 101 Barclay Street, 13E New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007
| Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present).
Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004). | |
Richard J. Berthy Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007 | Principal Occupation: Chief Executive Officer, Foreside Financial Group, LLC (7/12 to present).
Previous Positions: President, Foreside Financial Group, LLC (5/08 to 7/12); 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).
| |
April 30, 2014 (unaudited) / ANNUAL REPORT
120 |
BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS
Approval of New Subadvisory Agreements
At the March 12-13, 2014 meeting of the Board of Trustees (the “March meeting”), the Board, including the Independent Trustees, discussed and unanimously approved, for the Wilmington Multi-Manager Alternatives Fund and the Wilmington Multi-Manager International Fund (each, a “Fund”), investment subadvisory agreements (the “New Subadvisory Agreements”) with Loeb King Capital Management (“Loeb King”) and J O Hambro Capital Management, respectively (“JOHCM” and, collectively with Loeb King, the “New Subadvisors”). The Trustees were provided with detailed materials relating to the New Subadvisors in advance of and at the meeting. The material factors and conclusions that formed the basis for the approval are discussed below.
At the March meeting, the Trustees met in person with Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (collectively, the “Advisor”), Trust and Independent Legal Counsel, representatives of the New Subadvisors, and others. The Wilmington Multi-Manager Alternatives Fund has multiple subadvisers but only the contract with Loeb King, to manage a portion of the Fund’s assets, was subject to approval. The Wilmington Multi-Manager International Fund has multiple subadvisors but only the contract with JOHCM, to manage a portion of the Fund’s assets, was subject to approval.
In evaluating the New Subadvisory Agreements, the Trustees took into account management styles, investment strategies, and prevailing market conditions as well as each New Subadvisor’s investment philosophy and process, past performance, and personnel. The Trustees also reviewed information concerning: (i) the nature, extent and quality of the services to be provided by each New Subadvisor; (ii) the prior investment performance of each New Subadvisor; (iii) the prior investment performance of each Fund against a relevant benchmark and against other comparable mutual funds; (iv) each New Subadvisor’s anticipated cost of/profitability in providing the services to the applicable Fund; (v) possible fall-out benefits to each New Subadvisor due to its position with the applicable Fund, including the use of soft dollars in the case of JOHCM; (vi) the proposed fees of the New Subadvisors and fees charged by other investment advisors to other mutual funds for similar services; and (vii) the Advisor’s recommendation that the Independent Trustees approve the New Subadvisory Agreements. The New Subadvisors and the Trustees did not specifically address economies of scale due to the amount of assets to be managed by each New Subadvisor, although the New Subadvisory Agreement with Loeb King contains breakpoints.
After discussion and consideration among themselves, and with Independent Legal Counsel and the Advisor, the Board, including all of the Independent Trustees, determined that the fees to be paid by each Fund to Loeb King and JOHCM, as applicable, under the New Subadvisory Agreements appeared to be fair and reasonable in light of the information provided. Based on all relevant information and factors, none of which was individually determinative of the outcome, the Board, including all of the Independent Trustees, concluded that the approval of the New Subadvisory Agreements for a two-year period was in the best interests of each Fund and its shareholders and approved the New Subadvisory Agreements.
ANNUAL REPORT / April 30, 2014 (unaudited)
121 |
Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)
Electronic Delivery
Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:
1.) | Go to www.wilmingtonfunds.com and select “Individual Investors” |
2.) | Click on the link “Sign up for Electronic Delivery” |
3.) | Login to your account or create new user ID |
4.) | Select E-Delivery Consent from the available options, and |
5.) | Complete the information requested, including providing the email address where you would like to receive notification for electronic documents. |
* | If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials. |
Householding
In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.
If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.
April 30, 2014 / ANNUAL REPORT
122 |
PRIVACY POLICY AND NOTICE
OF THE FUNDS AND THEIR DISTRIBUTOR
June 8, 2012
The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.
Information The Funds Collect:
The Funds collect nonpublic personal information about you from the following sources:
• | We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income. |
• | We may receive information from you, or from your financial representative, through transactions with us or others, correspondence and other communications. Examples of this information include specific investments and your account balances. |
• | We may obtain other personal information from you in connection with providing you a financial product or service. Examples of this information include depository, debit or credit account numbers. |
Information Sharing Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
• | We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
• | We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
• | We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. |
Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.
Information Security:
When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers’ privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.
The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds’ Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.
Each of the following sections explains an aspect of the Funds’ commitment to protecting your personal information and respecting your privacy.
Employee Access to Information:
Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employee’s or agent’s need to know the information in order to service a customer’s account or comply with legal requirements.
Visiting The Funds’ Website:
The Funds’ website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.
ANNUAL REPORT / April 30, 2014
123 |
• | Information or data entered into a website will be retained. |
• | Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website. |
• | We may also collect non-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party. |
E-mail:
If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.
Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.
Surveys/Aggregate Data:
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.
Changes to Our Privacy Statement:
The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.
Notice will be provided to you in advance of any changes that would affect your rights under this policy statement
April 30, 2014 / ANNUAL REPORT
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Item 2. Code of Ethics.
(a) | As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer. |
(b) | There have been no amendments to the registrant’s code of ethics that apply to its Principal Executive Officer or Principal Financial Officer. |
(c) | There have been no amendments to the Funds’ code of ethics during the reporting period for this Form N-CSR. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from any provisions of its code of ethics during the reporting period for this Form N-CSR. |
(e) | Not Applicable |
(f)(3) | The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-863-2211, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers. |
Item 3. Audit Committee Financial Expert.
The registrant’s Board has determined that each member of the Board’s Audit Committee is an “audit committee financial expert,” and that each such member is “independent,” for purposes of this Item. The Audit Committee consists of the following Board members: Nicholas A. Giordano, Joseph J. Castiglia, William H. Cowie, Jr., and John S. Cramer.
Item 4. Principal Accountant Fees and Services.
(a) | The Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were as follows: |
Fiscal year ended 2014 - $498,190
Fiscal year ended 2013 - $494,400
(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 2014 - $0
Fiscal year ended 2013 - $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 2014 - $181,785
Fiscal year ended 2013 - $195,325
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $181,785 and $195,325 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 2014 - $0
Fiscal year ended 2013 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre- approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant or to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) | Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X: |
4(b)
Fiscal year ended 2014 – 0 %
Fiscal year ended 2013 – 0 %
Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2014 – 100%
Fiscal year ended 2013 – 100%
Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 100% and 100% respectively.
4(d)
Fiscal year ended 2014 – 0%
Fiscal year ended 2013 – 0 %
Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | Not Applicable |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant: |
Fiscal year ended 2014 – $181,785
Fiscal year ended 2013 – $195,325
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
No changes to report.
Item 11. | Controls and Procedures. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Exhibits. |
(a)(1) | Not applicable |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(12.other) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Wilmington Funds |
By (Signature and Title)* /s/ Richard J. Berthy |
Richard J. Berthy |
(Principal Executive Officer) |
Date 7/7/2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Richard J. Berthy |
Richard J. Berthy |
(Principal Executive Officer) |
Date 7/7/2014 |
By (Signature and Title)* /s/ Christopher W. Roleke |
Christopher W. Roleke |
(Principal Financial Officer) |
Date 7/7/2014 |
* | Print the name and title of each signing officer under his or her signature. |